omniture

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

TAICHUNG, , Oct. 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 third quarter of 2017 were NT$ 21,955 million, which represented a 7.5% growth in revenues compared to the second quarter of 2017, and remained flat compared to the third quarter of 2016. SPIL reported a net income of NT$ 2,257 million for the third quarter of 2017, compared with a net income of NT$ 2,158 million and a net income of NT$ 2,692 million for the second quarter of 2017 and the third quarter of 2016, respectively.

Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, 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 third quarter of 2017, net revenues from IC packaging were NT$ 18,705 million and represented 85% of total net revenues. Net revenues from testing operations were NT$ 3,250 million and represented 15% of total net revenues.
  • Cost of goods sold was NT$ 17,140 million, representing an increase of 2.8% compared to the second quarter of 2017 and an increase of 1.4% compared to the third quarter of 2016.
    • Raw materials costs were NT$ 7,282 million for the third quarter of 2017 and represented 33.2% of total net revenues, whereas raw materials costs were NT$ 7,121 million and represented 34.9% of total net revenues for the second quarter of 2017.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 200 million.
  • Gross profit was NT$ 4,815 million for the third quarter of 2017, representing a gross margin of 21.9%, which increased from a gross margin of 18.4% for the second quarter of 2017 and decreased from 23.0% for the third quarter of 2016.
  • Total operating expenses for the third quarter of 2017 were NT$ 2,074 million, which included selling expenses of NT$ 265 million, administrative expenses of NT$ 809 million and R&D expenses of NT$ 1,000 million. Total operating expenses represented 9.4% of total net revenues for the third quarter of 2017.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 112 million.
  • Operating income was NT$ 2,741 million for the third quarter of 2017, representing an operating margin of 12.5%, which increased from 9.2% for the second quarter of 2017 and decreased from 13.6% for the third quarter of 2016.
  • Non-operating items:
    • Our non-operating expense was NT$ 183 million, including net losses of NT$ 181 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 2,558 million for the third quarter of 2017, which decreased from a net income before tax of NT$ 2,950 million for the second quarter of 2017 and decreased from a net income before tax of NT$ 3,160 million for the third quarter of 2016.
  • Income tax expense was NT$ 301 million for the third quarter of 2017, compared with income tax expense of NT$ 792 million for the second quarter of 2017 and income tax expense of NT$ 468 million for the third quarter of 2016.
  • Net income was NT$ 2,257 million for the third quarter of 2017, which increased from a net income of NT$ 2,158 million for the second quarter of 2017 and decreased from a net income of NT$ 2,692 million for the third quarter of 2016.
  • Total number of shares outstanding was 3,116 million shares as of Sep. 30, 2017. Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, and diluted earnings per ADS was US$ 0.12.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 20,783 million as of Sep. 30, 2017 from NT$ 24,978 million as of June 30, 2017, and NT$ 19,177 million as of Sep. 30, 2016.
  • Capital expenditures for the third quarter of 2017 totaled NT$ 3,587 million.
  • Total depreciation expenses for the third quarter of 2017 totaled NT$ 3,695 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,705 million for the third quarter of 2017, which represented an increase of NT$ 1,060 million or 6.0% compared to the second quarter of 2017.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 17% and 39%, respectively, of total net revenues for the third quarter of 2017.
  • As of Sep. 30, 2017 we had 8,456 wirebonders installed, of which 120 were added and 169 were disposed in the third quarter of 2017.

IC testing service:

  • Net revenues from testing operations were NT$ 3,250 million for the third quarter of 2017, which represented an increase of NT$ 470 million or 16.9% compared to the second quarter of 2017.
  • As of Sep. 30, 2017 we had 571 testers installed, of which 16 were added and 1 were disposed in the third quarter of 2017.

For more information, please visit: https://photos.prnasia.com/prnk/20171024/1973552-1

Revenue Analysis


  • Breakdown by end applications:

By application

3Q17

2Q17  

Communication

65%

68%

Computing

12%

11%

Consumer

21%

19%

Memory

2%

2%

  • Breakdown by packaging type:

By application

3Q17

2Q17 

Bumping & Flip Chip 

39%

38%

Substrate Based 

29%

30%

Leadframe Based

17%

18%

Testing 

15%

14%

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 Sep. 30, 2017 reflect our gains or losses attributable to the third 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 Sep. 30, 2017, nor the consolidated financial data for our company for the nine months ended Sep. 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 Sep 30, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))




Sep 30, 2017


Sep 30, 2016


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


686,802


20,782,614

17


19,176,940

16


1,605,674

8.4

Available-for-sale financial assets


-


-

-


167,503

-


(167,503)

-

Accounts receivable


576,252


17,437,397

14


17,633,748

14


(196,351)

-1.1

Inventories


217,895


6,593,510

6


6,327,980

5


265,530

4.2

Other current assets


59,371


1,796,552

2


1,608,585

2


187,967

11.7

Total current assets


1,540,320


46,610,073

39


44,914,756

37


1,695,317

3.8













Non-current Assets












Available-for-sale financial assets


156,252


4,728,180

4


4,541,857

4


186,323

4.1

Long-term investment under equity method

95,350


2,885,289

2


2,487,013

2


398,276

16.0

Property, plant and equipment


2,141,097


64,789,607

53


66,331,530

55


(1,541,923)

-2.3

Intangible assets


4,080


123,461

-


180,962

-


(57,501)

-31.8

Other assets


63,026


1,907,183

2


1,788,399

2


118,784

6.6

Total non-current assets


2,459,805


74,433,720

61


75,329,761

63


(896,041)

-1.2

Total Assets


4,000,125


121,043,793

100


120,244,517

100


799,276

0.7













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


115,000


3,479,900

3


2,665,600

2


814,300

30.5

Financial liabilities at fair value through
    profit or loss - current


11,459


346,746

-


954,864

1


(608,118)

-63.7

Accounts payable


255,877


7,742,849

6


8,280,808

7


(537,959)

-6.5

Current portion of bonds payable


401,352


12,144,926

10


-

-


12,144,926

-

Current portion of long-term debt


82,838


2,506,667

2


4,972,652

5


(2,465,985)

-49.6

Other current liability


397,942


12,041,713

10


13,558,079

10


(1,516,366)

-11.2

Non-current liabilities












Bonds payable


-


-

-


12,287,925

10


(12,287,925)

-100.0

Long-term loans


454,505


13,753,333

12


11,756,921

10


1,996,412

17.0

Other liabilities


54,341


1,644,358

1


1,482,979

1


161,379

10.9

Total  Liabilities


1,773,314


53,660,492

44


55,959,828

46


(2,299,336)

-4.1













Stockholders' Equity












Capital stock


1,029,861


31,163,611

26


31,163,611

26


-

-

Capital reserve


417,780


12,642,023

10


12,641,997

11


26

0.0

Legal reserve


391,187


11,837,317

10


10,844,001

9


993,316

9.2

Retained earnings


304,358


9,209,859

8


7,423,377

6


1,786,482

24.1

Other equities


83,625


2,530,491

2


2,211,703

2


318,788

14.4

Total Equity


2,226,811


67,383,301

56


64,284,689

54


3,098,612

4.8

Total Liabilities & Shareholders' Equity


4,000,125


121,043,793

100


120,244,517

100


799,276

0.7













Forex ( NT$ per US$ ) 




30.260



31.360





(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 Sep 30


Sequential Comparison



3Q 2017


3Q 2016


YoY


3Q 2017


2Q 2017


QoQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


725,390


21,955,373

100.0


21,955,188


0.0


21,955,373


20,424,642


7.5

Cost of Goods Sold


(566,313)


(17,140,604)

-78.1


(16,901,767)


1.4


(17,140,604)


(16,667,295)


2.8

Gross Profit


159,077


4,814,769

21.9


5,053,421


-4.7


4,814,769


3,757,347


28.1

Operating Expenses
















Selling Expenses


(8,740)


(264,539)

-1.2


(251,733)


5.1


(264,539)


(240,918)


9.8

Administrative Expenses


(26,745)


(809,475)

-3.7


(789,819)


2.5


(809,475)


(709,125)


14.2

Research and Development Expenses


(33,034)


(999,827)

-4.5


(1,026,480)


-2.6


(999,827)


(932,672)


7.2



(68,519)


(2,073,841)

-9.4


(2,068,032)


0.3


(2,073,841)


(1,882,715)


10.2

Operating Income


90,558


2,740,928

12.5


2,985,389


-8.2


2,740,928


1,874,632


46.2

Non-operating Items


(6,043)


(182,915)

-0.8


174,470


-


(182,915)


1,075,744


-

Income Before Income Tax 


84,515


2,558,013

11.7


3,159,859


-19.0


2,558,013


2,950,376


-13.3

Income Tax Expenses


(9,961)


(301,499)

-1.4


(468,329)


-35.6


(301,499)


(792,238)


-61.9

Net Income


74,554


2,256,514

10.3


2,691,530


-16.2


2,256,514


2,158,138


4.6

















Other comprehensive income
















Items that may be subsequently reclassified to profit or loss
















    Exchange difference on translation of foreign financial statements


5,371


162,591



(442,841)






228,524



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


(258)


(7,802)



(735,175)






505,780



    Share of other comprehensive income of associates 


(1,029)


(31,159)



(103,478)






182,381



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


-


-



(4,618)






(5,299)



Total other comprehensive income (loss)


4,084


123,630



(1,286,112)






911,386



Total comprehensive income


78,638


2,380,144



1,405,418






3,069,524



















Earnings Per Ordinary Share- Basic




NT$    0.72



NT$    0.86






NT$    0.69



Earnings Per Ordinary Share- Diluted 




NT$    0.71



NT$    0.64






NT$    0.49



Earnings Per ADS- Basic




US$    0.12



US$    0.14






US$    0.11



Earnings Per ADS- Diluted 




US$    0.12



US$    0.10






US$    0.08



Weighted Average Outstanding Shares - Diluted ('k)




3,397,597



3,389,249






3,388,544



















Forex ( NT$ per US$ ) 




30.267



31.717






30.256



















(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))




9 months ended on Sep 30



2017


2016


YoY



USD


NTD

%


NTD


change %

Revenues


2,029,220


61,931,600

100.0


62,934,405


-1.6

Cost of Goods Sold


(1,625,143)


(49,602,749)

-80.1


(48,812,468)


1.6

Gross Profit


404,077


12,328,851

19.9


14,121,937


-12.7

Operating Expenses










Selling Expenses


(24,691)


(753,844)

-1.2


(741,705)


1.6

Administrative Expenses


(76,024)


(2,322,159)

-3.7


(2,621,826)


-11.4

Research and Development Expenses


(94,899)


(2,897,651)

-4.7


(3,013,824)


-3.9



(195,614)


(5,973,654)

-9.6


(6,377,355)


-6.3

Operating Income


208,463


6,355,197

10.3


7,744,582


-17.9

Non-operating Items


14,137


414,741

0.6


547,786


-24.3

Income Before Income Tax 


222,600


6,769,938

10.9


8,292,368


-18.4

Income Tax Expenses


(44,669)


(1,358,762)

-2.2


(1,188,107)


14.4

Net Income


177,931


5,411,176

8.7


7,104,261


-23.8











Other comprehensive income











Items that may be subsequently reclassified to profit or loss










   Exchange difference on translation of foreign financial statements


(6,385)


(209,293)



(860,748)



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


34,474


1,058,148



(647,052)



   Share of other comprehensive income of associates 


13,276


408,589



(80,684)



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


(403)


(12,388)



10,442



Total other comprehensive income (loss)


40,962


1,245,056



(1,578,042)



Total comprehensive income


218,893


6,656,232



5,526,219













Earnings Per Ordinary Share- Basic




NT$   1.74



NT$     2.28



Earnings Per Ordinary Share- Diluted 




NT$   1.34



NT$     1.80



Earnings Per ADS- Basic




US$   0.29



US$     0.35



Earnings Per ADS- Diluted 




US$   0.22



US$     0.28



Weighted Average Outstanding Shares - Diluted ('k)




3,412,032



3,403,893













Forex ( NT$ per US$ ) 




30.413



32.310













(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 9 Months Ended on Sep 30, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))










9 months, 2017


9 months, 2016



USD


NTD


NTD

Cash Flows from Operating Activities:







   Income before income tax


222,600


6,769,938


8,292,368

   Depreciation  


347,797


10,615,817


9,633,210

   Amortization


5,516


168,772


305,896

   Change in working capital &others


(146,179)


(4,470,962)


(4,562,770)

Net cash flows provided from operating activities


429,734


13,083,565


13,668,704








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(348,214)


(10,626,885)


(11,858,794)

   Proceeds from disposal of available-for-sale financial assets

-


-


1,454,403

   Proceeds from disposal of property, plant, and equipment

18,431


568,928


136,561

   Others


(3,074)


(90,731)


(339,232)

Net cash used in investing activities


(332,857)


(10,148,688)


(10,607,062)








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


7,000,000

   Repayment of long-term loans


(97,329)


(2,993,112)


(3,808,721)

   Cash dividends distributed to shareholders 


(180,184)


(5,453,632)


(11,842,172)

   Others


949


28,704


(100,257)

Net cash used in financing activities


(214,258)


(6,505,960)


(8,751,150)








Foreign currency exchange effect 


(3,877)


(122,573)


(324,926)

Net decrease in cash and cash equivalents


(121,258)


(3,693,656)


(6,014,434)

Cash and cash equivalents at beginning of period


787,145


24,476,270


25,191,374

Cash and cash equivalents at end of period


665,887


20,782,614


19,176,940





-


-

Forex ( NT$ per US$ ) 




30.413


32.310








(1) : All figures are under T-IFRS.

 

Contact:

Eva Chen, VP of Finance Div.

Siliconware Precision Industries Co., Ltd.

SPILIR@spil.com.tw

No. 123, Sec. 3, Da Fong Rd., Tantzu,

+886-4-25341525#1536

Taichung , Taiwan 42749

Byron Chiang, Spokesperson


Spokesperson@spil.com.tw

www.spil.com.tw

+886-3-5795678#3676

 

Source: Siliconware Precision Industries Co., Ltd.
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