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Operating results review:
-- For the third quarter of 2009, net revenues from IC packaging were NT$
15,322 million and represented 91% of total net revenues. Net revenues
from testing operations were NT$ 1,411 million and represented 9% of
total net revenues.
-- Cost of goods sold was NT$ 12,856 million, representing an increase of
14.7% compared to the second quarter of 2009 and a decrease of 2.5%
compared to the third quarter of 2008.
-- Raw materials costs were NT$ 7,610 million for the third quarter of
2009, and represented 45.5% of total net revenues, whereas raw
materials costs were NT$ 6,470 million and represented 45.8% of
total net revenues for the second quarter of 2009.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 203 million.
-- Gross profit was NT$ 3,877 million for the third quarter of 2009,
representing a gross margin of 23.2%, which increased from a gross
margin of 20.7% for the second quarter of 2009 and was down from 23.4%
for the third quarter of 2008.
-- Total operating expenses for the third quarter of 2009 were NT$ 829
million, which included selling expenses of NT$ 194 million,
administrative expenses of NT$ 292 million and R&D expenses of NT$ 343
million. Total operating expenses represented 5.0% of total net
revenues for the third quarter of 2009.
-- In the third quarter of 2009, the accrued expenses of bonuses to
employees, directors and supervisors accounting for under operating
expenses totaled NT$ 76 million.
-- Operating income was NT$ 3,048 million for the third quarter of 2009,
representing an operating margin of 18.2% for the third quarter of
2009, which increased from 15.6% for the second quarter of 2009 and
increased from 18.0% for the third quarter of 2008.
-- Non-operating items:
-- Our net currency exchange loss of NT$ 123 million for the third
quarter of 2009 was mainly due to depreciation of our US dollar
denominated asset as a result of an depreciation in the foreign
currency exchange rate of the US dollar against NT dollar, our
reporting currency.
-- Our net gain on long-term investment of NT$ 142 million for the
third quarter of 2009 was primarily due to investment gain from SPIL
BVI.
-- Net income before tax was NT$ 3,105 million for the third quarter of
2009, which increased from a net income of NT$ 2,150 million for the
second quarter of 2009 and decreased from a net income of NT$ 3,487
million for the third quarter of 2008.
-- Income tax expense was NT$ 544 million for the third quarter of 2009,
compared with income tax expense of NT$ 486 million for the second
quarter of 2009 and income tax expense of NT$ 301 million for the third
quarter of 2008.
-- Net income was NT$ 2,561 million for the third quarter of 2009, which
increased from a net income of NT$ 1,664 million for the second quarter
of 2009 and decreased from a net income of NT$ 3,186 million for the
third quarter of 2008.
-- Total number of shares outstanding was 3,127 million shares as of Sept
30,2009. Diluted earnings per ordinary share for this quarter was NT$
0.82, or US$ 0.13 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 17,427 million as of Sept 30, 2009 from
NT$ 19,123 million as of Jun 30, 2009, and NT$ 13,512 million as of
Sept 30, 2008.
-- Capital expenditures for the third quarter of 2009 totaled NT$ 1,070
million, which included NT$ 566 million for packaging equipment and NT$
504 million for testing equipment.
-- Total depreciation expenses for the third quarter of 2009 totaled NT$
1,916 million, which included NT$ 1,441 million was from packaging
operations and NT$ 475 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 15,322 million for
the third quarter of 2009, which represented an increase of NT$ 2,320
million or 17.8% compared to the second quarter of 2009.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 44%, 29% and 16%, respectively, of total net
revenues for the second quarter of 2009.
-- Capital expenditures for IC packaging operations totaled NT$ 566
million for the third quarter of 2009, which included NT$ 521 million
for packaging and building construction and NT$ 45 million for wafer
bumping operations.
-- As of Sept 30, 2009 we had 4,909 wirebonders installed, of which 250
were added and 39 were disposed in the third quarter of 2009.
IC testing service:
-- Net revenues from testing operations were NT$ 1,411 million for the
third quarter of 2009, which represented an increase of NT$ 276 million
or 24.3% compared to the second quarter of 2009.
-- Capital expenditures for testing operations totaled NT$ 504 million for
the third quarter of 2009.
-- As of Sept 30, 2009 we had 381 testers installed, of which 6 were added
in the third quarter of 2009.
Revenue Analysis
Breakdown by end applications:
By application 3Q09 2Q09
Computing 22% 23%
Communication 47% 48%
Consumer 19% 18%
Memory 12% 11%
Breakdown by packaging type:
By packaging type 3Q09 2Q09
Bumping & FCBGA 16% 15%
Substrate Based 44% 46%
Leadframe Based 29% 29%
Testing 9% 8%
Others 2% 2%
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 drop ship. Products include advanced leadframe and substrate packages, 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 http://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 ROC GAAP on an unaudited unconsolidated basis. Audited unconsolidated financial figures will be publicly announced upon the completion of our audit process. The investment gains or losses of our company for the three months ended Sept 30, 2009 reflect our gains or losses attributable to the third quarter of 2009 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the unaudited unconsolidated financial data for our company for the three months ended Sept 30, 2009, nor the unaudited unconsolidated financial data for our company for the nine months ended Sept 30, 2009 is necessarily indicative of the results that may be expected for any period thereafter.
-- Financial Tables To Follow --
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of Sept 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Sept 30, 2009 Sept 30, 2008
ASSETS USD NTD % NTD %
Cash and cash equivalent 541,716 17,426,995 23 13,511,631 18
Accounts receivable 361,118 11,617,175 15 11,698,541 15
Inventories 88,406 2,844,019 4 2,854,984 4
Other current assets 63,684 2,048,713 3 2,177,700 3
Total current assets 1,054,924 33,936,902 45 30,242,856 40
Long-term investments 216,295 6,958,211 9 5,879,401 8
Fixed assets 2,104,852 67,713,088 90 71,226,723 94
Less accumulated
depreciation (1,098,158) (35,327,748) -47 (33,385,427) -44
Net fixed assets 1,006,694 32,385,340 43 37,841,296 50
Other assets 52,351 1,684,147 3 1,617,215 2
Total Assets 2,330,264 74,964,600 100 75,580,768 100
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities
Accounts payable 244,260 7,857,831 11 7,695,168 10
Other current liability 213,272 6,860,972 9 6,073,806 8
Long-term loans -- -- -- 2,981,592 4
Other liabilities 3,033 97,558 -- 81,985 --
Total Liabilities 460,565 14,816,361 20 16,832,551 22
Stockholders' Equity
Capital stock 968,717 31,163,611 42 31,525,899 42
Capital reserve 511,456 16,453,526 22 16,819,576 22
Legal reserve 177,818 5,720,419 8 5,089,066 7
Retained earnings 144,067 4,634,637 6 7,487,015 10
Unrealized gain or loss
on financial
instruments 60,498 1,946,208 2 (1,622,544) -2
Cumulated translation
adjustment 7,144 229,838 -- 243,389 --
Treasury stock -- -- -- (794,184) -1
Total Equity 1,869,700 60,148,239 80 58,748,217 78
Total Liabilities &
Shareholders' Equity 2,330,264 74,964,600 100 75,580,768 100
Forex ( NT$ per US$ ) -- 32.17 -- 32.17 --
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of Sept 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (Continued)
Sequential
ASSETS Change %
Cash and cash equivalent 3,915,364 29
Accounts receivable (81,366) -1
Inventories (10,965) 0
Other current assets (128,987) -6
Total current assets 3,694,046 12
Long-term investments 1,078,810 18
Fixed assets (3,513,635) -5
Less accumulated depreciation (1,942,321) 6
Net fixed assets (5,455,956) -14
Other assets 66,932 4
Total Assets (616,168) -1
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable 162,663 2
Other current liability 787,166 1
Long-term loans (2,981,592) -100
Other liabilities 15,573 19
Total Liabilities (2,016,190) -12
Stockholders' Equity
Capital stock (362,288) -1
Capital reserve (366,050) -2
Legal reserve 631,353 12
Retained earnings (2,852,378) -38
Unrealized gain or loss on financial
instruments 3,568,752 -220
Cumulated translation adjustment (13,551) -6
Treasury stock 794,184 -100
Total Equity 1,400,022 2
Total Liabilities & Shareholders'
Equity (616,168) -1
Forex ( NT$ per US$ )
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months ended on June 30
3Q 2009 3Q 2008 YOY
change
USD NTD % NTD %
Revenues 510,299 16,732,703 100.0 17,242,039 -3.0
Cost of Goods Sold (392,060) (12,855,656) -76.8 (13,191,498) -2.5
Gross Profit 118,239 3,877,047 23.2 4,050,541 -4.3
Operating Expenses
Selling Expenses (5,905) (193,613) -1.2 (252,001) -23.2
Administrative Expenses (8,918) (292,411) -1.7 (351,311) -16.8
Research and Development
Expenses (10,457) (342,869) -2.0 (340,351) 0.7
(25,279) (828,893) -5.0 (943,663) -12.2
Operating Income 92,960 3,048,154 18.2 3,106,878 -1.9
Non-operating Income 6,791 222,683 1.3 496,691 -55.2
Non-operating Expenses (5,057) (165,820) -1.0 (116,432) 42.4
Income from Continuing
Operations before
Income Tax 94,694 3,105,017 18.6 3,487,137 -11.0
Income Tax Credit
(Expenses) (16,587) (543,890) -3.3 (300,874) 80.8
Net Income 78,107 2,561,127 15.3 3,186,263 -19.6
Earnings Per Ordinary
Share- Diluted -- NT$ 0.82 -- NT$ 1.02 --
Earnings Per ADS-
Diluted -- US$ 0.13 -- US$ 0.16 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,126,703 -- 3,137,178 --
Forex ( NT$ per US$ ) -- 32.79 -- 31.19 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (Continued)
Sequential Comparison
3Q 2009 2Q 2009 QOQ
NTD NTD change%
Revenues 16,732,703 14,136,788 18.4
Cost of Goods Sold (12,855,656) (11,209,888) 14.7
Gross Profit 3,877,047 2,926,900 32.5
Operating Expenses
Selling Expenses (193,613) (152,220) 27.2
Administrative Expenses (292,411) (281,283) 4.0
Research and Development Expenses (342,869) (293,978) 16.6
(828,893) (727,481) 13.9
Operating Income 3,048,154 2,199,419 38.6
Non-operating Income 222,683 163,722 36.0
Non-operating Expenses (165,820) (212,931) -22.1
Income from Continuing Operations
before Income Tax 3,105,017 2,150,210 44.4
Income Tax Credit (Expenses) (543,890) (485,905) 11.9
Net Income 2,561,127 1,664,305 53.9
Earnings Per Ordinary Share- Diluted -- NT$ 0.54 --
Earnings Per ADS- Diluted -- US$ 0.08 --
Weighted Average Outstanding Shares -
Diluted ('k) -- 3,121,862 --
Forex ( NT$ per US$ ) -- 33.07 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
For the Nine Months Ended on Sept 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
9 months ended on Sept 30, 2009 and 2008
2009 2008 YOY
Change
USD NTD % NTD %
Net Sales 1,222,105 40,072,827 100.0 48,025,645 -16.6
Cost of Goods Sold (987,807) (32,390,203) -80.8 (37,620,500) -13.9
Gross Profit 234,298 7,682,624 19.2 10,405,145 -26.2
Operating Expenses
Selling expenses (13,814) (452,948) -1.1 (690,161) -34.4
Administrative expenses (28,008) (918,376) -2.3 (1,009,955) -9.1
Research and
development expenses (26,639) (873,505) -2.2 (1,041,229) -16.1
(68,461) (2,244,829) -5.6 (2,741,345) -18.1
Operating Income 165,837 5,437,795 13.6 7,663,800 -29.0
Non-operating Income 11,007 360,906 0.9 649,395 -44.4
Non-operating Expenses (6,904) (226,379) -0.6 (152,628) 48.3
Income Before Income
Tax 169,940 5,572,322 13.9 8,160,567 -31.7
Income Tax Credit
(Expenses) (33,093) (1,085,105) -2.7 (813,458) 33.4
Net Income 136,847 4,487,217 11.2 7,347,109 -38.9
Earnings Per Ordinary
Share- Diluted -- NT$ 1.44 -- NT$ 2.34 --
Earnings Per ADS-
Diluted -- US$ 0.22 -- US$ 0.38 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,126,703 -- 3,137,178 --
Forex ( NT$ per US$) -- 32.79 -- 31.19 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED STATEMENTS OF CASH FLOWS
For 9 Months Ended on Sept 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
9 months,
9 months, 2009 2008
USD NTD NTD
Cash Flows from Operating Activities:
Net income 139,485 4,487,217 7,347,109
Depreciation 185,945 5,981,846 6,255,794
Amortization 12,035 387,154 430,288
Gains on disposal of long-term
investment (182) (5,871) --
Long-term investment gain recognized
by equity method (3,941) (126,781) (33,278)
Change in working capital & others (54,381) (1,749,446) 1,301,564
Net cash flows provided from operating
activities 278,959 8,974,119 15,301,477
Cash Flows from Investing Activities:
Acquisition of property, plant, and
equipment (55,996) (1,801,380) (7,939,486)
Proceeds from disposal of long-term
investment 182 5,871 --
Payment for long-term investment (10,292) (331,100) (323,332)
Payment for deferred charges/other
changes (156) (5,018) (327,851)
Net cash used in investing activities (66,261) (2,131,627) (8,590,669)
Cash Flows from Financing Activities:
Cash dividends distributed to
shareholders and cash bonus
distributed to employees (174,368) (5,609,430) (14,774,769)
Repayment for long-term investment (93,255) (3,000,000) --
Remuneration of directors and
supervisors' bonuses -- -- (157,404)
Proceeds from the exercise of
employee stock option /other
charges 27,187 874,595 (59,892)
Net cash provided from financing
activities (240,436) (7,734,835) (14,992,065)
Net increase (decrease) in cash and
cash equivalents (27,738) (892,343) (8,281,257)
Cash and cash equivalents at beginning
of period 569,454 18,319,338 21,792,888
Cash and cash equivalents at end of
period 541,716 17,426,995 13,511,631
Forex ( NT$ per US$ ) -- 32.17 32.17
(1): All figures are under ROC GAAP.
Contact:
Siliconware Precision Industries Co., Ltd.
No.45, Jieh Show Rd.
Hsinchu Science Park, Hsinchu, Taiwan, 30056
http://www.spil.com.tw
Janet Chen, IR Director
Email: janet@spil.com.tw
Tel: +886-3-5795678#3675
Byron Chiang, Spokesperson
Email: byronc@spil.com.tw
Tel: +886-3-5795678#3671
SOURCE Siliconware Precision Industries Co., Ltd. http://www.spil.com.tw For full details on Siliconware Precision Industries Company Ltd. ADS (SPIL) click here. Siliconware Precision Industries Company Ltd. ADS (SPIL) has Short Term PowerRatings of 6. Details on Siliconware Precision Industries Company Ltd. ADS (SPIL) Short Term PowerRatings is available at This Link.
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