Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2017 |
Entity Registrant Name | TOWER SEMICONDUCTOR LTD |
Entity Central Index Key | 928,876 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
CONDENSED INTERIM CONSOLIDATED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 483,603 | $ 355,284 |
Short term deposits | 34,093 | |
Trade accounts receivable | 150,731 | 141,048 |
Inventories | 139,010 | 137,532 |
Other current assets | 34,391 | 30,041 |
Total current assets | 807,735 | 697,998 |
LONG-TERM INVESTMENTS | 27,291 | 25,624 |
PROPERTY AND EQUIPMENT, NET | 628,279 | 616,686 |
INTANGIBLE ASSETS, NET | 23,848 | 28,129 |
GOODWILL | 7,000 | 7,000 |
OTHER ASSETS, NET | 4,355 | 4,447 |
TOTAL ASSETS | 1,498,508 | 1,379,884 |
CURRENT LIABILITIES | ||
Short-term debt and current maturities of loans and debentures | 55,295 | 48,084 |
Trade accounts payable | 95,328 | 99,262 |
Deferred revenue and customers' advances | 25,689 | 26,169 |
Employee related liabilities | 57,814 | 49,517 |
Other current liabilities | 20,237 | 24,083 |
Total current liabilities | 254,363 | 247,115 |
LONG-TERM LOANS FROM BANKS | 120,146 | 133,163 |
DEBENTURES | 177,463 | 162,981 |
LONG-TERM CUSTOMERS' ADVANCES | 29,061 | 41,874 |
EMPLOYEE RELATED LIABILITIES | 14,652 | 14,176 |
DEFERRED TAX LIABILITY | 86,080 | 95,233 |
OTHER LONG-TERM LIABILITIES | 2,728 | 2,728 |
Total liabilities | 684,493 | 697,270 |
THE COMPANY'S SHAREHOLDERS' EQUITY | 820,405 | 690,032 |
Non controlling interest | (6,390) | (7,418) |
TOTAL EQUITY | 814,015 | 682,614 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,498,508 | $ 1,379,884 |
CONDENSED INTERIM CONSOLIDATED3
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
REVENUES | $ 345,059 | $ 305,003 | $ 675,139 | $ 583,046 |
COST OF REVENUES | 253,998 | 232,275 | 499,310 | 448,971 |
GROSS PROFIT | 91,061 | 72,728 | 175,829 | 134,075 |
OPERATING COSTS AND EXPENSES: | ||||
Research and development | 16,432 | 16,030 | 32,200 | 31,267 |
Marketing, general and administrative | 17,238 | 16,520 | 33,475 | 32,443 |
Nishiwaki Fab restructuring and impairment cost (income), net | (627) | |||
TOTAL OPERATING COSTS AND EXPENSES | 33,670 | 32,550 | 65,675 | 63,083 |
OPERATING PROFIT | 57,391 | 40,178 | 110,154 | 70,992 |
INTEREST EXPENSE, NET | (2,070) | (2,997) | (4,281) | (6,355) |
OTHER FINANCING EXPENSE, NET | (1,053) | (7,528) | (3,071) | (11,497) |
GAIN FROM ACQUISITION, NET | 10,158 | 51,298 | ||
OTHER INCOME, NET | 142 | 4,362 | 653 | 4,362 |
PROFIT BEFORE INCOME TAX | 54,410 | 44,173 | 103,455 | 108,800 |
INCOME TAX EXPENSE | (2,683) | (3,826) | (4,682) | (3,905) |
NET PROFIT | 51,727 | 40,347 | 98,773 | 104,895 |
Net income attributable to non controlling interest | (1,710) | (1,861) | (3,247) | (465) |
NET PROFIT ATTRIBUTABLE TO THE COMPANY | $ 50,017 | $ 38,486 | $ 95,526 | $ 104,430 |
BASIC EARNINGS PER ORDINARY SHARE: | ||||
Earnings per share | $ 0.52 | $ 0.45 | $ 1 | $ 1.22 |
Weighted average number of ordinary shares outstanding | 96,365 | 86,300 | 95,139 | 85,410 |
DILUTED EARNINGS PER ORDINARY SHARE: | ||||
Earnings per share | $ 0.49 | $ 0.40 | $ 0.95 | $ 1.09 |
Net profit used for diluted earnings per share | $ 52,217 | $ 40,556 | $ 99,883 | $ 108,556 |
Weighted average number of ordinary shares outstanding used for diluted earnings per share | 105,648 | 100,163 | 105,288 | 99,546 |
CONDENSED INTERIM CONSOLIDATED4
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net profit | $ 51,727 | $ 40,347 | $ 98,773 | $ 104,895 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustment | 9 | 11,221 | 6,010 | 19,500 |
Change in employees plan assets and benefit obligations | (157) | (133) | (315) | (265) |
Unrealized gain (loss) on derivatives | (18) | 62 | 1,016 | 62 |
Comprehensive income | 51,561 | 51,497 | 105,484 | 124,192 |
Comprehensive income attributable to non-controlling interest | (1,669) | (8,476) | (6,529) | (9,498) |
Comprehensive income attributable to the Company | $ 49,892 | $ 43,021 | $ 98,955 | $ 114,694 |
CONDENSED INTERIM STATEMENT OF
CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Ordinary shares [Member] | Additional paid-in capital [Member] | Capital notes [Member] | Unearned compensation [Member] | Accumulated other comprehensive loss [Member] | Foreign currency translation adjustment [Member] | Accumulated deficit [Member] | Treasury stock [Member] | Comprehensive income (loss) [Member] | Noncontrolling interest [Member] | Total |
BALANCE at Dec. 31, 2016 | $ 369,057 | $ 1,318,725 | $ 41,264 | $ 68,921 | $ (544) | $ (27,283) | $ (1,071,036) | $ (9,072) | $ (7,418) | $ 682,614 | |
BALANCE, SHARES at Dec. 31, 2016 | 93,071 | ||||||||||
Changes during the period: | |||||||||||
Issuance of shares | $ 12,128 | 4,500 | 16,628 | ||||||||
Issuance of shares, shares | 2,914 | ||||||||||
Exercise of options | $ 4,352 | 6,021 | 10,373 | ||||||||
Exercise of options, shares | 1,064 | ||||||||||
Capital notes converted into share capital | $ 3,792 | 16,714 | (20,506) | ||||||||
Capital notes converted into share capital, shares | 930 | ||||||||||
Employee stock-based compensation | 4,417 | 4,417 | |||||||||
Dividend paid to Panasonic | (5,501) | (5,501) | |||||||||
Other comprehensive income: | |||||||||||
Profit | 95,526 | 95,526 | 3,247 | 98,773 | |||||||
Foreign currency translation adjustments | 2,728 | 2,728 | 3,282 | 6,010 | |||||||
Change in employees plan assets and benefit obligations | (315) | (315) | (315) | ||||||||
Unrealized gain on derivatives | 1,016 | 1,016 | 1,016 | ||||||||
Comprehensive income | $ 98,955 | 98,955 | |||||||||
BALANCE at Jun. 30, 2017 | $ 389,329 | $ 1,345,960 | $ 20,758 | $ 73,338 | $ 157 | $ (24,555) | $ (975,510) | $ (9,072) | $ (6,390) | $ 814,015 | |
BALANCE, SHARES at Jun. 30, 2017 | 97,979 | ||||||||||
OUTSTANDING SHARES, NET OF TREASURY STOCK at Jun. 30, 2017 | 97,893 |
CONDENSED INTERIM CONSOLIDATED6
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS - OPERATING ACTIVITIES | ||
Net profit | $ 98,773 | $ 104,895 |
Income and expense items not involving cash flows: | ||
Depreciation and amortization | 102,087 | 96,701 |
Effect of indexation, translation and fair value measurement on debt | 11,761 | 8,101 |
Other income, net | (653) | (4,362) |
Gain from acquisition, net (a) | (51,298) | |
Changes in assets and liabilities: | ||
Trade accounts receivable | (7,713) | (10,435) |
Other current assets | (11,746) | (4,654) |
Inventories | 267 | (15,524) |
Trade accounts payable | (10,658) | 10,273 |
Deferred revenue and customers' advances | (13,299) | 23,324 |
Other current liabilities | 3,776 | 9,241 |
Long-term employee related liabilities | (491) | (388) |
Deferred tax liability, net | (5,670) | (6,651) |
Net cash provided by operating activities | 166,434 | 159,223 |
CASH FLOWS - INVESTING ACTIVITIES | ||
Investments in property and equipment | (90,514) | (113,243) |
Proceeds related to sale and disposal of property and equipment | 8,854 | 1,387 |
Deposits and investments, net | 34,093 | 29,600 |
Net cash used in investing activities | (47,567) | (82,256) |
CASH FLOWS - FINANCING ACTIVITIES | ||
Issuance of debentures, net | 111,364 | |
Exercise of warrants and options, net | 27,010 | 6,241 |
Proceeds from loans | 10,000 | |
Short-term debt | 7,000 | |
Loans repayment | (11,245) | (94,174) |
Debentures repayment | (6,215) | |
Dividend payment to Panasonic | (4,378) | (2,563) |
Net cash provided by financing activities | 5,172 | 37,868 |
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 4,280 | 20,652 |
INCREASE IN CASH AND CASH EQUIVALENTS | 128,319 | 135,487 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 355,284 | 175,575 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 483,603 | 311,062 |
NON-CASH ACTIVITIES: | ||
Investments in property and equipment | 25,256 | 16,962 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 6,308 | 5,988 |
Cash paid during the period for income taxes | $ 9,814 | 2,510 |
(a) ACQUISTION OF SUBSIDIARIES CONSOLIDATED FOR THE FIRST TIME: | ||
Working capital (excluding cash and cash equivalents) | 10,775 | |
Fixed assets | 106,919 | |
Intangible assets | 2,799 | |
Long-term liabilities | (28,021) | |
Total | 92,472 | |
Less: | ||
Share capital | 40,000 | |
Gain from acquisition, net | 52,472 | |
Bargain purchase | 92,472 | |
Cash from the acquisition of a subsidiaries consolidated for the first time |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 - Basis for Presentation The unaudited condensed interim consolidated financial statements of Tower Semiconductor Ltd. (“Tower”) as of June 30, 2017 include the financial statements of Tower and (i) its wholly-owned subsidiary Tower US Holdings Inc., the sole owner of: (1) Jazz US Holdings Inc. and its wholly-owned subsidiary, Jazz Semiconductor, Inc. and (2) since February 2016, Tower US Holdings is also the sole owner of TowerJazz Texas Inc., and (ii) its majority-owned subsidiary, TowerJazz Panasonic Semiconductor Co., Ltd. Tower and its subsidiaries are collectively referred to as the “Company”. The Company’s unaudited condensed interim consolidated financial statements are presented after elimination of inter-company transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“US GAAP”). The unaudited condensed interim consolidated financial statements of the Company should be read in conjunction with the audited consolidated financial statements of the Company as of December 31, 2016 and for the year then ended, including the notes thereto. In the opinion of the Company's management, the unaudited condensed interim consolidated financial statements include all adjustments necessary for a fair presentation of the Company’s financial position as of the dates presented and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected on a full-year basis. |
RECENT DEVELOPMENTS
RECENT DEVELOPMENTS | 6 Months Ended |
Jun. 30, 2017 | |
RECENT DEVELOPMENTS [Abstract] | |
RECENT DEVELOPMENTS | NOTE 2 - A. Equity Grants to CEO and Directors On June 29, 2017, the annual general meeting of the Company's shareholders approved the grant of the following Restricted Stock Units (‘RSUs’) to the Company's CEO and members of the Board of Directors under the Company’s 2013 Share Incentive Plan: (i) 85,228 time vested RSUs and 97,403 performance based RSUs to the CEO, for a total compensation value of $4,500; (ii) 12,176 time vested RSUs to the chairman of the Board of Directors (the “Chairman”) for a total compensation value of $300; and (iii) 3,044 time vested RSUs to each of the members of the Board of Directors (other than to the Chairman and the CEO), for an aggregate compensation value of $600. B. Debentures The outstanding balances of debentures Series D and debentures Series F were fully redeemed in cash in January 2017. |
INITIAL ADOPTION OF NEW STANDAR
INITIAL ADOPTION OF NEW STANDARDS | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
INITIAL ADOPTION OF NEW STANDARDS | NOTE 3 - In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes”. |
ADDITIONAL INFORMATION - RECONC
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS | 6 Months Ended |
Jun. 30, 2017 | |
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS [Abstract] | |
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS | NOTE 4 - A. Introduction The Company’s financial statements are prepared and presented in accordance with US GAAP. As many of the Company’s investors and analysts are located in Israel and in Europe and are familiar with and use the International Financial Reporting Standards rules (“IFRS”), the Company is providing on a voluntary basis a reconciliation from US GAAP to IFRS as detailed below (condensed interim consolidated statements of balance sheet, condensed interim consolidated statements of operations and additional information). IFRS differs in certain significant aspects from US GAAP, however the primary differences between US GAAP and IFRS related to the Company are accounting for goodwill, financial instruments, pension plans and termination benefits. The main adjustments and differences between US GAAP and IFRS relating to the Company’s financial statements are described in detail in Note 22 to the Company’s financial statements for the year ended December 31, 2016. In addition, the Company is providing on a voluntary basis its condensed IFRS financial statements as of June 30, 2017 and a reconciliation from US GAAP to IFRS as detailed below. B. Condensed Interim Consolidated Balance Sheet in Accordance with IFRS As of June 30, 2017 US GAAP Adjustments IFRS ASSETS Current assets $ 807,735 $ -- $ 807,735 Property and equipment, net 628,279 -- 628,279 Long-term assets 62,494 (7,000 ) 55,494 Total assets $ 1,498,508 $ (7,000 ) $ 1,491,508 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 254,363 $ -- $ 254,363 Long-term liabilities 430,130 (1,531 ) 428,599 Total liabilities 684,493 (1,531 ) 682,962 TOTAL EQUITY 814,015 (5,469 ) 808,546 Total liabilities and shareholders' equity $ 1,498,508 $ (7,000 ) $ 1,491,508 C. Condensed Interim Consolidated Statement of Operations in Accordance with IFRS Six months ended June 30, 2017 US GAAP Adjustments IFRS OPERATING PROFIT $ 110,154 $ (158 ) $ 109,996 Interest expenses, net (4,281 ) -- (4,281 ) Other financing expense, net (3,071 ) 52 (3,019 ) Other income, net 653 -- 653 Profit before income tax 103,455 (106 ) 103,349 Income tax expense (4,682 ) -- (4,682 ) NET PROFIT 98,773 (106 ) 98,667 Net income attributable to non-controlling interest (3,247 ) -- (3,247 ) NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 95,526 $ (106 ) $ 95,420 D. Reconciliation of Net Profit from US GAAP to IFRS: Six months ended June 30, 2017 2016 Net profit in accordance with US GAAP $ 95,526 $ 104,430 Financial Instruments 52 160 Pension plans (314 ) (265 ) Termination Benefits 156 8 Net profit in accordance with IFRS $ 95,420 $ 104,333 E. Reconciliation of Shareholders’ Equity from US GAAP to IFRS: As of June 30, As of December 31, 2017 2016 Shareholders’ equity in accordance with US GAAP $ 814,015 $ 682,614 Financial Instruments (185 ) (237 ) Termination Benefits 1,716 1,560 Goodwill (7,000 ) (7,000 ) Shareholders’ equity in accordance with IFRS $ 808,546 $ 676,937 |
ADDITIONAL INFORMATION - RECO11
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS [Abstract] | |
Schedule of Condensed Interim Consolidated Balance Sheet in Accordance with IFRS | As of June 30, 2017 US GAAP Adjustments IFRS ASSETS Current assets $ 807,735 $ -- $ 807,735 Property and equipment, net 628,279 -- 628,279 Long-term assets 62,494 (7,000 ) 55,494 Total assets $ 1,498,508 $ (7,000 ) $ 1,491,508 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 254,363 $ -- $ 254,363 Long-term liabilities 430,130 (1,531 ) 428,599 Total liabilities 684,493 (1,531 ) 682,962 TOTAL EQUITY 814,015 (5,469 ) 808,546 Total liabilities and shareholders' equity $ 1,498,508 $ (7,000 ) $ 1,491,508 |
Schedule of Condensed Interim Consolidated Statement of Operations in Accordance with IFRS | Six months ended June 30, 2017 US GAAP Adjustments IFRS OPERATING PROFIT $ 110,154 $ (158 ) $ 109,996 Interest expenses, net (4,281 ) -- (4,281 ) Other financing expense, net (3,071 ) 52 (3,019 ) Other income, net 653 -- 653 Profit before income tax 103,455 (106 ) 103,349 Income tax expense (4,682 ) -- (4,682 ) NET PROFIT 98,773 (106 ) 98,667 Net income attributable to non-controlling interest (3,247 ) -- (3,247 ) NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 95,526 $ (106 ) $ 95,420 |
Schedule of Reconciliation of Net Profit from US GAAP to IFRS | Six months ended June 30, 2017 2016 Net profit in accordance with US GAAP $ 95,526 $ 104,430 Financial Instruments 52 160 Pension plans (314 ) (265 ) Termination Benefits 156 8 Net profit in accordance with IFRS $ 95,420 $ 104,333 |
Schedule of Reconciliation of Shareholders' Equity from US GAAP to IFRS | As of June 30, As of December 31, 2017 2016 Shareholders’ equity in accordance with US GAAP $ 814,015 $ 682,614 Financial Instruments (185 ) (237 ) Termination Benefits 1,716 1,560 Goodwill (7,000 ) (7,000 ) Shareholders’ equity in accordance with IFRS $ 808,546 $ 676,937 |
RECENT DEVELOPMENTS (Details)
RECENT DEVELOPMENTS (Details) - 2013 Plan [Member] $ in Thousands | 1 Months Ended |
Jun. 30, 2017USD ($)shares | |
Chief Executive Officer [Member] | |
Recent Developments [Line Items] | |
Compensation cost | $ | $ 4,500 |
Chief Executive Officer [Member] | Time Vested Restricted Shares Units [Member] | |
Recent Developments [Line Items] | |
Non-option equity awards granted | 85,228 |
Chief Executive Officer [Member] | RSUs [Member] | |
Recent Developments [Line Items] | |
Non-option equity awards granted | 97,403 |
Chairman of the Board of Directors [Member] | Time Vested Restricted Shares Units [Member] | |
Recent Developments [Line Items] | |
Non-option equity awards granted | 12,176 |
Compensation cost | $ | $ 300 |
Members of Board of Directors [Member] | Time Vested Restricted Shares Units [Member] | |
Recent Developments [Line Items] | |
Non-option equity awards granted | 3,044 |
Compensation cost | $ | $ 600 |
ADDITIONAL INFORMATION - RECO13
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
ASSETS | |||||
Current assets, US GAAP | $ 807,735 | $ 807,735 | $ 697,998 | ||
Current assets, Adjustments | |||||
Current assets, IFRS | 807,735 | 807,735 | |||
Property and equipment, net, US GAAP | 628,279 | 628,279 | 616,686 | ||
Property and equipment, net, Adjustments | |||||
Property and equipment, net, IFRS | 628,279 | 628,279 | |||
Long-term assets, US GAAP | 62,494 | 62,494 | |||
Long-term assets, Adjustments | (7,000) | ||||
Long-term assets, IFRS | 55,494 | 55,494 | |||
Total assets, US GAAP | 1,498,508 | 1,498,508 | 1,379,884 | ||
Total assets, Adjustments | (7,000) | ||||
Total assets, IFRS | 1,491,508 | 1,491,508 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities, US GAAP | 254,363 | 254,363 | 247,115 | ||
Current liabilities, Adjustments | |||||
Current liabilities, IFRS | 254,363 | 254,363 | |||
Long-term liabilities, US GAAP | 430,130 | 430,130 | |||
Long-term liabilities, Adjustments | (1,531) | ||||
Long-term liabilities, IFRS | 428,599 | 428,599 | |||
Total liabilities, US GAAP | 684,493 | 684,493 | 697,270 | ||
Total liabilities, Adjustments | (1,531) | ||||
Total liabilities, IFRS | 682,962 | 682,962 | |||
TOTAL EQUITY, US GAAP | 814,015 | 814,015 | 682,614 | ||
TOTAL EQUITY, Adjustments | (5,469) | ||||
TOTAL EQUITY, IFRS | 808,546 | 808,546 | 676,937 | ||
Total liabilities and shareholders' equity, US GAAP | 1,498,508 | 1,498,508 | 1,379,884 | ||
Total liabilities and shareholders' equity, Adjustments | (7,000) | ||||
Total liabilities and shareholders' equity, IFRS | 1,491,508 | 1,491,508 | |||
Condensed Interim Consolidated Statement of Operations in Accordance with IFRS | |||||
OPERATING PROFIT, US GAAP | 57,391 | $ 40,178 | 110,154 | $ 70,992 | |
OPERATING PROFIT, Adjustments | (158) | ||||
OPERATING PROFIT, IFRS | 109,996 | ||||
Interest expenses, net, US GAAP | (2,070) | (2,997) | (4,281) | (6,355) | |
Interest expenses, net, Adjustments | |||||
Interest expenses, net, IFRS | (4,281) | ||||
Other financing expense, net, US GAAP | (1,053) | (7,528) | (3,071) | (11,497) | |
Other financing expense, net, Adjustments | 52 | ||||
Other financing expense, net, IFRS | (3,019) | ||||
Gain from acquisition, net, US GAAP | 10,158 | 51,298 | |||
Other income, net, US GAAP | 142 | 4,362 | 653 | 4,362 | |
Other income, net, Adjustments | |||||
Other income, net, IFRS | 653 | ||||
Profit before income tax, US GAAP | 54,410 | 44,173 | 103,455 | 108,800 | |
Profit before income tax, Adjustments | (106) | ||||
Profit before income tax, IFRS | 103,349 | ||||
Income tax expense, US GAAP | (2,683) | (3,826) | (4,682) | (3,905) | |
Income tax expense, Adjustments | |||||
Income tax expense, IFRS | (4,682) | ||||
NET PROFIT, US GAAP | 51,727 | 40,347 | 98,773 | 104,895 | |
NET PROFIT, Adjustments | (106) | ||||
NET PROFIT, IFRS | 98,667 | ||||
Net income attributable to the non-controlling interest, US GAAP | (1,710) | (1,861) | (3,247) | (465) | |
Net income attributable to the non-controlling interest, Adjustments | |||||
Net income attributable to the non-controlling interest, IFRS | (3,247) | ||||
NET PROFIT ATTRIBUTABLE TO THE COMPANY, US GAAP | 50,017 | 38,486 | 95,526 | 104,430 | |
NET PROFIT ATTRIBUTABLE TO THE COMPANY, Adjustments | (106) | ||||
NET PROFIT ATTRIBUTABLE TO THE COMPANY, IFRS | 95,420 | 104,333 | |||
Reconciliation of Net Profit from US GAAP to IFRS: | |||||
Net profit in accordance with US GAAP | 50,017 | $ 38,486 | 95,526 | 104,430 | |
Financial Instruments | 52 | 160 | |||
Pension plans | (314) | (265) | |||
Termination Benefits | 156 | 8 | |||
Net profit in accordance with IFRS | 95,420 | $ 104,333 | |||
Reconciliation of Shareholders' Equity from US GAAP to IFRS: | |||||
Shareholders' equity in accordance with US GAAP | 814,015 | 814,015 | 682,614 | ||
Financial Instruments | (185) | (237) | |||
Termination Benefits | 1,716 | 1,560 | |||
Goodwill | (7,000) | (7,000) | |||
Shareholders' equity in accordance with IFRS | $ 808,546 | $ 808,546 | $ 676,937 |