SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, July 30, 2014 /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 second quarter of 2014 were NT$ 21,928 million, which represented a 21.4% growth in revenues compared to the first quarter of 2014 and a 24.6% growth in revenues compared to the second quarter of 2013. SPIL reported a net income of NT$ 3,371 million for the second quarter of 2014, compared with a net income of NT$ 2,091 million and a net income of NT$ 1,740 million for the first quarter of 2014 and the second quarter of 2013, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 1.08, and diluted earnings per ADS was US$ 0.18.
All figures were prepared in accordance with TIFRS on a consolidated basis.
Operating results review:
-- For the second quarter of 2014, net revenues from IC packaging were NT$
19,437 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,491 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 16,263 million, representing an increase of
15.6% compared to the first quarter of 2014 and an increase of 16.8%
compared to the second quarter of 2013.
-- Raw materials costs were NT$ 7,521 million for the second quarter of
2014 and represented 34.3% of total net revenues, whereas raw
materials costs were NT$ 6,180 million and represented 34.2% of
total net revenues for the fisrt quarter of 2014.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 253 million.
-- Gross profit was NT$ 5,665 million for the second quarter of 2014,
representing a gross margin of 25.8%, which increased from a gross
margin of 22.1% for the first quarter of 2014 and was up from 20.9% for
the second quarter of 2013.
-- Total operating expenses for the second quarter of 2014 were NT$ 1,726
million, which included selling expenses of NT$ 230 million,
administrative expenses of NT$ 643 million and R&D expenses of NT$ 853
million. Total operating expenses represented 7.8% of total net revenues
for the second quarter of 2014.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 121 million.
-- Operating income was NT$ 3,939 million for the second quarter of 2014,
representing an operating margin of 18.0%, which increased from 13.2%
for the first quarter of 2014 and increased from 10.8% for the second
quarter of 2013.
-- Net income before tax was NT$ 4,058 million for the second quarter of
2014, which increased from a net income before tax of NT$ 2,551 million
for the first quarter of 2014 and increased from a net income before tax
of NT$ 2,147 million for the second quarter of 2013.
-- Income tax expense was NT$ 687 million for the second quarter of 2014,
compared with income tax expense of NT$ 460 million for the first
quarter of 2014 and income tax expense of NT$ 407 million for the second
quarter of 2013.
-- Net income was NT$ 3,371 million for the second quarter of 2014, which
increased from a net income of NT$ 2,091 million for the first quarter
of 2014 and increased from a net income of NT$ 1,740 million for the
second quarter of 2013.
-- Total number of shares outstanding was 3,129 million shares as of June
30, 2014. Diluted earnings per ordinary share for this quarter was NT$
1.08, or US$ 0.18 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 18,651 million as of Jun 30, 2014 from NT$
18,945 million as of Mar 31, 2014, and NT$ 16,953 million as of Jun 30,
2013.
-- Capital expenditures for the second quarter of 2014 totaled NT$ 3,492
million, which included NT$ 1,556 million for packaging equipment and
NT$ 1,936 million for testing equipment.
-- Total depreciation expenses for the second quarter of 2014 totaled NT$
2,895 million, which included NT$ 2,176 million was from packaging
operations and NT$ 719 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 19,437 million for
the second quarter of 2014, which represented an increase of NT$ 3,496
million or 21.9% compared to the first quarter of 2014.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 30%, 17% and 41%, respectively, of total net
revenues for the second quarter of 2014.
-- Capital expenditures for IC packaging operations totaled NT$ 1,556
million for the second quarter of 2014, which included NT$ 1,486 million
for packaging and building construction and NT$ 70 million for wafer
bumping operations.
-- As of Jun 30, 2014 we had 7,432 wirebonders installed, of which 112 were
disposed in the second quarter of 2014.
IC testing service:
-- Net revenues from testing operations were NT$ 2,491 million for the
second quarter of 2014, which represented an increase of NT$ 372 million
or 17.6% compared to the first quarter of 2014.
-- Capital expenditures for testing operations totaled NT$ 1,936 million
for the second quarter of 2014.
-- As of Jun 30, 2014 we had 461 testers installed, of which 42 were added
and 12 were disposed in the second quarter of 2014.
Revenue Analysis
-- Breakdown by end applications:
By application 2Q14 1Q14
============== ==== ====
Communication 64% 63%
------------- --- ---
Computing 12% 14%
--------- --- ---
Consumer 20% 19%
-------- --- ---
Memory 4% 4%
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-- Breakdown by packaging type:
By packaging type 2Q14 1Q14
================= ==== ====
Bumping & Flip Chip 41% 39%
------------------- --- ---
Substrate Based 30% 29%
--------------- --- ---
Leadframe Based 17% 20%
--------------- --- ---
Testing 12% 12%
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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 Jun 30, 2014 reflect our gains or losses attributable to the second 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 Jun 30, 2014, nor the consolidated financial data for our company is necessarily indicative of the results that may be expected for any period thereafter.
Contact:
Siliconware Precision Industries Co., Ltd.
No.45, Jieh Show Rd.
Hsinchu Science Park, Hsinchu
Taiwan, 30056
www.spil.com.tw
Janet Chen, IR Director
janet@spil.com.tw
+886-3-5795678#3675
Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671
SILICONWARE PRECISION INDUSTRIES CO., LTD.
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CONSOLIDATED BALANCE SHEET
--------------------------
As of June 30, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
June 30, 2014 June 30, 2013 Sequential
------------- ------------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 624,522 18,651,358 17 16,953,454 16 1,697,904 10
Accounts receivable 622,737 18,598,034 17 14,042,280 14 4,555,754 32
Inventories 145,840 4,355,506 4 3,932,874 4 422,632 11
Other current assets 63,870 1,907,471 1 1,758,128 2 149,343 8
--- ---
Total current assets 1,456,969 43,512,369 39 36,686,736 36 6,825,633 19
--------- ---------- --- ---------- --- --------- ---
Non-current Assets
Available-for-sale financial assets 332,474 9,929,333 9 6,524,426 6 3,404,907 52
Long-term investment under equity method 20,066 599,271 - 638,395 1 (39,124) -6
Property, plant and equipment 1,914,166 57,166,569 51 56,634,673 55 531,896 1
Intangible assets 9,577 286,009 - 422,994 - (136,985) -32
Other assets 47,345 1,413,967 1 2,084,909 2 (670,942) -32
------ --------- --- --------- --- -------- ---
Total non-current assets 2,323,628 69,395,149 61 66,305,397 64 3,089,752 5
Total Assets 3,780,597 112,907,518 100 102,992,133 100 9,915,385 10
============ ========= =========== === =========== === ========= ===
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,538,525 2 2,550,000 3 (11,475) -
Accounts payable 263,091 7,857,210 7 7,291,344 7 565,866 8
Current portion of long-term debt 165,538 4,943,790 5 3,164,171 3 1,779,619 56
Other current liability 606,719 18,119,669 16 17,998,371 17 121,298 1
Non-current Liabilities
Long-term loans 402,173 12,010,901 11 12,488,184 12 (477,283) -4
Other liabilities 46,634 1,392,718 1 1,171,679 1 221,039 19
Total Liabilities 1,569,155 46,862,813 42 44,663,749 43 2,199,064 5
------------------ --------- ---------- --- ---------- --- --------- ---
Stockholders' Equity
--------------------
Capital stock 1,043,483 31,163,611 27 31,163,611 30 - -
Capital reserve 528,091 15,771,441 14 15,776,214 15 (4,773) -
Legal reserve 294,559 8,797,005 8 8,207,777 8 589,228 7
Special reserve - - - 244,604 - (244,604) -100
Retained earnings 183,275 5,473,512 5 1,441,573 2 4,031,939 280
Other equity 162,034 4,839,136 4 1,494,605 2 3,344,531 224
Total Equity 2,211,442 66,044,705 58 58,328,384 57 7,716,321 13
------------ --------- ---------- --- ---------- --- --------- ---
Total Liabilities & Shareholders' Equity 3,780,597 112,907,518 100 102,992,133 100 9,915,385 10
======================================== ========= =========== === =========== === ========= ===
Forex ( NT$ per US$ ) 29.865 30.000
------ ------
(1)All figures are under TIFRS.
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 June 30 Sequential Comparison
------------------------- ---------------------
2Q2014 2Q 2013 YOY 2Q 2014 1Q 2014 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 728,507 21,928,049 100.0 17,601,598 24.6 21,928,049 18,060,370 21.4
Cost of Goods Sold (540,300) (16,263,052) -74.2 (13,925,296) 16.8 (16,263,052) (14,065,731) 15.6
Gross Profit 188,207 5,664,997 25.8 3,676,302 54.1 5,664,997 3,994,639 41.8
------- --------- ---- --------- ---- --------- --------- ----
Operating Expenses
Selling Expenses (7,643) (230,047) -1.0 (226,889) 1.4 (230,047) (209,748) 9.7
Administrative Expenses (21,346) (642,506) -2.9 (590,417) 8.8 (642,506) (558,595) 15.0
Research and Development Expenses (28,344) (853,144) -3.9 (962,811) -11.4 (853,144) (834,278) 2.3
---- ----- ---
(57,333) (1,725,697) -7.8 (1,780,117) -3.1 (1,725,697) (1,602,621) 7.7
------- ---------- ---- ---------- ---------- ---------- ---
Operating Income 130,874 3,939,300 18.0 1,896,185 107.7 3,939,300 2,392,018 64.7
------- --------- ---- --------- ----- --------- --------- ----
Non-operating Income 10,150 305,501 1.4 392,371 -22.1 305,501 308,053 -0.8
Non-operating Expenses (6,200) (186,631) -0.9 (140,985) 32.4 (186,631) (148,800) 25.4
------ -------- ---- -------- ---- -------- -------- ----
Income from Continuing Operations before Income Tax 134,824 4,058,170 18.5 2,147,571 89.0 4,058,170 2,551,271 59.1
Income Tax Credit (Expenses) (22,819) (686,838) -3.1 (407,368) 68.6 (686,838) (460,241) 49.2
------- -------- ---- -------- -------- -------- ----
Net Income 112,005 3,371,332 15.4 1,740,203 93.7 3,371,332 2,091,030 61.2
======= ========= ==== ========= ==== ========= ========= ====
Other comprehensive income
Exchange difference for translating the financial statements of (6,353) (191,223) 152,597 125,062
foreign operation
Unrealized valuation profit and loss of available-for-sale financial 89,423 2,691,622 692,469 1,153,417
assets
Tax effect of other comprehensive income items (576) (17,348) (75,067) (39,261)
---- ------- ------- -------
Total other comprehensive income 82,494 2,483,051 769,999 1,239,218
Total comprehensive income 194,499 5,854,383 2,510,202 3,330,248
======= ========= ========= =========
Earnings Per Ordinary Share- Diluted NT$ 1.08 NT$ 0.56 NT$ 0.67
------------ ------------ ------------
Earnings Per ADS- Diluted US$ 0.18 US$ 0.09 US$ 0.11
------------ ------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,128,788 3,085,498 3,138,305
--------- --------- ---------
Forex ( NT$ per US$ ) 30.10 29.85 30.27
----- ----- -----
(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 Six Months Ended on June 30, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months ended on June 30, 2014 and 2013
----------------------------------------
2014 2013 YOY
---- ----
USD NTD % NTD Change %
--- --- --- --- -------
Net Sales 1,325,149 39,988,419 100.0 31,420,808 27.3
Cost of Goods Sold (1,004,976) (30,328,783) -75.8 (25,727,640) 17.9
Gross Profit 320,173 9,659,636 24.2 5,693,168 69.7
------- --------- ---- --------- ----
Operating Expenses
Selling expenses (14,572) (439,795) -1.1 (405,455) 8.5
Administrative expenses (39,799) (1,201,101) -3.0 (1,096,189) 9.6
Research and development expenses (55,905) (1,687,422) -4.3 (1,658,240) 1.8
---------- ---- ---------- ---
(110,276) (3,328,318) -8.4 (3,159,884) 5.3
-------- ---- ---
Operating Income 209,897 6,331,318 15.8 2,533,284 149.9
------- --------- ---- --------- -----
Non-operating Income 20,326 613,554 1.5 565,006 8.6
Non-operating Expenses (11,116) (335,431) -0.8 (1,153,334) -70.9
------- -------- ---- ---------- -----
Income Before Income Tax 219,107 6,609,441 16.5 1,944,956 239.8
Income Tax Credit (Expenses) (38,023) (1,147,079) -2.8 (496,610) 131.0
------- ---------- ---- -------- -----
Net Income 181,084 5,462,362 13.7 1,448,346 277.1
========== ======= ========= ==== ========= =====
Other comprehensive income
Exchange difference for translating the financial statements of foreign operation (2,221) (66,161) 369,015
Unrealized valuation profit and loss of available-for-sale financial assets 127,527 3,845,039 1,129,975
Tax effect of other comprehensive income items (1,873) (56,609) (103,149)
------ ------- --------
Total other comprehensive income 123,433 3,722,269 1,395,841
------- --------- ---------
Total comprehensive income 304,517 9,184,631 2,844,187
======= ========= =========
Earnings Per Ordinary Share- Diluted NT$ 1.75 NT$ 0.47
------------ ------------
Earnings Per ADS- Diluted US$ 0.29 US$ 0.08
------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,128,788 3,084,043
--------- ---------
Forex ( NT$ per US$) 30.18 29.69
----- -----
(1)All figures are under TIFRS .
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------
For 6 Months Ended on June 30, 2014 and 2013
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months, 2014 6 months, 2013
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Net income before tax 219,107 6,609,441 1,944,956
Depreciation 191,244 5,711,508 5,040,260
Amortization 9,688 289,323 295,705
Change in working capital & others (94,638) (2,826,365) 679,502
---------- -------
Net cash flows provided from operating activities 325,401 9,783,907 7,960,423
------------------------------------------------- ------- --------- ---------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (217,713) (6,501,999) (7,512,618)
Proceeds from disposal of equipments 7,958 237,655 21,458
Increase of equity investment (2,137) (63,818) -
Payment for deferred charges/other changes (9,374) (279,951) (478,945)
-------- --------
Net cash used in investing activities (221,266) (6,608,113) (7,970,105)
------------------------------------- -------- ---------- ----------
Cash Flows from Financing Activities:
-------------------------------------
Proceeds from long-term loan - - 1,757,000
Repayment of long-term loan (53,209) (1,589,083) (1,589,083)
Proceeds from employee's purchase of treasury stocks/other charges 3,830 114,397 961,472
Net cash provided from financing activities (49,379) (1,474,686) 1,129,389
------------------------------------------- ------- ---------- ---------
Foreign currency exchange effect 1,367 (24,997) (18,745)
----- ------- -------
Net increase (decrease) in cash and cash equivalents 56,123 1,676,111 1,100,962
------ --------- ---------
Cash and cash equivalents at beginning of period 568,399 16,975,247 15,852,492
-------
Cash and cash equivalents at end of period 624,522 18,651,358 16,953,454
======= ========== ==========
Forex ( NT$ per US$ ) 29.865 30.000
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(1) All figures are under TIFRS.
SOURCE Siliconware Precision Industries Co., Ltd.
