ChipMOS REPORTS SECOND QUARTER 2018 RESULTS
Q2'18 Highlights (as compared to Q1'18):
- Net Revenue Grows 12% to
US$147.6 Million Compared toUS$131.8 Million - Gross Profit Improves to
US$24.2 Million Compared toUS$19.2 Million - Gross Margin Increases to 16.4% Compared to 14.6%
- Cash Dividend of
NT$0.30 Per Common Share or Approximately US$0.20 Per ADS Approved by Shareholders - Capital Reduction Plan Approved by Shareholders and
Taiwan's Competent Authority;NT$1.50 Per Common Share Will Be Returned to Shareholders or ApproximatelyUS$0.99 Per ADS, With a 15% Reduction of the Total Outstanding Common Shares and ADSs
HSINCHU,
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").
Net revenue for the second quarter of 2018 was
Net profit attributable to equity holders of the Company for the second quarter of 2018 was
Selected Operation Data |
||
Q2'18 |
Q1'18 |
|
Revenue by segment |
||
Testing |
27.6% |
28.8% |
Assembly |
26.2% |
26.5% |
LCD Driver |
28.9% |
27.1% |
Bumping |
17.3% |
17.6% |
CapEx |
US$32.1 million |
US$41.5 million |
Testing |
38.3% |
29.3% |
Assembly |
6.0% |
8.1% |
LCD Driver |
46.7% |
55.0% |
Bumping |
9.0% |
7.6% |
Depreciation and amortization expenses |
US$27.7 million |
US$26.7 million |
Utilization by segment |
||
Testing |
80% |
79% |
Assembly |
64% |
61% |
LCD Driver |
81% |
78% |
Bumping |
70% |
65% |
Overall |
74% |
71% |
Condensed consolidated statements of cash flows |
Period ended Jun. 30, 2018 |
Period ended Jun. 30, 2017 |
||
US$ million |
US$ million |
|||
Net cash generated from (used in) operating activities |
48.2 |
101.0 |
||
Net cash generated from (used in) investing activities |
(103.3) |
(44.5) |
||
Net cash generated from (used in) financing activities |
(75.0) |
58.1 |
||
Net increase (decrease) in cash and cash equivalents |
(130.1) |
114.6 |
||
Effect of exchange rate changes on cash |
0.2 |
0.6 |
||
Cash and cash equivalents at beginning of period |
264.1 |
248.8 |
||
Cash and cash equivalents at end of period |
134.2 |
364.0 |
Investor Conference Call / Webcast Details
1. |
Date: Thursday, August 9, 2018 |
Time: 4:00PM Taiwan (4:00AM New York) |
|
Dial-In: +886-2-21928016 |
|
Password: 659165# |
|
Replay Starting 2 Hours After Live Call Ends: www.chipmos.com.tw |
|
Language: Mandarin |
|
2. |
Date: Thursday, August 9, 2018 |
Time: 8:00PM Taiwan (8:00AM New York) |
|
Dial-In: +1-201-689-8562 |
|
Password: 13681835 |
|
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13681835 |
|
Webcast of Live Call and Replay: www.chipmos.com |
|
Language: English |
About
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
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in accordance with the Taiwan-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 the Taiwan-IFRS.
- FINANCIAL TABLES FOLLOW BELOW -
ChipMOS TECHNOLOGIES INC. |
|||||
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||
For the Three Months Ended Jun. 30, Mar. 31, 2018 and Jun. 30, 2017 |
|||||
Figures in Millions of U.S. dollars (USD) (1) |
|||||
Except for Per Share Amounts and Weighted Average Shares Outstanding |
|||||
Three months ended |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
USD |
USD |
USD |
|||
Revenue |
147.6 |
131.8 |
149.2 |
||
Cost of revenue |
(123.4) |
(112.6) |
(119.3) |
||
Gross profit |
24.2 |
19.2 |
29.9 |
||
Research and development expenses |
(8.2) |
(7.1) |
(8.0) |
||
Sales and marketing expenses |
(0.5) |
(0.4) |
(0.4) |
||
General and administrative expenses |
(4.0) |
(4.3) |
(7.7) |
||
Other operating income (expenses), net |
2.1 |
1.1 |
1.0 |
||
Operating profit |
13.6 |
8.5 |
14.8 |
||
Non-operating income (expenses), net |
2.1 |
(6.9) |
(1.9) |
||
Profit (loss) before tax |
15.7 |
1.6 |
12.9 |
||
Income tax benefit (expense) |
(11.6) |
(0.9) |
(2.3) |
||
Profit (loss) for the period |
4.1 |
0.7 |
10.6 |
||
Other comprehensive income (loss) |
|||||
Exchange differences on translation of foreign operations |
(0.9) |
1.7 |
1.0 |
||
Unrealized gain (loss) on valuation of equity instruments at fair value through other comprehensive income |
0.5 |
0.4 |
- |
||
Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method |
(0.0) |
0.0 |
- |
||
Income tax effect |
(0.1) |
(0.1) |
|||
Total other comprehensive income (loss) |
(0.5) |
2.0 |
1.0 |
||
Total comprehensive income (loss) |
3.6 |
2.7 |
11.6 |
||
Profit (loss) attributable to the Company – basic |
4.1 |
0.7 |
10.6 |
||
Earnings (loss) per share attributable to the Company - basic |
0.005 |
0.001 |
0.01 |
||
Earnings (loss) per ADS equivalent – basic |
0.10 |
0.02 |
0.25 |
||
Weighted average shares outstanding (in thousands) - basic |
849,672 |
849,571 |
845,206 |
||
Profit (loss) attributable to the Company – diluted |
4.1 |
0.7 |
10.6 |
||
Earnings (loss) per share attributable to the Company - diluted |
0.005 |
0.001 |
0.01 |
||
Earnings (loss) per ADS equivalent - diluted |
0.10 |
0.02 |
0.25 |
||
Weighted average shares outstanding (in thousands) - diluted |
857,028 |
854,443 |
852,649 |
||
Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$30.43 against US$1.00 as of Jun. 29, 2018. 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 Jun. 30, Mar. 31, 2018 and Jun. 30, 2017 |
|||||||||
Figures in Millions of NT dollars (NTD) |
|||||||||
Except for Per Share Amounts and Weighted Average Shares Outstanding |
|||||||||
Three months ended |
|||||||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||||||
NTD |
NTD |
NTD |
|||||||
Revenue |
4,491.6 |
4,010.9 |
4,541.2 |
||||||
Cost of revenue |
(3,756.4) |
(3,426.8) |
(3,630.8) |
||||||
Gross profit |
735.2 |
584.1 |
910.4 |
||||||
Research and development expenses |
(249.5) |
(215.8) |
(244.6) |
||||||
Sales and marketing expenses |
(13.9) |
(11.0) |
(13.2) |
||||||
General and administrative expenses |
(120.9) |
(132.2) |
(235.7) |
||||||
Other operating income (expenses), net |
63.2 |
32.4 |
31.7 |
||||||
Operating profit |
414.1 |
257.5 |
448.6 |
||||||
Non-operating income (expenses), net |
62.9 |
(207.8) |
(56.4) |
||||||
Profit (loss) before tax |
477.0 |
49.7 |
392.2 |
||||||
Income tax benefit (expense) |
(352.9) |
(26.9) |
(70.8) |
||||||
Profit (loss) for the period |
124.1 |
22.8 |
321.4 |
||||||
Other comprehensive income (loss) |
|||||||||
Exchange differences on translation of |
(25.3) |
50.9 |
33.1 |
||||||
Unrealized gain (loss) on valuation of |
14.1 |
11.3 |
- |
||||||
Share of other comprehensive income |
(0.8) |
(0.9) |
- |
||||||
Income tax effect |
(2.8) |
(1.4) |
- |
||||||
Total other comprehensive income (loss) |
(14.8) |
59.9 |
33.1 |
||||||
Total comprehensive income (loss) |
109.3 |
82.7 |
354.5 |
||||||
Profit (loss) attributable to the Company – |
124.1 |
22.8 |
321.4 |
||||||
Earnings (loss) per share attributable to the |
0.15 |
0.03 |
0.38 |
||||||
Earnings (loss) per ADS equivalent – basic |
2.92 |
0.54 |
7.61 |
||||||
Weighted average shares outstanding (in |
849,672 |
849,571 |
845,206 |
||||||
Profit (loss) attributable to the Company – |
124.1 |
22.8 |
321.4 |
||||||
Earnings (loss) per share attributable to the |
0.14 |
0.03 |
0.38 |
||||||
Earnings (loss) per ADS equivalent - diluted |
2.90 |
0.53 |
7.54 |
||||||
Weighted average shares outstanding (in |
857,028 |
854,443 |
852,649 |
ChipMOS TECHNOLOGIES INC. |
|||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
As of Jun. 30, Mar. 31, 2018 and Jun. 30, 2017 |
|||||
Figures in Millions of U.S. dollars (USD) (1) |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
ASSETS |
USD |
USD |
USD |
||
Current assets |
|||||
Cash and cash equivalents |
134.2 |
219.8 |
364.0 |
||
Accounts and notes receivable, net |
142.7 |
119.9 |
116.2 |
||
Inventories |
59.2 |
58.6 |
63.5 |
||
Other current assets |
17.5 |
16.3 |
9.7 |
||
Total current assets |
353.6 |
414.6 |
553.4 |
||
Non-current assets |
|||||
Financial assets at fair value through profit or loss |
0.4 |
0.4 |
- |
||
Financial assets at fair value through other |
3.8 |
3.3 |
- |
||
Non-current financial assets carried at cost |
- |
- |
0.7 |
||
Investments accounted for using equity method |
135.2 |
139.1 |
115.2 |
||
Property, plant & equipment |
520.7 |
516.4 |
480.5 |
||
Other non-current assets |
11.5 |
12.3 |
11.5 |
||
Total non-current assets |
671.6 |
671.5 |
607.9 |
||
Total assets |
1,025.2 |
1,086.1 |
1,161.3 |
||
LIABILITIES AND EQUITY |
|||||
LIABILITIES |
|||||
Current liabilities |
|||||
Short-term bank loans |
- |
34.4 |
59.6 |
||
Accounts payable and payables to contractors and |
44.1 |
41.4 |
49.1 |
||
Long-term bank loans, current portion |
24.5 |
70.5 |
70.4 |
||
Long-term lease obligations payable, current portion |
0.4 |
0.4 |
0.4 |
||
Other current liabilities |
73.8 |
56.7 |
86.3 |
||
Total current liabilities |
142.8 |
203.4 |
265.8 |
||
Non-current liabilities |
|||||
Long-term bank loans |
250.3 |
246.6 |
281.7 |
||
Long-term lease obligations payable |
0.4 |
0.5 |
0.8 |
||
Other non-current liabilities |
24.8 |
24.4 |
23.4 |
||
Total non-current liabilities |
275.5 |
271.5 |
305.9 |
||
Total liabilities |
418.3 |
474.9 |
571.7 |
||
EQUITY |
|||||
Capital stock – common stock |
291.2 |
291.2 |
291.4 |
||
Capital surplus |
206.4 |
206.5 |
206.8 |
||
Retained earnings |
137.9 |
142.3 |
127.2 |
||
Other equity interest |
4.5 |
4.3 |
(2.7) |
||
Treasury stock |
(33.1) |
(33.1) |
(33.1) |
||
Equity attributable to equity holders of the Company |
606.9 |
611.2 |
589.6 |
||
Total equity |
606.9 |
611.2 |
589.6 |
||
Total liabilities and equity |
1,025.2 |
1,086.1 |
1,161.3 |
||
Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$30.43 against US$1.00 as of |
ChipMOS TECHNOLOGIES INC. |
|||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
As of Jun. 30, Mar. 31, 2018 and Jun. 30, 2017 |
|||||
Figures in Millions of NT dollars (NTD) |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
ASSETS |
NTD |
NTD |
NTD |
||
Current assets |
|||||
Cash and cash equivalents |
4,082.6 |
6,688.5 |
11,078.3 |
||
Accounts and notes receivable, net |
4,341.9 |
3,647.8 |
3,536.1 |
||
Inventories |
1,800.3 |
1,785.1 |
1,931.5 |
||
Other current assets |
534.3 |
496.0 |
294.2 |
||
Total current assets |
10,759.1 |
12,617.4 |
16,840.1 |
||
Non-current assets |
|||||
Financial assets at fair value through profit or loss |
11.8 |
11.9 |
- |
||
Financial assets at fair value through other comprehensive income |
114.7 |
100.6 |
- |
||
Non-current financial assets carried at cost |
- |
- |
20.9 |
||
Investments accounted for using equity method |
4,114.0 |
4,231.0 |
3,506.0 |
||
Property, plant & equipment |
15,844.2 |
15,714.6 |
14,619.8 |
||
Other non-current assets |
351.6 |
374.3 |
350.6 |
||
Total non-current assets |
20,436.3 |
20,432.4 |
18,497.3 |
||
Total assets |
31,195.4 |
33,049.8 |
35,337.4 |
||
LIABILITIES AND EQUITY |
|||||
LIABILITIES |
|||||
Current liabilities |
|||||
Short-term bank loans |
- |
1,046.6 |
1,814.7 |
||
Accounts payable and payables to contractors and equipment suppliers |
1,341.8 |
1,261.2 |
1,494.5 |
||
Long-term bank loans, current portion |
747.3 |
2,144.0 |
2,142.0 |
||
Long-term lease obligations payable, current portion |
11.6 |
12.0 |
11.4 |
||
Other current liabilities |
2,244.9 |
1,725.5 |
2,624.8 |
||
Total current liabilities |
4,345.6 |
6,189.3 |
8,087.4 |
||
Non-current liabilities |
|||||
Long-term bank loans |
7,616.7 |
7,502.9 |
8,571.1 |
||
Long-term lease obligations payable |
12.0 |
15.0 |
24.1 |
||
Other non-current liabilities |
755.1 |
744.1 |
712.7 |
||
Total non-current liabilities |
8,383.8 |
8,262.0 |
9,307.9 |
||
Total liabilities |
12,729.4 |
14,451.3 |
17,395.3 |
||
EQUITY |
|||||
Capital stock – common stock |
8,859.8 |
8,861.4 |
8,866.8 |
||
Capital surplus |
6,281.2 |
6,284.2 |
6,293.8 |
||
Retained earnings |
4,196.4 |
4,328.7 |
3,870.0 |
||
Other equity interest |
136.2 |
131.8 |
(80.9) |
||
Treasury stock |
(1,007.6) |
(1,007.6) |
(1,007.6) |
||
Equity attributable to equity holders of the Company |
18,466.0 |
18,598.5 |
17,942.1 |
||
Total equity |
18,466.0 |
18,598.5 |
17,942.1 |
||
Total liabilities and equity |
31,195.4 |
33,049.8 |
35,337.4 |
||
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: |
|||||
Three months ended |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
USD |
USD |
USD |
|||
Operating profit |
13.6 |
8.5 |
14.8 |
||
Add: Depreciation |
27.7 |
26.7 |
23.3 |
||
Interest income |
0.4 |
0.3 |
0.5 |
||
Less: Capital expenditures |
(32.1) |
(41.5) |
(45.9) |
||
Interest expense |
(1.2) |
(1.3) |
(1.6) |
||
Income tax expense |
(11.6) |
(0.9) |
(2.3) |
||
Non-GAAP free cash flow |
(3.2) |
(8.2) |
(11.2) |
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated: |
|||||
Three months ended |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
USD |
USD |
USD |
|||
Operating profit |
13.6 |
8.5 |
14.8 |
||
Add: Depreciation |
27.7 |
26.7 |
23.3 |
||
Non-GAAP EBITDA |
41.3 |
35.2 |
38.1 |
The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated: |
|||||
Jun. 30, 2018 |
Mar. 31, 2018 |
Jun. 30, 2017 |
|||
USD |
USD |
USD |
|||
Short-term bank loans |
- |
34.4 |
59.6 |
||
Long-term bank loans |
274.8 |
317.1 |
352.1 |
||
Long-term lease obligations payable |
0.8 |
0.9 |
1.2 |
||
Less: Cash and cash equivalents |
(134.2) |
(219.8) |
(364.0) |
||
Net debt |
141.4 |
132.6 |
48.9 |
||
Equity attributable to equity holders of the Company |
606.9 |
611.2 |
589.6 |
||
Net debt to equity ratio |
23.3% |
21.7% |
8.3% |
Contacts: |
|
In Taiwan |
In the U.S. |
Dr. G.S. Shen |
David Pasquale |
ChipMOS TECHNOLOGIES INC. |
Global IR Partners |
+886-3-5668877 |
+1-914-337-8801 |
View original content:http://www.prnewswire.com/news-releases/chipmos-reports-second-quarter-2018-results-300694647.html
SOURCE