ChipMOS REPORTS FOURTH QUARTER AND FULL YEAR 2009 RESULTS
HSINCHU, Taiwan, March 17 /PRNewswire-Asia-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2009. All U.S. dollar figures in this release are based on the exchange rate of NT$31.95 against US$1.00 as of December 31, 2009.
Net revenue on a US GAAP basis for the fourth quarter of 2009 was NT$3,589.8 million or US$112.4 million, an increase of 17.6% from NT$3,052.6 million or US$95.5 million for the same period in 2008 and an increase of 7.2% from NT$3,347.1 million or US$104.8 million in the third quarter of 2009.
Net loss on a US GAAP basis for the fourth quarter of 2009 was NT$282.6 million or US$8.8 million, and NT$3.63 or US$0.11 per basic common share. Net loss under US GAAP includes non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$50.7 million or US$1.6 million and amortization of discount on convertible notes of NT$13.4 million or US$0.4 million for the fourth quarter of 2009. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net loss for the fourth quarter of 2009 was NT$319.9 million or US$10.0 million, and NT$4.11 or US$0.13 per basic common share.
Under US GAAP, net revenue for the fiscal year ended December 31, 2009 was NT$12,150.3 million or US$380.3 million, a decrease of 28.6% from NT$17,010.2 million or US$532.4 million for the fiscal year ended December 31, 2008. Under US GAAP, net loss for the fiscal year ended December 31, 2009 was NT$4,550.3 million or US$142.4 million, and NT$57.50 or US$1.80 per basic common share. Net loss for the fiscal year ended December 31, 2009 under US GAAP includes non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$50.7 million or US$1.6 million and amortization of discount on convertible notes of NT$92.3 million or US$2.9 million. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net loss for the fiscal year ended December 31, 2009 was NT$4,508.7 million or US$141.1 million, and NT$56.97 or US$1.78 per basic common share.
The unaudited consolidated financial results of ChipMOS for the fourth quarter ended December 31, 2009 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS U.S.A., Inc., ChipMOS TECHNOLOGIES (H.K.) Limited, MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD., and ThaiLin Semiconductor Corp.
S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "In the past year, we are proud of the numerous steps taken to improve our financial strength and business structure. By working with major creditors and investors we are moving forward in a much better position with the stronger footing needed for long-term success. We have also made impressive progress in diversifying our customer base and revenue mix. As a result, we ended 2009 on a positive note, with 4Q09 revenue increasing 7.2% compared to 3Q09 and increasing 17.6% compared to 4Q08. Growth was led by our DRAM business, which was up around 37% in 4Q09 compared to the also strong 3Q09. Demand came from both commodity and niche markets. Weakness in our LCD driver business from September continued into November due to a channel inventory adjustment. In December, we started to see indications of a recovery in LCD driver market demand, reflecting a capacity shortage and ASP recovery. Revenue in both our flash and mixed-signal businesses was down about 4% and 5% respectively in 4Q09 compared to 3Q09."
S.K. Chen, Chief Financial Officer of ChipMOS, said, "CapEx for the full year 2009 was US$108.9 million. The breakdown of CapEx for the fourth quarter was 3% for assembly, 96% for testing and 1% for LCD driver IC capacities. Of the US$108.9 million in CapEx, US$84.5 million occurred in the fourth quarter 2009. Of the US$84.5 million, US$73.8 million in CapEx was recognized under the revised lease program as disclosed on Nov 9, 2009. The US$73.8 million of CapEx was not, however, an immediate cash outflow in the fourth quarter. Rather, the payment will be spread out from Q4 2009 to Q4 2013. We expect to see the benefit in 2010 of the considerable financial restructuring we accomplished in 2009. Adding to our confidence is our healthy balance sheet and improving business conditions."
Selected Operation Data
4Q09 3Q09 FY09
Revenue by segment
Testing 40% 35% 42%
Assembly 40% 39% 36%
LCD Driver 20% 26% 22%
Utilization by segment
Testing 58% 47% 45%
Assembly 83% 81% 64%
LCD Driver 50% 67% 50%
Overall 66% 66% 53%
CapEx US$84.5 US$14.4 US$108.9
million million million
Testing 96% 84% 91%
Assembly 3% 14% 7%
LCD Driver 1% 2% 2%
Depreciation and amortization US$50.7 US$50.9 US$206.4
expenses (US GAAP) million million million
First Quarter 2010 Outlook
Mr. Cheng continued, "While 2009 was clearly a challenging year for ChipMOS, we turned many of the negatives into positives. We expect to benefit from our customer and revenue mix diversification, combined with the more favorable broader market environment. We also expect to further strengthen our balance sheet given our improving business and progress in collecting on prior customer receivables. Given our more positive outlook, we recently announced a strategic transaction with SPIL to acquire its LCD driver assembly and test, and DRAM test production lines. This is another positive move for us in the face of the ongoing LCD backend capacity shortage that will add capacity at a minimum cost. Overall, considering customer forecasts and the market environment, we currently expect that first quarter revenue will be flat to having growth in the single digit percentage, as compared to the fourth quarter 2009. Finally, we currently expect gross margin on a consolidated basis for the first quarter of 2010 to be in the range of approximately -7% to -11%. The improvement in gross margin compared to Q4 is primarily due to the decreased equipment rental fee under the revised lease program as we announced on November 9, 2009."
Investor Conference Call / Webcast Details
ChipMOS will review detailed fourth quarter 2009 results on Wednesday, March 17, 2010 at 7:00PM ET (7:00AM, March 18, Taiwan time). 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 will be available in 2 hours after the conclusion of the conference call and will be accessible by dialing 1-201-612-7415. The account number to access the replay is 3055 and the confirmation ID number is 344758.
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS (http://www.chipmos.com ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. 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.
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 is 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.
Use of Non-GAAP Information
Readers are reminded that non-GAAP numbers contained in this announcement are merely a supplement to, and not a replacement for, the GAAP financial measures. These non-GAAP numbers should be read in conjunction with the US GAAP financial measures. It should be noted as well that the non-GAAP information provided in this announcement may be different from the non-GAAP information provided by other companies.
-- FINANCIAL TABLES FOLLOW BELOW --
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED INCOME STATEMENT
For the Three Months and the Year Ended December 31, 2009, 2008
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
ROC GAAP US GAAP
3 months ended Year ended 3 months Year
ended ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2009 2008 2009 2008 2009 2009
(Unaudit-(Unaudit-(Unaudit-(Audited)(Unaudit-(Unaudit-
ed) ed) ed) ed) ed)
USD USD USD USD USD USD
Net Revenue 112.4 95.5 380.3 532.4 112.4 380.3
Cost of Revenue 127.6 120.5 490.2 531.1 127.3 491.1
Gross Profit (Loss) (15.2) (25.0) (109.9) 1.3 (14.9) (110.8)
Other Operating
Income -- -- -- -- (0.6) 3.0
Operating Expenses
Research and
Development 3.1 3.5 11.7 13.6 3.1 11.7
Sales and Marketing (2.4) 72.1 17.6 74.0 (2.4) 17.6
General and
Administrative 5.2 5.5 20.6 27.7 5.6 22.4
Other Operating
Expenses -- -- -- -- 1.3 2.3
Total Operating
Expenses 5.9 81.1 49.9 115.3 7.6 54.0
Income (Loss) from
Operations (21.1) (106.1) (159.8) (114.0) (23.1) (161.8)
Non-Operating Income
(Expenses), Net 8.5 (82.2) 3.7 (102.9) 10.1 0.1
Income (Loss) before
Income Tax (12.6) (188.3) (156.1) (216.9) (13.0) (161.7)
Income Tax Benefit
(Expense) 3.2 7.9 13.1 (3.8) 4.0 14.2
Net Income (Loss) (9.4) (180.4) (143.0) (220.7) (9.0) (147.5)
Add: Net Loss
(Income)
Attributable to
Noncontrolling
Interests (0.1) 4.6 4.7 4.5 0.2 5.1
Interest in Bonuses
Paid by
Subsidiaries -- -- -- (11.4) -- --
Net Income (Loss)
Attributable to
ChipMOS (9.5) (175.8) (138.3) (227.6) (8.8) (142.4)
Earnings (Loss) Per
Share Attributable
to ChipMOS-Basic (0.12) (2.09) (1.75) (2.71) (0.11) (1.80)
Shares Outstanding
(in thousands)-
Basic 77,885 83,964 79,137 83,894 77,885 79,137
Net Income (Loss)
Attributable to
ChipMOS -Diluted (31.3) (175.8) (160.3) (227.6) (30.4) (153.7)
Earnings (Loss) Per
Share Attributable
to ChipMOS-Diluted (0.33) (2.09) (1.80) (2.71) (0.32) (1.85)
Shares Outstanding
(in thousands)-
Diluted 94,866 83,964 89,015 83,894 94,866 82,996
Note (1): All U.S. dollar figures in this release are based on the
exchange rate of NT$31.95 against US$1.00 as of Dec. 31, 2009.
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.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED INCOME STATEMENT
For the Three Months and the Year Ended December 31, 2009, 2008
Figures in Million of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
ROC GAAP US GAAP
3 months ended Year ended 3 months Year
ended ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2009 2008 2009 2008 2009 2009
(Unaudit- (Unaudit-(Unaudit-(Audited)(Unaudit-(Unaudit-
ed) ed) ed) ed) ed)
NTD NTD NTD NTD NTD NTD
Net Revenue 3,589.8 3,052.6 12,150.3 17,010.2 3,589.8 12,150.3
Cost of Revenue 4,076.1 3,851.1 15,661.5 16,969.9 4,065.9 15,691.0
Gross Profit (Loss) (486.3) (798.5) (3,511.2) 40.3 (476.1)(3,540.7)
Other Operating
Income -- -- -- -- (21.0) 97.2
Operating Expenses
Research and
Development 100.6 112.1 375.3 435.6 100.6 375.3
Sales and Marketing (78.2) 2,302.2 561.2 2,362.7 (78.2) 561.2
General and
Administrative 166.6 174.5 657.8 885.6 179.8 716.7
Other Operating
Expenses -- -- -- -- 40.1 73.3
Total Operating
Expenses 189.0 2,588.8 1,594.3 3,683.9 242.3 1,726.5
Income (Loss) from
Operations (675.3)(3,387.3) (5,105.5) (3,643.6) (739.4)(5,170.0)
Non-Operating Income
(Expenses), Net 272.3 (2,626.4) 116.7 (3,286.8) 323.2 2.2
Income (Loss) before
Income Tax (403.0)(6,013.7) (4,988.8) (6,930.4) (416.2)(5,167.8)
Income Tax Benefit
(Expense) 102.9 251.7 420.7 (120.8) 127.3 453.2
Net Income (Loss) (300.1)(5,762.0) (4,568.1) (7,051.2) (288.9)(4,714.6)
Add: Net Loss
(Income)
Attributable to
Noncontrolling
Interests (3.0) 146.5 149.4 143.3 6.3 164.3
Interest in Bonuses
Paid by
Subsidiaries -- -- -- (362.4) -- --
Net Income (Loss)
Attributable to
ChipMOS (303.1)(5,615.5) (4,418.7) (7,270.3) (282.6)(4,550.3)
Earnings (Loss) Per
Share Attributable
to ChipMOS-Basic (3.89) (66.88) (55.84) (86.66) (3.63) (57.50)
Shares Outstanding
(in thousands)-
Basic 77,885 83,964 79,137 83,894 77,885 79,137
Net Income (Loss)
Attributable to
ChipMOS -Diluted (1,000.4)(5,615.5) (5,121.7) (7,270.3) (970.2)(4,909.2)
Earnings (Loss) Per
Share Attributable
to ChipMOS-Diluted (10.54) (66.88) (57.54) (86.66) (10.23) (59.15)
Shares Outstanding
(in thousands)-
Diluted 94,866 83,964 89,015 83,894 94,866 82,996
ChipMOS TECHNOLOGIES (Bermuda) LTD.
RECONCILIATION OF US GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS
TO NON-GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS (UNAUDITED)
For the Three Months Ended Dec. 31, 2009 and Year Ended Dec. 31, 2009
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts
Use of Non-GAAP Financial Information
To supplement our consolidated income statement (unaudited) for the three months and the year ended Dec. 31, 2009 on a US GAAP basis, the Company uses a non-GAAP measure of net income (loss), which is US GAAP net income (loss) adjusted to exclude two non-cash items referred to as special items. The two non-cash items excluded are changes in the fair value of the embedded derivative liabilities and amortization of discount on convertible notes. These items are considered by the management to be outside of the Company's core operating results. For example, changes in the fair value of the embedded derivative liabilities relate heavily to the Company's stock price, interest rate and volatility, all of which are difficult to predict and outside of the control of the Company and its management.
For these reasons, management uses non-GAAP adjusted measures of net income (loss) and non-GAAP net income (loss) per share to evaluate the performance of our core businesses and to estimate future core performance. In addition, this information facilitates our management's internal comparisons to our historical operating results as well as to the operating results of our competitors.
The Company's management finds these supplemental non-GAAP measures to be useful, and we believe these non-GAAP measures are useful to investors in enabling them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our core operating results. However, readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, US GAAP financial measures. They should be read in conjunction with the US GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
3 months Year ended
ended Dec. 31,
Dec. 31, 2009
2009
US GAAP Net Income (Loss) Attributable to
ChipMOS-Basic (8.8) (142.4)
US GAAP Net Income (Loss) Attributable to
ChipMOS-Diluted (30.4) (153.7)
Special Items (in Non-Operating Income
(Expenses), Net)
Changes in the fair value of the embedded
derivative liabilities(2) (1.6) (1.6)
Amortization of discount on convertible
notes(3) 0.4 2.9
Total Special Items (1.2) 1.3
Non-GAAP Adjusted Net Income (Loss)
Attributable to ChipMOS-Basic (10.0) (141.1)
Non-GAAP Adjusted Net Income (Loss)
Attributable to ChipMOS-Diluted (30.4) (150.9)
US-GAAP Earnings (Loss) Per Share Attributable
to ChipMOS-Basic (0.11) (1.80)
Adjustment for special items (0.02) 0.02
Non-GAAP Earnings (Loss) Per Share Attributable
to ChipMOS-Basic (0.13) (1.78)
US-GAAP Earnings (Loss) Per Share Attributable
to ChipMOS-Diluted (0.32) (1.85)
Adjustment for special items -- 0.03
Non-GAAP Earnings (Loss) Per Share Attributable
to ChipMOS-Diluted (0.32) (1.82)
Notes:
(1) All U.S. dollar figures in this release are based on the exchange rate
of NT$31.95 against US$1.00 as of Dec. 31, 2009. 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.
(2) The Company's management believes excluding non-cash special item for
the changes in the fair value of the embedded derivative liabilities
from its non-GAAP financial measure of net income (loss) attributable
to ChipMOS is useful for itself and investors as such gain (expense)
does not have any impact on cash available to the Company.
(3) The Company's management believes excluding non-cash amortization
expense of discount on convertible notes from its non-GAAP financial
measure of net income (loss) attributable to ChipMOS is useful for
itself and investors as such expense does not have any impact on cash
available to the Company.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
NON-GAAP CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(Excluding non-cash items for changes in the fair value of the embedded
derivative liabilities and amortization of
discount on convertible notes)
For the Three Months Ended Dec. 31, 2009 and Year Ended Dec. 31, 2009
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
3 months Year
ended ended
Dec. 31, Dec. 31,
2009 2009
Net Revenue 112.4 380.3
Cost of Revenue 127.3 491.1
Gross Profit (Loss) (14.9) (110.8)
Other Operating Incomes (0.6) 3.0
Operating Expenses
Research and Development 3.1 11.7
Sales and Marketing (2.4) 17.6
General and Administrative 5.6 22.4
Other Operating Expenses 1.3 2.3
Total Operating Expenses 7.6 54.0
Income (Loss) from Operations (23.1) (161.8)
Non-Operating Income (Expenses), Net(2) 8.9 1.4
Income (Loss) before Income Tax (2) (14.2) (160.4)
Income Tax Benefit (Expense) 4.0 14.2
Net Income (Loss)(2) (10.2) (146.2)
Add: Net Loss (Income) Attributable to
Noncontrolling Interests 0.2 5.1
Net Income (Loss) Attributable to
ChipMOS-Basic(2) (10.0) (141.1)
Earnings (Loss) Per Share Attributable to
ChipMOS-Basic(2) (0.13) (1.78)
Shares Outstanding (in thousands)-Basic 77,885 79,137
Net Income (Loss) Attributable to ChipMOS
-Diluted(2) (30.4) (150.9)
Earnings (Loss) Per Share Attributable to
ChipMOS-Diluted(2) (0.32) (1.82)
Shares Outstanding (in thousands)-Diluted 94,866 82,996
Note:
(1) All U.S. dollar figures in this release are based on the exchange
rate of NT$31.95 against US$1.00 as of Dec. 31, 2009. 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.
(2) The amount presented is not prepared in accordance with US GAAP and
does not include non-cash income for changes in the fair value of
the embedded derivative liabilities of NT$50.7 million or US$1.6
million and amortization of discount on convertible notes of NT$13.4
million or US$0.4 million for the three months ended Dec. 31, 2009 and
non-cash income for changes in the fair value of the embedded
derivative liabilities of NT$50.7 million or US$1.6 million, and the
amortization of discount on convertible notes of NT$92.3 million or
US$2.9 million for the year ended Dec 31, 2009. Please see
"Reconciliation of US GAAP Net Income (Loss) to Non-GAAP Net Income
(Loss) (Unaudited)" above.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED BALANCE SHEET
As of Dec. 31, Sep. 30, 2009 and Dec. 31, 2008
Figures in Million of U.S. dollars (USD) (1)
ROC GAAP US GAAP
Dec. 31, Sep. 30, Dec. 31, Dec.31, Sep. 30, Dec. 31,
2009 2009 2008 2009 2009 2008
(Unaudit-(Unaudit- (Audited)(Unaudit- (Unaudit- (Audited)
ed) ed) ed) ed)
ASSETS USD USD USD USD USD USD
Cash and Cash
Equivalents 121.6 147.8 208.2 121.6 147.8 208.2
Financial
Assets at Fair
Value Through
Profit or Loss 3.7 3.6 3.2 3.7 3.6 3.2
Available-for-
Sale Financial
Assets -- -- -- 3.1 3.1 3.1
Held-to-Maturity
Financial
Assets -- -- 7.8 -- -- 7.8
Investments
with no Active
Market 3.1 3.1 3.1 -- -- --
Accounts and
Notes
Receivable 77.3 71.3 47.1 77.3 71.3 47.1
Inventories 27.0 24.3 31.4 27.0 23.1 30.3
Other Current
Assets 31.2 34.2 27.6 31.0 34.1 27.5
Total Current
Assets 263.9 284.3 328.4 263.7 283.0 327.2
Long-Term
Investments 6.9 7.3 13.7 6.9 7.3 13.7
Property, Plant
& Equipment-Net 650.0 615.1 740.4 640.8 606.4 733.2
Intangible
Assets 3.2 3.3 3.4 3.2 3.3 3.4
Other Assets 26.1 23.0 23.4 28.0 24.9 22.9
Total Assets 950.1 933.0 1,109.3 942.6 924.9 1,100.4
LIABILITIES
Current
Liabilities
Short-Term Bank
Loans 74.0 84.6 85.9 74.0 84.6 85.9
Current Portion
of Long-Term
Debts 74.3 102.2 192.4 74.3 101.9 189.6
Accounts
Payable and
Payables to
Contractors and
Equipment
Suppliers 29.4 25.0 22.8 29.4 25.0 22.8
Other Current
Liabilities 38.9 32.1 34.5 38.9 32.1 34.5
Total Current
Liabilities 216.6 243.9 335.6 216.6 243.6 332.8
Long-Term
Liabilities
Long-Term Debts 418.7 365.2 307.7 418.7 365.2 307.7
Other
Liabilities 3.3 3.3 10.8 12.0 11.5 16.9
Total
Liabilities 638.6 612.4 654.1 647.3 620.3 657.4
EQUITY
Shareholders'
Equity
Capital Stock 0.9 0.9 0.9 0.9 0.9 0.9
Deferred
Compensation (0.3) (0.4) (0.8) (0.4) (0.6) (1.3)
Capital Surplus 402.5 402.0 400.1 394.1 393.5 390.8
Retained
Earnings
(Accumulated
Loss) (169.5) (160.0) (31.2) (168.3) (159.4) (25.9)
Treasury Stock (2.6) (2.6) (0.1) (2.6) (2.6) (0.1)
Cumulated
Translation
Adjustments 12.7 12.9 13.6 12.7 12.9 13.6
Unrecognized
Pension Cost -- -- -- (7.1) (6.4) (6.4)
Total
Shareholders'
Equity 243.7 252.8 382.5 229.3 238.3 371.6
Noncontrolling
Interests(2) 67.8 67.8 72.7 66.0 66.3 71.4
Total Equity 311.5 320.6 455.2 295.3 304.6 443.0
Total
Liabilities &
Equity 950.1 933.0 1,109.3 942.6 924.9 1,100.4
Note:
(1) All U.S. dollar figures in this release are based on the exchange
rate of NT$31.95 against US$1.00 as of Dec. 31, 2009. 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.
(2) Statement of Financial Accounting Standards No. 160, "Noncontrolling
Interests in Consolidated Financial Statements - an amendment of ARB
No.51," the provisions of which, among others, requires that minority
interests be renamed noncontrolling interests and that a company
present such noncontrolling interests as equity for all periods
presented.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED BALANCE SHEET
As of Dec. 31, Sep. 30, 2009 and Dec. 31, 2008
Figures in Million of NT dollars (NTD)
ROC GAAP US GAAP
Dec. 31, Sep. 30, Dec. 31, Dec.31, Sep. 30, Dec. 31,
2009 2009 2008 2009 2009 2008
(Unaudit- (Unaudit- (Audited) (Unaudit- (Unaudit- (Audited)
ed) ed) ed) ed)
ASSETS NTD NTD NTD NTD NTD NTD
Cash and Cash
Equivalents 3,884.8 4,723.0 6,651.9 3,884.8 4,723.0 6,651.9
Financial
Assets at Fair
Value Through
Profit or Loss 119.0 115.6 102.1 119.0 115.6 102.1
Available-for-
Sale Financial
Assets -- -- -- 100.0 100.0 100.0
Held-to-Maturity
Financial
Assets -- -- 250.0 -- -- 250.0
Investments
with no Active
Market 100.0 100.0 100.0 -- -- --
Accounts and
Notes
Receivable 2,469.9 2,278.2 1,506.1 2,469.9 2,278.2 1,506.1
Inventories 862.1 775.2 1,001.5 863.1 739.2 966.1
Other Current
Assets 995.4 1,093.8 882.7 989.2 1,087.6 876.4
Total Current
Assets 8,431.2 9,085.8 10,494.3 8,426.0 9,043.6 10,452.6
Long-Term
Investments 220.0 232.8 437.8 220.0 232.8 437.8
Property, Plant
& Equipment-Net 20,769.0 19,651.9 23,654.9 20,474.4 19,374.0 23,427.2
Intangible
Assets 102.8 104.0 107.8 102.8 104.0 107.8
Other Assets 833.2 735.0 746.8 893.2 796.0 731.6
Total Assets 30,356.2 29,809.5 35,441.6 30,116.4 29,550.4 35,157.0
LIABILITIES
Current
Liabilities
Short-Term Bank
Loans 2,363.3 2,704.1 2,745.4 2,363.3 2,704.1 2,745.4
Current Portion
of Long-Term
Debts 2,375.2 3,265.6 6,145.3 2,375.2 3,255.9 6,056.6
Accounts
Payable and
Payables to
Contractors and
Equipment
Suppliers 939.2 799.7 729.4 939.2 799.7 729.4
Other Current
Liabilities 1,243.8 1,024.5 1,101.5 1,243.8 1,024.5 1,101.5
Total Current
Liabilities 6,921.5 7,793.9 10,721.6 6,921.5 7,784.2 10,632.9
Long-Term
Liabilities
Long-Term Debts 13,377.6 11,667.2 9,832.6 13,377.6 11,667.2 9,832.6
Other
Liabilities 104.9 106.2 344.6 383.7 368.2 537.3
Total
Liabilities 20,404.0 19,567.3 20,898.8 20,682.8 19,819.6 21,002.8
EQUITY
Shareholders'
Equity
Capital Stock 27.6 27.6 27.6 27.6 27.6 27.6
Deferred
Compensation (8.7) (11.4) (26.0) (12.8) (18.0) (40.9)
Capital Surplus 12,860.1 12,845.4 12,784.1 12,591.4 12,573.5 12,485.5
Retained
Earnings
(Accumulated
Loss) (5,417.0) (5,113.9) (998.3) (5,377.2) (5,094.5) (826.8)
Treasury Stock (81.7) (81.7) (1.8) (81.7) (81.7) (1.8)
Cumulated
Translation
Adjustments 404.5 411.7 433.7 404.5 411.7 433.7
Unrecognized
Pension Cost -- -- -- (225.6) (204.9) (204.8)
Total
Shareholders'
Equity 7,784.8 8,077.7 12,219.3 7,326.2 7,613.7 11,872.5
Noncontrolling
Interests(1) 2,167.4 2,164.5 2,323.5 2,107.4 2,117.1 2,281.7
Total Equity 9,952.2 10,242.2 14,542.8 9,433.6 9,730.8 14,154.2
Total
Liabilities &
Equity 30,356.2 29,809.5 35,441.6 30,116.4 29,550.4 35,157.0
Note:
(1) Statement of Financial Accounting Standards No. 160, "Noncontrolling
Interests in Consolidated Financial Statements - an amendment of ARB
No.51," the provisions of which, among others, requires that minority
interests be renamed noncontrolling interests and that a company
present such noncontrolling interests as equity for all periods
presented.
Contacts:
In Taiwan
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
+886-6-507-7712
[email protected]
In the U.S.
David Pasquale
Global IR Partners
+1-914-337-8801
[email protected]
SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.
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