2020 2nd Quarter Results

RNS Announcement

RNS Number : 9517V

Hon Hai Precision Industry Co Ld

12 August 2020

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

2020 2nd IFRSs Consolidated Financial Statements

Unit: NT$ thousand

Balance Sheet

Accounting Title	2020/06/30	2019/12/31	2019/06/30
Assets
Current assets
Cash and cash equivalents	953,161,485	857,864,362	816,868,213
Current financial assets at fair value through profit or loss	1,225,746	2,952,049	1,837,706
Current financial assets at amortised cost	51,665,513	52,954,877	115,546,638
Accounts receivable, net	722,108,923	987,278,438	717,676,379
Accounts receivable due from related parties, net	32,908,483	44,754,604	44,792,788
Other receivables	52,906,729	67,854,299	71,058,559
Other receivables due from related parties	10,318,787	24,366,543	37,932,331
Current inventories	504,872,238	515,772,177	571,193,830
Prepayments	18,657,789	19,895,574	20,166,066
Total current assets	2,347,825,693	2,573,692,923	2,397,072,510
Non-current assets
Non-current financial assets at fair value through profit or loss	90,285,191	82,660,725	78,674,006
Non-current financial assets at fair value through other comprehensive income	65,485,674	68,807,217	70,377,247
Non-current financial assets at amortised cost	15,217,128	12,528,569	14,491,760
Investments accounted for using equity method	158,702,923	168,631,642	166,842,468
Property, plant and equipment	269,882,577	287,523,253	281,459,480
Right-of-use assets	46,665,541	46,760,340	42,366,227
Investment property, net	10,485,611	4,419,912	4,823,231
Intangible assets	40,627,171	41,380,353	30,189,585
Deferred tax assets	23,414,820	18,701,465	19,525,906
Other non-current assets	15,301,979	15,835,299	8,776,204
Total non-current assets	736,068,615	747,248,775	717,526,114
Total assets	3,083,894,308	3,320,941,698	3,114,598,624
Liabilities and equity
Liabilities
Current liabilities
Current borrowings	415,824,358	380,866,050	388,170,240
Short-term notes and bills payable	41,071,452	30,528,296	31,073,111
Current financial liabilities at fair value through profit or loss	1,424,681	1,881,685	1,279,540
Accounts payable	648,806,176	870,678,994	668,572,345
Accounts payable to related parties	19,927,481	35,509,127	34,124,266
Other payables	245,541,777	217,732,729	264,429,108
Current tax liabilities	11,506,054	18,531,289	18,194,317
Current provisions	2,527,551	2,725,293	3,936,902
Current lease liabilities	8,572,170	7,131,038	5,744,076
Other current liabilities	92,815,006	91,876,860	52,779,852
Total current liabilities	1,488,016,706	1,657,461,361	1,468,303,757
Non-current liabilities
Non-current financial liabilities at fair value through profit or loss	2,250	0	11,100
Bonds payable	178,431,065	175,505,344	197,885,404
Non-current portion of non-current borrowings	40,731,361	41,576,252	52,148,216
Non-current provisions	377,714	369,953	0
Deferred tax liabilities	22,583,014	18,261,509	21,567,566
Non-current lease liabilities	20,915,904	20,875,343	17,296,221
Other non-current liabilities	7,115,728	7,266,519	7,028,103
Total non-current liabilities	270,157,036	263,854,920	295,936,610
Total liabilities	1,758,173,742	1,921,316,281	1,764,240,367
Equity
Equity attributable to owners of parent
Share capital
Ordinary share	138,629,906	138,629,906	138,629,906
Total Share Capital	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	101,873,991	99,189,558	93,886,455
Capital surplus, donated assets received	0	0	0
Capital surplus, changes in equity of associates and joint ventures accounted for using equity method	10,257,767	10,593,529	11,071,179
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	201,732,042	199,383,371	194,557,918
Retained earnings
Legal reserve	161,043,748	149,512,874	149,512,874
Special reserve	102,451,720	60,309,927	60,309,927
Unappropriated retained earnings (accumulated deficit)	708,370,677	794,615,182	715,121,148
Total retained earnings	971,866,145	1,004,437,983	924,943,949
Other equity interest
Exchange differences on translation of foreign financial statements	-150,973,128	-113,889,466	-49,412,698
Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income	8,378,235	11,437,746	7,828,873
Total other equity interest	-142,594,893	-102,451,720	-41,583,825
Treasury shares	15,194	15,194	15,194
Total equity attributable to owners of parent	1,169,618,006	1,239,984,346	1,216,532,754
Non-controlling interests	156,102,560	159,641,071	133,825,503
Total equity	1,325,720,566	1,399,625,417	1,350,358,257
Total liabilities and equity	3,083,894,308	3,320,941,698	3,114,598,624
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	2020/01/01To2020/06/30	2019/01/01To2019/06/30
Operating revenue
Total operating revenue	2,057,470,029	2,214,086,625
Operating costs
Total operating costs	1,949,025,405	2,094,177,749
Gross profit (loss) from operations	108,444,624	119,908,876
Gross profit (loss) from operations	108,444,624	119,908,876
Operating expenses
Selling expenses	10,821,163	14,462,628
Administrative expenses	32,079,517	36,368,546
Research and development expenses	38,550,173	37,420,040
Total operating expenses	81,450,853	88,251,214
Net operating income (loss)	26,993,771	31,657,662
Non-operating income and expenses
Interest income
Total interest income	27,619,345	36,006,006
Other income
Total other income	3,565,782	4,225,975
Other gains and losses
Other gains and losses, net	5,137,380	8,215,228
Finance costs
Finance costs, net	23,256,905	30,632,414
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	706,946	9,564,173
Total non-operating income and expenses	13,772,548	27,378,968
Profit (loss) from continuing operations before tax	40,766,319	59,036,630
Tax expense (income)
Total tax expense (income)	13,217,842	16,845,823
Profit (loss) from continuing operations	27,548,477	42,190,807
Profit (loss)	27,548,477	42,190,807
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	692,829	2,665,130
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	-3,558,208	299,019
Components of other comprehensive income that will not be reclassified to profit or loss	-2,865,379	2,964,149
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation	-38,513,051	14,538,678
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	-1,887,169	2,589,025
Components of other comprehensive income that will be reclassified to profit or loss	-40,400,220	17,127,703
Other comprehensive income, net	-43,265,599	20,091,852
Total comprehensive income	-15,717,122	62,282,659
Profit (loss), attributable to:
Profit (loss), attributable to owners of parent	24,964,263	36,878,567
Profit (loss), attributable to non-controlling interests	2,584,214	5,312,240
Comprehensive income attributable to:
Comprehensive income, attributable to owners of parent	-14,478,269	55,702,717
Comprehensive income, attributable to non-controlling interests	-1,238,853	6,579,942
Basic earnings per share
Basic earnings (loss) per share from continuing operations	1.80	2.66
Total basic earnings per share	1.80	2.66
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	1.80	2.65
Total diluted earnings per share	1.80	2.65

Statements of Cash Flows

Accounting Title	2020/01/01To2020/06/30	2019/01/01To2019/06/30
Cash flows from (used in) operating activities, indirect method
Profit (loss) from continuing operations before tax	40,766,319	59,036,630
Profit (loss) before tax	40,766,319	59,036,630
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense	30,269,125	30,571,301
Amortization expense	2,155,612	742,959
Expected credit loss (gain) / Provision (reversal of provision) for bad debt expense	1,622,496	748,046
Net loss (gain) on financial assets or liabilities at fair value through profit or loss	-2,803,432	-14,465,133
Interest expense	22,768,171	29,972,750
Interest income	-27,619,345	-36,006,006
Dividend income	-1,179,358	-1,218,062
Share of loss (profit) of associates and joint ventures accounted for using equity method	-706,946	-9,564,173
Loss (gain) on disposal of property, plan and equipment	-31,783	500,708
Loss (gain) on disposal of investments	577	0
Impairment loss on financial assets	0	157,082
Total adjustments to reconcile profit (loss)	24,475,117	1,439,472
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	90,446	8,785,879
Decrease (increase) in notes receivable	103,096	137,154
Decrease (increase) in accounts receivable	263,795,606	290,788,116
Decrease (increase) in accounts receivable due from related parties	13,296,901	3,380,499
Decrease (increase) in other receivable	1,513,682	-1,440,520
Decrease (increase) in inventories	10,899,939	54,682,445
Decrease (increase) in prepayments	1,237,785	-569,806
Total changes in operating assets	290,937,455	355,763,767
Changes in operating liabilities
Increase (decrease) in accounts payable	-222,448,920	-237,110,160
Increase (decrease) in accounts payable to related parties	-15,581,646	-8,216,483
Increase (decrease) in other payable	-10,910,431	-9,474,927
Increase (decrease) in provisions	-189,981	-1,715,245
Increase (decrease) in other current liabilities	8,913,908	3,516,223
Increase (decrease) in net defined benefit liability	-29,835	-27,218
Total changes in operating liabilities	-240,246,905	-253,027,810
Total changes in operating assets and liabilities	50,690,550	102,735,957
Total adjustments	75,165,667	104,175,429
Cash inflow (outflow) generated from operations	115,931,986	163,212,059
Income taxes refund (paid)	-20,634,927	-31,430,207
Net cash flows from (used in) operating activities	95,297,059	131,781,852
Cash flows from (used in) investing activities
Acquisition of financial assets at fair value through other comprehensive income	-460,886	-1,099,229
Proceeds from disposal of financial assets at fair value through other comprehensive income	138,948	87,906
Acquisition of financial assets at amortised cost	-3,040,432	-36,051,809
Proceeds from repayments of financial assets at amortised cost	1,279,800	1,369,020
Acquisition of financial assets at fair value through profit or loss	-5,029,139	-6,902,388
Proceeds from disposal of financial assets at fair value through profit or loss	1,389,208	12,590,164
Acquisition of investments accounted for using equity method	-181,641	-1,185,298
Proceeds from disposal of investments accounted for using equity method	68,050	0
Net cash flow from acquisition of subsidiaries	-1,141,675	-3,286,252
Acquisition of property, plant and equipment	-32,119,243	-38,389,675
Proceeds from disposal of property, plant and equipment	2,451,356	1,644,531
Decrease in other receivables due from related parties	15,507,298	22,227,538
Acquisition of intangible assets	-571,356	0
Acquisition of use-of-right assets	-981,967	-262,375
Decrease in other prepayments	169,433	291,379
Interest received	39,322,140	36,816,485
Dividends received	2,260,839	2,495,468
Other investing activities	-190,712	-83,867
Net cash flows from (used in) investing activities	18,870,021	-9,738,402
Cash flows from (used in) financing activities
Increase in short-term loans	34,958,308	0
Decrease in short-term loans	0	-144,145,137
Increase in short-term notes and bills payable	10,560,095	11,898,755
Proceeds from issuing bonds	12,800,000	31,060,000
Repayments of bonds	-12,900,000	-3,900,000
Proceeds from long-term debt	306,866	19,216,396
Repayments of long-term debt	-5,070,587	-872,721
Payments of lease liabilities	-4,508,031	-2,666,630
Increase in other non-current liabilities	69,756	0
Decrease in other non-current liabilities	0	-529,578
Interest paid	-35,525,290	-31,380,255
Change in non-controlling interests	-2,299,658	6,690,142
Net cash flows from (used in) financing activities	-1,608,541	-114,629,028
Effect of exchange rate changes on cash and cash equivalents	-17,261,416	20,791,466
Net increase (decrease) in cash and cash equivalents	95,297,123	28,205,888
Cash and cash equivalents at beginning of period	857,864,362	788,662,325
Cash and cash equivalents at end of period	953,161,485	816,868,213
Cash and cash equivalents reported in the statement of financial position	953,161,485	816,868,213

Statements of Changes in Stockholders' Equity

	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
Legal reserve appropriated	0	0	0	11,530,874	0	-11,530,874	0	0	0	0	0	0	0	0
Special reserve appropriated	0	0	0	0	42,141,793	-42,141,793	0	0	0	0	0	0	0	0
Cash dividends of ordinary share	0	0	0	0	0	-58,224,561	-58,224,561	0	0	0	0	-58,224,561	0	-58,224,561
Changes in equity of associates and joint ventures accounted for using equity method	0	0	-335,762	0	0	-12,181	-12,181	0	0	0	0	-347,943	0	-347,943
Profit (loss)	0	0	0	0	0	24,964,263	24,964,263	0	0	0	0	24,964,263	2,584,214	27,548,477
Other comprehensive income	0	0	0	0	0	0	0	-37,083,662	-2,358,870	-39,442,532	0	-39,442,532	-3,823,067	-43,265,599
Total comprehensive income	0	0	0	0	0	24,964,263	24,964,263	-37,083,662	-2,358,870	-39,442,532	0	-14,478,269	-1,238,853	-15,717,122
Changes in ownership interests in subsidiaries	0	0	2,684,433	0	0	0	0	0	0	0	0	2,684,433	0	2,684,433
Changes in non-controlling interests	0	0	0	0	0	0	0	0	0	0	0	0	-2,299,658	-2,299,658
Disposal of investments in equity instruments designated at fair value through other comprehensive income	0	0	0	0	0	700,641	700,641	0	-700,641	-700,641	0	0	0	0
Increase (decrease) in equity	0	0	2,348,671	11,530,874	42,141,793	-86,244,505	-32,571,838	-37,083,662	-3,059,511	-40,143,173	0	-70,366,340	-3,538,511	-73,904,851
Equity at end of period	138,629,906	138,629,906	201,732,042	161,043,748	102,451,720	708,370,677	971,866,145	-150,973,128	8,378,235	-142,594,893	-15,194	1,169,618,006	156,102,560	1,325,720,566

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RNS metadata

Title: 2020 2nd Quarter Results
Time: 13:06:15
Date: 12 Aug 2020
Category: Results
ID: 9517V