於亞洲創建 長期價值 第一太平有限公司 二零一零年年報 年報 二零一零年 Corporate Profile First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia. Its principal business interests relate to Telecommunications, Infrastructure, Consumer Food Products and Natural Resources. Listed in Hong Kong, First Pacific’s shares are also available for trading in the United States through American Depositary Receipts. As at 21 March 2011, First Pacific’s economic interest in PLDT is 26.5%, in MPIC 55.6%, in Indofood 50.1% and in Philex* 31.3%. First Pacific’s principal investments are summarized on page 164. * Two Rivers Pacific Holdings Corporation, a Philippine affiliate of First Pacific, holds an additional 15.0% interest in Philex. Vision Strategy • Create long-term value in Asia • Identify undervalued or underperforming assets with strong growth potential and possible synergies Mission which bring strong cash flows • Manage investments by setting strategic direction, • Active management developing business plans and defining targets • Enhance potential • Raise governance levels to world-class standards at • Enrich lives the investee companies Contents Inside Corporate Profile, Vision, Mission 43 Chairman’s Letter 71 Financial Review Front and Strategy 71 Liquidity and Financial Cover 44 Managing Director and Chief Executive Officer’s Letter Resources 1 Financial Performance and 74 Financial Risk Management 46 Board of Directors and Recurring Profit 78 Adjusted NAV Per Share Senior Executives 2 Ten-year Statistical Summary 79 Statutory Reports, 52 Corporate Social Responsibility Report Consolidated Financial Statements 3 Financial Highlights 54 Corporate Governance Report and Notes to the Consolidated 4 Goals 54 Governance Framework Financial Statements 9 Review of Operations 59 Remuneration Policy 161 Glossary of Terms 9 First Pacific 59 Communications with 163 Information for Investors 12 PLDT Shareholders 20 MPIC 60 Connected and Continuing 164 Summary of Principal Investments 28 Indofood Connected Transactions 36 Philex 70 Risk Management and Internal Control First Pacific Company Limited Annual Report 2010 1 Financial Performance • Recurring profit increased 40% to US$402.1 million – record high profitability • Profit contribution from operations increased by 41% to US$474.0 million – record high in value • Full year dividend of U.S. 2.55 cents per share; 25% payout of recurring profit • Adjusted NAV per share increased 25% to US$1.66 • Consolidated gearing ratio improved to 0.33 times from 0.67 times; Head Office gearing ratio increased to 0.46 times from 0.36 times Recurring Profit +40% US$402.1 million +2% Pesos 42.0 billion (US$932.5 million) +88% Pesos 3.9 billion (US$85.6 million) +73% Rupiah 3.0 trillion (US$328.1 million) +124% Pesos 4.2 billion (US$92.1 million) Ten-year Statistical Summary 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Results (US$millions) Turnover 4,640.2 3,925.6 4,105.3 3,040.8 2,474.8 1,986.1 2,054.6 2,161.8 1,892.3 1,851.7 Profit/(loss) for the year 775.5 661.4 336.6 665.6 221.7 138.8 168.2 134.9 79.6 (2,192.4) Profit/(loss) attributable to owners of the parent 403.7 401.6 200.8 504.8 164.5 103.0 123.9 74.1 38.2 (1,797.7) Recurring profit 402.1 286.6 239.2 186.7 134.4 103.9 116.3 88.4 51.1 44.6 Ordinary share dividends 99.4 56.1 37.0 41.1 22.4 12.3 – – – – Per Ordinary Share Data (U.S.cents) Basic earnings/(loss) 10.40 11.71 5.91 14.91 4.89 3.07 3.69 2.21 1.15 (54.32) Basic recurring earnings 10.36 8.36 7.0 4 5.52 3.99 3.09 3.46 2.63 1.54 1.35 Dividends 2.55 1.54 1.15 1.28 0.70 0.39 – – – – Equity/(deficit) attributable to owners of the parent 65.99 49.64 35.17 35.09 18.18 12.00 7.14 1.60 (0.81) (4.87) Financial Ratios Return on average net assets (%) 16.11 15.20 18.88 18.96 20.95 21.21 32.38 31.03 26.30 11.53 Return on average equity attributable to owners of the parent (%) 17.91 18.82 21.16 21.79 27.8 4 34.05 83.52 696.06 N/A 34.94 Dividend payout ratio (%) 24.72 19.57 15.47 22.01 16.67 11.84 – – – – Dividend cover (times) 4.05 5.11 6.46 4.54 6.00 8.45 – – – – Interest cover (times) 5.02 3.67 4.76 3.89 3.35 2.64 2.93 2.59 2.41 2.55 Current ratio (times) 1.85 1.37 0.87 0.94 1.21 1.45 1.42 1.71 1.02 0.82 Gearing ratio (times) - Consolidated 0.33 0.67 1.06 0.68 0.83 1.12 1.45 2.12 2.46 2.84 - Company 0.46 0.36 0.47 0.35 0.16 0.11 0.10 0.12 0.15 0.09 Consolidated Statement of Financial Position Data (US$millions) Capital expenditure 513.7 389.8 300.5 106.3 46.3 56.6 105.1 72.6 92.2 148.2 Total assets 10,914.1 9,397.3 7,19 9.0 5,221.1 2,883.5 2,3 47.1 2,168.7 2,213.5 2,469.5 2,186.4 Net debt 1,847.0 2,719.5 2,520.8 1,443.8 8 57.2 788.5 854.3 9 07.7 1,136.7 850.4 Total liabilities 5,302.0 5,358.2 4,823.8 3,098.1 1,850.7 1,640.4 1,577.6 1,785.7 2,0 07.1 1,886.9 Net current assets/(liabilities) 1,278.4 594.3 (264.7) (86.9) 175.0 292.8 251.9 443.6 20.6 (234.5) Total assets less current liabilities 9,409.3 7,797.0 5,123.3 3,665.1 2,034.8 1,697.0 1,571.2 1,589.4 1,456.0 899.1 Equity/(deficit) attributable to owners of the parent 2,575.2 1,916.2 1,130.1 1,131.3 582.7 382.8 227.4 51.1 (25.7) (152.8) Total equity 5,612.1 4,039.1 2,375.2 2,123.0 1,032.8 706.7 591.1 427.8 462.4 299.5 Other Information (at 31 December) Company’s net debt (US$millions)(i) 816.9 651.7 731.3 532.4 237.9 152.6 103.3 96.9 152.1 83.3 Number of shares in issue (millions) 3,902.4 3,860.3 3,213.4 3,224.1 3,204.8 3,188.8 3,186.0 3,186.0 3,186.0 3,139.8 Weighted average number of shares in issue during the year (millions) 3,880.4 3,428.5 3,397.7 3,384.9 3,365.5 3,358.9 3,358.1 3,358.1 3,322.5 3,309.4 Share price (HK$) - after rights issue 7.000 4.740 2.552 5.740 3.833 2.846 1.969 1.603 0.664 0.911 - before rights issue N/A N/A 2.690 6.050 4.040 3.000 2.075 1.690 0.700 0.960 Market capitalization (US$millions) 3,502.2 2,345.9 1,108.2 2,500.7 1,659.9 1,226.5 8 47.6 690.3 285.9 386.4 Number of shareholders 4,608 6,202 4,983 4,736 4,989 5,167 5,321 5,452 5,576 5,581 Number of employees 70,525 68,416 66,452 62,395 50,087 46,693 49,165 46,951 44,820 48,046 N/A: Not applicable (i) Includes the net debt of certain wholly-owned financing and holding companies See pages 161 and 162 for a glossary of terms Note: In December 2009, the Company completed a rights issue, offering its shareholders one rights share for every five existing shares held at a subscription price of HK$3.40 per rights share. Accordingly, the comparative amounts of (i) basic earnings/(loss) per share, (ii) basic recurring earnings per share, (iii) weighted average number of shares in issue during the year and (iv) share price (after rights issue) for 2001 to 2008 have been restated to reflect the effect of this rights issue in order to provide a more meaningful comparison. First Pacific Company Limited Annual Report 2010 Financial Highlights 3 Profit Attributable to Contribution from Operations Recurring Profit Owners of the Parent US$ millions US$ millions US$ millions 500 500 600 500 400 400 400 300 300 300 200 200 200 100 100 100 0 0 0 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 Contribution by Country Turnover Share Price Performance US$ millions US$ billions HK$ 350 5 8 300 4 7 250 3 200 6 150 2 100 5 1 50 0 0 4 09 10 09 10 06 07 08 09 10 11 09 10 10 10 10 r b p n c Fe Ju Se Dec Ma Philippines Indonesia De Share Price vs Adjusted NAV Adjusted NAV by Country Market Capitalization Per Share 31 December 2010 US$ billions HK$ 4 14 12.91 33% 12 3 10 2 8 7.00 67% 6 6.83 1 4 4.04 US$ millions 0 2 Philippines 4,891.8 Indonesia 2,383.6 08 09 07 06 10 08 09 07 06 10 c c c Total 7,275.4 De De Dec Dec Dec Dec Dec Dec Dec De Adjusted NAV per share Share price Goals Review of 2010 Goals Goal Achievement Promote the continuing growth in Achieved and ongoing profitability across all group companies All operating companies reported strong financial results in 2010, lifting First Pacific’s recurring profit 40% to US$402.1 million.