1934 Act Registration No. 1- 30702

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2018

 

 

Siliconware Precision Industries Co., Ltd.

(Translation of Registrant’s Name Into English)

 

 

NO. 123, SEC. 3, DA FONG RD. TANTZU

TAICHUNG, TAIWAN

(Address of Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F)

Form 20-F  ☒            Form 40-F  ☐

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ☐)

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐)

 

 

 

LOGO

News Release

 

Contact:    Eva Chen, VP of Finance Div.
Siliconware Precision Industries Co., Ltd.    SPILIR@spil.com.tw
No. 123, Sec. 3, Da Fong Rd., Tantzu,    +886- 4- 25341525#1536
Taichung, Taiwan 42749    Byron Chiang, Spokesperson
www.spil.com.tw    Spokesperson@spil.com.tw
   +886- 3- 5795678#3676

 

 

Siliconware Precision Industries Reports Unaudited Consolidated

Financial Results for the First Quarter of 2018

Taichung, Taiwan, Apr. 24, 2018— Siliconware Precision Industries Co., Ltd . (“SPIL” or the “Company”) (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the first quarter of 2018 were NT$ 18,913 million, which represented a 12.5% decline in revenues compared to the fourth quarter of 2017 and a 3.3% decline in revenues compared to the first quarter of 2017. SPIL reported a net income attributable to shareholders of the parent of NT$ 240 million for the first quarter of 2018, compared with a net income of NT$ 1,489 million and a net income of NT$ 997 million for the fourth quarter of 2017 and the first quarter of 2017, respectively.

Basic earnings per share for this quarter was NT$ 0.08, and diluted earnings per ordinary share was NT$ 0.08. Basic earnings per ADS for this quarter was US$ 0.01, and diluted earnings per ADS was US$ 0.01.

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

Operating results review:

 

  •   For the first quarter of 2018, net revenues from IC packaging were NT$ 16,021 million and represented 85% of total net revenues. Net revenues from testing operations were NT$ 2,892 million and represented 15% of total net revenues.

 

  •   Cost of goods sold was NT$ 15,918 million, representing a decline of 7.1% compared to the fourth quarter of 2017 and an increase of 0.8% compared to the first quarter of 2017.

 

  •   Raw materials costs were NT$ 6,629 million for the first quarter of 2018 and represented 35.1% of total net revenues, whereas raw materials costs were NT$ 7,266 million and represented 33.6% of total net revenues for the fourth quarter of 2017.

 

  •   The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 19 million.

 

1

  •   Gross profit was NT$ 2,995 million for the first quarter of 2018, representing a gross margin of 15.8%, which decreased from a gross margin of 20.7% for the fourth quarter of 2017 and decreased from 19.2% for the first quarter of 2017.

 

  •   Total operating expenses for the first quarter of 2018 were NT$ 1,824 million, which included selling expenses of NT$ 241 million, administrative expenses of NT$ 654 million and R&D expenses of NT$ 929 million. Total operating expenses represented 9.6% of total net revenues for the first quarter of 2018.

 

  •   The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 10 million.

 

  •   Operating income was NT$ 1,171 million for the first quarter of 2018, representing an operating margin of 6.2%, which decreased from 10.7% for the fourth quarter of 2017 and decreased from 8.9% for the first quarter of 2017.

 

  •   Non-operating items:

 

  •   Our non-operating expense was NT$ 736 million, including net losses of NT$ 713 million on fair value change of financial assets and liabilities at fair value through profit or loss.

 

  •   Net income before tax was NT$ 435 million for the first quarter of 2018, which decreased from a net income before tax of NT$ 1,931 million for the fourth quarter of 2017 and decreased from a net income before tax of NT$ 1,262 million for the first quarter of 2017.

 

  •   Income tax expense was NT$ 171 million for the first quarter of 2018, compared with income tax expense of NT$ 442 million for the fourth quarter of 2017 and income tax expense of NT$ 265 million for the first quarter of 2017.

 

  •   Net income attributable to shareholders of the parent was NT$ 240 million for the first quarter of 2018, which decreased from a net income of NT$ 1,489 million for the fourth quarter of 2017 and decreased from a net income of NT$ 997 million for the first quarter of 2017.

 

  •   Total number of shares outstanding was 3,129 million shares as of Mar. 31, 2018. Basic earnings per share for this quarter was NT$ 0.08, and diluted earnings per ordinary share was NT$ 0.08. Basic earnings per ADS for this quarter was US$ 0.01, and diluted earnings per ADS was US$ 0.01.

 

2

Capital expenditure and balance sheet highlight:

 

  •   Our cash balances totaled NT$ 31,361 million as of Mar. 31, 2018 from NT$ 24,444 million as of Dec. 31, 2017, and NT$ 23,611 million as of Mar. 31, 2017.

 

  •   Capital expenditures for the first quarter of 2018 totaled NT$ 2,277 million.

 

  •   Total depreciation expenses for the first quarter of 2018 totaled NT$ 3,830 million.

IC packaging service:

 

  •   Net revenues from IC packaging operations were NT$ 16,021 million for the first quarter of 2018, which represented a decrease of NT$ 2,174 million or 11.9% compared to the fourth quarter of 2017.

 

  •   Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 18% and 38%, respectively, of total net revenues for the first quarter of 2018.

 

  •   As of Mar. 31, 2018 we had 8,731 wirebonders installed, of which 524 were added in the first quarter of 2018.

IC testing service:

 

  •   Net revenues from testing operations were NT$ 2,892 million for the first quarter of 2018, which represented a decrease of NT$ 536 million or 15.6% compared to the fourth quarter of 2017.

 

  •   As of Mar. 31, 2018 we had 589 testers installed, of which 15 were added in the first quarter of 2018.

 

3

Revenue Analysis

 

  •   Breakdown by end applications:

 

By application

   1Q18     4Q17  

Communication

     67 %      68 % 

Computing

     14 %      11 % 

Consumer

     17 %      19 % 

Memory

     2 %      2 % 

 

  •   Breakdown by packaging type:

 

By application

   1Q18     4Q17  

Bumping & Flip Chip

     38 %      40 % 

Substrate Based

     29 %      27 % 

Leadframe Based

     18 %      17 % 

Testing

     15 %      16 % 

 

4

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 Mar 31, 2018 reflect our gains or losses attributable to the first quarter of 2018 unaudited financial results of several of our investees which are evaluated under the equity method. The consolidated financial data for our company for the three months ended Mar 31, 2018 is not necessarily indicative of the results that may be expected for any period thereafter.

 

5

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Mar 31, 2018 and 2017

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

 

     Mar 31, 2018      Mar 31, 2017      Sequential  

ASSETS

   USD     NTD     %      NTD      %      Change     %  
Current Assets                  

Cash and cash equivalent

     1,077,509       31,360,901       25        23,611,168        19        7,749,733       32.8  

Contract assets

     64,639       1,881,313       2        —          —          1,881,313       —    

Accounts receivable

     497,810       14,488,752       11        15,532,994        13        (1,044,242 )      (6.7 ) 

Inventories

     194,126       5,650,037       4        6,822,101        6        (1,172,064 )      (17.2 ) 

Other current assets

     51,039       1,485,504       1        1,564,299        1        (78,795 )      (5.0 ) 
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total current assets

     1,885,123       54,866,507       43        47,530,562        39        7,335,945       15.4  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
Non-current Assets                  

Financial assets at fair value through profit or loss - non current

     128,944       3,752,895       3        —          —          3,752,895       —    

Available-for-sale financial assets

     —         —         —          4,230,202        3        (4,230,202 )      (100.0 ) 

Long-term investment under equity method

     106,613       3,102,976       2        2,643,697        2        459,279       17.4  

Property, plant and equipment

     2,164,994       63,012,138       50        65,962,091        54        (2,949,953 )      (4.5 ) 

Intangible assets

     3,598       104,727       —          156,410        —          (51,683 )      (33.0 ) 

Other assets

     76,433       2,224,587       2        1,778,699        2        445,888       25.1  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total non-current assets

     2,480,582       72,197,323       57        74,771,099        61        (2,573,776 )      (3.4 ) 
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Assets

     4,365,705       127,063,830       100        122,301,661        100        4,762,169       3.9  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

                                             

Liabilities

                 
Current Liabilities                  

Short-term loans

     122,331       3,560,445       3        2,578,050        2        982,395       38.1  

Financial liabilities at fair value through profit or loss - current

     37,350       1,087,081       1        887,096        1        199,985       22.5  

Accounts payable

     251,102       7,308,324       6        7,366,573        6        (58,249 )      (0.8 ) 

Current portion of bonds payable

     387,090       11,266,243       9        12,028,976        10        (762,733 )      (6.3 ) 

Current portion of long-term debt

     149,115       4,340,000       3        2,132,167        2        2,207,833       103.5  

Other current liability

     418,973       12,194,193       10        12,994,547        10        (800,354 )      (6.2 ) 
Non-current liabilities                  

Long-term loans

     402,942       11,727,625       9        15,340,000        13        (3,612,375 )      (23.5 ) 

Other liabilities

     52,424       1,525,800       1        1,580,368        1        (54,568 )      (3.5 ) 
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Liabilities

     1,821,327       53,009,711       42        54,907,777        45        (1,898,066 )      (3.5 ) 
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
Stockholders’ Equity                  

Eqity attributable to owners of the Company

                 

Capital stock

     1,075,166       31,292,699       24        31,163,611        26        129,088       0  

Capital reserve

     475,156       13,829,434       11        12,641,997        10        1,187,437       9.4  

Legal reserve

     406,711       11,837,317       9        10,844,001        9        993,316       9.2  

Retained earnings

     468,108       13,624,285       11        11,248,800        9        2,375,485       21.1  

Other equities

     (2,836 )      (82,550 )      —          1,495,475        1        (1,578,025 )      (105.5 ) 
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
Equity attributable to owners of the Company      2,422,305       70,501,185       55        67,393,884        55        3,107,301       4.6  

Non-controlling interests

     122,073       3,552,934       3        —          —          3,552,934       —    
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Equity

     2,544,378       74,054,119       58        67,393,884        55        6,660,235       9.9  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Liabilities & Shareholders’ Equity

     4,365,705       127,063,830       100        122,301,661        100        4,762,169       3.9  
  

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Forex ( NT$ per US$ )

       29.105          30.330          
    

 

 

      

 

 

         

 

(1) All figures are under T-IFRS.

 

6

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 Mar 31     Sequential Comparison  
    1Q 2018     1Q 2017     YoY     1Q 2018     4Q 2017     QoQ  
    USD     NTD     %     NTD     change %     NTD     NTD     change %  

Revenues

    645,485       18,912,711       100.0       19,551,585       (3.3 )      18,912,711       21,622,785       (12.5 ) 

Cost of Goods Sold

    (543,279 )      (15,918,086 )      (84.2 )      (15,794,850 )      0.8       (15,918,086 )      (17,137,541 )      (7.1 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit

    102,206       2,994,625       15.8       3,756,735       (20.3 )      2,994,625       4,485,244       (33.2 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Expenses

               

Selling Expenses

    (8,240 )      (241,427 )      (1.3 )      (248,387 )      (2.8 )      (241,427 )      (278,955 )      (13.5 ) 

Administrative Expenses

    (22,313 )      (653,740 )      (3.4 )      (803,559 )      (18.6 )      (653,740 )      (941,971 )      (30.6 ) 

Research and Development Expenses

    (31,692 )      (928,595 )      (4.9 )      (965,152 )      (3.8 )      (928,595 )      (944,345 )      (1.7 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    (62,245 )      (1,823,762 )      (9.6 )      (2,017,098 )      (9.6 )      (1,823,762 )      (2,165,271 )      (15.8 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Income

    39,961       1,170,863       6.2       1,739,637       (32.7 )      1,170,863       2,319,973       (49.5 ) 

Non-operating Items

    (25,111 )      (735,752 )      (3.9 )      (478,088 )      (53.9 )      (735,752 )      (388,576 )      (89.3 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income Before Income Tax

    14,850       435,111       2.3       1,261,549       (65.5 )      435,111       1,931,397       (77.5 ) 

Income Tax Expenses

    (5,823 )      (170,628 )      (0.9 )      (265,025 )      (35.6 )      (170,628 )      (442,408 )      (61.4 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Income

    9,027       264,483       1.4       996,524       (73.5 )      264,483       1,488,989       (82.2 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

               

Items that will not be reclassiflied to profit or loss

               

Share of other comprehensive income of associates

    5,597       164,003         —             —      

Remeasurements of post employment benefit obligations

    —         —           —             10,647    

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

    327       9,566         —             (1,810 )   

Items that may be subsequently reclassified to profit or loss

               

Exchange difference on translation of foreign financial statements

    12,325       361,134         (600,408 )          (17,030 )   

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

    —         —           560,170           (592,973 )   

Share of other comprehensive income of associates

    —         —           257,367           48,076    

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

    —         —           (7,089 )          —      
 

 

 

   

 

 

     

 

 

       

 

 

   

Total other comprehensive income (loss)

    18,249       534,703         210,040           (553,090 )   
 

 

 

   

 

 

     

 

 

       

 

 

   

Total comprehensive income

    27,276       799,186         1,206,564           935,899    
 

 

 

   

 

 

     

 

 

       

 

 

   

Net profit attributable to:

               

Owners of the Company

      240,115         996,524           1,488,989    

Non-controlling interests

      24,368         —             —      
   

 

 

     

 

 

       

 

 

   
      264,483         996,524           1,488,989    
   

 

 

     

 

 

       

 

 

   

Total comprehensive income attributable to:

               

Owners of the Company

      752,680         1,206,564           935,899    

Non-controlling interests

      46,506         —             —      
   

 

 

     

 

 

       

 

 

   
      799,186         1,206,564           935,899    
   

 

 

     

 

 

       

 

 

   

Earnings Per Ordinary Share- Basic

    NT$ 0.08       NT$ 0.32         NT$ 0.48    
   

 

 

     

 

 

       

 

 

   

Earnings Per Ordinary Share- Diluted

    NT$ 0.08       NT$ 0.15         NT$ 0.48    
   

 

 

     

 

 

       

 

 

   

Earnings Per ADS- Basic

    US$ 0.01       US$ 0.05         US$ 0.08    
   

 

 

     

 

 

       

 

 

   

Earnings Per ADS- Diluted

    US$ 0.01       US$ 0.02         US$ 0.08    
   

 

 

     

 

 

       

 

 

   

Weighted Average Outstanding Shares - Diluted (‘k)

      3,127,762         3,400,463           3,120,063    
   

 

 

     

 

 

       

 

 

   

Forex ( NT$ per US$ )

      29.300         31.095           30.108    
   

 

 

     

 

 

       

 

 

   

 

(1) All figures are under T-IFRS.
(2) 1 ADS is equivalent to 5 Common Shares.

 

 

7

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For 3 Months Ended on Mar 31, 2018 and 2017

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

 

     3 months, 2018     3 months, 2017  
     USD     NTD     NTD  

Cash Flows from Operating Activities:

      

Income before income tax

     14,850       435,111       1,261,549  

Depreciation

     130,711       3,829,840       3,392,422  

Amortization

     1,207       35,361       69,005  

Change in working capital & others

     (1,642 )      (48,130 )      (1,778,145 ) 
  

 

 

   

 

 

   

 

 

 

Net cash flows provided from operating activities

     145,126       4,252,182       2,944,831  
  

 

 

   

 

 

   

 

 

 

Cash Flows from Investing Activities:

      

Proceeds from from disposal of subsidiaries

     155,531       4,557,070       —    

Acquisition of property, plant, and equipment

     (77,699 )      (2,276,575 )      (3,336,501 ) 

Proceeds from disposal of property, plant, and equipment

     412       12,078       417,578  

Others

     (3,415 )      (100,088 )      86,938  
  

 

 

   

 

 

   

 

 

 

Net cash provided from (used in) investing activities

     74,829       2,192,485       (2,831,985 ) 
  

 

 

   

 

 

   

 

 

 

Cash Flows from Financing Activities:

      

Increase in short-term loans

     7,250       212,432       —    

Proceeds from long-term loans

     24,724       724,424       1,000,000  

Repayment of long-term loans

     (17,065 )      (500,000 )      (1,780,279 ) 

Others

     (380 )      (11,149 )      (1,870 ) 
  

 

 

   

 

 

   

 

 

 

Net cash provided from (used in) financing activities

     14,529       425,707       (782,149 ) 
  

 

 

   

 

 

   

 

 

 

Foreign currency exchange effect

     1,585       46,444       (195,799 ) 
  

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     236,069       6,916,818       (865,102 ) 
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at beginning of period

     834,269       24,444,083       24,476,270  
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

     1,070,338       31,360,901       23,611,168  
  

 

 

   

 

 

   

 

 

 
       —         —    

Forex ( NT$ per US$ )

       29.300       31.095  
    

 

 

   

 

 

 

 

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

 

8

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    Siliconware Precision Industries Co., Ltd
Date: April 24, 2018     By:  

/s/ Ms. Eva Chen

      Eva Chen
      Chief Financial Officer
Siliconware Precision Industries (NASDAQ:SPIL)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Siliconware Precision Industries Charts.
Siliconware Precision Industries (NASDAQ:SPIL)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Siliconware Precision Industries Charts.