Board of Directors propose NT$0.50 per share
cash dividend; anticipate flat 2Q17 outlook
First Quarter 2017 Overview1:
- Revenue: NT$37.42 billion (US$1.24
billion)
- Gross margin: 19.9%
- Foundry revenue from 28nm: 17%;
Foundry operating margin: 4.0%
- Foundry capacity utilization rate:
96%
- Net income attributable to the
stockholders of the parent: NT$2.29 billion (US$75.42
million)
- Earnings per share: NT$0.19;
earnings per ADS: US$0.031
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
first quarter of 2017.
First quarter consolidated revenue was NT$37.42 billion, down
from NT$38.31 billion in 4Q16 and up 8.8% YoY from NT$34.40 billion
in 1Q16. 1Q17 consolidated gross margin was 19.9%. Net income
attributable to the stockholders of the parent was NT$2.29 billion,
with earnings per ordinary share of NT$0.19.
Mr. Po-Wen Yen, CEO of UMC, said, “In the first quarter of 2017,
UMC’s revenue from foundry operations was NT$37.35 billion. Robust
chip demand lifted overall capacity utilization to 96%, bringing
wafer shipments to 1.68 million 8-inch equivalent wafers. Gross
margin was 20.1%. During the quarter, the utilization rates in 8”
fabs as well as 12” advanced nodes approached near full capacity,
driven by the strength in consumer and communication segments.
Recently, Taiwan’s government authorities approved UMC’s
application to license 28nm technology to our subsidiary company,
United Semiconductor in Xiamen. This licensing approval will help
Fab 12X to ramp its manufacturing scale, expand its process
technology offerings and complements UMC’s overall growth strategy.
The production ramp of Fab 12X will also help our customers
diversify their foundry manufacturing and enhance UMC’s exposure to
the Chinese semiconductor supply chain.”
CEO Yen continued, “Looking into the second quarter, despite
recent headwinds in foreign exchange markets, we anticipate a
relatively flat outlook for 2Q17. Furthermore, current forecasts
reflect a pick-up in mature 12” wafer business due to higher demand
from wireless, internet of things (IoT) and consumer electronics.
However, the increased demand in legacy 300mm wafer shipments will
be offset by a decline in 28nm business. In terms of advanced
nodes, we started shipping 14nm wafers to customers in the first
quarter of 2017. As we transition from 28nm to 14nm manufacturing,
we expect our 14nm shipments to sequentially increase in 2Q17. With
our manufacturing technologies making steady progress, we continue
to strike a balance between maintaining disciplined CAPEX planning
while ensuring the interests of our shareholders. As a result, our
board of directors has proposed a cash dividend distribution of
approximately NT$0.50 per share, which will be subject to
shareholders’ approval during UMC’s Annual General Meeting on June
8, 2017.”
Summary of Operating Results
Operating Results (Amount: NT$ million)
1Q17
4Q16 QoQ %change
1Q16 YoY %change Net Operating Revenues
37,418 38,306 (2.3 ) 34,404 8.8
Gross Profit 7,428 8,759 (15.2 ) 5,034 47.6 Operating Expenses
(6,211 ) (6,627 ) (6.3 ) (5,065 ) 22.6 Net Other Operating Income
and Expenses 154 144 6.9 15 926.7 Operating Income (Loss) 1,371
2,276 (39.8 ) (16 ) - Net Non-Operating Income and Expenses (304 )
(1,210 ) (74.9 ) 46 - Net Income Attributable to Stockholders of
the Parent 2,286 2,548 (10.3 ) 210 988.6
EPS (NT$ per share)
0.19 0.21 0.02 (US$ per ADS) 0.031 0.035
0.003
In 1Q17, net operating revenues decreased 2.3% to NT$37.42
billion, including NT$37.35 billion from the foundry segment.
Revenue from 28nm and 40nm contribution was 17% and 29%,
respectively. Gross profit declined 15.2% to NT$7.43 billion, or
19.9% of revenue. Operating expenses decreased 6.3% to NT$6.21
billion. Net other operating income was NT$154 million, leading to
an operating income of NT$1.37 billion. Net non-operating expense
was NT$304 million. Net income attributable to stockholders of the
parent was NT$2.29 billion.
Earnings per ordinary share for the quarter was NT$0.19.
Earnings per ADS was US$0.031. The basic weighted average number of
outstanding shares in 1Q17 was 12,208,239,978, compared with
12,208,239,978 shares in 4Q16 and 12,408,239,978 shares in 1Q16.
The diluted weighted average number of outstanding shares was
13,418,016,296 in 1Q17, compared with 13,442,173,503 shares in 4Q16
and 12,492,270,590 shares in 1Q16. The fully diluted share count on
March 31, 2017 was approximately 13,834,095,000. On March 31, 2017,
UMC held 400 million treasury shares acquired from the 16th and
17th share buy-back programs.
Detailed Financials Section
COGS & Expenses (Amount: NT$ million)
1Q17
4Q16 QoQ %change
1Q16 YoY %change Net Operating Revenues
37,418 38,306 (2.3 ) 34,404 8.8
COGS (29,990 ) (29,547 ) 1.5 (29,370 ) 2.1 Depreciation (11,032 )
(11,314 ) (2.5 ) (10,424 ) 5.8 Other Mfg. Costs (18,958 ) (18,233 )
4.0 (18,946 )
0.1
Gross Profit 7,428 8,759 (15.2 ) 5,034 47.6 Gross Margin (%) 19.9 %
22.9 % 14.6 % Operating Expenses (6,211 ) (6,627 ) (6.3 ) (5,065 )
22.6 G&A (1,050 ) (1,521 ) (31.0 ) (970 ) 8.2 Sales &
Marketing (1,170 ) (1,282 ) (8.7 ) (1,010 ) 15.8 R&D (3,991 )
(3,824 ) 4.4 (3,085 ) 29.4 Net Other Operating
Income & Expenses
154 144 6.9 15 926.7 Operating Income
(Loss)
1,371 2,276 (39.8 ) (16 )
-
Net operating revenues decreased to NT$37.42 billion. COGS
increased to NT$29.99 billion, as depreciation declined 2.5% to
NT$11.03 billion. Other manufacturing costs rose 4.0% to NT$18.96
billion, including the production ramp costs associated with Fab
12X. Gross profit was NT$7.43 billion. Operating expenses declined
6.3% to NT$6.21 billion. G&A expense decreased 31% to NT$1.05
billion and Sales & Marketing declined by 8.7% to NT$1.17
billion. R&D expense increased 4.4% to NT$3.99 billion, or
10.7% of net operating revenues. Net other operating income was
NT$154 million, leading to an operating income of NT$1.37
billion.
Non-Operating Income and Expenses (Amount: NT$
million) 1Q17 4Q16 1Q16 Non-Operating Income
and Expenses (304 ) (1,210 ) 46 Net Interest
Income and Expenses (472 ) (418 ) (57 ) Net Investment Gain and
Loss 166 (1,138 ) (14 ) Gain and Loss on Disposal of Investment 488
1,023 223 Exchange Gain and Loss (517 ) (496 ) (167 ) Other Gain
and Loss 31 (181 ) 61
Net non-operating expense in 1Q17 was NT$304 million. The NT$488
million gain on disposal of investment was offset by the NT$517
million exchange loss recognized in 1Q17. Net interest expense
totaled NT$472 million.
Cash Flow Summary
(Amount: NT$ million)
For the 3-MonthPeriod EndedMar. 31,
2017
For the 3-MonthPeriod EndedDec. 31,
2016
Cash Flow from Operating Activities 13,311 15,546 Net
income before tax 1,067 1,066 Depreciation & Amortization
13,292 13,376 Gain on disposal of investments (488 ) (1,023 )
Impairment loss on financial assets 287 233 Impairment loss on
non-financial assets - 837 Exchange loss (gain) on financial assets
and liabilities (624 ) 1,114 Changes in working capital 580 (164 )
Income tax paid (451 ) (146 ) Other (352 ) 253 Cash Flow from
Investing Activities (16,293 ) (18,321 ) Capital expenditures
(17,654 ) (21,905 ) Proceeds from disposal of AFS financial assets
701 1,582 Acquisition of investments accounted for under the equity
method - (840 ) Acquisition of intangible assets (378 ) (316 )
Other 1,038 3,158 Cash Flow from Financing Activities 7,845 4,221
Bank loans 783 4,230 Bonds Issued 8,300 - Other (1,238 ) (9 )
Effect of Exchange Rate (1,630 ) 867 Net Cash Flow 3,233
2,313
Cash inflow from operating activities reached NT$13.31 billion.
Cash outflow from investing activities totaled NT$16.29 billion,
including NT$17.65 billion in CAPEX spending for the foundry
segment, resulting in a free cash outflow of NT$4.34 billion. Cash
inflow from financing activities was NT$7.85 billion, mainly due to
a cash inflow of NT$8.30 billion in bond issuance. Net cash inflow
in 1Q17 was NT$3.23 billion. Over the next 12 months, the company
expects to repay NT$2.50 billion in bank loans.
Current Assets (Amount: NT$ billion) 1Q17
4Q16 1Q16 Cash and Cash Equivalents 60.81
57.58 59.54 Notes & Accounts Receivable 20.88
23.05 19.65 Days Sales Outstanding 54 54 52 Inventories, net 16.26
17.00 15.84 Days of Inventory 51 53 52 Total Current Assets
111.54 110.47 101.92
Cash and cash equivalents increased to NT$60.81 billion, mainly
due to NT$8.30 billion in bond issuance. Days of inventory
decreased to 51 days.
Liabilities (Amount: NT$ billion) 1Q17
4Q16 1Q16 Total Current Liabilities 66.87
71.98 41.63 Notes & Accounts Payable 6.44 6.85 6.32
Short-Term Credit / Bonds 36.34 31.05 11.74 Payable on Equipment
6.41 15.04 8.25 Other 17.68 19.04 15.32 Long-Term Credit / Bonds
62.31 60.73 48.72 Long-Term Investment Liabilities 19.47 20.31
19.28 Total Liabilities 162.70 167.91 116.49 Debt to Equity
75 % 77 % 51 %
Current liabilities decreased to NT$66.87 billion, mainly due to
the decrease in payable on equipment. Short-term credit/bonds
increased to NT$36.34 billion. Total liabilities decreased to
NT$162.70 billion, leading to a debt to equity ratio of 75%.
Analysis of Revenue2 for Foundry
Segment
Revenue Breakdown by Region Region 1Q17
4Q16 3Q16 2Q16
1Q16 North America 41 % 48 % 52 %
49 % 48 % Asia Pacific 50 % 45 %
42 % 45 % 45 % Europe 5 % 4 % 4
% 4 % 3 % Japan 4 % 3 % 2 %
2 % 4 %
Revenue from Asia Pacific customers increased to 50% of sales,
while revenue contribution from North American customers decreased
to 41%.
Revenue Breakdown by Geometry Geometry
1Q17 4Q16 3Q16
2Q16 1Q16 28nm and below 17 % 22
% 21 % 17 % 8 % 28nm<x<=40nm 29 %
26 % 27 % 26 % 29 % 40nm<x<=65nm
13 % 14 % 15 % 18 % 19 %
65nm<x<=90nm 4 % 3 % 4 % 4 %
4 % 90nm<x<=0.13um 11 % 11 % 11 %
11 % 12 % 0.13um<x<=0.18um 13 %
11 % 11 % 12 % 13 % 0.18um<x<=0.35um
10 % 10 % 8 % 9 % 12 % 0.5um and
above 3 % 3 % 3 % 3 % 3 %
28nm revenue declined to 17% in 1Q17, reflecting lower wafer
shipments for the communication segment. 40nm accounted for 29% of
sales.
Revenue Breakdown by Customer Type Customer
Type 1Q17 4Q16 3Q16
2Q16 1Q16 Fabless 93 % 93
% 93 % 93 % 91 % IDM 7 % 7 %
7 % 7 % 9 %
Revenue from fabless customers remained at 93% in 1Q17.
Revenue Breakdown by Application (1)
Application 1Q17 4Q16
3Q16 2Q16 1Q16 Computer
12 % 13 % 12 % 11 % 15 % Communication
51 % 53 % 55 % 55 % 48 %
Consumer 28 % 26 % 26 % 27 % 30
% Others 9 % 8 % 7 % 7 % 7 %
Communication business represented 51% of sales, while consumer
business increased to 28%. Computing segment decreased to 12%.
(1) Computer consists of ICs such as CPU, GPU, HDD
controllers, DVD/CD-RW control ICs, PC chipset, audio codec,
keyboard controller, monitor scaler, USB, I/O chipset.
Communication consists of handset components, broadband,
WLAN, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists
of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller,
game consoles, DSC, smart cards, toys, etc.
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) decreased during 1Q17.
(To view ASP trend, visit
http://www.umc.com/english/investors/1Q17_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer Shipments 1Q17 4Q16
3Q16 2Q16 1Q16 Wafer
Shipments(8” K equivalents) 1,678 1,656
1,569 1,514 1,432
Quarterly Capacity Utilization Rate
1Q17 4Q16 3Q16
2Q16 1Q16 Utilization Rate 96 %
94 % 89 % 89 % 82 % Total Capacity(8” K
equivalents) 1,742 1,794 1,774
1,723 1,692
Wafer shipments increased to 1,678K in 1Q17. Quarterly capacity
decreased 2.9% QoQ to 1,742K, leading to an overall utilization
rate of 96% in 1Q17.
Capacity4 for Foundry Segment
Overall capacity in the first quarter was 1,742K 8-inch
equivalent wafers. Estimated capacity in the second quarter will
increase to 1,816K 8-inch equivalent wafers, primarily due to
capacity expansion at Fab 12A and Fab 12X.
Annual Capacity inthousands of
wafers
Quarterly Capacity inthousands
of wafers
FAB Geometry(um) 2016
2015 2014
2013 FAB 2Q17E
1Q17 4Q16 3Q16 WTK
6" 3.5 – 0.45 423 421 448
448
WTK 106 104
106 106
Fab 8A 8" 0.5 – 0.25
827 813 813 813
Fab 8A 207 204 207 207
Fab 8C 8" 0.35 – 0.11 348
347 347 347
Fab 8C
87 86 87 87
Fab 8D 8"
0.13 – 0.09 342 341 358
382
Fab 8D 86 84 86
86
Fab 8E 8" 0.5 – 0.18 419
418 418 418
Fab
8E 105 103 105 105
Fab 8F
8" 0.18 – 0.11 401 388
388 388
Fab 8F 102
100 102 102
Fab 8S 8" 0.18 –
0.11 336 335 335
335
Fab 8S 84 83 84 84
Fab 8N 8" 0.5 – 0.11 750
667 547 469
Fab 8N
188 185 188 188
Fab 12A 12"
0.13 – 0.028 885 793 700
651
Fab 12A 247 226
233 233
Fab 12i 12” 0.13 – 0.040
584 572 573 550
Fab 12i 134 137 148 148
Fab 12X 12” 0.040 9 -
- -
Fab 12X 19
10 9 -
Total(1) 6,983
6,617 6,323 6,107
Total 1,816 1,742
1,794 1,774 YoY Growth Rate 6 %
5 % 4 % 11 %
(1)One 6-inch wafer is converted into 0.5625(62/82) 8-inch
equivalent wafer; one 12-inch wafer is converted into 2.25(122/82)
8-inch equivalent wafers. Capacity total figures are expressed in
8-inch equivalent wafers.
CAPEX for Foundry Segment
Capital Expenditure by Year - in US$ billion Year
2016 2015 2014
2013 2012 CAPEX $ 2.8 $ 1.9 $
1.4 $ 1.1 $ 1.7
2012 figures account for UMC parent
company only.
2017 CAPEX Plan
8"
12"
Total
9%
91%
US$2.0 billion
CAPEX spending in 1Q17 totaled US$564 million. Full year 2017
CAPEX plan is budgeted for US$2.0 billion.
Second Quarter of 2017 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To remain flat
- ASP in USD: To remain flat
- Profitability: Gross profit margin will
be in the mid-teens % range
- Foundry Segment Capacity Utilization:
Low 90% range
- 2017 CAPEX for Foundry Segment: US$2.0
billion
Recent Developments / Announcements
Apr. 13, 2017
UMC Files Form 20-F for 2016 with US
Securities and Exchange Commission
Mar. 14, 2017
UMC and Synopsys Collaboration Speeds
14-nm Custom Design
Feb. 23, 2017
UMC Enters Mass Production for 14nm
Customer ICs
Feb. 22, 2017
UMC Board of Directors Announces Proposals
for its Annual Shareholders Meeting
Feb. 02, 2017
Panasonic and UMC Partner for 40nm ReRAM
Process Platform
Jan. 23, 2017
UMC 4Q 2016 Financial Results
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 26, 2017
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM
(London)
Dial-in numbers and Access Codes:
USA Toll Free: 1-800 871-3110, 1-888 700-7397
Taiwan Number: 02-2192-8016
Other Areas: +886-2-2192-8016
Access Code: UMC
A live webcast and replay of the 1Q17 results
announcement will be available at www.umc.com under the
“Investors / Events” section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor
foundry that provides advanced IC production for applications
spanning every major sector of the electronics industry. UMC’s
comprehensive foundry solutions enable chip designers to leverage
the company’s sophisticated technology and manufacturing, which
include high volume 28nm High-K/Metal Gate technology, 14nm FinFET
mass production, ultra-low power platform processes specifically
developed for Internet of Things (IoT) applications and the
automotive industry’s highest-rated AEC-Q100 Grade-0 manufacturing
capabilities for the production of ICs found in vehicles. UMC’s 11
wafer fabs are strategically located throughout Asia and are able
to produce nearly 600,000 wafers per month. The company employs
over 19,000 people worldwide, with offices in Taiwan, China,
Europe, Japan, Korea, Singapore, and the United States. UMC can be
found on the web at http://www.umc.com
Note from UMC Concerning Forward-Looking Statements
Some of the statements in the foregoing announcement are
forward-looking within the meaning of the U.S. Federal Securities
laws, including statements about introduction of new services and
technologies, future outsourcing, competition, wafer capacity,
business relationships and market conditions. Investors are
cautioned that actual events and results could differ materially
from these statements as a result of a variety of factors,
including conditions in the overall semiconductor market and
economy; acceptance and demand for products from UMC; and
technological and development risks. Further information regarding
these and other risks is included in UMC’s filings with the U.S.
Securities and Exchange Commission. UMC does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
Safe Harbor Statements
This release contains forward-looking statements. These
statements constitute “forward-looking” statements within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended, and as defined in the United
States Private Securities Litigation Reform Act of 1995. You can
identify these forward-looking statements by use of words such as
“strategy,” “expects,” “continues,” “plans,” “anticipates,”
“believes,” “will,” “estimates,” “intends,” “projects,” “goals,”
“targets” and other words of similar meaning. You can also identify
them by the fact that they do not relate strictly to historical or
current facts.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
performance, financial condition or results of operations of UMC to
be materially different from what is stated or may be implied in
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, but not
limited to: (i) dependence upon the frequent introduction of new
services and technologies based on the latest developments in the
industry in which UMC operates; (ii) the intensely competitive
semiconductor, communications, consumer electronics and computer
industries and markets; (iii) the risks associated with
international business activities; (iv) dependence upon key
personnel; (v) general economic and political conditions; (vi)
possible disruptions in commercial activities caused by natural and
human-induced events and disasters, including natural disasters,
terrorist activity, armed conflict and highly contagious diseases;
(vii) reduced end-user purchases relative to expectations and
orders; and (viii) fluctuations in foreign currency exchange rates.
Further information regarding these and other risks is included in
UMC’s filings with the United States Securities and Exchange
Commission. All information provided in this release is as of the
date of this release and are based on assumptions that UMC believes
to be reasonable as of this date, and UMC does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
The financial statements included in this release are prepared
and published in accordance with Taiwan International Financial
Reporting Standards, or TIFRSs, recognized by the Financial
Supervisory Commission in the ROC, which is different from
International Financial Reporting Standards, or IFRSs, issued by
the International Accounting Standards Board. Investors are
cautioned that there may be significant differences between TIFRSs
and IFRSs. In addition, TIFRSs and IFRSs differ in certain
significant respects from generally accepted accounting principles
in the ROC and generally accepted accounting principles in the
United States.
This presentation is not an offer of securities for sale in the
United States. Securities may not be offered or sold in the United
States absent registration or an exemption from registration. Any
public offering of securities to be made in the United States will
be made by means of a prospectus that may be obtained from the
issuer or selling security holder and that will contain detailed
information about the company and management, as well as financial
statements.
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending Mar
31, 2017, the three-month period ending Dec 31, 2016, and the
equivalent three-month period that ended Mar 31, 2016. For all 1Q17
results, New Taiwan Dollar (NT$) amounts have been converted into
U.S. Dollars at the Mar 31, 2017 exchange rate of NT$ 30.31 per
U.S. Dollar.
2 Revenue in this section represents wafer sales
3 Utilization Rate = Quarterly Wafer Out / Quarterly
Capacity
4 Estimated capacity numbers are based on calculated maximum
output rather than designed capacity. The actual capacity numbers
may differ depending upon equipment delivery schedules, pace of
migration to more advanced process technologies, and other factors
affecting production ramp-up.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet As of March 31, 2017
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) March 31, 2017 US$ NT$ % Assets
Current assets Cash and cash equivalents 2,006 60,812 16.0 %
Financial assets at fair value through profit or loss, current 29
867 0.2 % Notes & Accounts receivable, net 689 20,878 5.5 %
Inventories, net 537 16,262 4.3 % Other current assets 419
12,718 3.4 % Total current assets 3,680 111,537
29.4 % Non-current assets Funds and investments 1,153
34,950 9.2 % Property, plant and equipment 7,178 217,555 57.3 %
Other non-current assets 506 15,337 4.1 % Total
non-current assets 8,837 267,842 70.6 % Total assets
12,517 379,379 100.0 % Liabilities Current
liabilities Short-term loans 622 18,842 5.0 % Payables 875 26,525
7.0 % Current portion of long-term liabilities 577 17,496 4.6 %
Other current liabilities 132 4,008 1.0 % Total
current liabilities 2,206 66,871 17.6 %
Non-current liabilities Bonds payable 1,167 35,360 9.3 % Long-term
loans 889 26,952 7.1 % Other non-current liabilities 1,106
33,515 8.9 % Total non-current liabilities 3,162
95,827 25.3 % Total liabilities 5,368 162,698
42.9 % Equity Equity attributable to the parent company
Capital 4,165 126,243 33.3 % Additional paid-in capital 1,370
41,518 10.9 % Retained earnings, unrealized gain or loss on
available-for-sale
financial assets and exchange differences
on translation of
foreign operations
1,739 52,692 13.9 % Treasury stock (156 ) (4,719 ) (1.2 %) Total
equity attributable to the parent company 7,118 215,734 56.9 %
Non-controlling interests 31 947 0.2 % Total equity
7,149 216,681 57.1 % Total liabilities and equity
12,517 379,379 100.0 %
Note:New Taiwan Dollars have been
translated into U.S. Dollars at the March 31, 2017 exchange rate of
NT $30.31 per U.S. Dollar.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES Consolidated Condensed
Statements of Comprehensive Income Figures in Millions of New
Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and
Per ADS Data
Year over Year Comparison Quarter over
Quarter Comparison Three-Month Period Ended Three-Month Period
Ended March 31, 2017 March 31, 2016 Chg. March 31, 2017 December
31, 2016 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Net operating
revenues 1,235 37,418 1,135 34,404 8.8 % 1,235 37,418 1,264 38,306
(2.3 %) Operating costs (990 ) (29,990 ) (969 ) (29,370 ) 2.1 %
(990 ) (29,990 ) (975 ) (29,547 ) 1.5 % Gross profit 245
7,428 166 5,034 47.6 % 245 7,428
289 8,759 (15.2 %) 19.9 % 19.9 % 14.6 % 14.6 % 19.9 %
19.9 % 22.9 % 22.9 % Operating expenses - Sales and marketing
expenses (38 ) (1,170 ) (33 ) (1,010 ) 15.8 % (38 ) (1,170 ) (43 )
(1,282 ) (8.7 %) - General and administrative expenses (35 ) (1,050
) (32 ) (970 ) 8.2 % (35 ) (1,050 ) (50 ) (1,521 ) (31.0 %) -
Research and development expenses (132 ) (3,991 ) (102 ) (3,085 )
29.4 % (132 ) (3,991 ) (126 ) (3,824 ) 4.4 % Subtotal (205 ) (6,211
) (167 ) (5,065 ) 22.6 % (205 ) (6,211 ) (219 ) (6,627 ) (6.3 %)
Net other operating income and expenses 5 154 0
15 926.7 % 5 154 5 144
6.9 % Operating income (loss) 45 1,371 (1 ) (16 ) - 45 1,371 75
2,276 (39.8 %) 3.7 % 3.7 % (0.1 %) (0.1 %) 3.7 % 3.7 % 5.9 % 5.9 %
Net non-operating income and expenses (10 ) (304 ) 2
46 - (10 ) (304 ) (40 ) (1,210 ) (74.9 %) Income from
continuing operations before
income tax
35 1,067 1 30 3,456.7 % 35 1,067 35 1,066 0.1 % 2.9 % 2.9 % 0.1 %
0.1 % 2.9 % 2.9 % 2.8 % 2.8 % Income tax benefit (expense)
14 430 2 49 777.6 % 14 430
(20 ) (617 ) - Net income 49 1,497 3 79 1,794.9 % 49
1,497 15 449 233.4 % 4.0 % 4.0 % 0.2 % 0.2 % 4.0 % 4.0 % 1.2 % 1.2
% Other comprehensive income (loss) (98 ) (2,997 ) (20 )
(583 ) 414.1 % (98 ) (2,997 ) (20 ) (591 ) 407.1 % Total
comprehensive income (loss) (49 ) (1,500 ) (17 ) (504 ) 197.6 % (49
) (1,500 ) (5 ) (142 ) 956.3 % Net income attributable to:
Stockholders of the parent 75 2,286 7 210 988.6 % 75 2,286 84
2,548 (10.3 %) Non-controlling interests (26 ) (789 ) (4 ) (131 )
502.3 % (26 ) (789 ) (69 ) (2,099 ) (62.4 %) Comprehensive
income (loss) attributable to: Stockholders of the parent (20 )
(599 ) (12 ) (356 ) 68.3 % (20 ) (599 ) 63 1,902 -
Non-controlling interests (29 ) (901 ) (5 ) (148 ) 508.8 % (29 )
(901 ) (68 ) (2,044 ) (55.9 %) Earnings per share-basic
0.006 0.19 0.001 0.02 0.006 0.19
0.007 0.21 Earnings per ADS (2) 0.031
0.95 0.003 0.10 0.031 0.95 0.035
1.05 Weighted average number of shares outstanding
(in millions) 12,208 12,408 12,208 12,208
Notes: (1) New Taiwan Dollars
have been translated into U.S. Dollars at the March 31, 2017
exchange rate of NT $30.31 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
For the Three-Month Period Ended For the
Three-Month Period Ended March 31, 2017 March 31, 2017 US$ NT$ %
US$ NT$ % Net operating revenues 1,235 37,418 100.0 % 1,235 37,418
100.0 % Operating costs (990 ) (29,990 ) (80.1 %) (990 ) (29,990 )
(80.1 %) Gross profit 245 7,428 19.9 % 245
7,428 19.9 % Operating expenses - Sales and
marketing expenses (38 ) (1,170 ) (3.1 %) (38 ) (1,170 ) (3.1 %) -
General and administrative expenses (35 ) (1,050 ) (2.8 %) (35 )
(1,050 ) (2.8 %) - Research and development expenses (132 ) (3,991
) (10.7 %) (132 ) (3,991 ) (10.7 %) Subtotal (205 ) (6,211 ) (16.6
%) (205 ) (6,211 ) (16.6 %) Net other operating income and expenses
5 154 0.4 % 5 154 0.4 % Operating
income 45 1,371 3.7 % 45 1,371 3.7 % Net non-operating
income and expenses (10 ) (304 ) (0.8 %) (10 ) (304 ) (0.8 %)
Income from continuing operations before
income tax
35 1,067 2.9 % 35 1,067 2.9 % Income tax benefit 14
430 1.1 % 14 430 1.1 % Net income 49
1,497 4.0 % 49 1,497 4.0 % Other comprehensive income (loss)
(98 ) (2,997 ) (8.0 %) (98 ) (2,997 ) (8.0 %) Total
comprehensive income (loss) (49 ) (1,500 ) (4.0 %) (49 ) (1,500 )
(4.0 %) Net income attributable to: Stockholders of the
parent 75 2,286 6.1 % 75 2,286 6.1 % Non-controlling interests
(26 ) (789 ) (2.1 %) (26 ) (789 ) (2.1 %) Comprehensive
income (loss) attributable to: Stockholders of the parent (20 )
(599 ) (1.6 %) (20 ) (599 ) (1.6 %) Non-controlling interests (29
) (901 ) (2.4 %) (29 ) (901 ) (2.4 %) Earnings per
share-basic 0.006 0.19 0.006 0.19
Earnings per ADS (2) 0.031 0.95 0.031 0.95
Weighted average number of shares
outstanding (in millions)
12,208 12,208
Notes: (1) New
Taiwan Dollars have been translated into U.S. Dollars at the March
31, 2017 exchange rate of NT $30.31 per U.S. Dollar. (2) 1 ADS
equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES Consolidated Condensed
Statement of Cash Flows For The Three-Month Period Ended March
31, 2017 Figures in Millions of New Taiwan Dollars (NT$) and U.S.
Dollars (US$) US$ NT$
Cash flows from operating
activities : Net income before tax 35 1,067 Depreciation &
Amortization 439 13,292 Changes in notes & accounts receivable
63 1,895 Changes in other current assets (38 ) (1,149 ) Changes in
payables (43 ) (1,296 ) Changes in assets, liabilities and others
(17 ) (498 ) Net cash provided by operating activities 439 13,311
Cash flows from investing activities : Acquisition of
available-for-sale financial assets (16 ) (481 ) Proceeds from
disposal of available-for-sale financial assets 23 701 Proceeds
from disposal of investments accounted for under the equity method
65 1,980 Acquisition of property, plant and equipment (582 )
(17,654 ) Others (28 ) (839 ) Net cash used in investing activities
(538 ) (16,293 )
Cash flows from financing activities
: Proceeds from bonds issued 274 8,300 Proceeds from long-term
loans 74 2,258 Repayments of long-term loans (29 ) (885 )
Acquisition of subsidiaries (41 ) (1,228 ) Others (19 ) (600 ) Net
cash provided by financing activities 259 7,845 Effect of
exchange rate changes on cash and cash equivalents (54 ) (1,630 )
Net Increase in cash and cash equivalents 106 3,233 Cash and
cash equivalents at beginning of period 1,900 57,579
Cash and cash equivalents at end of period 2,006
60,812 Note: New
Taiwan Dollars have been translated into U.S. Dollars at the March
31, 2017 exchange rate of NT $30.31 per U.S. Dollar.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170426005617/en/
UMC, Investor RelationsMichael Lin, +886-2-2658-9168,
ext. 16900jinhong_lin@umc.comDavid Wong, +886-2-2658-9168, ext.
16900david_wong@umc.com
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