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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results For The Third Quarter of 2016
[October 24, 2016]

Siliconware Precision Industries Reports Unaudited Consolidated Financial Results For The Third Quarter of 2016


TAICHUNG, Taiwan, Oct. 24, 2016 /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 2016 were NT$ 21,955 million, which represented a 1.3% growth in revenues compared to the second quarter of 2016 and a 9.6% growth in revenues compared to the third quarter of 2015. SPIL reported a net income of NT$ 2,692 million for the third quarter of 2016, compared with a net income of NT$ 2,809 million and a net income of NT$ 2,682 million for the second quarter of 2016 and the third quarter of 2015, respectively.

Basic earnings per share for this quarter was NT$ 0.86, and diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.10.

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

Operating results review:

  • For the third quarter of 2016, net revenues from IC packaging were NT$ 19,219 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,736 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 16,902 million, representing an increase of 1.9% compared to the second quarter of 2016 and an increase of 12.0% compared to the third quarter of 2015.
    • Raw materials costs were NT$ 7,394 million for the third quarter of 2016 and represented 33.7% of total net revenues, whereas raw materials costs were NT$ 7,261 million and represented 33.5% of total net revenues for the second quarter of 2016.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 239 million.
  • Gross profit was NT$ 5,053 million for the third quarter of 2016, representing a gross margin of 23.0%, which decreased from a gross margin of 23.5% for the second quarter of 2016 and decreased from 24.7% for the third quarter of 2015.
  • Total operating expenses for the third quarter of 2016 were NT$ 2,068 million, which included selling expenses of NT$ 252 million, administrative expenses of NT$ 790 million and R&D expenses of NT$ 1,026 million. Total operating expenses represented 9.4% of total net revenues for the third quarter of 2016.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 134 million.
  • Operating income was NT$ 2,985 million for the third quarter of 2016, representing an operating margin of 13.6%, which increased from 13.3% for the second quarter of 2016 and decreased from 14.6% for the third quarter of 2015.
  • Non-operating items:
    • Our non-operating items were NT$ 175 million, including net gains of NT$ 341 million on fair value change of financial liabilities at fair value through profit or loss  and net foreign exchange losses of NT$ 82 million.
  • Net income before tax was NT$ 3,160 million for the third quarter of 2016, which decreased from a net income before tax of NT$ 3,235 million for the second quarter of 2016 and increased from a net income before tax of NT$ 3,051 million for the third quarter of 2015.
  • Income tax expense was NT$ 468 million for the third quarter of 2016, compared with income tax expense of NT$ 426 million for the second quarter of 2016 and income tax expense of NT$ 368 million for the third quarter of 2015.
  • Net income was NT$ 2,692 million for the third quarter of 2016, which decreased from a net income of NT$ 2,809 million for the second quarter of 2016 and increased from a net income of NT$ 2,682 million for the third quarter of 2015.
  • Total number of shares outstanding was 3,116 million shares as of Sep 30, 2016. Basic earnings per share for this quarter was NT$ 0.86, and diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.10.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 19,177 million as of Sep 30, 2016 from NT$ 24,508 million as of June 30, 2016, and NT$ 22,437 million as of Sep 30, 2015.
  • Capital expenditures for the third quarter of 2016 totaled NT$ 4,949 million.
  • Total depreciation expenses for the third quarter of 2016 totaled NT$ 3,244 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 19,219 million for the third quarter of 2016, which represented an increase of NT$ 69 million or 0.4% compared to the second quarter of 2016.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 18% and 41%, respectively, of total net revenues for the third quarter of 2016.
  • As of Sep 30, 2016 we had 8,013 wirebonders installed, of which 62 were added and 16 were disposed in the third quarter of 2016.

IC testing service:

  • Net revenues from testing operations were NT$ 2,736 million for the third quarter of 2016, which represented an increase of NT$ 206 million or 8.1% compared to the second quarter of 2016.
  • As of Sep 30, 2016 we had 579 testers installed, of which 6 were added and 3 were disposed in the third quarter of 2016.

For more information, please visit: http://photos.prnasia.com/prnk/20161024/8521606813 

Revenue Analysis

Breakdown by end applications:





By application

3Q16

2Q16

Communication

66%

68%

Computing

12%

10%

Consumer

20%

20%

Memory

2%

2%


Breakdown by packaging type:

By application

3Q16

2Q16

Bumping & Flip Chip 

41%

40%

Substrate Based 

29%

31%

Leadframe Based

18%

17%

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 Sep 30, 2016 reflect our gains or losses attributable to the third 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 Sep 30, 2016, nor the consolidated financial data for our company for the nine months ended Sep 30, 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

Janet Chen, IR Director  
[email protected]
+886-3-5795678#3675

Mike Ma, Spokesperson
[email protected]
+886-4-25341525#1559

 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Sep 30, 2016 and 2015

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




Sep 30,2016


Sep 30,2015


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


611,510


19,176,940

16


22,436,629

19


(3,259,689)

-14.5

Available-for-sale financial assets


5,341


167,503

-


-

-


167,503

100.0

Accounts receivable


562,301


17,633,748

14


17,065,686

14


568,062

3.3

Inventories


201,785


6,327,980

5


4,293,936

4


2,034,044

47.4

Other current assets


51,294


1,608,585

2


1,830,864

1


(222,279)

-12.1

Total current assets


1,432,231


44,914,756

37


45,627,115

38


(712,359)

-1.6













Non-current Assets












Available-for-sale financial assets


144,830


4,541,857

4


6,451,861

5


(1,910,004)

-29.6

Long-term investment under equity method


79,305


2,487,013

2


41,318

-


2,445,695

5919.2

Property, plant and equipment


2,115,164


66,331,530

55


65,594,191

55


737,339

1.1

Intangible assets


5,770


180,962

-


203,097

-


(22,135)

-10.9

Other assets


57,028


1,788,399

2


1,784,320

2


4,079

0.2

Total non-current assets


2,402,097


75,329,761

63


74,074,787

62


1,254,974

1.7

Total Assets


3,834,328


120,244,517

100


119,701,902

100


542,615

0.5













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,665,600

2


2,793,950

2


(128,350)

-4.6

Financial liabilities at fair value through
profit or loss - current


30,448


954,864

1


373,971

0


580,893

155.3

Accounts payable


264,056


8,280,808

7


6,448,043

5


1,832,765

28.4

Current portion of long-term debt


158,567


4,972,652

5


4,073,723

3


898,929

22.1

Other current liability


432,337


13,558,079

10


14,008,667

13


(450,588)

-3.2

Non-current liabilities












Bonds payable


391,834


12,287,925

10


12,566,577

11


(278,652)

-2.2

Long-term loans


374,902


11,756,921

10


8,779,183

7


2,977,738

33.9

Other liabilities


47,289


1,482,979

1


1,419,040

1


63,939

4.5

Total  Liabilities


1,784,433


55,959,828

46


50,463,154

42


5,496,674

10.9













Stockholders' Equity












Capital stock


993,738


31,163,611

26


31,163,611

26


-

-

Capital reserve


403,125


12,641,997

11


15,771,210

13


(3,129,213)

-19.8

Legal reserve


345,791


10,844,001

9


9,967,775

8


876,226

8.8

Retained earnings


236,715


7,423,377

6


10,133,190

9


(2,709,813)

-26.7

Other equities


70,526


2,211,703

2


2,202,962

2


8,741

0.4

Total Equity


2,049,895


64,284,689

54


69,238,748

58


(4,954,059)

-7.2

Total Liabilities & Shareholders' Equity


3,834,328


120,244,517

100


119,701,902

100


542,615

0.5













Forex ( NT$ per US$ ) 




31.360



32.87





(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 2016


3Q 2015


YOY


3Q 2016


2Q 2016


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


692,221


21,955,188

100.0


20,029,703


9.6


21,955,188


21,679,907


1.3

Cost of Goods Sold


(532,893)


(16,901,767)

-77.0


(15,090,116)


12.0


(16,901,767)


(16,581,285)


1.9

Gross Profit


159,328


5,053,421

23.0


4,939,587


2.3


5,053,421


5,098,622


-0.9

Operating Expenses
















Selling Expenses


(7,937)


(251,733)

-1.1


(243,652)


3.3


(251,733)


(246,649)


2.1

Administrative Expenses


(24,902)


(789,819)

-3.6


(801,151)


-1.4


(789,819)


(913,050)


-13.5

Research and Development Expenses


(32,363)


(1,026,480)

-4.7


(965,931)


6.3


(1,026,480)


(1,067,939)


-3.9



(65,202)


(2,068,032)

-9.4


(2,010,734)


2.8


(2,068,032)


(2,227,638)


-7.2

Operating Income


94,126


2,985,389

13.6


2,928,853


1.9


2,985,389


2,870,984


4.0

Non-operating Items


5,501


174,470

0.8


121,878


43.2


174,470


363,284


-52.0

Income Before Income Tax 


99,627


3,159,859

14.4


3,050,731


3.6


3,159,859


3,234,268


-2.3

Income Tax Expenses


(14,766)


(468,329)

-2.1


(368,427)


27.1


(468,329)


(425,565)


10.0

Net Income


84,861


2,691,530

12.3


2,682,304


0.3


2,691,530


2,808,703


-4.2

















Other comprehensive income
















Items that may be subsequently reclassified to profit or loss
















    Exchange difference on translation of foreign financial statements


(13,962)


(442,841)



258,970






(251,469)



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


(23,179)


(735,175)



(1,655,007)






(175,229)



    Share of other comprehensive income of associates and joint ventures


(3,263)


(103,478)



-






(62,444)



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


(146)


(4,618)



30,363






(6,622)



Total other comprehensive income


(40,550)


(1,286,112)



(1,365,674)






(495,764)



Total comprehensive income


44,311


1,405,418



1,316,630






2,312,939



















Earnings Per Ordinary Share- Basic




NT$    0.86



NT$     0.86






NT$    0.90



Earnings Per Ordinary Share- Diluted 




NT$    0.64



NT$     0.86






NT$    0.78



Earnings Per ADS- Basic




US$    0.14



US$     0.13






US$    0.14



Earnings Per ADS- Diluted 




US$    0.10



US$     0.13






US$    0.12



Weighted Average Outstanding Shares - Diluted ('k)




3,389,249



3,129,886






3,369,343



















Forex ( NT$ per US$ ) 




31.717



31.975






32.425



















(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



2016


2015


YOY



USD


NTD

%


NTD


change %

Revenues


1,943,142


62,934,405

100.0


62,074,982


1.4

Cost of Goods Sold


(1,506,789)


(48,812,468)

-77.6


(45,907,965)


6.3

Gross Profit


436,353


14,121,937

22.4


16,167,017


-12.6

Operating Expenses










Selling Expenses


(22,886)


(741,705)

-1.2


(751,726)


-1.3

Administrative Expenses


(80,788)


(2,621,826)

-4.1


(2,562,713)


2.3

Research and Development Expenses


(93,039)


(3,013,824)

-4.8


(2,858,895)


5.4



(196,713)


(6,377,355)

-10.1


(6,173,334)


3.3

Operating Income


239,640


7,744,582

12.3


9,993,683


-22.5











Non-operating Items


17,007


547,786

0.9


403,618


35.7

Income Before Income Tax 


256,647


8,292,368

13.2


10,397,301


-20.2

Income Tax Expenses


(36,767)


(1,188,107)

-1.9


(1,423,007)


-16.5

Net Income


219,880


7,104,261

11.3


8,974,294


-20.8











Items that may be subsequently reclassified to profit or loss










    Exchange difference on translation of 
        foreign financial statements


(26,740)


(860,748)



10,297



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


(20,637)


(647,052)



(2,548,042)



    Share of other comprehensive
       income of associates and joint ventures


(2,617)


(80,684)



-



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


304


10,442



44,909



Total other comprehensive income


(49,690)


(1,578,042)



(2,492,836)



Total comprehensive income


170,190


5,526,219



6,481,458













Earnings Per Ordinary Share- Basic




NT$     2.28



NT$   2.88



Earnings Per Ordinary Share- Diluted 




NT$     1.80



NT$   2.63



Earnings Per ADS- Basic




US$     0.35



US$     0.46



Earnings Per ADS- Diluted 




US$     0.28



US$     0.42



Weighted Average Outstanding Shares - Diluted ('k)




3,403,893



3,407,264













Forex ( NT$ per US$ ) 




32.310



31.362













(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, 2016 and 2015

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










9 months, 2016


9 months, 2015



USD


NTD


NTD

Cash Flows from Operating Activities:







   Income before income tax


256,647


8,292,368


10,397,301

   Depreciation  


297,197


9,633,210


9,678,952

   Amortization


9,418


305,896


465,771

   Change in working capital & others


(140,517)


(4,562,770)


(1,107,337)

Net cash flows provided from operating activities


422,745


13,668,704


19,434,687








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(367,079)


(11,858,794)


(10,785,106)

   Proceeds from disposal of available-for-sale financial assets


44,394


1,454,403


-

   Proceeds from disposal of property, plant, and equipment


4,208


136,561


99,610

   Payment for other changes


(10,342)


(339,232)


(392,060)

Net cash used in investing activities


(328,819)


(10,607,062)


(11,077,556)








Cash Flows from Financing Activities:







   Proceeds from long-term loans


220,702


7,000,000


1,500,000

   Repayment of long-term loans


(117,495)


(3,808,721)


(8,235,833)

   Cash dividends distributed to shareholders 


(373,370)


(11,842,172)


(9,349,083)

   Others


(3,023)


(100,257)


(2,305)

Net cash used in financing activities


(273,186)


(8,751,150)


(16,087,221)








Foreign currency exchange effect 


(10,040)


(324,926)


12,006

Net decrease in cash and cash equivalents


(189,300)


(6,014,434)


(7,718,084)

Cash and cash equivalents at beginning of period


760,081


25,191,374


30,154,713

Cash and cash equivalents at end of period


570,781


19,176,940


22,436,629








Forex ( NT$ per US$ ) 




32.310


31.362








(1) : All figures are under T-IFRS.  







To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siliconware-precision-industries-reports-unaudited-consolidated-financial-results-for-the-third-quarter-of-2016-300349608.html

SOURCE Siliconware Precision Industries Co., Ltd.


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