Advanced Semiconductor Engineering, Inc. Reports Unaudited Consolidated Financial Results for the First Quarter of 2013

(PRNewswire) —  Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX) ("We", "ASE", or the "Company"), the world's largest independent provider of packaging and testing services, today reported unaudited net revenue[1] of NT$48,190 million for the first quarter of 2013 (1Q13), up by 12% year-over-year and down by 14% sequentially.  Net income attributable to shareholders of the parent for the quarter totaled NT$2,231 million, up from a net income attributable to shareholders of the parent of NT$2,046 million in 1Q12 and down from a net income attributable to shareholders of the parent of NT$4,373 million in 4Q12.  Diluted earnings per share for the quarter were NT$0.29 (or US$0.049 per ADS), compared to diluted earnings per share of NT$0.27 for 1Q12 and NT$0.58 for 4Q12.

Effective January 1, 2013, companies listed on the Taiwan Stock Exchange, including us, must report their financial statements under Guidelines Governing the Preparation of Financial Reports by Securities Issuers and the IFRS, International Accounting Standards, and the Interpretations as well as related guidance translated by the Accounting Research and Development Foundation and issued by the R.O.C. Financial Supervisory Commission (collectively, the "Taiwan-IFRS"). Accordingly, we have adopted Taiwan-IFRS in the ROC for our interim quarterly earnings releases beginning since the first quarter of 2013 and our annual consolidated financial statements for the year ending December 31, 2013.

RESULTS OF OPERATIONS

1Q13 Results Highlights - Consolidated

  • Net revenue contribution from packaging operations, testing operations, EMS operations, substrates sold to third parties and others was NT$24,903 million, NT$5,723 million, NT$16,383 million, NT$679 million and NT$502 million, respectively, and each represented approximately 52%, 12%, 34%, 1% and 1%, respectively, of total net revenues for the quarter.
  • Cost of revenue was NT$39,909 million, up by 11% year-over-year and down from NT$45,033 million in the previous quarter.
    • Raw material cost totaled NT$21,946 million during the quarter, representing 46% of total net revenue, compared with NT$26,136 million and 47% of total net revenue in the previous quarter.
    • Labor cost totaled NT$6,427 million during the quarter, representing 13% of total net revenue, compared with NT$6,666 million and 12% of total net revenue in the previous quarter.
    • Depreciation, amortization and rental expenses totaled NT$6,029 million during the quarter, up by 13% year-over-year and up by 3% sequentially.
  • Gross margin decreased 2.4 percentage points to 17.2% in 1Q13 from 19.6% in 4Q12.
  • Total operating expenses during 1Q13 were NT$4,678 million, including NT$1,984 million in R&D and NT$2,694 million in SG&A, compared with total operating expenses of NT$5,042 million in 4Q12.  Total operating expenses as a percentage of net revenue for the current quarter were 10%, remained the same as 1Q12, and up from 9% in 4Q12.
  • Operating income for the quarter totaled NT$3,603 million, down from NT$5,933 million in the previous quarter.  Operating margin was 7.5% in 1Q13 compared to 10.6% in 4Q12.
  • In terms of non-operating items:
    • Net interest expense was NT$490 million, down from NT$491 million in 4Q12.
    • Net foreign exchange loss of NT$473 million was primarily attributable to the appreciation of the U.S. dollar against NT dollar.
    • Loss on equity-method investments of NT$14 million was primarily attributable to our investment on Hung Ching Development & Construction Co., Ltd.
    • Gain on valuation of financial assets and liabilities was NT$615 million.
    • Other net non-operating loss of NT$82 million were primarily related to miscellaneous loss.  Total non-operating expenses for the quarter were NT$444 million, compared to total non-operating expenses of NT$242 million for 1Q12 and total non-operating expenses of NT$118 million for 4Q12.
  • Income before tax was NT$3,159 million for 1Q13, compared to NT$5,815 million in the previous quarter.  We recorded income tax expense of NT$803 million during the quarter, compared to NT$1,288 million in 4Q12.
  • In 1Q13, net income attributable to shareholders of the parent was NT$2,231 million, compared to net income attributable to shareholders of the parent of NT$2,046 million for 1Q12 and net income attributable to shareholders of the parent of NT$4,373 million for 4Q12.
  • Our total number of shares outstanding at the end of the quarter was 7,607,625,606, including treasury stock owned by our subsidiaries.  Our 1Q13 diluted earnings per share of NT$0.29 (or US$0.049 per ADS) were based on 7,568,303,296 weighted average number of shares outstanding in 1Q13.

1Q13 Results Highlights - IC ATM[2]

  • Net revenue from IC ATM was NT$31,317 million for the first quarter of 2013, up by 7% year-over-year and down by 9% sequentially.  Net revenue contribution from packaging operations, testing operations, and substrates sold to third parties was NT$24,915 million, NT$5,723 million and NT$679 million, respectively, and each represented approximately 80%, 18% and 2%, respectively, of total net revenues for the quarter.
  • Cost of revenues was NT$25,093 million, up by 6% year-over-year and down by 5% sequentially.
    • Raw material cost totaled NT$8,911 million during the quarter, representing 29% of total net revenue, compared with NT$9,880 million and 29% of total net revenue in the previous quarter.
    • Labor cost totaled NT$5,754 million during the quarter, representing 18% of total net revenue, compared with NT$5,945 million and 17% of total net revenue in the previous quarter.
    • Depreciation, amortization and rental expenses totaled NT$5,664 million during the quarter, up by 13% year-over-year and up by 3% sequentially.
  • Gross margin decreased 3.3 percentage points to 19.9% in 1Q13 from 23.2% in 4Q12.
  • Total operating expenses during 1Q13 were NT$3,555 million, including NT$1,575 million in R&D and NT$1,980 million in SG&A, compared with total operating expenses of NT$3,775 million in 4Q12.  Total operating expenses as a percentage of net revenue for 1Q13 was 11%, and remained the same as 1Q12 and 4Q12.
  • Operating income for the quarter totaled NT$2,669 million, down from NT$4,197 million in the previous quarter.  Operating margin was 8.5% in 1Q13 compared to 12.2% in 4Q12.

1Q13 Results Highlights - EMS

  • Net revenue contribution from EMS operations was NT$16,383 million, up by 19% year-over-year and down by 19% sequentially.
  • Cost of revenues was NT$14,505 million, up by 19% year-over-year and down by 19% sequentially.
    • Raw material cost totaled NT$13,047 million during the quarter, representing 80% of total net revenue, compared with NT$16,268 million and 81% of total net revenue in the previous quarter.
    • Labor cost totaled NT$674 million during the quarter, representing 4% of total net revenue, compared with NT$721 million and 4% of total net revenue in the previous quarter.
    • Depreciation, amortization and rental expenses totaled NT$260 million during the quarter, up by 35% year-over-year and up by 12% sequentially.
  • Gross margin increased to 11.5% in 1Q13 from 10.8% in 4Q12.
  • Total operating expenses during 1Q13 were NT$1,089 million , including NT$424 million in R&D and NT$665 million in SG&A, compared with total operating expenses of NT$1,206 million in 4Q12.  Total operating expenses as a percentage of net revenue for the current quarter were 7%, down from 8% in 1Q12 and up from 6% in 4Q12.
  • Operating income for the quarter totaled NT$789 million , down from NT$972 million in the previous quarter.  Operating margin was 4.8% in 1Q13 and remained the same in 4Q12.

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