Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, and diluted earnings per ADS was US$ 0.12.

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

Operating results review:

  • For the third quarter of 2017, net revenues from IC packaging were NT$ 18,705 million and represented 85% of total net revenues. Net revenues from testing operations were NT$ 3,250 million and represented 15% of total net revenues.
  • Cost of goods sold was NT$ 17,140 million, representing an increase of 2.8% compared to the second quarter of 2017 and an increase of 1.4% compared to the third quarter of 2016.
    • Raw materials costs were NT$ 7,282 million for the third quarter of 2017 and represented 33.2% of total net revenues, whereas raw materials costs were NT$ 7,121 million and represented 34.9% of total net revenues for the second quarter of 2017.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 200 million.
  • Gross profit was NT$ 4,815 million for the third quarter of 2017, representing a gross margin of 21.9%, which increased from a gross margin of 18.4% for the second quarter of 2017 and decreased from 23.0% for the third quarter of 2016.
  • Total operating expenses for the third quarter of 2017 were NT$ 2,074 million, which included selling expenses of NT$ 265 million, administrative expenses of NT$ 809 million and R&D expenses of NT$ 1,000 million. Total operating expenses represented 9.4% of total net revenues for the third quarter of 2017.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 112 million.
  • Operating income was NT$ 2,741 million for the third quarter of 2017, representing an operating margin of 12.5%, which increased from 9.2% for the second quarter of 2017 and decreased from 13.6% for the third quarter of 2016.
  • Non-operating items:
    • Our non-operating expense was NT$ 183 million, including net losses of NT$ 181 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 2,558 million for the third quarter of 2017, which decreased from a net income before tax of NT$ 2,950 million for the second quarter of 2017 and decreased from a net income before tax of NT$ 3,160 million for the third quarter of 2016.
  • Income tax expense was NT$ 301 million for the third quarter of 2017, compared with income tax expense of NT$ 792 million for the second quarter of 2017 and income tax expense of NT$ 468 million for the third quarter of 2016.
  • Net income was NT$ 2,257 million for the third quarter of 2017, which increased from a net income of NT$ 2,158 million for the second quarter of 2017 and decreased from a net income of NT$ 2,692 million for the third quarter of 2016.
  • Total number of shares outstanding was 3,116 million shares as of Sep. 30, 2017. Basic earnings per share for this quarter was NT$ 0.72, and diluted earnings per ordinary share was NT$ 0.71. Basic earnings per ADS for this quarter was US$ 0.12, and diluted earnings per ADS was US$ 0.12.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 20,783 million as of Sep. 30, 2017 from NT$ 24,978 million as of June 30, 2017, and NT$ 19,177 million as of Sep. 30, 2016.
  • Capital expenditures for the third quarter of 2017 totaled NT$ 3,587 million.
  • Total depreciation expenses for the third quarter of 2017 totaled NT$ 3,695 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,705 million for the third quarter of 2017, which represented an increase of NT$ 1,060 million or 6.0% compared to the second quarter of 2017.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 17% and 39%, respectively, of total net revenues for the third quarter of 2017.
  • As of Sep. 30, 2017 we had 8,456 wirebonders installed, of which 120 were added and 169 were disposed in the third quarter of 2017.

IC testing service:

  • Net revenues from testing operations were NT$ 3,250 million for the third quarter of 2017, which represented an increase of NT$ 470 million or 16.9% compared to the second quarter of 2017.
  • As of Sep. 30, 2017 we had 571 testers installed, of which 16 were added and 1 were disposed in the third quarter of 2017.

For more information, please visit: https://photos.prnasia.com/prnk/20171024/1973552-1

Revenue Analysis

  • Breakdown by end applications:

By application

3Q17

2Q17  

Communication

65%

68%

Computing

12%

11%

Consumer

21%

19%

Memory

2%

2%

  • Breakdown by packaging type:

By application

3Q17

2Q17 

Bumping & Flip Chip 

39%

38%

Substrate Based 

29%

30%

Leadframe Based

17%

18%

Testing 

15%

14%

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 Sep. 30, 2017 reflect our gains or losses attributable to the third 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 Sep. 30, 2017, nor the consolidated financial data for our company for the nine months ended Sep. 30, 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 Sep 30, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

Sep 30, 2017

Sep 30, 2016

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent

686,802

20,782,614

17

19,176,940

16

1,605,674

8.4

Available-for-sale financial assets

167,503

(167,503)

Accounts receivable

576,252

17,437,397

14

17,633,748

14

(196,351)

-1.1

Inventories

217,895

6,593,510

6

6,327,980

5

265,530

4.2

Other current assets

59,371

1,796,552

2

1,608,585

2

187,967

11.7

Total current assets

1,540,320

46,610,073

39

44,914,756

37

1,695,317

3.8

Non-current Assets

Available-for-sale financial assets

156,252

4,728,180

4

4,541,857

4

186,323

4.1

Long-term investment under equity method

95,350

2,885,289

2

2,487,013

2

398,276

16.0

Property, plant and equipment

2,141,097

64,789,607

53

66,331,530

55

(1,541,923)

-2.3

Intangible assets

4,080

123,461

180,962

(57,501)

-31.8

Other assets

63,026

1,907,183

2

1,788,399

2

118,784

6.6

Total non-current assets

2,459,805

74,433,720

61

75,329,761

63

(896,041)

-1.2

Total Assets

4,000,125

121,043,793

100

120,244,517

100

799,276

0.7

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Current Liabilities

Short-term loans

115,000

3,479,900

3

2,665,600

2

814,300

30.5

Financial liabilities at fair value through
    profit or loss – current

11,459

346,746

954,864

1

(608,118)

-63.7

Accounts payable

255,877

7,742,849

6

8,280,808

7

(537,959)

-6.5

Current portion of bonds payable

401,352

12,144,926

10

12,144,926

Current portion of long-term debt

82,838

2,506,667

2

4,972,652

5

(2,465,985)

-49.6

Other current liability

397,942

12,041,713

10

13,558,079

10

(1,516,366)

-11.2

Non-current liabilities

Bonds payable

12,287,925

10

(12,287,925)

-100.0

Long-term loans

454,505

13,753,333

12

11,756,921

10

1,996,412

17.0

Other liabilities

54,341

1,644,358

1

1,482,979

1

161,379

10.9

Total  Liabilities

1,773,314

53,660,492

44

55,959,828

46

(2,299,336)

-4.1

Stockholders’ Equity

Capital stock

1,029,861

31,163,611

26

31,163,611

26

Capital reserve

417,780

12,642,023

10

12,641,997

11

26

0.0

Legal reserve

391,187

11,837,317

10

10,844,001

9

993,316

9.2

Retained earnings

304,358

9,209,859

8

7,423,377

6

1,786,482

24.1

Other equities

83,625

2,530,491

2

2,211,703

2

318,788

14.4

Total Equity

2,226,811

67,383,301

56

64,284,689

54

3,098,612

4.8

Total Liabilities & Shareholders’ Equity

4,000,125

121,043,793

100

120,244,517

100

799,276

0.7

Forex ( NT$ per US$ ) 

30.260

31.360

(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 Sep 30

Sequential Comparison

3Q 2017

3Q 2016

YoY

3Q 2017

2Q 2017

QoQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

725,390

21,955,373

100.0

21,955,188

0.0

21,955,373

20,424,642

7.5

Cost of Goods Sold

(566,313)

(17,140,604)

-78.1

(16,901,767)

1.4

(17,140,604)

(16,667,295)

2.8

Gross Profit

159,077

4,814,769

21.9

5,053,421

-4.7

4,814,769

3,757,347

28.1

Operating Expenses

Selling Expenses

(8,740)

(264,539)

-1.2

(251,733)

5.1

(264,539)

(240,918)

9.8

Administrative Expenses

(26,745)

(809,475)

-3.7

(789,819)

2.5

(809,475)

(709,125)

14.2

Research and Development Expenses

(33,034)

(999,827)

-4.5

(1,026,480)

-2.6

(999,827)

(932,672)

7.2

(68,519)

(2,073,841)

-9.4

(2,068,032)

0.3

(2,073,841)

(1,882,715)

10.2

Operating Income

90,558

2,740,928

12.5

2,985,389

-8.2

2,740,928

1,874,632

46.2

Non-operating Items

(6,043)

(182,915)

-0.8

174,470

(182,915)

1,075,744

Income Before Income Tax 

84,515

2,558,013

11.7

3,159,859

-19.0

2,558,013

2,950,376

-13.3

Income Tax Expenses

(9,961)

(301,499)

-1.4

(468,329)

-35.6

(301,499)

(792,238)

-61.9

Net Income

74,554

2,256,514

10.3

2,691,530

-16.2

2,256,514

2,158,138

4.6

Other comprehensive income

Items that may be subsequently reclassified to profit or loss

    Exchange difference on translation of foreign financial statements

5,371

162,591

(442,841)

228,524

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

(258)

(7,802)

(735,175)

505,780

    Share of other comprehensive income of associates 

(1,029)

(31,159)

(103,478)

182,381

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

(4,618)

(5,299)

Total other comprehensive income (loss)

4,084

123,630

(1,286,112)

911,386

Total comprehensive income

78,638

2,380,144

1,405,418

3,069,524

Earnings Per Ordinary Share- Basic

NT$    0.72

NT$    0.86

NT$    0.69

Earnings Per Ordinary Share- Diluted 

NT$    0.71

NT$    0.64

NT$    0.49

Earnings Per ADS- Basic

US$    0.12

US$    0.14

US$    0.11

Earnings Per ADS- Diluted 

US$    0.12

US$    0.10

US$    0.08

Weighted Average Outstanding Shares – Diluted (‘k)

3,397,597

3,389,249

3,388,544

Forex ( NT$ per US$ ) 

30.267

31.717

30.256

(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))

9 months ended on Sep 30

2017

2016

YoY

USD

NTD

%

NTD

change %

Revenues

2,029,220

61,931,600

100.0

62,934,405

-1.6

Cost of Goods Sold

(1,625,143)

(49,602,749)

-80.1

(48,812,468)

1.6

Gross Profit

404,077

12,328,851

19.9

14,121,937

-12.7

Operating Expenses

Selling Expenses

(24,691)

(753,844)

-1.2

(741,705)

1.6

Administrative Expenses

(76,024)

(2,322,159)

-3.7

(2,621,826)

-11.4

Research and Development Expenses

(94,899)

(2,897,651)

-4.7

(3,013,824)

-3.9

(195,614)

(5,973,654)

-9.6

(6,377,355)

-6.3

Operating Income

208,463

6,355,197

10.3

7,744,582

-17.9

Non-operating Items

14,137

414,741

0.6

547,786

-24.3

Income Before Income Tax 

222,600

6,769,938

10.9

8,292,368

-18.4

Income Tax Expenses

(44,669)

(1,358,762)

-2.2

(1,188,107)

14.4

Net Income

177,931

5,411,176

8.7

7,104,261

-23.8

Other comprehensive income

Items that may be subsequently reclassified to profit or loss

   Exchange difference on translation of foreign financial statements

(6,385)

(209,293)

(860,748)

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

34,474

1,058,148

(647,052)

   Share of other comprehensive income of associates 

13,276

408,589

(80,684)

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

(403)

(12,388)

10,442

Total other comprehensive income (loss)

40,962

1,245,056

(1,578,042)

Total comprehensive income

218,893

6,656,232

5,526,219

Earnings Per Ordinary Share- Basic

NT$   1.74

NT$     2.28

Earnings Per Ordinary Share- Diluted 

NT$   1.34

NT$     1.80

Earnings Per ADS- Basic

US$   0.29

US$     0.35

Earnings Per ADS- Diluted 

US$   0.22

US$     0.28

Weighted Average Outstanding Shares – Diluted (‘k)

3,412,032

3,403,893

Forex ( NT$ per US$ ) 

30.413

32.310

(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 9 Months Ended on Sep 30, 2017 and 2016
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

9 months, 2017

9 months, 2016

USD

NTD

NTD

Cash Flows from Operating Activities:

   Income before income tax

222,600

6,769,938

8,292,368

   Depreciation  

347,797

10,615,817

9,633,210

   Amortization

5,516

168,772

305,896

   Change in working capital &others

(146,179)

(4,470,962)

(4,562,770)

Net cash flows provided from operating activities

429,734

13,083,565

13,668,704

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(348,214)

(10,626,885)

(11,858,794)

   Proceeds from disposal of available-for-sale financial assets

1,454,403

   Proceeds from disposal of property, plant, and equipment

18,431

568,928

136,561

   Others

(3,074)

(90,731)

(339,232)

Net cash used in investing activities

(332,857)

(10,148,688)

(10,607,062)

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

7,000,000

   Repayment of long-term loans

(97,329)

(2,993,112)

(3,808,721)

   Cash dividends distributed to shareholders 

(180,184)

(5,453,632)

(11,842,172)

   Others

949

28,704

(100,257)

Net cash used in financing activities

(214,258)

(6,505,960)

(8,751,150)

Foreign currency exchange effect 

(3,877)

(122,573)

(324,926)

Net decrease in cash and cash equivalents

(121,258)

(3,693,656)

(6,014,434)

Cash and cash equivalents at beginning of period

787,145

24,476,270

25,191,374

Cash and cash equivalents at end of period

665,887

20,782,614

19,176,940

Forex ( NT$ per US$ ) 

30.413

32.310

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

SOURCE Siliconware Precision Industries Co., Ltd.

Related Links

http://www.spil.com.tw

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