FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
April 30,
2010
| Commission File Number 001-16125 | |
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Advanced
Semiconductor Engineering, Inc.
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(
Exact name of Registrant as specified in its charter)
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26
Chin Third Road
Nantze
Export Processing Zone
Kaoshiung,
Taiwan
Republic
of China
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(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
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Form 20-F
X
Form 40-F ___
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
____
Note:
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security
holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
____
Note:
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
___ No X
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If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
Signatures
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, thereunto
duly authorized.
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ADVANCED
SEMICONDUCTOR ENGINEERING, INC.
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Date: April
30, 2010
By:
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/s/
Joseph Tung
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Name:
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Joseph
Tung
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Title:
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Chief
Financial Officer
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Notice to
Holders of American Depositary Receipts
Pursuant
to Section 4.16(a) of the Amended and Restated Deposit Agreement dated September
29, 2000 and as amended November 27, 2006 between Advanced
Semiconductor Engineering, Inc. (“ASE”), Citibank, N.A., as Depositary, and the
holders and beneficial owners of American Depositary Receipts (“ADRs”) issued
and outstanding thereunder (the “Deposit Agreement”), ASE hereby informs ADR
holders that the Submission Period for the submission of shareholder proposals
pursuant to the ROC Company Law in connection with the Company’s 2010 annual
general shareholders’ meeting will begin on April 7, 2010 and end on April
16, 2010. Pursuant to Section 4.16(b) of the Deposit Agreement, any proposal
submitted by ADR holders must be received by the Depositary at least two
Business Days prior to the expiration of the Submission Period. Therefore, any
proposal submitted by ADR holders must be received by the Depositary between
April 7, 2010 and April 14, 2010. The 2010 annual general
shareholders' meeting will be held on June 14, 2010 and the ADR Record Date in
connection with this meeting is April 16, 2010. For all
enquiries, please contact Citibank Shareholder Services at 1-877-CITI-ADR
(248-4237).
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Advanced
Semiconductor Engineering Inc.
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 |
FOR IMMEDIATE RELEASE
Contact:
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ASE,
Inc.
Room 1901,
No. 333, Section 1
Keelung Road,
Taipei, Taiwan, 110
Tel: +
886.2.8780.5489
Fax: +
886.2.2757.6121
http://www.aseglobal.com
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Joseph Tung, CFO / Vice
President
Allen Kan,
Manager
ir@aseglobal.com
Clare Lin, Director (US
Contact)
clare.lin@aseus.com
Tel: +
1.408.986.6524
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ADVANCED
SEMICONDUCTOR ENGINEERING, INC. REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE FIRST QUARTER OF 2010
Taipei, Taiwan,
R.O.C., Apr
30, 2010 – Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX)
(“We”, “ASE”, or the “Company”), the world’s largest independent provider of IC
packaging and testing services, today reported unaudited net revenue1 of NT$37,555 million for the first quarter of
2010 (1Q10), up 180% year-over-year and up 43% sequentially. Net
income for the quarter totaled NT$3,395 million, up from a net loss of NT$1,567
million in 1Q09 and down slightly from net income of NT$3,450 million in
4Q09. Diluted earnings per share for the quarter was NT$0.63 (or
US$0.098 per ADS), compared to losses per share of NT$0.30 for 1Q09 and diluted
earnings per share of NT$0.66 for 4Q09.
To aid investors in
understanding the significance of the Company's successful tender offer for
78.13% of the outstanding common shares of Universal Scientific Industrial Co.,
Ltd. ("USI") in the first quarter of 2010, this earnings release includes (i)
the Company's pro forma and actual financial results both reflecting the
consolidation of USI, and (ii) consolidated financial results for
USI. USI's financial results are reflected in the Company's actual
financial results for the first quarter 2010 beginning in February
2010. The pro forma financial results reflect the completion of the
USI tender offer as if it had occurred on January 1, 2009. The
presentation of the financial results for USI and the Company as described above
are for purposes of this earnings release only.
RESULTS
OF OPERATIONS
1Q10 Results Highlights –
Actual Basis
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Net revenue
contribution from IC packaging operations (including module assembly),
testing operations, EMS operations and substrates sold to third parties
was NT$22,081 million, NT$4,662 million, NT$10,139 million, and NT$673
million, respectively, and each represented approximately 59%, 12%, 27%
and 2%, respectively, of total net revenues for the
quarter.
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Cost of
revenue was NT$29,999 million, up 135% year-over-year and up 52%
sequentially.
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1 All financial information presented
in this press release is unaudited, consolidated and prepared in accordance with
accounting principles generally accepted in the Republic of China, or ROC
GAAP. Such financial information is generated internally by us, and
has not been subjected to the same review and scrutiny, including internal
auditing procedures and audit by our independent auditors, to which we subject
our audited consolidated financial statements, and may vary materially from the
audited consolidated financial information for the same period. Any
evaluation of the financial information presented in this press release should
also take into account our published audited consolidated financial statements
and the notes to those statements. In addition, the financial
information presented is not necessarily indicative of our results for any
future period.
1
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-
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Raw material
cost totaled NT$17,130 million during the quarter, representing 46% of
total net revenue, compared with NT$8,166 million and 31% of total net
revenue in the previous quarter.
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-
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Labor cost
totaled NT$4,476 million during the quarter, representing 12% of total net
revenue, compared with NT$3,754 million and 14% of total net revenue in
the previous quarter.
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-
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Depreciation,
amortization and rental expenses totaled NT$4,188 million during the
quarter, down 2% year-over-year and up 3%
sequentially.
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Total
operating expenses during 1Q10 were NT$3,277 million, including NT$1,301
million in R&D and NT$1,976 million in SG&A, compared with
operating expenses of NT$2,645 million in 4Q09. Total operating
expenses as a percentage of net revenue for the current quarter were 9%,
down from 15% in 1Q09 and 10% in 4Q09,
respectively.
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Operating
income for the quarter totaled NT$4,279 million, up from NT$3,962 million
in the previous quarter. Operating margin decreased to 11% in
1Q10 from 15% in 4Q09.
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In terms of
non-operating items:
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-
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Net interest
expense was NT$292 million, up from NT$256 million a quarter ago primarily
due to higher loan balance during the
quarter.
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-
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Net foreign
exchange loss of NT$4 million was primarily attributable to the
depreciation of the U.S. dollar against the N.T.
dollar.
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-
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Gain on
equity-method investments of NT$32 million was primarily attributable to
our investment income in USI for the period prior to
acquisition.
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-
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Other
non-operating income of NT$58 million was primarily related to scrap sales
and other miscellaneous gains. Total non-operating expenses for
the quarter was NT$206 million, compared to non-operating expenses of
NT$235 million for 1Q09 and non-operating income of NT$10 million for
4Q09.
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Income before
tax was NT$4,073 million for 1Q10, compared to NT$3,972 million in the
previous quarter. We recorded income tax expense of NT$455
million during the quarter, compared to NT$418 million in
4Q09.
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In 1Q10, net
income was NT$3,395 million, compared to a net loss of NT$1,567 million
for 1Q09 and net income of NT$3,450 million for
4Q09.
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Our total
number of shares outstanding at the end of the quarter was 5,495,527,994,
including treasury stock owned by our subsidiaries. Our 1Q10
diluted earnings per share of NT$0.63 (or US$0.098 per ADS) was based on
5,355,311,148 weighted average number of shares outstanding in
1Q10.
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1Q10 Results Highlights –
Pro Forma Basis Assuming USI Consolidated at the Beginning of Each Applicable
Period
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Net revenue
contribution from IC packaging operations, testing operations, EMS
operations and substrates sold to third parties was NT$22,080 million,
NT$4,662 million, NT$14,506 million, and NT$673 million, respectively, and
each represented approximately 53%, 11%, 35% and 1%, respectively, of
total net revenues for the quarter.
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Cost of
revenues was NT$33,855 million, up 52% year-over-year and up 3%
sequentially.
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Total
operating expenses during 1Q10 were NT$3,616 million, including NT$1,432
million in R&D and NT$2,184 million in SG&A, compared with
operating expenses of NT$3,776 million in 4Q09. Total operating
expenses as a percentage of net revenue for the current quarter were 9%,
down from 12% in 1Q09 and the same as the previous
quarter.
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Operating
income for the quarter totaled NT$4,450 million, down from NT$4,504
million in the previous quarter. Operating margin was 11% in
1Q10, the same as the previous
quarter.
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2
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Total
non-operating expenses for the quarter was NT$244 million, compared to
non-operating expenses of NT$236 million for 1Q09 and non-operating
expenses of NT$22 million for 4Q09.
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Income before
tax was NT$4,214 million for 1Q10, compared to NT$4,482 million in the
previous quarter. We recorded income tax expense of NT$470
million during the quarter, compared to NT$505 million in
4Q09.
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In 1Q10, net
income was NT$3,488 million, compared to a net loss of NT$1,407 million
for 1Q09 and net income of NT$3,760 million for
4Q09.
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Our total
number of shares outstanding at the end of the quarter was 5,495,527,994,
including treasury stock owned by our subsidiaries. Our 1Q10
diluted earnings per share of NT$0.63 was based on 5,449,850,174 weighted
average number of shares outstanding in
1Q10.
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1Q10 Results Highlights – IC
ATM2 Basis
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Net revenue
contribution from IC packaging operations, testing operations, and
substrates sold to third parties was NT$22,088 million, NT$4,662 million
and NT$673 million, respectively, and each represented approximately 81%,
17% and 2%, respectively, of total net revenues for the
quarter.
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Cost of
revenues was NT$20,976 million, up 65% year-over-year and up 7%
sequentially.
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-
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Raw material
cost totaled NT$8,886 million during the quarter, representing 32% of
total net revenue, compared with NT$8,166 million and 31% of total net
revenue in the previous quarter.
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-
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Labor cost
totaled NT$4,135 million during the quarter, representing 15% of total net
revenue, compared with NT$3,754 million and 14% of total net revenue in
the previous quarter.
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-
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Depreciation,
amortization and rental expenses totaled NT$4,025 million during the
quarter, down 5% year-over-year and down 1%
sequentially.
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Total
operating expenses during 1Q10 were NT$2,629 million, including NT$1,035
million in R&D and NT$1,594 million in SG&A, compared with
operating expenses of NT$2,645 million in 4Q09. Total operating
expenses as a percentage of net revenue for the current quarter were10%,
down from 15% in 1Q09 and the same as the previous
quarter.
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Operating
income for the quarter totaled NT$3,818 million, down from NT$3,962
million in the previous quarter. Operating margin decreased to
14% in 1Q10 from 15% in 4Q09.
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In terms of
non-operating items:
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-
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Net interest
expense was NT$293 million, up from NT$256 million a quarter ago primarily
due to higher loan balance during the
quarter.
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-
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Net foreign
exchange gain of NT$14 million was primarily attributable to the
depreciation of the U.S. dollar against the N.T.
dollar.
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-
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Gain on
equity-method investments of NT$327 million was primarily attributable to
our investment income in USI for the period prior to
acquisition.
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-
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Other
non-operating income of NT$65 million was primarily related to scrap sales
and other miscellaneous gains. Total non-operating income for
the quarter was NT$113 million, compared to non-operating expenses of
NT$235 million for 1Q09 and non-operating income of NT$10 million for
4Q09.
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Income before
tax was NT$3,931 million for 1Q10, compared to NT$3,972 million in the
previous quarter. We recorded income tax expense of NT$395
million during the quarter, compared to NT$418 million in
4Q09.
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2 ATM stands for Semiconductor
Assembly, Testing and Material.
3
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In 1Q10, net
income was NT$3,395 million, compared to a net loss of NT$1,567 million
for 1Q09 and net income of NT$3,450 million for
4Q09.
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1Q10 Results Highlights of
USI
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Net revenue
contribution from EMS operations was NT$14,506 million, up 36%
year-over-year and down 3%
sequentially.
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Cost of
revenues was NT$12,892 million, up 36% year-over-year and down 3%
sequentially.
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-
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Raw material
cost totaled NT$11,777 million during the quarter, representing 81% of
total net revenue, compared with NT$12,136 million and 81% of total net
revenue in the previous quarter.
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-
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Labor cost
totaled NT$487 million during the quarter, representing 3% of total net
revenue, compared with NT$509 million and 3% of total net revenue in the
previous quarter.
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-
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Depreciation,
amortization and rental expenses totaled NT$253 million during the
quarter, down 29% year-over-year and up 3%
sequentially.
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Total
operating expenses during 1Q10 were NT$988 million, including NT$398
million in R&D and NT$590 million in SG&A, compared with operating
expenses of NT$1,132 million in 4Q09. Total operating expenses
as a percentage of net revenue for the current quarter were 7%, down from
9% in 1Q09 and 8% in 4Q09,
respectively.
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Operating
income for the quarter totaled NT$626 million, up from NT$535 million in
the previous quarter. Operating margin was 4% in 1Q10, the same
as the previous quarter.
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Total
non-operating expenses for the quarter was NT$20 million, compared to
non-operating income of NT$63 million for 1Q09 and non-operating income of
NT$69 million for 4Q09.
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Income before
tax was NT$606 million for 1Q10, compared to NT$604 million in the
previous quarter. We recorded income tax expense of NT$74
million during the quarter, compared to NT$86 million in
4Q09.
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In 1Q10, net
income was NT$530 million, compared to a net income of NT$264 million for
1Q09 and net income of NT$516 million for
4Q09.
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LIQUIDITY
AND CAPITAL RESOURCES – ACTUAL
BASIS
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As of March
31, 2010, our cash and current financial assets totaled NT$40,417 million,
compared to NT$27,577 million as of December 31,
2009.
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Capital
expenditures in 1Q10 totaled US$187 million, of which US$137 million was
used for IC packaging, US$43 million was used for testing, US$6 million
was used for EMS and US$1 million was used for interconnect
materials.
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As of March
31, 2010, we had total bank debt of NT$78,317 million, compared to
NT$63,040 million as of December 31, 2009. Total bank debt
consisted of NT$20,797 million of revolving working capital loans,
NT$1,438 million of the current portion of long-term debt, and NT$56,082
million of long-term debt. Total unused credit lines amounted
to NT$68,534 million.
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Current ratio
as of March 31, 2010 was 1.61, compared to 1.78 as of December 31,
2009. Net debt to equity ratio was 0.43 as of March 31,
2010.
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Total number
of employees was 42,953 as of March 31, 2010, compared to 25,032 as of
March 31, 2009 and 29,538 as of Dec 31,
2009.
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4
BUSINESS
REVIEW
IC Packaging
Services3
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Net revenues
generated from our IC packaging operations were NT$22,088 million during
the quarter, up NT$11,880 million, or 116% year-over-year, and up NT$957
million, or 5% sequentially.
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Net revenues
from advanced substrate and leadframe-based packaging accounted for 87% of
total IC packaging net revenues during the quarter, the same as the
previous quarter.
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Gross margin
for our IC packaging operations during the quarter was 19%, up by 14
percentage points from the same quarter last year and down 2 percentage
points from the previous quarter.
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Capital
expenditures for our IC packaging operations amounted to US$137 million
during the quarter, of which US$103 million was used for wirebonding
packaging capacity and US$34 million was used for wafer bumping and flip
chip packaging equipment.
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As of March
31, 2010, there were 9,817 wirebonders in operation. 646
wirebonders were added and 344 wirebonders were disposed of during the
quarter.
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Net revenues
from flip chip packages and wafer bumping services accounted for 15% of
total packaging net revenues, up by 1 percentage point from the previous
quarter.
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Testing
Services
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Net revenues
generated from our testing operations were NT$4,662 million, up NT$1,894
million, or 68% year-over-year, and up NT$99 million, or 2%,
sequentially.
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Final testing
contributed 83% to total testing net revenues, the same percentage point
as the previous quarter. Wafer sort contributed 14% to total
testing net revenues, which constant with the previous
quarter. Engineering testing contributed 3% to total testing
net revenues, which remained unchanged from the previous
quarter.
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Depreciation,
amortization and rental expense associated with our testing operations
amounted to NT$1,372 million, down from NT$1,512 million in 1Q09 and down
from NT$1,414 million in 4Q09.
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In 1Q10,
gross margin for our testing operations was 35%, up by 30 percentage
points year-over-year and the same as the previous
quarter.
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Capital
spending on our testing operations amounted to US$43 million during the
quarter.
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As of March
31, 2009, there were 1,634 testers in operation. 62 testers
were added and 31 testers were disposed of during the
quarter.
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EMS
Services
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Net revenues
generated from our EMS operations were NT$14,506 million, up NT$3,822
million, or 36% year-over-year, and down NT$464 million, or 3%,
sequentially.
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Computers
& Peripherals products contributed 25% to total EMS net revenues, down
by 2 percentage points from the previous quarter. Electronics
Packaging & EMS products contributed 28% to total EMS net revenues, up
by 2 percentage points from the previous
quarter. Communications products contributed 21% to total EMS
net revenues, down by 2 percentage points from the previous quarter.
Network Storage & Servers products contributed 9% to total EMS net
revenues, up by 1 percentage point from the previous
quarter. Industrial & Automotive products contributed 17%
to total EMS net revenues, up by 1 percentage point from the previous
quarter.
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In 1Q10,
gross margin for our EMS operations was 11%, which is the same as
year-over-year and the previous
quarter.
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3 IC packaging services include module
assembly services.
5
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Capital
spending on our EMS operations amounted to US$9 million during the
quarter.
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Substrate
Operations
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PBGA
substrate manufactured by ASE amounted to NT$2,330 million during the
quarter, up NT$1,254 million, or 117% year-over-year, and up NT$33
million, or 1% from the previous quarter. Of the
total output of NT$2,330 million, NT$673 million was from sales to
external customers.
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Gross margin
for substrate operations was 24% during the quarter, up by 31 percentage
points year-over-year and down by 1 percentage points
sequentially.
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In 1Q10, our
internal substrate manufacturing operations supplied 48% (by value) of our
total substrate requirements.
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Customers
IC ATM CONSOLIDATED
BASIS
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Our five
largest customers together accounted for approximately 30% of our total
net revenues in 1Q10, compared to 33% in 1Q09 and 27% in
4Q09. No single customer accounted for more than 10% of our
total net revenues.
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Our top 10
customers contributed 44% of our total net revenues during the quarter,
compared to 47% in 1Q09 and 43% in
4Q09.
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Our customers
that are integrated device manufacturers, or IDMs, accounted for 37% of
our total net revenues during the quarter, compared to 34% in 1Q09 and 39%
in 4Q09.
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USI CONSOLIDATED
BASIS
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Our five
largest customers together accounted for approximately 63% of our total
net revenues in 1Q10, compared to 60% in 1Q09 and 66% in
4Q09. There are four customers who
each
individually accounted for more than 10% of our total net
revenues.
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Our top 10
customers contributed 79% of our total net revenues during the quarter,
compared to 80% in 1Q09 and 83% in
4Q09.
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About
ASE, Inc.
ASE,
Inc. is the world's largest independent provider of IC packaging services and
testing services, including front-end engineering testing, wafer probing and
final testing services. ASE, Inc.’s international customer base of
more than 200 customers includes such leading names as ATI Technologies Inc.,
MediaTek Inc., NEC Electronics Corporation, NVIDIA Corporation, NXP
Semiconductors, Qualcomm Incorporated, RF Micro Devices Inc. and
STMicroelectronics N.V. With advanced technological capabilities and
a global presence spanning Taiwan, China, Korea, Japan, Singapore, Malaysia and
the United States, ASE, Inc. has established a reputation for reliable, high
quality products and services. For more information, visit our
website at http://www.aseglobal.com.
Safe
Harbor Notice
This press release
contains "forward-looking statements" within the meaning of Section 27A of the
United States Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended, including statements
regarding our future results of operations and business
prospects. Although these forward-looking statements, which may
include statements regarding our future results of operations, financial
condition or business prospects, are based on our own information and
information from other sources we believe to be reliable, you should not place
undue reliance on these forward-looking statements, which apply only as of the
date of this presentation. The words “anticipate”, “believe”,
“estimate”, “expect”, “intend”, “plan” and similar expressions, as they relate
to us, are intended to identify these forward-looking statements in this
presentation. Our actual results of operations, financial condition
or business prospects may differ materially from those expressed or implied in
these forward-looking statements for a variety of reasons, including risks
associated with cyclicality and market conditions in the semiconductor industry;
demand for the outsourced semiconductor packaging and testing services we offer
and for such outsourced services generally; the highly competitive semiconductor
industry; our ability to introduce new packaging, interconnect materials and
testing technologies in order to remain competitive; our ability to successfully
integrate pending and future mergers and acquisitions; international business
activities; our business strategy; general economic and political conditions,
including the recent global financial crisis; possible disruptions in commercial
activities caused by natural or human-induced disasters; our future expansion
plans and capital expenditures; the strained relationship between the Republic
of China and the People’s Republic of China; fluctuations in foreign currency
exchange rates; and other factors. For a discussion of these risks
and other factors, please see the documents we file from time to time with the
Securities and Exchange Commission, including our 2008 Annual Report on Form
20-F filed on June 24, 2009.
6
Supplemental
Financial Information
IC
ATM Consolidated Operations
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Amounts in
NT$ Millions
|
1Q/10
|
4Q/09
|
1Q/09
|
|
Net Revenues
|
27,423
|
26,293
|
13,397
|
|
Revenues by End
Application
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|||
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Communications
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45%
|
45%
|
49%
|
|
Computers
|
17%
|
18%
|
16%
|
|
Automotive
and Consumer
|
38%
|
36%
|
36%
|
|
Others
|
0%
|
1%
|
1%
|
|
Revenues
by Region
|
|||
|
North
America
|
50%
|
50%
|
54%
|
|
Europe
|
12%
|
13%
|
12%
|
|
Taiwan
|
23%
|
21%
|
20%
|
|
Japan
|
10%
|
10%
|
11%
|
|
Other
Asia
|
5%
|
6%
|
3%
|
IC
Packaging Services
|
Amounts in
NT$ Millions
|
1Q/10
|
4Q/09
|
1Q/09
|
|
Net Revenues
|
22,088
|
21,131
|
10,208
|
|
Revenues by Packaging
Type
|
|||
|
Advanced
substrate & leadframe based
|
87%
|
87%
|
88%
|
|
Traditional
leadframe based
|
6%
|
6%
|
6%
|
|
Module
assembly
|
4%
|
4%
|
2%
|
|
Others
|
3%
|
3%
|
4%
|
|
Capacity
|
|||
|
CapEx (US$
Millions)*
|
137
|
139
|
14
|
|
Number of
Wirebonders
|
9,817
|
9,515
|
8,419
|
Testing
Services
|
Amounts in
NT$ Millions
|
1Q/10
|
4Q/09
|
1Q/09
|
|
Net Revenues
|
4,662
|
4,563
|
2,768
|
|
Revenues by Testing
Type
|
|||
|
Final
test
|
83%
|
83%
|
86%
|
|
Wafer
sort
|
14%
|
14%
|
10%
|
|
Engineering
test
|
3%
|
3%
|
4%
|
|
Capacity
|
|||
|
CapEx (US$
Millions)*
|
43
|
32
|
10
|
|
Number of
Testers
|
1,634
|
1,603
|
1,572
|
USI
Consolidated Operations
|
Amounts in
NT$ Millions
|
1Q/10
|
4Q/09
|
1Q/09
|
|
Net Revenues
|
14,506
|
14,970
|
10,684
|
|
Revenues by End
Application
|
|||
|
Computers
& Peripherals
|
25%
|
27%
|
27%
|
|
Communications
|
21%
|
23%
|
23%
|
|
Network
Storage & Servers
|
9%
|
8%
|
10%
|
|
Electronics
Packaging & EMS
|
28%
|
26%
|
25%
|
|
Industrial&Automotive
Products
|
17%
|
16%
|
15%
|
|
Capacity
|
|||
|
CapEx (US$
Millions)*
|
9
|
5
|
1
|
*
Capital expenditure amounts exclude building construction
costs.
7
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Income Statements Data – Actual Basis*
(In
NT$ millions, except per share data)
(Unaudited)
|
For the three
months ended
|
||||||||||||
|
Mar.
31
2010
|
Dec.
31
2009
|
Mar.
31
2009
|
||||||||||
|
Net
revenues:
|
||||||||||||
|
IC
Packaging
|
22,081 | 21,131 | 10,208 | |||||||||
|
Testing
|
4,662 | 4,563 | 2,768 | |||||||||
|
EMS
|
10,139 | - | - | |||||||||
|
Others
|
673 | 599 | 421 | |||||||||
|
Total net
revenues
|
37,555 | 26,293 | 13,397 | |||||||||
|
Cost of
revenues
|
(29,999 | ) | (19,686 | ) | (12,739 | ) | ||||||
|
Gross
profit
|
7,556 | 6,607 | 658 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Research and
development
|
(1,301 | ) | (1,081 | ) | (750 | ) | ||||||
|
Selling,
general and administrative
|
(1,976 | ) | (1,564 | ) | (1,319 | ) | ||||||
|
Total
operating expenses
|
(3,277 | ) | (2,645 | ) | (2,069 | ) | ||||||
|
Operating
income (loss)
|
4,279 | 3,962 | (1,411 | ) | ||||||||
|
Net
non-operating (expenses) income:
|
||||||||||||
|
Interest
expense – net
|
(292 | ) | (256 | ) | (435 | ) | ||||||
|
Foreign
exchange gain (loss)
|
(4 | ) | 35 | (107 | ) | |||||||
|
Gain (loss)
on equity-method investments
|
32 | 135 | 24 | |||||||||
|
Others
|
58 | 96 | 283 | |||||||||
|
Total
non-operating (expenses) income
|
(206 | ) | 10 | (235 | ) | |||||||
|
Income (loss)
before tax
|
4,073 | 3,972 | (1,646 | ) | ||||||||
|
Income tax
benefit (expense)
|
(455 | ) | (418 | ) | 50 | |||||||
|
(Loss) income
from continuing operations and
before
minority interest
|
3,618 | 3,554 | (1,596 | ) | ||||||||
|
Minority
interest
|
(223 | ) | (104 | ) | 29 | |||||||
|
Net income
(loss)
|
3,395 | 3,450 | (1,567 | ) | ||||||||
|
Per share
data:
|
||||||||||||
|
Earnings
(losses) per share
|
||||||||||||
|
–
Basic
|
NT$0.64 | NT$0.67 | NT$(0.30 | ) | ||||||||
|
–
Diluted
|
NT$0.63 | NT$0.66 | NT$(0.30 | ) | ||||||||
|
Earnings
(losses) per equivalent ADS
|
||||||||||||
|
–
Basic
|
US$0.100 | US$0.104 | US$(0.045 | ) | ||||||||
|
–
Diluted
|
US$0.098 | US$0.102 | US$(0.045 | ) | ||||||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
5,355,311 | 5,200,502 | 5,183,404 | |||||||||
|
Exchange rate
(NT$ per US$1)
|
31.95 | 32.26 | 33.82 | |||||||||
*
Figures above reflects consolidation of USI starting in
February 2010.
8
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Income Statements Data – Pro Forma Basis Assuming USI
Consolidated at the Beginning of Each Applicable Period
(In
NT$ millions, except per share data)
(Unaudited)
|
For the three
months ended
|
||||||||||||
|
Mar.
31
2010
|
Dec.
31
2009
|
Mar.
31
2009
|
||||||||||
|
Net
revenues:
|
||||||||||||
|
IC
Packaging
|
22,080 | 21,122 | 10,204 | |||||||||
|
Testing
|
4,662 | 4,563 | 2,768 | |||||||||
|
EMS
|
14,506 | 14,970 | 10,684 | |||||||||
|
Others
|
673 | 599 | 421 | |||||||||
|
Total net
revenues
|
41,921 | 41,254 | 24,077 | |||||||||
|
Cost of
revenues
|
(33,855 | ) | (32,974 | ) | (22,231 | ) | ||||||
|
Gross
profit
|
8,066 | 8,280 | 1,846 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Research and
development
|
(1,432 | ) | (1,517 | ) | (1,109 | ) | ||||||
|
Selling,
general and administrative
|
(2,184 | ) | (2,259 | ) | (1,894 | ) | ||||||
|
Total
operating expenses
|
(3,616 | ) | (3,776 | ) | (3,003 | ) | ||||||
|
Operating
income (loss)
|
4,450 | 4,504 | (1,157 | ) | ||||||||
|
Net
non-operating (expenses) income:
|
||||||||||||
|
Total
non-operating (expenses) income
|
(236 | ) | (22 | ) | (224 | ) | ||||||
|
Income (loss)
before tax
|
4,214 | 4,482 | (1,381 | ) | ||||||||
|
Income tax
benefit (expense)
|
(470 | ) | (505 | ) | 3 | |||||||
|
(Loss) income
from continuing operations and
before
minority interest
|
3,744 | 3,977 | (1,378 | ) | ||||||||
|
Minority
interest
|
(256 | ) | (217 | ) | (29 | ) | ||||||
|
Net income
(loss)
|
3,488 | 3,760 | (1,407 | ) | ||||||||
|
Per share
data:
|
||||||||||||
|
Earnings
(losses) per share
|
||||||||||||
|
–
Basic
|
NT$0.65 | NT$0.70 | NT$(0.26 | ) | ||||||||
|
–
Diluted
|
NT$0.63 | NT$0.69 | NT$(0.26 | ) | ||||||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
5,449,850 | 5,418,669 | 5,401,571 | |||||||||
9
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Income Statements Data – IC ATM Basis
(In
NT$ millions, except per share data)
(Unaudited)
|
For the three
months ended
|
||||||||||||
|
Mar.
31
2010
|
Dec.
31
2009
|
Mar.
31
2009
|
||||||||||
|
Net
revenues:
|
||||||||||||
|
IC
Packaging
|
22,088 | 21,131 | 10,208 | |||||||||
|
Testing
|
4,662 | 4,563 | 2,768 | |||||||||
|
Others
|
673 | 599 | 421 | |||||||||
|
Total net
revenues
|
27,423 | 26,293 | 13,397 | |||||||||
|
Cost of
revenues
|
(20,976 | ) | (19,686 | ) | (12,739 | ) | ||||||
|
Gross
profit
|
6,447 | 6,607 | 658 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Research and
development
|
(1,035 | ) | (1,081 | ) | (750 | ) | ||||||
|
Selling,
general and administrative
|
(1,594 | ) | (1,564 | ) | (1,319 | ) | ||||||
|
Total
operating expenses
|
(2,629 | ) | (2,645 | ) | (2,069 | ) | ||||||
|
Operating
income (loss)
|
3,818 | 3,962 | (1,411 | ) | ||||||||
|
Net
non-operating (expenses) income:
|
||||||||||||
|
Interest
expense – net
|
(293 | ) | (256 | ) | (435 | ) | ||||||
|
Foreign
exchange gain (loss)
|
14 | 35 | (107 | ) | ||||||||
|
Gain (loss)
on equity-method investments
|
327 | 135 | 24 | |||||||||
|
Others
|
65 | 96 | 283 | |||||||||
|
Total
non-operating (expenses) income
|
113 | 10 | (235 | ) | ||||||||
|
Income (loss)
before tax
|
3,931 | 3,972 | (1,646 | ) | ||||||||
|
Income tax
benefit (expense)
|
(395 | ) | (418 | ) | 50 | |||||||
|
(Loss) income
from continuing operations and
before
minority interest
|
3,536 | 3,554 | (1,596 | ) | ||||||||
|
Minority
interest
|
(141 | ) | (104 | ) | 29 | |||||||
|
Net income
(loss)
|
3,395 | 3,450 | (1,567 | ) | ||||||||
|
Per share
data:
|
||||||||||||
|
Earnings
(losses) per share
|
||||||||||||
|
–
Basic
|
NT$0.64 | NT$0.67 | NT$(0.30 | ) | ||||||||
|
–
Diluted
|
NT$0.63 | NT$0.66 | NT$(0.30 | ) | ||||||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
5,355,311 | 5,200,502 | 5,183,404 | |||||||||
10
Universal
Scientific Industrial Co., Ltd.
Summary
of Consolidated Income Statements Data
(In
NT$ millions, except per share data)
(Unaudited)
|
For the three
months ended
|
||||||||||||
|
Mar.
31
2010
|
Dec.
31
2009
|
Mar.
31
2009
|
||||||||||
|
Net
revenues:
|
||||||||||||
|
Total net
revenues
|
14,506 | 14,970 | 10,684 | |||||||||
|
Cost of
revenues
|
(12,892 | ) | (13,303 | ) | (9,501 | ) | ||||||
|
Gross
profit
|
1,614 | 1,667 | 1,183 | |||||||||
|
Operating
expenses:
|
||||||||||||
|
Research and
development
|
(398 | ) | (436 | ) | (360 | ) | ||||||
|
Selling,
general and administrative
|
(590 | ) | (696 | ) | (574 | ) | ||||||
|
Total
operating expenses
|
(988 | ) | (1,132 | ) | (934 | ) | ||||||
|
Operating
income (loss)
|
626 | 535 | 249 | |||||||||
|
Net
non-operating (expenses) income:
|
||||||||||||
|
Total
non-operating (expenses) income
|
(20 | ) | 69 | 63 | ||||||||
|
Income (loss)
before tax
|
606 | 604 | 312 | |||||||||
|
Income tax
benefit (expense)
|
(74 | ) | (86 | ) | (47 | ) | ||||||
|
(Loss) income
from continuing operations and
before
minority interest
|
532 | 518 | 265 | |||||||||
|
Minority
interest
|
(2 | ) | (2 | ) | (1 | ) | ||||||
|
Net income
(loss)
|
530 | 516 | 264 | |||||||||
|
Per share
data:
|
||||||||||||
|
Earnings
(losses) per share
|
||||||||||||
|
–
Basic
|
NT$0.50 | NT$0.49 | NT$0.25 | |||||||||
|
–
Diluted
|
NT$0.49 | NT$0.47 | NT$0.25 | |||||||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
1,086,926 | 1,077,941 | 1,065,162 | |||||||||
11
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Balance Sheet Data – Actual Basis*
(In
NT$ millions)
(Unaudited)
|
As of Mar.
31, 2010
|
As of Dec.
31, 2009
|
|||||||
|
Current
assets:
|
||||||||
|
Cash and cash
equivalents
|
36,505 | 22,557 | ||||||
|
Financial
assets – current
|
3,912 | 5,020 | ||||||
|
Notes and
accounts receivable
|
33,396 | 17,812 | ||||||
|
Inventories
|
20,687 | 12,206 | ||||||
|
Others
|
5,623 | 3,818 | ||||||
|
Total current
assets
|
100,123 | 61,413 | ||||||
|
Financial
assets – non current
|
2,430 | 5,160 | ||||||
|
Properties –
net
|
86,748 | 79,364 | ||||||
|
Intangible
assets
|
16,504 | 12,233 | ||||||
|
Others
|
3,993 | 3,891 | ||||||
|
Total
assets
|
209,798 | 162,061 | ||||||
|
Current
liabilities:
|
||||||||
|
Short-term
debts – revolving credit
|
20,797 | 13,025 | ||||||
|
Current
portion of long-term debts
|
1,438 | 935 | ||||||
|
Notes and
accounts payable
|
23,787 | 8,954 | ||||||
|
Others
|
16,263 | 11,660 | ||||||
|
Total current
liabilities
|
62,285 | 34,574 | ||||||
|
Long-term
debts
|
56,082 | 49,080 | ||||||
|
Other
liabilities
|
3,991 | 3,693 | ||||||
|
Total
liabilities
|
122,358 | 87,347 | ||||||
|
Minority
interest
|
7,235 | 3,098 | ||||||
|
Shareholders’
equity
|
80,205 | 71,616 | ||||||
|
Total
liabilities & shareholders’ equity
|
209,798 | 162,061 | ||||||
|
Current
Ratio
|
1.61 | 1.78 | ||||||
|
Net Debt to
Equity
|
0.43 | 0.47 | ||||||
* Figures above reflects consolidation
of USI starting in February
2010.
12
Universal
Scientific Industrial Co., Ltd.
Summary
of Consolidated Balance Sheet Data
(In
NT$ millions)
(Unaudited)
|
As of Mar.
31, 2010
|
As of Dec.
31, 2009
|
|||||||
|
Current
assets:
|
||||||||
|
Cash and cash
equivalents
|
10,144 | 8,505 | ||||||
|
Financial
assets – current
|
597 | 553 | ||||||
|
Notes and
accounts receivable
|
14,054 | 14,119 | ||||||
|
Inventories
|
6,892 | 5,301 | ||||||
|
Others
|
541 | 481 | ||||||
|
Total current
assets
|
32,228 | 28,959 | ||||||
|
Financial
assets – non current
|
575 | 636 | ||||||
|
Properties –
net
|
4,886 | 4,917 | ||||||
|
Intangible
assets
|
155 | 157 | ||||||
|
Others
|
941 | 966 | ||||||
|
Total
assets
|
38,785 | 35,635 | ||||||
|
Current
liabilities:
|
||||||||
|
Short-term
debts – revolving credit
|
5,219 | 3,962 | ||||||
|
Current
portion of long-term debts
|
140 | - | ||||||
|
Notes and
accounts payable
|
14,160 | 12,972 | ||||||
|
Others
|
2,104 | 2,090 | ||||||
|
Total current
liabilities
|
21,623 | 19,024 | ||||||
|
Long-term
debts
|
210 | 100 | ||||||
|
Other
liabilities
|
334 | 333 | ||||||
|
Total
liabilities
|
22,167 | 19,457 | ||||||
|
Minority
interest
|
33 | 31 | ||||||
|
Shareholders’
equity
|
16,585 | 16,147 | ||||||
|
Total
liabilities & shareholders’ equity
|
38,785 | 35,635 | ||||||
13