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2015/3rd Quarter Results

16th Nov 2015 10:12

RNS Number : 8153F
Hon Hai Precision Industry Co Ld
16 November 2015
 

HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED SHEETS

2015 3rd IFRS Consolidated Financial Statements

 

Balance Sheet

Accounting Title

2015/09/30

2014/12/31

2014/09/30

Balance Sheet

  Assets

Current assets

Cash and cash equivalents

Total cash and cash equivalents

647,246,764

679,037,301

543,460,007

Current financial assets at fair value through profit or loss

Total current financial assets at fair value through profit or loss

21,382,171

3,438,255

6,654,929

Current available-for-sale financial assets

Current available-for-sale financial assets, net

608,008

1,035,704

1,003,831

Accounts receivable, net

Accounts receivable, net

543,070,339

748,286,815

507,127,461

Accounts receivable due from related parties, net

Accounts receivable due from related parties, net

24,567,360

24,093,966

18,423,146

Other receivables

Other receivables, net

41,893,021

45,923,820

48,131,494

Inventories

Total inventories

496,268,260

369,196,813

447,960,680

Prepayments

Total prepayments

14,843,000

10,413,141

9,491,295

Non-current assets classified as held for sale, net

Non-current assets classified as held for sale, net

2,739,648

9,902,089

9,013,624

Other current assets

Total other current assets

52,172,274

41,093,451

84,164,297

Total current assets

1,844,790,845

1,932,421,355

1,675,430,764

Non-current assets

Non-current available-for-sale financial assets

Non-current available-for-sale financial assets, net

40,220,195

52,792,228

63,635,658

Non-current financial assets at cost

Non-current financial assets at cost, net

17,070,313

5,792,900

6,034,544

Investments accounted for using equity method

Investments accounted for using equity method, net

70,580,069

63,412,270

60,210,659

Property, plant and equipment

Total property, plant and equipment

328,890,569

358,868,558

347,190,993

Investment property, net

Investment property, net

2,566,542

3,164,666

3,298,829

Intangible assets

Total intangible assets

4,232,877

4,440,091

3,519,400

Deferred tax assets

17,930,954

17,376,159

16,180,118

Other non-current assets

Total other non-current assets

43,522,520

24,446,522

25,899,128

Total non-current assets

525,014,039

530,293,394

525,969,329

Total assets

2,369,804,884

2,462,714,749

2,201,400,093

  Liabilities and equity

Liabilities

Current liabilities

Short-term borrowings

Total short-term borrowings

84,181,823

226,500,507

209,637,029

Current financial liabilities at fair value through profit or loss

Total current financial liabilities at fair value through profit or loss

2,422,626

1,271,012

505,755

Accounts payable

Total accounts payable

664,080,917

694,315,259

606,457,220

Accounts payable to related parties

Total accounts payable to related parties

44,209,665

41,014,601

36,011,938

Other payables

Total other payables

240,062,929

223,575,519

178,545,353

Current tax liabilities

22,577,787

31,690,222

21,828,083

Current provisions

Total current provisions

2,582,873

2,674,879

2,665,005

Liabilities related to non-current assets classified as held for sale

407,419

2,054,833

1,826,672

Other current liabilities

Total other current liabilities

93,275,092

79,504,965

65,145,635

Total current liabilities

1,153,801,131

1,302,601,797

1,122,622,690

Non-current liabilities

Non-current financial liabilities at fair value through profit or loss

Total non-current financial liabilities at fair value through profit or loss

2,156

0

0

Bonds payable

Total bonds payable

163,834,054

134,644,413

128,083,757

Long-term borrowings

Total long-term borrowings

5,556,796

24,197,727

28,544,406

Deferred tax liabilities

Total deferred tax liabilities

9,555,072

7,089,517

4,439,927

Other non-current liabilities

Total other non-current liabilities

9,968,192

9,504,493

9,217,638

Total non-current liabilities

188,916,270

175,436,150

170,285,728

Total liabilities

1,342,717,401

1,478,037,947

1,292,908,418

Equity

Equity attributable to owners of parent

Share capital

Ordinary share

159,932,881

147,934,068

147,934,068

Total capital stock

159,932,881

147,934,068

147,934,068

Capital surplus

Capital surplus, additional paid-in capital

Total capital surplus, additional paid-in capital

79,169,050

70,822,659

70,822,659

Capital Surplus, changes in ownership interests in subsidiaries

0

1,589

0

Capital surplus, changes in equity of associates and joint ventures accounted for using equity method

2,112,744

835,660

700,649

Capital Surplus, restricted stock

-3,550,000

0

0

Total capital surplus

77,731,794

71,659,908

71,523,308

Retained earnings

Legal reserve

93,179,928

80,126,455

80,126,455

Unappropriated retained earnings (accumulated deficit)

Total unappropriated retained earnings (accumulated deficit)

563,856,735

546,932,523

490,286,087

Total retained earnings

657,036,663

627,058,978

570,412,542

Other equity interest

Exchange differences on translation of foreign financial statements

Total exchange differences on translation of foreign financial statements

69,613,544

59,610,235

32,695,423

Unrealized gains (losses) on available-for-sale financial assets

Total unrealized gains (losses) on available-for-sale financial assets

6,589,569

23,986,945

38,455,357

Total other equity interest

76,203,113

83,597,180

71,150,780

Treasury shares

18,901

18,901

18,901

Total equity attributable to owners of parent

970,885,550

930,231,233

861,001,797

Non-controlling interests

56,201,933

54,445,569

47,489,878

Total equity

1,027,087,483

984,676,802

908,491,675

Total liabilities and equity

2,369,804,884

2,462,714,749

2,201,400,093

Number of share capital awaiting retirement

0

0

0

Equivalent issue shares of advance receipts for ordinary share

0

0

0

Number of shares in entity held by entity and by its subsidiaries

1,685,317

1,605,064

1,605,064

 

Income Statement

Accounting Title

2015/3rd

2014/3rd

2015/01/01

To

2015/09/30

2014/01/01

To

2014/09/30

Statement of comprehensive income

  Operating revenue

Total operating revenue

1,065,601,878

950,494,021

3,052,432,520

2,713,067,658

  Operating costs

Total operating costs

989,079,754

882,996,725

2,833,445,148

2,530,204,418

  Gross profit (loss) from operations

76,522,124

67,497,296

218,987,372

182,863,240

  Gross profit (loss) from operations

76,522,124

67,497,296

218,987,372

182,863,240

  Operating expenses

Selling expenses

Total selling expenses

5,937,320

6,555,242

17,623,041

16,962,270

Administrative expenses

Total administrative expenses

19,080,969

17,653,087

55,494,156

52,644,239

Research and development expenses

Total research and development expenses

13,338,192

11,916,410

35,991,012

33,046,685

Total operating expenses

38,356,481

36,124,739

109,108,209

102,653,194

  Net operating income (loss)

38,165,643

31,372,557

109,879,163

80,210,046

  Non-operating income and expenses

Other income

Total other income

8,724,009

9,193,571

22,845,510

24,706,817

Other gains and losses

Other gains and losses, net

5,429,230

3,978,760

6,774,752

3,140,718

Finance costs

Finance costs, net

4,811,440

4,170,354

12,895,488

10,954,844

Share of profit (loss) of associates and joint ventures accounted for using equity method

Share of profit (loss) of associates and joint ventures accounted for using equity method, net

326,372

1,434,589

2,015,137

2,664,439

Total non-operating income and expenses

9,668,171

10,436,566

18,739,911

19,557,130

  Profit (loss) from continuing operations before tax

47,833,814

41,809,123

128,619,074

99,767,176

  Tax expense (income)

Total tax expense (income)

8,975,747

7,184,493

32,107,772

24,687,255

  Profit (loss) from continuing operations

38,858,067

34,624,630

96,511,302

75,079,921

  Profit (loss)

38,858,067

34,624,630

96,511,302

75,079,921

  Other comprehensive income

Components of other comprehensive income that will be reclassified to profit or loss

Exchange differences on translation

35,287,757

15,363,619

7,471,300

7,380,812

Unrealised gains (losses) on valuation of available-for-sale financial assets

-16,761,210

21,724,097

-16,607,422

32,998,502

Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss

Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss

-840,969

157,633

-634,827

428,826

Components of other comprehensive income that will be reclassified to profit or loss

17,685,578

37,245,349

-9,770,949

40,808,140

Other comprehensive income, net

17,685,578

37,245,349

-9,770,949

40,808,140

  Total comprehensive income

56,543,645

71,869,979

86,740,353

115,888,061

  Profit (loss), attributable to:

Profit (loss), attributable to owners of parent

37,858,448

34,089,122

93,933,279

73,818,020

Profit (loss), attributable to non-controlling interests

999,619

535,508

2,578,023

1,261,901

  Comprehensive income attributable to:

Comprehensive income, attributable to owners of parent

54,276,748

69,788,735

86,539,212

113,239,939

Comprehensive income, attributable to non-controlling interests

2,266,897

2,081,244

201,141

2,648,122

  Basic earnings per share

Basic earnings (loss) per share from continuing operations

2.42

2.19

6.03

4.75

Total basic earnings per share

2.42

2.19

6.03

4.75

  Diluted earnings per share

Diluted earnings (loss) per share from continuing operations

2.41

2.19

5.98

4.72

Total diluted earnings per share

2.41

2.19

5.98

4.72

 

Statement of cash flows

Accounting Title

2015/01/01

To

2015/09/30

2014/01/01

To

2014/09/30

Statement of cash flows

  Cash flows from (used in) operating activities, indirect method

Profit (loss) from continuing operations before tax

128,619,074

99,767,176

Profit (loss) before tax

128,619,074

99,767,176

Adjustments

Adjustments to reconcile profit (loss)

Depreciation expense

54,405,179

52,575,409

Amortization expense

694,604

630,922

Provision (reversal of provision) for bad debt expense

461,746

751,724

Net loss (gain) on financial assets or liabilities at fair value through profit or loss

652,356

-2,502,742

Interest expense

12,889,381

10,815,489

Interest income

-17,835,789

-19,726,086

Dividend income

-894,647

-623,777

Share of loss (profit) of associates and joint ventures accounted for using equity method

-2,015,137

-2,664,439

Loss (gain) on disposal of property, plan and equipment

-304,048

-160,667

Loss (gain) on disposal of non-current assets classified as held for sale

-28,375

0

Loss (gain) on disposal of investments

-4,094,537

-313,296

Impairment loss on financial assets

0

188,616

Impairment loss on non-financial assets

4,961,680

1,444,260

Total adjustments to reconcile profit (loss)

48,892,413

40,415,413

Changes in operating assets and liabilities

Changes in operating assets

Decrease (increase) in financial assets held for trading

-10,942,502

-2,488,266

Decrease (increase) in notes receivable

686,526

629,688

Decrease (increase) in accounts receivable

204,068,204

219,252,669

Decrease (increase) in accounts receivable due from related parties

-473,394

1,525,112

Decrease (increase) in other receivable

6,018,204

-6,554,975

Decrease (increase) in inventories

-127,071,447

-135,175,588

Decrease (increase) in prepaid expenses

-4,447,315

-3,120,468

Total changes in operating assets

67,838,276

74,068,172

Changes in operating liabilities

Increase (decrease) in accounts payable

-30,234,342

-76,485,189

Increase (decrease) in accounts payable to related parties

3,195,064

6,250,199

Increase (decrease) in other payable

-18,530,744

3,220,679

Increase (decrease) in provisions

-92,006

258,669

Increase (decrease) in other current liabilities

-784,554

10,113,795

Increase (decrease) in net defined benefit liability

17,543

-37,810

Total changes in operating liabilities

-46,429,039

-56,679,657

Total changes in operating assets and liabilities

21,409,237

17,388,515

Total adjustments

70,301,650

57,803,928

Cash inflow (outflow) generated from operations

198,920,724

157,571,104

Income taxes refund (paid)

-39,309,447

-29,139,095

  Net cash flows from (used in) operating activities

159,611,277

128,432,009

  Cash flows from (used in) investing activities

Acquisition of financial assets at fair value through profit or loss, designated as upon initial recognition

-6,500,000

0

Acquisition of available-for-sale financial assets

-2,473,186

-12,414,019

Proceeds from disposal of available-for-sale financial assets

4,500,534

428,814

Acquisition of financial assets at cost

-11,140,057

-1,555,311

Proceeds from disposal of financial assets at cost

9,089

493,755

Acquisition of investments accounted for using equity method

-5,903,722

-13,047,225

Proceeds from disposal of investments accounted for using equity method

297,760

118,426

Proceeds from disposal of non-current assets classified as held for sale

3,433,375

0

Acquisition of property, plant and equipment

-39,192,856

-19,771,328

Proceeds from disposal of property, plant and equipment

3,744,981

877,245

Increase in other receivables due from related parties

-949,984

-963,869

Acquisition of intangible assets

-56,610

-114,989

Increase in other financial assets

-11,085,823

-78,999,136

Increase in other non-current assets

-19,054,829

-4,956,902

Increase in other prepayments

-126,666

-30,706

Interest received

16,798,368

19,525,631

Dividends received

894,647

623,777

Other investing activities

-421,528

513,949

Net cash flows from (used in) investing activities

-67,226,507

-109,271,888

  Cash flows from (used in) financing activities

Decrease in short-term loans

-142,318,684

-157,006,089

Decrease in short-term notes and bills payable

0

-19,982,517

Proceeds from issuing bonds

42,012,658

44,206,748

Repayments of bonds

-13,500,000

0

Proceeds from long-term debt

1,266,833

978,490

Repayments of long-term debt

-7,982,873

-8,110,433

Increase in other non-current liabilities

376,549

0

Decrease in other non-current liabilities

0

-371,041

Cash dividends paid

0

-23,631,672

Interest paid

-11,317,351

-10,360,410

Change in non-controlling interests

1,555,223

3,587,220

Net cash flows from (used in) financing activities

-129,907,645

-170,689,704

  Effect of exchange rate changes on cash and cash equivalents

5,732,338

962,545

  Net increase (decrease) in cash and cash equivalents

-31,790,537

-150,567,038

  Cash and cash equivalents at beginning of period

679,037,301

694,027,045

  Cash and cash equivalents at end of period

647,246,764

543,460,007

Cash and cash equivalents reported in the statement of financial position

647,246,764

543,460,007

 

 

 

Statements of Changes in Stockholders' Equity

 

Ordinary share

Total share capital

Capital surplus

Legal reserve

Unappropriated retained earnings (accumulated deficit)

Total retained earnings

Exchange differences on translation of foreign financial statements

Unrealized gains (losses) on available-for-sale financial assets

Others

Total other equity interest

Treasury shares

Total equity attributable to owners of parent

Non-controlling interests

Total equity

Equity at beginning of period

147,934,068

147,934,068

71,659,908

80,126,455

546,932,523

627,058,978

59,610,235

23,986,945

0

83,597,180

-18,901

930,231,233

54,445,569

984,676,802

Legal reserve appropriated

0

0

0

13,053,473

-13,053,473

0

0

0

0

0

0

0

0

0

Cash dividends of ordinary share

0

0

0

0

-56,214,946

-56,214,946

0

0

0

0

0

-56,214,946

0

-56,214,946

Stock dividends of ordinary share

7,396,703

7,396,703

0

0

-7,396,703

-7,396,703

0

0

0

0

0

0

0

0

Changes in equity of associates and joint ventures accounted for using equity method

0

0

1,277,084

0

0

0

0

0

0

0

0

1,277,084

0

1,277,084

Profit (loss)

0

0

0

0

93,933,279

93,933,279

0

0

0

0

0

93,933,279

2,578,023

96,511,302

Other comprehensive income

0

0

0

0

0

0

10,003,309

-17,397,376

0

-7,394,067

0

-7,394,067

-2,376,882

-9,770,949

Total comprehensive income

0

0

0

0

93,933,279

93,933,279

10,003,309

-17,397,376

0

-7,394,067

0

86,539,212

201,141

86,740,353

Issue of ordinary share, others

3,550,000

3,550,000

17,831,955

0

0

0

0

0

-21,381,955

-21,381,955

0

0

0

0

Changes in ownership interests in subsidiaries

0

0

-1,589

0

-343,945

-343,945

0

0

0

0

0

-345,534

0

-345,534

Changes in non-controlling interests

0

0

0

0

0

0

0

0

0

0

0

0

1,555,223

1,555,223

Share-based payments

1,052,110

1,052,110

8,346,391

0

0

0

0

0

0

0

0

9,398,501

0

9,398,501

Others

0

0

-21,381,955

0

0

0

0

0

21,381,955

21,381,955

0

0

0

0

Total increase (decrease) in equity

11,998,813

11,998,813

6,071,886

13,053,473

16,924,212

29,977,685

10,003,309

-17,397,376

0

-7,394,067

0

40,654,317

1,756,364

42,410,681

Equity at end of period

159,932,881

159,932,881

77,731,794

93,179,928

563,856,735

657,036,663

69,613,544

6,589,569

0

76,203,113

-18,901

970,885,550

56,201,933

1,027,087,483

 

 

Independent Auditors' Report

 

 

Report of Independent Auditors

  Name of CPA Firm

PricewaterhouseCoopers

  Name of CPA 1

WU, HAN-CHI

  Name of CPA 2

Chang, Ming-Hui

  Date of Audit (Review)

2015-11-16

  Type of Report

Review Report

Y

  Type of Opinion

Qualified Opinion

Y

  Situations for not Issuing a Standard Unqualified Opinion

Financial statements of non-major subsidiary or investment accounted for using equity method have not been audited or reviewed

Y

  Description of Matter Emphasized

  Description of Other Matter

  Content of Independent Auditors Report

 To The Board of Directors and Stockholders

Hon Hai Precision Industry Co., Ltd.

We have reviewed the accompanying consolidated balance sheets of Hon Hai Precision Industry Co., Ltd.

and subsidiaries as of September 30, 2015 and 2014, and the related consolidated statements of comprehensive

income for the three-month and nine-month periods ended, of changes in equity and of cash flows for the

nine-month periods ended September 30, 2015 and 2014. These financial statements are the responsibility of

the Company's management. Our responsibility is to express a conclusion on these financial statements based on our reviews.

Except as explained in the following paragraph, our reviews were made in accordance with the Generally Accepted Auditing

Standard No. 36, "Review of Financial Statements" in the Republic of China. A review consists principally of inquiries

of company personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit

in accordance with generally accepted auditing standards in the Republic of China, the objective of which is the expression

of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

As explained in Notes 4(3) and 6(10), we did not review the financial statements of certain insignificant consolidated

subsidiaries and investments accounted for under equity method, which statements reflect total assets (including investments

accounted for under equity method) of $660,398,206,000 and $593,818,537,000 , constituting 27.87% and 26.97% of the consolidated

total assets, and total liabilities of $261,141,785,000 and $223,296,361,000 , constituting 19.45% and 17.27% of the consolidated

total liabilities as of September 30, 2015 and 2014, respectively, and total comprehensive income (including share of profit and

other comprehensive income of associates and joint ventures accounted for under equity method) of $7,590,661,000 , $10,784,422,000 ,

$16,760,343,000 and $16,754,805,000 , constituting 13.42%, 15.01%, 19.32% and 14.46% of the consolidated total comprehensive income

for the three-month and nine-month periods then ended, respectively. These amounts and the information disclosed in Note 13 were based

solely on the unreviewed financial statements of these companies as of September 30, 2015 and 2014.

Based on our reviews, except for the effect of such adjustments, if any, as might have been determined to be necessary had the financial

statements of certain consolidated subsidiaries, investments accounted for under equity method and the information disclosed in Note 13

been reviewed by independent accountants, we are not aware of any material modifications that should be made to the consolidated financial

statements referred to above for them to be in conformity with the"Regulations Governing the Preparation of Financial Reports by Securities

Issuers" and IAS 34, "Interim Financial Reporting" as endorsed by the Financial Supervisory Commission (FSC).

PricewaterhouseCoopers, Taiwan

November 16, 2015

---------------------------------------------------------------------------------

The accompanying consolidated financial statements are not intended to present the financial position and results

of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions

other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of

such financial statements may differ from those generally accepted in countries and jurisdictions othe r than the Republic

of China. Accordingly, the accompanying consolidated financial statements and report of independent accountants are not

intended for use by those who are not informed about the accounting principles or auditing standards generally accepted

in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability

for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

 

  Ending balance of assets of subsidiaries whose financial statements were audited or reviewed by other independent accountants

0

  Total year-to-date revenues of subsidiaries whose financial statements were audited or reviewed by other independent accountants

0

  Total revenues for the quarter of subsidiaries whose financial statements were audited or reviewed by other independent accountants

  Ending balance of investments accounted for using equity method whose financial statements were audited or reviewed by other independent accountants

0

  Share of year-to-date profit (loss) of associates and joint ventures accounted for using equity method which audited by other independent accountants

0

  Share of profit (loss) for the quarter of associates and joint ventures accounted for using equity method whose financial statements were audited or reviewed by other independent accountants

  Ending balance of assets of subsidiaries whose financial statements were on unaudited or unreviewed

646894732000

  Year-to-date comprehensive income of subsidiaries whose financial statements were unaudited or unreviewed

17114574000

  Comprehensive income for the quarter of subsidiaries whose financial statements were unaudited or unreviewed

  Ending balance of investments accounted for using equity method whose financial statements were unaudited or unreviewed

13503474000

  Share of year-to-date profit (loss) of associates and joint ventures accounted for using equity method whose financial statements were unaudited or unreviewed

-354231000

  Share of profit (loss) for the quarter of associates and joint ventures accounted for using equity method whose financial statements were unaudited or unreviewed

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Hon Hai Precsn
FTSE 100 Latest
Value8,820.68
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