Siliconware Precision Industries Reports a 2.1% Quarter-over-Quarter growth in Revenues

Resulting in Basic Earnings per Share of NT$ 1.18 or Diluted Earnings per Share of NT$ 0.93

Basic Earnings per ADS is US$ 0.19 and Diluted Earnings per ADS is US$ 0.15

Jul 29, 2015, 01:35 ET from Siliconware Precision Industries Co., Ltd.

TAICHUNG, Taiwan, July 29, 2015 /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 2015 were NT$ 21,240 million, which represented a 2.1% growth in revenues compared to the first quarter of 2015 and a 3.1% decline in revenues compared to the second quarter of 2014. SPIL reported a net income of NT$ 3,677 million for the second quarter of 2015, compared with a net income of NT$ 2,615 million and a net income of NT$ 3,375 million for the first quarter of 2015 and the second quarter of 2014, respectively.

Basic earnings per share for this quarter was NT$ 1.18, and diluted earnings per ordinary share was NT$ 0.93. Basic earnings per ADS for this quarter was US$ 0.19, and diluted earnings per ADS was US$ 0.15.

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

Operating results review:

  • For the second quarter of 2015, net revenues from IC packaging were NT$ 18,726 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,514 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 15,459 million, representing an increase of 0.7% compared to the first quarter of 2015 and a decrease of 4.9% compared to the second quarter of 2014.
    • Raw materials costs were NT$ 6,704 million for the second quarter of 2015 and represented 31.6% of total net revenues, whereas raw materials costs were NT$ 6,768 million and represented 32.5% of total net revenues for the first quarter of 2015.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 258 million   
  • Gross profit was NT$ 5,781 million for the second quarter of 2015, representing a gross margin of 27.2%, which increased from a gross margin of 26.2% for the first quarter of 2015 and was up from 25.8% for the second quarter of 2014.   
  • Total operating expenses for the second quarter of 2015 were NT$ 2,185 million, which included selling expenses of NT$ 260 million, administrative expenses of NT$ 941 million and R&D expenses of NT$ 984 million. Total operating expenses represented 10.3% of total net revenues for the second quarter of 2015.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 143 million
  • Operating income was NT$ 3,596 million for the second quarter of 2015, representing an operating margin of 16.9%, which increased from 16.7% for the first quarter of 2015 and decreased from 18.0% for the second quarter of 2014.
  • Non-operating items:
    • Our non-operating income was NT$ 961 million, including net income of NT$ 559 million on fair value change of financial liabilities at fair value through profit or loss, and cash dividends of NT$ 295 million and NT$ 38 million from ChipMos Taiwan and Unimicron Technology Corporation respectively.       
  • Net income before tax was NT$ 4,332 million for the second quarter of 2015, which increased from a net income before tax of NT$ 3,014 million for the first quarter of 2015 and increased from a net income before tax of NT$ 4,061 million for the second  quarter of 2014.
  • Income tax expense was NT$ 655 million for the second quarter of 2015, compared with income tax expense of NT$ 399 million for the first quarter of 2015 and income tax expense of NT$ 686 million for the second quarter of 2014.
  • Net income was NT$ 3,677 million for the second quarter of 2015, which increased from a net income of NT$ 2,615 million for the first quarter of 2015 and increased from a net income of NT$ 3,375 million for the second quarter of 2014.
  • Total number of shares outstanding was 3,116 million shares as of June 30, 2015.   Basic earnings per share for this quarter was NT$ 1.18, and diluted earnings per ordinary share was NT$ 0.93. Basic earnings per ADS for this quarter was US$ 0.19, and diluted earnings per ADS was US$ 0.15.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 28,103 million as of Jun 30, 2015 from NT$ 28,264 million as of Mar 31, 2015, and NT$ 18,651 million as of Jun 30, 2014. 
  • Capital expenditures for the second quarter of 2015 totaled NT$ 2,824 million, which included NT$ 1,985 million for packaging equipment and NT$ 839 million for testing equipment.
  • Total depreciation expenses for the second quarter of 2015 totaled NT$ 3,239 million, which included NT$ 2,382 million was from packaging operations and NT$ 857 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,726 million for the second  quarter of 2015, which represented an increase of NT$ 357 million or 1.9% compared to the first quarter of 2015.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 25%, 18% and 45%, respectively, of total net revenues for the second quarter of 2015.
  • Capital expenditures for IC packaging operations totaled NT$ 1,985 million for the second quarter of 2015, which included NT$ 1,385 million for packaging and building construction and NT$ 600 million for wafer bumping operations.
  • As of June 30, 2015 we had 7,375 wirebonders installed, of which no new ones were added or disposed in the second quarter of 2015.

IC testing service:                     

  • Net revenues from testing operations were NT$ 2,514 million for the second quarter of 2015, which represented an increase of NT$ 78 million or 3.2% compared to the first quarter of 2015.
  • Capital expenditures for testing operations totaled NT$ 839 million for the second quarter of 2015.
  • As of June 30, 2015 we had 539 testers installed, of which 13 were added and 1 was disposed in the second quarter of 2015.

Revenue Analysis

Breakdown by end applications:

By application

2Q15

1Q15

Communication

66%

66%

Computing

10%

10%

Consumer

21%

21%

Memory

3%

3%

Breakdown by packaging type:

By packaging type

2Q15

1Q15

Bumping & Flip Chip

45%

43%

Substrate Based

25%

26%

Leadframe Based

18%

19%

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 June 30, 2015 reflect our gains or losses attributable to the second 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 June 30, 2015, nor the consolidated financial data for our company for the six months ended June 30, 2015 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, 2015 and 2014

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

June  30, 2015

June  30, 2014

             Sequential             

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent                            

910,674

28,103,413

22

18,651,358

17

9,452,055

51

Accounts receivable

598,274

18,462,722

14

18,598,034

17

(135,312)

-1

Inventories

145,037

4,475,835

3

4,355,506

4

120,329

3

Other current assets

73,342

2,263,353

2

1,907,471

1

355,882

19

   Total current assets

1,727,327

53,305,323

41

43,512,369

39

9,792,954

23

Non-current Assets

Available-for-sale financial assets

262,698

8,106,868

6

9,929,333

9

(1,822,465)

-18

Long-term investment under equity method

1,465

45,222

--

599,271

--

(554,049)

-92

Property, plant and equipment

2,112,852

65,202,599

51

57,166,569

51

8,036,030

14

Intangible assets

6,186

190,908

--

286,009

--

(95,101)

-33

Other assets

56,071

1,730,335

2

1,416,349

1

313,986

22

     Total non-current assets

2,439,272

75,275,932

59

69,397,531

61

5,878,401

8

Total Assets

4,166,599

128,581,255

100

112,909,900

100

15,671,355

14

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,623,100

2

2,538,525

2

84,575

3

Financial liabilities at fair value through profit or loss-current

27,605

851,880

1

--

--

851,880

--

Accounts payable

227,934

7,034,054

5

7,857,210

7

(823,156)

-10

Current portion of long-term debt 

126,547

3,905,237

3

4,943,790

5

(1,038,553)

-21

Other current liability

782,021

24,133,175

19

18,119,669

16

6,013,506

33

Non-current Liabilities 

Bonds payable

379,975

11,726,043

9

--

--

11,726,043

--

Long-term loans

293,014

9,042,410

7

12,010,901

11

(2,968,491)

-25

Other liabilities

43,515

1,342,871

1

1,397,224

1

(54,353)

-4

Total  Liabilities

1,965,611

60,658,770

47

46,867,319

42

13,791,451

29

Stockholders' Equity

Capital stock

1,009,838

31,163,611

24

31,163,611

27

--

--

Capital reserve

511,069

15,771,577

12

15,771,441

14

136

--

Legal reserve

323,000

9,967,775

8

8,797,005

8

1,170,770

13

Retained earnings

241,442

7,450,886

6

5,403,303

5

2,047,583

38

Other equity

115,639

3,568,636

3

4,907,221

4

(1,338,585)

-27

Total Equity

2,200,988

67,922,485

53

66,042,581

58

1,879,904

3

Total Liabilities & Shareholders' Equity                           

4,166,599

128,581,255

100

112,909,900

100

15,671,355

14

Forex (NT$ per US$) 

30.86

29.865

(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 June 30, 2014 have been updated accordingly.    

 

 

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

2Q2015

2Q 2014

YOY

change %

2Q 2015

1Q 2015

QOQ

change %

USD

NTD

%

NTD

NTD

NTD

Revenues

688,829

21,240,037

100.0

21,928,049

-3.1

21,240,037

20,805,242

2.1

Cost of Goods Sold

(501,348)

(15,459,056)

-72.8

(16,260,831)

-4.9

(15,459,056)

(15,358,793)

0.7

Gross Profit

187,481

5,780,981

27.2

5,667,218

2.0

5,780,981

5,446,449

6.1

Operating Expenses

Selling Expenses

(8,420)

(259,626)

-1.2

(229,888)

12.9

(259,626)

(248,448)

4.5

Administrative Expenses

(30,536)

(941,586)

-4.4

(642,151)

46.6

(941,586)

(819,976)

14.8

Research and Development Expenses

(31,918)

(984,176)

-4.7

(852,576)

15.4

(984,176)

(908,788)

8.3

(70,874)

(2,185,388)

-10.3

(1,724,615)

26.7

(2,185,388)

(1,977,212)

10.5

Operating Income

116,607

3,595,593

16.9

3,942,603

-8.8

3,595,593

3,469,237

3.6

Non-operating Income

31,184

961,552

4.5

305,501

214.7

961,552

123,664

677.6

Non-operating Expenses

(7,289)

(224,727)

-1.0

(186,631)

20.4

(224,727)

(578,749)

-61.2

Income from Continuing Operations before Income Tax 

140,502

4,332,418

20.4

4,061,473

6.7

4,332,418

3,014,152

43.7

Income Tax Expenses 

(21,240)

(654,928)

-3.1

(686,838)

-4.6

(654,928)

(399,652)

63.9

Net Income

119,262

3,677,490

17.3

3,374,635

9.0

3,677,490

2,614,500

40.7

Other comprehensive income

Exchange difference on translation of foreign financial statements 

(3,152)

(97,201)

(191,223)

(151,472)

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

(44,251)

(1,364,486)

2,691,622

471,451

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

668

20,610

(17,348)

(6,064)

Total other comprehensive income 

(46,735)

(1,441,077)

2,483,051

313,915

Total comprehensive income 

72,527

2,236,413

5,857,686

2,928,415

Earnings Per Ordinary Share-Basic 

NT$     1.18

NT$     1.08

NT$     0.84

Earnings Per Ordinary Share- Diluted 

NT$     0.93

NT$     1.08

NT$     0.83

Earnings Per ADS- Basic

US$     0.19

US$     0.18

US$     0.13

Earnings Per ADS- Diluted 

US$     0.15

US$     0.18

US$     0.13

Weighted Average Outstanding Shares - Diluted ('k)

3,374,893

3,128,788

3,143,401

Forex (NT$ per US$) 

30.835

30.10

31.52

(1) All figures are under TIFRS.  

(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 June 30, 2014 have been updated accordingly.    

 

 

 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Six Months Ended on June 30, 2015 and 2014

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

6 months ended on June 30, 2015 and 2014

2015

2014

YOY

Change

%

USD

NTD

%

NTD

Net Sales

1,348,831

42,045,279

100.0

39,988,419

5.1

Cost of Goods Sold

(988,573)

(30,817,849)

-73.3

(30,324,337)

1.6

Gross Profit

360,258

11,227,430

26.7

9,664,082

16.2

Operating Expenses

Selling expenses

(16,301)

(508,074)

-1.2

(439,480)

15.6

Administrative expenses

(56,548)

(1,761,562)

-4.2

(1,200,399)

46.7

Research and development expenses

(60,748)

(1,892,964)

-4.5

(1,686,279)

12.3

(133,597)

(4,162,600)

-9.9

(3,326,158)

25.1

Operating Income

226,661

7,064,830

16.8

6,337,924

11.5

Non-operating Income

25,852

770,018

1.9

613,554

25.5

Non-operating Expenses

(16,393)

(488,278)

-1.2

(335,431)

45.6

Income Before Income Tax

236,120

7,346,570

17.5

6,616,047

11.0

Income Tax Expenses 

(33,919)

(1,054,580)

-2.5

(1,147,079)

-8.1

Net Income

202,201

6,291,990

15.0

5,468,968

15.0

Other comprehensive income

Exchange difference on translation of foreign financial statements 

(7,957)

(248,673)

(66,161)

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

(29,295)

(893,035)

3,845,039

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

476

14,546

(56,609)

Total other comprehensive income 

(36,776)

(1,127,162)

3,722,269

Total comprehensive income 

165,425

5,164,828

9,191,237

Earnings Per Ordinary Share- Basic 

NT$     2.02

NT$     1.75

Earnings Per Ordinary Share- Diluted 

NT$     1.76

NT$     1.75

Earnings Per ADS- Basic 

US$     0.32

US$     0.29

Earnings Per ADS- Diluted 

US$     0.28

US$     0.29

Weighted Average Outstanding Shares - Diluted ('k)

3,383,196

3,128,955

Forex (NT$ per US$) 

31.114

30.18

(1)All figures are under TIFRS .  

(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 June 30, 2014 have been updated accordingly.    

 

 

 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 6 Months Ended on June 30, 2015 and 2014

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

6 months, 2015

6 months, 2014

USD

NTD

NTD

Cash Flows from Operating Activities:

   Net income before tax

236,121

7,346,570

6,616,047

   Depreciation  

206,931

6,450,813

5,711,508

   Amortization

10,065

313,776

289,323

   Change in working capital & others

(97,839)

(3,007,932)

(2,832,971)

Net cash flows provided from operating activities

355,278

11,103,227

9,783,907

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(203,766)

(6,360,288)

(6,501,999)

   Proceeds from disposal of equipments

3,013

94,926

237,655

   Increase of equity investment

--

--

(63,818)

   Payment for other changes

(10,870)

(340,586)

(279,951)

Net cash used in investing activities

(211,623)

(6,605,948)

(6,608,113)

Cash Flows from Financing Activities:

   Repayment of long-term loan

(205,817)

(6,454,250)

(1,589,083)

   Increase (decrease) in deposit-in

(592)

(18,372)

114,397

Net cash used in financing activities

(206,409)

(6,472,622)

(1,474,686)

Foreign currency exchange effect 

(2,432)

(75,957)

(24,997)

Net increase (decrease) in cash and cash equivalents

(65,186)

(2,051,300)

1,676,111

Cash and cash equivalents at beginning of period

956,594

30,154,713

16,975,247

Cash and cash equivalents at end of period

891,408

28,103,413

18,651,358

Forex (NT$ per US$) 

31.114

29.865

(1) All figures are under TIFRS.  

(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 June 30, 2014 have been updated accordingly.    

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

Byron Chiang, Spokesperson

www.spil.com.tw

byronc@spil.com.tw

+886-3-5795678#3671

SOURCE Siliconware Precision Industries Co., Ltd.



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