第一太平(00142) - 2023 - 中期业绩

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]