HSINCHU, , May 10, 2018 /PRNewswire-FirstCall/ --
Q1'18 Highlights (as compared to Q4'17):
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 unaudited consolidated financial results for the first quarter ended March 31, 2018. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$29.10 against US$1.00 as of March 30, 2018.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").
Net revenue for the first quarter of 2018 was NT$4,010.9 million or US$137.8 million, a decrease of 9.0% from NT$4,408.2 million or US$151.5 million in the fourth quarter of 2017 and a decrease of 12.0% from NT$4,560.3 million or US$156.7 million for the same period in 2017. The decline in revenue from the prior fourth quarter of 2017 reflects the typical first quarter low season, while the comparison to the first quarter of 2017 reflects the subsequent lower allocation from the Company's largest DRAM customer, which adversely impacted revenue.
Net profit attributable to equity holders of the Company for the first quarter of 2018 was NT$22.8 million or US$0.8 million, and NT$0.03 or US$0.001 per basic common share and NT$0.03 or US$0.001 per diluted common share, as compared to net profit attributable to equity holders of the Company for the fourth quarter of 2017 of NT$163.0 million or US$5.6 million, and NT$0.19 or US$0.01 per basic common share and NT$0.19 or US$0.01 per diluted common share, and compared to net profit attributable to equity holders of the Company in the first quarter of 2017 of NT$2,380.1 million or US$81.8 million, and NT$2.82 or US$0.10 per basic common share and NT$2.77 or US$0.10 per diluted common share. Net earnings for the first quarter of 2018 were US$0.02 per diluted ADS, compared to US$0.13 per diluted ADS for the fourth quarter of 2017 and US$1.90 per diluted ADS in the first quarter of 2017. The decline in net earnings, as compared to the fourth quarter of 2017, primarily reflects the adverse impact of a US$4.3 million foreign exchange loss and first quarter low season revenue, while the comparison to the first quarter of 2017 reflects the subsequent lower allocation from the Company's largest DRAM customer and the non-recurrence of a US$65.6 million benefit to net profit in the first quarter of 2017, in which the Company completed the ChipMOS Shanghai equity interest transfer to Tsinghua Unigroup led strategic investors.
S.J. Cheng, Chairman and President of ChipMOS, said, "Revenue for the first quarter of 2018 was in-line with expectations and reflects the typical low season, as compared to the fourth quarter, and reflects the subsequent lower allocation from the Company's largest DRAM customer, as compared to the first quarter of 2017. Despite the headwinds, first quarter of 2018 revenue benefited from demand growth from the industrial and automotive markets, and cryptocurrency applications. Our DRAM revenue increased 12.2% compared to the fourth quarter of 2017, with Test site revenue holding flat. Importantly, we have moved beyond the low season having reported 20.9% revenue growth for the month of March 2018, as compared to the month of February 2018. While our growth rate will fluctuate, the fundamentals of our business remain strong across a diverse base of customers and end markets, giving us confidence as we target quarter over quarter revenue growth in 2018. According to industry and customer' feedback, we expect to benefit from strong Niche DRAM demand, and an increased revenue contribution from TDDI, OLED, and 12 inch fine pitch chip on film ("COF") solutions. In-line with the growth we noted and capacity utilization levels, we are raising prices in our COF and gold bumping starting this month, which will partially benefit results in the current second quarter, with the full benefit to be seen in the second half of 2018."
Silvia Su, Senior Director of Finance and Accounting, commented, "The underlying fundamentals of our business remain strong and we are encouraged by the broad-based demand we are seeing. Results in the first quarter of 2018 reflect an unfavorable comparison with the first quarter of 2017 given the non-recurrence of a US$65.6 million benefit to net profit in the first quarter of 2017, in which the Company completed the ChipMOS Shanghai equity interest transfer to Tsinghua Unigroup led strategic investors combined with the subsequent lower allocation from the Company's largest DRAM customer, which impacted revenue in the first quarter of 2018. We expect gross margin will gradually improve from 14.6% in the low first quarter of 2018, as we move through 2018 based on current demand and capacity utilization levels. We ended the first quarter with a balance of cash and cash equivalents of US$229.8 million, and a net debt balance of US$138.6 million. We continue to execute on our core business, target sustainable higher margin growth opportunities, and prioritize capital expenditures in support of our long-term growth strategy. As a next step, our Board resolved on March 15, 2018 that NT$0.30 per common share will be distributed to shareholders from earnings and NT$1.50 per common share will be distributed to shareholders from a capital reduction in cash at a ratio of 15%. The total amount of cash to be distributed is approximately NT$1,586.3 million or US$54.5 million. On an ADS basis, the total cash distribution to shareholders will be approximately US$0.21 per ADS from earnings and US$1.03 per ADS from the capital reduction. The distribution dates are pending shareholders' approval of the distributions at the Company's annual general meeting on June 26, 2018."
| Selected Operation Data |
||
| Q1'18 |
Q4'17 |
|
| Revenue by segment |
||
| Testing |
28.8% |
26.6% |
| Assembly |
26.5% |
26.0% |
| LCD Driver |
27.1% |
29.8% |
| Bumping |
17.6% |
17.6% |
| CapEx |
US$43.4 million |
US$36.2 million |
| Testing |
29.3% |
7.4% |
| Assembly |
8.1% |
19.2% |
| LCD Driver |
55.0% |
67.3% |
| Bumping |
7.6% |
6.1% |
| Depreciation and amortization expenses |
US$27.9 million |
US$26.8 million |
| Utilization by segment |
||
| Testing |
79% |
79% |
| Assembly |
61% |
62% |
| LCD Driver |
78% |
85% |
| Bumping |
65% |
66% |
| Overall |
71% |
74% |
| Condensed consolidated statements of cash flows |
Period ended Mar. 31, 2018 |
Period ended Mar. 31, 2017 |
||
| US$ million |
US$ million |
|||
| Net cash generated from (used in) operating activities |
26.1 |
63.9 |
||
| Net cash generated from (used in) investing activities |
(74.9) |
43.5 |
||
| Net cash generated from (used in) financing activities |
2.7 |
34.7 |
||
| Net increase (decrease) in cash and cash equivalents |
(46.1) |
142.1 |
||
| Effect of exchange rate changes on cash |
(0.2) |
(0.5) |
||
| Cash and cash equivalents at beginning of period |
276.1 |
260.2 |
||
| Cash and cash equivalents at end of period |
229.8 |
401.8 |
Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Thursday, May 10, 2018 to discuss the Company's financial results for the first quarter of 2018.
1. Date: Thursday, May 10, 2018
Time: 2:00PM Taiwan (2:00AM New York)
Dial-In: +886-2-21928016
Password: 438959#
Replay Starting 2 Hours After Live Call Ends: www.chipmos.com.tw
Language: Mandarin
2. Date: Thursday, May 10, 2018
Time: 8:00PM Taiwan (8:00AM New York)
Dial-In: +1-201-689-8562
Password: 13679178
Replay Starting 2 Hours After Live Call Ends: +1-412-317-6671, with ID 13679178
Webcast of Live Call and Replay: www.chipmos.com
Language: English
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (http://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. ChipMOS along with strategic investors, also owns an advanced facility in Shanghai.
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. 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.
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in accordance with the Taiwan-IFRS, ChipMOS uses non-GAAP free cash flow, non-GAAP earnings before interest, taxes, depreciation and amortization ("EBITDA") and non-GAAP net debt to equity ratio in this press release. The non-GAAP free cash flow represents operating profit plus depreciation, amortization and interest income and less capital expenditures, interest expense, income tax expense and dividend. The non-GAAP EBITDA represents operating profit plus depreciation and amortization. The non-GAAP net debt to equity ratio represents the ratio of net debt, the sum of debt less cash and cash equivalent, divided by equity attributable to equity holders of the Company. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the Taiwan-IFRS.
ChipMOS considers the use of non-GAAP free cash flow, non-GAAP EBITDA and non-GAAP net debt to equity ratio provides useful information to management to manage the Company's business and make financial and operational decisions and also to the investors to understand and evaluate the Company's business and operating performance. For more information on these non-GAAP financial measures, please refer to the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in this press release.
- FINANCIAL TABLES FOLLOW BELOW -
| ChipMOS TECHNOLOGIES INC. |
|||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||||
| For the Three Months Ended Mar. 31, 2018, Dec. 31, and Mar. 31, 2017 |
|||||||||
| Figures in Millions of U.S. dollars (USD)(1) |
|||||||||
| Except for Per Share Amounts and Weighted AverageShares Outstanding |
|||||||||
| Three months ended |
|||||||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||||||
| USD |
USD |
USD |
|||||||
| Revenue(2) |
137.8 |
151.5 |
156.7 |
||||||
| Cost of revenue |
(117.7) |
(125.7) |
(128.6) |
||||||
| Gross profit |
20.1 |
25.8 |
28.1 |
||||||
| Research and development expenses |
(7.4) |
(8.2) |
(8.8) |
||||||
| Sales and marketing expenses |
(0.4) |
(0.5) |
(0.8) |
||||||
| General and administrative expenses |
(4.6) |
(4.0) |
(5.6) |
||||||
| Other operating income (expenses), net |
1.1 |
(1.6) |
23.3 |
||||||
| Operating profit |
8.8 |
11.5 |
36.2 |
||||||
| Non-operating income (expenses), net |
(7.1) |
(4.2) |
(14.8) |
||||||
| Profit (loss) before tax |
1.7 |
7.3 |
21.4 |
||||||
| Income tax benefit (expense) |
(0.9) |
(1.7) |
(4.2) |
||||||
| Profit from continuing operations |
0.8 |
5.6 |
17.2 |
||||||
| Profit (loss) from discontinued operations |
- |
0.0 |
64.6 |
||||||
| Profit (loss) for the period |
0.8 |
5.6 |
81.8 |
||||||
| Attributable to: |
|||||||||
| Equity holders of the Company |
0.8 |
5.6 |
17.2 |
||||||
| – Continuing operations |
|||||||||
| – Discontinued operations |
- |
0.0 |
64.6 |
||||||
| 0.8 |
5.6 |
81.8 |
|||||||
| Profit (loss) for the period |
0.8 |
5.6 |
81.8 |
||||||
| Other comprehensive income (loss) |
|||||||||
| Exchange differences on translation of |
1.7 |
0.1 |
(10.4) |
||||||
| Profit (loss) on remeasurements of defined |
- |
1.8 |
- |
||||||
| Unrealized gain (loss) on valuation of |
0.4 |
- |
- |
||||||
| Share of other comprehensive income |
(0.0) |
0.0 |
- |
||||||
| Income tax effect |
(0.1) |
(0.3) |
|||||||
| Total other comprehensive income (loss) |
2.0 |
1.6 |
(10.4) |
||||||
| Total comprehensive income (loss) |
2.8 |
7.2 |
71.4 |
||||||
| Attributable to: |
|||||||||
| Equity holders of the Company |
2.8 |
7.2 |
16.7 |
||||||
| – Continuing operations |
|||||||||
| – Discontinued operations |
- |
0.0 |
54.7 |
||||||
| 2.8 |
7.2 |
71.4 |
|||||||
| Profit (loss) attributable to the Company – |
0.8 |
5.6 |
81.8 |
||||||
| Earnings (loss) per share attributable to the |
0.001 |
0.01 |
0.10 |
||||||
| Earnings (loss) per ADS equivalent – basic |
0.02 |
0.13 |
1.94 |
||||||
| Weighted average shares outstanding (in |
849,571 |
849,571 |
845,078 |
||||||
| Profit (loss) attributable to the Company - |
0.8 |
5.6 |
81.8 |
||||||
| Earnings (loss) per share attributable to the |
0.001 |
0.01 |
0.10 |
||||||
| Earnings (loss) per ADS equivalent - diluted |
0.02 |
0.13 |
1.90 |
||||||
| Weighted average shares outstanding (in |
854,443 |
854,606 |
859,536 |
||||||
| Note: |
|||||||||
| (1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.10 against US$1.00 as of Mar. 30, 2018. |
|||||||||
| (2) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned |
|||||||||
| ChipMOS TECHNOLOGIES INC. |
|||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||||
| For the Three Months Ended Mar. 31, 2018, Dec. 31, and Mar. 31, 2017 |
|||||||||
| Figures in Millions of NT dollars (NTD) |
|||||||||
| Except for Per Share Amounts and Weighted AverageShares Outstanding |
|||||||||
| Three months ended |
|||||||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||||||
| NTD |
NTD |
NTD |
|||||||
| Revenue(1) |
4,010.9 |
4,408.2 |
4,560.3 |
||||||
| Cost of revenue |
(3,426.8) |
(3,658.9) |
(3,743.7) |
||||||
| Gross profit |
584.1 |
749.3 |
816.6 |
||||||
| Research and development expenses |
(215.8) |
(237.6) |
(256.7) |
||||||
| Sales and marketing expenses |
(11.0) |
(14.7) |
(22.1) |
||||||
| General and administrative expenses |
(132.2) |
(116.6) |
(162.5) |
||||||
| Other operating income (expenses), net |
32.4 |
(45.7) |
679.1 |
||||||
| Operating profit |
257.5 |
334.7 |
1,054.4 |
||||||
| Non-operating income (expenses), net |
(207.8) |
(122.8) |
(431.0) |
||||||
| Profit (loss) before tax |
49.7 |
211.9 |
623.4 |
||||||
| Income tax benefit (expense) |
(26.9) |
(49.7) |
(122.6) |
||||||
| Profit from continuing operations |
22.8 |
162.2 |
500.8 |
||||||
| Profit (loss) from discontinued operations |
- |
0.8 |
1,879.3 |
||||||
| Profit (loss) for the period |
22.8 |
163.0 |
2,380.1 |
||||||
| Attributable to: |
|||||||||
| Equity holders of the Company |
|||||||||
| – Continuing operations |
22.8 |
162.2 |
500.8 |
||||||
| – Discontinued operations |
- |
0.8 |
1,879.3 |
||||||
| 22.8 |
163.0 |
2,380.1 |
|||||||
| Profit (loss) for the period |
22.8 |
163.0 |
2,380.1 |
||||||
| Other comprehensive income (loss) |
|||||||||
| Exchange differences on translation of |
50.9 |
3.6 |
(302.2) |
||||||
| Profit (loss) on remeasurements of defined |
- |
50.8 |
- |
||||||
| Unrealized gain (loss) on valuation of |
11.3 |
- |
- |
||||||
| Share of other comprehensive income |
(0.9) |
0.6 |
- |
||||||
| Income tax effect |
(1.4) |
(8.6) |
- |
||||||
| Total other comprehensive income (loss) |
59.9 |
46.4 |
(302.2) |
||||||
| Total comprehensive income (loss) |
82.7 |
209.4 |
2,077.9 |
||||||
| Attributable to: |
|||||||||
| Equity holders of the Company |
82.7 |
208.6 |
486.2 |
||||||
| – Continuing operations |
|||||||||
| – Discontinued operations |
- |
0.8 |
1,591.7 |
||||||
| 82.7 |
209.4 |
2,077.9 |
|||||||
| Profit (loss) attributable to the Company – |
22.8 |
163.0 |
2,380.1 |
||||||
| Earnings (loss) per share attributable to the |
0.03 |
0.19 |
2.82 |
||||||
| Earnings (loss) per ADS equivalent – basic |
0.54 |
3.84 |
56.33 |
||||||
| Weighted average shares outstanding (in |
849,571 |
849,571 |
845,078 |
||||||
| Profit (loss) attributable to the Company – |
22.8 |
163.0 |
2,380.1 |
||||||
| Earnings (loss) per share attributable to the |
0.03 |
0.19 |
2.77 |
||||||
| Earnings (loss) per ADS equivalent - diluted |
0.53 |
3.81 |
55.38 |
||||||
| Weighted average shares outstanding (in |
854,443 |
854,606 |
859,536 |
||||||
| Note: |
|||||||||
| (1) In March 2017, the Company completed the sale and transfer of 54.98% equity interests of its former wholly-owned |
|||||||||
| ChipMOS TECHNOLOGIES INC. |
|||||
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
| As of Mar. 31, 2018, Dec. 31, and Mar. 31, 2017 |
|||||
| Figures in Millions of U.S. dollars (USD) (1) |
|||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||
| ASSETS |
USD |
USD |
USD |
||
| Current assets |
|||||
| Cash and cash equivalents |
229.8 |
276.1 |
401.8 |
||
| Accounts and notes receivable, net |
125.4 |
138.0 |
121.8 |
||
| Inventories |
61.3 |
66.3 |
66.5 |
||
| Other current assets |
17.1 |
7.6 |
14.9 |
||
| Total current assets |
433.6 |
488.0 |
605.0 |
||
| Non-current assets |
|||||
| Financial assets at fair value through profit or loss |
0.4 |
- |
- |
||
| Financial assets at fair value through other |
3.4 |
- |
- |
||
| Non-current financial assets carried at cost |
- |
0.7 |
0.4 |
||
| Investments accounted for using equity method |
145.4 |
118.0 |
74.9 |
||
| Property, plant & equipment |
540.0 |
524.6 |
478.9 |
||
| Other non-current assets |
12.9 |
11.7 |
12.5 |
||
| Total non-current assets |
702.1 |
655.0 |
566.7 |
||
| Total assets |
1,135.7 |
1,143.0 |
1,171.7 |
||
| LIABILITIES AND EQUITY |
|||||
| LIABILITIES |
|||||
| Current liabilities |
|||||
| Short-term bank loans |
36.0 |
33.3 |
36.3 |
||
| Accounts payable and payables to contractors and |
43.3 |
48.2 |
48.7 |
||
| Long-term bank loans, current portion |
73.7 |
73.6 |
36.5 |
||
| Long-term lease obligations payable, current portion |
0.4 |
0.4 |
0.4 |
||
| Other current liabilities |
59.3 |
73.7 |
61.3 |
||
| Total current liabilities |
212.7 |
229.2 |
183.2 |
||
| Non-current liabilities |
|||||
| Long-term bank loans |
257.8 |
257.7 |
331.5 |
||
| Long-term lease obligations payable |
0.5 |
0.6 |
0.9 |
||
| Other non-current liabilities |
25.6 |
23.4 |
23.5 |
||
| Total non-current liabilities |
283.9 |
281.7 |
355.9 |
||
| Total liabilities |
496.6 |
510.9 |
539.1 |
||
| EQUITY |
|||||
| Capital stock – common stock |
304.5 |
304.6 |
304.8 |
||
| Capital surplus |
216.0 |
216.1 |
237.2 |
||
| Retained earnings |
148.7 |
145.6 |
130.7 |
||
| Other equity interest |
4.5 |
0.4 |
(5.5) |
||
| Treasury stock |
(34.6) |
(34.6) |
(34.6) |
||
| Equity attributable to equity holders of the Company |
639.1 |
632.1 |
632.6 |
||
| Total equity |
639.1 |
632.1 |
632.6 |
||
| Total liabilities and equity |
1,135.7 |
1,143.0 |
1,171.7 |
||
| Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.10 against US$1.00 as of Mar. 30, 2018. The |
|||||
| ChipMOS TECHNOLOGIES INC. |
|||||
| UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
| As of Mar. 31, 2018, Dec. 31, and Mar. 31, 2017 |
|||||
| Figures in Millions of NT dollars (NTD) |
|||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||
| ASSETS |
NTD |
NTD |
NTD |
||
| Current assets |
|||||
| Cash and cash equivalents |
6,688.5 |
8,035.7 |
11,692.8 |
||
| Accounts and notes receivable, net |
3,647.8 |
4,015.8 |
3,543.6 |
||
| Inventories |
1,785.1 |
1,929.2 |
1,935.7 |
||
| Other current assets |
496.0 |
220.3 |
434.0 |
||
| Total current assets |
12,617.4 |
14,201.0 |
17,606.1 |
||
| Non-current assets |
|||||
| Financial assets at fair value through profit or loss |
11.9 |
- |
- |
||
| Financial assets at fair value through other |
100.6 |
- |
- |
||
| Non-current financial assets carried at cost |
- |
20.9 |
10.0 |
||
| Investments accounted for using equity method |
4,231.0 |
3,433.3 |
2,180.3 |
||
| Property, plant & equipment |
15,714.6 |
15,265.3 |
13,937.2 |
||
| Other non-current assets |
374.3 |
339.4 |
363.5 |
||
| Total non-current assets |
20,432.4 |
19,058.9 |
16,491.0 |
||
| Total assets |
33,049.8 |
33,259.9 |
34,097.1 |
||
| LIABILITIES AND EQUITY |
|||||
| LIABILITIES |
|||||
| Current liabilities |
|||||
| Short-term bank loans |
1,046.6 |
969.4 |
1,055.6 |
||
| Accounts payable and payables to contractors and |
1,261.2 |
1,401.4 |
1,418.8 |
||
| Long-term bank loans, current portion |
2,144.0 |
2,143.2 |
1,062.6 |
||
| Long-term lease obligations payable, current portion |
12.0 |
11.8 |
11.3 |
||
| Other current liabilities |
1,725.5 |
2,144.8 |
1,783.1 |
||
| Total current liabilities |
6,189.3 |
6,670.6 |
5,331.4 |
||
| Non-current liabilities |
|||||
| Long-term bank loans |
7,502.9 |
7,498.9 |
9,646.9 |
||
| Long-term lease obligations payable |
15.0 |
18.0 |
26.5 |
||
| Other non-current liabilities |
744.1 |
679.1 |
683.8 |
||
| Total non-current liabilities |
8,262.0 |
8,196.0 |
10,357.2 |
||
| Total liabilities |
14,451.3 |
14,866.6 |
15,688.6 |
||
| EQUITY |
|||||
| Capital stock – common stock |
8,861.4 |
8,863.0 |
8,868.4 |
||
| Capital surplus |
6,284.2 |
6,288.3 |
6,901.4 |
||
| Retained earnings |
4,328.7 |
4,237.9 |
3,805.0 |
||
| Other equity interest |
131.8 |
11.7 |
(158.7) |
||
| Treasury stock |
(1,007.6) |
(1,007.6) |
(1,007.6) |
||
| Equity attributable to equity holders of the Company |
18,598.5 |
18,393.3 |
18,408.5 |
||
| Total equity |
18,598.5 |
18,393.3 |
18,408.5 |
||
| Total liabilities and equity |
33,049.8 |
33,259.9 |
34,097.1 |
||
| RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES |
|||||
| (Figures in Millions of U.S. dollars (USD)) |
|||||
| The table below sets forth a reconciliation of our operating profit to non-GAAP free cash flow for the periods indicated: |
|||||
| Three months ended |
|||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||
| USD |
USD |
USD |
|||
| Operating profit |
8.8 |
11.5 |
36.2 |
||
| Add: Depreciation |
27.9 |
26.8 |
22.9 |
||
| Interest income |
0.3 |
0.6 |
0.3 |
||
| Less: Capital expenditures |
(43.4) |
(36.2) |
(39.0) |
||
| Interest expense |
(1.4) |
(1.6) |
(1.6) |
||
| Income tax expense |
(0.9) |
(1.7) |
(4.2) |
||
| Non-GAAP free cash flow |
(8.7) |
(0.6) |
14.6 |
||
| The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated: |
|||||
| Three months ended |
|||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||
| USD |
USD |
USD |
|||
| Operating profit |
8.8 |
11.5 |
36.2 |
||
| Add: Depreciation |
27.9 |
26.8 |
22.9 |
||
| Non-GAAP EBITDA |
36.7 |
38.3 |
59.1 |
||
| The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated: |
|||||
| Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
|||
| USD |
USD |
USD |
|||
| Short-term bank loans |
36.0 |
33.3 |
36.3 |
||
| Long-term bank loans (including current portion) |
331.5 |
331.3 |
368.0 |
||
| Long-term lease obligations payable (including current portion) |
0.9 |
1.0 |
1.3 |
||
| Less: Cash and cash equivalents |
(229.8) |
(276.1) |
(401.8) |
||
| Net debt |
138.6 |
89.5 |
3.8 |
||
| Equity attributable to equity holders of |
639.1 |
632.1 |
632.6 |
||
| Net debt to equity ratio |
21.7% |
14.2% |
0.6% |
||
| Contacts: In Taiwan Dr. G.S. Shen ChipMOS TECHNOLOGIES INC. +886-3-5668877 |
In the U.S. David Pasquale Global IR Partners +1-914-337-8801 |
View original content:http://www.prnewswire.com/news-releases/chipmos-reports-first-quarter-2018-results-300646198.html
