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, 2018

Commission File Number 001-37928

 

 

ChipMOS TECHNOLOGIES INC.

(Translation of Registrant’s 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.

 

Dated: August 9, 2018     ChipMOS TECHNOLOGIES INC.
                  (Registrant)
        By:  

/S/ S. J. Cheng

        Name:   S. J. Cheng
        Title:   Chairman & President

 

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Contacts:

 

In Taiwan

Dr. G.S. Shen

ChipMOS TECHNOLOGIES INC.

+886-3-5668877

g.s._shen@chipmos.com

 

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

ChipMOS REPORTS SECOND QUARTER 2018 RESULTS

Q2’18 Highlights (as compared to Q1’18):

 

   

Net Revenue Grows 12% to US$147.6 Million Compared to US$131.8 Million

 

   

Gross Profit Improves to US$24.2 Million Compared to US$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 Approximately US$0.99 Per ADS, With a 15% Reduction of the Total Outstanding Common Shares and ADSs

Hsinchu, Taiwan - 8/9/2018 - 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, 2018. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$30.43 against US$1.00 as of June 29, 2018.

All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards (“Taiwan-IFRS”).

Net revenue for the second quarter of 2018 was NT$4,491.6 million or US$147.6 million, an increase of 12.0% from NT$4,010.9 million or US$131.8 million in the first quarter of 2018 and a decrease of 1.1% from NT$4,541.2 million or US$149.2 million for the same period in 2017.

Net profit attributable to equity holders of the Company for the second quarter of 2018 was NT$124.1 million or US$4.1 million, and NT$0.15 or US$0.005 per basic common share and NT$0.14 or US$0.005 per diluted common share, as compared to net profit attributable to equity holders of the Company for the first quarter of 2018 of NT$22.8 million or US$0.7 million, and NT$0.03 or US$0.001 per basic common share and NT$0.03 or US$0.001 per diluted common share, and compared to net profit attributable to equity holders of the Company in the second quarter of 2017 of 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. Net earnings for the second quarter of 2018 were US$0.10 per diluted ADS, compared to US$0.02 per diluted ADS for the first quarter of 2018 and US$0.25 per diluted ADS in the second quarter of 2017. Net profit in the second quarter of 2018 reflects the adverse impact of higher depreciation and withholding expenses.

S.J. Cheng, Chairman and President of ChipMOS, said, “This was a strong quarter for us as we delivered on our financial goals and efforts to increase shareholder value. We achieved 12% revenue growth in Q2 compared to Q1 and improved our gross margin to 16.4% from 14.6% in the prior quarter. Based on capacity constraints and market demand we raised our DDIC prices in May. DDIC demand growth is expected to continue through the second half of 2018 led by gold bumping and mixed-signal testing and assembly services related to new, narrow bezel, full screen smartphone models, among other areas. We continue to manage our capacity levels closely in support of growth areas, including 12” fine pitch chip-on-film and TDDI, where revenue grew in the double digits compared to Q1 to represent in the high single digit of our total Q2 revenue. TDDI test programs require up to 3 times the test time of regular DDIC test programs, putting our capacity at an even higher premium as customers seek to secure the needed support for their expected growth. We are also encouraged by growth in our flash assembly and test business, which is benefiting from diverse demand drivers, including IoT, smart speakers and gaming products. As a result, our flash business revenue grew more than 15% in Q2 compared to Q1, and represented nearly 23% of total Q2 revenue. Overall, we think the rest of the year can be quite positive as we benefit from our growth strategy and improved capital structure.”

 

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Silvia Su, Vice President of Finance and Accounting, commented, “We held our operating expenses in check as we carefully manage our resources and operating structure in support of the higher demand levels we are seeing. Our focus on expense controls, along with increased demand and our DDIC price increase in May, helped us improve gross margin to 16.4% in Q2. We expect to see further improvement in gross margin as we move through 2018 based on current market conditions. We ended the second quarter with a balance of cash and cash equivalents of US$134.2 million, and a net debt balance of US$141.4 million with a net debt to equity ratio of 23.3%. This is after CapEx of $32.1 million in the second quarter, the majority of which was invested in expanding our LCD driver capacity to meet customer demand levels, mainly for DDIC test and 12” fine pitch chip-on-film. Our balance sheet is allowing us to reward shareholders through the issuance of cash dividend and a capital return related to our 2018 Capital Reduction plan. The dividend and the 2018 Capital Reduction plan have been approved by shareholders and Taiwan’s Competent Authority, with distributions expected in the fourth quarter of 2018.”

 

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
US$ million
     Period ended
Jun. 30, 2017
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  

 

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Investor Conference Call / Webcast Details

ChipMOS will host two conference calls on Thursday, August 9, 2018 to discuss the Company’s financial results for the second quarter of 2018.

 

  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 ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (http://www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) and in the Company’s other filings with the SEC.

 

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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, interest expense, income tax expense and dividend. The non-GAAP EBITDA represents operating profit plus depreciation and amortization. The non-GAAP net debt to equity ratio represents the ratio of net debt, the sum of debt less cash and cash equivalent, divided by equity attributable to equity holders of the Company. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the Taiwan-IFRS.

ChipMOS considers the use of non-GAAP free cash flow, non-GAAP EBITDA and non-GAAP net debt to equity ratio provides useful information to management to manage the Company’s business and make financial and operational decisions and also to the investors to understand and evaluate the Company’s business and operating performance. For more information on these non-GAAP financial measures, please refer to the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in this press release.

- FINANCIAL TABLES FOLLOW BELOW -

 

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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.

 

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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 foreign operations

     (25.3     50.9       33.1  

Unrealized gain (loss) on valuation of equity instruments at fair value through other comprehensive income

     14.1       11.3       —    

Share of other comprehensive income (loss) of associates and joint ventures accounted for using equity method

     (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 – basic

     124.1       22.8       321.4  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to the Company - basic

     0.15       0.03       0.38  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent – basic

     2.92       0.54       7.61  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     849,672       849,571       845,206  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company – diluted

     124.1       22.8       321.4  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to the Company - diluted

     0.14       0.03       0.38  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - diluted

     2.90       0.53       7.54  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     857,028       854,443       852,649  
  

 

 

   

 

 

   

 

 

 

 

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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  
     USD     USD     USD  

ASSETS

      

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 comprehensive income

     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 equipment suppliers

     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 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.

 

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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  
     NTD     NTD     NTD  

ASSETS

      

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  
  

 

 

   

 

 

   

 

 

 

 

-8-


LOGO

 

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 (including current portion)

     274.8       317.1       352.1  

Long-term lease obligations payable (including current portion)

     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
  

 

 

   

 

 

   

 

 

 

 

-9-