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, 2021

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 16, 2021    

ChipMOS TECHNOLOGIES INC.

(Registrant)

    By:  

/S/ S. J. Cheng

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


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press release issued by ChipMOS on March 16, 2021.
99.2    ChipMOS fourth quarter and full year 2020 conference call presentation material.

 

-1-

EX-99.1

Exhibit 99.1

 

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 2020 RESULTS

Full Year 2020 Highlights (as compared to the Full Year 2019):

 

   

13.1% Increase in Revenue to US$819.5 Million from US$724.3 Million, with Record Quarterly Revenue Through 2020

 

   

28.2% Expansion of Gross Profit to US$179.2 Million from US$139.8 Million, Reflecting Higher Utilization Levels and Strategic Price Increases

 

   

260 Basis Point Improvement in Gross Margin to 21.9% from 19.3%

 

   

Net Earnings of NT$3.26 or US$0.12 per Basic Common Share or US$2.32 per Basic ADS Compared to Net Earnings of NT$3.55 or US$0.13 per Basic Common Share or US$2.53 per Basic ADS

 

   

US$55.5 Million of Full Year Free Cash Flow, with a US$146.5 Million Balance of Cash and Cash Equivalents at Year End

 

   

NT$2.2 Per Share Distribution Authorized by Board Pending Shareholder Approval at May 2021 AGM, as Company Continues to Build Value and Deliver a Higher Yield to Shareholders

Hsinchu, Taiwan – March 16, 2021 - 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 fourth quarter and full year ended December 31, 2020. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$28.08 against US$1.00 as of December 31, 2020.

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

Revenue for the fourth quarter of 2020 was NT$6,310.3 million or US$224.7 million, an increase of 11.0% from NT$5,686.1 million or US$202.5 million in the third quarter of 2020 and an increase of 13.3% from NT$5,571.5 million or US$198.4 million for the same period in 2019. Revenue for the fiscal year ended December 31, 2020 was NT$23,011.4 million or US$819.5 million, an increase of 13.1% from NT$20,337.9 million or US$724.3 million for the fiscal year ended December 31, 2019.

Net non-operating expenses in fourth quarter of 2020 was NT$277.6 million or US$9.9 million, compared to NT$178.5 million or US$6.4 million in the third quarter of 2020. The increase compared to the third quarter of 2020 is mainly due to an increase of the share of loss of associates accounted for using equity method and foreign exchange loss, combined with a higher foreign exchange loss against the U.S. dollar. Net non-operating expenses in fourth quarter of 2019 was NT$224.7 million or US$8.0 million. Net non-operating expenses of the Company for the fiscal year ended December 31, 2020 was NT$593.1 million or US$21.1 million, compared to net non-operating income of NT$573.2 million or US$20.4 million for the fiscal year ended December 31, 2019. The decline in 2020 compared to 2019 is mainly due to a decrease of the gain on disposal of investment accounted for using equity method and a higher foreign exchange loss.

 

-1-


LOGO

 

Net profit attributable to equity holders of the Company for the fourth quarter of 2020 was NT$686.4 million or US$24.4 million, and NT$0.94 or US$0.03 per basic common share, as compared to NT$423.4 million or US$15.1 million, and NT$0.58 or US$0.02 per basic common share in the third quarter of 2020. This compares to NT$530.0 million or US$18.9 million, and NT$0.73 or US$0.03 per basic common share in the fourth quarter of 2019. Net earnings for the fourth quarter of 2020 were US$0.67 per basic ADS, compared to US$0.41 per basic ADS for the third quarter of 2020 and US$0.52 per basic ADS in the fourth quarter of 2019. Net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2020 was NT$2,367.5 million or US$84.3 million, and NT$3.26 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, 2019 was NT$2,584.2 million or US$92.0 million, and NT$3.55 or US$0.13 per basic common share. Net earnings for the fiscal year ended December 31, 2020 were US$2.32 per basic ADS, compared to US$2.53 per basic ADS for the fiscal year ended December 31, 2019. The decline primarily reflects a one-time gain of NT$982 million recognized in 2019 on the disposal of investment accounted for using equity method, the increase of foreign exchange loss of NT$200 million, income tax expense of NT$159.7 million, was which was partially offset by the increase of gross profit of NT$1,106.1 million.

Free cash flow for the fiscal year ended December 31, 2020 was NT$1,558.9 million or US$55.5 million, with a balance of cash and cash equivalents was NT$4,113.7 million or US$146.5 million.

Fourth Quarter and Full Year 2020 Investor Conference Call / Webcast Details

Date: Tuesday, March 16, 2021

Time: 3:00PM Taiwan (3:00AM New York)

Dial-In: +886-2-21928016

Password: 723607 #

Webcast of Live Call and Replay: https://www.chipmos.com/chinese/ir/info2.aspx

Replay Starting 2 Hours After Live Call Ends

Language: Mandarin

 

Note:

An English translation audio and transcript will be made available on the Company’s website following the Mandarin conference call to help ensure transparency, and to facilitate a better understanding of its financial results and operating environment.

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.

 

-2-

EX-99.2

Slide 1

March 2021 Industry Leading Provider of Outsourced Semiconductor Assembly, Test & Bumping Services Q4’20 & Full Year 2020 Results Conference Exhibit 99.2


Slide 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


Slide 3

Agenda Welcome Q4’20 & 2020 Operating Results S.J. Cheng Q4’20 & 2020 Financial Results Silvia Su Q1’21 Business Outlook S.J. Cheng Q&A


Slide 4

Q4’20 & 2020 Operating Results


Slide 5

Revenue: Q4’20: NT$6,310.3M (QoQ +11.0%, YoY +13.3%) new quarterly record high 2020: NT$23,011.4M (YoY +13.1%) Gross Margin: Q4’20: 24.4% (QoQ: +5.1ppts, YoY: +1.7ppts) 2020: 21.9% (YoY: +2.6ppts) Revenue & Gross Margin 5


Slide 6

Utilization Rate 6 Q4’20: 78% Q3’20: 75% Q4’19: 77% Q4’20: 97% Q3’20: 80% Q4’19: 81% Q4’20: 86% Q3’20: 85% Q4’19: 75% Q4’20: 80% Q3’20: 76% Q4’19: 70% Q4’20: 85% Q3’20: 79% Q4’19: 76%


Slide 7

Q4’20 Revenue Breakdown Product Segment Manufacturing Site


Slide 8

Revenue Breakdown - Memory 8 Q4’20: 41.9% (QoQ: +10.2%, YoY: +11.6%)


Slide 9

Revenue Breakdown - DDIC + Gold Bump 9 Q4’20: 49.6% (QoQ: +11.7%, YoY: +19.9%)


Slide 10

Revenue Breakdown - Application 10 DDIC & Gold bump Memory & Mixed-signal Smart Mobile 37% TV 16% Computing 12% Auto/Industrial 12% Consumer 23% Smart phone Wearable Content Performance of Q4’20 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


Slide 11

Q4’20 & 2020 Financial Results


Slide 12

Consolidated Operating Results Summary


Slide 13

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$49M and foreign exchange loss of NT$47M. YoY: Difference mainly due to the increase of the share of loss of associates accounted for using equity method of NT$44M.


Slide 14

Consolidated Statements of Comprehensive Income Note(1): Difference mainly due to the decrease of the gain on disposal of investment accounted for using equity method of NT$982M and the increase of foreign exchange loss of NT$200M.


Slide 15

Consolidated Statements of Financial Position & Key Indices


Slide 16

Consolidated Statements of Cash Flows Note(1): Difference mainly due to the increase of the operating profit of NT$1,109M and the decrease of the CapEx of NT$763M.


Slide 17

Capital Expenditures & Depreciation CapEX: Q4’20: NT$1,760.1M; 2020: NT$4,133.6M Depreciation: Q4’20: NT$1,059.8M; 2020: NT$4,175.5M


Slide 18

Q1’21 Business Outlook


Slide 19

Semiconductor market continues with component shortages impacting most end markets Strong demand with capacity constraints supports higher prices Capacity being added strategically, with ChipMOS customers seeking to lock-in capacity over a longer timeframe Memory: Increased assembly price to reflect cost increases and tight capacity DRAM: Demand likely to gain vs Q4’20 with customers re-stocking Flash: Anticipate bolstered momentum continuing DDIC: 2nd 5~10% price increase expected in Q1’21 Mid/Large panel (NB/Tablet/TV): Gaining more allocation share Small panel (Smart phone): Continued strong TDDI demand Market & Business Outlook


Slide 20

Q&A https://www.chipmos.com