Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the Third Quarter of 2017
TAICHUNG, Taiwan, Oct. 24, 2017 /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 third quarter of 2017 were NT$ 21,955 million, which represented a 7.5% growth in revenues compared to the second quarter of 2017, and remained flat compared to the third quarter of 2016. SPIL reported a net income of NT$ 2,257 million for the third quarter of 2017, compared with a net income of NT$ 2,158 million and a net income of NT$ 2,692 million for the second quarter of 2017 and the third quarter of 2016, respectively.
Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, and diluted earnings per ADS was US$ 0.12.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
- For the third quarter of 2017, net revenues from IC packaging were NT$ 18,705 million and represented 85% of total net revenues. Net revenues from testing operations were NT$ 3,250 million and represented 15% of total net revenues.
- Cost of goods sold was NT$ 17,140 million, representing an increase of 2.8% compared to the second quarter of 2017 and an increase of 1.4% compared to the third quarter of 2016.
- Raw materials costs were NT$ 7,282 million for the third quarter of 2017 and represented 33.2% of total net revenues, whereas raw materials costs were NT$ 7,121 million and represented 34.9% of total net revenues for the second quarter of 2017.
- The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 200 million.
- Gross profit was NT$ 4,815 million for the third quarter of 2017, representing a gross margin of 21.9%, which increased from a gross margin of 18.4% for the second quarter of 2017 and decreased from 23.0% for the third quarter of 2016.
- Total operating expenses for the third quarter of 2017 were NT$ 2,074 million, which included selling expenses of NT$ 265 million, administrative expenses of NT$ 809 million and R&D expenses of NT$ 1,000 million. Total operating expenses represented 9.4% of total net revenues for the third quarter of 2017.
- The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 112 million.
- Operating income was NT$ 2,741 million for the third quarter of 2017, representing an operating margin of 12.5%, which increased from 9.2% for the second quarter of 2017 and decreased from 13.6% for the third quarter of 2016.
- Non-operating items:
- Our non-operating expense was NT$ 183 million, including net losses of NT$ 181 million on fair value change of financial liabilities at fair value through profit or loss.
- Net income before tax was NT$ 2,558 million for the third quarter of 2017, which decreased from a net income before tax of NT$ 2,950 million for the second quarter of 2017 and decreased from a net income before tax of NT$ 3,160 million for the third quarter of 2016.
- Income tax expense was NT$ 301 million for the third quarter of 2017, compared with income tax expense of NT$ 792 million for the second quarter of 2017 and income tax expense of NT$ 468 million for the third quarter of 2016.
- Net income was NT$ 2,257 million for the third quarter of 2017, which increased from a net income of NT$ 2,158 million for the second quarter of 2017 and decreased from a net income of NT$ 2,692 million for the third quarter of 2016.
- Total number of shares outstanding was 3,116 million shares as of Sep. 30, 2017. Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, and diluted earnings per ADS was US$ 0.12.
Capital expenditure and balance sheet highlight:
- Our cash balances totaled NT$ 20,783 million as of Sep. 30, 2017 from NT$ 24,978 million as of June 30, 2017, and NT$ 19,177 million as of Sep. 30, 2016.
- Capital expenditures for the third quarter of 2017 totaled NT$ 3,587 million.
- Total depreciation expenses for the third quarter of 2017 totaled NT$ 3,695 million.
IC packaging service:
- Net revenues from IC packaging operations were NT$ 18,705 million for the third quarter of 2017, which represented an increase of NT$ 1,060 million or 6.0% compared to the second quarter of 2017.
- Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 17% and 39%, respectively, of total net revenues for the third quarter of 2017.
- As of Sep. 30, 2017 we had 8,456 wirebonders installed, of which 120 were added and 169 were disposed in the third quarter of 2017.
IC testing service:
- Net revenues from testing operations were NT$ 3,250 million for the third quarter of 2017, which represented an increase of NT$ 470 million or 16.9% compared to the second quarter of 2017.
- As of Sep. 30, 2017 we had 571 testers installed, of which 16 were added and 1 were disposed in the third quarter of 2017.
For more information, please visit: https://photos.prnasia.com/prnk/20171024/1973552-1
Revenue Analysis
- Breakdown by end applications:
| By application |
3Q17 |
2Q17 |
| Communication |
65% |
68% |
| Computing |
12% |
11% |
| Consumer |
21% |
19% |
| Memory |
2% |
2% |
- Breakdown by packaging type:
| By application |
3Q17 |
2Q17 |
| Bumping & Flip Chip |
39% |
38% |
| Substrate Based |
29% |
30% |
| Leadframe Based |
17% |
18% |
| Testing |
15% |
14% |
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 Sep. 30, 2017 reflect our gains or losses attributable to the third quarter of 2017 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 Sep. 30, 2017, nor the consolidated financial data for our company for the nine months ended Sep. 30, 2017 is necessarily indicative of the results that may be expected for any period thereafter.
| SILICONWARE PRECISION INDUSTRIES CO., LTD. |
|||||||||||
| Sep 30, 2017 |
Sep 30, 2016 |
Sequential |
|||||||||
| ASSETS |
USD |
NTD |
% |
NTD |
% |
Change |
% |
||||
| Current Assets |
|||||||||||
| Cash and cash equivalent |
686,802 |
20,782,614 |
17 |
19,176,940 |
16 |
1,605,674 |
8.4 |
||||
| Available-for-sale financial assets |
- |
- |
- |
167,503 |
- |
(167,503) |
- |
||||
| Accounts receivable |
576,252 |
17,437,397 |
14 |
17,633,748 |
14 |
(196,351) |
-1.1 |
||||
| Inventories |
217,895 |
6,593,510 |
6 |
6,327,980 |
5 |
265,530 |
4.2 |
||||
| Other current assets |
59,371 |
1,796,552 |
2 |
1,608,585 |
2 |
187,967 |
11.7 |
||||
| Total current assets |
1,540,320 |
46,610,073 |
39 |
44,914,756 |
37 |
1,695,317 |
3.8 |
||||
| Non-current Assets |
|||||||||||
| Available-for-sale financial assets |
156,252 |
4,728,180 |
4 |
4,541,857 |
4 |
186,323 |
4.1 |
||||
| Long-term investment under equity method |
95,350 |
2,885,289 |
2 |
2,487,013 |
2 |
398,276 |
16.0 |
||||
| Property, plant and equipment |
2,141,097 |
64,789,607 |
53 |
66,331,530 |
55 |
(1,541,923) |
-2.3 |
||||
| Intangible assets |
4,080 |
123,461 |
- |
180,962 |
- |
(57,501) |
-31.8 |
||||
| Other assets |
63,026 |
1,907,183 |
2 |
1,788,399 |
2 |
118,784 |
6.6 |
||||
| Total non-current assets |
2,459,805 |
74,433,720 |
61 |
75,329,761 |
63 |
(896,041) |
-1.2 |
||||
| Total Assets |
4,000,125 |
121,043,793 |
100 |
120,244,517 |
100 |
799,276 |
0.7 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||||
| Liabilities |
|||||||||||
| Current Liabilities |
|||||||||||
| Short-term loans |
115,000 |
3,479,900 |
3 |
2,665,600 |
2 |
814,300 |
30.5 |
||||
| Financial liabilities at fair value through |
11,459 |
346,746 |
- |
954,864 |
1 |
(608,118) |
-63.7 |
||||
| Accounts payable |
255,877 |
7,742,849 |
6 |
8,280,808 |
7 |
(537,959) |
-6.5 |
||||
| Current portion of bonds payable |
401,352 |
12,144,926 |
10 |
- |
- |
12,144,926 |
- |
||||
| Current portion of long-term debt |
82,838 |
2,506,667 |
2 |
4,972,652 |
5 |
(2,465,985) |
-49.6 |
||||
| Other current liability |
397,942 |
12,041,713 |
10 |
13,558,079 |
10 |
(1,516,366) |
-11.2 |
||||
| Non-current liabilities |
|||||||||||
| Bonds payable |
- |
- |
- |
12,287,925 |
10 |
(12,287,925) |
-100.0 |
||||
| Long-term loans |
454,505 |
13,753,333 |
12 |
11,756,921 |
10 |
1,996,412 |
17.0 |
||||
| Other liabilities |
54,341 |
1,644,358 |
1 |
1,482,979 |
1 |
161,379 |
10.9 |
||||
| Total Liabilities |
1,773,314 |
53,660,492 |
44 |
55,959,828 |
46 |
(2,299,336) |
-4.1 |
||||
| Stockholders' Equity |
|||||||||||
| Capital stock |
1,029,861 |
31,163,611 |
26 |
31,163,611 |
26 |
- |
- |
||||
| Capital reserve |
417,780 |
12,642,023 |
10 |
12,641,997 |
11 |
26 |
0.0 |
||||
| Legal reserve |
391,187 |
11,837,317 |
10 |
10,844,001 |
9 |
993,316 |
9.2 |
||||
| Retained earnings |
304,358 |
9,209,859 |
8 |
7,423,377 |
6 |
1,786,482 |
24.1 |
||||
| Other equities |
83,625 |
2,530,491 |
2 |
2,211,703 |
2 |
318,788 |
14.4 |
||||
| Total Equity |
2,226,811 |
67,383,301 |
56 |
64,284,689 |
54 |
3,098,612 |
4.8 |
||||
| Total Liabilities & Shareholders' Equity |
4,000,125 |
121,043,793 |
100 |
120,244,517 |
100 |
799,276 |
0.7 |
||||
| Forex ( NT$ per US$ ) |
30.260 |
31.360 |
|||||||||
| (1)All figures are under T-IFRS. |
|||||||||||
| SILICONWARE PRECISION INDUSTRIES CO., LTD. |
|||||||||||||||
| CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (UNAUDITED) (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) |
|||||||||||||||
| 3 months ended on Sep 30 |
Sequential Comparison |
||||||||||||||
| 3Q 2017 |
3Q 2016 |
YoY |
3Q 2017 |
2Q 2017 |
QoQ |
||||||||||
| USD |
NTD |
% |
NTD |
change % |
NTD |
NTD |
change % |
||||||||
| Revenues |
725,390 |
21,955,373 |
100.0 |
21,955,188 |
0.0 |
21,955,373 |
20,424,642 |
7.5 |
|||||||
| Cost of Goods Sold |
(566,313) |
(17,140,604) |
-78.1 |
(16,901,767) |
1.4 |
(17,140,604) |
(16,667,295) |
2.8 |
|||||||
| Gross Profit |
159,077 |
4,814,769 |
21.9 |
5,053,421 |
-4.7 |
4,814,769 |
3,757,347 |
28.1 |
|||||||
| Operating Expenses |
|||||||||||||||
| Selling Expenses |
(8,740) |
(264,539) |
-1.2 |
(251,733) |
5.1 |
(264,539) |
(240,918) |
9.8 |
|||||||
| Administrative Expenses |
(26,745) |
(809,475) |
-3.7 |
(789,819) |
2.5 |
(809,475) |
(709,125) |
14.2 |
|||||||
| Research and Development Expenses |
(33,034) |
(999,827) |
-4.5 |
(1,026,480) |
-2.6 |
(999,827) |
(932,672) |
7.2 |
|||||||
| (68,519) |
(2,073,841) |
-9.4 |
(2,068,032) |
0.3 |
(2,073,841) |
(1,882,715) |
10.2 |
||||||||
| Operating Income |
90,558 |
2,740,928 |
12.5 |
2,985,389 |
-8.2 |
2,740,928 |
1,874,632 |
46.2 |
|||||||
| Non-operating Items |
(6,043) |
(182,915) |
-0.8 |
174,470 |
- |
(182,915) |
1,075,744 |
- |
|||||||
| Income Before Income Tax |
84,515 |
2,558,013 |
11.7 |
3,159,859 |
-19.0 |
2,558,013 |
2,950,376 |
-13.3 |
|||||||
| Income Tax Expenses |
(9,961) |
(301,499) |
-1.4 |
(468,329) |
-35.6 |
(301,499) |
(792,238) |
-61.9 |
|||||||
| Net Income |
74,554 |
2,256,514 |
10.3 |
2,691,530 |
-16.2 |
2,256,514 |
2,158,138 |
4.6 |
|||||||
| Other comprehensive income |
|||||||||||||||
| Items that may be subsequently reclassified to profit or loss |
|||||||||||||||
| Exchange difference on translation of foreign financial statements |
5,371 |
162,591 |
(442,841) |
228,524 |
|||||||||||
| Unrealized gain(loss) on available-for-sale financial assets |
(258) |
(7,802) |
(735,175) |
505,780 |
|||||||||||
| Share of other comprehensive income of associates |
(1,029) |
(31,159) |
(103,478) |
182,381 |
|||||||||||
| Income tax relating to items that may be reclassified to profit or loss |
- |
- |
(4,618) |
(5,299) |
|||||||||||
| Total other comprehensive income (loss) |
4,084 |
123,630 |
(1,286,112) |
911,386 |
|||||||||||
| Total comprehensive income |
78,638 |
2,380,144 |
1,405,418 |
3,069,524 |
|||||||||||
| Earnings Per Ordinary Share- Basic |
NT$ 0.72 |
NT$ 0.86 |
NT$ 0.69 |
||||||||||||
| Earnings Per Ordinary Share- Diluted |
NT$ 0.71 |
NT$ 0.64 |
NT$ 0.49 |
||||||||||||
| Earnings Per ADS- Basic |
US$ 0.12 |
US$ 0.14 |
US$ 0.11 |
||||||||||||
| Earnings Per ADS- Diluted |
US$ 0.12 |
US$ 0.10 |
US$ 0.08 |
||||||||||||
| Weighted Average Outstanding Shares - Diluted ('k) |
3,397,597 |
3,389,249 |
3,388,544 |
||||||||||||
| Forex ( NT$ per US$ ) |
30.267 |
31.717 |
30.256 |
||||||||||||
| (1) All figures are under T-IFRS. |
|||||||||||||||
| (2) 1 ADS is equivalent to 5 Common Shares. |
|||||||||||||||
| SILICONWARE PRECISION INDUSTRIES CO., LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (UNAUDITED) (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) |
|||||||||
| 9 months ended on Sep 30 |
|||||||||
| 2017 |
2016 |
YoY |
|||||||
| USD |
NTD |
% |
NTD |
change % |
|||||
| Revenues |
2,029,220 |
61,931,600 |
100.0 |
62,934,405 |
-1.6 |
||||
| Cost of Goods Sold |
(1,625,143) |
(49,602,749) |
-80.1 |
(48,812,468) |
1.6 |
||||
| Gross Profit |
404,077 |
12,328,851 |
19.9 |
14,121,937 |
-12.7 |
||||
| Operating Expenses |
|||||||||
| Selling Expenses |
(24,691) |
(753,844) |
-1.2 |
(741,705) |
1.6 |
||||
| Administrative Expenses |
(76,024) |
(2,322,159) |
-3.7 |
(2,621,826) |
-11.4 |
||||
| Research and Development Expenses |
(94,899) |
(2,897,651) |
-4.7 |
(3,013,824) |
-3.9 |
||||
| (195,614) |
(5,973,654) |
-9.6 |
(6,377,355) |
-6.3 |
|||||
| Operating Income |
208,463 |
6,355,197 |
10.3 |
7,744,582 |
-17.9 |
||||
| Non-operating Items |
14,137 |
414,741 |
0.6 |
547,786 |
-24.3 |
||||
| Income Before Income Tax |
222,600 |
6,769,938 |
10.9 |
8,292,368 |
-18.4 |
||||
| Income Tax Expenses |
(44,669) |
(1,358,762) |
-2.2 |
(1,188,107) |
14.4 |
||||
| Net Income |
177,931 |
5,411,176 |
8.7 |
7,104,261 |
-23.8 |
||||
| Other comprehensive income |
|||||||||
| Items that may be subsequently reclassified to profit or loss |
|||||||||
| Exchange difference on translation of foreign financial statements |
(6,385) |
(209,293) |
(860,748) |
||||||
| Unrealized gain (loss) on available-for-sale financial assets |
34,474 |
1,058,148 |
(647,052) |
||||||
| Share of other comprehensive income of associates |
13,276 |
408,589 |
(80,684) |
||||||
| Income tax relating to items that may be reclassified to profit or loss |
(403) |
(12,388) |
10,442 |
||||||
| Total other comprehensive income (loss) |
40,962 |
1,245,056 |
(1,578,042) |
||||||
| Total comprehensive income |
218,893 |
6,656,232 |
5,526,219 |
||||||
| Earnings Per Ordinary Share- Basic |
NT$ 1.74 |
NT$ 2.28 |
|||||||
| Earnings Per Ordinary Share- Diluted |
NT$ 1.34 |
NT$ 1.80 |
|||||||
| Earnings Per ADS- Basic |
US$ 0.29 |
US$ 0.35 |
|||||||
| Earnings Per ADS- Diluted |
US$ 0.22 |
US$ 0.28 |
|||||||
| Weighted Average Outstanding Shares - Diluted ('k) |
3,412,032 |
3,403,893 |
|||||||
| Forex ( NT$ per US$ ) |
30.413 |
32.310 |
|||||||
| (1) All figures are under T-IFRS. |
|||||||||
| (2) 1 ADS is equivalent to 5 Common Shares. |
|||||||||
| SILICONWARE PRECISION INDUSTRIES CO., LTD. |
||||||
| 9 months, 2017 |
9 months, 2016 |
|||||
| USD |
NTD |
NTD |
||||
| Cash Flows from Operating Activities: |
||||||
| Income before income tax |
222,600 |
6,769,938 |
8,292,368 |
|||
| Depreciation |
347,797 |
10,615,817 |
9,633,210 |
|||
| Amortization |
5,516 |
168,772 |
305,896 |
|||
| Change in working capital &others |
(146,179) |
(4,470,962) |
(4,562,770) |
|||
| Net cash flows provided from operating activities |
429,734 |
13,083,565 |
13,668,704 |
|||
| Cash Flows from Investing Activities: |
||||||
| Acquisition of property, plant, and equipment |
(348,214) |
(10,626,885) |
(11,858,794) |
|||
| Proceeds from disposal of available-for-sale financial assets |
- |
- |
1,454,403 |
|||
| Proceeds from disposal of property, plant, and equipment |
18,431 |
568,928 |
136,561 |
|||
| Others |
(3,074) |
(90,731) |
(339,232) |
|||
| Net cash used in investing activities |
(332,857) |
(10,148,688) |
(10,607,062) |
|||
| Cash Flows from Financing Activities: |
||||||
| Increase in short-term loans |
74,867 |
2,265,169 |
- |
|||
| Decrease in short-term loans |
(44,721) |
(1,353,089) |
- |
|||
| Proceeds from long-term loans |
32,160 |
1,000,000 |
7,000,000 |
|||
| Repayment of long-term loans |
(97,329) |
(2,993,112) |
(3,808,721) |
|||
| Cash dividends distributed to shareholders |
(180,184) |
(5,453,632) |
(11,842,172) |
|||
| Others |
949 |
28,704 |
(100,257) |
|||
| Net cash used in financing activities |
(214,258) |
(6,505,960) |
(8,751,150) |
|||
| Foreign currency exchange effect |
(3,877) |
(122,573) |
(324,926) |
|||
| Net decrease in cash and cash equivalents |
(121,258) |
(3,693,656) |
(6,014,434) |
|||
| Cash and cash equivalents at beginning of period |
787,145 |
24,476,270 |
25,191,374 |
|||
| Cash and cash equivalents at end of period |
665,887 |
20,782,614 |
19,176,940 |
|||
| - |
- |
|||||
| Forex ( NT$ per US$ ) |
30.413 |
32.310 |
||||
| (1) : All figures are under T-IFRS. |
||||||
| Contact: |
Eva Chen, VP of Finance Div. |
| Siliconware Precision Industries Co., Ltd. |
|
| No. 123, Sec. 3, Da Fong Rd., Tantzu, |
+886-4-25341525#1536 |
| Taichung , Taiwan 42749 |
Byron Chiang, Spokesperson |
| +886-3-5795678#3676 |
SOURCE Siliconware Precision Industries Co., Ltd.
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