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.
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Dated: February 22, 2024 |
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ChipMOS TECHNOLOGIES INC. (Registrant) |
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By: |
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/S/ S. J. Cheng |
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Name: |
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S. J. Cheng |
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Title: |
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Chairman & President |
EXHIBIT INDEX
Exhibit Number |
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Description |
99.1 |
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99.2 |
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ChipMOS fourth quarter and full year 2023 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 FOURTH QUARTER AND FULL YEAR 2023 RESULTS
Financial Highlights:
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.
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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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February 2024 Industry Leading Provider of Outsourced Semiconductor Assembly, Test & Bumping Services 4Q23 & Full Year 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, 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.
Agenda Welcome 4Q/FY2023 Operating Results S.J. Cheng 4Q/FY2023 Financial Results Silvia Su Business Outlook S.J. Cheng Q&A
4 4Q/FY2023 Operating Results
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)
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%
4Q23 Revenue Breakdown Product Manufacturing Site
Revenue Breakdown － Memory 8 4Q23: 36.2% (QoQ: +9.5%, YoY: +9.9%)
Revenue Breakdown － DDIC + Gold Bump 9 4Q23: 56.0% (QoQ: -2.6%, YoY: +40.5%)
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
11 4Q/FY2023 Financial Results
Consolidated Operating Results Summary
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.
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.
Consolidated Statements of Financial Position & Key Indices
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.
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)
18 Business Outlook
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
Q&A www.chipmos.com