TAICHUNG, January 28, 2015 /PRNewswire/ — 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 2014 were NT$ 21,431 million, which represented a 1.0% decline in revenues compared to the third quarter of 2014 and a 13.7% growth in revenues compared to the fourth quarter of 2013. SPIL reported a net income of NT$ 3,012 million for the fourth quarter of 2014, compared with a net income of NT$ 3,257 million and a net income of NT$ 2,260 million for the third quarter of 2014 and the fourth quarter of 2013, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.97, and diluted earnings per ADS was US$ 0.16.

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

Operating results review:

  • For the fourth quarter of 2014, net revenues from IC packaging were NT$ 18,789 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,642 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 15,658 million, representing a decrease of 2.8% compared to the third quarter of 2014 and an increase of 7.8% compared to the fourth quarter of 2013.
    • Raw materials costs were NT$ 6,953 million for the fourth quarter of 2014 and represented 32.5% of total net revenues, whereas raw materials costs were NT$ 7,208 million and represented 33.3% of total net revenues for the third quarter of 2014.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 107 million.
  • Gross profit was NT$ 5,773 million for the fourth quarter of 2014, representing a gross margin of 26.9%, which increased from a gross margin of 25.6% for the third quarter of 2014 and was up from 22.9% for the fourth quarter of 2013.
  • Total operating expenses for the fourth quarter of 2014 were NT$ 1,920 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 697 million and R&D expenses of NT$ 975 million. Total operating expenses represented 8.9% of total net revenues for the fourth quarter of 2014.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 71 million.
  • Operating income was NT$ 3,853 million for the fourth quarter of 2014, representing an operating margin of 18.0%, which increased from 16.7% for the third quarter of 2014 and increased from 14.0% for the fourth quarter of 2013.
  • Non-operating items:
    • Our non-operating income was NT$ 392 million, including foreign currency exchange gains of NT$ 256 million.
    • Our non-operating expense was NT$ 564 million, including net losses of NT$ 321 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 3,681 million for the fourth quarter of 2014, which decreased from a net income before tax of NT$ 3,965 million for the third quarter of 2014 and increased from a net income before tax of NT$ 2,796 million for the fourth quarter of 2013.
  • Income tax expense was NT$ 669 million for the fourth quarter of 2014, compared with income tax expense of NT$ 708 million for the third quarter of 2014 and income tax expense of NT$ 536 million for the fourth quarter of 2013.
  • Net income was NT$ 3,012 million for the fourth quarter of 2014, which decreased from a net income of NT$ 3,257 million for the third quarter of 2014 and increased from a net income of NT$ 2,260 million for the fourth quarter of 2013.
  • Total number of shares outstanding was 3,120 million shares as of Dec 31, 2014. Diluted earnings per ordinary share for this quarter was NT$ 0.97, or US$ 0.16 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 30,155 million as of Dec 31, 2014 from NT$ 20,139 million as of Sept 30, 2014, and NT$ 16,975 million as of Dec 31, 2013.
  • Capital expenditures for the fourth quarter of 2014 totaled NT$ 8,665 million, which included NT$ 7,450 million for packaging equipment and NT$ 1,215 million for testing equipment.
  • Total depreciation expenses for the fourth quarter of 2014 totaled NT$ 3,092 million, which included NT$ 2,289 million was from packaging operations and NT$ 803 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,789 million for the fourth quarter of 2014, which represented a decrease of NT$ 264 million or 1.4% compared to the third quarter of 2014.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 19% and 40%, respectively, of total net revenues for the fourth quarter of 2014.
  • Capital expenditures for IC packaging operations totaled NT$ 7,450 million for the fourth quarter of 2014, which included NT$ 7,287 million for packaging and building construction and NT$ 163 million for wafer bumping operations.
  • As of Dec 31, 2014 we had 7,384 wirebonders installed, of which 6 were disposed in the fourth quarter of 2014.

IC testing service:

  • Net revenues from testing operations were NT$ 2,642 million for the fourth quarter of 2014, which represented an increase of NT$ 43 million or 1.7% compared to the third quarter of 2014.
  • Capital expenditures for testing operations totaled NT$ 1,215 million for the fourth quarter of 2014.
  • As of Dec 31, 2014 we had 501 testers installed, of which 27 were added and 9 were disposed in the fourth quarter of 2014.

Revenue Analysis

> Breakdown by end applications:

By application

4Q14

3Q14

Communication

64%

61%

Computing

11%

12%

Consumer

21%

23%

Memory

4%

4%

> Breakdown by packaging type:

By packaging type

4Q14

3Q14

Bumping & Flip Chip

40%

39%

Substrate Based

29%

30%

Leadframe Based

19%

19%

Testing

12%

12%

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, 2014 reflect our gains or losses attributable to the fourth quarter of 2014 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, 2014, nor the consolidated financial data for our company for the twelve months ended Dec 31, 2014 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Dec 31, 2014 and 2013

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

Dec 31,2014

Dec 31,2013

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Current Assets

Cash and cash equivalent

952,756

30,154,713

23

16,975,247

17

13,179,466

78

Accounts receivable

586,984

18,578,054

14

15,371,493

15

3,206,561

21

Inventories

138,424

4,381,135

3

3,667,592

4

713,543

19

Other current assets

66,162

2,094,006

1

1,810,799

1

283,207

16

Total current assets

1,744,326

55,207,908

41

37,825,131

37

17,382,777

46

Non-current Assets

Available-for-sale financial assets

284,357

8,999,903

8

6,087,053

6

2,912,850

48

Long-term investment under equity method

2,402

76,032

615,998

1

(539,966)

-88

Property, plant and equipment

2,006,972

63,520,671

49

55,196,751

54

8,323,920

15

Intangible assets

7,873

249,170

355,313

(106,143)

-30

Other assets

53,647

1,697,941

2

1,729,325

2

(31,384)

-2

Total non-current assets

2,355,251

74,543,717

59

63,984,440

63

10,559,277

17

Total Assets

4,099,577

129,751,625

100

101,809,571

100

27,942,054

27

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Current Liabilities

Short-term loans

85,000

2,690,250

2

2,533,850

2

156,400

6

Financial liabilities at fair value through profit or loss-current

34,615

1,095,552

1

1,095,552

100

Accounts payable

253,427

8,020,963

7

6,542,050

7

1,478,913

23

Current portion of long-term debt

220,226

6,970,152

5

3,154,196

3

3,815,956

121

Other current liability

404,396

12,799,126

9

10,300,068

10

2,499,058

24

Non-current Liabilities

Bonds payable

375,213

11,875,483

9

11,875,483

100

Long-term loans

404,236

12,794,062

10

15,355,557

15

(2,561,495)

-17

Other liabilities

44,038

1,393,806

1

1,453,914

2

(60,108)

-4

Total Liabilities

1,821,151

57,639,394

44

39,339,635

39

18,299,759

47

Stockholders’ Equity

Capital stock

984,632

31,163,611

24

31,163,611

31

Capital reserve

498,308

15,771,456

12

15,771,853

15

(397)

Legal reserve

277,946

8,797,005

7

8,207,777

8

589,228

7

Special reserve

244,604

244,604

-100

Retained earnings

369,912

11,707,700

9

5,965,224

6

5,742,476

96

Other equity

147,628

4,672,459

4

1,116,867

1

3,555,592

318

Total Equity

2,278,426

72,112,231

56

62,469,936

61

9,642,295

15

Total Liabilities & Shareholders’ Equity

4,099,577

129,751,625

100

101,809,571

100

27,942,054

27

Forex ( NT$ per US$ )

31.65

29.81

(1) All figures are under T-IFRS.

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 Dec 31

Sequential Comparison

4Q2014

4Q 2013

YOY

4Q 2014

3Q 2014

QOQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

694,906

21,430,915

100.0

18,843,765

13.7

21,430,915

21,652,107

-1.0

Cost of Goods Sold

(507,721)

(15,658,132)

-73.1

(14,522,575)

7.8

(15,658,132)

(16,103,145)

-2.8

Gross Profit

187,185

5,772,783

26.9

4,321,190

33.6

5,772,783

5,548,962

4.0

Operating Expenses

Selling Expenses

(8,029)

(247,617)

-1.1

(223,483)

10.8

(247,617)

(251,110)

-1.4

Administrative Expenses

(22,608)

(697,231)

-3.3

(567,202)

22.9

(697,231)

(708,638)

-1.6

Research and Development Expenses

(31,627)

(975,356)

-4.5

(884,282)

10.3

(975,356)

(965,180)

1.1

(62,264)

(1,920,204)

-8.9

(1,674,967)

14.6

(1,920,204)

(1,924,928)

-0.2

Operating Income

124,921

3,852,579

18.0

2,646,223

45.6

3,852,579

3,624,034

6.3

Non-operating Income

12,699

391,636

1.8

272,587

43.7

391,636

970,019

-59.6

Non-operating Expenses

(18,279)

(563,725)

-2.6

(123,332)

357.1

(563,725)

(629,012)

-10.4

Income from Continuing Operations before Income Tax

119,341

3,680,490

17.2

2,795,478

31.7

3,680,490

3,965,041

-7.2

Income Tax Expenses

(21,677)

(668,523)

-3.1

(535,946)

24.7

(668,523)

(708,168)

-5.6

Net Income

97,664

3,011,967

14.1

2,259,532

33.3

3,011,967

3,256,873

-7.5

Other comprehensive income

Exchange difference for translating the financial statements of foreign operation

14,314

441,434

141,483

180,012

Unrealized valuation profit and loss of available-for-sale financial assets

16,948

522,682

(320,107)

(1,419,352)

Acturial gain and loss of defined benefit plan

(1,354)

(41,749)

96,041

Tax effect of other comprehensive income items

(147)

(4,542)

(35,305)

120,186

Total other comprehensive income

29,761

917,825

(117,888)

(1,119,154)

Total comprehensive income

127,425

3,929,792

2,141,644

2,137,719

Earnings Per Ordinary Share- Diluted

NT$ 0.97

NT$ 0.72

NT$ 1.04

Earnings Per ADS- Diluted

US$ 0.16

US$ 0.12

US$ 0.17

Weighted Average Outstanding Shares – Diluted (‘k)

3,119,755

3,134,752

3,125,037

Forex ( NT$ per US$ )

30.84

29.55

30.01

(1) All figures are under TIFRS.

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

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Twelve Months Ended on Dec 31, 2014 and 2013

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

12 months ended on Dec 31, 2014 and 2013

2014

2013

YOY

USD

NTD

%

NTD

Change %

Net Sales

2,741,552

83,071,441

100.0

69,356,192

19.8

Cost of Goods Sold

(2,049,290)

(62,090,060)

-74.7

(54,925,674)

13.0

Gross Profit

692,262

20,981,381

25.3

14,430,518

45.4

Operating Expenses

Selling expenses

(30,969)

(938,522)

-1.1

(839,723)

11.8

Administrative expenses

(86,021)

(2,606,970)

-3.2

(2,246,763)

16.0

Research and development expenses

(119,694)

(3,627,958)

-4.4

(3,406,702)

6.5

(236,684)

(7,173,450)

-8.7

(6,493,188)

10.5

Operating Income

455,578

13,807,931

16.6

7,937,330

74.0

Non-operating Income

65,349

1,975,209

2.4

974,505

102.7

Non-operating Expenses

(50,355)

(1,528,168)

-1.8

(1,455,902)

5.0

Income Before Income Tax

470,572

14,254,972

17.2

7,455,933

91.2

Income Tax Expenses

(83,299)

(2,523,770)

-3.1

(1,563,650)

61.4

Net Income

387,273

11,731,202

14.1

5,892,283

99.1

Other comprehensive income

Exchange difference for translating the financial statements of foreign operation

18,091

555,285

426,113

Unrealized valuation profit and loss of available-for-sale financial assets

97,179

2,948,369

692,602

Acturial gain and loss of defined benefit plan

(1,354)

(41,749)

96,041

Tax effect of other comprehensive income items

1,985

59,035

(116,939)

Total other comprehensive income

115,901

3,520,940

1,097,817

Total comprehensive income

503,174

15,252,142

6,990,100

Earnings Per Ordinary Share- Diluted

NT$ 3.74

NT$ 1.89

Earnings Per ADS- Diluted

US$ 0.62

US$ 0.32

Weighted Average Outstanding Shares – Diluted (‘k)

3,139,471

3,116,617

Forex ( NT$ per US$)

30.29

29.70

(1) All figures are under TIFRS .

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

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 12 Months Ended on Dec 31, 2014 and 2013

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

12 months, 2014

12 months, 2013

USD

NTD

NTD

Cash Flows from Operating Activities:

Net income before tax

470,572

14,254,972

7,455,933

Depreciation

390,679

11,840,340

10,447,444

Amortization

19,649

595,475

586,295

Change in working capital / others

(58,873)

(1,745,614)

(741,716)

Net cash flows provided from operating activities

822,027

24,945,173

17,747,956

Cash Flows from Investing Activities:

Acquisition of property, plant, and equipment

(642,827)

(19,560,740)

(14,978,686)

Proceeds from disposal of available-for-sale financial assets

22,480

674,622

Increase of equity investmnet

(2,114)

(63,818)

(31,717)

Proceeds from disposal of property, plant and equipments

10,440

315,556

106,474

Payment for deferred charges/other changes

(20,076)

(608,423)

(684,332)

Net cash used in investing activities

(632,097)

(19,242,803)

(15,588,261)

Cash Flows from Financing Activities:

Increase of long-term loan

128,291

3,850,000

6,206,000

Payment of long-term loan

(104,320)

(3,178,166)

(3,178,166)

Cash dividends distributed to shareholders

(186,919)

(5,609,436)

(5,140,752)

Proceeds from issue of convertible bonds

392,008

12,089,536

Proceeds from the exercise of employee stock option /other charges

4,639

140,246

962,579

Net cash provided from ( used in ) financing activities

233,699

7,292,180

(1,150,339)

Foreign currency exchange effect

6,024

184,916

113,399

Net increase in cash and cash equivalents

429,653

13,179,466

1,122,755

Cash and cash equivalents at beginning of period

560,794

16,975,247

15,852,492

Cash and cash equivalents at end of period

990,447

30,154,713

16,975,247

Forex ( NT$ per US$ )

30.29

29.81

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

Contact:

Siliconware Precision Industries Co., Ltd.

Janet Chen, IR Director

No.45, Jieh Show Rd.

janet@spil.com.tw

Hsinchu Science Park, Hsinchu

+886-3-5795678#3675

Taiwan, 30056

Byron Chiang, Spokesperson

www.spil.com.tw

byronc@spil.com.tw

+886-3-5795678#3671

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siliconware-precision-industries-reports-a-10-quarter-over-quarter-decline-in-revenues-resulting-in-earnings-per-share-of-nt-097-or-earnings-per-ads-of-us-016-for-fourth-quarter-2014-300026860.html