MagnaChip Reports Second Quarter 2015 Financial Results

We define Adjusted EBITDA as net income (loss), adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) equity-based compensation expense, (v) foreign currency loss (gain), net, (vi) derivative valuation loss, net and (vii) restatement related expenses.

We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income by adjusting net income to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income as net income (loss), adjusted to exclude (i) amortization of intangibles, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (vi) derivative valuation loss, net and (v) restatement related expenses.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)

	June 30, 2015		December 31, 2014
Assets
Current assets
Cash and cash equivalents	$	72,672	$	102,434
Accounts receivable, net		67,780		72,957
Inventories, net		71,800		75,334
Other receivables		5,450		10,616
Prepaid expenses		7,142		7,560
Current deferred income tax assets		43		237
Hedge collateral		6,380		—
Other current assets		7,383		6,898

Total current assets		238,650		276,036

Property, plant and equipment, net		208,351		223,766
Intangible assets, net		2,476		2,451
Long-term prepaid expenses		9,875		10,916
Deferred income tax assets		260		415
Other non-current assets		12,876		14,147

Total assets	$	472,488	$	527,731

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	57,432	$	70,767
Other accounts payable		9,724		10,986
Accrued expenses		75,556		81,060
Other current liabilities		5,946		6,460

Total current liabilities		148,658		169,273

Long-term borrowings, net		224,095		224,035
Accrued severance benefits, net		143,727		139,289
Other non-current liabilities		10,703		13,636

Total liabilities		527,183		546,233

Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 40,840,685 shares issued and 34,261,920 outstanding at June 30, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014		408		406
Additional paid-in capital		121,602		118,419
Accumulated deficit		(61,998)		(11,343)
Treasury stock, 6,578,765 shares at June 30, 2015 and December 31, 2014		(90,918)		(90,918)
Accumulated other comprehensive loss		(23,789)		(35,066)

Total stockholders' equity (deficit)		(54,695)		(18,502)

Total liabilities and stockholders' equity	$	472,488	$	527,731

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