ChipMOS(US:IMOS)2023-04-12 16:00Revenue Performance - Revenue from Taiwanese customers accounted for 79% of total revenue in 2022, with a total revenue of NT$23,517.1 million (US$765.3 million) for the same year[264][281]. - Revenue decreased by NT$3,883 million, or 14%, to NT$23,517 million (US$765 million) in 2022 from NT$27,400 million in 2021[283]. - Revenue from testing services decreased by NT$655 million, or 11%, to NT$5,244 million (US$171 million) in 2022 from NT$5,899 million in 2021[284]. Profitability - Gross profit for 2022 was NT$4,912.1 million (US$159.9 million), with a gross profit margin of 20.9%, down from 26.5% in 2021[272][281]. - Gross profit decreased to NT$4,912 million (US$160 million) in 2022 from NT$7,254 million in 2021, with a gross margin of 20.9% in 2022 compared to 26.5% in 2021[285]. - Profit for the year attributable to equity holders was NT$3,440 million (US$112 million) in 2022, a decrease from NT$4,937 million in 2021[279]. - Profit before income tax decreased by 33% to NT$4,028 million (US$131 million) in 2022 from NT$6,036 million in 2021[292]. - Non-operating income, net increased by NT$338 million, or 71%, to NT$811 million (US$26 million) in 2022 from NT$473 million in 2021[291]. Expenses - Operating expenses for 2022 were NT$1,825.3 million (US$59.4 million), representing 7.8% of total revenue[281]. - Research and development expenses are expected to increase as the company explores new technologies and service offerings[275]. - Research and development expenses increased by NT$19 million, or 2%, to NT$1,158 million (US$38 million) in 2022 from NT$1,139 million in 2021[289]. - The company anticipates an increase in general and administrative expenses as it adds personnel to support business growth[274]. Capacity Utilization - Average capacity utilization rates for testing of memory and logic/mixed-signal semiconductors decreased to 66% in 2022 from 83% in 2021, while assembly rates dropped to 62% from 85%[266]. Cash Flow and Financial Position - Cash and cash equivalents as of December 31, 2022, were NT$9,897 million (US$322 million)[295]. - Total contractual cash obligations amounted to NT$17,466 million (US$570 million) as of December 31, 2022[298]. - The company has used NT$15,236 million (US$496 million) of the NT$23.73 billion (US$772 million) credit line obtained for investment projects[297]. - Net cash generated from operating activities amounted to NT$8,616 million (US$280 million) in 2022, an increase from NT$7,320 million in 2021[301]. - Net cash used in investing activities was NT$5,062 million (US$165 million) in 2022, down from NT$6,015 million in 2021, primarily due to reduced payments for property, plant, and equipment[302]. - Net cash generated from financing activities was NT$417 million (US$14 million) in 2022, compared to NT$494 million in 2021[303]. - As of December 31, 2022, long-term bank loans totaled NT$13,968 million (US$455 million), with NT$10,762 million (US$350 million) collateralized by land, buildings, and equipment[305]. - The company had no short-term loans outstanding as of December 31, 2022[309]. - The company believes its current cash and cash equivalents, cash flows from operations, and available credit facilities will be sufficient to meet capital needs for the next year[310]. Compliance and Financial Health - The company complied with financial covenants requiring a current assets to current liabilities ratio above 1:1 and total indebtedness to shareholders' equity ratio below 1.5:1 from 2018 to 2022[306]. - Tax credits resulted in tax savings of approximately NT$12 million (US$390 thousand) in 2022, up from NT$9 million in 2021[314].