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
February 5,
2010
| Commission File Number 001-16125 | |
|
Advanced
Semiconductor Engineering, Inc.
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|
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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.
|
Form 20-F
X
Form 40-F ___
|
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.
|
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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||
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Date: February
5, 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:
|
Chief
Financial Officer
|
|
Advanced
Semiconductor Engineering, Inc.
|
 |
FOR
IMMEDIATE RELEASE
Contact:
|
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
|
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
|
ADVANCED
SEMICONDUCTOR ENGINEERING, INC. REPORTS UNAUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE FOURTH QUARTER AND FULL YEAR OF 2009
Taipei, Taiwan,
R.O.C., Feb
5, 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 revenues1 of NT$26,293 million for the fourth quarter of
2009 (4Q09), up 44% year-over-year and up 4% sequentially. Net income
for the quarter totaled NT$3,450 million, up from a net loss of NT$800 million
in 4Q08 and up from net income of NT$3,187 million in 3Q09. Diluted
earnings per share for the quarter was NT$0.66 (or US$0.102 per ADS), compared
to losses per share of NT$0.15 for 4Q08 and diluted earnings per share of
NT$0.61 for 3Q09.
For the full year
of 2009, the Company reported net revenues of NT$85,775 million and net income
of NT$6,744 million. Diluted earnings per share for the full year of
2009 was NT$1.29, or US$0.195 per ADS.
RESULTS
OF OPERATIONS
4Q09 Results
Highlights
|
l
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Net revenue
contribution from IC packaging operations (including module assembly),
testing operations, and substrates sold to third parties was NT$21,131
million, NT$4,563 million and NT$599 million, respectively, and each
represented approximately 81%, 17% and 2%, respectively, of total net
revenues for the quarter.
|
|
l
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Cost of
revenues was NT$19,686 million, up 28% year-over-year and up 4%
sequentially.
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-
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Raw material
cost totaled NT$8,166 million during the quarter, representing 31% of
total net revenue, compared with NT$7,442 million and 30% of total net
revenue in the previous quarter.
|
|
-
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Labor cost
totaled NT$3,754 million during the quarter, representing 14% of total net
revenue, compared with NT$3,590 million and 14% of total net revenue in
the previous quarter.
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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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Depreciation,
amortization and rental expenses totaled NT$4,067 million during the
quarter, down 5% year-over-year and down 1%
sequentially.
|
|
l
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Total
operating expenses during 4Q09 were NT$2,645 million, including NT$1,081
million in R&D and NT$1,564 million in SG&A, compared with
operating expenses of NT$2,390 million in 3Q09. Total operating
expenses as a percentage of net revenue for the current quarter were 10%, down from 12% in 4Q08 and up from 9% in 3Q09.
|
|
l
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Operating income for the quarter totaled
NT$3,962 million, down from NT$3,967 million in the previous
quarter. Operating margin decreased to 15% in 4Q09 from 16% in
3Q09.
|
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l
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In terms of non-operating
items:
|
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-
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Net interest expense was
NT$256 million, down from NT$303 million a quarter ago primarily due to
lower average interest rates and loan balance during the
quarter.
|
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-
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Net foreign
exchange gain of NT$35 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$135 million was primarily attributable to
our investment in USI and HC.
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-
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Other
non-operating income of NT$96 million was primarily related to scrap sales
and other miscellaneous gains. Total non-operating income for
the quarter was NT$10 million, compared to non-operating expenses of
NT$1,275 million for 4Q08 and NT$110 million for
3Q09.
|
|
l
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Income before
tax was NT$3,972 million for 4Q09, compared to NT$3,857 million in the
previous quarter. We recorded income tax expense of NT$418
million during the quarter, compared to NT$558 million in
3Q09.
|
|
l
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In 4Q09, net
income was NT$3,450 million, compared to a net loss of NT$800 million for
4Q08 and net income of NT$3,187 million for
3Q09.
|
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l
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Our total
number of shares outstanding at the end of the quarter was 5,488,829,114,
including treasury stock owned by our subsidiaries. Our 4Q09
diluted earnings per share of NT$0.66 (or US$0.102 per ADS) was based on
5,200,502,367 weighted average number of shares outstanding in
4Q09.
|
2009 Full-Year
Results
|
l
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Net revenues
for the full year of 2009 amounted to NT$85,775 million, down 9% from
2008. The revenue contribution from IC packaging operations
(including module assembly), testing operations, and substrates sold to
third parties was NT$67,935 million, NT$15,795 million, and NT$2,045
million, respectively, and each represented approximately 79%, 19% and 2%
respectively, of total net revenues for the
year.
|
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l
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Cost of
revenues for the full year of 2009 were NT$67,629 million, compared with
NT$72,661 million in 2008.
|
|
l
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Gross profit
for the year was NT$18,146 million, down 17% compared to NT$21,770 million
in 2008. Gross margin was 21% for the year, down from 23% in
2008.
|
|
-
|
Raw material
cost totaled NT$25,536 million during the year, representing 30% of total
net revenues, compared with NT$27,276 million and 29% of total net
revenues in 2008.
|
|
-
|
Labor cost
totaled NT$12,897 million during the year, representing 15% of total net
revenues, compared with NT$14,550 million and 15% of total net revenues in
2008.
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$16,603 million during the
year, representing 19% of total net revenues, compared with NT$16,371
million and 17% of total net revenues in
2008.
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2
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l
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Total
operating expenses during 2009 were NT$9,132 million, including NT$3,612
million in R&D and NT$5,520 million in SG&A. Total
operating expenses as a percentage of net revenues was 11% in 2009, the
same as the period in 2008.
|
|
l
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Operating
income for the year was NT$9,014 million, compared to operating income of
NT$11,246 for the previous year. Operating margin was 11% in
2009, down from 12% in 2008.
|
|
l
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Total
non-operating expenses for the year were NT$626 million, compared to
NT$1,770 million for 2008. The decrease was primarily due to
the valuation adjustment from financial assets and liabilities, and the
gain on equity-method long-term
Investment.
|
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l
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Income before
tax was NT$8,388 million for 2009. We recognized an income tax
expense of NT$1,485 million during the
year.
|
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l
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In 2009, net
income amounted to NT$6,744 million, compared with a net income of
NT$6,160 in 2008.
|
|
l
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Our total
shares outstanding at the end of the year were 5,488,829,114, including
treasury stock owned by our subsidiaries. Our diluted earnings
per share for 2009 was NT$1.29, or US$0.195 per ADS, based on
5,207,574,499 weighted average number of shares
outstanding.
|
LIQUIDITY
AND CAPITAL RESOURCES
|
l
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As of Dec 31,
2009, our cash and other financial assets totaled NT$27,578 million,
compared to NT$32,520 million as of Sep 30,
2009.
|
|
l
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Capital
expenditures in 4Q09 totaled US$172 million, of which US$139 million was
used for IC packaging, US$32 million was used for testing and US$1 million
was used for interconnect
materials.
|
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l
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For the full
year 2009, we spent US$349 million for capital expenditures, including
US$274 million for IC packaging, US$73 million for testing, and US$2
million for interconnect material.
|
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l
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As of Dec 31,
2009, we had total bank debt of NT$63,040 million, compared to NT$66,381
million as of Sep 30, 2009. Total bank debt consisted of
NT$13,025 million of revolving working capital loans, NT$935 million of
the current portion of long-term debt, and NT$49,080 million of long-term
debt. Total unused credit lines amounted to NT$67,319
million.
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l
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Current ratio
as of Dec 31, 2009 was 1.78, compared to 1.52 as of Sep 30,
2009. Net debt to equity ratio was 0.47 as of Dec 31,
2009.
|
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l
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Total number
of employees was 29,538 as of Dec 31, 2009, compared to 26,977 as of Dec
31, 2008 and 27,940 as of Sep 30,
2009.
|
BUSINESS
REVIEW
IC Packaging
Services2
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l
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Net revenues
generated from our IC packaging operations were NT$21,131 million during
the quarter, up NT$7,126 million, or 51% year-over-year, and up NT$1,126
million, or 6% sequentially.
|
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l
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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, down by 1 percentage
point from the previous quarter.
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2 IC
packaging services include module assembly services.
3
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l
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Gross margin
for our IC packaging operations during the quarter was 21%, up by 6
percentage points last year and the same as the previous
quarter.
|
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l
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Capital
expenditures for our IC packaging operations amounted to US$139 million
during the quarter, of which US$101 million was used for wirebonding
packaging capacity and US$38 million was used for wafer bumping and flip
chip packaging equipment.
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l
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As of Dec 31,
2009, there were 9,515 wirebonders in operation. 796
wirebonders were added and 161 wirebonders were disposed of during the
quarter.
|
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l
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Net revenues
from flip chip packages and wafer bumping services accounted for 14% of
total packaging net revenues, down by 2 percentage points from the
previous quarter.
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Testing
Services
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l
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Net revenues generated from our testing
operations were
NT$4,563 million, up NT$733 million, or 19%
year-over-year, and down NT$25 million, or 1%, sequentially.
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l
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Final testing
contributed 83% to total testing net revenues, up by 1 percentage point
from the previous quarter. Wafer sort contributed 14% to total
testing net revenues, down by 1 percentage point from the previous
quarter. Engineering testing contributed 3% to total testing
net revenues, which remained unchanged from the previous
quarter.
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l
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Depreciation,
amortization and rental expense associated with our testing operations
amounted to NT$1,414 million, down from NT$1,575 million in 4Q08 and down
from NT$1,436 million in 3Q09.
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l
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In 4Q09,
gross margin for our testing operations was 35%, up by 7 percentage points
year-over-year and the same as the previous
quarter.
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l
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Capital
spending on our testing operations amounted to US$32 million during the
quarter.
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l
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As of Dec 31,
2009, there were 1,603 testers in operation. 51 testers were
added and 17 testers were disposed of during the
quarter.
|
Substrate
Operations
|
l
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PBGA
substrate manufactured by ASE amounted to NT$2,297 million during the
quarter, up NT$799 million, or 53% year-over-year, and up NT$48 million,
or 2% from the previous quarter. Of the
total output of NT$2,297 million, NT$599 million was from sales to
external customers.
|
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l
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Gross margin
for substrate operations was 25% during the quarter, up by 13 percentage
points year-over-year and up by 3 percentage points
sequentially.
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l
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In 4Q09, our
internal substrate manufacturing operations supplied 57% (by value) of our
total substrate requirements.
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Customers
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l
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Our five
largest customers together accounted for approximately 27% of our total
net revenues in 4Q09, compared to 30% in 4Q08 and 27% in
3Q09. No single customer accounted for more than 10% of our
total net revenues.
|
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l
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Our top 10
customers contributed 42% of our total net revenues during the quarter,
compared to 46% in 4Q08 and 42% in
3Q09.
|
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l
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Our customers
that are integrated device manufacturers, or IDMs, accounted for 38% of
our total net revenues during the quarter, compared to 42% in 4Q08 and 35%
in 3Q09.
|
4
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, 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 presentation
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.
5
Supplemental
Financial Information
Consolidated
Operations
|
Amounts in
NT$ Millions
|
4Q/09
|
3Q/09
|
4Q/08
|
|
Net Revenues
|
26,293
|
25,205
|
18,311
|
|
Revenues by End
Application
|
|||
|
Communication
|
44%
|
44%
|
46%
|
|
Computer
|
18%
|
17%
|
19%
|
|
Automotive
and Consumer
|
37%
|
37%
|
35%
|
|
Others
|
1%
|
2%
|
0%
|
|
Revenues
by Region
|
|||
|
North
America
|
50%
|
52%
|
54%
|
|
Europe
|
13%
|
13%
|
15%
|
|
Taiwan
|
21%
|
20%
|
15%
|
|
Japan
|
10%
|
10%
|
12%
|
|
Other
Asia
|
6%
|
5%
|
4%
|
IC
Packaging Services
|
Amounts in
NT$ Millions
|
4Q/09
|
3Q/09
|
4Q/08
|
|
Net Revenues
|
21,131
|
20,005
|
14,005
|
|
Revenues by Packaging
Type
|
|||
|
Advanced
substrate & leadframe based
|
87%
|
88%
|
86%
|
|
Traditional
leadframe based
|
6%
|
6%
|
6%
|
|
Module
assembly
|
4%
|
3%
|
4%
|
|
Others
|
3%
|
3%
|
4%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
139
|
91
|
27
|
|
Number of
Wirebonders
|
9,515
|
8,880
|
8,446
|
Testing
Services
|
Amounts in
NT$ Millions
|
4Q/09
|
3Q/09
|
4Q/08
|
|
Net Revenues
|
4,563
|
4,588
|
3,830
|
|
Revenues by Testing
Type
|
|||
|
Final
test
|
83%
|
82%
|
81%
|
|
Wafer
sort
|
14%
|
15%
|
15%
|
|
Engineering
test
|
3%
|
3%
|
4%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
32
|
17
|
19
|
|
Number of
Testers
|
1,603
|
1,569
|
1,583
|
*
Capital expenditure amounts exclude building construction costs.
6
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Income Statements Data
(In
NT$ millions, except per share data)
(Unaudited)
|
For the three
months ended
|
For the years
ended
|
||||||||
|
Dec.
31
2009
|
Sep.
30
2009
|
Dec.
31
2008
|
Dec.
31
2009
|
Dec.
31
2008
|
|||||
|
Net
revenues:
|
|||||||||
|
IC
Packaging
|
21,131
|
20,005
|
14,005
|
67,935
|
73,392
|
||||
|
Testing
|
4,563
|
4,588
|
3,830
|
15,795
|
19,021
|
||||
|
Others
|
599
|
612
|
476
|
2,045
|
2,018
|
||||
|
Total net
revenues
|
26,293
|
25,205
|
18,311
|
85,775
|
94,431
|
||||
|
Cost of
revenues
|
(19,686)
|
(18,848)
|
(15,375)
|
(67,629)
|
(72,661)
|
||||
|
Gross
profit
|
6,607
|
6,357
|
2,936
|
18,146
|
21,
770
|
||||
|
Operating
expenses:
|
|||||||||
|
Research and
development
|
(1,081)
|
(956)
|
(827)
|
(3,612)
|
(3,671)
|
||||
|
Selling,
general and administrative
|
(1,564)
|
(1,434)
|
(1,357)
|
(5,520)
|
(6,853)
|
||||
|
Total
operating expenses
|
(2,645)
|
(2,390)
|
(2,184)
|
(9,132)
|
(10,524)
|
||||
|
Operating
income (loss)
|
3,962
|
3,967
|
752
|
9,014
|
11,246
|
||||
|
Net
non-operating (expenses) income:
|
|||||||||
|
Interest
expense – net
|
(256)
|
(303)
|
(522)
|
(1,334)
|
(1,487)
|
||||
|
Foreign
exchange gain (loss)
|
35
|
(30)
|
(166)
|
4
|
282
|
||||
|
Gain (loss)
on equity-method investments
|
135
|
112
|
(125)
|
329
|
77
|
||||
|
Others
|
96
|
111
|
(462)
|
375
|
(642)
|
||||
|
Total
non-operating (expenses) income
|
10
|
(110)
|
(1,275)
|
(626)
|
(1,770)
|
||||
|
Income (loss)
before tax
|
3,972
|
3,857
|
(523)
|
8,388
|
9,476
|
||||
|
Income tax
benefit (expense)
|
(418)
|
(558)
|
(300)
|
(1,485)
|
(2,268)
|
||||
|
(Loss) income
from continuing operations and before
minority interest
|
3,554
|
3,299
|
(823)
|
6,903
|
7,208
|
||||
|
Minority
interest
|
(104)
|
(112)
|
23
|
(159)
|
(1,048)
|
||||
|
Net income
(loss)
|
3,450
|
3,187
|
(800)
|
6,744
|
6,160
|
||||
|
Per share
data:
|
|||||||||
|
Earnings
(losses) per share
|
|||||||||
|
–
Basic
|
NT$0.67
|
NT$0.62
|
NT$(0.15)
|
NT$1.31
|
NT$1.14
|
||||
|
–
Diluted
|
NT$0.66
|
NT$0.61
|
NT$(0.15)
|
NT$1.29
|
NT$1.12
|
||||
|
Earnings
(losses) per equivalent ADS
|
|||||||||
|
–
Basic
|
US$0.104
|
US$0.094
|
US$(0.023)
|
US$0.198
|
US$0.181
|
||||
|
–
Diluted
|
US$0.102
|
US$0.093
|
US$(0.023)
|
US$0.195
|
US$0.178
|
||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
5,200,502
|
5,186,949
|
5,324,543
|
5,207,574
|
5,457,356
|
||||
|
Exchange rate
(NT$ per US$1)
|
32.26
|
32.81
|
32.83
|
33.01
|
31.47
|
||||
7
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Balance Sheet Data
(In
NT$ millions)
(Unaudited)
|
As of Dec.
31, 2009
|
As of Sep.
30, 2009
|
|||||||
|
Current
assets:
|
||||||||
|
Cash and cash
equivalents
|
22,558 | 26,059 | ||||||
|
Financial
assets – current
|
5,020 | 6,461 | ||||||
|
Notes and
accounts receivable
|
17,812 | 16,847 | ||||||
|
Inventories
|
12,206 | 5,723 | ||||||
|
Others
|
3,817 | 4,397 | ||||||
|
Total current
assets
|
61,413 | 59,487 | ||||||
|
Financial
assets – non current
|
5,160 | 4,797 | ||||||
|
Properties –
net
|
79,364 | 77,566 | ||||||
|
Intangible
assets
|
12,232 | 12,900 | ||||||
|
Others
|
3,892 | 3,932 | ||||||
|
Total
assets
|
162,061 | 158,682 | ||||||
|
Current
liabilities:
|
||||||||
|
Short-term
debts – revolving credit
|
13,025 | 17,856 | ||||||
|
Current
portion of long-term debts
|
935 | 3,972 | ||||||
|
Notes and
accounts payable
|
8,954 | 8,209 | ||||||
|
Others
|
11,660 | 9,047 | ||||||
|
Total current
liabilities
|
34,574 | 39,084 | ||||||
|
Long-term
debts
|
49,080 | 44,553 | ||||||
|
Other
liabilities
|
3,693 | 3,807 | ||||||
|
Total
liabilities
|
87,347 | 87,444 | ||||||
|
Minority
interest
|
3,098 | 2,664 | ||||||
|
Shareholders’
equity
|
71,616 | 68,574 | ||||||
|
Total
liabilities & shareholders’ equity
|
162,061 | 158,682 | ||||||
|
Current
Ratio
|
1.78 | 1.52 | ||||||
|
Net Debt to
Equity
|
0.47 | 0.48 | ||||||
8