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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results For The Third Quarter of 2016

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TAICHUNG, Taiwan /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 2016 were NT$ 21,955 million, which represented a 1.3% growth in revenues compared to the second quarter of 2016 and a 9.6% growth in revenues compared to the third quarter of 2015. SPIL reported a net income of NT$ 2,692 million for the third quarter of 2016, compared with a net income of NT$ 2,809 million and a net income of NT$ 2,682 million for the second quarter of 2016 and the third quarter of 2015, respectively.

Basic earnings per share for this quarter was NT$ 0.86, and diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.10.

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

Operating results review:

For the third quarter of 2016, net revenues from IC packaging were NT$ 19,219 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,736 million and represented 12% of total net revenues.
Cost of goods sold was NT$ 16,902 million, representing an increase of 1.9% compared to the second quarter of 2016 and an increase of 12.0% compared to the third quarter of 2015.
Raw materials costs were NT$ 7,394 million for the third quarter of 2016 and represented 33.7% of total net revenues, whereas raw materials costs were NT$ 7,261 million and represented 33.5% of total net revenues for the second quarter of 2016.
The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 239 million.
Gross profit was NT$ 5,053 million for the third quarter of 2016, representing a gross margin of 23.0%, which decreased from a gross margin of 23.5% for the second quarter of 2016 and decreased from 24.7% for the third quarter of 2015.
Total operating expenses for the third quarter of 2016 were NT$ 2,068 million, which included selling expenses of NT$ 252 million, administrative expenses of NT$ 790 million and R&D expenses of NT$ 1,026 million. Total operating expenses represented 9.4% of total net revenues for the third quarter of 2016.
The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 134 million.
Operating income was NT$ 2,985 million for the third quarter of 2016, representing an operating margin of 13.6%, which increased from 13.3% for the second quarter of 2016 and decreased from 14.6% for the third quarter of 2015.
Non-operating items:
Our non-operating items were NT$ 175 million, including net gains of NT$ 341 million on fair value change of financial liabilities at fair value through profit or loss and net foreign exchange losses of NT$ 82 million.
Net income before tax was NT$ 3,160 million for the third quarter of 2016, which decreased from a net income before tax of NT$ 3,235 million for the second quarter of 2016 and increased from a net income before tax of NT$ 3,051 million for the third quarter of 2015.
Income tax expense was NT$ 468 million for the third quarter of 2016, compared with income tax expense of NT$ 426 million for the second quarter of 2016 and income tax expense of NT$ 368 million for the third quarter of 2015.
Net income was NT$ 2,692 million for the third quarter of 2016, which decreased from a net income of NT$ 2,809 million for the second quarter of 2016 and increased from a net income of NT$ 2,682 million for the third quarter of 2015.
Total number of shares outstanding was 3,116 million shares as of Sep 30, 2016. Basic earnings per share for this quarter was NT$ 0.86, and diluted earnings per ordinary share was NT$ 0.64. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.10.
Capital expenditure and balance sheet highlight:

Our cash balances totaled NT$ 19,177 million as of Sep 30, 2016 from NT$ 24,508 million as of June 30, 2016, and NT$ 22,437 million as of Sep 30, 2015.
Capital expenditures for the third quarter of 2016 totaled NT$ 4,949 million.
Total depreciation expenses for the third quarter of 2016 totaled NT$ 3,244 million.
IC packaging service:

Net revenues from IC packaging operations were NT$ 19,219 million for the third quarter of 2016, which represented an increase of NT$ 69 million or 0.4% compared to the second quarter of 2016.
Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 18% and 41%, respectively, of total net revenues for the third quarter of 2016.
As of Sep 30, 2016 we had 8,013 wirebonders installed, of which 62 were added and 16 were disposed in the third quarter of 2016.
IC testing service:

Net revenues from testing operations were NT$ 2,736 million for the third quarter of 2016, which represented an increase of NT$ 206 million or 8.1% compared to the second quarter of 2016.
As of Sep 30, 2016 we had 579 testers installed, of which 6 were added and 3 were disposed in the third quarter of 2016.
For more information, please visit: http://photos.prnasia.com/prnk/20161024/8521606813

Revenue Analysis

Breakdown by end applications:

By application

3Q16

2Q16

Communication

66%

68%

Computing

12%

10%

Consumer

20%

20%

Memory

2%

2%

Breakdown by packaging type:

By application

3Q16

2Q16

Bumping & Flip Chip

41%

40%

Substrate Based

29%

31%

Leadframe Based

18%

17%

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 http://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, 2016 reflect our gains or losses attributable to the third quarter of 2016 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, 2016, nor the consolidated financial data for our company for the nine months ended Sep 30, 2016 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
http://www.spil.com.tw

Janet Chen, IR Director
janet@spil.com.tw
+886-3-5795678#3675

Mike Ma, Spokesperson
mikema@spil.com.tw
+886-4-25341525#1559

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Sep 30, 2016 and 2015

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

Sep 30, 2016

Sep 30, 2015

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent

611,510

19,176,940

16

22,436,629

19

(3,259,689)

-14.5

Available-for-sale financial assets

5,341

167,503

167,503

100.0

Accounts receivable

562,301

17,633,748

14

17,065,686

14

568,062

3.3

Inventories

201,785

6,327,980

5

4,293,936

4

2,034,044

47.4

Other current assets

51,294

1,608,585

2

1,830,864

1

(222,279)

-12.1

Total current assets

1,432,231

44,914,756

37

45,627,115

38

(712,359)

-1.6

Non-current Assets

Available-for-sale financial assets

144,830

4,541,857

4

6,451,861

5

(1,910,004)

-29.6

Long-term investment under equity method

79,305

2,487,013

2

41,318

2,445,695

5919.2

Property, plant and equipment

2,115,164

66,331,530

55

65,594,191

55

737,339

1.1

Intangible assets

5,770

180,962

203,097

(22,135)

-10.9

Other assets

57,028

1,788,399

2

1,784,320

2

4,079

0.2

Total non-current assets

2,402,097

75,329,761

63

74,074,787

62

1,254,974

1.7

Total Assets

3,834,328

120,244,517

100

119,701,902

100

542,615

0.5

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,665,600

2

2,793,950

2

(128,350)

-4.6

Financial liabilities at fair value through
profit or loss – current

30,448

954,864

1

373,971

0

580,893

155.3

Accounts payable

264,056

8,280,808

7

6,448,043

5

1,832,765

28.4

Current portion of long-term debt

158,567

4,972,652

5

4,073,723

3

898,929

22.1

Other current liability

432,337

13,558,079

10

14,008,667

13

(450,588)

-3.2

Non-current liabilities

Bonds payable

391,834

12,287,925

10

12,566,577

11

(278,652)

-2.2

Long-term loans

374,902

11,756,921

10

8,779,183

7

2,977,738

33.9

Other liabilities

47,289

1,482,979

1

1,419,040

1

63,939

4.5

Total Liabilities

1,784,433

55,959,828

46

50,463,154

42

5,496,674

10.9

Stockholders’ Equity

Capital stock

993,738

31,163,611

26

31,163,611

26

Capital reserve

403,125

12,641,997

11

15,771,210

13

(3,129,213)

-19.8

Legal reserve

345,791

10,844,001

9

9,967,775

8

876,226

8.8

Retained earnings

236,715

7,423,377

6

10,133,190

9

(2,709,813)

-26.7

Other equities

70,526

2,211,703

2

2,202,962

2

8,741

0.4

Total Equity

2,049,895

64,284,689

54

69,238,748

58

(4,954,059)

-7.2

Total Liabilities & Shareholders’ Equity

3,834,328

120,244,517

100

119,701,902

100

542,615

0.5

Forex ( NT$ per US$ )

31.360

32.87

(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 2016

3Q 2015

YOY

3Q 2016

2Q 2016

QOQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

692,221

21,955,188

100.0

20,029,703

9.6

21,955,188

21,679,907

1.3

Cost of Goods Sold

(532,893)

(16,901,767)

-77.0

(15,090,116)

12.0

(16,901,767)

(16,581,285)

1.9

Gross Profit

159,328

5,053,421

23.0

4,939,587

2.3

5,053,421

5,098,622

-0.9

Operating Expenses

Selling Expenses

(7,937)

(251,733)

-1.1

(243,652)

3.3

(251,733)

(246,649)

2.1

Administrative Expenses

(24,902)

(789,819)

-3.6

(801,151)

-1.4

(789,819)

(913,050)

-13.5

Research and Development Expenses

(32,363)

(1,026,480)

-4.7

(965,931)

6.3

(1,026,480)

(1,067,939)

-3.9

(65,202)

(2,068,032)

-9.4

(2,010,734)

2.8

(2,068,032)

(2,227,638)

-7.2

Operating Income

94,126

2,985,389

13.6

2,928,853

1.9

2,985,389

2,870,984

4.0

Non-operating Items

5,501

174,470

0.8

121,878

43.2

174,470

363,284

-52.0

Income Before Income Tax

99,627

3,159,859

14.4

3,050,731

3.6

3,159,859

3,234,268

-2.3

Income Tax Expenses

(14,766)

(468,329)

-2.1

(368,427)

27.1

(468,329)

(425,565)

10.0

Net Income

84,861

2,691,530

12.3

2,682,304

0.3

2,691,530

2,808,703

-4.2

Other comprehensive income

Items that may be subsequently reclassified to profit or loss

Exchange difference on translation of foreign financial statements

(13,962)

(442,841)

258,970

(251,469)

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

(23,179)

(735,175)

(1,655,007)

(175,229)

Share of other comprehensive income of associates and joint ventures

(3,263)

(103,478)

(62,444)

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

(146)

(4,618)

30,363

(6,622)

Total other comprehensive income

(40,550)

(1,286,112)

(1,365,674)

(495,764)

Total comprehensive income

44,311

1,405,418

1,316,630

2,312,939

Earnings Per Ordinary Share- Basic

NT$ 0.86

NT$ 0.86

NT$ 0.90

Earnings Per Ordinary Share- Diluted

NT$ 0.64

NT$ 0.86

NT$ 0.78

Earnings Per ADS- Basic

US$ 0.14

US$ 0.13

US$ 0.14

Earnings Per ADS- Diluted

US$ 0.10

US$ 0.13

US$ 0.12

Weighted Average Outstanding Shares – Diluted (‘k)

3,389,249

3,129,886

3,369,343

Forex ( NT$ per US$ )

31.717

31.975

32.425

(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

2016

2015

YOY

USD

NTD

%

NTD

change %

Revenues

1,943,142

62,934,405

100.0

62,074,982

1.4

Cost of Goods Sold

(1,506,789)

(48,812,468)

-77.6

(45,907,965)

6.3

Gross Profit

436,353

14,121,937

22.4

16,167,017

-12.6

Operating Expenses

Selling Expenses

(22,886)

(741,705)

-1.2

(751,726)

-1.3

Administrative Expenses

(80,788)

(2,621,826)

-4.1

(2,562,713)

2.3

Research and Development Expenses

(93,039)

(3,013,824)

-4.8

(2,858,895)

5.4

(196,713)

(6,377,355)

-10.1

(6,173,334)

3.3

Operating Income

239,640

7,744,582

12.3

9,993,683

-22.5

Non-operating Items

17,007

547,786

0.9

403,618

35.7

Income Before Income Tax

256,647

8,292,368

13.2

10,397,301

-20.2

Income Tax Expenses

(36,767)

(1,188,107)

-1.9

(1,423,007)

-16.5

Net Income

219,880

7,104,261

11.3

8,974,294

-20.8

Items that may be subsequently reclassified to profit or loss

Exchange difference on translation of
foreign financial statements

(26,740)

(860,748)

10,297

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

(20,637)

(647,052)

(2,548,042)

Share of other comprehensive
income of associates and joint ventures

(2,617)

(80,684)

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

304

10,442

44,909

Total other comprehensive income

(49,690)

(1,578,042)

(2,492,836)

Total comprehensive income

170,190

5,526,219

6,481,458

Earnings Per Ordinary Share- Basic

NT$ 2.28

NT$ 2.88

Earnings Per Ordinary Share- Diluted

NT$ 1.80

NT$ 2.63

Earnings Per ADS- Basic

US$ 0.35

US$ 0.46

Earnings Per ADS- Diluted

US$ 0.28

US$ 0.42

Weighted Average Outstanding Shares – Diluted (‘k)

3,403,893

3,407,264

Forex ( NT$ per US$ )

32.310

31.362

(1) All figures are under T-IFRS.

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

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For 9 Months Ended on Sep. 30, 2016 and 2015

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

9 months, 2016

9 months, 2015

USD

NTD

NTD

Cash Flows from Operating Activities:

Income before income tax

256,647

8,292,368

10,397,301

Depreciation

297,197

9,633,210

9,678,952

Amortization

9,418

305,896

465,771

Change in working capital & others

(140,517)

(4,562,770)

(1,107,337)

Net cash flows provided from operating activities

422,745

13,668,704

19,434,687

Cash Flows from Investing Activities:

Acquisition of property, plant, and equipment

(367,079)

(11,858,794)

(10,785,106)

Proceeds from disposal of available-for-sale financial assets

44,394

1,454,403

Proceeds from disposal of property, plant, and equipment

4,208

136,561

99,610

Payment for other changes

(10,342)

(339,232)

(392,060)

Net cash used in investing activities

(328,819)

(10,607,062)

(11,077,556)

Cash Flows from Financing Activities:

Proceeds from long-term loans

220,702

7,000,000

1,500,000

Repayment of long-term loans

(117,495)

(3,808,721)

(8,235,833)

Cash dividends distributed to shareholders

(373,370)

(11,842,172)

(9,349,083)

Others

(3,023)

(100,257)

(2,305)

Net cash used in financing activities

(273,186)

(8,751,150)

(16,087,221)

Foreign currency exchange effect

(10,040)

(324,926)

12,006

Net decrease in cash and cash equivalents

(189,300)

(6,014,434)

(7,718,084)

Cash and cash equivalents at beginning of period

760,081

25,191,374

30,154,713

Cash and cash equivalents at end of period

570,781

19,176,940

22,436,629

Forex ( NT$ per US$ )

32.310

31.362

(1) : All figures are under T-IFRS.

Source: Siliconware Precision Industries Co., Ltd.
Related stocks: NASDAQ-NMS:SPIL Taiwan:2325
Related Links:
http://www.spil.com.tw

Written by asiafreshnews

October 26, 2016 at 7:15 pm

Posted in Uncategorized

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