12i P3 Singapore expansion plan addresses
long term structural demand in 22/28nm
First Quarter 2022 Overview1:
- Revenue: NT$63.42 billion (US$2.22 billion)
- Gross margin: 43.4%; Operating margin: 35.2%
- Revenue from 22/28nm: 20%
- Capacity utilization rate: 100%+
- Net income attributable to shareholders of the parent:
NT$19.81 billion (US$692 million)
- Earnings per share: NT$1.61; earnings per ADS:
US$0.281
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 2022.
First quarter consolidated revenue was NT$63.42 billion,
increasing 7.3% QoQ from NT$59.10 billion in 4Q21. Compared to a
year ago, 1Q22 revenue grew 34.7% YoY from NT$47.10 billion in
1Q21. Consolidated gross margin for 1Q22 was 43.4%. Net income
attributable to the shareholders of the parent was NT$19.81
billion, with earnings per ordinary share of NT$1.61.
Jason Wang, UMC co-president, said, “We started 2022 with solid
first quarter, as strong wafer demand kept our fabs operating at
full capacity. Although wafer shipments declined slightly, higher
average blended pricing lifted our overall revenue. While we have
observed general end-market’s tapering of cyclical demand
associated with the COVID-19 pandemic, UMC’s business continued to
be well supported by structural trends that are increasing silicon
content in devices and driving new applications. Specialty
technologies such as non-volatile memory, power management, RF-SOI,
and OLED display drivers are necessary for applications across 5G,
AIoT, and automotive mega-trends, and our strategy to focus on
leading specialty technologies has been successful, which now
contribute more than half of our wafer revenue. An increasing
number of customers are recognizing the value of our customized
specialty processes and forming long-term partnerships with
UMC.”
Co-president Wang said, “Looking ahead, we expect the positive
demand outlook will remain unchanged despite some market volatility
caused by the pandemic and geopolitical issues. The expansion at
our Fab 12A P5 is coming online in the current quarter, which will
help us meet excess 28nm demand that we haven’t been able to
fulfill. We are also actively adding capacity at our overseas bases
to support our customers’ long-term growth. The announced new fab
to be built at our Singapore site, which will address growing
22/28nm demand, has already secured multi-year supply agreements
from 2024. We also announced a collaboration with DENSO on the
production of power semiconductors at USJC’s 300mm fab in order to
serve the growing demand in the automotive market. The
collaboration demonstrates our strong commitment to supporting our
customers amid constraints in the automotive value chain. As part
of the industry mega-trends, the accelerating adoption of electric
vehicles will serve as a growth catalyst for our automotive
business. We are excited to be selected as the foundry partner for
many global leading customers as we aim to expand our market share
in the fast-growing automotive segment.”
Co-president Wang added, “Corporate sustainability has long been
a key priority for UMC, and it is now also embedded in our new
company vision and mission statements, which was unveiled earlier
this year. We were pleased to be chosen from over 7,500 companies
for the S&P Global 2022 Sustainability Yearbook released, for
which we received the Gold Class Award. The company has ambitious
goals when it comes to sustainability, and we will continue
prioritizing resources so that we can deliver on our ESG
promises.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
1Q22
4Q21
QoQ % change
1Q21
YoY % change
Operating Revenues
63,423
59,100
7.3
47,097
34.7
Gross Profit
27,504
23,103
19.0
12,494
120.1
Operating Expenses
(6,513
)
(6,821
)
(4.5
)
(5,932
)
9.8
Net Other Operating Income and
Expenses
1,343
1,334
0.7
1,060
26.8
Operating Income
22,334
17,616
26.8
7,622
193.0
Net Non-Operating Income and Expenses
1,314
558
135.5
3,361
(60.9
)
Net Income Attributable to Shareholders of
the Parent
19,808
15,949
24.2
10,428
89.9
EPS (NT$ per share)
1.61
1.30
0.85
(US$ per ADS)
0.281
0.227
0.148
First quarter operating revenues increased by 7.3% sequentially
to NT$63.42 billion which was primarily lifted to higher wafer
shipments. Revenue contribution from 40nm and below technologies
represented 38% of wafer revenue. Gross profit grew 19.0% QoQ to
NT$27.50 billion, or 43.4% of revenue. Operating expenses declined
4.5% to NT$6.51 billion. Net other operating income remained
relatively flat at NT$1.34 billion. Net non-operating income was
NT$1.31 billion. Net income attributable to shareholders of the
parent amounted to NT$19.81 billion.
Earnings per ordinary share for the quarter was NT$1.61.
Earnings per ADS was US$0.281. The basic weighted average number of
outstanding shares in 1Q22 was 12,283,479,334, compared with
12,254,114,875 shares in 4Q21 and 12,206,292,756 shares in 1Q21.
The diluted weighted average number of outstanding shares was
12,534,728,721 in 1Q22, compared with 12,489,949,678 shares in 4Q21
and 12,381,821,873 shares in 1Q21. The fully diluted shares counted
on March 31, 2022 were approximately 12,534,729,000.
Detailed Financials Section
Operating revenues increased to NT$63.42 billion. COGS declined
slightly to NT$35.92 billion, which included 3.1% sequential
decrease in depreciation. Gross profit grew 19.0% QoQ to NT$27.50
billion, reflecting the uptick in ASP. Operating expenses decreased
4.5% QoQ to NT$6.51 billion, as R&D fell 11.2% QoQ to NT$3.03
billion, representing 4.8% of revenue. Net other operating income
was NT$1.34 billion. In 1Q22, operating income grew 26.8% QoQ to
NT$22.33 billion.
COGS & Expenses
(Amount: NT$ million)
1Q22
4Q21
QoQ % change
1Q21
YoY % change
Operating Revenues
63,423
59,100
7.3
47,097
34.7
COGS
(35,919
)
(35,997
)
(0.2
)
(34,603
)
3.8
Depreciation
(9,807
)
(10,122
)
(3.1
)
(10,412
)
(5.8
)
Other Mfg. Costs
(26,112
)
(25,875
)
0.9
(24,191
)
7.9
Gross Profit
27,504
23,103
19.0
12,494
120.1
Gross Margin (%)
43.4
%
39.1
%
26.5
%
Operating Expenses
(6,513
)
(6,821
)
(4.5
)
(5,932
)
9.8
G&A
(2,226
)
(2,164
)
2.9
(1,806
)
23.3
Sales & Marketing
(1,255
)
(1,240
)
1.2
(1,089
)
15.2
R&D
(3,033
)
(3,414
)
(11.2
)
(3,049
)
(0.5
)
Expected Credit Impairment Gain (Loss)
1
(3
)
-
12
(92.4
)
Net Other Operating Income &
Expenses
1,343
1,334
0.7
1,060
26.8
Operating Income
22,334
17,616
26.8
7,622
193.0
Net non-operating income in 1Q22 was NT$1.31 billion, primarily
reflecting NT$926 million in exchange gain and NT$576 million in
net investment gain, offset by a NT$323 million in net interest
expense.
Non-Operating Income and
Expenses
(Amount: NT$ million)
1Q22
4Q21
1Q21
Non-Operating Income and Expenses
1,314
558
3,361
Net Interest Income and Expenses
(323
)
(343
)
(272
)
Net Investment Gain and Loss
576
2,689
3,530
Exchange Gain and Loss
926
312
93
Other Gain and Loss
135
(2,100
)
10
In 1Q22, cash inflow from operating activities was NT$30.12
billion. Cash inflow from investing activities amounted to NT$14.75
billion, which included NT$11.33 billion in capital expenditure,
resulting in free cash flow of NT$18.79 billion. Cash outflow from
financing reached NT$7.96 billion, primarily from a NT$7.25 billion
in redemption of bonds and a NT$0.61 billion repayment in bank
loans. Net cash inflow in 1Q22 totaled NT$39.55 billion. Over the
next 12 months, the company expects to repay NT$10.77 billion in
bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended Mar.
31, 2022
For the 3-Month Period Ended Dec.
31, 2021
Cash Flow from Operating Activities
30,118
26,822
Net income before tax
23,648
18,174
Depreciation & Amortization
11,390
11,817
Share of loss (profit) of associates and
joint ventures
1,858
(2,491
)
Income tax paid
(769
)
(222
)
Changes in working capital &
others
(6,009
)
(456
)
Cash Flow from Investing Activities
14,752
(13,339
)
Acquisition of PP&E
(10,803
)
(14,707
)
Acquisition of intangible assets
(421
)
(100
)
Decrease in other financial assets
26,315
1,589
Others
(339
)
(121
)
Cash Flow from Financing Activities
(7,959
)
6,367
Bank loans
(612
)
(1,359
)
Bonds Issued
-
5,000
Redemption of bonds
(7,249
)
-
Increase in deposits-in
70
2,896
Others
(168
)
(170
)
Effect of Exchange Rate
2,637
(333
)
Net Cash Flow
39,548
19,517
Beginning balance
132,622
113,105
Ending balance
172,170
132,622
Cash and cash equivalents increased to NT$172.17 billion. Days
of inventory increased by 2 days to 61 days.
Current Assets
(Amount: NT$ billion)
1Q22
4Q21
1Q21
Cash and Cash Equivalents
172.17
132.62
107.29
Notes & Accounts Receivable
38.05
35.19
29.24
Days Sales Outstanding
53
53
55
Inventories, net
25.40
23.01
22.23
Days of Inventory
61
59
59
Total Current Assets
249.68
233.27
179.08
Current liabilities decreased to NT$93.12 billion, which
included a redemption of bonds lowering short-term credit/bonds to
NT$22.58 billion. Long-term credit/bonds increased to NT$50.07
billion. Total liabilities decreased to NT$180.62 billion, leading
to a debt to equity ratio of 60%.
Liabilities
(Amount: NT$ billion)
1Q22
4Q21
1Q21
Total Current Liabilities
93.12
105.45
78.53
Notes & Accounts Payable
9.06
8.36
8.26
Short-Term Credit / Bonds
22.58
39.26
37.28
Payables on Equipment
7.63
7.88
5.29
Other
53.85
49.95
27.70
Long-Term Credit / Bonds
50.07
39.83
27.70
Long-Term Investment Liabilities
8.59
8.25
20.66
Total Liabilities
180.62
183.22
144.59
Debt to Equity
60
%
65
%
58
%
Analysis of Revenue2
Revenue from Asia-Pacific decreased to 64% while business from
North America increased to 22% of sales. Business from Europe was
8% while contribution from Japan remained at 6%.
Revenue Breakdown by
Region
Region
1Q22
4Q21
3Q21
2Q21
1Q21
North America
22%
21%
22%
22%
23%
Asia Pacific
64%
66%
65%
63%
63%
Europe
8%
7%
7%
8%
8%
Japan
6%
6%
6%
7%
6%
Revenue contribution from 22/28nm amounted to 20% of the wafer
revenue, while 40nm contribution stayed at 18% of sales.
Revenue Breakdown by
Geometry
Geometry
1Q22
4Q21
3Q21
2Q21
1Q21
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
20
%
20
%
19
%
20
%
20
%
28nm<x<=40nm
18
%
18
%
18
%
18
%
20
%
40nm<x<=65nm
19
%
19
%
19
%
19
%
18
%
65nm<x<=90nm
8
%
8
%
8
%
9
%
8
%
90nm<x<=0.13um
12
%
12
%
12
%
11
%
11
%
0.13um<x<=0.18um
13
%
13
%
13
%
13
%
13
%
0.18um<x<=0.35um
7
%
7
%
8
%
8
%
8
%
0.5um and above
3
%
3
%
3
%
2
%
2
%
Revenue from fabless customers accounted for 87% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
1Q22
4Q21
3Q21
2Q21
1Q21
Fabless
87
%
86
%
86
%
84
%
86
%
IDM
13
%
14
%
14
%
16
%
14
%
Revenue from the communication segment represented 45%, while
business from computer applications stayed at 17%. Business from
consumer applications remained at 26% as other segments accounted
for 12% of revenue.
Revenue Breakdown by
Application (1)
Application
1Q22
4Q21
3Q21
2Q21
1Q21
Computer
17
%
17
%
17
%
17
%
16
%
Communication
45
%
46
%
46
%
47
%
46
%
Consumer
26
%
26
%
27
%
26
%
27
%
Others
12
%
11
%
10
%
10
%
11
%
(1) Computer consists of ICs such as CPU, GPU, HDD
controllers, DVD/CD-RW control ICs, PC chipset, audio codec,
keyboard controller, monitor scaler, USB, I/O chipset, WLAN.
Communication consists of handset components, broadband,
bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs
used for DVD players, DTV, STB, MP3/MP4, flash controller, game
consoles, DSC, smart cards, toys, etc.
Blended ASP Trend
Blended average selling price (ASP) grew in 1Q22.
(To view blended ASP trend, please click here for 1Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments declined 1.3% QoQ to 2,513K in the first
quarter, while quarterly capacity grew to 2,420K. Overall
utilization rate in 1Q22 exceeded 100%.
Wafer Shipments
1Q22
4Q21
3Q21
2Q21
1Q21
Wafer Shipments (8” K equivalents)
2,513
2,546
2,503
2,440
2,372
Quarterly Capacity Utilization
Rate
1Q22
4Q21
3Q21
2Q21
1Q21
Utilization Rate
100%+
100%+
100%+
100%+
100
%
Total Capacity (8” K equivalents)
2,420
2,419
2,383
2,370
2,280
Capacity4
Overall capacity in the first quarter remained at 2,420K 8-inch
equivalent wafers. Capacity will grow in the second quarter of 2022
to 2,528K 8-inch equivalent wafers, driven by the 28nm capacity
expansion taking place at 12A P5.
Annual Capacity in thousands of
wafers
FAB
Geometry (um)
2021
2020
2019
2018
WTK
6"
5 – 0.15
329
371
370
396
8A
8"
3 – 0.11
755
802
825
825
8C
8"
0.35 – 0.11
459
452
436
383
8D
8"
0.18 – 0.09
380
371
359
347
8E
8"
0.6 – 0.14
457
449
426
418
8F
8"
0.18 – 0.11
514
485
434
431
8S
8"
0.18 – 0.11
408
373
372
372
8N
8"
0.5 – 0.11
917
917
831
771
12A
12"
0.13 – 0.014
1,070
1,044
997
997
12i
12"
0.13 – 0.040
641
628
595
555
12X
12"
0.080 – 0.022
284
217
203
183
12M
12"
0.13 – 0.040
395
391
98
-
Total(1)
9,453
9,188
8,148
7,673
YoY Growth Rate
3
%
13
%
6
%
5
%
Quarterly Capacity in thousands of
wafers
FAB
2Q22E
1Q22
4Q21
3Q21
WTK
84
82
81
80
8A
192
189
190
190
8C
115
113
115
115
8D
103
101
95
95
8E
118
116
115
115
8F
138
136
137
137
8S
111
109
102
102
8N
235
231
232
230
12A
301
267
271
271
12i
164
162
164
160
12X
78
77
78
74
12M
110
108
104
98
Total
2,528
2,420
2,419
2,383
(1) One 6-inch wafer is converted into 0.5625 (62/82) 8-inch
equivalent wafer; one 12-inch wafer is converted into 2.25 (122/82)
8-inch equivalent wafers. Total capacity figures are expressed in
8-inch equivalent wafers.
CAPEX
CAPEX spending in 1Q22 amounted to US$405 million. 2022
cash-based CAPEX budget will be US$3.6 billion.
Capital Expenditure by Year - in
US$ billion
Year
2021
2020
2019
2018
2017
CAPEX
$
1.8
$
1.0
$
0.6
$
0.7
$
1.4
2022 CAPEX Plan
8"
12"
Total
10
%
90
%
US$3.6 billion
Second Quarter 2022 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase by 4-5%
- ASP in USD: To increase by 3-4%
- Gross Profit Margin: To be approximately 45%
- Capacity Utilization: 100%
- 2022 CAPEX: US$3.6 billion
Recent Developments / Announcements
Feb. 9, 2022
UMC awarded Gold Class in S&P Global
Sustainability Yearbook
Feb. 24, 2022 UMC announces new 22nm wafer fab in Singapore Feb.
24, 2022 UMC Board of Directors announces proposals for its annual
shareholders meeting Apr. 26, 2022 DENSO and USJC collaborate on
automotive power semiconductors
Please visit UMC’s website for further details regarding the
above announcements
Conference Call / Webcast Announcement
Wednesday, April 27, 2022
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 1Q22 results
announcement will be available at www.umc.com under the “Investors
/ Events” section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor
foundry. The company provides high quality IC production with a
focus on both logic and specialty technologies to serve every major
sector of the electronics industry. UMC’s comprehensive technology
and manufacturing solutions include logic/RF, embedded high
voltage, embedded flash, RFSOI/BCD and IATF-16949 automotive
manufacturing certification for all its manufacturing facilities.
UMC operates 12 fabs that are strategically located throughout Asia
with a maximum capacity of approximately 800,000 8-inch equivalent
wafers per month. The company employs approximately 20,000 people
worldwide, with offices in Taiwan, China, United States, Europe,
Japan, Korea and Singapore. For more information, please visit:
http://www.umc.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended, and as defined in the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding anticipated financial results for the first
quarter of 2022; the expected wafer shipment and ASP; the
anticipated annual budget; capex strategies; environmental
protection goals and water management strategies; impact of foreign
currency exchange rates; expected foundry capacities; the ability
to obtain new business opportunities; and information under the
heading “First Quarter of 2022 Outlook and Guidance.”
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
performance, financial condition or results of operations of UMC to
be materially different from what is stated or may be implied in
such forward-looking statements. Investors are cautioned that
actual events and results could differ materially from those
statements as a result of a number of factors including, but not
limited to: (i) dependence upon the frequent introduction of new
services and technologies based on the latest developments in the
industry in which UMC operates; (ii) the intensely competitive
semiconductor, communications, consumer electronics and computer
industries and markets; (iii) the risks associated with
international business activities; (iv) dependence upon key
personnel; (v) general economic and political conditions; (vi)
possible disruptions in commercial activities caused by natural and
human-induced events and disasters, including natural disasters,
terrorist activity, armed conflict and highly contagious diseases;
(vii) reduced end-user purchases relative to expectations and
orders; and (viii) fluctuations in foreign currency exchange rates.
Further information regarding these and other risk factors is
included in UMC’s filings with the United States Securities and
Exchange Commission, including its Annual Report on Form 20-F. All
information provided in this release is as of the date of this
release and are based on assumptions that UMC believes to be
reasonable as of this date, and UMC does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
The financial statements included in this release are prepared
and published in accordance with Taiwan International Financial
Reporting Standards, or TIFRSs, recognized by the Financial
Supervisory Commission in the ROC, which is different from
International Financial Reporting Standards, or IFRSs, issued by
the International Accounting Standards Board. Investors are
cautioned that there may be significant differences between TIFRSs
and IFRSs. In addition, TIFRSs and IFRSs differ in certain
significant respects from generally accepted accounting principles
in the ROC and generally accepted accounting principles in the
United States.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet As of March 31, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
March 31, 2022
US$
NT$
%
Assets Current assets Cash and cash equivalents
6,016
172,170
35.7
%
Accounts receivable, net
1,329
38,048
7.9
%
Inventories, net
888
25,401
5.3
%
Other current assets
491
14,064
2.8
%
Total current assets
8,724
249,683
51.7
%
Non-current assets Funds and investments
2,532
72,468
15.0
%
Property, plant and equipment
4,576
130,956
27.1
%
Right-of-use assets
250
7,157
1.5
%
Other non-current assets
791
22,645
4.7
%
Total non-current assets
8,149
233,226
48.3
%
Total assets
16,873
482,909
100.0
%
Liabilities Current liabilities Short-term loans
47
1,340
0.3
%
Payables
1,606
45,953
9.5
%
Current portion of long-term liabilities
742
21,238
4.4
%
Other current liabilities
859
24,590
5.1
%
Total current liabilities
3,254
93,121
19.3
%
Non-current liabilities Bonds payable
806
23,079
4.8
%
Long-term loans
943
26,988
5.6
%
Lease liabilities, noncurrent
157
4,482
0.9
%
Other non-current liabilities
1,151
32,954
6.8
%
Total non-current liabilities
3,057
87,503
18.1
%
Total liabilities
6,311
180,624
37.4
%
Equity Equity attributable to the parent company Capital
4,361
124,821
25.9
%
Additional paid-in capital
1,659
47,468
9.8
%
Retained earnings and other components of equity
4,532
129,702
26.8
%
Total equity attributable to the parent company
10,552
301,991
62.5
%
Non-controlling interests
10
294
0.1
%
Total equity
10,562
302,285
62.6
%
Total liabilities and equity
16,873
482,909
100.0
%
Note:New Taiwan
Dollars have been translated into U.S. Dollars at the March 31,
2022 exchange rate of NT $28.62 per U.S. Dollar.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data
Year over Year
Comparison
Quarter over Quarter
Comparison
Three-Month Period Ended
Three-Month Period Ended
March 31, 2022
March 31, 2021
Chg.
March 31, 2022
December 31, 2021
Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues
2,216
63,423
1,646
47,097
34.7
%
2,216
63,423
2,065
59,100
7.3
%
Operating costs
(1,255
)
(35,919
)
(1,209
)
(34,603
)
3.8
%
(1,255
)
(35,919
)
(1,258
)
(35,997
)
(0.2
%)
Gross profit
961
27,504
437
12,494
120.1
%
961
27,504
807
23,103
19.0
%
43.4
%
43.4
%
26.5
%
26.5
%
43.4
%
43.4
%
39.1
%
39.1
%
Operating expenses - Sales and marketing expenses
(44
)
(1,255
)
(38
)
(1,089
)
15.2
%
(44
)
(1,255
)
(43
)
(1,240
)
1.2
%
- General and administrative expenses
(78
)
(2,226
)
(63
)
(1,806
)
23.3
%
(78
)
(2,226
)
(76
)
(2,164
)
2.9
%
- Research and development expenses
(106
)
(3,033
)
(107
)
(3,049
)
(0.5
%)
(106
)
(3,033
)
(119
)
(3,414
)
(11.2
%)
- Expected credit impairment gain (loss)
0
1
0
12
(92.4
%)
0
1
(0
)
(3
)
-
Subtotal
(228
)
(6,513
)
(208
)
(5,932
)
9.8
%
(228
)
(6,513
)
(238
)
(6,821
)
(4.5
%)
Net other operating income and expenses
47
1,343
37
1,060
26.8
%
47
1,343
47
1,334
0.7
%
Operating income
780
22,334
266
7,622
193.0
%
780
22,334
616
17,616
26.8
%
35.2
%
35.2
%
16.2
%
16.2
%
35.2
%
35.2
%
29.8
%
29.8
%
Net non-operating income and expenses
46
1,314
118
3,361
(60.9
%)
46
1,314
19
558
135.5
%
Income from continuing operationsbefore income tax
826
23,648
384
10,983
115.3
%
826
23,648
635
18,174
30.1
%
37.3
%
37.3
%
23.3
%
23.3
%
37.3
%
37.3
%
30.8
%
30.8
%
Income tax expense
(125
)
(3,582
)
(38
)
(1,094
)
227.4
%
(125
)
(3,582
)
(76
)
(2,169
)
65.1
%
Net income
701
20,066
346
9,889
102.9
%
701
20,066
559
16,005
25.4
%
31.6
%
31.6
%
21.0
%
21.0
%
31.6
%
31.6
%
27.1
%
27.1
%
Other comprehensive income (loss)
50
1,422
124
3,556
(60.0
%)
50
1,422
101
2,880
(50.6
%)
Total comprehensive income (loss)
751
21,488
470
13,445
59.8
%
751
21,488
660
18,885
13.8
%
Net income attributable to: Shareholders of the parent
692
19,808
364
10,428
89.9
%
692
19,808
557
15,949
24.2
%
Non-controlling interests
9
258
(18
)
(539
)
-
9
258
2
56
364.7
%
Comprehensive income (loss) attributable to: Shareholders
of the parent
742
21,229
489
13,984
51.8
%
742
21,229
658
18,830
12.7
%
Non-controlling interests
9
259
(19
)
(539
)
-
9
259
2
55
364.8
%
Earnings per share-basic
0.056
1.61
0.030
0.85
0.056
1.61
0.045
1.30
Earnings per ADS (2)
0.281
8.05
0.148
4.25
0.281
8.05
0.227
6.50
Weighted average number of shares outstanding (in millions)
12,283
12,206
12,283
12,254
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62
per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data
For the Three-Month Period
Ended
For the Three-Month Period
Ended
March 31, 2022
March 31, 2022
US$ NT$ % US$ NT$ % Operating revenues
2,216
63,423
100.0
%
2,216
63,423
100.0
%
Operating costs
(1,255
)
(35,919
)
(56.6
%)
(1,255
)
(35,919
)
(56.6
%)
Gross profit
961
27,504
43.4
%
961
27,504
43.4
%
Operating expenses - Sales and marketing expenses
(44
)
(1,255
)
(2.0
%)
(44
)
(1,255
)
(2.0
%)
- General and administrative expenses
(78
)
(2,226
)
(3.5
%)
(78
)
(2,226
)
(3.5
%)
- Research and development expenses
(106
)
(3,033
)
(4.8
%)
(106
)
(3,033
)
(4.8
%)
- Expected credit impairment gain
0
1
0.0
%
0
1
0.0
%
Subtotal
(228
)
(6,513
)
(10.3
%)
(228
)
(6,513
)
(10.3
%)
Net other operating income and expenses
47
1,343
2.1
%
47
1,343
2.1
%
Operating income
780
22,334
35.2
%
780
22,334
35.2
%
Net non-operating income and expenses
46
1,314
2.1
%
46
1,314
2.1
%
Income from continuing operations before income
tax
826
23,648
37.3
%
826
23,648
37.3
%
Income tax expense
(125
)
(3,582
)
(5.7
%)
(125
)
(3,582
)
(5.7
%)
Net income
701
20,066
31.6
%
701
20,066
31.6
%
Other comprehensive income (loss)
50
1,422
2.3
%
50
1,422
2.3
%
Total comprehensive income (loss)
751
21,488
33.9
%
751
21,488
33.9
%
Net income attributable to: Shareholders of the parent
692
19,808
31.2
%
692
19,808
31.2
%
Non-controlling interests
9
258
0.4
%
9
258
0.4
%
Comprehensive income (loss) attributable to: Shareholders
of the parent
742
21,229
33.5
%
742
21,229
33.5
%
Non-controlling interests
9
259
0.4
%
9
259
0.4
%
Earnings per share-basic
0.056
1.61
0.056
1.61
Earnings per ADS (2)
0.281
8.05
0.281
8.05
Weighted average number of sharesoutstanding (in millions)
12,283
12,283
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statement of Cash Flows For The Three-Month Period
Ended March 31, 2022 Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) US$ NT$
Cash flows from
operating activities : Net income before tax
826
23,648
Depreciation & Amortization
398
11,390
Share of loss of associates and joint ventures
65
1,858
Income tax paid
(27
)
(769
)
Changes in working capital & others
(210
)
(6,009
)
Net cash provided by operating activities
1,052
30,118
Cash flows from investing activities : Acquisition of
property, plant and equipment
(377
)
(10,803
)
Acquisition of intangible assets
(15
)
(421
)
Decrease in other financial assets
919
26,315
Others
(12
)
(339
)
Net cash provided by investing activities
515
14,752
Cash flows from financing activities : Decrease in
short-term loans
(22
)
(640
)
Redemption of bonds
(253
)
(7,249
)
Proceeds from long-term loans
8
231
Repayments of long-term loans
(7
)
(203
)
Others
(4
)
(98
)
Net cash used in financing activities
(278
)
(7,959
)
Effect of exchange rate changes on cash and cash equivalents
93
2,637
Net increase in cash and cash equivalents
1,382
39,548
Cash and cash equivalents at beginning of period
4,634
132,622
Cash and cash equivalents at end of period
6,016
172,170
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62
per U.S. Dollar.
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
March 31, 2022, the three-month period ending December 31, 2021,
and the equivalent three-month period that ended March 31, 2021.
For all 1Q22 results, New Taiwan Dollar (NT$) amounts have been
converted into U.S. Dollars at the March 31, 2022 exchange rate of
NT$ 28.62 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/20220427005451/en/
Michael Lin / David Wong UMC, Investor Relations +
886-2-2658-9168, ext. 16900 jinhong_lin@umc.com
david_wong@umc.com
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