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 November, 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: November 10, 2020 | ChipMOS TECHNOLOGIES INC. (Registrant) | |||||
| By: | /S/ S. J. Cheng | |||||
| Name: | S. J. Cheng | |||||
| Title: | Chairman & President | |||||
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press release issued by ChipMOS on November 10, 2020. | |
| 99.2 | ChipMOS third quarter 2020 conference call presentation material. | |
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|
Exhibit 99.1 |
| 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 THIRD QUARTER 2020 RESULTS
| • | Revenue Increases 5.3% in 3Q20 Compared to 3Q19 |
| • | 13.1% Revenue Growth for First Nine Months of 2020 |
| • | 3Q20 Net Earnings of NT$0.58 or US$0.020 per Basic Common Share or US$0.40 per Basic ADS |
| • | Free Cash Flow of US$45.9 Million for the First Nine Months of 2020, with US$165.4 Million Quarter End Balance of Cash and Cash Equivalents |
Hsinchu, Taiwan – November 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 consolidated financial results for the third quarter ended September 30, 2020. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$28.95 against US$1.00 as of September 30, 2020.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards (“Taiwan-IFRS”).
Revenue for the third quarter of 2020 was NT$5,686.1 million or US$196.4 million, an increase of 4.8% from NT$5,428.1 million or US$187.5 million in the second quarter of 2020 and an increase of 5.3% from NT$5,399.1 million or US$186.5 million for the same period in 2019. The third quarter of 2020 represents a six year high quarterly revenue level.
Net non-operating expenses in third quarter of 2020 were US$6.2 million. The difference between the third quarter and the second quarter of 2020 is mainly due to an increase of the share of loss of associates accounted for using equity method, which was partially offset by a decrease of foreign exchange loss.
Net profit attributable to equity holders of the Company for the third quarter of 2020 was NT$423.4 million or US$14.6 million, and NT$0.58 or US$0.020 per basic common share, as compared to NT$544.9 million or US$18.8 million, and NT$0.75 or US$0.026 per basic common share in the second quarter of 2020. This compares to NT$585.9 million or US$20.2 million, and NT$0.81 or US$0.028 per basic common share in the third quarter of 2019. Net earnings for the third quarter of 2020 were US$0.40 per basic ADS, compared to US$0.52 per basic ADS for the second quarter of 2020 and US$0.56 per basic ADS in the third quarter of 2019.
Free cash flow for the first nine months of 2020 was US$45.9 million, with a balance of cash and cash equivalents was US$165.4 million at September 30, 2020.
Third Quarter 2020 Investor Conference Call / Webcast Details
| 1. | Date: Tuesday, November 10, 2020 |
Time: 4:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-21928016
Password: 391327 #
Webcast of Live Call and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay Starting 2 Hours After Live Call Ends
Language: Mandarin
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| 2. | Date: Tuesday, November 10, 2020 |
Time: 8:00PM Taiwan (7:00AM New York)
Dial-In: +1-201-689-8562
Password: 13711838
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13711838
Webcast of Live Call and Replay: https://www.chipmos.com/english/ir/info2.aspxl
Language: English
Note: Starting in calendar year 2021, ChipMOS will begin hosting only one call in Mandarin due to timing and resources. To ensure transparency, and to facilitate a better understanding of its financial results and operating environment, the Company plans to provide an English translation audio following the Mandarin call on its website.
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, including the potential impact of COVID-19. 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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November 2020 Industry Leading Provider of Outsourced Semiconductor Assembly, Test & Bumping Services Q3’20 Results Conference Exhibit 99.2
Safe Harbor Notice This presentation contains 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, including the potential impact of COVID-19. 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. 2
Agenda Welcome Q3’20 Operating Results S.J. Cheng Q3’20 Financial Results Silvia Su Q4’20 Business Outlook S.J. Cheng Q&A
Q3’20 Operating Results
Revenue: NT$5,686.1M (QoQ +4.8%, YoY +5.3%) a six year high for third quarter Q1~Q3’20: YoY +13.1% Gross Margin: 19.3% (QoQ: -1.4ppts, YoY: -2.1ppts); Q1~Q3’20: 20.9% (YoY: +2.9ppts) OpEX: 6.9%; Q1~Q3’20: 7.1% Revenue & Gross Margin 5
Utilization Rate 6 Q3’20: 75% Q2’20: 81% Q3’19: 74% Q3’20: 80% Q2’20: 76% Q3’19: 76% Q3’20: 85% Q2’20: 71% Q3’19: 70% Q3’20: 76% Q2’20: 74% Q2’19: 73% Q3’20: 79% Q2’20: 76% Q3’19: 74%
Q3’20 Revenue Breakdown Product Segment Manufacturing Site
Revenue Breakdown － Memory 8 Q3’20: 42.2% (QoQ: +3.4%, YoY: +5.1%)
Revenue Breakdown － DDIC + Gold Bump 9 Q3’20: 49.3% (QoQ: +10.7%, YoY: +9.1%)
Revenue Breakdown － Application 10 DDIC & Gold bump Memory & Mixed-signal Content Performance of Q3’20 Smart Mobile 35% TV 18% Computing 12.5% Auto/Industrial 10.5% Consumer 24% Smart phone Wearable UHD/4K TV 8K TV OLED TV NB/Tablet PC / server SSD In-car infotainment ADAS / sensor industrial PC Game Smart speaker DSC, STB TWS
Q3’20 Financial Results
Consolidated Operating Results Summary
Consolidated Statements of Comprehensive Income Note (1): QoQ: Difference mainly due to the increase of the share of loss of associates accounted for using equity method of NT$51M and partially offset by a decrease of foreign exchange loss of NT$9M. YoY: Difference mainly due to the increase of the share of loss of associates accounted for using equity method of NT$50M, the increase of the net foreign exchange loss of NT$84M and partially offset by a slight increase NT$8M in the gain on valuation of financial assets at fair value through profit or loss. Selected Items from Consolidated Statements of Comprehensive Income Q3'20 Q2'20 QoQ Q3'19 YoY (NT$ Millions) Revenue 5,686.1 5,428.1 4.8% 5,399.1 5.3% Gross Profit 1,095.5999999999999 1,124.5 -2.6% 1,152.8 -4.961832061068705 Gross Margin 0.193 0.20699999999999999 -1.4ppts 0.214 -2.1ppts Operating Expenses -,394.4 -,398.2 .95429432446007319 -,393 -0.4% Operating Profit 717.6 789.2 -9.7% 785.8 -8.7% Operating Profit Margin 0.126 0.14499999999999999 -1.9ppts 0.14599999999999999 -2.0ppts Non-operating Income (Expenses)(1) -,178.5 -,132.80000000000001 -0.34412650602409628 -54.7 -2.2632541133455208 Profit Attributable to the Company 423.4 544.9 -0.22297669297118738 585.9 -0.27735108380269669 EPS Attributable to the Company - Basic (NT$) 0.57999999999999996 0.75 -0.22666666666666668 0.81 -0.28395061728395077 Weighted Average Shares Outstanding (in thousands) - Basic ,727,240 ,727,240 0.0% ,727,240 0.0% EPS Attributable to the Company - Diluted (NT$) 0.57999999999999996 0.75 -0.22666666666666668 0.8 -0.27500000000000013 Weighted Average Shares Outstanding (in thousands) - Diluted ,729,351 ,729,409 -79516430425141671.1% ,729,827 .1%
Consolidated Statements of Financial Position & Key Indices Selected Items from Consolidated Statements of Financial Position Q3'20 Q2'20 Q3'19 4Q16 1Q16 1Q16 (NT$ Millions) Amount % Amount % Amount % Amount % Amount % Current Assets 12,317.7 0.36068449147753062 13,161.5 0.36922899968860373 12,382.4 0.3605614116824879 16,966.7 0.54213637525562375 19,124.599999999999 0.55628888649724106 19,124.599999999999 0.55628888649724106 Non-current Assets 21,833.200000000001 0.63931550852246943 22,484.400000000001 0.63077100031139632 21,959.599999999999 0.63943858831751199 14,329.3 0.45786362474437625 15,254.3 0.44371111350275899 15,254.3 0.44371111350275899 Total Assets 34,150.9 100.0% 35,645.9 100.0% 34,342 100.0% 31,296 100.0% 34,378.899999999994 100.0% 34,378.899999999994 100.0% Current Liabilities 4,084.8 0.11961031773686784 6,037.2 0.16936590182882183 5,028.3 0.14641837982645159 4,664.5 0.14904460633946831 6,478.9 0.189 6,478.9 0.18845570975220269 Non-current Liabilities 9,991 0.29155451540076543 10,044.4 0.281782757624299 10,162.799999999999 0.29592918292469861 10,358 0.33096881390593047 6,816.7 0.19828150406208461 6,816.7 0.19828150406208461 Total Liabilities 14,075.8 0.41216483313763325 16,081.6 0.45114865945312083 15,191.1 0.44234756275115023 15,022.5 0.48001342024539878 13,295.599999999999 0.38673721381428727 13,295.599999999999 0.38673721381428727 Total Equity 20,075.99999999999 0.5878351668623667 19,564.3 0.54885134054687912 19,150.900000000001 0.55765243724884983 16,273.5 0.51998657975460127 21,083.3 0.61326278618571284 21,083.3 0.61326278618571284 Total Liabilities and Equity 34,150.9 100.0% 35,645.9 100.0% 34,342 100.0% 31,296 100.0% 34,378.899999999994 100.0% 34,378.899999999994 100.0% Key Indices A/R Turnover Days 74 78 83 81 78 73 Inventory Turnover Days 44 50 38 50 44 41
Consolidated Statements of Cash Flows Note (1): YoY: Difference mainly due to NT$851M increase of the operating profit, NT$820M decrease of CapEX and partially offset by a NT$436M increase of cash dividend paid. Q1-Q3'20 Q1-Q3'19 (NT$ Millions) Cash and Cash Equivalents at Beginning of Period 4,704.1000000000004 4,642.5 Net Cash Generated from(used in) Operating Activities 4,052.3 3,845.2 Net Cash Generated from(used in) Investing Activities -2,765.3 -2,566.1 Net Cash Generated from(used in) Financing Activities -1,195.9000000000001 -1,289.3 Effect of Exchange Rate Change on Cash -7 2.4 Cash and Cash Equivalents at End of Period 4,788.2 4,634.7 Free Cash Flow(1) 1,328.5 -,116.5
Capital Expenditures & Depreciation CapEX: NT$423.9M Depreciation: NT$1,063.1M
Q4’20 Business Outlook
Semiconductor market continues to grow by new 5G smartphone and consumer launching, and healthy inventory levels Demand remains strong, with capacity adds and test ASP increases Memory DRAM: Continued momentum from Q3’20 Flash: Bolstered by gaming demand and new consumer launches DDIC Mid/Large panel (NB/Tablet/TV): Continued momentum from Q3’20 Small panel (Smart phone): Mid/Low end of 5G smartphone demand driver TDDI demand from increasing penetration ratio of HD grade panels Market & Business Outlook
Q&A https://www.chipmos.com