First Pacific Co. Ltd. · HKEX:142
First Pacific — FY2022 Earnings Presentation
34 slides from First Pacific's earnings presentation, Mar 31, 2023
Slide 1: Investor Presentation: 2022 Full-Year Financial and Operating Results
Investor Presentation 2022 Full-Year Financial and Operating Results HKEx: 00142 Creating ADR: FPAFY long-term value www.firstpacific.com Copyright © First Pacific Company Limited 31 March 2023. All rights reserved. inAsia
Slide 2: Consumer Food Products, Telecommunications, Infrastructure, Natural Resources
Consumer Food Telecommunications Infrastructure Natural Resources Products First Pacific has an First Pacific holds an First Pacific holds an First Pacific has an economic interest of economic interest of economic interest of economic interest of 50.1% in Indofood, 25.6% in PLDT which in 46.1% in MP
Slide 3: Earnings Rise to Record, Distribution Up 16%
Earnings Rise to Record, Distribution Up 16% Recurring Profit Rises 19% to Record High Change in Recurring Profit (USD mln) 600 o Turnover rose 13% to a record high $10.3 billion, led by 550 6.3 2.5 4.6 28.8 5.9 5.4 PacificLight Power in Singapore and Indofood with its 508.8 500 60.6 global markets
Slide 4: Interest Coverage Ratio of 4.0 Times at end-2022
Interest Coverage Ratio of 4.0 Times at end-2022 Head Office Balance Sheet as of end-2022 Outstanding Bonds o Investment-grade issuer credit ratings from S&P and Moody’s initiated in April 2022 Principal Coupon Price4.0 x 12.0 Term Maturity o S&P rating: BBB- with Stable outlook o Moody’s rating: Ba
Slide 5: Gross Asset Value of $4.5 Billion
Gross Asset Value of $4.5 Billion Roxas Holdings Diversified Investments, Strong Returns $10 mln (0.2%) Philex o Balanced weighting of mature and Group1 growth investments $312 o Balanced weighting of different sectors mln o 18 years of growth: Gross Asset Value (7%) grew at a compound annual growth
Slide 6: First Pacific's Investment & Management Approach
First Pacific’s Investment & Management Approach Investment Criteria & Strategies Investment Objectives o Geographic focus on emerging Asian economies o Create shareholder value by growing First o Industry focus on consumer foods, infrastructure, Pacific’s recurring earnings and dividends and natura
Slide 7: 2022 ESG Report Aligned with GRI 2021, References TCFD
2022 ESG Report Aligned with GRI 2021, References TCFD First Pacific Set Scope 1 Net Zero Target by 2030, Joining Other Group Companies With Similar Targets o With already-low Scope 1 greenhouse gas emissions, First Pacific Head Office has set a goal of net zero for such emissions by the year 2030 o
Slide 8: Indofood: Sales, EBITDA, Core Profit Surge to Highs
Sales, EBITDA, Core Profit Surge to Highs FY 2022 Financial Highlights Net Sales & Core Profit (USD mln) 8,000 o Net sales rose 12% to record high IDR110.8 trillion vs. IDR99.3 6,926 7,430 7,000 trillion on sales growth led by CBP and Bogasari divisions 6,000 5,414 5,583 o EBITDA rose 14% to record
Slide 9: ICBP: Sales up Record High, Led by Foreign Markets
Sales up Record High, Led by Foreign Markets FY 2022 Financial Highlights Net Sales & Core Profit (USD mln) 5,000 o Net sales rose 14% in Rupiah terms to a record high IDR64.8 4,500 4,344 trillion vs. IDR56.8 trillion on growth led by Noodles, Snack 4,000 3,960 Foods, and Food Seasonings 3,500 3,186
Slide 10: Indofood Sales & Balance Sheet
Sales & Balance Sheet Change in External Sales (IDR bln) External Sales by Source (IDR bln) 120,000 569 493 430 174 82 110,830 110,000 1,737 1,210 4,708 FY21 FY22 Change 99,346 6,547 100,000 Noodles 39,933 46,481 16% 90,000 (4,465) 7.6 x 11.5 Dairy Snack Foods 7.1 x 11.0 8,751 3,337 9,244 3,906 6% 1
Slide 11: PLDT: Data Drive Revenues and EBITDA to Record Highs
Data Drive Revenues and EBITDA to Record Highs FY 2022 Financial Highlights Service Revenues# & Telco Core Profit (USD mln) 4,000 o Service revenues# rose 6% to a record high 3,508 3,763 3,602 3,129 ₱196.2 billion led by higher fixed line data 3,000 2,892 and broadband revenues o EBITDA* rose 4% to
Slide 12: Home Business Leads Growth
Home Business Leads Growth Home Business Continues to Expand Fixed Wireless Revenue Sources (PHP bln) o FY 2022 Home service revenues rose 20% to a record high ₱57.4 billion on surging home fiber broadband installations o Gross fiber installations of 1.2 million in FY from end-2021, net fiber additi
Slide 13: Network Quality Leadership Continues
Network Quality Leadership Continues PLDT Network Is the Country’s Best, Say Observers Integrated Fixed & Wireless Network Architecture o Independent industry observers agree PLDT’s customer o Demand-driven 2022 capex of ₱96.8 billion seen as peak in experience is the market’s best in both fixed and
Slide 14: MPIC: Electricity, Toll Roads, Water, Hospitals
Electricity Toll Roads Water Hospitals Others 48% stake 45%-100% stakes 53%-100% stakes 20% stake 36%-100% stakes 47.5% 53% 36% 19 Hospitals 100% 100% 6 Radiotherapy 100% Centers 50% Philippine Coastal § Largest private Storage healthcare provider 100% 58% in the Philippines § MPTC operates and § Ma
Slide 15: MPIC: Toll Roads, Electricity Drive Profit Growth
Toll Roads, Electricity Drive Profit Growth FY 2022 Financial Highlights Earnings Growth, Interest Bill, and Sustainability o Contribution from investee companies rose 10% to o Earnings growth in 2023 and beyond will be rooted in ₱18.9 billion vs. ₱17.1 billion on contribution growth continuing econ
Slide 16: Meralco: Generation Drives Earnings to Record High
Generation Drives Earnings to Record High FY 2022 Financial Highlights & Outlook: Meralco Distribution Revenues & Core Profit (USD mln) 1,600 o Gross revenues rose 34% to ₱426.5 billion vs. ₱318.5 1,400 1,278 1,288 billion driven largely by higher volumes of electricity 1,177 1,223 1,200 1,085 distr
Slide 17: Toll Roads Earnings Surge on Traffic Growth
Toll Roads Earnings Surge on Traffic Growth Revenues & Core Profit (USD mln) 500 420 400 359 354 5.0 x 13.0 294 300 274 200 100 84 1.3 x 4.0 102 54 79 105 0 2018 2019 2020 2021 2022 Revenues Core Profit FY 2022 Financial Highlights & Outlook: Toll Roads o Revenues rose 31% to record ₱22.9 billion on
Slide 18: Water Earnings Flat as Capex Nearly Doubles
Water Earnings Flat as Capex Nearly Doubles FY 2022 Financial Highlights & Outlook: Water Revenues & Core Profit (USD mln) 500 465 463 o Maynilad revenues rose 4% to ₱22.9 billion vs. ₱22.0 450 418 445 420 billion as a result of higher effective tariffs as 400 commercial and industrial demand return
Slide 19: Profit Pops as Pioneer Solar Project Planned
Profit Pops as Pioneer Solar Project Planned FY 2022 Financial Highlights Recent P&L (USD mln) 2,000 o Revenues rose 50% to S$2.4 billion versus S$1.6 billion on the 1,797 strength of higher electricity prices and demand 1,500 1,194 o EBITDA tripled to S$365.1 million versus S$122.8 million o Core p
Slide 20: Padcal Mine Life Extended to 2027
Padcal Mine Life Extended to 2027 FY 2022 Financial Highlights Operating Revenues & Core Profit (USD mln) 250 o Operating revenue fell 4% to ₽10.1 billion vs. ₽10.5 212 200 171 185 billion on lower metal production and copper price 158 143 o Cash production costs up 16% to ₱655/ton vs. ₽565/ton 150
Slide 21: Appendix
Appendix Shareholder Information Selected Financial Data 21
Slide 22: Adjusted NAV per Share
Adjusted NAV per Share At 31 December 2021 2022 US$ millions Basis Indofood (i) 1,948.7 1,879.3 PLDT (i) 1,962.8 1,304.8 MPIC (i) 1,011.2 811.0 FPM Power (ii) - 150.0 Philex (i) 243.8 145.6 PXP Energy (i) 67.0 76.4 FP Natural Resources (iii) 14.6 9.9 Head Office - Other assets (iv) 98.8 134.7 - Net
Slide 23: Contribution & Profit Summary
Contribution & Profit Summary Contribution to Turnover Group profit(i) For the year ended 31 December 2021 2022 2021 2022 US$ millions Indofood 6,925.9 7,429.8 237.0 265.8 PLDT(ii) - - 139.1 133.7 MPIC 882.5 934.1 98.1 104.4 FPM Power 1,194.5 1,747.6 21.8 82.4 Philex(ii) - - 19.3 13.4 FP Natural Res
Slide 24: Head Office Debt & Cash Flow
Head Office Debt & Cash Flow Cash and cash US$ millions Borrowings equivalents Net debt At 1 January 2022 1,435.2 (113.0) 1,322.2 Movement 23.8 16.4 40.2 At 31 December 2022 1,459.0 (96.6) 1,362.4 Head Office cash flow For the year ended 31 December 2021 2022 US$ millions Dividend and fee income 204
Slide 25: Group Net Debt and Gearing
Group Net Debt and Gearing Consolidated At 31 December 2021 At 31 December 2022 Net Total Gearing(ii) Net Total Gearing(ii) US$ millions Debt(i) Equity (times) Debt(i) Equity (times) Head Office 1,322.2 1,336.5 0.99x 1,362.4 1,139.5 1.20x Indofood 2,263.2 5,998.2 0.38x 2,549.7 5,834.0 0.44x MPIC 3,8
Slide 26: Revenue Breakdown by Geography & Sector
Revenue Breakdown by Geography & Sector Consumer Food Products (USD mln) 2018 2019 2020 2021 2022 Indonesia 4,670.4 4,817.5 4,736.7 5,367.9 5,710.0 Philippines 322.0 241.1 173.2 122.7 219.7 Singapore 51.7 51.9 51.7 204.3 141.8 Middle East, Africa & Others 393.9 521.3 772.4 1,331.3 1,551.7 Total 5,43
Slide 27: 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) o First Pacific has issued a total of six bonds totaling over $2 billion in the decade from $220 mln bond ten
Slide 28: Senior Management of First Pacific
Senior Management of First Pacific John W. Ryan Joseph H.P. Ng Manuel V. Pangilinan Christopher H. Young Ray C. Espinosa Assoc. Director & CSO Assoc. Director & CFO Managing Director & CEO Executive Director Associate Director Richard P.C. Chan Peter T.H. Lin Stanley H. Yang Marilyn A. Victorico P.
Slide 29: Shareholding Structure of the Company
Shareholding Structure of the Company Shareholder Breakdown Minority Shareholders Mln Shares % Stake 1 Brandes Investment Partners 263 6.2% 2 Lazard Asset Management 123 2.9% 3 Capital International 87 2.1% 4 Seafarer Capital Partners 78 1.8% All 5 The Vanguard Group 76 1.8% 6 Kopernik Global Invest
Slide 30: Insider Ownership & Institutional Shareholder Statistics
Insider Ownership & Institutional Shareholder Statistics Concentration Directors’ Interests Options Unvested (vested & Shares The Share Awards unvested) Rest Anthoni Salim NED, Chairman 1,925,474,957 - - 14% Top 10 Manuel Pangilinan ED, CEO 70,493,078 - - Next 25 6.5 x45% 6.5 of all shares Chris You
Slide 31: First Pacific Economic Interests in Holdings
FPC’s FPC’s Economic Economic 25.6% 25.6% Interest Interest 46.1 (%) (%) 50.1% 21.9% 40.3% 21.9% 40.3% Pinehill 54.7% 45.4% 36.2% 24.3% 30.1% 20.7% 17.9% 46.0% 13.1% 35.1% 50.9% 9.2% 16.5% 46.2% 42.4% 46.2% Data as at 31 December 2022. 31
Slide 32: Notes
Notes 32
Slide 33: 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
Slide 34: 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