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 May, 2019

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: May 7, 2019   ChipMOS TECHNOLOGIES INC.
                  (Registrant)
  By:  

/S/ S. J. Cheng

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

 

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Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

jesse_huang@chipmos.com

  

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

  

ChipMOS REPORTS FIRST QUARTER 2019 RESULTS

Q1’19 Highlights (as compared to Q4’18):

 

   

Revenue at US$144.6 Million Compared to US$161.1 Million, with Q1’19 Up 11.2% as Compared to Q1’18

 

   

March 2019 Revenue Increased 19.2%, as Compared to the month of February 2019

 

   

Retained Balance of Cash and Cash Equivalents at US$164.3 Million, with Net Debt Balance of US$191.1 Million

 

   

Completed Sale of 9.1 Million Common Shares of JMC ELECTRONICS CO., LTD. (“JMC”) in April, with Total Proceeds of NT$1,192.1 Million (Approximately US$38.6 Million); To Recognize Q2’19 Disposal Gain of NT$981.7 Million (Approximately US$31.8 Million) After the Deduction of Related Tax and Expenses; Continues to Own 10 Million Common Shares of JMC, Representing 10.0% of the Total Shares Outstanding.

 

   

Cash Dividend of NT$1.20 Per Common Share or Approximately US$0.78 Per ADS Will Be Distributed to Shareholders from Earnings and it’s Pending Shareholders’ Approval at Annual General Meeting (“AGM”) on June 10, 2019

Hsinchu, Taiwan - 5/7/2019 - 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, 2019. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$30.86 against US$1.00 as of March 29, 2019.

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

Revenue for the first quarter of 2019 was NT$4,462.0 million or US$144.6 million, a decrease of 10.3% from NT$4,972.3 million or US$161.1 million in the fourth quarter of 2018 and an increase of 11.2% from NT$4,010.9 million or US$130.0 million for the same period in 2018. The first quarter normally represents the low period of the year for the industry followed by quarterly revenue growth. This is due to fewer working days around the Chinese New Year Holiday and semiconductor chain inventory rebalancing at the start of the New Year.

Net profit attributable to equity holders of the Company for the first quarter of 2019 was NT$193.7 million or US$6.3 million, and NT$0.27 or US$0.01 per basic common share, as compared to net profit attributable to equity holders of the Company for the fourth quarter of 2018 of NT$516.6 million or US$16.8 million, and NT$0.71 or US$0.02 per basic common share, and compared to net profit attributable to equity holders of the Company in 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. Net earnings for the first quarter of 2019 were US$0.17 per basic ADS, compared to US$0.46 per basic ADS for the fourth quarter of 2018 and US$0.02 per basic ADS in the first quarter of 2018.

S.J. Cheng, Chairman and President of ChipMOS, said, “We continue to take action in our business and focus on the priority growth drivers, while further improving our balance sheet and working to build value for investors. Customer demand remains healthy in our TDDI and 12” fine pitch COF businesses with growth expected to continue led by higher demand for new bezel-less smartphone panels, 4K TVs, displays and other applications. Importantly, we believe we have moved beyond the typical low season having reported 19.2% revenue growth for the month of March 2019, as compared to the month of February 2019. We expect to benefit from further gains in our TDDI, and 12” fine pitch COF business, along with new customer programs in our NAND flash business. Finally, we are pleased to have realized a return in April on our strategic investment in JMC. The proceeds will be used to further strengthen our Company’s financial structure, while increasing our balance of working capital and decreasing the debt ratio.”

 

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Silvia Su, Vice President of Finance and Accounting, commented, “We grew our revenue 11.2%, improved our gross profit by 14.4% and operating profit by 23.6% compared to the same period in 2018. We continue to manage our business to profitability, with the right resource level and operating structure to fully support our customers and new growth opportunities, including those in our DDIC business. We ended the first quarter with a balance of cash and cash equivalents of US$164.3 million, and a net debt balance of US$191.1 million. This does not reflect the proceeds from our JMC share sale in April, which will be recognized in Q2’19. CapEx was US$20.4 million in the first quarter, with the majority invested in expanding our DDIC capacity to meet customer demand levels, mainly for TDDI wafer test and 12” fine pitch COF. Reflecting our commitment to building shareholder value, and confidence in our business and financial position, our Board proposed on March 7, 2019 that NT$1.2 per common share or approximately US$0.78 per ADS be distributed to shareholders from earnings. This is pending shareholders’ approval at our AGM on June 10, 2019.”

Selected Operation Data

 

     Q1’19     Q4’18  

Revenue by segment

    

Testing

     22.2     23.5

Assembly

     23.1     24.6

LCD Driver

     35.1     33.7

Bumping

     19.6     18.2

CapEx

   US$ 20.4 million     US$ 55.3 million  

Testing

     25.0     21.0

Assembly

     7.3     5.6

LCD Driver

     59.3     69.5

Bumping

     8.4     3.9

Depreciation and amortization expenses

   US$ 29.1 million     US$ 27.9 million  

Utilization by segment

    

Testing

     64     73

Assembly

     58     69

LCD Driver

     76     81

Bumping

     79     75

Overall

     70     75

 

Condensed consolidated statements of cash flows      
     Period ended
Mar. 31, 2019
US$ million
     Period ended
Mar. 31, 2018
US$ million
 

Net cash generated from (used in) operating activities

     55.2        24.6  

Net cash generated from (used in) investing activities

     (50.7      (70.6

Net cash generated from (used in) financing activities

     9.3        2.5  

Net increase (decrease) in cash and cash equivalents

     13.8        (43.5

Effect of exchange rate changes on cash

     0.1        (0.2

Cash and cash equivalents at beginning of period

     150.4        260.4  

Cash and cash equivalents at end of period

     164.3        216.7  

 

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Investor Conference Call / Webcast Details

ChipMOS will host two conference calls on Tuesday, May 7, 2019 to discuss the Company’s financial results for the first quarter of 2019.

 

1.    Date: Tuesday, May 7, 2019
   Time: 4:00PM Taiwan (4:00AM New York)
   Dial-In: +886-2-21928016
   Password: 129606#
   Replay Starting 2 Hours After Live Call Ends: www.chipmos.com
   Language: Mandarin
2.    Date: Tuesday, May 7, 2019
   Time: 8:00PM Taiwan (8:00AM New York)
   Dial-In: +1-201-689-8562
   Password: 13689697
   Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13689697
   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) (https://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.

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 Mar. 31, 2019, Dec. 31, and Mar. 31, 2018

Figures in Millions of U.S. dollars (USD) (1)

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     Three months ended  
     Mar. 31, 2019     Dec. 31, 2018     Mar. 31, 2018  
     USD     USD     USD  

Revenue

     144.6       161.1       130.0  

Cost of revenue

     (122.9     (124.3     (111.1
  

 

 

   

 

 

   

 

 

 

Gross profit

     21.7       36.8       18.9  
  

 

 

   

 

 

   

 

 

 

Research and development expenses

     (7.7     (7.8     (7.0

Sales and marketing expenses

     (0.4     (0.5     (0.4

General and administrative expenses

     (3.6     (3.6     (4.3

Other operating income (expenses), net

     0.3       0.8       1.1  
  

 

 

   

 

 

   

 

 

 

Operating profit

     10.3       25.7       8.3  
  

 

 

   

 

 

   

 

 

 

Non-operating income (expenses), net

     (2.1     (3.3     (6.7
  

 

 

   

 

 

   

 

 

 

Profit (loss) before tax

     8.2       22.4       1.6  

Income tax benefit (expense)

     (1.9     (5.6     (0.9
  

 

 

   

 

 

   

 

 

 

Profit (loss) for the period

     6.3       16.8       0.7  
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

      

Exchange differences on translation of foreign operations

     2.2       0.8       1.6  

Profit (loss) on remeasurements of defined benefit plans

     —         (1.9     —    

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

     (1.0     1.0       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

     0.2       0.2       (0.0
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     1.4       0.1       2.0  
  

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

     7.7       16.9       2.7  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - basic

     6.3       16.8       0.7  
  

 

 

   

 

 

   

 

 

 

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

     0.01       0.02       0.001  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - basic

     0.17       0.46       0.02  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     726,925       726,925       849,571  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - diluted

     6.3       16.8       0.7  
  

 

 

   

 

 

   

 

 

 

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

     0.01       0.02       0.001  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - diluted

     0.17       0.46       0.02  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     728,302       730,212       854,443  
  

 

 

   

 

 

   

 

 

 

Note:

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$30.86 against US$1.00 as of Mar. 29, 2019. 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 Mar. 31, 2019, Dec. 31, and Mar. 31, 2018

Figures in Millions of NT dollars (NTD)

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     Three months ended  
     Mar. 31, 2019     Dec. 31, 2018     Mar. 31, 2018  
     NTD     NTD     NTD  

Revenue

     4,462.0       4,972.3       4,010.9  

Cost of revenue

     (3,793.7     (3,837.5     (3,426.8
  

 

 

   

 

 

   

 

 

 

Gross profit

     668.3       1,134.8       584.1  
  

 

 

   

 

 

   

 

 

 

Research and development expenses

     (236.7     (240.3     (215.8

Sales and marketing expenses

     (11.6     (14.8     (11.0

General and administrative expenses

     (112.2     (112.9     (132.2

Other operating income (expenses), net

     10.4       25.1       32.4  
  

 

 

   

 

 

   

 

 

 

Operating profit

     318.2       791.9       257.5  
  

 

 

   

 

 

   

 

 

 

Non-operating income (expenses), net

     (64.3     (100.8     (207.8
  

 

 

   

 

 

   

 

 

 

Profit (loss) before tax

     253.9       691.1       49.7  

Income tax benefit (expense)

     (60.2     (174.5     (26.9
  

 

 

   

 

 

   

 

 

 

Profit (loss) for the period

     193.7       516.6       22.8  
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

      

Exchange differences on translation of foreign operations

     68.1       26.3       50.9  

Profit (loss) on remeasurements of defined benefit plans

     —         (60.0     —    

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

     (31.5     31.4       11.3  

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

     1.9       —         (0.9

Income tax effect

     6.3       5.7       (1.4
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     44.8       3.4       59.9  
  

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

     238.5       520.0       82.7  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - basic

     193.7       516.6       22.8  
  

 

 

   

 

 

   

 

 

 

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

     0.27       0.71       0.03  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - basic

     5.33       14.21       0.54  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     726,925       726,925       849,571  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company diluted

     193.7       516.6       22.8  
  

 

 

   

 

 

   

 

 

 

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

     0.27       0.71       0.03  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - diluted

     5.32       14.15       0.53  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     728,302       730,212       854,443  
  

 

 

   

 

 

   

 

 

 

 

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ChipMOS TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of Mar. 31, 2019, Dec. 31, and Mar. 31, 2018

Figures in Millions of U.S. dollars (USD) (1)

 

     Mar. 31, 2019     Dec. 31, 2018     Mar. 31, 2018  
     USD     USD     USD  

ASSETS

      

Current assets

      

Cash and cash equivalents

     164.3       150.4       216.7  

Current financial assets at amortized cost

     5.5       5.5       —    

Accounts and notes receivable, net

     132.9       153.8       118.2  

Inventories

     54.0       57.7       57.9  

Other current assets

     19.8       17.8       16.1  
  

 

 

   

 

 

   

 

 

 

Total current assets

     376.5       385.2       408.9  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Financial assets at fair value through profit or loss

     0.4       0.4       0.4  

Financial assets at fair value through other comprehensive income

     4.6       5.7       3.3  

Non-current financial assets at amortized cost

     3.2       3.2       —    

Investments accounted for using equity method

     125.9       125.2       137.1  

Property, plant & equipment

     535.5       545.0       509.2  

Right-of-use assets

     28.8       —         —    

Other non-current assets

     11.4       9.0       12.1  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     709.8       688.5       662.1  
  

 

 

   

 

 

   

 

 

 

Total assets

     1,086.3       1,073.7       1,071.0  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

LIABILITIES

      

Current liabilities

      

Short-term bank loans

     9.7       —         33.9  

Accounts payable and payables to contractors and equipment suppliers

     40.7       69.8       40.9  

Current lease liabilities

     1.3       —         —    

Long-term bank loans, current portion

     24.2       24.2       69.5  

Long-term lease obligations payable, current portion

     —         0.6       0.4  

Other current liabilities

     70.7       73.6       55.9  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     146.6       168.2       200.6  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term bank loans

     293.1       293.0       243.1  

Non-current lease liabilities

     27.1       —         —    

Long-term lease obligations payable

     —         —         0.5  

Other non-current liabilities

     26.2       26.9       24.1  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     346.4       319.9       267.7  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     493.0       488.1       468.3  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Capital stock – common stock

     244.0       244.0       287.2  

Capital surplus

     203.5       203.5       203.6  

Retained earnings

     171.6       165.4       140.3  

Other equity interest

     5.4       3.9       4.3  

Treasury stock

     (31.2     (31.2     (32.7
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     593.3       585.6       602.7  
  

 

 

   

 

 

   

 

 

 

Total equity

     593.3       585.6       602.7  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     1,086.3       1,073.7       1,071.0  
  

 

 

   

 

 

   

 

 

 

Note:

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$30.86 against US$1.00 as of Mar. 29, 2019. 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 Mar. 31, 2019, Dec. 31, and Mar. 31, 2018

Figures in Millions of NT dollars (NTD)

 

     Mar. 31, 2019     Dec. 31, 2018     Mar. 31, 2018  
     NTD     NTD     NTD  

ASSETS

      

Current assets

      

Cash and cash equivalents

     5,069.0       4,642.5       6,688.5  

Current financial assets at amortized cost

     171.2       169.2       —    

Accounts and notes receivable, net

     4,099.9       4,747.4       3,647.8  

Inventories

     1,667.0       1,778.8       1,785.1  

Other current assets

     612.3       550.2       496.0  
  

 

 

   

 

 

   

 

 

 

Total current assets

     11,619.4       11,888.1       12,617.4  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Financial assets at fair value through profit or loss

     11.7       11.5       11.9  

Financial assets at fair value through other comprehensive income

     142.8       174.4       100.6  

Non-current financial assets at amortized cost

     99.2       99.1       —    

Investments accounted for using equity method

     3,884.5       3,863.7       4,231.0  

Property, plant & equipment

     16,524.7       16,819.6       15,714.6  

Right-of-use assets

     888.9       —         —    

Other non-current assets

     352.5       277.3       374.3  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     21,904.3       21,245.6       20,432.4  
  

 

 

   

 

 

   

 

 

 

Total assets

     33,523.7       33,133.7       33,049.8  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

LIABILITIES

      

Current liabilities

      

Short-term bank loans

     300.0       —         1,046.6  

Accounts payable and payables to contractors and equipment suppliers

     1,256.2       2,154.4       1,261.2  

Current lease liabilities

     40.2       —         —    

Long-term bank loans, current portion

     748.1       747.4       2,144.0  

Long-term lease obligations payable, current portion

     —         17.8       12.0  

Other current liabilities

     2,180.8       2,270.6       1,725.5  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     4,525.3       5,190.2       6,189.3  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term bank loans

     9,044.3       9,042.1       7,502.9  

Non-current lease liabilities

     835.0       —         —    

Long-term lease obligations payable

     —         —         15.0  

Other non-current liabilities

     808.8       830.6       744.1  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     10,688.1       9,872.7       8,262.0  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     15,213.4       15,062.9       14,451.3  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Capital stock – common stock

     7,528.3       7,528.6       8,861.4  

Capital surplus

     6,280.7       6,280.5       6,284.2  

Retained earnings

     5,298.3       5,104.5       4,328.7  

Other equity interest

     165.5       119.7       131.8  

Treasury stock

     (962.5     (962.5     (1,007.6
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     18,310.3       18,070.8       18,598.5  
  

 

 

   

 

 

   

 

 

 

Total equity

     18,310.3       18,070.8       18,598.5  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     33,523.7       33,133.7       33,049.8  
  

 

 

   

 

 

   

 

 

 

 

-7-


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  
     Mar. 31, 2019      Dec. 31, 2018      Mar. 31, 2018  
     USD      USD      USD  

Operating profit

     10.3        25.7        8.3  

Add: Depreciation

     29.1        27.9        26.3  

  Interest income

     0.5        0.5        0.3  

Less: Capital expenditures

     (20.4      (55.3      (41.0

  Interest expense

     (1.4      (1.3      (1.3

  Income tax expense

     (1.9      (5.6      (0.9

  Dividend

     —          (8.3      —    
  

 

 

    

 

 

    

 

 

 

Non-GAAP free cash flow

     16.2        (16.4      (8.3
  

 

 

    

 

 

    

 

 

 

The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated:

 

     Three months ended  
     Mar. 31, 2019      Dec. 31, 2018      Mar. 31, 2018  
     USD      USD      USD  

Operating profit

     10.3        25.7        8.3  

Add: Depreciation

     29.1        27.9        26.3  
  

 

 

    

 

 

    

 

 

 

Non-GAAP EBITDA

     39.4        53.6        34.6  
  

 

 

    

 

 

    

 

 

 

The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated:

 

     Mar. 31, 2019     Dec. 31, 2018     Mar. 31, 2018  
     USD     USD     USD  

Short-term bank loans

     9.7       —         33.9  

Long-term bank loans (including current portion)

     317.3       317.2       312.6  

Long-term lease obligations payable (including current portion)

     —         0.6       0.9  

Lease liabilities (including current portion)

     28.4       —         —    

Less: Cash and cash equivalents

     (164.3     (150.4     (216.7
  

 

 

   

 

 

   

 

 

 

Net debt

     191.1       167.4       130.7  
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     593.3       585.6       602.7  
  

 

 

   

 

 

   

 

 

 

Net debt to equity ratio

     32.2     28.6     21.7
  

 

 

   

 

 

   

 

 

 

 

-8-