In 4Q19, cash inflow from operating activities was NT$37.53 billion. Cash outflow from investing activities totaled NT$17.84 billion, which included NT$12.80 billion in the acquisition of USJC and NT$3.50 billion in PP&E spending, resulting in free cash flow of NT$33.81 billion. Cash outflow from financing activities totaled NT$9.72 billion, primarily from NT$9.55 billion in the repayment of bank loans. Net cash inflow in 4Q19 was NT$8.74 billion. Over the next 12 months, the company expects to repay NT$4.70 billion in bank loans.

Current Assets
(Amount: NT$ billion)	4Q19	3Q19	4Q18
Cash and Cash Equivalents	95.49	86.76	83.66
Notes & Accounts Receivable	25.73	23.41	23.88
Days Sales Outstanding	54	58	64
Inventories, net	21.72	19.99	18.20
Days of Inventory	55	58	53
Total Current Assets	153.76	163.49	141.19

Cash and cash equivalents increased to NT$95.49 billion. Days of inventory decreased to 55 days.

Liabilities
(Amount: NT$ billion)	4Q19	3Q19	4Q18
Total Current Liabilities	72.71	70.33	49.90
Notes & Accounts Payable	8.88	6.63	6.80
Short-Term Credit / Bonds	36.81	40.08	18.23
Payable on Equipment	3.03	3.00	4.01
Other	23.99	20.62	20.86
Long-Term Credit / Bonds	47.89	55.23	67.08
Long-Term Investment Liabilities	20.09	20.17	20.41
Total Liabilities	162.97	169.00	158.07
Debt to Equity	79%	82%	77%

Current liabilities increased to NT$72.71 billion. Total liabilities decreased to NT$162.97 billion, leading to a debt to equity ratio of 79%.

Analysis of Revenue² for Foundry Segment

Revenue Breakdown by Region
Region	4Q19	3Q19	2Q19	1Q19	4Q18
North America	30%	33%	31%	32%	38%
Asia Pacific	55%	59%	59%	57%	51%
Europe	6%	6%	7%	7%	8%
Japan	9%	2%	3%	4%	3%

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