Jan 26, 2018 SOURCE: PR NewsWire
Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the Fourth Quarter of 2017
TAICHUNG, Taiwan, Jan. 26, 2018 /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 2017 were NT$ 21,623 million, which represented a 1.5% decline in revenues compared to the third quarter of 2017 and a 2.5% decline in revenues compared to the fourth quarter of 2016. SPIL reported a net income of NT$ 1,489 million for the fourth quarter of 2017, compared with a net income of NT$ 2,257 million and a net income of NT$ 2,829 million for the third quarter of 2017 and the fourth quarter of 2016, respectively.
Basic earnings per share for this quarter was NT$ 0.48, and diluted earnings per ordinary share was NT$ 0.48. Basic earnings per ADS for this quarter was US$ 0.08, and diluted earnings per ADS was US$ 0.08.
All figures were prepared in accordance with T-IFRS on a consolidated basis.
Operating results review:
-- For the fourth quarter of 2017, net revenues from IC packaging were NT$
18,195 million and represented 84% of total net revenues. Net revenues
from testing operations were NT$ 3,428 million and represented 16% of
total net revenues.
-- Cost of goods sold was NT$ 17,138 million, which remained flat compared
to the third quarter of 2017, and represented an increase of 1.1%
compared to the fourth quarter of 2016.
-- Raw materials costs were NT$ 7,266 million for the fourth quarter of
2017 and represented 33.6% of total net revenues, whereas raw
materials costs were NT$ 7,282 million and represented 33.2% of
total net revenues for the third quarter of 2017.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 120 million.
-- Gross profit was NT$ 4,485 million for the fourth quarter of 2017,
representing a gross margin of 20.7%, which decreased from a gross
margin of 21.9% for the third quarter of 2017 and decreased from 23.6%
for the fourth quarter of 2016.
-- Total operating expenses for the fourth quarter of 2017 were NT$ 2,165
million, which included selling expenses of NT$ 279 million,
administrative expenses of NT$ 942 million and R&D expenses of NT$ 944
million. Total operating expenses represented 10.0% of total net
revenues for the fourth quarter of 2017.
-- The accrued expenses of bonuses to employees, directors accounted
for under operating expenses totaled NT$ 85 million.
-- Operating income was NT$ 2,320 million for the fourth quarter of 2017,
representing an operating margin of 10.7%, which decreased from 12.5%
for the third quarter of 2017 and decreased from 13.7% for the fourth
quarter of 2016.
-- Non-operating items:
-- Our non-operating expense was NT$ 389 million, including net losses
of NT$ 463 million on fair value change of financial liabilities at
fair value through profit or loss and net foreign exchange gains of
NT$ 103 million.
-- Net income before tax was NT$ 1,931 million for the fourth quarter of
2017, which decreased from a net income before tax of NT$ 2,558 million
for the third quarter of 2017 and decreased from a net income before tax
of NT$ 3,392 million for the fourth quarter of 2016.
-- Income tax expense was NT$ 442 million for the fourth quarter of 2017,
compared with income tax expense of NT$ 301 million for the third
quarter of 2017 and income tax expense of NT$ 563 million for the fourth
quarter of 2016.
-- Net income was NT$ 1,489 million for the fourth quarter of 2017, which
decreased from a net income of NT$ 2,257 million for the third quarter
of 2017 and decreased from a net income of NT$ 2,829 million for the
fourth quarter of 2016.
-- Total number of shares outstanding was 3,116 million shares as of Dec.
31, 2017. Basic earnings per share for this quarter was NT$ 0.48, and
diluted earnings per ordinary share was NT$ 0.48. Basic earnings per ADS
for this quarter was US$ 0.08, and diluted earnings per ADS was US$
0.08.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 24,444 million as of Dec. 31, 2017 from
NT$ 20,783 million as of Sep. 30, 2017, and NT$ 24,476 million as of
Dec. 31, 2016.
-- Capital expenditures for the fourth quarter of 2017 totaled NT$ 2,306
million.
-- Total depreciation expenses for the fourth quarter of 2017 totaled NT$
3,800 million.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 18,195 million for
the fourth quarter of 2017, which represented a decrease of NT$ 510
million or 2.7% compared to the third quarter of 2017.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
Flip Chip accounted for 27%, 17% and 40%, respectively, of total net
revenues for the fourth quarter of 2017.
-- As of Dec. 31, 2017 we had 8,207 wirebonders installed, of which 249
were disposed in the fourth quarter of 2017.
IC testing service:
-- Net revenues from testing operations were NT$ 3,428 million for the
fourth quarter of 2017, which represented an increase of NT$ 178 million
or 5.5% compared to the third quarter of 2017.
-- As of Dec. 31, 2017 we had 574 testers installed, of which 4 were added
and 1 were disposed in the fourth quarter of 2017.
For more information, please visit: https://photos.prnasia.com/prnk/20180126/2042012-1
Revenue Analysis
-- Breakdown by end applications:
By application 4Q17 3Q17
============== ==== ====
Communication 68% 65%
------------- --- ---
Computing 11% 12%
--------- --- ---
Consumer 19% 21%
-------- --- ---
Memory 2% 2%
------ --- ---
-- Breakdown by packaging type:
By application 4Q17 3Q17
============== ==== ====
Bumping & Flip Chip 40% 39%
------------------- --- ---
Substrate Based 27% 29%
--------------- --- ---
Leadframe Based 17% 17%
--------------- --- ---
Testing 16% 15%
------- --- ---
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, 2017 reflect our gains or losses attributable to the fourth 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 Dec. 31, 2017, nor the consolidated financial data for our company for the twelve months ended Dec. 31, 2017 is necessarily indicative of the results that may be expected for any period thereafter.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET (UNAUDITED)
-------------------------------------
As of Dec 31, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Dec 31,2017 Dec 31,2016 Sequential
----------- ----------- ----------
ASSETS USD NTD % NTD % Change %
------ --- --- --- --- --- ------ ---
Current Assets
Cash and cash equivalent 821,374 24,444,083 20 24,476,270 20 (32,187) (0.1)
Available-for-sale financial assets - - - 178,176 - (178,176) (100.0)
Accounts receivable 567,103 16,876,990 14 17,378,474 14 (501,484) (2.9)
Inventories 205,769 6,123,682 5 6,498,832 5 (375,150) (5.8)
Other current assets 54,474 1,621,157 2 1,919,543 2 (298,386) (15.5)
Total current assets 1,648,720 49,065,912 41 50,451,295 41 (1,385,383) (2.7)
--------- ---------- --- ---------- --- ---------- ----
Non-current Assets
Available-for-sale financial assets 138,952 4,135,207 3 3,615,658 3 519,549 14.4
Long-term investment under equity method 98,535 2,932,392 2 2,400,981 2 531,411 22.1
Property, plant and equipment 2,096,709 62,398,065 52 65,380,409 52 (2,982,344) (4.6)
Intangible assets 4,007 119,268 - 175,862 - (56,594) (32.2)
Other assets 75,135 2,236,011 2 1,736,036 2 499,975 28.8
Total non-current assets 2,413,338 71,820,943 59 73,308,946 59 (1,488,003) (2.0)
---------- --- ---------- --- ---------- ----
Total Assets 4,062,058 120,886,855 100 123,760,241 100 (2,873,386) (2.3)
============ ========= =========== === =========== === ========== ====
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities
-----------
Current Liabilities
Short-term loans 115,000 3,422,400 3 2,741,250 2 681,150 24.8
Financial liabilities at fair value through 27,206 809,640 1 773,908 1 35,732 4.6
profit or loss - current
Accounts payable 250,570 7,456,974 6 8,194,647 6 (737,673) (9.0)
Current portion of bonds payable - - - 12,712,651 10 (12,712,651) (100.0)
Current portion of long-term debt 106,631 3,173,333 2 3,500,747 3 (327,414) (9.4)
Other current liability 380,789 11,332,268 9 13,165,236 12 (1,832,968) (13.9)
Non-current liabilities
Bonds payable 403,737 12,015,229 10 - - 12,015,229 -
Long-term loans 425,627 12,666,667 11 14,840,000 12 (2,173,333) (14.6)
Other liabilities 56,806 1,690,552 1 1,644,482 1 46,070 2.8
--------- --- --------- --- ------
Total Liabilities 1,766,366 52,567,063 43 57,572,921 47 (5,005,858) (8.7)
------------------ --------- ---------- --- ---------- --- ---------- ----
Stockholders' Equity
--------------------
Capital stock 1,047,165 31,163,611 26 31,163,611 25 - -
Capital reserve 424,819 12,642,615 10 12,641,997 10 618 0.0
Legal reserve 397,759 11,837,317 10 10,844,001 9 993,316 9.2
Retained earnings 359,504 10,698,848 9 10,252,276 8 446,572 4.4
Other equities 66,445 1,977,401 2 1,285,435 1 691,966 53.8
Total Equity 2,295,692 68,319,792 57 66,187,320 53 2,132,472 3.2
------------ ---------- --- ---------- --- --------- ---
Total Liabilities & Shareholders' Equity 4,062,058 120,886,855 100 123,760,241 100 (2,873,386) (2.3)
======================================== ========= =========== === =========== === ========== ====
Forex ( NT$ per US$ ) 29.760 32.250
------ ------
(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 2017 4Q 2016 YoY 4Q 2017 3Q 2017 QoQ
USD NTD % NTD change % NTD NTD change %
--- --- --- --- ------- --- --- -------
Revenues 718,174 21,622,785 100.0 22,177,508 (2.5) 21,622,785 21,955,373 (1.5)
Cost of Goods Sold (569,202) (17,137,541) (79.3) (16,949,723) 1.1 (17,137,541) (17,140,604) (0.0)
-------- ----------- ----- ----------- --- ----------- ----------- ----
Gross Profit 148,972 4,485,244 20.7 5,227,785 (14.2) 4,485,244 4,814,769 (6.8)
------- --------- ---- --------- ----- --------- --------- ----
Operating Expenses
Selling Expenses (9,265) (278,955) (1.3) (282,984) (1.4) (278,955) (264,539) 5.4
Administrative Expenses (31,287) (941,971) (4.3) (873,787) 7.8 (941,971) (809,475) 16.4
Research and Development Expenses (31,365) (944,345) (4.4) (1,029,466) (8.3) (944,345) (999,827) (5.5)
---- ---- ----
(71,917) (2,165,271) (10.0) (2,186,237) (1.0) (2,165,271) (2,073,841) 4.4
------- ---------- ----- ---------- ---- ---------- ---------- ---
Operating Income 77,055 2,319,973 10.7 3,041,548 (23.7) 2,319,973 2,740,928 (15.4)
Non-operating Items (12,906) (388,576) (1.8) 350,651 - (388,576) (182,915) (112.4)
------- -------- ---- ------- --- -------- -------- ------
Income Before Income Tax 64,149 1,931,397 8.9 3,392,199 (43.1) 1,931,397 2,558,013 (24.5)
Income Tax Expenses (14,694) (442,408) (2.0) (563,300) (21.5) (442,408) (301,499) 46.7
-------- ---- -------- ----- -------- -------- ----
Net Income 49,455 1,488,989 6.9 2,828,899 (47.4) 1,488,989 2,256,514 (34.0)
========== ====== ========= === ========= ===== ========= ========= =====
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations 354 10,647 ( 177,806) -
Income tax relating to items that will not be reclassified ( 60) ( 1,810) 30,227 -
to profit or loss
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements (566) (17,030) (48,053) 162,591
Unrealized gain(loss) on available-for-sale financial assets (19,695) (592,973) (822,053) (7,802)
Share of other comprehensive income of associates 1,597 48,076 ( 52,254) (31,159)
Income tax relating to items that may be reclassified to profit or loss - - 143,671 -
--- ------- ---
Total other comprehensive income (loss) (18,370) (553,090) (926,268) 123,630
------- -------- --------
Total comprehensive income 31,085 935,899 1,902,631 2,380,144
========================== ====== ======= ========= =========
Earnings Per Ordinary Share- Basic NT$ 0.48 NT$ 0.91 NT$ 0.72
----------- ----------- -----------
Earnings Per Ordinary Share- Diluted NT$ 0.48 NT$ 0.89 NT$ 0.71
----------- ----------- -----------
Earnings Per ADS- Basic US$ 0.08 US$ 0.14 US$ 0.12
----------- ----------- -----------
Earnings Per ADS- Diluted US$ 0.08 US$ 0.14 US$ 0.12
----------- ----------- -----------
Weighted Average Outstanding Shares - Diluted ('k) 3,120,063 3,389,863 3,397,597
--------- --------- ---------
Forex ( NT$ per US$ ) 30.108 31.767 30.267
------ ------ ------
(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
-------------------------
2017 2016 YoY
USD NTD % NTD change %
--- --- --- --- -------
Revenues 2,747,394 83,554,385 100.0 85,111,913 (1.8)
Cost of Goods Sold (2,194,345) (66,740,290) (79.9) (65,762,191) 1.5
----- ---
Gross Profit 553,049 16,814,095 20.1 19,349,722 (13.1)
------- ---------- ---- ---------- -----
Operating Expenses
Selling Expenses (33,956) (1,032,799) (1.2) (1,024,689) 0.8
Administrative Expenses (107,311) (3,264,130) (3.9) (3,495,613) (6.6)
Research and Development Expenses (126,264) (3,841,996) (4.6) (4,043,290) (5.0)
-------- ---- ----
(267,531) (8,138,925) (9.7) (8,563,592) (5.0)
-------- ---------- ---- ---------- ----
Operating Income 285,518 8,675,170 10.4 10,786,130 (19.6)
Non-operating Items 1,231 26,165 0.0 898,437 (97.1)
----- ------ --- ------- -----
Income Before Income Tax 286,749 8,701,335 10.4 11,684,567 (25.5)
Income Tax Expenses (59,363) (1,801,170) (2.1) (1,751,407) 2.8
------- ---------- ---- ---------- ---
Net Income 227,386 6,900,165 8.3 9,933,160 (30.5)
========== ======= ========= === ========= =====
Other comprehensive income
Items that will not be
reclassiflied to profit or loss
Remeasurements of post employment
benefit obligations 354 10,647 (177,806)
Income tax relating to items that
will not be reclassified to
profit or loss (60) (1,810) 30,227
Items that may be subsequently
reclassified to profit or loss
Exchange difference on translation
of foreign financial statements (6,951) (226,323) (908,801)
Unrealized gain (loss) on
available-for-sale financial
assets 14,779 465,175 (1,469,105)
Share of other comprehensive
income of associates 14,873 456,665 (132,938)
Income tax relating to items that
may be reclassified to profit or
loss (403) (12,388) 154,113
---- ------- -------
Total other comprehensive income
(loss) 22,592 691,966 (2,504,310)
------ ------- ----------
Total comprehensive income 249,978 7,592,131 7,428,850
========================== ======= ========= =========
Earnings Per Ordinary Share- Basic NT$ 2.21 NT$ 3.19
---------- ----------
Earnings Per Ordinary Share-
Diluted NT$ 1.86 NT$ 2.68
---------- ----------
Earnings Per ADS- Basic US$ 0.36 US$ 0.50
---------- ----------
Earnings Per ADS- Diluted US$ 0.31 US$ 0.42
---------- ----------
Weighted Average Outstanding
Shares -Diluted ('k) 3,413,871 3,410,681
--------- ---------
Forex ( NT$ per US$ ) 30.345 32.151
------ ------
(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, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
12 months, 2017 12 months, 2016
--------------- ---------------
USD NTD NTD
--- --- ---
Cash Flows from Operating
Activities:
-------------------------
Income before income tax 286,749 8,701,335 11,684,567
Depreciation 474,015 14,415,980 12,905,830
Amortization 6,863 209,319 385,360
Change in working capital
&others (128,250) (3,931,151) (4,131,205)
-------- ---------- ----------
Net cash flows provided
from operating activities 639,377 19,395,483 20,844,552
-------------------------- ------- ---------- ----------
Cash Flows from Investing
Activities:
-------------------------
Acquisition of property,
plant, and equipment (424,797) (12,932,655) (15,295,121)
Proceeds from disposal of
available-for-sale
financial assets - - 1,454,403
Proceeds from disposal of
property, plant, and
equipment 20,210 622,487 167,021
Others (1,872) (54,519) (368,014)
------ ------- --------
Net cash used in investing
activities (406,459) (12,364,687) (14,041,711)
-------------------------- -------- ----------- -----------
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 9,000,000
Repayment of long-term
loans (111,279) (3,413,112) (4,228,721)
Cash dividends distributed
to shareholders (180,184) (5,453,632) (11,842,172)
Others 718 21,749 (90,440)
Net cash used in financing
activities (228,439) (6,932,915) (7,161,333)
-------------------------- -------- ---------- ----------
Foreign currency exchange
effect (4,126) (130,068) (356,612)
------ -------- --------
Net decrease in cash and
cash equivalents 353 (32,187) (715,104)
--- ------- --------
Cash and cash equivalents
at beginning of period 787,145 24,476,270 25,191,374
Cash and cash equivalents
at end of period 787,498 24,444,083 24,476,270
======= ========== ==========
Forex ( NT$ per US$ ) 30.345 32.151
------ ------
(1) : All figures are
under T-IFRS.
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SOURCE Siliconware Precision Industries Co., Ltd.
