28nm successfully enters production at Fab
12X
Third Quarter 2017 Overview1:
- Revenue: NT$37.70 billion (US$1.24
billion)
- Gross margin: 17.5%
- Foundry revenue from 28nm: 15%;
Foundry operating margin: 4.6%
- Foundry capacity utilization rate:
96%
- Net income attributable to the
stockholders of the parent: NT$3.47 billion (US$115.00
million)
- Earnings per share: NT$0.28;
earnings per ADS: US$0.046
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 2017.
Third quarter consolidated revenue was NT$37.70 billion, flat
from NT$37.54 billion in 2Q17 and down 1.2% YoY from NT$38.16
billion in 3Q16. 3Q17 consolidated gross margin was 17.5%. Net
income attributable to the stockholders of the parent was NT$3.47
billion, with earnings per ordinary share of NT$0.28.
Jason Wang, co-president of UMC, said, “In the third quarter of
2017, UMC’s foundry revenue was NT$37.61 billion. In 3Q17, we
continued to sustain stable utilization rates across our 8” and 12”
mature technologies, driven by strong chip demand in consumer and
computing peripheral segments. Our 8” facilities remained nearly
full while mature 12” fabs operated above 90% capacity, lifting
overall wafer shipments to 1.75 million 8-inch equivalents. Our 12”
fab in Xiamen, Fab 12X, also began shipping 28nm wafers, with yield
rates and chip performance reaching the same quality as our Tainan
Fab 12A.”
President Wang continued, “Looking into 4Q17, we expect the
business environment to decline, due to typical year-end seasonal
adjustment. In addition, we foresee 28nm HKMG demand to soften. As
we develop and redefine new process technologies according to
market demand, we expect to enhance UMC’s market share by
penetrating into emerging applications including IoT, 5G wireless
and industrial segments, which will spur new waves of growth
opportunities. UMC’s recent selection as a DJSI global component
for the 10th consecutive year also highlights our active
involvement in environment protection and sustainable manufacturing
practices, demonstrating our commitment to setting higher corporate
social responsibility standards.”
Summary of Operating Results
Operating Results (Amount: NT$ million)
3Q17 2Q17 QoQ %change
3Q16 YoY %change Net Operating
Revenues 37,698 37,538 0.4
38,164 (1.2) Gross Profit 6,592 6,739 (2.2) 8,301 (20.6)
Operating Expenses (5,404) (5,330) 1.4 (6,373) (15.2) Net Other
Operating Income and Expenses 441 259 70.3 (443) - Operating Income
(Loss) 1,629 1,668 (2.3) 1,485 9.7 Net Non-Operating Income and
Expenses 1,236 448 175.9 466 165.2 Net Income Attributable to
Stockholders of the Parent 3,473 2,099 65.5 2,975 16.7 EPS (NT$ per
share) 0.28 0.17 0.24 (US$ per ADS) 0.046
0.028 0.040
Net operating revenues remained flat in 3Q17 at NT$37.70
billion, including NT$37.61 billion from the foundry segment.
Revenue contribution from 40nm and below technologies remained flat
at 45%. Gross profit declined 2.2% to NT$6.59 billion, or 17.5% of
revenue. Operating expenses increased 1.4% to NT$5.40 billion. Net
other operating income was NT$441 million, leading to operating
income of NT$1.63 billion. Net non-operating income was NT$1.24
billion. Net income attributable to stockholders of the parent was
NT$3.47 billion.
Earnings per ordinary share for the quarter was NT$0.28.
Earnings per ADS was US$0.046. The basic weighted average number of
outstanding shares in 3Q17 was 12,208,239,978 compared with
12,208,239,978 shares in 2Q17 and 12,208,239,978 shares in 3Q16.
The diluted weighted average number of outstanding shares was
13,441,188,010 in 3Q17, compared with 13,383,329,206 shares in 2Q17
and 13,402,233,597 shares in 3Q16. The fully diluted share count on
September 30, 2017 was approximately 13,857,267,000. On September
30, 2017, UMC held 400 million treasury shares acquired from the
16th and 17th share buy-back programs.
Detailed Financials Section
COGS & Expenses (Amount: NT$ million)
3Q17 2Q17 QoQ %change
3Q16 YoY %change Net Operating
Revenues 37,698 37,538 0.4
38,164 (1.2) COGS (31,106) (30,799) 1.0 (29,863) 4.2
Depreciation (11,145) (11,100) 0.4 (11,274) (1.1) Other Mfg. Costs
(19,961) (19,699) 1.3 (18,589) 7.4 Gross Profit 6,592 6,739 (2.2)
8,301 (20.6) Gross Margin (%) 17.5% 18.0% 21.8% Operating Expenses
(5,404) (5,330) 1.4 (6,373) (15.2) G&A (991) (1,035) (4.3)
(1,769) (44.0) Sales & Marketing (1,070) (1,049) 2.0 (1,207)
(11.4) R&D (3,343) (3,246) 3.0 (3,397) (1.6) Net Other
Operating
Income & Expenses
441 259 70.3 (443) - Operating Income
(Loss)
1,629 1,668 (2.3) 1,485
9.7
Net operating revenues remained flat at NT$37.70 billion. COGS
increased to NT$31.11 billion, as depreciation remained at NT$11.15
billion. Other manufacturing costs increased 1.3% to NT$19.96
billion, mainly due to higher wafer shipments. Gross profit was
NT$6.59 billion. Operating expenses increased 1.4% to NT$5.40
billion. General & Administrative expense declined 4.3% to
NT$991 million. R&D expense increased 3.0% to NT$3.34 billion,
or 8.9% of net operating revenues. Net other operating income was
NT$441 million, leading to an operating income of NT$1.63
billion.
Non-Operating Income and
Expenses
(Amount: NT$ million) 3Q17 2Q17 3Q16
Non-Operating Income and Expenses 1,236 448
466 Net Interest Income and Expenses (538) (502) (326) Net
Investment Gain and Loss 478 (44) 834 Gain and Loss on Disposal of
Investment 538 272 304 Exchange Gain and Loss 776 807 (338) Other
Gain and Loss (18) (85) (8)
Net non-operating income in 3Q17 increased to NT$1.24 billion,
which resulted from an NT$776 million in exchange gain and an
NT$538 million gain in disposal of investments.
Cash Flow Summary
(Amount: NT$ million) For the 3-Month Period Ended
Sep. 30, 2017
For the 3-Month Period Ended
Jun. 30, 2017
Cash Flow from Operating Activities 11,447
14,817 Net income before tax 2,865 2,116 Depreciation &
Amortization 13,487 13,093 Gain on disposal of investments (538)
(272) Impairment loss on financial assets 300 109 Exchange gain on
financial assets and liabilities (541) (625) Changes in working
capital (2,971) 1,051 Income tax paid (933) (232) Other (222) (423)
Cash Flow from Investing Activities (4,984) (8,105) Capital
expenditures (7,288) (8,333) Proceeds from disposal of AFS
financial assets 563 583 Acquisition of intangible assets (251)
(295) Other 1,992 (60) Cash Flow from Financing Activities (4,604)
707 Bank loans 1,482 8,054 Redemption of bonds - (7,500) Cash
dividends (6,112) - Other 26 153 Effect of Exchange Rate (54) (97)
Net Cash Flow 1,805 7,322
Cash inflow from operating activities reached NT$11.45 billion.
Cash outflow from investing activities totaled NT$4.98 billion,
including NT$7.29 billion in CAPEX spending for the foundry
segment, resulting in a free cash inflow of NT$4.16 billion. Cash
outflow from financing activities was NT$4.60 billion, mainly from
the effect of an NT$6.11 billion cash dividend payout and an
NT$1.48 billion increase in bank loans. Net cash inflow in 3Q17 was
NT$1.81 billion. Over the next 12 months, the company expects to
repay NT$1.32 billion in bank loans.
Current Assets (Amount: NT$ billion) 3Q17
2Q17 3Q16 Cash and Cash Equivalents
69.94 68.13 55.27 Notes & Accounts Receivable
22.61 22.23 22.37 Days Sales Outstanding 54 52 56 Inventories, net
17.10 16.28 17.17 Days of Inventory 49 48 53 Total Current Assets
124.71 120.08 106.97
Cash and cash equivalents increased to NT$69.94 billion. Days of
inventory increased to 49 days.
Liabilities (Amount: NT$ billion) 3Q17
2Q17 3Q16 Total Current Liabilities 82.36
87.70 83.44 Notes & Accounts Payable 6.61 6.65
6.74 Short-Term Credit / Bonds 48.74 48.19 47.05 Payable on
Equipment 5.23 5.28 14.45 Dividends payable - 6.11 - Other 21.78
21.47 15.20 Long-Term Credit / Bonds 52.36 51.24 39.68 Long-Term
Investment Liabilities 20.34 19.92 20.54 Total Liabilities 169.74
172.62 155.96 Debt to Equity 79% 81%
71%
Current liabilities decreased to NT$82.36 billion, mainly
resulting from an NT$6.11 billion in payout of cash dividends.
Total liabilities decreased to NT$169.74 billion, leading to a debt
to equity ratio of 79%.
Analysis of Revenue2 for Foundry
Segment
Revenue Breakdown by Region Region 3Q17
2Q17 1Q17 4Q16
3Q16 North America 43% 42% 41%
48% 52% Asia Pacific 47% 47% 50%
45% 42% Europe 8% 7% 5% 4%
4% Japan 2% 4% 4% 3% 2%
Revenue from Asia Pacific and North American customers remained
flat at 47% and 43% of sales respectively. Revenue contribution
from Japan declined to 2%.
Revenue Breakdown by Geometry Geometry
3Q17 2Q17 1Q17
4Q16 3Q16 14nm and below 1% 1%
0% - - 14nm<x<=28nm 15%
17% 17% 22% 21% 28nm<x<=40nm 29%
28% 29% 26% 27% 40nm<x<=65nm
12% 12% 13% 14% 15%
65nm<x<=90nm 6% 5% 4% 3%
4% 90nm<x<=0.13um 12% 12% 11% 11%
11% 0.13um<x<=0.18um 12% 12% 13%
11% 11% 0.18um<x<=0.35um 10% 10%
10% 10% 8% 0.5um and above 3% 3%
3% 3% 3%
14nm continued to represent 1% of 3Q17 revenue, while 28nm
contribution declined to 15%. 40nm accounted for 29% of sales.
Revenue Breakdown by Customer Type Customer Type
3Q17 2Q17 1Q17
4Q16 3Q16 Fabless 90% 91%
93% 93% 93% IDM 10% 9% 7%
7% 7%
Revenue from fabless customers accounted for 90% in 3Q17.
Revenue Breakdown by Application (1)
Application
3Q17 2Q17 1Q17
4Q16 3Q16 Computer 14% 14%
12% 13% 12% Communication 47%
48% 51% 53% 55% Consumer 31% 29%
28% 26% 26% Others 8% 9%
9% 8% 7%
Communication business decreased to 47%. Revenue from the
consumer segment grew to 31% while computer remained at 14%
(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) remained unchanged in
3Q17
(To view ASP trend, visit
http://www.umc.com/english/investors/3Q17_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer Shipments 3Q17 2Q17
1Q17 4Q16 3Q16 Wafer
Shipments(8” K equivalents) 1,748 1,741 1,678
1,656 1,569
Quarterly Capacity Utilization
Rate 3Q17 2Q17
1Q17 4Q16 3Q16 Utilization Rate
96% 96% 96% 94% 89% Total
Capacity(8” K equivalents) 1,861 1,816 1,742
1,794 1,774
Wafer shipments increased to 1,748K in 3Q17. Quarterly capacity
increased 2.5% QoQ to 1,861K, leading to an overall utilization
rate of 96% in 3Q17.
Capacity4 for Foundry Segment
Total capacity in the third quarter was 1,861K 8-inch equivalent
wafers. Estimated capacity in the fourth quarter will increase to
1,886K 8-inch equivalent wafers, primarily due to capacity
expansion at Fab 12X and Fab 12A as well as enhancements to
production capabilities at Fab 8S, Fab 8N and Fab 8F.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB Geometry(um) 2016
2015 2014 2013 FAB
4Q17E 3Q17 2Q17
1Q17 WTK 6" 3.5 – 0.45 423 421
448 448
WTK 106 106 106
104
Fab 8A 8" 0.5 – 0.25 827 813
813 813
Fab 8A 207 207
207 204
Fab 8C 8" 0.35 – 0.11 348
347 347 347
Fab 8C 92 92
87 86
Fab 8D 8" 0.13 – 0.09 342
341 358 382
Fab 8D 86 86
86 84
Fab 8E 8" 0.5 – 0.18 419
418 418 418
Fab 8E 105
105 105 103
Fab 8F 8" 0.18 – 0.11
401 388 388 388
Fab 8F
108 107 102 100
Fab 8S 8" 0.18 –
0.11 336 335 335 335
Fab 8S
93 87 84 83
Fab 8N 8" 0.5
– 0.11 750 667 547 469
Fab 8N
194 188 188 185
Fab 12A 12"
0.13 – 0.028 885 793 700 651
Fab 12A 250 247 247 226
Fab
12i 12” 0.13 – 0.040 584 572 573
550
Fab 12i 134 134 134
137
Fab 12X 12” 0.040 9 - -
-
Fab 12X 35 33 19 10
Total(1) 6,983 6,617 6,323
6,107
Total 1,886 1,861
1,816 1,742 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 11% 89%
US$1.7 billion
CAPEX spending in 3Q17 totaled US$241 million. Full year 2017
CAPEX plan is budgeted for US$1.7 billion.
Fourth Quarter of 2017 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To decrease 3-4%
- ASP in USD: To decline by approximately
1%
- Profitability: Gross profit margin will
be in mid-teens % range
- Foundry Segment Capacity Utilization:
High 80% range
- 2017 CAPEX for Foundry Segment: US$1.7
billion
Recent Developments / Announcements
Sep. 7, 2017 UMC Selected as a DJSI Global
Component for 10th Consecutive Year
Jul. 26, 2017 UMC 2Q 2017 Financial
Results
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 25, 2017
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM
(London)
Dial-in numbers and Access Codes:
USA Toll Free: 1-866 836-0101
Taiwan Number: 02-2192-8016
Other Areas: +886-2-2192-8016
Access Code: UMC
A live webcast and replay of the 3Q17 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
September 30, 2017, the three-month period ending June 30, 2017,
and the equivalent three-month period that ended September 30,
2016. For all 3Q17 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the September 30, 2017 exchange
rate of NT$ 30.30 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 September 30,
2017 Figures in Millions of New Taiwan Dollars (NT$) and U.S.
Dollars (US$) September 30, 2017 US$ NT$ %
Assets Current assets Cash and cash equivalents 2,308 69,938 18.2%
Financial assets at fair value through profit or loss, current 28
844 0.2% Notes & Accounts receivable, net 746 22,610 5.9%
Inventories, net 564 17,102 4.5% Other current assets 470 14,215
3.7% Total current assets 4,116 124,709 32.5% Non-current
assets Funds and investments 1,146 34,737 9.0% Property, plant and
equipment 6,844 207,367 54.0% Other non-current assets 573 17,360
4.5% Total non-current assets 8,563 259,464 67.5% Total assets
12,679 384,173 100.0% Liabilities Current liabilities
Short-term loans 748 22,670 5.9% Financial liabilities at fair
value through profit or loss, current 1 22 0.0% Payables 906 27,446
7.2% Current portion of long-term liabilities 861 26,074 6.8% Other
current liabilities 202 6,145 1.5% Total current liabilities 2,718
82,357 21.4% Non-current liabilities Bonds payable 603
18,281 4.7% Long-term loans 1,125 34,075 8.9% Other non-current
liabilities 1,156 35,023 9.2% Total non-current liabilities 2,884
87,379 22.8% Total liabilities 5,602 169,736 44.2% Equity
Equity attributable to the parent company Capital 4,167 126,243
32.9% Additional paid-in capital 1,348 40,856 10.6% Retained
earnings, unrealized gain or loss on available-for-sale
financial assets and exchange differences
on translation of
foreign operations
1,684 51,011 13.2% Treasury stock (156) (4,719) (1.2%) Total equity
attributable to the parent company 7,043 213,391 55.5%
Non-controlling interests 34 1,046 0.3% Total equity 7,077 214,437
55.8% Total liabilities and equity 12,679 384,173 100.0%
Note:New Taiwan Dollars have been translated into
U.S. Dollars at the September 30, 2017 exchange rate of NT $30.30
per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year
Comparison Quarter over Quarter
Comparison Three-Month Period Ended Three-Month
Period Ended September 30, 2017 September 30, 2016 Chg. September
30, 2017 June 30, 2017 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Net
operating revenues 1,244 37,698 1,260 38,164 (1.2%) 1,244 37,698
1,239 37,538 0.4% Operating costs (1,026) (31,106) (986) (29,863)
4.2% (1,026) (31,106) (1,017) (30,799) 1.0% Gross profit 218 6,592
274 8,301 (20.6%) 218 6,592 222 6,739 (2.2%) 17.5% 17.5% 21.8%
21.8% 17.5% 17.5% 18.0% 18.0% Operating expenses - Sales and
marketing expenses (35) (1,070) (40) (1,207) (11.4%) (35) (1,070)
(35) (1,049) 2.0% - General and administrative expenses (33) (991)
(58) (1,769) (44.0%) (33) (991) (34) (1,035) (4.3%) - Research and
development expenses (110) (3,343) (112) (3,397) (1.6%) (110)
(3,343) (107) (3,246) 3.0% Subtotal (178) (5,404) (210) (6,373)
(15.2%) (178) (5,404) (176) (5,330) 1.4% Net other operating income
and expenses 14 441 (15) (443) - 14 441 9 259 70.3% Operating
income 54 1,629 49 1,485 9.7% 54 1,629 55 1,668 (2.3%) 4.3% 4.3%
3.9% 3.9% 4.3% 4.3% 4.4% 4.4% Net non-operating income and
expenses 41 1,236 15 466 165.2% 41 1,236 15 448 175.9% Income from
continuing operations before
income tax
95 2,865 64 1,951 46.8% 95 2,865 70 2,116 35.4% 7.6% 7.6% 5.1% 5.1%
7.6% 7.6% 5.6% 5.6% Income tax expense (14) (401) (6) (195)
105.6% (14) (401) (21) (638) (37.1%) Net income 81 2,464 58 1,756
40.3% 81 2,464 49 1,478 66.7% 6.5% 6.5% 4.6% 4.6% 6.5% 6.5% 3.9%
3.9% Other comprehensive income (loss) (35) (1,068) (73)
(2,213) (51.7%) (35) (1,068) 46 1,396 - Total comprehensive
income (loss) 46 1,396 (15) (457) - 46 1,396 95 2,874 (51.4%)
Net income attributable to: Stockholders of the parent 115
3,473 98 2,975 16.7% 115 3,473 69 2,099 65.5% Non-controlling
interests (34) (1,009) (40) (1,219) (17.2%) (34) (1,009) (20) (621)
62.5% Comprehensive income (loss) attributable to:
Stockholders of the parent 79 2,402 26 802 199.5% 79 2,402 115
3,488 (31.1%) Non-controlling interests (33) (1,006) (41) (1,259)
(20.1%) (33) (1,006) (20) (614) 63.8% Earnings per
share-basic 0.009 0.28 0.008 0.24 0.009 0.28 0.006 0.17 Earnings
per ADS (2) 0.046 1.40 0.040 1.20 0.046 1.40 0.028 0.85 Weighted
average number of shares outstanding (in millions) 12,208 12,208
12,208 12,208
Notes: (1) New Taiwan Dollars
have been translated into U.S. Dollars at the September 30, 2017
exchange rate of NT $30.30 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
For the Three-Month Period Ended For the
Nine-Month Period Ended September 30, 2017 September 30, 2017 US$
NT$ % US$ NT$ % Net operating revenues 1,244 37,698 100.0% 3,718
112,654 100.0% Operating costs (1,026) (31,106) (82.5%) (3,033)
(91,894) (81.6%) Gross profit 218 6,592 17.5% 685 20,760 18.4%
Operating expenses - Sales and marketing expenses
(35) (1,070) (2.8%) (109) (3,290) (2.9%) - General and
administrative expenses (33) (991) (2.6%) (101) (3,076) (2.7%) -
Research and development expenses (110) (3,343) (8.9%) (349)
(10,580) (9.4%) Subtotal (178) (5,404) (14.3%) (559) (16,946)
(15.0%) Net other operating income and expenses 14 441 1.1% 28 853
0.7% Operating income 54 1,629 4.3% 154 4,667 4.1% Net
non-operating income and expenses 41 1,236 3.3% 46 1,382 1.3%
Income from continuing operations before
income tax
95 2,865 7.6% 200 6,049 5.4% Income tax expense (14)
(401) (1.1%) (20) (610) (0.6%) Net income 81 2,464 6.5% 180 5,439
4.8% Other comprehensive income (loss) (35) (1,068) (2.8%)
(89) (2,669) (2.3%) Total comprehensive income (loss) 46
1,396 3.7% 91 2,770 2.5% Net income attributable to:
Stockholders of the parent 115 3,473 9.2% 259 7,858 7.0%
Non-controlling interests (34) (1,009) (2.7%) (79) (2,419) (2.2%)
Comprehensive income (loss) attributable to: Stockholders
of the parent 79 2,402 6.4% 175 5,290 4.7% Non-controlling
interests (33) (1,006) (2.7%) (84) (2,520) (2.2%) Earnings
per share-basic 0.009 0.28 0.021 0.64 Earnings per ADS (2) 0.046
1.40 0.106 3.20 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 September 30, 2017
exchange rate of NT $30.30 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statement of Cash
Flows For The Nine-Month Period Ended September 30, 2017
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) US$ NT$
Cash flows from operating activities :
Net income before tax 200 6,049 Depreciation & Amortization
1,316 39,872 Gain on disposal of investments (43) (1,299) Exchange
gain on financial assets and liabilities (59) (1,790) Changes in
other current assets (39) (1,172) Changes in other current
liabilities 58 1,766 Changes in assets, liabilities and others (74)
(2,235) Income tax paid (53) (1,615) Net cash provided by operating
activities 1,306 39,576
Cash flows from investing
activities : Acquisition of available-for-sale financial assets
(29) (864) Proceeds from disposal of available-for-sale financial
assets 61 1,847 Proceeds from capital reduction and liquidation of
investments 67 2,035 Acquisition of property, plant and equipment
(1,098) (33,275) Acquisition of intangible assets (30) (924) Others
59 1,799 Net cash used in investing activities (970) (29,382)
Cash flows from financing activities : Increase in
short-term loans 100 3,028 Proceeds from bonds issued 274 8,300
Redemption of bonds (248) (7,500) Proceeds from long-term loans 392
11,867 Repayments of long-term loans (151) (4,577) Cash dividends
(202) (6,112) Acquisition of subsidiaries (41) (1,228) Others 6 170
Net cash provided by financing activities 130 3,948 Effect
of exchange rate changes on cash and cash equivalents (58) (1,783)
Net Increase in cash and cash equivalents 408 12,359 Cash
and cash equivalents at beginning of period 1,900 57,579
Cash and cash equivalents at end of period 2,308 69,938
Note: New Taiwan Dollars have been
translated into U.S. Dollars at the September 30, 2017 exchange
rate of NT $30.30 per U.S. Dollar.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171025005479/en/
UMC, Investor RelationsMichael Lin, + 886-2-2658-9168,
ext. 16900jinhong_lin@umc.comorDavid Wong, + 886-2-2658-9168, ext.
16900david_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