SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Taiwan, Jan. 24, 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 fourth quarter of 2016 were NT$ 22,178 million, which represented a 1.0% growth in revenues compared to the third quarter of 2016 and a 6.8% growth in revenues compared to the fourth quarter of 2015. SPIL reported a net income of NT$ 2,829 million for the fourth quarter of 2016, compared with a net income of NT$ 2,692 million and a net loss of NT$ 212 million for the third quarter of 2016 and the fourth quarter of 2015, respectively.
Basic earnings per share for this quarter was NT$ 0.91, and diluted earnings per ordinary share was NT$ 0.89. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.14.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the fourth quarter of 2016, net revenues from IC packaging were NT$
19,406 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,772 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 16,950 million, representing an increase of
0.3% compared to the third quarter of 2016 and an increase of 10.6%
compared to the fourth quarter of 2015.
-- Raw materials costs were NT$ 7,405 million for the fourth quarter of
2016 and represented 33.4% of total net revenues, whereas raw
materials costs were NT$ 7,394 million and represented 33.7% of
total net revenues for the third quarter of 2016.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 266 million.
-- Gross profit was NT$ 5,228 million for the fourth quarter of 2016,
representing a gross margin of 23.6%, which increased from a gross
margin of 23.0% for the third quarter of 2016 and decreased from 26.2%
for the fourth quarter of 2015.
-- Total operating expenses for the fourth quarter of 2016 were NT$ 2,186
million, which included selling expenses of NT$ 283 million,
administrative expenses of NT$ 874 million and R&D expenses of NT$ 1,029
million. Total operating expenses represented 9.9% of total net revenues
for the fourth quarter of 2016.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 146 million.
-- Operating income was NT$ 3,042 million for the fourth quarter of 2016,
representing an operating margin of 13.7%, which increased from 13.6%
for the third quarter of 2016 and decreased from 15.7% for the fourth
quarter of 2015.
-- Non-operating items:
-- Our non-operating items were NT$ 350 million, including net foreign
exchange gains of NT$ 233 million.
-- Net income before tax was NT$ 3,392 million for the fourth quarter of
2016, which increased from a net income before tax of NT$ 3,160 million
for the third quarter of 2016 and increased from a net loss before tax
of NT$ 6 million for the fourth quarter of 2015.
-- Income tax expense was NT$ 563 million for the fourth quarter of 2016,
compared with income tax expense of NT$ 468 million for the third
quarter of 2016 and income tax expense of NT$ 206 million for the fourth
quarter of 2015.
-- Net income was NT$ 2,829 million for the fourth quarter of 2016, which
increased from a net income of NT$ 2,692 million for the third quarter
of 2016 and increased from a net loss of NT$ 212 million for the fourth
quarter of 2015.
-- Total number of shares outstanding was 3,116 million shares as of Dec
31, 2016. Basic earnings per share for this quarter was NT$ 0.91, and
diluted earnings per ordinary share was NT$ 0.89. Basic earnings per ADS
for this quarter was US$ 0.14, and diluted earnings per ADS was US$
0.14.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 24,476 million as of Dec 31, 2016 from NT$
19,177 million as of Sep 30, 2016, and NT$ 25,191 million as of Dec 31,
2015.
-- Capital expenditures for the fourth quarter of 2016 totaled NT$ 3,436
million.
-- Total depreciation expenses for the fourth quarter of 2016 totaled NT$
3,273 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 19,406 million for
the fourth quarter of 2016, which represented an increase of NT$ 187
million or 1.0% compared to the third quarter of 2016.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 29%, 17% and 42%, respectively, of total net
revenues for the fourth quarter of 2016.
-- As of Dec 31, 2016 we had 7,996 wirebonders installed, of which 2 were
added and 19 were disposed in the fourth quarter of 2016.
IC testing service:
-- Net revenues from testing operations were NT$ 2,772 million for the
fourth quarter of 2016, which represented an increase of NT$ 36 million
or 1.3% compared to the third quarter of 2016.
-- As of Dec 31, 2016 we had 575 testers installed, of which 2 were added
and 6 were disposed in the fourth quarter of 2016.
For more information, please visit: http://photos.prnasia.com/prnk/20170124/8521700445
Revenue Analysis
-- Breakdown by end applications:
By application 4Q16 3Q16
-------------- ---- ----
Communication 69% 66%
------------- --- ---
Computing 12% 12%
--------- --- ---
Consumer 17% 20%
-------- --- ---
Memory 2% 2%
------ --- ---
-- Breakdown by packaging type:
By application 4Q16 3Q16
-------------- ---- ----
Bumping & Flip Chip 42% 41%
------------------- --- ---
Substrate Based 29% 29%
--------------- --- ---
Leadframe Based 17% 18%
--------------- --- ---
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, 2016 reflect our gains or losses attributable to the fourth 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 Dec 31, 2016, nor the consolidated financial data for our company for the twelve months ended Dec 31, 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
Eva Chen, VP of Finance Dept.
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 Dec 31, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Dec 31,2016 Dec 31,2015 Sequential
----------- ----------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 758,954 24,476,270 20 25,191,374 21 (715,104) -2.8
Available-for-sale financial assets 5,525 178,176 - 1,067,204 1 (889,028) -83.3
Accounts receivable 538,867 17,378,474 14 15,837,131 13 1,541,343 9.7
Inventories 201,514 6,498,832 5 4,502,319 4 1,996,513 44.3
Other current assets 59,521 1,919,543 2 2,187,184 1 (267,641) -12.2
Total current assets 1,564,381 50,451,295 41 48,785,212 40 1,666,083 3.4
--------- ---------- --- ---------- --- --------- ---
Non-current Assets
Available-for-sale financial assets 112,113 3,615,658 3 5,526,412 4 (1,910,754) -34.6
Long-term investment under equity method 74,449 2,400,981 2 2,522,658 2 (121,677) -4.8
Property, plant and equipment 2,027,300 65,380,409 52 64,305,608 52 1,074,801 1.7
Intangible assets 5,453 175,862 - 192,774 - (16,912) -8.8
Other assets 53,831 1,736,036 2 1,912,566 2 (176,530) -9.2
Total non-current assets 2,273,146 73,308,946 59 74,460,018 60 (1,151,072) -1.5
---------- --- ---------- --- ---------- ----
Total Assets 3,837,527 123,760,241 100 123,245,230 100 515,011 0.4
============ ========= =========== === =========== === ======= ===
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,741,250 2 2,790,125 2 (48,875) -1.8
Financial liabilities at fair value through 23,997 773,908 1 1,798,920 1 (1,025,012) -57.0
profit or loss - current
Accounts payable 254,098 8,194,647 6 6,942,527 6 1,252,120 18.0
Current portion of bonds payable 394,191 12,712,651 10 - 0 12,712,651 -
Current portion of long-term debt 108,550 3,500,747 3 5,991,128 5 (2,490,381) -41.6
Other current liability 408,224 13,165,236 12 13,154,539 11 10,697 0.1
Non-current liabilities
Bonds payable - - - 12,627,311 10 (12,627,311) -100.0
Long-term loans 460,155 14,840,000 12 7,858,036 7 6,981,964 88.9
Other liabilities 50,992 1,644,482 1 1,482,002 1 162,480 11.0
--- ---
Total Liabilities 1,785,207 57,572,921 47 52,644,588 43 4,928,333 9.4
------------------ --------- ---------- --- ---------- --- --------- ---
Stockholders' Equity
--------------------
Capital stock 966,314 31,163,611 25 31,163,611 25 - -
Capital reserve 392,000 12,641,997 10 15,758,358 13 (3,116,361) -19.8
Legal reserve 336,248 10,844,001 9 9,967,775 8 876,226 8.8
Retained earnings 317,900 10,252,276 8 9,921,153 8 331,123 3.3
Other equities 39,858 1,285,435 1 3,789,745 3 (2,504,310) -66.1
Total Equity 2,052,320 66,187,320 53 70,600,642 57 (4,413,322) -6.3
------------ ---------- --- ---------- --- ---------- ----
Total Liabilities & Shareholders' Equity 3,837,527 123,760,241 100 123,245,230 100 515,011 0.4
======================================== ========= =========== === =========== === ======= ===
Forex ( NT$ per US$ ) 32.250 32.825
------ ------
(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 Dec 31 Sequential Comparison
------------------------ ---------------------
4Q 2016 4Q 2015 YoY 4Q 2016 3Q 2016 QoQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 698,130 22,177,508 100.0 20,764,940 6.8 22,177,508 21,955,188 1.0
Cost of Goods Sold (533,563) (16,949,723) -76.4 (15,322,657) 10.6 (16,949,723) (16,901,767) 0.3
----- ---- ---
Gross Profit 164,567 5,227,785 23.6 5,442,283 -3.9 5,227,785 5,053,421 3.5
------- --------- ---- --------- ---- --------- --------- ---
Operating Expenses
Selling Expenses (8,908) (282,984) -1.3 (192,773) 46.8 (282,984) (251,733) 12.4
Administrative Expenses (27,506) (873,787) -3.9 (1,108,448) -21.2 (873,787) (789,819) 10.6
Research and Development Expenses (32,407) (1,029,466) -4.7 (880,214) 17.0 (1,029,466) (1,026,480) 0.3
---- ---- ---
(68,821) (2,186,237) -9.9 (2,181,435) 0.2 (2,186,237) (2,068,032) 5.7
------- ---------- ---- ---------- --- ---------- ---------- ---
Operating Income 95,746 3,041,548 13.7 3,260,848 -6.7 3,041,548 2,985,389 1.9
Non-operating Items 11,038 350,651 1.6 (3,267,292) - 350,651 174,470 101.0
------ ------- --- ---------- --- ------- ------- -----
Income Before Income Tax 106,784 3,392,199 15.3 (6,444) - 3,392,199 3,159,859 7.4
Income Tax Expenses (17,733) (563,300) -2.5 (205,593) 174.0 (563,300) (468,329) 20.3
-------- ---- -------- ----- -------- -------- ----
Net Income(Loss) 89,051 2,828,899 12.8 (212,037) - 2,828,899 2,691,530 5.1
=============== ====== ========= ==== ======== === ========= ========= ===
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations (5,597) (177,806) (179,842) -
Income tax relating to items that will not be reclassified 952 30,227 30,572 -
to profit or loss
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements (1,513) (48,053) (238,202) (442,841)
Unrealized gain(loss) on available-for-sale financial assets (25,878) (822,053) 1,998,197 (735,175)
Share of other comprehensive income of associates and joint ventures (1,645) (52,254) - (103,478)
Income tax relating to items that may be reclassified to profit or loss 4,523 143,671 (23,942) (4,618)
------- ------- ------
Total other comprehensive income (29,158) (926,268) 1,586,783 (1,286,112)
------- -------- ---------
Total comprehensive income 59,893 1,902,631 1,374,746 1,405,418
========================== ====== ========= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.91 NT$ ( 0.07) NT$ 0.86
----------- ----------- -----------
Earnings Per Ordinary Share- Diluted NT$ 0.89 NT$ ( 0.07) NT$ 0.64
----------- ----------- -----------
Earnings Per ADS- Basic US$ 0.14 US$ ( 0.01) US$ 0.14
----------- ----------- -----------
Earnings Per ADS- Diluted US$ 0.14 US$ ( 0.01) US$ 0.10
----------- ----------- -----------
Weighted Average Outstanding Shares - Diluted ('k) 3,389,863 3,116,361 3,389,249
--------- --------- ---------
Forex ( NT$ per US$ ) 31.767 32.626 31.717
------ ------ ------
(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))
12 months ended on Dec 31
-------------------------
2016 2015 YoY
USD NTD % NTD change %
--- --- --- --- -------
Revenues 2,641,272 85,111,913 100.0 82,839,922 2.7
Cost of Goods Sold (2,040,352) (65,762,191) -77.3 (61,230,622) 7.4
----- ---
Gross Profit 600,920 19,349,722 22.7 21,609,300 -10.5
------- ---------- ---- ---------- -----
Operating Expenses
Selling Expenses (31,794) (1,024,689) -1.2 (944,499) 8.5
Administrative Expenses (108,294) (3,495,613) -4.1 (3,671,161) -4.8
Research and Development Expenses (125,446) (4,043,290) -4.7 (3,739,109) 8.1
-------- ---- ---
(265,534) (8,563,592) -10.0 (8,354,769) 2.5
-------- ---------- ----- ---------- ---
Operating Income 335,386 10,786,130 12.7 13,254,531 -18.6
Non-operating Items 28,045 898,437 1.0 (2,863,674) -
------ ------- --- ---------- ---
Income Before Income Tax 363,431 11,684,567 13.7 10,390,857 12.5
Income Tax Expenses (54,500) (1,751,407) -2.0 (1,628,600) 7.5
------- ---------- ---- ---------- ---
Net Income 308,931 9,933,160 11.7 8,762,257 13.4
========== ======= ========= ==== ========= ====
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations (5,597) (177,806) (179,842)
Income tax relating to items that will not be 952 30,227 30,572
reclassified to profit or loss
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of (28,253) (908,801) (227,905)
foreign financial statements
Unrealized gain (loss) on available-for-sale (46,515) (1,469,105) (549,845)
financial assets
Share of other comprehensive (4,262) (132,938) -
income of associates and joint ventures
Income tax relating to items that may 4,827 154,113 20,967
be reclassified to profit or loss
Total other comprehensive income (78,848) (2,504,310) (906,053)
------- ---------- --------
Total comprehensive income 230,083 7,428,850 7,856,204
========================== ======= ========= =========
Earnings Per Ordinary Share- Basic NT$ 3.19 NT$ 2.81
------------ ----------
Earnings Per Ordinary Share- Diluted NT$ 2.68 NT$ 2.78
------------ ----------
Earnings Per ADS- Basic US$ 0.50 US$ 0.45
----------- ----------
Earnings Per ADS- Diluted US$ 0.42 US$ 0.44
----------- ----------
Weighted Average Outstanding Shares - Diluted ('k) 3,410,681 3,150,135
--------- ---------
Forex ( NT$ per US$ ) 32.151 31.361
------ ------
(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 12 Months Ended on Dec 31, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
12 months, 2016 12 months, 2015
--------------- ---------------
USD NTD NTD
--- --- ---
Cash Flows from Operating
Activities:
-------------------------
Income before income tax 363,431 11,684,567 10,390,857
Depreciation 400,216 12,905,830 12,903,772
Amortization 11,919 385,360 610,213
Change in working capital &
others (126,931) (4,131,205) 2,879,324
-------- ---------- ---------
Net cash flows provided
from operating activities 648,635 20,844,552 26,784,166
-------------------------- ------- ---------- ----------
Cash Flows from Investing
Activities:
-------------------------
Acquisition of property,
plant, and equipment (475,252) (15,295,121) (13,855,431)
Proceeds from disposal of
available-for-sale
financial assets 44,394 1,454,403 -
Proceeds from disposal of
property, plant, and
equipment 5,167 167,021 111,274
Increase of equity
investment - - (2,400,000)
Payment for other changes (11,248) (368,014) (443,282)
------- -------- --------
Net cash used in investing
activities (436,939) (14,041,711) (16,587,439)
-------------------------- -------- ----------- -----------
Cash Flows from Financing
Activities:
-------------------------
Proceeds from long-term
loans 283,660 9,000,000 2,500,000
Repayment of long-term
loans (130,716) (4,228,721) (8,235,833)
Cash dividends distributed
to shareholders (373,370) (11,842,172) (9,349,083)
Others (2,714) (90,440) (11,374)
Net cash used in financing
activities (223,140) (7,161,333) (15,096,290)
-------------------------- -------- ---------- -----------
Foreign currency exchange
effect (11,038) (356,612) (63,776)
------- -------- -------
Net decrease in cash and
cash equivalents (22,482) (715,104) (4,963,339)
------- -------- ----------
Cash and cash equivalents
at beginning of period 760,081 25,191,374 30,154,713
Cash and cash equivalents
at end of period 737,599 24,476,270 25,191,374
======= ========== ==========
- -
Forex ( NT$ per US$ ) 32.151 31.361
------ ------
(1) : All figures are under
T-IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
