Siliconware Precision Industries Reports a 3.7% Quarter-over-Quarter Increase in Revenues Resulting in Earnings per Share of NT$ (0.07) or Earnings per ADS is US$ (0.01) for Fourth Quarter 2015

29 Jan, 2016, 00:48 ET from Siliconware Precision Industries Co., Ltd.

TAICHUNG, Taiwan, Jan. 29, 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 fourth quarter of 2015 were NT$ 20,765 million, which represented a 3.7% increase in revenues compared to the third quarter of 2015 and a 3.1% decline in revenues compared to the fourth quarter of 2014. SPIL reported a net loss of NT$ 212 million for the fourth quarter of 2015, compared with a net income of NT$ 2,682 million and a net income of NT$ 3,015 million for the third quarter of 2015 and the fourth quarter of 2014, respectively.

Diluted earnings per ordinary share for this quarter was NT$ (0.07), and diluted earnings per ADS was US$ (0.01).

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

Operating results review:

  • For the fourth quarter of 2015, net revenues from IC packaging were NT$ 18,449 million and represented 89% of total net revenues. Net revenues from testing operations were NT$ 2,316 million and represented 11% of total net revenues.
  • Cost of goods sold was NT$ 15,323 million, representing an increase of 1.5% compared to the third quarter of 2015 and a decrease of 2.1% compared to the fourth quarter of 2014.
    • Raw materials costs were NT$ 6,457 million for the fourth quarter of 2015 and represented 31.1% of total net revenues, whereas raw materials costs were NT$ 6,150 million and represented 30.7% of total net revenues for the third quarter of 2015.
  • Gross profit was NT$ 5,442 million for the fourth quarter of 2015, representing a gross margin of 26.2%, which increased from a gross margin of 24.7% for the third quarter of 2015 and decreased from 26.9% for the fourth quarter of 2014.
  • Total operating expenses for the fourth quarter of 2015 were NT$ 2,181 million, which included selling expenses of NT$ 193 million, administrative expenses of NT$ 1,108 million and R&D expenses of NT$ 880 million. Total operating expenses represented 10.5% of total net revenues for the fourth quarter of 2015.
  • Operating income was NT$ 3,261 million for the fourth quarter of 2015, representing an operating margin of 15.7%, which increased from 14.6% for the third quarter of 2015 and decreased from 18.0% for the fourth quarter of 2014.
  • Non-operating items:
    • Our non-operating expense was NT$ 3,662 million, including net losses of NT$ 1,425 million on fair value change of financial liabilities at fair value through profit or loss and an impairment loss of NT$ 1,856 million from Unimicron Technology Co.
  • Net loss before tax was NT$ 6 million for the fourth quarter of 2015, which decreased from a net income before tax of NT$ 3,051 million for the third quarter of 2015 and decreased from a net income before tax of NT$ 3,684 million for the fourth quarter of 2014.
  • Income tax expense was NT$ 206 million for the fourth quarter of 2015, compared with income tax expense of NT$ 369 million for the third quarter of 2015 and income tax expense of NT$ 669 million for the fourth quarter of 2014.
  • Net loss was NT$ 212 million for the fourth quarter of 2015, which decreased from a net income of NT$ 2,682 million for the third quarter of 2015 and decreased from a net income of NT$ 3,015 million for the fourth quarter of 2014.
  • Total number of shares outstanding was 3,116 million shares as of Dec 31, 2015. Diluted earnings per ordinary share was NT$ (0.07), and diluted earnings per ADS was US$ (0.01).

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 25,191 million as of Dec 31, 2015 from NT$ 22,437 million as of Sept 30, 2015, and NT$ 30,155 million as of Dec 31, 2014.
  • Capital expenditures for the fourth quarter of 2015 totaled NT$ 3,070 million.
  • Total depreciation expenses for the fourth quarter of 2015 totaled NT$ 3,225 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,449 million for the fourth quarter of 2015, which represented an increase of NT$ 705 million or 4.0% compared to the third quarter of 2015.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 27%, 17% and 45%, respectively, of total net revenues for the fourth quarter of 2015.
  • As of Dec 31, 2015 we had 7,323 wirebonders installed, of which 25 were disposed in the fourth quarter of 2015.

IC testing service:

  • Net revenues from testing operations were NT$ 2,316 million for the fourth quarter of 2015, which represented an increase of NT$ 30 million or 1.3% compared to the third quarter of 2015.
  • As of Dec 31, 2015 we had 547 testers installed, of which 9 were added and 5 were disposed in the fourth quarter of 2015.

For more information, please visit: http://photos.prnasia.com/prnk/20160129/8521600605 

Revenue Analysis

  • Breakdown by end applications:

By application

4Q15

3Q15

Communication

63%

64%

Computing

9%

10%

Consumer

25%

22%

Memory

3%

4%

  • Breakdown by packaging type:

By application

4Q15

3Q15

Bumping & Flip Chip  

45%

44%

Substrate Based  

27%

27%

Leadframe Based

17%

18%

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 Dec 31, 2015 reflect our gains or losses attributable to the fourth quarter of 2015 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 31, 2015, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2015 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  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 Dec 31, 2015 and 2014

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

Dec 31, 2015

Dec 31, 2014

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent                  

767,445

25,191,374

21

30,154,713

23

(4,963,339)

(16)

Available-for-sale financial assets

32,512

1,067,204

1

-

-

1,067,204

100

Accounts receivable

482,472

15,837,131

13

18,578,054

14

(2,740,923)

(15)

Inventories

137,161

4,502,319

4

4,381,135

3

121,184

3

Other current assets

66,631

2,187,184

1

2,094,006

1

93,178

4

Total current assets

1,486,221

48,785,212

40

55,207,908

41

(6,422,696)

(12)

Non-current Assets

Available-for-sale financial assets

168,360

5,526,412

4

8,999,903

8

(3,473,491)

(39)

Long-term investment under equity method

76,852

2,522,658

2

76,032

-

2,446,626

3,218

Property, plant and equipment

1,959,044

64,305,608

52

63,520,671

49

784,937

1

Intangible assets

5,873

192,774

-

249,170

-

(56,396)

(23)

Other assets

58,265

1,912,566

2

1,702,391

2

210,175

12

Total non-current assets

2,268,394

74,460,018

60

74,548,167

59

(88,149)

-

Total Assets

3,754,615

123,245,230

100

129,756,075

100

(6,510,845)

(5)

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,790,125

2

2,690,250

2

99,875

4

Financial liabilities at fair value through  profit or loss - current

54,803

1,798,920

1

1,095,552

1

703,368

64

Accounts payable

211,501

6,942,527

6

8,020,963

7

(1,078,436)

(13)

Current portion of long-term debt

182,517

5,991,128

5

6,970,152

5

(979,024)

(14)

Other current liability

400,748

13,154,539

11

12,799,126

9

355,413

3

Non-current liabilities

Bonds payable

384,686

12,627,311

10

11,875,483

9

751,828

100

Long-term loans

239,392

7,858,036

7

12,794,062

10

(4,936,026)

(39)

Other liabilities

45,149

1,482,002

1

1,403,868

1

78,134

6

Total  Liabilities

1,603,796

52,644,588

43

57,649,456

44

(5,004,868)

(9)

Stockholders' Equity

Capital stock

949,386

31,163,611

25

31,163,611

24

-

-

Capital reserve

480,072

15,758,358

13

15,771,456

12

(13,098)

-

Legal reserve

303,664

9,967,775

8

8,797,005

7

1,170,770

13

Retained earnings

302,244

9,921,153

8

11,678,749

9

(1,757,596)

(15)

Other equities

115,453

3,789,745

3

4,695,798

4

(906,053)

(19)

Total Equity

2,150,819

70,600,642

57

72,106,619

56

(1,505,977)

(2)

Total Liabilities & Shareholders' Equity

3,754,615

123,245,230

100

129,756,075

100

(6,510,845)

(5)

Forex ( NT$ per US$ ) 

32.825

31.65

(1) All figures are under T-IFRS.  

(2) Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed balance sheets of Dec 31, 2014 have been updated accordingly.

 

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 Dec 31

Sequential Comparison

4Q 2015

4Q 2014

YOY

4Q 2015

3Q 2015

QOQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

636,454

20,764,940

100.0

21,430,915

-3.1

20,764,940

20,029,703

3.7

Cost of Goods Sold

(469,646)

(15,322,657)

-73.8

(15,655,951)

-2.1

(15,322,657)

(15,090,116)

1.5

Gross Profit

166,808

5,442,283

26.2

5,774,964

-5.8

5,442,283

4,939,587

10.2

Operating Expenses

Selling Expenses

(5,909)

(192,773)

-0.9

(247,455)

-22.1

(192,773)

(243,652)

-20.9

Administrative Expenses

(33,974)

(1,108,448)

-5.3

(696,858)

59.1

(1,108,448)

(801,151)

38.4

Research and Development Expenses

(26,979)

(880,214)

-4.3

(974,769)

-9.7

(880,214)

(965,931)

-8.9

(66,862)

(2,181,435)

-10.5

(1,919,082)

13.7

(2,181,435)

(2,010,734)

8.5

Operating Income

99,946

3,260,848

15.7

3,855,882

-15.4

3,260,848

2,928,853

11.3

Non-operating Items

(100,144)

(3,267,292)

-15.7

(172,089)

-

(3,267,292)

121,878

-

Income(Loss) Before Income Tax

(198)

(6,444)

0.0

3,683,793

-100.2

(6,444)

3,050,731

-100.2

Income Tax Expenses

(6,301)

(205,593)

-1.0

(668,523)

-69.2

(205,593)

(368,427)

-44.2

Net Income (Loss)

(6,499)

(212,037)

-1.0

3,015,270

-107.0

(212,037)

2,682,304

-107.9

Other comprehensive income

Items that will not be reclassiflied to profit or loss

     Remeasurements of post employment benefit obligations

(5,512)

(179,842)

(53,911)

-

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

937

30,572

9,165

-

Items that may be subsequently reclassified to profit or loss

    Exchange difference on translation of foreign financial statements

(7,301)

(238,202)

441,434

258,970

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

61,246

1,998,197

522,682

(1,655,007)

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

(734)

(23,942)

(11,639)

30,363

Total other comprehensive income

48,636

1,586,783

907,731

(1,365,674)

Total comprehensive income

42,137

1,374,746

3,923,001

1,316,630

Earnings Per Ordinary Share- Basic

NT$  ( 0.07)

NT$   0.97

NT$   0.86

Earnings Per Ordinary Share- Diluted 

NT$  ( 0.07)

NT$   0.97

NT$   0.86

Earnings Per ADS- Diluted 

US$    ( 0.01)

US$     0.16

US$     0.13

Weighted Average Outstanding Shares - Diluted ('k)

3,116,361

3,119,755

3,129,886

Forex ( NT$ per US$ ) 

32.626

30.84

31.975

(1) All figures are under T-IFRS.  

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

(3) Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed Income Statement of Dec 31, 2014 have been updated accordingly.

 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

For the Twelve Months Ended on Dec 31, 2015 and 2014

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

12 months ended on Dec 31

2015

2014

YOY

USD

NTD

%

NTD

change %

Revenues

2,611,703

82,839,922

100.0

83,071,441

-0.3

Cost of Goods Sold

(1,930,154)

(61,230,622)

-73.9

(62,081,253)

-1.4

Gross Profit

681,549

21,609,300

26.1

20,990,188

2.9

Operating Expenses

Selling Expenses

(29,830)

(944,499)

-1.2

(937,885)

0.7

Administrative Expenses

(115,578)

(3,671,161)

-4.4

(2,605,536)

40.9

Research and Development Expenses

(117,936)

(3,739,109)

-4.5

(3,625,624)

3.1

(263,344)

(8,354,769)

-10.1

(7,169,045)

16.5

Operating Income

418,205

13,254,531

16.0

13,821,143

-4.1

Non-operating Items

(86,873)

(2,863,674)

-3.4

447,041

-

Income Before Income Tax

331,332

10,390,857

12.6

14,268,184

-27.2

Income Tax Expenses

(51,742)

(1,628,600)

-2.0

(2,523,770)

-35.5

Net Income

279,590

8,762,257

10.6

11,744,414

-25.4

Other comprehensive income

Items that will not be reclassiflied to profit or loss       

    Remeasurements of post employment benefit obligations

(5,512)

(179,842)

(53,911)

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

937

30,572

9,165

Items that may be subsequently reclassified to profit or loss

    Exchange difference on translation of foreign financial statements

(7,159)

(227,905)

555,285

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

(19,808)

(549,845)

2,948,369

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

691

20,967

51,938

Total other comprehensive income

(30,851)

(906,053)

3,510,846

Total comprehensive income

248,739

7,856,204

15,255,260

Earnings Per Ordinary Share- Basic

NT$   2.81

NT$   3.77

Earnings Per Ordinary Share- Diluted 

NT$   2.78

NT$   3.74

Earnings Per ADS- Diluted 

US$   0.44

US$   0.62

Weighted Average Outstanding Shares - Diluted ('k)

3,150,135

3,139,471

Forex ( NT$ per US$ ) 

31.361

30.29

(1) All figures are under T-IFRS.  

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

(3) Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, theimpact of newly effected GAAP shall be restroactively applied. The consolidated condensed Income Statement of Dec 31, 2014 have been updated accordingly.

 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 12 Months Ended on Dec 31, 2015 and 2014

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

12 months, 2015

12 months, 2014

USD

NTD

NTD

Cash Flows from Operating Activities:

   Income before income tax

331,332

10,390,857

14,268,184

   Depreciation  

406,732

12,903,772

11,840,340

   Amortization

19,245

610,213

595,475

   Change in working capital & others

83,794

2,879,324

(1,758,826)

Net cash flows provided from operating activities

841,103

26,784,166

24,945,173

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(436,256)

(13,855,431)

(19,560,740)

   Proceeds from disposal of available-for-sale financian assets

-

-

674,622

   Proceeds from disposal of property, plant, and equipment

3,517

111,274

315,556

   Increase of equity investment

(73,561)

(2,400,000)

(63,818)

   Payment for other changes

(14,050)

(443,282)

(608,423)

Net cash used in investing activities

(520,350)

(16,587,439)

(19,242,803)

Cash Flows from Financing Activities:

   Proceeds from long-term loans

77,562

2,500,000

3,850,000

   Repayment of long-term loans

(261,535)

(8,235,833)

(3,178,166)

   Cash dividends distributed to shareholders 

(292,387)

(9,349,083)

(5,609,436)

   Proceeds from issue of convertible bonds

-

-

12,089,536

   Others

(368)

(11,374)

140,246

Net cash (used in) provided from financing activities

(476,728)

(15,096,290)

7,292,180

Foreign currency exchange effect 

(2,003)

(63,776)

184,916

Net increase  (decrease) in cash and cash equivalents

(157,978)

(4,963,339)

13,179,466

Cash and cash equivalents at beginning of period

956,594

30,154,713

16,975,247

Cash and cash equivalents at end of period

798,616

25,191,374

30,154,713

Forex ( NT$ per US$ ) 

31.361

30.29

(1) All figures are under T-IFRS.  

(2) Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed Cash Flow Statement of Dec 31, 2014 have been updated accordingly.    

SOURCE Siliconware Precision Industries Co., Ltd.



RELATED LINKS

http://www.spil.com.tw