3Q18 reaches record high revenue of NT$39.39
billion; 14nm FinFET accounted for 5% of sales
Third Quarter 2018 Overview1:
- Revenue: NT$39.39 billion (US$1.29
billion)
- Gross margin: 17.6%
- Foundry revenue from 28nm: 13%;
Foundry operating margin: 6.4%
- Foundry capacity utilization rate:
94%
- Net Income attributable to
stockholders of the parent: NT$1.72 billion (US$56
million)
- Earnings per share: NT$0.14;
earnings per ADS: US$0.023
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
third quarter of 2018.
Third quarter consolidated revenue was NT$39.39 billion, up 1.4%
QoQ from NT$38.85 billion in 2Q18 and 4.5% YoY from NT$37.70
billion in 3Q17. Consolidated gross margin for 3Q18 was 17.6%. Net
income attributable to stockholders of the parent was NT$1.72
billion, with earnings per ordinary share of NT$0.14.
Jason Wang, co-president of UMC, said, “In the third quarter,
foundry revenue reached a record high of NT$39.33 billion, up 1.4%
from 2Q18. Foundry operating margin was 6.4%. Utilization rate
reached 94%, bringing wafer shipments to 1.8 million 8-inch
equivalent wafers. Loading across 8" and mature 12" technologies
continued to operate at full capacity, as the company generated
NT$10.16 billion of free cash flow during the quarter. In addition,
we saw an increase in computing related applications, which offset
the decline in the communication segment. From a long-term
perspective, we believe numerous essential semiconductor components
will continue to strengthen our specialty technology business. For
example, Allegro Microsystems, a leader in high-performance power
and sensor solutions, signed a multi-year manufacturing agreement
with UMC to ensure long-term capacity support for their growing
wafer requirements in industrial and automotive segments.”
Co-president Wang continued, “Looking into the next quarter, we
are seeing a softening of wafer demand from customers, partly due
to continued softness in entry and mid-end smartphones. The recent
escalation of trade tensions, rising global crude oil prices and
continuous weakening of emerging market currencies could further
increase uncertainties in the broader economy. Meanwhile, we will
continue the execution of our strategy to invest in return-driven
goals while moderating the expansion of advanced technologies. We
are confident that UMC’s globalization efforts will increase our
customers’ competitive edge through geopolitical risk mitigation
while enhancing shareholder value to preserve the best interests of
all our stakeholders.”
1 Unless otherwise stated, all financial figures discussed
in this announcement are prepared in accordance with TIFRSs
recognized by Financial Supervisory Commission in the ROC, which is
different from IFRSs issued by the International Accounting
Standards Board. They represent comparisons among the three-month
period ending September 30, 2018, the three-month period ending
June 30, 2018, and the equivalent three-month period that ended
September 30, 2017. For all 3Q18 results, New Taiwan Dollar (NT$)
amounts have been converted into U.S. Dollars at the September 30,
2018 exchange rate of NT$ 30.53 per U.S. Dollar.
Summary of Operating Results
Operating Results (Amount: NT$ million)
3Q18 2Q18
QoQ %change
3Q17
YoY %change
Net Operating Revenues 39,387 38,852
1.4 37,698 4.5 Gross Profit 6,922 6,675 3.7
6,592 5.0 Operating Expenses (5,702) (5,213) 9.4 (5,404) 5.5 Net
Other Operating Income and Expenses 1,215 1,719 (29.3) 441 175.5
Operating Income 2,435 3,181 (23.5) 1,629 49.5 Net Non-Operating
Income and Expenses (1,606) (1,095) 46.7 1,236 - Net Income
Attributable to Stockholders of the Parent 1,720 3,659 (53.0) 3,473
(50.5) EPS (NT$ per share) 0.14 0.30 0.28 (US$ per ADS)
0.023 0.049 0.046
Net operating revenues in 3Q18 increased 1.4% to NT$39.39
billion, including NT$39.33 billion from the foundry segment.
Revenue contribution from 40nm and below technologies declined to
40%. Gross profit increased 3.7% to NT$6.92 billion, or 17.6% of
revenue. Operating expenses increased 9.4% to NT$5.70 billion. Net
other operating income was NT$1.21 billion, leading to operating
income of NT$2.44 billion. Net non-operating expense was NT$1.61
billion. Net income attributable to stockholders of the parent was
NT$1.72 billion.
Earnings per ordinary share for the quarter was NT$0.14.
Earnings per ADS was US$0.023. The basic weighted average number of
outstanding shares in 3Q18 was 12,053,892,152, compared with
12,048,575,089 shares in 2Q18 and 12,208,239,978 shares in 3Q17.
The diluted weighted average number of outstanding shares was
13,354,955,886 in 3Q18, compared with 13,268,862,054 shares in 2Q18
and 13,441,188,010 shares in 3Q17. The fully diluted share count on
September 30, 2018 was approximately 13,725,383,000. On September
30, 2018, UMC held 200 million treasury shares acquired from the
17th share buy-back programs.
Detailed Financials Section
Net operating revenues grew 1.4% to NT$39.39 billion. COGS
increased 0.9% to NT$32.47 billion, as depreciation declined 4.9%
to NT$11.55 billion while other manufacturing costs increased 4.4%
to NT$20.92 billion. Gross profit was NT$6.92 billion. Operating
expenses increased 9.4% to NT$5.70 billion. General and
Administrative (G&A) expenses increased 28% to NT$1.39 billion.
Sales & Marketing expenses declined 10.5% to NT$0.99 billion
and R&D expenses were up 10% to NT$3.33 billion, or 8.5% of net
operating revenues. Net other operating income was NT$1.21 billion,
leading to an operating income of NT$2.44 billion.
COGS & Expenses (Amount: NT$ million)
3Q18 2Q18 QoQ
%change 3Q17 YoY
%change Net Operating Revenues
39,387 38,852 1.4 37,698 4.5 COGS
(32,465) (32,177) 0.9 (31,106) 4.4 Depreciation (11,549) (12,139)
(4.9) (11,145) 3.6 Other Mfg. Costs (20,916) (20,038) 4.4 (19,961)
4.8 Gross Profit 6,922 6,675 3.7 6,592 5.0 Gross Margin (%) 17.6%
17.2% 17.5% Operating Expenses (5,702) (5,213) 9.4 (5,404) 5.5
G&A (1,386) (1,083) 28.0 (991) 39.9 Sales & Marketing (987)
(1,103) (10.5) (1,070) (7.8) R&D (3,329) (3,027) 10.0 (3,343)
(0.4) Net Other Operating
Income & Expenses
1,215 1,719 (29.3) 441 175.5 Operating Income
2,435 3,181 (23.5) 1,629 49.5
Net non-operating expense in 3Q18 was NT$1.61 billion, primarily
resulting from NT$961 million in exchange loss and NT$507 million
in net interest expense.
Non-Operating Income and Expenses (Amount: NT$
million) 3Q18 2Q18 3Q17
Non-Operating Income and Expenses (1,606)
(1,095) 1,236 Net Interest Income and Expenses (507)
(505) (538) Net Investment Gain and Loss (126) 105 1,016 Exchange
Gain and Loss (961) (720) 776 Other Gain and Loss
(12) 25 (18)
Cash inflow from operating activities was NT$15.77 billion. Cash
outflow from investing activities totaled NT$5.48 billion,
including NT$5.61 billion in CAPEX spending for the foundry
segment, resulting in free cash flow of NT$10.16 billion. Cash
outflow from financing activities totaled NT$3.25 billion, mainly
from NT$8.56 billion in the payment of cash dividends, which was
partly offset by cash inflows of NT$3.11 billion from bank loans
and NT$2.20 billion in treasury stock sold to employees. Net cash
inflow in 3Q18 was NT$6.33 billion. Over the next 12 months, the
company expects to repay NT$3.01 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-MonthPeriod EndedSep. 30,
2018
For the 3-MonthPeriod EndedJun. 30,
2018
Cash Flow from Operating Activities 15,772
14,264 Net income before tax 829 2,086 Depreciation &
Amortization 12,973 13,373 Net loss of financial assets
and liabilities at FVTPL
797 112 Exchange loss on financial assets and liabilities 1,126
1,516 Changes in working capital 158 (1,354) Interest paid (94)
(911) Income tax paid (134) (86) Other 117 (472) Cash Flow from
Investing Activities (5,476) (6,077) Capital expenditures (5,612)
(3,901) Acquisition of investments accounted for under the equity
method - (840) Changes in refundable deposits 58 (980) Acquisition
of intangible assets (169) (130) Other 247 (226) Cash Flow from
Financing Activities (3,253) (10,795) Bank loans 3,114 (8,859)
Treasury stock acquired - (2,534) Treasury stock sold to employees
2,204 - Cash dividends (8,557) - Other (14) 598 Effect of Exchange
Rate (716) 657 Net Cash Flow 6,327
(1,951)
Cash and cash equivalents increased to NT$81.52 billion. Days of
inventory increased one day to 50 days.
Current Assets (Amount: NT$ billion)
3Q18 2Q18 3Q17 Cash and Cash Equivalents
81.52 75.19 69.94 Notes &
Accounts Receivable 25.61 27.01 22.61 Days Sales Outstanding 61 61
54 Inventories, net 17.59 17.66 17.10 Days of Inventory 50 49 49
Total Current Assets 140.15 137.08
124.71
Current liabilities decreased to NT$51.43 billion. Total
liabilities decreased to NT$160.11 billion, leading to a debt to
equity ratio of 75%.
Liabilities (Amount: NT$ billion)
3Q18 2Q18 3Q17 Total Current Liabilities
51.43 59.17 82.36 Notes &
Accounts Payable 6.89 7.41 6.61 Short-Term Credit / Bonds 20.33
17.23 48.74 Payable on Equipment 2.59 3.61 5.23 Dividends payable -
8.56 - Other 21.62 22.36 21.78 Long-Term Credit / Bonds 67.46 67.76
52.36 Long-Term Investment Liabilities 20.16 20.79 20.34 Total
Liabilities 160.11 170.11 169.74 Debt to Equity
75% 81% 79%
Analysis of Revenue2 for Foundry
Segment
Revenue from Asia Pacific increased to 52%, while sales
contribution from North American customers declined to 34%. Revenue
from Japan remained at 3%.
Revenue Breakdown by Region Region
3Q18 2Q18 1Q18
4Q17 3Q17 North America
34% 37% 42% 43% 43% Asia Pacific
52% 51% 47% 45%
47% Europe 11% 9% 8% 9%
8% Japan 3% 3% 3%
3% 2%
Business from 14nm increased to 5% of 3Q18 revenue, while 28nm
contribution declined to 13%.
Revenue Breakdown by Geometry Geometry
3Q18 2Q18 1Q18
4Q17 3Q17 14nm and below
5% 3% 2% 2% 1%
14nm<x<=28nm 13% 15% 12%
15% 15% 28nm<x<=40nm 22%
26% 30% 28% 29% 40nm<x<=65nm
12% 12% 13% 12%
12% 65nm<x<=90nm 10% 7% 6%
5% 6% 90nm<x<=0.13um 11%
11% 11% 12% 12% 0.13um<x<=0.18um
14% 13% 13% 13%
12% 0.18um<x<=0.35um 10% 10%
10% 10% 10% 0.5um and above
3% 3% 3% 3% 3%
Revenue from fabless customers increased to 93% of revenue.
Revenue Breakdown by Customer Type Customer
Type 3Q18 2Q18
1Q18 4Q17 3Q17 Fabless
93% 92% 92% 91% 90% IDM
7% 8% 8% 9% 10%
The communication segment declined to 43% of sales, while
revenue from consumer applications remained at 28%. Computer
related applications represented 19% of revenue.
Revenue Breakdown by Application (1)
Application 3Q18
2Q18 1Q18 4Q17
3Q17 Computer 19% 16% 14%
13% 14% Communication 43%
47% 47% 49% 47% Consumer
28% 28% 29% 29% 31% Others
10% 9% 10% 9% 8%
(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. 2 Revenue in this
section represents wafer sales
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) in 3Q18 increased
marginally.
(To view ASP trend, visit
http://www.umc.com/english/investors/3Q18_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
In 3Q18, wafer shipments declined 2.3% to 1,804K. Quarterly
capacity increased 1.0% QoQ to 1,938K, resulting in an overall
utilization rate of 94%.
Wafer Shipments
3Q18 2Q18 1Q18
4Q17 3Q17 Wafer Shipments(8” K equivalents)
1,804 1,846 1,747 1,670
1,748
Quarterly Capacity Utilization
Rate 3Q18 2Q18
1Q18 4Q17 3Q17
Utilization Rate 94% 97% 94%
90% 96% Total Capacity(8” K equivalents)
1,938 1,918 1,858 1,886
1,861 3 Utilization Rate = Quarterly Wafer Out /
Quarterly Capacity
Capacity4 for Foundry Segment
Total capacity in the third quarter reached 1,938K 8-inch
equivalent wafers. We anticipate our fourth quarter capacity to
grow by approximately 1% QoQ to 1,958K 8-inch equivalent wafers,
which included capacity expansion at Fab 8C and Fab 8D.
Annual Capacity inthousands of
wafers
Quarterly Capacity inthousands
of wafers
FAB Geometry(um) 2017
2016 2015 2014 FAB
4Q18E 3Q18 2Q18
1Q18 WTK 6" 3.5 – 0.45 422
423 421 448
WTK 93 93
106 104
Fab 8A 8" 0.5 – 0.25
825 827 813 813
Fab 8A
207 207 207 204
Fab 8C 8"
0.35 – 0.11 357 348 347 347
Fab
8C 108 92 92 91
Fab 8D
8" 0.13 – 0.09 341 342 341
358
Fab 8D 90 86 86 85
Fab 8E 8" 0.5 – 0.18 418 419
418 418
Fab 8E 105 105
105 103
Fab 8F 8" 0.18 – 0.11
417 401 388 388
Fab 8F 108
108 108 107
Fab 8S 8"
0.18 – 0.11 347 336 335 335
Fab
8S 93 93 93 92
HJ 8"
0.5 – 0.11 753 750 667 547
HJ 194 194 194 190
Fab
12A 12" 0.13 – 0.014 970 885
793 700
Fab 12A 250 250 250
246
Fab 12i 12" 0.13 – 0.040 537
584 572 573
Fab 12i 144
144 136 131
USCXM 12" 0.040 –
0.028 97 9 - -
USCXM 51
51 46 35
Total(1) 7,304
6,983 6,617 6,323
Total
1,958 1,938 1,918
1,858 YoY Growth Rate 5% 6% 5%
4% (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. 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.
CAPEX for Foundry Segment
CAPEX spending in 3Q18 was US$183 million, bringing the first
nine months of 2018 capital expenditures to US$509 million. Full
year 2018 CAPEX is budgeted for US$1.1 billion.
Capital Expenditure by Year - in US$ billion Year
2017 2016 2015 2014 2013 CAPEX
$ 1.4 $ 2.8 $ 1.9 $ 1.4 $ 1.1
2018 CAPEX Plan
8"
12"
Total
33%
67%
US$1.1 billion
Fourth Quarter of 2018 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To decrease by
4-5%
- ASP in USD: To decline by 4-5%
- Profitability: Gross profit margin will
be in the low-teens % range
- Foundry Segment Capacity Utilization:
High 80% range
- 2018 CAPEX for Foundry Segment: US$1.1
billion
Recent Developments / Announcements
Sep. 13, 2018
UMC Selected as a DJSI Global Component
for 11(th) Consecutive Year
Aug. 20, 2018
UMC Shareholders Approve Agenda Items at
Company's 2018 First Extraordinary General Meeting
Jul. 31, 2018
Allegro MicroSystems and UMC Sign
Long-Term Foundry Agreement
Jul 25, 2018
UMC 2Q 2018 Financial Results
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 24, 2018 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 3Q18 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 world-class 28nm High-K/Metal Gate technology, 14nm FinFET
volume production, specialty process platforms specifically
developed for AI, 5G and 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 over 600,000 wafers per month. The company employs more
than 20,000 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.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIESConsolidated Condensed Balance SheetAs of
September 30, 2018Figures in Millions of New Taiwan Dollars (NT$)
and U.S. Dollars (US$)
September 30, 2018 US$
NT$ % Assets Current assets Cash and cash equivalents 2,670
81,520 21.9% Financial assets at fair value through profit or loss,
current 14 422 0.1% Contract assets, current 11 338 0.1% Notes
& Accounts receivable, net 839 25,610 6.9% Inventories, net 576
17,589 4.7% Other current assets 481 14,674 3.9% Total current
assets 4,591 140,153 37.6% Non-current assets Funds and
investments 1,188 36,278 9.7% Property, plant and equipment 5,821
177,716 47.7% Other non-current assets 607 18,522 5.0% Total
non-current assets 7,616 232,516 62.4% Total assets 12,207 372,669
100.0% Liabilities Current liabilities Short-term loans 485
14,818 4.0% Hedging financial liabilities, current 2 64 0.0%
Contract liabilities, current 65 1,979 0.5% Payables 777 23,714
6.4% Current portion of long-term liabilities 180 5,510 1.5% Other
current liabilities 176 5,348 1.4% Total current liabilities 1,685
51,433 13.8% Non-current liabilities Bonds payable 1,271
38,788 10.4% Long-term loans 939 28,670 7.7% Other non-current
liabilities 1,350 41,220 11.1% Total non-current liabilities 3,560
108,678 29.2% Total liabilities 5,245 160,111 43.0% Equity
Equity attributable to the parent company Capital 4,069 124,243
33.3% Additional paid-in capital 1,319 40,270 10.8%
Retained earnings, unrealized gains or
losses on financial assets measured at fair value through other
comprehensive income, exchange differences on translation of
foreign operations and gains or losses on hedging Instruments
1,640 50,068 13.5% Treasury stock (82) (2,516) (0.7%) Total equity
attributable to the parent company 6,946 212,065 56.9%
Non-controlling interests 16 493 0.1% Total equity 6,962 212,558
57.0% Total liabilities and equity 12,207 372,669 100.0%
Note:New Taiwan Dollars have been translated into U.S.
Dollars at the September 30, 2018 exchange rate of NT $30.53 per
U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIESConsolidated Condensed Statements of
Comprehensive IncomeFigures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$)Except Per Share and Per ADS Data
Year over Year Comparison
Quarter over Quarter Comparison Three-Month Period
Ended Three-Month Period Ended September 30, 2018
September 30, 2017 Chg. September 30, 2018
June 30, 2018 Chg. US$ NT$ US$ NT$ % US$ NT$
US$ NT$ % Net operating revenues 1,290 39,387 1,235 37,698
4.5% 1,290 39,387 1,273 38,852 1.4% Operating costs (1,063)
(32,465) (1,019) (31,106) 4.4% (1,063) (32,465) (1,054) (32,177)
0.9% Gross profit 227 6,922 216 6,592 5.0% 227 6,922 219 6,675 3.7%
17.6% 17.6% 17.5% 17.5% 17.6% 17.6% 17.2% 17.2% Operating expenses
- Sales and marketing expenses (32) (987) (35) (1,070) (7.8%) (32)
(987) (36) (1,103) (10.5%) - General and administrative expenses
(46) (1,386) (32) (991) 39.9% (46) (1,386) (36) (1,083) 28.0% -
Research and development expenses (109) (3,329) (110) (3,343)
(0.4%) (109) (3,329) (99) (3,027) 10.0% Subtotal (187) (5,702)
(177) (5,404) 5.5% (187) (5,702) (171) (5,213) 9.4% Net other
operating income and expenses 40 1,215 14 441 175.5% 40 1,215 56
1,719 (29.3%) Operating income 80 2,435 53 1,629 49.5% 80 2,435 104
3,181 (23.5%) 6.2% 6.2% 4.3% 4.3% 6.2% 6.2% 8.2% 8.2% Net
non-operating income and expenses (53) (1,606) 41 1,236 - (53)
(1,606) (36) (1,095) 46.7% Income from continuing operations before
income tax
27 829 94 2,865 (71.1%) 27 829 68 2,086 (60.3%) 2.1% 2.1% 7.6% 7.6%
2.1% 2.1% 5.4% 5.4% Income tax benefit (expense) (21) (632)
(13) (401) 57.6% (21) (632) 11 331 - Net income 6 197 81 2,464
(92.0%) 6 197 79 2,417 (91.8%) 0.5% 0.5% 6.5% 6.5% 0.5% 0.5% 6.2%
6.2% Other comprehensive income (loss) (51) (1,568) (35)
(1,068) 46.8% (51) (1,568) 87 2,641 - Total comprehensive
income (loss) (45) (1,371) 46 1,396 - (45) (1,371) 166 5,058 -
Net income attributable to:
Stockholders of the parent
56 1,720 114 3,473 (50.5%) 56 1,720 120 3,659 (53.0%)
Non-controlling interests
(50) (1,523) (33) (1,009) 50.9% (50) (1,523) (41) (1,242) 22.6%
Comprehensive income (loss) attributable to:
Stockholders of the parent
9 279 79 2,402 (88.4%) 9 279 206 6,297 (95.6%)
Non-controlling interests
(54) (1,650) (33) (1,006) 64.0% (54) (1,650) (40) (1,239) 33.2%
Earnings per share-basic 0.005 0.14 0.009 0.28 0.005 0.14
0.010 0.30 Earnings per ADS (2) 0.023 0.70 0.046 1.40 0.023 0.70
0.049 1.50 Weighted average number of shares outstanding (in
millions) 12,054 12,208 12,054 12,049 Notes: (1) New
Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2018 exchange rate of NT $30.53 per U.S. Dollar. (2)
1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIESConsolidated
Condensed Statements of Comprehensive IncomeFigures in Millions
of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
For the Three-Month Period EndedSeptember 30,
2018 For the Nine-Month Period EndedSeptember 30, 2018 US$
NT$ % US$ NT$ % Net operating revenues
1,290 39,387 100.0% 3,791 115,735 100.0% Operating costs (1,063)
(32,465) (82.4%) (3,194) (97,496) (84.2%) Gross profit 227 6,922
17.6% 597 18,239 15.8% Operating expenses - Sales and
marketing expenses (32) (987) (2.5%) (98) (2,999) (2.6%) - General
and administrative expenses (46) (1,386) (3.5%) (114) (3,485)
(3.0%) - Research and development expenses (109) (3,329) (8.5%)
(304) (9,280) (8.0%) Subtotal (187) (5,702) (14.5%) (516) (15,764)
(13.6%) Net other operating income and expenses 40 1,215 3.1% 128
3,911 3.3% Operating income 80 2,435 6.2% 209 6,386 5.5% Net
non-operating income and expenses (53) (1,606) (4.1%) (53) (1,615)
(1.4%) Income from continuing operations before
income tax
27 829 2.1% 156 4,771 4.1% Income tax benefit
(expense) (21) (632) (1.6%) 29 872 0.8% Net income 6 197 0.5% 185
5,643 4.9% Other comprehensive income (loss) (51) (1,568)
(4.0%) 27 840 0.7% Total comprehensive income (loss) (45)
(1,371) (3.5%) 212 6,483 5.6% Net income attributable to:
Stockholders of the parent
56 1,720 4.4% 288 8,780 7.6%
Non-controlling interests
(50) (1,523) (3.9%) (103) (3,137) (2.7%) Comprehensive
income (loss) attributable to:
Stockholders of the parent
9 279 0.7% 319 9,734 8.4%
Non-controlling interests
(54) (1,650) (4.2%) (107) (3,251) (2.8%) Earnings per
share-basic 0.005 0.14 0.024 0.73 Earnings per ADS (2) 0.023 0.70
0.120 3.65 Weighted average number of shares
outstanding (in millions)
12,054 12,101 Notes: (1) New Taiwan Dollars have been
translated into U.S. Dollars at the September 30, 2018 exchange
rate of NT $30.53 per U.S. Dollar. (2) 1 ADS equals 5 common
shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIESConsolidated Condensed Statement of Cash
FlowsFor The Nine-Month Period Ended September 30, 2018Figures
in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
Cash flows
from operating activities : Net income before tax 156 4,771
Depreciation & Amortization 1,298 39,635 Exchange loss on
financial assets and liabilities 42 1,286 Changes in notes &
accounts receivable (109) (3,322) Changes in other current assets
34 1,051 Changes in contract liabilities (65) (1,970) Changes in
other payables (36) (1,091) Changes in assets, liabilities and
others (49) (1,548) Net cash provided by operating activities 1,271
38,812
Cash flows from investing activities :
Acquisition of investments accounted for under the equity method
(28) (840) Acquisition of property, plant and equipment (499)
(15,229) Increase in refundable deposits (28) (861) Others 198
6,044 Net cash used in investing activities (357) (10,886)
Cash flows from financing activities : Decrease in
short-term loans (343) (10,469) Redemption of bonds (246) (7,500)
Cash dividends (280) (8,557) Treasury stock acquired (102) (3,129)
Treasury stock sold to employees 72 2,204 Others (10) (310) Net
cash used in financing activities (909) (27,761) Effect of
exchange rate changes on cash and cash equivalents (10) (320) Net
decrease in cash and cash equivalents (5) (155) Cash and
cash equivalents at beginning of period 2,675 81,675 Cash
and cash equivalents at end of period 2,670 81,520
Note: New Taiwan Dollars have been translated into U.S. Dollars at
the September 30, 2018 exchange rate of NT $30.53 per U.S. Dollar.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181024005436/en/
UMC, Investor RelationsMichael Lin / David Wong+
886-2-2658-9168, ext.
16900jinhong_lin@umc.comdavid_wong@umc.com
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