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2020 1st Quarter Results

RNS Announcement

RNS Number : 0917N

Hon Hai Precision Industry Co Ld

15 May 2020

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

2020 1st IFRS Consolidated Financial Statements

Balance Sheet

Accounting Title	2020/03/31	2019/12/31	2019/03/31
Assets
Current assets
Cash and cash equivalents	931,434,201	857,864,362	819,325,381
Current financial assets at fair value through profit or loss	4,473,572	2,952,049	2,344,993
Current financial assets at amortised cost	85,679,240	52,954,877	108,584,449
Accounts receivable, net	622,757,155	987,278,438	661,319,721
Accounts receivable due from related parties, net	28,434,024	44,754,604	34,586,702
Other receivables	54,272,273	67,854,299	60,832,772
Other receivables due from related parties	15,581,029	24,366,543	42,234,041
Current inventories	532,240,638	515,772,177	570,569,916
Prepayments	22,061,968	19,895,574	19,028,145
Total current assets	2,296,934,100	2,573,692,923	2,318,826,120
Non-current assets
Non-current financial assets at fair value through profit or loss	85,621,808	82,660,725	75,154,373
Non-current financial assets at fair value through other comprehensive income	55,656,421	68,807,217	73,315,838
Non-current financial assets at amortised cost	12,961,571	12,528,569	16,135,117
Investments accounted for using equity method	161,601,359	168,631,642	166,194,898
Property, plant and equipment	277,457,385	287,523,253	279,992,163
Right-of-use assets	46,660,405	46,760,340	48,717,424
Investment property, net	6,609,334	4,419,912	2,591,707
Intangible assets	41,431,581	41,380,353	30,200,268
Deferred tax assets	21,670,233	18,701,465	20,765,522
Other non-current assets	16,072,142	15,835,299	8,974,079
Total non-current assets	725,742,239	747,248,775	722,041,389
Total assets	3,022,676,339	3,320,941,698	3,040,867,509
Liabilities and equity
Liabilities
Current liabilities
Current borrowings	374,192,060	380,866,050	367,863,167
Short-term notes and bills payable	29,963,286	30,528,296	35,286,800
Current financial liabilities at fair value through profit or loss	3,293,360	1,881,685	960,359
Accounts payable	642,432,165	870,678,994	616,947,234
Accounts payable to related parties	24,190,374	35,509,127	29,813,959
Other payables	186,863,873	217,732,729	187,809,836
Current tax liabilities	16,138,489	18,531,289	38,816,543
Current provisions	2,547,523	2,725,293	4,987,083
Current lease liabilities	7,760,497	7,131,038	4,485,551
Other current liabilities	91,542,791	91,876,860	45,952,085
Total current liabilities	1,378,924,418	1,657,461,361	1,332,922,617
Non-current liabilities
Non-current financial liabilities at fair value through profit or loss	97,237	0	9,150
Bonds payable	181,738,717	175,505,344	204,468,307
Non-current portion of non-current borrowings	41,417,060	41,576,252	54,211,718
Non-current provisions	372,575	369,953	0
Deferred tax liabilities	21,482,440	18,261,509	19,175,732
Non-current lease liabilities	21,929,457	20,875,343	23,829,889
Other non-current liabilities	6,592,199	7,266,519	7,730,175
Total non-current liabilities	273,629,685	263,854,920	309,424,971
Total liabilities	1,652,554,103	1,921,316,281	1,642,347,588
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	138,629,906	138,629,906	138,629,906
Total capital stock	138,629,906	138,629,906	138,629,906
Capital surplus
Capital surplus, additional paid-in capital	88,501,031	88,501,031	88,501,031
Capital surplus, difference between consideration and carrying amount of subsidiaries acquired or disposed	0	0	0
Capital Surplus, changes in ownership interests in subsidiaries	100,090,259	99,189,558	95,360,313
Capital surplus, donated assets received	0	0	0
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method	10,190,123	10,593,529	11,379,263
Capital surplus, employee share options	0	0	0
Capital surplus, share options	1,099,253	1,099,253	1,099,253
Capital Surplus, restricted stock	0	0	0
Capital surplus, others	0	0	0
Total capital surplus	199,880,666	199,383,371	196,339,860
Retained earnings
Legal reserve	149,512,874	149,512,874	136,606,364
Special reserve	60,309,927	60,309,927	27,539,310
Unappropriated retained earnings (accumulated deficit)	796,693,801	794,615,182	799,088,916
Total retained earnings	1,006,516,602	1,004,437,983	963,234,590
Other equity interest
Exchange differences on translation of foreign financial statements	-127,253,145	-113,889,466	-41,515,137
Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income	-5,522,923	11,437,746	10,547,123
Total other equity interest	-132,776,068	-102,451,720	-30,968,014
Treasury shares	15,194	15,194	15,194
Total equity attributable to owners of parent	1,212,235,912	1,239,984,346	1,267,221,148
Non-controlling interests	157,886,324	159,641,071	131,298,773
Total equity	1,370,122,236	1,399,625,417	1,398,519,921
Total liabilities and equity	3,022,676,339	3,320,941,698	3,040,867,509
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	1,483,078	1,483,078	1,483,078

Income Statement

Accounting Title	2020/01/01To2020/03/31	2019/01/01To2019/03/31
Operating revenue
Total operating revenue	929,133,122	1,054,302,519
Operating costs
Total operating costs	887,319,417	995,999,945
Gross profit (loss) from operations	41,813,705	58,302,574
Gross profit (loss) from operations	41,813,705	58,302,574
Operating expenses
Selling expenses	5,317,386	6,773,683
Administrative expenses	15,035,999	17,546,993
Research and development expenses	16,935,217	17,872,966
Total operating expenses	37,288,602	42,193,642
Net operating income (loss)	4,525,103	16,108,932
Non-operating income and expenses
Other income
Total other income	14,578,180	17,937,160
Other gains and losses
Other gains and losses, net	441,377	9,096,893
Finance costs
Finance costs, net	12,259,616	14,390,443
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	-1,386,624	1,730,936
Total non-operating income and expenses	1,373,317	14,374,546
Profit (loss) from continuing operations before tax	5,898,420	30,483,478
Tax expense (income)
Total tax expense (income)	3,748,209	6,322,069
Profit (loss) from continuing operations	2,150,211	24,161,409
Profit (loss)	2,150,211	24,161,409
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit or loss
Unrealised gains (losses) from investments in equity instruments measured at fair value through other comprehensive income	-13,982,967	4,965,318
Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss	-4,025,455	516,032
Components of other comprehensive income that will not be reclassified to profit or loss	-18,008,422	5,481,350
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-12,232,021	24,831,548
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	-1,607,757	1,505,283
Components of other comprehensive income that will be reclassified to profit or loss	-13,839,778	26,336,831
Other comprehensive income, net	-31,848,200	31,818,181
Total comprehensive income	-29,697,989	55,979,590
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	2,083,851	19,825,041
Profit (loss), attributable to non-controlling interests	66,360	4,336,368
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	-28,240,413	49,152,460
Comprehensive income, attributable to non-controlling interests	-1,457,576	6,827,130
Basic earnings per share
Basic earnings (loss) per share from continuing operations	0.15	1.43
Total basic earnings per share	0.15	1.43
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	0.15	1.41
Total diluted earnings per share	0.15	1.41

Statements of Cash Flows

Accounting Title	2020/01/01To2020/03/31	2019/01/01To2019/03/31
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	5,898,420	30,483,478
Profit (loss) before tax	5,898,420	30,483,478
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	14,640,847	15,328,213
Amortization expense	1,096,984	351,085
Expected credit loss (gain) / Provision (reversal of provision) for bad debt expense	878,244	-199,057
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	217,621	-10,343,881
Interest expense	11,876,584	14,259,256
Interest income	-13,650,041	-15,789,167
Dividend income	-45,473	-211,870
Share of loss (profit) of associates and joint ventures accounted for using equity method	1,386,624	-1,730,936
Loss (gain) on disposal of property, plan and equipment	24,405	53,421
Loss (gain) on disposal of investments	-44	0
Total adjustments to reconcile profit (loss)	16,425,751	1,717,064
Changes in operating assets and liabilities
Changes in operating assets
Decrease (increase) in financial assets at fair value through profit or loss, mandatorily measured at fair value	-328,391	3,502,460
Decrease (increase) in notes receivable	-253,824	377,083
Decrease (increase) in accounts receivable	363,900,877	347,848,638
Decrease (increase) in accounts receivable due from related parties	16,279,837	13,589,646
Decrease (increase) in other receivable	5,859,019	4,686,984
Decrease (increase) in inventories	-16,468,461	54,455,878
Decrease (increase) in prepayments	-2,166,394	568,115
Total changes in operating assets	366,822,663	425,028,804
Changes in operating liabilities
Increase (decrease) in accounts payable	-228,246,829	-288,735,271
Increase (decrease) in accounts payable to related parties	-11,318,753	-12,526,790
Increase (decrease) in other payable	-17,329,283	-23,694,739
Increase (decrease) in provisions	-175,148	-665,064
Increase (decrease) in other current liabilities	6,040,666	3,383,880
Increase (decrease) in net defined benefit liability	-16,668	-17,721
Total changes in operating liabilities	-251,046,015	-322,255,705
Total changes in operating assets and liabilities	115,776,648	102,773,099
Total adjustments	132,202,399	104,490,163
Cash inflow (outflow) generated from operations	138,100,819	134,973,641
Income taxes refund (paid)	-5,888,846	-3,915,677
Net cash flows from (used in) operating activities	132,211,973	131,057,964
Cash flows from (used in) investing activities
Acquisition of financial assets at fair value through other comprehensive income	-421,511	-935,903
Proceeds from disposal of financial assets at fair value through other comprehensive income	745	46,238
Acquisition of financial assets at amortised cost	-33,157,365	-29,640,310
Proceeds from repayments of financial assets at amortised cost	0	477,783
Acquisition of financial assets at fair value through profit or loss	-2,934,962	-3,049,006
Proceeds from disposal of financial assets at fair value through profit or loss	72,038	12,590,164
Acquisition of investments accounted for using equity method	0	-476,629
Proceeds from disposal of investments accounted for using equity method	10,199	0
Acquisition of property, plant and equipment	-14,823,359	-22,585,578
Proceeds from disposal of property, plant and equipment	1,806,969	3,009,724
Decrease in other receivables due from related parties	8,373,351	16,413,091
Acquisition of intangible assets	-412,000	0
Acquisition of use-of-right assets	0	-213,934
Increase in other non-current assets	-729,975	-214,275
Interest received	21,616,834	21,044,394
Dividends received	45,473	211,870
Other investing activities	-87,721	19,257
Net cash flows from (used in) investing activities	-20,641,284	-3,303,114
Cash flows from (used in) financing activities
Decrease in short-term loans	-6,673,990	-164,452,210
Increase in short-term notes and bills payable	0	16,047,651
Decrease in short-term notes and bills payable	-599,602	0
Proceeds from issuing bonds	6,200,000	30,820,000
Repayments of bonds	-5,200,000	-1,100,000
Proceeds from long-term debt	294,068	18,393,656
Repayments of long-term debt	-2,297,356	-716,794
Payments of lease liabilities	-1,794,463	-1,876,242
Increase in other non-current liabilities	0	59,873
Decrease in other non-current liabilities	-569,931	0
Interest paid	-20,358,648	-19,715,286
Change in non-controlling interests	-297,171	3,916,224
Net cash flows from (used in) financing activities	-31,297,093	-118,623,128
Effect of exchange rate changes on cash and cash equivalents	-6,703,757	21,531,334
Net increase (decrease) in cash and cash equivalents	73,569,839	30,663,056
Cash and cash equivalents at beginning of period	857,864,362	788,662,325
Cash and cash equivalents at end of period	931,434,201	819,325,381
Cash and cash equivalents reported in the statement of financial position	931,434,201	819,325,381

Statements of Changes in Stockholders' Equity

Unit: NT$ thousand

	Ordinary share	Total share capital	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings (accumulated deficit)	Total retained earnings	Exchange differences on translation of foreign financial statements	Unrealised gains (losses) on financial assets measured at fair value through other comprehensive income	Total other equity interest	Treasury shares	Total equity attributable to owners of parent	Non-controlling interests	Total equity
Equity at beginning of period	138,629,906	138,629,906	199,383,371	149,512,874	60,309,927	794,615,182	1,004,437,983	-113,889,466	11,437,746	-102,451,720	-15,194	1,239,984,346	159,641,071	1,399,625,417
Changes in equity of associates and joint ventures accounted for using equity method	0	0	-403,406	0	0	-5,316	-5,316	0	0	0	0	-408,722	0	-408,722
Profit (loss)	0	0	0	0	0	2,083,851	2,083,851	0	0	0	0	2,083,851	66,360	2,150,211
Other comprehensive income	0	0	0	0	0	0	0	-13,363,679	-16,960,585	-30,324,264	0	-30,324,264	-1,523,936	-31,848,200
Total comprehensive income	0	0	0	0	0	2,083,851	2,083,851	-13,363,679	-16,960,585	-30,324,264	0	-28,240,413	-1,457,576	-29,697,989
Changes in ownership interests in subsidiaries	0	0	900,701	0	0	0	0	0	0	0	0	900,701	0	900,701
Changes in non-controlling interests	0	0	0	0	0	0	0	0	0	0	0	0	-297,171	-297,171
Disposal of investments in equity instruments designated at fair value through other comprehensive income	0	0	0	0	0	84	84	0	-84	-84	0	0	0	0
Increase (decrease) in equity	0	0	497,295	0	0	2,078,619	2,078,619	-13,363,679	-16,960,669	-30,324,348	0	-27,748,434	-1,754,747	-29,503,181
Equity at end of period	138,629,906	138,629,906	199,880,666	149,512,874	60,309,927	796,693,801	1,006,516,602	-127,253,145	-5,522,923	-132,776,068	-15,194	1,212,235,912	157,886,324	1,370,122,236

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RNS metadata

Title: 2020 1st Quarter Results
Time: 13:27:32
Date: 15 May 2020
Category: Results
ID: 0917N

2020 1st Quarter Results | RNS | Ticker