Form 6-K SILICONWARE PRECISION For: Jul 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 July, 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

 

Contact:		Janet Chen, IR Director
Siliconware Precision Industries Co., Ltd.		[email protected]
No.45, Jieh Show Rd.		+886-3-5795678#3675
Hsinchu Science Park, Hsinchu		Byron Chiang, Spokesperson
Taiwan, 30056		[email protected]
www.spil.com.tw		+886-3-5795678#3671

 

 

Siliconware Precision Industries Reports a 2.1% Quarter-over-Quarter growth in Revenues Resulting in Basic Earnings per Share of NT$ 1.18 or Diluted Earnings per Share of NT$ 0.93. Basic Earnings per ADS is US$ 0.19 and Diluted Earnings per ADS is US$ 0.15

Taichung, Taiwan, July 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 second quarter of 2015 were NT$ 21,240 million, which represented a 2.1% growth in revenues compared to the first quarter of 2015 and a 3.1% decline in revenues compared to the second quarter of 2014. SPIL reported a net income of NT$ 3,677 million for the second quarter of 2015, compared with a net income of NT$ 2,615 million and a net income of NT$ 3,375 million for the first quarter of 2015 and the second quarter of 2014, respectively.

Basic earnings per share for this quarter was NT$ 1.18, and diluted earnings per ordinary share was NT$ 0.93. Basic earnings per ADS for this quarter was US$ 0.19, and diluted earnings per ADS was US$ 0.15.

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

Operating results review:

 

•

For the second quarter of 2015, net revenues from IC packaging were NT$ 18,726 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,514 million and represented 12% of total net revenues.

 

•

Cost of goods sold was NT$ 15,459 million, representing an increase of 0.7% compared to the first quarter of 2015 and a decrease of 4.9% compared to the second quarter of 2014.

 

•

Raw materials costs were NT$ 6,704 million for the second quarter of 2015 and represented 31.6% of total net revenues, whereas raw materials costs were NT$ 6,768 million and represented 32.5% of total net revenues for the first quarter of 2015.

 

•

The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 258 million.

 

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•

Gross profit was NT$ 5,781 million for the second quarter of 2015, representing a gross margin of 27.2%, which increased from a gross margin of 26.2% for the first quarter of 2015 and was up from 25.8% for the second quarter of 2014.

 

•

Total operating expenses for the second quarter of 2015 were NT$ 2,185 million, which included selling expenses of NT$ 260 million, administrative expenses of NT$ 941 million and R&D expenses of NT$ 984 million. Total operating expenses represented 10.3% of total net revenues for the second quarter of 2015.

 

•

The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 143 million.

 

•

Operating income was NT$ 3,596 million for the second quarter of 2015, representing an operating margin of 16.9%, which increased from 16.7% for the first quarter of 2015 and decreased from 18.0% for the second quarter of 2014.

 

•

Non-operating items:

 

•

Our non-operating income was NT$ 961 million, including net income of NT$ 559 million on fair value change of financial liabilities at fair value through profit or loss, and cash dividends of NT$ 295 million and NT$ 38 million from ChipMos Taiwan and Unimicron Technology Corporation respectively.

 

•

Net income before tax was NT$ 4,332 million for the second quarter of 2015, which increased from a net income before tax of NT$ 3,014 million for the first quarter of 2015 and increased from a net income before tax of NT$ 4,061 million for the second quarter of 2014.

 

•

Income tax expense was NT$ 655 million for the second quarter of 2015, compared with income tax expense of NT$ 399 million for the first quarter of 2015 and income tax expense of NT$ 686 million for the second quarter of 2014.

 

•

Net income was NT$ 3,677 million for the second quarter of 2015, which increased from a net income of NT$ 2,615 million for the first quarter of 2015 and increased from a net income of NT$ 3,375 million for the second quarter of 2014.

 

•

Total number of shares outstanding was 3,116 million shares as of June 30, 2015. Basic earnings per share for this quarter was NT$ 1.18, and diluted earnings per ordinary share was NT$ 0.93. Basic earnings per ADS for this quarter was US$ 0.19, and diluted earnings per ADS was US$ 0.15.

Capital expenditure and balance sheet highlight:

 

•

Our cash balances totaled NT$ 28,103 million as of Jun 30, 2015 from NT$ 28,264 million as of Mar 31, 2015, and NT$ 18,651 million as of Jun 30, 2014.

 

•

Capital expenditures for the second quarter of 2015 totaled NT$ 2,824 million, which included NT$ 1,985 million for packaging equipment and NT$ 839 million for testing equipment.

 

•

Total depreciation expenses for the second quarter of 2015 totaled NT$ 3,239 million, which included NT$ 2,382 million was from packaging operations and NT$ 857 million from testing operations.

 

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IC packaging service:

 

•

Net revenues from IC packaging operations were NT$ 18,726 million for the second quarter of 2015, which represented an increase of NT$ 357 million or 1.9% compared to the first quarter of 2015.

 

•

Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 25%, 18% and 45%, respectively, of total net revenues for the second quarter of 2015.

 

•

Capital expenditures for IC packaging operations totaled NT$ 1,985 million for the second quarter of 2015, which included NT$ 1,385 million for packaging and building construction and NT$ 600 million for wafer bumping operations.

 

•

As of June 30, 2015 we had 7,375 wirebonders installed, of which no new ones were added or disposed in the second quarter of 2015.

IC testing service:

 

•

Net revenues from testing operations were NT$ 2,514 million for the second quarter of 2015, which represented an increase of NT$ 78 million or 3.2% compared to the first quarter of 2015.

 

•

Capital expenditures for testing operations totaled NT$ 839 million for the second quarter of 2015.

 

•

As of June 30, 2015 we had 539 testers installed, of which 13 were added and 1 was disposed in the second quarter of 2015.

 

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Revenue Analysis

 

•

Breakdown by end applications:

 

By application		2Q15				1Q15
Communication			66	%			66	%
Computing			10	%			10	%
Consumer			21	%			21	%
Memory			3	%			3	%

 

•

Breakdown by packaging type:

 

By packaging type		2Q15				1Q15
Bumping & Flip Chip			45	%			43	%
Substrate Based			25	%			26	%
Leadframe Based			18	%			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 June 30, 2015 reflect our gains or losses attributable to the second 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 June 30, 2015, nor the consolidated financial data for our company for the six months ended June 30, 2015 is 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 June 30, 2015 and 2014

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

 

		June 30, 2015												June 30, 2014								Sequential
ASSETS		USD				NTD				%				NTD				%				Change				%
Current Assets
Cash and cash equivalent			910,674				28,103,413				22				18,651,358				17				9,452,055				51
Accounts receivable			598,274				18,462,722				14				18,598,034				17				(135,312	)			-1
Inventories			145,037				4,475,835				3				4,355,506				4				120,329				3
Other current assets			73,342				2,263,353				2				1,907,471				1				355,882				19
Total current assets			1,727,327				53,305,323				41				43,512,369				39				9,792,954				23
Non-current Assets
Available-for-sale financial assets			262,698				8,106,868				6				9,929,333				9				(1,822,465	)			-18
Long-term investment under equity method			1,465				45,222				—				599,271				—				(554,049	)			-92
Property, plant and equipment			2,112,852				65,202,599				51				57,166,569				51				8,036,030				14
Intangible assets			6,186				190,908				—				286,009				—				(95,101	)			-33
Other assets			56,071				1,730,335				2				1,416,349				1				313,986				22
Total non-current assets			2,439,272				75,275,932				59				69,397,531				61				5,878,401				8
Total Assets			4,166,599				128,581,255				100				112,909,900				100				15,671,355				14
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Current Liabilities
Short-term loans			85,000				2,623,100				2				2,538,525				2				84,575				3
Financial liabilities at fair value through profit or loss-current			27,605				851,880				1				—				—				851,880				—
Accounts payable			227,934				7,034,054				5				7,857,210				7				(823,156	)			-10
Current portion of long-term debt			126,547				3,905,237				3				4,943,790				5				(1,038,553	)			-21
Other current liability			782,021				24,133,175				19				18,119,669				16				6,013,506				33
Non-current Liabilities
Bonds payable			379,975				11,726,043				9				—				—				11,726,043				—
Long-term loans			293,014				9,042,410				7				12,010,901				11				(2,968,491	)			-25
Other liabilities			43,515				1,342,871				1				1,397,224				1				(54,353	)			-4
Total Liabilities			1,965,611				60,658,770				47				46,867,319				42				13,791,451				29
Stockholders’ Equity
Capital stock			1,009,838				31,163,611				24				31,163,611				27				—				—
Capital reserve			511,069				15,771,577				12				15,771,441				14				136				—
Legal reserve			323,000				9,967,775				8				8,797,005				8				1,170,770				13
Retained earnings			241,442				7,450,886				6				5,403,303				5				2,047,583				38
Other equity			115,639				3,568,636				3				4,907,221				4				(1,338,585	)			-27
Total Equity			2,200,988				67,922,485				53				66,042,581				58				1,879,904				3
Total Liabilities & Shareholders’ Equity			4,166,599				128,581,255				100				112,909,900				100				15,671,355				14
Forex (NT$ per US$)							30.86								29.865

 

(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 June 30, 2014 have been updated accordingly.

 

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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 June 30																				Sequential Comparison
		2Q2015												2Q 2014				YOY				2Q 2015				1Q 2015				QOQ
		USD				NTD				%				NTD				change %				NTD				NTD				change %
Revenues			688,829				21,240,037				100.0				21,928,049				-3.1				21,240,037				20,805,242				2.1
Cost of Goods Sold			(501,348	)			(15,459,056	)			-72.8				(16,260,831	)			-4.9				(15,459,056	)			(15,358,793	)			0.7
Gross Profit			187,481				5,780,981				27.2				5,667,218				2.0				5,780,981				5,446,449				6.1
Operating Expenses
Selling Expenses			(8,420	)			(259,626	)			-1.2				(229,888	)			12.9				(259,626	)			(248,448	)			4.5
Administrative Expenses			(30,536	)			(941,586	)			-4.4				(642,151	)			46.6				(941,586	)			(819,976	)			14.8
Research and Development Expenses			(31,918	)			(984,176	)			-4.7				(852,576	)			15.4				(984,176	)			(908,788	)			8.3
			(70,874	)			(2,185,388	)			-10.3				(1,724,615	)			26.7				(2,185,388	)			(1,977,212	)			10.5
Operating Income			116,607				3,595,593				16.9				3,942,603				-8.8				3,595,593				3,469,237				3.6
Non-operating Income			31,184				961,552				4.5				305,501				214.7				961,552				123,664				677.6
Non-operating Expenses			(7,289	)			(224,727	)			-1.0				(186,631	)			20.4				(224,727	)			(578,749	)			-61.2
Income from Continuing Operations before Income Tax			140,502				4,332,418				20.4				4,061,473				6.7				4,332,418				3,014,152				43.7
Income Tax Expenses			(21,240	)			(654,928	)			-3.1				(686,838	)			-4.6				(654,928	)			(399,652	)			63.9
Net Income			119,262				3,677,490				17.3				3,374,635				9.0				3,677,490				2,614,500				40.7
Other comprehensive income
Exchange difference on translation of foreign financial statements			(3,152	)			(97,201	)							(191,223	)											(151,472	)
Unrealized gain (loss) on available-for-sale financial assets			(44,251	)			(1,364,486	)							2,691,622												471,451
Income tax relating to items that may be reclassified to profits or loss			668				20,610								(17,348	)											(6,064	)
Total other comprehensive income			(46,735	)			(1,441,077	)							2,483,051												313,915
Total comprehensive income			72,527				2,236,413								5,857,686												2,928,415
Earnings Per Ordinary Share- Basic						NT$	1.18							NT$	1.08											NT$	0.84
Earnings Per Ordinary Share- Diluted						NT$	0.93							NT$	1.08											NT$	0.83
Earnings Per ADS- Basic						US$	0.19							US$	0.18											US$	0.13
Earnings Per ADS- Diluted						US$	0.15							US$	0.18											US$	0.13
Weighted Average Outstanding Shares - Diluted (‘k)							3,374,893								3,128,788												3,143,401
Forex (NT$ per US$)							30.835								30.10												31.52

 

(1)	All figures are under TIFRS.

(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 June 30, 2014 have been updated accordingly.

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Six Months Ended on June 30, 2015 and 2014

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

 

		6 months ended on June 30, 2015 and 2014
		2015												2014				YOY
		USD				NTD				%				NTD				Change %
Net Sales			1,348,831				42,045,279				100.0				39,988,419				5.1
Cost of Goods Sold			(988,573	)			(30,817,849	)			-73.3				(30,324,337	)			1.6
Gross Profit			360,258				11,227,430				26.7				9,664,082				16.2
Operating Expenses
Selling expenses			(16,301	)			(508,074	)			-1.2				(439,480	)			15.6
Administrative expenses			(56,548	)			(1,761,562	)			-4.2				(1,200,399	)			46.7
Research and development expenses			(60,748	)			(1,892,964	)			-4.5				(1,686,279	)			12.3
			(133,597	)			(4,162,600	)			-9.9				(3,326,158	)			25.1
Operating Income			226,661				7,064,830				16.8				6,337,924				11.5
Non-operating Income			25,852				770,018				1.9				613,554				25.5
Non-operating Expenses			(16,393	)			(488,278	)			-1.2				(335,431	)			45.6
Income Before Income Tax			236,120				7,346,570				17.5				6,616,047				11.0
Income Tax Expenses			(33,919	)			(1,054,580	)			-2.5				(1,147,079	)			-8.1
Net Income			202,201				6,291,990				15.0				5,468,968				15.0
Other comprehensive income
Exchange difference on translation of foreign financial statements			(7,957	)			(248,673	)							(66,161	)
Unrealized gain (loss) on available-for-sale financial assets			(29,295	)			(893,035	)							3,845,039
Income tax relating to items that may be reclassified to profits or loss			476				14,546								(56,609	)
Total other comprehensive income			(36,776	)			(1,127,162	)							3,722,269
Total comprehensive income			165,425				5,164,828								9,191,237
Earnings Per Ordinary Share- Basic						NT$	2.02							NT$	1.75
Earnings Per Ordinary Share- Diluted						NT$	1.76							NT$	1.75
Earnings Per ADS- Basic						US$	0.32							US$	0.29
Earnings Per ADS- Diluted						US$	0.28							US$	0.29
Weighted Average Outstanding Shares - Diluted (‘k)							3,383,196								3,128,955
Forex ( NT$ per US$)							31.114								30.18

 

(1)	All figures are under TIFRS.

(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 June 30, 2014 have been updated accordingly.

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 6 Months Ended on June 30, 2015 and 2014

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

 

		6 months, 2015								6 months, 2014
		USD				NTD				NTD
Cash Flows from Operating Activities:
Net income before tax			236,121				7,346,570				6,616,047
Depreciation			206,931				6,450,813				5,711,508
Amortization			10,065				313,776				289,323
Change in working capital & others			(97,839	)			(3,007,932	)			(2,832,971	)
Net cash flows provided from operating activities			355,278				11,103,227				9,783,907
Cash Flows from Investing Activities:
Acquisition of property, plant, and equipment			(203,766	)			(6,360,288	)			(6,501,999	)
Proceeds from disposal of equipments			3,013				94,926				237,655
Increase of equity investment			—				—				(63,818	)
Payment for other changes			(10,870	)			(340,586	)			(279,951	)
Net cash used in investing activities			(211,623	)			(6,605,948	)			(6,608,113	)
Cash Flows from Financing Activities:
Repayment of long-term loan			(205,817	)			(6,454,250	)			(1,589,083	)
Increase (decrease) in deposit-in			(592	)			(18,372	)			114,397
Net cash used in financing activities			(206,409	)			(6,472,622	)			(1,474,686	)
Foreign currency exchange effect			(2,432	)			(75,957	)			(24,997	)
Net increase (decrease) in cash and cash equivalents			(65,186	)			(2,051,300	)			1,676,111
Cash and cash equivalents at beginning of period			956,594				30,154,713				16,975,247
Cash and cash equivalents at end of period			891,408				28,103,413				18,651,358
Forex (NT$ per US$)							31.114				29.865

 

(1)	All figures are under TIFRS.

(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 June 30, 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: July 29, 2015				By:		/s/ Ms. Eva Chen
						Eva Chen
						Chief Financial Officer

 

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