SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Taiwan, April 26, 2017 /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 2017 were NT$ 19,552 million, which represented a 11.8% decline in revenues compared to the fourth quarter of 2016 and a 1.3% growth in revenues compared to the first quarter of 2016. SPIL reported a net income of NT$ 997 million for the first quarter of 2017, compared with a net income of NT$ 2,829 million and a net income of NT$ 1,604 million for the fourth quarter of 2016 and the first quarter of 2016, respectively.
Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the first quarter of 2017, net revenues from IC packaging were NT$
17,026 million and represented 87% of total net revenues. Net revenues
from testing operations were NT$ 2,526 million and represented 13% of
total net revenues.
-- Cost of goods sold was NT$ 15,795 million, representing a decline of
6.8% compared to the fourth quarter of 2016 and an increase of 3.0%
compared to the first quarter of 2016.
-- Raw materials costs were NT$ 6,725 million for the first quarter of
2017 and represented 34.4% of total net revenues, whereas raw
materials costs were NT$ 7,413 million and represented 33.5% of
total net revenues for the fourth quarter of 2016.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 91 million.
-- Gross profit was NT$ 3,757 million for the first quarter of 2017,
representing a gross margin of 19.2%, which decreased from a gross
margin of 23.6% for the fourth quarter of 2016 and decreased from 20.6%
for the first quarter of 2016.
-- Total operating expenses for the first quarter of 2017 were NT$ 2,017
million, which included selling expenses of NT$ 248 million,
administrative expenses of NT$ 804 million and R&D expenses of NT$ 965
million. Total operating expenses represented 10.3% of total net
revenues for the first quarter of 2017.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 50 million.
-- Operating income was NT$ 1,740 million for the first quarter of 2017,
representing an operating margin of 8.9%, which decreased from 13.7% for
the fourth quarter of 2016 and decreased from 9.8% for the first quarter
of 2016.
-- Non-operating items:
-- Our non-operating expense was NT$ 478 million, including net foreign
exchange losses of NT$ 313 million and net losses of NT$ 113 million
on fair value change of financial liabilities at fair value through
profit or loss.
-- Net income before tax was NT$ 1,262 million for the first quarter of
2017, which decreased from a net income before tax of NT$ 3,392 million
for the fourth quarter of 2016 and decreased from a net income before
tax of NT$ 1,898 million for the first quarter of 2016.
-- Income tax expense was NT$ 265 million for the first quarter of 2017,
compared with income tax expense of NT$ 563 million for the fourth
quarter of 2016 and income tax expense of NT$ 294 million for the first
quarter of 2016.
-- Net income was NT$ 997 million for the first quarter of 2017, which
decreased from a net income of NT$ 2,829 million for the fourth quarter
of 2016 and decreased from a net income of NT$ 1,604 million for the
first quarter of 2016.
-- Total number of shares outstanding was 3,116 million shares as of Mar
31, 2017. Basic earnings per share for this quarter was NT$ 0.32, and
diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS
for this quarter was US$ 0.05, and diluted earnings per ADS was US$
0.02.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 23,611 million as of Mar 31, 2017 from NT$
24,476 million as of Dec 31, 2016, and NT$ 25,406 million as of Mar 31,
2016.
-- Capital expenditures for the first quarter of 2017 totaled NT$ 3,337
million.
-- Total depreciation expenses for the first quarter of 2017 totaled NT$
3,392 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 17,026 million for
the first quarter of 2017, which represented a decrease of NT$ 2,380
million or 12.3% compared to the fourth quarter of 2016.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 28%, 17% and 42%, respectively, of total net
revenues for the first quarter of 2017.
-- As of Mar 31, 2017 we had 8,248 wirebonders installed, of which 410 were
added and 158 were disposed in the first quarter of 2017.
IC testing service:
-- Net revenues from testing operations were NT$ 2,526 million for the
first quarter of 2017, which represented a decrease of NT$ 246 million
or 8.9% compared to the fourth quarter of 2016.
-- As of Mar 31, 2017 we had 549 testers installed, of which 5 were added
and 10 were disposed in the first quarter of 2017.
For more information, please visit: https://photos.prnasia.com/prnk/20170426/1835036-1
Revenue Analysis
-- Breakdown by end applications:
By application 1Q17 4Q16
-------------- ---- ----
Communication 70% 69%
------------- --- ---
Computing 11% 12%
--------- --- ---
Consumer 17% 17%
-------- --- ---
Memory 2% 2%
------ --- ---
-- Breakdown by packaging type:
By application 1Q17 4Q16
-------------- ---- ----
Bumping & Flip Chip 42% 42%
------------------- --- ---
Substrate Based 28% 29%
--------------- --- ---
Leadframe Based 17% 17%
--------------- --- ---
Testing 13% 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, 2017 reflect our gains or losses attributable to the first quarter of 2017 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, 2017 is not necessarily indicative of the results that may be expected for any period thereafter.
Contact:
Siliconware Precision Industries Co., Ltd.
No. 123, Sec. 3, Da Fong Rd., Tantzu,
Taichung , Taiwan 42749
www.spil.com.tw
Eva Chen, VP of Finance Div.
SPILIR@spil.com.tw
+886-4-25341525 #1536
Byron Chiang, Spokesperson
Spokesperson@spil.com.tw
+886-3-5795678 #3676
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET (UNAUDITED)
-------------------------------------
As of Mar 31, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Mar 31,2017 Mar 31,2016 Sequential
----------- ----------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 778,476 23,611,168 19 25,405,633 21 (1,794,465) -7.1
Accounts receivable 512,133 15,532,994 13 14,536,059 12 996,935 6.9
Inventories 224,929 6,822,101 6 5,678,642 5 1,143,459 20.1
Other current assets 51,576 1,564,299 1 1,309,843 0 254,456 19.4
Total current assets 1,567,114 47,530,562 39 46,930,177 38 600,385 1.3
--------- ---------- --- ---------- --- ------- ---
Non-current Assets
Available-for-sale financial assets 139,473 4,230,202 3 5,789,763 5 (1,559,561) -26.9
Long-term investment under equity method 87,164 2,643,697 2 2,588,192 2 55,505 2.1
Property, plant and equipment 2,174,813 65,962,091 54 65,356,521 53 605,570 0.9
Intangible assets 5,157 156,410 - 188,564 - (32,154) -17.1
Other assets 58,645 1,778,699 2 2,002,068 2 (223,369) -11.2
Total non-current assets 2,465,252 74,771,099 61 75,925,108 62 (1,154,009) -1.5
---------- --- ---------- --- ---------- ----
Total Assets 4,032,366 122,301,661 100 122,855,285 100 (553,624) -0.5
============ ========= =========== === =========== === ======== ====
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,578,050 2 2,735,725 2 (157,675) -5.8
Financial liabilities at fair value through 29,248 887,096 1 1,637,538 1 (750,442) -45.8
profit or loss - current
Accounts payable 242,881 7,366,573 6 7,077,693 6 288,880 4.1
Current portion of bonds payable 396,603 12,028,976 10 - - 12,028,976 -
Current portion of long-term debt 70,299 2,132,167 2 5,913,739 5 (3,781,572) -63.9
Other current liability 428,438 12,994,547 10 13,119,194 11 (124,647) -1.0
Non-current liabilities
Bonds payable - - - 12,457,882 10 (12,457,882) -100.0
Long-term loans 505,770 15,340,000 13 5,969,625 5 9,370,375 157.0
Other liabilities 52,106 1,580,368 1 1,535,385 1 44,983 2.9
--------- --- --------- --- ------
Total Liabilities 1,810,345 54,907,777 45 50,446,781 41 4,460,996 8.8
------------------ --------- ---------- --- ---------- --- --------- ---
Stockholders' Equity
--------------------
Capital stock 1,027,485 31,163,611 26 31,163,611 25 - -
Capital reserve 416,815 12,641,997 10 15,758,358 13 (3,116,361) -19.8
Legal reserve 357,534 10,844,001 9 9,967,775 8 876,226 8.8
Retained earnings 370,880 11,248,800 9 11,525,181 10 (276,381) -2.4
Other equities 49,307 1,495,475 1 3,993,579 3 (2,498,104) -62.6
Total Equity 2,222,021 67,393,884 55 72,408,504 59 (5,014,620) -6.9
------------ ---------- --- ---------- --- ---------- ----
Total Liabilities & Shareholders' Equity 4,032,366 122,301,661 100 122,855,285 100 (553,624) -0.5
======================================== ========= =========== === =========== === ======== ====
Forex ( NT$ per US$ ) 30.330 32.185
------ ------
(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 Mar 31 Sequential Comparison
------------------------ ---------------------
1Q 2017 1Q 2016 YoY 1Q 2017 4Q 2016 QoQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 628,769 19,551,585 100.0 19,299,310 1.3 19,551,585 22,177,508 -11.8
Cost of Goods Sold (507,954) (15,794,850) -80.8 (15,329,416) 3.0 (15,794,850) (16,949,723) -6.8
-------- ----------- ----- ----------- --- ----------- ----------- ----
Gross Profit 120,815 3,756,735 19.2 3,969,894 -5.4 3,756,735 5,227,785 -28.1
------- --------- ---- --------- ---- --------- --------- -----
Operating Expenses
Selling Expenses (7,988) (248,387) -1.3 (243,323) 2.1 (248,387) (282,984) -12.2
Administrative Expenses (25,842) (803,559) -4.1 (918,957) -12.6 (803,559) (873,787) -8.0
Research and Development Expenses (31,039) (965,152) -4.9 (919,405) 5.0 (965,152) (1,029,466) -6.2
---- --- ----
(64,869) (2,017,098) -10.3 (2,081,685) -3.1 (2,017,098) (2,186,237) -7.7
------- ---------- ----- ---------- ---- ---------- ---------- ----
Operating Income 55,946 1,739,637 8.9 1,888,209 -7.9 1,739,637 3,041,548 -42.8
Non-operating Items (15,375) (478,088) -2.4 10,032 - (478,088) 350,651 -
------- -------- ---- ------ --- -------- ------- ---
Income Before Income Tax 40,571 1,261,549 6.5 1,898,241 -33.5 1,261,549 3,392,199 -62.8
Income Tax Expenses (8,523) (265,025) -1.4 (294,213) -9.9 (265,025) (563,300) -53.0
-------- ---- -------- ---- -------- -------- -----
Net Income 32,048 996,524 5.1 1,604,028 -37.9 996,524 2,828,899 -64.8
========== ====== ======= === ========= ===== ======= ========= =====
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations - - - ( 177,806)
Income tax relating to items that will not be reclassified - - - 30,227
to profit or loss
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements (19,309) (600,408) (166,438) (48,053)
Unrealized gain(loss) on available-for-sale financial assets 18,015 560,170 263,352 (822,053)
Share of other comprehensive income of associates 8,277 257,367 85,238 (52,254)
Income tax relating to items that may be reclassified to profit or loss (228) (7,089) 21,682 143,671
------ ------ -------
Total other comprehensive income (loss) 6,755 210,040 203,834 (926,268)
----- ------- -------
Total comprehensive income 38,803 1,206,564 1,807,862 1,902,631
========================== ====== ========= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.32 NT$ 0.51 NT$ 0.91
----------- ----------- -----------
Earnings Per Ordinary Share- Diluted NT$ 0.15 NT$ 0.39 NT$ 0.89
----------- ----------- -----------
Earnings Per ADS- Basic US$ 0.05 US$ 0.08 US$ 0.14
----------- ------------ -----------
Earnings Per ADS- Diluted US$ 0.02 US$ 0.06 US$ 0.14
----------- ------------ -----------
Weighted Average Outstanding Shares - Diluted ('k) 3,400,463 3,375,688 3,389,863
--------- --------- ---------
Forex ( NT$ per US$ ) 31.095 33.143 31.767
------ ------ ------
(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 3 Months Ended on Mar 31, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months, 2017 3 months, 2016
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Income before income tax 40,571 1,261,549 1,898,241
Depreciation 109,099 3,392,422 3,185,853
Amortization 2,219 69,005 114,757
Change in working capital & others (57,185) (1,778,145) (830,631)
------- ---------- --------
Net cash flows provided from operating activities 94,704 2,944,831 4,368,220
------------------------------------------------- ------ --------- ---------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (107,300) (3,336,501) (3,080,482)
Proceeds from disposal of available-for-sale financial assets - - 1,077,460
Proceeds from disposal of property, plant, and equipment 13,429 417,578 28,092
Payment for other changes 2,796 86,938 (197,790)
----- ------ --------
Net cash used in investing activities (91,075) (2,831,985) (2,172,720)
------------------------------------- ------- ---------- ----------
Cash Flows from Financing Activities:
-------------------------------------
Proceeds from long-term loans 32,160 1,000,000 -
Repayment of long-term loans (57,253) (1,780,279) (1,781,583)
Others (61) (1,870) (101,819)
Net cash used in financing activities (25,154) (782,149) (1,883,402)
------------------------------------- ------- -------- ----------
Foreign currency exchange effect (6,297) (195,799) (97,839)
------ -------- -------
Net insrease (decrease) in cash and cash equivalents (27,822) (865,102) 214,259
------- -------- -------
Cash and cash equivalents at beginning of period 787,145 24,476,270 25,191,374
Cash and cash equivalents at end of period 759,323 23,611,168 25,405,633
======= ========== ==========
- -
Forex ( NT$ per US$ ) 31.095 33.143
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(1) : All figures are under T-IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
