|
Condensed consolidated statements of cash flows |
|
Year ended Dec. 31, 2013 |
|
Year ended Dec. 31, 2012 |
|
|
|
US$ million |
|
US$ million |
|
Net cash generated from (used in) operating activities |
|
208.6 |
|
151.8 |
|
Net cash generated from (used in) investing activities |
|
(100.7) |
|
(87.2) |
|
Net cash generated from (used in) financing activities |
|
43.7 |
|
(10.5) |
|
Effect of exchange rate changes on cash |
|
(0.4) |
|
0.1 |
|
Net increase (decrease) in cash and cash equivalents |
|
151.2 |
|
54.2 |
|
Cash and cash equivalents at beginning of period |
|
297.1 |
|
242.9 |
|
Cash and cash equivalents at end of period |
|
448.3 |
|
297.1 |
Starting from the first quarter of 2013, the Company prepares its unaudited financial information in accordance with International Financial Reporting Standards ("IFRSs") as issued by the International Accounting Standards Board. The comparative figures have been presented in accordance with IFRSs for better comparison.
Taiwan Listing Update
Our subsidiary, ChipMOS Taiwan, has submitted a listing application to the TSE on November 28, 2013. The Board of the TSE approved the Company's listing application on February 18, 2014. ChipMOS Taiwan submitted a prospectus for the Taiwan listing on March 11, 2014, with a potential completion of the TSE IPO process in early Q2, 2014.
First Quarter 2014 Outlook
Led by expected healthy demand from the LCD driver and memory market for both mobile applications and UHD TVs, the Company expects first quarter of 2014 revenue to be flat to up in the low single digits as compared to the fourth quarter of 2013. The Company expects gross margin on a consolidated basis to be in the range of approximately 17% to 21% for the first quarter of 2014. The Company anticipates depreciation and amortization expenses for the first quarter of 2014 to be approximately US$25 million. Operating expenses are expected to be approximately 6% to 8% of revenues in the first quarter of 2014. The Company expects CapEx spending to be approximately US$23 million in the first quarter of 2014, with CapEx spending for the full year 2014 to be less than US$80 million. The total number of the Company's outstanding common shares at the end of the first quarter of 2014 is expected to be approximately 30 million.
Investor Conference Call / Webcast Details
ChipMOS will review detailed fourth quarter 2013 results on Tuesday, March 11, 2014 at 8:00AM Eastern Time (8:00 PM Taiwan time, Tuesday, March 11, 2014). The conference call-in number is +1-201-689-8562. A live webcast of the conference call will be available at ChipMOS' website at http://www.chipmos.com. The playback is scheduled to be available in 2 hours after the conclusion of the conference call and will be accessible by dialing +1-858-384-5517, with confirmation ID number 13575485.
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (NASDAQ: IMOS) ( http://www.chipmos.com) is an industry leading provider of semiconductor testing and assembly services. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. The Company's majority-owned subsidiary, ChipMOS Taiwan, is listed on Taiwan's emerging stock board of the Gre Tai Securities Market under Stock Ticker 8150.
Forward-Looking Statements
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. 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.
|
Contacts: In Taiwan Dr. S.K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. +886-6-507-7712 |
In the U.S. David Pasquale Global IR Partners +1-914-337-8801 |
- FINANCIAL TABLES FOLLOW BELOW -
|
ChipMOS TECHNOLOGIES (Bermuda) LTD. | ||||||||
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||
|
For the Three Months and the Year Ended Dec. 31, 2013 and Dec. 31, 2012 | ||||||||
|
Figures in Million of U.S. dollars (USD) (1) | ||||||||
|
Except for Per Share Amounts and Shares Outstanding | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended |
|
Year ended | ||||
|
|
|
Dec. 31, 2013 |
|
Dec. 31, 2012 |
|
Dec. 31, 2013 |
|
Dec. 31, 2012 |
|
|
|
USD |
|
USD |
|
USD |
|
USD |
|
Net revenue |
|
163.9 |
|
163.2 |
|
649.1 |
|
644.3 |
|
Cost of revenue |
|
132.8 |
|
140.8 |
|
533.8 |
|
562.1 |
|
Gross profit |
|
31.1 |
|
22.4 |
|
115.3 |
|
82.2 |
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
|
0.4 |
|
0.9 |
|
14.8 |
|
4.3 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
5.4 |
|
4.5 |
|
18.9 |
|
16.9 |
|
Sales and marketing |
|
0.8 |
|
0.8 |
|
3.6 |
|
2.7 |
|
General and administrative |
|
6.5 |
|
5.8 |
|
23.4 |
|
21.4 |
|
Other operating expenses |
|
1.1 |
|
0.4 |
|
3.4 |
|
1.6 |
|
Total operating expenses |
|
13.8 |
|
11.5 |
|
49.3 |
|
42.6 |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from operations |
|
17.7 |
|
11.8 |
|
80.8 |
|
43.9 |
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expenses), net |
|
2.0 |
|
(5.4) |
|
3.5 |
|
(15.5) |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income tax |
|
19.7 |
|
6.4 |
|
84.3 |
|
28.4 |
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
|
(12.5) |
|
(2.2) |
|
(27.7) |
|
(6.0) |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year |
|
7.2 |
|
4.2 |
|
56.6 |
|
22.4 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
Equity holders of the ChipMOS |
|
5.7 |
|
4.5 |
|
44.8 |
|
21.1 |
|
Non-controlling interests |
|
1.5 |
|
(0.3) |
|
11.8 |
|
1.3 |
|
|
|
7.2 |
|
4.2 |
|
56.6 |
|
22.4 |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year |
|
7.2 |
|
4.2 |
|
56.6 |
|
22.4 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
0.3 |
|
0.0 |
|
0.9 |
|
(0.7) |
|
Net actuarial losses |
|
(1.0) |
|
(2.5) |
|
(1.0) |
|
(2.5) |
|
Income tax effect |
|
0.2 |
|
0.4 |
|
0.2 |
|
0.4 |
|
Total other comprehensive income (loss) |
|
(0.5) |
|
(2.1) |
|
0.1 |
|
(2.8) |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
|
6.7 |
|
2.1 |
|
56.7 |
|
19.6 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
|
Equity holders of the ChipMOS |
|
4.8 |
|
2.6 |
|
44.4 |
|
18.5 |
|
Non-controlling interests |
|
1.9 |
|
(0.5) |
|
12.3 |
|
1.1 |
|
|
|
6.7 |
|
2.1 |
|
56.7 |
|
19.6 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to ChipMOS - basic |
|
0.19 |
|
0.16 |
|
1.53 |
|
0.77 |
|
Shares outstanding (in thousands) - basic |
|
29,621 |
|
28,236 |
|
29,319 |
|
27,477 |
|
Net income (loss) attributable to ChipMOS - diluted |
|
5.7 |
|
4.5 |
|
44.8 |
|
21.1 |
|
Earnings (loss) per share attributable to ChipMOS -diluted |
|
0.19 |
|
0.15 |
|
1.48 |
|
0.75 |
|
Shares outstanding (in thousands) - diluted |
|
30,357 |
|
28,977 |
|
30,162 |
|
28,305 |
|
| ||||||||
|
Note: |
|
|
|
|
|
|
|
|
|
(1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.83 against US$1.00 as of Dec. 31, 2013. The convenience translation should not be construed as representations that the NT dollar amounts have been, or could be in the future be, converted into US dollars at this or any other exchange rate. | ||||||||
