16th May 2016 12:49
HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED SHEETS
2016 1st IFRS Consolidated Financial Statements
Balance Sheet
Accounting Title | 2016/03/31 | 2015/12/31 | 2015/03/31 |
Balance Sheet | |||
Assets | |||
Current assets | |||
Cash and cash equivalents | |||
Total cash and cash equivalents | 640,784,019 | 657,137,721 | 719,156,613 |
Current financial assets at fair value through profit or loss | |||
Total current financial assets at fair value through profit or loss | 2,400,618 | 6,114,913 | 1,814,537 |
Current available-for-sale financial assets | |||
Current available-for-sale financial assets, net | 527,473 | 627,508 | 954,580 |
Accounts receivable, net | |||
Accounts receivable, net | 407,163,165 | 564,705,314 | 449,391,471 |
Accounts receivable due from related parties, net | |||
Accounts receivable due from related parties, net | 18,250,792 | 26,203,276 | 19,443,166 |
Other receivables | |||
Other receivables, net | 37,781,078 | 43,779,955 | 41,246,456 |
Inventories | |||
Total inventories | 393,413,461 | 424,625,017 | 379,221,700 |
Prepayments | |||
Total prepayments | 14,294,799 | 14,444,295 | 11,272,695 |
Non-current assets classified as held for sale, net | |||
Non-current assets classified as held for sale, net | 0 | 0 | 5,700,377 |
Other current assets | |||
Total other current assets | 74,375,589 | 50,580,974 | 38,704,542 |
Total current assets | 1,588,990,994 | 1,788,218,973 | 1,666,906,137 |
Non-current assets | |||
Non-current available-for-sale financial assets | |||
Non-current available-for-sale financial assets, net | 36,465,224 | 38,997,120 | 50,884,627 |
Non-current financial assets at cost | |||
Non-current financial assets at cost, net | 21,187,524 | 18,795,163 | 6,645,983 |
Investments accounted for using equity method | |||
Investments accounted for using equity method, net | 77,078,019 | 77,634,937 | 66,037,679 |
Property, plant and equipment | |||
Total property, plant and equipment | 326,574,458 | 336,738,466 | 341,208,380 |
Investment property, net | |||
Investment property, net | 2,930,565 | 3,014,648 | 2,842,448 |
Intangible assets | |||
Total intangible assets | 3,090,445 | 3,253,837 | 4,291,195 |
Deferred tax assets | 18,801,574 | 18,303,571 | 16,411,112 |
Other non-current assets | |||
Total other non-current assets | 53,631,841 | 23,343,162 | 25,761,618 |
Total non-current assets | 539,759,650 | 520,080,904 | 514,083,042 |
Total assets | 2,128,750,644 | 2,308,299,877 | 2,180,989,179 |
Liabilities and equity | |||
Liabilities | |||
Current liabilities | |||
Short-term borrowings | |||
Total short-term borrowings | 78,832,251 | 70,233,209 | 174,998,976 |
Short-term notes and bills payable | |||
Total short-term notes and bills payable | 13,979,375 | 7,000,000 | 0 |
Current financial liabilities at fair value through profit or loss | |||
Total current financial liabilities at fair value through profit or loss | 3,829,920 | 484,773 | 896,530 |
Accounts payable | |||
Total accounts payable | 459,416,850 | 613,195,241 | 503,738,642 |
Accounts payable to related parties | |||
Total accounts payable to related parties | 21,922,201 | 30,862,535 | 37,480,863 |
Other payables | |||
Total other payables | 163,627,368 | 197,024,433 | 170,974,327 |
Current tax liabilities | 32,355,055 | 32,684,113 | 29,348,981 |
Current provisions | |||
Total current provisions | 1,988,122 | 2,332,882 | 2,538,107 |
Liabilities related to non-current assets classified as held for sale | 0 | 0 | 59,539 |
Other current liabilities | |||
Total other current liabilities | 94,746,513 | 102,305,015 | 78,843,642 |
Total current liabilities | 870,697,655 | 1,056,122,201 | 998,879,607 |
Non-current liabilities | |||
Bonds payable | |||
Total bonds payable | 150,942,223 | 161,789,254 | 142,996,736 |
Long-term borrowings | |||
Total long-term borrowings | 8,420,411 | 10,221,175 | 21,612,402 |
Deferred tax liabilities | |||
Total deferred tax liabilities | 9,242,132 | 9,580,816 | 6,660,971 |
Other non-current liabilities | |||
Total other non-current liabilities | 10,217,734 | 10,195,352 | 9,367,745 |
Total non-current liabilities | 178,822,500 | 191,786,597 | 180,637,854 |
Total liabilities | 1,049,520,155 | 1,247,908,798 | 1,179,517,461 |
Equity | |||
Equity attributable to owners of parent | |||
Share capital | |||
Ordinary share | 156,382,881 | 156,382,881 | 147,934,068 |
Total capital stock | 156,382,881 | 156,382,881 | 147,934,068 |
Capital surplus | |||
Capital surplus, additional paid-in capital | |||
Total capital surplus, additional paid-in capital | 79,169,050 | 79,169,050 | 70,822,659 |
Capital Surplus, changes in ownership interests in subsidiaries | 1,183,889 | 0 | 112,566 |
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method | 2,652,683 | 2,567,488 | 1,933,977 |
Total capital surplus | 83,005,622 | 81,736,538 | 72,869,202 |
Retained earnings | |||
Legal reserve | 93,179,928 | 93,179,928 | 80,126,455 |
Unappropriated retained earnings (accumulated deficit) | |||
Total unappropriated retained earnings (accumulated deficit) | 643,804,469 | 616,227,711 | 577,317,790 |
Total retained earnings | 736,984,397 | 709,407,639 | 657,444,245 |
Other equity interest | |||
Exchange differences on translation of foreign financial statements | |||
Total exchange differences on translation of foreign financial statements | 44,311,081 | 52,934,288 | 47,788,115 |
Unrealized gains (losses) on available-for-sale financial assets | |||
Total unrealized gains (losses) on available-for-sale financial assets | 5,590,779 | 7,187,393 | 20,095,239 |
Total other equity interest | 49,901,860 | 60,121,681 | 67,883,354 |
Treasury shares | 18,901 | 18,901 | 18,901 |
Total equity attributable to owners of parent | 1,026,255,859 | 1,007,629,838 | 946,111,968 |
Non-controlling interests | 52,974,630 | 52,761,241 | 55,359,750 |
Total equity | 1,079,230,489 | 1,060,391,079 | 1,001,471,718 |
Total liabilities and equity | 2,128,750,644 | 2,308,299,877 | 2,180,989,179 |
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 | 1,685,317 | 1,605,064 |
Income Statement
Accounting Title | 2016/01/01 To2016/03/31 | 2015/01/01 To2015/03/31 |
Statement of comprehensive income | ||
Operating revenue | ||
Total operating revenue | 958,009,217 | 1,014,122,421 |
Operating costs | ||
Total operating costs | 890,432,744 | 941,699,063 |
Gross profit (loss) from operations | 67,576,473 | 72,423,358 |
Gross profit (loss) from operations | 67,576,473 | 72,423,358 |
Operating expenses | ||
Selling expenses | ||
Total selling expenses | 5,336,313 | 5,846,636 |
Administrative expenses | ||
Total administrative expenses | 16,807,448 | 17,606,361 |
Research and development expenses | ||
Total research and development expenses | 10,108,048 | 10,367,758 |
Total operating expenses | 32,251,809 | 33,820,755 |
Net operating income (loss) | 35,324,664 | 38,602,603 |
Non-operating income and expenses | ||
Other income | ||
Total other income | 8,853,500 | 6,387,852 |
Other gains and losses | ||
Other gains and losses, net | -2,691,323 | -1,343,926 |
Finance costs | ||
Finance costs, net | 5,290,841 | 4,249,079 |
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 | 109,948 | 850,084 |
Total non-operating income and expenses | 981,284 | 1,644,931 |
Profit (loss) from continuing operations before tax | 36,305,948 | 40,247,534 |
Tax expense (income) | ||
Total tax expense (income) | 8,757,088 | 8,987,977 |
Profit (loss) from continuing operations | 27,548,860 | 31,259,557 |
Profit (loss) | 27,548,860 | 31,259,557 |
Other comprehensive income | ||
Components of other comprehensive income that will be reclassified to profit or loss | ||
Exchange differences on translation | -8,042,866 | -13,461,361 |
Unrealised gains (losses) on valuation of available-for-sale financial assets | -1,668,978 | -3,820,085 |
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 | -627,368 | 637,163 |
Components of other comprehensive income that will be reclassified to profit or loss | -10,339,212 | -16,644,283 |
Other comprehensive income, net | -10,339,212 | -16,644,283 |
Total comprehensive income | 17,209,648 | 14,615,274 |
Profit (loss), attributable to: | ||
Profit (loss), attributable to owners of parent | 27,576,758 | 30,385,267 |
Profit (loss), attributable to non-controlling interests | -27,898 | 874,290 |
Comprehensive income attributable to: | ||
Comprehensive income, attributable to owners of parent | 17,356,937 | 14,671,441 |
Comprehensive income, attributable to non-controlling interests | -147,289 | -56,167 |
Basic earnings per share | ||
Basic earnings (loss) per share from continuing operations | 1.76 | 1.96 |
Total basic earnings per share | 1.76 | 1.96 |
Diluted earnings per share | ||
Diluted earnings (loss) per share from continuing operations | 1.75 | 1.94 |
Total diluted earnings per share | 1.75 | 1.94 |
Statement of cash flows
Accounting Title | 2016/01/01 To2016/03/31 | 2015/01/01 To2015/03/31 |
Statement of cash flows | ||
Cash flows from (used in) operating activities, indirect method | ||
Profit (loss) from continuing operations before tax | 36,305,948 | 40,247,534 |
Profit (loss) before tax | 36,305,948 | 40,247,534 |
Adjustments | ||
Adjustments to reconcile profit (loss) | ||
Depreciation expense | 16,524,330 | 17,395,776 |
Amortization expense | 211,440 | 226,272 |
Net loss (gain) on financial assets or liabilities at fair value through profit or loss | 4,924,757 | 3,448,834 |
Interest expense | 5,290,841 | 4,249,079 |
Interest income | -6,991,869 | -5,071,763 |
Dividend income | -155,102 | -332,687 |
Share of loss (profit) of associates and joint ventures accounted for using equity method | -109,948 | -850,084 |
Loss (gain) on disposal of property, plan and equipment | -105,981 | -44,932 |
Loss (gain) on disposal of non-current assets classified as held for sale | 0 | -28,375 |
Loss (gain) on disposal of investments | 97,441 | -220,657 |
Impairment loss on non-financial assets | 0 | 2,373,321 |
Total adjustments to reconcile profit (loss) | 19,685,909 | 21,144,784 |
Changes in operating assets and liabilities | ||
Changes in operating assets | ||
Decrease (increase) in financial assets held for trading | 2,134,685 | -2,199,598 |
Decrease (increase) in notes receivable | 267,078 | 3,916 |
Decrease (increase) in accounts receivable | 157,275,071 | 298,891,428 |
Decrease (increase) in accounts receivable due from related parties | 7,952,484 | 4,650,800 |
Decrease (increase) in other receivable | 8,056,720 | 6,269,395 |
Decrease (increase) in inventories | 31,211,556 | -10,024,887 |
Decrease (increase) in prepaid expenses | 149,496 | -859,554 |
Total changes in operating assets | 207,047,090 | 296,731,500 |
Changes in operating liabilities | ||
Increase (decrease) in accounts payable | -153,778,391 | -190,576,617 |
Increase (decrease) in accounts payable to related parties | -8,940,334 | -3,533,738 |
Increase (decrease) in other payable | -34,360,596 | -40,322,441 |
Increase (decrease) in provisions | -344,760 | -136,772 |
Increase (decrease) in other current liabilities | -7,084,257 | -3,539,905 |
Increase (decrease) in net defined benefit liability | -17,783 | 9,822 |
Total changes in operating liabilities | -204,526,121 | -238,099,651 |
Total changes in operating assets and liabilities | 2,520,969 | 58,631,849 |
Total adjustments | 22,206,878 | 79,776,633 |
Cash inflow (outflow) generated from operations | 58,512,826 | 120,024,167 |
Income taxes refund (paid) | -9,922,833 | -10,792,717 |
Net cash flows from (used in) operating activities | 48,589,993 | 109,231,450 |
Cash flows from (used in) investing activities | ||
Acquisition of available-for-sale financial assets | -22,680 | -2,473,965 |
Proceeds from disposal of available-for-sale financial assets | 358,071 | 541,817 |
Acquisition of financial assets at cost | -2,748,250 | -925,151 |
Proceeds from disposal of financial assets at cost | 0 | 2,619 |
Acquisition of investments accounted for using equity method | -197,180 | -37,500 |
Proceeds from disposal of investments accounted for using equity method | 283,939 | 0 |
Proceeds from disposal of non-current assets classified as held for sale | 0 | 3,433,375 |
Acquisition of property, plant and equipment | -9,743,953 | -18,939,052 |
Proceeds from disposal of property, plant and equipment | 558,412 | 1,989,904 |
Increase in other receivables due from related parties | -1,003,349 | -1,151,258 |
Acquisition of intangible assets | 0 | -12,331 |
Increase in other financial assets | -23,794,615 | 0 |
Decrease in other financial assets | 12,577 | 2,504,232 |
Increase in other non-current assets | -932,815 | -1,590,068 |
Increase in other prepayments | -2,715 | -37,152 |
Decrease in other prepayments | 513,406 | 0 |
Interest received | 5,937,375 | 4,630,990 |
Dividends received | 155,102 | 332,687 |
Other investing activities | -29,541,950 | -1,277,509 |
Net cash flows from (used in) investing activities | -60,168,625 | -13,008,362 |
Cash flows from (used in) financing activities | ||
Increase in short-term loans | 8,599,042 | 0 |
Decrease in short-term loans | 0 | -51,501,531 |
Increase in short-term notes and bills payable | 7,000,000 | 0 |
Proceeds from issuing bonds | 0 | 15,562,658 |
Repayments of bonds | -7,010,874 | -3,000,000 |
Proceeds from long-term debt | 178,500 | 508,833 |
Repayments of long-term debt | -6,772,962 | -2,882,727 |
Increase in other non-current liabilities | 172,115 | 0 |
Decrease in other non-current liabilities | 0 | -50,078 |
Interest paid | -4,567,148 | -3,279,983 |
Change in non-controlling interests | 360,678 | 970,348 |
Net cash flows from (used in) financing activities | -2,040,649 | -43,672,480 |
Effect of exchange rate changes on cash and cash equivalents | -2,734,421 | -12,431,296 |
Net increase (decrease) in cash and cash equivalents | -16,353,702 | 40,119,312 |
Cash and cash equivalents at beginning of period | 657,137,721 | 679,037,301 |
Cash and cash equivalents at end of period | 640,784,019 | 719,156,613 |
Cash and cash equivalents reported in the statement of financial position | 640,784,019 | 719,156,613 |
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 | Total other equity interest | Treasury shares | Total equity attributable to owners of parent | Non-controlling interests | Total equity | |
Equity | 156,382,881 | 156,382,881 | 81,736,538 | 93,179,928 | 616,227,711 | 709,407,639 | 52,934,288 | 7,187,393 | 60,121,681 | -18,901 | 1,007,629,838 | 52,761,241 | 1,060,391,079 |
Changes in equity of associates and joint ventures accounted for using equity method | 0 | 0 | 85,195 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85,195 | 0 | 85,195 |
Profit (loss) | 0 | 0 | 0 | 0 | 27,576,758 | 27,576,758 | 0 | 0 | 0 | 0 | 27,576,758 | -27,898 | 27,548,860 |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | -8,623,207 | -1,596,614 | -10,219,821 | 0 | -10,219,821 | -119,391 | -10,339,212 |
Total comprehensive income | 0 | 0 | 0 | 0 | 27,576,758 | 27,576,758 | -8,623,207 | -1,596,614 | -10,219,821 | 0 | 17,356,937 | -147,289 | 17,209,648 |
Changes in ownership interests in subsidiaries | 0 | 0 | 1,183,889 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,183,889 | 0 | 1,183,889 |
Changes in non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 360,678 | 360,678 |
Total increase (decrease) in equity | 0 | 0 | 1,269,084 | 0 | 27,576,758 | 27,576,758 | -8,623,207 | -1,596,614 | -10,219,821 | 0 | 18,626,021 | 213,389 | 18,839,410 |
Equity | 156,382,881 | 156,382,881 | 83,005,622 | 93,179,928 | 643,804,469 | 736,984,397 | 44,311,081 | 5,590,779 | 49,901,860 | -18,901 | 1,026,255,859 | 52,974,630 | 1,079,230,489 |
Independent Auditors' Report
Report of Independent Auditors | |
Name of CPA Firm | PricewaterhouseCoopers |
Name of CPA 1 | HSU, YUNG-CHIEN |
Name of CPA 2 | Chang, Ming-Hui |
Date of Audit (Review) | 2016-05-12 |
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 March 31, 2016 and 20 15, and the related consolidated statements of comprehensive income, of chang es in equity and of cash flows for the three-month periods then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express a conclusion on these financial statements base d 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 princi pally 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 obj ective of which is the expression of an opinion regarding the financial state ments 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 investment s accounted for under equity method, which statements reflect total assets (i ncluding investments accounted for under equity method) of $584,555,064 thous and and $675,347,192 thousand, constituting 27.46% and 30.97% of the consolid ated total assets, and total liabilities of $192,596,694 thousand and $274,14 4,254 thousand, constituting 18.35% and 23.24% of the consolidated total liab ilities as of March 31, 2016 and 2015, respectively, and total comprehensive income (including share of profit and other comprehensive income of associate s and joint ventures accounted for under equity method) of $504,020 thousand and $6,429,782 thousand, constituting 2.93% and 43.83% of the consolidated to tal comprehensive income for the three-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 March 31, 2016 and 2015.
Based on our reviews, except for the effect of such adjustments, if a ny, as might have been determined to be necessary had the financial statement s of certain consolidated subsidiaries, investments accounted for under equit y method and the information disclosed in Note 13 been reviewed by independen t accountants, we are not aware of any material modifications that should be made to the consolidated financial statements referred to above for them to b e in conformity with the"Rules Governing the Preparation of Financial Statem ents by Securities Issuers" and IAS 34,"Interim Financial Reporting"as end orsed by the Financial Supervisory Commission (FSC).
PricewaterhouseCoopers, Taiwan May 12, 2016
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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 other 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.
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Ending balance of assets of subsidiaries whose financial statements were audited or reviewed by other independent accountants | |
Total year-to-date revenues of subsidiaries whose financial statements were audited or reviewed by other independent accountants | |
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 | |
Share of year-to-date profit (loss) of associates and joint ventures accounted for using equity method which audited by other independent accountants | |
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 | |
Year-to-date comprehensive income of subsidiaries whose financial statements were unaudited or unreviewed | |
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 | |
Share of year-to-date profit (loss) of associates and joint ventures accounted for using equity method whose financial statements were unaudited or unreviewed | |
Share of profit (loss) for the quarter of associates and joint ventures accounted for using equity method whose financial statements were unaudited or unreviewed | |
Related Shares:
Hon Hai Precsn