Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [6][11][12] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [8][49] - The company maintained two investment-grade credit ratings and had no borrowings due in 2025 [6][7] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [9][10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [11][12] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [12][14] Market Data and Key Metrics Changes - The company noted that the electricity generation market in Singapore is expected to grow at rates exceeding 4% annually [24] - The Philippines and Indonesia's economies are projected to double from 2018 to 2029, which is expected to positively impact Metro Pacific's revenues and profits [75] Company Strategy and Development Direction - The company is focusing on capitalizing on strong growth in its core businesses, particularly in defensive industries like power and water [75][80] - There are ongoing discussions regarding the potential IPO of Metro Pacific, with a focus on finding new capital through private placements [57][62] - The company is also exploring strategic options for Maya, its fintech venture, including potential IPOs or trade sales in the future [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75][80] - The management highlighted the importance of improving operational efficiencies and reducing non-revenue water in Metro Pacific's water utility business to enhance valuation [33] Other Important Information - The company has secured long-term contracts for gas supply, which is expected to provide a competitive advantage in the electricity generation market [26] - The new 600 megawatt hydrogen-ready power project is anticipated to begin operations in January 2029, adding significant capacity to the portfolio [16][25] Q&A Session Summary Question: What is the expected earnings trajectory for Pacific Light Power in 2025 and 2026? - Management indicated that 2023 was an exceptional year, and while profits are expected to taper, the overall portfolio remains strong with new projects in the pipeline [24][25] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial deliveries expected in Q1 2026 [27][29] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiencies, with a focus on reducing non-revenue water [30][33] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [35][39] Question: What is the financing mix for PLP's new power plant projects? - The financing plan anticipates approximately 60% debt and 40% equity for the project costs [45][47] Question: What are the expected returns for the new power project in Singapore? - Expected returns are projected to be in excess of 12% up to mid-teens for investments in this space [53][54] Question: Any updates on the potential IPO for Maya? - Management confirmed that Maya is at an inflection point with growing customer bases and is generating positive net income, with discussions ongoing about future strategic options [70][72]

Group 1 - The company reported a 4.3% year-on-year decrease in revenue to $10.0572 billion, primarily due to a decline in PLP income attributed to stabilized electricity prices leading to lower average selling prices [1] - The net profit attributable to the parent company increased by 19.8% to $600.3 million, with basic earnings per share at 14.15 cents, and a proposed final dividend of 13.50 Hong Kong cents per ordinary share [1] - Regular profit rose by 11% to $672.5 million, driven by increased contributions from Indofood, MPIC, and PLDT, although this was partially offset by a decline in PLP contributions due to rising cash operating costs and increased interest expenses [1] Group 2 - The reported profit growth reflects an increase in regular profit, a decrease in impairment provisions for an investment, and a reduction in non-recurring losses related to asset write-offs, partially offset by non-cash foreign exchange losses [2] - The foreign exchange losses were primarily associated with bonds denominated in US dollars related to PT Indofood CBP Sukses Makmur Tbk (ICBP), which were impacted by a 5% depreciation of the Indonesian rupiah against the US dollar [2]

Revenue and Profitability - Revenue decreased by 4.3% to $10,057.2 million in 2024 from $10,510.7 million in 2023[4] - Gross profit increased by 8.3% to $3,654.3 million in 2024 from $3,374.6 million in 2023[4] - Net profit attributable to shareholders increased by 19.8% to $600.3 million in 2024 from $501.2 million in 2023[5] - Basic earnings per share increased by 19.7% to $14.15 in 2024 from $11.82 in 2023[5] - Total comprehensive income for the year was $999.4 million in 2024, down from $1,375.0 million in 2023[6] - Operating profit contribution from operations increased by 10.7% to $776.5 million in 2024 from $701.5 million in 2023[5] - The company reported a net profit for the year reached $1,603.3 million, compared to $1,341.4 million in the previous year, indicating a year-over-year increase of about 19.5%[8] - The company reported a comprehensive income of $999.4 million for the year, a significant recovery from a comprehensive loss of $35.9 million in the previous year[8] - The company reported a total regular profit of $672.5 million for the year, compared to $5,245.5 million in the previous year, indicating a decrease of 87.2%[16] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.135 per share, up from HKD 0.125 per share in 2023[5] - The total proposed dividend for the year ending December 31, 2024, is $3.27 per share, an increase of 10.8% from $2.95 in 2023, totaling $1,083.8 million compared to $972.7 million in 2023[29] - The board declared a final dividend of HKD 0.135 per share, an increase of 8% from the previous year's HKD 0.125, resulting in a total dividend of HKD 0.255 per share for 2024[47] Assets and Liabilities - Non-current assets totaled $21,941.9 million in 2024, an increase from $21,299.5 million in 2023, representing a growth of 3.0%[7] - Current assets increased to $6,720.4 million in 2024 from $6,035.1 million in 2023, reflecting an increase of 11.4%[7] - Total liabilities rose to $16,747.7 million in 2024, up from $15,778.4 million in 2023, indicating a growth of 6.1%[7] - The company's equity increased to $11,930.2 million in 2024, compared to $11,566.9 million in 2023, marking a growth of 3.1%[7] - The total value of assets less current liabilities was $23,684.9 million in 2024, compared to $22,764.9 million in 2023, indicating an increase of 4.0%[7] - The total liabilities increased to $3,926.2 million by December 31, 2024, compared to $3,688.0 million at the end of 2023, reflecting a rise of approximately 6.5%[8] - The total liabilities due within one year increased to $2,548.7 million in 2024 from $2,195.3 million in 2023, indicating a rise in short-term obligations[151] Debt and Financial Ratios - The net debt increased by 7.7% to $90.985 billion as of December 31, 2024, from $84.503 billion as of December 31, 2023[5] - The debt-to-equity ratio rose to 0.76 as of December 31, 2024, from 0.73 as of December 31, 2023[5] - The total debt of the company as of December 31, 2024, is approximately $1.5 billion, with a net debt of about $1.3 billion[49] - The total debt of Indofood increased by 10% to 708 trillion Indonesian Rupiah ($4.4 billion) as of December 31, 2024[57] - The total debt increased to 2,730 billion pesos ($47 billion) with a debt-to-EBITDA ratio of 2.52 times, while the average pre-tax interest cost rose to 5.1%[76] - The total debt-to-equity ratio of the group increased to 0.76x in 2024 from 0.73x in 2023, primarily due to an increase in net debt levels, offset partially by an increase in equity reflecting profits distributed as dividends[149] Cash Flow and Investments - The net cash flow from operating activities was $1,746.5 million in 2024, slightly up from $1,730.1 million in 2023, showing a marginal increase of 0.9%[10] - Cash flow from financing activities showed a net inflow of $466.9 million in 2024, compared to $88.0 million in 2023, marking a substantial increase[10] - The company invested $692.7 million in associates in 2024, a significant increase from $69.6 million in 2023, indicating a strategic shift towards more investments[10] Employee Compensation and Expenses - The company’s employee compensation expenses related to share-based payments amounted to $1.6 million for the year, consistent with the previous year[8] - Employee compensation, including director remuneration, increased to $898.4 million in 2024 from $837.2 million in 2023, with the number of employees rising to 105,570 from 101,469[34] Market Performance and Outlook - The company’s total revenue for the year ending December 31, 2024, is expected to show growth, supported by ongoing market expansion and new product developments[35] - The outlook for 2025 remains optimistic, with a focus on balancing market share and profitability while maintaining a healthy balance sheet[70] Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the applicable codes, ensuring stakeholder interests are protected[173] - The independent auditor, Ernst & Young, issued an unqualified opinion on the financial statements for the year ending December 31, 2024[176] - Detailed corporate governance practices will be disclosed in the 2024 annual report[174]

Financial Performance - The company reported a revenue of $5 billion, representing an 8% increase year-over-year[9]. - The recurring profit increased by 13%, while the reported profit rose by 20%[9]. - The company's revenue decreased by 8% to $5 billion, primarily due to a decline in PLP revenue and a 6% depreciation of the Indonesian Rupiah against the US dollar[18]. - Regular profit increased by 13% to $339.1 million, reflecting higher profit contributions from Indofood, MPIC, and PLDT[18]. - Reported profit decreased by 20% to $277.8 million, mainly due to a 6% depreciation of the Indonesian Rupiah against the US dollar, resulting in non-cash foreign exchange losses[18]. - Core profit rose by 22% from IDR 47 trillion (USD 3.11 billion) to IDR 57 trillion (USD 3.547 billion), driven by improved operating profits across all business groups[29]. - Core net profit increased by 3% to 18 billion pesos ($314.5 million) from 17.6 billion pesos ($318.3 million)[43]. - The profit attributable to the owners of the parent company for the first half of 2024 was $277.8 million, a decrease of 19.6% from $345.6 million in 2023[161]. Assets and Liabilities - The total assets reached $27 billion, reflecting a 3% growth[9]. - The net debt of the company is around $1.3 billion[9]. - Total debt for Indofood increased by 14% to IDR 73.4 trillion (USD 4.5 billion) as of June 30, 2024, up from IDR 64.5 trillion (USD 4.2 billion) at the end of 2023, with 34% maturing within the next 12 months[30]. - The total liabilities amounted to $15,799.3 million, with a notable portion related to infrastructure at $7,930.6 million[149]. - The total liabilities related to assets classified as held for sale increased from $4,592.6 million to $5,021.5 million, marking an increase of about 9.34%[137]. - The total current liabilities increased significantly from $1,814.9 million to $2,059.6 million, marking an increase of about 13.5%[137]. Market Capitalization and Dividends - The market capitalization of the company is approximately $20 billion, showing a 17% increase[9]. - The interim dividend per share is set at 1.54 cents, totaling $65.3 million[9]. - The interim dividend declared by First Pacific is HKD 0.12 (USD 0.0154) per share, representing a 14% increase from HKD 0.105 (USD 0.0135) in the first half of 2023, consistent with the growth in recurring profit[21]. - The interim cash dividend declared is 50 pesos ($0.85) per share, representing 60% of core net profit[47]. Investments and Contributions - The company focuses on investments in fast-growing emerging economies in Asia, particularly in consumer food, telecommunications, infrastructure, and natural resources[5]. - Indofood's profit contribution to the group increased by 22% to USD 167.6 million in the first half of 2024, compared to USD 137.2 million in the same period of 2023, reflecting an increase in core profit[28]. - MPIC's consolidated revenue increased by 22% to 35.8 billion PHP (624.4 million USD) from 29.4 billion PHP (532.3 million USD)[57]. - MPIC's operating profit contribution increased by 20% to 14.8 billion PHP (258.8 million USD) in the first half of 2024, driven by strong energy sales and increased traffic and tolls[56]. Foreign Exchange and Market Risks - The company faces foreign exchange risk due to unhedged USD net debt, which could affect performance based on currency fluctuations[110]. - The group's subsidiaries and associates' performance is primarily denominated in local currencies, exposing the group to foreign exchange risks upon consolidation into USD[105]. - The estimated impact on adjusted net asset value for a 1% change in exchange rates is $45.5 million, translating to an impact of 8.35 HK cents per share[106]. - A 1% change in the USD exchange rate is expected to impact the group's reported profit by $33.7 million, resulting in a net profit impact of $12.4 million[111]. Operational Performance - The average interest rate for First Pacific's debt increased from approximately 5.4% at the end of 2023 to about 5.6% due to the high interest rate environment[23]. - The cash interest coverage ratio stands at approximately 4.3 times[9]. - The cash interest coverage ratio for Indofood is approximately 6.7 times as of June 30, 2024[30]. - The company plans to continue reducing certain assets and use the proceeds primarily to pay down debt[17]. Employee and Compensation - The number of employees increased to 103,290 as of June 30, 2024, from 101,352 in 2023, marking a growth of 1.9%[124]. - Total compensation for key management personnel amounted to $65.2 million for the six months ended June 30, 2024[199]. - Employee compensation costs were $434.7 million in the first half of 2024, slightly down from $452.7 million in 2023, indicating a focus on cost efficiency[155]. Capital Expenditures and Investments - Capital expenditures decreased by 14% to 35.1 billion pesos ($612.9 million), representing 34% of service revenue, down from 41% in the first half of 2023[44]. - The capital expenditure guidance for 2024 is maintained at 75 billion to 78 billion pesos, focusing on network capacity and data traffic growth[45]. - Total capital expenditure commitments as of June 30, 2024, amounted to $1.41 billion, down from $1.86 billion as of December 31, 2023[192]. Miscellaneous - The company plans to continue product innovation and expand distribution to enhance profitability and market penetration[34]. - The company is focusing on market expansion strategies to enhance its competitive position in the industry[139]. - The company is investing in new product development and technology to drive future growth and innovation[139].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 第 一 太 平 有 限 公 司 （根據百慕達法例註冊成立之有限公司） 網 址：www.rstpacic.com （股份代號：00142） 2024年 中 期 業 績－未 經 審 核 財務摘要 來自營運之溢利貢獻由3.487億 美 元（27.199億 港 元）增 加12.2%至3.912億 美 元（30.514億 港 元）。 經常性溢利由3.008億 美 元（23.462億 港 元）增 加12.7%至3.391億 美 元（26.45億 港 元）。 營業額由54.112億 美 元（422.074億 港 元）減 少7.7%至49.951億 美 元（389.618億 港 元）。 匯兌及衍生工具虧損為5.79千 萬 美 元（4.516億 ...

Investment Interests - First Pacific Company Limited holds economic interests of 50.1% in Indofood, 25.6% in PLDT, 46.3% in MPIC, 68.8% in FPM Power, 31.2% in Philex, and 35.7% in PXP as of March 27, 2024[4]. - First Pacific's investment strategy focuses on high-growth potential assets in emerging economies, particularly in the Asia-Pacific region[3]. - The company plans to further invest in businesses with strong cash flow potential and market leadership positions[3]. - First Pacific's portfolio includes investments in PacificLight Power, Philex Mining, and PXP Energy, with a focus on energy and mining sectors[4]. Company Overview - Indofood is the largest vertically integrated food company in Indonesia and a global instant noodle brand producer, while PLDT is the leading integrated telecommunications and digital services provider in the Philippines[3]. - MPIC is a leading infrastructure investment and management company in the Philippines, with stakes in the largest power transmission, toll road, water, and healthcare companies in the country[3]. - The company is actively involved in sectors such as consumer food, telecommunications, infrastructure, and natural resources[3]. Financial Performance - Revenue for 2023 reached $10,510.7 million, an increase of 2.0% from $10,304.9 million in 2022[7]. - Net profit for 2023 was $1,341.4 million, up 27.8% compared to $1,049.6 million in 2022[7]. - Earnings attributable to shareholders increased to $501.2 million in 2023, a rise of 28.1% from $391.6 million in 2022[7]. - Operating contribution rose to $701.5 million, reflecting an 18.3% increase from $593.3 million in the previous year[7]. - The company reported a basic earnings per share of 11.82 cents, up from 9.20 cents in 2022, marking a 28.5% increase[7]. - Total assets increased to $644.87 million in 2023, compared to $600.98 million in 2022, representing a growth of 7.3%[7]. - Cash flow from operating activities improved to $40.79 million, a 22.4% increase from $33.42 million in 2022[7]. - The gross profit margin for 2023 was 32.11%, up from 29.66% in 2022, indicating a positive trend in profitability[7]. - The company’s dividend payout ratio was 20.67% in 2023, down from 23.40% in 2022, reflecting a strategic shift in capital allocation[7]. - The debt-to-equity ratio for the consolidated accounts improved to 0.73 in 2023, down from 0.82 in 2022, indicating better financial stability[7]. Sector Contributions - Indofood led the profit contribution with an operating revenue of $7.34 billion, slightly down from $7.43 billion in 2022, but still contributing $285.1 million to the group profit[30]. - PLDT's service revenue and EBITDA reached new highs, contributing $143.2 million to the group profit, reflecting growth across its three main business segments[30]. - MPIC reported record operating revenue of $1.10 billion, with a profit contribution of $159.8 million, and announced a cash dividend at a record high[30]. - PLP, a leading power supplier in Singapore, achieved record revenue and core profit, reducing its net debt by 70% and distributing $117 million in dividends[30]. Market Outlook and Strategy - The average GDP growth rate in ASEAN countries was 4.2%, with Indonesia and the Philippines showing strong growth prospects of 5.0% and 5.3% respectively for 2023[24]. - The company plans to expand its toll roads and financial technology services, indicating a focus on growth opportunities[24]. - The company remains vigilant about potential risks, including commodity price surges and geopolitical tensions, while also focusing on cost management[24]. Corporate Governance - The company has adopted a corporate governance code that includes principles and regulations outlined in the Listing Rules, with compliance noted for the year ending December 31, 2023, except for certain disclosures regarding senior management compensation[131]. - The board consists of ten directors, with five being independent non-executive directors, exceeding the requirement of at least one-third independence as per listing rules[137]. - The company has established a risk assessment committee comprising one executive director and six senior executives to oversee risk management, as it does not have a separate internal audit department[131]. - The company emphasizes a strong corporate culture that fosters collaboration and creativity, which is deemed essential for long-term sustainable performance[132]. Sustainability Initiatives - The company plans to enhance its sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2030[119]. - The company is committed to enhancing its corporate governance practices, with members actively participating in relevant councils and associations[128]. Related Party Transactions - The company announced a continuation of related party transactions with the Indofood Group, effective from January 1, 2023, to December 31, 2025, covering various business sectors[182]. - The total transaction amount for related party transactions with the Indofood Group for the year ending December 31, 2023, is projected to be $178.9 million[185]. - Specific transactions include $75.9 million in palm oil sales to Shanghai Resources International Trading Co. Ltd. and $48.4 million in operational services provided to IndoInternational Green Energy Resources Pte. Ltd.[184]. Strategic Acquisitions - A strategic acquisition of a local competitor is anticipated to close by Q3 2024, which is expected to enhance operational efficiencies[119]. - The acquisition offer involves purchasing approximately 36.7% of MPIC's publicly traded common shares, with a total maximum payment of 54.8 billion pesos (approximately 986 million USD) at a price of 5.20 pesos per share[179].

Financial Performance - The profit attributable to equity holders increased by 28.0% from $391.6 million (HK$3.0545 billion) to $501.2 million (HK$3.9094 billion) in 2023[2]. - Basic earnings per share based on recurring profit rose by 19.1% from 11.96 cents (93.3 HK cents) to 14.24 cents (111.1 HK cents)[2]. - Total revenue increased by 2.0% from $10.3049 billion (HK$80.3782 billion) to $10.5107 billion (HK$81.9835 billion)[3]. - Operating profit contribution from operations grew by 18.2% from $593.3 million (HK$4.6277 billion) to $701.5 million (HK$5.4717 billion)[3]. - Recurring profit increased by 18.7% from $508.8 million (HK$3.9686 billion) to $603.8 million (HK$4.7096 billion)[3]. - The net profit for the year rose to $1.3414 billion (HK$10.4629 billion) from $1.0496 billion (HK$8.1869 billion) in the previous year[4]. - The total comprehensive income for the year amounted to $1.375 billion (HK$10.7251 billion), a significant increase from $166.6 million (HK$1.2995 billion) in 2022[4]. Dividends - The company proposed a final dividend of HK$0.125 per share (US$0.016) for 2023, up from HK$0.115 (US$0.0147) in 2022[2]. - The total proposed dividend for the year ended December 31, 2023, is $2.95 per share, compared to $2.82 per share in 2022, reflecting an increase of 4.6%[25]. - The final dividend declared by the board of First Pacific is HKD 12.5 per share (USD 1.60), an increase of 5% from HKD 11.5 per share (USD 1.47) in 2022, bringing the total dividend for 2023 to HKD 23.0 per share (USD 2.95) from HKD 22.0 per share (USD 2.82) in 2022[37]. Debt and Equity - Net debt decreased by 0.5% from $8.4932 billion (HK$66.247 billion) to $8.4503 billion (HK$65.9125 billion) as of December 31, 2023[2]. - The debt-to-equity ratio improved from 0.82 times to 0.73 times over the same period[2]. - Long-term borrowings remained stable at $9,416.2 million in 2023, slightly up from $9,398.0 million in 2022[5]. - The company's total equity as of December 31, 2023, was HKD 90,221.8 million, up from HKD 82,782.2 million at the end of 2022, reflecting a growth of approximately 8.7%[7]. - The debt-to-equity ratio for the company rose to 1.43x in 2023 from 1.20x in 2022, primarily due to increased net debt and a decrease in equity[89]. Assets and Liabilities - Total non-current assets increased to $21,299.5 million in 2023 from $20,307.3 million in 2022, representing a growth of 4.9%[5]. - The total value of current assets was $6,058.0 million in 2023, up from $5,184.5 million in 2022, reflecting a growth of 16.8%[5]. - Total liabilities amounted to $15,790.6 million, with borrowings of $11,611.5 million, indicating a strong leverage position[14]. - The total current tax for overseas subsidiaries was $377.5 million in 2023, compared to $283.8 million in 2022, representing an increase of approximately 33.05%[20]. Cash Flow - The net cash flow from operating activities was $1,730.1 million, up from $1,424.0 million in the previous year, reflecting a growth of 21.5%[8]. - The company reported a net increase in cash and cash equivalents of $334.1 million for the year, compared to a decrease of $509.0 million in 2022[8]. - The company's net debt increased to $1,395.9 million as of December 31, 2023, compared to $1,362.4 million at the beginning of the year, reflecting additional investments in MPIC[88]. Market Expansion and Strategy - The company plans to continue its market expansion efforts, focusing on new product development and technological advancements[6]. - The company has plans for market expansion, with a focus on increasing its user base and enhancing product offerings in the upcoming fiscal year[7]. - The company is exploring potential mergers and acquisitions to enhance its market position and drive future growth[6]. Operational Performance - Revenue from consumer goods was $7,274.9 million in 2023, down from $7,478.2 million in 2022, indicating a decline of 2.7%[11]. - Infrastructure sales increased significantly to $2,039.4 million in 2023 from $1,755.3 million in 2022, marking a growth of 16.2%[11]. - The company operates in four main business segments: consumer goods, telecommunications, infrastructure, and natural resources, with significant operations in Indonesia, the Philippines, Singapore, and other regions[12]. Financial Management - The company has adopted revised Hong Kong Financial Reporting Standards for the financial statements, which did not have a significant impact on the profit attributable to equity holders for the years ended December 31, 2023, and 2022[10]. - The company's financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and presented in US dollars, rounded to the nearest million[10]. - The company faces foreign exchange risks primarily due to its USD-denominated debt, which impacts cash dividend receipts[95]. Employee and Compensation - Employee compensation costs rose to $837.2 million in 2023 from $826.3 million in 2022, showing a marginal increase of about 1.09%[18]. - The total number of employees as of December 31, 2023, was 101,469, an increase from 101,203 in 2022, indicating a growth of 0.3%[29]. Future Outlook - Future outlook includes continued investment in new product development and technology to enhance market competitiveness[14]. - The company expects mid-single-digit growth in consolidated service revenue and core telecom revenue net to exceed 35 billion pesos in 2024[63].

2023年中期報告 企業簡介 第一太平為一家建基於香港的投資控股公司，各項投資位於亞太區。 本公司的主要投資範疇為消費性食品、電訊、基建及天然資源。 我們的使命是發掘價值： 我們的投資準則清晰明確： 我們的三大策略： 第一太平的投資組合聚焦於我們的核心行業及PT Indofood Sukses Makmur Tbk（「Indofood」）、PLDT Inc.（「PLDT」）及Metro Pacific Investments Corporation（「MPIC」）的業務市場。Indofood為印尼最大的縱向綜合食品公司及環球即食麵品牌Indomie 的生產商，而PLDT是菲律賓具主導地位的綜合電訊及數碼服務供應商，擁有該國最大的固網寬頻網絡，以及最大及最現代 化的無線網絡。MPIC為菲律賓具領導地位的基建投資及管理公司，並於該國最大的輸電商、收費道路營運商、輸水商及健 康護理集團持有權益。MPIC亦於石油產品儲存、房地產、輕鐵及乳製品業務持有投資。 第一太平亦於PacificLight Power Pte. Ltd.（「PLP」）、Philex Mining Corporation（「Philex」）、PXP ...

Revenue and Profitability - Revenue increased by 6.7% to $5.4112 billion (HK$42.2074 billion) from $5.0719 billion (HK$39.5608 billion) year-on-year[2] - Operating profit contribution rose by 15.3% to $348.7 million (HK$2.7199 billion) from $302.5 million (HK$2.3595 billion) year-on-year[2] - Net profit attributable to shareholders increased by 43.0% to $345.6 million (HK$2.6956 billion) from $241.7 million (HK$1.8853 billion) year-on-year[3] - Basic earnings per share increased by 43.9% to 8.16 cents (63.6 HK cents) from 5.67 cents (44.2 HK cents) year-on-year[3] - Total comprehensive income for the period reached $1.1409 billion (HK$8.8989 billion), compared to $13.6 million (HK$106.1 million) in the previous year[4] - Regular profit increased by 14.2% to $30.08 million (HK$234.62 million) from $26.33 million (HK$205.37 million) year-on-year[2] - The company reported a net profit of $2,674.1 million for the six months ending June 30, 2023, compared to $2,178.4 million in the same period last year, representing an increase of approximately 22.7%[6] - The total comprehensive income for the period was $3,668.5 million, up from $3,275.9 million, indicating a growth of about 12%[6] Dividends and Shareholder Returns - The company declared an interim dividend of HK$0.105 (US$0.0135) per ordinary share, consistent with the previous year[2] - The company declared a dividend of $62.2 million for the year-end 2022, consistent with its dividend policy[6] - The company announced an interim cash dividend of HKD 0.105 per share, totaling $57.1 million, consistent with the previous year's dividend[26] Assets and Liabilities - Non-current assets increased to $21,241.3 million as of June 30, 2023, from $20,307.3 million as of December 31, 2022, representing a growth of 4.6%[5] - Current assets rose to $5,846.4 million as of June 30, 2023, compared to $5,184.5 million as of December 31, 2022, marking an increase of 12.8%[5] - Total liabilities increased to $22,244.3 million as of June 30, 2023, from $21,383.2 million as of December 31, 2022, reflecting a growth of 4.0%[5] - Total assets reached $22,244.3 million as of June 30, 2023, compared to $21,383.2 million as of December 31, 2022, reflecting an increase of 4.0%[5] - The net current assets stood at $1,003.0 million as of June 30, 2023, down from $1,075.9 million as of December 31, 2022, indicating a decrease of 6.7%[5] - Total debt slightly increased from IDR 66.1 trillion (USD 4.2 billion) at the end of 2022 to IDR 66.4 trillion (USD 4.4 billion) as of June 30, 2023, with 29% maturing within the next 12 months[48] Debt and Financial Ratios - Net debt increased by 2.3% to $8.691 billion (HK$67.7898 billion) from $8.4932 billion (HK$66.247 billion) as of December 31, 2022[2] - The debt-to-equity ratio improved from 0.82 times to 0.78 times[2] - The group's debt-to-equity ratio decreased to 0.78x as of June 30, 2023, due to an increase in equity reflecting the appreciation of the Indonesian Rupiah against the US dollar and recorded profits during the period[106] - The group's total debt as of June 30, 2023, amounted to $11,584.3 million, an increase from $11,222.3 million as of December 31, 2022[107] Market Performance and Strategic Initiatives - The company is focusing on expanding its market presence in regions such as Indonesia, the Philippines, Singapore, and the Middle East, Africa, and other areas[13] - The company continues to invest in new product development and technology to enhance its competitive edge in the market[13] - The company plans to increase its stake in Metro Pacific Investments Corporation (MPIC) from 46.1% to 50.2% through a revised tender offer price of 5.20 pesos per share, which is a 37% premium over the average trading price[32] - The company is exploring strategic acquisitions to bolster its infrastructure capabilities and market reach in emerging regions[16] Operational Efficiency and Costs - Financial costs for the first half of 2023 amounted to $281.7 million, an increase from $229.2 million in the previous year, indicating rising borrowing costs[19] - The cost of goods sold for the first half of 2023 was $1,980.1 million, slightly up from $1,970.8 million in 2022, reflecting a 0.6% increase[20] - Operating expenses rose by 13% from IDR 7.5 trillion (USD 515.5 million) to IDR 8.4 trillion (USD 563.6 million), reflecting foreign exchange losses from operational activities[47] Foreign Exchange and Market Risks - The group faces foreign exchange risk primarily due to its debt being denominated in USD, impacting cash dividend receipts[110] - A 1% fluctuation in the exchange rates of the Indonesian Rupiah and Philippine Peso against the USD would affect the adjusted net asset value by approximately $49.1 million[111] - The company has not actively sought to hedge against foreign currency translation risks due to high costs associated with such hedging[110] Sustainability and Corporate Governance - PLDT's sustainability initiatives include the use of solar panels in five facilities and a sustainability perceptions value of USD 222 million, the highest among brands in the Philippines[69] - The company has established a corporate governance committee primarily composed of independent non-executive directors to oversee governance practices[123] - The company integrates sustainability indicators into its group performance scorecard, emphasizing the importance of corporate governance principles[70]

Stock Options and Share Awards - As of December 31, 2022, the number of stock options available for grant under the stock option plan increased from 234,634,371 to 426,944,457[1] - A total of 5,104,000 stock options were granted during the year, representing 0.1% of the weighted average number of ordinary shares issued[1] - As of December 31, 2022, the total number of shares available for grant under the share award plan was 51,389,800, accounting for 1.2% of the issued shares[2] - A total of 8,560,390 shares were granted under the share award plan, representing 0.2% of the weighted average number of ordinary shares issued[3] - No reward shares were cancelled or lapsed during the year ended December 31, 2022[3] Share Pricing - The average purchase price of the vested reward shares for the year was HKD 2.64 per share, while the weighted average closing price prior to vesting was HKD 3.08 per share[3] - The average purchase price of the subscription reward shares for the year was HKD 3.01 per share, with a weighted average closing price prior to vesting of HKD 3.06 per share[3] Annual Report Information - The company maintains all other information disclosed in the 2022 annual report unchanged[4]