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]

Investment Strategy and Interests - First Pacific Company Limited holds economic interests of 50.1% in Indofood, 25.6% in PLDT, and 46.1% in MPIC as of March 30, 2023[7]. - The company aims to invest in rapidly growing Asian emerging economies, focusing on consumer food, telecommunications, infrastructure, and natural resources[4]. - First Pacific's investment strategy includes targeting assets with strong growth potential and significant cash flow capabilities[4]. - The company has a 68.7% economic interest in FPM Power, 31.2% in Philex, 35.7% in PXP, and 80.9% in FP Natural Resources[7]. - First Pacific's investments are primarily located in the Asia-Pacific region, with a focus on companies that hold a strong or dominant market position in their respective industries[4]. Financial Performance - Revenue for 2022 reached $10,304.9 million, an increase from $9,103.2 million in 2021, representing a growth of 13.2%[11]. - Net profit for the year was $1,049.6 million, up from $895.7 million in 2021, indicating a growth of 17.2%[11]. - Profit attributable to equity holders was $391.6 million, compared to $333.3 million in 2021, reflecting a 17.4% increase[11]. - Operating cash flow for the year was $366.95 million, slightly down from $379.22 million in 2021[11]. - The gross profit margin for 2022 was 29.66%, a decrease from 31.07% in 2021[11]. - The return on average equity was 15.43%, up from 13.25% in 2021, showing an improvement of 16.5%[11]. - The total assets amounted to $600.98 million, down from $620.85 million in 2021[11]. - The current ratio remained stable at 1.26, consistent with the previous year's ratio[11]. - The debt-to-equity ratio was 0.82, an increase from 0.74 in 2021, indicating a rise in leverage[11]. Shareholder Returns and Dividends - First Pacific is committed to enhancing shareholder returns through dividends and share price appreciation[3]. - The dividend payout ratio was 23.46%, compared to 24.53% in 2021, indicating a slight decrease in the proportion of earnings distributed as dividends[11]. - The company plans to distribute $119.4 million, which is 24% of regular profit[23]. - The company announced a final dividend of HKD 0.115 per share, a 16% increase from the previous year, totaling $119.4 million for the year[35]. Operational Highlights - The company is actively involved in various sectors, including power generation, mining, and agriculture, to diversify its investment portfolio[7]. - The number of employees increased to 101,203 from 100,120 in 2021[12]. - First Pacific's subsidiaries include Indofood, the largest vertically integrated food company in Indonesia, and PLDT, the leading telecommunications provider in the Philippines[7]. Market and Economic Outlook - Despite global uncertainties, Indofood expects continued growth in Indonesia's GDP in 2023, supporting overall sales growth[62]. - The company anticipates continued strong economic growth in its operational markets, with management well-prepared to meet customer needs and shareholder expectations[143]. Corporate Governance and Sustainability - The company aims to improve its reporting and governance standards to meet international benchmarks[4]. - First Pacific emphasizes sustainable long-term returns by considering environmental, social, and governance factors in its investment decisions[3]. - The company has established a corporate governance committee primarily composed of independent non-executive directors to oversee governance practices[181]. - The company has implemented a whistleblowing policy to assist employees and business partners in reporting suspected misconduct[185]. - The company is committed to creating a collaborative and creative environment to enhance long-term sustainable performance for shareholders[183]. Corporate Social Responsibility - First Pacific raised over 50 million PHP (approximately 900,000 USD) for immediate financial and material assistance to affected areas in response to Typhoon Odette in December 2021[170]. - The company emphasizes environmental protection through sustainable reforestation and community engagement initiatives[167]. - The company is committed to improving community welfare through education and health initiatives[167]. - First Pacific's commitment to sustainability and corporate social responsibility is reflected in its long-term plans to improve local livelihoods and education levels[2332]. Employee Engagement and Diversity - Employee gender diversity shows a balanced ratio, with females making up 51% and males 49% as of December 31, 2022[198]. - The board has established a gender diversity target of at least 20% female representation[195]. - The company emphasizes a culture of inclusion and regularly reviews its corporate culture to ensure alignment with its values and strategies[196].

Financial Performance - Revenue increased by 13.2% from $9.1032 billion (HK$71.005 billion) to $10.3049 billion (HK$80.3782 billion) in 2022[2] - Operating profit contribution rose by 17.2% from $506.4 million (HK$3.9499 billion) to $593.3 million (HK$4.6277 billion)[2] - Net profit attributable to shareholders increased by 17.5% from $333.3 million (HK$2.5997 billion) to $391.6 million (HK$3.0545 billion)[3] - Basic earnings per share based on recurring profit rose by 21.1% from 9.88 cents (77.1 HK cents) to 11.96 cents (93.3 HK cents)[2] - The company reported a net profit of $1,049.6 million for the year ended December 31, 2022, an increase of 17.2% from $895.7 million in 2021[4] - Total revenue for the year ended December 31, 2022, was $10,304.9 million, an increase from $9,103.2 million in 2021, representing a growth of approximately 13.2%[10] - The company's recurring profit for 2022 was $508.8 million, up from $426.5 million in 2021, indicating a year-over-year increase of about 19.3%[12] Dividends and Shareholder Returns - Total dividend per ordinary share for the year increased to HK$22.00 (US$2.82) from HK$19.00 (US$2.43) in 2021[2] - The final dividend declared by the board of First Pacific is HKD 11.5 (USD 1.47) per share, an increase of 16% from HKD 10.0 (USD 1.28) in 2021, with total dividends for 2022 amounting to USD 119.4 million, representing approximately 24% of recurring profit[38] - The company repurchased shares amounting to $54.3 million during the year[5] - The company repurchased a total of 39,706,000 shares at a cost of approximately HKD 113.1 million ($14.5 million) in 2022[125] Assets and Liabilities - Total liabilities to equity ratio increased from 0.74 times to 0.82 times[2] - Net debt increased by 8.0% from $7.8655 billion (HK$61.3509 billion) to $8.4932 billion (HK$66.247 billion)[2] - The equity attributable to shareholders decreased slightly by 0.1% from $32.986 billion (HK$257.291 billion) to $32.965 billion (HK$257.127 billion)[2] - The company reported a significant increase in accounts receivable, rising to $89.2 million from $55.5 million, an increase of 60.0%[4] - The company’s total liabilities decreased to $11,017.4 million from $11,328.8 million, a decline of 2.8%[4] - The total assets as of December 31, 2022, were $7,069.3 million, down from $7,314.5 million at the beginning of the year[5] - The total assets, excluding financial instruments and deferred tax assets, amounted to $20,165.3 million as of December 31, 2021[14] Cash Flow and Financing - The net cash flow from operating activities for 2022 was $1,424.0 million, up from $1,245.9 million in 2021, representing an increase of 14.3%[7] - The net cash flow from financing activities was $4,464.6 million in 2022, a decrease from $5,941.2 million in 2021, reflecting a decline of 24.8%[7] - The company’s cash flow hedges resulted in unrealized losses of $(1,002.8) million compared to $(434.4) million in the previous year[4] - The company recorded a net cash inflow from operating activities of 155.5 million USD in 2022, compared to 136.4 million USD in 2021[106] Market and Business Segments - The company operates in four main business segments: consumer food, telecommunications, construction, and natural resources, with a focus on markets in Indonesia, the Philippines, Singapore, and the Middle East[11] - Revenue from consumer food sales was $7,478.2 million in 2022, up from $6,869.4 million in 2021, indicating a growth of about 8.9%[10] - Revenue from real estate sales in the construction segment increased to $1,755.3 million in 2022 from $1,201.3 million in 2021, reflecting a significant growth of approximately 46%[10] - The company plans to expand its market presence in Southeast Asia, particularly in Indonesia and the Philippines, where revenue contributions were $5,710.0 million and $882.9 million respectively in 2022[12] Operational Efficiency and Cost Management - The company aims to improve operational efficiency and reduce costs through strategic initiatives and potential mergers and acquisitions in the upcoming fiscal year[12] - Employee compensation costs decreased to $826.3 million in 2022 from $871.1 million in 2021, a reduction of about 5.1%[17] - The average number of employees increased to 100,668 in 2022 from 99,828 in 2021, showing a growth in workforce[30] Risk Management and Governance - The company has maintained high standards of corporate governance, with a committee primarily composed of independent non-executive directors overseeing governance practices[128] - The independent auditor, Ernst & Young, issued an unqualified opinion on the financial statements for the year ended December 31, 2022[131] - The company has updated its corporate governance code to reflect amendments to listing rules, enhancing transparency and accountability[129] Future Outlook - The group expects continued strong growth in its Southeast Asian markets and Indofood's global food business, supporting profit growth for nearly all investee companies in 2023[42] - PLDT expects mid-single-digit revenue growth and plans to reduce capital expenditures to between PHP 80 billion and PHP 85 billion[69] - The company plans to expand its market presence and invest in new technologies to drive future growth, although specific figures were not disclosed during the call[21]

Financial Performance - First Pacific Company Limited reported a revenue of $5.1 billion, representing a 20% increase compared to the previous period[7]. - The company achieved a recurring profit of $263.3 million, which is a 26% increase year-on-year[7]. - The net profit attributable to shareholders was $241.7 million, reflecting a 34% increase from the prior year[7]. - The company's revenue increased by 20% to $5.1 billion, driven by higher average selling prices of palm oil and other key products from Indofood[15]. - Reported profit increased by 34% to $241.7 million, reflecting the rise in regular profit and the recognition of non-recurring income[15]. - The company reported a total revenue of $1,784 million for the period ending June 30, 2022, representing a significant increase compared to $1,578.8 million in the previous period[126]. - The net income for the same period was $558 million, up from $399 million, indicating a growth of approximately 39.9%[126]. - The company reported a profit of $589.5 million for the six months ended June 30, 2022, compared to $497.6 million in the same period of 2021, representing an increase of approximately 18.5%[124]. Asset and Debt Management - The total assets of First Pacific increased by 3%, reaching approximately $3 billion[7]. - As of June 30, 2022, total debt amounted to approximately $1.5 billion, with a net debt of about $1.3 billion and an average maturity of 3.3 years[22]. - The company's net debt increased from $1,322.2 million on January 1, 2022, to $1,318.8 million by June 30, 2022, reflecting a change of $3.4 million[88]. - The company's debt-to-equity ratio rose to 1.09x as of June 30, 2022, compared to 0.99x on December 31, 2021, indicating a higher level of leverage[90]. - The total debt of the group amounts to $11,010.8 million, with $4,911.0 million in US dollars and $4,319.4 million in Pesos[102]. - The group has a net debt of $8,264.5 million after accounting for cash and cash equivalents[102]. Dividend and Shareholder Returns - The interim dividend per share was set at $0.135, a 22% increase compared to the previous year[8]. - The company announced an interim dividend of HKD 0.105 per share ($0.0135), a 17% increase from the previous year's interim dividend[19]. - The interim cash dividend declared was $0.105 per ordinary share, totaling $57.4 million, an increase from $49.9 million in 2021[148]. Sector Contributions - Contribution to operating profit by country showed the Philippines at 46% with $1.391 billion, Indonesia at 41% with $1.244 billion, and Singapore at 12.9% with $39 million[7]. - By sector, consumer food contributed 40% with $121 million, telecommunications 24% with $73 million, infrastructure 33% with $98.7 million, and natural resources 3% with $9.8 million[7]. - The company anticipates continued growth in its consumer goods and infrastructure segments, supported by strategic investments and market expansion initiatives[134]. Investments and Acquisitions - First Pacific's investments in Indofood, PLDT, and MPIC reflect a balanced asset allocation in core industries[3]. - An investment of $20 million was made in Voyager Innovations Holdings Pte. Ltd. to expand its digital ecosystem[18]. - The company subscribed to Philex's rights issue for a total of PHP 800 million ($15.1 million) to support the development of the Silangan project[18]. - MPIC signed an agreement to acquire 51% of The Laguna Creamery, Inc. for 198 million pesos ($3.6 million)[56]. - MPIC acquired the remaining 61.9% equity of Landco for a total consideration of 429 million pesos (8.2 million USD) on March 31, 2022[175]. Operational Efficiency and Challenges - Operating cash inflow for the first half of 2022 decreased by 4% to $58.9 million, primarily due to a depreciation in the average exchange rate of the peso against the dollar[24]. - The gross profit margin decreased from 33.6% to 30.9%, impacted by rising raw material costs, particularly for wheat flour and cooking oil[27]. - The company is optimistic about the future prospects of its core businesses, including Indofood, PLDT, and MPIC, despite ongoing macroeconomic challenges[25]. Market and Economic Outlook - The outlook for household consumption in Indonesia remains optimistic as the economy improves and travel restrictions ease, with a focus on competitiveness and cost control[38]. - The Singapore government forecasts GDP growth of 3.0% to 5.0% for 2022, indicating a continued upward trend in electricity demand[72]. - The company plans to expand its market presence and invest in new product development to drive future growth[126]. Foreign Exchange and Derivative Losses - The company recorded a foreign exchange and derivative loss of $49.7 million, up from $22.5 million in the previous year[17]. - The company experienced a foreign exchange loss of $621.3 million during the period, compared to a loss of $249.0 million in the previous year, reflecting an increase in losses of approximately 149.0%[124]. Employee and Compensation - The employee count increased to 100,968 as of June 30, 2022, from 100,333 in the previous year[121]. - The company reported a total of $441.1 million in employee compensation for the first half of 2022, slightly down from $442.2 million in the same period of 2021[120]. Sustainability and ESG Initiatives - The company aims to enhance its ESG standards to international levels while pursuing growth in emerging Asian economies[3]. - PLDT is committed to reducing greenhouse gas emissions by 40% by 2030 from a 2019 baseline, integrating sustainability into its operations[49].

Investment Interests - First Pacific Company Limited holds economic interests of 50.1% in Indofood, 25.6% in PLDT, and 44.6% in MPIC as of March 30, 2022[8]. - The company focuses on investments in fast-growing Asian emerging economies, specifically in consumer food, telecommunications, infrastructure, and natural resources[5]. - First Pacific emphasizes investments in firms with strong market positions and significant cash flow potential[5]. - First Pacific has a strategic focus on acquiring undervalued assets with high growth potential and possible synergies[5]. - The company has invested in Philex Mining Corporation, which is one of the largest metal mining companies in the Philippines, producing gold, copper, and silver[7]. - First Pacific's investment in MPIC includes significant stakes in the Philippines' largest utility and infrastructure companies[7]. Financial Performance - In 2021, MPHI reported revenue of $9,103.2 million, a 27.7% increase from $7,130.5 million in 2020[21]. - The net profit for 2021 was $895.7 million, up from $667.6 million in 2020, representing a 34.1% increase[21]. - The contribution from operations in 2021 was $506.4 million, compared to $409.7 million in 2020, indicating a 23.6% growth[21]. - Basic earnings per share increased to $7.72 in 2021 from $4.65 in 2020, reflecting a 65.5% rise[21]. - The total assets of MPHI reached $620.85 million in 2021, slightly up from $620.12 million in 2020[21]. - The gross profit margin for 2021 was 31.07%, down from 32.37% in 2020[21]. - MPHI's dividend payout ratio was 24.53% in 2021, compared to 25.21% in 2020[21]. - Total assets decreased to $26,566.7 million in 2021 from $26,943.6 million in 2020, a decline of 1.4%[22]. - Net debt reduced to $7,865.5 million in 2021, down from $8,205.6 million in 2020, representing a decrease of 4.1%[22]. - Operating cash flow increased to $1,245.9 million in 2021, compared to $1,036.6 million in 2020, an increase of 20.2%[22]. Strategic Plans and Initiatives - The company plans to expand its power business through investments in new projects and acquisitions, including the acquisition of Indolakto to enhance its dairy product portfolio[20]. - The company plans to distribute dividends of $104.6 million, which is 25% of the recurring profit[25]. - The company aims to optimize its product portfolio, launch new products, and improve customer loyalty to strengthen its market leadership[54]. - The company aims to enhance its corporate social responsibility initiatives, allocating 2% of annual profits towards community development projects[155]. - First Pacific Group maintained a dual mission in 2021 to achieve stable growth while giving back to the community, marking its 40th anniversary[161]. Corporate Social Responsibility - First Pacific's corporate social responsibility initiatives focused on education, environmental protection, and community welfare[160]. - The group provided funding and development plans for digital compatibility and community development projects[160]. - First Pacific Group donated approximately HKD 3 million (USD 384,615) to support vulnerable communities in Hong Kong, Indonesia, and the Philippines affected by the COVID-19 pandemic[162]. - In Indonesia, the Indonesian Buddhist Tzu Chi Foundation distributed over 8 million kilograms of rice to more than 1.6 million families by the end of 2021[163]. - First Pacific Group's fundraising efforts for Typhoon Odette victims in December 2021 raised over PHP 45 million (USD 911,669) to provide essential aid[164]. Governance and Compliance - The company has established a governance framework primarily composed of independent non-executive directors to oversee corporate governance practices[173]. - The company has adopted its own corporate governance code, which is updated in accordance with relevant amendments to listing rules to ensure compliance with international and local best practices[173]. - The company has implemented a whistleblowing policy to assist employees and business associates in reporting any suspected misconduct[177]. - The board of directors consists of ten members, including eight non-executive directors, five of whom are independent non-executive directors, exceeding the minimum requirement[178]. - The company has a board diversity policy that emphasizes the importance of diverse backgrounds, including gender, age, and professional experience[186]. Market and Operational Insights - The company reported a significant increase in revenue, with a year-over-year growth of 15% in Q4 2023, reaching $1.2 billion[151]. - User data showed a 20% increase in active subscribers, totaling 5 million users by the end of the quarter[152]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[154]. - A strategic acquisition of a regional competitor is anticipated to enhance operational efficiency and increase customer base by 15%[151]. - Research and development investments have increased by 30%, focusing on sustainable technologies and digital transformation[152].