UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 1, 2011

MAGNACHIP SEMICONDUCTOR LLC
(Exact name of Registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	333-168516-09	 	26-1815025	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

c/o MagnaChip Semiconductor S.A., 74, rue de Merl,
B.P. 709, L-2017 Luxembourg, Grand Duchy of Luxembourg	 	Not Applicable	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (352) 45-62-62

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for MagnaChip Semiconductor LLC and its consolidated subsidiaries for the fourth quarter ended December 31, 2010, as presented in a press release dated February 1, 2011.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
 
Item 9.01.	Financial Statements and Exhibits.	
 
(c)	Exhibits.	
The following exhibits are furnished as part of this report:

Exhibit No.	  	Description	
99.1	  	Press release for MagnaChip Semiconductor LLC dated February 1, 2011,
announcing the results for the fourth quarter ended December 31, 2010.	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	MAGNACHIP SEMICONDUCTOR LLC	
 	 	 	 	
Dated: February 1, 2011	 	 	 	By:	 	      /s/ Margaret Sakai	
 	 	 	 	 	 	Margaret Sakai
Chief Financial Officer	

Exhibit Index

Exhibit No.	  	Description	
99.1	  	Press release for MagnaChip Semiconductor LLC dated February 1, 2011,
announcing the results for the fourth quarter ended December 31, 2010.	

Exhibit 99.1

 
MagnaChip Reports Fourth Quarter and Full Year 2010
Financial Results
SEOUL, South Korea and CUPERTINO, Calif., February 1, 2011 — MagnaChip Semiconductor LLC (“MagnaChip Semiconductor”) today announced financial results for the quarter and year ended December 31, 2010.
Revenue for the fourth quarter of 2010 was $186.8 million, a 10.8% decrease compared to $209.4 million for the third quarter of 2010, and a 15.1% increase compared to $162.3 million for the combined three-month period ended December 31, 2009. For the full year 2010, revenue was $770.4 million compared to $560.1 million for 2009, a 37.6% increase.
Gross profit was $60.4 million or 32.3%, as a percent of revenue, for the fourth quarter of 2010. This compares to gross profit of $69.3 million or 33.1% for the third quarter of 2010 and $37.1 million or 22.9% for the combined three-month period ended December 31, 2009. For the full year 2010, gross profit was $243.6 million or 31.6% compared to $158.5 million or 28.3% for combined 2009.
“2010 proved to be a strong year for MagnaChip. We are very pleased that our refocused business strategy, strong pipeline of new products and enhanced manufacturing capacity has positioned us well for solid growth,” said Sang Park, MagnaChip Semiconductor’s Chairman and Chief Executive Officer. “Based on our solid design win momentum and booking activity we are excited about the outlook for 2011 and beyond for our Semiconductor Manufacturing Services, Display and Power Solutions products.”
Operating expense was $36.9 million or 19.7% of revenue for the fourth quarter of 2010. This compares to $39.8 million or 19.0% of revenue for the third quarter of 2010 and $40.0 million or 24.6% of revenue for the combined three-month period ended December 31, 2009. For the full year 2010, operating expense was $152.2 million or 19.8% compared to $142.2 million or 25.4% for combined 2009.
Operating income was $23.5 million for the fourth quarter of 2010 or 12.6% of revenue. This compares to operating income of $29.6 million or 14.1% of revenue for the third quarter of 2010 and operating loss of $2.8 million for the combined three-month period ended December 31, 2009. For the full year 2010, operating income was $91.4 million or 11.9% compared to $16.4 million or 2.9% for combined 2009.
Net income, on a GAAP basis, for the fourth quarter of 2010 totaled $12.3 million. This compares to net income of $61.5 million for the third quarter of 2010 and net income of $818.8 million for the combined three-month period ended December 31, 2009. For the full year 2010, net income was $74.1 million compared to $839.1 million for combined 2009. Net income, for the fourth quarter of 2010, was impacted primarily by a relatively constant foreign currency translation in the fourth quarter compared to a foreign currency gain of $41.4 million for the third quarter of 2010 and a foreign currency gain of $16.7 million and net reorganization gain of $809.0 million for the combined three-month period ended December 31, 2009, respectively. The net foreign currency exposure is primarily related to non-cash translation gains or losses for intercompany balances that are denominated in U.S. dollars. The net reorganization gain of $809.0 million in the one-month period ended October 25, 2009 represents the impact of non-cash reorganization income and expense items directly associated with our reorganization proceedings and primarily reflects the discharge of liabilities of $798.0 million.
Adjusted net income, a non-GAAP measurement, for the fourth quarter of 2010 totaled $17.4 million compared to $26.2 million for the third quarter of 2010, and $20.2 million for the combined three-month period ended December 31, 2009. For the full year 2010, adjusted net income was $89.2 million compared to $22.6 million for combined 2009.

Adjusted EBITDA, a non-GAAP measurement, for the fourth quarter of 2010 totaled $39.7 million compared to $45.7 million for the third quarter of 2010, and $32.6 million for the combined three-month period ended December 31, 2009. For the full year 2010, adjusted EBITDA was $157.9 million compared to $98.7 million for combined 2009.
Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a more meaningful understanding of the factors and trends affecting MagnaChip Semiconductor’s business and operations. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income or as a better indicator of our operating performance than measures that are presented in accordance with GAAP.
Combined cash balances (cash and cash equivalents plus short-term investments) totaled $172.2 million at the end of the fourth quarter of 2010, an increase of $10.7 million from the end of the prior quarter. Cash provided from operations totaled approximately $24.8 million for the fourth quarter of 2010. This compares to $30.7 million for the third quarter of 2010 and $11.3 million for the combined three-month period ended December 31, 2009.
Revenue by Segment
In thousands of US dollars

 	  	Successor	 	  	Predecessor	 	
 	  	Three Months Ended	 	  	Two Months
Ended	 	  	One Month
Ended	 	
 	  	December 31,
2010	 	  	September 30,
2010	 	  	December 31,
2009 Combined	 	  	December 31,
2009	 	  	October 25,
2009	 	
Display Solutions	  	$	70,581	  	  	$	77,989	  	  	$	73,543	  	  	$	51,044	  	  	$	22,499	  	
Power Solutions	  	 	18,398	  	  	 	17,801	  	  	 	5,943	  	  	 	4,746	  	  	 	1,197	  	
Semiconductor Manufacturing Services	  	 	97,261	  	  	 	113,171	  	  	 	81,967	  	  	 	54,759	  	  	 	27,208	  	
Other	  	 	532	  	  	 	487	  	  	 	834	  	  	 	533	  	  	 	301	  	
Total Revenue	  	$	186,772	  	  	$	209,448	  	  	$	162,287	  	  	$	111,082	  	  	$	51,205	  	
Revenue by Segment
In thousands of US dollars

 	  	Successor	 	  	Predecessor	 	
 	  	12 Months Ended	 	  	Two Months
Ended	 	  	Ten Months
Ended	 	
 	  	December 31,
2010	 	  	December 31,
2009 Combined	 	  	December 31,
2009	 	  	October 25,
2009	 	
Display Solutions	  	$	305,884	  	  	$	282,938	  	  	$	51,044	  	  	$	231,894	  	
Power Solutions	  	 	57,273	  	  	 	12,373	  	  	 	4,746	  	  	 	7,627	  	
Semiconductor Manufacturing Services	  	 	405,197	  	  	 	261,421	  	  	 	54,759	  	  	 	206,662	  	
Other	  	 	2,051	  	  	 	3,334	  	  	 	533	  	  	 	2,801	  	
Total Revenue	  	$	770,405	  	  	$	560,066	  	  	$	111,082	  	  	$	448,984	  	

Non-GAAP Metrics
Adjusted EBITDA excludes charges related to depreciation and amortization associated with continuing operations, interest expense, income tax expense (benefit), restructuring and impairment charges, other restructuring charges, abandoned IPO expenses, reorganization items, inventory step-up, equity-based compensation expense, foreign currency gain (loss) and derivative valuation gain (loss). Adjusted net income (loss) excludes charges related to restructuring and impairment charges, other restructuring charges, abandoned IPO expenses, reorganization items, inventory step-up, equity-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency gain (loss) and derivative valuation gain (loss). A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.
About MagnaChip Semiconductor
Headquartered in South Korea, MagnaChip Semiconductor is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications. MagnaChip Semiconductor believes it has one of the broadest and deepest range of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through, MagnaChip Semiconductor’s website is not a part of, and is not incorporated into, this release.
Safe Harbor for Forward-Looking Statements
Information in this release regarding MagnaChip Semiconductor’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include statements about our ability to capitalize on improving market dynamics and future operating and financial performance including fourth quarter 2010 revenues. All forward-looking statements included in this release are based upon information available to MagnaChip Semiconductor as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, compliance with U.S. and international trade and export laws and regulations by us and our distributors, and other risks detailed from time to time in MagnaChip Semiconductor’s filings with the SEC, including our Form S-1 filed on February 1, 2011 and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. MagnaChip Semiconductor assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

CONTACTS:	  	 	
 	 	
In the United States:
Robert Pursel
Director of Investor Relations
Tel. 408-625-1262
robert.pursel@magnachip.com	  	In Korea:
Chankeun Park
Senior Manager, Public Relations
Tel. +82-3-6903-3195
chankeun.park@magnachip.com	
# # #

MAGNACHIP SEMICONDUCTOR LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except unit data)
(Unaudited)

 	  	Successor	 	 	Combined	 	 	Successor	 	 	Predecessor	 	
 	  	Three Months
Ended	 	 	Three Months
Ended	 	 	Two Months
Ended	 	 	One Month
Ended	 	
 	  	December 31,
2010	 	 	September 30,
2010	 	 	December 31,
2009	 	 	December 31,
2009	 	 	October 25,
2009	 	
Net sales	  	$	186,772	  	 	$	209,448	  	 	$	162,287	  	 	$	111,082	  	 	$	51,205	  	
Cost of sales	  	 	126,421	  	 	 	140,133	  	 	 	125,160	  	 	 	90,408	  	 	 	34,752	  	

Gross profit	  	 	60,351	  	 	 	69,315	  	 	 	37,127	  	 	 	20,674	  	 	 	16,453	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	32.3	% 	 	 	33.1	% 	 	 	22.9	% 	 	 	18.6	% 	 	 	32.1	% 	
 	 	 	 	 	 	
Selling, general and administrative expenses	  	 	16,566	  	 	 	16,202	  	 	 	20,017	  	 	 	14,540	  	 	 	5,477	  	
Research and development expenses	  	 	19,331	  	 	 	23,119	  	 	 	19,957	  	 	 	14,741	  	 	 	5,216	  	
Restructuring and impairment charges	  	 	958	  	 	 	442	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	

Operating income (loss) from continuing operations	  	 	23,496	  	 	 	29,552	  	 	 	(2,847	) 	 	 	(8,607	) 	 	 	5,760	  	
 	 	 	 	 	 	
Other income (expenses)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(6,981	) 	 	 	(7,312	) 	 	 	(2,290	) 	 	 	(1,258	) 	 	 	(1,032	) 	
Foreign currency gain (loss), net	  	 	(19	) 	 	 	41,400	  	 	 	16,746	  	 	 	9,338	  	 	 	7,408	  	
Reorganization items, net	  	 	—  	  	 	 	—  	  	 	 	809,048	  	 	 	—  	  	 	 	809,048	  	
Others	  	 	(16	) 	 	 	312	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	(7,016	) 	 	 	34,400	  	 	 	823,504	  	 	 	8,080	  	 	 	815,424	  	

Income (loss) from continuing operations before income taxes	  	 	16,480	  	 	 	63,952	  	 	 	820,657	  	 	 	(527	) 	 	 	821,184	  	

Income tax expenses (benefit)	  	 	4,209	  	 	 	2,457	  	 	 	1,802	  	 	 	1,946	  	 	 	(144	) 	

Income (loss) from continuing operations	  	 	12,271	  	 	 	61,495	  	 	 	818,855	  	 	 	(2,473	) 	 	 	821,328	  	

Income (loss) from discontinued operations, net of taxes	  	 	—  	  	 	 	—  	  	 	 	(69	) 	 	 	510	  	 	 	(579	) 	

Net income (loss)	  	$	12,271	  	 	$	61,495	  	 	$	818,786	  	 	$	(1,963	) 	 	$	820,749	  	

Income (loss) from continuing operations attributable to common units	  	$	12,271	  	 	$	61,495	  	 	$	818,855	  	 	$	(2,473	) 	 	$	821,328	  	

Net income (loss) attributable to common units	  	$	12,271	  	 	$	61,495	  	 	$	818,786	  	 	$	(1,963	) 	 	$	820,749	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings (loss) per common unit from continuing operations—Basic and diluted	  	$	0.04	  	 	$	0.20	  	 	 	 	 	 	$	(0.01	) 	 	$	15.52	  	

Earnings (loss) per common unit from discontinued operations—Basic and diluted	  	$	—  	  	 	$	—  	  	 	 	 	 	 	$	—  	  	 	$	(0.01	) 	

Earnings (loss) per common unit—Basic and diluted	  	$	0.04	  	 	$	0.20	  	 	 	 	 	 	$	(0.01	) 	 	$	15.51	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of units—Basic	  	 	303,191,295	  	 	 	302,558,556	  	 	 	 	 	 	 	300,862,764	  	 	 	52,923,483	  	
Weighted average number of units—Diluted	  	 	314,155,724	  	 	 	313,604,679	  	 	 	 	 	 	 	300,862,764	  	 	 	52,923,483	  	

MAGNACHIP SEMICONDUCTOR LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except unit data)
(Unaudited)

 	  	Successor	 	 	Combined	 	 	Successor	 	 	Predecessor	 	
 	  	Twelve Months
Ended	 	 	Twelve Months
Ended	 	 	Two Months
Ended	 	 	Ten Months
Ended	 	
 	  	December 31,
2010	 	 	December 31,
2009	 	 	December 31,
2009	 	 	October 25,
2009	 	
Net sales	  	$	770,405	  	 	$	560,066	  	 	$	111,082	  	 	$	448,984	  	
Cost of sales	  	 	526,847	  	 	 	401,547	  	 	 	90,408	  	 	 	311,139	  	

Gross profit	  	 	243,558	  	 	 	158,519	  	 	 	20,674	  	 	 	137,845	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	31.6	% 	 	 	28.3	% 	 	 	18.6	% 	 	 	30.7	% 	
 	 	 	 	 	
Selling, general and administrative expenses	  	 	66,640	  	 	 	70,828	  	 	 	14,540	  	 	 	56,288	  	
Research and development expenses	  	 	83,524	  	 	 	70,889	  	 	 	14,741	  	 	 	56,148	  	
Restructuring and impairment charges	  	 	2,003	  	 	 	439	  	 	 	—  	  	 	 	439	  	

Operating income (loss) from continuing operations	  	 	91,391	  	 	 	16,363	  	 	 	(8,607	) 	 	 	24,970	  	
 	 	 	 	 	
Other income (expenses)	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(22,899	) 	 	 	(32,423	) 	 	 	(1,258	) 	 	 	(31,165	) 	
Foreign currency gain (loss), net	  	 	14,724	  	 	 	52,775	  	 	 	9,338	  	 	 	43,437	  	
Reorganization items, net	  	 	—  	  	 	 	804,573	  	 	 	—  	  	 	 	804,573	  	
Others	  	 	(706	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	(8,881	) 	 	 	824,925	  	 	 	8,080	  	 	 	816,845	  	

Income (loss) from continuing operations before income taxes	  	 	82,510	  	 	 	841,288	  	 	 	(527	) 	 	 	841,815	  	

Income tax expenses	  	 	8,390	  	 	 	9,241	  	 	 	1,946	  	 	 	7,295	  	

Income (loss) from continuing operations	  	 	74,120	  	 	 	832,047	  	 	 	(2,473	) 	 	 	834,520	  	

Income (loss) from discontinued operations, net of taxes	  	 	—  	  	 	 	7,096	  	 	 	510	  	 	 	6,586	  	

Net income (loss)	  	$	74,120	  	 	$	839,143	  	 	$	(1,963	) 	 	$	841,106	  	

Dividends accrued on preferred units	  	 	—  	  	 	 	6,317	  	 	 	—  	  	 	 	6,317	  	

Income (loss) from continuing operations attributable to common units	  	$	74,120	  	 	$	825,730	  	 	$	(2,473	) 	 	$	828,203	  	

Net income (loss) attributable to common units	  	$	74,120	  	 	$	832,826	  	 	$	(1,963	) 	 	$	834,789	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings (loss) per common unit from continuing operations—Basic and diluted	  	$	0.24	  	 	 	 	 	 	$	(0.01	) 	 	$	15.65	  	

Earnings (loss) per common unit from discontinued operations—Basic and diluted	  	$	—  	  	 	 	 	 	 	$	—  	  	 	$	0.12	  	

Earnings (loss) per common unit—Basic and diluted	  	$	0.24	  	 	 	 	 	 	$	(0.01	) 	 	$	15.77	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of units—Basic	  	 	302,689,685	  	 	 	 	 	 	 	300,862,764	  	 	 	52,923,483	  	
Weighted average number of units—Diluted	  	 	313,153,939	  	 	 	 	 	 	 	300,862,764	  	 	 	52,923,483	  	

MAGNACHIP SEMICONDUCTOR LLC AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of US dollars, except unit data)
(Unaudited)

 	  	Successor	 	 	Combined	 	 	Successor	 	 	 	 	  	 	 	  	Predecessor	 	
 	  	Three Months
Ended	 	 	Three Months
Ended	 	 	Two Months
Ended	 	 	 	 	  	 	 	  	One Month
Ended	 	
 	  	December 31,
2010	 	  	September 30,
2010	 	 	December 31,
2009	 	 	December 31,
2009	 	 	 	 	  	 	 	  	October 25,
2009	 	
Net income (loss)	  	$	12,271	  	  	$	61,495	  	 	$	818,786	  	 	$	(1,963	) 	 	 	 	 	  	 	 	 	  	$	820,749	  	
Less: Income (loss) from discontinued operations, net of taxes	  	 	—  	  	  	 	—  	  	 	 	(69	) 	 	 	510	  	 	 	 	 	  	 	 	 	  	 	(579	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Income (loss) from continuing operations	  	 	12,271	  	  	 	61,495	  	 	 	818,855	  	 	 	(2,473	) 	 	 	 	 	  	 	 	 	  	 	821,328	  	
Adjustments:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Depreciation and amortization associated with continuing operations	  	 	14,063	  	  	 	14,347	  	 	 	14,860	  	 	 	11,218	  	 	 	 	 	  	 	 	 	  	 	3,642	  	
Interest expense, net	  	 	6,981	  	  	 	7,312	  	 	 	2,290	  	 	 	1,258	  	 	 	 	 	  	 	 	 	  	 	1,032	  	
Income tax expenses (benefit)	  	 	4,209	  	  	 	2,457	  	 	 	1,802	  	 	 	1,946	  	 	 	 	 	  	 	 	 	  	 	(144	) 	
Restructuring and impairment charges	  	 	958	  	  	 	442	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Other restructuring charges	  	 	—  	  	  	 	—  	  	 	 	1,139	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	1,139	  	
Reorganization items, net	  	 	—  	  	  	 	—  	  	 	 	(809,048	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(809,048	) 	
Inventory step-up	  	 	—  	  	  	 	—  	  	 	 	17,249	  	 	 	17,249	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Equity-based compensation expense	  	 	1,167	  	  	 	1,320	  	 	 	2,213	  	 	 	2,199	  	 	 	 	 	  	 	 	 	  	 	14	  	
Foreign currency (gain) loss, net	  	 	19	  	  	 	(41,400	) 	 	 	(16,746	) 	 	 	(9,338	) 	 	 	 	 	  	 	 	 	  	 	(7,408	) 	
Derivative valuation (gain) loss, net	  	 	16	  	  	 	(312	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	39,684	  	  	$	45,661	  	 	$	32,614	  	 	$	22,059	  	 	 	 	 	  	 	 	 	  	$	10,555	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA per Common Unit:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
- Basic and diluted	  	$	0.13	  	  	$	0.15	  	 	 	 	 	 	$	0.07	  	 	 	 	 	  	 	 	 	  	$	0.20	  	
 	 	 	 	 	 	 	 	
Net income (loss)	  	$	12,271	  	  	$	61,495	  	 	$	818,786	  	 	$	(1,963	) 	 	 	 	 	  	 	 	 	  	$	820,749	  	
Less: Income (loss) from discontinued operations, net of taxes	  	 	—  	  	  	 	—  	  	 	 	(69	) 	 	 	510	  	 	 	 	 	  	 	 	 	  	 	(579	) 	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Income (loss) from continuing operations	  	 	12,271	  	  	 	61,495	  	 	 	818,855	  	 	 	(2,473	) 	 	 	 	 	  	 	 	 	  	 	821,328	  	
Adjustments:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Restructuring and impairment charges	  	 	958	  	  	 	442	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Other restructuring charges	  	 	—  	  	  	 	—  	  	 	 	1,139	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	1,139	  	
Reorganization items, net	  	 	—  	  	  	 	—  	  	 	 	(809,048	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(809,048	) 	
Inventory step-up	  	 	—  	  	  	 	—  	  	 	 	17,249	  	 	 	17,249	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Equity based compensation expense	  	 	1,167	  	  	 	1,320	  	 	 	2,213	  	 	 	2,199	  	 	 	 	 	  	 	 	 	  	 	14	  	
Amortization of intangibles associated with continuing operations	  	 	2,937	  	  	 	4,681	  	 	 	6,504	  	 	 	5,639	  	 	 	 	 	  	 	 	 	  	 	865	  	
Foreign currency (gain) loss, net	  	 	19	  	  	 	(41,400	) 	 	 	(16,746	) 	 	 	(9,338	) 	 	 	 	 	  	 	 	 	  	 	(7,408	) 	
Derivative valuation (gain) loss, net	  	 	16	  	  	 	(312	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted Net Income	  	$	17,368	  	  	$	26,226	  	 	$	20,166	  	 	$	13,276	  	 	 	 	 	  	 	 	 	  	$	6,890	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted Net Income per Common Unit:	  	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
- Basic	  	$	0.06	  	  	$	0.09	  	 	 	 	 	 	$	0.04	  	 	 	 	 	  	 	 	 	  	$	0.13	  	
- Diluted	  	 	0.06	  	  	 	0.08	  	 	 	 	 	 	 	0.04	  	 	 	 	 	  	 	 	 	  	 	0.13	  	

MAGNACHIP SEMICONDUCTOR LLC AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of US dollars, except unit data)
(Unaudited)

 	  	Successor	 	 	Combined	 	 	Successor	 	 	 	 	  	 	 	  	Predecessor	 	
 	  	Twelve Months
Ended	 	 	Twelve Months
Ended	 	 	Two Months
Ended	 	 	 	 	  	 	 	  	Ten Months
Ended	 	
 	  	December 31,
2010	 	 	December 31,
2009	 	 	December 31,
2009	 	 	 	 	  	 	 	  	October 25,
2009	 	
Net income (loss)	  	$	74,120	  	 	$	839,143	  	 	$	(1,963	) 	 	 	 	 	  	 	 	 	  	$	841,106	  	
Less: Income (loss) from discontinued operations, net of taxes	  	 	—  	  	 	 	7,096	  	 	 	510	  	 	 	 	 	  	 	 	 	  	 	6,586	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Income (loss) from continuing operations	  	 	74,120	  	 	 	832,047	  	 	 	(2,473	) 	 	 	 	 	  	 	 	 	  	 	834,520	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Depreciation and amortization associated with continuing operations	  	 	58,395	  	 	 	48,901	  	 	 	11,218	  	 	 	 	 	  	 	 	 	  	 	37,683	  	
Interest expense, net	  	 	22,899	  	 	 	32,423	  	 	 	1,258	  	 	 	 	 	  	 	 	 	  	 	31,165	  	
Income tax expenses	  	 	8,390	  	 	 	9,241	  	 	 	1,946	  	 	 	 	 	  	 	 	 	  	 	7,295	  	
Restructuring and impairment charges	  	 	2,003	  	 	 	439	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	439	  	
Other restructuring charges	  	 	—  	  	 	 	13,313	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	13,313	  	
Reorganization items, net	  	 	—  	  	 	 	(804,573	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(804,573	) 	
Inventory step-up	  	 	867	  	 	 	17,249	  	 	 	17,249	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Equity-based compensation expense	  	 	5,239	  	 	 	2,432	  	 	 	2,199	  	 	 	 	 	  	 	 	 	  	 	233	  	
Foreign currency (gain) loss, net	  	 	(14,724	) 	 	 	(52,775	) 	 	 	(9,338	) 	 	 	 	 	  	 	 	 	  	 	(43,437	) 	
Derivative valuation (gain) loss, net	  	 	711	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	157,900	  	 	$	98,697	  	 	$	22,059	  	 	 	 	 	  	 	 	 	  	$	76,638	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted EBITDA per Common Unit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
- Basic	  	$	0.52	  	 	 	 	 	 	$	0.07	  	 	 	 	 	  	 	 	 	  	$	1.45	  	
- Diluted	  	 	0.50	  	 	 	 	 	 	 	0.07	  	 	 	 	 	  	 	 	 	  	 	1.45	  	
 	 	 	 	 	 	 	
Net income (loss)	  	$	74,120	  	 	$	839,143	  	 	$	(1,963	) 	 	 	 	 	  	 	 	 	  	$	841,106	  	
Less: Income (loss) from discontinued operations, net of taxes	  	 	—  	  	 	 	7,096	  	 	 	510	  	 	 	 	 	  	 	 	 	  	 	6,586	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Income (loss) from continuing operations	  	 	74,120	  	 	 	832,047	  	 	 	(2,473	) 	 	 	 	 	  	 	 	 	  	 	834,520	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Restructuring and impairment charges	  	 	2,003	  	 	 	439	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	439	  	
Other restructuring charges	  	 	—  	  	 	 	13,313	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	13,313	  	
Reorganization items, net	  	 	—  	  	 	 	(804,573	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(804,573	) 	
Inventory step-up	  	 	867	  	 	 	17,249	  	 	 	17,249	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Equity based compensation expense	  	 	5,239	  	 	 	2,432	  	 	 	2,199	  	 	 	 	 	  	 	 	 	  	 	233	  	
Amortization of intangibles associated with continuing operations	  	 	21,033	  	 	 	14,487	  	 	 	5,639	  	 	 	 	 	  	 	 	 	  	 	8,848	  	
Foreign currency (gain) loss, net	  	 	(14,724	) 	 	 	(52,775	) 	 	 	(9,338	) 	 	 	 	 	  	 	 	 	  	 	(43,437	) 	
Derivative valuation (gain) loss, net	  	 	711	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted Net Income	  	$	89,249	  	 	$	22,619	  	 	$	13,276	  	 	 	 	 	  	 	 	 	  	$	9,343	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Adjusted Net Income per Common Unit:	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
- Basic & Diluted	  	$	0.29	  	 	 	 	 	 	$	0.04	  	 	 	 	 	  	 	 	 	  	$	0.18	  	
We define Adjusted EBITDA as net income (loss) less income (loss) from discontinued operations, net of taxes, adjusted to exclude (i) depreciation and amortization associated with continuing operations, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) restructuring and impairment charges, (v) other restructuring charges, (vi) abandoned IPO expenses, (vii) reorganization items, net, (viii) the increase in cost of sales resulting from the fresh-start accounting inventory step-up, (ix) equity-based compensation expense, (x) foreign currency gain (loss), net and (xi) derivative valuation gain (loss), net.
We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income by adjusting net income (loss) 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) less income (loss) from discontinued operations, net of taxes, excluding (i) restructuring and impairment charges, (ii) other restructuring charges, (iii) abandoned IPO expenses, (iv) reorganization items, net, (v) the increase in cost of sales resulting from the fresh-start accounting inventory step-up, (vi) equity-based compensation expense, (vii) amortization of intangibles associated with continuing operations, (viii) foreign currency gain (loss), net and (ix) derivative valuation gain (loss), net.

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

 	  	Successor	 	
 	  	December 31,
2010	 	 	December 31,
2009	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	172,172	  	 	$	64,925	  	
Accounts receivable, net	  	 	119,054	  	 	 	74,233	  	
Inventories, net	  	 	68,435	  	 	 	63,407	  	
Other receivables	  	 	2,919	  	 	 	3,433	  	
Prepaid expenses	  	 	8,207	  	 	 	12,625	  	
Other current assets	  	 	18,920	  	 	 	3,433	  	

Total current assets	  	 	389,707	  	 	 	222,056	  	

Property, plant and equipment, net	  	 	179,012	  	 	 	156,337	  	
Intangible assets, net	  	 	27,538	  	 	 	50,158	  	
Long-term prepaid expenses	  	 	8,235	  	 	 	10,542	  	
Other non-current assets	  	 	21,252	  	 	 	14,238	  	

Total assets	  	$	625,744	  	 	$	453,331	  	

Liabilities and Unitholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	58,264	  	 	$	59,705	  	
Other accounts payable	  	 	14,645	  	 	 	7,190	  	
Accrued expenses	  	 	32,635	  	 	 	22,114	  	
Current portion of long-term debt	  	 	—  	  	 	 	618	  	
Current portion of capital lease obligations	  	 	5,557	  	 	 	—  	  	
Other current liabilities	  	 	5,048	  	 	 	3,937	  	

Total current liabilities	  	 	116,149	  	 	 	93,564	  	
 	 	 	
Long-term borrowings	  	 	246,882	  	 	 	61,132	  	
Long-term obligation under capital lease	  	 	3,105	  	 	 	—  	  	
Accrued severance benefits, net	  	 	87,778	  	 	 	72,409	  	
Other non-current liabilities	  	 	8,979	  	 	 	10,536	  	

Total liabilities	  	 	462,893	  	 	 	237,641	  	

Commitments and contingencies	  	 	 	 	 	 	 	 	
 	 	 	
Unitholders’ equity	  	 	 	 	 	 	 	 	
Common units, no par value, 375,000,000 units authorized, 307,215,516 and 307,083,996 units issued and outstanding at December 31, 2010 and 2009, respectively	  	 	55,453	  	 	 	55,135	  	
Additional paid-in capital	  	 	40,516	  	 	 	168,700	  	
Retained earnings (accumulated deficit)	  	 	72,157	  	 	 	(1,963	) 	
Accumulated other comprehensive loss	  	 	(5,275	) 	 	 	(6,182	) 	

Total unitholders’ equity	  	 	162,851	  	 	 	215,690	  	

Total liabilities and unitholders’ equity	  	$	625,744	  	 	$	453,331	  	

MAGNACHIP SEMICONDUCTOR LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)

 	  	Successor	 	 	Combined	 	 	Successor	 	 	 	 	  	 	 	  	Predecessor	 	
 	  	Year
Ended	 	 	Year
Ended	 	 	Two Months
Ended	 	 	 	 	  	 	 	  	Ten Months
Ended	 	
 	  	December 31,
2010	 	 	December 31,
2009	 	 	December 31,
2009	 	 	 	 	  	 	 	  	October 25,
2009	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net income	  	$	74,120	  	 	$	839,143	  	 	$	(1,963	) 	 	 	 	 	  	 	 	 	  	$	841,106	  	
Adjustments to reconcile net income (loss) to net cash provided by operating activities	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Depreciation and amortization	  	 	58,395	  	 	 	49,473	  	 	 	11,218	  	 	 	 	 	  	 	 	 	  	 	38,255	  	
Provision for severance benefits	  	 	19,684	  	 	 	10,686	  	 	 	1,851	  	 	 	 	 	  	 	 	 	  	 	8,835	  	
Amortization of debt issuance costs and original issue discount	  	 	925	  	 	 	836	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	836	  	
Gain on foreign currency translation, net	  	 	(17,084	) 	 	 	(54,301	) 	 	 	(10,077	) 	 	 	 	 	  	 	 	 	  	 	(44,224	) 	
Loss on disposal of property, plant and equipment, net	  	 	39	  	 	 	112	  	 	 	17	  	 	 	 	 	  	 	 	 	  	 	95	  	
Loss (gain) on disposal of intangible assets, net	  	 	13	  	 	 	(9,225	) 	 	 	5	  	 	 	 	 	  	 	 	 	  	 	(9,230	) 	
Restructuring and impairment charges	  	 	2,003	  	 	 	(1,120	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(1,120	) 	
Unit-based compensation	  	 	5,239	  	 	 	2,432	  	 	 	2,199	  	 	 	 	 	  	 	 	 	  	 	233	  	
Cash used for reorganization items	  	 	1,573	  	 	 	5,339	  	 	 	4,263	  	 	 	 	 	  	 	 	 	  	 	1,076	  	
Noncash reorganization items	  	 	—  	  	 	 	(805,649	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(805,649	) 	
Other	  	 	4,177	  	 	 	2,055	  	 	 	(667	) 	 	 	 	 	  	 	 	 	  	 	2,722	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Accounts receivable	  	 	(41,370	) 	 	 	3,513	  	 	 	16,443	  	 	 	 	 	  	 	 	 	  	 	(12,930	) 	
Inventories	  	 	(3,172	) 	 	 	5,576	  	 	 	6,739	  	 	 	 	 	  	 	 	 	  	 	(1,163	) 	
Other receivables	  	 	297	  	 	 	1,786	  	 	 	1,755	  	 	 	 	 	  	 	 	 	  	 	31	  	
Deferred tax assets	  	 	1,543	  	 	 	1,732	  	 	 	678	  	 	 	 	 	  	 	 	 	  	 	1,054	  	
Accounts payable	  	 	(5,049	) 	 	 	(7,828	) 	 	 	(14,144	) 	 	 	 	 	  	 	 	 	  	 	6,316	  	
Other accounts payable	  	 	8,483	  	 	 	(23,963	) 	 	 	(12,511	) 	 	 	 	 	  	 	 	 	  	 	(11,452	) 	
Accrued expenses	  	 	3,992	  	 	 	22,608	  	 	 	(5,687	) 	 	 	 	 	  	 	 	 	  	 	28,295	  	
Long term other payable	  	 	(2,419	) 	 	 	(370	) 	 	 	(877	) 	 	 	 	 	  	 	 	 	  	 	507	  	
Other current assets	  	 	2,997	  	 	 	9,088	  	 	 	3,192	  	 	 	 	 	  	 	 	 	  	 	5,896	  	
Other current liabilities	  	 	962	  	 	 	1,227	  	 	 	1,188	  	 	 	 	 	  	 	 	 	  	 	39	  	
Payment of severance benefits	  	 	(6,673	) 	 	 	(5,709	) 	 	 	(1,389	) 	 	 	 	 	  	 	 	 	  	 	(4,320	) 	
Other	  	 	(710	) 	 	 	(641	) 	 	 	(125	) 	 	 	 	 	  	 	 	 	  	 	(516	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net cash provided by operating activities before reorganization items	  	 	107,965	  	 	 	46,800	  	 	 	2,108	  	 	 	 	 	  	 	 	 	  	 	44,692	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Cash used for reorganization items	  	 	(1,573	) 	 	 	(5,339	) 	 	 	(4,263	) 	 	 	 	 	  	 	 	 	  	 	(1,076	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net cash provided by operating activities	  	 	106,392	  	 	 	41,461	  	 	 	(2,155	) 	 	 	 	 	  	 	 	 	  	 	43,616	  	

Cash flows from investing activities	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Proceeds from disposal of plant, property and equipment	  	 	10	  	 	 	366	  	 	 	37	  	 	 	 	 	  	 	 	 	  	 	329	  	
Proceeds from disposal of intangible assets	  	 	—  	  	 	 	9,375	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	9,375	  	
Purchase of plant, property and equipment	  	 	(43,616	) 	 	 	(8,771	) 	 	 	(1,258	) 	 	 	 	 	  	 	 	 	  	 	(7,513	) 	
Payment for intellectual property registration	  	 	(553	) 	 	 	(436	) 	 	 	(70	) 	 	 	 	 	  	 	 	 	  	 	(366	) 	
Decrease in restricted cash	  	 	—  	  	 	 	11,409	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	11,409	  	
Decrease (increase) in short-term financial instruments	  	 	329	  	 	 	(329	) 	 	 	(329	) 	 	 	 	 	  	 	 	 	  	 	—  	  	
Decrease in guarantee deposits	  	 	1,198	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Other	  	 	(1,096	) 	 	 	(73	) 	 	 	23	  	 	 	 	 	  	 	 	 	  	 	(96	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net cash used in investing activities	  	 	(43,728	) 	 	 	11,541	  	 	 	(1,597	) 	 	 	 	 	  	 	 	 	  	 	13,138	  	

Cash flows from financing activities	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Proceeds from issuance of senior notes	  	 	246,685	  	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Debt issuance costs paid	  	 	(8,313	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Issuance of new common units pursuant to the
reorganization plan	  	 	—  	  	 	 	35,280	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	35,280	  	
Repayment of long-term debt	  	 	(61,750	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Repayment of obligation under capital lease	  	 	(3,476	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
Repayment of short-term borrowings	  	 	—  	  	 	 	(33,250	) 	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	(33,250	) 	
Distribution to unitholders	  	 	(130,689	) 	 	 	—  	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net cash provided by financing activities	  	 	42,457	  	 	 	2,030	  	 	 	—  	  	 	 	 	 	  	 	 	 	  	 	2,030	  	
Effect of exchange rates on cash and cash equivalents	  	 	2,126	  	 	 	5,856	  	 	 	1,098	  	 	 	 	 	  	 	 	 	  	 	4,758	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Net increase (decrease) in cash and cash equivalents	  	 	107,247	  	 	 	60,888	  	 	 	(2,654	) 	 	 	 	 	  	 	 	 	  	 	63,542	  	

Cash and cash equivalents	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
Beginning of the period	  	 	64,925	  	 	 	4,037	  	 	 	67,579	  	 	 	 	 	  	 	 	 	  	 	4,037	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	
End of the period	  	$	172,172	  	 	$	64,925	  	 	$	64,925	  	 	 	 	 	  	 	 	 	  	$	67,579