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
12, 2009
| Commission File Number 001-16125 | |
|
Advanced
Semiconductor Engineering, Inc.
|
|
|
(
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
|
|
|
(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: February
12,
2009
By:
|
/s/
Joseph Tung
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|
|
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
Freddie
Liu, 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 2008
Taipei, Taiwan,
R.O.C., February
12, 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$18,311 million for the fourth quarter of
2008 (4Q08), down 37% year-over-year and down 29% sequentially. Net
loss for the quarter totaled NT$800 million, down from net income of NT$3,704
million in 4Q07 and net income of NT$2,212 million in 3Q08. Loss per
share for the quarter was NT$0.15 (or US$0.023 per ADS), compared to diluted
earnings per share of NT$0.64 for 4Q07 and NT$0.41 for 3Q08.
For the full year
of 2008, the Company reported net revenues of NT$94,431 million and net income
of NT$6,160 million. Diluted earnings per share for the full year of
2008 was NT$1.12, or US$0.178 per ADS.
RESULTS
OF OPERATIONS
4Q08 Results
Highlights
|
l
|
Net revenue
contribution from IC packaging operations (including module assembly),
testing operations, and substrates sold to third parties was NT$14,005
million, NT$3,830 million and NT$476 million, respectively, and each
represented approximately 76%, 21% and 3%, respectively, of total net
revenues for the quarter.
|
|
l
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Cost of
revenues was NT$15,096 million, down 23% year-over-year and down 21%
sequentially.
|
|
|
-
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Raw material
cost totaled NT$4,910 million during the quarter, representing 27% of
total net revenues, compared with NT$7,370 million and 29% of net revenues
in the previous quarter.
|
|
|
-
|
Labor cost
totaled NT$2,863 million during the quarter, representing 16% of total net
revenues, compared with NT$3,885 million and 15% of net revenues in the
previous quarter.
|
______________________
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. |
|
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$4,290 million during the
quarter, up 4% year-over-year and up 3%
sequentially.
|
|
l
|
Total
operating expenses during 4Q08 were NT$2,232 million, including NT$811
million in R&D and NT$1,421 million in SG&A, compared with
operating expenses of NT$2,733 million in 3Q08. The sequential
decrease was primarily attributable to a decrease in salary and employee
bonus adjustment in 4Q08. Total operating expenses as a
percentage of net revenues for the current quarter were 12%, up from 9% in 4Q07 and up from 11% in 3Q08.
|
|
l
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Operating profit for the quarter totaled NT$983 million, down from NT$3,896 million in the previous
quarter. Operating margin decreased to 5% in 4Q08 from 15% in 3Q8.
|
|
l
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In terms of non-operating
items:
|
|
|
-
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Net interest expense was
NT$522 million, up from NT$421 million a quarter ago primarily due to a higher
bank loan balances during the
quarter.
|
|
|
-
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Net foreign exchange loss of NT$166 million was primarily attributable to the appreciation of the U.S.
dollar against the
N.T. dollar.
|
|
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-
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Loss on
equity-method investment of NT$125 million was primarily attributable to
our investment in USI.
|
|
|
-
|
Other
non-operating expenses of NT$693 million were primarily related to the
severance pay of NT$270 million and loss from inventory valuation
adjustment of NT$215 million. Total non-operating expenses for
the quarter were NT$1,506 million, compared to NT$873 million for 4Q07 and
NT$742 million for 3Q08.
|
|
l
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Loss before
tax was NT$523 million for 4Q08, compared with income before tax of
NT$3,154 million in the previous quarter. We recorded income
tax expense of NT$300 million during the quarter, compared to income tax
expense of NT$777 million in 3Q08. Income tax expense of NT$300
million in 4Q08 was primarily related to the valuation allowance
adjustment of deferred income tax
assets.
|
|
l
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In 4Q08, net
loss was NT$800 million, compared to net income of NT$3,704 million for
4Q07 and NT$2,212 million for 3Q08.
|
|
l
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Our total
number of shares outstanding at the end of the quarter was 5,690,427,734
shares, including treasury stock owned by our subsidiaries and shares
bought back from the open market. We had bought back treasury
stock of 108,700,000 shares from the open market but had not yet cancelled
as of December 31, 2008. Our losses per share for 4Q08 was
NT$0.15, or US$0.023 per ADS, based on 5,324,543,204 weighted average
number of shares outstanding in
4Q08.
|
2008 Full-year
Results
|
l
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Net revenues
for the full year of 2008 amounted to NT$94,431 million, down 7% from
2007. The revenue contribution from IC packaging operations
(including module assembly), testing operations, and others were NT$73,392
million, NT$19,021 million, and NT$2,018 million, respectively, and each
represented approximately 78%, 20% and 2% respectively, of total net
revenues for the year.
|
|
l
|
Cost of
revenues for the full year of 2008 were NT$71,886 million, a slight
decrease compared to 2007.
|
|
|
-
|
Raw material
cost totaled NT$27,276 million during the year, representing 29% of total
net revenues, compared with NT$27,913 million and 28% of net revenues in
2007.
|
|
|
-
|
Labor cost
totaled NT$14,550 million during the year, representing 15% of total
net
|
2
| Advanced Semiconductor Engineering, Inc. |
|
revenues,
compared with NT$14,684 million and 15% of net revenues in
2007.
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$16,361 million during the
year, relatively unchanged compared to 2007. As a percentage of
net revenues, depreciation, amortization and rental expenses were 17%
during the year, up from 16% in
2007.
|
|
l
|
Gross profit
for the year was NT$22,545 million, down 23% compared to NT$29,088 million
in 2007. Gross margin was 24% for the year, down from 29% in
2007.
|
|
l
|
Total
operating expenses during 2008 were NT$10,730 million, including NT$3,812
million in R&D and NT$6,918 million in SG&A. Total
operating expenses as a percentage of net revenues was 11% in 2008, up
from 10% in 2007.
|
|
l
|
Operating
income for the year was NT$11,815 million, compared to operating income of
NT$19,297 for the previous year. Operating margin was 13% in
2008, which decreased from 19% in
2007.
|
|
l
|
Total
non-operating expenses for the year was NT$2,339 million, compared to
NT$1,945 million for 2007. The increase was primarily due to
the valuation loss from financial assets, and the severance pay recorded
in 2008.
|
|
l
|
Income before
tax was NT$9,476 million for 2008. We recognized an income tax
expense of NT$2,269 million during the
year.
|
|
l
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In 2008, net
income amounted to NT$6,160 million, compared with a net income of
NT$12,165 in 2007.
|
|
l
|
Our total
shares outstanding at the end of the year were 5,690,427,734, including
treasury stock. Our diluted EPS for 2008 was NT$1.12, or
US$0.178 per ADS, based on 5,457,356,171 weighted average number of shares
outstanding.
|
LIQUIDITY
AND CAPITAL RESOURCES
|
l
|
As of
December 31, 2008, our cash and other financial assets totaled NT$26,139
million, compared to NT$26,728 million as of September 30,
2008.
|
|
l
|
Capital
expenditures in 4Q08 totaled US$46 million, of which US$27 million was
used for IC packaging and US$19 million was used for
testing.
|
|
l
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For the full
year 2008, the Company spent US$395 million for capital expenditures,
including US$227 million for IC packaging, US$165 million for testing, and
US$3 million for interconnect
material.
|
|
l
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As of
December 31, 2008, we had total bank debt of NT$62,703 million, compared
to NT$66,367 million as of September 30, 2008. Total bank debt
consisted of NT$8,779 million of revolving working capital loans, NT$2,694
million of the current portion of long-term debt, NT$1,375 million of
long-term bonds payable and NT$49,855 million of long-term
debt. Total unused credit lines were NT$69,287
million.
|
|
l
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Current ratio
as of December 31, 2008 was 1.83, compared to 1.62 as of September 30,
2008. Net debt to equity ratio was 0.49 as of December 31,
2008.
|
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l
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Total number
of employees was 26,977 as of December 31, 2008, compared to 29,942 as of
December 31, 2007 and 30,511 as of September 30,
2008.
|
BUSINESS
REVIEW
IC Packaging
Services2
_______________
2
IC packaging services include module assembly
services.
3
| Advanced Semiconductor Engineering, Inc. |
|
|
l
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Net revenues
generated from our IC packaging operations were NT$14,005 million during
the quarter, down NT$8,556 million, or 38% year-over-year, and down
NT$6,122 million, or 30%
sequentially.
|
|
l
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Net revenues
from advanced substrate and leadframe-based packaging accounted for 86% of
total IC packaging net revenues during the quarter, which equaled the
previous quarter.
|
|
l
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Gross margin
for our IC packaging operations was 15%, down by 14 percentage points
year-over-year and by 6 percentage points
sequentially.
|
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l
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Capital
expenditures for our IC packaging operations amounted to US$27 million
during the quarter, of which US$21 million was used for wirebonding
packaging capacity and US$6 million was used for wafer bumping and flip
chip packaging equipment.
|
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l
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As of
December 31, 2008, there were 8,446 wirebonders in operation. 10
wirebonders were added and none was disposed of during the
quarter.
|
|
l
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Net revenues
from flip chip packages and wafer bumping services accounted for 15% of
total packaging net revenues, which equaled the previous
quarter.
|
Testing
Services
|
l
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Net revenues generated from our testing
operations were NT$3,830 million, down NT$1,846 million, or 33% year-over-year, and down NT$1,365 million, or 26% sequentially.
|
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l
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Final testing
contributed 81% to total testing net revenues, and was up 1% from the
previous quarter. Wafer sort contributed 15% to total testing
net revenues, down 3 percentage points from the previous
quarter. Engineering testing contributed 4% to total testing
net revenues, up 2 percentage points from the previous
quarter.
|
|
l
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Depreciation,
amortization and rental expense associated with our testing operations
amounted to NT$1,575 million, up from NT$1,538 million in 4Q07 and down
from NT$1,593 million in 3Q08.
|
|
l
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In 4Q08,
gross margin for our testing operations was 22%, down by 23 percentage
points year-over-year and down by 14 percentage points
sequentially.
|
|
l
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Capital
spending on our testing operations amounted to US$19 million during the
quarter.
|
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l
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As of
December 31, 2008, there were 1,583 testers in operation. 22
testers were added and 77 testers were disposed of during the
quarter.
|
Substrate
Operations
|
l
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PBGA
substrate manufactured by ASE amounted to NT$1,498 million for the
quarter, down NT$1,031 million, or 41% year-over-year, and down NT$783
million, or 34% from the previous quarter. Of the
total output of NT$1,498 million, NT$476 million was from sales to
external customers.
|
|
l
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Gross margin
for substrate operations was 12% during the quarter, down by 8 percentage
points year-over-year and
sequentially.
|
|
l
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In 4Q08, the
Company’s internal substrate manufacturing operations supplied 54% (by
value) of our total substrate
requirements.
|
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l
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As of
December 31, 2008, the
Company’s PBGA capacity was 52 million units per month.
|
Customers
|
l
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Our five
largest customers together accounted for approximately 30% of our total
net revenues in 4Q08, compared to 23% in 4Q07 and 27% in
3Q08. No single customer accounted for more than 10% of our
total net revenues.
|
|
l
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Our top 10
customers contributed 46% of our total net revenues during the quarter,
compared to 43% in 4Q07 and relatively unchanged compared to
3Q08.
|
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l
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Our customers
that are integrated device manufacturers, or IDMs, accounted for 42% of
our
|
4
| Advanced Semiconductor Engineering, Inc. |
|
total net revenues
during the quarter, compared to 43% in 4Q07 and 41% in 3Q08.
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., CSR plc, Freescale Semiconductor, Inc.,
MediaTek Inc., NEC Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm
Incorporated, RF Micro Devices Inc., STMicroelectronics N.V. and VIA
Technologies, Inc. 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 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 press release. 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 press
release. 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 2007 Annual Report on Form
20-F filed on June 30, 2008.
5
Supplemental
Financial Information
Consolidated
Operations
|
Amounts in
NT$ Millions
|
4Q/08
|
3Q/08
|
4Q/07
|
|
Net Revenues
|
18,311
|
25,815
|
28,976
|
|
Revenues by End
Application
|
|||
|
Communication
|
46%
|
44%
|
43%
|
|
Computer
|
19%
|
23%
|
25%
|
|
Automotive
and Consumer
|
35%
|
33%
|
31%
|
|
Others
|
0%
|
0%
|
1%
|
|
Revenues
by Region
|
|||
|
North
America
|
54%
|
55%
|
51%
|
|
Europe
|
15%
|
15%
|
13%
|
|
Taiwan
|
15%
|
18%
|
20%
|
|
Japan
|
12%
|
9%
|
7%
|
|
Other
Asia
|
4%
|
3%
|
9%
|
IC
Packaging Services
|
Amounts in
NT$ Millions
|
4Q/08
|
3Q/08
|
4Q/07
|
|
Net Revenues
|
14,005
|
20,127
|
22,561
|
|
Revenues by Packaging
Type
|
|||
|
Advanced
substrate & leadframe based
|
86%
|
89%
|
87%
|
|
Traditional
leadframe based
|
6%
|
4%
|
4%
|
|
Module
assembly
|
4%
|
4%
|
6%
|
|
Others
|
4%
|
3%
|
3%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
27
|
50
|
97
|
|
Number of
Wirebonders
|
8,446
|
8,436
|
8,003
|
Testing
Services
|
Amounts in
NT$ Millions
|
4Q/08
|
3Q/08
|
4Q/07
|
|
Net Revenues
|
3,830
|
5,195
|
5,676
|
|
Revenues by Testing
Type
|
|||
|
Final
test
|
81%
|
80%
|
76%
|
|
Wafer
sort
|
15%
|
18%
|
22%
|
|
Engineering
test
|
4%
|
2%
|
2%
|
|
Capacity
|
|||
|
CapEx (US$
Millions) *
|
19
|
45
|
60
|
|
Number of
Testers
|
1,583
|
1,638
|
1,534
|
*
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
period ended
|
||||||||
|
Dec.
31
2008
|
Sep.
30
2008
|
Dec.
31
2007
|
Dec.
31
2008
|
Dec.
31
2007
|
|||||
|
Net
revenues:
|
|||||||||
|
IC
Packaging
|
14,005
|
20,127
|
22,561
|
73,392
|
78,517
|
||||
|
Testing
|
3,830
|
5,195
|
5,676
|
19,021
|
20,007
|
||||
|
Others
|
476
|
493
|
739
|
2,018
|
2,639
|
||||
|
Total net
revenues
|
18,311
|
25,815
|
28,976
|
94,431
|
101,163
|
||||
|
Cost of
revenues
|
15,096
|
19,186
|
19,717
|
71,886
|
72,075
|
||||
|
Gross
profit
|
3,215
|
6,629
|
9,259
|
22,545
|
29,088
|
||||
|
Operating
expenses:
|
|||||||||
|
Research and
development
|
811
|
925
|
1,128
|
3,812
|
3,284
|
||||
|
Selling,
general and administrative
|
1,421
|
1,808
|
1,602
|
6,918
|
6,507
|
||||
|
Total
operating expenses
|
2,232
|
2,733
|
2,730
|
10,730
|
9,791
|
||||
|
Operating
income
|
983
|
3,896
|
6,529
|
11,815
|
19,297
|
||||
|
Net
non-operating (income) expenses:
|
|||||||||
|
Interest
expenses - net
|
522
|
421
|
293
|
1,487
|
1,226
|
||||
|
Foreign
exchange loss (gain)
|
166
|
146
|
(199)
|
(282)
|
(404)
|
||||
|
Loss (gain)
on equity-method investment
|
125
|
(69)
|
(96)
|
(77)
|
(346)
|
||||
|
Others
|
693
|
244
|
875
|
1,211
|
1,469
|
||||
|
Total
non-operating expenses
|
1,506
|
742
|
873
|
2,339
|
1,945
|
||||
|
(Loss) income
before tax
|
(523)
|
3,154
|
5,656
|
9,476
|
17,352
|
||||
|
Income tax
expense
|
300
|
777
|
1,165
|
2,269
|
3,358
|
||||
|
(Loss) income
from continuing operations and before minor interest
|
(823)
|
2,377
|
4,491
|
7,207
|
13,994
|
||||
|
Minority
interest
|
(23)
|
165
|
787
|
1,047
|
1,829
|
||||
|
Net (loss)
income
|
(800)
|
2,212
|
3,704
|
6,160
|
12,165
|
||||
|
Per share
data:
|
|||||||||
|
Earnings
(loss) per share
|
|||||||||
|
–
Basic
|
NT$(0.15)
|
NT$0.41
|
NT$0.68
|
NT$1.14
|
NT$2.26
|
||||
|
–
Diluted
|
NT$(0.15)
|
NT$0.41
|
NT$0.64
|
NT$1.12
|
NT$2.18
|
||||
|
Earnings
(loss) per equivalent ADS
|
|||||||||
|
–
Basic
|
US$(0.023)
|
US$0.067
|
US$0.105
|
US$0.181
|
US$0.344
|
||||
|
–
Diluted
|
US$(0.023)
|
US$0.066
|
US$0.099
|
US$0.178
|
US$0.332
|
||||
|
Number of
weighted average shares used in diluted EPS calculation (in
thousands)
|
5,324,543
|
5,403,832
|
5,759,515
|
5,457,356
|
5,633,145
|
||||
|
Exchange rate
(NT$ per US$1)
|
32.83
|
30.95
|
32.44
|
31.47
|
32.80
|
||||
Advanced
Semiconductor Engineering, Inc.
Summary
of Consolidated Balance Sheet Data
(In
NT$ millions)
(Unaudited)
|
As of Dec.
31, 2008
|
As of Sep.
30, 2008
|
|||||||||
|
Current
assets:
|
||||||||||
|
Cash and cash
equivalents
|
26,139
|
26,728
|
||||||||
|
Financial
assets – current
|
1,270
|
1,757
|
||||||||
|
Notes and
accounts receivable
|
11,388
|
17,875
|
||||||||
|
Inventories
|
4,992
|
5,808
|
||||||||
|
Others
|
2,578
|
3,423
|
||||||||
|
Total current
assets
|
46,367
|
55,591
|
||||||||
|
Financial
assets – non current
|
4,327
|
4,554
|
||||||||
|
Properties –
net
|
84,758
|
84,953
|
||||||||
|
Intangible
assets
|
12,592
|
12,533
|
||||||||
|
Others
|
4,146
|
4,294
|
||||||||
|
Total
assets
|
152,190
|
161,925
|
||||||||
|
Current
liabilities:
|
||||||||||
|
Short-term
debts – revolving credit
|
8,779
|
10,956
|
||||||||
|
Short-term
debts – current portion of long-term
debts
|
2,694
|
2,958
|
||||||||
|
Short-term
debts – current portion of bonds payable
|
0
|
1,375
|
||||||||
|
Notes and
accounts payable
|
5,167
|
8,868
|
||||||||
|
Others
|
8,631
|
10,077
|
||||||||
|
Total current
liabilities
|
25,271
|
34,234
|
||||||||
|
Long-term
debts
|
49,855
|
51,078
|
||||||||
|
Long-term
bonds payable
|
1,375
|
0
|
||||||||
|
Other
liabilities
|
3,728
|
2,938
|
||||||||
|
Total
liabilities
|
80,229
|
88,250
|
||||||||
|
Minority
interest
|
2,289
|
2,843
|
||||||||
|
Shareholders’
equity
|
69,672
|
70,832
|
||||||||
|
Total
liabilities & shareholders’ equity
|
152,190
|
161,925
|
||||||||
|
Current
Ratio
|
1.83
|
1.62
|
||||||||
|
Net Debt to
Equity
|
0.49
|
0.51
|
||||||||