Advanced Semiconductor Engineering, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2016

(PRNewswire) — Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX) ("We", "ASE", or the "Company"), among the leading providers of packaging and testing services, today reported unaudited net revenues1 of NT$77,128 million for the fourth quarter of 2016 (4Q16), up by 2% year-over-year and up by 6% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT$7,976 million, up from a net income attributable to shareholders of the parent of NT$4,708 million in 4Q15 and up from a net income attributable to shareholders of the parent of NT$5,506 million in 3Q16. Basic earnings per share for the quarter were NT$1.04 (or US$0.164 per ADS), compared to basic earnings per share of NT$0.62 (or US$0.095 per ADS) for 4Q15 and NT$0.72 (or US$0.113 per ADS) for 3Q16. Diluted earnings per share for the quarter were NT$0.86 (or US$0.136 per ADS), compared to diluted earnings per share of NT$0.60 for 4Q15 and NT$0.64 for 3Q16.

For the full year of 2016, the Company reported net revenues of NT$274,884 million and net income attributable to shareholders of the parent of NT$21,692 million. Basic earnings per share for the full year of 2016 were NT$2.83 (or US$0.439 per ADS). Diluted earnings per share for the full year of 2016 were NT$2.35 (or US$0.364 per ADS).

RESULTS OF OPERATIONS

4Q16 Results Highlights -- Consolidated

  • Net revenue contribution from packaging operations, testing operations, EMS operations, substrates sold to third parties and others, each represented approximately 44%, 9%, 45%, 1% and 1%, respectively, of total net revenues for the quarter.
  • Cost of revenue was NT$61,751 million for the quarter, up from NT$58,671 million in 3Q16.
    • Raw material cost totaled NT$36,501 million for the quarter, representing 47% of total net revenues.
    • Labor cost totaled NT$9,324 million for the quarter, representing 12% of total net revenues.
    • Depreciation, amortization and rental expenses totaled NT$7,015 million for the quarter.
  • Gross margin increased 0.5 percentage points to 19.9% in 4Q16 from 19.4% in 3Q16.
  • Operating margin was 10.5% in 4Q16 compared to 10.2% in 3Q16.
  • In terms of non-operating items:
    • Net interest expense was NT$451 million.
    • Net foreign exchange loss of NT$308 million was primarily attributable to the appreciation of the U.S. dollar against the NT dollar.
    • Gain on valuation of financial assets and liabilities was NT$2,167 million.
    • Net gain on equity-method investments was NT$216 million, including NT$368 million of the share of profit from our investment in Siliconware Precision Industries Co., Ltd.
    • Other net non-operating expenses of NT$73 million were primarily related to miscellaneous expenses. Total non-operating income for the quarter was NT$1,551 million.
  • Income before tax was NT$9,680 million for 4Q16, compared to NT$6,875 million in 3Q16. We recorded income tax expenses of NT$1,274 million for the quarter, compared to NT$976 million in 3Q16.
  • In 4Q16, net income attributable to shareholders of the parent was NT$7,976 million, compared to net income attributable to shareholders of the parent of NT$4,708 million in 4Q15 and net income attributable to shareholders of the parent of NT$5,506 million in 3Q16.
  • Our total number of shares outstanding at the end of the quarter was 7,944,875,346, including treasury stock owned by our subsidiaries. Our 4Q16 basic earnings per share of NT$1.04 (or US$0.164 per ADS) were based on 7,675,982,652 weighted average number of shares outstanding in 4Q16. Our 4Q16 diluted earnings per share of NT$0.86 (or US$0.136 per ADS) were based on 8,255,714,437 weighted average number of shares outstanding in 4Q16.

4Q16 Results Highlights -- IC ATM2

  • Cost of revenues was NT$31,816 million for the quarter, down by 0.7% sequentially.
    • Raw material cost totaled NT$9,906 million for the quarter, representing 23% of total net revenues.
    • Labor cost totaled NT$8,103 million for the quarter, representing 19% of total net revenues.
    • Depreciation, amortization and rental expenses totaled NT$6,455 million for the quarter.
  • Gross margin increased 1.3 percentage points to 26.8% in 4Q16 from 25.5% in 3Q16.
  • Operating margin was 14.7% in 4Q16 compared to 14.4% in 3Q16.

4Q16 Results Highlights -- EMS

  • Cost of revenues for the quarter was NT$31,038 million, up by 11% sequentially.
    • Raw material cost totaled NT$26,687 million for the quarter, representing 77% of total net revenues.
    • Labor cost totaled NT$1,220 million for the quarter, representing 4% of total net revenues.
    • Depreciation, amortization and rental expenses totaled NT$593 million for the quarter.
  • Gross margin increased to 10.4% in 4Q16 from 10.0% in 3Q16.
  • Operating margin increased to 4.8% in 4Q16 from 3.9% in 3Q16.

2016 Full-Year Results Highlights -- Consolidated

  • Net revenues for the full year of 2016 amounted to NT$274,884 million, down by 3% from 2015. The revenue contribution from packaging operations, testing operations, EMS operations, substrates sold to third parties and others represented approximately 46%, 10%, 42%, 1% and 1%, respectively, of total net revenues for the year.
  • Cost of revenue for the year of 2016 was NT$221,690 million , compared with NT$233,167 million in 2015.
    • Raw material cost totaled NT$125,134 million for the year, representing 46% of total net revenues.
    • Labor cost totaled NT$35,589 million for the year, representing 13% of total net revenues.
    • Depreciation, amortization and rental expenses totaled NT$28,118 million for the year.
  • Gross margin increased 1.7 percentage points to 19.4% in 2016 from 17.7% in 2015.
  • Operating margin increased to 9.7% in 2016 from 8.8% in 2015.
  • Total non-operating income for the year was NT$1,348 million , compared to total non-operating income of NT$122 million for 2015.
  • Income before tax was NT$28,052 million for 2016. We recognized an income tax expense of NT$5,091 million for the year.
  • In 2016, net income attributable to shareholders of the parent amounted to NT$21,692 million , compared with a net income attributable to shareholders of the parent of NT$19,197 million in 2015.
  • Our total number of shares outstanding at the end of the year was 7,944,875,346, including treasury stock owned by our subsidiaries. Our 2016 basic earnings per share of NT$2.83 (or US$0.439 per ADS) were based on 7,662,869,845 weighted average number of shares outstanding in 2016. Our 2016 diluted earnings per share of NT$2.35 (or US$0.364 per ADS) were based on 8,284,186,758 weighted average number of shares outstanding in 2016.

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