2014

Siliconware Precision Industries Reports a 27.4% Quarter-over-Quarter growth in Revenues Resulting in Earnings per Share of NT$ 0.56 or Earnings per ADS of US$ 0.09 for Second Quarter 2013

TAICHUNG, Taiwan, July 31, 2013 /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 second quarter of 2013 were NT$ 17,602 million, which represented a 27.4% growth in revenues compared to the first quarter of 2013 and a 6.4% growth in revenues compared to the second quarter of 2012. SPIL reported a net income of NT$ 1,740 million for the second quarter of 2013, compared with a net loss of NT$ 292 million and a net income of NT$ 1,564 million for the first quarter of 2013 and the second quarter of 2012, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.56, and diluted earnings per ADS was US$ 0.09.

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

Operating results review:

  • For the second quarter of 2013, net revenues from IC packaging were NT$ 15,723 million and represented 89% of total net revenues. Net revenues from testing operations were NT$ 1,879 million and represented 11% of total net revenues.
  • Cost of goods sold was NT$ 13,926 million, representing an increase of 18.0% compared to the first quarter of 2013 and an increase of 4.2% compared to the second quarter of 2012.
    >    Raw materials costs were NT$ 6,509 million for the second quarter of 2013 and
          represented 37.0% of total net revenues, whereas raw materials costs were NT$ 5,483
          million and represented 39.7% of total net revenues for the first quarter of 2013.
    >    The accrued expenses of bonuses to employees accounted for under cost of goods sold
          totaled NT$ 96 million
  • Gross profit was NT$ 3,676 million for the second quarter of 2013, representing a gross margin of 20.9%, which increased from a gross margin of 14.6% for the first quarter of 2013 and was up from 19.2% for the second quarter of 2012.   
  • Total operating expenses for the second quarter of 2013 were NT$ 1,780 million, which included selling expenses of NT$ 227 million, administrative expenses of NT$ 590 million and R&D expenses of NT$ 963 million. Total operating expenses represented 10.1% of total net revenues for the second quarter of 2013.
    >    The accrued expenses of bonuses to employees, directors and supervisors accounted
          for under operating expenses totaled NT$ 62 million
  • Operating income was NT$ 1,896 million for the second quarter of 2013, representing an operating margin of 10.8%, which increased from 4.6% for the first quarter of 2013 and decreased from 11.3% for the second quarter of 2012.
  • Non-operating items: 
    >    Our non-operating income was NT$ 393 million, including cash dividends of NT$ 151
          million from Unimicron and ChipMos Taiwan. 
  • Net income before tax was NT$ 2,148 million for the second quarter of 2013, which increased from a net loss before tax of NT$ 203 million for the first quarter of 2013 and increased from a net income before tax of NT$ 1,878 million for the second quarter of 2012.
  • Income tax expense was NT$ 408 million for the second quarter of 2013, compared with income tax expense of NT$ 89 million for the first quarter of 2013 and income tax expense of NT$ 314 million for the second quarter of 2012.
  • Net income was NT$ 1,740 million for the second quarter of 2013, which increased from a net loss of NT$ 292 million for the first quarter of 2013 and increased from a net income of NT$ 1,564 million for the second quarter of 2012.
  • Total number of shares outstanding was 3,116 million shares as of June 30, 2013. Diluted earnings per ordinary share for this quarter was NT$ 0.56, or US$ 0.09 per ADS.  

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 16,953 million as of June 30, 2013 from NT$ 17,413 million as of Mar 31, 2013, and NT$ 18,260 million as of June 30, 2012. 
  • Capital expenditures for the second quarter of 2013 totaled NT$ 4,496 million, which included NT$ 3,803 million for packaging equipment and NT$ 693 million for testing equipment.
  • Total depreciation expenses for the second quarter of 2013 totaled NT$ 2,541 million, which included NT$ 1,923 million was from packaging operations and NT$ 618 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 15,723 million for the second  quarter of 2013, which represented an increase of NT$ 3,314 million or 26.7% compared to the first quarter of 2013.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 38%, 23% and 28%, respectively, of total net revenues for the second quarter of 2013.
  • Capital expenditures for IC packaging operations totaled NT$ 3,803 million for the second quarter of 2013, which included NT$ 2,812 million for packaging and building construction and NT$ 991 million for wafer bumping operations.
  • As of June 30, 2013 we had 7,893 wire bonders installed, of which 300 were added   and 212 were disposed in the second quarter of 2013.

IC testing service:                     

  • Net revenues from testing operations were NT$ 1,879 million for the second quarter of 2013, which represented an increase of NT$ 469 million or 33.3% compared to the first quarter of 2013.
  • Capital expenditures for testing operations totaled NT$ 693 million for the second quarter of 2013.
  • As of June 30, 2013 we had 409 testers installed, of which 8 were added and 2 was disposed in the second quarter of 2013.

Revenue Analysis

  • Breakdown by end applications:

By application

2Q13

1Q13

Communication

65%

55%

Computing

13%

16%

Consumer

18%

22%

Memory

4%

7%

  • Breakdown by packaging type:

By packaging type

2Q13

1Q13

Bumping & Flip Chip 

28%

26%

Substrate Based

38%

38%

Leadframe Based

23%

26%

Testing 

11%

10%

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

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of June 30, 2013 and 2012

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















June  30,2013


June  30,2012


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


565,115


16,953,454

16


18,259,585

20


(1,306,131)

-7

Accounts receivable


468,076


14,042,280

14


11,623,943

13


2,418,337

21

Inventories   


131,096


3,932,874

4


3,806,390

4


126,484

3

Other current assets


58,604


1,758,128

2


1,616,787

2


141,341

9

Total current assets                                       


1,222,891


36,686,736

36


35,306,705

39


1,380,031

4













Non-current Assets












Available-for-sale financial assets


217,481


6,524,426

6


5,827,602

7


696,824

12

Long-term investment under equity method


21,280


638,395

1


88,701

-


549,694

620

Property, plant and equipment


1,887,822


56,634,673

55


45,361,766

51


11,272,907

25

Intangible assets


14,100


422,994

-


577,996

-


(155,002)

-27

Other assets


69,497


2,084,909

2


2,353,393

3


(268,484)

-11

     Total non-current assets


2,210,180


66,305,397

64


54,209,458

61


12,095,939

22

Total Assets


3,433,071


102,992,133

100


89,516,163

100


13,475,970

15













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,550,000

3


2,091,600

2


458,400

22

Accounts payable


243,045


7,291,344

7


6,718,910

8


572,434

9

Current portion of long-term debt 


105,472


3,164,171

3


1,580,503

2


1,583,668

100

Other current liability


599,946


17,998,371

17


13,159,235

14


4,839,136

37

Non-current Liabilities 












Long-term loans


416,273


12,488,184

12


7,894,719

9


4,593,465

58

Other liabilities


39,056


1,171,679

1


1,235,996

1


(64,317)

-5

Total  Liabilities


1,488,792


44,663,749

43


32,680,963

36


11,982,786

37













Stockholders' Equity












Capital stock


1,038,787


31,163,611

30


31,163,611

35


-

-

Capital reserve


525,874


15,776,214

15


16,452,635

18


(676,421)

-4

Legal reserve


273,593


8,207,777

8


7,645,816

9


561,961

7

Special reserve


8,153


244,604

-


-

-


24,404


Retained earnings


48,052


1,441,573

2


1,899,818

2


(458,245)

-24

Other equity


49,820


1,494,605

2


637,508

1


857,097

134

Treasury stock


-


-

-


(964,188)

-1


964,188

-100

Total Equity


1,944,279


58,328,384

57


56,835,200

64


1,493,184

3

Total Liabilities & Shareholders' Equity


3,433,071


102,992,133

100


89,516,163

100


13,475,970

15













Forex ( NT$ per US$ ) 




30.00



29.88





(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 June 30


Sequential Comparison



2Q2013


2Q 2012


YOY


2Q 2013


1Q 2013


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


589,668


17,601,598

100.0


16,545,486


6.4


17,601,598


13,819,210


27.4

Cost of Goods Sold                                            


(466,509)


(13,925,296)

-79.1


(13,367,923)


4.2


(13,925,296)


(11,802,344)


18.0

Gross Profit


123,159


3,676,302

20.9


3,177,563


15.7


3,676,302


2,016,866


82.3

Operating Expenses
















Selling Expenses


(7,601)


(226,889)

-1.3


(208,754)


8.7


(226,889)


(178,566)


27.1

Administrative Expenses


(19,779)


(590,417)

-3.4


(472,308)


25.0


(590,417)


(505,772)


16.7

Research and Development Expense


(32,255)


(962,811)

-5.5


(618,752)


55.6


(962,811)


(695,429)


38.4



(59,635)


(1,780,117)

-10.1


(1,299,814)


37.0


(1,780,117)


(1,379,767)


29.0

Operating Income


63,524


1,896,185

10.8


1,877,749


1.0


1,896,185


637,099


197.6

















Non-operating Income


13,157


392,744

2.2


244,870


60.4


392,744


173,603


126.2

Non-operating Expenses


(4,736)


(141,358)

-0.8


(244,332)


-42.1


(141,358)


(1,013,317)


-86.0

Income from Continuing Operations before Income Tax    


71,945


2,147,571

12.2


1,878,287


14.3


2,147,571


(202,615)


-1159.9

Income Tax Credit (Expenses) 


(13,647)


(407,368)

-2.3


(313,860)


29.8


(407,368)


(89,242)


356.5

Net Income


58,298


1,740,203

9.9


1,564,427


11.2


1,740,203


(291,857)


-696.3

















Other comprehensive income
















Exchange difference for translating the financial statements of
foreign operation                                                                             


5,112


152,597



46,401






216,418



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


23,198


692,469



(1,025,363)






437,506



Tax effect of other comprehensive income items    


(2,515)


(75,067)



107,455






(28,082)



Total other comprehensive income 


25,796


769,999



(871,507)






625,842



Total comprehensive income 


84,094


2,510,202



692,920






333,985



















Earnings Per Ordinary Share- Diluted 




NT$     0.56



NT$     0.51






(NT$    0.09)



















Earnings Per ADS- Diluted 




US$     0.09



US$     0.09






(US$    0.02)



Weighted Average Outstanding Shares - Diluted ('k)




3,085,498



3,086,993






3,078,319



















Forex ( NT$ per US$ ) 




29.85



29.62






29.48



















(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 Six Months Ended on June 30, 2013 and 2012

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












6 months ended on June 30, 2013 and 2012



2013


2012


YOY



USD

NTD

%


NTD


Change %

Net Sales


1,058,434

31,420,808

100.0


31,663,168


-0.8

Cost of Goods Sold


(866,860)

(25,727,640)

-81.9


(26,267,775)


-2.1

Gross Profit


191,574

5,693,168

18.1


5,395,393


5.5

Operating Expenses









Selling expenses


(13,658)

(405,455)

-1.3


(384,285)


5.5

Administrative expenses


(36,936)

(1,096,189)

-3.5


(931,829)


17.6

Research and development expenses                                                          


(55,845)

(1,658,240)

-5.3


(1,175,697)


41.0



(106,439)

(3,159,884)

-10.1


(2,491,811)


26.8

Operating Income


85,135

2,533,284

8.1


2,903,582


-12.8










Non-operating Income


19,046

566,347

1.8


393,023


44.1

Non-operating Expenses


(39,109)

(1,154,675)

-3.7


(338,436)


241.2

Income Before Income Tax


65,072

1,944,956

6.2


2,958,169


-34.3

Income Tax Credit (Expenses) 


(16,674)

(496,610)

-1.6


(502,274)


-1.1

Net Income


48,398

1,448,346

4.6


2,455,895


-41.0










Other comprehensive income









Exchange difference for translating the financial statements of foreign operation


12,453

369,015



(95,599)



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


38,039

1,129,975



510,457



Tax effect of other comprehensive income items 


(3,467)

(103,149)



(83,005)



Total other comprehensive income 


47,025

1,395,841



331,853



Total comprehensive income 


95,423

2,844,187



2,787,748












Earnings Per Ordinary Share- Diluted 



NT$     0.47



0.80












Earnings Per ADS- Diluted 



US$     0.08



US$   0.13



Weighted Average Outstanding Shares - Diluted ('k)



3,084,043



3,086,993












Forex ( NT$ per US$) 



29.69



29.65



(1)All figures are under TIFRS.  









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









 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 6 Months Ended on June 30, 2013 and 2012

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










6 months, 2013


6 months, 2012



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income before tax


64,832


1,944,956


2,958,169

   Depreciation  


168,009


5,040,260


4,659,646

   Amortization


9,857


295,705


282,761

   Change in working capital & others


22,650


679,502


(1,581,189)

Net cash flows provided from operating activities


265,347


7,960,423


6,319,387








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(250,421)


(7,512,618)


(4,257,642)

   Proceeds from disposal of equipments


715


21,458


43,135

   Payment for deferred charges/other changes


(15,965)


(478,945)


(267,593)

Net cash used in investing activities


(265,670)


(7,970,105)


(4,482,100)








Cash Flows from Financing Activities:







  Proceeds from loan


5,597


167,917


589,975

  Proceeds from employee's purchase of treasury stocks/other charges


32,049


961,472


(88,524)

Net cash provided from financing activities


37,646


1,129,389


501,451








Foreign currency exchange effect 


(625)


(18,745)


(18,253)

Net increase (decrease) in cash and cash equivalents


36,699


1,100,962


2,320,485

Cash and cash equivalents at beginning of period


528,416


15,852,492


15,939,100

Cash and cash equivalents at end of period


565,115


16,953,454


18,259,585








Forex ( NT$ per US$ ) 




30.00


29.88








(1) All figures are under TIFRS.  







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

Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671

SOURCE Siliconware Precision Industries Co., Ltd.



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