SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Jan. 28, 2015 /PRNewswire/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the fourth quarter of 2014 were NT$ 21,431 million, which represented a 1.0% decline in revenues compared to the third quarter of 2014 and a 13.7% growth in revenues compared to the fourth quarter of 2013. SPIL reported a net income of NT$ 3,012 million for the fourth quarter of 2014, compared with a net income of NT$ 3,257 million and a net income of NT$ 2,260 million for the third quarter of 2014 and the fourth quarter of 2013, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.97, and diluted earnings per ADS was US$ 0.16.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the fourth quarter of 2014, net revenues from IC packaging were NT$
18,789 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,642 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 15,658 million, representing a decrease of
2.8% compared to the third quarter of 2014 and an increase of 7.8%
compared to the fourth quarter of 2013.
-- Raw materials costs were NT$ 6,953 million for the fourth quarter of
2014 and represented 32.5% of total net revenues, whereas raw
materials costs were NT$ 7,208 million and represented 33.3% of
total net revenues for the third quarter of 2014.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 107 million.
-- Gross profit was NT$ 5,773 million for the fourth quarter of 2014,
representing a gross margin of 26.9%, which increased from a gross
margin of 25.6% for the third quarter of 2014 and was up from 22.9% for
the fourth quarter of 2013.
-- Total operating expenses for the fourth quarter of 2014 were NT$ 1,920
million, which included selling expenses of NT$ 248 million,
administrative expenses of NT$ 697 million and R&D expenses of NT$ 975
million. Total operating expenses represented 8.9% of total net revenues
for the fourth quarter of 2014.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 71 million.
-- Operating income was NT$ 3,853 million for the fourth quarter of 2014,
representing an operating margin of 18.0%, which increased from 16.7%
for the third quarter of 2014 and increased from 14.0% for the fourth
quarter of 2013.
-- Non-operating items:
-- Our non-operating income was NT$ 392 million, including foreign
currency exchange gains of NT$ 256 million.
-- Our non-operating expense was NT$ 564 million, including net losses
of NT$ 321 million on fair value change of financial liabilities at
fair value through profit or loss.
-- Net income before tax was NT$ 3,681 million for the fourth quarter of
2014, which decreased from a net income before tax of NT$ 3,965 million
for the third quarter of 2014 and increased from a net income before tax
of NT$ 2,796 million for the fourth quarter of 2013.
-- Income tax expense was NT$ 669 million for the fourth quarter of 2014,
compared with income tax expense of NT$ 708 million for the third
quarter of 2014 and income tax expense of NT$ 536 million for the fourth
quarter of 2013.
-- Net income was NT$ 3,012 million for the fourth quarter of 2014, which
decreased from a net income of NT$ 3,257 million for the third quarter
of 2014 and increased from a net income of NT$ 2,260 million for the
fourth quarter of 2013.
-- Total number of shares outstanding was 3,120 million shares as of Dec
31, 2014. Diluted earnings per ordinary share for this quarter was NT$
0.97, or US$ 0.16 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 30,155 million as of Dec 31, 2014 from NT$
20,139 million as of Sept 30, 2014, and NT$ 16,975 million as of Dec 31,
2013.
-- Capital expenditures for the fourth quarter of 2014 totaled NT$ 8,665
million, which included NT$ 7,450 million for packaging equipment and
NT$ 1,215 million for testing equipment.
-- Total depreciation expenses for the fourth quarter of 2014 totaled NT$
3,092 million, which included NT$ 2,289 million was from packaging
operations and NT$ 803 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 18,789 million for
the fourth quarter of 2014, which represented a decrease of NT$ 264
million or 1.4% compared to the third quarter of 2014.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 29%, 19% and 40%, respectively, of total net
revenues for the fourth quarter of 2014.
-- Capital expenditures for IC packaging operations totaled NT$ 7,450
million for the fourth quarter of 2014, which included NT$ 7,287 million
for packaging and building construction and NT$ 163 million for wafer
bumping operations.
-- As of Dec 31, 2014 we had 7,384 wirebonders installed, of which 6 were
disposed in the fourth quarter of 2014.
IC testing service:
-- Net revenues from testing operations were NT$ 2,642 million for the
fourth quarter of 2014, which represented an increase of NT$ 43 million
or 1.7% compared to the third quarter of 2014.
-- Capital expenditures for testing operations totaled NT$ 1,215 million
for the fourth quarter of 2014.
-- As of Dec 31, 2014 we had 501 testers installed, of which 27 were added
and 9 were disposed in the fourth quarter of 2014.
Revenue Analysis
> Breakdown by end applications:
By application 4Q14 3Q14
============== ==== ====
Communication 64% 61%
------------- --- ---
Computing 11% 12%
--------- --- ---
Consumer 21% 23%
-------- --- ---
Memory 4% 4%
------ --- ---
> Breakdown by packaging type:
By packaging type 4Q14 3Q14
================= ==== ====
Bumping & Flip Chip 40% 39%
------------------- --- ---
Substrate Based 29% 30%
--------------- --- ---
Leadframe Based 19% 19%
--------------- --- ---
Testing 12% 12%
------- --- ---
About SPIL
Siliconware Precision Industries Ltd. ("SPIL") (NASDAQ:SPIL, Taiwan Stock Exchange:2325) is a leading provider of comprehensive semiconductor assembly and test services. SPIL is dedicated to meeting all of its customers' integrated circuit packaging and testing requirements, with turnkey solutions that range from design consultations, modeling and simulations, wafer bumping, wafer probe and sort, package assembly, final test, burn-in, to shipment. Products include advanced leadframe, substrate packages, wafer bumping and FCBGA, which are widely used in personal computers, communications, Internet appliances, cellular phones, digital cameras, cable modems, personal digital assistants and LCD monitors. SPIL supplies services and support to fabless design houses, integrated device manufacturers and wafer foundries globally. For further information, visit SPIL's web site at www.spil.com.tw.
Safe Harbor Statement
The information herein contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectation and projections about future events. Such forward-looking statements are inherently subject to known and unknown risks, uncertainties, assumptions about us and other factors that may cause the actual performance, financial condition or results of operations of SPIL to be materially different from what may be implied by such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors, including, among other things:
-- the intensely competitive personal computer, communications, consumer
ICs and non-commodity memory semiconductor industries and markets;
-- cyclical nature of the semiconductor industry;
-- risks associated with global business activities;
-- non-operating losses due to poor financial performance of some of our
investments;
-- our dependence on key personnel;
-- general economic and political conditions;
-- possible disruptions in commercial activities caused by natural and
human induced disaster, including terrorist activities and armed
conflicts and contagious disease, such as the Severe Acute Respiratory
Syndrome;
-- fluctuations in foreign currency exchange rates; and
-- other risks identified in our annual reports on Form 20-F filed with the
U.S. Securities and Exchange Commission each year.
The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.
All financial figures discussed herein are prepared pursuant to TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Dec 31, 2014 reflect our gains or losses attributable to the fourth quarter of 2014 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the consolidated financial data for our company for the three months ended Dec 31, 2014, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2014 is necessarily indicative of the results that may be expected for any period thereafter.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------
As of Dec 31, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Dec 31,2014 Dec 31,2013 Sequential
------------ ------------ ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 952,756 30,154,713 23 16,975,247 17 13,179,466 78
Accounts receivable 586,984 18,578,054 14 15,371,493 15 3,206,561 21
Inventories 138,424 4,381,135 3 3,667,592 4 713,543 19
Other current assets 66,162 2,094,006 1 1,810,799 1 283,207 16
--- ---
Total current assets 1,744,326 55,207,908 41 37,825,131 37 17,382,777 46
--------- ---------- --- ---------- --- ---------- ---
Non-current Assets
Available-for-sale financial assets 284,357 8,999,903 8 6,087,053 6 2,912,850 48
Long-term investment under equity method 2,402 76,032 - 615,998 1 (539,966) -88
Property, plant and equipment 2,006,972 63,520,671 49 55,196,751 54 8,323,920 15
Intangible assets 7,873 249,170 - 355,313 - (106,143) -30
Other assets 53,647 1,697,941 2 1,729,325 2 (31,384) -2
------ --------- --- --------- --- ------- ---
Total non-current assets 2,355,251 74,543,717 59 63,984,440 63 10,559,277 17
Total Assets 4,099,577 129,751,625 100 101,809,571 100 27,942,054 27
============ ========= =========== === =========== === ========== ===
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,690,250 2 2,533,850 2 156,400 6
Financial liabilities at fair value through profit or loss-current 34,615 1,095,552 1 - - 1,095,552 100
Accounts payable 253,427 8,020,963 7 6,542,050 7 1,478,913 23
Current portion of long-term debt 220,226 6,970,152 5 3,154,196 3 3,815,956 121
Other current liability 404,396 12,799,126 9 10,300,068 10 2,499,058 24
Non-current Liabilities
Bonds payable 375,213 11,875,483 9 - - 11,875,483 100
Long-term loans 404,236 12,794,062 10 15,355,557 15 (2,561,495) -17
Other liabilities 44,038 1,393,806 1 1,453,914 2 (60,108) -4
Total Liabilities 1,821,151 57,639,394 44 39,339,635 39 18,299,759 47
------------------ --------- ---------- --- ---------- --- ---------- ---
Stockholders' Equity
--------------------
Capital stock 984,632 31,163,611 24 31,163,611 31 - -
Capital reserve 498,308 15,771,456 12 15,771,853 15 (397) -
Legal reserve 277,946 8,797,005 7 8,207,777 8 589,228 7
Special reserve - - - - 244,604 - 244,604 -100
Retained earnings 369,912 11,707,700 9 5,965,224 6 5,742,476 96
Other equity 147,628 4,672,459 4 1,116,867 1 3,555,592 318
Total Equity 2,278,426 72,112,231 56 62,469,936 61 9,642,295 15
------------ --------- ---------- --- ---------- --- --------- ---
Total Liabilities & Shareholders' Equity 4,099,577 129,751,625 100 101,809,571 100 27,942,054 27
======================================== ========= =========== === =========== === ========== ===
Forex ( NT$ per US$ ) 31.65 29.81
----- -----
(1) All figures are under T-IFRS.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED INCOME STATEMENT
-----------------------------
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months ended on Dec 31 Sequential Comparison
------------------------ ---------------------
4Q2014 4Q 2013 YOY 4Q 2014 3Q 2014 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 694,906 21,430,915 100.0 18,843,765 13.7 21,430,915 21,652,107 -1.0
Cost of Goods Sold (507,721) (15,658,132) -73.1 (14,522,575) 7.8 (15,658,132) (16,103,145) -2.8
Gross Profit 187,185 5,772,783 26.9 4,321,190 33.6 5,772,783 5,548,962 4.0
------- --------- ---- --------- ---- --------- --------- ---
Operating Expenses
Selling Expenses (8,029) (247,617) -1.1 (223,483) 10.8 (247,617) (251,110) -1.4
Administrative Expenses (22,608) (697,231) -3.3 (567,202) 22.9 (697,231) (708,638) -1.6
Research and Development Expenses (31,627) (975,356) -4.5 (884,282) 10.3 (975,356) (965,180) 1.1
---- ---- ---
(62,264) (1,920,204) -8.9 (1,674,967) 14.6 (1,920,204) (1,924,928) -0.2
------- ---------- ---- ---------- ---------- ---------- ----
Operating Income 124,921 3,852,579 18.0 2,646,223 45.6 3,852,579 3,624,034 6.3
------- --------- ---- --------- ---- --------- --------- ---
Non-operating Income 12,699 391,636 1.8 272,587 43.7 391,636 970,019 -59.6
Non-operating Expenses (18,279) (563,725) -2.6 (123,332) 357.1 (563,725) (629,012) -10.4
------- -------- ---- -------- ----- -------- -------- -----
Income from Continuing Operations before Income Tax 119,341 3,680,490 17.2 2,795,478 31.7 3,680,490 3,965,041 -7.2
Income Tax Expenses (21,677) (668,523) -3.1 (535,946) 24.7 (668,523) (708,168) -5.6
------- -------- ---- -------- -------- -------- ----
Net Income 97,664 3,011,967 14.1 2,259,532 33.3 3,011,967 3,256,873 -7.5
====== ========= ==== ========= ==== ========= ========= ====
Other comprehensive income
Exchange difference for translating the financial statements of foreign operation 14,314 441,434 141,483 180,012
Unrealized valuation profit and loss of available-for-sale financial assets 16,948 522,682 (320,107) (1,419,352)
Acturial gain and loss of defined benefit plan (1,354) (41,749) 96,041 -
Tax effect of other comprehensive income items (147) (4,542) (35,305) 120,186
---- ------ ------- -------
Total other comprehensive income 29,761 917,825 (117,888) (1,119,154)
Total comprehensive income 127,425 3,929,792 2,141,644 2,137,719
======= ========= ========= =========
Earnings Per Ordinary Share- Diluted NT$ 0.97 NT$ 0.72 NT$ 1.04
------------ ------------ ------------
Earnings Per ADS- Diluted US$ 0.16 US$ 0.12 US$ 0.17
------------ ------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,119,755 3,134,752 3,125,037
--------- --------- ---------
Forex ( NT$ per US$ ) 30.84 29.55 30.01
----- ----- -----
(1) All figures are under TIFRS.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED INCOME STATEMENT
-----------------------------
For the Twelve Months Ended on Dec 31, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
12 months ended on Dec 31, 2014 and 2013
----------------------------------------
2014 2013 YOY
---- ----
USD NTD % NTD Change %
--- --- --- --- -------
Net Sales 2,741,552 83,071,441 100.0 69,356,192 19.8
Cost of Goods Sold (2,049,290) (62,090,060) -74.7 (54,925,674) 13.0
Gross Profit 692,262 20,981,381 25.3 14,430,518 45.4
------- ---------- ---- ---------- ----
Operating Expenses
Selling expenses (30,969) (938,522) -1.1 (839,723) 11.8
Administrative expenses (86,021) (2,606,970) -3.2 (2,246,763) 16.0
Research and development expenses (119,694) (3,627,958) -4.4 (3,406,702) 6.5
---------- ---- ---------- ---
(236,684) (7,173,450) -8.7 (6,493,188) 10.5
-------- ---- ----
Operating Income 455,578 13,807,931 16.6 7,937,330 74.0
------- ---------- ---- --------- ----
Non-operating Income 65,349 1,975,209 2.4 974,505 102.7
Non-operating Expenses (50,355) (1,528,168) -1.8 (1,455,902) 5.0
------- ---------- ---- ---------- ---
Income Before Income Tax 470,572 14,254,972 17.2 7,455,933 91.2
Income Tax Expenses (83,299) (2,523,770) -3.1 (1,563,650) 61.4
------- ---------- ---------- ----
Net Income 387,273 11,731,202 14.1 5,892,283 99.1
========== ======= ========== ==== ========= ====
Other comprehensive income
Exchange difference for translating the financial statements of foreign operation 18,091 555,285 426,113
Unrealized valuation profit and loss of available-for-sale financial assets 97,179 2,948,369 692,602
Acturial gain and loss of defined benefit plan (1,354) (41,749) 96,041
Tax effect of other comprehensive income items 1,985 59,035 (116,939)
----- ------ --------
Total other comprehensive income 115,901 3,520,940 1,097,817
------- --------- ---------
Total comprehensive income 503,174 15,252,142 6,990,100
======= ========== =========
Earnings Per Ordinary Share- Diluted NT$ 3.74 NT$ 1.89
------------ ------------
Earnings Per ADS- Diluted US$ 0.62 US$ 0.32
------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,139,471 3,116,617
--------- ---------
Forex ( NT$ per US$) 30.29 29.70
----- -----
(1) All figures are under TIFRS .
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------
For 12 Months Ended on Dec 31, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
12 months, 2014 12 months, 2013
--------------- ---------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Net income before tax 470,572 14,254,972 7,455,933
Depreciation 390,679 11,840,340 10,447,444
Amortization 19,649 595,475 586,295
Change in working capital / others (58,873) (1,745,614) (741,716)
------- ---------- --------
Net cash flows provided from operating activities 822,027 24,945,173 17,747,956
------------------------------------------------- ---------- ----------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (642,827) (19,560,740) (14,978,686)
Proceeds from disposal of available-for-sale financial assets 22,480 674,622 -
Increase of equity investmnet (2,114) (63,818) (31,717)
Proceeds from disposal of property, plant and equipments 10,440 315,556 106,474
Payment for deferred charges/other changes (20,076) (608,423) (684,332)
-------- --------
Net cash used in investing activities (632,097) (19,242,803) (15,588,261)
------------------------------------- -------- ----------- -----------
Cash Flows from Financing Activities:
-------------------------------------
Increase of long-term loan 128,291 3,850,000 6,206,000
Payment of long-term loan (104,320) (3,178,166) (3,178,166)
Cash dividends distributed to shareholders (186,919) (5,609,436) (5,140,752)
Proceeds from issue of convertible bonds 392,008 12,089,536 -
Proceeds from the exercise of employee stock option /other charges 4,639 140,246 962,579
Net cash provided from ( used in ) financing activities 233,699 7,292,180 (1,150,339)
------------------------------------------------------- ------- --------- ----------
Foreign currency exchange effect 6,024 184,916 113,399
----- ------- -------
Net increase in cash and cash equivalents 429,653 13,179,466 1,122,755
------- ---------- ---------
Cash and cash equivalents at beginning of period 560,794 16,975,247 15,852,492
-------
Cash and cash equivalents at end of period 990,447 30,154,713 16,975,247
======= ========== ==========
Forex ( NT$ per US$ ) 30.29 29.81
----- -----
(1): All figures are under T-IFRS.
Contact:
Siliconware Precision Industries Co., Ltd. Janet Chen, IR Director
No.45, Jieh Show Rd. janet@spil.com.tw
Hsinchu Science Park, Hsinchu +886-3-5795678#3675
Taiwan, 30056 Byron Chiang, Spokesperson
www.spil.com.tw byronc@spil.com.tw
+886-3-5795678#3671
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SOURCE Siliconware Precision Industries Co., Ltd.
