Company posts EPS of NT$0.10 in
1Q19;
Board of Directors approves 100% cash
dividend payout to shareholders
First Quarter 2019 Overview1:
- Revenue: NT$32.58 billion (US$1.06
billion)
- Gross margin: 6.9%
- Foundry revenue from 28nm: 10%;
Foundry operating margin: -4.6%
- Foundry capacity utilization rate:
83%
- Net income to stockholders of the
parent: NT$1.20 billion (US$39 million)
- Earnings per share: NT$0.10;
earnings per ADS: US$0.016
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
first quarter of 2019.
First quarter consolidated revenue was NT$32.58 billion, down
8.3% QoQ from NT$35.52 billion in 4Q18 and declined 13.1% YoY from
NT$37.50 billion in 1Q18. Consolidated gross margin for 1Q19 was
6.9%. Net income attributable to stockholders of the parent was
NT$1.20 billion, with earnings per ordinary share of NT$0.10.
Jason Wang, co-president of UMC, said, “In the first quarter,
foundry revenue declined 8.3% QoQ to NT$32.56 billion, leading to a
foundry operating loss of 4.6%. Utilization rate was 83%, bringing
wafer shipments to 1.61 million 8-inch equivalent wafers. Although
overall wafer demand declined during the first quarter, we observed
stable wafer shipments from the wireless communications segment,
solidified by smartphone related components such as display, RF,
application processor and baseband modem. We continue to build on
our promise of building shareholder value, and in Q1 our Board of
Directors proposed to distribute a cash dividend of approximately
NT$0.58 per share, subject to shareholder approval during the
annual shareholder meeting (AGM).”
Co-president Wang further commented, “Entering the second
quarter of 2019, UMC will sustain its energy on its continuing
transformation, which will allow us to best take advantage of
improving wafer demand within wired and wireless communication
segments, with smartphones, networking, and display related
products currently seeing better than expected conditions. Going
forward, our strategy to stay focused on developing existing logic
and specialty solutions across numerous technology platforms will
help us enhance our market relevance to secure future business and
expand our presence in the IC industry. We are confident that by
continuing to responsibly execute our technology development,
capacity expansion and customer service, we can bring optimal value
to the company, its shareholders, and employees.”
Summary of Operating Results
Operating Results (Amount: NT$ million)
1Q19
4Q18 QoQ %change
1Q18 YoY %change Operating Revenues
32,583 35,517 (8.3) 37,497 (13.1) Gross
Profit 2,262 4,601 (50.8) 4,642 (51.3) Operating Expenses (4,932)
(6,396) (22.9) (4,850) 1.7 Net Other Operating Income and Expenses
1,073 1,206 (11.0) 977 9.8 Operating Income (Loss) (1,597) (589)
171.3 769 - Net Non-Operating Income and Expenses 1,247 (1,998) -
1,088 14.6
Net Income (Loss) Attributable to
Stockholders of theParent
1,201 (1,707) - 3,400 (64.7)
EPS (NT$ per share)
0.10 (0.14) 0.28
(US$ per ADS)
0.016 (0.023) 0.045
Operating revenues in 1Q19 declined 8.3% to NT$32.58 billion,
including NT$32.56 billion from the foundry segment. Revenue
contribution from 40nm and below technologies was 30%. Gross profit
fell 50.8% to NT$2.26 billion, or 6.9% of revenue. Operating
expenses declined 22.9% to NT$4.93 billion. Net other operating
income was NT$1.07 billion, leading to an operating loss of NT$1.60
billion. Net non-operating income was NT$1.25 billion. Net income
attributable to stockholders of the parent was NT$1.20 billion.
Earnings per ordinary share for the quarter was NT$0.10.
Earnings per ADS was US$0.016. The basic weighted average number of
outstanding shares in 1Q19 was 11,908,706,645, compared with
12,111,826,935 shares in 4Q18 and 12,202,773,078 shares in 1Q18.
The diluted weighted average number of outstanding shares was
13,238,181,278 in 1Q19, compared with 12,111,826,935 shares in 4Q18
and 13,457,161,259 shares in 1Q18. The fully diluted share count on
March 31, 2019 was approximately 13,453,794,000. On March 31, 2019,
UMC held 200 million treasury shares acquired from the 17th share
buy-back program.
Detailed Financials Section
COGS & Expenses (Amount: NT$ million)
1Q19
4Q18
QoQ %change
1Q18 YoY %change Operating
Revenues 32,583 35,517 (8.3) 37,497
(13.1) COGS (30,321) (30,916) (1.9) (32,855) (7.7)
Depreciation (10,497) (10,228) 2.6 (11,815) (11.2) Other Mfg. Costs
(19,824) (20,688) (4.2) (21,040) (5.8) Gross Profit 2,262 4,601
(50.8) 4,642 (51.3) Gross Margin (%) 6.9% 13.0% 12.4% Operating
Expenses (4,932) (6,396) (22.9) (4,850) 1.7 G&A (1,236) (1,339)
(7.7) (1,017) 21.5 Sales & Marketing (889) (903) (1.6) (909)
(2.2) R&D (2,807) (3,745) (25.0) (2,924) (4.0) Expected Credit
Losses - (409) (100.0) - -
Net Other Operating
Income & Expenses
1,073 1,206 (11.0) 977 9.8
Operating Income(Loss)
(1,597) (589) 171.3 769 -
Operating revenues decreased 8.3% to NT$32.58 billion. COGS
declined 1.9% to NT$30.32 billion, as depreciation increased 2.6%
to NT$10.50 billion while other manufacturing costs declined 4.2%
to NT$19.82 billion. Gross profit was NT$2.26 billion. Operating
expenses declined 22.9% to NT$4.93 billion, which included a 25%
decrease in R&D expense to NT$2.81 billion and a 7.7% decline
in General and Administrative (G&A) expense. R&D expense
represented 8.6% of 1Q19 operating revenues and net other operating
income was NT$1.07 billion. Overall, the company realized an
operating loss of NT$1.60 billion.
Non-Operating Income and Expenses (Amount: NT$ million)
1Q19 4Q18 1Q18 Non-Operating Income and
Expenses 1,247 (1,998) 1,088 Net Interest
Income and Expenses (473) (438) (529) Net Investment Gain and Loss
1,228 (1,859) 582 Exchange Gain and Loss 507 304 1,021 Other Gain
and Loss (15) (5) 14
Net non-operating income in 1Q19 was NT$1.25 billion, primarily
resulting from NT$1.23 billion in net investment gain and NT$507
million in exchange gain, partly offset by NT$473 million in net
interest expense.
Cash Flow Summary
(Amount: NT$ million)
For the 3-MonthPeriod EndedMar. 31,
2019
For the 3-MonthPeriod EndedDec. 31,
2018
Cash Flow from Operating Activities 8,183 12,123 Net
loss before tax (350) (2,587) Depreciation & Amortization
12,380 12,414 Expected credit losses - 409
Net loss (gain) of financial assetsand
liabilities at FVTPL
(1,032) 635
Share of profit or loss of associates
andjoint ventures
(196) 1,148
Exchange gain on financial assetsand
liabilities
(554) (68) Changes in working capital (1,339) 1,319 Interest paid
(215) (905) Other (511) (242) Cash Flow from Investing Activities
(5,683) (4,613) Acquisition of PP&E (5,563) (4,361) Acquisition
of intangible assets (530) (292) Other 410 40 Cash Flow from
Financing Activities 2,180 (5,724) Bank loans 2,463 (2,863)
Treasury stock acquired (331) (3,019) Other 48 158 Effect of
Exchange Rate 396 356 Net Cash Flow 5,076 2,142
Cash inflow from operating activities was NT$8.18 billion. CAPEX
from foundry segment was NT$5.75 billion leading in free cash flow
of NT$2.43 billion. Cash inflow from financing activities totaled
NT$2.18 billion, including NT$2.46 billion cash inflow from bank
loans and NT$331 million payment of treasury share buyback. Net
cash inflow in 1Q19 was NT$5.08 billion. Over the next 12 months,
the company expects to repay NT$1.56 billion in bank loans.
Current Assets (Amount: NT$ billion) 1Q19 4Q18
1Q18 Cash and Cash Equivalents 88.74 83.66
77.14 Notes & Accounts Receivable 22.99 23.88 25.01 Days
Sales Outstanding 66 64 56 Inventories, net 18.87 18.20 17.14 Days
of Inventory 56 53 49 Total Current Assets 146.80
141.19 136.42
Cash and cash equivalents increased to NT$88.74 billion. Days of
inventory increased three days to 56 days.
Liabilities (Amount: NT$ billion) 1Q19 4Q18
1Q18 Total Current Liabilities 52.64 49.90
72.57 Notes & Accounts Payable 6.78 6.80 7.00 Short-Term
Credit / Bonds 23.35 18.23 40.00 Payable on Equipment 2.95 4.01
2.97 Other 19.56 20.86 22.60 Long-Term Credit / Bonds 64.98 67.08
52.61 Long-Term Investment Liabilities 20.99 20.41 20.90 Total
Liabilities 164.32 158.07 169.35 Debt to Equity 78%
77% 78%
Current liabilities increased to NT$52.64 billion. Total
liabilities increased to NT$164.32 billion, leading to a debt to
equity ratio of 78%.
Analysis of Revenue2 for Foundry
Segment
Revenue Breakdown by Region Region 1Q19
4Q18 3Q18 2Q18
1Q18 North America 32% 38% 34%
37% 42% Asia Pacific 57% 51% 52%
51% 47% Europe 7% 8% 11% 9%
8% Japan 4% 3% 3% 3% 3%
Revenue from Asia Pacific increased to 57%, while contribution
from North American customers declined to 32%. Revenue from Europe
and Japan was 7% and 4%, respectively.
Revenue Breakdown by Geometry Geometry
1Q19 4Q18 3Q18
2Q18 1Q18 14nm and below 0% 1%
5% 3% 2% 14nm<x<=28nm 10%
10% 13% 15% 12% 28nm<x<=40nm 20%
23% 22% 26% 30% 40nm<x<=65nm
14% 13% 12% 12% 13%
65nm<x<=90nm 12% 11% 10% 7%
6% 90nm<x<=0.13um 15% 13% 11%
11% 11% 0.13um<x<=0.18um 15% 15%
14% 13% 13% 0.18um<x<=0.35um 11%
11% 10% 10% 10% 0.5um and above
3% 3% 3% 3% 3%
Revenue contribution from 28nm remained flat at 10% as 40nm
business accounted for 20% of sales.
Revenue Breakdown by Customer Type Customer Type
1Q19 4Q18 3Q18
2Q18 1Q18 Fabless 94% 92%
93% 92% 92% IDM 6% 8% 7%
8% 8%
Revenue from fabless customers increased to 94% of revenue.
Revenue Breakdown by Application (1)
Application
1Q19 4Q18 3Q18
2Q18 1Q18 Computer 15% 15%
19% 16% 14% Communication 48%
44% 43% 47% 47% Consumer 29% 30%
28% 28% 29% Others 8% 11%
10% 9% 10%
The communication segment increased to 48% of sales, while
revenue from consumer applications was 29%. Computer related
applications remained at 15% of revenue.
(1) Computer consists of ICs such as CPU, GPU, HDD
controllers, DVD/CD-RW control ICs, PC chipset, audio codec,
keyboard controller, monitor scaler, USB, I/O chipset.
Communication consists of handset components, broadband,
WLAN, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists
of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller,
game consoles, DSC, smart cards, toys, etc.
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) in 1Q19 decreased
slightly.
(To view ASP trend, visit
http://www.umc.com/english/investors/1Q19_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer Shipments 1Q19 4Q18
3Q18 2Q18 1Q18 Wafer
Shipments(8” K equivalents) 1,611 1,711 1,804
1,846 1,747
Quarterly Capacity Utilization
Rate 1Q19 4Q18
3Q18 2Q18 1Q18 Utilization Rate
83% 88% 94% 97% 94% Total
Capacity(8” K equivalents) 1,937 1,958 1,938
1,918 1,858
In 1Q19, wafer shipments decreased 5.8% to 1,611K. Quarterly
capacity declined 1.1% QoQ to 1,937K, resulting in an overall
utilization rate of 83%.
Capacity4 for Foundry Segment
Total capacity in the first quarter totaled 1,937K 8-inch
equivalent wafers. We expect second quarter capacity to increase by
approximately 2.7% QoQ to 1,989K 8-inch equivalent wafers, mainly
attributed to the ongoing expansion efforts at HJ.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB Geometry(um) 2018
2017 2016 2015
FAB 2Q19E 1Q19
4Q18 3Q18 WTK 6" 3.5 –
0.45 396 422 423 421
WTK
93 91 93 93
Fab 8A 8" 0.5
– 0.25 825 825 827 813
Fab 8A
207 204 207 207
Fab 8C 8"
0.35 – 0.11 383 357 348 347
Fab 8C 109 106 108 92
Fab
8D 8" 0.13 – 0.09 347 341
342 341
Fab 8D 90 89 90
86
Fab 8E 8" 0.5 – 0.18 418 418
419 418
Fab 8E 105 103
105 105
Fab 8F 8" 0.18 – 0.11
431 417 401 388
Fab 8F 108
107 108 108
Fab 8S 8"
0.18 – 0.11 372 347 336 335
Fab
8S 93 92 93 93
HJ 8"
0.5 – 0.11 771 753 750 667
HJ 224 201 194 194
Fab
12A 12" 0.13 – 0.014 997 970
885 793
Fab 12A 250 246 250
250
Fab 12i 12" 0.13 – 0.040 555
537 584 572
Fab 12i 144
141 144 144
USCXM 12" 0.040 –
0.028 183 97 9 -
USCXM 51
50 51 51
Total(1) 7,673
7,304 6,983 6,617
Total
1,989 1,937 1,958
1,938 YoY Growth Rate 5% 5% 6%
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. Capacity total figures are expressed in
8-inch equivalent wafers.
CAPEX for Foundry Segment
Capital Expenditure by Year - in US$ billion Year
2018 2017 2016 2015 2014 CAPEX $
0.7 $ 1.4 $ 2.8 $ 1.9 $ 1.4
2019 CAPEX Plan
8" 12" Total 25% 75%
US$1.0 billion
CAPEX spending in 1Q19 was US$186 million. Full year 2019 CAPEX
is budgeted for US$1.0 billion.
Second Quarter of 2019 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase by
6-7%
- ASP in USD: To increase by 3%
- Profitability: Gross profit margin will
be in the low teens % range
- Foundry Segment Capacity Utilization:
mid-80% range
- 2019 CAPEX for Foundry Segment: US$1.0
billion
Recent Developments / Announcements
Mar. 6, 2019
UMC Board of Directors Announces Proposals for its Annual
Shareholders Meeting
Jan. 29, 2019
UMC 4Q 2018 Financial Results
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 24, 2019
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 1Q19 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 release 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.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet As of March 31, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) March 31, 2019 US$ NT$ % Assets Current
assets Cash and cash equivalents 2,880 88,738 23.7% Financial
assets at fair value through profit or loss, current 18 552 0.2%
Notes & Accounts receivable, net 746 22,992 6.1% Inventories,
net 613 18,874 5.1% Other current assets 507 15,640 4.1% Total
current assets 4,764 146,796 39.2% Non-current assets Funds
and investments 1,209 37,255 10.0% Property, plant and equipment
5,447 167,823 44.9% Right-of-use assets 277 8,548 2.3% Other
non-current assets 446 13,716 3.6% Total non-current assets 7,379
227,342 60.8% Total assets 12,143 374,138 100.0% Liabilities
Current liabilities Short-term loans 545 16,798 4.5% Payables 728
22,417 6.0% Current portion of long-term liabilities 213 6,553 1.8%
Other current liabilities 222 6,877 1.8% Total current liabilities
1,708 52,645 14.1% Non-current liabilities Bonds payable
1,184 36,471 9.8% Long-term loans 925 28,505 7.6% Lease
liabilities, noncurrent 180 5,539 1.5% Other non-current
liabilities 1,336 41,164 10.9% Total non-current liabilities 3,625
111,679 29.8% Total liabilities 5,333 164,324 43.9% Equity
Equity attributable to the parent company Capital 3,935 121,243
32.4% Additional paid-in capital 1,304 40,164 10.8%
Retained earnings, exchange differences on
translation offoreign operations, unrealized gains or losses on
financial
assets measured at fair value through
other comprehensiveincome and gains or losses on hedging
Instruments
1,638 50,470 13.5% Treasury stock (82) (2,516) (0.7%) Total equity
attributable to the parent company 6,795 209,361 56.0%
Non-controlling interests 15 453 0.1% Total equity 6,810 209,814
56.1% Total liabilities and equity 12,143 374,138 100.0%
Note:New Taiwan
Dollars have been translated into U.S. Dollars at the March 31,
2019 exchange rate of NT $30.81 per U.S. Dollar.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of
Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) Except Per Share and Per ADS Data
Year over Year Comparison
Quarter over Quarter Comparison Three-Month Period Ended
Three-Month Period Ended March 31, 2019 March 31, 2018 Chg. March
31, 2019 December 31, 2018 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues 1,058 32,583 1,217 37,497 (13.1%) 1,058 32,583
1,153 35,517 (8.3%) Operating costs (985) (30,321) (1,066) (32,855)
(7.7%) (985) (30,321) (1,004) (30,916) (1.9%) Gross profit 73 2,262
151 4,642 (51.3%) 73 2,262 149 4,601 (50.8%) 6.9% 6.9% 12.4% 12.4%
6.9% 6.9% 13.0% 13.0% Operating expenses - Sales and marketing
expenses (29) (889) (30) (909) (2.2%) (29) (889) (29) (903) (1.6%)
- General and administrative expenses (40) (1,236) (33) (1,017)
21.5% (40) (1,236) (43) (1,339) (7.7%) - Research and development
expenses (91) (2,807) (95) (2,924) (4.0%) (91) (2,807) (122)
(3,745) (25.0%) - Expected credit losses - - - - - - - (13) (409)
(100.0%) Subtotal (160) (4,932) (158) (4,850) 1.7% (160) (4,932)
(207) (6,396) (22.9%) Net other operating income and expenses 35
1,073 32 977 9.8% 35 1,073 39 1,206 (11.0%) Operating income (loss)
(52) (1,597) 25 769 - (52) (1,597) (19) (589) 171.3% (4.9%) (4.9%)
2.1% 2.1% (4.9%) (4.9%) (1.7%) (1.7%) Net non-operating
income and expenses 41 1,247 35 1,088 14.6% 41 1,247 (65) (1,998) -
Income (loss) from continuing
operationsbefore income tax
(11) (350) 60 1,857 - (11) (350) (84) (2,587) (86.5%) (1.1%) (1.1%)
5.0% 5.0% (1.1%) (1.1%) (7.3%) (7.3%) Income tax benefit
(expense) 14 443 38 1,173 (62.3%) 14 443 (13) (413) - Net income
(loss) 3 93 98 3,030 (96.9%) 3 93 (97) (3,000) - 0.3% 0.3% 8.1%
8.1% 0.3% 0.3% (8.4%) (8.4%) Other comprehensive income
(loss) 117 3,614 (7) (234) - 117 3,614 3 110 3,185.5% Total
comprehensive income (loss) 120 3,707 91 2,796 32.6% 120 3,707 (94)
(2,890) - Net income (loss) attributable to: Stockholders
of the parent 39 1,201 110 3,400 (64.7%) 39 1,201 (55) (1,707) -
Non-controlling interests (36) (1,108) (12) (370) 199.0% (36)
(1,108) (42) (1,293) (14.3%) Comprehensive income (loss)
attributable to: Stockholders of the parent 156 4,813 102 3,158
52.4% 156 4,813 (52) (1,608) - Non-controlling interests (36)
(1,106) (11) (362) 205.5% (36) (1,106) (42) (1,282) (13.7%)
Earnings per share-basic 0.003 0.10 0.009 0.28 0.003 0.10 (0.005)
(0.14) Earnings per ADS (2) 0.016 0.50 0.045 1.40 0.016 0.50
(0.023) (0.70)
Weighted average number of
sharesoutstanding (in millions)
11,909 12,203 11,909 12,112 Notes: (1) New Taiwan
Dollars have been translated into U.S. Dollars at the March 31,
2019 exchange rate of NT $30.81 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
For the Three-Month Period Ended
For the Three-Month Period Ended March 31, 2019 March 31, 2019 US$
NT$ % US$ NT$ % Operating revenues 1,058 32,583 100.0% 1,058 32,583
100.0% Operating costs (985) (30,321) (93.1%) (985) (30,321)
(93.1%) Gross profit 73 2,262 6.9% 73 2,262 6.9%
Operating expenses - Sales and marketing expenses (29) (889) (2.7%)
(29) (889) (2.7%) - General and administrative expenses (40)
(1,236) (3.8%) (40) (1,236) (3.8%) - Research and development
expenses (91) (2,807) (8.6%) (91) (2,807) (8.6%) Subtotal (160)
(4,932) (15.1%) (160) (4,932) (15.1%) Net other operating income
and expenses 35 1,073 3.3% 35 1,073 3.3% Operating loss (52)
(1,597) (4.9%) (52) (1,597) (4.9%) Net non-operating income
and expenses 41 1,247 3.8% 41 1,247 3.8% Loss from continuing
operations
before income tax
(11) (350) (1.1%) (11) (350) (1.1%) Income tax
benefit 14 443 1.4% 14 443 1.4% Net income 3 93 0.3% 3 93 0.3%
Other comprehensive income (loss) 117 3,614 11.1% 117 3,614
11.1% Total comprehensive income (loss) 120 3,707 11.4% 120
3,707 11.4% Net income (loss) attributable to:
Stockholders of the parent 39 1,201 3.7% 39 1,201 3.7%
Non-controlling interests (36) (1,108) (3.4%) (36) (1,108) (3.4%)
Comprehensive income (loss) attributable to: Stockholders
of the parent 156 4,813 14.8% 156 4,813 14.8% Non-controlling
interests (36) (1,106) (3.4%) (36) (1,106) (3.4%) Earnings
per share-basic 0.003 0.10 0.003 0.10 Earnings per ADS (2) 0.016
0.50 0.016 0.50 Weighted average number of shares
outstanding (in millions)
11,909 11,909
Notes: (1) New Taiwan
Dollars have been translated into U.S. Dollars at the March 31,
2019 exchange rate of NT $30.81 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statement of Cash
Flows For The Three-Month Period Ended March 31, 2019 Figures
in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
Cash flows from operating activities : Net
loss before tax (11) (350) Depreciation & Amortization 402
12,380 Net gain of financial assets and liabilities at fair value
through profit or loss (33) (1,032) Exchange gain on financial
assets and liabilities (18) (554) Changes in notes & accounts
receivable 27 831 Changes in other payables (33) (1,020) Changes in
assets, liabilities and others (68) (2,072) Net cash provided by
operating activities 266 8,183
Cash flows from investing
activities : Acquisition of property, plant and equipment (181)
(5,563) Acquisition of intangible assets (17) (530) Others 14 410
Net cash used in investing activities (184) (5,683)
Cash
flows from financing activities : Increase in short-term loans
113 3,467 Proceeds from long-term loans 24 748 Repayments of
long-term loans (57) (1,752) Treasury stock acquired (11) (331)
Others 2 48 Net cash provided by financing activities 71 2,180
Effect of exchange rate changes on cash and cash equivalents
12 396 Net increase in cash and cash equivalents 165 5,076
Cash and cash equivalents at beginning of period 2,715 83,662
Cash and cash equivalents at end of period 2,880 88,738
Note: New Taiwan Dollars have
been translated into U.S. Dollars at the March 31, 2019 exchange
rate of NT $30.81 per U.S. Dollar.
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
March 31, 2019, the three-month period ending December 31, 2018,
and the equivalent three-month period that ended March 31, 2018.
For all 1Q19 results, New Taiwan Dollar (NT$) amounts have been
converted into U.S. Dollars at the March 31, 2019 exchange rate of
NT$ 30.81 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/20190424005432/en/
Michael Lin / David WongUMC, Investor Relations+
886-2-2658-9168, ext.
16900jinhong_lin@umc.comdavid_wong@umc.com
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