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Financial Report for Second Quarter 2016

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Financial Report for Second Quarter 2016 COVER SHEET C S 2 0 0 8 1 1 5 3 0 SEC Registration Number N I C K E L A S I A C O R P O R A T I O N A N D S U B S I D I A R I E S (Company’s Full Name) 2 8 t h F l o o r N A C T o w e r , 3 2 n d S t r e e t B o n i f a c i o G l o b a l C i t y , T a g u i g C i t y (Business Address: No. Street City/Town/Province)7 EMMANUEL L. SAMSON 892-6669 / 892-4177 (Contact Person) (Company Telephone Number) 1 2 3 1 1 7 - Q 0 6 1st Friday Month Day (Form Type) Month Day (Calendar Year) (Annual Meeting) (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings 79 P=4,705.7 million P=84.3 million Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. S.E.C. Number CS200811530 File Number______ NICKEL ASIA CORPORATION (Company’s Full Name) 28th Floor NAC Tower, 32nd Street, Bonifacio Global City, Taguig City (Company’s Address) +63 2 892 6669 / +63 2 892 4177 (Telephone Numbers) December 31 (Fiscal Year Ending) (month & day) SEC FORM 17-Q Quarterly Report Form Type _____________________________ Amendment Delegation (If applicable) For the Quarter Ended June 30, 2016 Period Ended Date __________________________ (Secondary License Type and File Number) SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(2)(B) THEREUNDER 1. For the quarterly period ended: JUNE 30, 2016 2. SEC Identification Number: CS200811530 3. BIR Tax Identification No.: 007-085-191-000 4. Exact name of issuer as specified in its charter: NICKEL ASIA CORPORATION 5. Province, Country or other jurisdiction of incorporation or organization: PHILIPPINES 6. Industry Classification Code: (SEC Use Only) 7. Address of principal office Postal Code 28th Floor NAC Tower, 32nd Street, 1634 Bonifacio Global City, Taguig City 8. Issuer's telephone number, including area code: +63 2 892 6669 / +63 2 892 4177 9. Former name, former address, and former fiscal year, if changed since last report. N/A 10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Stock 7,596,939,456 shares Long-term Debt Php4,610.0 million 11. Are any or all of these securities listed on a Stock Exchange. Yes [ X ] No [ ] If yes, state the name of such stock exchange and the classes of securities listed therein: PHILIPPINE STOCK EXCHANGE Common Stock 12. Check whether the issuer: (a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports); Yes [X] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days. Yes [X] No [ ] NICKEL ASIA CORPORATION 17-Q QUARTERLY REPORT JUNE 30, 2016 TABLE OF CONTENTS Page No. PART I – FINANCIAL INFORMATION Item A. Financial Statements ………………………………………………………………….. 1 – 2 Summary Consolidated Statements of Income for the quarter ended June 30, 2016 and 2015 Summary Consolidated Statements of Financial Position as at June 30, 2016 and December 31, 2015 Summary Consolidated Statements of Cash Flows for the quarter ended June 30, 2016 and 2015 Item B. Management's Discussion and Analysis of Financial Condition and Results of Operations………………………………………………………………………………. 2 – 10 PART II – FINANCIAL SOUNDNESS INDICATORS ………………………………………….. 11 – 12 SIGNATURES INDEX TO FINANCIAL STATEMENTS NICKEL ASIA CORPORATION 17-Q Quarterly Report June 30, 2016 PART I – FINANCIAL INFORMATION Item A. Financial Statements The Unaudited Interim Consolidated Financial Statements as at June 30, 2016 (with Comparative Audited Statement of Financial Position as at December 31, 2015) and for the six-month period ended June 30, 2016 and 2015 are hereto attached. The following tables set forth the summary financial information for the six-month period ended June 30, 2016 and 2015 and as at June 30, 2016 and December 31, 2015: Summary Consolidated Statements of Income For the Quarter Ended June 30 Increase Percent 2016 2015 (Decrease) Inc (Dec) (In thousand pesos) Revenues 5,516,982 7,971,401 (2,454,419) -31% Cost and expenses (4,491,265) (5,215,035) (723,770) -14% Finance income 105,865 140,874 (35,009) -25% Finance expenses (159,167) (72,649) 86,518 119% Equity in net income (losses) of associates (484,345) 60,177 (544,522) 905% Other income - net 134,108 133,093 1,015 1% Provision for income tax - net (370,980) (843,567) (472,587) -56% Net income 251,198 2,174,294 (1,923,096) -88% Net income attributable to: Equity holders of the parent 24,421 1,490,381 (1,465,960) -98% Non-controlling interests 226,777 683,913 (457,136) -67% 251,198 2,174,294 (1,923,096) -88% 1 | P a g e NICKEL ASIA CORPORATION 17-Q Quarterly Report June 30, 2016 Summary Consolidated Statements of Financial Position June 30, December 31, 2016 2015 Increase Percent (Unaudited) (Audited) (Decrease) Inc (Dec) (In Thousand Pesos) Current assets 16,704,696 16,677,942 26,754 0% Noncurrent assets 25,609,169 24,968,266 640,903 3% Total assets 42,313,865 41,646,208 667,657 2% Current liabilities 7,468,083 7,713,231 (245,148) -3% Noncurrent liabilities 5,660,651 4,519,789 1,140,862 25% Equity attributable to equity holders of the Parent 25,057,039 25,511,873 (454,834) -2% Non-controlling interests 4,128,092 3,901,315 226,777 6% Total liabilities and equity 42,313,865 41,646,208 667,657 2% - - Summary Consolidated Statements of Cash Flows For the Quarter Ended June 30 Increase Percent 2016 2015 (Decrease) Inc (Dec) (In Thousand Pesos) Net cash flows from (used in): Operating activities 1,189,071 1,971,722 (782,651) -40% Investing activities (2,050,467) (3,912,150) (1,861,683) -48% Financing activities (111,218) (3,871,831) (3,760,613) -97% Net decrease in cash and cash equivalents (972,614) (5,812,259) 4,839,645 -83% Cash and cash equivalents, beginning 7,073,171 13,561,803 (6,488,632) -48% Cash and cash equivalents, end 6,100,557 7,749,544 (1,648,987) -21% Item B. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The following discussion and analysis is based on the unaudited interim consolidated financial statements for the six months ended June 30, 2016 and 2015, prepared in conformity with Philippine Accounting Standards 34, Interim Financial Reporting and included herein, and should be read in conjunction with those unaudited interim consolidated financial statements. Six months ended June 30, 2016 compared with six months ended June 30, 2015 Revenues Our total revenues were P=5,517.0 million for the six months ended June 30, 2016 compared to P=7,971.4 million for the six months ended June 30, 2015, a decrease of P=2,454.4 million or 31%. 2 | P a g e NICKEL ASIA CORPORATION 17-Q Quarterly Report June 30, 2016 Sale of ore In the first half of 2016, we sold an aggregate 8,540.0 thousand wet metric tons (WMT) of nickel ore compared to 9,677.8 thousand WMT of nickel ore in the first half of 2015. Our sales for this period included 2,760.0 thousand WMT of saprolite ore sold to our customers in Japan, China and Australia, 2,384.4 thousand WMT of limonite ore to our customers in China and Australia and 3,395.6 thousand WMT of limonite ore to Coral Bay Nickel Corporation (CBNC) and Taganito HPAL Nickel Corporation (THNC) compared to sales of 3,779.6 thousand WMT, 2,287.1 thousand WMT and 3,611.1 thousand WMT, respectively, in the same period last year. The drop in sales volumes is the result of a delayed start of shipments from our Hinatuan and Cagdianao mines brought about by a prolonged rainy season and resulting sea swells in northeastern Mindanao, where the two mines are located, and a temporary reduction in the deliveries of limonite ore to the Taganito HPAL plant. As a result of the decline in shipment volumes coupled with the continuing weakness in nickel ore prices, the Group’s estimated value of nickel ore shipments fell to P=5,075.3 million in the first half of the year from P=7,456.1 million in 2015. The estimated realized nickel price on 5,144.4 thousand WMT of ore sales to customers in Japan, China and Australia in the first six months of the year averaged $18.21 per WMT compared to an average of $23.20 per WMT realized on 6,066.7 thousand WMT during the same period last year. It will be recalled that during the first half of last year nickel prices were still at fairly high levels and thereafter proceeded to drop in line with other commodities.
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