Siliconware Precision Industries Reports a 1.3% Quarter-over-Quarter Decline in Revenues Resulting in Earnings per Share of NT$ 0.72 or Earnings per ADS of US$ 0.12 for Fourth Quarter 2013

27 Jan, 2014, 00:35 ET from Siliconware Precision Industries Co., Ltd.

TAICHUNG, Jan. 27, 2014 /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 fourth quarter of 2013 were NT$ 18,844 million, which represented a 1.3% decline in revenues compared to the third quarter of 2013 and a 16.7% growth in revenues compared to the fourth quarter of 2012. SPIL reported a net income of NT$ 2,260 million for the fourth quarter of 2013, compared with a net income of NT$ 2,184 million and a net income of NT$ 1,590 million for the third quarter of 2013 and the fourth quarter of 2012, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.72, and diluted earnings per ADS was US$ 0.12.

All figures were prepared in accordance with TIFRS on a consolidated basis.

Operating results review:

  • For the fourth quarter of 2013, net revenues from IC packaging were NT$ 16,583 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,261 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 14,523 million, representing a decrease of 1.0% compared to the third quarter of 2013 and an increase of 10.8% compared to the fourth quarter of 2012.
    • Raw materials costs were NT$ 6,485 million for the fourth quarter of 2013 and represented 34.4% of total net revenues, whereas raw materials costs were NT$ 6,691 million and represented 35.1% of total net revenues for the third quarter of 2013.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 186 million.
  • Gross profit was NT$ 4,321 million for the fourth quarter of 2013, representing a gross margin of 22.9%, which decreased from a gross margin of 23.1% for the third quarter of 2013 and was up from 18.8% for the fourth quarter of 2012.
  • Total operating expenses for the fourth quarter of 2013 were NT$ 1,675 million, which included selling expenses of NT$ 224 million, administrative expenses of NT$ 567 million and R&D expenses of NT$ 884 million. Total operating expenses represented 8.9% of total net revenues for the fourth quarter of 2013.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 93 million.
  • Operating income was NT$ 2,646 million for the fourth quarter of 2013, representing an operating margin of 14.0%, which decreased from 14.4% for the third quarter of 2013 and increased from 9.9% for the fourth quarter of 2012.
  • Non-operating items:
    • Our non-operating income was NT$ 273 million, including cash dividends of NT$ 9 million from ChipMos Bermuda. 
  • Net income before tax was NT$ 2,796 million for the fourth quarter of 2013, which increased from a net income before tax of NT$ 2,715 million for the third quarter of 2013 and increased from a net income before tax of NT$ 1,974 million for the fourth quarter of 2012.
  • Income tax expense was NT$ 536 million for the fourth quarter of 2013, compared with income tax expense of NT$ 531 million for the third quarter of 2013 and income tax expense of NT$ 384 million for the fourth quarter of 2012.
  • Net income was NT$ 2,260 million for the fourth quarter of 2013, which increased from a net income of NT$ 2,184 million for the third quarter of 2013 and increased from a net income of NT$ 1,590 million for the fourth quarter of 2012.
  • Total number of shares outstanding was 3,135 million shares as of Dec 31, 2013. Diluted earnings per ordinary share for this quarter was NT$ 0.72, or US$ 0.12 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 16,975 million as of Dec 31, 2013 from NT$ 13,817 million as of Sept 30, 2013, and NT$ 15,852 million as of Dec 31, 2012. 
  • Capital expenditures for the fourth quarter of 2013 totaled NT$ 2,347 million, which included NT$ 1,811 million for packaging equipment and NT$ 536 million for testing equipment.
  • Total depreciation expenses for the fourth quarter of 2013 totaled NT$ 2,769 million, which included NT$ 2,125 million was from packaging operations and NT$ 644 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 16,583 million for the fourth quarter of 2013, which represented an decrease of NT$ 287 million or 1.7% compared to the third quarter of 2013.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 30%, 20% and 38%, respectively, of total net revenues for the fourth quarter of 2013.
  • Capital expenditures for IC packaging operations totaled NT$ 1,811 million for the fourth quarter of 2013, which included NT$ 1,322 million for packaging and building construction and NT$ 489 million for wafer bumping operations.
  • As of Dec 31, 2013 we had 7,759 wirebonders installed, of which 362 were disposed in the fourth quarter of 2013.

IC testing service: 

  • Net revenues from testing operations were NT$ 2,261 million for the fourth quarter of 2013, which represented an increase of NT$ 39 million or 1.8% compared to the third quarter of 2013.
  • Capital expenditures for testing operations totaled NT$ 536 million for the fourth quarter of 2013.
  • As of Dec 31, 2013 we had 417 testers installed, of which 5 were added and 7 were disposed in the fourth quarter of 2013.

Revenue Analysis

  • Breakdown by end applications:

By application

4Q13

3Q13

Communication

60%

59%

Computing

14%

15%

Consumer

22%

22%

Memory

4%

4%

  • Breakdown by packaging type:

By packaging type

4Q13

3Q13

Bumping & Flip Chip 

38%

31%

Substrate Based

30%

37%

Leadframe Based

20%

20%

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 Dec 30, 2013 reflect our gains or losses attributable to the fourth quarter of 2013 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 Dec 30, 2013, nor the consolidated financial data for the twelve months ended Dec 30, 2013 is necessarily indicative of the results that may be expected for any period thereafter.

Contact:

Siliconware Precision Industries Co., Ltd.

Janet Chen, IR Director 

No.45, Jieh Show Rd.

janet@spil.com.tw

Hsinchu Science Park, Hsinchu

+886-3-5795678 #3675

Taiwan, 30056

www.spil.com.tw 

Byron Chiang, Spokesperson 

byronc@spil.com.tw 

+886-3-5795678#3671

 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Dec 31, 2013 and 2012

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

Dec  31, 2013

Dec  31, 2012

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent

569,448

16,975,247

17

15,852,492

17

1,122,755

7

Accounts receivable

515,649

15,371,493

15

12,919,685

14

2,451,808

19

Inventories

123,032

3,667,592

4

3,135,203

3

532,389

17

Other current assets

60,745

1,810,799

1

1,538,227

2

272,572

18

Total current assets

1,268,874

37,825,131

37

33,445,607

36

4,379,524

13

Non-current Assets

Available-for-sale financial assets

204,195

6,087,053

6

5,394,451

6

692,602

13

Long-term investment under equity method

20,664

615,998

1

673,668

1

(57,670)

-9

Property, plant and equipment

1,851,619

55,196,751

54

49,927,406

54

5,269,345

11

Intangible assets

11,919

355,313

516,087

1

(160,774)

-31

Other assets

58,012

1,729,325

2

1,890,231

2

(160,906)

-9

     Total non-current assets

2,146,409

63,984,440

63

58,401,843

64

5,582,597

10

Total Assets

3,415,282

101,809,571

100

91,847,450

100

9,962,121

11

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,533,850

2

2,468,400

3

65,450

3

Accounts payable

219,458

6,542,050

7

5,847,980

6

694,070

12

Current portion of long-term debt 

105,810

3,154,196

3

3,148,610

3

5,586

Other current liability

345,524

10,300,068

10

7,759,733

9

2,540,335

33

Non-current Liabilities 

Long-term loans

515,114

15,355,557

15

12,038,181

13

3,317,376

28

Other liabilities

48,773

1,453,914

2

1,152,435

1

301,479

26

Total  Liabilities

1,319,679

39,339,635

39

32,415,339

35

6,924,296

21

Stockholders' Equity

Capital stock

1,045,408

31,163,611

31

31,163,611

34

Capital reserve

529,079

15,771,853

15

16,471,019

18

(699,166)

-4

Legal reserve

275,336

8,207,777

8

7,645,816

8

561,961

7

Special reserve

8,205

244,604

244,604

100

Retained earnings

200,108

5,965,224

6

5,017,089

6

948,135

19

Other equity

37,466

1,116,867

1

98,764

1,018,103

1031

Treasury stock

(964,188)

-1

964,188

-100

Total Equity

2,095,603

62,469,936

61

59,432,111

65

3,037,825

5

Total Liabilities & Shareholders' Equity

3,415,282

101,809,571

100

91,847,450

100

9,962,121

11

Forex ( NT$ per US$ ) 

29.81

29.04

(1) All figures are under ROC GAAP. 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED INCOME STATEMENT

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

3 months ended on Dec 31

Sequential Comparison

4Q2013

4Q 2012

YOY

4Q 2013

3Q 2013

QOQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

637,691

18,843,765

100.0

16,145,575

16.7

18,843,765

19,091,619

-1.3

Cost of Goods Sold

(491,457)

(14,522,575)

-77.1

(13,105,497)

10.8

(14,522,575)

(14,675,459)

-1.0

Gross Profit

146,234

4,321,190

22.9

3,040,078

42.1

4,321,190

4,416,160

-2.2

Operating Expenses

Selling Expenses

(7,563)

(223,483)

-1.2

(202,705)

10.3

(223,483)

(210,785)

6.0

Administrative Expenses

(19,195)

(567,202)

-3.0

(527,418)

7.5

(567,202)

(583,372)

-2.8

Research and Development Expenses

(29,925)

(884,282)

-4.7

(709,585)

24.6

(884,282)

(864,180)

2.3

(56,683)

(1,674,967)

-8.9

(1,439,708)

16.3

(1,674,967)

(1,658,337)

1.0

Operating Income

89,551

2,646,223

14.0

1,600,370

65.4

2,646,223

2,757,823

-4.0

Non-operating Income

9,224

272,587

1.4

511,734

-46.7

272,587

136,912

99.1

Non-operating Expenses

(4,173)

(123,332)

-0.7

(138,093)

-10.7

(123,332)

(179,236)

-31.2

Income from Continuing Operations before Income Tax 

94,602

2,795,478

14.8

1,974,011

41.6

2,795,478

2,715,499

2.9

Income Tax Credit (Expenses) 

(18,137)

(535,946)

-2.8

(384,421)

39.4

(535,946)

(531,094)

0.9

Net Income

76,465

2,259,532

12.0

1,589,590

42.1

2,259,532

2,184,405

3.4

Other comprehensive income

Exchange difference for translating the financial statements

of foreign operation 

4,788

141,483

(23,988)

(84,385)

Unrealized valuation profit and loss of available-for-sale

financial assets 

(10,833)

(320,107)

(1,189,166)

(117,266)

Acturial gain and loss of defined benefit plan

3,250

96,041

(20,156)

Tax effect of other comprehensive income items 

(1,195)

(35,305)

109,545

21,515

Total other comprehensive income 

(3,990)

(117,888)

(1,123,765)

(180,136)

Total comprehensive income 

72,475

2,141,644

465,825

2,004,269

Earnings Per Ordinary Share- Diluted 

NT$     0.72

NT$     0.51

NT$     0.70

Earnings Per ADS- Diluted 

US$     0.12

US$     0.09

US$     0.12

Weighted Average Outstanding Shares - Diluted ('k)

3,134,752

3,094,241

3,127,609

Forex ( NT$ per US$ ) 

29.55

29.15

29.87

(1) All figures are under ROC GAAP. 

(2) 1 ADS is equivalent to 5 Common Shares. 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Twelve Months Ended on Dec 31, 2013 and 2012

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

12 months ended on Dec 31, 2013 and 2012

2013

2012

YOY

USD

NTD

%

NTD

Change %

Net Sales

2,335,282

69,356,192

100.0

64,654,558

7.3

Cost of Goods Sold

(1,849,628)

(54,925,674)

-79.2

(52,915,599)

3.8

Gross Profit

485,654

14,430,518

20.8

11,738,959

22.9

Operating Expenses

Selling expenses

(28,278)

(839,723)

-1.2

(808,420)

3.9

Administrative expenses

(75,661)

(2,246,763)

-3.2

(1,981,807)

13.4

Research and development expenses

(114,701)

(3,406,702)

-4.9

(2,559,064)

33.1

(218,640)

(6,493,188)

-9.4

(5,349,291)

21.4

Operating Income

267,014

7,937,330

11.4

6,389,668

24.2

Non-operating Income

33,256

974,505

1.4

972,509

0.2

Non-operating Expenses

(49,685)

(1,455,902)

-2.1

(586,764)

148.1

Income Before Income Tax

250,585

7,455,933

10.8

6,775,413

10.0

Income Tax Credit (Expenses) 

(52,591)

(1,563,650)

-2.3

(1,182,091)

32.3

Net Income

197,994

5,892,283

8.5

5,593,322

5.3

Other comprehensive income

Exchange difference for translating the financial statements of foreign

operation 

14,416

426,113

(260,136)

Unrealized valuation profit and loss of available-for-sale financial assets 

23,280

692,602

103,514

Actuial gain and loss of defined benefit plan

3,250

96,041

(20,156)

Tax effect of other comprehensive income items 

(3,942)

(116,939)

(50,269)

Total other comprehensive income 

37,004

1,097,817

(227,047)

Total comprehensive income 

234,998

6,990,100

5,366,275

Earnings Per Ordinary Share- Diluted 

NT$ 1.89    

NT$     1.81

Earnings Per ADS- Diluted 

US$ 0.32    

US$     0.31

Weighted Average Outstanding Shares - Diluted ('k)

3,116,617

3,094,241

Forex ( NT$ per US$) 

29.70

29.56

(1) All figures are under ROC GAAP.  

(2) 1 ADS is equivalent to 5 Common Shares.   

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 12 Months Ended on Dec 31, 2013 and 2012

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

12 months, 2013

12 months, 2012

USD

NTD

NTD

Cash Flows from Operating Activities:

   Net income before tax 

250,115

7,455,933

6,775,413

   Depreciation  

350,468

10,447,444

9,522,584

   Amortization

19,668

586,295

577,789

   Change in working capital & others

(24,882)

(741,721)

(3,509,654)

Net cash flows provided from operating activities

595,369

17,747,951

13,366,132

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(502,472)

(14,978,686)

(15,142,292)

   Increase of equity investment 

(1,064)

(31,717)

(618,178)

   Proceeds from disposal of equipments

3,572

106,474

112,838

   Payment for deferred charges/other changes

(22,956)

(684,332)

(224,779)

Net cash used in investing activities

(522,921)

(15,588,261)

(15,872,411)

Cash Flows from Financing Activities:

   Increase of short-term loan

1,027,075

   Increase of long-term loan

101,571

3,027,834

5,953,356

   Cash dividends distributed to shareholders and cash bonus 

distributed to employees

(172,451)

(5,140,752)

(4,371,188)

   Proceeds from the exercise of employee stock option /other charges

32,290

962,579

(89,184)

Net cash provided from financing activities

(38,589)

(1,150,339)

2,520,059

Foreign currency exchange effect 

3,804

113,404

(100,388)

Net increase (decrease) in cash and cash equivalents

37,664

1,122,755

(86,608)

Cash and cash equivalents at beginning of period

531,784

15,852,492

15,939,100

Cash and cash equivalents at end of period

569,448

16,975,247

15,852,492

Forex ( NT$ per US$ ) 

29.81

29.04

(1) : All figures are under ROC GAAP.

SOURCE Siliconware Precision Industries Co., Ltd.



RELATED LINKS

http://www.spil.com.tw