RNS Number:3538J
First Pacific Capital (1997) Ld
3 September 2001
FIRST PACIFIC COMPANY LIMITED
PRESS RELEASE
Monday, 3 September 2001
FIRST PACIFIC PROFIT TURNS TO LOSS ON FOREIGN EXCHANGE
Although foreign exchange losses smaller, no offsetting benefit from one-off
gains
First Pacific today reported a first half 2001 recurring profit of US$20.4
million (HK$159.1 million), down against US$26.0 million (HK$202.8 million)
for the comparative period. Foreign exchange losses of US$32.5 million
(HK$253.5 million) were recorded, as a consequence of which, the Group
returned an attributable loss of US$12.1 million (HK$94.4 million) for the
first half of 2001.
The decline in recurring profit largely reflected changes within the First
Pacific Group. Approximately US$6.4 million (HK$49.9 million) of the
contribution in 2000 was derived from SPORTathlon, First Pacific Bank and
Savills plc, which were disposed in June 2000, December 2000 and March 2001
respectively. In addition, Infrontier, First Pacific's start-up company that
offers business solutions, commenced operations in 2001 and recorded start-up
losses of US$3.8 million (HK$29.6 million). The Group recorded improved
overhead and net financing costs, which were down 19.2 per cent and 9.4 per
cent, respectively.
Foreign exchange losses, which are largely unrealized, arose on the Group's
net monetary liabilities as the rupiah, peso and baht all weakened against the
U.S. dollar. There were no one-off gains during the period, compared with
US$87.7 million (HK$684.1 million) of gains for the comparative period.
Recurring earnings per share, which measures the underlying profitability of
the Company's operations, declined to US0.65 cent (HK5.07 cents), while the
Company recorded an attributable loss per share of US0.39 cent (HK3.04 cents).
The average number of shares in issue increased, against the comparative
period, as a consequence of the December 2000 acquisition of an additional 8.0
per cent interest in Indofood in exchange for the issuance of new First
Pacific shares.
The Directors do not propose the payment of an interim dividend (1H00: US0.13
cent; HK1.00 cent per share).
Manuel V. Pangilinan, Executive Chairman of First Pacific said: "It is
essential that the Group's results are viewed in their full context. Political
uncertainty has prevailed in the Philippines, Indonesia and Thailand, and the
resultant undermining of exchange rates, investor confidence and consumer
demand has undoubtedly impacted the Group's results. However, from an
operational and fundamental standpoint, there were several meaningful
improvements.
"All of our investments, with the exception of Metro Pacific and start-up
company Infrontier, recorded solid local currency results. Notably, Indofood's
rupiah turnover and net income grew, while PLDT's peso net income was up
10-fold. We have also achieved real operational and cost efficiencies during
the six months. Unfortunately, although this will be a significant positive
over the longer term, the immediate positive effect has been offset by the
escalation in the cost of imported raw materials as currencies weakened. In
addition, PLDT has grown its EBITDA by almost 30 per cent, while Indofood has
continued to generate strong cash flows and has repaid US$180 million of debt
so far this year. These are all creditable achievements during difficult
times."
Mr. Pangilinan added that during the period, management continued to focus on
the Group's financial health. "We are making progress in the placement of
optimal cost financing that will enable us to repay our convertible bond due
in March 2002," he stated. "PLDT is also committed to reducing its overall
debt levels, and Metro Pacific has already addressed refinancing concerns at
Bonifacio Land Corporation. Metro Pacific's focus is now on reducing its
corporate debt to sustainable levels, to be achieved through land and asset
dispositions."
Mr. Pangilinan concluded by saying that he is hopeful that recent, positive
political developments will improve economic and market sentiment for the
region. "It may yet be some time before stability and recovery are seen, but
in the meantime, as a long-term investor in Asia, First Pacific will continue
to focus on ensuring that our assets are operating at optimum levels
irrespective of the prevailing conditions," he stated. "We will continue to
seek initiatives, such as Indofood's share buy back programme, that will
enhance value to shareholders, and continue to ensure appropriate financing is
in place, while at all times seeking to grow cash flows."
* * *
REVIEW OF OPERATIONS
Below is an analysis of results by individual company, classified within the
Group's three main business areas.
CONTRIBUTION SUMMARY
Six months ended 30 June
Contribution to Group
Turnover (loss)/profit(i)
2001 2000 2001 2000
US$m US$m US$m US$m
Consumer
Indofood 671.4 739.4 18.6 34.6
Berli Jucker 122.3 145.6 5.8 5.2
Darya-Varia 23.0 26.5 1.2 4.2
816.7 911.5 25.6 44.0
Telecommunications
PLDT* - - 21.9 8.7
Smart(ii) - 80.5 - (9.0)
Escotel* - - (3.7) (5.5)
Infrontier - - (3.8) -
- 80.5 14.4 (5.8)
Property
Metro Pacific 87.8 163.7 (4.3) (0.7)
From continuing businesses 904.5 1,155.7 35.7 37.5
From disposed businesses(iii) - 95.7 1.6 8.0
From operations 904.5 1,251.4 37.3 45.5
Corporate overhead (6.3) (7.8)
Net finance charges (10.6) (11.7)
Recurring profit 20.4 26.0
Exchange losses (32.5) (63.3)
Gain on disposal and dilution of - 87.7
shareholdings less provision for investments
(Loss)/profit attributable to ordinary (12.1) 50.4
shareholders
* Associated companies
(i) After taxation and outside interests, where appropriate.
(ii) Merged with PLDT on 24 March 2000.
(iii) Represents SPORTathlon, First Pacific Bank and Savills plc, which were
sold on 29 June 2000, 28 December 2000 and 12 March 2001, respectively.
CONSUMER
Indofood, a leading processed-foods group with operations throughout
Indonesia, contributed a profit of US$18.6 million, down 46.2 per cent against
the comparative of US$34.6 million.
The Group increased its interest in Indofood by eight per cent in December
2000, as a consequence of which, the Group's average shareholding for the
first half of 2001 was 48.0 per cent, against 40.0 per cent for the
comparative period.
The majority of Indofood's revenues are denominated in rupiah, which averaged
Rupiah 10,661 to the U.S. dollar over the first six months of 2001, compared
with Rupiah 7,950 to the U.S. dollar over the first six months of 2000.
Because of the weaker average rupiah exchange rate, the 9.2 per cent decline
in U.S. dollar turnover, to US$671.4 million, masks an underlying 21.5 per
cent increase in rupiah-denominated turnover to Rupiah 7,158.0 billion. With
the exception of Baby Foods, all of Indofood's businesses increased turnover.
The divisions of Instant Noodles, Flour, and Edible Oils contributed
four-fifths of total turnover, with increased turnover from the divisions of
Flour (up 39.7 per cent), Instant Noodles (up 13.4 per cent), Distribution (up
23.3 per cent) and Edible Oils (up 5.2 per cent).
Improved turnover was achieved through a mix of volume growth and price
increases. However, gross and operating margins came under pressure as the
cost of imported raw materials increased with the rupiah's decline, with
operating margins further eroded by fuel costs, which almost doubled, and
increases in salaries, electricity and transportation costs. As a result,
Indofood's overall gross margin declined to 26.0 per cent (1H00: 31.5 per
cent), while its operating margin was 14.4 per cent (1H00: 21.2 per cent).
Notwithstanding this, Indofood returned to paying dividends when a final 2000
dividend of Rupiah 18 per share, representing a payout ratio of 25 per cent,
was approved during the period. This dividend, which was paid in July 2001,
was the first dividend payment since 1997. Furthermore, approximately US$60
million of debt was repaid out of operating cash flows during the first half,
reducing Indofood's debt to approximately US$628.8 million and further
containing exposure to future exchange rate fluctuations. Approximately 77 per
cent of Indofood's U.S. dollar debt is hedged and, as at 30 June 2001,
Indofood's net debt was US$426.8 million.
In May 2001, Indofood announced its intention to buy back up to 10 per cent of
its share capital, equating to 915,600,000 shares, by 30 November 2002. At the
same time, Indofood management also introduced an employee stock ownership
program as an incentive to motivate employees. Under this scheme Indofood can
issue up to five per cent of its issued share capital - equating to
457,800,000 shares - to be made available for employee purchase.
Subsequent to 30 June 2001, Indofood repaid a further US$120 million of U.S.
dollar denominated debt, and in August 2001 announced that it no longer
intended to acquire a controlling stake in Singapore-listed Golden-Agri
Resources Limited. As Indofood's plantations only provide between 40 per cent
to 45 per cent of Indofood's crude palm oil needs, alternatives, for securing
the supply required for the Edible Oils division, are under consideration.
Berli Jucker, a manufacturer, marketer and distributor of glass, consumer,
technical products and imaging in Thailand, contributed a profit of US$5.8
million, up 11.5 per cent against the comparative of US$5.2 million. In
September 2000, Berli Jucker reduced its equity base by 30 per cent, through
dividending its retained earnings. As a consequence, return on equity has
increased to 9.5 per cent (1H00: 7.1 per cent). The Group's interest in Berli
Jucker has remained unchanged at 83.5 per cent.
The majority of Berli Jucker's revenues are denominated in baht, which
averaged Baht 44.47 to the U.S. dollar over the first six months of 2001,
compared with Baht 38.30 to the U.S. dollar over the first six months of 2000.
In U.S. dollar terms, Berli Jucker's turnover is down 16.0 per cent to
US$122.3 million. However, this is a reflection of a weaker baht as turnover
in baht terms is up 8.0 per cent as all divisions recorded stronger sales.
Gross margins improved with Packaging & Consumer Products returning a gross
margin of 28.3 per cent (1H00: 25.9 per cent), reflecting lower paper pulp and
palm oil prices, while Technical Products & Imaging achieved a gross margin of
22.2 per cent (1H00: 15.3 per cent) following the deconsolidation of Thai
Klinipro.
Operating margins also held up, with cost control measures improving Packaging
& Consumer Products' operating margin to 9.9 per cent (1H00: 8.7 per cent),
while Technical Products & Imaging returned an operating margin of 4.5 per
cent (1H00: 3.7 per cent).
Darya-Varia, a leading fully integrated Indonesian health care company,
contributed a profit of US$1.2 million, down 71.4 per cent against the
comparative of US$4.2 million. The Group's interest in Darya-Varia remained
unchanged at 89.5 per cent.
The majority of Darya-Varia's revenues are denominated in rupiah, which
averaged Rupiah 10,661 to the U.S. dollar over the first six months of 2001,
compared with Rupiah 7,950 to the U.S. dollar over the first six months of
2000.
This weakening of the rupiah has masked a 16.2 per cent improvement in
Darya-Varia's rupiah denominated turnover, achieved off an aggressive
marketing drive. The gross margin, at 45.9 per cent, was maintained at a
similar level to the comparative period as operational efficiencies offset
increased costs for imported raw materials due to the rupiah's weakening.
The operating margin declined to 12.8 per cent, principally due to a provision
in respect of Stop Cold, Darya-Varia's leading cold preparation. This product
has been withdrawn from the market in compliance with Department of Health
regulations as, similar to other available cold medications, Stop Cold
contains an ingredient called Phenylprophanolamin (PPA). The health
authorities are concerned that PPA, if taken in large quantities, may cause
adverse side effects. Darya-Varia, consistent with its commitment to sell only
safe, high quality products, immediately withdrew the product and plans to
re-introduce Stop Cold using an equally effective raw material that has no
known adverse side effects.
* * *
TELECOMMUNICATIONS
PLDT, the principal supplier of national and international telecommunications
services in the Philippines, contributed a profit of US$21.9 million, up 151.7
per cent against the comparative of US$8.7 million.
As a consequence of a number of transactions - most notably the acquisition of
Smart by PLDT in March 2000, and First Pacific's acquisition of Metro
Pacific's eight per cent interest in PLDT in September 2000 - the Group's
average shareholding for the first half was 24.6 per cent, against 20.3 per
cent for the comparative period.
In the first half of 2001, 31.5 per cent of PLDT's operating revenues were
received in U.S. dollars, while 36.4 per cent were U.S. dollar-linked as PLDT
is able to adjust its monthly fixed line service rates by one per cent for
every Peso 0.1 change in the U.S. dollar exchange rate. The peso averaged
Pesos 50.17 to the U.S. dollar over the first half of 2001, compared with
Pesos 41.59 for the first six months of 2000.
PLDT's EBITDA grew 26.7 per cent to Pesos 19.8 billion (1H00: Pesos 15.7
billion), on the back of a 24.6 per cent improvement in revenues to Pesos 36.7
billion (1H00: Pesos 29.5 billion), and improved operating efficiencies.
Wireless services posted a dramatic turnaround in 2001 as revenues surged from
data services such as text messaging and enhanced services from Smart's new
mobile portal service 'Smart zed'. As a result, combined Wireless revenues for
the first half increased by 70.1 per cent to Pesos 12.0 billion (1H00: Pesos
7.1 billion). Now accounting for 32.7 per cent (1H00: 24.0 per cent) of PLDT's
total revenues, Wireless is the driver of medium-term growth, underscoring
PLDT's transition to a full-service telecommunications and multi-media group.
Subscriber acquisition costs declined by approximately 63 per cent, this
despite the doubling of subscribers to 5.0 million (1H00: 2.4 million) that
secured Smart and Piltel some 58 per cent of the cellular market by 30 June
2001. Around 93 per cent of subscribers are on prepaid plans, while
approximately 4.4 million (1H00: 1.3 million) subscribers are for GSM
services. Having together added 280,000 GSM subscribers, on average each
month, Smart and Piltel also maintained their leadership in the GSM market
with a combined market share of approximately 56 per cent.
PLDT's Fixed Line network, which platforms a wide range of PLDT's fixed,
cellular, cable and internet products and services, added 90,903 (1H00:
57,717) new subscribers, net of churn, during the first half of 2001. PLDT
better managed churn by achieving higher reconnections of previously
disconnected lines and, as at 30 June 2001, the PLDT Group had 2,106,211
(1H00: 1,963,711) fixed line subscribers. This increase of 142,500
subscribers, or 7.3 per cent, reflects organic growth as well as growth
through acquisition. PLDT has approximately 67 per cent of the fixed line
market, with the nearest competitor having approximately a 13 per cent market
share.
PLDT's total International Long Distance call volume grew by 40.5 per cent to
1,266.5 million billed minutes in the first half of 2001. Inbound call volume
grew by 41.6 per cent to 1,185.9 million billed minutes, while outbound
traffic increased by 26.3 per cent to 80.6 million billed minutes. However,
these volume increases were insufficient to offset the continued decline in
international settlement rates for inbound international calls, and successive
reductions in direct dialing rates for outbound international calls. As a
result, peso revenues declined by 3.7 per cent to Pesos 6.4 billion, from
Pesos 6.7 billion for the same period of 2000.
National Long Distance recorded 1,488.7 million billed minutes, down 6.6 per
cent, with revenues down 17.7 per cent to Pesos 4.5 billion. This decline was
largely attributable to rate reductions implemented to enhance competitiveness
and a change in call mix such that more calls are subject to revenue sharing
with other carriers.
Data and Other Services, the driver of PLDT's future growth, recorded a 78.2
per cent increase in revenues to Pesos 2.3 billion, with this business now
contributing six per cent (1H00: four per cent) of PLDT's consolidated peso
revenues. Strong demand for domestic and international bandwidth underpinned
this growth as a range of value-added and broadband services were offered off
PLDT's fiber optic backbone. Technological upgrades have evolved PLDT's
infrastructure to a new packet-switched and Internet-based network offering
faster, improved transmission of voice, video and data. In addition, digital
subscriber line technology, which provides high-speed data transfer over
copper lines, is already available in Metro Manila and Cebu and is
progressively being introduced elsewhere.
In June 2001, PLDT concluded the debt restructuring of Piltel. PLDT's interest
in Piltel has now decreased to 45.3 per cent and as such, Piltel is no longer
treated as a consolidated subsidiary, but as an affiliate of PLDT.
Escotel, a New Delhi-based GSM cellular telephone services provider,
contributed a loss of US$3.7 million, a 32.7 per cent improvement against the
comparative loss of US$5.5 million. The Group's interest in Escotel remained
unchanged at 49.0 per cent.
Escotel's revenues are denominated in rupees, which averaged Rupee 46.77 to
the U.S. dollar over the first six months of 2001, compared with Rupee 43.96
to the U.S. dollar over the first six months of 2000.
Escotel recorded a maiden operating profit of US$2.9 million. This achievement
was underpinned by strong growth in subscriber revenues despite a decline in
ARPUs as subscribers increasingly use prepaid plans. As at the end of June
2001, Escotel had 333,242 subscribers, up approximately 93 per cent from June
2000.
In March 2001, Escotel put in place five-year financing when it refinanced
US$75.0 million of offshore debt and secured a domestic debt facility
equivalent to approximately US$112 million. These facilities enabled the
repayment of short-term debt, and provide the funds for network enhancements
necessary to support Escotel's growing subscriber base.
Infrontier, First Pacific's wholly-owned start-up offering business solutions
in both hosted and traditional environments, recorded a start-up loss of
US$3.8 million in its first period of commercial operations.
Infrontier offers business solutions that address all aspects of supply chain
management including logistics, asset utilization, warehousing and
manufacturing processes, sales automation, and demand planning and
forecasting. In addition, Infrontier offers wireless applications that enable
businesses and consumers to communicate and transact via a wireless
environment. In support of these core businesses, Infrontier has a team of
experienced and knowledgeable professionals who assist clients in the
development, integration, implementation, and maintenance phases, and can also
provide the technology infrastructure necessary to develop, manage and host
client applications.
Infrontier recorded its first revenues in July 2001.
* * *
PROPERTY
Metro Pacific, which principally holds Philippine property assets, contributed
a loss of US$4.3 million, compared with a loss of US$0.7 million recorded over
the first six months of 2000. The Group's interest in Metro Pacific remained
unchanged at 80.6 per cent.
Metro Pacific's revenues are denominated in pesos. The peso averaged Pesos
50.17 to the U.S. dollar over the first half of 2001, compared with Pesos
41.59 for the year-ago period.
Metro Pacific's principal property asset is its 69.6 per cent interest in
Bonifacio Land Corporation (BLC). BLC holds a 55.0 per cent interest in Fort
Bonifacio Development Corporation (FBDC), which is developing, in stages, 150
hectares of land in the former military base, Fort Bonifacio.
The decline in turnover and operating profit recognized from Fort Bonifacio is
primarily due to the completion of the horizontal development of Big Delta in
April 2000. Revenues in respect of Pesos 28.4 billion worth of land sales made
in 1996 were recognized over the period of Big Delta's development. By April
2000, when the project was completed on schedule and below budget, all
revenues and profits on these 1996 land sales had been recognized.
A small land sale was concluded in June 2001, and Metro Pacific is confident
of securing further land sales in the second half. Alternative land use
opportunities continue to be sought by offering building leases, which average
five years, and land leases, which range between 25 and 50 years, to Bonifacio
Global City locators. In addition to generating short and medium term cash
flows, these establishments draw people to the Bonifacio Global City to
fulfill their business, entertainment, shopping or residential needs, which is
important for developing the project's overall critical mass.
Work has commenced on the horizontal development of Expanded Big Delta, an
area covering 54 hectares to the north and west of Big Delta. The first phase
of Expanded Big Delta is substantially complete and, together with Big Delta,
these areas represent approximately 75 per cent of the land under development
by FBDC.
Bonifacio Ridge, FBDC's first residential project, was 31 per cent complete by
the end of June 2001, and was officially topped-out on 2 July 2001, at which
time 70 per cent of the development's 288 units were sold. New bars and
restaurants are scheduled to open at The Fort, while S&R Price, a
membership-shopping club, opened in April 2001. The Bonifacio Global City's
first business tenants will shortly move into The Hatchasia GlobalCity Centre,
and work continues on the gas and retail plaza, Bonifacio StopOver, scheduled
to open in September. In July, St. Luke's Medical Center, the Philippines'
foremost provider of medical services, signed a 50-year extendible long-term
lease arrangement for a 1.6-hectare medical complex to be located on 32nd
Street.
In May 2001, BLC successfully refinanced Pesos 3.05 billion of long-term
commercial papers with a new Pesos 2.1 billion fully secured seven-year
facility. While in June 2001, BLC announced its intention to sell its
development rights in respect of the northern central business district of the
Bonifacio Global City. This initiative will accelerate the advancement of the
Bonifacio Global City's undeveloped areas and allow Metro Pacific to
concentrate on its ongoing and future vertical developments within Big Delta
and Expanded Big Delta. Interested parties are currently preparing their
submission bids, and it is anticipated that this process will be concluded by
late September 2001.
Pacific Plaza Towers recorded improved turnover and operating profit as unit
sales continued. As at 30 June 2001, some 283 of the development's 393 units
had been sold, with residents now occupying 42 units.
Metro Pacific's remaining property asset, Landco, recorded reduced turnover
and operating profit as key developments, Punta Fuego and Ridgewood Park, have
now been sold. Landco plans to launch four new projects this year to enhance
medium-term revenue streams.
Negros Navigation (Nenaco) returned improved peso turnover and operating
profit as price increases introduced in 2000 and efforts to streamline
Nenaco's operations took effect. In June 2001, in order to further position
Metro Pacific as a company focused on property, the board of Metro Pacific
approved a proposal to dividend its interest in Nenaco to the shareholders of
Metro Pacific, including First Pacific. This transaction is subject to certain
creditor and regulatory approvals and it is anticipated to conclude by
year-end.
* * *
EXCHANGE RATES, AND EFFECT ON GROUP RESULTS
The Group's operating results are denominated in local currencies -
principally the rupiah, peso, and baht - which are translated and consolidated
to give the Group's U.S. dollar denominated results. The depreciation of these
currencies against the U.S. dollar is summarized below and illustrates
continued weakness through to 30 June 2001.
Closing: At 30 June 2001 At 31 Dec 2000 Six At 30 June 2000 One year
months change
change
Peso 52.43 49.96 -4.7% 43.20 -17.6%
Rupiah 11,390 9,650 -15.3% 8,740 -23.3%
Baht 45.28 43.16 -4.7% 39.19 -13.4%
Rupee 47.04 46.72 -0.7% 44.67 -5.0%
Six months ended 12 months ended Six Six months ended One year
30 June 2001 31 Dec 2000 months 30 June 2000 change
Average: change
Peso 50.17 44.67 -11.0% 41.59 -17.1%
Rupiah 10,661 8,523 -20.1% 7,950 -25.4%
Baht 44.47 40.43 -9.1% 38.30 -13.9%
Rupee 46.77 45.07 -3.6% 43.96 -6.0%
The effect this has on the Group's U.S. dollar denominated results is to
reduce the translated U.S. dollar value of local currency results. It is
estimated that this has had an adverse impact on the June 2001 results of
approximately US$11.1 million.
At the operational level, weaker local currencies increase the cost of
imported raw materials which, unless these can be fully recovered through
increased selling prices, has the effect of eroding margins. In addition, the
servicing costs of foreign currency denominated debt are increased, and
unrealized exchange gains or losses arising on the translation of monetary
assets and liabilities are recognized in the profit and loss statement.
* * *
TELECOM SUBSCRIBERS DATA
Number of subscribers (in thousands)
30 June 2001 31 Dec 2000 30 June 2000 31 Dec 1999
PLDT -fixed line: 2,106 2,000 1,964 1,846
Piltel -cellular: 989 657 576 457
Smart -cellular: 3,982 2,858 1,838 1,025
-fixed line: -- -- -- 107
Escotel -cellular: 333 287 173 110
Total 7,410 5,802 4,551 3,545
* * *
A full version of the 2001 Interim Report is available at www.firstpacco.com.
* * *
For further information, please contact:
First Pacific Company Limited
Rebecca Brown Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications
Sara Cheung Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications
FIRST PACIFIC COMPANY LIMITED
2001 CONDENSED INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED PROFIT AND LOSS STATEMENT
(Unaudited)
Six months ended
30 June
2000
2001 (Restated)
US$m US$m
TURNOVER 904.5 1,251.4
Cost of sales (666.4) (833.6)
GROSS PROFIT 238.1 417.8
Gain on disposal and dilution of shareholdings less provision - 91.4
for investments
Other operating income 19.9 10.9
Distribution costs (60.1) (56.7)
Administrative expenses (82.3) (122.1)
Other operating expenses (32.1) (137.1)
OPERATING PROFIT 83.5 204.2
Share of profits less losses of associated companies (4.7) (38.2)
Net borrowing costs (49.9) (60.1)
PROFIT BEFORE TAXATION 28.9 105.9
Taxation (26.6) (23.4)
PROFIT AFTER TAXATION 2.3 82.5
Outside interests (14.4) (32.1)
(LOSS)/PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
(12.1) 50.4
(LOSS)/EARNINGS PER SHARE (U.S. cents)
Basic (0.39) 1.73
Diluted (0.39) 1.72
CONDENSED CONSOLIDATED STATEMENT OF RECOGNIZED GAINS AND LOSSES
(Unaudited)
Six months ended
30 June
2001 2000
US$m US$m
Exchange differences on the translation of the financial (52.8) (70.8)
statements of foreign entities
Realization of property revaluation - 0.3
NET LOSSES NOT RECOGNIZED IN THE PROFIT
AND LOSS STATEMENT (52.8) (70.5)
(Loss)/profit attributable to ordinary shareholders (12.1) 50.4
TOTAL RECOGNIZED LOSSES FOR THE PERIOD (64.9) (20.1)
Goodwill arising on acquisitions and written off against - (189.9)
reserves
(64.9) (210.0)
FIRST PACIFIC COMPANY LIMITED
2001 CONDENSED INTERIM FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited) At 31 December
At 30 June 2000
2001 (Restated)
US$m US$m
ASSETS
NON-CURRENT ASSETS
Property and equipment 1,610.1 2,001.6
Associated companies (17.2) 19.1
Long-term investments 2.5 5.2
Long-term receivables 241.0 207.8
Pledged deposits - 50.7
1,836.4 2,284.4
CURRENT ASSETS
Cash and bank balances 255.9 369.5
Pledged deposits 64.4 8.0
Short-term investments 14.0 16.4
Accounts receivable and prepayments 506.6 518.5
Inventories 432.5 259.0
1,273.4 1,171.4
TOTAL ASSETS 3,109.8 3,455.8
EQUITY AND LIABILITIES
EQUITY CAPITAL AND RESERVES
Share capital 31.4 31.4
Reserves 285.8 338.1
Shareholders' equity 317.2 369.5
Outside interests 821.0 935.6
NON-CURRENT LIABILITIES
Loan capital and long-term borrowings 457.4 918.5
Deferred liabilities and provisions 134.3 247.4
Deferred taxation 32.8 29.8
624.5 1,195.7
CURRENT LIABILITIES
Accounts payable and accruals 493.5 401.3
Short-term borrowings 831.7 526.1
Provision for taxation 21.9 27.6
1,347.1 955.0
TOTAL LIABILITIES 1,971.6 2,150.7
TOTAL EQUITY AND LIABILITIES 3,109.8 3,455.8
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