SPIL Siliconware Precision Industries Company, Ltd. - Ads Represents Common Shares (delisted)

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, 2017

 

 

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):  ☐)

 

 

 

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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 2017

Taichung, Taiwan, Apr 26, 2017— 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 2017 were NT$ 19,552 million, which represented a 11.8% decline in revenues compared to the fourth quarter of 2016 and a 1.3% growth in revenues compared to the first quarter of 2016. SPIL reported a net income of NT$ 997 million for the first quarter of 2017, compared with a net income of NT$ 2,829 million and a net income of NT$ 1,604 million for the fourth quarter of 2016 and the first quarter of 2016, respectively.

Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

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

Operating results review:

 

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For the first quarter of 2017, net revenues from IC packaging were NT$ 17,026 million and represented 87% of total net revenues. Net revenues from testing operations were NT$ 2,526 million and represented 13% of total net revenues.

 

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Cost of goods sold was NT$ 15,795 million, representing a decline of 6.8% compared to the fourth quarter of 2016 and an increase of 3.0% compared to the first quarter of 2016.

 

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Raw materials costs were NT$ 6,725 million for the first quarter of 2017 and represented 34.4% of total net revenues, whereas raw materials costs were NT$ 7,413 million and represented 33.5% of total net revenues for the fourth quarter of 2016.

 

•

The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 91 million.

 

•

Gross profit was NT$ 3,757 million for the first quarter of 2017, representing a gross margin of 19.2%, which decreased from a gross margin of 23.6% for the fourth quarter of 2016 and decreased from 20.6% for the first quarter of 2016.

 

•

Total operating expenses for the first quarter of 2017 were NT$ 2,017 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 804 million and R&D expenses of NT$ 965 million. Total operating expenses represented 10.3% of total net revenues for the first quarter of 2017.

 

•

The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 50 million.

 

•

Operating income was NT$ 1,740 million for the first quarter of 2017, representing an operating margin of 8.9%, which decreased from 13.7% for the fourth quarter of 2016 and decreased from 9.8% for the first quarter of 2016.

 

•

Non-operating items:

 

•

Our non-operating expense was NT$ 478 million, including net foreign exchange losses of NT$ 313 million and net losses of NT$ 113 million on fair value change of financial liabilities at fair value through profit or loss.

 

•

Net income before tax was NT$ 1,262 million for the first quarter of 2017, which decreased from a net income before tax of NT$ 3,392 million for the fourth quarter of 2016 and decreased from a net income before tax of NT$ 1,898 million for the first quarter of 2016.

 

•

Income tax expense was NT$ 265 million for the first quarter of 2017, compared with income tax expense of NT$ 563 million for the fourth quarter of 2016 and income tax expense of NT$ 294 million for the first quarter of 2016.

 

•

Net income was NT$ 997 million for the first quarter of 2017, which decreased from a net income of NT$ 2,829 million for the fourth quarter of 2016 and decreased from a net income of NT$ 1,604 million for the first quarter of 2016.

 

•

Total number of shares outstanding was 3,116 million shares as of Mar 31, 2017. Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

 

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Capital expenditure and balance sheet highlight:

 

•

Our cash balances totaled NT$ 23,611 million as of Mar 31, 2017 from NT$ 24,476 million as of Dec 31, 2016, and NT$ 25,406 million as of Mar 31, 2016.

 

•

Capital expenditures for the first quarter of 2017 totaled NT$ 3,337 million.

 

•

Total depreciation expenses for the first quarter of 2017 totaled NT$ 3,392 million.

IC packaging service:

 

•

Net revenues from IC packaging operations were NT$ 17,026 million for the first quarter of 2017, which represented a decrease of NT$ 2,380 million or 12.3% compared to the fourth quarter of 2016.

 

•

Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 28%, 17% and 42%, respectively, of total net revenues for the first quarter of 2017.

 

•

As of Mar 31, 2017 we had 8,248 wirebonders installed, of which 410 were added and 158 were disposed in the first quarter of 2017.

IC testing service:

 

•

Net revenues from testing operations were NT$ 2,526 million for the first quarter of 2017, which represented a decrease of NT$ 246 million or 8.9% compared to the fourth quarter of 2016.

 

•

As of Mar 31, 2017 we had 549 testers installed, of which 5 were added and 10 were disposed in the first quarter of 2017.

 

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Revenue Analysis

 

•

Breakdown by end applications:

 

By application		1Q17				4Q16
Communication			70	%			69	%
Computing			11	%			12	%
Consumer			17	%			17	%
Memory			2	%			2	%

 

•

Breakdown by packaging type:

 

By application		1Q17				4Q16
Bumping & Flip Chip			42	%			42	%
Substrate Based			28	%			29	%
Leadframe Based			17	%			17	%
Testing			13	%			12	%

 

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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:

 

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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, 2017 reflect our gains or losses attributable to the first quarter of 2017 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, 2017 is not necessarily indicative of the results that may be expected for any period thereafter.

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Mar 31, 2017 and 2016

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

 

		Mar 31, 2017												Mar 31, 2016								Sequential
ASSETS		USD				NTD				%				NTD				%				Change				%
Current Assets
Cash and cash equivalent			778,476				23,611,168				19				25,405,633				21				(1,794,465	)			-7.1
Accounts receivable			512,133				15,532,994				13				14,536,059				12				996,935				6.9
Inventories			224,929				6,822,101				6				5,678,642				5				1,143,459				20.1
Other current assets			51,576				1,564,299				1				1,309,843				0				254,456				19.4
Total current assets			1,567,114				47,530,562				39				46,930,177				38				600,385				1.3
Non-current Assets
Available-for-sale financial assets			139,473				4,230,202				3				5,789,763				5				(1,559,561	)			-26.9
Long-term investment under equity method			87,164				2,643,697				2				2,588,192				2				55,505				2.1
Property, plant and equipment			2,174,813				65,962,091				54				65,356,521				53				605,570				0.9
Intangible assets			5,157				156,410				—				188,564				—				(32,154	)			-17.1
Other assets			58,645				1,778,699				2				2,002,068				2				(223,369	)			-11.2
Total non-current assets			2,465,252				74,771,099				61				75,925,108				62				(1,154,009	)			-1.5
Total Assets			4,032,366				122,301,661				100				122,855,285				100				(553,624	)			-0.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Short-term loans			85,000				2,578,050				2				2,735,725				2				(157,675	)			-5.8
Financial liabilities at fair value through profit or loss - current			29,248				887,096				1				1,637,538				1				(750,442	)			-45.8
Accounts payable			242,881				7,366,573				6				7,077,693				6				288,880				4.1
Current portion of bonds payable			396,603				12,028,976				10				—				—				12,028,976				—
Current portion of long-term debt			70,299				2,132,167				2				5,913,739				5				(3,781,572	)			-63.9
Other current liability			428,438				12,994,547				10				13,119,194				11				(124,647	)			-1.0
Non-current liabilities
Bonds payable			—				—				—				12,457,882				10				(12,457,882	)			-100.0
Long-term loans			505,770				15,340,000				13				5,969,625				5				9,370,375				157.0
Other liabilities			52,106				1,580,368				1				1,535,385				1				44,983				2.9
Total Liabilities			1,810,345				54,907,777				45				50,446,781				41				4,460,996				8.8
Stockholders’ Equity
Capital stock			1,027,485				31,163,611				26				31,163,611				25				—				—
Capital reserve			416,815				12,641,997				10				15,758,358				13				(3,116,361	)			-19.8
Legal reserve			357,534				10,844,001				9				9,967,775				8				876,226				8.8
Retained earnings			370,880				11,248,800				9				11,525,181				10				(276,381	)			-2.4
Other equities			49,307				1,495,475				1				3,993,579				3				(2,498,104	)			-62.6
Total Equity			2,222,021				67,393,884				55				72,408,504				59				(5,014,620	)			-6.9
Total Liabilities & Shareholders’ Equity			4,032,366				122,301,661				100				122,855,285				100				(553,624	)			-0.5
Forex ( NT$ per US$ )							30.330								32.185

 

(1)	All figures are under T-IFRS.

 

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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 2017												1Q 2016				YoY				1Q 2017				4Q 2016				QoQ
		USD				NTD				%				NTD				change %				NTD				NTD				change %
Revenues			628,769				19,551,585				100.0				19,299,310				1.3				19,551,585				22,177,508				-11.8
Cost of Goods Sold			(507,954	)			(15,794,850	)			-80.8				(15,329,416	)			3.0				(15,794,850	)			(16,949,723	)			-6.8
Gross Profit			120,815				3,756,735				19.2				3,969,894				-5.4				3,756,735				5,227,785				-28.1
Operating Expenses
Selling Expenses			(7,988	)			(248,387	)			-1.3				(243,323	)			2.1				(248,387	)			(282,984	)			-12.2
Administrative Expenses			(25,842	)			(803,559	)			-4.1				(918,957	)			-12.6				(803,559	)			(873,787	)			-8.0
Research and Development Expenses			(31,039	)			(965,152	)			-4.9				(919,405	)			5.0				(965,152	)			(1,029,466	)			-6.2
			(64,869	)			(2,017,098	)			-10.3				(2,081,685	)			-3.1				(2,017,098	)			(2,186,237	)			-7.7
Operating Income			55,946				1,739,637				8.9				1,888,209				-7.9				1,739,637				3,041,548				-42.8
Non-operating Items			(15,375	)			(478,088	)			-2.4				10,032				—				(478,088	)			350,651				—
Income Before Income Tax			40,571				1,261,549				6.5				1,898,241				-33.5				1,261,549				3,392,199				-62.8
Income Tax Expenses			(8,523	)			(265,025	)			-1.4				(294,213	)			-9.9				(265,025	)			(563,300	)			-53.0
Net Income			32,048				996,524				5.1				1,604,028				-37.9				996,524				2,828,899				-64.8
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations			—				—								—												(177,806	)
Income tax relating to items that will not be reclassified to profit or loss			—				—								—												30,227
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements			(19,309	)			(600,408	)							(166,438	)											(48,053	)
Unrealized gain(loss) on available-for-sale financial assets			18,015				560,170								263,352												(822,053	)
Share of other comprehensive income of associates			8,277				257,367								85,238												(52,254	)
Income tax relating to items that may be reclassified to profit or loss			(228	)			(7,089	)							21,682												143,671
Total other comprehensive income (loss)			6,755				210,040								203,834												(926,268	)
Total comprehensive income			38,803				1,206,564								1,807,862												1,902,631
Earnings Per Ordinary Share- Basic						NT$	0.32							NT$	0.51											NT$	0.91
Earnings Per Ordinary Share- Diluted						NT$	0.15							NT$	0.39											NT$	0.89
Earnings Per ADS- Basic						US$	0.05							US$	0.08											US$	0.14
Earnings Per ADS- Diluted						US$	0.02							US$	0.06											US$	0.14
Weighted Average Outstanding Shares - Diluted (‘k)							3,400,463								3,375,688												3,389,863
Forex (NT$ per US$ )							31.095								33.143												31.767

 

(1)	All figures are under T-IFRS.

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

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For 3 Months Ended on Mar 31, 2017 and 2016

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

 

		3 months, 2017								3 months, 2016
		USD				NTD				NTD
Cash Flows from Operating Activities:
Income before income tax			40,571				1,261,549				1,898,241
Depreciation			109,099				3,392,422				3,185,853
Amortization			2,219				69,005				114,757
Change in working capital & others			(57,185	)			(1,778,145	)			(830,631	)
Net cash flows provided from operating activities			94,704				2,944,831				4,368,220
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment			(107,300	)			(3,336,501	)			(3,080,482	)
Proceeds from disposal of available-for-sale financial assets			—				—				1,077,460
Proceeds from disposal of property, plant, and equipment			13,429				417,578				28,092
Payment for other changes			2,796				86,938				(197,790	)
Net cash used in investing activities			(91,075	)			(2,831,985	)			(2,172,720	)
Cash Flows from Financing Activities:
Proceeds from long-term loans			32,160				1,000,000				—
Repayment of long-term loans			(57,253	)			(1,780,279	)			(1,781,583	)
Others			(61	)			(1,870	)			(101,819	)
Net cash used in financing activities			(25,154	)			(782,149	)			(1,883,402	)
Foreign currency exchange effect			(6,297	)			(195,799	)			(97,839	)
Net increase (decrease) in cash and cash equivalents			(27,822	)			(865,102	)			214,259
Cash and cash equivalents at beginning of period			787,145				24,476,270				25,191,374
Cash and cash equivalents at end of period			759,323				23,611,168				25,405,633
Forex ( NT$ per US$ )							31.095				33.143

 

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

 

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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 26, 2017						By:		/s/ Ms. Eva Chen
								Eva Chen
								Chief Financial Officer

 

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