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STATS ChipPAC Reports Fourth Quarter and Full Year 2012 Results

SINGAPORE--31 JANUARY 2013, UNITED STATES -- (Marketwire) -- 01/31/13 -- STATS ChipPAC Ltd. ("STATS ChipPAC" or the "Company") (SGX-ST: STATSChP) (SGX: S24), a leading provider of advanced semiconductor packaging and test services, today announced results for the fourth quarter and full year 2012.

Tan Lay Koon, President and Chief Executive Officer of STATS ChipPAC, said, "We ended the year 2012 on a strong note with record revenue of $480.4 million in the fourth quarter of 2012, an increase of 17.6% over the prior quarter and 12.6% over the fourth quarter of 2011. Fourth quarter 2012 revenue reflected strong demand in advanced packaging and test services for high end smartphones and tablets and the benefit of an extra week in the quarter. Revenue for the full year 2012 of $1.7 billion was flat to the prior year."

Gross margin for the fourth quarter of 2012 improved to 18.3% compared to 16.0% in the third quarter of 2012 and 16.9% in the fourth quarter of 2011. Operating margin before goodwill and equipment impairment and flood related income (expenses) for the fourth quarter of 2012, including litigation settlement charges announced on 29 January 2013, decreased to 4.4% of revenue compared to 6.5% in the third quarter of 2012 and 6.6% in the fourth quarter of 2011.

Net income(1) for the fourth quarter of 2012 was $1.7 million compared to net income of $3.2 million in the third quarter of 2012 and net loss of $46.0 million in the fourth quarter of 2011. Net income(1) for the full year 2012, including litigation settlement charges(2), was $16.6 million compared to net loss of $2.5 million in the full year 2011. Excluding the litigation settlement charges(2), the net income for the fourth quarter and full year 2012 were $23.7 million and $38.6 million, respectively.

John Lau, Chief Financial Officer of STATS ChipPAC, said, "Gross margin for the full year 2012 was 16.9% compared to 17.0% in the full year 2011. Our adjusted EBITDA(3) including litigation settlement charges(2), in the fourth quarter and full year 2012 was $100.1 million and $408.9 million or 20.8% and 24.0% of revenue, respectively, compared to $85.2 million and $406.6 million or 20.0% and 23.8% in the fourth quarter and full year 2011, respectively. Excluding the litigation settlement charges(2), adjusted EBITDA in the fourth quarter and full year 2012 was $122.1 million and $430.9 million or 25.4% and 25.3% of revenue, respectively. Capital spending in the fourth quarter and full year 2012 was $55.2 million and $409.9 million or 11.5% and 24.1% of revenue, respectively, compared to $53.2 million and $304.2 million or 12.5% and 17.8% of revenue in the fourth quarter and full year 2011. We ended the fourth quarter of 2012 with cash, cash equivalents and marketable securities of $210.2 million and debt of $843.3 million compared to $238.1 million and $810.3 million as of the end of fourth quarter of 2011, respectively."

Outlook
Tan Lay Koon commented, "Based on current visibility, we expect net revenues in the first quarter of 2013 to be approximately 13% to 19% decrease compared to the prior quarter, with adjusted EBITDA(3) in the range of 20% to 25% of revenue. Compared to the prior quarter, the revenue outlook for first quarter of 2013 is impacted by seasonality and excludes the benefit of an extra week. We expect capital expenditure(4) in the first quarter of 2013 to be approximately $80 million to $100 million."

The outlook for the first quarter of 2013 is based on a fiscal 13-week quarter and is subject to a number of risks and uncertainties that could cause actual events or results to differ materially from those disclosed in the outlook statements. These statements are based on our management's beliefs and assumptions, which involve judgments about future trends, events and conditions, all of which are subject to change and many of which are beyond our control. Please refer to our Financial Statements for the three and twelve months ended 30 December 2012 filed with the Singapore Exchange Securities Trading Limited ("SGX-ST") for the major assumptions made in preparing our outlook for the first quarter of 2013. Investors should consider these assumptions and make their own assessment of the future performance of STATS ChipPAC and note that there may not be a direct correlation between the net income of the Company with adjusted EBITDA as a percentage of revenue.

Investor Conference Call / Live Audio Webcast Details
A conference call has been scheduled for 8:00 a.m. in Singapore on Friday, 1 February 2013. During the call, time will be set-aside for analysts and investors to ask questions of executive officers.

The call may be accessed by dialing +65-6723-9381. A live audio webcast of the conference call will be available on STATS ChipPAC's website at www.statschippac.com. A replay of the call will be available 2 hours after the live call through 16 February 2013 at www.statschippac.com and by telephone at 800-616-2305. The conference ID number to access the conference call and replay is 86638473.

(1) The net income in the fourth quarter and the full year 2012 included interest expense of $12.1 million and $45.7 million, respectively, and the net loss in the fourth quarter and full year 2011 included interest expense of $11.2 million and $44.8 million, respectively, from our $600.0 million Senior Notes due 2015 which were issued to fund our capital reduction in 2010.
(2) Litigation settlement charges are recorded based on the discounted value of the scheduled payments.
(3) Adjusted EBITDA is not required by, or presented in accordance with, Singapore Financial Reporting Standards ("FRS"). We define adjusted EBITDA as net income attributable to STATS ChipPAC Ltd. plus income tax expense, interest expense, net, depreciation and amortisation, restructuring charges, share-based compensation, goodwill and equipment impairment, tender offer expenses and write-off of debt issuance cost. We present adjusted EBITDA as a supplemental measure of our performance. Management believes the non-FRS financial measure is useful to investors in enabling them to perform additional analysis.
(4) Capital expenditure refers to acquisitions of production equipment, asset upgrades and infrastructure investments.

Forward-looking Statements

Certain statements in this release are forward-looking statements, including our outlook for the first quarter of 2013, that involve a number of risks and uncertainties that could cause actual results to differ materially from those described in this release. Factors that could cause actual results to differ include, but are not limited to, the amount of recovery from the business interruption insurance claim due to flooding of the Thailand plant; shortages in supply of key components and disruption in supply chain; general business and economic conditions and the state of the semiconductor industry; prevailing market conditions; demand for end-use applications products such as communications equipment, consumer and multi-applications and personal computers; decisions by customers to discontinue outsourcing of test and packaging services; level of competition; our reliance on a small group of principal customers; our continued success in technological innovations; pricing pressures, including declines in average selling prices; intellectual property rights disputes and litigation; our ability to control operating expenses; our substantial level of indebtedness and access to credit markets; potential impairment charges; availability of financing; changes in our product mix; our capacity utilisation; delays in acquiring or installing new equipment; limitations imposed by our financing arrangements which may limit our ability to maintain and grow our business; returns from research and development investments; changes in customer order patterns; customer credit risks; disruption of our operations; loss of key management or other personnel; defects or malfunctions in our testing equipment or packages; rescheduling or cancelling of customer orders; adverse tax and other financial consequences if the taxing authorities do not agree with our interpretation of the applicable tax laws; classification of our Company as a passive foreign investment company; our ability to develop and protect our intellectual property; changes in environmental laws and regulations; exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; majority ownership by Temasek Holdings (Private) Limited ("Temasek") that may result in conflicting interests with Temasek and our affiliates; unsuccessful acquisitions and investments in other companies and businesses; labour union problems in South Korea; uncertainties of conducting business in China and changes in laws, currency policy and political instability in other countries in Asia; natural calamities and disasters, including outbreaks of epidemics and communicable diseases; the continued trading and listing of our ordinary shares on the Singapore Exchange Securities Trading Limited ("SGX-ST"). You should not unduly rely on such statements. We do not intend, and do not assume any obligation, to update any forward-looking statements to reflect subsequent events or circumstances.

Basis of Preparation of Results

The financial statements included in this release have been prepared in accordance with the Singapore Financial Reporting Standards ("FRS").

Our 52-53 week fiscal year ends on the Sunday nearest and prior to 31 December. Our fiscal quarters end on a Sunday and our 14-week fourth quarter of 2012 and 53-week year 2012 ended on 30 December 2012, while our 13-week third quarter of 2012, fourth quarter of 2011 and 52-week year 2011 ended on 23 September 2012, 25 December 2011 and 25 December 2011, respectively. Our 13-week first quarter of 2013 will end on 31 March 2013. References to "$" are to the lawful currency of the United States of America.

Commencing with the third quarter of 2012, we are reporting net revenues by the advanced packaging, wirebond packaging and test product lines to align with our business focus. We have similarly disclosed net revenues by advanced packaging, wirebond packaging and test for the comparative quarters. We have previously reported net revenues by packaging-laminate, packaging-leaded, test and wafer level processing and other services.

About STATS ChipPAC Ltd.

STATS ChipPAC Ltd. is a leading service provider of semiconductor packaging design, assembly, test and distribution solutions in diverse end market applications including communications, digital consumer and computing. With global headquarters in Singapore, STATS ChipPAC has design, research and development, manufacturing or customer support offices throughout Asia, the United States and Europe. STATS ChipPAC is listed on the SGX-ST. Further information is available at www.statschippac.com. Information contained in this website does not constitute a part of this release.



                             STATS ChipPAC Ltd.
                        Consolidated Income Statement
                                 (Unaudited)

                            Three Months Ended        Twelve Months Ended
                         ------------------------  ------------------------
                         30 December  25 December  30 December  25 December
                          2012 $'000   2011 $'000   2012 $'000   2011 $'000
                         -----------  -----------  -----------  -----------
Net revenues                 480,357      426,711    1,701,549    1,706,500
Cost of revenues            (392,370)    (354,683)  (1,414,045)  (1,416,833)
                         -----------  -----------  -----------  -----------
Gross profit                  87,987       72,028      287,504      289,667

Operating expenses:
  Selling, general and
   administrative*            47,247       30,427      122,958      105,541
  Research and
   development                14,978       13,556       51,722       52,962
  Restructuring charges        4,602            -        5,715            -
  Write-off of debt
   issuance costs                  -            -            -        7,593
                         -----------  -----------  -----------  -----------
    Operating expenses        66,827       43,983      180,395      166,096
                         -----------  -----------  -----------  -----------

Goodwill impairment                -            -       24,100            -
Equipment impairment               -            -        3,819            -
                         -----------  -----------  -----------  -----------
Total operating expenses      66,827       43,983      208,314      166,096
                         -----------  -----------  -----------  -----------

Operating income before
 flood related income
 (expenses)                   21,160       28,045       79,190      123,571
  Property damage
   insurance settlement            -            -       26,741            -
  Flood related plan
   charges **                   (837)     (55,504)     (10,061)     (55,504)
                         -----------  -----------  -----------  -----------
Operating income (loss)
 after flood related
 income (expenses)            20,323      (27,459)      95,870       68,067
                         -----------  -----------  -----------  -----------

Other income (expenses),
 net:
  Interest income                358          762        1,518        1,912
  Interest expense           (15,806)     (14,707)     (59,829)     (59,772)
  Foreign currency
   exchange gain                 357          549          583        3,086
  Share of loss of
   associate                       -         (894)        (739)      (1,045)
  Other non-operating
   income, net                   151           28          477          168
                         -----------  -----------  -----------  -----------
    Total other
     expenses, net           (14,940)     (14,262)     (57,990)     (55,651)
                         -----------  -----------  -----------  -----------

Income (loss) before
 income taxes                  5,383      (41,721)      37,880       12,416
Income tax expense            (2,070)      (3,419)     (14,023)     (10,594)
                         -----------  -----------  -----------  -----------
Net income (loss)              3,313      (45,140)      23,857        1,822
Less: Net income
 attributable to the
 non-controlling
 interest                     (1,620)        (852)      (7,294)      (4,324)
                         -----------  -----------  -----------  -----------
Net income (loss)
 attributable to STATS
 ChipPAC Ltd.                  1,693      (45,992)      16,563       (2,502)
                         ===========  ===========  ===========  ===========

Net income (loss) per
 ordinary share
 attributable to STATS
 ChipPAC Ltd.:
  Basic                  $      0.00  $     (0.02) $      0.01  $     (0.00)
  Diluted                $      0.00  $     (0.02) $      0.01  $     (0.00)

Ordinary shares (in
 thousands) used in per
 ordinary share
 calculation:
  Basic                    2,202,218    2,202,218    2,202,218    2,202,218
  Diluted                  2,202,218    2,202,218    2,202,220    2,202,218

Key Ratios and
 Information:
Gross Margin                    18.3%        16.9%        16.9%        17.0%
Operating Expenses as a
 % of Revenue                   13.9%        10.3%        10.6%         9.7%
Operating Margin before
 impairment expenses and
 flood related income
 (expenses)                      4.4%         6.6%         6.3%         7.3%
Depreciation &
 Amortisation, including
 Amortisation of Debt
 Issuance Costs               76,938       73,679      289,207      295,498
Capital Expenditures          55,244       53,240      409,949      304,231

* Selling, general and administrative expenses in the fourth quarter and full year 2012 included litigation settlement charges recorded based on the discounted value of the scheduled payments.
** Flood related plan charges of $0.8 million in the fourth quarter of 2012 and $10.1 million in the full year of 2012 primarily relate to depreciation on suspended production operations and labour and other expenses to support production shift from the Thailand plant to other manufacturing locations of STATS ChipPAC.




                             STATS ChipPAC Ltd.
                Consolidated Statement of Financial Position
                                (Unaudited)

                                                   30 December  25 December
                                                       2012         2011
                                                      $'000        $'000
                                                   -----------  -----------
ASSETS
Current assets:
  Cash and cash equivalents                            170,558      194,811
  Financial assets, available-for-sale                  39,601       43,249
  Accounts receivable, net                             258,043      223,082
  Other receivables                                     20,726       13,879
  Inventories                                           90,203       89,434
  Short-term restricted cash                                 -           58
  Prepaid expenses and other current assets             24,559       19,071
                                                   -----------  -----------
    Total current assets                               603,690      583,584
Non-current assets:
  Property, plant and equipment, net                 1,242,950    1,123,061
  Investment in associate                                    -        8,407
  Intangible assets                                     36,361       37,179
  Goodwill                                             381,487      405,587
  Long-term restricted cash                                489          410
  Prepaid expenses and other non-current assets          3,299        5,550
                                                   -----------  -----------
    Total non-current assets                         1,664,586    1,580,194
                                                   -----------  -----------
Total assets                                         2,268,276    2,163,778
                                                   ===========  ===========

LIABILITIES
Current liabilities:
  Accounts and other payables                          164,301      132,852
  Payables related to property, plant and
   equipment purchases                                  42,746       19,864
  Accrued operating expenses                           113,476      150,342
  Income taxes payable                                  13,155       13,344
  Short-term borrowings                                 50,690       20,000
  Short-term amounts due to related parties                 28           28
                                                   -----------  -----------
    Total current liabilities                          384,396      336,430
Non-current liabilities:
  Long-term borrowings                                 792,609      790,339
  Deferred tax liabilities                              47,141       49,509
  Other non-current liabilities                         21,532        1,805
                                                   -----------  -----------
    Total non-current liabilities                      861,282      841,653
                                                   -----------  -----------
Total liabilities                                    1,245,678    1,178,083
                                                   -----------  -----------

EQUITY
  Share capital                                        873,666      873,666
  Retained earnings                                     98,971       82,408
  Other reserves                                        (1,828)     (17,981)
                                                   -----------  -----------
    Equity attributable to equity holders of STATS
     ChipPAC Ltd.                                      970,809      938,093
  Non-controlling interest                              51,789       47,602
                                                   -----------  -----------
  Total equity                                       1,022,598      985,695
                                                   -----------  -----------
  Total liabilities and equity                       2,268,276    2,163,778
                                                   ===========  ===========



                             STATS ChipPAC Ltd.
                       Other Supplemental Information
                                (Unaudited)


                                             4Q 2012   3Q 2012   4Q 2011
   Net Revenues by Product Line
   Advanced Packaging (#)                       51.2%     41.3%     42.1%
   Wirebond Packaging                           27.9%     39.0%     38.4%
   Test                                         20.9%     19.7%     19.5%
                                            --------  --------  --------
                                               100.0%    100.0%    100.0%
                                            ========  ========  ========
   Net Revenues by End User Market
   Communications                               75.8%     70.8%     67.1%
   Personal Computers                            6.0%      8.6%      9.4%
   Consumer, Multi-applications and Others      18.2%     20.6%     23.5%
                                            --------  --------  --------
                                               100.0%    100.0%    100.0%
                                            ========  ========  ========
   Net Revenues by Region
   United States of America                     70.0%     65.5%     68.6%
   Asia                                         15.9%     18.6%     18.8%
   Europe                                       14.1%     15.9%     12.6%
                                            --------  --------  --------
                                               100.0%    100.0%    100.0%
                                            ========  ========  ========

   Number of Testers                             950       959       975
   Number of Wirebonders                       4,352     4,193     4,734

   Overall Equipment Utilisation Rate             78%       75%       76%

(#) Advanced Packaging includes flip-chip and wafer level packaging.

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Investor Relations Contact:
Tham Kah Locke
Vice President of Corporate Finance
Tel: (65) 6824 7788
Fax: (65) 6720 7826
email: Email Contact

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Tel: (208) 867-9859
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