SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Taiwan, July 27, 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 second quarter of 2016 were NT$ 21,680 million, which represented a 12.3% growth in revenues compared to the first quarter of 2016 and a 2.1% growth in revenues compared to the second quarter of 2015. SPIL reported a net income of NT$ 2,809 million for the second quarter of 2016, compared with a net income of NT$ 1,604 million and a net income of NT$ 3,677 million for the first quarter of 2016 and the second quarter of 2015, respectively.
Basic earnings per share for this quarter was NT$ 0.90, and diluted earnings per ordinary share was NT$ 0.78. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.12.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the second quarter of 2016, net revenues from IC packaging were NT$
19,150 million and represented 88% of total net revenues. Net revenues
from testing operations were NT$ 2,530 million and represented 12% of
total net revenues.
-- Cost of goods sold was NT$ 16,581 million, representing an increase of
8.2% compared to the first quarter of 2016 and an increase of 7.3%
compared to the second quarter of 2015.
-- Raw materials costs were NT$ 7,261 million for the second quarter of
2016 and represented 33.5% of total net revenues, whereas raw
materials costs were NT$ 6,454 million and represented 33.4% of
total net revenues for the first quarter of 2016.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 253 million.
-- Gross profit was NT$ 5,099 million for the second quarter of 2016,
representing a gross margin of 23.5%, which increased from a gross
margin of 20.6% for the first quarter of 2016 and decreased from 27.2%
for the second quarter of 2015.
-- Total operating expenses for the second quarter of 2016 were NT$ 2,228
million, which included selling expenses of NT$ 247 million,
administrative expenses of NT$ 913 million and R&D expenses of NT$ 1,068
million. Total operating expenses represented 10.2% of total net
revenues for the second quarter of 2016.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 136 million.
-- Operating income was NT$ 2,871 million for the second quarter of 2016,
representing an operating margin of 13.3%, which increased from 9.8% for
the first quarter of 2016 and decreased from 16.9% for the second
quarter of 2015.
-- Non-operating items:
-- Our non-operating items were NT$ 363 million, including net gains of
NT$ 342 million on fair value change of financial liabilities at
fair value through profit or loss, cash dividends of NT$ 266 million
from ChipMos Taiwan, and net foreign exchange losses of NT$ 167
million.
-- Net income before tax was NT$ 3,235 million for the second quarter of
2016, which increased from a net income before tax of NT$ 1,898 million
for the first quarter of 2016 and decreased from a net income before tax
of NT$ 4,332 million for the second quarter of 2015.
-- Income tax expense was NT$ 426 million for the second quarter of 2016,
compared with income tax expense of NT$ 294 million for the first
quarter of 2016 and income tax expense of NT$ 655 million for the second
quarter of 2015.
-- Net income was NT$ 2,809 million for the second quarter of 2016, which
increased from a net income of NT$ 1,604 million for the first quarter
of 2016 and decreased from a net income of NT$ 3,677 million for the
second quarter of 2015.
-- Total number of shares outstanding was 3,116 million shares as of June
30, 2016. Basic earnings per share for this quarter was NT$ 0.90, and
diluted earnings per ordinary share was NT$ 0.78. Basic earnings per ADS
for this quarter was US$ 0.14, and diluted earnings per ADS was US$
0.12.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 24,508 million as of June 30, 2016 from
NT$ 25,406 million as of Mar 31, 2016, and NT$ 28,103 million as of June
30, 2015.
-- Capital expenditures for the second quarter of 2016 totaled NT$ 3,830
million.
-- Total depreciation expenses for the second quarter of 2016 totaled NT$
3,203 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 19,150 million for
the second quarter of 2016, which represented an increase of NT$ 2,041
million or 11.9% compared to the first quarter of 2016.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 31%, 17% and 40%, respectively, of total net
revenues for the second quarter of 2016.
-- As of June 30, 2016 we had 7,967 wirebonders installed, of which 401
were added and 18 were disposed in the second quarter of 2016.
IC testing service:
-- Net revenues from testing operations were NT$ 2,530 million for the
second quarter of 2016, which represented an increase of NT$ 340 million
or 15.5% compared to the first quarter of 2016.
-- As of June 30, 2016 we had 576 testers installed, of which 16 were added
and 2 were disposed in the second quarter of 2016.
For more information, please visit: http://photos.prnasia.com/prnk/20160727/8521604814
Revenue Analysis
-- Breakdown by end applications:
By application 2Q16 1Q16
-------------- ---- ----
Communication 68% 66%
------------- --- ---
Computing 10% 10%
--------- --- ---
Consumer 20% 22%
-------- --- ---
Memory 2% 2%
------ --- ---
-- Breakdown by packaging type:
By application 2Q16 1Q16
-------------- ---- ----
Bumping & Flip Chip 40% 42%
------------------- --- ---
Substrate Based 31% 30%
--------------- --- ---
Leadframe Based 17% 17%
--------------- --- ---
Testing 12% 11%
------- --- ---
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 June 30, 2016 reflect our gains or losses attributable to the second 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 June 30, 2016, nor the consolidated financial data for our company for the six months ended June 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
+886-4-25545527#5601
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET (UNAUDITED)
-------------------------------------
As of June 30, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
June 30,2016 June 30,2015 Sequential
------------ ------------ ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 759,338 24,507,646 19 28,103,413 22 (3,595,767) -12.8
Available-for-sale financial assets 5,690 183,660 - - - 183,660 100.0
Accounts receivable 548,983 17,718,429 14 18,462,722 14 (744,293) -4.0
Inventories 187,265 6,043,975 5 4,475,835 3 1,568,140 35.0
Other current assets 52,525 1,695,246 2 2,263,353 2 (568,107) -25.1
Total current assets 1,553,801 50,148,956 40 53,305,323 41 (3,156,367) -5.9
--------- ---------- --- ---------- --- ---------- ----
Non-current Assets
Available-for-sale financial assets 168,269 5,430,874 4 8,106,868 6 (2,675,994) -33.0
Long-term investment under equity method 79,238 2,557,402 2 45,222 - 2,512,180 5555.2
Property, plant and equipment 2,046,549 66,052,358 52 65,202,599 51 849,759 1.3
Intangible assets 5,323 171,797 - 190,908 - (19,111) -10.0
Other assets 63,461 2,048,194 2 1,730,335 2 317,859 18.4
Total non-current assets 2,362,840 76,260,625 60 75,275,932 59 984,693 1.3
---------- --- ---------- --- ------- ---
Total Assets 3,916,641 126,409,581 100 128,581,255 100 (2,171,674) -1.7
============ ========= =========== === =========== === ========== ====
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,743,375 2 2,623,100 2 120,275 4.6
Financial liabilities at fair value through 40,142 1,295,586 1 851,880 1 443,706 52.1
profit or loss - current
Accounts payable 246,875 7,967,903 6 7,034,054 5 933,849 13.3
Current portion of long-term debt 188,956 6,098,571 5 3,905,237 3 2,193,334 56.2
Other current liability 798,635 25,775,937 20 24,133,175 19 1,642,762 6.8
Non-current liabilities
Bonds payable 389,443 12,569,273 10 11,726,043 9 843,230 7.2
Long-term loans 171,950 5,549,702 5 9,042,410 7 (3,492,708) -38.6
Other liabilities 47,405 1,529,963 1 1,342,871 1 187,092 13.9
--------- --- --------- --- -------
Total Liabilities 1,968,406 63,530,310 50 60,658,770 47 2,871,540 4.7
------------------ --------- ---------- --- ---------- --- --------- ---
Stockholders' Equity
--------------------
Capital stock 965,565 31,163,611 25 31,163,611 24 - -
Capital reserve 391,696 12,641,997 10 15,771,577 12 (3,129,580) -19.8
Legal reserve 335,988 10,844,001 8 9,967,775 8 876,226 8.8
Retained earnings 146,610 4,731,847 4 7,450,886 6 (2,719,039) -36.5
Other equities 108,376 3,497,815 3 3,568,636 3 (70,821) -2.0
Total Equity 1,948,235 62,879,271 50 67,922,485 53 (5,043,214) -7.4
------------ ---------- --- ---------- --- ---------- ----
Total Liabilities & Shareholders' Equity 3,916,641 126,409,581 100 128,581,255 100 (2,171,674) -1.7
======================================== ========= =========== === =========== === ========== ====
Forex ( NT$ per US$ ) 32.275 30.86
------ -----
(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 June 30 Sequential Comparison
------------------------- ---------------------
2Q 2016 2Q 2015 YOY 2Q 2016 1Q 2016 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 668,617 21,679,907 100.0 21,240,037 2.1 21,679,907 19,299,310 12.3
Cost of Goods Sold (511,373) (16,581,285) -76.5 (15,459,056) 7.3 (16,581,285) (15,329,416) 8.2
-------- ----------- ----- ----------- --- ----------- ----------- ---
Gross Profit 157,244 5,098,622 23.5 5,780,981 -11.8 5,098,622 3,969,894 28.4
------- --------- ---- --------- ----- --------- --------- ----
Operating Expenses
Selling Expenses (7,607) (246,649) -1.1 (259,626) -5.0 (246,649) (243,323) 1.4
Administrative Expenses (28,159) (913,050) -4.2 (941,586) -3.0 (913,050) (918,957) -0.6
Research and Development Expenses (32,936) (1,067,939) -4.9 (984,176) 8.5 (1,067,939) (919,405) 16.2
---- --- ----
(68,702) (2,227,638) -10.2 (2,185,388) 1.9 (2,227,638) (2,081,685) 7.0
------- ---------- ----- ---------- --- ---------- ---------- ---
Operating Income 88,542 2,870,984 13.3 3,595,593 -20.2 2,870,984 1,888,209 52.0
Non-operating Items 11,204 363,284 1.6 736,825 -50.7 363,284 10,032 3521.3
------ ------- --- ------- ----- ------- ------ ------
Income Before Income Tax 99,746 3,234,268 14.9 4,332,418 -25.3 3,234,268 1,898,241 70.4
Income Tax Expenses (13,124) (425,565) -1.9 (654,928) -35.0 (425,565) (294,213) 44.6
-------- ---- -------- ----- -------- -------- ----
Net Income 86,622 2,808,703 13.0 3,677,490 -23.6 2,808,703 1,604,028 75.1
========== ====== ========= ==== ========= ===== ========= ========= ====
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements (7,756) (251,469) (97,201) (166,438)
Unrealized gain(loss) on available-for-sale financial assets (5,404) (175,229) (1,364,486) 263,352
Share of other comprehensive income of associates and joint ventures (1,926) (62,444) - 85,238
Income tax relating to items that may be reclassified to profit or loss (204) (6,622) 20,610 21,682
------ ------ ------
Total other comprehensive income (15,290) (495,764) (1,441,077) 203,834
------- -------- ----------
Total comprehensive income 71,332 2,312,939 2,236,413 1,807,862
====== ========= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.90 NT$ 1.18 NT$ 0.51
----------- ------------ -----------
Earnings Per Ordinary Share- Diluted NT$ 0.78 NT$ 0.93 NT$ 0.39
----------- ------------ -----------
Earnings Per ADS- Basic US$ 0.14 US$ 0.19 US$ 0.08
----------- ------------ -----------
Earnings Per ADS- Diluted US$ 0.12 US$ 0.15 US$ 0.06
----------- ------------ -----------
Weighted Average Outstanding Shares - Diluted ('k) 3,369,343 3,374,893 3,375,688
--------- --------- ---------
Forex ( NT$ per US$ ) 32.425 30.835 33.143
------ ------ ------
(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))
6 months ended on June 30
-------------------------
2016 2015 YOY
USD NTD % NTD change %
--- --- --- --- -------
Revenues 1,250,921 40,979,217 100.0 42,045,279 -2.5
Cost of Goods Sold (973,896) (31,910,701) -77.9 (30,817,849) 3.5
-----
Gross Profit 277,025 9,068,516 22.1 11,227,430 -19.2
------- --------- ---- ---------- -----
Operating Expenses
Selling Expenses (14,949) (489,972) -1.2 (508,074) -3.6
Administrative Expenses (55,886) (1,832,007) -4.5 (1,761,562) 4.0
Research and Development Expenses (60,676) (1,987,344) -4.8 (1,892,964) 5.0
------- ---- ---
(131,511) (4,309,323) -10.5 (4,162,600) 3.5
-------- ---------- ----- ---------- ---
Operating Income 145,514 4,759,193 11.6 7,064,830 -32.6
Non-operating Items 11,506 373,316 0.9 281,740 32.5
------ ------- --- ------- ----
Income Before Income Tax 157,020 5,132,509 12.5 7,346,570 -30.1
Income Tax Expenses (22,001) (719,778) -1.7 (1,054,580) -31.7
------- -------- ---- ---------- -----
Net Income 135,019 4,412,731 10.8 6,291,990 -29.9
======= ========= ==== ========= =====
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of (12,778) (417,907) (248,673)
foreign financial statements
Unrealized gain (loss) on available-for-sale 2,542 88,123 (893,035)
financial assets
Share of other comprehensive 646 22,794 -
income of associates and joint ventures
Income tax relating to items that may 450 15,060 14,546
be reclassified to profit or loss
Total other comprehensive income (9,140) (291,930) (1,127,162)
------ -------- ----------
Total comprehensive income 125,879 4,120,801 5,164,828
======= ========= =========
Earnings Per Ordinary Share- Basic NT$ 1.42 NT$ 2.02
------------ -------------
Earnings Per Ordinary Share- Diluted NT$ 1.17 NT$ 1.76
------------ ------------
Earnings Per ADS- Basic US$ 0.22 US$ 0.32
------------ ------------
Earnings Per ADS- Diluted US$ 0.18 US$ 0.28
------------ ------------
Weighted Average Outstanding Shares - Diluted ('k) 3,377,692 3,383,196
--------- ---------
Forex ( NT$ per US$ ) 32.687 31.114
------ ------
(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 6 Months Ended on June 30, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months, 2016 6 months, 2015
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating Activities:
-------------------------------------
Income before income tax 157,020 5,132,509 7,346,570
Depreciation 194,909 6,388,943 6,450,813
Amortization 6,642 217,840 313,776
Change in working capital & others (124,296) (4,048,300) (3,007,932)
-------- ---------- ----------
Net cash flows provided from operating activities 234,275 7,690,992 11,103,227
------------------------------------------------- ------- --------- ----------
Cash Flows from Investing Activities:
-------------------------------------
Acquisition of property, plant, and equipment (211,047) (6,909,940) (6,360,288)
Proceeds from disposal of available-for-sale financial assets 32,509 1,077,460 -
Proceeds from disposal of property, plant, and equipment 3,501 114,125 94,926
Payment for other changes (9,767) (320,998) (340,586)
------ -------- --------
Net cash used in investing activities (184,804) (6,039,353) (6,605,948)
------------------------------------- -------- ---------- ----------
Cash Flows from Financing Activities:
-------------------------------------
Repayment of long-term loans (61,465) (2,031,583) (6,454,250)
Others (3,073) (101,852) (18,372)
Net cash used in financing activities (64,538) (2,133,435) (6,472,622)
------------------------------------- ------- ---------- ----------
Foreign currency exchange effect (6,162) (201,932) (75,957)
------ -------- -------
Net decrease in cash and cash equivalents (21,229) (683,728) (2,051,300)
------- -------- ----------
Cash and cash equivalents at beginning of period 760,081 25,191,374 30,154,713
Cash and cash equivalents at end of period 738,852 24,507,646 28,103,413
======= ========== ==========
- -
Forex ( NT$ per US$ ) 32.687 31.114
------ ------
(1) : All figures are under T-IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
