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 February, 2022

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: February 24, 2022    

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 February 24, 2022.
99.2    ChipMOS fourth quarter and full year 2021 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 2021 RESULTS

Full Year 2021 Highlights (as compared to the Full Year 2020):

 

   

Record Full Year Revenue and Net Earnings

 

   

19% Increase in Revenue to US$987.7 Million from US$829.5 Million

 

   

44% Expansion of Gross Profit to US$261.5 Million from US$181.4 Million

 

   

460 Basis Point Improvement in Gross Margin to 26.5% from 21.9%

 

   

Net Earnings of NT$6.96 or US$0.25 per Basic Common Share or US$5.02 per Basic ADS Compared to Net Earnings of NT$3.26 or US$0.12 per Basic Common Share or US$2.35 per Basic ADS

 

   

US$34.5 Million of Full Year Free Cash Flow, with a US$212.9 Million Balance of Cash and Cash Equivalents at Year End

 

   

NT$4.3 Per Share Distribution Authorized by Board Pending Shareholder Approval at May 2022 AGM, as Company Continues to Build Value and Deliver a Higher Yield to Shareholders

Hsinchu, Taiwan – February 24, 2022 - 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, with record revenue and net earnings for the full year ended December 31, 2021. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$27.74 against US$1.00 as of December 30, 2021.

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

Revenue for the fourth quarter of 2021 was NT$6,791.4 million or US$244.8 million, a decrease of 5.2% from NT$7,161.0 million or US$258.1 million in the third quarter of 2021 and an increase of 7.6% from NT$6,310.3 million or US$227.5 million for the same period in 2020. Revenue for the fiscal year ended December 31, 2021 was NT$27,400.0 million or US$987.7 million, an increase of 19.1% from NT$23,011.4 million or US$829.5 million for the fiscal year ended December 31, 2020.

Net non-operating income in fourth quarter of 2021 was NT$319.3 million or US$11.5 million, compared to NT$147.5 million or US$5.3 million in the third quarter of 2021. The increase compared to the third quarter of 2021 is mainly due to an increase of the share of gain of associates accounted for using equity method of NT$190 million or US$6.8 million and partially offset by the increase of loss on valuation of financial assets at fair value through profit or loss of NT$12 million or US$0.4 million and the foreign exchange losses of NT$8 million or US$0.3 million. Net non-operating expenses in fourth quarter of 2020 was NT$277.6 million or US$10.0 million. The difference is mainly due to the increase of the share of gain of associates accounted for using equity method of NT$439 million or US$15.8 million, a lower foreign exchange losses of NT$150 million or US$5.4 million and the interest expense of NT$5 million or US$0.2 million.

Net non-operating income of the Company for the fiscal year ended December 31, 2021 was NT$473.2 million or

US$17.1 million, compared to net non-operating expenses of NT$593.1 million or US$21.4 million for the fiscal year ended December 31, 2020. The difference is mainly due to an increase of the share of gain of associates accounted for using equity method of NT$773 million or US$27.9 million, a lower foreign exchange losses of NT$266 million or US$9.6 million and the interest expense of NT$41 million or US$1.5 million and partially offset by the decrease of interest income of NT$18 million or US$0.6 million.

 

-1-


LOGO

Net profit attributable to equity holders of the Company for the fourth quarter of 2021 was NT$1,417.5 million or US$51.1 million, and NT$1.95 or US$0.07 per basic common share, as compared to NT$1,398.9 million or US$50.4 million, and NT$1.93 or US$0.07 per basic common share in the third quarter of 2021. This compares to NT$686.4 million or US$24.7 million, and NT$0.94 or US$0.03 per basic common share in the fourth quarter of 2020. Net earnings for the fourth quarter of 2021 were US$1.41 per basic ADS, compared to US$1.39 per basic ADS for the third quarter of 2021 and US$0.68 per basic ADS in the fourth quarter of 2020.

Net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2021 was NT$5,059.1 million or US$182.4 million, and NT$6.96 or US$0.25 per basic common share, compared to 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$85.3 million, and NT$3.26 or US$0.12 per basic common share. Net earnings for the fiscal year ended December 31, 2021 were US$5.02 per basic ADS, compared to US$2.35 per basic ADS for the fiscal year ended December 31, 2020.

Free cash flow for the fiscal year ended December 31, 2021 was NT$956.4 million or US$34.5 million, with a balance of cash and cash equivalents was NT$5,906.2 million or US$212.9 million.

Fourth Quarter and Full Year 2021 Investor Conference Call / Webcast Details

Date: Thursday, February 24, 2022

Time: 3:00PM Taiwan (2:00AM New York)

Dial-In: +886-2-21928016

Password: 884176 #

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:

The Company will provide a transcript in English of the conference call on its website following the Mandarin conference call to help ensure transparency, and to facilitate a better understanding of the Company’s 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 ongoing 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

February 2022 Industry Leading Provider of Outsourced Semiconductor Assembly, Test & Bumping Services 4Q/FY2021 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 ongoing 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 4Q/FY2021 Operating Results S.J. Cheng 4Q/FY2021 Financial Results Silvia Su Q1’22 Business Outlook S.J. Cheng Q&A


Slide 4

4Q/FY2021 Operating Results


Slide 5

Revenue: Q4’21: NT$6,791.4M (QoQ -5.2%, YoY +7.6%) 2021: NT$27,400.0M (YoY +19.1%) new annual revenue record Gross Margin: Q4’21: 26.0% (QoQ: -1.3ppts, YoY: +1.6ppts) 2021: 26.5% (YoY: +4.6ppts) Revenue & Gross Margin 5


Slide 6

Utilization Rate – Demand Absorbing New Capacity 6 Q4’21: 67% Q3’21: 90% Q4’20: 97% Q4’21: 83% Q3’21: 84% Q4’20: 86% Q4’21: 78% Q3’21: 80% Q4’20: 80% Q4’21: 76% Q3’21: 85% Q4’20: 85% Q4’21: 80% Q3’21: 85% Q4’20: 78%


Slide 7

Q4’21 Revenue Breakdown Product Segment Manufacturing Site


Slide 8

Revenue Breakdown - Memory 8 Q4’21: 40.0% (QoQ: -12.7%, YoY: +1.7%)


Slide 9

Revenue Breakdown - DDIC + Gold Bump 9 Q4’21: 49.5% (QoQ: +3.3%, YoY: +6.6%)


Slide 10

Revenue Breakdown - Application 10 DDIC & Gold bump Memory & Mixed-signal Content Performance of Q4’21 Smart Mobile 33.5% TV 17% Computing 6% Auto/Industrial 17.5% Consumer 26% Smart phone Wearable UHD/4K TV 8K TV OLED TV NB/Tablet PC / Server SSD In-car infotainment ADAS / sensor Game Smart speaker DSC, STB TWS


Slide 11

4Q/FY2021 Financial Results


Slide 12

Consolidated Operating Results Summary


Slide 13

Consolidated Statements of Comprehensive Income Note(1) : QoQ: Difference mainly due to an increase of the share of gain of associates accounted for using equity method of NT$190M and partially offset by the increase of loss on valuation of financial assets at fair value through profit or loss of NT$12M and the foreign exchange losses of NT$8M. YoY: Difference mainly due to an increase of the share of gain of associates accounted for using equity method of NT$439M, a lower foreign exchange losses of NT$150M and the interest expense of NT$5M.


Slide 14

Consolidated Statements of Comprehensive Income Note(1): Difference mainly due to an increase of the share of gain of associates accounted for using equity method of NT$773M, a lower foreign exchange losses of NT$266M and the interest expense of NT$41M.


Slide 15

Consolidated Statements of Financial Position & Key Indices


Slide 16

Consolidated Statements of Cash Flows Note(1): Difference mainly due to an increase of operating profit of NT$1,996M and depreciation expenses of NT$459M and partially offset by the increase of CapEx of NT$2,419M, income tax expense of NT$371M and cash dividend paid of NT$291M.


Slide 17

Capital Expenditures & Depreciation CapEX: Q4’21: NT$2,685.3M; 2021: NT$6,552.7M Depreciation: Q4’21: NT$1,154.8M; 2021: NT$4,634.1M


Slide 18

Q1’22 Business Outlook


Slide 19

Q1 typically impacted by seasonally shortened workday schedules Operational momentum and underlying demand trends remain healthy Memory: Demand firm and improving DRAM: Near-term upside from rush orders; Expecting growth against the trend Flash: Customers re-stocking inventory; Heathy demand momentum DDIC: Impacted by shortened workday schedules Strong OLED and automotive panel demand; Tightened high end test capacity Strategically extend test capacity and take or pay contract Market & Business Outlook


Slide 20

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