Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated with limited liability under the laws of Bermuda) Website: http://www.firstpacific.com
(Stock code: 00142) ANNOUNCEMENT MADE BY PHILIPPINE LONG DISTANCE TELEPHONE COMPANY IN RELATION TO ITS AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013This Announcement is made by First Pacific Company Limited ("First Pacific" or the "Company") pursuant to the requirements of Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("HKEX") and the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to provide shareholders of First Pacific and the public with the audited consolidated financial results of Philippine Long Distance Telephone Company ("PLDT"), a major operating associate of the Company, for the year ended 31 December 2013.
SummaryOn 4 March 2014, the board of directors of PLDT approved the release of the audited consolidated financial results for the year ended 31 December 2013. PLDT's audited consolidated financial results have been submitted to the Philippine Stock Exchange, Inc. ("PSE") and the New York Stock Exchange, Inc. ("NYSE") by way of disclosure on 4 March 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company.
PLDT, a major operating associate of First Pacific, is a company incorporated in the Philippines, whose shares are listed on the PSE. In addition, PLDT's American Depositary Receipts are listed on the NYSE. First Pacific and its Philippine affiliates have a 25.6% attributable economic interest in PLDT. On 4 March 2014, the board of directors of PLDT approved the release of the audited consolidated financial results for the year ended 31 December 2013. PLDT's audited consolidated financial results have been submitted to the PSE and the NYSE by way of disclosure on 4 March 2014, and have also been disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company. The audited consolidated financial statements have been prepared in conformity with the Philippine Financial Reporting Standards and stated in Philippine Peso. PLDT's audited Consolidated Income Statements for the years ended 31 December 2013, 2012 and 2011, as well as the audited Consolidated Statements of Financial Position as at 31 December 2013 and adjusted Consolidated Statements of Financial Position as at 31 December 2012 and 1 January 2012 are provided below:
1
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (AUDITED) FOR THE YEARS ENDED 31 DECEMBER 2013, 2012 AND 2011(in million pesos, except earnings per common share amounts which are in pesos)
2013 2012 2011 (As Adjusted) REVENUESService revenues 164,052 159,738 145,834
Non-service revenues 4,279 3,295 2,645
Depreciation and amortization 30,304 32,354 27,539
Compensation and employee benefits 21,369 21,999 15,411
Repairs and maintenance 13,107 12,604 10,053
Cost of sales 11,806 8,747 5,443
Interconnection costs 10,610 11,105 12,586
Selling and promotions 9,776 9,708 7,807
Professional and other contracted services 6,375 5,361 5,143
Rent 6,041 5,860 3,938
Asset impairment 5,543 5,286 10,200
Taxes and licenses 3,925 3,506 3,554
Communication, training and travel 2,215 2,042 1,645
Insurance and security services 1,815 1,564 1,326
Amortization of intangible assets 1,020 921 117
Other expenses 1,609 1,472 1,662
Equity share in net earnings of associates and
joint ventures 2,742 1,538 2,035
Interest income 932 1,354 1,357
Gains (losses) on derivative financial instruments - net 511 (2,009) 201
Foreign exchange gains (losses) - net (2,893) 3,282 (735)
Financing costs - net (6,589) (6,876) (6,454)
Other income 4,113 5,813 2,626
Equity holders of PLDT 35,420 36,148 31,278
Noncontrolling interests 33 (49) (60)
Basic 163.67 167.07 161.05
Diluted 163.67167.07160.91
Basic 154.09 164.55 156.52
Diluted 154.09164.55156.39
2
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (AUDITED) AS AT 31 DECEMBER 2013 AND 2012, AND 1 JANUARY 2012(in million pesos)
ASSETS Noncurrent Assets31 December 1 January
2013 2012 2012 (As Adjusted)
Property, plant and equipment 192,665 200,078 200,142
Investments in associates, joint ventures and deposits 41,310 27,077 17,865
Available-for-sale financial investments 220 5,651 7,181
Investment in debt securities and other long-term investments
- net of current portion 2,643 205 150
Investment properties 1,222 712 1,115
Goodwill and intangible assets 73,918 74,250 83,303
Deferred income tax assets - net 14,181 7,225 5,117
Derivative financial assets 24 - - Prepayments - net of current portion 3,031 4,500 11,697
Advances and other noncurrent assets - net of current portion 2,7611,3761,340
Total Noncurrent Assets 331,975321,074327,910
Cash and cash equivalents 31,905 37,161 46,057
Short-term investments 718 574 558
Trade and other receivables 17,564 16,379 16,245
Inventories and supplies 3,164 3,467 3,827
Derivative financial assets 10 - 366
Current portion of investment in debt securities and
other long-term investments - 150 358
Current portion of prepayments 6,054 5,144 6,345
Current portion of advances and other noncurrent assets 8,2488,116126
Assets classified as held-for-sale -13,750-
Total Current Assets 67,66384,74173,882
Non-voting serial preferred stock 360 360 4,419
Voting preferred stock 150 150 - Common stock 1,093 1,093 1,085
Treasury stock (6,505) (6,505) (6,505) Capital in excess of par value 130,562 130,566 127,246
Retained earnings 22,968 25,416 26,160
Other comprehensive income (11,481) (3,387) 1,455
Reserves of a disposal group classified as held-for-sale -(2,143)-
Total Equity Attributable to Equity Holders of PLDT 137,147 145,550 153,860
Noncontrolling interests 179184386
Interest-bearing financial liabilities - net of current portion 88,930 102,821 91,280
Deferred income tax liabilities - net 4,437 5,713 7,078
Derivative financial liabilities 1,869 2,802 2,235
Customers' deposits 2,545 2,529 2,272
Pension and other employee benefits 13,439 1,982 552
Deferred credits and other noncurrent liabilities 22,04521,95022,642
Total Noncurrent Liabilities 133,265137,797126,059
Accounts payable 34,882 30,451 29,554
Accrued expenses and other current liabilities 74,256 71,624 58,271
Current portion of interest-bearing financial liabilities 15,171 12,989 26,009
Provision for claims and assessments 897 1,555 1,555
Dividends payable 932 827 2,583
Derivative financial liabilities 105 418 924
Income tax payable 2,8041,8092,591
Liabilities directly associated with assets classified as held-for-sale -2,611-
Total Current Liabilities 129,047122,284121,487
3
GENERALShareholders should note that the above audited and adjusted financial results pertain only to PLDT and not to First Pacific itself.
The above information only refers to certain sections of PLDT's disclosure and shareholders should refer to PLDT's original filing submitted to the PSE (http:// www.pse.com.ph) and the NYSE (http://www.nyse.com), as well as disclosed as the Company's Overseas Regulatory Announcement on the websites of the HKEX and the Company on 4 March 2014.
By Order of the Board
First Pacific Company Limited Manuel V. PangilinanManaging Director and CEO
Hong Kong, 4 March 2014
As at the date of this announcement, the Board comprises the following Directors:
Executive Directors:
Manuel V. Pangilinan, Managing Director and CEO
Edward A. Tortorici
Robert C. Nicholson
Non-executive Directors:
Anthoni Salim, Chairman
Benny S. Santoso
Tedy Djuhar
Napoleon L. Nazareno
Independent Non-executive Directors:
Graham L. Pickles
Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok
4
distributed by |