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, 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: August 6, 2019     ChipMOS TECHNOLOGIES INC.
   

(Registrant)

    By:  

/S/ S. J. Cheng

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

 

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LOGO

 

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 SECOND QUARTER 2019 RESULTS

Q2’19 Highlights (as compared to Q1’19):

 

   

Revenue Grows 9.9% to US$158.2 Million Compared to US$143.9 Million

 

   

Gross Profit Improves to US$27.0 Million Compared to US$21.6 Million

 

   

Gross Margin Increases to 17.1% Compared to 15.0%

 

   

Net Earnings of NT$1.75 or US$0.06 per Basic Common Share or US$1.13 per Basic ADS

 

   

Reduction of US$30.1 Million in Net Debt Balance to US$160.1 Million, while Retained Balance of Cash and Cash Equivalents at US$171.8 Million

 

   

Cash Dividend of NT$1.20 Per Common Share or Approximately US$0.77 Per ADS Approved by Shareholders

Hsinchu, Taiwan – 8/6/2019 - 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 second quarter ended June 30, 2019. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$31.01 against US$1.00 as of June 28, 2019.

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

Revenue for the second quarter of 2019 was NT$4,905.3 million or US$158.2 million, an increase of 9.9% from NT$4,462.0 million or US$143.9 million in the first quarter of 2019 and an increase of 9.2% from NT$4,491.6 million or US$144.8 million for the same period in 2018.

Net profit attributable to equity holders of the Company for the second quarter of 2019 was NT$1,274.6 million or US$41.1 million, and NT$1.75 or US$0.06 per basic common share, as compared to net profit attributable to equity holders of the Company for the first quarter of 2019 of NT$193.7 million or US$6.3 million, and NT$0.27 or US$0.01 per basic common share, and compared to net profit attributable to equity holders of the Company in the second quarter of 2018 of NT$124.1 million or US$4.0 million, and NT$0.15 or US$0.005 per basic common share. Net earnings for the second quarter of 2019 were US$1.13 per basic ADS, compared to US$0.17 per basic ADS for the first quarter of 2019 and US$0.09 per basic ADS in the second quarter of 2018.

S.J. Cheng, Chairman and President of ChipMOS, said, “We achieved 9.9% revenue growth in Q2 compared to Q1, improved our gross margin to 17.1% and delivered a significant improvement in net profit to NT$1.75 or US$0.06 per basic common share or US$1.13 per basic ADS, which includes the benefit of the JMC share disposal we previously noted. We continue to execute and are benefitting from the strategic diversification in our customer base and end markets, which is driving healthy utilization levels. Growth in our flash business from new module house customers is helped drive 14.4% revenue growth from Flash products in Q2 compared to Q1, and improved our assembly utilization rate to 75%. Customer demand remains strong in our TDDI and 12” fine pitch COF businesses. As a result, revenue from TDDI products grew 24% in Q2 compared to Q1, and represented about 32% of DDIC revenue in Q2. Growth is expected to continue led by higher demand for new bezel-less smartphone panels, with increasing TDDI product penetration of the HD panel segment from FHD panels. We remain focused on expanding utilization across all segments, while further improving gross margin, overall profitability, and our cash generation. These sustainable improvements will help build further value for the Company and shareholders.”

 

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Silvia Su, Vice President of Finance and Accounting, commented, “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. We completed the sale of 9.1 million common shares of JMC in the beginning of April and recognized a disposal gain of approximately US$31.7 million, after the deduction of related tax and expense. That was used to further strengthen our Company’s financial structure, while increasing our balance of working capital and decreasing the debt ratio. We ended the second quarter with a balance of cash and cash equivalents of US$171.8 million, after reducing our net debt by about US$30.1 million to US$160.1 million with a net debt to equity ratio of 26.6%. In addition, we invested US$23.1 million in CapEx 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 COF. Our latest cash dividend, NT$1.20 per common share or US$0.77 per ADS, was approved by shareholders at our AGM this past June, with distributions expected to be on August 30th to common stock holders and followed shortly after by the distribution to ADS holders.”

Selected Operation Data

 

     Q2’19     Q1’19  

Revenue by segment

    

Testing

     20.1     22.2

Assembly

     24.7     23.1

LCD Driver

     36.0     35.1

Bumping

     19.2     19.6

CapEx

   US$ 23.1 million     US$ 20.3 million  

Testing

     25.2     25.0

Assembly

     8.5     7.3

LCD Driver

     56.4     59.3

Bumping

     9.9     8.4

Depreciation and amortization expenses

   US$ 29.7 million     US$ 29.0 million  

Utilization by segment

    

Testing

     69     64

Assembly

     75     58

LCD Driver

     81     76

Bumping

     70     79

Overall

     75     70

 

Condensed consolidated statements of cash flows

     
    

Period ended

Jun. 30, 2019

    

Period ended

Jun. 30, 2018

 
     US$ million      US$ million  
Net cash generated from (used in) operating activities      78.7        47.8  
Net cash generated from (used in) investing activities      (43.6      (101.9
Net cash generated from (used in) financing activities      (13.1      (73.5
Net increase (decrease) in cash and cash equivalents      22.0        (127.6
Effect of exchange rate changes on cash      0.1        0.2  
Cash and cash equivalents at beginning of period      149.7        259.1  

Cash and cash equivalents at end of period

     171.8        131.7  

 

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Investor Conference Call / Webcast Details

ChipMOS will host two conference calls on Tuesday, August 6, 2019 to discuss the Company’s financial results for the second quarter of 2019.

 

1.    Date: Tuesday, August 6, 2019
   Time: 4:00PM Taiwan (4:00AM New York)
   Dial-In: +886-2-21928016
   Password: 661807#
   Replay Starting 2 Hours After Live Call Ends: www.chipmos.com
   Language: Mandarin
2.    Date: Tuesday, August 6, 2019
   Time: 8:00PM Taiwan (8:00AM New York)
   Dial-In: +1-323-701-0225
   Password: 8155889
   Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 8155889
   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 Jun. 30, Mar. 31, 2019, and Jun. 30, 2018

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

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     Three months ended  
     Jun. 30, 2019     Mar. 31, 2019     Jun. 30, 2018  
     USD     USD     USD  

Revenue

     158.2       143.9       144.8  

Cost of revenue

     (131.2     (122.3     (121.1
  

 

 

   

 

 

   

 

 

 

Gross profit

     27.0       21.6       23.7  
  

 

 

   

 

 

   

 

 

 

Research and development expenses

     (8.5     (7.6     (8.0

Sales and marketing expenses

     (0.4     (0.4     (0.4

General and administrative expenses

     (4.5     (3.6     (3.9

Other operating income (expenses), net

     1.0       0.3       2.0  
  

 

 

   

 

 

   

 

 

 

Operating profit

     14.6       10.3       13.4  
  

 

 

   

 

 

   

 

 

 

Non-operating income (expenses), net

     29.6       (2.1     2.0  
  

 

 

   

 

 

   

 

 

 

Profit (loss) before tax

     44.2       8.2       15.4  

Income tax benefit (expense)

     (3.1     (1.9     (11.4
  

 

 

   

 

 

   

 

 

 

Profit (loss) for the period

     41.1       6.3       4.0  
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

      

Exchange differences on translation of foreign operations

     (1.1     2.2       (0.8

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

     0.6       (1.0     0.4  

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

     (0.0     0.0       (0.0

Income tax effect

     (0.1     0.2       (0.1
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (0.6     1.4       (0.5
  

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

     40.5       7.7       3.5  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - basic

     41.1       6.3       4.0  
  

 

 

   

 

 

   

 

 

 

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

     0.06       0.01       0.005  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - basic

     1.13       0.17       0.09  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     727,032       726,925       849,672  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - diluted

     41.1       6.3       4.0  
  

 

 

   

 

 

   

 

 

 

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

     0.06       0.01       0.005  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - diluted

     1.12       0.17       0.09  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     733,661       728,302       857,028  
  

 

 

   

 

 

   

 

 

 

Note:

 

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$31.01 against US$1.00 as of Jun. 28, 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 Jun. 30, Mar. 31, 2019, and Jun. 30, 2018

Figures in Millions of NT dollars (NTD)

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     Three months ended  
     Jun. 30, 2019     Mar. 31, 2019     Jun. 30, 2018  
     NTD     NTD     NTD  

Revenue

     4,905.3       4,462.0       4,491.6  

Cost of revenue

     (4,067.0     (3,793.7     (3,756.4
  

 

 

   

 

 

   

 

 

 

Gross profit

     838.3       668.3       735.2  
  

 

 

   

 

 

   

 

 

 

Research and development expenses

     (263.7     (236.7     (249.5

Sales and marketing expenses

     (14.3     (11.6     (13.9

General and administrative expenses

     (138.6     (112.2     (120.9

Other operating income (expenses), net

     30.8       10.4       63.2  
  

 

 

   

 

 

   

 

 

 

Operating profit

     452.5       318.2       414.1  
  

 

 

   

 

 

   

 

 

 

Non-operating income (expenses), net

     917.0       (64.3     62.9  
  

 

 

   

 

 

   

 

 

 

Profit (loss) before tax

     1,369.5       253.9       477.0  

Income tax benefit (expense)

     (94.9     (60.2     (352.9
  

 

 

   

 

 

   

 

 

 

Profit (loss) for the period

     1,274.6       193.7       124.1  
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

      

Exchange differences on translation of foreign operations

     (33.8     68.1       (25.3

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

     17.4       (31.5     14.1  

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

     (0.2     1.9       (0.8

Income tax effect

     (3.5     6.3       (2.8
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (20.1     44.8       (14.8
  

 

 

   

 

 

   

 

 

 

Total comprehensive income (loss)

     1,254.5       238.5       109.3  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company - basic

     1,274.6       193.7       124.1  
  

 

 

   

 

 

   

 

 

 

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

     1.75       0.27       0.15  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - basic

     35.06       5.33       2.92  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     727,032       726,925       849,672  
  

 

 

   

 

 

   

 

 

 

Profit (loss) attributable to the Company diluted

     1,274.6       193.7       124.1  
  

 

 

   

 

 

   

 

 

 

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

     1.74       0.27       0.14  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per ADS equivalent - diluted

     34.75       5.32       2.90  
  

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     733,661       728,302       857,028  
  

 

 

   

 

 

   

 

 

 

 

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ChipMOS TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of Jun. 30, Mar. 31, 2019, and Jun. 30, 2018

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

 

     Jun. 30, 2019     Mar. 31, 2019     Jun. 30, 2018  
     USD     USD     USD  

ASSETS

      

Current assets

      

Cash and cash equivalents

     171.8       163.5       131.7  

Current financial assets at amortized cost

     5.6       5.5       0.5  

Accounts and notes receivable, net

     146.8       132.2       140.0  

Inventories

     55.3       53.8       58.1  

Other current assets

     20.1       19.7       16.7  
  

 

 

   

 

 

   

 

 

 

Total current assets

     399.6       374.7       347.0  
  

 

 

   

 

 

   

 

 

 

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

     5.2       4.6       3.7  

Non-current financial assets at amortized cost

     3.2       3.2       2.0  

Investments accounted for using equity method

     114.7       125.3       132.7  

Property, plant & equipment

     526.6       532.9       510.9  

Right-of-use assets

     28.7       28.6       —    

Other non-current assets

     12.2       11.4       9.3  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     691.0       706.4       659.0  
  

 

 

   

 

 

   

 

 

 

Total assets

     1,090.6       1,081.1       1,006.0  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

LIABILITIES

      

Current liabilities

      

Short-term bank loans

     —         9.7       —    

Accounts payable and payables to contractors and equipment suppliers

     38.4       40.5       43.2  

Current lease liabilities

     1.3       1.3       —    

Long-term bank loans, current portion

     24.1       24.1       24.1  

Long-term lease obligations payable, current portion

     —         —         0.4  

Other current liabilities

     91.4       70.3       72.4  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     155.2       145.9       140.1  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term bank loans

     279.5       291.7       245.6  

Non-current lease liabilities

     27.0       26.9       —    

Long-term lease obligations payable

     —         —         0.4  

Other non-current liabilities

     26.4       26.1       24.4  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     332.9       344.7       270.4  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     488.1       490.6       410.5  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Capital stock – common stock

     238.7       242.8       285.7  

Capital surplus

     198.8       202.5       202.6  

Retained earnings

     175.9       170.9       135.3  

Other equity interest

     4.7       5.3       4.4  

Treasury stock

     (15.6     (31.0     (32.5
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     602.5       590.5       595.5  
  

 

 

   

 

 

   

 

 

 

Total equity

     602.5       590.5       595.5  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     1,090.6       1,081.1       1,006.0  
  

 

 

   

 

 

   

 

 

 

Note:

 

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$31.01 against US$1.00 as of Jun. 28, 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 Jun. 30, Mar. 31, 2019, and Jun. 30, 2018

Figures in Millions of NT dollars (NTD)

 

     Jun. 30, 2019     Mar. 31, 2019     Jun. 30, 2018  
     NTD     NTD     NTD  

ASSETS

      

Current assets

      

Cash and cash equivalents

     5,326.4       5,069.0       4,082.6  

Current financial assets at amortized cost

     173.2       171.2       15.9  

Accounts and notes receivable, net

     4,552.3       4,099.9       4,341.9  

Inventories

     1,716.6       1,667.0       1,800.3  

Other current assets

     623.8       612.3       518.4  
  

 

 

   

 

 

   

 

 

 

Total current assets

     12,392.3       11,619.4       10,759.1  
  

 

 

   

 

 

   

 

 

 

Non-current assets

      

Financial assets at fair value through profit or loss

     11.6       11.7       11.8  

Financial assets at fair value through other comprehensive income

     160.2       142.8       114.7  

Non-current financial assets at amortized cost

     99.9       99.2       62.4  

Investments accounted for using equity method

     3,557.1       3,884.5       4,114.0  

Property, plant & equipment

     16,329.2       16,524.7       15,844.2  

Right-of-use assets

     890.5       888.9       —    

Other non-current assets

     377.3       352.5       289.2  
  

 

 

   

 

 

   

 

 

 

Total non-current assets

     21,425.8       21,904.3       20,436.3  
  

 

 

   

 

 

   

 

 

 

Total assets

     33,818.1       33,523.7       31,195.4  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

LIABILITIES

      

Current liabilities

      

Short-term bank loans

     —         300.0       —    

Accounts payable and payables to contractors and equipment suppliers

     1,189.3       1,256.2       1,341.8  

Current lease liabilities

     39.7       40.2       —    

Long-term bank loans, current portion

     748.2       748.1       747.3  

Long-term lease obligations payable, current portion

     —         —         11.6  

Other current liabilities

     2,833.4       2,180.8       2,244.9  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     4,810.6       4,525.3       4,345.6  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term bank loans

     8,668.0       9,044.3       7,616.7  

Non-current lease liabilities

     836.9       835.0       —    

Long-term lease obligations payable

     —         —         12.0  

Other non-current liabilities

     818.8       808.8       755.1  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     10,323.7       10,688.1       8,383.8  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     15,134.3       15,213.4       12,729.4  
  

 

 

   

 

 

   

 

 

 

EQUITY

      

Capital stock – common stock

     7,400.9       7,528.3       8,859.8  

Capital surplus

     6,165.9       6,280.7       6,281.2  

Retained earnings

     5,453.4       5,298.3       4,196.4  

Other equity interest

     146.2       165.5       136.2  

Treasury stock

     (482.6     (962.5     (1,007.6
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     18,683.8       18,310.3       18,466.0  
  

 

 

   

 

 

   

 

 

 

Total equity

     18,683.8       18,310.3       18,466.0  
  

 

 

   

 

 

   

 

 

 

Total liabilities and equity

     33,818.1       33,523.7       31,195.4  
  

 

 

   

 

 

   

 

 

 

 

-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  
     Jun. 30, 2019      Mar. 31, 2019      Jun. 30, 2018  
     USD      USD      USD  

Operating profit

     14.6        10.3        13.4  

Add: Depreciation

     29.7        29.0        27.2  

  Interest income

     0.6        0.5        0.4  

Less: Capital expenditures

     (23.1      (20.3      (31.5

  Interest expense

     (1.4      (1.4      (1.2

  Income tax expense

     (3.1      (1.9      (11.4
  

 

 

    

 

 

    

 

 

 

Non-GAAP free cash flow

     17.3        16.2        (3.1
  

 

 

    

 

 

    

 

 

 

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

 

     Three months ended  
     Jun. 30, 2019      Mar. 31, 2019      Jun. 30, 2018  
     USD      USD      USD  

Operating profit

     14.6        10.3        13.4  

Add: Depreciation

     29.7        29.0        27.2  
  

 

 

    

 

 

    

 

 

 

Non-GAAP EBITDA

     44.3        39.3        40.6  
  

 

 

    

 

 

    

 

 

 

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

 

     Jun. 30, 2019     Mar. 31, 2019     Jun. 30, 2018  
     USD     USD     USD  

Short-term bank loans

     —         9.7       —    

Long-term bank loans (including current portion)

     303.6       315.8       269.7  

Long-term lease obligations payable (including current portion)

     —         —         0.8  

Lease liabilities (including current portion)

     28.3       28.2       —    

Less: Cash and cash equivalents

     (171.8     (163.5     (131.7
  

 

 

   

 

 

   

 

 

 

Net debt

     160.1       190.2       138.8  
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     602.5       590.5       595.5  
  

 

 

   

 

 

   

 

 

 

Net debt to equity ratio

     26.6     32.2     23.3
  

 

 

   

 

 

   

 

 

 

 

-8-