Form 6-K SILICONWARE PRECISION For: Jan 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 January, 2016

 

 

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

 

Contact:
Siliconware Precision Industries Co., Ltd.		Janet Chen, IR Director
No.45, Jieh Show Rd.		[email protected]
Hsinchu Science Park, Hsinchu		+886-3-5795678#3675
Taiwan, 30056		Mike Ma, Spokesperson
www.spil.com.tw		[email protected]
		+886-4-25545527#5601

 

 

Siliconware Precision Industries Reports a 3.7% Quarter-over-Quarter Increase in Revenues Resulting in Earnings per Share of NT$ (0.07) or Earnings per ADS is US$ (0.01) for Fourth Quarter 2015.

Taichung, Taiwan, Jan. 29, 2016—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 2015 were NT$ 20,765 million, which represented a 3.7% increase in revenues compared to the third quarter of 2015 and a 3.1% decline in revenues compared to the fourth quarter of 2014. SPIL reported a net loss of NT$ 212 million for the fourth quarter of 2015, compared with a net income of NT$ 2,682 million and a net income of NT$ 3,015 million for the third quarter of 2015 and the fourth quarter of 2014, respectively.

Diluted earnings per ordinary share for this quarter was NT$ (0.07), 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 fourth quarter of 2015, net revenues from IC packaging were NT$ 18,449 million and represented 89% of total net revenues. Net revenues from testing operations were NT$ 2,316 million and represented 11% of total net revenues.

 

•

Cost of goods sold was NT$ 15,323 million, representing an increase of 1.5% compared to the third quarter of 2015 and a decrease of 2.1% compared to the fourth quarter of 2014.

 

•

Raw materials costs were NT$ 6,457 million for the fourth quarter of 2015 and represented 31.1% of total net revenues, whereas raw materials costs were NT$ 6,150 million and represented 30.7% of total net revenues for the third quarter of 2015.

 

1

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•

Gross profit was NT$ 5,442 million for the fourth quarter of 2015, representing a gross margin of 26.2%, which increased from a gross margin of 24.7% for the third quarter of 2015 and decreased from 26.9% for the fourth quarter of 2014.

 

•

Total operating expenses for the fourth quarter of 2015 were NT$ 2,181 million, which included selling expenses of NT$ 193 million, administrative expenses of NT$ 1,108 million and R&D expenses of NT$ 880 million. Total operating expenses represented 10.5% of total net revenues for the fourth quarter of 2015.

 

•

Operating income was NT$ 3,261 million for the fourth quarter of 2015, representing an operating margin of 15.7%, which increased from 14.6% for the third quarter of 2015 and decreased from 18.0% for the fourth quarter of 2014.

 

•

Non-operating items:

 

•

Our non-operating expense was NT$ 3,662 million, including net losses of NT$ 1,425 million on fair value change of financial liabilities at fair value through profit or loss and an impairment loss of NT$ 1,856 million from Unimicron Technology Co.

 

•

Net loss before tax was NT$ 6 million for the fourth quarter of 2015, which decreased from a net income before tax of NT$ 3,051 million for the third quarter of 2015 and decreased from a net income before tax of NT$ 3,684 million for the fourth quarter of 2014.

 

•

Income tax expense was NT$ 206 million for the fourth quarter of 2015, compared with income tax expense of NT$ 369 million for the third quarter of 2015 and income tax expense of NT$ 669 million for the fourth quarter of 2014.

 

•

Net loss was NT$ 212 million for the fourth quarter of 2015, which decreased from a net income of NT$ 2,682 million for the third quarter of 2015 and decreased from a net income of NT$ 3,015 million for the fourth quarter of 2014.

 

•

Total number of shares outstanding was 3,116 million shares as of Dec 31, 2015. Diluted earnings per ordinary share was NT$ (0.07), and diluted earnings per ADS was US$ (0.01).

Capital expenditure and balance sheet highlight:

 

•

Our cash balances totaled NT$ 25,191 million as of Dec 31, 2015 from NT$ 22,437 million as of Sept 30, 2015, and NT$ 30,155 million as of Dec 31, 2014.

 

•

Capital expenditures for the fourth quarter of 2015 totaled NT$ 3,070 million.

 

•

Total depreciation expenses for the fourth quarter of 2015 totaled NT$ 3,225 million.

IC packaging service:

 

•

Net revenues from IC packaging operations were NT$ 18,449 million for the fourth quarter of 2015, which represented an increase of NT$ 705 million or 4.0% compared to the third quarter of 2015.

 

2

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•

Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 27%, 17% and 45%, respectively, of total net revenues for the fourth quarter of 2015.

 

•

As of Dec 31, 2015 we had 7,323 wirebonders installed, of which 25 were disposed in the fourth quarter of 2015.

IC testing service:

 

•

Net revenues from testing operations were NT$ 2,316 million for the fourth quarter of 2015, which represented an increase of NT$ 30 million or 1.3% compared to the third quarter of 2015.

 

•

As of Dec 31, 2015 we had 547 testers installed, of which 9 were added and 5 were disposed in the fourth quarter of 2015.

Revenue Analysis

 

•

Breakdown by end applications:

 

By application		4Q15				3Q15
Communication			63	%			64	%
Computing			9	%			10	%
Consumer			25	%			22	%
Memory			3	%			4	%

 

•

Breakdown by packaging type:

 

By application		4Q15				3Q15
Bumping & Flip Chip			45	%			44	%
Substrate Based			27	%			27	%
Leadframe Based			17	%			18	%
Testing			11	%			11	%

 

3

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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 Dec 31, 2015 reflect our gains or losses attributable to the fourth quarter of 2015 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, 2015, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2015 is necessarily indicative of the results that may be expected for any period thereafter.

 

4

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Dec 31, 2015 and 2014

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

 

		Dec 31, 2015												Dec 31, 2014								Sequential
ASSETS		USD				NTD				%				NTD				%				Change				%
Current Assets
Cash and cash equivalent			767,445				25,191,374				21				30,154,713				23				(4,963,339	)			(16	)
Available-for-sale financial assets			32,512				1,067,204				1				—				—				1,067,204				100
Accounts receivable			482,472				15,837,131				13				18,578,054				14				(2,740,923	)			(15	)
Inventories			137,161				4,502,319				4				4,381,135				3				121,184				3
Other current assets			66,631				2,187,184				1				2,094,006				1				93,178				4
Total current assets			1,486,221				48,785,212				40				55,207,908				41				(6,422,696	)			(12	)
Non-current Assets
Available-for-sale financial assets			168,360				5,526,412				4				8,999,903				8				(3,473,491	)			(39	)
Long-term investment under equity method			76,852				2,522,658				2				76,032				—				2,446,626				3,218
Property, plant and equipment			1,959,044				64,305,608				52				63,520,671				49				784,937				1
Intangible assets			5,873				192,774				—				249,170				—				(56,396	)			(23	)
Other assets			58,265				1,912,566				2				1,702,391				2				210,175				12
Total non-current assets			2,268,394				74,460,018				60				74,548,167				59				(88,149	)			—
Total Assets			3,754,615				123,245,230				100				129,756,075				100				(6,510,845	)			(5	)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Short-term loans			85,000				2,790,125				2				2,690,250				2				99,875				4
Financial liabilities at fair value through profit or loss - current			54,803				1,798,920				1				1,095,552				1				703,368				64
Accounts payable			211,501				6,942,527				6				8,020,963				7				(1,078,436	)			(13	)
Current portion of long-term debt			182,517				5,991,128				5				6,970,152				5				(979,024	)			(14	)
Other current liability			400,748				13,154,539				11				12,799,126				9				355,413				3
Non-current liabilities
Bonds payable			384,686				12,627,311				10				11,875,483				9				751,828				100
Long-term loans			239,392				7,858,036				7				12,794,062				10				(4,936,026	)			(39	)
Other liabilities			45,149				1,482,002				1				1,403,868				1				78,134				6
Total Liabilities			1,603,796				52,644,588				43				57,649,456				44				(5,004,868	)			(9	)
Stockholders’ Equity
Capital stock			949,386				31,163,611				25				31,163,611				24				—				—
Capital reserve			480,072				15,758,358				13				15,771,456				12				(13,098	)			—
Legal reserve			303,664				9,967,775				8				8,797,005				7				1,170,770				13
Retained earnings			302,244				9,921,153				8				11,678,749				9				(1,757,596	)			(15	)
Other equities			115,453				3,789,745				3				4,695,798				4				(906,053	)			(19	)
Total Equity			2,150,819				70,600,642				57				72,106,619				56				(1,505,977	)			(2	)
Total Liabilities & Shareholders’ Equity			3,754,615				123,245,230				100				129,756,075				100				(6,510,845	)			(5	)
Forex (NT$ per US$)							32.825								31.65

 

(1)	All figures are under T-IFRS.

(2)	Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed balance sheets of Dec 31, 2014 have been updated accordingly.

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

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

 

		3 months ended on Dec 31																				Sequential Comparison
		4Q 2015												4Q 2014				YOY				4Q 2015				3Q 2015				QOQ
		USD				NTD				%				NTD				change %				NTD				NTD				change %
Revenues			636,454				20,764,940				100.0				21,430,915				-3.1				20,764,940				20,029,703				3.7
Cost of Goods Sold			(469,646	)			(15,322,657	)			-73.8				(15,655,951	)			-2.1				(15,322,657	)			(15,090,116	)			1.5
Gross Profit			166,808				5,442,283				26.2				5,774,964				-5.8				5,442,283				4,939,587				10.2
Operating Expenses
Selling Expenses			(5,909	)			(192,773	)			-0.9				(247,455	)			-22.1				(192,773	)			(243,652	)			-20.9
Administrative Expenses			(33,974	)			(1,108,448	)			-5.3				(696,858	)			59.1				(1,108,448	)			(801,151	)			38.4
Research and Development Expenses			(26,979	)			(880,214	)			-4.3				(974,769	)			-9.7				(880,214	)			(965,931	)			-8.9
			(66,862	)			(2,181,435	)			-10.5				(1,919,082	)			13.7				(2,181,435	)			(2,010,734	)			8.5
Operating Income			99,946				3,260,848				15.7				3,855,882				-15.4				3,260,848				2,928,853				11.3
Non-operating Items			(100,144	)			(3,267,292	)			-15.7				(172,089	)			—				(3,267,292	)			121,878				—
Income(Loss) Before Income Tax			(198	)			(6,444	)			0.0				3,683,793				-100.2				(6,444	)			3,050,731				-100.2
Income Tax Expenses			(6,301	)			(205,593	)			-1.0				(668,523	)			-69.2				(205,593	)			(368,427	)			-44.2
Net Income (Loss)			(6,499	)			(212,037	)			-1.0				3,015,270				-107.0				(212,037	)			2,682,304				-107.9
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations			(5,512	)			(179,842	)							(53,911	)											—
Income tax relating to items that will not be reclassified to profit or loss			937				30,572								9,165												—
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements			(7,301	)			(238,202	)							441,434												258,970
Unrealized gain (loss) on available-for-sale financial assets			61,246				1,998,197								522,682												(1,655,007	)
Income tax relating to items that may be reclassified to profit or loss			(734	)			(23,942	)							(11,639	)											30,363
Total other comprehensive income			48,636				1,586,783								907,731												(1,365,674	)
Total comprehensive income			42,137				1,374,746								3,923,001												1,316,630
Earnings Per Ordinary Share - Basic						NT$	( 0.07	)						NT$	0.97											NT$	0.86
Earnings Per Ordinary Share - Diluted						NT$	( 0.07	)						NT$	0.97											NT$	0.86
Earnings Per ADS - Diluted						US$	( 0.01	)						US$	0.16											US$	0.13
Weighted Average Outstanding Shares - Diluted (‘k)							3,116,361								3,119,755												3,129,886
Forex (NT$ per US$)							32.626								30.84												31.975

 

(1)	All figures are under T-IFRS.

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

(3)	Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed Income Statement of Dec 31, 2014 have been updated accordingly.

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

For the Twelve Months Ended on Dec 31, 2015 and 2014

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

 

		12 months ended on Dec 31
		2015												2014				YOY
		USD				NTD				%				NTD				change %
Revenues			2,611,703				82,839,922				100.0				83,071,441				-0.3
Cost of Goods Sold			(1,930,154	)			(61,230,622	)			-73.9				(62,081,253	)			-1.4
Gross Profit			681,549				21,609,300				26.1				20,990,188				2.9
Operating Expenses
Selling Expenses			(29,830	)			(944,499	)			-1.2				(937,885	)			0.7
Administrative Expenses			(115,578	)			(3,671,161	)			-4.4				(2,605,536	)			40.9
Research and Development Expenses			(117,936	)			(3,739,109	)			-4.5				(3,625,624	)			3.1
			(263,344	)			(8,354,769	)			-10.1				(7,169,045	)			16.5
Operating Income			418,205				13,254,531				16.0				13,821,143				-4.1
Non-operating Items			(86,873	)			(2,863,674	)			-3.4				447,041				—
Income Before Income Tax			331,332				10,390,857				12.6				14,268,184				-27.2
Income Tax Expenses			(51,742	)			(1,628,600	)			-2.0				(2,523,770	)			-35.5
Net Income			279,590				8,762,257				10.6				11,744,414				-25.4
Other comprehensive income
Items that will not be reclassiflied to profit or loss
Remeasurements of post employment benefit obligations			(5,512	)			(179,842	)							(53,911	)
Income tax relating to items that will not be reclassified to profit or loss			937				30,572								9,165
Items that may be subsequently reclassified to profit or loss
Exchange difference on translation of foreign financial statements			(7,159	)			(227,905	)							555,285
Unrealized gain (loss) on available-for-sale financial assets			(19,808	)			(549,845	)							2,948,369
Income tax relating to items that may be reclassified to profit or loss			691				20,967								51,938
Total other comprehensive income			(30,851	)			(906,053	)							3,510,846
Total comprehensive income			248,739				7,856,204								15,255,260
Earnings Per Ordinary Share - Basic						NT$	2.81							NT$	3.77
Earnings Per Ordinary Share - Diluted						NT$	2.78							NT$	3.74
Earnings Per ADS - Diluted						US$	0.44							US$	0.62
Weighted Average Outstanding Shares - Diluted (‘k)							3,150,135								3,139,471
Forex (NT$ per US$)							31.361								30.29

 

(1)	All figures are under T-IFRS.

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

(3)	Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed Income Statement of Dec 31, 2014 have been updated accordingly.

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 12 Months Ended on Dec 31, 2015 and 2014

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

 

		12 months, 2015								12 months, 2014
		USD				NTD				NTD
Cash Flows from Operating Activities:
Income before income tax			331,332				10,390,857				14,268,184
Depreciation			406,732				12,903,772				11,840,340
Amortization			19,245				610,213				595,475
Change in working capital & others			83,794				2,879,324				(1,758,826	)
Net cash flows provided from operating activities			841,103				26,784,166				24,945,173
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment			(436,256	)			(13,855,431	)			(19,560,740	)
Proceeds from disposal of available-for-sale financial assets			—				—				674,622
Proceeds from disposal of property, plant, and equipment			3,517				111,274				315,556
Increase of equity investment			(73,561	)			(2,400,000	)			(63,818	)
Payment for other changes			(14,050	)			(443,282	)			(608,423	)
Net cash used in investing activities			(520,350	)			(16,587,439	)			(19,242,803	)
Cash Flows from Financing Activities:
Proceeds from long-term loans			77,562				2,500,000				3,850,000
Repayment of long-term loans			(261,535	)			(8,235,833	)			(3,178,166	)
Cash dividends distributed to shareholders			(292,387	)			(9,349,083	)			(5,609,436	)
Proceeds from issue of convertible bonds			—				—				12,089,536
Others			(368	)			(11,374	)			140,246
Net cash (used in) provided from financing activities			(476,728	)			(15,096,290	)			7,292,180
Foreign currency exchange effect			(2,003	)			(63,776	)			184,916
Net increase (decrease) in cash and cash equivalents			(157,978	)			(4,963,339	)			13,179,466
Cash and cash equivalents at beginning of period			956,594				30,154,713				16,975,247
Cash and cash equivalents at end of period			798,616				25,191,374				30,154,713
Forex (NT$ per US$)							31.361				30.29

 

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

(2)	Starting in 2015, SPIL prepares financial statements in accordance with 2013 IFRSs version endorsed by Taiwan. Under IFRS, the impact of newly effected GAAP shall be restroactively applied. The consolidated condensed Cash Flow Statement of Dec 31, 2014 have been updated accordingly.

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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: January 29, 2016						By:		/s/ Ms. Eva Chen
								Eva Chen
								Chief Financial Officer

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