TAICHUNG, April 28, 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
first quarter of 2016 were NT$ 19,299
million, which represented a 7.1% decline in revenues
compared to the fourth quarter of 2015 and a 7.2% decline in
revenues compared to the first quarter of 2015. SPIL reported a net
income of NT$ 1,604 million for the
first quarter of 2016, compared with a net loss of NT$ 212 million and a net income of NT$ 2,615 million for the fourth quarter of 2015
and the first quarter of 2015, respectively.
Diluted earnings per ordinary share for this quarter was
NT$ 0.39, and diluted earnings per
ADS was US$ 0.06.
All figures were prepared in accordance with T-IFRS on a
consolidated basis.
Operating results review:
- For the first quarter of 2016, net revenues from IC packaging
were NT$ 17,109 million and
represented 89% of total net revenues. Net revenues from testing
operations were NT$ 2,190 million and
represented 11% of total net revenues.
- Cost of goods sold was NT$ 15,329
million, representing resemble compared to the fourth
quarter of 2015 and a decrease of 0.2% compared to the first
quarter of 2015.
- Raw materials costs were NT$ 6,454
million for the first quarter of 2016 and represented 33.4%
of total net revenues, whereas raw materials costs were
NT$ 6,457 million and represented
31.1% of total net revenues for the fourth quarter of 2015.
- The accrued expenses of bonuses to employees accounted for
under cost of goods sold totaled NT$ 147
million.
- Gross profit was NT$ 3,970
million for the first quarter of 2016, representing a gross
margin of 20.6%, which decreased from a gross margin of 26.2% for
the fourth quarter of 2015 and decreased from 26.2% for the first
quarter of 2015.
- Total operating expenses for the first quarter of 2016 were
NT$ 2,082 million, which included
selling expenses of NT$ 243 million,
administrative expenses of NT$ 919
million and R&D expenses of NT$
920 million. Total operating expenses represented 10.8% of
total net revenues for the first quarter of 2016.
- The accrued expenses of bonuses to employees, directors
accounted for under operating expenses totaled NT$ 77 million.
- Operating income was NT$ 1,888
million for the first quarter of 2016, representing an
operating margin of 9.8%, which decreased from 15.7% for the fourth
quarter of 2015 and decreased from 16.7% for the first quarter of
2015.
- Non-operating items:
- Our non-operating income was NT$ 234
million, including net gains of NT$
161 million on fair value change of financial liabilities at
fair value through profit or loss.
- Net income before tax was NT$ 1,898
million for the first quarter of 2016, which increased from
a net loss before tax of NT$ 6
million for the fourth quarter of 2015 and decreased from a
net income before tax of NT$ 3,014
million for the first quarter of 2015.
- Income tax expense was NT$ 294
million for the first quarter of 2016, compared with income
tax expense of NT$ 206 million for
the fourth quarter of 2015 and income tax expense of NT$ 399 million for the first quarter of
2015.
- Net income was NT$ 1,604 million
for the first quarter of 2016, which increased from a net loss of
NT$ 212 million for the fourth
quarter of 2015 and decreased from a net income of NT$ 2,615 million for the first quarter of
2015.
- Total number of shares outstanding was 3,116 million shares as
of March 31, 2016. Diluted earnings
per ordinary share was NT$ 0.39, and
diluted earnings per ADS was US$
0.06.
Capital expenditure and balance sheet highlight:
- Our cash balances totaled NT$ 25,406
million as of Mar 31, 2016
from NT$ 25,191 million as of
Dec 31, 2015, and NT$ 28,264 million as of Mar 31, 2015.
- Capital expenditures for the first quarter of 2016 totaled
NT$ 3,080 million.
- Total depreciation expenses for the first quarter of 2016
totaled NT$ 3,186 million.
IC packaging service:
- Net revenues from IC packaging operations were NT$ 17,109 million for the first quarter of 2016,
which represented a decrease of NT$ 1,340
million or 7.3% compared to the fourth quarter of 2015.
- Substrate-based packaging, leadframe-based packaging and wafer
bumping & Flip Chip accounted for 30%, 17% and 42%,
respectively, of total net revenues for the first quarter of
2016.
- As of Mar 31, 2016 we had 7,584
wirebonders installed, of which 270 were added and 9 were disposed
in the first quarter of 2016.
IC testing service:
- Net revenues from testing operations were NT$ 2,190 million for the first quarter of 2016,
which represented a decrease of NT$ 126
million or 5.4% compared to the fourth quarter of 2015.
- As of Mar 31, 2016 we had 562
testers installed, of which 15 were added in the first quarter of
2016.
For more information, please visit:
http://photos.prnasia.com/prnk/20160428/8521602751
Revenue Analysis
- Breakdown by end applications:
By
application
|
1Q16
|
4Q15
|
Communication
|
66%
|
63%
|
Computing
|
10%
|
9%
|
Consumer
|
22%
|
25%
|
Memory
|
2%
|
3%
|
- Breakdown by packaging type:
By
application
|
1Q16
|
4Q15
|
Bumping & Flip
Chip
|
42%
|
45%
|
Substrate Based
|
30%
|
27%
|
Leadframe
Based
|
17%
|
17%
|
Testing
|
11%
|
11%
|
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, 2016 reflect our gains or losses attributable to the
first quarter of 2016 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, 2016 is not 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
janet@spil.com.tw
+886-3-5795678#3675
Mike Ma, Spokesperson
mikema@spil.com.tw
+886-4-25545527#5601
SILICONWARE
PRECISION INDUSTRIES CO., LTD.
|
CONSOLIDATED
BALANCE SHEET
|
As of Mar 31, 2016
and 2015
|
(Expressed in
Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar
31,2016
|
|
Mar
31,2015
|
|
Sequential
|
ASSETS
|
|
USD
|
|
NTD
|
%
|
|
NTD
|
%
|
|
Change
|
%
|
Current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalent
|
|
789,363
|
|
25,405,633
|
21
|
|
28,264,264
|
22
|
|
(2,858,631)
|
-10.1
|
Accounts
receivable
|
|
451,641
|
|
14,536,059
|
12
|
|
17,366,737
|
14
|
|
(2,830,678)
|
-16.3
|
Inventories
|
|
176,438
|
|
5,678,642
|
5
|
|
4,508,733
|
4
|
|
1,169,909
|
25.9
|
Other current
assets
|
|
40,696
|
|
1,309,843
|
-
|
|
2,033,378
|
1
|
|
(723,535)
|
-35.6
|
Total current
assets
|
|
1,458,138
|
|
46,930,177
|
38
|
|
52,173,112
|
41
|
|
(5,242,935)
|
-10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale
financial assets
|
|
179,890
|
|
5,789,763
|
5
|
|
9,471,354
|
7
|
|
(3,681,591)
|
-38.9
|
Long-term investment
under equity method
|
|
80,416
|
|
2,588,192
|
2
|
|
54,433
|
-
|
|
2,533,759
|
4654.8
|
Property, plant and
equipment
|
|
2,030,652
|
|
65,356,521
|
53
|
|
63,392,501
|
50
|
|
1,964,020
|
3.1
|
Intangible
assets
|
|
5,859
|
|
188,564
|
-
|
|
213,841
|
-
|
|
(25,277)
|
-11.8
|
Other
assets
|
|
62,205
|
|
2,002,068
|
2
|
|
2,016,372
|
2
|
|
(14,304)
|
-0.7
|
Total non-current
assets
|
|
2,359,022
|
|
75,925,108
|
62
|
|
75,148,501
|
59
|
|
776,607
|
1.0
|
Total
Assets
|
|
3,817,160
|
|
122,855,285
|
100
|
|
127,321,613
|
100
|
|
(4,466,328)
|
-3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
loans
|
|
85,000
|
|
2,735,725
|
2
|
|
2,660,500
|
2
|
|
75,225
|
2.8
|
Financial liabilities
at fair value through
profit or loss - current
|
|
50,879
|
|
1,637,538
|
1
|
|
1,410,750
|
1
|
|
226,788
|
16.1
|
Accounts
payable
|
|
219,907
|
|
7,077,693
|
6
|
|
7,222,899
|
6
|
|
(145,206)
|
-2.0
|
Current portion of
long-term debt
|
|
183,742
|
|
5,913,739
|
5
|
|
5,257,443
|
4
|
|
656,296
|
12.5
|
Other current
liability
|
|
407,618
|
|
13,119,194
|
11
|
|
13,217,565
|
10
|
|
(98,371)
|
-0.7
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Bonds
payable
|
|
387,071
|
|
12,457,882
|
10
|
|
11,818,664
|
9
|
|
639,218
|
5.4
|
Long-term
loans
|
|
185,478
|
|
5,969,625
|
5
|
|
9,324,812
|
8
|
|
(3,355,187)
|
-36.0
|
Other
liabilities
|
|
47,705
|
|
1,535,385
|
1
|
|
1,373,825
|
1
|
|
161,560
|
11.8
|
Total
Liabilities
|
|
1,567,400
|
|
50,446,781
|
41
|
|
52,286,458
|
41
|
|
(1,839,677)
|
-3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Capital
stock
|
|
968,265
|
|
31,163,611
|
25
|
|
31,163,611
|
25
|
|
-
|
0.0
|
Capital
reserve
|
|
489,618
|
|
15,758,358
|
13
|
|
15,771,577
|
12
|
|
(13,219)
|
0.0
|
Legal
reserve
|
|
309,703
|
|
9,967,775
|
8
|
|
8,797,005
|
7
|
|
1,170,770
|
13.3
|
Retained
earnings
|
|
358,092
|
|
11,525,181
|
10
|
|
14,293,249
|
11
|
|
(2,768,068)
|
-19.4
|
Other
equities
|
|
124,082
|
|
3,993,579
|
3
|
|
5,009,713
|
4
|
|
(1,016,134)
|
-20.3
|
Total
Equity
|
|
2,249,760
|
|
72,408,504
|
59
|
|
75,035,155
|
59
|
|
(2,626,651)
|
-3.5
|
Total Liabilities
& Shareholders' Equity
|
|
3,817,160
|
|
122,855,285
|
100
|
|
127,321,613
|
100
|
|
(4,466,328)
|
-3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Forex ( NT$ per
US$ )
|
|
|
|
32.185
|
|
|
31.30
|
|
|
|
|
(1)All figures are
under T-IFRS.
|
|
|
SILICONWARE
PRECISION INDUSTRIES CO., LTD.
|
CONSOLIDATED
COMPREHENSIVE INCOME STATEMENT
|
|
(Expressed in
Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
|
|
|
3 months ended on Mar
31
|
|
Sequential
Comparison
|
|
|
1Q 2016
|
|
1Q 2015
|
|
YOY
|
|
1Q 2016
|
|
4Q 2015
|
|
QOQ
|
|
|
USD
|
|
NTD
|
%
|
|
NTD
|
|
change %
|
|
NTD
|
|
NTD
|
|
change %
|
Revenues
|
|
582,304
|
|
19,299,310
|
100.0
|
|
20,805,242
|
|
-7.2
|
|
19,299,310
|
|
20,764,940
|
|
-7.1
|
Cost of Goods
Sold
|
|
(462,523)
|
|
(15,329,416)
|
-79.4
|
|
(15,358,793)
|
|
-0.2
|
|
(15,329,416)
|
|
(15,322,657)
|
|
0.0
|
Gross
Profit
|
|
119,781
|
|
3,969,894
|
20.6
|
|
5,446,449
|
|
-27.1
|
|
3,969,894
|
|
5,442,283
|
|
-27.1
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
Expenses
|
|
(7,342)
|
|
(243,323)
|
-1.2
|
|
(248,448)
|
|
-2.1
|
|
(243,323)
|
|
(192,773)
|
|
26.2
|
Administrative
Expenses
|
|
(27,727)
|
|
(918,957)
|
-4.8
|
|
(819,976)
|
|
12.1
|
|
(918,957)
|
|
(1,108,448)
|
|
-17.1
|
Research and
Development Expenses
|
|
(27,740)
|
|
(919,405)
|
-4.8
|
|
(908,788)
|
|
1.2
|
|
(919,405)
|
|
(880,214)
|
|
4.5
|
|
|
(62,809)
|
|
(2,081,685)
|
-10.8
|
|
(1,977,212)
|
|
5.3
|
|
(2,081,685)
|
|
(2,181,435)
|
|
-4.6
|
Operating
Income
|
|
56,972
|
|
1,888,209
|
9.8
|
|
3,469,237
|
|
-45.6
|
|
1,888,209
|
|
3,260,848
|
|
-42.1
|
Non-operating
Items
|
|
302
|
|
10,032
|
0.0
|
|
(455,085)
|
|
-
|
|
10,032
|
|
(3,267,292)
|
|
-
|
Income(Loss) Before
Income Tax
|
|
57,274
|
|
1,898,241
|
9.8
|
|
3,014,152
|
|
-37.0
|
|
1,898,241
|
|
(6,444)
|
|
-
|
Income Tax
Expenses
|
|
(8,877)
|
|
(294,213)
|
-1.5
|
|
(399,652)
|
|
-26.4
|
|
(294,213)
|
|
(205,593)
|
|
43.1
|
Net
Income(Loss)
|
|
48,397
|
|
1,604,028
|
8.3
|
|
2,614,500
|
|
-38.6
|
|
1,604,028
|
|
(212,037)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will not
be reclassiflied to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurements of post
employment benefit obligations
|
|
-
|
|
-
|
|
|
-
|
|
|
|
|
|
(179,842)
|
|
|
Income tax relating to items
that will not be reclassified to profit or loss
|
|
-
|
|
-
|
|
|
-
|
|
|
|
|
|
30,572
|
|
|
Items that may be
subsequently reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange difference on translation of foreign financial
statements
|
|
(5,022)
|
|
(166,438)
|
|
|
(151,472)
|
|
|
|
|
|
(238,202)
|
|
|
Unrealized gain on available-for-sale financial assets
|
|
7,946
|
|
263,352
|
|
|
471,451
|
|
|
|
|
|
1,998,197
|
|
|
Share of other comprehensive income of associates and joint
ventures
|
|
2,572
|
|
85,238
|
|
|
0
|
|
|
|
|
|
0
|
|
|
Income tax relating
to items that may be reclassified to profit or loss
|
|
654
|
|
21,682
|
|
|
(6,064)
|
|
|
|
|
|
(23,942)
|
|
|
Total other
comprehensive income
|
|
6,150
|
|
203,834
|
|
|
313,915
|
|
|
|
|
|
1,586,783
|
|
|
Total comprehensive
income
|
|
54,547
|
|
1,807,862
|
|
|
2,928,415
|
|
|
|
|
|
1,374,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Ordinary
Share- Basic
|
|
|
|
NT$
0.51
|
|
|
NT$
0.84
|
|
|
|
|
|
NT$ (
0.07)
|
|
|
Earnings Per Ordinary
Share- Diluted
|
|
|
|
NT$
0.39
|
|
|
NT$
0.83
|
|
|
|
|
|
NT$ (
0.07)
|
|
|
Earnings Per ADS-
Diluted
|
|
|
|
US$
0.06
|
|
|
US$
0.13
|
|
|
|
|
|
US$ (
0.01)
|
|
|
Weighted Average
Outstanding Shares - Diluted ('k)
|
|
|
|
3,375,688
|
|
|
3,143,401
|
|
|
|
|
|
3,116,361
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forex ( NT$ per US$
)
|
|
|
|
33.143
|
|
|
31.52
|
|
|
|
|
|
32.626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
For 3 Months Ended
on Mar 31, 2016 and 2015
|
(Expressed in
Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
|
|
|
|
|
|
|
|
|
|
3 months,
2016
|
|
3 months,
2015
|
|
|
USD
|
|
NTD
|
|
NTD
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Income
before income tax
|
|
57,274
|
|
1,898,241
|
|
3,014,152
|
Depreciation
|
|
96,124
|
|
3,185,853
|
|
3,212,303
|
Amortization
|
|
3,462
|
|
114,757
|
|
157,252
|
Change
in working capital & others
|
|
(25,061)
|
|
(830,631)
|
|
409,856
|
Net cash flows
provided from operating activities
|
|
131,799
|
|
4,368,220
|
|
6,793,563
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Acquisition of property, plant, and equipment
|
|
(92,945)
|
|
(3,080,482)
|
|
(3,535,602)
|
Proceeds
from disposal of available-for-sale financial assets
|
|
32,509
|
|
1,077,460
|
|
-
|
Proceeds
from disposal of property, plant, and equipment
|
|
848
|
|
28,092
|
|
92,715
|
Payment
for other changes
|
|
(5,968)
|
|
(197,790)
|
|
(248,535)
|
Net cash used in
investing activities
|
|
(65,556)
|
|
(2,172,720)
|
|
(3,691,422)
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
Repayment of long-term loans
|
|
(53,754)
|
|
(1,781,583)
|
|
(4,942,750)
|
Others
|
|
(3,073)
|
|
(101,819)
|
|
(5,173)
|
Net cash used in
financing activities
|
|
(56,827)
|
|
(1,883,402)
|
|
(4,947,923)
|
|
|
|
|
|
|
|
Foreign currency
exchange effect
|
|
(2,952)
|
|
(97,839)
|
|
(44,667)
|
Net increase
(decrease) in cash and cash equivalents
|
|
6,464
|
|
214,259
|
|
(1,890,449)
|
Cash and cash
equivalents at beginning of period
|
|
760,081
|
|
25,191,374
|
|
30,154,713
|
Cash and cash
equivalents at end of period
|
|
766,545
|
|
25,405,633
|
|
28,264,264
|
|
|
|
|
-
|
|
-
|
Forex ( NT$ per
US$ )
|
|
|
|
33.143
|
|
30.52
|
|
|
|
|
|
|
|
(1) : All figures are
under T-IFRS.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spil-reports-a-71-quarter-over-quarter-decline-in-revenues-resulting-in-earnings-per-share-of-nt-039-or-earnings-per-ads-is-us-006-for-first-quarter-2016-300259168.html
SOURCE Siliconware Precision Industries Co., Ltd.