Full Year 2019 Highlights (as compared to the Full Year 2018):
HSINCHU, March 10, 2020 /PRNewswire-FirstCall/ -- 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 fourth quarter and full year ended December 31, 2019. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$29.91 against US$1.00 as of December 31, 2019.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").
Revenue for the fourth quarter of 2019 was NT$5,571.5 million or US$186.3 million, an increase of 3.2% from NT$5,399.1 million or US$180.5 million in the third quarter of 2019 and an increase of 12.1% from NT$4,972.3 million or US$166.2 million for the same period in 2018. Net profit attributable to equity holders of the Company for the fourth quarter of 2019 was NT$530.0 million or US$17.7 million, and NT$0.73 or US$0.02 per basic common share, as compared to net profit attributable to equity holders of the Company for the third quarter of 2019 of NT$585.9 million or US$19.6 million, and NT$0.81 or US$0.03 per basic common share, and compared to net profit attributable to equity holders of the Company in the fourth quarter of 2018 of NT$516.6 million or US$17.3 million, and NT$0.71 or US$0.02 per basic common share. Net earnings for the fourth quarter of 2019 were US$0.49 per basic ADS, compared to US$0.54 per basic ADS for the third quarter of 2019 and US$0.48 per basic ADS in the fourth quarter of 2018.
Revenue for the fiscal year ended December 31, 2019 was NT$20,337.9 million or US$680.0 million, an increase of 10.1% from NT$18,480.0 million or US$617.9 million for the fiscal year ended December 31, 2018. 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$86.4 million, and NT$3.55 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, 2018 was NT$1,103.1 million or US$36.9 million, and NT$1.37 or US$0.05 per basic common share. Net earnings for the fiscal year ended December 31, 2019 were US$2.38 per basic ADS, compared to US$0.92 per basic ADS for the fiscal year ended December 31, 2018.
S.J. Cheng, Chairman and President of ChipMOS, said, "This was a strong year for us as we achieved 10.1% revenue growth for the full year 2019 over 2018 – both a record high revenue level and the highest annual revenue growth since 2015. We also achieved meaningful improvements in profitability, reporting net earnings of NT$3.55 per basic common share or US$2.38 per basic ADS. We continue to drive improvements in our business and financial metrics, while prudently balancing high-return investments to support growth across our base of diversified customers and end markets. Of note, we improved our overall utilization to 76% in Q4 from 74% in Q3, as we benefitted from increased demand for TDDI products given the higher content per unit in newer phones, combined with robust demand trends in our memory business in the second half of the year. We expect these drivers to remain in place as we move through 2020, positioning us to benefit from long-term catalysts driving higher demand from increased AI and automation, larger displays and the ongoing proliferation of smart phone advancements. Importantly, we are executing with close oversight on operating and capital expenses, as we focus on improving revenue growth and higher profitability in the current macroeconomic environment. We are slowing down our CapEx investments and focusing on improvements through automation, while maintaining a strong financial position and balance sheet in order to maintain our leading market position, while navigating the current fluid market situation."
Silvia Su, Vice President of Finance and Accounting, commented, "We achieved 10.1% revenue growth for the full year 2019 compared to 2018, while decreasing CapEx over the same period. Our focus on leveraging our high margin businesses and high return programs allowed us to expand our gross margin to 22.7% in Q4 up from 21.4% in Q3, and 19.3% for the full year 2019 up from 18.6% in 2018. We meaningfully increased our cash generation with US$200.4 million generated in cash from operations in 2019, and ended the year with a cash and cash equivalents balance of US$157.3 million. During 2019, we distributed our latest cash dividend to investors of NT$1.2 per common share or US$0.764 per ADS, on August 30th to common stock holders and on September 9th to ADS holders, as we remain focused on building further value for the Company and its shareholders. In addition, our Board has approved a resolution to distribute NT$1.80 per share pending shareholder approval at our AGM on June 9, 2020. This underscores the Company's position as a high cash dividend, high yield investment vehicle for investors."
Selected Operations Data |
|||||||
4Q19 |
4Q18 |
FY19 |
FY18 |
||||
Revenue by segment |
|||||||
Testing |
20.8% |
23.5% |
20.9% |
25.9% |
|||
Assembly |
27.2% |
24.6% |
25.3% |
25.3% |
|||
LCD Driver |
31.8% |
33.7% |
34.1% |
30.8% |
|||
Bumping |
20.2% |
18.2% |
19.7% |
18.0% |
|||
CapEx |
US$57.0 million |
US$57.0 million |
US$163.8 million |
US$165.4 million |
|||
Testing |
16.7% |
21.0% |
15.5% |
31.7% |
|||
Assembly |
15.5% |
5.6% |
11.2% |
6.5% |
|||
LCD Driver |
59.2% |
69.5% |
62.9% |
55.2% |
|||
Bumping |
8.6% |
3.9% |
10.4% |
6.6% |
|||
Depreciation and amortization expenses |
US$32.0 million |
US$28.8 million |
US$124.8 million |
US$112.9 million |
|||
Utilization by segment |
|||||||
Testing |
77% |
73% |
71% |
77% |
|||
Assembly |
81% |
69% |
72% |
64% |
|||
LCD Driver |
70% |
81% |
74% |
80% |
|||
Bumping |
75% |
75% |
74% |
72% |
|||
Overall |
76% |
75% |
73% |
74% |
|||
Condensed consolidated statements of cash flows |
Year ended Dec. 31, 2019 |
Year ended Dec. 31, 2018 |
||
US$ million |
US$ million |
|||
Net cash generated from (used in) operating activities |
200.4 |
138.1 |
||
Net cash generated from (used in) investing activities |
(142.0) |
(171.5) |
||
Net cash generated from (used in) financing activities |
(56.1) |
(80.3) |
||
Net increase (decrease) in cash and cash equivalents |
2.3 |
(113.7) |
||
Effect of exchange rate changes on cash |
(0.2) |
0.2 |
||
Cash and cash equivalents at beginning of year |
155.2 |
268.7 |
||
Cash and cash equivalents at end of year |
157.3 |
155.2 |
Investor Conference Call / Webcast Details
ChipMOS will host two conference calls on Tuesday, March 10, 2020 to discuss the Company's financial results for the fourth quarter and full year of 2019.
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. 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.
Contacts: In Taiwan Jesse Huang ChipMOS TECHNOLOGIES INC. +886-6-5052388 ext. 7715 |
In the U.S. David Pasquale Global IR Partners +1-914-337-8801 |
- FINANCIAL TABLES FOLLOW BELOW -
ChipMOS TECHNOLOGIES INC. |
||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
For the Three Months and the Year Ended Dec. 31, 2019 and 2018 |
||||||||
Figures in Millions of U.S. dollars (USD) (1) |
||||||||
Except for Per Share Amounts and Weighted Average Shares Outstanding |
||||||||
3 months ended |
Year ended |
|||||||
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|||||
USD |
USD |
USD |
USD |
|||||
Revenue |
186.3 |
166.2 |
680.0 |
617.9 |
||||
Cost of revenue |
(143.9) |
(128.3) |
(548.7) |
(503.2) |
||||
Gross profit |
42.4 |
37.9 |
131.3 |
114.7 |
||||
Research and development expenses |
(8.5) |
(8.0) |
(33.7) |
(31.4) |
||||
Sales and marketing expenses |
(0.5) |
(0.5) |
(1.9) |
(1.8) |
||||
General and administrative expenses |
(4.1) |
(3.7) |
(16.7) |
(16.2) |
||||
Other income (expenses), net |
0.8 |
0.8 |
3.1 |
4.9 |
||||
Operating profit |
30.1 |
26.5 |
82.1 |
70.2 |
||||
Non-operating income (expenses), net |
(7.5) |
(3.4) |
19.2 |
(10.6) |
||||
Profit before tax |
22.6 |
23.1 |
101.3 |
59.6 |
||||
Income tax expense |
(4.9) |
(5.8) |
(14.9) |
(22.7) |
||||
Profit for the period |
17.7 |
17.3 |
86.4 |
36.9 |
||||
Other comprehensive income (loss) |
||||||||
Exchange differences on translation of foreign |
(1.2) |
0.9 |
(3.5) |
(1.7) |
||||
Profit (loss) on remeasurements of defined |
0.7 |
(2.0) |
0.7 |
(2.0) |
||||
Unrealized gain (loss) on valuation of equity |
(0.6) |
1.0 |
(1.7) |
2.8 |
||||
Share of other comprehensive income (loss) of |
0.1 |
- |
0.2 |
(0.1) |
||||
Income tax effect |
0.0 |
0.2 |
0.2 |
(0.1) |
||||
Total other comprehensive income (loss) |
(1.0) |
0.1 |
(4.1) |
(1.1) |
||||
Total comprehensive income |
16.7 |
17.4 |
82.3 |
35.8 |
||||
Profit attributable to the Company - basic |
17.7 |
17.3 |
86.4 |
36.9 |
||||
Earnings per share attributable to the Company - |
0.02 |
0.02 |
0.12 |
0.05 |
||||
Earnings per ADS equivalent - basic |
0.49 |
0.48 |
2.38 |
0.92 |
||||
Weighted average shares outstanding (in |
727,240 |
726,925 |
727,111 |
802,725 |
||||
Profit attributable to the Company - diluted |
17.7 |
17.3 |
86.4 |
36.9 |
||||
Earnings per share attributable to the Company - |
0.02 |
0.02 |
0.12 |
0.05 |
||||
Earnings per ADS equivalent - diluted |
0.49 |
0.47 |
2.34 |
0.91 |
||||
Weighted average shares outstanding (in |
729,443 |
730,212 |
737,116 |
813,707 |
||||
Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.91 against US$1.00 as of Dec. 31, 2019. The |
||||||||
ChipMOS TECHNOLOGIES INC. |
|||||||
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||
For the Three Months and the Year Ended Dec. 31, 2019 and 2018 |
|||||||
Figures in Millions of NT dollars (NTD) |
|||||||
Except for Per Share Amounts and Weighted Average Shares Outstanding |
|||||||
3 months ended |
Year ended |
||||||
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||
NTD |
NTD |
NTD |
NTD |
||||
Revenue |
5,571.5 |
4,972.3 |
20,337.9 |
18,480.0 |
|||
Cost of revenue |
(4,304.6) |
(3,837.5) |
(16,411.8) |
(15,050.0) |
|||
Gross profit |
1,266.9 |
1,134.8 |
3,926.1 |
3,430.0 |
|||
Research and development expenses |
(254.0) |
(240.3) |
(1,007.6) |
(939.3) |
|||
Sales and marketing expenses |
(15.3) |
(14.8) |
(56.1) |
(53.4) |
|||
General and administrative expenses |
(122.7) |
(112.9) |
(498.2) |
(485.1) |
|||
Other income (expenses), net |
25.7 |
25.1 |
92.9 |
147.5 |
|||
Operating profit |
900.6 |
791.9 |
2,457.1 |
2,099.7 |
|||
Non-operating income (expenses), net |
(224.7) |
(100.8) |
573.2 |
(317.3) |
|||
Profit before tax |
675.9 |
691.1 |
3,030.3 |
1,782.4 |
|||
Income tax expense |
(145.9) |
(174.5) |
(446.1) |
(679.3) |
|||
Profit for the period |
530.0 |
516.6 |
2,584.2 |
1,103.1 |
|||
Other comprehensive income (loss) |
|||||||
Exchange differences on translation of foreign |
(34.9) |
26.3 |
(104.2) |
(51.1) |
|||
Profit (loss) on remeasurements of defined |
20.9 |
(60.0) |
20.9 |
(60.0) |
|||
Unrealized gain (loss) on valuation of equity |
(17.0) |
31.4 |
(52.5) |
85.0 |
|||
Share of other comprehensive income (loss) of |
2.1 |
- |
5.7 |
(2.7) |
|||
Income tax effect |
(0.8) |
5.7 |
6.3 |
(4.1) |
|||
Total other comprehensive income (loss) |
(29.7) |
3.4 |
(123.8) |
(32.9) |
|||
Total comprehensive income |
500.3 |
520.0 |
2,460.4 |
1,070.2 |
|||
Profit attributable to the Company - basic |
530.0 |
516.6 |
2,584.2 |
1,103.1 |
|||
Earnings per share attributable to the Company - |
0.73 |
0.71 |
3.55 |
1.37 |
|||
Earnings per ADS equivalent - basic |
14.58 |
14.21 |
71.08 |
27.48 |
|||
Weighted average shares outstanding (in |
727,240 |
726,925 |
727,111 |
802,725 |
|||
Profit attributable to the Company - diluted |
530.0 |
516.6 |
2,584.2 |
1,103.1 |
|||
Earnings per share attributable to the Company - |
0.73 |
0.71 |
3.51 |
1.36 |
|||
Earnings per ADS equivalent - diluted |
14.53 |
14.15 |
70.12 |
27.11 |
|||
Weighted average shares outstanding (in |
729,443 |
730,212 |
737,116 |
813,707 |
|||
ChipMOS TECHNOLOGIES INC. |
|||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
As of Dec. 31, Sep. 30, 2019, and Dec. 31, 2018 |
|||||
Figures in Millions of U.S. dollars (USD) (1) |
|||||
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|||
ASSETS |
USD |
USD |
USD |
||
Current assets |
|||||
Cash and cash equivalents |
157.3 |
155.0 |
155.2 |
||
Current financial assets at amortized cost |
5.7 |
5.8 |
5.7 |
||
Accounts and notes receivable, net |
148.9 |
174.3 |
158.7 |
||
Inventories |
59.1 |
59.2 |
59.5 |
||
Other current assets |
22.3 |
19.7 |
18.4 |
||
Total current assets |
393.3 |
414.0 |
397.5 |
||
Non-current assets |
|||||
Non-current financial assets at fair value through |
0.4 |
0.4 |
0.4 |
||
Non-current financial assets at fair value through |
4.1 |
4.6 |
5.8 |
||
Non-current financial assets at amortized cost |
2.3 |
3.3 |
3.3 |
||
Investments accounted for using equity method |
113.4 |
115.8 |
129.2 |
||
Property, plant & equipment |
601.1 |
576.1 |
562.3 |
||
Right-of-use assets |
23.0 |
24.2 |
- |
||
Other non-current assets |
9.4 |
9.8 |
9.3 |
||
Total non-current assets |
753.7 |
734.2 |
710.3 |
||
Total assets |
1,147.0 |
1,148.2 |
1,107.8 |
||
LIABILITIES AND EQUITY |
|||||
LIABILITIES |
|||||
Current liabilities |
|||||
Accounts payable and payables to contractors and |
60.0 |
70.5 |
72.0 |
||
Current lease liabilities |
0.8 |
1.2 |
- |
||
Long-term bank loans, current portion |
25.0 |
25.0 |
25.0 |
||
Long-term lease obligations payable, current portion |
- |
- |
0.6 |
||
Other current liabilities |
78.1 |
71.4 |
75.9 |
||
Total current liabilities |
163.9 |
168.1 |
173.5 |
||
Non-current liabilities |
|||||
Long-term bank loans |
277.3 |
289.9 |
302.3 |
||
Non-current lease liabilities |
22.3 |
22.5 |
- |
||
Other non-current liabilities |
26.5 |
27.4 |
27.8 |
||
Total non-current liabilities |
326.1 |
339.8 |
330.1 |
||
Total liabilities |
490.0 |
507.9 |
503.6 |
||
EQUITY |
|||||
Capital stock – common stock |
243.2 |
243.2 |
251.7 |
||
Capital surplus |
202.6 |
202.6 |
210.0 |
||
Retained earnings |
211.9 |
193.6 |
170.7 |
||
Other equity interest |
(0.7) |
0.9 |
4.0 |
||
Treasury stock |
- |
- |
(32.2) |
||
Equity attributable to equity holders of the Company |
657.0 |
640.3 |
604.2 |
||
Total equity |
657.0 |
640.3 |
604.2 |
||
Total liabilities and equity |
1,147.0 |
1,148.2 |
1,107.8 |
||
Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.91 against US$1.00 as of Dec. 31, 2019. The |
|||||
ChipMOS TECHNOLOGIES INC. |
|||||
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
|||||
As of Dec. 31, Sep. 30, 2019, and Dec. 31, 2018 |
|||||
Figures in Millions of NT dollars (NTD) |
|||||
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|||
ASSETS |
NTD |
NTD |
NTD |
||
Current assets |
|||||
Cash and cash equivalents |
4,704.1 |
4,634.7 |
4,642.5 |
||
Current financial assets at amortized cost |
169.0 |
173.6 |
169.2 |
||
Accounts and notes receivable, net |
4,454.7 |
5,211.9 |
4,747.4 |
||
Inventories |
1,767.7 |
1,772.1 |
1,778.8 |
||
Other current assets |
666.9 |
590.1 |
550.2 |
||
Total current assets |
11,762.4 |
12,382.4 |
11,888.1 |
||
Non-current assets |
|||||
Non-current financial assets at fair value through |
11.0 |
11.1 |
11.5 |
||
Non-current financial assets at fair value through |
121.8 |
138.8 |
174.4 |
||
Non-current financial assets at amortized cost |
68.5 |
100.0 |
99.1 |
||
Investments accounted for using equity method |
3,392.9 |
3,462.8 |
3,863.7 |
||
Property, plant & equipment |
17,979.4 |
17,230.8 |
16,819.6 |
||
Right-of-use assets |
687.1 |
722.4 |
- |
||
Other non-current assets |
282.8 |
293.7 |
277.3 |
||
Total non-current assets |
22,543.5 |
21,959.6 |
21,245.6 |
||
Total assets |
34,305.9 |
34,342.0 |
33,133.7 |
||
LIABILITIES AND EQUITY |
|||||
LIABILITIES |
|||||
Current liabilities |
|||||
Accounts payable and payables to contractors and |
1,792.3 |
2,109.5 |
2,154.4 |
||
Current lease liabilities |
24.6 |
35.1 |
- |
||
Long-term bank loans, current portion |
748.4 |
748.3 |
747.4 |
||
Long-term lease obligations payable, current portion |
- |
- |
17.8 |
||
Other current liabilities |
2,336.4 |
2,135.4 |
2,270.6 |
||
Total current liabilities |
4,901.7 |
5,028.3 |
5,190.2 |
||
Non-current liabilities |
|||||
Long-term bank loans |
8,293.2 |
8,669.6 |
9,042.1 |
||
Non-current lease liabilities |
668.4 |
674.3 |
- |
||
Other non-current liabilities |
791.4 |
818.9 |
830.6 |
||
Total non-current liabilities |
9,753.0 |
10,162.8 |
9,872.7 |
||
Total liabilities |
14,654.7 |
15,191.1 |
15,062.9 |
||
EQUITY |
|||||
Capital stock – common stock |
7,272.4 |
7,272.4 |
7,528.6 |
||
Capital surplus |
6,059.6 |
6,059.6 |
6,280.5 |
||
Retained earnings |
6,339.0 |
5,791.5 |
5,104.5 |
||
Other equity interest |
(19.8) |
27.4 |
119.7 |
||
Treasury stock |
- |
- |
(962.5) |
||
Equity attributable to equity holders of the Company |
19,651.2 |
19,150.9 |
18,070.8 |
||
Total equity |
19,651.2 |
19,150.9 |
18,070.8 |
||
Total liabilities and equity |
34,305.9 |
34,342.0 |
33,133.7 |
||
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 |
|||||
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|||
USD |
USD |
USD |
|||
Operating profit |
30.1 |
26.3 |
26.5 |
||
Add: Depreciation |
32.0 |
31.9 |
28.8 |
||
Interest income |
0.5 |
0.5 |
0.5 |
||
Less: Capital expenditures |
(57.0) |
(61.8) |
(57.0) |
||
Interest expense |
(1.4) |
(1.4) |
(1.4) |
||
Income tax expense |
(4.9) |
(4.9) |
(5.8) |
||
Dividend |
- |
(29.2) |
(8.6) |
||
Non-GAAP free cash flow |
(0.7) |
(38.6) |
(17.0) |
||
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated:
Three months ended |
|||||
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|||
USD |
USD |
USD |
|||
Operating profit |
30.1 |
26.3 |
26.5 |
||
Add: Depreciation |
32.0 |
31.9 |
28.8 |
||
Non-GAAP EBITDA |
62.1 |
58.2 |
55.3 |
||
The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated:
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|||
USD |
USD |
USD |
|||
Long-term bank loans |
302.3 |
314.9 |
327.3 |
||
Long-term lease obligations payable |
- |
- |
0.6 |
||
Lease liabilities |
23.1 |
23.7 |
- |
||
Less: Cash and cash equivalents |
(157.3) |
(155.0) |
(155.2) |
||
Net debt |
168.1 |
183.6 |
172.7 |
||
Equity attributable to equity holders |
657.0 |
640.3 |
604.2 |
||
Net debt to equity ratio |
25.6% |
28.7% |
28.6% |
View original content:http://www.prnewswire.com/news-releases/chipmos-reports-fourth-quarter-and-full-year-2019-results-301020337.html
