omniture

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

TAICHUNG, , April 26, 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 first quarter of 2017 were NT$ 19,552 million, which represented a 11.8% decline in revenues compared to the fourth quarter of 2016 and a 1.3% growth in revenues compared to the first quarter of 2016. SPIL reported a net income of NT$ 997 million for the first quarter of 2017, compared with a net income of NT$ 2,829 million and a net income of NT$ 1,604 million for the fourth quarter of 2016 and the first quarter of 2016, respectively.

Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

All figures were prepared in accordance with T-IFRS on a consolidated basis.

Operating results review:

  • For the first quarter of 2017, net revenues from IC packaging were NT$ 17,026 million and represented 87% of total net revenues. Net revenues from testing operations were NT$ 2,526 million and represented 13% of total net revenues.
  • Cost of goods sold was NT$ 15,795 million, representing a decline of 6.8% compared to the fourth quarter of 2016 and an increase of 3.0% compared to the first quarter of 2016.
    • Raw materials costs were NT$ 6,725 million for the first quarter of 2017 and represented 34.4% of total net revenues, whereas raw materials costs were NT$ 7,413 million and represented 33.5% of total net revenues for the fourth quarter of 2016.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 91 million.
  • Gross profit was NT$ 3,757 million for the first quarter of 2017, representing a gross margin of 19.2%, which decreased from a gross margin of 23.6% for the fourth quarter of 2016 and decreased from 20.6% for the first quarter of 2016.
  • Total operating expenses for the first quarter of 2017 were NT$ 2,017 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 804 million and R&D expenses of NT$ 965 million. Total operating expenses represented 10.3% of total net revenues for the first quarter of 2017.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 50 million.
  • Operating income was NT$ 1,740 million for the first quarter of 2017, representing an operating margin of 8.9%, which decreased from 13.7% for the fourth quarter of 2016 and decreased from 9.8% for the first quarter of 2016.
  • Non-operating items:
    • Our non-operating expense was NT$ 478 million, including net foreign exchange losses of NT$ 313 million and net losses of NT$ 113 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 1,262 million for the first quarter of 2017, which decreased from a net income before tax of NT$ 3,392 million for the fourth quarter of 2016 and decreased from a net income before tax of NT$ 1,898 million for the first quarter of 2016.
  • Income tax expense was NT$ 265 million for the first quarter of 2017, compared with income tax expense of NT$ 563 million for the fourth quarter of 2016 and income tax expense of NT$ 294 million for the first quarter of 2016.
  • Net income was NT$ 997 million for the first quarter of 2017, which decreased from a net income of NT$ 2,829 million for the fourth quarter of 2016 and decreased from a net income of NT$ 1,604 million for the first quarter of 2016.
  • Total number of shares outstanding was 3,116 million shares as of Mar 31, 2017. Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 23,611 million as of Mar 31, 2017 from NT$ 24,476 million as of Dec 31, 2016, and NT$ 25,406 million as of Mar 31, 2016.
  • Capital expenditures for the first quarter of 2017 totaled NT$ 3,337 million.
  • Total depreciation expenses for the first quarter of 2017 totaled NT$ 3,392 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 17,026 million for the first quarter of 2017, which represented a decrease of NT$ 2,380 million or 12.3% compared to the fourth quarter of 2016.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 28%, 17% and 42%, respectively, of total net revenues for the first quarter of 2017.
  • As of Mar 31, 2017 we had 8,248 wirebonders installed, of which 410 were added and 158 were disposed in the first quarter of 2017.

IC testing service:

  • Net revenues from testing operations were NT$ 2,526 million for the first quarter of 2017, which represented a decrease of NT$ 246 million or 8.9% compared to the fourth quarter of 2016.
  • As of Mar 31, 2017 we had 549 testers installed, of which 5 were added and 10 were disposed in the first quarter of 2017.

For more information, please visit: https://photos.prnasia.com/prnk/20170426/1835036-1 

Revenue Analysis

  • Breakdown by end applications:

By application

1Q17

4Q16

Communication

70%

69%

Computing

11%

12%

Consumer

17%

17%

Memory

2%

2%

  • Breakdown by packaging type:

By application

1Q17

4Q16

Bumping & Flip Chip 

42%

42%

Substrate Based 

28%

29%

Leadframe Based

17%

17%

Testing 

13%

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 Mar 31, 2017 reflect our gains or losses attributable to the first quarter of 2017 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, 2017 is not necessarily indicative of the results that may be expected for any period thereafter.

Contact:

Siliconware Precision Industries Co., Ltd.
No. 123, Sec. 3, Da Fong Rd., Tantzu,
Taichung , Taiwan 42749
www.spil.com.tw

Eva Chen, VP of Finance Div.
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 Mar 31, 2017 and 2016

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))















Mar 31,2017


Mar 31,2016


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


778,476


23,611,168

19


25,405,633

21


(1,794,465)

-7.1

Accounts receivable


512,133


15,532,994

13


14,536,059

12


996,935

6.9

Inventories


224,929


6,822,101

6


5,678,642

5


1,143,459

20.1

Other current assets


51,576


1,564,299

1


1,309,843

0


254,456

19.4

Total current assets


1,567,114


47,530,562

39


46,930,177

38


600,385

1.3













Non-current Assets












Available-for-sale financial assets


139,473


4,230,202

3


5,789,763

5


(1,559,561)

-26.9

Long-term investment under equity method


87,164


2,643,697

2


2,588,192

2


55,505

2.1

Property, plant and equipment


2,174,813


65,962,091

54


65,356,521

53


605,570

0.9

Intangible assets


5,157


156,410

-


188,564

-


(32,154)

-17.1

Other assets


58,645


1,778,699

2


2,002,068

2


(223,369)

-11.2

Total non-current assets


2,465,252


74,771,099

61


75,925,108

62


(1,154,009)

-1.5

Total Assets


4,032,366


122,301,661

100


122,855,285

100


(553,624)

-0.5













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,578,050

2


2,735,725

2


(157,675)

-5.8

Financial liabilities at fair value through
    profit or loss - current


29,248


887,096

1


1,637,538

1


(750,442)

-45.8

Accounts payable


242,881


7,366,573

6


7,077,693

6


288,880

4.1

Current portion of bonds payable


396,603


12,028,976

10


-

-


12,028,976

-

Current portion of long-term debt


70,299


2,132,167

2


5,913,739

5


(3,781,572)

-63.9

Other current liability


428,438


12,994,547

10


13,119,194

11


(124,647)

-1.0

Non-current liabilities












Bonds payable


-


-

-


12,457,882

10


(12,457,882)

-100.0

Long-term loans


505,770


15,340,000

13


5,969,625

5


9,370,375

157.0

Other liabilities


52,106


1,580,368

1


1,535,385

1


44,983

2.9

Total  Liabilities


1,810,345


54,907,777

45


50,446,781

41


4,460,996

8.8













Stockholders' Equity












Capital stock


1,027,485


31,163,611

26


31,163,611

25


-

-

Capital reserve


416,815


12,641,997

10


15,758,358

13


(3,116,361)

-19.8

Legal reserve


357,534


10,844,001

9


9,967,775

8


876,226

8.8

Retained earnings


370,880


11,248,800

9


11,525,181

10


(276,381)

-2.4

Other equities


49,307


1,495,475

1


3,993,579

3


(2,498,104)

-62.6

Total Equity


2,222,021


67,393,884

55


72,408,504

59


(5,014,620)

-6.9

Total Liabilities & Shareholders' Equity


4,032,366


122,301,661

100


122,855,285

100


(553,624)

-0.5













Forex ( NT$ per US$ ) 




30.330



32.185





(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 Mar 31


Sequential Comparison



1Q 2017


1Q 2016


YoY


1Q 2017


4Q 2016


QoQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


628,769


19,551,585

100.0


19,299,310


1.3


19,551,585


22,177,508


-11.8

Cost of Goods Sold


(507,954)


(15,794,850)

-80.8


(15,329,416)


3.0


(15,794,850)


(16,949,723)


-6.8

Gross Profit


120,815


3,756,735

19.2


3,969,894


-5.4


3,756,735


5,227,785


-28.1

Operating Expenses
















Selling Expenses


(7,988)


(248,387)

-1.3


(243,323)


2.1


(248,387)


(282,984)


-12.2

Administrative Expenses


(25,842)


(803,559)

-4.1


(918,957)


-12.6


(803,559)


(873,787)


-8.0

Research and Development Expenses


(31,039)


(965,152)

-4.9


(919,405)


5.0


(965,152)


(1,029,466)


-6.2



(64,869)


(2,017,098)

-10.3


(2,081,685)


-3.1


(2,017,098)


(2,186,237)


-7.7

Operating Income


55,946


1,739,637

8.9


1,888,209


-7.9


1,739,637


3,041,548


-42.8

Non-operating Items


(15,375)


(478,088)

-2.4


10,032


-


(478,088)


350,651


-

Income Before Income Tax 


40,571


1,261,549

6.5


1,898,241


-33.5


1,261,549


3,392,199


-62.8

Income Tax Expenses


(8,523)


(265,025)

-1.4


(294,213)


-9.9


(265,025)


(563,300)


-53.0

Net Income


32,048


996,524

5.1


1,604,028


-37.9


996,524


2,828,899


-64.8

















Other comprehensive income
















Items that will not be reclassiflied to profit or loss
















     Remeasurements of post employment benefit obligations


-


-



-






(177,806)



     Income tax relating to items that will not be reclassified
        to profit or loss


-


-



-






30,227



Items that may be subsequently reclassified to profit or loss
















    Exchange difference on translation of foreign financial statements


(19,309)


(600,408)



(166,438)






(48,053)



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


18,015


560,170



263,352






(822,053)



    Share of other comprehensive income of associates 


8,277


257,367



85,238






(52,254)



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


(228)


(7,089)



21,682






143,671



Total other comprehensive income (loss)


6,755


210,040



203,834






(926,268)



Total comprehensive income


38,803


1,206,564



1,807,862






1,902,631



















Earnings Per Ordinary Share- Basic




NT$    0.32



NT$    0.51






NT$    0.91



Earnings Per Ordinary Share- Diluted 




NT$    0.15



NT$    0.39






NT$    0.89



Earnings Per ADS- Basic




US$    0.05



US$     0.08






US$    0.14



Earnings Per ADS- Diluted 




US$    0.02



US$     0.06






US$    0.14



Weighted Average Outstanding Shares - Diluted ('k)




3,400,463



3,375,688






3,389,863



















Forex ( NT$ per US$ ) 




31.095



33.143






31.767



















(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 3 Months Ended on Mar 31, 2017 and 2016

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))










3 months, 2017


3 months, 2016



USD


NTD


NTD

Cash Flows from Operating Activities:







   Income before income tax


40,571


1,261,549


1,898,241

   Depreciation  


109,099


3,392,422


3,185,853

   Amortization


2,219


69,005


114,757

   Change in working capital & others


(57,185)


(1,778,145)


(830,631)

Net cash flows provided from operating activities


94,704


2,944,831


4,368,220








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(107,300)


(3,336,501)


(3,080,482)

   Proceeds from disposal of available-for-sale financial assets


-


-


1,077,460

   Proceeds from disposal of property, plant, and equipment


13,429


417,578


28,092

   Payment for other changes


2,796


86,938


(197,790)

Net cash used in investing activities


(91,075)


(2,831,985)


(2,172,720)








Cash Flows from Financing Activities:







   Proceeds from long-term loans


32,160


1,000,000


-

   Repayment of long-term loans


(57,253)


(1,780,279)


(1,781,583)

   Others


(61)


(1,870)


(101,819)

Net cash used in financing activities


(25,154)


(782,149)


(1,883,402)








Foreign currency exchange effect 


(6,297)


(195,799)


(97,839)

Net insrease (decrease) in cash and cash equivalents


(27,822)


(865,102)


214,259

Cash and cash equivalents at beginning of period


787,145


24,476,270


25,191,374

Cash and cash equivalents at end of period


759,323


23,611,168


25,405,633





-


-

Forex ( NT$ per US$ ) 




31.095


33.143








(1) : All figures are under T-IFRS.  







Source: Siliconware Precision Industries Co., Ltd.
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