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 March, 2020

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: March 10, 2020    

ChipMOS TECHNOLOGIES INC.

            (Registrant)

    By:  

/S/ S. J. Cheng

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


LOGO

 

Contacts:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

IR@chipmos.com

  

 

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

ChipMOS REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS

Full Year 2019 Highlights (as compared to the Full Year 2018):

 

   

10.1% Growth in Revenue to US$680.0 Million from US$617.9 Million; Both a Record High and the Highest Annual Revenue Growth Since 2015

 

   

14.5% Increase in Gross Profit to US$131.3 Million from US$114.7 Million

 

   

70 Basis Points Improvement in Gross Margin to 19.3% from 18.6%

 

   

Net Earnings of NT$3.55 or US$0.12 per Basic Common Share or US$2.38 per Basic ADS Compared to Net Earnings of NT$1.37 or US$0.05 per Basic Common Share or US$0.92 per Basic ADS

 

   

Generated US$200.4 Million in Cash from Operations in 2019

 

   

NT$1.80 Per Share Distribution Authorized by Board Pending Shareholder Approval at June 9, 2020 AGM

Hsinchu, Taiwan - 03/10/2020 - 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 fourth quarter and full year ended December 31, 2019. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$29.91 against US$1.00 as of December 31, 2019.

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

Revenue for the fourth quarter of 2019 was NT$5,571.5 million or US$186.3 million, an increase of 3.2% from NT$5,399.1 million or US$180.5 million in the third quarter of 2019 and an increase of 12.1% from NT$4,972.3 million or US$166.2 million for the same period in 2018. Net profit attributable to equity holders of the Company for the fourth quarter of 2019 was NT$530.0 million or US$17.7 million, and NT$0.73 or US$0.02 per basic common share, as compared to net profit attributable to equity holders of the Company for the third quarter of 2019 of NT$585.9 million or US$19.6 million, and NT$0.81 or US$0.03 per basic common share, and compared to net profit attributable to equity holders of the Company in the fourth quarter of 2018 of NT$516.6 million or US$17.3 million, and NT$0.71 or US$0.02 per basic common share. Net earnings for the fourth quarter of 2019 were US$0.49 per basic ADS, compared to US$0.54 per basic ADS for the third quarter of 2019 and US$0.48 per basic ADS in the fourth quarter of 2018.

Revenue for the fiscal year ended December 31, 2019 was NT$20,337.9 million or US$680.0 million, an increase of 10.1% from NT$18,480.0 million or US$617.9 million for the fiscal year ended December 31, 2018. Net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2019 was NT$2,584.2 million or US$86.4 million, and NT$3.55 or US$0.12 per basic common share, compared to net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2018 was NT$1,103.1 million or US$36.9 million, and NT$1.37 or US$0.05 per basic common share. Net earnings for the fiscal year ended December 31, 2019 were US$2.38 per basic ADS, compared to US$0.92 per basic ADS for the fiscal year ended December 31, 2018.

 

- 1 -


LOGO

 

S.J. Cheng, Chairman and President of ChipMOS, said, “This was a strong year for us as we achieved 10.1% revenue growth for the full year 2019 over 2018 – both a record high revenue level and the highest annual revenue growth since 2015. We also achieved meaningful improvements in profitability, reporting net earnings of NT$3.55 per basic common share or US$2.38 per basic ADS. We continue to drive improvements in our business and financial metrics, while prudently balancing high-return investments to support growth across our base of diversified customers and end markets. Of note, we improved our overall utilization to 76% in Q4 from 74% in Q3, as we benefitted from increased demand for TDDI products given the higher content per unit in newer phones, combined with robust demand trends in our memory business in the second half of the year. We expect these drivers to remain in place as we move through 2020, positioning us to benefit from long-term catalysts driving higher demand from increased AI and automation, larger displays and the ongoing proliferation of smart phone advancements. Importantly, we are executing with close oversight on operating and capital expenses, as we focus on improving revenue growth and higher profitability in the current macroeconomic environment. We are slowing down our CapEx investments and focusing on improvements through automation, while maintaining a strong financial position and balance sheet in order to maintain our leading market position, while navigating the current fluid market situation.”

Silvia Su, Vice President of Finance and Accounting, commented, “We achieved 10.1% revenue growth for the full year 2019 compared to 2018, while decreasing CapEx over the same period. Our focus on leveraging our high margin businesses and high return programs allowed us to expand our gross margin to 22.7% in Q4 up from 21.4% in Q3, and 19.3% for the full year 2019 up from 18.6% in 2018. We meaningfully increased our cash generation with US$200.4 million generated in cash from operations in 2019, and ended the year with a cash and cash equivalents balance of US$157.3 million. During 2019, we distributed our latest cash dividend to investors of NT$1.2 per common share or US$0.764 per ADS, on August 30th to common stock holders and on September 9th to ADS holders, as we remain focused on building further value for the Company and its shareholders. In addition, our Board has approved a resolution to distribute NT$1.80 per share pending shareholder approval at our AGM on June 9, 2020. This underscores the Company’s position as a high cash dividend, high yield investment vehicle for investors.”

Selected Operations Data

 

     4Q19     4Q18     FY19     FY18  

Revenue by segment

        

Testing

     20.8     23.5     20.9     25.9

Assembly

     27.2     24.6     25.3     25.3

LCD Driver

     31.8     33.7     34.1     30.8

Bumping

     20.2     18.2     19.7     18.0

CapEx

   US$ 57.0 million     US$ 57.0 million     US$ 163.8 million     US$ 165.4 million  

Testing

     16.7     21.0     15.5     31.7

Assembly

     15.5     5.6     11.2     6.5

LCD Driver

     59.2     69.5     62.9     55.2

Bumping

     8.6     3.9     10.4     6.6

Depreciation and amortization expenses

   US$ 32.0 million     US$ 28.8 million     US$ 124.8 million     US$ 112.9 million  

Utilization by segment

        

Testing

     77     73     71     77

Assembly

     81     69     72     64

LCD Driver

     70     81     74     80

Bumping

     75     75     74     72

Overall

     76     75     73     74

Condensed consolidated statements of cash flows

 

    

Year ended

Dec. 31, 2019

    

Year ended

Dec. 31, 2018

 
     US$ million      US$ million  

Net cash generated from (used in) operating activities

     200.4        138.1  

Net cash generated from (used in) investing activities

     (142.0      (171.5

Net cash generated from (used in) financing activities

     (56.1      (80.3

Net increase (decrease) in cash and cash equivalents

     2.3        (113.7

Effect of exchange rate changes on cash

     (0.2      0.2  

Cash and cash equivalents at beginning of year

     155.2        268.7  

Cash and cash equivalents at end of year

     157.3        155.2  

 

- 2 -


LOGO

 

Investor Conference Call / Webcast Details

ChipMOS will host two conference calls on Tuesday, March 10, 2020 to discuss the Company’s financial results for the fourth quarter and full year of 2019.

 

  1.

Date: Tuesday, March 10, 2020

Time: 4:00PM Taiwan (4:00AM New York)

Dial-In: +886-2-21928016

Password: 779324 #

Webcast of Live Call and Replay: http://wms.gridow.com/ir/chipmos/chipmos_2019Q4_ch.html

Replay Starting 2 Hours After Live Call Ends

Language: Mandarin

 

  2.

Date: Tuesday, March 10, 2020

Time: 8:00PM Taiwan (8:00AM New York)

Dial-In: +1-323-794-2551

Password: 5643349

Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 5643349

Webcast of Live Call and Replay: http://wms.gridow.com/ir/chipmos/chipmos_2019Q4_en.html

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.

 

- 3 -


LOGO

 

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 -

 

- 4 -


LOGO

 

ChipMOS TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and the Year Ended Dec. 31, 2019 and 2018

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

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     3 months ended     Year ended  
     Dec. 31, 2019     Dec. 31, 2018     Dec. 31, 2019     Dec. 31, 2018  
     USD     USD     USD     USD  

Revenue

     186.3       166.2       680.0       617.9  

Cost of revenue

     (143.9     (128.3     (548.7     (503.2
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     42.4       37.9       131.3       114.7  
  

 

 

   

 

 

   

 

 

   

 

 

 

Research and development expenses

     (8.5     (8.0     (33.7     (31.4

Sales and marketing expenses

     (0.5     (0.5     (1.9     (1.8

General and administrative expenses

     (4.1     (3.7     (16.7     (16.2

Other income (expenses), net

     0.8       0.8       3.1       4.9  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     30.1       26.5       82.1       70.2  

Non-operating income (expenses), net

     (7.5     (3.4     19.2       (10.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     22.6       23.1       101.3       59.6  

Income tax expense

     (4.9     (5.8     (14.9     (22.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     17.7       17.3       86.4       36.9  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

        

Exchange differences on translation of foreign operations

     (1.2     0.9       (3.5     (1.7

Profit (loss) on remeasurements of defined benefit plans

     0.7       (2.0     0.7       (2.0

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

     (0.6     1.0       (1.7     2.8  

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

     0.1       —         0.2       (0.1

Income tax effect

     0.0       0.2       0.2       (0.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (1.0     0.1       (4.1     (1.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

     16.7       17.4       82.3       35.8  
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to the Company - basic

     17.7       17.3       86.4       36.9  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to the Company - basic

     0.02       0.02       0.12       0.05  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per ADS equivalent - basic

     0.49       0.48       2.38       0.92  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     727,240       726,925       727,111       802,725  
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to the Company - diluted

     17.7       17.3       86.4       36.9  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to the Company - diluted

     0.02       0.02       0.12       0.05  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per ADS equivalent - diluted

     0.49       0.47       2.34       0.91  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     729,443       730,212       737,116       813,707  
  

 

 

   

 

 

   

 

 

   

 

 

 

Note:

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$29.91 against US$1.00 as of Dec. 31, 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.

 

- 5 -


LOGO

 

ChipMOS TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months and the Year Ended Dec. 31, 2019 and 2018

Figures in Millions of NT dollars (NTD)

Except for Per Share Amounts and Weighted Average Shares Outstanding

 

     3 months ended     Year ended  
     Dec. 31, 2019     Dec. 31, 2018     Dec. 31, 2019     Dec. 31, 2018  
     NTD     NTD     NTD     NTD  

Revenue

     5,571.5       4,972.3       20,337.9       18,480.0  

Cost of revenue

     (4,304.6     (3,837.5     (16,411.8     (15,050.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     1,266.9       1,134.8       3,926.1       3,430.0  
  

 

 

   

 

 

   

 

 

   

 

 

 

Research and development expenses

     (254.0     (240.3     (1,007.6     (939.3

Sales and marketing expenses

     (15.3     (14.8     (56.1     (53.4

General and administrative expenses

     (122.7     (112.9     (498.2     (485.1

Other income (expenses), net

     25.7       25.1       92.9       147.5  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     900.6       791.9       2,457.1       2,099.7  

Non-operating income (expenses), net

     (224.7     (100.8     573.2       (317.3
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before tax

     675.9       691.1       3,030.3       1,782.4  

Income tax expense

     (145.9     (174.5     (446.1     (679.3
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     530.0       516.6       2,584.2       1,103.1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

        

Exchange differences on translation of foreign operations

     (34.9     26.3       (104.2     (51.1

Profit (loss) on remeasurements of defined benefit plans

     20.9       (60.0     20.9       (60.0

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

     (17.0     31.4       (52.5     85.0  

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

     2.1       —         5.7       (2.7

Income tax effect

     (0.8     5.7       6.3       (4.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (29.7     3.4       (123.8     (32.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

     500.3       520.0       2,460.4       1,070.2  
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to the Company - basic

     530.0       516.6       2,584.2       1,103.1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to the Company - basic

     0.73       0.71       3.55       1.37  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per ADS equivalent - basic

     14.58       14.21       71.08       27.48  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - basic

     727,240       726,925       727,111       802,725  
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit attributable to the Company - diluted

     530.0       516.6       2,584.2       1,103.1  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to the Company - diluted

     0.73       0.71       3.51       1.36  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per ADS equivalent - diluted

     14.53       14.15       70.12       27.11  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding (in thousands) - diluted

     729,443       730,212       737,116       813,707  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

- 6 -


LOGO

 


ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of Dec. 31, Sep. 30, 2019, and Dec. 31, 2018
Figures in Millions of U.S. dollars (USD) (1)

 

     Dec. 31, 2019     Sep. 30, 2019      Dec. 31, 2018  
     USD     USD      USD  

ASSETS

       

Current assets

       

Cash and cash equivalents

     157.3       155.0        155.2  

Current financial assets at amortized cost

     5.7       5.8        5.7  

Accounts and notes receivable, net

     148.9       174.3        158.7  

Inventories

     59.1       59.2        59.5  

Other current assets

     22.3       19.7        18.4  
  

 

 

   

 

 

    

 

 

 

Total current assets

     393.3       414.0        397.5  
  

 

 

   

 

 

    

 

 

 

Non-current assets

       

Non-current financial assets at fair value through profit or loss

     0.4       0.4        0.4  

Non-current financial assets at fair value through other comprehensive income

     4.1       4.6        5.8  

Non-current financial assets at amortized cost

     2.3       3.3        3.3  

Investments accounted for using equity method

     113.4       115.8        129.2  

Property, plant & equipment

     601.1       576.1        562.3  

Right-of-use assets

     23.0       24.2        —    

Other non-current assets

     9.4       9.8        9.3  
  

 

 

   

 

 

    

 

 

 

Total non-current assets

     753.7       734.2        710.3  
  

 

 

   

 

 

    

 

 

 

Total assets

     1,147.0       1,148.2        1,107.8  
  

 

 

   

 

 

    

 

 

 

LIABILITIES AND EQUITY

       

LIABILITIES

       

Current liabilities

       

Accounts payable and payables to contractors and equipment suppliers

     60.0       70.5        72.0  

Current lease liabilities

     0.8       1.2        —    

Long-term bank loans, current portion

     25.0       25.0        25.0  

Long-term lease obligations payable, current portion

     —         —          0.6  

Other current liabilities

     78.1       71.4        75.9  
  

 

 

   

 

 

    

 

 

 

Total current liabilities

     163.9       168.1        173.5  
  

 

 

   

 

 

    

 

 

 

Non-current liabilities

       

Long-term bank loans

     277.3       289.9        302.3  

Non-current lease liabilities

     22.3       22.5        —    

Other non-current liabilities

     26.5       27.4        27.8  
  

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     326.1       339.8        330.1  
  

 

 

   

 

 

    

 

 

 

Total liabilities

     490.0       507.9        503.6  
  

 

 

   

 

 

    

 

 

 

EQUITY

       

Capital stock – common stock

     243.2       243.2        251.7  

Capital surplus

     202.6       202.6        210.0  

Retained earnings

     211.9       193.6        170.7  

Other equity interest

     (0.7     0.9        4.0  

Treasury stock

     —         —          (32.2
  

 

 

   

 

 

    

 

 

 

Equity attributable to equity holders of the Company

     657.0       640.3        604.2  
  

 

 

   

 

 

    

 

 

 

Total equity

     657.0       640.3        604.2  
  

 

 

   

 

 

    

 

 

 

Total liabilities and equity

     1,147.0       1,148.2        1,107.8  
  

 

 

   

 

 

    

 

 

 

Note:

(1)

All U.S. dollar figures in this release are based on the exchange rate of NT$29.91 against US$1.00 as of Dec. 31, 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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LOGO

 


ChipMOS TECHNOLOGIES INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of Dec. 31, Sep. 30, 2019, and Dec. 31, 2018
Figures in Millions of NT dollars (NTD)

 

     Dec. 31, 2019     Sep. 30, 2019      Dec. 31, 2018  
     NTD     NTD      NTD  

ASSETS

       

Current assets

       

Cash and cash equivalents

     4,704.1       4,634.7        4,642.5  

Current financial assets at amortized cost

     169.0       173.6        169.2  

Accounts and notes receivable, net

     4,454.7       5,211.9        4,747.4  

Inventories

     1,767.7       1,772.1        1,778.8  

Other current assets

     666.9       590.1        550.2  
  

 

 

   

 

 

    

 

 

 

Total current assets

     11,762.4       12,382.4        11,888.1  
  

 

 

   

 

 

    

 

 

 

Non-current assets

       

Non-current financial assets at fair value through profit or loss

     11.0       11.1        11.5  

Non-current financial assets at fair value through other comprehensive income

     121.8       138.8        174.4  

Non-current financial assets at amortized cost

     68.5       100.0        99.1  

Investments accounted for using equity method

     3,392.9       3,462.8        3,863.7  

Property, plant & equipment

     17,979.4       17,230.8        16,819.6  

Right-of-use assets

     687.1       722.4        —    

Other non-current assets

     282.8       293.7        277.3  
  

 

 

   

 

 

    

 

 

 

Total non-current assets

     22,543.5       21,959.6        21,245.6  
  

 

 

   

 

 

    

 

 

 

Total assets

     34,305.9       34,342.0        33,133.7  
  

 

 

   

 

 

    

 

 

 

LIABILITIES AND EQUITY

       

LIABILITIES

       

Current liabilities

       

Accounts payable and payables to contractors and equipment suppliers

     1,792.3       2,109.5        2,154.4  

Current lease liabilities

     24.6       35.1        —    

Long-term bank loans, current portion

     748.4       748.3        747.4  

Long-term lease obligations payable, current portion

     —         —          17.8  

Other current liabilities

     2,336.4       2,135.4        2,270.6  
  

 

 

   

 

 

    

 

 

 

Total current liabilities

     4,901.7       5,028.3        5,190.2  
  

 

 

   

 

 

    

 

 

 

Non-current liabilities

       

Long-term bank loans

     8,293.2       8,669.6        9,042.1  

Non-current lease liabilities

     668.4       674.3        —    

Other non-current liabilities

     791.4       818.9        830.6  
  

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     9,753.0       10,162.8        9,872.7  
  

 

 

   

 

 

    

 

 

 

Total liabilities

     14,654.7       15,191.1        15,062.9  
  

 

 

   

 

 

    

 

 

 

EQUITY

       

Capital stock – common stock

     7,272.4       7,272.4        7,528.6  

Capital surplus

     6,059.6       6,059.6        6,280.5  

Retained earnings

     6,339.0       5,791.5        5,104.5  

Other equity interest

     (19.8     27.4        119.7  

Treasury stock

     —         —          (962.5
  

 

 

   

 

 

    

 

 

 

Equity attributable to equity holders of the Company

     19,651.2       19,150.9        18,070.8  
  

 

 

   

 

 

    

 

 

 

Total equity

     19,651.2       19,150.9        18,070.8  
  

 

 

   

 

 

    

 

 

 

Total liabilities and equity

     34,305.9       34,342.0        33,133.7  
  

 

 

   

 

 

    

 

 

 

 

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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  
     Dec. 31, 2019      Sep. 30, 2019      Dec. 31, 2018  
     USD      USD      USD  

Operating profit

     30.1        26.3        26.5  

Add: Depreciation

     32.0        31.9        28.8  

Interest income

     0.5        0.5        0.5  

Less: Capital expenditures

     (57.0      (61.8      (57.0

Interest expense

     (1.4      (1.4      (1.4

Income tax expense

     (4.9      (4.9      (5.8

Dividend

     —          (29.2      (8.6
  

 

 

    

 

 

    

 

 

 

Non-GAAP free cash flow

     (0.7      (38.6      (17.0
  

 

 

    

 

 

    

 

 

 

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

 

     Three months ended  
     Dec. 31, 2019      Sep. 30, 2019      Dec. 31, 2018  
     USD      USD      USD  

Operating profit

     30.1        26.3        26.5  

Add: Depreciation

     32.0        31.9        28.8  
  

 

 

    

 

 

    

 

 

 

Non-GAAP EBITDA

     62.1        58.2        55.3  
  

 

 

    

 

 

    

 

 

 

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

 

     Dec. 31, 2019     Sep. 30, 2019     Dec. 31, 2018  
     USD     USD     USD  

Long-term bank loans
(including current portion)

     302.3       314.9       327.3  

Long-term lease obligations payable
(including current portion)

     —         —         0.6  

Lease liabilities
(including current portion)

     23.1       23.7       —    

Less: Cash and cash equivalents

     (157.3     (155.0     (155.2
  

 

 

   

 

 

   

 

 

 

Net debt

     168.1       183.6       172.7  
  

 

 

   

 

 

   

 

 

 

Equity attributable to equity holders of the Company

     657.0       640.3       604.2  
  

 

 

   

 

 

   

 

 

 

Net debt to equity ratio

     25.6     28.7     28.6
  

 

 

   

 

 

   

 

 

 

 

- 9 -