FIRST PACIFIC(HK:00142)2024-03-27 04:00Financial 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].