Form 6-K SILICONWARE PRECISION For: Apr 29

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, 2015

 

 

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  x            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

 

 

 

Siliconware Precision Industries Reports a 2.9% Quarter-over-Quarter decline in Revenues Resulting in Earnings per Share of NT$ 0.83 or Earnings per ADS of US$ 0.13 for First Quarter 2015

Taichung, Taiwan, Apr 29, 2015—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 2015 were NT$ 20,805 million, which represented a 2.9% decline in revenues compared to the fourth quarter of 2014 and a 15.2% growth in revenues compared to the first quarter of 2014. SPIL reported a net income of NT$ 2,615 million for the first quarter of 2015, compared with a net income of NT$ 3,015 million and a net income of NT$ 2,094 million for the fourth quarter of 2014 and the first quarter of 2014, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.83, and diluted earnings per ADS was US$ 0.13.

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

Operating results review:

 

•

For the first quarter of 2015, net revenues from IC packaging were NT$ 18,369 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,436 million and represented 12% of total net revenues.

 

•

Cost of goods sold was NT$ 15,359 million, representing a decrease of 1.9% compared to the fourth quarter of 2014 and an increase of 9.2% compared to the first quarter of 2014.

 

•

Raw materials costs were NT$ 6,768 million for the first quarter of 2015 and represented 32.5% of total net revenues, whereas raw materials costs were NT$ 6,953 million and represented 32.5% of total net revenues for the fourth quarter of 2014.

 

•

The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 185 million.

 

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Gross profit was NT$ 5,446 million for the first quarter of 2015, representing a gross margin of 26.2%, which decreased from a gross margin of 26.9% for the fourth quarter of 2014 and was up from 22.1% for the first quarter of 2014.

 

•

Total operating expenses for the first quarter of 2015 were NT$ 1,977 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 820 million and R&D expenses of NT$ 909 million. Total operating expenses represented 9.5% of total net revenues for the first quarter of 2015.

 

•

The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 100 million.

 

•

Operating income was NT$ 3,469 million for the first quarter of 2015, representing an operating margin of 16.7%, which decreased from 18.0% for the fourth quarter of 2014 and increased from 13.2% for the first quarter of 2014.

 

•

Non-operating items:

 

•

Our non-operating expense was NT$ 579 million, including net losses of NT$ 315 million on fair value change of financial liabilities at fair value through profit or loss.

 

•

Net income before tax was NT$ 3,014 million for the first quarter of 2015, which decreased from a net income before tax of NT$ 3,684 million for the fourth quarter of 2014 and increased from a net income before tax of NT$ 2,555 million for the first quarter of 2014.

 

•

Income tax expense was NT$ 399 million for the first quarter of 2015, compared with income tax expense of NT$ 669 million for the fourth quarter of 2014 and income tax expense of NT$ 460 million for the first quarter of 2014.

 

•

Net income was NT$ 2,615 million for the first quarter of 2015, which decreased from a net income of NT$ 3,015 million for the fourth quarter of 2014 and increased from a net income of NT$ 2,094 million for the first quarter of 2014.

 

•

Total number of shares outstanding was 3,143 million shares as of Mar 31, 2015. Diluted earnings per ordinary share for this quarter was NT$ 0.83, or US$ 0.13 per ADS.

 

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Capital expenditure and balance sheet highlight:

 

•

Our cash balances totaled NT$ 28,264 million as of Mar 31, 2015 from NT$ 30,155 million as of Dec 31, 2014, and NT$ 18,945 million as of Mar 31, 2014.

 

•

Capital expenditures for the first quarter of 2015 totaled NT$ 3,536 million, which included NT$ 2,202 million for packaging equipment and NT$ 1,334 million for testing equipment.

 

•

Total depreciation expenses for the first quarter of 2015 totaled NT$ 3,212 million, which included NT$ 2,378 million was from packaging operations and NT$ 834 million from testing operations.

IC packaging service:

 

•

Net revenues from IC packaging operations were NT$ 18,369 million for the first quarter of 2015, which represented a decrease of NT$ 420 million or 2.2% compared to the fourth quarter of 2014.

 

•

Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 26%, 19% and 43%, respectively, of total net revenues for the first quarter of 2015.

 

•

Capital expenditures for IC packaging operations totaled NT$ 2,202 million for the first quarter of 2015, which included NT$ 1,959 million for packaging and building construction and NT$ 243 million for wafer bumping operations.

 

•

As of Mar 31, 2015 we had 7,375 wirebonders installed, of which 9 were disposed in the first quarter of 2015.

IC testing service:

 

•

Net revenues from testing operations were NT$ 2,436 million for the first quarter of 2015, which represented a decrease of NT$ 206 million or 7.8% compared to the fourth quarter of 2014.

 

•

Capital expenditures for testing operations totaled NT$ 1,334 million for the first quarter of 2015.

 

•

As of Mar 31, 2015 we had 527 testers installed, of which 32 were added and 6 were disposed in the first quarter of 2015.

 

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Revenue Analysis

 

•

Breakdown by end applications:

 

By application		1Q15				4Q14
Communication			66	%			64	%
Computing			10	%			11	%
Consumer			21	%			21	%
Memory			3	%			4	%

 

•

Breakdown by packaging type:

 

By packaging type		1Q15				4Q14
Bumping & Flip Chip			43	%			40	%
Substrate Based			26	%			29	%
Leadframe Based			19	%			19	%
Testing			12	%			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:

 

•

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, 2015 reflect our gains or losses attributable to the first quarter of 2015 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, 2015, 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

As of Mar 31, 2015 and 2014

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

 

		Mar 31, 2015												Mar 31, 2014								Sequential
ASSETS		USD				NTD				%				NTD				%				Change				%
Current Assets
Cash and cash equivalent			903,012				28,264,264				22				18,945,401				18				9,318,863				49
Accounts receivable			554,848				17,366,737				14				15,312,224				15				2,054,513				13
Inventories			144,049				4,508,733				4				4,114,854				4				393,879				10
Other current assets			64,964				2,033,378				1				1,888,402				1				144,976				8
Total current assets			1,666,873				52,173,112				41				40,260,881				38				11,912,231				30
Non-current Assets
Available-for-sale financial assets			302,599				9,471,354				7				7,240,470				7				2,230,884				31
Long-term investment under equity method			1,739				54,433				—				622,968				—				(568,535	)			-91
Property, plant and equipment			2,025,320				63,392,501				50				55,414,638				53				7,977,863				14
Intangible assets			6,832				213,841				—				316,908				—				(103,067	)			-33
Other assets			64,420				2,016,372				2				1,566,255				2				450,117				29
Total non-current assets			2,400,910				75,148,501				59				65,161,239				62				9,987,262				15
Total Assets			4,067,783				127,321,613				100				105,422,120				100				21,899,493				21
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Short-term loans			85,000				2,660,500				2				2,589,950				2				70,550				3
Financial liabilities at fair value through profit or loss			45,072				1,410,750				1				—				—				1,410,750				100
Accounts payable			230,764				7,222,899				6				6,889,708				7				333,191				5
Current portion of long-term debt			167,969				5,257,443				4				4,999,234				5				258,209				5
Other current liability			422,286				13,217,565				10				9,995,078				9				3,222,487				32
Non-current Liabilities
Bonds payable			377,593				11,818,664				9				—				—				11,818,664				100
Long-term loans			297,917				9,324,812				8				13,745,828				13				(4,421,016	)			-32
Other liabilities			43,893				1,373,825				1				1,407,977				1				(34,152	)			-2
Total Liabilities			1,670,494				52,286,458				41				39,627,775				37				12,658,683				32
Stockholders’ Equity
Capital stock			995,643				31,163,611				25				31,163,611				30				—				—
Capital reserve			503,884				15,771,577				12				15,771,441				15				136				—
Legal reserve			281,054				8,797,005				7				8,207,777				8				589,228				7
Special reserve			—				—				—				244,604				—				244,604				-100
Retained earnings			456,653				14,293,249				11				7,982,742				8				6,310,507				79
Other equity			160,055				5,009,713				4				2,424,170				2				2,585,543				107
Total Equity			2,397,289				75,035,155				59				65,794,345				63				9,240,810				14
Total Liabilities & Shareholders’ Equity			4,067,783				127,321,613				100				105,422,120				100				21,899,493				21
Forex ( NT$ per US$ )							31.30								30.47

 

(1)	All figures are under TIFRS.

 

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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 Mar 31																				Sequential Comparison
		1Q2015												1Q 2014				YOY				1Q 2015				4Q 2014				QOQ
		USD				NTD				%				NTD				change %				NTD				NTD				change %
Revenues			660,002				20,805,242				100.0				18,060,370				15.2				20,805,242				21,430,915				-2.9
Cost of Goods Sold			(487,225	)			(15,358,793	)			-73.8				(14,063,506	)			9.2				(15,358,793	)			(15,655,951	)			-1.9
Gross Profit			172,777				5,446,449				26.2				3,996,864				36.3				5,446,449				5,774,964				-5.7
Operating Expenses
Selling Expenses			(7,881	)			(248,448	)			-1.2				(209,592	)			18.5				(248,448	)			(247,455	)			0.4
Administrative Expenses			(26,012	)			(819,976	)			-3.9				(558,248	)			46.9				(819,976	)			(696,858	)			17.7
Research and Development Expenses			(28,830	)			(908,788	)			-4.4				(833,703	)			9.0				(908,788	)			(974,769	)			-6.8
			(62,723	)			(1,977,212	)			-9.5				(1,601,543	)			23.5				(1,977,212	)			(1,919,082	)			3.0
Operating Income			110,054				3,469,237				16.7				2,395,321				44.8				3,469,237				3,855,882				-10.0
Non-operating Income			3,924				123,664				0.6				308,053				-59.9				123,664				391,636				-68.4
Non-operating Expenses			(18,360	)			(578,749	)			-2.8				(148,800	)			288.9				(578,749	)			(563,725	)			2.7
Income from Continuing Operations before Income Tax			95,618				3,014,152				14.5				2,554,574				18.0				3,014,152				3,683,793				-18.2
Income Tax Expenses			(12,679	)			(399,652	)			-1.9				(460,241	)			-13.2				(399,652	)			(668,523	)			-40.2
Net Income			82,939				2,614,500				12.6				2,094,333				24.8				2,614,500				3,015,270				-13.3
Other comprehensive income
Exchange difference on translation of foreign financial statements			(4,805	)			(151,472	)							125,062												441,435
Unrealized gain on available-for-sale financial assets			14,956				471,451								1,153,417												522,682
Acturial gain and loss of defined benefit plan			—				—								—												(41,749	)
Tax effect of other comprehensive income items			(192	)			(6,064	)							(39,261	)											(4,543	)
Total other comprehensive income			9,959				313,915								1,239,218												917,825
Total comprehensive income			92,898				2,928,415								3,333,551												3,933,095
Earnings Per Ordinary Share- Diluted						NT$	0.83							NT$	0.67											NT$	0.97
Earnings Per ADS- Diluted						US$	0.13							US$	0.11											US$	0.16
Weighted Average Outstanding Shares - Diluted (‘k)							3,143,401								3,138,305												3,119,755
Forex ( NT$ per US$ )							31.52								30.27												30.84

 

(1)	All figures are under TIFRS.

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

 

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 3 Months Ended on Mar 31, 2015 and 2014

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

 

		3 months, 2015								3 months, 2014
		USD				NTD				NTD
Cash Flows from Operating Activities:
Net income before tax			98,750				3,014,152				2,554,574
Depreciation			105,242				3,212,303				2,816,070
Amortization			5,152				157,252				142,344
Change in working capital / others			13,428				409,856				(549,999	)
Net cash flows provided from operating activities			222,572				6,793,563				4,962,989
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment			(115,834	)			(3,535,602	)			(3,010,312	)
Proceeds from disposal of property, plant and equipments			3,038				92,715				165,780
Payment for deferred charges/other changes			(8,143	)			(248,535	)			(182,873	)
Net cash used in investing activities			(120,939	)			(3,691,422	)			(3,027,405	)
Cash Flows from Financing Activities:
Repayment of long-term loan			(161,935	)			(4,942,750	)			—
Other charges			(169	)			(5,173	)			—
Net cash used in financing activities			(162,104	)			(4,947,923	)			0
Foreign currency exchange effect			(1,463	)			(44,667	)			34,570
Net (decrease) increase in cash and cash equivalents			(61,934	)			(1,890,449	)			1,970,154
Cash and cash equivalents at beginning of period			987,934				30,154,713				16,975,247
Cash and cash equivalents at end of period			926,000				28,264,264				18,945,401
Forex ( NT$ per US$ )							30.52				30.47

 

(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 29, 2015						By:		/s/ Ms. Eva Chen
								Eva Chen
								Chief Financial Officer

 

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