2014

Siliconware Precision Industries Reports a 4.2% Quarter-over-Quarter Decline in Revenues Resulting in Earnings per Share of NT$ 0.51 or Earnings per ADS of US$ 0.09 for Fourth Quarter 2012

TAICHUNG, Taiwan, Jan. 30, 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 fourth quarter of 2012 were NT$ 16,146 million, which represented a 4.2% decline in revenues compared to the third quarter of 2012 and a 2.8% growth in revenues compared to the fourth quarter of 2011. SPIL reported a net income of NT$ 1,560 million for the fourth quarter of 2012, compared with a net income of NT$ 1,699 million and a net income of NT$ 1,171 million for the third quarter of 2012 and the fourth quarter of 2011, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.51, and diluted earnings per ADS was US$ 0.09.

All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Operating results review:

  • For the fourth quarter of 2012, net revenues from IC packaging were NT$ 14,504 million and represented 90% of total net revenues. Net revenues from testing operations were NT$ 1,642 million and represented 10% of total net revenues.
  • Cost of goods sold was NT$ 13,100 million, representing a decrease of 3.2% compared to the third quarter of 2012 and a decrease of 0.7% compared to the fourth quarter of 2011.
    • Raw materials costs were NT$ 6,176 million for the fourth quarter of 2012 and represented 38.2% of total net revenues, whereas raw materials costs were NT$ 6,650 million and represented 39.5% of total net revenues for the third quarter of 2012.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 31 million.
  • Gross profit was NT$ 3,046 million for the fourth quarter of 2012, representing a gross margin of 18.9%, which decreased from a gross margin of 19.7% for the third quarter of 2012 and was up from 16.0% for the fourth quarter of 2011.
  • Total operating expenses for the fourth quarter of 2012 were NT$ 1,436 million, which included selling expenses of NT$ 200 million, administrative expenses of NT$ 527 million and R&D expenses of NT$ 709 million. Total operating expenses represented 8.9% of total net revenues for the fourth quarter of 2012.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 31 million
  • Operating income was NT$ 1,610 million for the fourth quarter of 2012, representing an operating margin of 10.0%, which decreased from 11.3% for the third quarter of 2012 and increased from 8.5% for the fourth quarter of 2011.
  • Non-operating items:
    • Our net currency exchange gain of NT$ 203 million for the fourth quarter of 2012 was mainly due to depreciation of foreign currency denominated liabilities as a result of a depreciation in the foreign currency exchange rate of the US dollar and Japanese Yen against NT dollar, our reporting currency.  
    • Our gains on disposal of investments of NT$ 213 million for the fourth quarter were from the sale of ChipMos Bermuda and AcSiP shares.
  • Net income before tax was NT$ 1,957 million for the fourth quarter of 2012, which decreased from a net income before tax of NT$ 1,997 million for the third quarter of 2012 and increased from a net income before tax of NT$ 1,431 million for the fourth quarter of 2011.
  • Income tax expense was NT$ 397 million for the fourth quarter of 2012, compared with income tax expense of NT$ 298 million for the third quarter of 2012 and income tax expense of NT$ 260 million for the fourth quarter of 2011.
  • Net income was NT$ 1,560 million for the fourth quarter of 2012, which decreased from a net income of NT$ 1,699 million for the third quarter of 2012 and increased from a net income of NT$ 1,171 million for the fourth quarter of 2011.
  • Total number of shares outstanding was 3,094 million shares as of Dec 31,2012. Diluted earnings per ordinary share for this quarter was NT$ 0.51, or US$ 0.09 per ADS.  

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 15,858 million as of Dec 31, 2012 from NT$ 16,859 million as of Sept 30, 2012, and NT$ 15,942 million as of Dec 31, 2011. 
  • Capital expenditures for the fourth quarter of 2012 totaled NT$ 5,298 million, which included NT$ 4,022 million for packaging equipment and NT$ 1,276 million for testing equipment.
  • Total depreciation expenses for the fourth quarter of 2012 totaled NT$ 2,502 million, which included NT$ 1,892 million was from packaging operations and NT$ 610 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 14,504 million for the fourth quarter of 2012, which represented a decrease of NT$ 759 million or 5.0% compared to the third quarter of 2012.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 42%, 24% and 24%, respectively, of total net revenues for the fourth quarter of 2012.
  • Capital expenditures for IC packaging operations totaled NT$ 4,022 million for the fourth quarter of 2012, which included NT$ 3,272 million for packaging and building construction and NT$ 750 million for wafer bumping operations.
  • As of Dec 31, 2012 we had 7,805 wirebonders installed, of which 341 were added and 215 were disposed in the fourth quarter of 2012.

IC testing service:

  • Net revenues from testing operations were NT$ 1,642 million for the fourth quarter of 2012, which represented an increase of NT$ 59 million or 3.7% compared to the third quarter of 2012.
  • Capital expenditures for testing operations totaled NT$ 1,276 million for the fourth quarter of 2012.
  • As of Dec 31, 2012 we had 395 testers installed, of which 5 were added and 8 were disposed in the fourth quarter of 2012.

Revenue Analysis

  • Breakdown by end applications:

By application

4Q12

3Q12

Communication

53%

50%

Computing

14%

13%

Consumer

24%

28%

Memory

9%

9%

  • Breakdown by packaging type:

By packaging type

4Q12

3Q12

Bumping & Flip Chip 

24%

24%

Substrate Based

42%

42%

Leadframe Based

24%

24%

Testing 

10%

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 ROC GAAP on a consolidated basis. The investment gains or losses of our company for the three months ended Dec 31, 2012 reflect our gains or losses attributable to the fourth quarter of 2012 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, 2012, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2012 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Dec 31, 2012 and 2011

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















Dec  31,2012


Dec  31,2011


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Cash and cash equivalent


546,076


15,858,048

17


15,941,600

19


(83,552)

-1

Accounts receivable


444,893


12,919,685

14


10,253,663

12


2,666,022

26

Inventories


107,962


3,135,203

4


3,985,115

5


(849,912)

-21

Other current assets


64,433


1,871,134

2


1,471,296

2


399,838

27

 Total current assets


1,163,363


33,784,070

37


31,651,674

38


2,132,396

7













Long-term investments


196,870


5,717,112

6


5,304,398

6


412,714

8

Fixed assets


3,188,154


92,583,983

102


85,324,141

102


7,259,842

9

Less accumulated depreciation


(1,470,225)


(42,695,324)

-47


(41,179,337)

-49


(1,515,987)

4

 Net fixed assets


1,717,929


49,888,659

55


44,144,804

53


5,743,855

13

Other assets


63,052


1,831,032

2


2,590,108

3


(759,076)

-29

Total Assets


3,141,215


91,220,873

100


83,690,984

100


7,529,889

9













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Short-term loans


85,000


2,468,400

3


1,513,750

2


954,650

63

Accounts payable


201,377


5,847,980

6


6,404,096

8


(556,116)

-9

Other current liability


258,729


7,513,480

9


6,964,527

9


548,953

8

Current portion of long-term debt 


108,423


3,148,610

3



3,148,610

Long-term loans


414,538


12,038,181

13


9,532,335

11


2,505,846

26

Other liabilities


17,080


496,003

1


481,406


14,597

3

Total  Liabilities


1,085,146


31,512,654

35


24,896,114

30


6,616,540

27













Stockholders' Equity












Capital stock


1,073,127


31,163,611

34


31,163,611

37


Capital reserve


567,215


16,471,911

18


16,453,527

19


18,384

Legal reserve


263,286


7,645,816

8


7,162,092

9


483,724

7

Retained earnings


194,066


5,635,673

6


4,871,009

6


764,664

16

Unrealized gain or loss on financial instruments


(73)


(2,126)


111,072


(113,198)

-102

Cumulated translation adjustment


4,074


118,305


375,051


(256,746)

-68

Net loss not recognized as pension cost


(12,424)


(360,783)


(377,304)


16,521

-4

Treasury Stock


(33,202)


(964,188)

-1


(964,188)

-1


Total Equity


2,056,068


59,708,219

65


58,794,870

70


913,349

2

Total Liabilities & Shareholders' Equity


3,141,215


91,220,873

100


83,690,984

100


7,529,889

9













Forex ( NT$ per US$ ) 




29.040



30.275





(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



4Q2012


4Q 2011


YOY


4Q 2012


3Q 2012


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


553,879


16,145,575

100.0


15,709,747


2.8


16,145,575


16,845,815


-4.2

Cost of Goods Sold


(449,374)


(13,099,259)

-81.1


(13,198,213)


-0.7


(13,099,259)


(13,530,387)


-3.2

Gross Profit


104,505


3,046,316

18.9


2,511,534


21.3


3,046,316


3,315,428


-8.1

Operating Expenses
















 Selling Expenses


(6,861)


(199,990)

-1.2


(209,065)


-4.3


(199,990)


(218,377)


-8.4

 Administrative Expenses


(18,095)


(527,463)

-3.3


(421,973)


25.0


(527,463)


(521,946)


1.1

 Research and Development Expenses


(24,322)


(709,000)

-4.4


(543,701)


30.4


(709,000)


(672,208)


5.5



(49,278)


(1,436,453)

-8.9


(1,174,739)


22.3


(1,436,453)


(1,412,531)


1.7

Operating Income


55,227


1,609,863

10.0


1,336,795


20.4


1,609,863


1,902,897


-15.4

















Non-operating Income


16,749


488,227

3.0


154,440


216.1


488,227


228,885


113.3

Non-operating Expenses


(4,855)


(141,513)

-0.9


(60,345)


134.5


(141,513)


(134,922)


4.9

Income from Continuing Operations before Income Tax 


67,121


1,956,577

12.1


1,430,890


36.7


1,956,577


1,996,860


-2.0

Income Tax Credit (Expenses) 


(13,600)


(396,428)

-2.5


(259,586)


52.7


(396,428)


(298,332)


32.9

Net Income


53,521


1,560,149

9.7


1,171,304


33.2


1,560,149


1,698,528


-8.1

















Earnings Per Ordinary Share- Diluted 




  NT$    0.51 



NT$   0.38






  NT$   0.55 



















Earnings Per ADS- Diluted 




 US$    0.09



US$   0.06






 US$    0.09



Weighted Average Outstanding Shares - Diluted ('k)




3,094,241



3,121,771






3,091,809



















Forex ( NT$ per US$ ) 




29.15



30.25






29.82



















(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, 2012 and 2011

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












12 months ended on Dec 31, 2012 and 2011



2012


2011


YOY



USD

NTD

%


NTD


Change %

Net Sales


2,186,401

64,654,558

100.0


61,236,892


5.6

Cost of Goods Sold


(1,788,072)

(52,876,957)

-81.8


(51,746,475)


2.2

Gross Profit


398,329

11,777,601

18.2


9,490,417


24.1

Operating Expenses









 Selling expenses


(26,956)

(797,126)

-1.2


(730,532)


9.1

 Administrative expenses


(66,977)

(1,980,081)

-3.1


(1,668,317)


18.7

 Research and development expenses            


(86,424)

(2,554,469)

-4.0


(2,001,417)


27.6



(180,357)

(5,331,676)

-8.2


(4,400,266)


21.2

Operating Income


217,972

6,445,925

10.0


5,090,151


26.6










Non-operating Income


33,783

994,667

1.5


714,876


39.1

Non-operating Expenses


(20,963)

(619,794)

-1.0


(260,899)


137.6

Income Before Income Tax


230,792

6,820,798

10.5


5,544,128


23.0

Income Tax Credit (Expenses) 


(40,686)

(1,201,196)

-1.9


(706,885)


69.9

Net Income


190,106

5,619,602

8.7


4,837,243


16.2



















Earnings Per Ordinary Share- Diluted 



NT$   1.82



NT$   1.55












Earnings Per ADS- Diluted 



US$   0.31



US$   0.26



Weighted Average Outstanding Shares - Diluted ('k)



3,094,241



3,121,771












Forex ( NT$ per US$) 



29.56



29.39



(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, 2012 and 2011

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










12 months, 2012


12 months, 2011



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income


193,512


5,619,602


4,837,243

   Depreciation  


327,554


9,512,173


9,086,334

   Amortization


20,255


588,200


559,571

   Change in working capital & others


(81,058)


(2,353,914)


(1,448,034)

Net cash flows provided from operating activities


460,264


13,366,061


13,035,114








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(521,429)


(15,142,292)


(10,982,303)

   Increase of financial asset carried at cost 




(490,000)

   Proceeds from disposal of equipments


3,886


112,838


603,472

   Payment for deferred charges/other changes


(29,027)


(842,957)


(1,034,507)

Net cash used in investing activities


(546,571)


(15,872,411)


(11,903,338)








Cash Flows from Financing Activities:







   Increase of short-term loan


35,368


1,027,075


   Increase of long-term loan


205,005


5,953,356


5,000,000

   Cash dividends distributed to shareholders and cash bonus                

distributed to employees


(150,523)


(4,371,188)


(5,048,478)

   Proceeds from the exercise of employee stock option /other charges


(3,071)


(89,184)


(875,664)

Net cash provided from financing activities


86,779


2,520,059


(924,142)








Foreign currency exchange effect 


(3,349)


(97,261)


214,958

Net increase (decrease) in cash and cash equivalents


(2,877)


(83,552)


422,592

Cash and cash equivalents at beginning of period


548,953


15,941,600


15,519,008

Cash and cash equivalents at end of period


546,076


15,858,048


15,941,600








Forex ( NT$ per US$ ) 




29.040


30.275








(1) : All figures are under ROC GAAP.  














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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