TAICHUNG, Jan. 28, 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 fourth quarter of 2014 were NT$ 21,431 million, which represented a 1.0% decline in revenues compared to the third quarter of 2014 and a 13.7% growth in revenues compared to the fourth quarter of 2013. SPIL reported a net income of NT$ 3,012 million for the fourth quarter of 2014, compared with a net income of NT$ 3,257 million and a net income of NT$ 2,260 million for the third quarter of 2014 and the fourth quarter of 2013, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.97, and diluted earnings per ADS was US$ 0.16.

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

Operating results review:

  • For the fourth quarter of 2014, net revenues from IC packaging were NT$ 18,789 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,642 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 15,658 million, representing a decrease of 2.8% compared to the third quarter of 2014 and an increase of 7.8% compared to the fourth quarter of 2013.
    • Raw materials costs were NT$ 6,953 million for the fourth quarter of 2014 and represented 32.5% of total net revenues, whereas raw materials costs were   NT$ 7,208 million and represented 33.3% of total net revenues for the third quarter of 2014.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 107 million.
  • Gross profit was NT$ 5,773 million for the fourth quarter of 2014, representing a gross margin of 26.9%, which increased from a gross margin of 25.6% for the third quarter of 2014 and was up from 22.9% for the fourth quarter of 2013.
  • Total operating expenses for the fourth quarter of 2014 were NT$ 1,920 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 697 million and R&D expenses of NT$ 975 million. Total operating expenses represented 8.9% of total net revenues for the fourth quarter of 2014.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 71 million.
  • Operating income was NT$ 3,853 million for the fourth quarter of 2014, representing an operating margin of 18.0%, which increased from 16.7% for the third quarter of 2014 and increased from 14.0% for the fourth quarter of 2013.
  • Non-operating items:
    • Our non-operating income was NT$ 392 million, including foreign currency exchange gains of NT$ 256 million.
    • Our non-operating expense was NT$ 564 million, including net losses of NT$ 321 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 3,681 million for the fourth quarter of 2014, which decreased from a net income before tax of NT$ 3,965 million for the third quarter of 2014 and increased from a net income before tax of NT$ 2,796 million for the fourth quarter of 2013.
  • Income tax expense was NT$ 669 million for the fourth quarter of 2014, compared with income tax expense of NT$ 708 million for the third quarter of 2014 and income tax expense of NT$ 536 million for the fourth quarter of 2013.
  • Net income was NT$ 3,012 million for the fourth quarter of 2014, which decreased from a net income of NT$ 3,257 million for the third quarter of 2014 and increased from a net income of NT$ 2,260 million for the fourth quarter of 2013.
  • Total number of shares outstanding was 3,120 million shares as of Dec 31, 2014. Diluted earnings per ordinary share for this quarter was NT$ 0.97, or US$ 0.16 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 30,155 million as of Dec 31, 2014 from NT$ 20,139 million as of Sept 30, 2014, and NT$ 16,975 million as of Dec 31, 2013.
  • Capital expenditures for the fourth quarter of 2014 totaled NT$ 8,665 million, which included NT$ 7,450 million for packaging equipment and NT$ 1,215 million for testing equipment.
  • Total depreciation expenses for the fourth quarter of 2014 totaled NT$ 3,092 million, which included NT$ 2,289 million was from packaging operations and NT$ 803 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,789 million for the fourth quarter of 2014, which represented a decrease of NT$ 264 million or 1.4% compared to the third quarter of 2014.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 19% and 40%, respectively, of total net revenues for the fourth quarter of 2014.
  • Capital expenditures for IC packaging operations totaled NT$ 7,450 million for the fourth quarter of 2014, which included NT$ 7,287 million for packaging and building construction and NT$ 163 million for wafer bumping operations.
  • As of Dec 31, 2014 we had 7,384 wirebonders installed, of which 6 were disposed in the fourth quarter of 2014.

IC testing service:

  • Net revenues from testing operations were NT$ 2,642 million for the fourth quarter of 2014, which represented an increase of NT$ 43 million or 1.7% compared to the third quarter of 2014.
  • Capital expenditures for testing operations totaled NT$ 1,215 million for the fourth quarter of 2014.
  • As of Dec 31, 2014 we had 501 testers installed, of which 27 were added and 9 were disposed in the fourth quarter of 2014.

Revenue Analysis

> Breakdown by end applications:

By application

4Q14

3Q14

Communication

64%

61%

Computing

11%

12%

Consumer

21%

23%

Memory

4%

4%

> Breakdown by packaging type:

By packaging type

4Q14

3Q14

Bumping & Flip Chip

40%

39%

Substrate Based

29%

30%

Leadframe Based

19%

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 Dec 31, 2014 reflect our gains or losses attributable to the fourth quarter of 2014 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, 2014, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2014 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Dec 31, 2014 and 2013

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















Dec  31,2014


Dec  31,2013


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


952,756


30,154,713

23


16,975,247

17


13,179,466

78

Accounts receivable


586,984


18,578,054

14


15,371,493

15


3,206,561

21

Inventories


138,424


4,381,135

3


3,667,592

4


713,543

19

Other current assets


66,162


2,094,006

1


1,810,799

1


283,207

16

Total current assets


1,744,326


55,207,908

41


37,825,131

37


17,382,777

46













Non-current Assets












Available-for-sale financial assets


284,357


8,999,903

8


6,087,053

6


2,912,850

48

Long-term investment under equity method


2,402


76,032

-


615,998

1


(539,966)

-88

Property, plant and equipment


2,006,972


63,520,671

49


55,196,751

54


8,323,920

15

Intangible assets


7,873


249,170

-


355,313

-


(106,143)

-30

Other assets


53,647


1,697,941

2


1,729,325

2


(31,384)

-2

     Total non-current assets


2,355,251


74,543,717

59


63,984,440

63


10,559,277

17

Total Assets


4,099,577


129,751,625

100


101,809,571

100


27,942,054

27













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,690,250

2


2,533,850

2


156,400

6

Financial liabilities at fair value through profit or loss-current


34,615


1,095,552

1


-

-


1,095,552

100

Accounts payable


253,427


8,020,963

7


6,542,050

7


1,478,913

23

Current portion of long-term debt


220,226


6,970,152

5


3,154,196

3


3,815,956

121

Other current liability


404,396


12,799,126

9


10,300,068

10


2,499,058

24

Non-current Liabilities












Bonds payable


375,213


11,875,483

9


-

-


11,875,483

100

Long-term loans


404,236


12,794,062

10


15,355,557

15


(2,561,495)

-17

Other liabilities


44,038


1,393,806

1


1,453,914

2


(60,108)

-4

Total  Liabilities


1,821,151


57,639,394

44


39,339,635

39


18,299,759

47













Stockholders' Equity












Capital stock


984,632


31,163,611

24


31,163,611

31


-

-

Capital reserve


498,308


15,771,456

12


15,771,853

15


(397)

-

Legal reserve


277,946


8,797,005

7


8,207,777

8


589,228

7

Special reserve


-

-

-

-


244,604

-


244,604

-100

Retained earnings


369,912


11,707,700

9


5,965,224

6


5,742,476

96

Other equity


147,628


4,672,459

4


1,116,867

1


3,555,592

318

Total Equity


2,278,426


72,112,231

56


62,469,936

61


9,642,295

15

Total Liabilities & Shareholders' Equity


4,099,577


129,751,625

100


101,809,571

100


27,942,054

27













Forex ( NT$ per US$ )




31.65



29.81





(1) All figures are under T-IFRS. 


 

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 Dec 31


Sequential Comparison



4Q2014


4Q 2013


YOY


4Q 2014


3Q 2014


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


694,906


21,430,915

100.0


18,843,765


13.7


21,430,915


21,652,107


-1.0

Cost of Goods Sold


(507,721)


(15,658,132)

-73.1


(14,522,575)


7.8


(15,658,132)


(16,103,145)


-2.8

Gross Profit


187,185


5,772,783

26.9


4,321,190


33.6


5,772,783


5,548,962


4.0

Operating Expenses
















Selling Expenses


(8,029)


(247,617)

-1.1


(223,483)


10.8


(247,617)


(251,110)


-1.4

Administrative Expenses


(22,608)


(697,231)

-3.3


(567,202)


22.9


(697,231)


(708,638)


-1.6

Research and Development Expenses


(31,627)


(975,356)

-4.5


(884,282)


10.3


(975,356)


(965,180)


1.1



(62,264)


(1,920,204)

-8.9


(1,674,967)


14.6


(1,920,204)


(1,924,928)


-0.2

Operating Income


124,921


3,852,579

18.0


2,646,223


45.6


3,852,579


3,624,034


6.3

















Non-operating Income


12,699


391,636

1.8


272,587


43.7


391,636


970,019


-59.6

Non-operating Expenses


(18,279)


(563,725)

-2.6


(123,332)


357.1


(563,725)


(629,012)


-10.4

Income from Continuing Operations before Income Tax


119,341


3,680,490

17.2


2,795,478


31.7


3,680,490


3,965,041


-7.2

Income Tax Expenses


(21,677)


(668,523)

-3.1


(535,946)


24.7


(668,523)


(708,168)


-5.6

Net Income


97,664


3,011,967

14.1


2,259,532


33.3


3,011,967


3,256,873


-7.5

















Other comprehensive income
















Exchange difference for translating the financial statements of foreign operation


14,314


441,434



141,483






180,012



Unrealized valuation profit and loss of available-for-sale financial assets


16,948


522,682



(320,107)






(1,419,352)



Acturial gain and loss of defined benefit plan


(1,354)


(41,749)



96,041






-



Tax effect of other comprehensive income items


(147)


(4,542)



(35,305)






120,186



Total other comprehensive income


29,761


917,825



(117,888)






(1,119,154)



Total comprehensive income


127,425


3,929,792



2,141,644






2,137,719



















Earnings Per Ordinary Share- Diluted




NT$     0.97



NT$     0.72






NT$     1.04



















Earnings Per ADS- Diluted




US$     0.16



US$     0.12






US$     0.17



Weighted Average Outstanding Shares - Diluted ('k)




3,119,755



3,134,752






3,125,037



















Forex ( NT$ per US$ )




30.84



29.55






30.01



















(1) All figures are under TIFRS. 
















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
















 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Twelve Months Ended on Dec 31, 2014 and 2013

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












12 months ended on Dec 31, 2014 and 2013



2014


2013


YOY



USD

NTD

%


NTD


Change %

Net Sales


2,741,552

83,071,441

100.0


69,356,192


19.8

Cost of Goods Sold


(2,049,290)

(62,090,060)

-74.7


(54,925,674)


13.0

Gross Profit


692,262

20,981,381

25.3


14,430,518


45.4

Operating Expenses









Selling expenses


(30,969)

(938,522)

-1.1


(839,723)


11.8

Administrative expenses


(86,021)

(2,606,970)

-3.2


(2,246,763)


16.0

Research and development expenses


(119,694)

(3,627,958)

-4.4


(3,406,702)


6.5



(236,684)

(7,173,450)

-8.7


(6,493,188)


10.5

Operating Income


455,578

13,807,931

16.6


7,937,330


74.0










Non-operating Income


65,349

1,975,209

2.4


974,505


102.7

Non-operating Expenses


(50,355)

(1,528,168)

-1.8


(1,455,902)


5.0

Income Before Income Tax


470,572

14,254,972

17.2


7,455,933


91.2

Income Tax Expenses


(83,299)

(2,523,770)

-3.1


(1,563,650)


61.4

Net Income


387,273

11,731,202

14.1


5,892,283


99.1










Other comprehensive income









Exchange difference for translating the financial statements of foreign operation


18,091

555,285



426,113



Unrealized valuation profit and loss of available-for-sale financial assets


97,179

2,948,369



692,602



Acturial gain and loss of defined benefit plan


(1,354)

(41,749)



96,041



Tax effect of other comprehensive income items


1,985

59,035



(116,939)



Total other comprehensive income


115,901

3,520,940



1,097,817



Total comprehensive income


503,174

15,252,142



6,990,100












Earnings Per Ordinary Share- Diluted



NT$     3.74



NT$     1.89












Earnings Per ADS- Diluted



US$     0.62



US$     0.32



Weighted Average Outstanding Shares - Diluted ('k)



3,139,471



3,116,617












Forex ( NT$ per US$)



30.29



29.70



(1) All figures are under TIFRS . 









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









 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 12 Months Ended on Dec 31, 2014 and 2013

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










12 months, 2014


12 months, 2013



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income before tax


470,572


14,254,972


7,455,933

   Depreciation 


390,679


11,840,340


10,447,444

   Amortization


19,649


595,475


586,295

   Change in working capital / others


(58,873)


(1,745,614)


(741,716)

Net cash flows provided from operating activities


822,027


24,945,173


17,747,956








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(642,827)


(19,560,740)


(14,978,686)

   Proceeds from disposal of available-for-sale financial assets 


22,480


674,622


-

   Increase of equity investmnet


(2,114)


(63,818)


(31,717)

   Proceeds from disposal of property, plant and equipments


10,440


315,556


106,474

   Payment for deferred charges/other changes


(20,076)


(608,423)


(684,332)

Net cash used in investing activities


(632,097)


(19,242,803)


(15,588,261)








Cash Flows from Financing Activities:







   Increase of long-term loan


128,291


3,850,000


6,206,000

   Payment of long-term loan


(104,320)


(3,178,166)


(3,178,166)

   Cash dividends distributed to shareholders


(186,919)


(5,609,436)


(5,140,752)

   Proceeds from issue of convertible bonds


392,008


12,089,536


-

   Proceeds from the exercise of employee stock option /other charges


4,639


140,246


962,579

Net cash provided from ( used in ) financing activities


233,699


7,292,180


(1,150,339)








Foreign currency exchange effect


6,024


184,916


113,399

Net increase in cash and cash equivalents


429,653


13,179,466


1,122,755

Cash and cash equivalents at beginning of period


560,794


16,975,247


15,852,492

Cash and cash equivalents at end of period


990,447


30,154,713


16,975,247








Forex ( NT$ per US$ )




30.29


29.81








(1): All figures are under T-IFRS. 







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

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SOURCE Siliconware Precision Industries Co., Ltd.

Copyright 2015 PR Newswire

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