STATS ChipPAC Ltd.
Consolidated Income Statement
(In thousands of U.S. Dollars, except share and per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------------ ------------------------
26 December 27 December 26 December 27 December
2010 2009 2010 2009
----------- ----------- ----------- -----------
Net revenues $ 422,359 $ 394,734 $ 1,677,834 $ 1,325,685
Cost of revenues (340,857) (311,195) (1,337,950) (1,117,308)
----------- ----------- ----------- -----------
Gross profit 81,502 83,539 339,884 208,377
Operating expenses:
Selling, general and
administrative 25,195 24,689 98,744 95,516
Research and
development 12,425 13,918 47,462 43,358
Tender offer expense - - 3,107 -
Restructuring
charges - - 1,421 16,072
Write-off of debt
issuance costs 1,970 - 1,970 -
----------- ----------- ----------- -----------
Total operating
expenses 39,590 38,607 152,704 154,946
----------- ----------- ----------- -----------
Operating income 41,912 44,932 187,180 53,431
Other income
(expenses), net:
Interest income 855 643 2,328 2,169
Interest expense (16,461) (7,569) (43,460) (31,056)
Foreign currency
exchange gain
(loss) (323) 394 (2,587) (6,469)
Share of (loss)
profit of associate (324) 21 465 (1,321)
Other non-operating
income (expense),
net (245) 73 (1,601) (2,016)
----------- ----------- ----------- -----------
Total other income
(expenses), net (16,498) (6,438) (44,855) (38,693)
----------- ----------- ----------- -----------
Income before income
taxes 25,414 38,494 142,325 14,738
Income tax expense (4,387) (3,245) (26,977) (3,712)
----------- ----------- ----------- -----------
Net income 21,027 35,249 115,348 11,026
Less: Net income
attributable to the
non-controlling
interest (2,016) (1,414) (7,370) (973)
----------- ----------- ----------- -----------
Net income
attributable to
STATS ChipPAC Ltd. $ 19,011 $ 33,835 $ 107,978 $ 10,053
=========== =========== =========== ===========
Net income per ordinary
share attributable to
STATS ChipPAC Ltd.:
Basic $ 0.01 $ 0.02 $ 0.05 $ 0.00
Diluted $ 0.01 $ 0.02 $ 0.05 $ 0.00
Ordinary shares (in
thousands) used in
per ordinary share
calculation:
Basic 2,202,218 2,202,218 2,202,218 2,202,218
Diluted 2,202,238 2,202,236 2,202,234 2,202,230
Key Ratios and
Information:
Gross Margin 19.3% 21.2% 20.3% 15.7%
Operating Expenses as a
% of Revenue 9.4% 9.8% 9.1% 11.7%
Operating Margin 9.9% 11.4% 11.2% 4.0%
Depreciation &
Amortisation,
including
Amortisation
of Debt Issuance
Costs $ 73,348 $ 67,169 $ 282,267 $ 268,349
Capital Expenditures $ 53,211 $ 76,223 $ 276,676 $ 159,222
STATS ChipPAC Ltd.
Condensed Consolidated Statement of Financial Position
(In thousands of U.S. Dollars)
(Unaudited)
26 December 27 December
2010 2009
----------- -----------
ASSETS
Current assets:
Cash, cash equivalents and financial assets,
available-for-sale $ 285,037 $ 351,195
Accounts receivable, net 230,777 208,766
Inventories 69,791 61,859
Other current assets 43,767 47,134
----------- -----------
Total current assets 629,372 668,954
Non-current assets:
Financial assets, available-for-sale 16,646 16,929
Property, plant and equipment, net 1,123,809 1,115,497
Investment in associate 8,104 7,743
Goodwill and intangible assets 468,991 470,127
Other non-current assets 2,994 6,369
----------- -----------
Total non-current assets 1,620,544 1,616,665
----------- -----------
Total assets $ 2,249,916 $ 2,285,619
----------- -----------
LIABILITIES AND EQUITY
Current liabilities:
Accounts and other payables $ 194,207 $ 182,704
Other current liabilities 125,991 99,043
Short-term borrowings 61,768 224,786
----------- -----------
Total current liabilities 381,966 506,533
Non-current liabilities:
Long-term borrowings 782,434 233,181
Other non-current liabilities 57,802 43,357
----------- -----------
Total non-current liabilities 840,236 276,538
----------- -----------
Total liabilities 1,222,202 783,071
----------- -----------
Equity attributable to equity holders of STATS
ChipPAC Ltd. 958,298 1,443,671
----------- -----------
Non-controlling interest 69,416 58,877
----------- -----------
Total liabilities and equity $ 2,249,916 $ 2,285,619
----------- -----------
STATS ChipPAC Ltd.
Other Supplemental Information
(Unaudited)
4Q 2010 3Q 2010 4Q 2009
Net Revenues by Product Line
Packaging - laminate 57.9% 56.5% 56.7%
Packaging - leaded 12.4% 15.2% 15.2%
Test 20.3% 20.0% 22.8%
Wafer level processing and other services 9.4% 8.3% 5.3%
-------- -------- --------
100.0% 100.0% 100.0%
======== ======== ========
Net Revenues by End User Market
Communications 57.4% 53.9% 48.8%
Personal Computers 11.6% 13.0% 17.7%
Consumer, Multi-applications and Others 31.0% 33.1% 33.5%
-------- -------- --------
100.0% 100.0% 100.0%
======== ======== ========
Net Revenues by Region
United States of America 63.0% 64.7% 65.5%
Asia 26.7% 26.7% 26.2%
Europe 10.3% 8.6% 8.3%
-------- -------- --------
100.0% 100.0% 100.0%
======== ======== ========
Number of Testers 942 957 962
Number of Wirebonders 4,460 4,458 4,538
Overall Equipment Utilisation Rate 62% 66% 64%
(1) Adjusted EBITDA is not required by, or presented in accordance with FRS. We define adjusted EBITDA as net income (loss) attributable to STATS ChipPAC Ltd. plus income tax expense, interest expense, net, depreciation and amortisation, restructuring charges, share-based compensation, held for sale asset impairment, tender offer expenses and write-off of debt issuance cost. We present adjusted EBITDA as a supplemental measure of our performance. Management believes the non-FRS financial measure is useful to investors in enabling them to perform additional analysis. (2) Capital expenditure refers to acquisitions of production equipment and asset upgrades.
Contact Information: Investor Relations Contact: Tham Kah Locke Vice President of Corporate Finance Tel: (65) 6824 7788 Fax: (65) 6720 7826 email: Media Contact: Lisa Lavin Deputy Director of Corporate Communications Tel: (208) 867 9859 email: