2Q20 outlook stable; company prioritizes
medical related ICs shipments amid COVID-19
First Quarter 2020 Overview1:
- Revenue: NT$42.27 billion (US$1.40 billion)
- Gross margin: 19.2%
- Foundry operating margin: 8.2%
- Foundry capacity utilization rate: 93%
- Net income attributable to stockholders of the parent:
NT$2.21 billion (US$73 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 2020.
First quarter consolidated revenue was NT$42.27 billion, up 1.0%
QoQ from NT$41.85 billion in 4Q19 and up 29.7% YoY from NT$32.58
billion in 1Q19. Consolidated gross margin for 1Q20 was 19.2%. Net
income attributable to the stockholders of the parent was NT$2.21
billion, with earnings per ordinary share of NT$0.19.
SC Chien, co-president of UMC, said, “In the first quarter,
foundry revenue grew 1.0% QoQ to NT$42.27 billion, leading to a
foundry operating margin of 8.2%. Utilization rate increased
slightly to 93%, bringing wafer shipments to 2.15 million 8-inch
equivalent wafers, primarily attributed to display driver demand in
consumer and communication devices. The demand in consumer ICs
partially reflected work-from-home initiatives adopted in many
areas around the world to combat the spread of COVID-19. As this
pandemic continues to impact populations across the globe, UMC has
given priority to all wafer manufacturing of medical related ICs so
that hospitals and care centers receive the equipment they need in
the shortest time possible in order to deal with the coronavirus.
We will continue to commit all resources within our means to
accelerate the shipments of healthcare-related ICs in the universal
fight against COVID-19.”
Co-president Chien further commented, “Looking into the second
quarter of 2020, despite significantly higher levels of uncertainty
caused by the COVID-19 pandemic, current outlook indicates slightly
higher wafer demand, mainly supported by inventory replenishment
across computer peripheral and consumer electronics end markets. We
will continue to monitor market dynamics; meanwhile we anticipate a
surge in the number of customer 28nm tape outs in the first half of
2020. While we strive to maintain the business momentum attained
during the first quarter, UMC’s corporate strategy of delivering a
high dividend payout ratio remains intact. In Q1, our Board of
Directors proposed to distribute a cash dividend of approximately
NT$0.75 per share, subject to shareholder approval during the
annual shareholder meeting (AGM). We will also continue to
strengthen our financial structure while gaining additional market
share by executing on our technology development and corporate
strategy. As the world navigates the COVID-19 situation, UMC is
committed to the philosophy of “employee care, environmental focus
and public service” while furthering sustainable development and
corporate social responsibility. We will confront this challenge
together with our employees, shareholders, and suppliers. We also
deeply appreciate the efforts of all the front line professionals
confronting this pandemic and will continue to support our
communities in Taiwan and abroad.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
1Q20
4Q19
QoQ % change
1Q19
YoY % change
Operating Revenues
42,268
41,849
1.0
32,583
29.7
Gross Profit
8,122
6,968
16.6
2,262
259.1
Operating Expenses
(5,722
)
(6,165
)
(7.2
)
(4,932
)
16.0
Net Other Operating Income and
Expenses
1,014
1,215
(16.5
)
1,073
(5.5
)
Operating Income (Loss)
3,414
2,018
69.2
(1,597
)
-
Net Non-Operating Income and Expenses
(2,592
)
946
-
1,247
-
Net Income Attributable to Stockholders of
the Parent
2,207
3,837
(42.5
)
1,201
83.7
EPS (NT$ per share)
0.19
0.33
0.10
(US$ per ADS)
0.031
0.055
0.017
Operating revenues in 1Q20 increased 1.0% to NT$42.27 billion,
including NT$42.27 billion from the foundry segment. Revenue
contribution from 40nm and below technologies increased to 34%.
Gross profit increased 16.6% quarterly to NT$8.12 billion, or 19.2%
of revenue. Operating expenses declined 7.2% to NT$5.72 billion.
Net other operating income declined 16.5% to NT$1.01 billion,
leading to an operating income of NT$3.41 billion. Net
non-operating expenses was NT$2.59 billion, including NT$1.97
billion in net investment loss. Net income attributable to
stockholders of the parent was NT$2.21 billion.
Earnings per ordinary share for the quarter was NT$0.19.
Earnings per ADS was US$0.031. The basic weighted average number of
outstanding shares in 1Q20 was 11,782,936,260, compared with
11,708,869,140 shares in 4Q19 and 11,908,706,645 shares in 1Q19.
The diluted weighted average number of outstanding shares was
13,087,825,472 in 1Q20, compared with 13,073,000,039 shares in 4Q19
and 13,238,181,278 shares in 1Q19. The fully diluted share count on
March 31, 2020 was approximately 13,103,904,000.
Detailed Financials Section
COGS & Expenses
(Amount: NT$ million)
1Q20
4Q19
QoQ % change
1Q19
YoY % change
Operating Revenues
42,268
41,849
1.0
32,583
29.7
COGS
(34,146
)
(34,881
)
(2.1
)
(30,321
)
12.6
Depreciation
(11,124
)
(11,069
)
0.5
(10,497
)
6.0
Other Mfg. Costs
(23,022
)
(23,812
)
(3.3
)
(19,824
)
16.1
Gross Profit
8,122
6,968
16.6
2,262
259.1
Gross Margin (%)
19.2
%
16.7
%
6.9
%
Operating Expenses
(5,722
)
(6,165
)
(7.2
)
(4,932
)
16.0
G&A
(1,543
)
(1,603
)
(3.7
)
(1,236
)
24.8
Sales & Marketing
(1,040
)
(996
)
4.3
(889
)
17.0
R&D
(3,185
)
(3,453
)
(7.8
)
(2,807
)
13.5
Expected Credit Impairment Gain (Loss)
46
(113
)
-
-
100.0
Net Other Operating Income &
Expenses
1,014
1,215
(16.5
)
1,073
(5.5
)
Operating Income (Loss)
3,414
2,018
69.2
(1,597
)
-
Operating revenues grew 1.0% QoQ to NT$42.27 billion. COGS
declined 2.1% to NT$34.15 billion, as other manufacturing costs
declined 3.3% to NT$23.02 billion due to flattish depreciation of
NT$11.12 billion. Gross profit grew 16.6% to NT$8.12 billion.
Operating expenses decreased 7.2% to NT$5.72 billion. R&D
expenses fell 7.8% sequentially to NT$3.19 billion, representing
7.5% of 1Q20 operating revenues. Sales & Marketing expenses
were up 4.3% to NT$1.04 billion. Net other operating income was
NT$1.01 billion. In 1Q20, operating income totaled NT$3.41
billion.
Non-Operating Income and
Expenses
(Amount: NT$ million)
1Q20
4Q19
1Q19
Non-Operating Income and Expenses
(2,592
)
946
1,247
Net Interest Income and Expenses
(368
)
(468
)
(473
)
Net Investment Gain and Loss
(1,974
)
1,064
1,228
Exchange Gain and Loss
(148
)
188
507
Other Gain and Loss
(102
)
162
(15
)
Net non-operating expenses in 1Q20 was NT$2.59 billion,
resulting from NT$1.97 billion in net investment loss, NT$368
million in net interest expense and NT$148 million in exchange
loss.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended Mar.
31, 2020
For the 3-Month Period Ended Dec.
31, 2019
Cash Flow from Operating Activities
14,732
37,533
Net income before tax
822
2,964
Depreciation & Amortization
12,497
12,775
Expected credit impairment loss (gain)
(46
)
113
Share of loss (profit) of associates and
joint ventures
847
(642
)
Income tax paid
(151
)
(52
)
Changes in working capital &
others
763
22,375
Cash Flow from Investing Activities
(9,111
)
(17,844
)
Acquisition of subsidiaries
-
(12,801
)
Acquisition of PP&E
(3,631
)
(3,502
)
Acquisition of intangible assets
(453
)
(935
)
Increase in other financial assets
(5,114
)
-
Others
87
(606
)
Cash Flow from Financing Activities
(5,849
)
(9,716
)
Bank loans
(2,563
)
(9,551
)
Redemption of bonds
(2,500
)
-
Cash dividends
-
3
Others
(786
)
(168
)
Effect of Exchange Rate
(98
)
(1,238
)
Net Cash Flow
(326
)
8,735
Beginning balance
95,492
86,755
Changes in non-current assets held for
sale
-
2
Ending balance
95,166
95,492
In 1Q20, cash inflow from operating activities was NT$14.73
billion. Cash outflow from investing activities totaled NT$9.11
billion, which included NT$3.96 billion in capital expenditure,
resulting in free cash flow of NT$10.77 billion. Cash outflow from
financing activities totaled NT$5.85 billion, primarily from
NT$2.56 billion in the repayment of bank loans and NT$2.50 billion
in redemption of bonds. Net cash outflow in 1Q20 was NT$326
million. Over the next 12 months, the company expects to repay
NT$4.74 billion in bank loans.
Current Assets
(Amount: NT$ billion)
1Q20
4Q19
1Q19
Cash and Cash Equivalents
95.17
95.49
88.74
Notes & Accounts Receivable
28.57
25.73
22.99
Days Sales Outstanding
59
54
66
Inventories, net
22.13
21.72
18.87
Days of Inventory
59
55
56
Total Current Assets
159.60
153.76
146.80
Cash and cash equivalents decreased slightly to NT$95.17
billion. Days of inventory increased to 59 days.
Liabilities
(Amount: NT$ billion)
1Q20
4Q19
1Q19
Total Current Liabilities
61.10
72.71
52.64
Notes & Accounts Payable
8.92
8.88
6.78
Short-Term Credit / Bonds
25.35
36.81
23.35
Payables on Equipment
2.78
3.03
2.95
Other
24.05
23.99
19.56
Long-Term Credit / Bonds
47.75
47.89
64.98
Long-Term Investment Liabilities
19.89
20.09
20.99
Total Liabilities
149.64
162.97
164.32
Debt to Equity
71
%
79
%
78
%
Current liabilities declined to NT$61.10 billion. Total
liabilities decreased to NT$149.64 billion, leading to a debt to
equity ratio of 71%.
Analysis of Revenue2 for Foundry Segment
Revenue Breakdown by
Region
Region
1Q20
4Q19
3Q19
2Q19
1Q19
North America
29
%
30
%
33
%
31
%
32
%
Asia Pacific
56
%
55
%
59
%
59
%
57
%
Europe
6
%
6
%
6
%
7
%
7
%
Japan
9
%
9
%
2
%
3
%
4
%
Revenue from Asia Pacific increased to 56%, while revenue
contribution from North American customers declined to 29%. Revenue
from Japan remained at 9% while European business stayed at 6%.
Revenue Breakdown by
Geometry
Geometry
1Q20
4Q19
3Q19
2Q19
1Q19
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
9
%
10
%
12
%
13
%
10
%
28nm<x<=40nm
25
%
22
%
26
%
24
%
20
%
40nm<x<=65nm
16
%
16
%
14
%
14
%
14
%
65nm<x<=90nm
15
%
18
%
12
%
12
%
12
%
90nm<x<=0.13um
11
%
11
%
11
%
14
%
15
%
0.13um<x<=0.18um
13
%
12
%
13
%
12
%
15
%
0.18um<x<=0.35um
8
%
8
%
9
%
8
%
11
%
0.5um and above
3
%
3
%
3
%
3
%
3
%
Revenue contribution from 28nm declined to 9% while 40nm
business represented 25% of sales.
Revenue Breakdown by Customer
Type
Customer Type
1Q20
4Q19
3Q19
2Q19
1Q19
Fabless
88
%
87
%
92
%
93
%
94
%
IDM
12
%
13
%
8
%
7
%
6
%
Revenue from fabless customers was 88% of revenue.
Revenue Breakdown by
Application (1)
Application
1Q20
4Q19
3Q19
2Q19
1Q19
Computer
13%
13%
13%
14%
15%
Communication
54%
54%
54%
52%
48%
Consumer
24%
24%
26%
28%
29%
Others
9%
9%
7%
6%
8%
Revenue from communication remained flat at 54%, while business
from consumer applications and computing peripherals remained
unchanged at 24% and 13% respectively.
(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) in 1Q20 declined
slightly.
(To view ASP trend, visit
http://www.umc.com/english/investors/1Q20_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry Segment
Wafer Shipments
1Q20
4Q19
3Q19
2Q19
1Q19
Wafer Shipments (8” K equivalents)
2,148
2,042
1,806
1,730
1,611
Quarterly Capacity Utilization
Rate
1Q20
4Q19
3Q19
2Q19
1Q19
Utilization Rate
93
%
92
%
91
%
88
%
83
%
Total Capacity (8” K equivalents)
2,278
2,237
2,004
1,970
1,937
In 1Q20, wafer shipments increased 5.2% QoQ to 2,148K, while
quarterly capacity rose 1.8% QoQ to 2,278K. As a result, the
overall utilization rate in 1Q20 was 93%.
Capacity4 for Foundry Segment
Total capacity in the first quarter reached 2,278K 8-inch
equivalent wafers. We expect that second quarter capacity will grow
to 2,291K 8-inch equivalent wafers, mainly reflecting the capacity
de-bottlenecking efforts at Fab 12A, Fab 12i and Fab 8N.
Annual Capacity in thousands of
wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2019
2018
2017
2016
FAB
2Q20E
1Q20
4Q19
3Q19
WTK
6"
3.5 – 0.45
370
396
422
423
WTK
93
92
93
93
Fab 8A
8"
0.5 – 0.25
825
825
825
827
Fab 8A
201
200
207
207
Fab 8C
8"
0.35 – 0.11
436
383
357
348
Fab 8C
113
112
111
111
Fab 8D
8"
0.13 – 0.09
359
347
341
342
Fab 8D
93
92
90
90
Fab 8E
8"
0.5 – 0.18
426
418
418
419
Fab 8E
113
112
111
107
Fab 8F
8"
0.18 – 0.11
434
431
417
401
Fab 8F
122
121
110
110
Fab 8S
8"
0.18 – 0.11
372
372
347
336
Fab 8S
93
93
93
93
Fab 8N
8"
0.5 – 0.11
831
771
753
750
Fab 8N
230
228
218
208
Fab 12A
12"
0.13 – 0.014
997
997
970
885
Fab 12A
261
260
250
250
Fab 12i
12"
0.13 – 0.040
595
555
537
584
Fab 12i
155
154
155
155
Fab 12X
12"
0.040 – 0.028
203
183
97
9
Fab 12X
53
52
51
51
Fab 12M
12"
0.090 – 0.040
98
-
-
-
Fab 12M
98
97
98
-
Total(1)
8,148
7,673
7,304
6,983
Total
2,291
2,278
2,237
2,004
YoY Growth Rate
6
%
5
%
5
%
6
%
(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
2019
2018
2017
2016
2015
CAPEX
$
0.6
$
0.7
$
1.4
$
2.8
$
1.9
2020 CAPEX Plan
8"
12"
Total
15
%
85
%
US$1.0 billion
CAPEX spending in 1Q20 was US$131 million. 2020 CAPEX is
budgeted at US$1.0 billion.
Second Quarter of 2020 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase by 1-2%
- ASP in USD: To increase by 1-2%
- Profitability: Gross profit margin will be approximately
20%
- Foundry Segment Capacity Utilization: mid-90% range
- 2020 CAPEX for Foundry Segment: US$1 billion
Recent Developments / Announcements
Mar 23, 2020
Faraday’s 28Gbps SerDes IP Now Available
on UMC’s 28HPC Process
Feb 26, 2020
UMC Board of Directors Announces Proposals
for its Annual Shareholders Meeting
Feb 5, 2020
UMC 4Q 2019 Financial Results
Please visit UMC’s website for
further details regarding the above announcements
Conference Call / Webcast Announcement
Monday, April 27, 2020
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM
(London)
Dial-in numbers and Access Codes:
USA Toll Free:
1-866 836-0101
Taiwan Number:
02-2192-8016
Other Areas:
+886-2-2192-8016
Access Code:
UMC
A live webcast and replay of the 1Q20 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. The company provides high quality IC production with a
focus on both logic and specialty technologies to serve every major
sector of the electronics industry. UMC’s comprehensive technology
and manufacturing solutions include logic/RF, embedded high
voltage, embedded flash, RFSOI/BCD on 8" & 12" wafers and
IATF-16949 automotive manufacturing certification for all its
manufacturing facilities. UMC operates 12 fabs that are
strategically located throughout Asia with a maximum capacity of
more than 750,000 8-inch equivalent wafers per month. The company
employs approximately 19,000 people worldwide, with offices in
Taiwan, China, United States, Europe, Japan, Korea and Singapore.
For more information, please visit: http://www.umc.com.
Safe Harbor Statements
This press release contains 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. These
forward-looking statements include, but are not limited to,
statements regarding anticipated sales for first quarter; product
releases and market shares; opportunities in the 5G and IoT
markets; anticipated wafer demands in market segments; execution of
corporate strategies; repayment of bank loans; expected foundry
capacities; the ability to obtain new business opportunities; and
information under the heading “First Quarter of 2020 Outlook and
Guidance.”
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, including its Annual Report on Form 20-F. 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.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance
Sheet
As of March 31, 2020
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
March 31, 2020
US$
NT$
%
Assets Current assets Cash and cash equivalents
3,148
95,166
26.4
%
Notes & Accounts receivable, net
945
28,569
7.9
%
Inventories, net
732
22,126
6.1
%
Other current assets
454
13,734
3.9
%
Total current assets
5,279
159,595
44.3
%
Non-current assets Funds and investments
1,187
35,887
10.0
%
Property, plant and equipment
4,669
141,151
39.2
%
Right-of-use assets
265
7,998
2.2
%
Other non-current assets
524
15,826
4.3
%
Total non-current assets
6,645
200,862
55.7
%
Total assets
11,924
360,457
100.0
%
Liabilities Current liabilities Short-term loans
312
9,432
2.6
%
Payables
912
27,584
7.7
%
Current portion of long-term liabilities
527
15,919
4.4
%
Other current liabilities
270
8,169
2.2
%
Total current liabilities
2,021
61,104
16.9
%
Non-current liabilities Bonds payable
618
18,688
5.2
%
Long-term loans
961
29,059
8.1
%
Lease liabilities, noncurrent
171
5,170
1.4
%
Other non-current liabilities
1,179
35,616
9.9
%
Total non-current liabilities
2,929
88,533
24.6
%
Total liabilities
4,950
149,637
41.5
%
Equity Equity attributable to the parent company Capital
4,043
122,224
33.9
%
Additional paid-in capital
1,368
41,345
11.5
%
Retained earnings, exchange differences on translation offoreign
operations and unrealized gains or losses on financialassets
measured at fair value through other comprehensiveincome
1,565
47,302
13.1
%
Treasury stock
(4
)
(120
)
(0.0
%)
Total equity attributable to the parent company
6,972
210,751
58.5
%
Non-controlling interests
2
69
0.0
%
Total equity
6,974
210,820
58.5
%
Total liabilities and equity
11,924
360,457
100.0
%
Note:New Taiwan Dollars have been
translated into U.S. Dollars at the March 31, 2020 exchange rate of
NT $30.23 per U.S. Dollar.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statements of Comprehensive Income
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS
Data
Year over Year
Comparison
Quarter over Quarter
Comparison
Three-Month Period Ended
Three-Month Period Ended
March 31, 2020
March 31, 2019
Chg.
March 31, 2020
December 31, 2019
Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues
1,398
42,268
1,078
32,583
29.7
%
1,398
42,268
1,384
41,849
1.0
%
Operating costs
(1,129
)
(34,146
)
(1,003
)
(30,321
)
12.6
%
(1,129
)
(34,146
)
(1,154
)
(34,881
)
(2.1
%)
Gross profit
269
8,122
75
2,262
259.1
%
269
8,122
230
6,968
16.6
%
19.2
%
19.2
%
6.9
%
6.9
%
19.2
%
19.2
%
16.7
%
16.7
%
Operating expenses - Sales and marketing expenses
(34
)
(1,040
)
(29
)
(889
)
17.0
%
(34
)
(1,040
)
(33
)
(996
)
4.3
%
- General and administrative expenses
(52
)
(1,543
)
(41
)
(1,236
)
24.8
%
(52
)
(1,543
)
(53
)
(1,603
)
(3.7
%)
- Research and development expenses
(105
)
(3,185
)
(93
)
(2,807
)
13.5
%
(105
)
(3,185
)
(114
)
(3,453
)
(7.8
%)
- Expected credit impairment gain (loss)
2
46
-
-
100.0
%
2
46
(4
)
(113
)
-
Subtotal
(189
)
(5,722
)
(163
)
(4,932
)
16.0
%
(189
)
(5,722
)
(204
)
(6,165
)
(7.2
%)
Net other operating income and expenses
33
1,014
35
1,073
(5.5
%)
33
1,014
41
1,215
(16.5
%)
Operating income (loss)
113
3,414
(53
)
(1,597
)
-
113
3,414
67
2,018
69.2
%
8.1
%
8.1
%
(4.9
%)
(4.9
%)
8.1
%
8.1
%
4.8
%
4.8
%
Net non-operating income and expenses
(86
)
(2,592
)
41
1,247
-
(86
)
(2,592
)
31
946
-
Income (loss) from continuing operationsbefore income tax
27
822
(12
)
(350
)
-
27
822
98
2,964
(72.3
%)
1.9
%
1.9
%
(1.1
%)
(1.1
%)
1.9
%
1.9
%
7.1
%
7.1
%
Income tax benefit
14
408
15
443
(7.7
%)
14
408
6
191
113.9
%
Net income
41
1,230
3
93
1,228.5
%
41
1,230
104
3,155
(61.0
%)
2.9
%
2.9
%
0.3
%
0.3
%
2.9
%
2.9
%
7.5
%
7.5
%
Other comprehensive income (loss)
(123
)
(3,714
)
120
3,614
-
(123
)
(3,714
)
(51
)
(1,538
)
141.5
%
Total comprehensive income (loss)
(82
)
(2,484
)
123
3,707
-
(82
)
(2,484
)
53
1,617
-
Net income attributable to: Stockholders of the parent
73
2,207
40
1,201
83.7
%
73
2,207
127
3,837
(42.5
%)
Non-controlling interests
(32
)
(977
)
(37
)
(1,108
)
(11.9
%)
(32
)
(977
)
(23
)
(682
)
43.3
%
Comprehensive income (loss) attributable to: Stockholders
of the parent
(54
)
(1,634
)
159
4,813
-
(54
)
(1,634
)
76
2,291
-
Non-controlling interests
(28
)
(850
)
(36
)
(1,106
)
(23.1
%)
(28
)
(850
)
(23
)
(674
)
26.2
%
Earnings per share-basic
0.006
0.19
0.003
0.10
0.006
0.19
0.011
0.33
Earnings per ADS (2)
0.031
0.95
0.017
0.50
0.031
0.95
0.055
1.65
Weighted average number of shares outstanding (in millions)
11,783
11,909
11,783
11,709
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the March 31, 2020 exchange rate of NT $30.23 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statements of Comprehensive Income
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS
Data
For the Three-Month Period
Ended
For the Three-Month Period
Ended
March 31, 2020
March 31, 2020
US$
NT$
%
US$
NT$
% Operating revenues
1,398
42,268
100.0
%
1,398
42,268
100.0
%
Operating costs
(1,129
)
(34,146
)
(80.8
%)
(1,129
)
(34,146
)
(80.8
%)
Gross profit
269
8,122
19.2
%
269
8,122
19.2
%
Operating expenses - Sales and marketing expenses
(34
)
(1,040
)
(2.5
%)
(34
)
(1,040
)
(2.5
%)
- General and administrative expenses
(52
)
(1,543
)
(3.6
%)
(52
)
(1,543
)
(3.6
%)
- Research and development expenses
(105
)
(3,185
)
(7.5
%)
(105
)
(3,185
)
(7.5
%)
- Expected credit impairment gain
2
46
0.1
%
2
46
0.1
%
Subtotal
(189
)
(5,722
)
(13.5
%)
(189
)
(5,722
)
(13.5
%)
Net other operating income and expenses
33
1,014
2.4
%
33
1,014
2.4
%
Operating income
113
3,414
8.1
%
113
3,414
8.1
%
Net non-operating income and expenses
(86
)
(2,592
)
(6.2
%)
(86
)
(2,592
)
(6.2
%)
Income from continuing operationsbefore income tax
27
822
1.9
%
27
822
1.9
%
Income tax benefit
14
408
1.0
%
14
408
1.0
%
Net income
41
1,230
2.9
%
41
1,230
2.9
%
Other comprehensive income (loss)
(123
)
(3,714
)
(8.8
%)
(123
)
(3,714
)
(8.8
%)
Total comprehensive income (loss)
(82
)
(2,484
)
(5.9
%)
(82
)
(2,484
)
(5.9
%)
Net income attributable to: Stockholders of the parent
73
2,207
5.2
%
73
2,207
5.2
%
Non-controlling interests
(32
)
(977
)
(2.3
%)
(32
)
(977
)
(2.3
%)
Comprehensive income (loss) attributable to: Stockholders
of the parent
(54
)
(1,634
)
(3.9
%)
(54
)
(1,634
)
(3.9
%)
Non-controlling interests
(28
)
(850
)
(2.0
%)
(28
)
(850
)
(2.0
%)
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 sharesoutstanding (in millions)
11,783
11,783
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the March 31, 2020 exchange rate of NT $30.23 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statement of Cash Flows
For The Three-Month Period Ended
March 31, 2020
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
US$
NT$
Cash flows from operating activities : Net income before tax
27
822
Depreciation & Amortization
413
12,497
Share of loss of associates and joint ventures
28
847
Changes in working capital & others
19
566
Net cash provided by operating activities
487
14,732
Cash flows from investing activities : Acquisition of
property, plant and equipment
(120
)
(3,631
)
Acquisition of intangible assets
(15
)
(453
)
Increase in other financial assets
(169
)
(5,114
)
Others
3
87
Net cash used in investing activities
(301
)
(9,111
)
Cash flows from financing activities : Decrease in
short-term loans
(84
)
(2,544
)
Redemption of bonds
(83
)
(2,500
)
Proceeds from long-term loans
17
500
Repayments of long-term loans
(17
)
(519
)
Others
(26
)
(786
)
Net cash used in financing activities
(193
)
(5,849
)
Effect of exchange rate changes on cash and cash equivalents
(4
)
(98
)
Net decrease in cash and cash equivalents
(11
)
(326
)
Cash and cash equivalents at beginning of period
3,159
95,492
Cash and cash equivalents at end of period
3,148
95,166
Note: New Taiwan Dollars have been translated into U.S. Dollars at
the March 31, 2020 exchange rate of NT $30.23 per U.S. Dollar.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
March 31, 2020, the three-month period ending December 31, 2019,
and the equivalent three-month period that ended March 31, 2019.
For all 1Q20 results, New Taiwan Dollar (NT$) amounts have been
converted into U.S. Dollars at the March 31, 2020 exchange rate of
NT$ 30.23 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200427005304/en/
Michael Lin / David Wong UMC, Investor Relations +
886-2-2658-9168, ext. 16900 jinhong_lin@umc.com
david_wong@umc.com
United Microelectronics (NYSE:UMC)
Historical Stock Chart
From Aug 2024 to Sep 2024
United Microelectronics (NYSE:UMC)
Historical Stock Chart
From Sep 2023 to Sep 2024