HSINCHU, Taiwan,
May 11, 2017
/PRNewswire-FirstCall/ --
1Q17 Highlights (as compared to 4Q16):
- Net Revenue Above Guidance at US$150.1 Million Compared to US$153.6 Million
- Gross Profit of US$26.9
Million Compared to US$31.7
Million
- Gross Margin In-Line with Guidance at 17.9% Compared to
20.6%
- Net Earnings of US$1.82 Per
Diluted ADS Compared to US$0.47 Per
Diluted ADS
- Net Earnings of US$0.09 Per
Diluted Common Share Compared to US$0.02 Per Diluted Common Share
- Completed ChipMOS Shanghai Equity Interest Transfer to
Tsinghua Unigroup Led Strategic Investors Resulting in a
US$62.8 Million Benefit to Net
Income
- Retained Balance of Cash and Cash Equivalents at
US$384.9 Million Compared to
US$249.2 Million, with Net Debt
Balance of US$3.6 Million
- Board Resolved on March
9, 2017 That NT$0.30 Per Common
Share Will Be
Distributed to Shareholders
from Earnings and
NT$0.70 Per
Common Share Will Be
Distributed to
Shareholders from Capital
Surplus. On An ADS
Basis, The Total
Amount Distributed to
Shareholders Will Be
Approximately US$0.66
Per ADS. The Distribution and
its Date Are Pending Approval by Shareholders at the Company's
Annual General Meeting on May 26,
2017.
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan
Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading
provider of outsourced semiconductor assembly and test services
("OSAT"), today reported unaudited consolidated financial results
for the first quarter ended March 31,
2017. All U.S. dollar figures in this release are based on
the exchange rate of NT$30.38 against
US$1.00 as of March 31, 2017.
All the figures were prepared in accordance with
Taiwan-International Financial Reporting Standards
("Taiwan-IFRS").
Net revenue for the first quarter of 2017 was NT$4,560.3 million or US$150.1 million, a decrease of 2.3% from
NT$4,667.1 million or US$153.6 million in the fourth quarter of 2016
and an increase of 2.5% from NT$4,447.5
million or US$146.4 million
for the same period in 2016. This compares to guidance for
the first quarter of 2017 revenue to be approximately 4% to 8%
lower than the prior fourth quarter of 2016.
Net earnings for the first quarter of 2017 was US$1.82 per diluted ADS, compared to US$0.47 per diluted ADS for the fourth quarter of
2016. Net income attributable to equity holders of the
Company for the first quarter of 2017 was NT$2,380.1 million or US$78.3 million, and NT$2.82 or US$0.09
per basic common share and NT$2.77 or
US$0.09 per diluted common share, as
compared to net income attributable to equity holders of the
Company for the fourth quarter of 2016 of NT$613.9 million or US$20.2 million, and NT$0.72 or US$0.02
per basic common share and NT$0.72 or
US$0.02 per diluted common share, and
compared to net income attributable to equity holders of the
Company in the first quarter of 2016 of NT$348.4 million or US$11.5 million, and NT$0.40 or US$0.01
per basic common share and NT$0.40 or
US$0.01 per diluted common share. Net
income for the first quarter of 2017 includes US$62.8 million related to the completion of
ChipMOS Shanghai equity interest transfer to Tsinghua Unigroup led
investors ("Strategic Investors").
S.J. Cheng, Chairman and
President of ChipMOS, said, "Revenue for the first quarter of 2017
came in above our guidance in what is traditionally the seasonally
lowest quarter for the OSAT sector. This reflects strength in
our LCD driver business, led by demand from both small and large
panels. We expect the LCD driver demand environment will
continue to improve in as we benefit from the ongoing 4K2K TV and
UHD market development, combined with the anticipated smartphone
recovery, led by new model introductions and technology
innovations, including OLED, 3D sensing and fingerprint
sensors. There was a mixed performance in our memory
business, with commodity DRAM demand slightly higher in Q1 and
flash-related revenue down approximately 9% compared to the prior
fourth quarter. Revenue in our mixed-signal business was down
slightly compared to 4Q16, which was offset by an uptick in our
WLCSP revenue. We exited Q1 with our balance sheet in the
strongest position in the Company's history and our growth
prospects highly robust, bolstered by the diversification of our
end markets, our unique position in the Taiwan and China supply chain and the positive demand
outlooks of our key customers. With respect to the
China market, we were pleased to
report on March 24, 2017 that we
completed the previously disclosed equity interest transfer to a
group of Strategic Investors. We are excited to move forward
with our partner Tsinghua Unigroup given the synergies, financial
and strategic support, and critical advocacy of a powerful partner
in the fast growing China market,
which we expect to be central to our longer-term success."
S.K. Chen, Chief Financial
Officer of ChipMOS, said, "We ended the first quarter with a
balance of cash and cash equivalents of US$384.9 million, and a net debt balance of just
US$3.6 million. We continue to
execute on our core business, target sustainable higher margin
growth opportunities, and prioritize capital expenditures in
support of our long-term growth strategy in both Taiwan and China. Gross margin for the
first quarter of 2017 came in at 17.9%, which was in-line with our
guidance of 16% to 20%, while net earnings were US$1.82 per diluted ADS or US$0.09 per diluted common share. There
were a variety of factors that adversely impacted first quarter
results, including but not limited to, the higher accrual for
employees' bonuses, and foreign exchange loss, which were offset by
the positive impact of the closure of the ChipMOS Shanghai equity
interest transfer, and an insurance settlement from the 2016
earthquake. Given the closure of our China JV and our
historically strong balance sheet, we plan to move forward with our
efforts to return capital to shareholders. As a next step,
our Board resolved on March 9, 2017
that NT$0.30 per common share will be
distributed to shareholders from earnings and NT$0.70 per common share will be distributed to
shareholders from capital surplus. The total amount of cash
to be distributed is NT$856.8 million
or approximately US$28.2
million. On an ADS basis, the total amount distributed
to shareholders will be approximately US$0.66 per ADS. The distribution date will
be set pending shareholder approval of the distribution at the
Company's annual general meeting on May 26,
2017. We do not have an active share repurchase
program in place at this time but have not ruled out putting a new
one in place at a future date."
Selected Operation
Data
|
|
|
|
|
|
|
1Q17
|
4Q16
|
Revenue by
segment
|
|
|
Testing
|
27%
|
27%
|
Assembly
|
31%
|
32%
|
LCD
Driver
|
25%
|
24%
|
Bumping
|
17%
|
17%
|
|
|
|
Utilization by
segment
|
|
|
Testing
|
81%
|
81%
|
Assembly
|
68%
|
67%
|
LCD
Driver
|
85%
|
79%
|
Bumping
|
70%
|
68%
|
Overall
|
76%
|
74%
|
|
|
|
CapEx
|
US$37.3
million
|
US$31.7
million
|
Testing
|
27%
|
21%
|
Assembly
|
12%
|
24%
|
LCD Driver
|
43%
|
13%
|
Bumping
|
18%
|
42%
|
|
|
|
Depreciation and
amortization expenses
|
US$21.9
million
|
US$23.0
million
|
Condensed
consolidated statements of cash flows
|
|
Period
ended
Mar. 31,
2017
|
|
Period
ended
Mar. 31,
2016
|
|
|
US$
million
|
|
US$
million
|
Net cash generated
from (used in) operating activities
|
|
61.2
|
|
41.3
|
Net cash generated
from (used in) investing activities
|
|
41.7
|
|
(32.3)
|
Net cash generated
from (used in) financing activities
|
|
33.3
|
|
28.2
|
Net increase
(decrease) in cash and cash equivalents
|
|
136.2
|
|
37.2
|
Effect of exchange
rate changes on cash
|
|
(0.5)
|
|
(0.1)
|
Cash and cash
equivalents at beginning of period
|
|
249.2
|
|
399.2
|
Cash and cash
equivalents at end of period
|
|
384.9
|
|
436.3
|
Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Thursday, May 11, 2017 to discuss the Company's
financial results for the first quarter of 2017.
1. Date: Thursday, May 11,
2017
Time: 4:00PM Taiwan (4:00AM New
York)
Dial-In: +886-2-21928016
Password: 797842#
Replay Starting 2 Hours After Live Call Ends: www.chipmos.com
Language: Mandarin
2. Date: Thursday, May 11,
2017
Time: 7:00PM Taiwan (7:00AM New
York)
Dial-In: +1-201-689-8562
Password: 13660049
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with
ID 13660049
Webcast of Live Call and Replay: www.chipmos.com
Language: English
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan
Stock Exchange: 8150 and NASDAQ: IMOS) (http://www.chipmos.com ) is
an industry leading provider of outsourced semiconductor assembly
and test services. With advanced facilities in Hsinchu Science
Park, Hsinchu Industrial Park and Southern Taiwan Science Park in
Taiwan, ChipMOS provide assembly
and test services to a broad range of customers, including leading
fabless semiconductor companies, integrated device manufacturers
and independent semiconductor foundries.
Forward-Looking Statements
This press release may contain certain forward-looking
statements. These forward-looking statements may be identified by
words such as 'believes,' 'expects,' 'anticipates,' 'projects,'
'intends,' 'should,' 'seeks,' 'estimates,' 'future' or similar
expressions or by discussion of, among other things, strategy,
goals, plans or intentions. These statements may include financial
projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations with
respect to future operations, products and services, and statements
regarding future performance. Actual results may differ materially
in the future from those reflected in forward-looking statements
contained in this document, due to various factors. Further
information regarding these risks, uncertainties and other factors
are included in the Company's most recent Annual Report on Form
20-F filed with the U.S. Securities and Exchange commission (the
"SEC") and in the Company's other filings with the SEC.
About Non-Generally Accepted Accounting Principles
("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in
accordance with the Taiwan-IFRS, ChipMOS uses non-GAAP free cash
flow, non-GAAP earnings before interest, taxes, depreciation and
amortization ("EBITDA") and non-GAAP net debt to equity ratio in
this press release. The non-GAAP free cash flow represents
operating profit plus depreciation, amortization and interest
income and less capital expenditures, predecessors' interests,
interest expenses, income tax expense and dividend. The non-GAAP
EBITDA represents operating profit plus depreciation and
amortization. The non-GAAP net debt to equity ratio represents the
ratio of net debt, the sum of debt less cash and cash equivalent,
divided by equity attributable to equity holders of the Company.
These non-GAAP financial measures may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently.
The presentation of non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with the
Taiwan-IFRS.
ChipMOS considers the use of non-GAAP free cash flow, non-GAAP
EBITDA and non-GAAP net debt to equity ratio provides useful
information to management to manage the Company's business and make
financial and operational decisions and also to the investors to
understand and evaluate the Company's business and operating
performance. For more information on these non-GAAP financial
measures, please refer to the table captioned "Reconciliations of
Non-GAAP Measures to the Nearest Comparable GAAP Measures" in this
press release.
- FINANCIAL TABLES FOLLOW BELOW -
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
For the Three
Months Ended Mar. 31, 2017, Dec. 31, and Mar. 31,
2016
|
Figures in Million
of U.S. dollars (USD) (1)
|
Except for Per
Share Amounts and Shares Outstanding
|
|
|
Three months
ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
USD
|
|
USD
|
|
USD
|
Revenue
|
150.1
|
|
153.6
|
|
146.4
|
Cost of
revenue
|
(123.2)
|
|
(121.9)
|
|
(117.1)
|
Gross
profit
|
26.9
|
|
31.7
|
|
29.3
|
|
|
|
|
|
|
Research and
development expenses
|
(8.5)
|
|
(6.7)
|
|
(6.6)
|
Sales and
marketing expenses
|
(0.7)
|
|
(0.6)
|
|
(0.6)
|
General and
administrative expenses
|
(5.4)
|
|
(7.7)
|
|
(6.6)
|
Other operating
income (expenses), net
|
22.4
|
|
0.1
|
|
1.0
|
|
|
|
|
|
|
Operating
profit
|
34.7
|
|
16.8
|
|
16.5
|
|
|
|
|
|
|
Non-operating
income (expenses), net
|
(14.2)
|
|
5.8
|
|
(6.2)
|
|
|
|
|
|
|
Profit (Loss)
before tax
|
20.5
|
|
22.6
|
|
10.3
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(4.0)
|
|
4.0
|
|
(2.4)
|
|
|
|
|
|
|
Profit from
continuing operations
|
16.5
|
|
26.6
|
|
7.9
|
|
|
|
|
|
|
Income (Loss) from
discontinued operations
|
61.8
|
|
(0.7)
|
|
0.5
|
|
|
|
|
|
|
Profit (Loss) for
the year
|
78.3
|
|
25.9
|
|
8.4
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
Equity holders of
the Company
- Continuing
operations
|
16.5
|
|
20.9
|
|
11.0
|
- Discontinued
operations
|
61.8
|
|
(0.7)
|
|
0.5
|
Predecessors'
interests under common control
|
-
|
|
5.7
|
|
(3.1)
|
|
78.3
|
|
25.9
|
|
8.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(CONTINUED)
|
For the Three
Months Ended Mar. 31, 2017, Dec. 31, and Mar. 31,
2016
|
Figures in Million
of U.S. dollars (USD) (1)
|
Except for Per
Share Amounts and Shares Outstanding
|
|
|
|
Three months ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
USD
|
|
USD
|
|
USD
|
|
|
|
|
|
|
Profit (Loss) for
the period
|
78.3
|
|
25.9
|
|
8.4
|
Other
comprehensive income (loss)
|
|
|
|
|
|
Exchange differences
on translation of foreign operations
|
(9.9)
|
|
(1.1)
|
|
(0.4)
|
Net actuarial
losses
|
-
|
|
(1.4)
|
|
-
|
Income tax
effect
|
-
|
|
0.2
|
|
-
|
Total other
comprehensive income (loss)
|
(9.9)
|
|
(2.3)
|
|
(0.4)
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
68.4
|
|
23.6
|
|
8.0
|
Attributable
to:
|
|
|
|
|
|
Equity holders of
the Company
- Continuing
operations
|
16.0
|
|
19.9
|
|
10.8
|
- Discontinued
operations
|
52.4
|
|
(2.0)
|
|
0.3
|
Predecessors'
interests under common control
|
-
|
|
5.7
|
|
(3.1)
|
|
68.4
|
|
23.6
|
|
8.0
|
Profit (Loss)
attributable to the Company - basic
|
78.3
|
|
20.2
|
|
11.5
|
Earnings (Loss)
per share attributable to the Company - basic
|
0.09
|
|
0.02
|
|
0.01
|
Earnings (Loss)
per ADS equivalent – basic
|
1.85
|
|
0.48
|
|
0.26
|
Weighted average
shares outstanding (in thousands) - basic
|
845,078
|
|
848,233
|
|
876,965
|
Profit (Loss)
attributable to the Company - diluted
|
78.3
|
|
20.2
|
|
11.5
|
Earnings (Loss)
per share attributable to the Company - diluted
|
0.09
|
|
0.02
|
|
0.01
|
Earnings (Loss)
per ADS equivalent - diluted
|
1.82
|
|
0.47
|
|
0.26
|
Weighted average
shares outstanding (in thousands) - diluted
|
859,536
|
|
852,528
|
|
880,209
|
|
|
|
|
|
|
Note:
(1) All U.S. dollar
figures in this release are based on the exchange rate of NT$30.38
against US$1.00 as of Mar. 31, 2017. The convenience translation
should not be construed as representations that the NT dollar
amounts have been, or could be in the future be, converted into US
dollars at this or any other exchange rate.
|
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
For the Three
Months Ended Mar. 31, 2017, Dec. 31, and Mar. 31,
2016
|
Figures in Million
of NT dollars (NTD)
|
Except for Per
Share Amounts and Shares Outstanding
|
|
|
Three months
ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
NTD
|
|
NTD
|
|
NTD
|
Revenue
|
4,560.3
|
|
4,667.1
|
|
4,447.5
|
Cost of
revenue
|
(3,743.7)
|
|
(3,705.5)
|
|
(3,558.4)
|
Gross
profit
|
816.6
|
|
961.6
|
|
889.1
|
|
|
|
|
|
|
Research and
development expenses
|
(256.7)
|
|
(203.3)
|
|
(200.9)
|
Sales and
marketing expenses
|
(22.1)
|
|
(17.7)
|
|
(17.2)
|
General and
administrative expenses
|
(162.5)
|
|
(233.5)
|
|
(201.5)
|
Other operating
income (expenses), net
|
679.1
|
|
3.3
|
|
31.7
|
|
|
|
|
|
|
Operating
profit
|
1,054.4
|
|
510.4
|
|
501.2
|
|
|
|
|
|
|
Non-operating
income (expenses), net
|
(431.0)
|
|
177.0
|
|
(187.3)
|
|
|
|
|
|
|
Profit (Loss)
before tax
|
623.4
|
|
687.4
|
|
313.9
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(122.6)
|
|
121.4
|
|
(73.2)
|
|
|
|
|
|
|
Profit from
continuing operations
|
500.8
|
|
808.8
|
|
240.7
|
|
|
|
|
|
|
Income (Loss) from
discontinued operations
|
1,879.3
|
|
(20.4)
|
|
14.6
|
|
|
|
|
|
|
Profit (Loss) for
the year
|
2,380.1
|
|
788.4
|
|
255.3
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
Equity holders of
the Company
- Continuing
operations
|
500.8
|
|
634.3
|
|
333.8
|
- Discontinued
operations
|
1,879.3
|
|
(20.4)
|
|
14.6
|
Predecessors'
interests under common control
|
-
|
|
174.5
|
|
(93.1)
|
|
2,380.1
|
|
788.4
|
|
255.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(CONTINUED)
|
For the Three
Months Ended Mar. 31, 2017, Dec. 31, and Mar. 31,
2016
|
Figures in Million
of NT dollars (NTD)
|
Except for Per
Share Amounts and Shares Outstanding
|
|
|
Three months
ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
NTD
|
|
NTD
|
|
NTD
|
Profit (Loss) for
the period
|
2,380.1
|
|
788.4
|
|
255.3
|
Other
comprehensive income (loss)
|
|
|
|
|
|
Exchange differences
on translation of foreign operations
|
(302.2)
|
|
(34.5)
|
|
(11.4)
|
Net actuarial
losses
|
-
|
|
(43.4)
|
|
-
|
Income tax
effect
|
-
|
|
7.4
|
|
-
|
Total other
comprehensive income (loss)
|
(302.2)
|
|
(70.5)
|
|
(11.4)
|
|
|
|
|
|
|
Total
comprehensive income (loss)
|
2,077.9
|
|
717.9
|
|
243.9
|
Attributable
to:
|
|
|
|
|
|
Equity holders of
the Company
- Continuing
operations
|
486.2
|
|
605.0
|
|
329.0
|
- Discontinued
operations
|
1,591.7
|
|
(61.6)
|
|
8.0
|
Predecessors'
interests under common control
|
-
|
|
174.5
|
|
(93.1)
|
|
2,077.9
|
|
717.9
|
|
243.9
|
Profit (Loss)
attributable to the Company - basic
|
2,380.1
|
|
613.9
|
|
348.4
|
Earnings (Loss)
per share attributable to the Company - basic
|
2.82
|
|
0.72
|
|
0.40
|
Earnings (Loss)
per ADS equivalent - basic
|
56.33
|
|
14.47
|
|
7.95
|
Weighted average
shares outstanding (in thousands) - basic
|
845,078
|
|
848,233
|
|
876,965
|
Profit (Loss)
attributable to the Company - diluted
|
2,380.1
|
|
613.9
|
|
348.4
|
Earnings (Loss)
per share attributable to the Company - diluted
|
2.77
|
|
0.72
|
|
0.40
|
Earnings (Loss)
per ADS equivalent - diluted
|
55.38
|
|
14.40
|
|
7.92
|
Weighted average
shares outstanding (in thousands) - diluted
|
859,536
|
|
852,528
|
|
880,209
|
|
|
|
|
|
|
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
As of Mar. 31,
2017, Dec. 31, and Mar. 31, 2016
|
Figures in Million
of U.S. dollars (USD) (1)
|
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
ASSETS
|
USD
|
|
USD
|
|
USD
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
384.9
|
|
249.2
|
|
436.3
|
Accounts and notes
receivable, net
|
116.6
|
|
136.3
|
|
123.8
|
Inventories
|
63.7
|
|
61.8
|
|
57.7
|
Non-current assets
held for sale, net
|
-
|
|
102.2
|
|
-
|
Short-term
deposits
|
2.5
|
|
2.4
|
|
2.4
|
Other current
assets
|
14.3
|
|
6.6
|
|
9.3
|
Total current
assets
|
582.0
|
|
558.5
|
|
629.5
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Non-current
financial assets carried at cost
|
0.3
|
|
0.3
|
|
0.3
|
Investments
accounted for using equity method
|
71.8
|
|
12.2
|
|
11.6
|
Property, plant
& equipment
|
458.8
|
|
444.3
|
|
478.0
|
Other non-current
assets
|
9.5
|
|
14.9
|
|
12.2
|
Total non-current
assets
|
540.4
|
|
471.7
|
|
502.1
|
Total
assets
|
1,122.4
|
|
1,030.2
|
|
1,131.6
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term bank
loans
|
34.7
|
|
-
|
|
41.3
|
Accounts payable and
payables to contractors and equipment suppliers
|
46.7
|
|
45.3
|
|
48.1
|
Liabilities directly
related to non-current assets held for sale
|
-
|
|
19.3
|
|
-
|
Long-term bank
loans, current portion
|
35.0
|
|
34.9
|
|
51.0
|
Long-term lease
obligations payable, current portion
|
0.4
|
|
0.4
|
|
-
|
Other current
liabilities
|
58.7
|
|
53.6
|
|
72.8
|
Total current
liabilities
|
175.5
|
|
153.5
|
|
213.2
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Long-term bank
loans
|
317.5
|
|
318.9
|
|
204.4
|
Long-term lease
obligations payable
|
0.9
|
|
1.0
|
|
-
|
Other non-current
liabilities
|
22.5
|
|
21.1
|
|
20.0
|
Total non-current
liabilities
|
340.9
|
|
341.0
|
|
224.4
|
Total
liabilities
|
516.4
|
|
494.5
|
|
437.6
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Capital stock -
common stock
|
291.9
|
|
292.0
|
|
294.9
|
Capital
surplus
|
227.2
|
|
226.8
|
|
123.3
|
Retained
earnings
|
125.3
|
|
46.9
|
|
234.4
|
Other equity
interest
|
(5.2)
|
|
3.2
|
|
(10.3)
|
Treasury
stock
|
(33.2)
|
|
(33.2)
|
|
(16.3)
|
Equity attributable
to equity holders of the Company
|
606.0
|
|
535.7
|
|
626.0
|
Predecessors'
interests under common control
|
-
|
|
-
|
|
68.0
|
Total
equity
|
606.0
|
|
535.7
|
|
694.0
|
Total liabilities
and equity
|
1,122.4
|
|
1,030.2
|
|
1,131.6
|
|
|
|
|
|
|
Note:
(1) All U.S. dollar
figures in this release are based on the exchange rate of NT$30.38
against US$1.00 as of Mar. 31, 2017. The convenience translation
should not be construed as representations that the NT dollar
amounts have been, or could be in the future be, converted into US
dollars at this or any other exchange rate.
|
ChipMOS
TECHNOLOGIES INC.
|
UNAUDITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
As of Mar. 31,
2017, Dec. 31, and Mar. 31, 2016
|
Figures in Million
of NT dollars (NTD)
|
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
ASSETS
|
NTD
|
|
NTD
|
|
NTD
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
11,692.8
|
|
7,571.4
|
|
13,255.0
|
Accounts and notes
receivable, net
|
3,543.6
|
|
4,140.2
|
|
3,760.8
|
Inventories
|
1,935.7
|
|
1,878.0
|
|
1,753.0
|
Non-current assets
held for sale, net
|
-
|
|
3,105.1
|
|
-
|
Short-term
deposits
|
75.7
|
|
72.3
|
|
72.3
|
Other current
assets
|
433.4
|
|
199.7
|
|
283.5
|
Total current
assets
|
17,681.2
|
|
16,966.7
|
|
19,124.6
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Non-current
financial assets carried at cost
|
10.0
|
|
10.0
|
|
10.0
|
Investments
accounted for using equity method
|
2,180.3
|
|
369.3
|
|
353.0
|
Property, plant
& equipment
|
13,937.2
|
|
13,497.2
|
|
14,522.1
|
Other non-current
assets
|
288.4
|
|
452.8
|
|
369.2
|
Total non-current
assets
|
16,415.9
|
|
14,329.3
|
|
15,254.3
|
Total
assets
|
34,097.1
|
|
31,296.0
|
|
34,378.9
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term bank
loans
|
1,055.6
|
|
-
|
|
1,255.2
|
Accounts payable and
payables to contractors and equipment suppliers
|
1,418.8
|
|
1,375.4
|
|
1,463.0
|
Liabilities directly
related to non-current assets held for sale
|
-
|
|
587.6
|
|
-
|
Long-term bank
loans, current portion
|
1,062.6
|
|
1,062.3
|
|
1,549.0
|
Long-term lease
obligations payable, current portion
|
11.3
|
|
11.3
|
|
-
|
Other current
liabilities
|
1,783.1
|
|
1,627.9
|
|
2,211.7
|
Total current
liabilities
|
5,331.4
|
|
4,664.5
|
|
6,478.9
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Long-term bank
loans
|
9,646.9
|
|
9,687.7
|
|
6,209.0
|
Long-term lease
obligations payable
|
26.5
|
|
29.3
|
|
-
|
Other non-current
liabilities
|
683.8
|
|
641.0
|
|
607.7
|
Total non-current
liabilities
|
10,357.2
|
|
10,358.0
|
|
6,816.7
|
Total
liabilities
|
15,688.6
|
|
15,022.5
|
|
13,295.6
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Capital stock -
common stock
|
8,868.4
|
|
8,869.7
|
|
8,957.8
|
Capital
surplus
|
6,901.4
|
|
6,888.8
|
|
3,746.4
|
Retained
earnings
|
3,805.0
|
|
1,424.6
|
|
7,121.8
|
Other equity
interest
|
(158.7)
|
|
98.0
|
|
(312.0)
|
Treasury
stock
|
(1,007.6)
|
|
(1,007.6)
|
|
(495.6)
|
Equity attributable
to equity holders of the Company
|
18,408.5
|
|
16,273.5
|
|
19,018.4
|
Predecessors'
interests under common control
|
-
|
|
-
|
|
2,064.9
|
Total
equity
|
18,408.5
|
|
16,273.5
|
|
21,083.3
|
Total liabilities
and equity
|
34,097.1
|
|
31,296.0
|
|
34,378.9
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST
COMPARABLE GAAP MEASURES
(Figures in Million of U.S.
dollars (USD))
The table below sets forth a reconciliation of our operating
profit to non-GAAP free cash flow for the periods
indicated:
|
Three months
ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
USD
|
|
USD
|
|
USD
|
Operating
profit
|
34.7
|
|
16.8
|
|
16.5
|
Add:
Depreciation
|
21.9
|
|
23.0
|
|
25.7
|
Amortization
|
-
|
|
-
|
|
-
|
Interest income
|
0.3
|
|
0.3
|
|
0.3
|
Less: Capital
expenditures
|
(37.3)
|
|
(31.7)
|
|
(28.0)
|
Predecessors' interests under common control
|
-
|
|
(5.7)
|
|
3.1
|
Interest expense
|
(1.5)
|
|
(1.3)
|
|
(1.1)
|
Income tax expense
|
(4.0)
|
|
4.0
|
|
(2.4)
|
Dividend
|
-
|
|
(59.0)
|
|
-
|
Non-GAAP free cash
flow
|
14.1
|
|
(53.6)
|
|
14.1
|
The table below sets forth a reconciliation of our operating
profit to non-GAAP EBITDA for the periods indicated:
|
Three months
ended
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
USD
|
|
USD
|
|
USD
|
Operating
profit
|
34.7
|
|
16.8
|
|
16.5
|
Add:
Depreciation
|
21.9
|
|
23.0
|
|
25.7
|
Amortization
|
-
|
|
-
|
|
-
|
Non-GAAP
EBITDA
|
56.6
|
|
39.8
|
|
42.2
|
The table below sets forth a calculation of our
non-GAAP net debt to equity ratio for the periods
indicated:
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Mar. 31,
2016
|
|
USD
|
|
USD
|
|
USD
|
Short-term bank
loans
|
34.7
|
|
-
|
|
41.3
|
Long-term bank
loans
(including current
portion)
|
352.5
|
|
353.8
|
|
255.4
|
Long-term lease
obligations payable
(including current
portion)
|
1.3
|
|
1.4
|
|
-
|
Less: Cash and cash
equivalents
|
(384.9)
|
|
(249.2)
|
|
(436.3)
|
Net debt
|
3.6
|
|
106.0
|
|
(139.6)
|
Equity attributable
to equity holders of the Company
|
606.0
|
|
535.7
|
|
626.0
|
Net debt to equity
ratio
|
0.6%
|
|
19.8%
|
|
-22.3%
|
Contacts:
|
In Taiwan
|
In the
U.S.
|
Dr. S.K.
Chen
|
David
Pasquale
|
ChipMOS TECHNOLOGIES
INC.
|
Global IR
Partners
|
+886-6-507-7712
|
+1-914-337-8801
|
s.k._chen@chipmos.com
|
dpasquale@globalirpartners.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/chipmos-reports-first-quarter-2017-results-300455776.html
SOURCE ChipMOS TECHNOLOGIES INC.