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CHIPMOS TECHNOLOGIES INC — Regulatory Filings 2017
Aug 10, 2017
32558_ffr_2017-08-10_cf9700eb-16e5-475e-8f07-557a28804f09.zip
Regulatory Filings
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6-K 1 d437801d6k.htm FORM 6-K Form 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2017
Commission File Number 001-37928
ChipMOS TECHNOLOGIES INC.
(Translation of Registrants Name Into English)
No. 1, R&D Rd. 1, Hsinchu Science Park
Hsinchu, Taiwan
Republic of China
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
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.
| ChipMOS TECHNOLOGIES INC. | ||
|---|---|---|
| (Registrant) | ||
| Date: August 10, 2017 | By | /S/ S. J. Cheng |
| Name: | S. J. Cheng | |
| Title: | Chairman & President |
Contacts: In Taiwan Dr. S.K. Chen ChipMOS TECHNOLOGIES INC. +886-6-507-7712 [email protected] In the U.S. David Pasquale Global IR Partners +1-914-337-8801 [email protected]
ChipMOS REPORTS SECOND QUARTER 2017 RESULTS
2Q17 Highlights (as compared to 1Q17):
Net Revenue at US$149.5 Million Compared to US$150.1 Million
Gross Profit of US$30.0 Million Compared to US$26.9 Million
Gross Margin at 20.1% Compared to 17.9%
Net Earnings of US$0.25 Per Diluted ADS Compared to US$1.82 Per Diluted ADS; Net Earnings of US$0.01 Per Diluted Common Share Compared to US$0.09 Per Diluted Common Share; 1Q17 Includes a Net Income Benefit of US$62.8 Million from the ChipMOS Shanghai Equity Interest Transfer to Tsinghua Unigroup Led Strategic Investors, which Did Not Repeat in 2Q17
Distributed Cash Dividend of NT$1.0 Per Common Share on July 12, 2017 and US$0.655 Per ADS on July 19, 2017
Retained Balance of Cash and Cash Equivalents at US$364.7 Million, with Net Debt Balance of US$48.8 Million
ChipMOS Shanghai Joint-Venture Funded, Ramping Production, and Qualifying Additional Customer Programs
Hsinchu, Taiwan - 08 /10/2017 - 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 second quarter ended June 30, 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 June 30, 2017.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards (Taiwan-IFRS). In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD. (ChipMOS Shanghai) to Tsinghua Unigroup led investors (Strategic Investors). Under Taiwan-IFRS, starting in Q1 2017 the revenue generated by ChipMOS Shanghai is no longer included in the Companys consolidated revenue. The Company, however, recognizes 45.02% of the net income generated from ChipMOS Shanghai on an ongoing basis. Revenue from ChipMOS Shanghai has been excluded from all periods indicated.
Net revenue for the second quarter of 2017 was NT$4,541.2 million or US$149.5 million, a decrease of 0.4% from NT$4,560.3 million or US$150.1 million in the first quarter of 2017 and an increase of 0.8% from NT$4,504.0 million or US$148.3 million for the same period in 2016.
Net earnings for the second quarter of 2017 was US$0.25 per diluted ADS, compared to US$1.82 per diluted ADS for the first quarter of 2017. Net income for the first quarter of 2017 included US$62.8 million related to the completion of ChipMOS Shanghai equity interest transfer to Strategic Investors. Net income attributable to equity holders of the Company for the second quarter of 2017 was NT$321.4 million or US$10.6 million, and NT$0.38 or US$0.01 per basic common share and NT$0.38 or US$0.01 per diluted common share, as compared to net income attributable to equity holders of the Company for the first quarter of 2017 of 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, and compared to net income attributable to equity holders of the Company in the second quarter of 2016 of NT$314.9 million or US$10.3 million, and NT$0.37 or US$0.01 per basic common share and NT$0.36 or US$0.01 per diluted common share.
S.J. Cheng, Chairman and President of ChipMOS, said, We are pleased that we were able to expand our gross margin to 20.1% in 2Q17 from 17.9% in 1Q17 on relatively flat revenue. This underscores the leverage in our business model, as we further improved our overall utilization level to 77%, led by strength in our higher margin testing business. Revenue growth was offset primarily by a lower allocation from our largest DRAM customer, and continued China handset market softness, which is impacting small panel LCD driver demand. We are confident we will be able to offset the softness with more financially attractive business diversification led by new programs we are now ramping with some of worlds largest consumer and technology product companies, combined with the progress we are making at our Shanghai facility. We also expect DDIC demand will continue to improve as we benefit from the ongoing 4K2K/UHD TV market development, combined with new model/feature introductions and requirements from smartphones, including OLED, TDDI, narrow bezel and larger screens. In addition to increased driver volumes, these trends mean longer test times. With respect to the China market, we were pleased to report that our China JV is now funded, ramping production and qualifying a variety of new customer programs. Our strategic partners buildout of their semiconductor ecosystem is now expected to be even more aggressive and on a larger scale than originally contemplated. The fact that ChipMOS is positioned as the OSAT services company within the Unigroup ecosystem gives us excellent growth prospects as DDIC ramps in the near-term followed by growth in domestic China memory production over the longer-term.
S.K. Chen, Chief Financial Officer of ChipMOS, said, This was an unfavorable quarter on quarter comparison as net income in the first quarter of 2017 included US$62.8 million related to the completion of ChipMOS Shanghai equity interest transfer to Strategic Investors, which did not repeat in the second quarter of 2017. Our gross margin moved to 20.1%, with some additional room for improvement likely as the DRAM revenue declining is being replaced with higher margin revenue opportunities. We also expect to see some improvement for stabile to higher utilization levels. We remain in a financially strong position, ending the second quarter with a balance of cash and cash equivalents of US$364.7 million, and a net debt balance of US$48.8 million with net debt to equity ratio of 8.3%. This is after CapEx of US$45.9 million in the quarter, the majority of which was invested in expanding our DDIC test capacity to meet customer demand levels. 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.
| Selected Operation Data — 2Q17 | 1Q17 | |
|---|---|---|
| Revenue by segment | ||
| Testing | 28 % | 27 % |
| Assembly | 32 % | 31 % |
| LCD Driver | 25 % | 25 % |
| Bumping | 15 % | 17 % |
| Utilization by segment | ||
| Testing | 82 % | 81 % |
| Assembly | 73 % | 68 % |
| LCD Driver | 87 % | 85 % |
| Bumping | 63 % | 70 % |
| Overall | 77 % | 76 % |
| CapEx | US$45.9 million | US$37.3 million |
| Testing | 19 % | 27 % |
| Assembly | 13 % | 12 % |
| LCD Driver | 51 % | 43 % |
| Bumping | 17 % | 18 % |
| Depreciation and amortization expenses | US$23.3 million | US$21.9 million |
| Condensed consolidated statements of cash flows — Net cash generated from (used in) operating activities | 101.2 | 62.1 | ||
|---|---|---|---|---|
| Net cash generated from (used in) investing activities | (44.6 | ) | (67.6 | ) |
| Net cash generated from (used in) financing activities | 58.3 | 34.4 | ||
| Net increase (decrease) in cash and cash equivalents | 114.9 | 28.9 | ||
| Effect of exchange rate changes on cash | 0.6 | (1.1 | ) | |
| Cash and cash equivalents at beginning of period | 249.2 | 399.2 | ||
| Cash and cash equivalents at end of period | 364.7 | 427.0 |
Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Thursday, August 10, 2017 to discuss the Companys financial results for the second quarter of 2017.
- Date: Thursday, August 10, 2017
Time: 4:00PM Taiwan (4:00AM New York)
Dial-In: +886-2-21928016
Password: 625427#
Replay Starting 2 Hours After Live Call Ends: www.chipmos.com
Language: Mandarin
- Date: Thursday, August 10, 2017
Time: 8:00PM Taiwan (8:00AM New York)
Dial-In: +1-201-689-8562
Password: 13666216
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13666216
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 Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | ||||
|---|---|---|---|---|---|---|
| USD | USD | USD | ||||
| Revenue (2) | 149.5 | 150.1 | 148.3 | |||
| Cost of revenue | (119.5 | ) | (123.2 | ) | (121.1 | ) |
| Gross profit | 30.0 | 26.9 | 27.2 | |||
| Research and development expenses | (8.0 | ) | (8.5 | ) | (7.2 | ) |
| Sales and marketing expenses | (0.4 | ) | (0.7 | ) | (0.6 | ) |
| General and administrative expenses | (7.8 | ) | (5.4 | ) | (6.5 | ) |
| Other operating income (expenses), net | 1.0 | 22.4 | 1.2 | |||
| Operating profit | 14.8 | 34.7 | 14.1 | |||
| Non-operating income (expenses), net | (1.9 | ) | (14.2 | ) | (1.2 | ) |
| Profit (Loss) before tax | 12.9 | 20.5 | 12.9 | |||
| Income tax benefit (expense) | (2.3 | ) | (4.0 | ) | (10.6 | ) |
| Profit from continuing operations | 10.6 | 16.5 | 2.3 | |||
| Income (Loss) from discontinued operations | | 61.8 | (0.9 | ) | ||
| Profit (Loss) for the year | 10.6 | 78.3 | 1.4 | |||
| Attributable to: | ||||||
| Equity holders of the Company Continuing operations | 10.6 | 16.5 | 11.2 | |||
| Discontinued operations | | 61.8 | (0.9 | ) | ||
| Predecessors interests under common control | | | (8.9 | ) | ||
| 10.6 | 78.3 | 1.4 |
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
For the Three Months Ended Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | |||
|---|---|---|---|---|---|
| USD | USD | USD | |||
| Profit (Loss) for the period | 10.6 | 78.3 | 1.4 | ||
| Other comprehensive income (loss) | |||||
| Exchange differences on translation of foreign operations | 1.1 | (9.9 | ) | (2.2 | ) |
| Total other comprehensive income (loss) | 1.1 | (9.9 | ) | (2.2 | ) |
| Total comprehensive income (loss) | 11.7 | 68.4 | (0.8 | ) | |
| Attributable to: | |||||
| Equity holders of the Company Continuing operations | 11.7 | 16.0 | 11.3 | ||
| Discontinued operations | | 52.4 | (3.2 | ) | |
| Predecessors interests under common control | | | (8.9 | ) | |
| 11.7 | 68.4 | (0.8 | ) | ||
| Profit (Loss) attributable to the Company - basic | 10.6 | 78.3 | 10.3 | ||
| Earnings (Loss) per share attributable to the Company - basic | 0.01 | 0.09 | 0.01 | ||
| Earnings (Loss) per ADS equivalent basic | 0.25 | 1.85 | 0.24 | ||
| Weighted average shares outstanding (in thousands) - basic | 845,206 | 845,078 | 861,608 | ||
| Profit (Loss) attributable to the Company - diluted | 10.6 | 78.3 | 10.3 | ||
| Earnings (Loss) per share attributable to the Company - diluted | 0.01 | 0.09 | 0.01 | ||
| Earnings (Loss) per ADS equivalent - diluted | 0.25 | 1.82 | 0.24 | ||
| Weighted average shares outstanding (in thousands) - diluted | 852,649 | 859,536 | 867,686 |
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 Jun. 30, 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.
(2) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned subsidiary ChipMOS Shanghai to Strategic Investors. Under Taiwan-IFRS, starting in Q1 2017 the revenue generated by ChipMOS Shanghai is no longer included in the Companys consolidated revenue. The Company, however, recognizes 45.02% of the net income generated from ChipMOS Shanghai on an ongoing basis.
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | ||||
|---|---|---|---|---|---|---|
| NTD | NTD | NTD | ||||
| Revenue (1) | 4,541.2 | 4,560.3 | 4,504.0 | |||
| Cost of revenue | (3,630.8 | ) | (3,743.7 | ) | (3,679.0 | ) |
| Gross profit | 910.4 | 816.6 | 825.0 | |||
| Research and development expenses | (244.6 | ) | (256.7 | ) | (217.5 | ) |
| Sales and marketing expenses | (13.2 | ) | (22.1 | ) | (19.2 | ) |
| General and administrative expenses | (235.7 | ) | (162.5 | ) | (197.7 | ) |
| Other operating income (expenses), net | 31.7 | 679.1 | 37.9 | |||
| Operating profit | 448.6 | 1,054.4 | 428.5 | |||
| Non-operating income (expenses), net | (56.4 | ) | (431.0 | ) | (37.3 | ) |
| Profit (Loss) before tax | 392.2 | 623.4 | 391.2 | |||
| Income tax benefit (expense) | (70.8 | ) | (122.6 | ) | (320.0 | ) |
| Profit from continuing operations | 321.4 | 500.8 | 71.2 | |||
| Income (Loss) from discontinued operations | | 1,879.3 | (28.2 | ) | ||
| Profit (Loss) for the year | 321.4 | 2,380.1 | 43.0 | |||
| Attributable to: | ||||||
| Equity holders of the Company Continuing operations | 321.4 | 500.8 | 343.1 | |||
| Discontinued operations | | 1,879.3 | (28.2 | ) | ||
| Predecessors interests under common control | | | (271.9 | ) | ||
| 321.4 | 2,380.1 | 43.0 |
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
For the Three Months Ended Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | |||
|---|---|---|---|---|---|
| NTD | NTD | NTD | |||
| Profit (Loss) for the period | 321.4 | 2,380.1 | 43.0 | ||
| Other comprehensive income (loss) | |||||
| Exchange differences on translation of foreign operations | 33.1 | (302.2 | ) | (67.1 | ) |
| Total other comprehensive income (loss) | 33.1 | (302.2 | ) | (67.1 | ) |
| Total comprehensive income (loss) | 354.5 | 2,077.9 | (24.1 | ) | |
| Attributable to: | |||||
| Equity holders of the Company Continuing operations | 354.5 | 486.2 | 343.8 | ||
| Discontinued operations | | 1,591.7 | (96.0 | ) | |
| Predecessors interests under common control | | | (271.9 | ) | |
| 354.5 | 2,077.9 | (24.1 | ) | ||
| Profit (Loss) attributable to the Company - basic | 321.4 | 2,380.1 | 314.9 | ||
| Earnings (Loss) per share attributable to the Company - basic | 0.38 | 2.82 | 0.37 | ||
| Earnings (Loss) per ADS equivalent basic | 7.61 | 56.33 | 7.31 | ||
| Weighted average shares outstanding (in thousands) - basic | 845,206 | 845,078 | 861,608 | ||
| Profit (Loss) attributable to the Company - diluted | 321.4 | 2,380.1 | 314.9 | ||
| Earnings (Loss) per share attributable to the Company - diluted | 0.38 | 2.77 | 0.36 | ||
| Earnings (Loss) per ADS equivalent - diluted | 7.54 | 55.38 | 7.26 | ||
| Weighted average shares outstanding (in thousands) - diluted | 852,649 | 859,536 | 867,686 |
Note:
(1) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned subsidiary ChipMOS Shanghai to Strategic Investors. Under Taiwan-IFRS, starting in Q1 2017 the revenue generated by ChipMOS Shanghai is no longer included in the Companys consolidated revenue. The Company, however, recognizes 45.02% of the net income generated from ChipMOS Shanghai on an ongoing basis.
ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of U.S. dollars (USD) (1)
| USD | USD | USD | ||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 364.7 | 384.9 | 427.0 | |||
| Accounts and notes receivable, net | 116.4 | 116.6 | 127.4 | |||
| Inventories | 63.6 | 63.7 | 71.1 | |||
| Other current financial assets | 2.3 | 2.5 | 2.2 | |||
| Other current assets | 9.6 | 14.3 | 12.7 | |||
| Total current assets | 556.6 | 582.0 | 640.4 | |||
| Non-current assets | ||||||
| Non-current financial assets carried at | ||||||
| cost | 0.7 | 0.3 | 0.3 | |||
| Investments accounted for using equity method | 115.4 | 71.8 | 11.7 | |||
| Property, plant & equipment | 481.2 | 458.8 | 477.0 | |||
| Other non-current assets | 9.3 | 9.5 | 12.0 | |||
| Total non-current assets | 606.6 | 540.4 | 501.0 | |||
| Total assets | 1,163.2 | 1,122.4 | 1,141.4 | |||
| LIABILITIES AND EQUITY | ||||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Short-term bank loans | 59.7 | 34.7 | 47.3 | |||
| Accounts payable and payables to contractors and equipment suppliers | 49.2 | 46.7 | 42.4 | |||
| Long-term bank loans, current portion | 70.5 | 35.0 | | |||
| Long-term lease obligations payable, current portion | 0.4 | 0.4 | | |||
| Other current liabilities | 86.4 | 58.7 | 105.1 | |||
| Total current liabilities | 266.2 | 175.5 | 194.8 | |||
| Non-current liabilities | ||||||
| Long-term bank loans | 282.1 | 317.5 | 271.3 | |||
| Long-term lease obligations payable | 0.8 | 0.9 | | |||
| Other non-current liabilities | 23.5 | 22.5 | 19.8 | |||
| Total non-current liabilities | 306.4 | 340.9 | 291.1 | |||
| Total liabilities | 572.6 | 516.4 | 485.9 | |||
| EQUITY | ||||||
| Capital stock common stock | 291.9 | 291.9 | 295.3 | |||
| Capital surplus | 207.2 | 227.2 | 124.3 | |||
| Retained earnings | 127.4 | 125.3 | 185.8 | |||
| Other equity interest | (2.7 | ) | (5.2 | ) | (11.1 | ) |
| Treasury stock | (33.2 | ) | (33.2 | ) | (32.5 | ) |
| Equity attributable to equity holders of the Company | 590.6 | 606.0 | 561.8 | |||
| Predecessors interests under common control | | | 93.7 | |||
| Total equity | 590.6 | 606.0 | 655.5 | |||
| Total liabilities and equity | 1,163.2 | 1,122.4 | 1,141.4 |
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 Jun. 30, 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 Jun. 30, Mar. 31, 2017, and Jun. 30, 2016
Figures in Millions of NT dollars (NTD)
| NTD | NTD | NTD | ||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 11,078.3 | 11,692.8 | 12,971.2 | |||
| Accounts and notes receivable, net | 3,536.1 | 3,543.6 | 3,872.4 | |||
| Inventories | 1,931.5 | 1,935.7 | 2,159.0 | |||
| Other current financial assets | 70.7 | 75.7 | 66.0 | |||
| Other current assets | 293.7 | 433.4 | 387.5 | |||
| Total current assets | 16,910.3 | 17,681.2 | 19,456.1 | |||
| Non-current assets | ||||||
| Non-current financial assets carried at | ||||||
| cost | 20.9 | 10.0 | 10.0 | |||
| Investments accounted for using equity method | 3,506.0 | 2,180.3 | 355.1 | |||
| Property, plant & equipment | 14,619.8 | 13,937.2 | 14,490.9 | |||
| Other non-current assets | 280.4 | 288.4 | 364.7 | |||
| Total non-current assets | 18,427.1 | 16,415.9 | 15,220.7 | |||
| Total assets | 35,337.4 | 34,097.1 | 34,676.8 | |||
| LIABILITIES AND EQUITY | ||||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Short-term bank loans | 1,814.7 | 1,055.6 | 1,437.3 | |||
| Accounts payable and payables to contractors and equipment suppliers | 1,494.5 | 1,418.8 | 1,289.4 | |||
| Long-term bank loans, current portion | 2,142.0 | 1,062.6 | | |||
| Long-term lease obligations payable, current portion | 11.4 | 11.3 | | |||
| Other current liabilities | 2,624.8 | 1,783.1 | 3,193.5 | |||
| Total current liabilities | 8,087.4 | 5,331.4 | 5,920.2 | |||
| Non-current liabilities | ||||||
| Long-term bank loans | 8,571.1 | 9,646.9 | 8,242.2 | |||
| Long-term lease obligations payable | 24.1 | 26.5 | | |||
| Other non-current liabilities | 712.7 | 683.8 | 601.0 | |||
| Total non-current liabilities | 9,307.9 | 10,357.2 | 8,843.2 | |||
| Total liabilities | 17,395.3 | 15,688.6 | 14,763.4 | |||
| EQUITY | ||||||
| Capital stock common stock | 8,866.8 | 8,868.4 | 8,972.2 | |||
| Capital surplus | 6,293.8 | 6,901.4 | 3,776.7 | |||
| Retained earnings | 3,870.0 | 3,805.0 | 5,644.1 | |||
| Other equity interest | (80.9 | ) | (158.7 | ) | (336.6 | ) |
| Treasury stock | (1,007.6 | ) | (1,007.6 | ) | (989.6 | ) |
| Equity attributable to equity holders of the Company | 17,942.1 | 18,408.5 | 17,066.8 | |||
| Predecessors interests under common control | | | 2,846.6 | |||
| Total equity | 17,942.1 | 18,408.5 | 19,913.4 | |||
| Total liabilities and equity | 35,337.4 | 34,097.1 | 34,676.8 |
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
(Figures in Millions 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:
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | ||||
|---|---|---|---|---|---|---|
| USD | USD | USD | ||||
| Operating profit | 14.8 | 34.7 | 14.1 | |||
| Add: Depreciation | 23.3 | 21.9 | 26.4 | |||
| Amortization | | | | |||
| Interest income | 0.5 | 0.3 | 0.4 | |||
| Less: Capital expenditures | (45.9 | ) | (37.3 | ) | (10.8 | ) |
| Predecessors interests under common control | | | 8.9 | |||
| Interest expense | (1.9 | ) | (1.5 | ) | (1.1 | ) |
| Income tax expense | (2.3 | ) | (4.0 | ) | (10.6 | ) |
| Dividend | | | | |||
| Non-GAAP free cash flow | (11.5 | ) | 14.1 | 27.3 |
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated:
| Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | |
|---|---|---|---|
| USD | USD | USD | |
| Operating profit | 14.8 | 34.7 | 14.1 |
| Add: Depreciation | 23.3 | 21.9 | 26.4 |
| Amortization | | | |
| Non-GAAP EBITDA | 38.1 | 56.6 | 40.5 |
The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated:
| USD | USD | USD | ||||
|---|---|---|---|---|---|---|
| Short-term bank loans | 59.7 | 34.7 | 47.3 | |||
| Long-term bank loans (including current portion) | 352.6 | 352.5 | 271.3 | |||
| Long-term lease obligations payable (including current portion) | 1.2 | 1.3 | | |||
| Less: Cash and cash equivalents | (364.7 | ) | (384.9 | ) | (427.0 | ) |
| Net debt | 48.8 | 3.6 | (108.4 | ) | ||
| Equity attributable to equity holders of the Company | 590.6 | 606.0 | 561.8 | |||
| Net debt to equity ratio | 8.3 | % | 0.6 | % | -19.3 | % |