0000950103-21-001772.txt : 20210204 0000950103-21-001772.hdr.sgml : 20210204 20210204060717 ACCESSION NUMBER: 0000950103-21-001772 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210204 FILED AS OF DATE: 20210204 DATE AS OF CHANGE: 20210204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASE Technology Holding Co., Ltd. CENTRAL INDEX KEY: 0001122411 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16125 FILM NUMBER: 21588731 BUSINESS ADDRESS: STREET 1: 26 CHIN THIRD ROAD STREET 2: NANTZE EXPORT PROCESSING ZONE CITY: KAOHSIUNG TAIWAN STATE: F5 ZIP: 00000 BUSINESS PHONE: 886-7-361-7173 MAIL ADDRESS: STREET 1: 26 CHIN THIRD ROAD STREET 2: NANTZE EXPORT PROCESSING ZONE CITY: KAOHSIUNG TAIWAN STATE: F5 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ASE Industrial Holding Co., Ltd. DATE OF NAME CHANGE: 20180430 FORMER COMPANY: FORMER CONFORMED NAME: ADVANCED SEMICONDUCTOR ENGINEERING INC DATE OF NAME CHANGE: 20000822 6-K 1 dp145658_6k.htm FORM 6-K

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

 

February 4, 2021

 

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

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  ☒       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: February 4, 2021 By:     /s/ Joseph Tung
    Name: Joseph Tung
    Title: Chief Financial Officer

 

 

 

Investor Relations Contact:

 

ir@aseglobal.com

Tel: +886.2.6636.5678

http://www.aseglobal.com

 

ASE Technology Holding Co., Ltd. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2020

 

Taipei, Taiwan, R.O.C., February 4, 2021 – ASE Technology Holding Co., Ltd. (TAIEX: 3711, NYSE: ASX) (“We”, “ASEH”, or the “Company”), the leading provider of semiconductor manufacturing services in assembly and test, today reported unaudited net revenues1 of NT$148,877 million for 4Q20, up by 28% year-over-year and up by 21% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT$10,044 million, up from a net income attributable to shareholders of the parent of NT$6,383 million in 4Q19 and up from a net income attributable to shareholders of the parent of NT$6,712 million in 3Q20. Basic earnings per share for the quarter were NT$2.35 (or US$0.163 per ADS), compared to basic earnings per share of NT$1.50 for 4Q19 and basic earnings per share of NT$1.57 for 3Q20. Diluted earnings per share for the quarter were NT$2.30 (or US$0.160 per ADS), compared to diluted earnings per share of NT$1.47 for 4Q19 and diluted earnings per share of NT$1.54 for 3Q20.

 

For the full year of 2020, the Company reported net revenues of NT$476,978 million and net income attributable to shareholders of the parent of NT$27,593 million. Basic earnings per share for the full year of 2020 were NT$6.47 (or US$0.438 per ADS). Diluted earnings per share for the full year of 2020 were NT$6.31 (or US$0.427 per ADS).

 

RESULTS OF OPERATIONS

 

4Q20 Results Highlights – Consolidated

 

lNet revenue contribution from packaging operations, testing operations, EMS operations and others, each represented approximately 39%, 7%, 53% and 1%, respectively, of total net revenues for the quarter.

 

lCost of revenue was NT$125,578 million for the quarter, up from NT$103,475 million in 3Q20.

 

-Raw material cost totaled NT$83,398 million for the quarter, representing 56% of total net revenues.

 

-Labor cost totaled NT$14,586 million for the quarter, representing 10% of total net revenues.

 

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 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 of operations for any future period.

1 

 

-Depreciation, amortization and rental expenses totaled NT$11,618 million for the quarter.

 

lGross margin decreased 0.3 percentage points to 15.7% in 4Q20 from 16.0% in 3Q20.

 

lOperating margin was 7.6% in 4Q20, compared to 7.4% in 3Q20.

 

lIn terms of non-operating items:

 

-Net interest expense was NT$592 million.

 

-Net foreign exchange gain of NT$51 million was primarily attributable to the depreciation of U.S. dollar against New Taiwan dollar.

 

-Gain on valuation of financial assets and liabilities was NT$165 million.

 

-Net gain on equity-method investments was NT$169 million.

 

-             Other net non-operating income of NT$1,565 million was primarily attributable to gain on revaluation of disposal subsidiary and miscellaneous income. Total non-operating income for the quarter was NT$1,358 million.

 

lIncome before tax was NT$12,604 million for 4Q20, compared to NT$9,014 million in 3Q20. We recorded income tax expenses of NT$1,839 million for the quarter, compared to NT$1,797 million in 3Q20.

 

lIn 4Q20, net income attributable to shareholders of the parent was NT$10,044 million, compared to net income attributable to shareholders of the parent of NT$6,383 million in 4Q19 and net income attributable to shareholders of the parent of NT$6,712 million in 3Q20.

 

lOur total number of shares outstanding at the end of the quarter was 4,350,675,482, including treasury stock owned by our subsidiaries. Our 4Q20 basic earnings per share of NT$2.35 (or US$0.163 per ADS) were based on 4,271,639,652 weighted average numbers of shares outstanding in 4Q20. Our 4Q20 diluted earnings per share of NT$2.30 (or US$0.160 per ADS) were based on 4,295,951,077 weighted average number of shares outstanding in 4Q20.

 

4Q20 Results Highlights – ATM2

 

lCost of revenues was NT$56,274 million for the quarter, down by 2% sequentially.

 

-Raw material cost totaled NT$18,249 million for the quarter, representing 25% of total net revenues.

 

-Labor cost totaled NT$12,641 million for the quarter, representing 17% of total net revenues.

 

-Depreciation, amortization and rental expenses totaled NT$10,808 million for the quarter.

 

lGross margin increased 2.4 percentage points to 22.6% in 4Q20 from 20.2% in 3Q20.

 

lOperating margin was 11.0% in 4Q20, compared to 9.5% in 3Q20.

 

4Q20 Results Highlights – EMS

 

-Cost of revenues for the quarter was NT$72,153 million, up by 50% sequentially.

 

2 ATM stands for Semiconductor Assembly, Testing and Material.

2 

 

-Raw material cost totaled NT$64,985 million for the quarter, representing 82% of total net revenues.

 

-Labor cost totaled NT$1,852 million for the quarter, representing 2% of total net revenues.

 

-Depreciation, amortization and rental expenses totaled NT$681 million for the quarter.

 

lGross margin decreased 0.9 percentage points to 8.8% in 4Q20 from 9.7% in 3Q20.

 

lOperating margin was both 4.4% in 4Q20 and in 3Q20.

 

2020 Full-Year Results Highlights – Consolidated

 

lNet revenues for the full year of 2020 amounted to NT$476,978 million, up by 15% from 2019. The revenue contribution from packaging operations, testing operations, EMS operations and others ,each represented approximately 46%, 10%, 43% and 1%, respectively, of total net revenues for the year.

 

lCost of revenue for the year of 2020 was NT$398,994 million, compared with NT$348,871 million in 2019.

 

-Raw material cost totaled NT$240,568 million for the year, representing 50% of total net revenues.

 

-Labor cost totaled NT$55,226 million for the year, representing 12% of total net revenues.

 

-Depreciation, amortization and rental expenses totaled NT$46,861 million for the year.

 

lGross margin increased 0.7 percentage points to 16.3% in 2020 from 15.6% in 2019.

 

lOperating margin increased to 7.3% in 2020 from 5.7% in 2019.

 

lTotal non-operating income for the year was NT$857 million, compared to total non-operating expenses of NT$164 million for 2019.

 

lIncome before tax was NT$35,734 million for 2020. We recognized an income tax expense of NT$6,457 million for the year.

 

lIn 2020, net income attributable to shareholders of the parent amounted to NT$27,593 million, compared with a net income attributable to shareholders of the parent of NT$16,850 million in 2019.

 

lOur total number of shares outstanding at the end of the year was 4,350,675,482, including treasury stock owned by our subsidiaries. Our 2020 basic earnings per share of NT$6.47 (or US$0.438 per ADS) were based on 4,265,732,121 weighted average numbers of shares outstanding in 2019. Our 2020 diluted earnings per share of NT$6.31 (or US$0.427 per ADS) were based on 4,288,633,865 weighted average number of shares outstanding in 2020.

 

2020 Full-Year Results Highlights – ATM

 

lCost of revenues for the full year of 2020 was NT$220,863 million, compared with NT$201,210 million in 2019.

 

-Raw material cost totaled NT$75,768 million for the year, representing 27% of total net revenues.

 

-Labor cost totaled NT$48,747 million for the year, representing 17% of total net

 

3 

 

revenues.

 

-Depreciation, amortization and rental expenses totaled NT$44,126 million for the year.

 

lGross margin increased to 21.2% in 2019 from 19.9% in 2019.

 

lOperating margin increased to 9.8% in 2019 from 7.6% in 2019.

 

2020 Full-Year Results Highlights – EMS

 

lCost of revenues was NT$185,802 million, up by 23% from 2019.

 

-Raw material cost totaled NT$164,287 million for the year, representing 80% of total net revenues.

 

-Labor cost totaled NT$6,152 million for the year, representing 3% of total net revenues.

 

-Depreciation, amortization and rental expenses totaled NT$2,210 million for the year.

 

lGross margin increased to 9.2% in 2020 from 8.8% in 2019.

 

lOperating margin increased to 3.8% in 2020 from 2.9% in 2019.

 

LIQUIdiTY AND CAPITAL RESOURCES

 

lCapital expenditures in 4Q20 totaled US$379 million, of which US$296 million were used in packaging operations, US$60 million in testing operations, US$19 million in EMS operations and US$4 million in interconnect materials operations and others.

 

lFor the full year of 2020, we spent US$1,699 million for capital expenditures, including US$1,108 million in packaging operations, US$422 million in testing operations, US$157 million in EMS operations and US$12 million in interconnect materials operations and others.

 

lAs of December 31, 2020, total unused credit lines amounted to NT$275,181 million.

 

lCurrent ratio was 1.30 and net debt to equity ratio was 0.65 as of December 31, 2020.

 

lTotal number of employees was 101,981 as of December 31, 2020, compared to 97,259 as of September 30, 2020.

 

Business Review

 

Customers

 

ATM consolidated Basis

 

lOur five largest customers together accounted for approximately 43% of our total net revenues in 4Q20, compared to 48% in 3Q20. Two customers each accounted for more than 10% of our total net revenues in 4Q20 individually.

 

lOur top 10 customers contributed 55% of our total net revenues in 4Q20, compared to 60% in 3Q20.

 

lOur customers that are integrated device manufacturers or IDMs accounted for 32% of our total net revenues in 4Q20, compared to 30% in 3Q20.

 

EMS Basis

 

lOur five largest customers together accounted for approximately 86% of our total net

 

4 

 

revenues in 4Q20, compared to 83% in 3Q20. One customer accounted for more than 10% of our total net revenues in 4Q20.

 

lOur top 10 customers contributed 90% of our total net revenues both in 4Q20 and 3Q20.

 

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 IC 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 and Mexico 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 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. 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.  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 2019 Annual Report on Form 20-F filed on March 31, 2020.

 

5 

 

Supplemental Financial Information

 

Consolidated Operations

  4Q/20 3Q/20 4Q/19
EBITDA (NT$ Millions) 26,130 23,230 22,543

 

ATM Consolidated Operations

  4Q/20 3Q/20 4Q/19
Net Revenues (NT$ Millions) 72,752 71,820 69,287
Revenues by Application      
Communication 52% 53% 54%
Computing 14% 14% 16%
Automotive, Consumer & Others 34% 33% 30%
Revenues by Type      
Bumping, Flip Chip, WLP & SiP 35% 37% 38%
Wirebonding 39% 37% 36%
Discrete and Others 9% 8% 7%
Testing 15% 17% 17%
Material 2% 1% 2%
Capacity & EBITDA      
CapEx (US$ Millions)* 359 362 439
EBITDA (NT$ Millions) 21,822 19,775 20,052
Number of Wirebonders 26,461 25,117 25,004
Number of Testers 5,680 5,715 5,402

 

EMS Operations

  4Q/20 3Q/20 4Q/19
Net Revenues (NT$ Millions) 79,149 53,137 48,762
Revenues by End Application      
Communication 45% 40% 43%
Computing & Storage 4% 6% 11%
Consumer 39% 40% 32%
Industrial 8% 9% 10%
Automotive 3% 4% 4%
Others 1% 1% 0%
Capacity      
CapEx (US$ Millions)* 19 52 18

* Capital expenditure excludes building construction costs.

 

6 

 

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data

(In NT$ millions, except per share data)

(Unaudited)

 

 

For the three months ended

  

For the year ended

 

Dec. 31

2020

  

Sep. 30

2020

  

Dec. 31

2019

  

Dec. 31

2020

  

Dec. 31

2019

  
Net revenues:                    
Packaging 57,260   56,172   53,653   218,667   198,916  
Testing 10,667   12,351   11,930   47,271   42,659  
EMS 79,141   53,126   48,734   204,691   165,789  
Others 1,809   1,546   1,706   6,349   5,818  
Total net revenues 148,877   123,195   116,023   476,978   413,182  
                     
Cost of revenues (125,578)   (103,475)   (96,174)   (398,994)   (348,871)  
Gross profit 23,299   19,720   19,849   77,984   64,311  
                     
Operating expenses:                    
Research and development (4,929)   (4,926)   (5,020)   (19,301)   (18,396)  
Selling, general and administrative (7,124)   (5,653)   (6,124)   (23,806)   (22,389)  
Total operating expenses (12,053)   (10,579)   (11,144)   (43,107)   (40,785)  
Operating income 11,246   9,141   8,705   34,877   23,526  
                     
Net non-operating income (expenses):                    
Interest expense - net (592)   (660)   (895)   (2,916)   (3,636)  
Foreign exchange gain (loss) 51   561   1,634   1,006   1,126  
Gain (loss) on valuation of financial assets and liabilities

165

 

  

(406)

 

  

(693)

 

  

(72)

 

  

1,646

 

  
Gain on equity-method investments 169   277   156   512   264  
Others 1,565   101   (325)   2,327   436  
Total non-operating income (expenses) 1,358   (127)   (123)   857   (164)  
Income before tax 12,604   9,014   8,582   35,734   23,362  
                     
Income tax expense (1,839)   (1,797)   (1,779)   (6,457)   (5,309)  

Income from continuing operations and

before non-controlling interest

 10,765   7,217   6,803   29,277   18,053  
Non-controlling interest (721)   (505)   (420)   (1,684)   (1,203)  
                     

Net income attributable to

shareholders of the parent

10,044 

  

6,712 

  

6,383 

  

27,593 

  

16,850 

  
                     
Per share data:                    
Earnings per share                    
– Basic NT$2.35   NT$1.57   NT$1.50   NT$6.47   NT$3.96  
– Diluted NT$2.30   NT$1.54   NT$1.47   NT$6.31   NT$3.86  
                     
Earnings per equivalent ADS                    
– Basic US$0.163   US$0.107   US$0.098   US$0.438   US$0.257  
– Diluted US$0.160   US$0.105   US$0.096   US$0.427   US$0.250  
                     

Number of weighted average shares used in

diluted EPS calculation (in thousands)

 4,295,951   4,281,115   4,284,201   4,288,634   4,262,766  
                     
FX (NTD/USD) 28.78   29.46   30.54   29.54   30.88  

7 

 

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data – ATM

(In NT$ millions, except per share data)

(Unaudited)

 

 

For the three months ended

  

For the year ended

 

Dec. 31 

2020

  

Sep. 30

2020

  

Dec. 31

2019

  

Dec. 31

2020

  

Dec. 31

2019

  
Net revenues:                    
Packaging 60,825   58,417   56,093   228,574   204,073  
Testing 10,667   12,351   11,932   47,277   42,664  
Direct Material 1,229   1,020   1,228   4,314   4,283  
Others 31   32   34   132   134  
Total net revenues 72,752   71,820   69,287   280,297   251,154  
                     
Cost of revenues (56,274)   (57,280)   (53,590)   (220,863)   (201,210)  
Gross profit 16,478   14,540   15,697   59,434   49,944  
                     
Operating expenses:                    
Research and development (3,882)   (3,827)   (4,001)   (15,133)   (14,352)  
Selling, general and administrative (4,594)   (3,904)   (4,330)   (16,692)   (16,592)  
Total operating expenses (8,476)   (7,731)   (8,331)   (31,825)   (30,944)  
Operating income 8,002   6,809   7,366   27,609   19,000  
                     

8 

 

ASE Technology Holding Co., Ltd.

Summary of Consolidated Statement of Comprehensive Income Data – EMS

(In NT$ millions, except per share data)

(Unaudited)

 

 

For the three months ended

  

For the year ended

 

Dec. 31

2020

  

Sep. 30

2020

  

Dec. 31

2019

  

Dec. 31

2020

  

Dec. 31

2019

  
Net revenues:                    
Total net revenues 79,149   53,137   48,762   204,723   165,853  
                     
Cost of revenues (72,153)   (47,990)   (44,443)   (185,802)   (151,234)  
Gross profit 6,996   5,147   4,319   18,921   14,619  
                     
Operating expenses:                    
Research and development (1,073)   (1,126)   (1,063)   (4,267)   (4,170)  
Selling, general and administrative (2,460)   (1,695)   (1,703)   (6,852)   (5,556)  
Total operating expenses (3,533)   (2,821)   (2,766)   (11,119)   (9,726)  
Operating income 3,463   2,326   1,553   7,802   4,893  
                     

9 

 

ASE Technology Holding Co., Ltd.

Summary of Consolidated Balance Sheet Data 

(In NT$ millions) 

(Unaudited)

 

  As of Dec. 31, 2020   As of  Sep. 30, 2020
               
Current assets:              
Cash and cash equivalents     51,538       55,814
Financial assets – current     4,894       5,993
Notes and accounts receivable     91,834       86,718
Inventories     61,988       62,948
Others     14,347       22,167
Total current assets     224,601       233,640
               

Financial assets – non-current & Investments – equity

 

method

 

    

17,041

 

      

14,279

 

Property plant and equipment     233,207       230,938
Right-of-use assets     8,621       8,346
Intangible assets     80,930       76,383
Others     19,460       17,964
Total assets     583,860       581,550
               
Current liabilities:              
Short-term borrowings     34,598       34,099
Current portion of bonds payable & Current portion of         long-term borrowings3    

11,220

 

      

13,708

 

Notes and accounts payable     73,268       71,515
Others     53,456       56,152
Total current liabilities     172,542       175,474
               
Bonds payable     49,254       49,249
Long-term borrowings4     108,170       122,097
Other liabilities     19,637       17,187
Total liabilities     349,603       364,007
               
Equity attributable to shareholders of the parent     218,635       205,510
Non-controlling interests     15,622       12,033
Total liabilities & shareholders’ equity     583,860       581,550
               
               
Current Ratio     1.30       1.33
Net Debt to Equity Ratio     0.65       0.75

_____________________

3Current portion of long-term borrowings include long-term loans and notes payable.

4Long-term borrowings include long-term loans and bills payable.

 

10 

 

ASE Technology Holding Co., Ltd.

Summary of Consolidated Cash Flow Statements

(In NT$ millions)

(Unaudited)

 

   

For the three months ended

  

For the year ended

  
    Dec. 31   Sep. 30   Dec. 31   Dec. 31   Dec. 31  
  2020 2020 2019 2020 2019
Cash Flows from Operating Activities:                      
Profit before income tax   12,604   9,014   8,582   35,734   23,362  
Depreciation & amortization   12,764   13,022   12,645   51,259   50,467  
Other operating activities items   2,767   (8,550)   10,357   (11,919)   (1,526)  
Net cash generated from operating activities   28,135   13,486   31,584   75,074   72,303  
Cash Flows from Investing Activities:                      

Net payments for property, plant

 

and equipment

 

   (15,139)   (12,297)   (17,261)   (57,628)   (56,361)  
Other investment activities items   (4,859)   (156)   (682)   (3,319)   1,782  
Net cash used in investing activities   (19,998)   (12,453)   (17,943)   (60,947)   (54,579)  
Cash Flows from Financing Activities:                      
Total net proceeds from (repayment of) debts   (15,686)   12,412   (5,119)   (8,285)   15,741  
Dividends paid   -   (8,521)   -   (8,521)   (10,623)  
Other financing activities items   989   (5,917)   (7,213)   (5,189)   (11,617)  
Net cash used in financing activities   (14,697)   (2,026)   (12,332)   (21,995)   (6,499)  
Foreign currency exchange effect   625   243   (2,398)   (725)   (2,612)  

Net increase (decrease) in cash

 

and cash equivalents

 

   (5,935)   (750)   (1,089)   (8,593)   8,613  
Cash and cash equivalents at the beginning of period  

55,814

 

   58,223   61,220   60,131   51,518  

Cash and cash equivalents at the

 

end of period

 

   49,879   57,473   60,131   51,538   60,131  
Cash and cash equivalents in the consolidated balance sheet   51,538   55,814   60,131   51,538   60,131  
Cash and cash equivalents included in disposal groups held for sale   (1,659)   1,659   -   -   -  
                           

 

11 

 

 

 

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