SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, April 28, 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 first quarter of 2016 were NT$ 19,299 million, which represented a 7.1% decline in revenues compared to the fourth quarter of 2015 and a 7.2% decline in revenues compared to the first quarter of 2015. SPIL reported a net income of NT$ 1,604 million for the first quarter of 2016, compared with a net loss of NT$ 212 million and a net income of NT$ 2,615 million for the fourth quarter of 2015 and the first quarter of 2015, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.39, and diluted earnings per ADS was US$ 0.06.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the first quarter of 2016, net revenues from IC packaging were NT$
17,109 million and represented 89% of total net revenues. Net revenues
from testing operations were NT$ 2,190 million and represented 11% of
total net revenues.
-- Cost of goods sold was NT$ 15,329 million, representing resemble
compared to the fourth quarter of 2015 and a decrease of 0.2% compared
to the first quarter of 2015.
-- Raw materials costs were NT$ 6,454 million for the first quarter of
2016 and represented 33.4% of total net revenues, whereas raw
materials costs were NT$ 6,457 million and represented 31.1% of
total net revenues for the fourth quarter of 2015.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 147 million.
-- Gross profit was NT$ 3,970 million for the first quarter of 2016,
representing a gross margin of 20.6%, which decreased from a gross
margin of 26.2% for the fourth quarter of 2015 and decreased from 26.2%
for the first quarter of 2015.
-- Total operating expenses for the first quarter of 2016 were NT$ 2,082
million, which included selling expenses of NT$ 243 million,
administrative expenses of NT$ 919 million and R&D expenses of NT$ 920
million. Total operating expenses represented 10.8% of total net
revenues for the first quarter of 2016.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 77 million.
-- Operating income was NT$ 1,888 million for the first quarter of 2016,
representing an operating margin of 9.8%, which decreased from 15.7% for
the fourth quarter of 2015 and decreased from 16.7% for the first
quarter of 2015.
-- Non-operating items:
-- Our non-operating income was NT$ 234 million, including net gains of
NT$ 161 million on fair value change of financial liabilities at
fair value through profit or loss.
-- Net income before tax was NT$ 1,898 million for the first quarter of
2016, which increased from a net loss before tax of NT$ 6 million for
the fourth quarter of 2015 and decreased from a net income before tax of
NT$ 3,014 million for the first quarter of 2015.
-- Income tax expense was NT$ 294 million for the first quarter of 2016,
compared with income tax expense of NT$ 206 million for the fourth
quarter of 2015 and income tax expense of NT$ 399 million for the first
quarter of 2015.
-- Net income was NT$ 1,604 million for the first quarter of 2016, which
increased from a net loss of NT$ 212 million for the fourth quarter of
2015 and decreased from a net income of NT$ 2,615 million for the first
quarter of 2015.
-- Total number of shares outstanding was 3,116 million shares as of March
31, 2016. Diluted earnings per ordinary share was NT$ 0.39, and diluted
earnings per ADS was US$ 0.06.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 25,406 million as of Mar 31, 2016 from NT$
25,191 million as of Dec 31, 2015, and NT$ 28,264 million as of Mar 31,
2015.
-- Capital expenditures for the first quarter of 2016 totaled NT$ 3,080
million.
-- Total depreciation expenses for the first quarter of 2016 totaled NT$
3,186 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 17,109 million for
the first quarter of 2016, which represented a decrease of NT$ 1,340
million or 7.3% compared to the fourth quarter of 2015.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 30%, 17% and 42%, respectively, of total net
revenues for the first quarter of 2016.
-- As of Mar 31, 2016 we had 7,584 wirebonders installed, of which 270 were
added and 9 were disposed in the first quarter of 2016.
IC testing service:
-- Net revenues from testing operations were NT$ 2,190 million for the
first quarter of 2016, which represented a decrease of NT$ 126 million
or 5.4% compared to the fourth quarter of 2015.
-- As of Mar 31, 2016 we had 562 testers installed, of which 15 were added
in the first quarter of 2016.
For more information, please visit: http://photos.prnasia.com/prnk/20160428/8521602751
Revenue Analysis
-- Breakdown by end applications:
By application 1Q16 4Q15
-------------- ---- ----
Communication 66% 63%
------------- --- ---
Computing 10% 9%
--------- --- ---
Consumer 22% 25%
-------- --- ---
Memory 2% 3%
------ --- ---
-- Breakdown by packaging type:
By application 1Q16 4Q15
-------------- ---- ----
Bumping & Flip Chip 42% 45%
------------------- --- ---
Substrate Based 30% 27%
--------------- --- ---
Leadframe Based 17% 17%
--------------- --- ---
Testing 11% 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 Mar 31, 2016 reflect our gains or losses attributable to the first quarter of 2016 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, 2016 is not 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
--------------------------
As of Mar 31, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Mar 31,2016 Mar 31,2015 Sequential
----------- ----------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 789,363 25,405,633 21 28,264,264 22 (2,858,631) -10.1
Accounts receivable 451,641 14,536,059 12 17,366,737 14 (2,830,678) -16.3
Inventories 176,438 5,678,642 5 4,508,733 4 1,169,909 25.9
Other current assets 40,696 1,309,843 - 2,033,378 1 (723,535) -35.6
Total current assets 1,458,138 46,930,177 38 52,173,112 41 (5,242,935) -10.0
--------- ---------- --- ---------- --- ---------- -----
Non-current Assets
Available-for-sale financial assets 179,890 5,789,763 5 9,471,354 7 (3,681,591) -38.9
Long-term investment under equity method 80,416 2,588,192 2 54,433 - 2,533,759 4654.8
Property, plant and equipment 2,030,652 65,356,521 53 63,392,501 50 1,964,020 3.1
Intangible assets 5,859 188,564 - 213,841 - (25,277) -11.8
Other assets 62,205 2,002,068 2 2,016,372 2 (14,304) -0.7
Total non-current assets 2,359,022 75,925,108 62 75,148,501 59 776,607 1.0
---------- --- ---------- --- ------- ---
Total Assets 3,817,160 122,855,285 100 127,321,613 100 (4,466,328) -3.5
============ ========= =========== === =========== === ========== ====
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 85,000 2,735,725 2 2,660,500 2 75,225 2.8
Financial liabilities at fair value through 50,879 1,637,538 1 1,410,750 1 226,788 16.1
profit or loss - current
Accounts payable 219,907 7,077,693 6 7,222,899 6 (145,206) -2.0
Current portion of long-term debt 183,742 5,913,739 5 5,257,443 4 656,296 12.5
Other current liability 407,618 13,119,194 11 13,217,565 10 (98,371) -0.7
Non-current liabilities
Bonds payable 387,071 12,457,882 10 11,818,664 9 639,218 5.4
Long-term loans 185,478 5,969,625 5 9,324,812 8 (3,355,187) -36.0
Other liabilities 47,705 1,535,385 1 1,373,825 1 161,560 11.8
--------- --- --------- --- -------
Total Liabilities 1,567,400 50,446,781 41 52,286,458 41 (1,839,677) -3.5
------------------ --------- ---------- --- ---------- --- ---------- ----
Stockholders' Equity
--------------------
Capital stock 968,265 31,163,611 25 31,163,611 25 - 0.0
Capital reserve 489,618 15,758,358 13 15,771,577 12 (13,219) 0.0
Legal reserve 309,703 9,967,775 8 8,797,005 7 1,170,770 13.3
Retained earnings 358,092 11,525,181 10 14,293,249 11 (2,768,068) -19.4
Other equities 124,082 3,993,579 3 5,009,713 4 (1,016,134) -20.3
Total Equity 2,249,760 72,408,504 59 75,035,155 59 (2,626,651) -3.5
------------ ---------- --- ---------- --- ---------- ----
Total Liabilities & Shareholders' Equity 3,817,160 122,855,285 100 127,321,613 100 (4,466,328) -3.5
======================================== ========= =========== === =========== === ========== ====
Forex ( NT$ per US$ ) 32.185 31.30
------ -----
(1)All figures are under T-IFRS.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
----------------------------------------------
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
-------------------------------------------
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months ended on Mar 31 Sequential Comparison
------------------------ ---------------------
1Q 2016 1Q 2015 YOY 1Q 2016 4Q 2015 QOQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 582,304 19,299,310 100.0 20,805,242 -7.2 19,299,310 20,764,940 -7.1
Cost of Goods Sold (462,523) (15,329,416) -79.4 (15,358,793) -0.2 (15,329,416) (15,322,657) 0.0
-------- ----------- ----- ----------- ---- ----------- ----------- ---
Gross Profit 119,781 3,969,894 20.6 5,446,449 -27.1 3,969,894 5,442,283 -27.1
------- --------- ---- --------- ----- --------- --------- -----
Operating Expenses
Selling Expenses (7,342) (243,323) -1.2 (248,448) -2.1 (243,323) (192,773) 26.2
Administrative Expenses (27,727) (918,957) -4.8 (819,976) 12.1 (918,957) (1,108,448) -17.1
Research and Development Expenses (27,740) (919,405) -4.8 (908,788) 1.2 (919,405) (880,214) 4.5
---- --- ---
(62,809) (2,081,685) -10.8 (1,977,212) 5.3 (2,081,685) (2,181,435) -4.6
------- ---------- ----- ---------- --- ---------- ---------- ----
Operating Income 56,972 1,888,209 9.8 3,469,237 -45.6 1,888,209 3,260,848 -42.1
Non-operating Items 302 10,032 0.0 (455,085) - 10,032 (3,267,292) -
--- ------ --- -------- --- ------ ---------- ---
Income(Loss) Before Income Tax 57,274 1,898,241 9.8 3,014,152 -37.0 1,898,241 (6,444) -
Income Tax Expenses (8,877) (294,213) -1.5 (399,652) -26.4 (294,213) (205,593) 43.1
-------- ---- -------- ----- -------- -------- ----
Net Income(Loss) 48,397 1,604,028 8.3 2,614,500 -38.6 1,604,028 (212,037) -
=============== ====== ========= === ========= ===== ========= ======== ===
Other comprehensive income
Items that will not be reclassiflied
to profit or loss
Remeasurements of post employment
benefit obligations - - - (179,842)
Income tax relating to items that
will not be reclassified to profit
or loss - - - 30,572
Items that may be subsequently
reclassified to profit or loss
Exchange difference on translation
of foreign financial statements (5,022) (166,438) (151,472) (238,202)
Unrealized gain on available-for-
sale financial assets 7,946 263,352 471,451 1,998,197
Share of other comprehensive income
of associates and joint ventures 2,572 85,238 0 0
Income tax relating to items that
may be reclassified to profit or
loss 654 21,682 (6,064) (23,942)
------ ------ -------
Total other comprehensive income 6,150 203,834 313,915 1,586,783
----- ------- -------
Total comprehensive income 54,547 1,807,862 2,928,415 1,374,746
====== ========= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.51 NT$ 0.84 NT$ ( 0.07)
--------- ---------- -----------
Earnings Per Ordinary Share- Diluted NT$ 0.39 NT$ 0.83 NT$ ( 0.07)
--------- ---------- -----------
Earnings Per ADS- Diluted US$ 0.06 US$ 0.13 US$ ( 0.01)
---------- ----------- ------------
Weighted Average Outstanding Shares
-Diluted ('k) 3,375,688 3,143,401 3,116,361
--------- --------- ---------
Forex ( NT$ per US$ ) 33.143 31.52 32.626
------ ----- ------
(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
-----------------------------------------
For 3 Months Ended on Mar 31, 2016 and 2015
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months, 2016 3 months, 2015
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating
Activities:
-------------------------
Income before income tax 57,274 1,898,241 3,014,152
Depreciation 96,124 3,185,853 3,212,303
Amortization 3,462 114,757 157,252
Change in working capital &
others (25,061) (830,631) 409,856
------- -------- -------
Net cash flows provided from
operating activities 131,799 4,368,220 6,793,563
---------------------------- ------- --------- ---------
Cash Flows from Investing
Activities:
-------------------------
Acquisition of property,
plant, and equipment (92,945) (3,080,482) (3,535,602)
Proceeds from disposal of
available-for-sale
financial assets 32,509 1,077,460 -
Proceeds from disposal of
property, plant, and
equipment 848 28,092 92,715
Payment for other changes (5,968) (197,790) (248,535)
------ -------- --------
Net cash used in investing
activities (65,556) (2,172,720) (3,691,422)
-------------------------- ------- ---------- ----------
Cash Flows from Financing
Activities:
-------------------------
Repayment of long-term loans (53,754) (1,781,583) (4,942,750)
Others (3,073) (101,819) (5,173)
Net cash used in financing
activities (56,827) (1,883,402) (4,947,923)
-------------------------- ------- ---------- ----------
Foreign currency exchange
effect (2,952) (97,839) (44,667)
------ ------- -------
Net increase (decrease) in
cash and cash equivalents 6,464 214,259 (1,890,449)
----- ------- ----------
Cash and cash equivalents at
beginning of period 760,081 25,191,374 30,154,713
Cash and cash equivalents at
end of period 766,545 25,405,633 28,264,264
======= ========== ==========
- -
Forex ( NT$ per US$ ) 33.143 30.52
------ -----
(1) : All figures are under T-
IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
