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
October
30, 2009
| Commission File Number 001-16125 | |
|
Advanced
Semiconductor Engineering, Inc.
|
|
|
(
Exact name of Registrant as specified in its charter)
|
|
|
26
Chin Third Road
Nantze
Export Processing Zone
Kaoshiung,
Taiwan
Republic
of China
|
|
|
(Address
of principal executive offices)
|
|
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
|
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.
|
ADVANCED
SEMICONDUCTOR ENGINEERING, INC.
|
||
|
Date: October
30, 2009
By:
|
/s/
Joseph Tung
|
|
|
Name:
|
Joseph
Tung
|
|
|
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 THIRD QUARTER OF 2009
Taipei, Taiwan,
R.O.C., Oct
30, 2009 – 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$25,205 million for the third quarter of
2009 (3Q09), down 2% year-over-year and up 21% sequentially. Net
income for the quarter totaled NT$3,187 million, up from NT$2,212 million in
3Q08 and up from NT$1,674 million in 2Q09. Diluted earnings per share
for the quarter was NT$0.61 (or US$0.093 per ADS), compared to diluted earnings
per share of NT$0.41 for 3Q08 and NT$0.32 for 2Q09. For the first
three quarters of 2009, diluted earnings per share was NT$0.63 (or US$0.095 per
ADS).
RESULTS
OF OPERATIONS
3Q09
Results Highlights
|
●
|
Net revenue
contribution from IC packaging operations (including module assembly),
testing operations, and substrates sold to third parties was NT$20,005
million, NT$4,588 million and NT$612 million, respectively, and each
represented approximately 79%, 18% and 3%, respectively, of total net
revenues for the quarter.
|
|
●
|
Cost of
revenues was NT$18,848 million, down 3% year-over-year and up 15%
sequentially.
|
|
-
|
Raw material
cost totaled NT$7,442 million during the quarter, representing 30% of
total net revenue, compared with NT$6,168 million and 30% of net revenue
in the previous quarter.
|
|
-
|
Labor cost
totaled NT$3,590 million during the quarter, representing 14% of total net
revenue, compared with NT$3,028 million and 15% of net revenue in the
previous quarter.
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$4,108 million during the
quarter, down 1% year-over-year and down 1%
sequentially.
|
|
●
|
Total operating expenses
during 3Q09 were NT$2,390 million, including NT$956 million in R&D and
NT$1,434 million in SG&A, compared with operating expenses of NT$2,028
million
|
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
|
Advanced
Semiconductor Engineering, Inc.
|
|
|
in 2Q09. Total
operating expenses as a percentage of net revenue for the
current quarter were 9%,
down
from 11%
in 3Q08 and 10%
in 2Q09.
|
|
●
|
Operating
income for
the quarter totaled NT$3,967 million,
up from NT$2,496 million
in the previous quarter. Operating margin increased
to 16%
in 3Q09 from 12%
in 2Q09.
|
|
●
|
In
terms of non-operating items:
|
|
-
|
Net
interest expense was NT$303 million, down from
NT$340 million
a quarter ago primarily
due to lower average interest rates during the
quarter.
|
|
-
|
Net foreign
exchange loss of NT$30 million was primarily attributable to the
depreciation of the U.S. dollar against the N.T.
dollar.
|
|
-
|
Gain on
equity-method investments of NT$112 million was primarily attributable to
our investment in USI.
|
|
-
|
Other
non-operating income of NT$111 million was primarily related to scrap
sales and other miscellaneous gains. Total non-operating
expenses for the quarter were NT$110 million, compared to NT$561million
for 3Q08 and NT$290 million for
2Q09.
|
|
●
|
Income before
tax was NT$3,857 million for 3Q09, compared to NT$2,206 million in the
previous quarter. We recorded income tax expense of NT$558
million during the quarter, compared to NT$559 million in
2Q09.
|
|
●
|
In 3Q09, net
income was NT$3,187 million, compared to NT$2,212 million for 3Q08 and
NT$1,674 million for 2Q09.
|
|
●
|
Our total
number of shares outstanding at the end of the quarter was 5,480,262,954,
including treasury stock owned by our subsidiaries. Our 3Q09
diluted earnings per share of NT$0.61 (or US$0.093 per ADS) was based on
5,186,949,206 weighted average number of shares outstanding in
3Q09.
|
LIQUIDITY
AND CAPITAL RESOURCES
|
●
|
As of Sep 30,
2009, our cash and other financial assets totaled NT$32,520 million,
compared to NT$28,676 million as of Jun 30,
2009.
|
|
●
|
Capital
expenditures in 3Q09 totaled US$109 million, of which US$91 million was
used for IC packaging, US$17 million was used for testing and US$1 million
was used for interconnect
materials.
|
|
●
|
As of Sep 30,
2009, we had total bank debt of NT$66,381 million, compared to NT$62,176
million as of June 30, 2009. Total bank debt consisted of
NT$17,856 million of revolving working capital loans, NT$3,972 million of
the current portion of long-term debt, and NT$44,553 million of long-term
debt. Total unused credit lines amounted to NT$52,404
million.
|
|
●
|
Current ratio
as of Sep 30, 2009 was 1.52, compared to 1.90 as of Jun 30,
2009. Net debt to equity ratio was 0.48 as
of Sep 30, 2009.
|
|
●
|
Total number
of employees was 27,940 as of Sep 30, 2009, compared to 30,511 as of Sep
30, 2008 and 26,406 as of Jun 30,
2009.
|
BUSINESS
REVIEW
IC
Packaging Services2
|
●
|
Net revenues
generated from our IC packaging operations were NT$20,005 million during
the quarter, down NT$122 million, or 1% year-over-year, and up NT$3,414
million, or 21% sequentially.
|
|
●
|
Net revenues
from advanced substrate and leadframe-based packaging accounted for 88%
|
2
IC packaging services include module assembly
services.
2
|
Advanced
Semiconductor Engineering, Inc.
|
|
|
of total IC
packaging net revenues during the quarter, down by 3 percentage points
from the previous quarter.
|
|
●
|
Gross margin
for our IC packaging operations during the quarter was 21%, flat from same
period last year and up by 2 percentage points
sequentially.
|
|
●
|
Capital
expenditures for our IC packaging operations amounted to US$91 million
during the quarter, of which US$71 million was used for wirebonding
packaging capacity and US$20 million was used for wafer bumping and flip
chip packaging equipment.
|
|
●
|
As of Sep 30,
2009, there were 8,880 wirebonders in operation. 391
wirebonders were added and 12 wirebonders were disposed of during the
quarter.
|
|
●
|
Net revenues
from flip chip packages and wafer bumping services accounted for 16% of
total packaging net revenues, up by 2 percentage point from the previous
quarter.
|
Testing
Services
|
●
|
Net
revenues
generated from our testing operations were NT$4,588 million,
down NT$607 million, or 12
%
year-over-year, and up NT$711 million, or
18%, sequentially.
|
|
●
|
Net revenue
from final testing, wafer sorting, and engineering testing accounted for
82%, 15%, and 3%, respectively, of total net revenues, all of which
remained unchanged from the previous
quarter.
|
|
●
|
Depreciation,
amortization and rental expense associated with our testing operations
amounted to NT$1,436 million, down from NT$1,593 million in 3Q08 and down
from NT$1,480 million in 2Q09.
|
|
●
|
In 3Q09,
gross margin for our testing operations was 35%, down by 1 percentage
point year-over-year and up by 7 percentage points
sequentially.
|
|
●
|
Capital
spending on our testing operations amounted to US$17million during the
quarter.
|
|
●
|
As of Sep 30,
2009, there were 1,569 testers in operation. 70 testers were
added and 11 testers were disposed of during the
quarter.
|
Substrate
Operations
|
●
|
PBGA
substrate manufactured by ASE amounted to NT$2,249 million during the
quarter, down NT$32 million, or 1% year-over-year, and up NT$410 million,
or 22% from the previous quarter. Of
the total output of NT$2,249million, NT$612 million was from sales to
external customers.
|
|
●
|
Gross margin
for substrate operations was 22% during the quarter, up by 2 percentage
points year-over-year and up by 5 percentage points
sequentially.
|
|
●
|
In 3Q09, our
internal substrate manufacturing operations supplied 52% (by value) of our
total substrate requirements.
|
Customers
|
●
|
Our five
largest customers together accounted for approximately 27% of our total
net revenues in 3Q09, compared to 27% in 3Q08 and 32% in
2Q09. No single customer accounted for more than 10% of our
total net revenues.
|
|
●
|
Our top 10
customers contributed 42% of our total net revenues during the quarter,
compared to 46% in 3Q08 and 45% in
2Q09.
|
|
●
|
Our customers
that are integrated device manufacturers, or IDMs, accounted for 35% of
our total net revenues during the quarter, compared to 41% in 3Q08 and 30%
in 2Q09.
|
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,
3
|
Advanced
Semiconductor Engineering, Inc.
|
|
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.
4
Supplemental
Financial Information
Consolidated
Operations
|
Amounts in
NT$ Millions
|
3Q/09
|
2Q/09
|
3Q/08
|
|
Net
Revenues
|
25,205
|
20,881
|
25,815
|
|
Revenues
by End Application
|
|||
|
Communication
|
44%
|
49%
|
44%
|
|
Computer
|
17%
|
16%
|
23%
|
|
Automotive
and Consumer
|
37%
|
34%
|
33%
|
|
Others
|
2%
|
1%
|
0%
|
|
Revenues
by Region
|
|||
|
North
America
|
52%
|
55%
|
55%
|
|
Europe
|
13%
|
11%
|
15%
|
|
Taiwan
|
20%
|
22%
|
18%
|
|
Japan
|
10%
|
8%
|
9%
|
|
Other
Asia
|
5%
|
4%
|
3%
|
IC
Packaging Services
|
Amounts in
NT$ Millions
|
3Q/09
|
2Q/09
|
3Q/08
|
|
Net
Revenues
|
20,005
|
16,591
|
20,127
|
|
Revenues
by Packaging Type
|
|||
|
Advanced
substrate & leadframe based
|
88%
|
91%
|
89%
|
|
Traditional
leadframe based
|
6%
|
5%
|
4%
|
|
Module
assembly
|
3%
|
2%
|
4%
|
|
Others
|
3%
|
2%
|
3%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
91
|
31
|
50
|
|
Number of
Wirebonders
|
8,880
|
8,501
|
8,436
|
Testing
Services
|
Amounts in
NT$ Millions
|
3Q/09
|
2Q/09
|
3Q/08
|
|
Net
Revenues
|
4,588
|
3,877
|
5,195
|
|
Revenues
by Testing Type
|
|||
|
Final
test
|
82%
|
82%
|
80%
|
|
Wafer
sort
|
15%
|
15%
|
18%
|
|
Engineering
test
|
3%
|
3%
|
2%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
17
|
13
|
45
|
|
Number of
Testers
|
1,569
|
1,510
|
1,638
|
*
Capital expenditure amounts exclude building construction costs.
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 nine
months ended
|
|||||||||||||||||||
|
Sep.
30
2009
|
Jun.
30
2009
|
Sep.
30
2008
|
Sep.
30
2009
|
Sep.
30
2008
|
||||||||||||||||
|
Net
revenues:
|
||||||||||||||||||||
|
IC
Packaging
|
20,005 | 16,591 | 20,127 | 46,804 | 59,387 | |||||||||||||||
|
Testing
|
4,588 | 3,877 | 5,195 | 11,233 | 15,191 | |||||||||||||||
|
Others
|
612 | 413 | 493 | 1,446 | 1,541 | |||||||||||||||
|
Total net
revenues
|
25,205 | 20,881 | 25,815 | 59,483 | 76,119 | |||||||||||||||
|
Cost of
revenues
|
(18,848 | ) | (16,357 | ) | (19,384 | ) | (47,944 | ) | (57,287 | ) | ||||||||||
|
Gross
profit
|
6,357 | 4,524 | 6,431 | 11,539 | 18,833 | |||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||
|
Research and
development
|
(956 | ) | (825 | ) | (907 | ) | (2,531 | ) | (2,844 | ) | ||||||||||
|
Selling,
general and administrative
|
(1,434 | ) | (1,203 | ) | (1,809 | ) | (3,956 | ) | (5,496 | ) | ||||||||||
|
Total
operating expenses
|
(2,390 | ) | (2,028 | ) | (2,716 | ) | (6,487 | ) | (8,340 | ) | ||||||||||
|
Operating
income (loss)
|
3,967 | 2,496 | 3,715 | 5,052 | 10,493 | |||||||||||||||
|
Net
non-operating (expenses) income:
|
||||||||||||||||||||
|
Interest
expense - net
|
(303 | ) | (340 | ) | (421 | ) | (1,078 | ) | (964 | ) | ||||||||||
|
Foreign
exchange gain (loss)
|
(30 | ) | 106 | (146 | ) | (30 | ) | 449 | ||||||||||||
|
Gain (loss)
on equity-method investments
|
112 | 58 | 69 | 194 | 202 | |||||||||||||||
|
Others
|
111 | (114 | ) | (63 | ) | 278 | (181 | ) | ||||||||||||
|
Total
non-operating (expenses) income
|
(110 | ) | (290 | ) | (561 | ) | (636 | ) | (494 | ) | ||||||||||
|
Income (loss)
before tax
|
3,857 | 2,206 | 3,154 | 4,416 | 9,999 | |||||||||||||||
|
Income tax
benefit (expense)
|
(558 | ) | (559 | ) | (777 | ) | (1,066 | ) | (1,968 | ) | ||||||||||
|
(Loss) income
from continuing operations and before
minority interest
|
3,299 | 1,647 | 2,377 | 3,350 | 8,031 | |||||||||||||||
|
Minority
interest
|
(112 | ) | 27 | (165 | ) | (55 | ) | (1,071 | ) | |||||||||||
|
Net income
(loss)
|
3,187 | 1,674 | 2,212 | 3,295 | 6,960 | |||||||||||||||
|
Per share
data:
|
||||||||||||||||||||
|
Earnings
(losses) per share
|
||||||||||||||||||||
|
–
Basic
|
NT$0.62 | NT$0.33 | NT$0.41 | NT$0.64 | NT$1.29 | |||||||||||||||
|
–
Diluted
|
NT$0.61 | NT$0.32 | NT$0.41 | NT$0.63 | NT$1.26 | |||||||||||||||
|
Earnings
(losses) per equivalent ADS
|
||||||||||||||||||||
|
–
Basic
|
US$0.094 | US$0.049 | US$0.068 | US$0.096 | US$0.207 | |||||||||||||||
|
–
Diluted
|
US$0.093 | US$0.049 | US$0.067 | US$0.095 | US$0.203 | |||||||||||||||
|
Number of
weighted average shares used in diluted EPS
calculation (in thousands)
|
5,186,949 | 5,164,078 | 5,403,832 | 5,202,233 | 5,489,339 | |||||||||||||||
|
Exchange rate
(NT$ per US$1)
|
32.81 | 33.16 | 30.95 | 33.26 | 31.02 | |||||||||||||||
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Balance Sheet Data
(In
NT$ millions)
(Unaudited)
|
As of Sep.
30, 2009
|
As of Jun.
30, 2009
|
|||||||
|
Current
assets:
|
||||||||
|
Cash and cash
equivalents
|
26,059 | 20,285 | ||||||
|
Financial
assets – current
|
6,461 | 8,391 | ||||||
|
Notes and
accounts receivable
|
16,847 | 14,583 | ||||||
|
Inventories
|
5,723 | 5,215 | ||||||
|
Others
|
4,397 | 3,511 | ||||||
|
Total current
assets
|
59,487 | 51,985 | ||||||
|
Financial
assets – non current
|
4,797 | 4,587 | ||||||
|
Properties –
net
|
77,566 | 78,546 | ||||||
|
Intangible
assets
|
12,900 | 12,091 | ||||||
|
Others
|
3,932 | 3,956 | ||||||
|
Total
assets
|
158,682 | 151,165 | ||||||
|
Current
liabilities:
|
||||||||
|
Short-term
debts – revolving credit
|
17,856 | 7,888 | ||||||
|
Current
portion of long-term debts
|
3,972 | 1,932 | ||||||
|
Notes and
accounts payable
|
8,209 | 6,842 | ||||||
|
Others
|
9,047 | 10,771 | ||||||
|
Total current
liabilities
|
39,084 | 27,433 | ||||||
|
Long-term
debts
|
44,553 | 52,356 | ||||||
|
Other
liabilities
|
3,807 | 3,618 | ||||||
|
Total
liabilities
|
87,444 | 83,407 | ||||||
|
Minority
interest
|
2,664 | 2,182 | ||||||
|
Shareholders’
equity
|
68,574 | 65,576 | ||||||
|
Total
liabilities & shareholders’ equity
|
158,682 | 151,165 | ||||||
|
Current
Ratio
|
1.52 | 1.90 | ||||||
|
Net Debt to
Equity
|
0.48 | 0.49 | ||||||