SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, April 29, 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 first quarter of 2015 were NT$ 20,805 million, which represented a 2.9% decline in revenues compared to the fourth quarter of 2014 and a 15.2% growth in revenues compared to the first quarter of 2014. SPIL reported a net income of NT$ 2,615 million for the first quarter of 2015, compared with a net income of NT$ 3,015 million and a net income of NT$ 2,094 million for the fourth quarter of 2014 and the first quarter of 2014, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.83, and diluted earnings per ADS was US$ 0.13.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the first quarter of 2015, net revenues from IC packaging were NT$
18,369 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,436 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 15,359 million, representing a decrease of
1.9% compared to the fourth quarter of 2014 and an increase of 9.2%
compared to the first quarter of 2014.
-- Raw materials costs were NT$ 6,768 million for the first quarter of
2015 and represented 32.5% of total net revenues, whereas raw
materials costs were NT$ 6,953 million and represented 32.5% of
total net revenues for the fourth quarter of 2014.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 185 million.
-- Gross profit was NT$ 5,446 million for the first quarter of 2015,
representing a gross margin of 26.2%, which decreased from a gross
margin of 26.9% for the fourth quarter of 2014 and was up from 22.1% for
the first quarter of 2014.
-- Total operating expenses for the first quarter of 2015 were NT$ 1,977
million, which included selling expenses of NT$ 248 million,
administrative expenses of NT$ 820 million and R&D expenses of NT$ 909
million. Total operating expenses represented 9.5% of total net revenues
for the first quarter of 2015.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 100 million.
-- Operating income was NT$ 3,469 million for the first quarter of 2015,
representing an operating margin of 16.7%, which decreased from 18.0%
for the fourth quarter of 2014 and increased from 13.2% for the first
quarter of 2014.
-- Non-operating items:
-- Our non-operating expense was NT$ 579 million, including net losses
of NT$ 315 million on fair value change of financial liabilities at
fair value through profit or loss.
-- Net income before tax was NT$ 3,014 million for the first quarter of
2015, which decreased from a net income before tax of NT$ 3,684 million
for the fourth quarter of 2014 and increased from a net income before
tax of NT$ 2,555 million for the first quarter of 2014.
-- Income tax expense was NT$ 399 million for the first quarter of 2015,
compared with income tax expense of NT$ 669 million for the fourth
quarter of 2014 and income tax expense of NT$ 460 million for the first
quarter of 2014.
-- Net income was NT$ 2,615 million for the first quarter of 2015, which
decreased from a net income of NT$ 3,015 million for the fourth quarter
of 2014 and increased from a net income of NT$ 2,094 million for the
first quarter of 2014.
-- Total number of shares outstanding was 3,143 million shares as of Mar
31, 2015. Diluted earnings per ordinary share for this quarter was NT$
0.83, or US$ 0.13 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 28,264 million as of Mar 31, 2015 from NT$
30,155 million as of Dec 31, 2014, and NT$ 18,945 million as of Mar 31,
2014.
-- Capital expenditures for the first quarter of 2015 totaled NT$ 3,536
million, which included NT$ 2,202 million for packaging equipment and
NT$ 1,334 million for testing equipment.
-- Total depreciation expenses for the first quarter of 2015 totaled NT$
3,212 million, which included NT$ 2,378 million was from packaging
operations and NT$ 834 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 18,369 million for
the first quarter of 2015, which represented a decrease of NT$ 420
million or 2.2% compared to the fourth quarter of 2014.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 26%, 19% and 43%, respectively, of total net
revenues for the first quarter of 2015.
-- Capital expenditures for IC packaging operations totaled NT$ 2,202
million for the first quarter of 2015, which included NT$ 1,959 million
for packaging and building construction and NT$ 243 million for wafer
bumping operations.
-- As of Mar 31, 2015 we had 7,375 wirebonders installed, of which 9 were
disposed in the first quarter of 2015.
IC testing service:
-- Net revenues from testing operations were NT$ 2,436 million for the
first quarter of 2015, which represented a decrease of NT$ 206 million
or 7.8% compared to the fourth quarter of 2014.
-- Capital expenditures for testing operations totaled NT$ 1,334 million
for the first quarter of 2015.
-- As of Mar 31, 2015 we had 527 testers installed, of which 32 were added
and 6 were disposed in the first quarter of 2015.
Revenue Analysis
-- Breakdown by end applications:
By application 1Q15 4Q14
============== ==== ====
Communication 66% 64%
------------- --- ---
Computing 10% 11%
--------- --- ---
Consumer 21% 21%
-------- --- ---
Memory 3% 4%
------ --- ---
-- Breakdown by packaging type:
By packaging type 1Q15 4Q14
================= ==== ====
Bumping & Flip Chip 43% 40%
------------------- --- ---
Substrate Based 26% 29%
--------------- --- ---
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 Mar 31, 2015 reflect our gains or losses attributable to the first quarter of 2015 unaudited financial results of several of our investees which are evaluated under the equity method. The consolidated financial data for our company for the three months ended Mar 31, 2015, is not necessarily indicative of the results that may be expected for any period thereafter.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------
As of Mar 31, 2015 and 2014
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Mar 31, 2015 Mar 31, 2014 Sequential
------------- ------------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 903,012 28,264,264 22 18,945,401 18 9,318,863 49
Accounts receivable 554,848 17,366,737 14 15,312,224 15 2,054,513 13
Inventories 144,049 4,508,733 4 4,114,854 4 393,879 10
Other current assets 64,964 2,033,378 1 1,888,402 1 144,976 8
--- ---
Total current assets 1,666,873 52,173,112 41 40,260,881 38 11,912,231 30
--------- ---------- --- ---------- --- ---------- ---
Non-current Assets
Available-for-sale financial assets 302,599 9,471,354 7 7,240,470 7 2,230,884 31
Long-term investment under equity method 1,739 54,433 -- 622,968 -- (568,535) -91
Property, plant and equipment 2,025,320 63,392,501 50 55,414,638 53 7,977,863 14
Intangible assets 6,832 213,841 -- 316,908 -- (103,067) -33
Other assets 64,420 2,016,372 2 1,566,255 2 450,117 29
------ --------- --- --------- --- ------- ---
Total non-current assets 2,400,910 75,148,501 59 65,161,239 62 9,987,262 15
Total Assets 4,067,783 127,321,613 100 105,422,120 100 21,899,493 21
============ ========= =========== === =========== === ========== ===
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,660,500 2 2,589,950 2 70,550 3
Financial liabilities at fair value through profit or loss 45,072 1,410,750 1 -- -- 1,410,750 100
Accounts payable 230,764 7,222,899 6 6,889,708 7 333,191 5
Current portion of long-term debt 167,969 5,257,443 4 4,999,234 5 258,209 5
Other current liability 422,286 13,217,565 10 9,995,078 9 3,222,487 32
Non-current Liabilities
Bonds payable 377,593 11,818,664 9 -- -- 11,818,664 100
Long-term loans 297,917 9,324,812 8 13,745,828 13 (4,421,016) -32
Other liabilities 43,893 1,373,825 1 1,407,977 1 (34,152) -2
Total Liabilities 1,670,494 52,286,458 41 39,627,775 37 12,658,683 32
------------------ --------- ---------- --- ---------- --- ---------- ---
Stockholders' Equity
--------------------
Capital stock 995,643 31,163,611 25 31,163,611 30 -- --
Capital reserve 503,884 15,771,577 12 15,771,441 15 136 --
Legal reserve 281,054 8,797,005 7 8,207,777 8 589,228 7
Special reserve -- -- -- 244,604 -- 244,604 -100
Retained earnings 456,653 14,293,249 11 7,982,742 8 6,310,507 79
Other equity 160,055 5,009,713 4 2,424,170 2 2,585,543 107
Total Equity 2,397,289 75,035,155 59 65,794,345 63 9,240,810 14
------------ --------- ---------- --- ---------- --- --------- ---
Total Liabilities & Shareholders' Equity 4,067,783 127,321,613 100 105,422,120 100 21,899,493 21
======================================== ========= =========== === =========== === ========== ===
Forex ( NT$ per US$ ) 31.30 30.47
----- -----
(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 Mar 31 Sequential Comparison
------------------------ ---------------------
1Q2015 1Q 2014 YOY 1Q 2015 4Q 2014 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 660,002 20,805,242 100.0 18,060,370 15.2 20,805,242 21,430,915 -2.9
Cost of Goods Sold (487,225) (15,358,793) -73.8 (14,063,506) 9.2 (15,358,793) (15,655,951) -1.9
Gross Profit 172,777 5,446,449 26.2 3,996,864 36.3 5,446,449 5,774,964 -5.7
------- --------- ---- --------- ---- --------- --------- ----
Operating Expenses
Selling Expenses (7,881) (248,448) -1.2 (209,592) 18.5 (248,448) (247,455) 0.4
Administrative Expenses (26,012) (819,976) -3.9 (558,248) 46.9 (819,976) (696,858) 17.7
Research and Development Expenses (28,830) (908,788) -4.4 (833,703) 9.0 (908,788) (974,769) -6.8
--- ----
(62,723) (1,977,212) -9.5 (1,601,543) 23.5 (1,977,212) (1,919,082) 3.0
------- ---------- ---- ---------- ---------- ---------- ---
Operating Income 110,054 3,469,237 16.7 2,395,321 44.8 3,469,237 3,855,882 -10.0
------- --------- ---- --------- ---- --------- --------- -----
Non-operating Income 3,924 123,664 0.6 308,053 -59.9 123,664 391,636 -68.4
Non-operating Expenses (18,360) (578,749) -2.8 (148,800) 288.9 (578,749) (563,725) 2.7
------- -------- ---- -------- ----- -------- -------- ---
Income from Continuing Operations before Income Tax 95,618 3,014,152 14.5 2,554,574 18.0 3,014,152 3,683,793 -18.2
Income Tax Expenses (12,679) (399,652) -1.9 (460,241) -13.2 (399,652) (668,523) -40.2
------- -------- ---- -------- -------- -------- -----
Net Income 82,939 2,614,500 12.6 2,094,333 24.8 2,614,500 3,015,270 -13.3
====== ========= ==== ========= ==== ========= ========= =====
Other comprehensive income
Exchange difference on translation of foreign financial statements (4,805) (151,472) 125,062 441,435
Unrealized gain on available-for-sale financial assets 14,956 471,451 1,153,417 522,682
Acturial gain and loss of defined benefit plan -- -- -- (41,749)
Tax effect of other comprehensive income items (192) (6,064) (39,261) (4,543)
---- ------ ------- ------
Total other comprehensive income 9,959 313,915 1,239,218 917,825
Total comprehensive income 92,898 2,928,415 3,333,551 3,933,095
====== ========= ========= =========
Earnings Per Ordinary Share- Diluted NT$ 0.83 NT$ 0.67 NT$ 0.97
------------ ------------ ------------
Earnings Per ADS- Diluted US$ 0.13 US$ 0.11 US$ 0.16
------------ ------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,143,401 3,138,305 3,119,755
--------- --------- ---------
Forex ( NT$ per US$ ) 31.52 30.27 30.84
----- ----- -----
(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 3 Months Ended on Mar 31, 2015 and 2014
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months, 2015 3 months, 2014
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Net income before tax 98,750 3,014,152 2,554,574
Depreciation 105,242 3,212,303 2,816,070
Amortization 5,152 157,252 142,344
Change in working capital / others 13,428 409,856 (549,999)
------ ------- --------
Net cash flows provided from operating activities 222,572 6,793,563 4,962,989
------------------------------------------------- --------- ---------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (115,834) (3,535,602) (3,010,312)
Proceeds from disposal of property, plant and equipments 3,038 92,715 165,780
Payment for deferred charges/other changes (8,143) (248,535) (182,873)
-------- --------
Net cash used in investing activities (120,939) (3,691,422) (3,027,405)
------------------------------------- -------- ---------- ----------
Cash Flows from Financing Activities:
-------------------------------------
Repayment of long-term loan (161,935) (4,942,750) -
Other charges (169) (5,173) -
Net cash used in financing activities (162,104) (4,947,923) 0
------------------------------------- -------- ---------- ---
Foreign currency exchange effect (1,463) (44,667) 34,570
------ ------- ------
Net (decrease) increase in cash and cash equivalents (61,934) (1,890,449) 1,970,154
------- ---------- ---------
Cash and cash equivalents at beginning of period 987,934 30,154,713 16,975,247
-------
Cash and cash equivalents at end of period 926,000 28,264,264 18,945,401
======= ========== ==========
Forex ( NT$ per US$ ) 30.52 30.47
----- -----
(1) : All figures are under T-IFRS.
For further information, please contact IR dept.
Janet Chen, IR Director
janet@spil.com.tw
+886-3-5795678#3675
Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671
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SOURCE Siliconware Precision Industries Co., Ltd.
