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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the Fourth Quarter of 2016

2017-01-24 18:58
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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
    profit or loss - current


    23,997


    773,908

    1


    1,798,920

    1


    (1,025,012)

    -57.0

    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
            to profit or loss


    952


    30,227



    30,572






    -



    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
          reclassified to profit or loss


    952


    30,227



    30,572



    Items that may be subsequently reclassified to profit or loss








        Exchange difference on translation of 
            foreign financial statements


    (28,253)


    (908,801)



    (227,905)



        Unrealized gain (loss) on available-for-sale 
           financial assets


    (46,515)


    (1,469,105)



    (549,845)



        Share of other comprehensive
           income of associates and joint ventures


    (4,262)


    (132,938)



    -



    Income tax relating to items that may
        be reclassified to profit or loss


    4,827


    154,113



    20,967



    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.  







    Source: Siliconware Precision Industries Co., Ltd.

    Related stocks: NASDAQ-NMS:SPIL Taiwan:2325

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