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
January
31, 2008
|
Commission
File Number 001-16125
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|
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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
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(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.
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ADVANCED
SEMICONDUCTOR
ENGINEERING, INC. |
||
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Date:
January 31,
2008
By:
|
/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
Freddie
Liu, Vice President
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 FOURTH-QUARTER AND FULL-YEAR of YEAR 2007
Taipei,
Taiwan,
R.O.C., January
31, 2008
– 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$28,976 million for the fourth quarter of 2007 (4Q07), up 28%
year-over-year and up 4% sequentially. Net income for the quarter
totaled NT$3,704 million, up from NT$2,734 million in 4Q06 and down from
NT$4,225 million in 3Q07. Diluted earnings per share for the quarter
was NT$0.66 (or US$0.102 per ADS), compared to NT$0.51 for 4Q06 and NT$0.79
for
3Q07.
For
the full year of
2007, the Company reported net revenues of NT$101,163 million and net income
of
NT$12,165 million. Diluted earnings per share for the full year of
2007 was NT$2.26, or US$0.344 per ADS.
RESULTS
OF
OPERATIONS
4Q07
Results Highlights
|
l
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Net
revenues
contribution from IC packaging operations (including module assembly),
testing operations, and substrates sold to third parties were NT$22,561
million, NT$5,676 million and NT$739 million, respectively, and
each
represented approximately 78%, 20% and 2% respectively, of total
net
revenues for the quarter.
|
|
l
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Cost
of
revenues was NT$19,603 million, up 21% year-over-year and up 2%
sequentially.
|
|
-
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As
a
percentage of total net revenues, cost of revenues was 68% in 4Q07,
down
from 72% in 4Q06 and down from 70% in
3Q07.
|
|
-
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Raw
material
cost totaled NT$8,004 million during the quarter, representing
28% of
total net revenues, compared with NT$7,830 million and 28% of net
revenues
in the previous quarter.
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$4,141 million during
the
quarter, up 9% year-over-year and up 1%
sequentially.
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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 review 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
January
31,
2008
|
Advanced
Semiconductor Engineering, Inc.
|
|
|
l
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Total
operating expenses during 4Q07 were NT$2,730 million, including
NT$1,128
million in R&D and NT$1,602 million in SG&A. Compared
with operating expense of NT$2,321 million in 3Q07, the sequential
increase was primarily attributable to the expansion of our R&D
function and the expenses incurred from our new initiatives in
China, as
well as the professional fees related to the privatization of ASE
Test. Total operating expenses as a percentage of net revenues
for the current quarter
were 9%,
down
from 10% in 4Q06
and up
from 8%
in 3Q07.
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Operating
profit for
the quarter
totaled
NT$6,643 million,
up
from NT$6,109
million in the previous
quarter. Operating margin increased
from
22%
in 3Q07
to
23%
in 4Q07.
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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$293
million,
slightly up from
NT$273 million
a quarter ago.
|
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-
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Net
exchange gain of
NT$198 million
was primarily attributable
to the exchange
gain
from the appreciation of the
Renminbi against the U.S. dollar.
|
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-
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Gain
on
long-term investment of NT$96 million was primarily attributed
to
investment income of NT$99 million from USI, investment income
of NT$1
million from Hung Ching Construction, and partially offset by investment
loss of other invested companies.
|
|
-
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Total
non-operating expenses totaled NT$987 million, compared to NT$185
million
for 4Q06 and NT$280 million for 3Q07. Due to the low
utilization of our build-up substrate operation, the company took
an asset
impairment loss and provision for inventory adjustment for a total
amount
of NT$853 million.
|
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l
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Income
before
tax was NT$5,656 million for 4Q07, compared with NT$5,829 million
in the
previous quarter. We recorded an income tax expense of NT$1,165
million during the quarter, compared with an income tax expense
of
NT$1,008 million in 3Q07. Minority interest was NT$787 million
for 4Q07.
|
|
l
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In
4Q07, net
income was NT$3,704 million, compared to net income of NT$2,734
million
for 4Q06 and NT$4,225 million for 3Q07.
|
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l
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Our
total
number of shares outstanding at the end of the quarter was 5,255,505,908,
excluding treasury stock. Our diluted EPS for 4Q07 was NT$0.66,
or US$0.102 per ADS, based on 5,559,851,477 weighted average number
of
shares outstanding during the fourth
quarter.
|
2007
Full-year Results
|
l
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Net
revenues
for the full year of 2007 amounted to NT$101,163 million, up 1%
from
2006. The revenue contribution from IC packaging operations
(including module assembly), testing operations, and others were
NT$78,517
million, NT$20,007 million, and NT$2,639 million, respectively,
and each
represented approximately 78%, 20% and 2% respectively, of total
net
revenues for the year.
|
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l
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Costs
of
revenues for the full year of 2007 were NT$71,961 million, a slight
increase compared to 2006.
|
|
-
|
As
a
percentage of net revenues, cost of revenues was 71% in 2007, relatively
unchanged compared to 2006.
|
|
-
|
Depreciation,
amortization and rental expenses totaled NT$16,359 million during
the
year, up 8% compared to 2006. As a percentage of net revenues,
depreciation, amortization and rental expenses were 16% during
the year,
up from 15% in 2006. The increase in depreciation, amortization
and rental expense was primarily due to our new operations set
up in China
and Chung Li during
2007.
|
|
l
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Gross
profit
for the year was NT$29,202 million, up 1% compared to NT$28,780
million in
2006. Gross margin was 29% for the year, relatively unchanged
compared to 2006.
|
|
l
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Total
operating expenses during 2007 were NT$9,791 million, including
NT$3,284
million in R&D and NT$6,507 million in SG&A. Total
operating expenses as a percentage of net revenues was 10% in 2007,
up
from 8% in 2006.
|
|
l
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Operating
income for the year was NT$19,411 million, compared to income of
NT$20,446
for the previous year. Operating margin was 19% in 2007, which
decreased from 20% in 2006.
|
|
l
|
Total
non-operating expenses for the year was NT$2,059 million, compared
to
non-operating income of NT$1,806 million for 2006. The
difference was primarily due to the insurance payment received
in 2006,
and the impairment loss recorded in 2007.
|
|
l
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Income
before
tax was NT$17,352 million for 2007. We recognized an income tax
expense of NT$3,358 million during the year. Minority interest
was NT$1,829 million.
|
|
l
|
In
2007, net
income amounted to NT$12,165 million, compared with a net income
of
NT$17,416 in 2006.
|
|
l
|
Our
total
shares outstanding at the end of the year were 5,255,505,908, excluding
treasury stock. Our diluted EPS for 2007 was NT$2.26, or
US$0.344 per ADS, based on 5,436,442,583 weighted average number
of shares
outstanding.
|
LIQUIDITY
AND CAPITAL RESOURCES
|
l
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As
of December
31, 2007, our cash and other financial assets totaled NT$28,216
million,
compared to NT$24,631 million on September 30, 2007.
|
|
l
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Capital
expenditures in 4Q07 totaled US$162 million, of which US$97 million
was
for IC packaging, US$60 million was for testing, and US$5 million
was for
interconnect materials.
|
|
l
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For
the full
year 2007, the Company spent US$446 million for capital expenditures,
including US$262 million for IC packaging, US$178 million for testing,
and
US$6 million for interconnect material.
|
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l
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As
of December
30, 2007, we had total bank debts of NT$39,710 million, compared
to
NT$38,145 million as of September 30, 2007. Total bank debts
consisted of NT$9,072 million of revolving working capital loans,
NT$5,327
million of current portion of long-term debts, NT$1,375 million
of current
portion of bonds payable, NT$18,046 million of long-term debts
and
NT$5,890 million of long-term bonds payable. Total unused
credit lines were NT$57,471 million.
|
|
l
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Current
ratio
as of December 31, 2007 was 1.59, compared to 1.69 as of September
30,
2007 and net debt to equity ratio was 0.13 as of December 31,
2007.
|
|
l
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Total
number
of employees was 29,942 as of December 31,
2007.
|
BUSINESS
REVIEW
IC
Packaging Services2
|
l
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Net
revenues
generated from our IC packaging operations were NT$22,561 million
during
the quarter, up by NT$5,375 million or 31% year-over-year and up
by NT$917
million or 4% sequentially. On a sequential basis, the increase
in packaging net revenue was primarily due to volume
increase.
|
|
l
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Net
revenues
from advanced substrate and leadframe-based packaging accounted
for
83% of total IC packaging net revenues during the quarter, down
by two percentage points compared with the previous
quarter.
|
____________
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l
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Gross
margin
for our IC packaging operations was 28%, up by 3 percentage points
year-over-year and up by 2 percentage points sequentially.
|
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l
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Capital
expenditure for our IC packaging operations amounted to US$97 million
during the quarter, of which US$78 million was for wirebonding
packaging
capacity, and US$19 million was for wafer bumping and flip chip
packaging
equipment.
|
|
l
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As
of December
31, 2007, there were 8,003 wirebonders in operation, of which 528
wirebonders were added and 174 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
10% of
total packaging net revenues, relatively unchanged compared with
the
previous quarter.
|
Testing
Services
|
l
|
Net
revenues
generated from our testing operations were NT$5,676 million, up
by NT$879
million or 18% year-over-year and up by NT$394 million or 7%
sequentially. The increase in testing net revenues was
primarily due to an increase in testing volume.
|
|
l
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Final
testing
contributed 76% to total testing net revenues, relatively unchanged
compared with the previous quarter. Wafer sort contributed 22%
to total testing net revenues, up by one percentage point from
the
previous quarter. Engineering testing contributed 2% to total
testing net revenues, down by one percentage point from the previous
quarter.
|
|
l
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Depreciation,
amortization and rental expense associated with our testing operations
amounted to NT$1,538 million, down from NT$1,556 million in 4Q06
and up
from NT$1,517 million in 3Q07.
|
|
l
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In
4Q07, gross
margin for our testing operations was 45%, up by nine percentage
points
year-over-year and up by four percentage points
sequentially. The sequential increase in gross margin was
primarily due to the increase of sales and
utilization.
|
|
l
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Capital
spending on our testing operations amounted to US$60 million during
the
quarter.
|
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l
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As
of December
31, 2007, there were 1,534 testers in operations, of which 56 testers
were
added and 102 testers were disposed of during the
quarter.
|
Substrate
Operations
|
l
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PBGA
substrate
manufactured by ASE amounted NT$2,529 million for the quarter,
up by
NT$660 million or 35% from a year-ago quarter, and down by NT$83
million
or 3% from the previous quarter. Of the total output
of NT$2,529 million, NT$739 million was from sales to external
customers.
|
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l
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Gross
margin
for substrate operations was 20% during the quarter, down by four
percentage points compared with the year-ago quarter and the previous
quarter.
|
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l
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In
4Q07, the
Company’s internal substrate manufacturing operations supplied 56% (by
value) of our total substrate requirements.
|
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l
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As
of December
31, 2007, the Company’s PBGA capacity was at 48 million units per
month.
|
Customers
|
l
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Our
five
largest customers together accounted for approximately 23% of our
total
net revenues in 4Q07, compared to 27% in 4Q06 and 26% in
3Q07. No single customer accounted for more than 10% of our
total net revenues.
|
|
l
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Our
top 10
customers contributed 43% of our total net revenues during the
quarter,
relatively unchanged compared to 4Q06 and 3Q07.
|
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l
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Our
customers
that are integrated device manufacturers, or IDMs, accounted for
42% of
our total net revenues in 4Q07, compared to 47% in 4Q06 and 38%
in
3Q07.
|
About
ASE, Inc.
ASE,
Inc. is the
world's largest independent provider of IC packaging services and, together
with
its subsidiary ASE Test Limited (Nasdaq: ASTSF), the world's largest independent
provider of IC 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
Securities Act and Section 21E of the Exchange Act, 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. We were not involved in the preparation
of these projections. 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; international business
activities; our business strategy; our future expansion plans and capital
expenditures; the strained relationship between the ROC and the PRC; general
economic and political conditions; possible disruptions in commercial activities
caused by natural or human-induced disasters; 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 2006 Annual Report on Form
20-F filed on June 25, 2007, as amended.
5
January
31,
2008
Supplemental
Financial Information
Consolidated
Operations
|
Amounts
in NT$
Millions
|
4Q/07
|
3Q/07
|
4Q/06
|
|
Net
Revenues
|
28,976
|
27,733
|
22,574
|
|
Revenues
by End Application
|
|||
|
Communication
|
43%
|
44%
|
38%
|
|
Computer
|
25%
|
22%
|
25%
|
|
Automotive
and
Consumers
|
31%
|
33%
|
37%
|
|
Others
|
1%
|
1%
|
0%
|
|
Revenues
by Region
|
|||
|
North
America
|
51%
|
49%
|
54%
|
|
Europe
|
13%
|
13%
|
13%
|
|
Taiwan
|
20%
|
22%
|
18%
|
|
Japan
|
7%
|
8%
|
10%
|
|
Other
Asia
|
9%
|
8%
|
5%
|
IC
Packaging
Services
|
Amounts
in NT$
Millions
|
4Q/07
|
3Q/07
|
4Q/06
|
|
Net
Revenues
|
22,561
|
21,644
|
17,186
|
|
Revenues
by Packaging
Type
|
|||
|
Advanced
substrate & leadframe based
|
83%
|
85%
|
82%
|
|
Traditional
leadframe based
|
4%
|
4%
|
5%
|
|
Module
assembly
|
6%
|
6%
|
8%
|
|
Others
|
7%
|
5%
|
5%
|
|
Capacity
|
|||
|
CapEx
(US$
Millions) *
|
97
|
83
|
33
|
|
Number
of
Wirebonders
|
8,003
|
7,649
|
6,526
|
Testing
Services
|
Amounts
in NT$
Millions
|
4Q/07
|
3Q/07
|
4Q/06
|
|
Net
Revenues
|
5,676
|
5,282
|
4,797
|
|
Revenues
by Testing
Type
|
|||
|
Final
test
|
76%
|
76%
|
77%
|
|
Wafer
sort
|
22%
|
21%
|
18%
|
|
Engineering
test
|
2%
|
3%
|
5%
|
|
Capacity
|
|||
|
CapEx
(US$
Millions) *
|
60
|
55
|
33
|
|
Number
of
Testers
|
1,534
|
1,580
|
1,305
|
*
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
2007
|
Sep.
30
2007
|
Dec.
31
2006
|
Dec.
31
2007
|
Dec.
31
2006
|
|||||
|
Net
revenues:
|
|||||||||
|
IC
Packaging
|
22,561
|
21,644
|
17,186
|
78,517
|
76,820
|
||||
|
Testing
|
5,676
|
5,282
|
4,797
|
20,007
|
21,430
|
||||
|
Others
|
739
|
807
|
591
|
2,639
|
2,174
|
||||
|
Total
net
revenues
|
28,976
|
27,733
|
22,574
|
101,163
|
100,424
|
||||
|
Cost
of
revenues
|
19,603
|
19,303
|
16,176
|
71,961
|
71,644
|
||||
|
Gross
profit
|
9,373
|
8,430
|
6,398
|
29,202
|
28,780
|
||||
|
Operating
expenses:
|
|||||||||
|
Research
and
development
|
1,128
|
748
|
690
|
3,284
|
2,632
|
||||
|
Selling,
general and administrative
|
1,602
|
1,573
|
1,485
|
6,507
|
5,702
|
||||
|
Total
operating expenses
|
2,730
|
2,321
|
2,175
|
9,791
|
8,334
|
||||
|
Operating
income (loss)
|
6,643
|
6,109
|
4,223
|
19,411
|
20,446
|
||||
|
Net
non-operating (income) expenses:
|
|||||||||
|
Interest
expenses - net
|
293
|
273
|
214
|
1,225
|
1,214
|
||||
|
Foreign
exchange loss (gain)
|
(198)
|
(39)
|
(159)
|
(403)
|
(93)
|
||||
|
Loss
(gain) on
long-term investment
|
(96)
|
(111)
|
(136)
|
(348)
|
(499)
|
||||
|
Others
|
988
|
157
|
266
|
1,585
|
(2,428
|
||||
|
Total
non-operating (income) expenses
|
987
|
280
|
185
|
2,059
|
(1,806)
|
||||
|
Income
(loss)
before tax
|
5,656
|
5,829
|
4,038
|
17,352
|
22,252
|
||||
|
Income
tax
expense (benefit)
|
1,165
|
1,008
|
766
|
3,358
|
2,085
|
||||
|
Income
(loss)
from continuing operations
|
4,491
|
4,821
|
3,272
|
13,994
|
20,167
|
||||
|
Cumulative
effect of change in accounting principle
|
-
|
-
|
-
|
-
|
343
|
||||
|
Income
(loss)
before minority interest
|
4,491
|
4,821
|
3,272
|
13,994
|
19,824
|
||||
|
Minority
interest
|
787
|
596
|
538
|
1,829
|
2,408
|
||||
|
Net
income
(loss)
|
3,704
|
4,225
|
2,734
|
12,165
|
17,416
|
||||
|
Per
share
data:
|
|||||||||
|
Earnings
(loss) per share
|
|||||||||
|
–
Basic
|
NT$0.71
|
NT$0.81
|
NT$0.53
|
NT$2.34
|
NT$3.41
|
||||
|
–
Diluted
|
NT$0.66
|
NT$0.79
|
NT$0.51
|
NT$2.26
|
NT$3.25
|
||||
|
Earnings
(loss) per pro forma equivalent ADS
|
|||||||||
|
–
Basic
|
US$0.109
|
US$0.123
|
US$0.081
|
US$0.356
|
US$0.525
|
||||
|
–
Diluted
|
US$0.102
|
US$0.120
|
US$0.077
|
US$0.344
|
US$0.500
|
||||
|
Number
of
weighted average shares used in diluted EPS calculation (in
thousands)
|
5,559,851
|
5,402,951
|
5,441,561
|
5,436,443
|
5,407,829
|
||||
|
Exchange
rate
(NT$ per US$1)
|
32.44
|
32.86
|
32.84
|
32.80
|
32.48
|
||||
Advanced
Semiconductor Engineering, Inc.
Summary
of
Consolidated Balance Sheet Data
(In
NT$
millions)
(Unaudited)
|
As
of Dec. 31,
2007
|
As
of Sep. 30,
2007
|
|||||||||
|
Current
assets:
|
||||||||||
|
Cash
and cash
equivalents
|
17,158
|
16,990
|
||||||||
|
Financial
assets – current
|
11,058
|
7,641
|
||||||||
|
Notes
and
accounts receivable
|
18,765
|
18,074
|
||||||||
|
Inventories
|
5,597
|
5,740
|
||||||||
|
Others
|
4,328
|
3,788
|
||||||||
|
Total
current
assets
|
56,906
|
52,233
|
||||||||
|
Financial
assets – non current
|
4,850
|
4,813
|
||||||||
|
Properties
–
net
|
81,788
|
80,056
|
||||||||
|
Other
assets
|
8,872
|
9,762
|
||||||||
|
Total
assets
|
152,416
|
146,864
|
||||||||
|
Current
liabilities:
|
||||||||||
|
Short-term
debts – revolving credit
|
9,072
|
7,279
|
||||||||
|
Short-term
debts – current portion of long-term
debts
|
5,327
|
2,382
|
||||||||
|
Short-term
debts – current portion of bonds payable
|
1,375
|
0
|
||||||||
|
Notes
and
accounts payable
|
9,343
|
9,709
|
||||||||
|
Others
|
10,669
|
11,624
|
||||||||
|
Total
current
liabilities
|
35,786
|
30,994
|
||||||||
|
Long-term
debts
|
18,046
|
20,817
|
||||||||
|
Long-term
bonds payable
|
5,890
|
7,667
|
||||||||
|
Other
liabilities
|
2,954
|
3,097
|
||||||||
|
Total
liabilities
|
62,676
|
62,575
|
||||||||
|
Minority
interest
|
14,567
|
13,260
|
||||||||
|
Shareholders’
equity
|
75,173
|
71,029
|
||||||||
|
Total
liabilities & shareholders’ equity
|
152,416
|
146,864
|
||||||||
|
Current
Ratio
|
1.59
|
1.69
|
||||||||
|
Net
Debt to
Equity
|
0.13
|
0.16
|
||||||||