股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 第一太平有限公司 呈交日期: 2025年7月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00142 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 6,000,000,000 | USD | | 0.01 USD | | 60,000,000 | 本月底法定/註冊股本總額： USD 60,000,000 FF301 II. 已發行股份 ...

Group 1 - The core viewpoint of the articles indicates that Shenzhen's Grade A office market is experiencing increased vacancy rates and a shift towards aggressive pricing strategies by landlords to attract tenants amid market pressures [1][2] - In the first half of the year, Shenzhen's Grade A office market saw a supply of 352,000 square meters, bringing the total stock to 11.729 million square meters, with an average vacancy rate rising to 30.6% [1] - The leasing activities from sectors such as artificial intelligence, semiconductors, and software services remain relatively positive, while financial and trade sectors show stable demand [1] Group 2 - The office market in key areas like Nanshan, Futian, and Luohu exhibits distinct characteristics, with a focus on intelligent, green, and flexible office space designs gaining traction [2] - The demand for quality office projects in the Houhai area has been driven by the technology, finance, and professional services industries, indicating a growth in leasing activity [2] - Alibaba's real estate management in the Houhai area aims to leverage Shenzhen's strengths in technology innovation and digital economy to foster a cluster of industries centered around digital technology and artificial intelligence [2]

Group 1: Market Overview - The Guangzhou real estate market is showing signs of recovery, driven by high-quality development goals and the "12218" modern industrial system, which injects new momentum into the market [2][4] - The market is experiencing a structural adjustment with limited new demand for office spaces, leading to an increase in vacancy rates [4][8] - The retail sector is seeing a slowdown in brand expansion, with property owners diversifying promotional strategies to attract customers [5][8] Group 2: Office Market Insights - In the first half of 2025, eight new office projects were delivered, adding a total of 323,000 square meters to the market, with total Grade A office stock reaching 7.506 million square meters, a year-on-year increase of 6.1% [4] - The net absorption of office space recorded 37,000 square meters, a decline of 21.2% compared to the same period last year, resulting in an average vacancy rate of 22.6% [4][8] - Emerging business districts like the International Financial City and Pazhou are leading the market in absorption, contributing significantly to the overall demand [4] Group 3: Retail Market Trends - The retail market's total stock increased by 1.0% to 7.632 million square meters, with a new shopping center opening in the second quarter [8] - The average vacancy rate in retail spaces showed slight fluctuations, ending the second quarter at 12.7% [8] - The rental index for retail spaces remained stable compared to the first quarter, with an average rent of RMB 619.1 per square meter per month [8] Group 4: Residential Market Dynamics - The supply of new residential projects decreased by 0.5% year-on-year, with a total of 2.087 million square meters supplied in the first half of 2025 [6][8] - The second quarter saw a significant rebound in transaction volume, with a 35.8% increase in sales area, totaling 1.623 million square meters [8] - The average price for new residential properties reached RMB 44,494 per square meter, reflecting an 18.4% increase from the previous quarter [8] Group 5: Future Outlook and Opportunities - The Guangzhou real estate market is expected to see an influx of 398,000 square meters of new supply in the second half of 2025, pushing total stock to over 8 million square meters by year-end [8] - The trend of consumer preferences is shifting towards experiential and value-driven purchases, indicating potential growth in sectors like leisure and cultural brands [8] - The report on Chinese enterprises going global highlights the significant role of manufacturing in shaping global industrial patterns, with Southeast Asia emerging as a key investment destination [9]

Summary of Key Points Core Viewpoint - The LME (London Metal Exchange) reports a decrease in the inventory levels of various non-ferrous metals, indicating potential supply tightening in the market [1]. Inventory Changes - Copper inventory stands at 152,375 tons, down by 1,925 tons [1] - Aluminum inventory is at 375,075 tons, reduced by 2,250 tons [1] - Nickel inventory totals 200,142 tons, decreasing by 720 tons [1] - Zinc inventory is recorded at 141,375 tons, down by 2,075 tons [1] - Lead inventory is at 288,550 tons, with a reduction of 2,500 tons [1] - Tin inventory remains unchanged at 2,680 tons [1]

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on May 15, 2025, to engage with investors [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [6]. - The company is listed on the Hong Kong Stock Exchange and offers shares in the U.S. through American Depositary Receipts (ADR) [6]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring price-to-earnings (P/E) ratio of 3.6x for FY 2024 [5]. Strategic Focus - First Pacific's strategy emphasizes maximizing shareholder returns through investments in defensive industries that are not significantly affected by changes in foreign trade tariffs [3]. - The company maintains a focus on emerging economies in Southeast Asia and holds majority stakes in its investments to ensure control over cash flows [8]. Key Assets - First Pacific's portfolio includes major companies such as Indofood (largest maker of instant noodles), MPTC (largest privately owned toll road operator), Meralco (largest power company), PLDT (largest telecommunications company), and Maynilad (largest water company) in the Philippines [4]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [4]. Financial Health - First Pacific has low borrowings with an interest coverage ratio of 4x and has maintained investment-grade credit ratings from Moody's and S&P Global for three years [5].

Financial Performance - Revenue for 2024 was $10,057.2 million, a decrease of 4.3% from $10,510.7 million in 2023[11] - Net profit for the year increased to $1,603.3 million, up 19.5% from $1,341.4 million in 2023[11] - Profit attributable to equity holders of the parent rose to $600.3 million, representing a 19.7% increase from $501.2 million in 2023[11] - Operating contribution from core operations was $776.5 million, an increase of 10.7% compared to $701.5 million in 2023[11] - Basic earnings per share increased to 14.15 cents, up from 11.82 cents in 2023, reflecting a growth of 19.7%[11] - The total revenue for the group decreased by 4% to $10.1 billion, primarily due to a decline in PLP's revenue, offset by increased water service charges from Maynilad and traffic volume from MPTC[41] - Regular profit increased by 11% to $672.5 million, driven by profit contributions from Indofood, MPIC, and PLDT[41] Assets and Liabilities - The total assets reached $673.95 million, an increase of 4.9% from $644.87 million in 2023[11] - Total assets increased to $28,677.9 million in 2024, up from $27,357.5 million in 2023, representing a growth of 4.8%[12] - Net debt rose to $9,098.5 million in 2024, compared to $8,450.3 million in 2023, indicating an increase of 7.7%[12] - The company's equity attributable to owners increased by 6% to $3,926.2 million in 2024 from $3,688.0 million in 2023[15] - The company's total debt as of December 31, 2024, is approximately USD 1.5 billion, with a net debt of about USD 1.3 billion and an average maturity of 3.5 years[47] Profitability Metrics - The gross profit margin improved to 36.34%, up from 32.11% in 2023[11] - The return on average equity was 17.66%, compared to 17.29% in 2023, indicating a slight improvement[11] - The adjusted net asset value per share rose to HKD 7.30 in 2024, compared to HKD 6.98 in 2023, marking a growth of 4.6%[12] - The average exchange rate for the Indonesian Rupiah against the USD decreased by 4.2% year-on-year, impacting the company's financial results[43] Dividends - The dividend payout ratio was 20.65%, consistent with the previous year, maintaining shareholder returns[11] - The dividend payout for the year is projected to reach $138.9 million, reflecting a commitment to returning value to shareholders[24] - The final dividend announced by the company is HKD 0.135 per share (USD 0.0173), an increase of 11% from HKD 0.230 per share (USD 0.0295) in 2023 to HKD 0.255 per share (USD 0.0327) in 2024[45] - The company plans to continue its progressive dividend policy to provide higher cash returns to shareholders[51] Market Outlook and Strategy - The company anticipates continued positive growth in its key markets, with Indonesia and the Philippines expected to exceed 5% growth in 2024[27] - The company plans to enhance productivity and strategically invest in new projects to capitalize on emerging opportunities[27] - The company's core business markets are expected to grow by over 5% in 2024, driven by investments in consumer goods, infrastructure, telecommunications, and natural resources[33] - The company's management is optimistic about sustainable profit growth despite potential challenges, with strategic planning in place to ensure continued profitability[34] Operational Highlights - Indofood contributed $333.3 million to the group's profit in 2024, reflecting a double-digit growth, while PLDT's profit contribution was $148.5 million, up from $143.2 million in 2023[38] - PLDT's fintech investment, Maya, recorded profitability in the last month of the year, significantly increasing its banking customer base and loan disbursements[33] - The company plans to build a 670 MW hydrogen-fueled combined cycle gas turbine facility, expected to start operations in January 2029, which will be the largest of its kind in Singapore[34] - Philex Mining's Silangan project is set to commence production by the end of Q1 2026, while the Padcal mine's operational period has been extended to 2028[34] Capital Expenditures - Capital expenditures reached $1,358.4 million in 2024, an increase of 12.9% from $1,203.5 million in 2023[12] - Capital expenditures for 2024 are projected to decrease by 8% to 78.2 billion pesos ($1.4 billion), with a target to achieve positive free cash flow[88] - Capital expenditures for Meralco rose by 52% to PHP 44.7 billion (USD 779 million), reflecting network upgrades and new solar power plant developments[128] - Capital expenditures for MPTC increased by 19% to PHP 18.2 billion (USD 31.65 million), primarily for the construction of C5 South Link and Candaba[131] Corporate Governance - The board includes independent non-executive directors with diverse backgrounds in finance and management, enhancing corporate governance[192][193][194][196] - The governance structure is designed to ensure accountability and transparency, which is crucial for investor confidence[192] - The board's experience in mergers and acquisitions can facilitate future growth opportunities for the company[194][200] - The company emphasizes the importance of financial oversight and strategic planning through its experienced board members[195] Challenges and Risks - The company recorded a net foreign exchange and derivative loss of $40.2 million in 2024, compared to a gain of $19.5 million in 2023[43] - PLP's profit contribution decreased by 18% to USD 9.69 million in 2024, reflecting a decline in core profit[144] - PLP's total revenue decreased by 27% to SGD 2 billion (USD 1.5 billion) due to a drop in average selling prices[149] - The exploration activities for Service Contracts 72 and 75 have been largely suspended since 2014 and 2015, respectively, due to force majeure declarations by the Philippine Department of Energy[176]

Sara Cheung Good day, everyone, and thank you for joining us this online briefing to discuss First Pacific 2024 Full Year Financial and Operating Results. The results presentation is available on First Pacific website, www.firstpacific.com under the Investor Relations section, Presentation page. This results briefing is being recorded, and the replay will be available on First Pacific's website this evening in the Investor Relations section. For participants from the media, please note the Q&A session is op ...

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 [5][6] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [9] - The company maintained strong cash flows and retained two investment-grade credit ratings [6][9] 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 [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 [12][13] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [13] Market Data and Key Metrics Changes - The company increased its stake in MPIC from 46.3% to 49.9% [4] - The Philippines and Indonesia's economies are expected to double from 2018 to 2029, which may positively impact the company's performance [75] Company Strategy and Development Direction - The company plans to continue focusing on growth in its core businesses, particularly in defensive industries like power, roads, and water [75] - There is an emphasis on improving operational efficiency and reducing non-revenue water in Metro Pacific to enhance revenue [36] - The company is exploring strategic options for Maya, including potential IPO or trade sale discussions [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] - The company highlighted the importance of securing long-term contracts for gas supply to mitigate past issues and enhance profitability [28] Other Important Information - The company is planning a new 600-megawatt hydrogen-ready power project expected to commence operations in January 2029 [16] - The financing mix for new power plant projects is anticipated to be approximately 60% debt and 40% equity [47] Q&A Session Summary Question: What is the expected earnings trajectory for FPM power in 2025 and 2026? - Management indicated that 2023 was an exceptional year and that profits are expected to taper gradually, with long-run marginal costs influencing future earnings [24][27] 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 delivery expected in Q1 2026 [30] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiency improvements, with a focus on reducing non-revenue water [35] 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 [39][41] Question: What is the financing mix for PLP's new power plant projects? - The financing is expected to consist of approximately 60% debt and 40% equity, with dividends continuing to be paid to shareholders [47] Question: What are the plans for Maya, PLDT's online bank? - Maya is experiencing significant growth, and discussions regarding its future, including potential IPO or trade sale, are ongoing [72]

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]

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]