First Pacific Co. Ltd. · HKEX:142

First Pacific — FY2021 Earnings Presentation

32 slides from First Pacific's earnings presentation, Mar 31, 2022

  1. Slide 1: Investor Presentation 2021 Full-Year Results

    Investor Presentation 2021 Full-Year Results HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 31 March 2022. All rights reserved. in Asia

  2. Slide 2: Consumer Foods, Infrastructure, Natural Resources, Telecommunications

    Consumer Foods Infrastructure Natural Resources Telecommunications First Pacific has an First Pacific holds an First Pacific has an First Pacific holds an economic interest of 50.1% economic interest of 44.0% economic interest of 31.2% economic interest of 25.6% in Indofood, 40.3% in ICBP, in MPIC,

  3. Slide 3: Earnings Rise to Record, FY Distribution Up 31%

    Earnings Rise to Record, FY Distribution Up 31% Recurring Profit Rises 33% to Record High & FY 2021 Recurring Profit (USD mln) 500 Distribution Up 4.5 HK cents to 19.0 HK cents/Share  Indofood and PLDT delivered their highest-ever revenues on 450 400 7.1 x 24.3 13.3 11.3 8.6 4.2 1.0 426.5 11.0 lock

  4. Slide 4: Prudent Capital and Balance Sheet Management

    Prudent Capital and Balance Sheet Management Head Office Balance Sheet as of end-2021 Bonds Outstanding 4.0 x 12.0  Gross debt $1.4 billion, gross debt cover 3.8x Principal Coupon Price Term Maturity  Net debt $1.3 billion, net debt cover 4.1x US$357.8 mln 4½% 101.45 10-Year 16 April 2023   Net

  5. Slide 5: First Pacific's Investment & Management Approach

    First Pacific’s Investment & Management Approach Investment Criteria & Strategies Investment Objectives  Geographic focus on emerging Asian economies  Create shareholder value by growing First Pacific’s  Industry focus on consumer foods, infrastructure, recurring earnings and dividends and increa

  6. Slide 6: Gross Asset Value of $5.3 Billion

    Gross Asset Value of $5.3 Billion Diversified Investments, Strong Returns Roxas Holdings $15 mln (0.3%) Philex  Balanced weighting of mature and growth Group* investments $432  Balanced weighting of different sectors mln  18 years of growth: Gross Asset Value (8%) grew at a compound annual growth

  7. Slide 7: 2021 ESG Report Is First to Consolidate Units

    2021 ESG Report Is First to Consolidate Units 2021 ESG Report to Be First Consolidated Report Proxy Advisor Ratings  With the publication of Indofood’s first Sustainability Report at end- May 2022 for fiscal 2021, First Pacific will publish its first-ever ESG HS Sustainability Benchmark Index A+ 1s

  8. Slide 8: Noodles Lead Earnings to Record High

    Noodles Lead Earnings to Record High FY 2021 Financial Highlights Net Sales & Core Profit (USD mln) 8,000  Net sales rose 22% to record high IDR99.3 trillion vs. IDR81.7 6,926 trillion on sales growth at Consumer Branded Products division 7,000 followed by the Agribusiness, Bogasari flour and pasta

  9. Slide 9: Sales, EBITDA, Profit Reach Record Highs

    Sales, EBITDA, Profit Reach Record Highs FY 2021 Financial Highlights Net Sales & Core Profit (USD mln) 4,500  Net sales rose 22% in Rupiah terms to a record high 4,000 3,960 IDR56.8 trillion vs. IDR46.6 trillion on growth led by 3,500 Noodles, driven by first full-year contribution from Pinehill 3

  10. Slide 10: Data Drive Revenues to Record, Core Profit Up

    Data Drive Revenues to Record, Core Profit Up FY 2021 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 4,000  Service revenues# rose 7% to record high ₱185.8 3,508 3,763 3,000 2,892 3,129 billion due to higher data and broadband 3,000 revenues in fixed line and wireless  EBITDA

  11. Slide 11: Home Business Leads Growth

    Home Business Leads Growth Home Business Continues to Expand Fixed Wireless Revenue Sources (PHP bln)  FY 2021 Home service revenues rose 24% to ₱47.8 billion on surging new home broadband installations  Monthly installations reach 107,000 in Q4, exceeding 2021 target of 100,000, and up from 74,00

  12. Slide 12: Maintained Leadership in Network Quality

    Maintained Leadership in Network Quality PLDT Network Is the Country’s Best, Say Observers Integrated Fixed & Wireless Network Architecture  Independent industry observers agree PLDT’s customer  Demand-driven 2022 capex budget of ₱76-80 billion to mark experience is the market’s best in both fixed

  13. Slide 13: MPIC: Electricity, Toll Roads, Water, Hospitals

    Electricity Toll Roads Water Hospitals Others 46% stake 45%-100% stakes 53%-100% stakes 20% 20%-100% stakes 45.5% 19 Hospitals 6 Radiotherapy Centers 36% 100% ▪ Largest healthcare provider in the Philippines ▪ Present in all major ▪ Maynilad is the island groups Philippine largest water utility Coas

  14. Slide 14: Core Profit Rebounds on Toll Road Turnaround

    Core Profit Rebounds on Toll Road Turnaround FY 2021 Financial Highlights Earnings Growth and Sustainability Commitment  Contribution from investee companies rose 11% to ₱17.1  FY 2022 earnings growth from continuing economic billion vs. ₱15.4 billion on higher contributions from toll recovery lea

  15. Slide 15: Earnings Rise; Renewables Grow

    Earnings Rise; Renewables Grow FY 2021 Financial Highlights & Outlook: Meralco Distribution Revenues & Core Profit (USD mln) 1,600  Distribution revenues rose 5% to ₱63.4 billion vs. ₱60.5 1,400 1,278 1,284 billion on 6% higher volumes sold 1,177 1,223 1,183 1,200  Core EBITDA rose 26% on higher d

  16. Slide 16: Toll Roads Earnings Surge on Traffic Growth

    Toll Roads Earnings Surge on Traffic Growth FY 2021 Financial Highlights & Outlook: Toll Roads Revenues & Core Profit (USD mln) 400 359 354  Revenues rose 29% to ₱17.5 billion on eased quarantine 350 294 restrictions allowing traffic growth 300 260 274  Core profit rose more steeply, gaining 45% t

  17. Slide 17: Swing to Profit & New Solar Project

    Swing to Profit & New Solar Project FY 2021 Financial Highlights Recent P&L (USD mln) 1,400  PLP improved its financial performance in 2021 as electricity demand in 1,194 1,200 Singapore continued its recovery from the COVID-19 lows of 2020 to 1,000 reach an all-time high in 2021 (see line chart be

  18. Slide 18: Profit Surges to 9-Year High on Copper Price

    Profit Surges to 9-Year High on Copper Price FY 2021 Financial Highlights Operating Revenues & Core Profit (USD mln) 250 198 212  Operating revenue rose 24% to ₽10.5 billion vs. ₽8.5 200 171 158 billion as a result of a surge in the average realized 143 price of copper and higher gold price, offset

  19. Slide 19: Appendix

    Appendix Shareholder Information Selected Financial Data 19

  20. Slide 20: COVID-19 Response

    COVID-19 Response First Pacific Has Stress-Tested Operations & Liquidity Indofood Is Gearing up to Help Those in Need  The COVID-19 pandemic has coincided with greater  In a practice it has followed for many years when Indonesia demand for many of the products and services provided by faces natura

  21. Slide 21: Adjusted NAV per Share

    Adjusted NAV per Share At At 31 March 31 December 2022 2021 US$ millions Basis Indofood (i) 1,820.4 1,948.7 PLDT (i) 1,974.7 1,962.8 MPIC (i) 970.9 1,011.2 Philex (i) 237.6 243.8 PXP Energy (i) 59.8 67.0 FP Natural Resources (ii) 18.2 14.6 Head Office - Other assets (iii) 97.4 98.8 - Net debt (1,360

  22. Slide 22: Contribution & Profit Summary

    Contribution & Profit Summary Contribution to Turnover Group profit(i) For the year ended 31 December 2020 2021 2020 2021 US$ millions Indofood 5,583.1 6,925.9 194.4 237.0 PLDT(ii) - - 134.9 139.1 MPIC 825.5 882.5 84.8 98.1 Philex(ii) - - 8.0 19.3 FPM Power 571.0 1,194.5 (2.5) 21.8 FP Natural Resour

  23. Slide 23: Head Office Debt & Cash Flow

    Head Office Debt & Cash Flow Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2021 1,430.9 (111.4) 1,319.5 Movement 4.3 (1.6) 2.7 At 31 December 2021 1,435.2 (113.0) 1,322.2 Head Office cash flow For the year ended 31 December 2020 2021 US$ millions Dividend and fee income 189

  24. Slide 24: Group Net Debt and Gearing

    Group Net Debt and Gearing Consolidated At 31 December 2020 At 31 December 2021 Net Total Gearing(ii) Net Total Gearing(ii) US$ millions Debt(i) Equity (times) Debt(i) Equity (times) Head Office 1,319.5 1,621.2 0.81x 1,322.2 1,336.5 0.99x Indofood 2,548.1 5,598.2 0.46x 2,263.2 5,998.2 0.38x MPIC 3,7

  25. Slide 25: Proven Track Record in the Capital Markets

    Proven Track Record in the Capital Markets $152 mln bond tender $215 mln Bond ($69 mln of 2010 7-yr) Redemption Over a Decade of Strong Market Performance ($83 mln of 2010 10-yr) (2012 7-yr)  First Pacific has issued a total of six bonds totaling over $2 billion in the decade from 2010 $220 mln bon

  26. Slide 26: Senior Management of First Pacific

    Senior Management of First Pacific Joseph H.P. Ng Christopher H. Young Manuel V. Pangilinan John W. Ryan Ray C. Espinosa Associate Director Executive Director & CFO Managing Director & CEO Associate Director Associate Director Richard P.C. Chan Peter T.H. Lin Stanley H. Yang Marilyn A. Victorico P.

  27. Slide 27: Shareholding Structure of the Company

    Shareholding Structure of the Company Shareholder Breakdown Minority Shareholders Mln Shares % Stake 1 Brandes Investment Partners 315 7.4% 2 Lazard Asset Management 137 3.2% 3 Capital International 114 2.7% 4 GIC Asset Management 90 2.1% All 5 Seafarer Capital Partners 84 2.0% Others 6 Letko, Bross

  28. Slide 28: Insider Ownership & Institutional Shareholder Statistics

    Insider Ownership & Institutional Shareholder Statistics Turnover Directors’ Interests Unvested Shares Options Share Awards Anthoni Salim NED, Chairman 1,925,474,957 - - Not Stated Manuel Pangilinan ED, CEO 70,493,078 - - 38% Low 6.5 x 6.5 54% Chris Young Axton Salim ED, CFO NED 6.5 6,774,906 x 16 -

  29. Slide 29: FPC's Economic Interest (%)

    FPC’s FPC’s Economic Economic 25.6% 25.6% Interest Interest 44.0% (%) (%) 50.1% 20.0% 40.3% 20.0% 40.3% Pinehill 53.6% 44.0% 36.0% 23.2% 29.9% 19.7% 17.9% 43.9% 13.0% 33.5% 50.8% 8.8% 15.7% 46.2% 42.4% 46.2% Data as at 31 December 2021. 29

  30. Slide 30: Notes

    Notes 30

  31. Slide 31: Important Notice

    IMPORTANT NOTICE This presentation is provided for information purposes only. It does not constitute an offer or invitation to purchase or subscribe for any securities of First Pacific or any of its subsidiaries or other companies it is invested in, and no part of this presentation shall form the ba

  32. Slide 32: Contact Us

    Contact Us First Pacific Company Limited (Incorporated with limited liability under the laws of Bermuda) 24th Floor, Two Exchange Square 8 Connaught Place, Central Hong Kong Tel: +852 2842 4306 Email us at info@firstpacific.com firstpacific.com 32

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