ChipMOS REPORTS SECOND QUARTER 2016 RESULTS
HSINCHU,
2Q16 Highlights (as compared to 1Q16):
- Net Revenue of
US$146.7 Million Compared toUS$146.6 Million - Gross Profit Was
US$25.1 Million Compared toUS$28.3 Million - Gross Margin of 17.1% Compared to 19.3%
- Net Earnings of
US$0.02 Per Basic Common Share andUS$0.02 Per Diluted Common Share Compared toUS$0.10 Per Basic Common Share andUS$0.10 Per Diluted Common Share - Net Income for The Second Quarter of 2016 Was Adversely Impacted by US$6.5 million or US$0.24 Per Basic Common Share for The Accrual of 20% Withholding Tax on The ChipMOS Taiwan Cash Dividend Distribution and Offset by US$3.2 million or US
$0.12 Per Basic Common Share for The Reversal of 10% Income Tax on The Unappropriated Earnings of ChipMOS Taiwan - Generated
US$59.3 Million Cash from Operations - Used
US$16.1 Million to Repurchase Shares of ChipMOS Taiwan - Completed
Additional Investment ofUS$42.0 Million into Shanghai Facility - Retained Balance of Cash and Cash Equivalents at
US$402.6 Million Compared toUS$411.4 Million , with Net Cash Balance ofUS$102.2 Million
Net revenue for the second quarter of 2016 was
Net income attributable to equity holders of the Company for the second quarter of 2016 was
The unaudited consolidated financial results of
Selected Operation Data |
||
2Q16 |
1Q16 | |
Revenue by segment |
||
Testing |
25% |
24% |
Assembly |
33% |
35% |
LCD Driver |
27% |
27% |
Bumping |
15% |
14% |
Utilization by segment |
||
Testing |
67% |
60% |
Assembly |
59% |
57% |
LCD Driver |
77% |
76% |
Bumping |
67% |
59% |
Overall |
67% |
63% |
CapEx |
|
|
Testing |
20% |
16% |
Assembly |
16% |
12% |
LCD Driver |
42% |
58% |
Bumping |
22% |
14% |
Depreciation and amortization expenses |
|
|
Condensed consolidated statements of cash flows |
Period ended |
Period ended | ||
US$ million |
US$ million | |||
Net cash generated from (used in) operating activities |
59.3 |
89.5 | ||
Net cash generated from (used in) investing activities |
(63.8) |
(82.0) | ||
Net cash generated from (used in) financing activities |
30.7 |
(26.4) | ||
Net increase (decrease) in cash and cash equivalents |
26.2 |
(18.9) | ||
Effect of exchange rate changes on cash |
0.0 |
0.5 | ||
Cash and cash equivalents at beginning of period |
376.4 |
473.8 | ||
Cash and cash equivalents at end of period |
402.6 |
455.4 |
Third Quarter 2016 Outlook
The Company expects revenue for the third quarter of 2016 will increase approximately 3% to 7% as compared to the second quarter of 2016. The Company expects gross margin on a consolidated basis to be in the range of approximately 16% to 20% for the third quarter of 2016. The Company expects depreciation and amortization expenses for the third quarter of 2016 to be approximately
Investor Conference Call / Webcast Details
About
Forward-Looking Statements
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in accordance with International Financial Reporting Standards ("IFRS"),
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 IFRS.
- FINANCIAL TABLES FOLLOW BELOW -
| |||||||
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||
For the Three Months Ended | |||||||
Figures in Million of | |||||||
Except for Per Share Amounts and Shares Outstanding | |||||||
3 months ended |
|||||||
|
|
|
|||||
USD |
USD |
USD |
|||||
Revenue |
146.7 |
146.6 |
157.3 |
||||
Cost of revenue |
(121.6) |
(118.3) |
(122.1) |
||||
Gross profit |
25.1 |
28.3 |
35.2 |
||||
Other operating income |
2.7 |
1.1 |
0.7 |
||||
Research and development expenses |
(6.7) |
(6.2) |
(5.2) |
||||
Sales and marketing expenses |
(0.7) |
(0.6) |
(0.9) |
||||
Administrative and general expenses |
(6.7) |
(6.6) |
(5.7) |
||||
Other operating expenses |
(0.6) |
0.0 |
(1.0) |
||||
Operating profit |
13.1 |
16.0 |
23.1 |
||||
Non-operating income (expenses), net |
(1.0) |
(5.8) |
(1.8) |
||||
Profit (loss) before tax |
12.1 |
10.2 |
21.3 |
||||
Income tax benefit (expense) |
(4.6) |
(3.2) |
(11.2) |
||||
Profit (loss) for the period |
7.5 |
7.0 |
10.1 |
||||
Attributable to: |
|||||||
Equity holders of the Company |
0.6 |
2.9 |
2.2 |
||||
Non-controlling interests |
6.9 |
4.1 |
7.9 |
||||
7.5 |
7.0 |
10.1 |
|||||
Profit (loss) for the period |
|||||||
Other comprehensive income (loss) |
|||||||
Exchange differences on translation of foreign |
(2.0) |
(0.4) |
0.4 |
||||
Total other comprehensive income (loss) |
(2.0) |
(0.4) |
0.4 |
||||
Total comprehensive income (loss) |
5.5 |
6.6 |
10.5 |
||||
Attributable to: |
|||||||
Equity holders of the Company |
(0.6) |
2.7 |
2.4 |
||||
Non-controlling interests |
6.1 |
3.9 |
8.1 |
||||
5.5 |
6.6 |
10.5 |
|||||
Earnings (loss) per share attributable to |
0.02 |
0.10 |
0.08 |
||||
Weighted average shares outstanding (in |
27,328 |
27,305 |
28,512 |
||||
Net income (loss) attributable to the Company - |
0.6 |
2.9 |
2.2 |
||||
Earnings (loss) per share attributable to the |
0.02 |
0.10 |
0.08 |
||||
Weighted average shares outstanding (in |
27,583 |
27,579 |
29,059 |
||||
Note: (1) All |
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
For the Three Months Ended | ||||||
Figures in Million of NT dollars (NTD) | ||||||
Except for Per Share Amounts and Shares Outstanding | ||||||
3 months ended | ||||||
|
|
|
||||
NTD |
NTD |
NTD |
||||
Revenue |
4,727.1 |
4,724.1 |
5,069.1 |
|||
Cost of revenue |
(3,918.7) |
(3,812.1) |
(3,933.6) |
|||
Gross profit |
808.4 |
912.0 |
1,135.5 |
|||
Other operating income |
87.2 |
34.2 |
23.4 |
|||
Research and development expenses |
(217.5) |
(200.9) |
(169.7) |
|||
Sales and marketing expenses |
(21.0) |
(18.3) |
(28.7) |
|||
Administrative and general expenses |
(216.6) |
(212.0) |
(183.4) |
|||
Other operating expenses |
(18.4) |
(0.5) |
(32.0) |
|||
Operating profit |
422.1 |
514.5 |
745.1 |
|||
Non-operating income (expenses), net |
(31.7) |
(185.7) |
(58.0) |
|||
Profit (loss) before tax |
390.4 |
328.8 |
687.1 |
|||
Income tax benefit (expense) |
(147.6) |
(104.6) |
(361.2) |
|||
Profit (loss) for the period |
242.8 |
224.2 |
325.9 |
|||
Attributable to: |
||||||
Equity holders of the Company |
19.3 |
92.4 |
72.3 |
|||
Non-controlling interests |
223.5 |
131.8 |
253.6 |
|||
242.8 |
224.2 |
325.9 |
||||
Profit (loss) for the period |
||||||
Other comprehensive income (loss) |
||||||
Exchange differences on translation of foreign |
(67.1) |
(11.4) |
13.0 |
|||
Total other comprehensive income (loss) |
(67.1) |
(11.4) |
13.0 |
|||
Total comprehensive income (loss) |
175.7 |
212.8 |
338.9 |
|||
Attributable to: |
||||||
Equity holders of the Company |
(20.6) |
86.3 |
79.2 |
|||
Non-controlling interests |
196.3 |
126.5 |
259.7 |
|||
175.7 |
212.8 |
338.9 |
||||
Earnings (loss) per share attributable to the |
0.71 |
3.38 |
2.54 |
|||
Weighted average shares outstanding (in |
27,328 |
27,305 |
28,512 |
|||
Net income (loss) attributable to the Company - |
19.3 |
92.4 |
72.3 |
|||
Earnings (loss) per share attributable to the |
0.70 |
3.35 |
2.49 |
|||
Weighted average shares outstanding (in |
27,583 |
27,579 |
29,059 |
|||
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
As of | |||||
Figures in Million of | |||||
|
|
| |||
ASSETS |
USD |
USD |
USD | ||
Non-current assets |
|||||
Available-for-sale financial assets |
0.3 |
0.3 |
0.6 | ||
Investment in associates |
11.0 |
11.0 |
10.2 | ||
Property, plant & equipment |
447.2 |
447.3 |
425.4 | ||
Other non-current assets |
11.3 |
11.5 |
10.9 | ||
Total non-current assets |
469.8 |
470.1 |
447.1 | ||
Current assets |
|||||
Inventories |
67.0 |
54.4 |
54.8 | ||
Accounts and notes receivable |
120.2 |
116.7 |
128.0 | ||
Short-term deposits |
2.1 |
2.2 |
2.3 | ||
Other current assets |
12.0 |
8.8 |
8.2 | ||
Cash and cash equivalents |
402.6 |
411.4 |
455.4 | ||
Total current assets |
603.9 |
593.5 |
648.7 | ||
Total assets |
1,073.7 |
1,063.6 |
1,095.8 | ||
EQUITY AND LIABILITIES |
|||||
EQUITY |
|||||
Issued capital |
1.0 |
1.0 |
1.0 | ||
Capital surplus |
297.0 |
300.4 |
370.5 | ||
Retained earnings |
86.3 |
85.7 |
78.3 | ||
Other component of equity |
13.2 |
14.4 |
14.3 | ||
Equity attributable to equity holders of the Company |
397.5 |
401.5 |
464.1 | ||
Non-controlling interests |
216.2 |
242.3 |
201.6 | ||
Total equity |
613.7 |
643.8 |
665.7 | ||
LIABILITIES |
|||||
Non-current liabilities |
|||||
Bank loans - non-current portion |
255.8 |
192.7 |
179.4 | ||
Other non-current liabilities |
18.6 |
18.8 |
18.0 | ||
Total non-current liabilities |
274.4 |
211.5 |
197.4 | ||
Current liabilities |
|||||
Accounts payable and payables to contractors and |
40.0 |
45.4 |
41.5 | ||
Other current liabilities |
101.0 |
75.8 |
107.4 | ||
Bank loans - current portion |
- |
48.1 |
46.6 | ||
Short-term bank loans |
44.6 |
39.0 |
37.2 | ||
Total current liabilities |
185.6 |
208.3 |
232.7 | ||
Total liabilities |
460.0 |
419.8 |
430.1 | ||
Total equity and liabilities |
1,073.7 |
1,063.6 |
1,095.8 | ||
Note: (1) All |
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
As of | |||||
Figures in Million of NT dollars (NTD) | |||||
|
|
| |||
ASSETS |
NTD |
NTD |
NTD | ||
Non-current assets |
|||||
Available-for-sale financial assets |
10.0 |
10.0 |
18.5 | ||
Investment in associates |
355.1 |
353.0 |
327.6 | ||
Property, plant & equipment |
14,409.4 |
14,413.2 |
13,708.8 | ||
Other non-current assets |
364.7 |
369.2 |
352.6 | ||
Total non-current assets |
15,139.2 |
15,145.4 |
14,407.5 | ||
Current assets |
|||||
Inventories |
2,159.0 |
1,753.0 |
1,766.9 | ||
Accounts and notes receivable |
3,872.4 |
3,760.8 |
4,122.8 | ||
Short-term deposits |
66.0 |
72.3 |
74.7 | ||
Other current assets |
387.5 |
283.5 |
264.1 | ||
Cash and cash equivalents |
12,971.2 |
13,255.0 |
14,672.1 | ||
Total current assets |
19,456.1 |
19,124.6 |
20,900.6 | ||
Total assets |
34,595.3 |
34,270.0 |
35,308.1 | ||
EQUITY AND LIABILITIES |
|||||
EQUITY |
|||||
Issued capital |
32.1 |
32.0 |
33.4 | ||
Capital surplus |
9,568.3 |
9,678.1 |
11,938.9 | ||
Retained earnings |
2,779.5 |
2,760.1 |
2,525.4 | ||
Other component of equity |
425.9 |
465.8 |
459.3 | ||
Equity attributable to equity holders of the Company |
12,805.8 |
12,936.0 |
14,957.0 | ||
Non-controlling interests |
6,966.4 |
7,806.3 |
6,494.3 | ||
Total equity |
19,772.2 |
20,742.3 |
21,451.3 | ||
LIABILITIES |
|||||
Non-current liabilities |
|||||
Bank loans - non-current portion |
8,242.2 |
6,209.0 |
5,780.0 | ||
Other non-current liabilities |
601.0 |
607.8 |
579.9 | ||
Total non-current liabilities |
8,843.2 |
6,816.8 |
6,359.9 | ||
Current liabilities |
|||||
Accounts payable and payables to contractors and |
1,289.4 |
1,463.0 |
1,337.9 | ||
Other current liabilities |
3,253.2 |
2,443.7 |
3,460.3 | ||
Bank loans - current portion |
- |
1,549.0 |
1,500.0 | ||
Short-term bank loans |
1,437.3 |
1,255.2 |
1,198.7 | ||
Total current liabilities |
5,979.9 |
6,710.9 |
7,496.9 | ||
Total liabilities |
14,823.1 |
13,527.7 |
13,856.8 | ||
Total equity and liabilities |
34,595.3 |
34,270.0 |
35,308.1 | ||
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | |||||
The table below sets forth a reconciliation of our operating profit to non-GAAP free cash flow for the periods indicated: | |||||
Three months ended | |||||
|
|
| |||
USD |
USD |
USD | |||
Operating profit |
13.1 |
16.0 |
23.1 | ||
Add: Depreciation |
25.8 |
25.1 |
23.4 | ||
Amortization |
0.0 |
0.0 |
0.0 | ||
Interest income |
0.4 |
0.4 |
0.6 | ||
Less: Capital expenditures |
(26.1) |
(35.0) |
(21.9) | ||
Non-controlling interest |
(6.9) |
(4.1) |
(7.9) | ||
Interest expense |
(1.0) |
(1.0) |
(1.0) | ||
Income tax expense |
(4.6) |
(3.2) |
(11.2) | ||
Dividend |
- |
- |
- | ||
Non-GAAP free cash flow |
0.7 |
(1.8) |
5.1 | ||
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated: | |||||
Three months ended | |||||
|
|
| |||
USD |
USD |
USD | |||
Operating profit |
13.1 |
16.0 |
23.1 | ||
Add: Depreciation |
25.8 |
25.2 |
23.4 | ||
Amortization |
0.0 |
0.0 |
0.0 | ||
Non-GAAP EBITDA |
38.9 |
41.2 |
46.5 | ||
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 |
44.6 |
39.0 |
37.2 | ||
Long-term bank loans (including current portion) |
255.8 |
240.8 |
226.0 | ||
Less: Cash and cash equivalents |
(402.6) |
(411.4) |
(455.4) | ||
Net debt |
(102.2) |
(131.6) |
(192.2) | ||
Equity attributable to equity holders of the Company |
397.5 |
401.5 |
464.1 | ||
Net debt to equity ratio |
-25.7% |
-32.8% |
-41.4% |
Contacts: In Dr. +886-6-507-7712 |
In the +1-914-337-8801 |
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SOURCE
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