Robust demand in 4Q20 propels utilization to
99%; GM reaches 23.9%
Company posts 2020 net income of NT$29.19
billion or NT$2.42 EPS
Fourth Quarter 2020 Overview1:
- Revenue: NT$45.30 billion (US$1.59 billion)
- Gross margin: 23.9%; Operating margin: 12.4%
- Revenue from 28nm: 18%
- Capacity utilization rate: 99%
- Net income attributable to stockholders of the parent:
NT$11.20 billion (US$393 million)
- Earnings per share: NT$0.92; earnings per ADS:
US$0.162
United Microelectronics Corporation (NYSE:
UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global
semiconductor foundry, today announced its consolidated operating
results for the fourth quarter of 2020.
Fourth quarter consolidated revenue was NT$45.30 billion, which
increased from NT$44.87 billion in 3Q20. Compared to the previous
year, 4Q20 revenue was up 8.2% YoY from NT$41.85 billion in 4Q19.
Consolidated gross margin for 4Q20 was 23.9%. Net income
attributable to the stockholders of the parent was NT$11.20
billion, with earnings per ordinary share of NT$0.92.
Jason Wang, co-president of UMC, said, “Our business traction in
Q3 carried over into Q4, lifting utilization rate to 99% and
raising wafer shipments to 2.3 million 8-inch equivalents. The
stable capacity utilization was driven by robust end market demand
from consumer and computing related applications such as WiFi,
Digital TV, micro-controllers, and power management IC. For full
year 2020, UMC's revenue grew 26% in USD while operating income
surged to NT$22.01 billion, reflecting solid utilization rates
across both 8" and 12" facilities and optimization of our blended
product mix. In particular, our enhanced 12" product mix primarily
resulted from the substantial pick-up in 28nm wafer business as
well as our successful integration of USJC’s 12” operations.”
Co-president Wang continued, “Looking into the first quarter,
stable demand outlook will lead to an incremental increase in wafer
shipments and blended ASP in USD. However, due to the continuing
unfavorable foreign exchange rate, we anticipate the appreciation
of the NT dollar will offset more than half of the implied growth
projected for 1Q. For full year 2021, UMC continues to share the
foundry industry's positive view in wafer demand. Hence, we will
continue with the company's disciplined and measured capex strategy
by allocating a budget of US$1.5 billion to accommodate the strong
demand outlook in advanced technologies.”
Co-president Wang added, “ In terms of corporate
sustainability, UMC first launched its Corporate Sustainability
Committee in the domestic semiconductor industry in 2008, adhering
to the vision of "people-oriented, symbiosis with the environment,
and co-prosperity with the society," and is committed to the
promotion of the ESG (environment, society, governance)
three-dimensional sustainability concept. Among them, in terms of
environmental sustainability, UMC regards climate change, water and
energy management issues as challenges and opportunities for the
company. In 2020, UMC revealed its “Green 2025” environmental
protection goals to achieve 15% water saving, 15% electricity
saving, 25% waste reduction, and 65% reduction in
fluorine-containing greenhouse gases. Given Taiwan’s lack of
rainfall over the past few months, water conservation and water
recycling have become increasingly important themes in helping
communities cope with longer-term droughts. By 2025, UMC
anticipates the company’s efforts in water and wastewater
management will reduce water consumption per product unit by 15%
compared to 2015. We will continue to enhance our competitiveness
and ensure that continuous and effective water conservation
management is conducted in our wafer manufacturing operations to
increase the recovery and reuse of water resources.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
4Q20
3Q20
QoQ % change
4Q19
YoY % change
Operating Revenues
45,296
44,870
0.9
41,849
8.2
Gross Profit
10,848
9,769
11.0
6,968
55.7
Operating Expenses
(6,335
)
(5,508
)
15.0
(6,165
)
2.8
Net Other Operating Income and
Expenses
1,102
2,872
(61.6
)
1,215
(9.3
)
Operating Income
5,615
7,133
(21.3
)
2,018
178.3
Net Non-Operating Income and Expenses
5,619
2,074
171.0
946
493.4
Net Income Attributable to Stockholders of
the Parent
11,196
9,106
22.9
3,837
191.8
EPS (NT$ per share)
0.92
0.75
0.33
(US$ per ADS)
0.162
0.132
0.058
Operating revenues in 4Q20 slightly increased to NT$45.30
billion. Revenue contribution from 40nm and below technologies
increased to 40%. Gross profit grew 11.0% QoQ to NT$10.85 billion,
or 23.9% of revenue. Operating expenses increased 15.0% to NT$6.34
billion. Net other operating income declined to NT$1.10 billion.
Net non-operating income was NT$5.62 billion. Net income
attributable to stockholders of the parent grew 22.9% QoQ to
NT$11.20 billion.
Earnings per ordinary share for the quarter was NT$0.92.
Earnings per ADS was US$0.162. The basic weighted average number of
outstanding shares in 4Q20 was 12,206,292,756, compared with
12,107,651,452 shares in 3Q20 and 11,708,869,140 shares in 4Q19.
The diluted weighted average number of outstanding shares was
12,359,115,536 in 4Q20, compared with 12,179,561,492 shares in 3Q20
and 13,073,000,039 shares in 4Q19. The fully diluted shares counted
on December 31, 2020 were approximately 12,375,194,000.
Detailed Financials Section
COGS & Expenses
(Amount: NT$ million)
4Q20
3Q20
QoQ % change
4Q19
YoY % change
Operating Revenues
45,296
44,870
0.9
41,849
8.2
COGS
(34,448
)
(35,101
)
(1.9
)
(34,881
)
(1.2
)
Depreciation
(10,436
)
(10,911
)
(4.4
)
(11,069
)
(5.7
)
Other Mfg. Costs
(24,012
)
(24,190
)
(0.7
)
(23,812
)
0.8
Gross Profit
10,848
9,769
11.0
6,968
55.7
Gross Margin (%)
23.9
%
21.8
%
16.7
%
Operating Expenses
(6,335
)
(5,508
)
15.0
(6,165
)
2.8
G&A
(1,966
)
(1,614
)
21.9
(1,603
)
22.7
Sales & Marketing
(1,175
)
(1,009
)
16.4
(996
)
17.9
R&D
(3,194
)
(3,314
)
(3.6
)
(3,453
)
(7.5
)
Expected Credit Impairment Gain (Loss)
0
429
(99.9
)
(113
)
-
Net Other Operating Income &
Expenses
1,102
2,872
(61.6
)
1,215
(9.3
)
Operating Income
5,615
7,133
(21.3
)
2,018
178.3
Operating revenues increased slightly to NT$45.30 billion. COGS
declined 1.9% QoQ to NT$34.45 billion, which included a 4.4% QoQ
decline in depreciation. Gross profit grew 11.0% QoQ to NT$10.85
billion, which was partially offset from the continuous
appreciation of the NT dollar. Operating expenses increased 15% QoQ
to NT$6.34 billion, as G&A increased 21.9% sequentially to
NT$1.97 billion while Sales & Marketing rose 16.4% QoQ to
NT$1.18 billion. R&D decreased 3.6% QoQ to NT$3.19 billion,
representing 7.1% of 4Q20 operating revenues. Net other operating
income was NT$1.10 billion. In 4Q20, operating income declined
21.3% QoQ to NT$5.62 billion.
Non-Operating Income and
Expenses
(Amount: NT$ million)
4Q20
3Q20
4Q19
Non-Operating Income and Expenses
5,619
2,074
946
Net Interest Income and Expenses
(278
)
(314
)
(468
)
Net Investment Gain and Loss
5,703
3,944
1,064
Exchange Gain and Loss
199
259
188
Other Gain and Loss
(5
)
(1,815
)
162
Net non-operating income in 4Q20 was NT$5.62 billion, mainly
resulting from NT$5.70 billion in net investment gain and NT$199
million in exchange gain, which was primarily offset by NT$278
million in net interest expense.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended Dec.
31, 2020
For the 3-Month Period Ended Sep.
30, 2020
Cash Flow from Operating Activities
16,072
18,538
Net income before tax
11,234
9,207
Depreciation & Amortization
11,993
12,170
Expected credit impairment loss (gain)
(0
)
(429
)
Share of profit of associates and joint
ventures
(3,822
)
(2,778
)
Income tax paid
(144
)
(229
)
Changes in working capital &
others
(3,189
)
597
Cash Flow from Investing Activities
(17,437
)
(5,686
)
Acquisition of PP&E
(11,738
)
(6,707
)
Proceeds from disposal of PP&E
(20
)
1,720
Acquisition of intangible assets
(293
)
(815
)
Decrease (increase) in other financial
assets
(4,625
)
281
Others
(761
)
(165
)
Cash Flow from Financing Activities
(3,153
)
(13,652
)
Bank loans
(3,000
)
(4,716
)
Treasury stock acquired
-
(477
)
Treasury stock sold to employees
-
1,678
Cash dividends
-
(9,765
)
Others
(153
)
(372
)
Effect of Exchange Rate
(273
)
(233
)
Net Cash Flow
(4,791
)
(1,033
)
Beginning balance
98,839
99,872
Ending balance
94,048
98,839
In 4Q20, cash inflow from operating activities was NT$16.07
billion. Cash outflow from investing activities totaled NT$17.44
billion, which included NT$12.04 billion in capital expenditure,
resulting in free cash flow of NT$4.03 billion. Cash outflow from
financing activities was NT$3.15 billion, primarily from NT$3.00
billion in the repayment of bank loans. Net cash outflow in 4Q20
was NT$4.79 billion. Over the next 12 months, the company expects
to repay NT$6.34 billion in bank loans.
Current Assets
(Amount: NT$ billion)
4Q20
3Q20
4Q19
Cash and Cash Equivalents
94.05
98.84
95.49
Notes & Accounts Receivable
27.27
26.96
25.73
Days Sales Outstanding
55
55
54
Inventories, net
22.55
22.86
21.72
Days of Inventory
60
60
55
Total Current Assets
164.31
163.48
153.76
Cash and cash equivalents decreased to NT$94.05 billion. Days of
inventory remained at 60 days.
Liabilities
(Amount: NT$ billion)
4Q20
3Q20
4Q19
Total Current Liabilities
78.24
59.15
72.71
Notes & Accounts Payable
7.86
7.70
8.88
Short-Term Credit / Bonds
38.04
16.40
36.81
Payables on Equipment
5.45
7.38
3.03
Other
26.89
27.67
23.99
Long-Term Credit / Bonds
24.77
49.46
47.89
Long-Term Investment Liabilities
20.75
20.14
20.09
Total Liabilities
141.74
147.33
162.97
Debt to Equity
60
%
67
%
79
%
Current liabilities increased to NT$78.24 billion, mainly from
increase of short-term credit/bonds to NT$38.04 billion as
long-term credit/bonds declined to NT$24.77 billion. Total
liabilities declined to NT$141.74 billion, leading to a debt to
equity ratio of 60%.
Analysis of Revenue2
Revenue Breakdown by
Region
Region
4Q20
3Q20
2Q20
1Q20
4Q19
North America
29
%
30
%
31
%
29
%
30
%
Asia Pacific
61
%
57
%
55
%
56
%
55
%
Europe
5
%
6
%
5
%
6
%
6
%
Japan
5
%
7
%
9
%
9
%
9
%
Revenue from Asia Pacific rose to 61% as business from North
America declined to 29% of sales. Business from Europe was 5% while
contribution from Japan declined to 5%.
Revenue Breakdown by
Geometry
Geometry
4Q20
3Q20
2Q20
1Q20
4Q19
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
18
%
14
%
13
%
9
%
10
%
28nm<x<=40nm
22
%
23
%
23
%
25
%
22
%
40nm<x<=65nm
18
%
19
%
16
%
16
%
16
%
65nm<x<=90nm
8
%
10
%
13
%
15
%
18
%
90nm<x<=0.13um
11
%
11
%
11
%
11
%
11
%
0.13um<x<=0.18um
13
%
13
%
13
%
13
%
12
%
0.18um<x<=0.35um
8
%
8
%
8
%
8
%
8
%
0.5um and above
2
%
2
%
3
%
3
%
3
%
Revenue contribution from 28nm continued to increase, growing to
18% of the business while 40nm contribution declined to 22% of
sales.
Revenue Breakdown by Customer
Type
Customer Type
4Q20
3Q20
2Q20
1Q20
4Q19
Fabless
87
%
88
%
88
%
88
%
87
%
IDM
13
%
12
%
12
%
12
%
13
%
Revenue from fabless customers decreased to 87% of revenue.
Revenue Breakdown by
Application (1)
Application
4Q20
3Q20
2Q20
1Q20
4Q19
Computer
16
%
13
%
14
%
13
%
13
%
Communication
49
%
54
%
51
%
54
%
54
%
Consumer
25
%
24
%
24
%
24
%
24
%
Others
10
%
9
%
11
%
9
%
9
%
Revenue from the communication segment declined to 49%, while
business from computer applications grew to 16%. Business from
consumer applications increased to 25% as other segments increased
to 10%.
(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, WLAN.
Communication consists of handset components, broadband,
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 Blended average selling price (ASP)
increased in 4Q20.
(To view blended ASP trend, please click here for 4Q20 ASP)
Shipment and Utilization Rate3
Wafer Shipments
4Q20
3Q20
2Q20
1Q20
4Q19
Wafer Shipments (8” K equivalents)
2,293
2,254
2,218
2,148
2,042
Quarterly Capacity Utilization
Rate
4Q20
3Q20
2Q20
1Q20
4Q19
Utilization Rate
99
%
97
%
98
%
93
%
92
%
Total Capacity (8” K equivalents)
2,311
2,308
2,291
2,278
2,237
In 4Q20, wafer shipments increased 1.7% QoQ to 2,293K, while
quarterly capacity remained flat at 2,311K. As a result, the
overall utilization rate in 4Q20 was 99%.
Capacity4
Total capacity in the fourth quarter totaled 2,311K 8-inch
equivalent wafers. We foresee in the first quarter, that capacity
will decline to 2,280K 8-inch equivalent wafers, mainly reflecting
the product mix changes at WTK and Fab 8A.
Annual Capacity in thousands of
wafers
Quarterly Capacity in thousands of
wafers
FAB
Geometry (um)
2020
2019
2018
2017
FAB
1Q21E
4Q20
3Q20
2Q20
WTK
6"
3.5 – 0.45
371
370
396
422
WTK
84
93
93
93
8A
8"
0.5 – 0.25
802
825
825
825
8A
186
201
201
201
8C
8"
0.35 – 0.11
452
436
383
357
8C
113
113
113
113
8D
8"
0.13 – 0.09
371
359
347
341
8D
94
93
93
93
8E
8"
0.5 – 0.15
449
426
418
418
8E
113
113
113
113
8F
8"
0.18 – 0.11
485
434
431
417
8F
120
122
122
122
8S
8"
0.18 – 0.11
373
372
372
347
8S
101
93
93
93
8N
8"
0.5 – 0.11
917
831
771
753
8N
226
230
230
230
12A
12"
0.13 – 0.014
1044
997
997
970
12A
257
261
261
261
12i
12"
0.13 – 0.040
628
595
555
537
12i
157
160
160
155
12X
12"
0.040 – 0.028
217
203
183
97
12X
59
57
56
53
12M
12"
0.090 – 0.040
391
98
-
-
12M
96
98
98
98
Total(1)
9,188
8,148
7,673
7,304
Total
2,280
2,311
2,308
2,291
YoY Growth Rate
13
%
6
%
5
%
5
%
(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. Total capacity figures are expressed in
8-inch equivalent wafers.
CAPEX
Capital Expenditure by Year - in
US$ billion
Year
2020
2019
2018
2017
2016
CAPEX
$
1.0
$
0.6
$
0.7
$
1.4
$
2.8
2021 CAPEX Plan
8"
12"
Total
15
%
85
%
US$1.5 billion
CAPEX spending in 4Q20 was US$418 million, leading to a total of
US$1.0 billion in capital expenditure for 2020. Full year 2021
CAPEX is budgeted at US$1.5 billion.
Brief Summary of Full Year 2020 Consolidated Results
Operating Results
(Amount: NT$ million)
2020
2019
YoY % change
Operating Revenues
176,821
148,202
19.3
Gross Profit
38,997
21,315
83.0
Operating Expenses
(23,244
)
(21,807
)
6.6
Net Other Operating Income and
Expenses
6,254
5,182
20.7
Operating Income
22,007
4,690
369.3
Net Non-Operating Income and Expenses
5,919
1,046
465.9
Income Tax (Expense) Benefit
(746
)
393
-
Net Income Attributable to Stockholders of
the Parent
29,189
9,708
200.7
EPS (NT$ per share)
2.42
0.82
(US$ per ADS)
0.425
0.144
- Consolidated revenue in NTD increased 19.3% YoY to NT$176.82
billion, from NT$148.20 billion in 2019.
- Gross margin was 22.1%, compared to 14.4% in 2019.
- Operating margin was 12.5%, compared to 3.2% in 2019.
- Net income attributable to stockholders of the parent was
NT$29.19 billion in 2020.
- EPS was NT$2.42, or EPADS of US$0.425 for 2020.
- The contribution from 28nm technologies and below accounted for
14% in 2020. 40nm business accounted for 23% in 2020.
Annual Sales Breakdown in Revenue for Foundry Segment
Region
2020
2019
North America
30
%
32
%
Asia Pacific
57
%
57
%
Europe
6
%
6
%
Japan
7
%
5
%
Technology
2020
2019
14nm and below
0
%
0
%
14nm<x<=28nm
14
%
11
%
28nm<x<=40nm
23
%
23
%
40nm<x<=65nm
17
%
15
%
65nm<x<=90nm
11
%
14
%
90nm<x<=0.13um
11
%
12
%
0.13um<x<=0.18um
13
%
13
%
0.18um<x<=0.35um
8
%
9
%
0.5um and above
3
%
3
%
Customer Type
2020
2019
Fabless
88
%
91
%
IDM
12
%
9
%
Application
2020
2019
Computer
14
%
14
%
Communication
52
%
52
%
Consumer
24
%
26
%
Others
10
%
8
%
First Quarter 2021 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase by approximately 2%
- ASP in USD: To increase by 2-3%
- Gross Profit Margin: To be in the mid-20% range
- Capacity Utilization: 100%
- 2021 CAPEX: US$1.5 billion
Recent Developments / Announcements
Dec 10, 2020
eMemory and PUFsecurity Announce with UMC
World’s 1st Secure Embedded Solution
Oct 29, 2020
UMC 3Q20 Financial Results
Please visit UMC’s website for further
details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, January 27, 2021
Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 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 4Q20 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 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 19,500 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 financial results for the first
quarter of 2021; the expected wafer shipment and ASP; the
anticipated annual budget; capex strategies; environmental
protection goals and water management strategies; impact of foreign
currency exchange rates; expected foundry capacities; the ability
to obtain new business opportunities; and information under the
heading “First Quarter of 2021 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 risk factors 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 December 31, 2020 Figures in Millions
of New Taiwan Dollars (NT$) and U.S. Dollars (US$) December 31,
2020 US$ NT$ % Assets Current assets Cash and cash
equivalents
3,302
94,048
24.9
%
Accounts receivable, net
958
27,273
7.2
%
Inventories, net
792
22,552
6.0
%
Other current assets
717
20,433
5.4
%
Total current assets
5,769
164,306
43.5
%
Non-current assets Funds and investments
1,987
56,578
15.0
%
Property, plant and equipment
4,662
132,775
35.2
%
Right-of-use assets
272
7,748
2.1
%
Other non-current assets
565
16,109
4.2
%
Total non-current assets
7,486
213,210
56.5
%
Total assets
13,255
377,516
100.0
%
Liabilities Current liabilities Short-term loans
388
11,057
2.9
%
Payables
1,132
32,240
8.5
%
Current portion of long-term liabilities
948
26,985
7.2
%
Other current liabilities
279
7,961
2.2
%
Total current liabilities
2,747
78,243
20.8
%
Non-current liabilities Bonds payable
586
16,690
4.4
%
Long-term loans
284
8,081
2.1
%
Lease liabilities, noncurrent
177
5,027
1.3
%
Other non-current liabilities
1,183
33,702
9.0
%
Total non-current liabilities
2,230
63,500
16.8
%
Total liabilities
4,977
141,743
37.6
%
Equity Equity attributable to the parent company Capital
4,362
124,224
32.9
%
Additional paid-in capital
1,517
43,211
11.4
%
Retained earnings and other components of equity
2,400
68,345
18.1
%
Treasury stock
(4
)
(120
)
(0.0
%)
Total equity attributable to the parent company
8,275
235,660
62.4
%
Non-controlling interests
3
113
0.0
%
Total equity
8,278
235,773
62.4
%
Total liabilities and equity
13,255
377,516
100.0
%
Note：New Taiwan Dollars have been translated into U.S. Dollars at
the December 31, 2020 exchange rate of NT $28.48 per U.S.Dollar.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statements of Comprehensive Income
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS
Data
Year over Year
Comparison
Quarter over Quarter
Comparison
Three-Month Period Ended
Three-Month Period Ended
December 31, 2020
December 31, 2019
Chg.
December 31, 2020
September 30, 2020
Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues
1,590
45,296
1,469
41,849
8.2
%
1,590
45,296
1,575
44,870
0.9
%
Operating costs
(1,209
)
(34,448
)
(1,224
)
(34,881
)
(1.2
%)
(1,209
)
(34,448
)
(1,232
)
(35,101
)
(1.9
%)
Gross profit
381
10,848
245
6,968
55.7
%
381
10,848
343
9,769
11.0
%
23.9
%
23.9
%
16.7
%
16.7
%
23.9
%
23.9
%
21.8
%
21.8
%
Operating expenses - Sales and marketing expenses
(41
)
(1,175
)
(35
)
(996
)
17.9
%
(41
)
(1,175
)
(35
)
(1,009
)
16.4
%
- General and administrative expenses
(69
)
(1,966
)
(56
)
(1,603
)
22.7
%
(69
)
(1,966
)
(58
)
(1,614
)
21.9
%
- Research and development expenses
(112
)
(3,194
)
(121
)
(3,453
)
(7.5
%)
(112
)
(3,194
)
(116
)
(3,314
)
(3.6
%)
- Expected credit impairment gain (loss)
0
0
(4
)
(113
)
-
0
0
15
429
(99.9
%)
Subtotal
(222
)
(6,335
)
(216
)
(6,165
)
2.8
%
(222
)
(6,335
)
(194
)
(5,508
)
15.0
%
Net other operating income and expenses
38
1,102
42
1,215
(9.3
%)
38
1,102
101
2,872
(61.6
%)
Operating income
197
5,615
71
2,018
178.3
%
197
5,615
250
7,133
(21.3
%)
12.4
%
12.4
%
4.8
%
4.8
%
12.4
%
12.4
%
15.9
%
15.9
%
Net non-operating income and expenses
197
5,619
33
946
493.4
%
197
5,619
73
2,074
171.0
%
Income from continuing operations before income tax
394
11,234
104
2,964
278.9
%
394
11,234
323
9,207
22.0
%
24.8
%
24.8
%
7.1
%
7.1
%
24.8
%
24.8
%
20.5
%
20.5
%
Income tax benefit (expenses)
(12
)
(344
)
7
191
-
(12
)
(344
)
(7
)
(197
)
74.8
%
Net income
382
10,890
111
3,155
245.1
%
382
10,890
316
9,010
20.9
%
24.0
%
24.0
%
7.5
%
7.5
%
24.0
%
24.0
%
20.1
%
20.1
%
Other comprehensive income (loss)
135
3,831
(54
)
(1,538
)
-
135
3,831
49
1,390
175.6
%
Total comprehensive income (loss)
517
14,721
57
1,617
810.3
%
517
14,721
365
10,400
41.5
%
Net income attributable to:
Stockholders of the parent
393
11,196
135
3,837
191.8
%
393
11,196
320
9,106
22.9
%
Non-controlling interests
(11
)
(306
)
(24
)
(682
)
(55.1
%)
(11
)
(306
)
(4
)
(96
)
216.5
%
Comprehensive income (loss) attributable
to: Stockholders of the parent
528
15,027
80
2,291
556.0
%
528
15,027
369
10,497
43.2
%
Non-controlling interests
(11
)
(306
)
(23
)
(674
)
(54.6
%)
(11
)
(306
)
(4
)
(97
)
216.5
%
Earnings per share-basic
0.032
0.92
0.012
0.33
0.032
0.92
0.026
0.75
Earnings per ADS (2)
0.162
4.60
0.058
1.65
0.162
4.60
0.132
3.75
Weighted average number of shares outstanding (in millions)
12,206
11,709
12,206
12,108
Notes: (1)
New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2020 exchange rate of NT $28.48 per U.S. Dollar. (2) 1
ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statements of Comprehensive Income
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS
Data
For the Three-Month Period
Ended
For the Twelve-Month Period
Ended
December 31, 2020
December 31, 2020
US$
NT$
%
US$
NT$
%
Operating revenues
1,590
45,296
100.0
%
6,209
176,821
100.0
%
Operating costs
(1,209
)
(34,448
)
(76.1
%)
(4,840
)
(137,824
)
(77.9
%)
Gross profit
381
10,848
23.9
%
1,369
38,997
22.1
%
Operating expenses - Sales and marketing expenses
(41
)
(1,175
)
(2.6
%)
(146
)
(4,152
)
(2.4
%)
- General and administrative expenses
(69
)
(1,966
)
(4.3
%)
(233
)
(6,664
)
(3.7
%)
- Research and development expenses
(112
)
(3,194
)
(7.1
%)
(453
)
(12,896
)
(7.3
%)
- Expected credit impairment gain
0
0
0.0
%
16
468
0.3
%
Subtotal
(222
)
(6,335
)
(14.0
%)
(816
)
(23,244
)
(13.1
%)
Net other operating income and expenses
38
1,102
2.5
%
220
6,254
3.5
%
Operating income
197
5,615
12.4
%
773
22,007
12.5
%
Net non-operating income and expenses
197
5,619
12.4
%
208
5,919
3.3
%
Income from continuing operations before income
tax
394
11,234
24.8
%
981
27,926
15.8
%
Income tax expense
(12
)
(344
)
(0.8
%)
(27
)
(746
)
(0.4
%)
Net income
382
10,890
24.0
%
954
27,180
15.4
%
Other comprehensive income (loss)
135
3,831
8.5
%
165
4,686
2.6
%
Total comprehensive income (loss)
517
14,721
32.5
%
1,119
31,866
18.0
%
Net income attributable to: Stockholders of
the parent
393
11,196
24.7
%
1,025
29,189
16.5
%
Non-controlling interests
(11
)
(306
)
(0.7
%)
(71
)
(2,009
)
(1.1
%)
Comprehensive income (loss) attributable to:
Stockholders of the parent
528
15,027
33.2
%
1,185
33,748
19.1
%
Non-controlling interests
(11
)
(306
)
(0.7
%)
(66
)
(1,882
)
(1.1
%)
Earnings per share-basic
0.032
0.92
0.085
2.42
Earnings per ADS (2)
0.162
4.60
0.425
12.10
Weighted average number of shares
outstanding (in millions)
12,206
12,073
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the December 31, 2020 exchange rate of NT $28.48 per
U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statement of Cash Flows
For The Twelve-Month Period Ended
December 31, 2020
Figures in Millions of New
Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$
NT$
Cash flows from operating activities :
Net income before tax
981
27,926
Depreciation & Amortization
1,717
48,908
Share of profit of associates and joint ventures
(234
)
(6,668
)
Changes in working capital & others
(156
)
(4,421
)
Net cash provided by operating activities
2,308
65,745
Cash flows from investing activities :
Acquisition of property, plant and equipment
(925
)
(26,345
)
Proceeds from disposal of property, plant and
equipment
61
1,737
Acquisition of intangible assets
(71
)
(2,009
)
Increase in other financial assets
(437
)
(12,438
)
Others
(36
)
(1,057
)
Net cash used in investing activities
(1,408
)
(40,112
)
Cash flows from financing activities :
Decrease in short-term loans
(33
)
(933
)
Redemption of bonds
(481
)
(13,703
)
Proceeds from long-term loans
475
13,529
Repayments of long-term loans
(470
)
(13,392
)
Cash dividends
(343
)
(9,766
)
Treasury stock acquired
(59
)
(1,678
)
Treasury stock sold to employees
59
1,678
Others
(47
)
(1,336
)
Net cash used in financing activities
(899
)
(25,601
)
Effect of exchange rate changes on cash and cash equivalents
(52
)
(1,476
)
Net decrease in cash and cash equivalents
(51
)
(1,444
)
Cash and cash equivalents at beginning of period
3,353
95,492
Cash and cash equivalents at end of period
3,302
94,048
Note: New Taiwan Dollars have been
translated into U.S. Dollars at the December 31, 2020 exchange rate
of NT $28.48 per U.S. Dollar.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
December 31, 2020, the three-month period ending September 30,
2020, and the equivalent three-month period that ended December 31,
2019. For all 4Q20 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the December 31, 2020 exchange
rate of NT$ 28.48 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/20210127005391/en/
Michael Lin / David Wong UMC, Investor Relations +
886-2-2658-9168, ext. 16900 jinhong_lin@umc.com
david_wong@umc.com
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