Q2 GM climbs to 46.5% as 1H 2022 operating
income reaches NT$50.5bn
Second Quarter 2022 Overview1:
- Revenue: NT$72.06 billion (US$2.43 billion)
- Gross margin: 46.5%; Operating margin: 39.1%
- Revenue from 22/28nm: 22%
- Capacity utilization rate: 100%+
- Net income attributable to shareholders of the parent:
NT$21.33 billion (US$718 million)
- Earnings per share: NT$1.74; earnings per ADS:
US$0.293
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
second quarter of 2022.
Second quarter consolidated revenue was NT$72.06 billion,
increasing 13.6% QoQ from NT$63.42 billion in 1Q22. Compared to a
year ago, 2Q22 revenue grew 41.5% YoY from NT$50.91 billion in
2Q21. Consolidated gross margin for 2Q22 reached 46.5%. Net income
attributable to the shareholders of the parent was NT$21.33
billion, with earnings per ordinary share of NT$1.74.
Jason Wang, UMC co-president, said, “In the second quarter, we
delivered results in line with guidance, thanks to continuous
strong demand for UMC’s differentiated processes across our end
markets. Overall wafer shipments rose 4.3% from the previous
quarter, while higher average selling price and a favorable foreign
exchange rate lifted second-quarter gross margin to 46.5%. Revenue
from our 22/28nm portfolio increased 29% sequentially, driven by
the additional capacity at Fab 12A P5 that came online during the
second quarter. We are confident in the long-term growth prospects
of our 22/28nm business, which now represents 22% of UMC’s overall
wafer revenue, and has demonstrated solid traction for OLED display
drivers, image processors, WiFi, and automotive applications. As
structural trends drive semiconductor content increase in end
devices from smartphones to automobiles, it is our conviction that
28nm is a long-lasting node that will be important for many
existing and emerging applications for years to come.”
Co-president Wang said, “Going into the third quarter, we expect
our business to remain firm. While cooling demand for smartphones,
PCs, and consumer electronics may pose some short-term
fluctuations, we are actively working with customers to adjust
their product mix. Coming off a super cycle over the past two
years, the semiconductor industry is now in a period of inventory
correction. We believe UMC’s comprehensive portfolio of
differentiated, leading specialty technologies and strong
partnerships with leading customers will help us navigate the
cyclical macro environment.”
Co-president Wang added, “Moving onto our progress in
sustainability, we are pleased to become the first semiconductor
foundry globally to have emissions reduction targets validated by
the Science Based Targets initiative (SBTi), the leading body that
independently assesses emissions targets of companies and ensure
they align with the latest climate science. This reflects UMC’s
commitment to accountability and confirms our roadmap to achieve
our net-zero pledge. According to our roadmap, we will
systematically lower direct emissions from our operations, indirect
emissions from our electricity usage, as well as emissions from our
value chain in order to minimize the environmental footprint of our
operations and products.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
2Q22
1Q22
QoQ % change
2Q21
YoY % change
Operating Revenues
72,055
63,423
13.6
50,908
41.5
Gross Profit
33,472
27,504
21.7
15,908
110.4
Operating Expenses
(6,706
)
(6,513
)
3.0
(6,201
)
8.2
Net Other Operating Income and
Expenses
1,398
1,343
4.1
1,606
(12.9
)
Operating Income
28,164
22,334
26.1
11,313
149.0
Net Non-Operating Income and Expenses
(2,586
)
1,314
-
1,881
-
Net Income Attributable to Shareholders of
the Parent
21,327
19,808
7.7
11,943
78.6
EPS (NT$ per share)
1.74
1.61
0.98
(US$ per ADS)
0.293
0.271
0.165
Second quarter operating revenues increased by 13.6%
sequentially to NT$72.06 billion which was lifted to higher wafer
shipments, increase in wafer pricing as well as favorable foreign
exchange rate. Revenue contribution from 40nm and below
technologies represented 40% of wafer revenue. Gross profit grew
21.7% QoQ to NT$33.47 billion, or 46.5% of revenue. Operating
expenses grew 3.0% to NT$6.71 billion. Net other operating income
remained relatively flat at NT$1.40 billion. Net non-operating loss
amounted to NT$2.59 billion primarily from non-cash based items
recognized as marked-to-market assets. Net income attributable to
shareholders of the parent amounted to NT$21.33 billion.
Earnings per ordinary share for the quarter was NT$1.74.
Earnings per ADS was US$0.293. The basic weighted average number of
outstanding shares in 2Q22 was 12,283,479,334, compared with
12,283,479,334 shares in 1Q22 and 12,206,292,756 shares in 2Q21.
The diluted weighted average number of outstanding shares was
12,553,373,552 in 2Q22, compared with 12,534,728,721 shares in 1Q22
and 12,382,592,798 shares in 2Q21. The fully diluted shares counted
on June 30, 2022 were approximately 12,553,374,000.
Detailed Financials Section
Operating revenues increased to NT$72.06 billion. COGS increased
to NT$38.58 billion, which included 1.9% sequential decrease in
depreciation, mainly reflecting higher wafer shipments. Gross
profit grew 21.7% QoQ to NT$33.47 billion. Operating expenses
slightly increased 3.0% QoQ to NT$6.71 billion, as G&A grew
15.8% to NT$2.58 billion while R&D was up 5.8% QoQ to NT$3.21
billion, representing 4.5% of revenue. Net other operating income
was NT$1.40 billion. In 2Q22, operating income grew 26.1% QoQ to
NT$28.16 billion.
COGS & Expenses
(Amount: NT$ million)
2Q22
1Q22
QoQ % change
2Q21
YoY % change
Operating Revenues
72,055
63,423
13.6
50,908
41.5
COGS
(38,583
)
(35,919
)
7.4
(35,000
)
10.2
Depreciation
(9,616
)
(9,807
)
(1.9
)
(10,187
)
(5.6
)
Other Mfg. Costs
(28,967
)
(26,112
)
10.9
(24,813
)
16.7
Gross Profit
33,472
27,504
21.7
15,908
110.4
Gross Margin (%)
46.5
%
43.4
%
31.3
%
Operating Expenses
(6,706
)
(6,513
)
3.0
(6,201
)
8.2
G&A
(2,579
)
(2,226
)
15.8
(1,901
)
35.7
Sales & Marketing
(915
)
(1,255
)
(27.1
)
(1,131
)
(19.1
)
R&D
(3,209
)
(3,033
)
5.8
(3,168
)
1.3
Expected Credit Impairment Gain (Loss)
(3
)
1
-
(1
)
90.3
Net Other Operating Income &
Expenses
1,398
1,343
4.1
1,606
(12.9
)
Operating Income
28,164
22,334
26.1
11,313
149.0
Net non-operating expense in 2Q22 was NT$2.59 billion, primarily
reflecting NT$3.68 billion in net investment loss, offset by a
NT$1.36 billion in exchange gain.
Non-Operating Income and
Expenses
(Amount: NT$ million)
2Q22
1Q22
2Q21
Non-Operating Income and Expenses
(2,586
)
1,314
1,881
Net Interest Income and Expenses
(163
)
(323
)
(310
)
Net Investment Gain and Loss
(3,675
)
576
2,276
Exchange Gain and Loss
1,361
926
(84
)
Other Gain and Loss
(109
)
135
(1
)
In 2Q22, cash inflow from operating activities was NT$35.09
billion. Cash outflow from investing activities amounted to
NT$11.72 billion, which included NT$11.63 billion in capital
expenditure, resulting in free cash flow of NT$23.46 billion. Cash
outflow from financing reached NT$13.42 billion, primarily from
NT$11.62 billion repayment in bank loans and NT$2.48 billion in
redemption of bonds. Net cash inflow in 2Q22 totaled NT$11.55
billion. Over the next 12 months, the company expects to repay NT$
4.18 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended
Jun. 30, 2022
For the 3-Month Period Ended
Mar. 31, 2022
Cash Flow from Operating Activities
35,091
30,118
Net income before tax
25,578
23,648
Depreciation & Amortization
11,107
11,390
Share of loss of associates and
joint ventures
2,027
1,858
Income tax paid
(2,913
)
(769
)
Changes in working capital &
others
(708
)
(6,009
)
Cash Flow from Investing Activities
(11,716
)
14,752
Decrease in financial assets measured
at amortized cost
103
26,315
Acquisition of PP&E
(10,907
)
(10,803
)
Acquisition of intangible assets
(815
)
(421
)
Others
(97
)
(339
)
Cash Flow from Financing Activities
(13,423
)
(7,959
)
Bank loans
(11,615
)
(612
)
Redemption of bonds
(2,484
)
(7,249
)
Others
676
(98
)
Effect of Exchange Rate
1,601
2,637
Net Cash Flow
11,553
39,548
Beginning balance
172,170
132,622
Ending balance
183,723
172,170
Cash and cash equivalents increased to NT$183.72 billion. Days
of inventory increased by 1 day to 62 days.
Current Assets
(Amount: NT$ billion)
2Q22
1Q22
2Q21
Cash and Cash Equivalents
183.72
172.17
124.00
Notes & Accounts Receivable
42.88
38.05
30.11
Days Sales Outstanding
51
53
53
Inventories, net
27.34
25.40
22.44
Days of Inventory
62
61
58
Total Current Assets
265.78
249.68
207.83
Current liabilities increased to NT$131.81 billion, mainly from
NT$97.04 billion in other. Long-term credit/bonds decreased to
NT$45.70 billion. Total liabilities increased to NT$216.51 billion,
leading to a debt to equity ratio of 76%.
Liabilities
(Amount: NT$ billion)
2Q22
1Q22
2Q21
Total Current Liabilities
131.81
93.12
85.00
Notes & Accounts Payable
9.95
9.06
8.42
Short-Term Credit / Bonds
13.22
22.58
19.65
Payables on Equipment
11.60
7.63
6.67
Dividends Payable
-
-
19.88
Other
97.04
53.85
30.38
Long-Term Credit / Bonds
45.70
50.07
50.97
Long-Term Investment Liabilities
8.50
8.59
20.61
Total Liabilities
216.51
180.62
181.49
Debt to Equity
76%
60%
76%
Analysis of Revenue2
Revenue from Asia-Pacific increased to 65% while business from
North America remained at 22% of sales. Business from Europe was 8%
while contribution from Japan decreased to 5%.
Revenue Breakdown by
Region
Region
2Q22
1Q22
4Q21
3Q21
2Q21
North America
22%
22%
21%
22%
22%
Asia Pacific
65%
64%
66%
65%
63%
Europe
8%
8%
7%
7%
8%
Japan
5%
6%
6%
6%
7%
Revenue contribution from 22/28nm grew to 22% of the wafer
revenue, while 40nm contribution stayed at 18% of sales.
Revenue Breakdown by
Geometry
Geometry
2Q22
1Q22
4Q21
3Q21
2Q21
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
22%
20%
20%
19%
20%
28nm<x<=40nm
18%
18%
18%
18%
18%
40nm<x<=65nm
19%
19%
19%
19%
19%
65nm<x<=90nm
7%
8%
8%
8%
9%
90nm<x<=0.13um
12%
12%
12%
12%
11%
0.13um<x<=0.18um
12%
13%
13%
13%
13%
0.18um<x<=0.35um
8%
7%
7%
8%
8%
0.5um and above
2%
3%
3%
3%
2%
Revenue from fabless customers accounted for 86% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
2Q22
1Q22
4Q21
3Q21
2Q21
Fabless
86%
87%
86%
86%
84%
IDM
14%
13%
14%
14%
16%
Revenue from the communication segment represented 45%, while
business from computer applications decreased to 16%. Business from
consumer applications was 27% as other segments remained at 12% of
revenue.
Revenue Breakdown by
Application (1)
Application
2Q22
1Q22
4Q21
3Q21
2Q21
Computer
16%
17%
17%
17%
17%
Communication
45%
45%
46%
46%
47%
Consumer
27%
26%
26%
27%
26%
Others
12%
12%
11%
10%
10%
(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 2Q22.
(To view blended ASP trend, please click here for 2Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments grew 4.3% QoQ to 2,622K in the second quarter,
while quarterly capacity grew to 2,528K. Overall utilization rate
in 2Q22 remained above 100%.
Wafer Shipments
2Q22
1Q22
4Q21
3Q21
2Q21
Wafer Shipments (8” K equivalents)
2,622
2,513
2,546
2,503
2,440
Quarterly Capacity Utilization
Rate
2Q22
1Q22
4Q21
3Q21
2Q21
Utilization Rate
100%+
100%+
100%+
100%+
100%+
Total Capacity (8” K equivalents)
2,528
2,420
2,419
2,383
2,370
Capacity4
Overall capacity in the second quarter increased to 2,528K
8-inch equivalent wafers. Capacity will grow in the third quarter
of 2022 to 2,539K 8-inch equivalent wafers, driven by the capacity
expansion taking place at 12X and 8N.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2021
2020
2019
2018
FAB
3Q22E
2Q22
1Q22
4Q21
WTK
6"
5 – 0.15
329
371
370
396
WTK
6"
85
84
82
81
8A
8"
3 – 0.11
755
802
825
825
8A
8"
192
192
189
190
8C
8"
0.35 – 0.11
459
452
436
383
8C
8"
115
115
113
115
8D
8"
0.18 – 0.09
380
371
359
347
8D
8"
103
103
101
95
8E
8"
0.6 – 0.14
457
449
426
418
8E
8"
118
118
116
115
8F
8"
0.18 – 0.11
514
485
434
431
8F
8"
138
138
136
137
8S
8"
0.18 – 0.11
408
373
372
372
8S
8"
111
111
109
102
8N
8"
0.5 – 0.11
917
917
831
771
8N
8"
242
235
231
232
12A
12"
0.13 – 0.014
1,070
1,044
997
997
12A
12"
301
301
267
271
12i
12"
0.13 – 0.040
641
628
595
555
12i
12"
164
164
162
164
12X
12"
0.080 – 0.022
284
217
203
183
12X
12"
80
78
77
78
12M
12"
0.13 – 0.040
395
391
98
-
12M
12"
110
110
108
104
Total(1)
9,453
9,188
8,148
7,673
Total
2,539
2,528
2,420
2,419
YoY Growth Rate
3%
13%
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. Total capacity figures are expressed in
8-inch equivalent wafers.
CAPEX
CAPEX spending in 2Q22 totaled US$395 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
Third Quarter 2022 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To remain flat
- ASP in USD: To remain flat
- Gross Profit Margin: To be in the mid-40% range
- Capacity Utilization: 100%
- 2022 CAPEX: US$3.6 billion
Recent Developments / Announcements
Apr. 29, 2022
UMC ranked top 5% in corporate governance
evaluation for 8th consecutive year
May. 27, 2022
UMC shareholders approve NT$3 cash
dividend at annual shareholders’ meeting
Jun. 23, 2022
UMC’s climate goals validated by Science
Based Targets initiatives
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, July 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 2Q22 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 850,000 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 second
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 “Second 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 June 30, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) June 30, 2022 US$ NT$ % Assets Current assets Cash and
cash equivalents
6,184
183,723
36.8%
Accounts receivable, net
1,443
42,884
8.6%
Inventories, net
920
27,341
5.5%
Other current assets
399
11,830
2.3%
Total current assets
8,946
265,778
53.2%
Non-current assets Funds and investments
2,234
66,373
13.3%
Property, plant and equipment
4,518
134,243
26.9%
Right-of-use assets
266
7,900
1.6%
Other non-current assets
857
25,460
5.0%
Total non-current assets
7,875
233,976
46.8%
Total assets
16,821
499,754
100.0%
Liabilities Current liabilities Short-term loans
21
624
0.1%
Payables
3,194
94,907
19.0%
Current portion of long-term liabilities
424
12,593
2.5%
Other current liabilities
798
23,689
4.8%
Total current liabilities
4,437
131,813
26.4%
Non-current liabilities Bonds payable
777
23,080
4.6%
Long-term loans
761
22,619
4.5%
Lease liabilities, noncurrent
180
5,346
1.1%
Other non-current liabilities
1,132
33,648
6.7%
Total non-current liabilities
2,850
84,693
16.9%
Total liabilities
7,287
216,506
43.3%
Equity Equity attributable to the parent company Capital
4,201
124,821
25.0%
Additional paid-in capital
350
10,400
2.1%
Retained earnings and other components of equity
4,970
147,661
29.5%
Total equity attributable to the parent company
9,521
282,882
56.6%
Non-controlling interests
13
366
0.1%
Total equity
9,534
283,248
56.7%
Total liabilities and equity
16,821
499,754
100.0%
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71
per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year Comparison Quarter over
Quarter Comparison Three-Month Period Ended Three-Month Period
Ended June 30, 2022 June 30, 2021 Chg. June 30, 2022 March 31, 2022
Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues
2,425
72,055
1,713
50,908
41.5%
2,425
72,055
2,135
63,423
13.6%
Operating costs
(1,298)
(38,583)
(1,178)
(35,000)
10.2%
(1,298)
(38,583)
(1,209)
(35,919)
7.4%
Gross profit
1,127
33,472
535
15,908
110.4%
1,127
33,472
926
27,504
21.7%
46.5%
46.5%
31.3%
31.3%
46.5%
46.5%
43.4%
43.4%
Operating expenses - Sales and marketing expenses
(31)
(915)
(38)
(1,131)
(19.1%)
(31)
(915)
(42)
(1,255)
(27.1%)
- General and administrative expenses
(87)
(2,579)
(63)
(1,901)
35.7%
(87)
(2,579)
(75)
(2,226)
15.8%
- Research and development expenses
(108)
(3,209)
(107)
(3,168)
1.3%
(108)
(3,209)
(102)
(3,033)
5.8%
- Expected credit impairment gain (loss)
(0)
(3)
(0)
(1)
90.3%
(0)
(3)
0
1
-
Subtotal
(226)
(6,706)
(208)
(6,201)
8.2%
(226)
(6,706)
(219)
(6,513)
3.0%
Net other operating income and expenses
47
1,398
54
1,606
(12.9%)
47
1,398
45
1,343
4.1%
Operating income
948
28,164
381
11,313
149.0%
948
28,164
752
22,334
26.1%
39.1%
39.1%
22.2%
22.2%
39.1%
39.1%
35.2%
35.2%
Net non-operating income and expenses
(87)
(2,586)
63
1,881
-
(87)
(2,586)
44
1,314
-
Income from continuing operations before income tax
861
25,578
444
13,194
93.9%
861
25,578
796
23,648
8.2%
35.5%
35.5%
25.9%
25.9%
35.5%
35.5%
37.3%
37.3%
Income tax expense
(138)
(4,088)
(45)
(1,327)
207.8%
(138)
(4,088)
(121)
(3,582)
14.1%
Net income
723
21,490
399
11,867
81.1%
723
21,490
675
20,066
7.1%
29.8%
29.8%
23.3%
23.3%
29.8%
29.8%
31.6%
31.6%
Other comprehensive income (loss)
(126)
(3,749)
(65)
(1,935)
93.8%
(126)
(3,749)
48
1,422
-
Total comprehensive income (loss)
597
17,741
334
9,932
78.6%
597
17,741
723
21,488
(17.4%)
Net income attributable to: Shareholders of the parent
718
21,327
402
11,943
78.6%
718
21,327
667
19,808
7.7%
Non-controlling interests
5
163
(3)
(76)
-
5
163
8
258
(36.6%)
Comprehensive income (loss) attributable to: Shareholders of
the parent
592
17,578
337
10,008
75.6%
592
17,578
715
21,229
(17.2%)
Non-controlling interests
5
163
(3)
(76)
-
5
163
8
259
(36.6%)
Earnings per share-basic
0.059
1.74
0.033
0.98
0.059
1.74
0.054
1.61
Earnings per ADS (2)
0.293
8.70
0.165
4.90
0.293
8.70
0.271
8.05
Weighted average number of shares outstanding (in millions)
12,283
12,206
12,283
12,283
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71
per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data For the Three-Month Period Ended
For the Six-Month Period Ended June 30, 2022 June 30, 2022 US$ NT$
% US$ NT$ % Operating revenues
2,425
72,055
100.0%
4,560
135,478
100.0%
Operating costs
(1,298)
(38,583)
(53.5%)
(2,508)
(74,501)
(55.0%)
Gross profit
1,127
33,472
46.5%
2,052
60,977
45.0%
Operating expenses - Sales and marketing expenses
(31)
(915)
(1.3%)
(73)
(2,170)
(1.6%)
- General and administrative expenses
(87)
(2,579)
(3.5%)
(162)
(4,806)
(3.5%)
- Research and development expenses
(108)
(3,209)
(4.5%)
(210)
(6,242)
(4.6%)
- Expected credit impairment loss
(0)
(3)
(0.0%)
(0)
(2)
(0.0%)
Subtotal
(226)
(6,706)
(9.3%)
(445)
(13,220)
(9.7%)
Net other operating income and expenses
47
1,398
1.9%
93
2,741
2.0%
Operating income
948
28,164
39.1%
1,700
50,498
37.3%
Net non-operating income and expenses
(87)
(2,586)
(3.6%)
(43)
(1,273)
(1.0%)
Income from continuing operations before income tax
861
25,578
35.5%
1,657
49,225
36.3%
Income tax expense
(138)
(4,088)
(5.7%)
(258)
(7,669)
(5.6%)
Net income
723
21,490
29.8%
1,399
41,556
30.7%
Other comprehensive income (loss)
(126)
(3,749)
(5.2%)
(79)
(2,327)
(1.7%)
Total comprehensive income (loss)
597
17,741
24.6%
1,320
39,229
29.0%
Net income attributable to: Shareholders of the parent
718
21,327
29.6%
1,385
41,134
30.4%
Non-controlling interests
5
163
0.2%
14
422
0.3%
Comprehensive income (loss) attributable to: Shareholders of
the parent
592
17,578
24.4%
1,306
38,807
28.7%
Non-controlling interests
5
163
0.2%
14
422
0.3%
Earnings per share-basic
0.059
1.74
0.113
3.35
Earnings per ADS (2)
0.293
8.70
0.564
16.75
Weighted average number of shares outstanding (in millions)
12,283
12,283
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the June 30, 2022 exchange rate of NT $29.71 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statement of Cash Flows For The Six-Month Period
Ended June 30, 2022 Figures in Millions of New Taiwan Dollars (NT$)
and U.S. Dollars (US$) US$ NT$
Cash flows from operating
activities : Net income before tax
1,657
49,225
Depreciation & Amortization
757
22,497
Share of loss of associates and joint ventures
131
3,885
Income tax paid
(124)
(3,682)
Changes in working capital & others
(226)
(6,716)
Net cash provided by operating activities
2,195
65,209
Cash flows from investing activities : Decrease in
financial assets measured at amortized cost
889
26,418
Acquisition of property, plant and equipment
(731)
(21,710)
Acquisition of intangible assets
(42)
(1,236)
Others
(14)
(436)
Net cash provided by investing activities
102
3,036
Cash flows from financing activities : Decrease in
short-term loans
(45)
(1,349)
Redemption of bonds
(328)
(9,733)
Proceeds from long-term loans
24
710
Repayments of long-term loans
(390)
(11,588)
Others
19
578
Net cash used in financing activities
(720)
(21,382)
Effect of exchange rate changes on cash and cash equivalents
143
4,238
Net increase in cash and cash equivalents
1,720
51,101
Cash and cash equivalents at beginning of period
4,464
132,622
Cash and cash equivalents at end of period
6,184
183,723
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71
per U.S. Dollar.
___________________________________ 1Unless otherwise stated,
all financial figures discussed in this announcement are prepared
in accordance with TIFRSs recognized by Financial Supervisory
Commission in the ROC, which is different from IFRSs issued by the
International Accounting Standards Board. They represent
comparisons among the three-month period ending June 30, 2022, the
three-month period ending March 31, 2022, and the equivalent
three-month period that ended June 30, 2021. For all 2Q22 results,
New Taiwan Dollar (NT$) amounts have been converted into U.S.
Dollars at the June 30, 2022 exchange rate of NT$ 29.71 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/20220727005418/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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