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, 2024

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 22, 2024

 

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 22, 2024.

99.2

 

ChipMOS fourth quarter and full year 2023 conference call presentation material.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-1-


EX-99.1

https://cdn.kscope.io/6cd3780e1826a2c9c6b80de6b69099b1-img9907805_0.jpg 

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 FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Financial Highlights:

22.2% Increase in Q4 2023 Revenue Compared to Q4 2022; 2.6% Increase Compared to Q3 2023; Full Year 2023 Revenue Declines 9.2% Compared to Prior Year
560 Basis Point Increase in Q4 2023 Gross Margin Compared to Q4 2022, and 420 Basis Point Increase Compared to Q3 2023; Full Year 2023 Gross margin Declines 430 Basis Points Compared to 2022
Net Earnings Tripled to NT$0.66 Per Common Share in Q4 2023 From NT$0.22 in Q4 2022, and Decreased NT$0.14 Compared to NT$0.80 in Q3 2023; Full Year 2023 Net Earnings of NT$2.60 Per Common Share Compared to NT$4.64 for the Full Year 2022
Strong Financial Position and Liquidity with NT$12,354.0 Million or US$403.5 Million Balance of Cash and Cash Equivalents
Dividend of NT$1.8 Per Share Authorized by Board Pending Shareholder Approval at May 2024 AGM

 

Hsinchu, Taiwan – February 22, 2024 - 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 the full year ended December 31, 2023. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$30.62 against US$1.00 as of December 29, 2023.

 

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

 

Revenue for the fourth quarter of 2023 was NT$5,725.4 million or US$187.0 million, an increase of 2.6% from NT$5,581.5 million or US$182.3 million in the third quarter of 2023 and an increase of 22.2% from NT$4,686.2 million or US$153.0 million for the same period in 2022. Revenue for the fiscal year ended December 31, 2023 was NT$21,356.2 million or US$697.5 million, a decrease of 9.2% from NT$23,517.1 million or US$768.0 million for the fiscal year ended December 31, 2022.

 

Net non-operating expenses in the fourth quarter of 2023 was NT$137.0 million or US$4.5 million, compared to net non-operating income of NT$230.9 million or US$7.5 million in the third quarter of 2023, and net non-operating expenses of NT$130.0 million or US$4.2 million in the fourth quarter of 2022. The variance is mainly due to an increased foreign exchange loss in the fourth quarter of 2023.

 

Net non-operating income of the Company for the fiscal year ended December 31, 2023 was NT$359.8 million or US$11.8 million, compared to NT$811.2 million or US$26.5 million for the fiscal year ended December 31, 2022. The decrease is mainly due to a reduced foreign exchange gain and share of profit of associates accounted for using equity method, which was partially offset by an increase in interest income.

 

 

-1-


https://cdn.kscope.io/6cd3780e1826a2c9c6b80de6b69099b1-img9907805_1.jpg 

 

 

Net profit attributable to equity holders of the Company for the fourth quarter of 2023 was NT$482.0 million or US$15.7 million, and NT$0.66 or US$0.02 per basic common share, as compared to NT$580.6 million or US$19.0 million, and NT$0.80 or US$0.03 per basic common share in the third quarter of 2023. This compares to NT$154.9 million or US$5.1 million, and NT$0.22 or US$0.01 per basic common share in the fourth quarter of 2022. Net earnings for the fourth quarter of 2023 were US$0.43 per basic ADS, compared to US$0.52 per basic ADS for the third quarter of 2023 and US$0.14 per basic ADS in the fourth quarter of 2022.

 

Net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2023 was NT$1,893.4 million or US$61.8 million, and NT$2.60 or US$0.08 per basic common share, compared to net profit attributable to equity holders of the Company for the fiscal year ended December 31, 2022 was NT$3,372.0 million or US$110.1 million, and NT$4.64 or US$0.15 per basic common share. Net earnings for the fiscal year ended December 31, 2023 were US$1.70 per basic ADS, compared to US$3.03 per basic ADS for the fiscal year ended December 31, 2022.

 

Net free cash flow for the fiscal year ended December 31, 2023 was NT$1,339.0 million or US$43.7 million, with a balance of cash and cash equivalents was NT$12,354.0 million or US$403.5 million.

 

Fourth Quarter and Full Year 2023 Investor Conference Call / Webcast Details

Date: Thursday, February 22, 2024

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

Dial-In: +886-2-33961191

Password: 1415022 #

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

Replay: Starts approximately 2 hours after the live call ends

Language: Mandarin

 

Note: A transcript will be provided on the Company’s website in English following the 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) (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 is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.

 

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, strategies, 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.

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Slide 1

February 2024 Industry Leading Provider of Outsourced Semiconductor Assembly, Test & Bumping Services 4Q23 & Full Year 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, strategies, 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.


Slide 3

Agenda Welcome 4Q/FY2023 Operating Results S.J. Cheng 4Q/FY2023 Financial Results Silvia Su Business Outlook S.J. Cheng Q&A


Slide 4

4 4Q/FY2023 Operating Results


Slide 5

Revenue & Gross Margin 5 4Q23 Revenue: NT$5,725.4M (QoQ: +2.6%, YoY: +22.2%) Gross Margin: 20.1% (QoQ: +4.2ppts, YoY: +5.6ppts) 2023 Revenue: NT$21,356.2M (YoY: -9.2%) Gross Margin: 16.6% (YoY: -4.3ppts)


Slide 6

Utilization Rate 6 Note: To effectively reflect changes in product characteristic and mix, the utilization calculation target of manufacturing site, which output calculated by wafer quantity, was changed to run time from wafer quantity since 1Q22. 4Q23: 57% 3Q23: 47% 4Q22: 46% 4Q23: 53% 3Q23: 65% 4Q22: 41% 4Q23: 71% 3Q23: 74% 4Q22: 53% 4Q23: 62% 3Q23: 63% 4Q22: 49% 4Q23: 61% 3Q23: 60% 4Q22: 53%


Slide 7

4Q23 Revenue Breakdown Product Manufacturing Site


Slide 8

Revenue Breakdown - Memory 8 4Q23: 36.2% (QoQ: +9.5%, YoY: +9.9%)


Slide 9

Revenue Breakdown - DDIC + Gold Bump 9 4Q23: 56.0% (QoQ: -2.6%, YoY: +40.5%)


Slide 10

Revenue Breakdown - End Market 10 DDIC & Gold bump Memory & Mixed-signal Content Performance of 4Q23 Smart Mobile 35.2% (QoQ +7.3%) TV 14.7% (QoQ -14.5%) Computing 4.9% (QoQ +5.6%) Auto/Industry 21.2% (QoQ +6.9%) Consumer 24.0% (QoQ +4.3%) Smart phone Wearable UHD/4K/8K TV OLED TV NB/Tablet PC / Server SSD In-car infotainment ADAS / sensor Game, TWS Smart speaker DSC, STB


Slide 11

11 4Q/FY2023 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 foreign exchange losses of NT$362M from the foreign exchange gains of NT$167M in 3Q23 to the foreign exchange losses of NT$195M in 4Q23 and the decrease of rental income of NT$9M.


Slide 14

Consolidated Statements of Comprehensive Income Note (1): Difference mainly due to the decrease of the foreign exchange gains of NT$370M and share of profit of associates accounted for using equity method of NT$234M and partially offset by the increase of interest income of NT$136M.


Slide 15

Consolidated Statements of Financial Position & Key Indices


Slide 16

Consolidated Statements of Cash Flows Notes : Free cash flow was calculated by adding depreciation, amortization, interest income together with operating profit and then subtracting CapEx, interest expense, income tax expense and dividend from the sum. (2) Difference mainly due to the decrease of operating profit of NT$1,308M and partially offset by the decrease of CapEx of NT$1,690M, cash dividend paid NT$1,454M and income tax expense of NT$281M.


Slide 17

Capital Expenditures & Depreciation 17 CapEx: NT$1,499.2M (4Q23); NT$3,228.5M (2023) Depreciation: NT$1,157.6M (4Q23); NT$4,779.3M (2023)


Slide 18

18 Business Outlook


Slide 19

Expect Q1 to be normal seasonal trough quarter for 2024, with fewer working days for Lunar New Year and Inventory adjustments from Q4 continuing into Q1 Based on current market environment, expect operating momentum will improve through 2024, with a stronger second half of the year Memory: Momentum better than DDIC NAND Flash demand is rebounding Assembly and test UT are impacted by the continued destocking and softer demand at certain customers DDIC: Softness in end product demand impacts UT level of TVs and Smart phone products Auto panel and OLED demand generally stable, led high UT level of high-end DDIC test Cautiously add new capacity based on UT level and customer demand Market & Business Outlook


Slide 20

Q&A www.chipmos.com