(Indicate by
check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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ChipMOS TECHNOLOGIES INC.
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(Registrant)
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Date: May 11, 2017
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By
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/S/ S. J. Cheng
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Name:
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S. J. Cheng
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Title:
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Chairman & President
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Contacts:
In Taiwan
Dr. S.K. Chen
ChipMOS TECHNOLOGIES INC.
+886-6-507-7712
s.k._chen@chipmos.com
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In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
dpasquale@globalirpartners.com
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ChipMOS REPORTS FIRST QUARTER 2017 RESULTS
1Q17 Highlights (as compared to 4Q16):
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Net Revenue Above Guidance at US$150.1 Million Compared to US$153.6 Million
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Gross Profit of US$26.9 Million Compared to US$31.7 Million
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Gross Margin
In-Line
with Guidance at 17.9% Compared to 20.6%
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Net Earnings of US$1.82 Per Diluted ADS Compared to US$0.47 Per Diluted ADS
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Net Earnings of US$0.09 Per Diluted Common Share Compared to US$0.02 Per Diluted Common Share
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Completed ChipMOS Shanghai Equity Interest Transfer to Tsinghua Unigroup Led Strategic Investors Resulting in a US$62.8 Million Benefit to Net Income
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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
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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 Companys Annual General Meeting on May 26, 2017.
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Hsinchu, Taiwan - 05
/11/2017
- 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 Companys 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 Companys 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.
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Selected Operation Data
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1Q17
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4Q16
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Revenue by segment
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Testing
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27
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%
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27
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%
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Assembly
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31
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%
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32
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%
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LCD Driver
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25
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%
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24
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%
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Bumping
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17
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%
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17
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%
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Utilization by segment
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Testing
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81
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%
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81
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%
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Assembly
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68
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%
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67
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%
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LCD Driver
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85
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%
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79
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%
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Bumping
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70
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%
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68
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%
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Overall
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76
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%
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74
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%
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CapEx
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US$
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37.3 million
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US$
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31.7 million
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Testing
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27
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%
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21
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%
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Assembly
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12
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%
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24
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%
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LCD Driver
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43
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%
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13
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%
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Bumping
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18
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%
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42
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%
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Depreciation and amortization expenses
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US$
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21.9 million
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US$
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23.0 million
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Condensed consolidated statements of cash flows
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Period ended
Mar. 31, 2017
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Period ended
Mar. 31, 2016
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US$ million
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US$ million
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Net cash generated from (used in) operating activities
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61.2
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41.3
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Net cash generated from (used in) investing activities
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41.7
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(32.3
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)
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Net cash generated from (used in) financing activities
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33.3
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28.2
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Net increase (decrease) in cash and cash equivalents
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136.2
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37.2
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Effect of exchange rate changes on cash
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(0.5
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)
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(0.1
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)
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Cash and cash equivalents at beginning of period
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249.2
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399.2
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Cash and cash equivalents at end of period
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384.9
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436.3
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Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Thursday, May 11, 2017 to discuss the Companys financial results for the first quarter of 2017.
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1.
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Date: Thursday, May 11, 2017
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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
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2.
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Date: Thursday, May 11, 2017
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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 Companys most recent Annual Report on Form
20-F
filed with the U.S. Securities and Exchange commission (the SEC) and in the Companys
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
Companys business and make financial and operational decisions and also to the investors to understand and evaluate the Companys 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
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|
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|
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Three months ended
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Mar. 31, 2017
|
|
|
Dec. 31, 2016
|
|
|
Mar. 31, 2016
|
|
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|
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
|
|
|
|
USD
|
|
|
USD
|
|
|
USD
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
NTD
|
|
|
NTD
|
|
|
NTD
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|