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2020 Annual Report

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2020 Annual Report Stock Code: 00142 ANNUAL REPORT 2020 CorporateCorporate ProfileProfile FIRST PACIFIC is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. Our principal businesses relate to consumer food products, telecommunications, infrastructure and natural resources. Our mission is to unlock value Our investment criteria are Our strategies are threefold: in our operating companies clear: by: ■ Delivering dividend/distribution ■ Investments must be located in ■ Identify undervalued or returns to shareholders or trading with the fast-growing underperforming assets with ■ Delivering share price/value economies of emerging Asia strong growth potential and appreciation of First Pacific and its ■ They must be related to our four possible synergies operating companies industry sectors (consumer food ■ Manage businesses by setting ■ Making further investments in products, telecommunications, strategic direction, developing value-enhancing businesses, infrastructure and natural business plans and defining taking into consideration all resources) targets relevant criteria, including ■ Companies invested in must have ■ Raise reporting and ESG standards Environmental, Social and a strong or dominant market to world-class levels at First Pacific Governance (“ESG”) factors to position in their respective sectors and its operating companies better manage risk and generate ■ They must possess the potential sustainable long-term returns for substantial cash flows ■ First Pacific must obtain management control or significant influence to ensure our goals can be met Contents Inside Corporate Profile 18 MPIC Front 23 Philex 2 Ten-year Statistical Summary 28 FPM Power/PLP 4 Financial Highlights 30 FP Natural Resources/RHI 6 Review of Operations 33 Chairman’s Letter 6 First Pacific 34 Managing Director and Chief Executive Officer’s Letter 9 Indofood 35 Board of Directors and Senior Executives 14 PLDT 42 Corporate Social Responsibility Report 2 First Pacific Annual Report 2020 First Pacific’s business represents a balance of assets in our core industries and markets in PT Indofood Sukses Makmur Tbk (“Indofood”), PLDT Inc. (“PLDT”) and Metro Pacific Investments Corporation (“MPIC”). Indofood is the largest vertically integrated food company in Indonesia and PLDT is the dominant integrated telecommunications and digital services provider in the Philippines with the largest fixed broadband network and the largest, most modern, and most sophisticated wireless network in the country. MPIC is a leading infrastructure investment management and holding company in the Philippines, with holdings in the country’s largest electricity distributor, toll road operator, water distributor, and hospital group. MPIC also holds assets in the storage of petroleum products and in the largest electricity generator in the Visayas region of the Philippines. First Pacific is also invested in Philex Mining Corporation (“Philex”), PXP Energy Corporation (“PXP”), PacificLight Power Pte. Ltd. (“PLP”) and Roxas Holdings, Inc. (“RHI”). Philex is one of the largest metal mining companies in the Philippines, producing gold, copper and silver. PXP is an upstream oil and gas company with a number of service contracts in the Philippines and Peru. PLP is the operator of one of Singapore’s most efficient gas-fired power plants and RHI runs a sugar and ethanol business in the Philippines. Listed in Hong Kong, First Pacific’s shares are also available for trading in the United States through American Depositary Receipts. As at 29 March 2021, First Pacific’s economic interest in Indofood is 50.1%, in PLDT 25.6%, in MPIC 43.1%, in Philex 31.2%(1), in PXP 35.7%(1)(2), in FPM Power Holdings Limited (“FPM Power”) 67.8%(3) and in FP Natural Resources Limited (“FP Natural Resources”) 80.8%(4). (1) Two Rivers Pacific Holdings Corporation (“Two Rivers”), a Philippine affiliate of First Pacific, holds additional 15.0% and 6.7% economic interests in Philex and PXP, respectively. (2) Includes a 14.0% effective economic interest in PXP held through First Pacific’s indirect interests in Philex. (3) Includes a 7.8% effective economic interest in FPM Power held through First Pacific’s indirect interests in Manila Electric Company (“Meralco”). (4) Includes a 10.8% effective economic interest in FP Natural Resources held through First Pacific’s indirect interests in Indofood Agri Resources Ltd. (“IndoAgri”). FP Natural Resources holds 32.7% in RHI, and its Philippine affiliate First Agri Holdings Corporation (“FAHC”) holds an additional 30.2% economic interest in RHI. 54 Corporate Governance Report 89 Financial Review 54 Governance Framework 89 Financial Performance and Position 65 Communications with Shareholders 92 Liquidity and Financial Resources 67 Continuing Connected Transactions and 96 Financial Risk Management Connected Transactions 100 Adjusted NAV Per Share 80 Risk Management and Internal Control 101 Statutory Reports, Consolidated Financial Statements 88 Remuneration Policy and Notes to the Consolidated Financial Statements 231 Glossary of Terms 234 Information for Investors 235 Summary of Principal Investments Inside Corporate Structure Back First Pacific Annual Report 2020 1 Ten-year Statistical Summary 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Results (US$ millions) Turnover 7,130.5 7,585.0 7,233.3 7,037.9 6,779.0 6,437.0 6,841.3 6,005.8 5,990.8 5,684.1 Profit for the year 667.6 121.1 608.7 561.3 517.8 418.9 503.2 620.9 834.9 1,097.4 Profit/(loss) attributable to owners of the parent 201.6 (253.9) 131.8 120.9 103.2 80.6 75.7 235.3 353.3 574.0 Contribution from operations 409.7 395.6 393.9 420.5 400.2 426.5 455.7 467.2 460.8 511.8 Recurring profit 321.2 290.0 289.5 300.0 264.9 287.5 316.9 327.1 358.0 423.0 Ordinary share distributions/dividends 75.2 74.8 74.7 74.5 74.2 115.7 116.1 103.8 109.8 81.0 Per Ordinary Share Data (U.S. cents) Basic earnings/(loss) 4.65 (5.85) 3.04 2.80 2.42 1.89 1.76 5.66 9.01 14.49 Basic recurring earnings 7.40 6.68 6.68 6.96 6.21 6.74 7.39 7.87 9.13 10.68 Distributions/dividends 1.86 1.73 1.73 1.73 1.73 1.73 2.70 2.70 2.70 2.85 Equity attributable to owners of the parent 72.27 67.41 71.02 74.32 72.68 71.93 78.08 81.44 84.65 78.50 Total assets 620.12 503.64 481.38 471.08 402.07 402.93 378.67 360.68 362.80 327.55 Tangible assets 383.21 372.50 359.45 361.58 300.82 305.12 295.40 281.00 281.45 251.57 Net cash flows from operating activities 33.51 16.91 17.96 17.11 15.21 19.48 17.41 25.54 16.22 23.86 Financial Ratios Gross margin (%) 32.37 30.11 28.02 29.34 29.57 27.86 27.59 29.31 31.08 31.21 Recurring return on average net assets (%) 8.98 10.47 9.00 9.47 9.23 9.24 10.13 10.18 11.83 15.01 Recurring return on average equity attributable to owners of the parent (%) 10.59 9.65 9.17 9.47 8.57 8.96 9.24 9.69 11.43 15.11 Distribution/dividend payout ratio (%) 25.22 25.93 25.84 25.03 28.12 25.81 36.51 35.49 28.99 25.96 Distribution/dividend cover (times) 3.97 3.86 3.87 4.02 3.56 3.87 2.74 2.82 3.45 3.85 Distribution/dividend yield (%) 5.87 5.09 4.45 2.53 2.50 2.64 2.74 2.38 2.49 2.75 Interest cover (times) 3.99 4.24 4.06 4.31 4.18 3.87 4.29 4.77 6.29 7.18 Current ratio (times) 1.24 1.12 1.03 1.32 1.24 1.39 1.69 1.72 1.78 1.57 Gearing ratio (times) – Consolidated 0.77 0.68 0.78 0.66 0.54 0.64 0.47 0.43 0.30 0.26 – Head Office 0.81 0.76 0.76 0.83 0.75 0.79 0.56 0.51 0.67 0.71 2 First Pacific Annual Report 2020 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Consolidated Statement of Financial Position Data (US$ millions) Total assets 26,943.6 21,882.5 20,901.5 20,454.5 17,215.4 17,199.0 16,233.4 15,544.1 13,886.7 12,611.8 Net debt 8,205.6 5,978.4 6,783.9 5,731.4 4,338.0 4,667.9 3,455.9 3,182.5 2,145.8 1,764.8 Total liabilities 16,315.1 13,124.5 12,191.1 11,712.0 9,181.1 9,864.6 8,822.1 8,064.6 6,636.0 5,732.6 Net current assets 1,147.7 525.3 120.2 1,041.0 646.9 1,186.2 1,944.6 1,672.3 1,613.9 1,193.0 Total assets less current liabilities 22,112.8 17,385.2 16,761.2 17,198.5 14,493.6 14,130.4 13,420.2 13,213.4 11,817.1 10,508.8 Equity attributable to owners of the parent 3,140.0 2,928.7 3,083.6 3,227.1 3,112.0 3,070.2 3,347.2 3,509.9 3,240.0 3,022.7 Total equity 8,758.0 8,710.4 8,742.5 8,034.3 7,334.4 7,411.3 7,479.5 7,250.7 6,879.2 10,628.5 Consolidated Statement of Cash Flows Data (US$ millions) Net cash flows from operating activities 1,036.6 1,455.5 734.1 776.1 731.4 650.0 835.8 723.9 1,002.0 642.5 Capital expenditure 1,376.5 1,236.0 1,063.0 696.7 830.8 636.4 899.7 701.6 561.7 1,065.6 Other Information (at 31 December) Head Office net debt (US$ millions) 1,319.5 1,330.6 1,550.2 1,521.8 1,511.3 1,675.3 1,227.5 1,160.3 1,133.8 1,170.3 Number of shares in issue (millions) 4,344.9 4,344.9 4,342.0 4,342.0 4,281.7 4,268.5 4,287.0 4,309.7 3,827.6 3,850.4 Weighted average number of shares in issue during the year (millions) 4,344.9 4,344.1 4,342.0 4,320.2 4,275.8 4,274.2 4,299.1 4,157.4 3,922.7 3,961.8 Share price (HK$) – After rights issue 2.47 2.65 3.02 5.30 5.42 5.14 7.69 8.82 8.32 7.90 – Before rights issue N/A N/A N/A N/A N/A N/A N/A N/A 8.51 8.08 Adjusted NAV per share (HK$) – After rights issue 7.23 6.30 7.26 10.26 10.45 9.67 13.24 12.57 15.09 13.09 – Before rights issue N/A N/A N/A N/A N/A N/A N/A N/A 15.43 13.38 Share price discount to adjusted NAV per share (%) 65.8 57.9 58.4 48.3 48.1 46.8 41.9 29.8 44.8 39.6 Market capitalization (US$ millions) 1,375.9 1,476.2 1,681.1 2,950.3 2,975.2 2,812.8 4,226.5 4,873.3 4,176.0 3,988.6 Number of shareholders 4,478 4,494 4,500 4,530 4,760 4,796 4,853 4,884 4,606 4,503 Number of employees 103,127 101,836 110,394 102,530 94,189 96,446 98,107 91,874 80,941 73,582 See pages 231 to 233 for a glossary of terms Note: In December 2020, the Group has classified Global Business Power Corporation (“GBPC”) as a disposal group held for sale and as a discontinued operation.
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