UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

April 28, 2022

 

Commission File Number 001-16125
   
ASE Technology Holding Co., Ltd.
(Translation of registrant’s name into English)
   

26, Chin 3rd Road

Kaohsiung, 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  ☒       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.

 

 

 

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.

 

  ASE TECHNOLOGY HOLDING CO., LTD.
   
   
 Date: April 28, 2022

By:     /s/ Joseph Tung
    Name: Joseph Tung
    Title: Chief Financial Officer

 

 

 

 

1 ASE Technology Holding Co., Ltd. April 28, 2022 ASE Technology Holding First Quarter 2022 Earnings Release

 

 

2 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. 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 presentation. These forward - looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward - looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; general economic and political conditions; the recent shift in United States trade policies; 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 the 2021 Annual Report on Form 20 - F filed on March 29, 2022.

 

 

3 Consolidated Statements of Income Quarterly Comparison (unaudited) (NT$ Million) Q1 / 2022 % Q4 / 2021 % Q1/ 2021 % QoQ YoY Net Revenues: ATM 82,355 57.0% 90,583 52.4% 71,184 59.6% -9% 16% EMS 61,163 42.4% 81,541 47.2% 47,684 39.9% -25% 28% Others 873 0.6% 812 0.4% 602 0.5% 8% 45% Total Net Revenues 144,391 100.0% 172,936 100.0% 119,470 100.0% -16% 21% Gross Profit 28,471 19.7% 32,894 19.0% 21,886 18.3% -13% 30% Operating Income (Loss) 16,113 11.2% 19,615 11.3% 10,908 9.1% -18% 48% Pretax Income (Loss) 16,663 11.5% 37,336 21.6% 11,180 9.4% -55% 49% Income Tax Benefit (Expense) (3,278) -2.3% (5,592) -3.2% (2,451) -2.1% Non-controlling Interest (478) -0.3% (828) -0.5% (252) -0.2% Net Income Attributable to Shareholders of the Parent 12,907 8.9% 30,916 17.9% 8,477 7.1% -58% 52% Basic EPS 3.01 7.20 1.97 -58% 53% Diluted EPS 2.92 6.99 1.92 -58% 52% Legal Entity Basis

 

 

4 Consolidated Statements of Income Quarterly Comparison (unaudited) (NT$ Million) Q1 / 2022 % Q4 / 2021* % Q1/ 2021* % QoQ YoY Net Revenues: ATM 82,355 57.0% 83,805 50.4% 65,557 57.6% -2% 26% EMS 61,163 42.4% 81,541 49.1% 47,684 41.9% -25% 28% Others 873 0.6% 812 0.5% 602 0.5% 8% 45% Total Net Revenues 144,391 100.0% 166,158 100.0% 113,843 100.0% -13% 27% Gross Profit 28,471 19.7% 31,454 18.9% 20,868 18.3% -9% 36% Operating Income (Loss) 16,113 11.2% 18,776 11.3% 10,405 9.1% -14% 55% Pretax Income (Loss) 16,663 11.5% 18,873 11.4% 10,625 9.3% -12% 57% Income Tax Benefit (Expense) (3,278) -2.3% (3,586) -2.2% (2,392) -2.1% Non-controlling Interest (478) -0.3% (828) -0.5% (252) -0.2% Net Income Attributable to Shareholders of the Parent 12,907 8.9% 14,459 8.7% 7,981 7.0% -11% 62% Basic EPS 3.01 3.37 1.85 -11% 63% Diluted EPS 2.92 3.21 1.80 -9% 62% Additional Commentary From Management 1&2 : Gross Profit excl. PPA expenses 29,391 20.4% 32,379 19.5% 21,893 19.2% -9% 34% Operating Profit excl. PPA expenses 17,295 12.0% 19,963 12.0% 11,699 10.3% -13% 48% Net Profit excl. PPA expenses 14,070 9.7% 15,648 9.4% 9,249 8.1% -10% 52% Basic EPS excl. PPA expenses 3.28 3.64 2.15 -10% 53% 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL trans act ion, which resulted in increased asset values from purchase price premiums in PP&E, intangibles and right - of - use assets. The PPA expenses excluded are related to depreciation, amortization and other expenses $1.13bn in 1Q22, $1.14bn in 4Q21 and $1.18bn in 1Q21 . 2 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the USI/ Asteelflash transaction, which resulted in increased asset and liability values from purchase price premiums in PP&E, intangibles, right - of - use assets and deferred tax liability. The PPA expenses excluded are related to depreciation, amortization, other expenses, income tax benefit and non - controlling interest $0.04bn in 1Q22, $ 0.07bn in 4Q21 and $0.12bn in 1Q21 . *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our dispo sal of the China Sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China sites’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21. Pro Forma Basis

 

 

5 ATM Statements of Income Quarterly Comparison (unaudited) (NT$ Million) Q1 / 2022 % Q4 / 2021 % Q1 / 2021 % QoQ YoYNet Revenues: Packaging 69,921 83.2% 76,664 83.4% 61,545 83.4% -9% 14% Testing 12,583 15.0% 13,756 15.0% 11,131 15.1% -9% 13% Direct Material 1,479 1.8% 1,502 1.6% 1,044 1.4% -2% 42% Others 42 0.0% 36 0.0% 47 0.1% 17% -11% Total Net Revenues 84,025 100.0% 91,958 100.0% 73,767 100.0% -9% 14% Gross Profit 23,101 27.5% 25,741 28.0% 18,007 24.4% -10% 28% Operating Income (Loss) 14,012 16.7% 16,056 17.5% 9,918 13.4% -13% 41% Legal Entity Basis

 

 

6 ATM Statements of Income Quarterly Comparison (unaudited) (NT$ Million) Q1 / 2022 % Q4 / 2021* % Q1 / 2021* % QoQ YoYNet Revenues: Packaging 69,921 83.2% 70,942 83.3% 56,844 83.4% -1% 23% Testing 12,583 15.0% 12,700 14.9% 10,204 15.0% -1% 23% Direct Material 1,479 1.8% 1,502 1.8% 1,044 1.5% -2% 42% Others 42 0.0% 36 0.0% 47 0.1% 17% -11% Total Net Revenues 84,025 100.0% 85,180 100.0% 68,139 100.0% -1% 23% Gross Profit 23,101 27.5% 24,301 28.5% 16,989 24.9% -5% 36% Operating Income (Loss) 14,012 16.7% 15,216 17.9% 9,415 13.8% -8% 49% Additional Commentary From Management 1 : Gross Profit excl. PPA expenses 23,979 28.5% 25,180 29.6% 17,872 26.2% -5% 34% Operating Profit excl. PPA expenses 15,140 18.0% 16,345 19.2% 10,551 15.5% -7% 43% 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL transaction, which resulted in increased asset values from purchase price premiums in PP&E, intangibles and right - of - use assets. The PPA expenses excluded are related to depreciation and amortization $1.13bn both in 1Q22 and 4Q21 and $1.14bn in 1Q21 . *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21. Pro Forma Basis

 

 

7 ATM Operations (unaudited) 16,989 18,876 23,181 24,301 23,101 68,139 72,747 83,321 85,180 84,025 24.9% 25.9% 27.8% 28.5% 27.5% 0% 10% 20% 30% 40% 50% 0 20,000 40,000 60,000 80,000 100,000 Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 NT$ Million Gross Profit Gross Margin Revenue *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

8 ATM Revenue by Application (unaudited) 53% 52% 53% 53% 52% 14% 15% 15% 16% 16% 33% 33% 32% 31% 32% 0% 20% 40% 60% 80% 100% Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Communication Computing Automotive, Consumer & Others *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

9 37% 36% 39% 40% 43% 38% 40% 37% 36% 34% 8% 7% 7% 7% 6% 15% 15% 15% 15% 15% 2% 2% 2% 2% 2% 0% 20% 40% 60% 80% 100% Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 Material Testing Others Wirebonding Bump/FC/WLP /SiP ATM Revenue by Type (unaudited) *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

10 EMS Operations Quarterly Comparison & Revenue by Application (unaudited ) (NT$ Million) Q1 / 2022* % Q4 / 2021* % Q1/ 2021* % QoQ YoY EMS Net Revenues 61,166 100.0% 81,544 100.0% 47,693 100.0% -25% 28% Gross Profit 5,380 8.8% 7,108 8.7% 4,011 8.4% -24% 34% Operating Income (Loss) 2,200 3.6% 3,599 4.4% 1,176 2.5% -39% 87% *: PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the USI/ Asteelflash transaction, which resulted in increased asset and liability values from purchase price premiums in PP&E, intangibles, right - of - use assets and deferred tax liability. The PPA expenses excluded are related to depreciation and amortization $0.05bn in 1Q22, $0.06bn in 4Q21 and 0.16bn in 1Q21. 39% 39% 38% 38% 40% 7% 10% 10% 8% 10% 33% 28% 33% 38% 29% 14% 16% 12% 11% 13% 5% 5% 5% 4% 6% 2% 2% 2% 1% 2% 0% 20% 40% 60% 80% 100% Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Communication Computing Consumer Industrial Automotive Others

 

 

11 Key Balance Sheet Items & Indices (unaudited) (NT$ Million) Mar. 31, 2022 Dec. 31, 2021 Cash and cash equivalent 84,426 76,073 Financial assets - current 4,698 3,075 Financial assets - non current & investments - equity method 23,202 23,260 Property, plant & equipment 247,541 239,867 Total assets 696,148 672,934 Short-term loans 49,990 41,037 Current portion of bonds payable 8,203 9,903 Current portion of long-term loans 2,622 4,526 Bonds payable 40,521 42,365 Long-term loans & long-term bills payable 116,386 121,946 Total interest bearing debts 225,139 227,176 Total liabilities 432,388 398,301 Total equity (Including non-controlling interest) 263,760 274,633 Quarterly EBITDA 30,661 51,938 Current ratio 1.22 1.39 Net debt to equity ratio 0.52 0.54

 

 

12 Equipment Capital Expenditure vs. EBITDA (unaudited) 432 567 425 437 443 830 916 1,108 1,174 1,100 0 200 400 600 800 1,000 1,200 Q1/21* Q2/21* Q3/21* Q4/21* Q1/22 US$ Million Capex EBITDA *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

13 Second Quarter 2022 Outlook* Based on our current business outlook and exchange rate assumptions, management projects overall performance for the second quarter of 2022 to be as follows: • On a pro forma basis, in US dollar terms, our ATM 2 nd quarter 2022 business levels should be slightly above 4 th quarter 2021 levels; • On a pro forma basis, our ATM 2 nd quarter 2022 gross margin should be slightly above our 1 st quarter 2022 gross margin; • In US dollar terms, our EMS 2 nd quarter 2022 business level should be similar with 1 st quarter 2022 levels; • Our EMS 2 nd quarter 2022 operating margin should be slightly lower than 1 st quarter 2022 levels. *: Due to the impact of the COVID - 19 outbreak, our outlook continues to be subject to a higher degree of risk. The information provided is done so as a reference of our current view as of the date of this presentation. Our business, financial condition an d results of operations are of greater adverse risk; and, as a result, there may be a higher likelihood of material variances b etw een our expected and actual results .

 

 

14 www.aseglobal.com Thank You

 

 

15 Appendix 1 Consolidated Statements of Comprehensive Income Pro Forma Historical Data* (unaudited) (NT$ Million) Q1/2021 % Q2/2021 % Q3/2021 % Q4/2021 % FY/2021 % Net Revenues: ATM 65,557 57.6% 70,919 58.8% 82,019 57.0% 83,805 50.4% 302,300 55.5% EMS 47,684 41.9% 49,147 40.7% 61,116 42.5% 81,541 49.1% 239,488 44.0% Others 602 0.5% 619 0.5% 758 0.5% 812 0.5% 2,791 0.5% Total Net Revenues 113,843 100.0% 120,685 100.0% 143,893 100.0% 166,158 100.0% 544,579 100.0% Gross Profit 20,868 18.3% 23,470 19.4% 29,251 20.3% 31,454 18.9% 105,043 19.3% Operating Income (Loss) 10,405 9.1% 12,394 10.3% 17,463 12.1% 18,776 11.3% 59,038 10.8% Pretax Income (Loss) 10,625 9.3% 12,440 10.3% 17,429 12.1% 18,873 11.4% 59,368 10.9% Income Tax Benefit (Expense) (2,392) -2.1% (2,543) -2.1% (3,505) -2.4% (3,586) -2.2% (12,027) -2.2% Non-controlling Interest (252) -0.2% (358) -0.3% (668) -0.5% (828) -0.5% (2,106) -0.4% Net Income Attributable to Shareholders of the Parent 7,981 7.0% 9,539 7.9% 13,256 9.2% 14,459 8.7% 45,235 8.3% Basic EPS 1.85 2.21 3.07 3.37 10.51 Diluted EPS 1.80 2.12 2.99 3.21 10.12 FX (NTD/USD) 28.30 28.03 27.79 27.78 27.98 *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

16 Appendix 2 ATM Statements of Comprehensive Income Pro Forma Historical Data* (unaudited) (NT$ Million) Q1/2021 % Q2/2021 % Q3/2021 % Q4/2021 % FY/2021 % Net Revenues: Packaging 56,844 83.4% 60,716 83.5% 69,512 83.4% 70,942 83.3% 258,014 83.4% Testing 10,204 15.0% 10,656 14.6% 12,354 14.8% 12,700 14.9% 45,914 14.9% Direct Material 1,044 1.5% 1,372 1.9% 1,429 1.7% 1,502 1.8% 5,347 1.7% Others 47 0.1% 3 0.0% 26 0.0% 36 0.0% 112 0.0% Total Net Revenues 68,139 100.0% 72,747 100.0% 83,321 100.0% 85,180 100.0% 309,387 100.0% Gross Profit 16,989 24.9% 18,876 25.9% 23,181 27.8% 24,301 28.5% 83,346 26.9% Operating Income (Loss) 9,415 13.8% 11,048 15.2% 14,667 17.6% 15,216 17.9% 50,345 16.3% FX (NTD/USD) 28.30 28.03 27.79 27.78 27.98 *: We are providing the unaudited pro forma financial information to aid you in your analysis of the financial aspects of our disposal of the China sites in 4Q21. The unaudited pro forma financial information was based on our historical financial statements and China Sites ’ historical financial statements, given effect to the disposal as if it had occurred for the preceding quarters of 1Q21 and 4Q21.

 

 

17 Appendix 3 Consolidated Statements of Comprehensive Income ( unaudited) (NT$ Thousand) Q1/2021 Q2/2021 Q3/2021 Q4/2021 FY/2021 Q1/2022 Revenues 119,469,784 126,926,346 150,664,816 172,936,186 569,997,132 144,390,827 COGS 97,583,415 102,122,197 119,880,851 140,041,892 459,628,355 115,919,599 PPA under COGS 1,024,525 933,946 931,880 925,188 3,815,539 920,316 Gross profit 21,886,369 24,804,149 30,783,965 32,894,294 110,368,777 28,471,228 Gross profit excl. PPA 22,910,894 25,738,095 31,715,845 33,819,482 114,184,316 29,391,544 OPEX 10,977,703 11,630,191 12,357,669 13,278,865 48,244,428 12,358,395 PPA under OPEX 269,154 263,543 262,097 261,699 1,056,493 261,477 Operating income 10,908,666 13,173,958 18,426,296 19,615,429 62,124,349 16,112,833 Operating income excl. PPA 12,202,345 14,371,447 19,620,273 20,802,316 66,996,381 17,294,626 Non Op gain/(loss) 271,633 170,726 48,235 17,720,464 18,211,058 549,787 PPA under Non Op gain/ (loss) 43,225 2,813 39,929 40,799 126,766 3,637 Non Op gain/ (loss) excl. PPA 314,858 173,539 88,164 17,761,263 18,337,824 553,424 Pretax income 11,180,299 13,344,684 18,474,530 37,335,892 80,335,405 16,662,621 PPA under Pretax income 1,336,904 1,200,302 1,233,906 1,227,686 4,998,798 1,185,430 Pretax income excl. PPA 12,517,203 14,544,986 19,708,436 38,563,578 85,334,203 17,848,051 Tax expenses 2,451,096 2,648,128 3,630,545 5,592,057 14,321,826 3,277,505 PPA under Tax expense (38,471) (16,250) (20,612) (21,430) (96,773) (13,081) Tax expense excl. PPA 2,489,567 2,664,378 3,651,157 5,613,487 14,418,599 3,290,586 Non-controlling interest 252,076 358,136 667,705 827,984 2,105,901 477,834 PPA under Non-controlling interest 30,714 12,788 15,661 16,695 75,858 9,074 Non-controlling interest excl. PPA 282,790 370,924 683,366 844,679 2,181,759 486,908 Net income attributable to shareholders of the parent 8,477,127 10,338,420 14,176,280 30,915,851 63,907,678 12,907,282 PPA expenses under Net income attributable to shareholders of the 1,267,719 1,171,264 1,197,633 1,189,561 4,826,167 1,163,275 Net income attributable to shareholders of the parent excl. PPA 9,744,846 11,509,684 15,373,913 32,105,412 68,733,845 14,070,557 Total PPA expenses 1,298,433 1,184,052 1,213,294 1,206,256 4,902,025 1,172,349 Basic EPS (NT$) 1.97 2.40 3.29 7.20 14.84 3.01 Basic EPS (NT$) excl. PPA 2.26 2.67 3.56 7.48 15.96 3.28 Diluted EPS (NT$) 1.92 2.30 3.20 6.99 14.40 2.92 Diluted EPS (NT$) excl. PPA 2.21 2.57 3.47 7.27 15.50 3.19

 

 

 

 

 

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