Full-year foundry revenue in USD increased
7%YoY
Fourth Quarter 2017 Overview1:
- Revenue: NT$36.63 billion (US$1.23
billion)
- Gross margin: 17.2%
- Foundry revenue from 28nm: 15%;
Foundry operating margin: 5.4%
- Foundry capacity utilization rate:
90%
- Net income attributable to
stockholders of the parent: NT$1.77 billion (US$59
million)
- Earnings per share: NT$0.15;
earnings per ADS: US$0.025
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 2017.
Fourth quarter consolidated revenue was NT$36.63 billion, down
2.8% from NT$37.70 billion in 3Q17 and decreased 4.4% YoY from
NT$38.31 billion in 4Q16. The consolidated gross margin in 4Q17 was
17.2%. Net income attributable to stockholders of the parent was
NT$1.77 billion, with earnings per ordinary share of NT$0.15.
Jason Wang, co-president of UMC, said, “In the fourth
quarter of 2017, UMC’s foundry revenue was NT$36.54 billion. During
the quarter, our capacity utilization from legacy 8” and 12”
technologies continued to reflect robust demand, despite a decrease
in 28nm HKMG contribution. The utilization rate of 90% led to
overall wafer shipments of 1.67 million 8-inch equivalents. For the
full year of 2017, UMC posted a 7% YoY revenue increase in US
dollars as wafer shipments increased nearly 11% annually. As a
result, our 2017 net income of the parent company grew nearly 16%
year on year, despite experiencing unfavorable movement of the NT
dollar in the foreign exchange markets.”
Co-president Wang continued, “Looking into the first quarter of
2018, we anticipate our foundry business to remain relatively flat.
We are continuing our efforts to capture new 28nm business by
working to secure new design opportunities, which will help rebuild
our 28nm momentum as these new product tape outs are expected to
enter production in the following months. In addition, we will
leverage our manufacturing excellence to invest in areas with
better ROI potential, including 12” mature technologies as well as
tool and equipment upgrades at 8” facilities. As such, our 2018
CAPEX budget will be approximately US$1.1 billion. I believe our
approach to optimizing the offerings across 8” and 12” mature
technologies while moderating the pace of leading edge expansion
will lead to sound financial performance that will preserve the
best interests of our shareholders and employees.”
Summary of Operating Results
Operating Results (Amount: NT$ million)
4Q17 3Q17 QoQ %change
4Q16 YoY %change Net Operating
Revenues 36,631 37,698 (2.8) 38,306
(4.4) Gross Profit 6,298 6,592 (4.5) 8,759 (28.1) Operating
Expenses (5,198) (5,404) (3.8) (6,627) (21.6) Net Other Operating
Income and Expenses 801 441 81.6 144 456.3 Operating Income (Loss)
1,901 1,629 16.7 2,276 (16.5) Net Non-Operating Income and Expenses
(152) 1,236 - (1,210) (87.4) Net Income Attributable to
Stockholders of the Parent 1,771 3,473 (49.0) 2,548 (30.5) EPS (NT$
per share) 0.15 0.28 0.21 (US$ per ADS) 0.025 0.047
0.035
Net operating revenues in 4Q17 declined 2.8% to NT$36.63
billion, including NT$36.54 billion from the foundry segment.
Revenue contribution from 40nm and below technologies remained at
45%. Gross profit declined 4.5% to NT$6.30 billion, or 17.2% of
revenue. Operating expenses decreased 3.8% to NT$5.20 billion. Net
other operating income was NT$801 million, leading to operating
income of NT$1.90 billion. Net non-operating expense was NT$0.15
billion. Net income attributable to stockholders of the parent was
NT$1.77 billion.
Earnings per ordinary share for the quarter was NT$0.15.
Earnings per ADS was US$0.025. The basic weighted average number of
outstanding shares in 4Q17 was 12,208,239,978, compared with
12,208,239,978 shares in 3Q17 and 12,208,239,978 shares in 4Q16.
The diluted weighted average number of outstanding shares was
13,474,873,551 in 4Q17, compared with 13,441,188,010 shares in 3Q17
and 13,442,173,503 shares in 4Q16. The fully diluted share count on
December 31, 2017 was approximately 13,890,953,000. On December 31,
2017, UMC held 400 million treasury shares acquired from the 16th
and 17th share buy-back programs.
Detailed Financials Section
COGS & Expenses (Amount: NT$ million)
4Q17 3Q17 QoQ %change
4Q16 YoY %change Net Operating
Revenues 36,631 37,698 (2.8) 38,306
(4.4) COGS (30,333) (31,106) (2.5) (29,547) 2.7 Depreciation
(10,990) (11,145) (1.4) (11,314) (2.9) Other Mfg. Costs (19,343)
(19,961) (3.1) (18,233) 6.1 Gross Profit 6,298 6,592 (4.5) 8,759
(28.1) Gross Margin (%) 17.2% 17.5% 22.9% Operating Expenses
(5,198) (5,404) (3.8) (6,627) (21.6) G&A (1,164) (991) 17.5
(1,521) (23.5) Sales & Marketing (944) (1,070) (11.8) (1,282)
(26.4) R&D (3,090) (3,343) (7.6) (3,824) (19.2) Net Other
Operating
Income & Expenses
801 441 81.6 144 456.3 Operating Income 1,901 1,629
16.7 2,276 (16.5)
Net operating revenues decreased 2.8% to NT$36.63 billion. COGS
decreased to NT$30.33 billion, as depreciation declined 1.4% to
NT$10.99 billion. Other manufacturing costs fell 3.1% to NT$19.34
billion. Gross profit was NT$6.30 billion. Operating expenses
declined 3.8% to NT$5.20 billion. General and Administrative
(G&A) expenses increased 17.5% to NT$1.16 billion. Sales &
Marketing fell 11.8% to NT$0.94 billion and R&D expense
decreased 7.6% to NT$3.09 billion, or 8.4% of net operating
revenues. Net other operating income was NT$801 million, leading to
an operating income of NT$1.90 billion.
Non-Operating Income and Expenses (Amount: NT$
million) 4Q17 3Q17 4Q16 Non-Operating Income
and Expenses (152) 1,236 (1,210) Net Interest
Income and Expenses (542) (538) (418) Net Investment Gain and Loss
(80) 478 (1,138) Gain and Loss on Disposal of Investment (22) 538
1,023 Exchange Gain and Loss 500 776 (496) Other Gain and Loss
(8) (18) (181)
Net non-operating expense in 4Q17 was NT$152 million, which
primarily resulted from the difference in the exchange gain of
NT$500 million offset by an NT$542 million in net interest expense
and net investment loss of NT$80 million.
Cash Flow Summary
(Amount: NT$ million) For the 3-Month Period Ended
Dec. 31, 2017
For the 3-Month Period Ended
Sep. 30, 2017
Cash Flow from Operating Activities 12,899 11,447 Net
income before tax 1,749 2,865 Depreciation & Amortization
13,227 13,487 Loss (gain) on disposal of investments 22 (538)
Impairment loss on financial assets 254 300 Exchange gain on
financial assets and liabilities (642) (541) Changes in working
capital (655) (2,971) Income tax paid (152) (933) Other (904) (222)
Cash Flow from Investing Activities (6,034) (4,984) Capital
expenditures (10,961) (7,288) Proceeds from disposal of AFS
financial assets 313 563 Acquisition of intangible assets (360)
(251) Other 4,974 1,992 Cash Flow from Financing Activities 5,214
(4,604) Bank loans (41) 1,482 Bonds Issued 5,400 - Cash dividends 9
(6,112) Other (154) 26 Effect of Exchange Rate (343) (54) Net Cash
Flow 11,736 1,805
Cash inflow from operating activities reached NT$12.90 billion.
Cash outflow from investing activities totaled NT$6.03 billion,
including NT$10.96 billion in CAPEX spending for the foundry
segment, resulting in a free cash inflow of NT$1.94 billion. Cash
inflow from financing activities was NT$5.21 billion, mainly from a
NT$5.40 billion in bond issuance. Net cash inflow in 4Q17 was
NT$11.74 billion. Over the next 12 months, the company expects to
repay NT$2.52 billion in bank loans.
Current Assets (Amount: NT$ billion) 4Q17
3Q17 4Q16 Cash and Cash Equivalents 81.68
69.94 57.58 Notes & Accounts Receivable 20.97
22.61 23.05 Days Sales Outstanding 54 54 54 Inventories, net 18.26
17.10 17.00 Days of Inventory 53 49 53 Total Current Assets
139.16 124.71 110.47
Cash and cash equivalents increased to NT$81.68 billion. Days of
inventory increased to 53 days.
Liabilities (Amount: NT$ billion) 4Q17
3Q17 4Q16 Total Current Liabilities 88.06
82.36 71.98 Notes & Accounts Payable 6.54 6.61 6.85
Short-Term Credit / Bonds 52.81 48.74 31.05 Payable on Equipment
4.67 5.23 15.04 Other 24.04 21.78 19.04 Long-Term Credit / Bonds
53.32 52.36 60.73 Long-Term Investment Liabilities 20.49 20.34
20.31 Total Liabilities 180.06 169.74 167.91 Debt to Equity
84% 79% 77%
Current liabilities increased to NT$88.06 billion, mainly
resulting from an increase in Short-Term Credit/Bonds. Total
liabilities increased to NT$180.06 billion, leading to a debt to
equity ratio of 84%.
Analysis of Revenue2 for Foundry
Segment
Revenue Breakdown by Region Region
4Q17 3Q17 2Q17
1Q17 4Q16 North America 43% 43%
42% 41% 48% Asia Pacific 45% 47%
47% 50% 45% Europe 9% 8%
7% 5% 4% Japan 3% 2% 4%
4% 3%
Revenue from Asia Pacific declined to 45% while sales from North
American customers remained flat at 43%. Revenue contribution from
Japan increased to 3%.
Revenue Breakdown by Geometry Geometry
4Q17 3Q17 2Q17
1Q17 4Q16 14nm and below 2% 1%
1% 0% - 14nm<x<=28nm 15%
15% 17% 17% 22% 28nm<x<=40nm 28%
29% 28% 29% 26% 40nm<x<=65nm
12% 12% 12% 13% 14%
65nm<x<=90nm 5% 6% 5% 4%
3% 90nm<x<=0.13um 12% 12% 12% 11%
11% 0.13um<x<=0.18um 13% 12% 12%
13% 11% 0.18um<x<=0.35um 10% 10%
10% 10% 10% 0.5um and above 3%
3% 3% 3% 3%
14nm accounted for 2% of 4Q17 revenue, while 28nm contribution
remained at 15%.
Revenue Breakdown by Customer Type Customer
Type 4Q17 3Q17 2Q17
1Q17 4Q16 Fabless 91% 90%
91% 93% 93% IDM 9% 10% 9%
7% 7%
Fabless customers represented 91% of revenue in 4Q17.
Revenue Breakdown by Application (1)
Application 4Q17 3Q17
2Q17 1Q17 4Q16 Computer
13% 14% 14% 12% 13% Communication
49% 47% 48% 51% 53% Consumer
29% 31% 29% 28% 26% Others
9% 8% 9% 9% 8%
Communication business increased to 49%. Revenue from the
consumer segment declined to 29%.
(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
4Q17.
(To view ASP trend, visit
http://www.umc.com/english/investors/4Q17_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer Shipments 4Q17
3Q17 2Q17 1Q17
4Q16 Wafer Shipments(8” K equivalents) 1,670
1,748 1,741 1,678 1,656
Quarterly Capacity Utilization Rate
4Q17 3Q17 2Q17
1Q17 4Q16 Utilization Rate 90%
96% 96% 96% 94% Total Capacity(8” K
equivalents) 1,886 1,861 1,816 1,742
1,794
During 4Q17, wafer shipments decreased 4.5% to 1,670K. Capacity
increased by 1.3% QoQ to 1,886K, resulting in an overall
utilization rate of 90% in 4Q17.
Capacity4 for Foundry Segment
Total capacity in the fourth quarter was 1,886K 8-inch
equivalent wafers. We expect that first quarter capacity will
decline to 1,858K 8-inch equivalent wafers, mainly due to fewer
working days and tool maintenance.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB Geometry(um) 2017
2016 2015 2014 FAB
1Q18E 4Q17 3Q17
2Q17 WTK 6" 3.5 – 0.45 422
423 421 448
WTK 104 106
106 106
Fab 8A 8" 0.5 – 0.25
825 827 813 813
Fab 8A
204 207 207 207
Fab 8C 8"
0.35 – 0.11 357 348 347 347
Fab
8C 91 92 92 87
Fab 8D
8" 0.13 – 0.09 341 342 341 358
Fab 8D 85 86 86 86
Fab 8E
8" 0.5 – 0.18 418 419 418
418
Fab 8E 103 105 105 105
Fab 8F 8" 0.18 – 0.11 417 401
388 388
Fab 8F 107 108
107 102
Fab 8S 8" 0.18 – 0.11
347 336 335 335
Fab 8S 92
93 87 84
Fab 8N 8" 0.5 – 0.11
753 750 667 547
Fab 8N
190 194 188 188
Fab 12A 12"
0.13 – 0.014 970 885 793 700
Fab 12A 246 250 247 247
Fab
12i 12" 0.13 – 0.040 537 584
572 573
Fab 12i 131 134 134
134
Fab 12X 12" 0.040 – 0.028 97
9 - -
Fab 12X 35 35
33 19
Total(1) 7,304
6,983 6,617 6,323
Total 1,858
1,886 1,861 1,816 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.
CAPEX for Foundry Segment
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
CAPEX spending in 4Q17 was US$364 million, bringing 2017’s total
CAPEX to US$1.4 billion. Our 2018 CAPEX budget will be
approximately US$1.1 billion.
Brief Summary of Full Year 2017 Consolidated Results
Operating Results (Amount: NT$ million)
2017 2016 YoY %change Net
Operating Revenues 149,285 147,870 1.0 Gross
Profit 27,058 30,379 (10.9) Operating Expenses (22,143) (23,922)
(7.4) Net Other Operating Income & Expenses 1,653 (263) -
Operating Income 6,568 6,194 6.0 Net Non-Operating Income &
Expenses 1,230 (1,347) - Income Tax Expenses (1,167) (984) 18.6 Net
Income Attributable to Stockholders of the Parent 9,629 8,316 15.8
EPS (NT$ per share) 0.79 0.68 (US$ per ADS) 0.133
0.114
- Consolidated revenue in NTD increased
1.0% YoY to NT$149.29 billion, up from NT$147.87 billion in
2016.
- Gross margin was 18.1%, compared to
20.5% in 2016.
- Operating margin was 4.4%, compared to
4.2% in 2016.
- Net income attributable to stockholders
of the parent was NT$9.63 billion in 2017.
- EPS was NT$0.79, or EPADS was US$0.133
for 2017.
- The contribution from 28nm technologies
and below remained at 17% in 2017. The revenue from 40nm in 2017
increased to 28%.
Annual Sales Breakdown in Revenue for Foundry Segment
Region 2017
2016 North America 43%
49% Asia Pacific 47% 44% Europe
7% 4% Japan 3%
3%
Technology 2017
2016 14nm and below 1% -
14nm<x<=28nm 16% 17%
28nm<x<=40nm 28% 27%
40nm<x<=65nm 12% 16%
65nm<x<=90nm 5% 4%
90nm<x<=0.13um 12% 11%
0.13um<x<=0.18um 12% 12%
0.18um<x<=0.35um 10% 10% 0.5um
and above 4% 3%
Customer Type
2017 2016 Fabless 91%
92% IDM 9% 8%
Application
2017 2016 Computer
13% 13% Communication 49%
53% Consumer 29% 27% Others
9% 7%
First Quarter of 2018 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase 2-4%
- ASP in USD: To decrease by
approximately 2%
- Profitability: Gross profit margin will
be in the low teens % range
- Foundry Segment Capacity Utilization:
Approximately 90% range
- 2018 CAPEX for Foundry Segment: US$1.1
billion
Recent Developments / Announcements
Dec. 21, 2017 UMC Announces Availability
of 40nm SST Embedded Flash Process
Nov. 30, 2017 UMC Fab 12i Wins Singapore’s
National Water Efficiency Award
Nov. 15, 2017 Cypress Achieves
Aerospace-Grade QML Certification for 65nm and 40nm SRAM at UMC
Oct. 30, 2017 UMC Obtains LEED Gold
Certification for Fab 12X
Oct. 25, 2017 UMC 3Q 2017 Financial
Results
Please visit UMC’s website for further
details regarding the above announcements
Conference Call / Webcast
Announcement
Wednesday, January 24, 2018
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 4Q17
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
December 31, 2017, the three-month period ending September 30,
2017, and the equivalent three-month period that ended December 31,
2016. For all 4Q17 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the December 31, 2017 exchange
rate of NT$ 29.78 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 December 31, 2017
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) December 31, 2017 US$ NT$ % Assets
Current assets Cash and cash equivalents 2,743 81,675 20.7%
Financial assets at fair value through profit or loss, current 24
717 0.2% Notes & Accounts receivable, net 704 20,974 5.3%
Inventories, net 613 18,258 4.6% Other current assets 589 17,536
4.5% Total current assets 4,673 139,160 35.3% Non-current
assets Funds and investments 1,143 34,040 8.6% Property, plant and
equipment 6,909 205,742 52.2% Other non-current assets 509 15,157
3.9% Total non-current assets 8,561 254,939 64.7% Total assets
13,234 394,099 100.0% Liabilities Current liabilities
Short-term loans 854 25,446 6.5% Payables 949 28,267 7.2% Current
portion of long-term liabilities 919 27,364 6.9% Other current
liabilities 235 6,984 1.8% Total current liabilities 2,957 88,061
22.4% Non-current liabilities Bonds payable 795 23,676 6.0%
Long-term loans 995 29,643 7.5% Other non-current liabilities 1,300
38,681 9.8% Total non-current liabilities 3,090 92,000 23.3% Total
liabilities 6,047 180,061 45.7% Equity Equity attributable
to the parent company Capital 4,239 126,243 32.0% Additional
paid-in capital 1,372 40,859 10.4% Retained earnings, unrealized
gain or loss on available-for-sale
financial assets and exchange differences
on translation of
foreign operations
1,702 50,698 12.9% Treasury stock (158) (4,719) (1.2%) Total equity
attributable to the parent company 7,155 213,081 54.1%
Non-controlling interests 32 957 0.2% Total equity 7,187 214,038
54.3% Total liabilities and equity 13,234 394,099 100.0%
Note:New Taiwan Dollars have been translated into
U.S. Dollars at the December 31, 2017 exchange rate of NT $29.78
per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year
Comparison Quarter over Quarter Comparison Three-Month
Period Ended Three-Month Period Ended December 31, 2017 December
31, 2016 Chg. December 31, 2017 September 30, 2017 Chg. US$ NT$ US$
NT$ % US$ NT$ US$ NT$ % Net operating revenues 1,230 36,631 1,286
38,306 (4.4%) 1,230 36,631 1,266 37,698 (2.8%) Operating costs
(1,019) (30,333) (992) (29,547) 2.7% (1,019) (30,333) (1,045)
(31,106) (2.5%) Gross profit 211 6,298 294 8,759 (28.1%) 211 6,298
221 6,592 (4.5%) 17.2% 17.2% 22.9% 22.9% 17.2% 17.2% 17.5% 17.5%
Operating expenses - Sales and marketing expenses (31) (944) (43)
(1,282) (26.4%) (31) (944) (36) (1,070) (11.8%) - General and
administrative expenses (39) (1,164) (51) (1,521) (23.5%) (39)
(1,164) (33) (991) 17.5% - Research and development expenses (104)
(3,090) (129) (3,824) (19.2%) (104) (3,090) (112) (3,343) (7.6%)
Subtotal (174) (5,198) (223) (6,627) (21.6%) (174) (5,198) (181)
(5,404) (3.8%) Net other operating income and expenses 27 801 5 144
456.3% 27 801 15 441 81.6% Operating income 64 1,901 76 2,276
(16.5%) 64 1,901 55 1,629 16.7% 5.2% 5.2% 5.9% 5.9% 5.2% 5.2% 4.3%
4.3% Net non-operating income and expenses (5) (152) (40)
(1,210) (87.4%) (5) (152) 41 1,236 - Income from continuing
operations before
income tax
59 1,749 36 1,066 64.1% 59 1,749 96 2,865 (39.0%) 4.8% 4.8% 2.8%
2.8% 4.8% 4.8% 7.6% 7.6% Income tax expense (19) (556) (21)
(617) (9.9%) (19) (556) (13) (401) 38.7% Net income 40 1,193 15 449
165.7% 40 1,193 83 2,464 (51.6%) 3.3% 3.3% 1.2% 1.2% 3.3% 3.3% 6.5%
6.5% Other comprehensive income (loss) (46) (1,366) (20)
(591) 131.1% (46) (1,366) (36) (1,068) 27.9% Total
comprehensive income (loss) (6) (173) (5) (142) 21.8% (6) (173) 47
1,396 - Net income attributable to: Stockholders of the
parent 59 1,771 86 2,548 (30.5%) 59 1,771 117 3,473 (49.0%)
Non-controlling interests (19) (578) (71) (2,099) (72.5%) (19)
(578) (34) (1,009) (42.7%) Comprehensive income (loss)
attributable to: Stockholders of the parent 14 416 64 1,902
(78.1%) 14 416 81 2,402 (82.7%) Non-controlling interests (20)
(589) (69) (2,044) (71.2%) (20) (589) (34) (1,006) (41.5%)
Earnings per share-basic 0.005 0.15 0.007 0.21 0.005 0.15 0.009
0.28 Earnings per ADS (2) 0.025 0.75 0.035 1.05 0.025 0.75 0.047
1.40 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
December 31, 2017 exchange rate of NT $29.78 per U.S. Dollar. (2) 1
ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data
For the Three-Month Period Ended For
the Twelve-Month Period Ended December 31, 2017 December 31, 2017
US$ NT$ % US$ NT$ % Net operating revenues 1,230 36,631 100.0%
5,013 149,285 100.0% Operating costs (1,019) (30,333) (82.8%)
(4,104) (122,227) (81.9%) Gross profit 211 6,298 17.2% 909 27,058
18.1% Operating expenses - Sales and marketing
expenses (31) (944) (2.6%) (142) (4,234) (2.8%) - General and
administrative expenses (39) (1,164) (3.2%) (143) (4,240) (2.8%) -
Research and development expenses (104) (3,090) (8.4%) (459)
(13,669) (9.2%) Subtotal (174) (5,198) (14.2%) (744) (22,143)
(14.8%) Net other operating income and expenses 27 801 2.2% 56
1,653 1.1% Operating income 64 1,901 5.2% 221 6,568 4.4% Net
non-operating income and expenses (5) (152) (0.4%) 41 1,230 0.8%
Income from continuing operations before
income tax
59 1,749 4.8% 262 7,798 5.2% Income tax expense (19)
(556) (1.5%) (39) (1,167) (0.8%) Net income 40 1,193 3.3% 223 6,631
4.4% Other comprehensive income (loss) (46) (1,366) (3.8%)
(136) (4,034) (2.7%) Total comprehensive income (loss) (6)
(173) (0.5%) 87 2,597 1.7% Net income attributable to:
Stockholders of the parent 59 1,771 4.8% 323 9,629 6.5%
Non-controlling interests (19) (578) (1.5%) (100) (2,998) (2.1%)
Comprehensive income (loss) attributable to: Stockholders
of the parent 14 416 1.1% 192 5,706 3.8% Non-controlling
interests (20) (589) (1.6%) (105) (3,109) (2.1%) Earnings
per share-basic 0.005 0.15 0.027 0.79 Earnings per ADS (2) 0.025
0.75 0.133 3.95 Weighted average number of shares
outstanding (in millions)
12,208 12,208
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the December 31, 2017 exchange rate of NT
$29.78 per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows For The
Twelve-Month Period Ended December 31, 2017 Figures in Millions of
New Taiwan Dollars (NT$) and U.S. Dollars (US$) US$ NT$
Cash flows from operating activities : Net income before tax
262 7,798 Depreciation & Amortization 1,783 53,099 Exchange
gain on financial assets and liabilities (82) (2,432) Changes in
prepayments (68) (2,014) Changes in other current assets (80)
(2,384) Changes in assets, liabilities and others 6 174 Income tax
paid (59) (1,767) Net cash provided by operating activities 1,762
52,474
Cash flows from investing activities :
Proceeds from disposal of available-for-sale financial assets 73
2,160 Proceeds from capital reduction and liquidation of
investments 71 2,102 Acquisition of property, plant and equipment
(1,485) (44,236) Acquisition of intangible assets (43) (1,284)
Others 195 5,842 Net cash used in investing activities (1,189)
(35,416)
Cash flows from financing activities :
Increase in short-term loans 197 5,879 Proceeds from bonds issued
460 13,700 Redemption of bonds (252) (7,500) Proceeds from
long-term loans 403 12,001 Repayments of long-term loans (255)
(7,603) Cash dividends (205) (6,103) Acquisition of subsidiaries
(44) (1,309) Others 4 97 Net cash provided by financing activities
308 9,162 Effect of exchange rate changes on cash and cash
equivalents (71) (2,124) Net Increase in cash and cash equivalents
810 24,096 Cash and cash equivalents at beginning of period
1,933 57,579 Cash and cash equivalents at end of period
2,743 81,675 Note: New Taiwan
Dollars have been translated into U.S. Dollars at the December 31,
2017 exchange rate of NT $29.78 per U.S. Dollar.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180124005487/en/
UMC, Investor RelationsMichael Lin, + 886-2-2658-9168,
ext. 16900jinhong_lin@umc.comorDavid Wong, + 886-2-2658-9168, ext.
16900david_wong@umc.com
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