First Pacific Company Limited

Good day, everyone. Thank you for joining this online briefing to discuss the First Pacific 2022 full-year financial and trading results. The results presentation is available on First Pacific website, www.firstpacific.com, under the Universal Relations Session presentation page. A physical experience is being recorded, and the rebate will be available on First Pacific website in the Universal Relations Session as well. For participants, From the media, his local Q&A session is open for investors and analysts only. If you would like to ask questions, please contact us when the briefing is finished. Today, we have with us Mr. Mandy Pangilinan, our Managing Director and Chief Executive Officer, and Mr. Chris Young, who just joined us, our Executive Director. mr joseph our chief financial officer and associate director and mr john ryan our associate director and chief sustainability officer and other senior executive from the head office of first pacific over to you john for the presentation please thanks very much sarah as ever i'll do a quick run through uh highlighting the important factors in our results for the full year of 2022

And then we'll switch to our Q&A. And our chief executive, Manny, is primed to help you. And so are our other senior executives. Now, Amy, could you please click on the screen so that I can press page down? Thank you. Now, a quick overview of the assets that we hold. Not much change since we've last spoken to you back in August. We own a little bit more in MPIC, owing to repurchases by that company of their shares. I'm sorry, but when you click away from here, I cannot reach now. Right. Sorry about the interruption there. Amy, could you click it forward one page, please? Thank you, Amy. Page three, we're looking at everyone. Notwithstanding a sharp decline in the Indonesian rupiah, almost 10% last year, and of the peso, almost 4%, we managed to deliver recurring profit increase of almost one-fifth to a record high, and that's on the basis of record high turnover and record high contribution from operations. As you can see in the column chart on the top left of this page, the change in recurring profit is led by higher contributions from PLP and Indofood, followed by MPIC and slightly improved results from our sugar business underneath per specific natural resources. As you can see from the head office red line, our net interest expense rose about seven percent to just under 55 million dollars uh owing to higher interest rates which we'll discuss in a moment um notwithstanding that increase uh we have recurring profit of over half a billion dollars for the year um recurring earnings per share as you can see rose just a little bit more just under 12 American cents to share. And the distribution for the full year was up 16% to a full 22 Hong Kong cents a share, up 3 cents from a year earlier. As you can see from the cash flow column chart, that distribution's paid was just over $110 million. And turning over now to the next page, let's have a look at our balance sheet and borrowings. Amy, could you please page forward to the slide?

Yes, please page forward.