SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Taiwan, Oct. 24, 2016 /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 third quarter of 2016 were NT$ 21,955 million, which represented a 1.3% growth in revenues compared to the second quarter of 2016 and a 9.6% growth in revenues compared to the third quarter of 2015. SPIL reported a net income of NT$ 2,692 million for the third quarter of 2016, compared with a net income of NT$ 2,809 million and a net income of NT$ 2,682 million for the second quarter of 2016 and the third quarter of 2015, respectively.
Basic earnings per share for this quarter was NT$ 0.86, and diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.10.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the third quarter of 2016, net revenues from IC packaging were NT$
19,219 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,736 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 16,902 million, representing an increase of
1.9% compared to the second quarter of 2016 and an increase of 12.0%
compared to the third quarter of 2015.
-- Raw materials costs were NT$ 7,394 million for the third quarter of
2016 and represented 33.7% of total net revenues, whereas raw
materials costs were NT$ 7,261 million and represented 33.5% of
total net revenues for the second quarter of 2016.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 239 million.
-- Gross profit was NT$ 5,053 million for the third quarter of 2016,
representing a gross margin of 23.0%, which decreased from a gross
margin of 23.5% for the second quarter of 2016 and decreased from 24.7%
for the third quarter of 2015.
-- Total operating expenses for the third quarter of 2016 were NT$ 2,068
million, which included selling expenses of NT$ 252 million,
administrative expenses of NT$ 790 million and R&D expenses of NT$ 1,026
million. Total operating expenses represented 9.4% of total net revenues
for the third quarter of 2016.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 134 million.
-- Operating income was NT$ 2,985 million for the third quarter of 2016,
representing an operating margin of 13.6%, which increased from 13.3%
for the second quarter of 2016 and decreased from 14.6% for the third
quarter of 2015.
-- Non-operating items:
-- Our non-operating items were NT$ 175 million, including net gains of
NT$ 341 million on fair value change of financial liabilities at
fair value through profit or loss and net foreign exchange losses
of NT$ 82 million.
-- Net income before tax was NT$ 3,160 million for the third quarter of
2016, which decreased from a net income before tax of NT$ 3,235 million
for the second quarter of 2016 and increased from a net income before
tax of NT$ 3,051 million for the third quarter of 2015.
-- Income tax expense was NT$ 468 million for the third quarter of 2016,
compared with income tax expense of NT$ 426 million for the second
quarter of 2016 and income tax expense of NT$ 368 million for the third
quarter of 2015.
-- Net income was NT$ 2,692 million for the third quarter of 2016, which
decreased from a net income of NT$ 2,809 million for the second quarter
of 2016 and increased from a net income of NT$ 2,682 million for the
third quarter of 2015.
-- Total number of shares outstanding was 3,116 million shares as of Sep
30, 2016. Basic earnings per share for this quarter was NT$ 0.86, and
diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS
for this quarter was US$ 0.14, and diluted earnings per ADS was US$
0.10.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 19,177 million as of Sep 30, 2016 from NT$
24,508 million as of June 30, 2016, and NT$ 22,437 million as of Sep 30,
2015.
-- Capital expenditures for the third quarter of 2016 totaled NT$ 4,949
million.
-- Total depreciation expenses for the third quarter of 2016 totaled NT$
3,244 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 19,219 million for
the third quarter of 2016, which represented an increase of NT$ 69
million or 0.4% compared to the second quarter of 2016.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 29%, 18% and 41%, respectively, of total net
revenues for the third quarter of 2016.
-- As of Sep 30, 2016 we had 8,013 wirebonders installed, of which 62 were
added and 16 were disposed in the third quarter of 2016.
IC testing service:
-- Net revenues from testing operations were NT$ 2,736 million for the
third quarter of 2016, which represented an increase of NT$ 206 million
or 8.1% compared to the second quarter of 2016.
-- As of Sep 30, 2016 we had 579 testers installed, of which 6 were added
and 3 were disposed in the third quarter of 2016.
For more information, please visit: http://photos.prnasia.com/prnk/20161024/8521606813
Revenue Analysis
Breakdown by end applications:
By application 3Q16 2Q16
-------------- ---- ----
Communication 66% 68%
------------- --- ---
Computing 12% 10%
--------- --- ---
Consumer 20% 20%
-------- --- ---
Memory 2% 2%
------ --- ---
Breakdown by packaging type:
By application 3Q16 2Q16
-------------- ---- ----
Bumping & Flip Chip 41% 40%
------------------- --- ---
Substrate Based 29% 31%
--------------- --- ---
Leadframe Based 18% 17%
--------------- --- ---
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 Sep 30, 2016 reflect our gains or losses attributable to the third quarter of 2016 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 Sep 30, 2016, nor the consolidated financial data for our company for the nine months ended Sep 30, 2016 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
Mike Ma, Spokesperson
mikema@spil.com.tw
+886-4-25341525#1559
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET (UNAUDITED)
-------------------------------------
As of Sep 30, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Sep 30,2016 Sep 30,2015 Sequential
----------- ----------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 611,510 19,176,940 16 22,436,629 19 (3,259,689) -14.5
Available-for-sale financial assets 5,341 167,503 - - - 167,503 100.0
Accounts receivable 562,301 17,633,748 14 17,065,686 14 568,062 3.3
Inventories 201,785 6,327,980 5 4,293,936 4 2,034,044 47.4
Other current assets 51,294 1,608,585 2 1,830,864 1 (222,279) -12.1
Total current assets 1,432,231 44,914,756 37 45,627,115 38 (712,359) -1.6
--------- ---------- --- ---------- --- -------- ----
Non-current Assets
Available-for-sale financial assets 144,830 4,541,857 4 6,451,861 5 (1,910,004) -29.6
Long-term investment under equity method 79,305 2,487,013 2 41,318 - 2,445,695 5919.2
Property, plant and equipment 2,115,164 66,331,530 55 65,594,191 55 737,339 1.1
Intangible assets 5,770 180,962 - 203,097 - (22,135) -10.9
Other assets 57,028 1,788,399 2 1,784,320 2 4,079 0.2
Total non-current assets 2,402,097 75,329,761 63 74,074,787 62 1,254,974 1.7
---------- --- ---------- --- --------- ---
Total Assets 3,834,328 120,244,517 100 119,701,902 100 542,615 0.5
============ ========= =========== === =========== === ======= ===
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,665,600 2 2,793,950 2 (128,350) -4.6
Financial liabilities at fair value through 30,448 954,864 1 373,971 0 580,893 155.3
profit or loss - current
Accounts payable 264,056 8,280,808 7 6,448,043 5 1,832,765 28.4
Current portion of long-term debt 158,567 4,972,652 5 4,073,723 3 898,929 22.1
Other current liability 432,337 13,558,079 10 14,008,667 13 (450,588) -3.2
Non-current liabilities
Bonds payable 391,834 12,287,925 10 12,566,577 11 (278,652) -2.2
Long-term loans 374,902 11,756,921 10 8,779,183 7 2,977,738 33.9
Other liabilities 47,289 1,482,979 1 1,419,040 1 63,939 4.5
--------- --- --------- --- ------
Total Liabilities 1,784,433 55,959,828 46 50,463,154 42 5,496,674 10.9
------------------ --------- ---------- --- ---------- --- --------- ----
Stockholders' Equity
--------------------
Capital stock 993,738 31,163,611 26 31,163,611 26 - -
Capital reserve 403,125 12,641,997 11 15,771,210 13 (3,129,213) -19.8
Legal reserve 345,791 10,844,001 9 9,967,775 8 876,226 8.8
Retained earnings 236,715 7,423,377 6 10,133,190 9 (2,709,813) -26.7
Other equities 70,526 2,211,703 2 2,202,962 2 8,741 0.4
Total Equity 2,049,895 64,284,689 54 69,238,748 58 (4,954,059) -7.2
------------ ---------- --- ---------- --- ---------- ----
Total Liabilities & Shareholders' Equity 3,834,328 120,244,517 100 119,701,902 100 542,615 0.5
======================================== ========= =========== === =========== === ======= ===
Forex ( NT$ per US$ ) 31.360 32.87
------ -----
(1)All figures are under T-IFRS.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (UNAUDITED)
------------------------------------------------------
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months ended on Sep 30 Sequential Comparison
------------------------ ---------------------
3Q 2016 3Q 2015 YOY 3Q 2016 2Q 2016 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 692,221 21,955,188 100.0 20,029,703 9.6 21,955,188 21,679,907 1.3
Cost of Goods Sold (532,893) (16,901,767) -77.0 (15,090,116) 12.0 (16,901,767) (16,581,285) 1.9
-------- ----------- ----- ----------- ---- ----------- ----------- ---
Gross Profit 159,328 5,053,421 23.0 4,939,587 2.3 5,053,421 5,098,622 -0.9
------- --------- ---- --------- --- --------- --------- ----
Operating Expenses
Selling Expenses (7,937) (251,733) -1.1 (243,652) 3.3 (251,733) (246,649) 2.1
Administrative Expenses (24,902) (789,819) -3.6 (801,151) -1.4 (789,819) (913,050) -13.5
Research and Development Expenses (32,363) (1,026,480) -4.7 (965,931) 6.3 (1,026,480) (1,067,939) -3.9
---- --- ----
(65,202) (2,068,032) -9.4 (2,010,734) 2.8 (2,068,032) (2,227,638) -7.2
------- ---------- ---- ---------- --- ---------- ---------- ----
Operating Income 94,126 2,985,389 13.6 2,928,853 1.9 2,985,389 2,870,984 4.0
Non-operating Items 5,501 174,470 0.8 121,878 43.2 174,470 363,284 -52.0
----- ------- --- ------- ---- ------- ------- -----
Income Before Income Tax 99,627 3,159,859 14.4 3,050,731 3.6 3,159,859 3,234,268 -2.3
Income Tax Expenses (14,766) (468,329) -2.1 (368,427) 27.1 (468,329) (425,565) 10.0
-------- ---- -------- ---- -------- -------- ----
Net Income 84,861 2,691,530 12.3 2,682,304 0.3 2,691,530 2,808,703 -4.2
========== ====== ========= ==== ========= === ========= ========= ====
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements (13,962) (442,841) 258,970 (251,469)
Unrealized gain(loss) on available-for-sale financial assets (23,179) (735,175) (1,655,007) (175,229)
Share of other comprehensive income of associates and joint ventures (3,263) (103,478) - (62,444)
Income tax relating to items that may be reclassified to profit or loss (146) (4,618) 30,363 (6,622)
------ ------ ------
Total other comprehensive income (40,550) (1,286,112) (1,365,674) (495,764)
------- ---------- ----------
Total comprehensive income 44,311 1,405,418 1,316,630 2,312,939
====== ========= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.86 NT$ 0.86 NT$ 0.90
----------- ------------ -----------
Earnings Per Ordinary Share- Diluted NT$ 0.64 NT$ 0.86 NT$ 0.78
----------- ------------ -----------
Earnings Per ADS- Basic US$ 0.14 US$ 0.13 US$ 0.14
----------- ------------ -----------
Earnings Per ADS- Diluted US$ 0.10 US$ 0.13 US$ 0.12
----------- ------------ -----------
Weighted Average Outstanding Shares - Diluted ('k) 3,389,249 3,129,886 3,369,343
--------- --------- ---------
Forex ( NT$ per US$ ) 31.717 31.975 32.425
------ ------ ------
(1) All figures are under T-IFRS.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (UNAUDITED)
------------------------------------------------------
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
9 months ended on Sep. 30
-------------------------
2016 2015 YOY
USD NTD % NTD change %
--- --- --- --- -------
Revenues 1,943,142 62,934,405 100.0 62,074,982 1.4
Cost of Goods Sold (1,506,789) (48,812,468) -77.6 (45,907,965) 6.3
----- ---
Gross Profit 436,353 14,121,937 22.4 16,167,017 -12.6
------- ---------- ---- ---------- -----
Operating Expenses
Selling Expenses (22,886) (741,705) -1.2 (751,726) -1.3
Administrative Expenses (80,788) (2,621,826) -4.1 (2,562,713) 2.3
Research and Development Expenses (93,039) (3,013,824) -4.8 (2,858,895) 5.4
------- ---- ---
(196,713) (6,377,355) -10.1 (6,173,334) 3.3
-------- ---------- ----- ---------- ---
Operating Income 239,640 7,744,582 12.3 9,993,683 -22.5
Non-operating Items 17,007 547,786 0.9 403,618 35.7
------ ------- --- ------- ----
Income Before Income Tax 256,647 8,292,368 13.2 10,397,301 -20.2
Income Tax Expenses (36,767) (1,188,107) -1.9 (1,423,007) -16.5
------- ---------- ---- ---------- -----
Net Income 219,880 7,104,261 11.3 8,974,294 -20.8
======= ========= ==== ========= =====
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of (26,740) (860,748) 10,297
foreign financial statements
Unrealized gain (loss) on available-for-sale (20,637) (647,052) (2,548,042)
financial assets
Share of other comprehensive (2,617) (80,684) -
income of associates and joint ventures
Income tax relating to items that may 304 10,442 44,909
be reclassified to profit or loss
Total other comprehensive income (49,690) (1,578,042) (2,492,836)
------- ---------- ----------
Total comprehensive income 170,190 5,526,219 6,481,458
======= ========= =========
Earnings Per Ordinary Share- Basic NT$ 2.28 NT$ 2.88
------------ ----------
Earnings Per Ordinary Share- Diluted NT$ 1.80 NT$ 2.63
------------ ----------
Earnings Per ADS- Basic US$ 0.35 US$ 0.46
------------ ------------
Earnings Per ADS- Diluted US$ 0.28 US$ 0.42
------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,403,893 3,407,264
--------- ---------
Forex ( NT$ per US$ ) 32.310 31.362
------ ------
(1) All figures are under T-IFRS.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
----------------------------------------------------
For 9 Months Ended on Sep. 30, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
9 months, 2016 9 months, 2015
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Income before income tax 256,647 8,292,368 10,397,301
Depreciation 297,197 9,633,210 9,678,952
Amortization 9,418 305,896 465,771
Change in working capital & others (140,517) (4,562,770) (1,107,337)
-------- ---------- ----------
Net cash flows provided from operating activities 422,745 13,668,704 19,434,687
------------------------------------------------- ------- ---------- ----------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (367,079) (11,858,794) (10,785,106)
Proceeds from disposal of available-for-sale financial assets 44,394 1,454,403 -
Proceeds from disposal of property, plant, and equipment 4,208 136,561 99,610
Payment for other changes (10,342) (339,232) (392,060)
------- -------- --------
Net cash used in investing activities (328,819) (10,607,062) (11,077,556)
------------------------------------- -------- ----------- -----------
Cash Flows from Financing Activities:
-------------------------------------
Proceeds from long-term loans 220,702 7,000,000 1,500,000
Repayment of long-term loans (117,495) (3,808,721) (8,235,833)
Cash dividends distributed to shareholders (373,370) (11,842,172) (9,349,083)
Others (3,023) (100,257) (2,305)
Net cash used in financing activities (273,186) (8,751,150) (16,087,221)
------------------------------------- -------- ---------- -----------
Foreign currency exchange effect (10,040) (324,926) 12,006
------- -------- ------
Net decrease in cash and cash equivalents (189,300) (6,014,434) (7,718,084)
-------- ---------- ----------
Cash and cash equivalents at beginning of period 760,081 25,191,374 30,154,713
Cash and cash equivalents at end of period 570,781 19,176,940 22,436,629
======= ========== ==========
Forex ( NT$ per US$ ) 32.310 31.362
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(1) : All figures are under T-IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
