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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the Second Quarter of 2017

2017-07-25 17:23
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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
    profit or loss - current


5,449


165,757

-


1,295,586

1


(1,129,829)

-87.2

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

 

Source: Siliconware Precision Industries Co., Ltd.

Related stocks: NASDAQ-NMS:SPIL Taiwan:2325

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