SILICONWARE PRECISION INDUSTRIES CO, LTD TAICHUNG, Taiwan, July 25, 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 second quarter of 2017 were NT$ 20,425 million, which represented a 4.5% growth in revenues compared to the first quarter of 2017 and a 5.8% decline in revenues compared to the second quarter of 2016. SPIL reported a net income of NT$ 2,158 million for the second quarter of 2017, compared with a net income of NT$ 997 million and a net income of NT$ 2,809 million for the first quarter of 2017 and the second quarter of 2016, respectively.
Basic earnings per share for this quarter was NT$ 0.69, and diluted earnings per ordinary share was NT$ 0.49. Basic earnings per ADS for this quarter was US$ 0.11, and diluted earnings per ADS was US$ 0.08.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the second quarter of 2017, net revenues from IC packaging were NT$
17,645 million and represented 86% of total net revenues. Net revenues
from testing operations were NT$ 2,780 million and represented 14% of
total net revenues.
-- Cost of goods sold was NT$ 16,668 million, representing an increase of
5.5% compared to the first quarter of 2017 and an increase of 0.5%
compared to the second quarter of 2016.
-- Raw materials costs were NT$ 7,121 million for the second quarter of
2017 and represented 34.9% of total net revenues, whereas raw
materials costs were NT$ 6,725 million and represented 34.4% of
total net revenues for the first quarter of 2017.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 225 million.
-- Gross profit was NT$ 3,757 million for the second quarter of 2017,
representing a gross margin of 18.4%, which decreased from a gross
margin of 19.2% for the first quarter of 2017 and decreased from 23.5%
for the second quarter of 2016.
-- Total operating expenses for the second quarter of 2017 were NT$ 1,883
million, which included selling expenses of NT$ 241 million,
administrative expenses of NT$ 709 million and R&D expenses of NT$ 933
million. Total operating expenses represented 9.2% of total net revenues
for the second quarter of 2017.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 127 million.
-- Operating income was NT$ 1,874 million for the second quarter of 2017,
representing an operating margin of 9.2%, which increased from 8.9% for
the first quarter of 2017 and decreased from 13.3% for the second
quarter of 2016.
-- Non-operating items:
-- Our non-operating income was NT$ 1,076 million, including net gains
of NT$ 721 million on fair value change of financial liabilities at
fair value through profit or loss, cash dividends of NT$ 156 million
from ChipMos Taiwan, and net foreign exchange gains of NT$ 108
million.
-- Net income before tax was NT$ 2,950 million for the second quarter of
2017, which increased from a net income before tax of NT$ 1,262 million
for the first quarter of 2017 and decreased from a net income before tax
of NT$ 3,234 million for the second quarter of 2016.
-- Income tax expense was NT$ 792 million for the second quarter of 2017,
compared with income tax expense of NT$ 265 million for the first
quarter of 2017 and income tax expense of NT$ 425 million for the second
quarter of 2016.
-- Net income was NT$ 2,158 million for the second quarter of 2017, which
increased from a net income of NT$ 997 million for the first quarter of
2017 and decreased from a net income of NT$ 2,809 million for the second
quarter of 2016.
-- Total number of shares outstanding was 3,116 million shares as of June
30, 2017. Basic earnings per share for this quarter was NT$ 0.69, and
diluted earnings per ordinary share was NT$ 0.49. Basic earnings per ADS
for this quarter was US$ 0.11, and diluted earnings per ADS was US$
0.08.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 24,978 million as of June 30, 2017 from
NT$ 23,611 million as of Mar 31, 2017, and NT$ 24,508 million as of June
30, 2016.
-- Capital expenditures for the second quarter of 2017 totaled NT$ 3,703
million.
-- Total depreciation expenses for the second quarter of 2017 totaled NT$
3,529 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 17,645 million for
the second quarter of 2017, which represented an increase of NT$ 619
million or 3.6% compared to the first quarter of 2017.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 30%, 18% and 38%, respectively, of total net
revenues for the second quarter of 2017.
-- As of June 30, 2017 we had 8,505 wirebonders installed, of which 460
were added and 203 were disposed in the second quarter of 2017.
IC testing service:
-- Net revenues from testing operations were NT$ 2,780 million for the
second quarter of 2017, which represented an increase of NT$ 254 million
or 10.1% compared to the first quarter of 2017.
-- As of June 30, 2017 we had 556 testers installed, of which 8 were added
and 1 were disposed in the second quarter of 2017.
For more information, please visit: https://photos.prnasia.com/prnk/20170725/1906086-1
Revenue Analysis
-- Breakdown by end applications:
By application 2Q17 1Q17
-------------- ---- ----
Communication 68% 70%
------------- --- ---
Computing 11% 11%
--------- --- ---
Consumer 19% 17%
-------- --- ---
Memory 2% 2%
------ --- ---
-- Breakdown by packaging type:
By application 2Q17 1Q17
-------------- ---- ----
Bumping & Flip Chip 38% 42%
------------------- --- ---
Substrate Based 30% 28%
--------------- --- ---
Leadframe Based 18% 17%
--------------- --- ---
Testing 14% 13%
------- --- ---
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, 2017 reflect our gains or losses attributable to the second quarter of 2017 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, 2017, nor the consolidated financial data for our company for the six months ended June 30, 2017 is necessarily indicative of the results that may be expected for any period thereafter.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET (UNAUDITED)
-------------------------------------
As of June 30, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
June 30, 2017 June 30, 2016 Sequential
------------- ------------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 821,090 24,977,545 20 24,507,646 19 469,899 1.9
Available-for-sale financial assets - - - 183,660 - (183,660) -
Accounts receivable 563,049 17,127,951 14 17,718,429 14 (590,478) -3.3
Inventories 219,767 6,685,317 5 6,043,975 5 641,342 10.6
Other current assets 54,673 1,663,173 1 1,695,246 2 (32,073) -1.9
Total current assets 1,658,579 50,453,986 40 50,148,956 40 305,030 0.6
--------- ---------- --- ---------- --- ------- ---
Non-current Assets
Available-for-sale financial assets 155,687 4,735,982 4 5,430,874 4 (694,892) -12.8
Long-term investment under equity
method 92,935 2,827,085 2 2,557,402 2 269,683 10.5
Property, plant and equipment 2,171,270 66,050,030 53 66,052,358 52 (2,328) 0.0
Intangible assets 4,586 139,503 - 171,797 - (32,294) -18.8
Other assets 53,897 1,639,550 1 2,048,194 2 (408,644) -20.0
Total non-current assets 2,478,375 75,392,150 60 76,260,625 60 (868,475) -1.1
---------- --- ---------- --- -------- ----
Total Assets 4,136,954 125,846,136 100 126,409,581 100 (563,445) -0.4
============ ========= =========== === =========== === ======== ====
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 115,000 3,498,300 3 2,743,375 2 754,925 27.5
Financial liabilities at fair value
through 5,449 165,757 - 1,295,586 1 (1,129,829) -87.2
profit or loss - current
Accounts payable 252,819 7,690,758 6 7,967,903 6 (277,145) -3.5
Current portion of bonds payable 398,975 12,136,824 10 - - 12,136,824 -
Current portion of long-term debt 75,585 2,299,293 2 6,098,571 5 (3,799,278) -62.3
Other current liability 612,249 18,624,616 14 25,775,937 20 (7,151,321) -27.7
Non-current liabilities
Bonds payable - - - 12,569,273 10 (12,569,273) -100.0
Long-term loans 484,988 14,753,333 12 5,549,702 5 9,203,631 165.8
Other liabilities 55,034 1,674,124 1 1,529,963 1 144,161 9.4
--------- --- --------- --- -------
Total Liabilities 2,000,099 60,843,005 48 63,530,310 50 (2,687,305) -4.2
------------------ --------- ---------- --- ---------- --- ---------- ----
Stockholders' Equity
--------------------
Capital stock 1,024,445 31,163,611 25 31,163,611 25 - -
Capital reserve 415,582 12,641,997 10 12,641,997 10 - -
Legal reserve 389,129 11,837,317 9 10,844,001 8 993,316 9.2
Retained earnings 228,578 6,953,345 6 4,731,847 4 2,221,498 46.9
Other equities 79,121 2,406,861 2 3,497,815 3 (1,090,954) -31.2
Total Equity 2,136,855 65,003,131 52 62,879,271 50 2,123,860 3.4
------------ ---------- --- ---------- --- --------- ---
Total Liabilities & Shareholders'
Equity 4,136,954 125,846,136 100 126,409,581 100 (563,445) -0.4
================================= ========= =========== === =========== === ======== ====
Forex ( NT$ per US$ ) 30.420 32.275
------ ------
(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 2017 2Q 2016 YoY 2Q 2017 1Q 2017 QoQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 675,061 20,424,642 100.0 21,679,907 -5.8 20,424,642 19,551,585 4.5
Cost of Goods Sold (550,876) (16,667,295) -81.6 (16,581,285) 0.5 (16,667,295) (15,794,850) 5.5
-------- ----------- ----- ----------- --- ----------- ----------- ---
Gross Profit 124,185 3,757,347 18.4 5,098,622 -26.3 3,757,347 3,756,735 0.0
------- --------- ---- --------- ----- --------- --------- ---
Operating Expenses
Selling Expenses (7,963) (240,918) -1.2 (246,649) -2.3 (240,918) (248,387) -3.0
Administrative Expenses (23,437) (709,125) -3.5 (913,050) -22.3 (709,125) (803,559) -11.8
Research and Development
Expenses (30,826) (932,672) -4.5 (1,067,939) -12.7 (932,672) (965,152) -3.4
---- ----- ----
(62,226) (1,882,715) -9.2 (2,227,638) -15.5 (1,882,715) (2,017,098) -6.7
------- ---------- ---- ---------- ----- ---------- ---------- ----
Operating Income 61,959 1,874,632 9.2 2,870,984 -34.7 1,874,632 1,739,637 7.8
Non-operating Items 35,555 1,075,744 5.2 363,284 196.1 1,075,744 (478,088) -
------ --------- --- ------- ----- --------- -------- ---
Income Before Income Tax 97,514 2,950,376 14.4 3,234,268 -8.8 2,950,376 1,261,549 133.9
Income Tax Expenses (26,185) (792,238) -3.8 (425,565) 86.2 (792,238) (265,025) 198.9
-------- ---- -------- ---- -------- -------- -----
Net Income 71,329 2,158,138 10.6 2,808,703 -23.2 2,158,138 996,524 116.6
========== ====== ========= ==== ========= ===== ========= ======= =====
Other comprehensive income
Items that may be subsequently
reclassified to profit or loss
Exchange difference on
translation of foreign
financial statements 7,553 228,524 (251,469) (600,408)
Unrealized gain(loss) on
available-for-sale financial
assets 16,717 505,780 (175,229) 560,170
Share of other comprehensive
income of associates 6,028 182,381 (62,444) 257,367
Income tax relating to items
that may be reclassified to
profit or loss (175) (5,299) (6,622) (7,089)
------ ------ ------
Total other comprehensive
income (loss) 30,123 911,386 (495,764) 210,040
------ ------- --------
Total comprehensive income 101,452 3,069,524 2,312,939 1,206,564
========================== ======= ========= ========= =========
Earnings Per Ordinary Share-
Basic NT$ 0.69 NT$ 0.90 NT$ 0.32
----------- ----------- -----------
Earnings Per Ordinary Share-
Diluted NT$ 0.49 NT$ 0.78 NT$ 0.15
----------- ----------- -----------
Earnings Per ADS- Basic US$ 0.11 US$ 0.14 US$ 0.05
----------- ----------- -----------
Earnings Per ADS- Diluted US$ 0.08 US$ 0.12 US$ 0.02
----------- ----------- -----------
Weighted Average Outstanding
Shares -Diluted ('k) 3,388,544 3,369,343 3,400,463
--------- --------- ---------
Forex ( NT$ per US$ ) 30.256 32.425 31.095
------ ------ ------
(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
-------------------------
2017 2016 YoY
USD NTD % NTD change %
--- --- --- --- -------
Revenues 1,303,830 39,976,227 100.0 40,979,217 -2.4
Cost of Goods Sold (1,058,830) (32,462,145) -81.2 (31,910,701) 1.7
----- ---
Gross Profit 245,000 7,514,082 18.8 9,068,516 -17.1
------- --------- ---- --------- -----
Operating Expenses
Selling Expenses (15,951) (489,305) -1.2 (489,972) -0.1
Administrative Expenses (49,279) (1,512,684) -3.8 (1,832,007) -17.4
Research and Development
Expenses (61,865) (1,897,824) -4.8 (1,987,344) -4.5
------- ---- ----
(127,095) (3,899,813) -9.8 (4,309,323) -9.5
-------- ---------- ---- ---------- ----
Operating Income 117,905 3,614,269 9.0 4,759,193 -24.1
Non-operating Items 20,180 597,656 1.5 373,316 60.1
------ ------- --- ------- ----
Income Before Income Tax 138,085 4,211,925 10.5 5,132,509 -17.9
Income Tax Expenses (34,708) (1,057,263) -2.6 (719,778) 46.9
------- ---------- ---- -------- ----
Net Income 103,377 3,154,662 7.9 4,412,731 -28.5
========== ======= ========= === ========= =====
Other comprehensive income
Items that may be subsequently
reclassified to profit or loss
Exchange difference on
translation of foreign
financial statements (11,756) (371,884) (417,907)
Unrealized gain (loss) on
available-for-sale financial
assets 34,732 1,065,950 88,123
Share of other comprehensive
income of associates 14,305 439,748 22,794
Income tax relating to items
that may be reclassified to
profit or loss (403) (12,388) 15,060
---- ------- ------
Total other comprehensive
income (loss) 36,878 1,121,426 (291,930)
------ --------- --------
Total comprehensive income 140,255 4,276,088 4,120,801
========================== ======= ========= =========
Earnings Per Ordinary Share-
Basic NT$ 1.01 NT$ 1.42
---------- ------------
Earnings Per Ordinary Share-
Diluted NT$ 0.64 NT$ 1.17
---------- ------------
Earnings Per ADS- Basic US$ 0.17 US$ 0.22
---------- ------------
Earnings Per ADS- Diluted US$ 0.10 US$ 0.18
---------- ------------
Weighted Average Outstanding
Shares -Diluted ('k) 3,398,978 3,377,692
--------- ---------
Forex ( NT$ per US$ ) 30.502 32.687
------ ------
(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, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months, 2017 6 months, 2016
-------------- --------------
USD NTD NTD
--- --- ---
Cash Flows from Operating
Activities:
-------------------------
Income before income tax 138,085 4,211,925 5,132,509
Depreciation 225,715 6,920,778 6,388,943
Amortization 4,033 123,891 217,840
Change in working capital
&others (126,406) (3,872,517) (4,048,300)
-------- ---------- ----------
Net cash flows provided
from operating activities 241,427 7,384,077 7,690,992
-------------------------- ------- --------- ---------
Cash Flows from Investing
Activities:
-------------------------
Acquisition of property,
plant, and equipment (229,696) (7,039,710) (6,909,940)
Proceeds from disposal of
available-for-sale
financial assets - - 1,077,460
Proceeds from disposal of
property, plant, and
equipment 16,501 510,531 114,125
Others 2,456 76,662 (320,998)
----- ------ --------
Net cash used in investing
activities (210,739) (6,452,517) (6,039,353)
-------------------------- -------- ---------- ----------
Cash Flows from Financing
Activities:
-------------------------
Increase in short-term
loans 74,867 2,265,169 -
Decrease in short-term
loans (44,721) (1,353,089) -
Proceeds from long-term
loans 32,160 1,000,000 -
Repayment of long-term
loans (71,134) (2,200,279) (2,031,583)
Others 255 7,720 (101,852)
Net cash used in financing
activities (8,573) (280,479) (2,133,435)
-------------------------- ------ -------- ----------
Foreign currency exchange
effect (4,777) (149,806) (201,932)
------ -------- --------
Net insrease (decrease) in
cash and cash equivalents 17,338 501,275 (683,728)
------ ------- --------
Cash and cash equivalents
at beginning of period 787,145 24,476,270 25,191,374
Cash and cash equivalents
at end of period 804,483 24,977,545 24,507,646
======= ========== ==========
- -
Forex ( NT$ per US$ ) 30.502 32.687
------ ------
(1) : All figures are
under T-IFRS.
Contact:
Siliconware Precision Industries Co.,
Ltd.
Eva Chen, VP of Finance Div.
No. 123, Sec. 3, Da Fong Rd., Tantzu, SPILIR@spil.com.tw
Taichung, Taiwan 42749 +886-4-25341525#1536
www.spil.com.tw
Byron Chiang, Spokesperson
Spokesperson@spil.com.tw
+886-3-5795678#3676
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SOURCE Siliconware Precision Industries Co., Ltd.
