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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the Fourth 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 fourth quarter of 2016 were NT$ 22,178 million, which represented a 1.0% growth in revenues compared to the third quarter of 2016 and a 6.8% growth in revenues compared to the fourth quarter of 2015. SPIL reported a net income of NT$ 2,829 million for the fourth quarter of 2016, compared with a net income of NT$ 2,692 million and a net loss of NT$ 212 million for the third quarter of 2016 and the fourth quarter of 2015, respectively.

Basic earnings per share for this quarter was NT$ 0.91, and diluted earnings per ordinary share was NT$ 0.89. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.14.

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

Operating results review:

  • For the fourth quarter of 2016, net revenues from IC packaging were NT$ 19,406 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,772 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 16,950 million, representing an increase of 0.3% compared to the third quarter of 2016 and an increase of 10.6% compared to the fourth quarter of 2015.
    • Raw materials costs were NT$ 7,405 million for the fourth quarter of 2016 and represented 33.4% of total net revenues, whereas raw materials costs were NT$ 7,394 million and represented 33.7% of total net revenues for the third quarter of 2016.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 266 million.
  • Gross profit was NT$ 5,228 million for the fourth quarter of 2016, representing a gross margin of 23.6%, which increased from a gross margin of 23.0% for the third quarter of 2016 and decreased from 26.2% for the fourth quarter of 2015.
  • Total operating expenses for the fourth quarter of 2016 were NT$ 2,186 million, which included selling expenses of NT$ 283 million, administrative expenses of NT$ 874 million and R&D expenses of NT$ 1,029 million. Total operating expenses represented 9.9% of total net revenues for the fourth quarter of 2016.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 146 million.
  • Operating income was NT$ 3,042 million for the fourth quarter of 2016, representing an operating margin of 13.7%, which increased from 13.6% for the third quarter of 2016 and decreased from 15.7% for the fourth quarter of 2015.
  • Non-operating items:
    • Our non-operating items were NT$ 350 million, including net foreign exchange gains of NT$ 233 million.
  • Net income before tax was NT$ 3,392 million for the fourth quarter of 2016, which increased from a net income before tax of NT$ 3,160 million for the third quarter of 2016 and increased from a net loss before tax of NT$ 6 million for the fourth quarter of 2015.
  • Income tax expense was NT$ 563 million for the fourth quarter of 2016, compared with income tax expense of NT$ 468 million for the third quarter of 2016 and income tax expense of NT$ 206 million for the fourth quarter of 2015.
  • Net income was NT$ 2,829 million for the fourth quarter of 2016, which increased from a net income of NT$ 2,692 million for the third quarter of 2016 and increased from a net loss of NT$ 212 million for the fourth quarter of 2015.
  • Total number of shares outstanding was 3,116 million shares as of Dec 31, 2016. Basic earnings per share for this quarter was NT$ 0.91, and diluted earnings per ordinary share was NT$ 0.89. Basic earnings per ADS for this quarter was US$ 0.14, and diluted earnings per ADS was US$ 0.14.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 24,476 million as of Dec 31, 2016 from NT$ 19,177 million as of Sep 30, 2016, and NT$ 25,191 million as of Dec 31, 2015.
  • Capital expenditures for the fourth quarter of 2016 totaled NT$ 3,436 million.
  • Total depreciation expenses for the fourth quarter of 2016 totaled NT$ 3,273 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 19,406 million for the fourth quarter of 2016, which represented an increase of NT$ 187 million or 1.0% compared to the third quarter of 2016.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 17% and 42%, respectively, of total net revenues for the fourth quarter of 2016.
  • As of Dec 31, 2016 we had 7,996 wirebonders installed, of which 2 were added and 19 were disposed in the fourth quarter of 2016.

IC testing service:

  • Net revenues from testing operations were NT$ 2,772 million for the fourth quarter of 2016, which represented an increase of NT$ 36 million or 1.3% compared to the third quarter of 2016.
  • As of Dec 31, 2016 we had 575 testers installed, of which 2 were added and 6 were disposed in the fourth quarter of 2016.

For more information, please visit: http://photos.prnasia.com/prnk/20170124/8521700445

Revenue Analysis

  • Breakdown by end applications:

By application           

4Q16

3Q16

Communication

69%

66%

Computing

12%

12%

Consumer

17%

20%

Memory

2%

2%

  • Breakdown by packaging type:

By application

4Q16

3Q16

Bumping & Flip Chip 

42%

41%

Substrate Based 

29%

29%

Leadframe Based

17%

18%

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 Dec 31, 2016 reflect our gains or losses attributable to the fourth 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 Dec 31, 2016, nor the consolidated financial data for our company for the twelve months ended Dec 31, 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
www.spil.com.tw

Eva Chen, VP of Finance Dept.
SPILIR@spil.com.tw
+886-4-25341525#1536

Byron Chiang, Spokesperson
Spokesperson@spil.com.tw
+886-3-5795678#3676

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Dec 31, 2016 and 2015

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

Dec 31,2016

Dec 31,2015

Sequential

ASSETS

    USD

    NTD

%

    NTD

%

    Change

%

Current Assets

Cash and cash equivalent

758,954

24,476,270

20

25,191,374

21

(715,104)

-2.8

Available-for-sale financial assets

5,525

178,176

1,067,204

1

(889,028)

-83.3

Accounts receivable

538,867

17,378,474

14

15,837,131

13

1,541,343

9.7

Inventories

201,514

6,498,832

5

4,502,319

4

1,996,513

44.3

Other current assets

59,521

1,919,543

2

2,187,184

1

(267,641)

-12.2

Total current assets

1,564,381

50,451,295

41

48,785,212

40

1,666,083

3.4

Non-current Assets

Available-for-sale financial assets

112,113

3,615,658

3

5,526,412

4

(1,910,754)

-34.6

Long-term investment under equity method

74,449

2,400,981

2

2,522,658

2

(121,677)

-4.8

Property, plant and equipment

2,027,300

65,380,409

52

64,305,608

52

1,074,801

1.7

Intangible assets

5,453

175,862

192,774

(16,912)

-8.8

Other assets

53,831

1,736,036

2

1,912,566

2

(176,530)

-9.2

Total non-current assets

2,273,146

73,308,946

59

74,460,018

60

(1,151,072)

-1.5

Total Assets

3,837,527

123,760,241

100

123,245,230

100

515,011

0.4

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,741,250

2

2,790,125

2

(48,875)

-1.8

Financial liabilities at fair value through
profit or loss – current

23,997

773,908

1

1,798,920

1

(1,025,012)

-57.0

Accounts payable

254,098

8,194,647

6

6,942,527

6

1,252,120

18.0

Current portion of bonds payable

394,191

12,712,651

10

0

12,712,651

Current portion of long-term debt

108,550

3,500,747

3

5,991,128

5

(2,490,381)

-41.6

Other current liability

408,224

13,165,236

12

13,154,539

11

10,697

0.1

Non-current liabilities

Bonds payable

12,627,311

10

(12,627,311)

-100.0

Long-term loans

460,155

14,840,000

12

7,858,036

7

6,981,964

88.9

Other liabilities

50,992

1,644,482

1

1,482,002

1

162,480

11.0

Total  Liabilities

1,785,207

57,572,921

47

52,644,588

43

4,928,333

9.4

Stockholders’ Equity

Capital stock

966,314

31,163,611

25

31,163,611

25

Capital reserve

392,000

12,641,997

10

15,758,358

13

(3,116,361)

-19.8

Legal reserve

336,248

10,844,001

9

9,967,775

8

876,226

8.8

Retained earnings

317,900

10,252,276

8

9,921,153

8

331,123

3.3

Other equities

39,858

1,285,435

1

3,789,745

3

(2,504,310)

-66.1

Total Equity

2,052,320

66,187,320

53

70,600,642

57

(4,413,322)

-6.3

Total Liabilities & Shareholders’ Equity

3,837,527

123,760,241

100

123,245,230

100

515,011

0.4

Forex ( NT$ per US$ ) 

32.250

32.825

(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 Dec 31

Sequential Comparison

4Q 2016

4Q 2015

YoY

4Q 2016

3Q 2016

QoQ

    USD

   NTD

%

    NTD

change %

    NTD

    NTD

change %

Revenues

698,130

22,177,508

100.0

20,764,940

6.8

22,177,508

21,955,188

1.0

Cost of Goods Sold

(533,563)

(16,949,723)

-76.4

(15,322,657)

10.6

(16,949,723)

(16,901,767)

0.3

Gross Profit

164,567

5,227,785

23.6

5,442,283

-3.9

5,227,785

5,053,421

3.5

Operating Expenses

Selling Expenses

(8,908)

(282,984)

-1.3

(192,773)

46.8

(282,984)

(251,733)

12.4

Administrative Expenses

(27,506)

(873,787)

-3.9

(1,108,448)

-21.2

(873,787)

(789,819)

10.6

Research and Development Expenses

(32,407)

(1,029,466)

-4.7

(880,214)

17.0

(1,029,466)

(1,026,480)

0.3

(68,821)

(2,186,237)

-9.9

(2,181,435)

0.2

(2,186,237)

(2,068,032)

5.7

Operating Income

95,746

3,041,548

13.7

3,260,848

-6.7

3,041,548

2,985,389

1.9

Non-operating Items

11,038

350,651

1.6

(3,267,292)

350,651

174,470

101.0

Income Before Income Tax 

106,784

3,392,199

15.3

(6,444)

3,392,199

3,159,859

7.4

Income Tax Expenses

(17,733)

(563,300)

-2.5

(205,593)

174.0

(563,300)

(468,329)

20.3

Net Income(Loss)

89,051

2,828,899

12.8

(212,037)

2,828,899

2,691,530

5.1

Other comprehensive income

Items that will not be reclassiflied to profit or loss

     Remeasurements of post employment benefit obligations

(5,597)

(177,806)

(179,842)

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

952

30,227

30,572

Items that may be subsequently reclassified to profit or loss

    Exchange difference on translation of foreign financial statements

(1,513)

(48,053)

(238,202)

(442,841)

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

(25,878)

(822,053)

1,998,197

(735,175)

    Share of other comprehensive income of associates and joint ventures

(1,645)

(52,254)

(103,478)

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

4,523

143,671

(23,942)

(4,618)

Total other comprehensive income

(29,158)

(926,268)

1,586,783

(1,286,112)

Total comprehensive income

59,893

1,902,631

1,374,746

1,405,418

Earnings Per Ordinary Share- Basic

NT$    0.91

NT$  ( 0.07)

NT$    0.86

Earnings Per Ordinary Share- Diluted 

NT$    0.89

NT$  ( 0.07)

NT$    0.64

Earnings Per ADS- Basic

US$    0.14

US$  ( 0.01)

US$    0.14

Earnings Per ADS- Diluted 

US$    0.14

US$  ( 0.01)

US$    0.10

Weighted Average Outstanding Shares – Diluted (‘k)

3,389,863

3,116,361

3,389,249

Forex ( NT$ per US$ ) 

31.767

32.626

31.717

(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))

12 months ended on Dec 31

2016

2015

YoY

  USD

NTD

%

 NTD

change %

Revenues

2,641,272

85,111,913

100.0

82,839,922

2.7

Cost of Goods Sold

(2,040,352)

(65,762,191)

-77.3

(61,230,622)

7.4

Gross Profit

600,920

19,349,722

22.7

21,609,300

-10.5

Operating Expenses

Selling Expenses

(31,794)

(1,024,689)

-1.2

(944,499)

8.5

Administrative Expenses

(108,294)

(3,495,613)

-4.1

(3,671,161)

-4.8

Research and Development Expenses

(125,446)

(4,043,290)

-4.7

(3,739,109)

8.1

(265,534)

(8,563,592)

-10.0

(8,354,769)

2.5

Operating Income

335,386

10,786,130

12.7

13,254,531

-18.6

Non-operating Items

28,045

898,437

1.0

(2,863,674)

Income Before Income Tax 

363,431

11,684,567

13.7

10,390,857

12.5

Income Tax Expenses

(54,500)

(1,751,407)

-2.0

(1,628,600)

7.5

Net Income

308,931

9,933,160

11.7

8,762,257

13.4

Other comprehensive income

Items that will not be reclassiflied to profit or loss

   Remeasurements of post employment benefit obligations

(5,597)

(177,806)

(179,842)

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

952

30,227

30,572

Items that may be subsequently reclassified to profit or loss

    Exchange difference on translation of
foreign financial statements

(28,253)

(908,801)

(227,905)

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

(46,515)

(1,469,105)

(549,845)

    Share of other comprehensive
income of associates and joint ventures

(4,262)

(132,938)

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

4,827

154,113

20,967

Total other comprehensive income

(78,848)

(2,504,310)

(906,053)

Total comprehensive income

230,083

7,428,850

7,856,204

Earnings Per Ordinary Share- Basic

NT$     3.19

NT$   2.81

Earnings Per Ordinary Share- Diluted 

NT$     2.68

NT$   2.78

Earnings Per ADS- Basic

US$    0.50

US$   0.45

Earnings Per ADS- Diluted 

US$    0.42

US$   0.44

Weighted Average Outstanding Shares – Diluted (‘k)

3,410,681

3,150,135

Forex ( NT$ per US$ ) 

32.151

31.361

(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 12 Months Ended on Dec 31, 2016 and 2015

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

12 months, 2016

12 months, 2015

USD

NTD

NTD

Cash Flows from Operating Activities:

   Income before income tax

363,431

11,684,567

10,390,857

   Depreciation  

400,216

12,905,830

12,903,772

   Amortization

11,919

385,360

610,213

   Change in working capital & others

(126,931)

(4,131,205)

2,879,324

Net cash flows provided from operating activities

648,635

20,844,552

26,784,166

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(475,252)

(15,295,121)

(13,855,431)

   Proceeds from disposal of available-for-sale financial assets

44,394

1,454,403

   Proceeds from disposal of property, plant, and equipment

5,167

167,021

111,274

   Increase of equity investment

(2,400,000)

   Payment for other changes

(11,248)

(368,014)

(443,282)

Net cash used in investing activities

(436,939)

(14,041,711)

(16,587,439)

Cash Flows from Financing Activities:

   Proceeds from long-term loans

283,660

9,000,000

2,500,000

   Repayment of long-term loans

(130,716)

(4,228,721)

(8,235,833)

   Cash dividends distributed to shareholders 

(373,370)

(11,842,172)

(9,349,083)

   Others

(2,714)

(90,440)

(11,374)

Net cash used in financing activities

(223,140)

(7,161,333)

(15,096,290)

Foreign currency exchange effect 

(11,038)

(356,612)

(63,776)

Net decrease in cash and cash equivalents

(22,482)

(715,104)

(4,963,339)

Cash and cash equivalents at beginning of period

760,081

25,191,374

30,154,713

Cash and cash equivalents at end of period

737,599

24,476,270

25,191,374

Forex ( NT$ per US$ ) 

32.151

31.361

(1) : All figures are under T-IFRS.  

Source: Siliconware Precision Industries Co., Ltd.

Related stocks: NASDAQ-NMS:SPIL Taiwan:2325

Related Links:

Written by asiafreshnews

January 25, 2017 at 10:07 am

Posted in Uncategorized

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