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    ASE Technology Holding Co., Ltd. Reports Its Unaudited Consolidated Financial Results for the Fourth Quarter and the Full Year of 2024

    2/13/25 1:45:00 AM ET
    $ASX
    Semiconductors
    Technology
    Get the next $ASX alert in real time by email

    TAIPEI, Feb. 13, 2025 /PRNewswire/ -- ASE Technology Holding Co., Ltd. ((TWSE: 3711, NYSE:ASX) ("We", "ASEH", or the "Company"), the leading provider of semiconductor assembly and testing services ("ATM") and the provider of electronic manufacturing services ("EMS"), today reported its unaudited net revenues[1] of NT$162,264 million for 4Q24, up by 1.0% year-over-year and up by 1.3% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT9,312 million, down from NT$9,392 million in 4Q23 and down from NT$9,733 million in 3Q24.  Basic earnings per share for the quarter were NT$2.15 (or US$0.134 per ADS), compared to NT$2.18 for 4Q23 and NT$2.25 for 3Q24.  Diluted earnings per share for the quarter were NT$2.07 (or US$0.129 per ADS), compared to NT$2.13 for 4Q23 and NT$2.18 for 3Q24.

    For the full year of 2024, the Company reported unaudited net revenues of NT$595,410 million and net income attributable to shareholders of the parent of NT$32,483 million.  Basic earnings per share for the full year of 2024 were NT$7.52 (or US$0.470 per ADS).  Diluted earnings per share for the full year of 2024 were NT$7.23 (or US$0.452 per ADS).

    As of December 31, 2024, we have completed the purchase price allocation of business combination, and have retrospectively adjusted the consolidated financial results for the prior period.

    RESULTS OF OPERATIONS

    4Q24 Results Highlights – Consolidated

    • Net revenues from packaging operations, testing operations, EMS operations, and others represented approximately 43%, 10%, 46%, and 1% of the total net revenues for the quarter, respectively.



    • Cost of revenues was NT$135,633 million for the quarter, up from NT$133,679 million in 3Q24.
      • Raw material cost totaled NT$84,434 million for the quarter, representing 52% of the total net revenues.
      • Labor cost totaled NT$16,749 million for the quarter, representing 10% of the total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$13,961 million for the quarter.



    • Gross margin decreased by 0.1 percentage points to 16.4% in 4Q24 from 16.5% in 3Q24.



    • Operating margin was 6.9% in 4Q24, compared to 7.2% in 3Q24.



    • In terms of non-operating items:
      • Net interest expense was NT$1,308 million.
      • Net foreign exchange loss was NT$2,787 million, primarily attributable to the appreciation of the U.S. dollar against the New Taiwan dollar.
      • Net gain on valuation of financial assets and liabilities was NT$4,017 million.
      • Net loss on equity-method investments was NT$133 million.
      • Other net non-operating income was NT$441 million, primarily attributable to miscellaneous income.

        Total non-operating income and expenses for the quarter was NT$230 million.



    • Income before tax was NT$11,441 million in 4Q24, compared to NT$12,325 million in 3Q24. We recorded income tax expenses of NT$1,862 million for the quarter, compared to NT$2,052 million in 3Q24.



    • Net income attributable to shareholders of the parent was NT$9,312 million in 4Q24, compared to NT$9,392 million in 4Q23 and NT$9,733 million in 3Q24.



    • Our total number of shares outstanding at the end of the quarter was 4,414,930,537, including treasury stock owned by our subsidiaries in 4Q24. Our 4Q24 basic earnings per share of NT$2.15 (or US$0.134 per ADS) were based on 4,324,469,567 weighted average numbers of shares outstanding in 4Q24. Our 4Q24 diluted earnings per share of NT$2.07 (or US$0.129 per ADS) were based on 4,399,408,735 weighted average number of shares outstanding in 4Q24.

    4Q24 Results Highlights – ATM

    • Net revenues were NT$88,363 million for the quarter, up by 7.8% year-over-year and up by 3.0% sequentially.



    • Cost of revenues was NT$67,754 million for the quarter, up by 7.9% year-over-year and up by 2.7% sequentially.
      • Raw material cost totaled NT$24,774 million for the quarter, representing 28% of the total net revenues.
      • Labor cost totaled NT$13,661 million for the quarter, representing 15% of the total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$12,508 million for the quarter.



    • Gross margin increased by 0.2 percentage points to 23.3% in 4Q24 from 23.1% in 3Q24.



    • Operating margin was 10.7% in both 4Q24 and 3Q24.

    4Q24 Results Highlights – EMS

    • Net revenues were NT$74,895 million, down by 5.4% year-over-year and down by 0.6% sequentially.



    • Cost of revenues for the quarter was NT$68,713 million, down by 5.2% year-over-year and up by 0.1% sequentially.
      • Raw material cost totaled NT$60,178 million for the quarter, representing 80% of the total net revenues.
      • Labor cost totaled NT$2,980 million for the quarter, representing 4% of the total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$1,191 million for the quarter.



    • Gross margin decreased by 0.7 percentage points to 8.3% in 4Q24 from 9.0% in 3Q24.



    • Operating margin was 2.7% in 4Q24, compared to 3.3% in 3Q24.

    2024 Full-Year Results Highlights – Consolidated

    • Net revenues for the full year of 2024 amounted to NT$595,410 million, up by 2.3% from the full year of 2023. Net revenues from packaging operations, testing operations, EMS operations and others represented approximately 44%, 9%, 46% and 1% of total net revenues for the year, respectively.



    • Cost of revenue for the year of 2024 was NT$498,478 million, compared to NT$490,157 million in 2023.
      • Raw material cost totaled NT$306,359 million for the year, representing 51% of total net revenues.
      • Labor cost totaled NT$64,268 million for the year, representing 11% of total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$54,254 million for the year.



    • Gross margin increased by 0.5 percentage points to 16.3% in 2024 from 15.8% in 2023.



    • Operating margin decreased to 6.6% in 2024 from 6.9% in 2023.



    • Total non-operating income for the year was NT$2,517 million, compared to NT$2,272 million in 2023.



    • Income before tax was NT$41,684 million in 2024. We recognized an income tax expense of NT$7,758 million for the year.



    • Net income attributable to shareholders of the parent amounted to NT$32,483 million in 2024, compared to NT$31,725 million in 2023.



    • Our 2024 basic earnings per share of NT$7.52 (or US$0.470 per ADS) were based on 4,318,991,036 weighted average numbers of shares outstanding in 2024. Our 2024 diluted earnings per share of NT$7.23 (or US$0.452 per ADS) were based on 4,392,013,361 weighted average number of shares outstanding in 2024.

    2024 Full-Year Results Highlights – ATM

    • Cost of revenues for the full year of 2024 was NT$252,712 million, compared to NT$246,397 million in 2023.
      • Raw material cost totaled NT$90,307 million for the year, representing 28% of total net revenues.
      • Labor cost totaled NT$51,652 million for the year, representing 16% of total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$48,392 million for the year.



    • Gross margin increased to 22.5% in 2024 from 21.8% in 2023.



    • Operating margin decreased to 9.8% in 2024 from 10.1% in 2023.

    2024 Full-Year Results Highlights – EMS

    • Cost of revenues was NT$248,135 million in 2024, up by 1.3% from 2023.
      • Raw material cost totaled NT$216,864 million for the year, representing 80% of total net revenues.
      • Labor cost totaled NT$12,161 million for the year, representing 4% of total net revenues.
      • Depreciation, amortization and rental expenses totaled NT$4,808 million for the year.



    • Gross margin increased to 9.0% in 2024 from 8.7% in 2023.



    • Operating margin decreased to 2.9% in 2024 from 3.3% in 2023.

    LIQUIdiTY AND CAPITAL RESOURCES

    • Capital expenditures in 4Q24 totaled US$640 million, of which US$321 million was used in packaging operations, US$290 million in testing operations, US$24 million in EMS operations and US$5 million in interconnect materials operations and others.



    • Capital expenditures in 2024 totaled US$1,876 million, of which US$957 million was used in packaging operations, US$815 million in testing operations, US$89 million in EMS operations and US$15 million in interconnect materials operations and others.



    • Total unused credit lines amounted to NT$375,734 million as of December 31, 2024.



    • Current ratio was 1.19 and net debt to equity ratio was 0.37 as of December 31, 2024.



    • Total number of employees was 95,492 as of December 31, 2024, compared to 94,456 as of September 30, 2024.

    Business Review

    Customers[2]

    ATM Basis

    • Our five largest customers together accounted for approximately 44% of our total net revenues in 4Q24, compared to 42% in 3Q24. Two customers each accounted for more than 10% of our total net revenues in 4Q24 individually.



    • Our top 10 customers contributed 60% of our total net revenues in 4Q24, compared to 58% in 3Q24.



    • Our customers that are integrated device manufacturers or IDMs accounted for 32% of our total net revenues in 4Q24, compared to 34% in 3Q24.

    EMS Basis

    • Our five largest customers together accounted for approximately 72% of our total net revenues in 4Q24, compared to 71% in 3Q24. One customer accounted for more than 10% of our total net revenues in 4Q24.



    • Our top 10 customers contributed 78% of our total net revenues in 4Q24, compared to 77% in 3Q24.

    About ASE Technology Holding Co., Ltd.

    ASEH is the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough innovations, and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia, Philippines, Vietnam, Mexico, and Tunisia as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services.

    For more information, please visit our website at https://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. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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. 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. The announced results of the full year of 2024 are preliminary and subject to audit adjustments. 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 2023 Annual Report on Form 20-F filed on April 3, 2024.

    Supplemental Financial Information

    (Unaudited)

    Consolidated Operations



    4Q24

    3Q24

    4Q23

    EBITDA[3] (NT$ million)

    28,797

    28,692

    28,606

    ATM Operations



    4Q24

    3Q24

    4Q23

    Net Revenues (NT$ million)

    88,363

    85,790

    82,004

    Revenues by Application







    Communication

    53 %

    50 %

    53 %

    Computing

    17 %

    18 %

    17 %

    Automotive, Consumer & Others

    30 %

    32 %

    30 %

    Revenues by Type







    Bumping, Flip Chip, WLP & SiP

    47 %

    45 %

    44 %

    Wirebonding

    27 %

    29 %

    30 %

    Others

    7 %

    8 %

    8 %

    Testing

    18 %

    16 %

    16 %

    Material

    1 %

    2 %

    2 %

    Capacity & EBITDA







    CapEx[4] (US$ million)

    616

    588

    213

    EBITDA[3] (NT$ million)

    24,845

    24,257

    23,787

    Number of Wirebonders

    25,328

    25,373

    25,860

    Number of Testers

    6,300

    5,966

    5,556

    EMS Operations



    4Q24

    3Q24

    4Q23

    Net Revenues (NT$ million)

    74,895

    75,384

    79,182

    Revenues by Application







    Communication

    37 %

    34 %

    40 %

    Computing

    9 %

    9 %

    11 %

    Consumer

    33 %

    36 %

    28 %

    Industrial

    11 %

    11 %

    11 %

    Automotive

    8 %

    9 %

    8 %

    Others

    2 %

    1 %

    2 %

    Capacity 







    CapEx[4] (US$ million)

    24

    14

    21

     

    ASE Technology Holding Co., Ltd.

    Summary of Consolidated Statement of Income Data

    (In NT$ million, except per share data)

    (Unaudited)



    For the three months ended



    For the year ended



    Dec. 31

    2024



    Sep. 30

    2024

    (Retrospectively Adjusted) 



    Dec. 31

    2023



    Dec. 31

    2024



    Dec. 31

    2023



    Net revenues





















    Packaging

    70,285



    69,154



    66,221



    261,732



    256,805



    Testing

    15,713



    14,124



    13,363



    54,562



    49,881



    EMS

    74,243



    74,871



    79,155



    271,293



    268,218



    Others

    2,023



    1,956



    1,842



    7,823



    7,010



    Total net revenues

    162,264



    160,105



    160,581



    595,410



    581,914

























    Cost of revenues

    (135,633)



    (133,679)



    (134,820)



    (498,478)



    (490,157)



    Gross profit

    26,631



    26,426



    25,761



    96,932



    91,757

























    Operating expenses





















    Research and development

    (7,676)



    (7,439)



    (6,950)



    (28,830)



    (25,499)



    Selling, general and administrative

    (7,744)



    (7,517)



    (6,996)



    (28,935)



    (25,930)



    Total operating expenses

    (15,420)



    (14,956)



    (13,946)



    (57,765)



    (51,429)



    Operating income

    11,211



    11,470



    11,815



    39,167



    40,328

























    Net non-operating income and expenses





















    Interest expense - net

    (1,308)



    (1,291)



    (1,302)



    (4,864)



    (4,726)



    Foreign exchange gain (loss) - net

    (2,787)



    1,887



    3,731



    (5,539)



    998



    Gain (Loss) on valuation of financial assets and liabilities - net

    4,017



    (946)



    (2,977)



    9,833



    1,860



    Gain (Loss) on equity-method investments - net

    (133)



    485



    155



    868



    1,125



    Others - net

    441



    720



    945



    2,219



    3,015



    Total non-operating income and expenses

    230



    855



    552



    2,517



    2,272



    Income before tax

    11,441



    12,325



    12,367



    41,684



    42,600

























    Income tax expense

    (1,862)



    (2,052)



    (2,461)



    (7,758)



    (9,043)



    Income from operations and before non-controlling interests

    9,579



    10,273



    9,906



    33,926



    33,557



    Non-controlling interests

    (267)



    (540)



    (514)



    (1,443)



    (1,832)

























    Net income attributable to shareholders of the parent

    9,312



    9,733



    9,392



    32,483



    31,725

























    Per share data:





















    Earnings per share





















    – Basic

    NT$2.15



    NT$2.25



    NT$2.18



    NT$7.52



    NT$7.39



    – Diluted

    NT$2.07



    NT$2.18



    NT$2.13



    NT$7.23



    NT$7.18

























    Earnings per equivalent ADS





















    – Basic

    US$0.134



    US$0.139



    US$0.137



    US$0.470



    US$0.475



    – Diluted

    US$0.129



    US$0.135



    US$0.133



    US$0.452



    US$0.462

























    Number of weighted average shares used in diluted EPS calculation ( in thousand shares)

    4,399,409



    4,391,465



    4,351,271



    4,392,013



    4,347,671

























    FX (NTD/USD)

    32.16



    32.31



    31.92



    32.00



    31.09



     

    ASE Technology Holding Co., Ltd.

    Summary of ATM Statement of Income Data

    (In NT$ million) 

    (Unaudited)



    For the three months ended



    For the year ended



    Dec. 31

    2024



    Sep. 30

    2024

    (Retrospectively Adjusted)



    Dec. 31

    2023



    Dec. 31

    2024



    Dec. 31

    2023



    Net revenues:





















    Packaging

    71,342



    70,290



    67,378



    265,858



    260,486



    Testing

    15,713



    14,124



    13,363



    54,562



    49,881



    Direct Material

    1,233



    1,295



    1,205



    5,130



    4,574



    Others

    75



    81



    58



    325



    174



    Total net revenues

    88,363



    85,790



    82,004



    325,875



    315,115

























    Cost of revenues

    (67,754)



    (65,995)



    (62,786)



    (252,712)



    (246,397)



    Gross profit

    20,609



    19,795



    19,218



    73,163



    68,718

























    Operating expenses:





















    Research and development

    (6,047)



    (5,773)



    (5,425)



    (22,438)



    (19,786)



    Selling, general and administrative

    (5,127)



    (4,803)



    (4,581)



    (18,739)



    (17,086)



    Total operating expenses

    (11,174)



    (10,576)



    (10,006)



    (41,177)



    (36,872)



    Operating income

    9,435



    9,219



    9,212



    31,986



    31,846



     

    ASE Technology Holding Co., Ltd.

    Summary of EMS Statement of Income Data

    (In NT$ million) 

    (Unaudited)



    For the three months ended



    For the year ended



    Dec. 31

    2024



    Sep. 30

    2024



    Dec. 31

    2023



    Dec. 31

    2024



    Dec. 31

    2023



    Net revenues





















    Total net revenues

    74,895



    75,384



    79,182



    272,550



    268,309

























    Cost of revenues

    (68,713)



    (68,627)



    (72,496)



    (248,135)



    (244,947)



    Gross profit

    6,182



    6,757



    6,686



    24,415



    23,362

























    Operating expenses





















    Research and development

    (1,673)



    (1,668)



    (1,567)



    (6,542)



    (5,871)



    Selling, general and administrative

    (2,523)



    (2,636)



    (2,320)



    (9,883)



    (8,511)



    Total operating expenses

    (4,196)



    (4,304)



    (3,887)



    (16,425)



    (14,382)



    Operating income

    1,986



    2,453



    2,799



    7,990



    8,980



     

    ASE Technology Holding Co., Ltd.

    Summary of Consolidated Balance Sheet Data

    (In NT$ million)

    (Unaudited)







    As of Dec. 31, 2024





    As of Sep. 30, 2024

    (Retrospectively Adjusted)

    Current assets













    Cash and cash equivalents





    76,493





    71,711

    Financial assets – current





    9,376





    6,643

    Trade receivables





    113,420





    114,061

    Inventories





    61,181





    68,991

    Others





    14,815





    17,399

    Total current assets





    275,285





    278,805















    Financial assets – non-current & Investments – equity -method





    41,810





    42,300

    Property, plant and equipment





    312,531





    283,886

    Right-of-use assets





    11,851





    11,502

    Intangible assets





    67,562





    67,639

    Others





    31,659





    30,516

    Total assets





    740,698





    714,648















    Current liabilities













    Short-term borrowings[5]





    47,445





    56,726

    Current portion of bonds payable & Current portion of long-term borrowings





    18,883





    23,531

    Trade payables





    78,221





    82,595

    Others





    86,391





    72,698

    Total current liabilities





    230,940





    235,550















    Bonds payable





    17,978





    17,073

    Long-term borrowings





    121,750





    108,003

    Other liabilities





    24,243





    22,912

    Total liabilities





    394,911





    383,538















    Equity attributable to shareholders of the parent





    323,523





    309,456

    Non-controlling interests





    22,264





    21,654

    Total liabilities & shareholders' equity





    740,698





    714,648





























    Current ratio





    1.19





    1.18

    Net debt to equity ratio





    0.37





    0.41

     

    ASE Technology Holding Co., Ltd.

    Summary of Consolidated Statement of Cash Flow Data

    (In NT$ million)

    (Unaudited)





    For the three months ended



    For the year ended







    Dec. 31

    2024



    Sep. 30

    2024

    (Retrospectively Adjusted)



    Dec. 31

    2023



    Dec. 31

    2024



    Dec. 31

    2023



    Cash Flows from Operating Activities























    Income before tax



    11,441



    12,325



    12,367



    41,684



    42,600





    Depreciation & amortization



    15,360



    15,043



    14,607



    59,815



    58,102





    Other operating activities items



    8,444



    (5,306)



    19,854



    (10,711)



    13,720





    Net cash generated from operating activities



    35,245



    22,062



    46,828



    90,788



    114,422





    Cash Flows from Investing Activities

























    Net payments for property, plant

    and equipment



    (31,546)



    (19,769)



    (11,859)



    (78,614)



    (53,683)





    Other investment activities items



    (11)



    (2,593)



    582



    (5,294)



    (1,439)





    Net cash used in investing activities



    (31,557)



    (22,362)



    (11,277)



    (83,908)



    (55,122)





    Cash Flows from Financing Activities

























    Total net proceeds from (repayment of) borrowings and bonds



    (1,952)



    30,909



    (24,441)



    16,487



    (10,817)





    Dividends paid



    -



    (22,460)



    -



    (22,460)



    (37,841)





    Other financing activities items



    (121)



    (51)



    534



    (1,298)



    (443)





    Net cash generated from (used in) financing activities



    (2,073)



    8,398



    (23,907)



    (7,271)



    (49,101)





    Foreign currency exchange effect



    3,167



    (2,560)



    (7,433)



    9,600



    (955)





    Net increase in cash and cash equivalents



    4,782



    5,538



    4,211



    9,209



    9,244





    Cash and cash equivalents at the beginning of period



    71,711



    66,173



    62,812



    67,284



    58,040





    Cash and cash equivalents at the

    end of period



    76,493



    71,711



    67,023



    76,493



    67,284





    Cash and cash equivalents in the consolidated balance sheet



    76,493



    71,711



    67,284



    76,493



    67,284





    Cash and cash equivalents included in disposal groups held for sale



    -



    -



    (261)



    -



    -

















































     

    [1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in the R.O.C.).  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 year-end audited consolidated financial statements, and may vary materially from the year-end 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 year-end audited consolidated financial statements and the notes to those statements.  In addition, the financial information presented is not necessarily indicative of our results of operations for any future period.

    [2] In the fourth quarter of 2024, we adjusted our calculation method of revenue sourcing to focus on direct customers rather than end customers. We believe this method better reflects our current business environment. Consequently, we have retrospectively adjusted our customer metrics for the third quarter of 2024.

    [3] EBITDA stands for net income or loss before interest, taxes, depreciation, amortization, impairment and investment gain or loss as well as other items.

    [4] Capital expenditure excludes building construction costs.

    [5] Short-term borrowings include short-term loans and bills payable.

    Investor Relations Contact

    [email protected]

    Tel: +886.2.6636.5678

    https://www.aseglobal.com

    Cision View original content:https://www.prnewswire.com/news-releases/ase-technology-holding-co-ltd-reports-its-unaudited-consolidated-financial-results-for-the-fourth-quarter-and-the-full-year-of-2024-302375540.html

    SOURCE ASE Technology Holding Co., Ltd.

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