6th Jun 2012 07:00
HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Three Months Ended March 31, 2012 AND March 31, 2011
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)
Accounting Title | 2012/03/31 | 2011/03/31 | ||
Amount | % | Amount | % | |
Assets | ||||
Current Assets | ||||
Cash and cash equivalents | 422,699,200.00 | 22.51 | 280,533,050.00 | 19.26 |
Financial assets measured at fair value through profit or loss - current | 1,618,724.00 | 0.09 | 70,470.00 | 0.00 |
Available-for-sale financial assets - current | 703,827.00 | 0.04 | 807,268.00 | 0.06 |
Accounts receivable - net | 438,217,670.00 | 23.34 | 371,803,195.00 | 25.52 |
Accounts receivable - related parties - net | 12,176,823.00 | 0.65 | 15,749,388.00 | 1.08 |
Other receivables | 22,965,218.00 | 1.22 | 28,268,104.00 | 1.94 |
Other financial assets - current | 177,004,624.00 | 9.43 | 69,353,204.00 | 4.76 |
Inventories | 357,507,709.00 | 19.04 | 308,863,746.00 | 21.20 |
Other prepayments | 7,188,507.00 | 0.38 | 6,807,241.00 | 0.47 |
Other current assets | 7,255,319.00 | 0.39 | 3,578,602.00 | 0.25 |
Current assets | 1,447,337,621.00 | 77.08 | 1,085,834,268.00 | 74.54 |
Funds and Investments | ||||
Available-for-sale financial assets - non current | 5,653,110.00 | 0.30 | 10,802,545.00 | 0.74 |
Financial assets carried at cost - non current | 3,753,677.00 | 0.20 | 3,426,019.00 | 0.24 |
Equity investments under equity method | 40,472,205.00 | 2.16 | 36,004,108.00 | 2.47 |
Prepayments for long-term investments | 37,261.00 | 0.00 | 30,942.00 | 0.00 |
Investments | 40,509,466.00 | 2.16 | 36,035,050.00 | 2.47 |
Other financial assets - non current | 24,164.00 | 0.00 | 29,101.00 | 0.00 |
Funds and long-term investments | 49,940,417.00 | 2.66 | 50,292,715.00 | 3.45 |
Fixed Assets | ||||
Cost | ||||
Land | 4,255,680.00 | 0.23 | 4,763,853.00 | 0.33 |
Buildings and structures | 151,191,578.00 | 8.05 | 124,229,998.00 | 8.53 |
Machinery and equipment | 244,398,454.00 | 13.02 | 202,404,388.00 | 13.89 |
Molding equipment | 3,452,992.00 | 0.18 | 4,754,227.00 | 0.33 |
Testing equipment | 24,789,547.00 | 1.32 | 24,226,177.00 | 1.66 |
Office equipment | 15,611,930.00 | 0.83 | 14,775,097.00 | 1.01 |
Maintenance equipment and tools | 3,768,476.00 | 0.20 | 3,196,934.00 | 0.22 |
Other facilities | 43,468,391.00 | 2.31 | 33,458,509.00 | 2.30 |
Fixed assets cost | 490,937,048.00 | 26.14 | 411,809,183.00 | 28.27 |
Accumulated depreciation | -173,795,599.00 | -9.26 | -152,030,926.00 | -10.44 |
Accumulated impairment - fixed assets | -4,368,735.00 | -0.23 | -5,015,144.00 | -0.34 |
Construction in process and prepayment for equipments | 30,932,882.00 | 1.65 | 35,006,301.00 | 2.40 |
Fixed assets | 343,705,596.00 | 18.30 | 289,769,414.00 | 19.89 |
Intangible Assets | ||||
Goodwill | 743,385.00 | 0.04 | 215,474.00 | 0.01 |
Other intangible assets | 0.00 | 0.00 | 67,032.00 | 0.00 |
Intangible assets | 743,385.00 | 0.04 | 282,506.00 | 0.02 |
OtherAssets | ||||
Deferred charges | 12,752,042.00 | 0.68 | 7,570,489.00 | 0.52 |
Other assets - other | 23,303,977.00 | 1.24 | 23,060,154.00 | 1.58 |
Other assets | 36,056,019.00 | 1.92 | 30,630,643.00 | 2.10 |
Assets | 1,877,783,038.00 | 100.00 | 1,456,809,546.00 | 100.00 |
Liabilities and Stockholders' Equity | ||||
Liabilities | ||||
Current Liabilities | ||||
Short-term borrowings | 479,746,304.00 | 25.55 | 252,513,328.00 | 17.33 |
Short-term notes and bills payable | 7,989,206.00 | 0.43 | 5,692,345.00 | 0.39 |
Financial liabilities measured at fair value through profit or loss - current | 121,792.00 | 0.01 | 79,046.00 | 0.01 |
Accounts payable | 453,180,060.00 | 24.13 | 395,197,614.00 | 27.13 |
Accounts payable - related parties | 25,219,681.00 | 1.34 | 23,210,424.00 | 1.59 |
Income tax payable | 18,332,778.00 | 0.98 | 15,743,486.00 | 1.08 |
Accrued expenses | 81,268,576.00 | 4.33 | 65,817,677.00 | 4.52 |
Other payables | 38,082,388.00 | 2.03 | 15,340,346.00 | 1.05 |
Advance receipts | 4,245,509.00 | 0.23 | 6,909,883.00 | 0.47 |
Long-term liabilities - current portion | 3,000,000.00 | 0.16 | 21,041,400.00 | 1.44 |
Other current liabilities | 21,640,248.00 | 1.15 | 20,546,256.00 | 1.41 |
Current liabilities | 1,132,826,542.00 | 60.33 | 822,091,805.00 | 56.43 |
Long term Liabilities | ||||
Bonds payable | 70,803,323.00 | 3.77 | 52,046,385.00 | 3.57 |
Long-term borrowings | 48,185,825.00 | 2.57 | 44,998,800.00 | 3.09 |
Long-term liabilities | 118,989,148.00 | 6.34 | 97,045,185.00 | 6.66 |
Reserves | ||||
Other Liabilities | ||||
Pension reserve / accrued pension liability | 1,084,314.00 | 0.06 | 1,097,606.00 | 0.08 |
Deferred income tax liabilities | 1,809,227.00 | 0.10 | 2,468,578.00 | 0.17 |
Other liabilities - other | 5,148,177.00 | 0.27 | 3,512,770.00 | 0.24 |
Other liabilities | 8,041,718.00 | 0.43 | 7,078,954.00 | 0.49 |
Liabilities | 1,259,857,408.00 | 67.09 | 926,215,944.00 | 63.58 |
Stockholders' Equity | ||||
Capital | ||||
Common stock | 106,890,967.00 | 5.69 | 96,612,482.00 | 6.63 |
Capital Surplus | ||||
Capital surplus - additional paid-in capital | 53,206,711.00 | 2.83 | 47,073,620.00 | 3.23 |
Capital surplus - long-term equity investments | 15,408,310.00 | 0.82 | 14,341,188.00 | 0.98 |
Capital surplus - stock option | 2,034,440.00 | 0.11 | 3,229,640.00 | 0.22 |
Capital surplus | 70,649,461.00 | 3.76 | 64,644,448.00 | 4.44 |
Retained Earnings | ||||
Legal reserve | 51,821,402.00 | 2.76 | 44,105,947.00 | 3.03 |
Unappropriated retained earnings | 340,424,271.00 | 18.13 | 285,348,360.00 | 19.59 |
Retained earnings | 392,245,673.00 | 20.89 | 329,454,307.00 | 22.61 |
Stockholders' Equity and Other adjustmen | ||||
Cumulative translation adjustments | 9,030,889.00 | 0.48 | -4,244,978.00 | -0.29 |
Unrealized gains (losses) on financial instruments | 2,628,580.00 | 0.14 | 10,278,594.00 | 0.71 |
-18,901.00 | 0.00 | -18,901.00 | 0.00 | |
Equity adjustments | 11,640,568.00 | 0.62 | 6,014,715.00 | 0.41 |
Minority interest | 36,498,961.00 | 1.94 | 33,867,650.00 | 2.32 |
Stockholders' equity | 617,925,630.00 | 32.91 | 530,593,602.00 | 36.42 |
Number of treasury stock acquired by the company and subsidiaries (unit: share) | 1,184,375.00 | 0.06 | 1,076,705.00 | 0.07 |
0.00 | 0.00 | 0.00 | 0.00 | |
HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31, 2012 AND March 31, 2011
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS,
EXCEPT EARNINGS PER SHARE DATA)
Accounting Title | 2012/03/31 | 2011/03/31 | ||
Amount | % | Amount | % | |
Sales | 1,001,285,660.00 | 100.00 | 729,258,841.00 | 100.00 |
Sales | 1,001,285,660.00 | 100.00 | 729,258,841.00 | 100.00 |
Operating income | 1,001,285,660.00 | 100.00 | 729,258,841.00 | 100.00 |
Cost of sales | 934,759,607.00 | 93.36 | 676,419,878.00 | 92.75 |
Operating costs | 934,759,607.00 | 93.36 | 676,419,878.00 | 92.75 |
Gross profit (loss) from operations | 66,526,053.00 | 6.64 | 52,838,963.00 | 7.25 |
Selling expense | 24,036,602.00 | 2.40 | 17,402,252.00 | 2.39 |
General and administrative expenses | 18,074,590.00 | 1.81 | 14,685,190.00 | 2.01 |
Research and development expenses | 9,189,670.00 | 0.92 | 8,062,605.00 | 1.11 |
Operating expenses | 51,300,862.00 | 5.12 | 40,150,047.00 | 5.51 |
Operating income (loss) | 15,225,191.00 | 1.52 | 12,688,916.00 | 1.74 |
Non-Operating Income | ||||
Interest income | 1,801,385.00 | 0.18 | 723,409.00 | 0.10 |
Gains on disposal of fixed assets | 0.00 | 0.00 | 95,327.00 | 0.01 |
Foreign exchange gains | 1,254,241.00 | 0.13 | 2,538,847.00 | 0.35 |
Revaluation gain on financial assets | 1,598,477.00 | 0.16 | 25,266.00 | 0.00 |
Miscellaneous income | 1,443,948.00 | 0.14 | 2,349,600.00 | 0.32 |
Non-operating revenues and gains | 6,098,051.00 | 0.61 | 5,732,449.00 | 0.79 |
Non-Operating Expenses | ||||
Interest expense | 1,778,861.00 | 0.18 | 1,115,676.00 | 0.15 |
Loss on disposal of fixed assets | 14,156.00 | 0.00 | 0.00 | 0.00 |
Financial expense | 46,222.00 | 0.00 | 47,092.00 | 0.01 |
Impairment loss on assets | 2,217.00 | 0.00 | 0.00 | 0.00 |
Revaluation loss on financial liabilities | 0.00 | 0.00 | 84,224.00 | 0.01 |
Miscellaneous disbursements | 101,237.00 | 0.01 | 215,551.00 | 0.03 |
Non-operating expenses and losses | 1,942,693.00 | 0.19 | 1,462,543.00 | 0.20 |
Income from continuing operations before income tax | 19,380,549.00 | 1.94 | 16,958,822.00 | 2.33 |
Income tax expense (benefit) | 5,265,869.00 | 0.53 | 2,582,911.00 | 0.35 |
Income from continuing operations | 14,114,680.00 | 1.41 | 14,375,911.00 | 1.97 |
Consolidated net income attributable to parent company | 14,923,869.00 | 1.49 | 14,401,006.00 | 1.97 |
Minority interest income | -809,189.00 | -0.08 | -25,095.00 | 0.00 |
Consolidated net income | 14,114,680.00 | 1.41 | 14,375,911.00 | 1.97 |
Primary Earnings per Share | ||||
Income (loss) from continuing operations | 1.32 | 0.00 | 1.36 | 0.00 |
Primary earnings per share of minority interest | 0.08 | 0.00 | 0.00 | 0.00 |
Primary earnings per share | 1.40 | 0.00 | 1.36 | 0.00 |
Diluted earnings per share | ||||
Income (loss) from continuing operations | 1.30 | 0.00 | 1.33 | 0.00 |
Diluted earnings per share of minority interest | 0.08 | 0.00 | 0.00 | 0.00 |
Diluted earnings per share | 1.38 | 0.00 | 1.33 | 0.00 |
HON HAI PRECISION IND. CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2012 AND 2011
(In Thousands of New Taiwan Dollars)
2012 2011
============= =============
Cash Flows from Operating Activities - Indirect Method
Consolidated Net Income (Loss) $14,114,680 $14,375,911
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Depreciation Expense 13,339,984 9,525,657
Amortization Expense 3,132,245 932,858
Provision (Reversal of Provision) for Bad Debt Expense 0 (1,183,157)
Amortization of Discounts (Premiums) on Financial Liabilities (106) 0
Amortization of Discounts (Premiums) on Bonds Payable 165,407 157,548
Loss (Gain) on Decline (Recovery) in Market Value, Scrap and Obsolescence of Inventories (70,659) 2,492,321
Loss (Gain) on Disposal of Property, Plan and Equipment 14,156 (95,327)
Loss (Gain) on Disposal of Investments (350,351) (25,425)
Unrealized Revaluation Loss (Gain) on Financial Assets and Liabilities (1,460,384) 23,576
Impairment Loss on Non-Financial Assets 0 0
Changes in Operating Assets and Liabilities
Decrease (Increase) in Financial Assets Held for Trading (12,136) 0
Decrease (Increase) in Notes Receivable (126,237) 6,411,098
Decrease (Increase) in Accounts Receivable 12,497,120 17,374,841
Decrease (Increase) in Accounts Receivable - Related Parties 13,284,419 3,079,112
Decrease (Increase) in Other Receivables 12,552,862 2,625,181
Decrease (Increase) in Inventories 23,084,744 (48,356,575)
Decrease (Increase) in Other Prepayments (68,588) (1,686,145)
Decrease (Increase) in Deferred Tax Assets 761,100 455,641
Increase (Decrease) in Accounts Payable (66,213,793) (13,154,043)
Increase (Decrease) in Accounts Payable - Related Parties (3,880,745) (325,788)
Increase (Decrease) in Income Tax Payable (1,606,725) 1,117,482
Increase (Decrease) in Accrued Expenses (6,054,309) 6,718,871
Increase (Decrease) in Other Payables 4,498,359 (1,102,099)
Increase (Decrease) in Receipts in Advance (1,339,272) 100,355
Increase (Decrease) in Other Current Liabilities (2,957,393) 5,618,635
Increase (Decrease) in Deferred Tax Liabilities 15,480 (385,421)
Increase (Decrease) in Accrued Pension Liabilities 20,014 6,594
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Net Cash Provided by (Used in) Operating Activities 13,339,872 4,701,701
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Cash Flows from Investing Activities
Proceeds from Disposal of Financial Assets as Fair Value through Profit or Loss (205,917) (97,185)
Proceeds from Disposal of Available-for-sale Financial Assets 0 39,598
Acquisition of Financial Assets Carried at Cost (67,752) (371,770)
Proceeds from Disposal of Financial Assets Carried at Cost 37,812 8,402
Acquisition of Long-term Investments under Equity Method (585,000) 0
Proceeds from Disposal of Long-term Investments under Equity Method 1,647,625 0
Acquisition of Subsidiaries 0 0
Purchase of Property, Plant and Equipment (10,616,671) (25,461,851)
Proceeds from Disposal of Property, Plant and Equipment 621,535 603,885
Decrease (Increase) in Other Financial Assets (131,914,741) (0,184,783)
Decrease (Increase) in Other Assets (194,670) 931,991
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Net Cash Provided by (Used in) Investing Activities (141,277,779) (34,531,713)
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Cash Flows from Financing Activities
Increase (Decrease) in Short-term Loans 219,223,555 49,649,520
Increase (Decrease) in Short-term Notes and Bills Payable 0 (3,898,943)
Proceeds from Issuance of Bonds 9,000,000 6,000,000
Proceeds from Long-term Debt 132,000 6,267,525
Repayments of Long-term Debt (3,341,250) (5,117,736)
Increase (Decrease) in Other Liabilities 409,204 (420,739)
Employee Bonus and Remunerations Paid to Directors and Supervisors 0 0
Changes in Minority Interest 890,366 739,575
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Net Cash Provided by (Used in) Financing Activities 226,313,875 53,219,202
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Effect of Exchange Rate Changes (5,470,401) 2,902,537
Net Effects Changes in Consolidated Individual 0 0
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Net Increase (Decrease) in Cash and Cash Equivalents 92,905,567 26,291,727
Cash and Cash Equivalents, Beginning of year 329,793,633 254,241,323
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Cash and Cash Equivalents, End of year $422,699,200 $280,533,050
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Supplemental Cash Flow Information
Interest Paid $1,081,977 $774,266
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Interest Paid- Excluding Capitalized Interest $1,081,977 $774,266
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Income Tax Paid $4,679,298 $1,271,282
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Non-cash Investing and Financing Activities
Unrealized Valuation Gains or Losses on Financial Instruments $825,857 ($2,986,536)
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Cumulative Translation Adjustments ($12,110,567) $5,085,341
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Investing Activities Affecting Both Cash and Non-cash Items
Cash Paid for Acquisition of Property, Plant and Equipment
Increase in Property, Plant and Equipment $10,869,177 $23,800,339
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Increase (Decrease) in Payable for Equipment Purchased ($252,506) $1,661,512
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Cash Paid for Acquisition of Property, Plant and Equipment $10,616,671 $25,461,851
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Related Shares:
Hon Hai Precsn