Semilux International(US:SELX)2024-12-17 21:51Financial Performance - Sales revenue for the first half of 2024 was NT$ 16,226,000, an increase of 6.3% compared to NT$ 15,262,000 in the same period of 2023[6] - Operating loss for the first half of 2024 was NT$ 55,376,000, compared to an operating loss of NT$ 32,513,000 in the first half of 2023, indicating a significant increase in losses[6] - Total comprehensive loss for the period ended June 30, 2024, was NT$ 35,711,000, compared to a loss of NT$ 22,498,000 in the same period of 2023, marking a 58.5% increase in losses[6] - For the six months ended June 30, 2024, the company reported a loss before tax of $35,825 thousand, compared to a loss of $22,802 thousand in the same period of 2023[12] - The company incurred a net loss of $35,711 million for the six months ended June 30, 2024, resulting in a basic/diluted loss per share of $1.27[62] Assets and Liabilities - Total assets decreased to NT$ 418,068,000 as of June 30, 2024, down from NT$ 448,815,000 at the end of 2023, representing a decline of 6.5%[2] - Cash and cash equivalents decreased to NT$ 150,108,000 as of June 30, 2024, down 26% from NT$ 202,465,000 at the end of 2023[2] - Current liabilities totaled NT$ 121,594,000 as of June 30, 2024, slightly down from NT$ 122,530,000 at the end of 2023[4] - Total equity attributable to owners decreased to NT$ 252,587,000 as of June 30, 2024, down from NT$ 288,298,000 at the end of 2023, reflecting a decline of 12.4%[4] - As of June 30, 2024, total borrowings amounted to $165,481 thousand, with a gearing ratio of 39.58%, up from 35.76% at December 31, 2023[74] Cash Flow and Investments - Net cash flows used in operating activities amounted to $32,508 thousand for the first half of 2024, significantly higher than $1,970 thousand in the prior year[12] - The company reported a net decrease in cash and cash equivalents of $52,357 thousand for the first half of 2024, compared to a decrease of $43,950 thousand in the same period of 2023[12] - Cash paid for the purchase of property, plant, and equipment during the six months ended June 30, 2024, was $12,301 million, compared to $7,104 million in 2023[63] - The company plans to issue 15,000 thousand new shares at an issue price of $20 per share, totaling $300,000 thousand, to support capital increase[75] - The company has committed $9,750 thousand for capital expenditure on property, plant, and equipment as of June 30, 2024[70] Research and Development - Research and development expenses increased to NT$ 17,586,000 in the first half of 2024, up from NT$ 11,535,000 in the same period of 2023, indicating a focus on innovation[6] - The company plans to invest $40,564 thousand in EZ Intelligent Technology CO., LTD. for AI research and development, expecting to hold approximately 36.04% ownership[75] Inventory and Cost of Goods Sold - The cost of goods sold for the six months ended June 30, 2024, was $14,090 million, compared to $10,541 million for the same period in 2023, reflecting a 33.8% increase[34] - The total inventory recognized as an expense for the period was $28,428 million, significantly higher than $15,608 million in the previous year, indicating an increase of 82.0%[34] - The company's total inventory as of June 30, 2024, was $38,120 million, a decrease from $45,275 million as of December 31, 2023[32] Employee and Pension Costs - Employee benefit expenses totaled $30,811 million for the six months ended June 30, 2024, compared to $23,470 million in the same period of 2023[60] - The pension costs under defined contribution pension plans for the six months ended June 30, 2024, were $1,224 million, up from $1,025 million in the same period of 2023[46] Borrowings and Financing - The company had secured short-term borrowings of $90,000 million as of June 30, 2024, with an interest rate range of 1.94% to 2.55%[41] - The total long-term borrowings as of June 30, 2024, amounted to $47,893 million, with secured borrowings at $11,060 million and unsecured borrowings at $36,833 million[42] - The company has undrawn borrowing facilities of $13,040 million as of June 30, 2024, ensuring liquidity for operational needs[86] Accounts Receivable - Accounts receivable as of June 30, 2024, stood at $4,722 thousand, a decrease from $5,530 thousand in the previous year[30] - The company reported a total book value of accounts receivable of $4,722 million as of June 30, 2024, with a loss allowance of $8 million[81] - The expected loss rate for accounts not past due is 0.00%, while for accounts more than 360 days past due, the expected loss rate is 100.00%[81] - The company applies a modified approach using a provision matrix based on the loss rate methodology to estimate expected credit loss[80] - The company monitors credit risk by transacting with a variety of well-known financial institutions to minimize concentration risk[80]