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© Xinhua Electronics Production | April 27, 2011

Hon Hai reports 63% net sales increase YoY for 2010

Comparing the first twelve months of 2010 with the same period in 2009, net sales increased by 62.8% to NTD 2.313 trillion; Net income improved by 1.9% to NTD 77.1 billion for Hon Hai Precision.
"Despite the general uncertainty and a so-called challenging environment, under the back drop of an increase weighting in company’s consumer electronics business, the quarterly unconsolidated results were as expected and remain seasonal," said Edmund C.A. Ding, Spokesperson.

"Furthermore, we are especially proud with our accomplishments in market share gaining which in maximizing our shareholders’ value and in promoting and assuring social and environmental responsibility as a priority in a total supply chain initiative. Aside from being a recognized EICC member, we determine to continue revolutionize the manufacturing services providing industry by not only strive for the best speed, quality, engineering services, efficiency and value-added, but also enforce social and environmental responsibility standard to maximize our stakeholders’ long term value at the same time.“

© Hon Hai Precision

Net Sales:

The Company’s net sales for the twelve months end of December 31, 2010 improved by 62.8% to NTD 2.313 trillion from NTD 1.42 trillion for the twelve months end of December 31, 2009.

Gross Profit (net) and Gross Margin:

The Company’s gross profit (net) for the twelve months end of December 31, 2010 increased 58.5% to NTD 100.9 billion from NTD 63.6 billion for the twelve months end of December 31, 2009 even when, as a percentage of net sales, gross profit (net) down to 4.4% from 4.5%.

Operating Expenses:

The Company’s operating expenses for the twelve months end of December 31, 2010 increased by 68.4% to NTD 65.4 billion from NTD 38.8 billion for the same period 2009. As a percentage of net sales, operating expenses increased to 2.8% from 2.7%.

Operating Income and Operating Margin:

The Company’s operating income for the twelve months end of December 31, 2010 increased by 43.0% to NTD 35.4 billion from NTD 24.7 billion for the twelve months end of December 31, 2009. As a percentage of net sales, operating income decreased to 1.5% from 1.7%.

Non-Operating Income and Expenses:

The Company’s non-operating income for the twelve months end of December 31, 2010 decreased by 7.8% to NTD 53.9 billion from NTD 58.4 billion for the same period in 2009. As a percentage of net sales, non-operating income decreased to 2.3% from 4.1 %.

The Company’s non-operating expenses for the twelve months end of December 31, 2010 increased by 330.4 % to NTD 4.941 billion from NTD 1.148 billion for the same period in 2009. As a percentage of net sales, non-operating expenses increased to 0.2% from 0.1%.

Income Before Income Tax:

The Company’s income before income tax increased by 2.8% to NTD 84.4 billion for the twelve months end of December 31, 2010 from NTD 82.1 billion for the twelve months end of December 31, 2009. As a percentage of net sales, income before income tax decreased to 3.7% from 5.8%.

Net Income and Net Margin:

The Company’s net income increased by 1.9% to NTD 77.1 billion for the twelve months end of December 31, 2010 from NTD 75.6 billion for the same period in 2009 while net income, as a percentage of net sales, decreased to 3.3% from 5.3%.

Liquidity and Capital Resources:

During the twelve months end of December 31, 2010, Hon Hai’s end of period cash and cash equivalents amount to NTD 61.4 billion versus NTD 34.2 billion of same period in 2009. The current period cash consist of inflow of operating activities of NTD 114.8 billion and inflow of financing activities of NTD 36.6 billion respectively, and outflow of investing activities of NTD 122.7 billion. In comparison, the same period in 2009 cash of inflow of operating activities of NTD 55.7 billion and inflow of financing activities of NTD 3.1 billion, and outflow of investing activities of NTD 41.7 billion.

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