Full-year 2022 operating income exceeds
NT$100bn with automotive revenue up 82% YoY
Fourth Quarter 2022 Overview1:
- Revenue: NT$67.84 billion (US$2.21 billion)
- Gross margin: 42.9%; Operating margin: 34.8%
- Revenue from 22/28nm: 28%
- Capacity utilization rate: 90%
- Net income attributable to shareholders of the parent: NT$19.1
billion (US$621 million)
- Earnings per share: NT$1.54; earnings per ADS: US$0.251
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 2022.
Fourth quarter consolidated revenue was NT$67.84 billion,
decreasing 10.0% QoQ from NT$75.39 billion in 3Q22. Compared to a
year ago, 4Q22 revenue grew 14.8% YoY from NT$59.10 billion in
4Q21. Consolidated gross margin for 4Q22 was 42.9%. Net income
attributable to the shareholders of the parent was NT$19.1 billion,
with earnings per ordinary share of NT$1.54.
Jason Wang, co-president of UMC, said, “In the fourth quarter,
due to a significant slowdown across most of our end markets and
inventory correction in the semiconductor industry, our wafer
shipments fell 14.8% QoQ while overall fab utilization rate dropped
to 90%. Average selling price increased slightly during the quarter
as a result of our ongoing product mix optimization efforts,
moderating the decline in revenue.”
“For the full year 2022, UMC’s revenue hit a record high of
NT$278.7 billion while operating income exceeded NT$100 billion.
Gross margin reached 45%, driven by a more favorable foreign
exchange rate, expanding 22/28nm portfolio, and newly added
capacity. We had taken advantage of the industry upturn over the
past two years to enhance our differentiation in specialty
technology offering, improve profitability, and deepen
relationships with key customers. Revenue from 22/28nm technologies
increased more than 56% YoY, driven by our industry-leading 28nm
process for OLED display drivers and image signal processors. Our
automotive segment also delivered impressive growth in 2022,
increasing 82% YoY to account for approximately 9% of total sales.
We expect this segment will continue to be a key growth catalyst in
2023 and beyond, driven by the long-term trend of vehicle
electrification and automation. UMC is well positioned to serve the
market with our comprehensive portfolio of auto-grade process
technologies and facilities certified according to rigorous quality
standards, while we continue to build strong partnerships with
world-class automotive leaders.”
Co-president Wang commented, “Given the soft global economic
outlook for 2023, we expect the current challenging environment to
persist through the first quarter as customers’ days of inventory
are still higher than normal while order visibility remains low. To
manage this period of weakness, the Company is implementing strict
cost control measures and deferring certain capital expenditures
where possible. In the longer term, we remain positive that UMC’s
differentiated specialty technology leadership, geographically
diversified capacity offering, and quality and operational
excellence will enable the Company to capture demand fueled by
continuous digital transformation across industries and be the
foundry of choice for leading customers.”
Co-president Wang added, “In 2022, we took solid steps in
executing our net zero by 2050 roadmap. As part of our efforts to
reduce emissions across the entire value chain, UMC recently
introduced a program to empower our suppliers with resources to
measure and manage their emissions output. To round out the
important progress we made towards our ESG goals this year, we were
honored to receive recognition from domestic and international
institutions. In the 2022 Dow Jones Sustainability Indices (DJSI),
UMC was ranked first in terms of overall sustainability performance
among semiconductor foundry peers in the 2022 DJSI, while we were
the only semiconductor firm globally to achieve double-A scoring
for climate change and water security in CDP’s annual evaluation of
corporate environmental action. Sustainability and a company’s
long-term success are inextricably linked, and UMC will continue to
strive to meet expectations of all of our stakeholders while acting
as responsible social and environment stewards.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
4Q22
3Q22
QoQ % change
4Q21
YoY % change
Operating Revenues
67,836
75,392
(10.0)
59,100
14.8
Gross Profit
29,124
35,664
(18.3)
23,103
26.1
Operating Expenses
(6,798)
(6,794)
0.1
(6,821)
(0.3)
Net Other Operating Income and
Expenses
1,311
1,287
1.9
1,334
(1.7)
Operating Income
23,637
30,157
(21.6)
17,616
34.2
Net Non-Operating Income and
Expenses
889
2,189
(59.4)
558
59.4
Net Income Attributable to
Shareholders of the Parent
19,068
26,996
(29.4)
15,949
19.6
EPS (NT$ per share)
1.54
2.19
1.30
(US$ per ADS)
0.251
0.357
0.212
Fourth quarter operating revenues declined by 10.0% sequentially
to NT$67.84 billion resulting from the inventory correction within
the semi industry which lowered wafer shipments. Revenue
contribution from 40nm and below technologies represented 45% of
wafer revenue. Gross profit decreased 18.3% QoQ to NT$29.12
billion, or 42.9% of revenue. Operating expenses remained flat at
NT$6.80 billion. Net other operating income increased to NT$1.31
billion. Net non-operating income totaled NT$0.89 billion. Net
income attributable to shareholders of the parent amounted to
NT$19.07 billion.
Earnings per ordinary share for the quarter was NT$1.54.
Earnings per ADS was US$0.251. The basic weighted average number of
shares outstanding in 4Q22 was 12,348,880,384, compared with
12,305,516,644 shares in 3Q22 and 12,254,114,875 shares in 4Q21.
The diluted weighted average number of shares outstanding was
12,684,106,050 in 4Q22, compared with 12,635,661,561 shares in 3Q22
and 12,489,949,678 shares in 4Q21. The fully diluted shares counted
on December 31, 2022 were approximately 12,684,106,000.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
December 31, 2022, the three-month period ending September 30,
2022, and the equivalent three-month period that ended December 31,
2021. For all 4Q22 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the December 31, 2022 exchange
rate of NT$ 30.70 per U.S. Dollar.
Detailed Financials Section
Operating revenues decreased to NT$67.84 billion. COGS declined
2.6% to NT$38.71 billion, which included 7.5% sequential decrease
in depreciation. Gross profit fell 18.3% QoQ to NT$29.12 billion.
Operating expenses remained flat at NT$6.80 billion, as Sales &
Marketing reduced 10.2% to NT$0.95 billion while R&D was up
3.1% QoQ to NT$3.41 billion, representing 5.0% of revenue. Net
other operating income was NT$1.31 billion. In 4Q22, operating
income declined 21.6% QoQ to NT$23.64 billion.
COGS & Expenses
(Amount: NT$ million)
4Q22
3Q22
QoQ % change
4Q21
YoY % change
Operating Revenues
67,836
75,392
(10.0)
59,100
14.8
COGS
(38,712)
(39,728)
(2.6)
(35,997)
7.5
Depreciation
(8,898)
(9,622)
(7.5)
(10,122)
(12.1)
Other Mfg. Costs
(29,814)
(30,106)
(1.0)
(25,875)
15.2
Gross Profit
29,124
35,664
(18.3)
23,103
26.1
Gross Margin (%)
42.9%
47.3%
39.1%
Operating Expenses
(6,798)
(6,794)
0.1
(6,821)
(0.3)
G&A
(2,438)
(2,428)
0.4
(2,164)
12.7
Sales & Marketing
(953)
(1,061)
(10.2)
(1,240)
(23.1)
R&D
(3,407)
(3,304)
3.1
(3,414)
(0.2)
Expected Credit Impairment
Loss
(0)
(1)
(48.5)
(3)
(88.3)
Net Other Operating Income &
Expenses
1,311
1,287
1.9
1,334
(1.7)
Operating Income
23,637
30,157
(21.6)
17,616
34.2
Net non-operating income in 4Q22 was NT$0.89 billion, primarily
reflecting the NT$1.38 billion in net investment gain and the
NT$0.58 billion in net interest income partially offset by the
NT$1.06 billion in exchange loss.
Non-Operating Income and
Expenses
(Amount: NT$ million)
4Q22
3Q22
4Q21
Non-Operating Income and Expenses
889
2,189
558
Net Interest Income and Expenses
584
139
(343)
Net Investment Gain and Loss
1,382
780
2,689
Exchange Gain and Loss
(1,057)
1,293
312
Other Gain and Loss
(20)
(23)
(2,100)
In 4Q22, cash inflow from operating activities was NT$40.96
billion. Cash outflow from investing activities amounted to
NT$36.05 billion, which included NT$36.32 billion in capital
expenditure, resulting in free cash flow of NT$4.63 billion. Cash
outflow from financing was NT$9.19 billion, primarily from a
NT$8.08 billion in bank loans and a NT$2.54 billion in redemption
of bonds. Net cash outflow in 4Q22 totaled NT$6.83 billion. Over
the next 12 months, the company expects to repay NT$ 2.49 billion
in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended
Dec. 31, 2022
For the 3-Month Period Ended
Sep.30, 2022
Cash Flow from Operating Activities
40,956
39,696
Net income before tax
24,526
32,346
Depreciation & Amortization
10,477
11,195
Share of profit of associates and joint
ventures
(1,705)
(328)
Income tax paid
(385)
(652)
Changes in working capital &
others
8,043
(2,865)
Cash Flow from Investing Activities
(36,045)
(21,419)
Decrease in financial assets measured at
amortized cost
9
2,070
Acquisition of PP&E
(35,951)
(22,466)
Acquisition of intangible assets
(440)
(1,080)
Others
337
57
Cash Flow from Financing Activities
(9,185)
(26,688)
Bank loans
(8,082)
(473)
Redemption of bonds
(2,542)
(1,031)
Increase (decrease) in deposits-in
(389)
14,441
Cash distributed from additional paid- in
capital
-
(37,446)
Others
1,828
(2,179)
Effect of Exchange Rate
(2,556)
5,337
Net Cash Flow
(6,830)
(3,074)
Beginning balance
180,649
183,723
Ending balance
173,819
180,649
Cash and cash equivalents slightly decreased to NT$173.82
billion. Days of inventory increased by 6 days to 72 days.
Current Assets
(Amount: NT$ billion)
4Q22
3Q22
4Q21
Cash and Cash Equivalents
173.82
180.65
132.62
Accounts Receivable
36.98
44.84
35.19
Days Sales Outstanding
55
53
53
Inventories, net
31.07
30.10
23.01
Days of Inventory
72
66
59
Total Current Assets
252.37
266.95
233.27
Current liabilities slightly increased to NT$108.57 billion.
Long-term credit/bonds decreased to NT$39.88 billion. Total
liabilities decreased to NT$197.60 billion, leading to a debt to
equity ratio of 59%.
Liabilities
(Amount: NT$ billion)
4Q22
3Q22
4Q21
Total Current Liabilities
108.57
108.01
105.45
Accounts Payable
8.98
10.04
8.36
Short-Term Credit / Bonds
7.59
12.19
39.26
Payables on Equipment
18.63
19.40
7.88
Other
73.37
66.38
49.95
Long-Term Credit / Bonds
39.88
46.15
39.83
Long-Term Investment Liabilities
4.22
4.26
8.25
Total Liabilities
197.60
204.21
183.22
Debt to Equity
59%
65%
65%
Analysis of Revenue2
Revenue from Asia-Pacific declined to 54% while business from
North America was 30% of sales. Business from Europe was 9% while
contribution from Japan increased to 7%.
Revenue Breakdown by
Region
Region
4Q22
3Q22
2Q22
1Q22
4Q21
North America
30%
23%
22%
22%
21%
Asia Pacific
54%
62%
65%
64%
66%
Europe
9%
9%
8%
8%
7%
Japan
7%
6%
5%
6%
6%
Revenue contribution from 22/28nm grew to 28% of the wafer
revenue, while 40nm contribution was 17% of sales.
Revenue Breakdown by
Geometry
Geometry
4Q22
3Q22
2Q22
1Q22
4Q21
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
28%
25%
22%
20%
20%
28nm<x<=40nm
17%
17%
18%
18%
18%
40nm<x<=65nm
17%
18%
19%
19%
19%
65nm<x<=90nm
9%
8%
7%
8%
8%
90nm<x<=0.13um
12%
12%
12%
12%
12%
0.13um<x<=0.18um
10%
10%
12%
13%
13%
0.18um<x<=0.35um
5%
8%
8%
7%
7%
0.5um and above
2%
2%
2%
3%
3%
Revenue from fabless customers accounted for 81% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
4Q22
3Q22
2Q22
1Q22
4Q21
Fabless
81%
83%
86%
87%
86%
IDM
19%
17%
14%
13%
14%
Revenue from the communication segment represented 45%, while
business from computer applications decreased to 12%. Business from
consumer applications was 25% as other segments increased to 18% of
revenue.
Revenue Breakdown by
Application (1)
Application
4Q22
3Q22
2Q22
1Q22
4Q21
Computer
12%
14%
16%
17%
17%
Communication
45%
45%
45%
45%
46%
Consumer
25%
27%
27%
26%
26%
Others
18%
14%
12%
12%
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. 2 Revenue in this section
represents wafer sales
Blended ASP Trend
Blended average selling price (ASP) grew slightly in 4Q22.
(To view blended ASP trend, please click here for 4Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments decreased 14.8% QoQ to 2,213K in the fourth
quarter, while quarterly capacity was 2,543K. Overall utilization
rate in 4Q22 declined to 90%.
Wafer Shipments
4Q22
3Q22
2Q22
1Q22
4Q21
Wafer Shipments (8” K equivalents)
2,213
2,597
2,622
2,513
2,546
Quarterly Capacity Utilization
Rate
4Q22
3Q22
2Q22
1Q22
4Q21
Utilization Rate
90%
100%+
100%+
100%+
100%+
Total Capacity (8” K equivalents)
2,543
2,539
2,528
2,420
2,419
3Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity4
Total capacity in the fourth quarter increased to 2,543K 8-inch
equivalent wafers. Capacity will decline in the first quarter of
2023 to 2,522K 8-inch equivalent wafers, reflecting the annual
production maintenance across 8” and 12” facilities.
Annual Capacity in
thousands of wafers
FAB
Geometry (um)
2022
2021
2020
2019
WTK
6"
5 – 0.15
335
329
371
370
8A
8"
3 – 0.11
765
755
802
825
8C
8"
0.35 – 0.11
459
459
452
436
8D
8"
0.18 – 0.09
410
380
371
359
8E
8"
0.6 – 0.14
469
457
449
426
8F
8"
0.18 – 0.11
550
514
485
434
8S
8"
0.18 – 0.11
443
408
373
372
8N
8"
0.5 – 0.11
952
917
917
831
12A
12"
0.13 – 0.014
1,170
1,070
1,044
997
12i
12"
0.13 – 0.040
655
641
628
595
12X
12"
0.080 – 0.022
314
284
217
203
12M
12"
0.13 – 0.040
436
395
391
98
Total(1)
10,031
9,453
9,188
8,148
YoY Growth Rate
6%
3%
13%
6%
Quarterly Capacity in
thousands of wafers
FAB
1Q23E
4Q22
3Q22
2Q22
WTK
6"
80
85
85
84
8A
8"
189
192
192
192
8C
8"
113
115
115
115
8D
8"
101
103
103
103
8E
8"
116
118
118
118
8F
8"
136
138
138
138
8S
8"
109
111
111
111
8N
8"
244
245
242
235
12A
12"
305
301
301
301
12i
12"
162
164
164
164
12X
12"
78
80
80
78
12M
12"
108
110
110
110
Total
2,522
2,543
2,539
2,528
(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 4Q22 totaled US$1,167 million as 2022 CAPEX
amounted to US$2.7 billion. 2023 cash-based CAPEX budget will be
US$3.0 billion.
Capital Expenditure by Year - in
US$ billion
Year
2022
2021
2020
2019
2018
CAPEX
$ 2.7
$ 1.8
$ 1.0
$ 0.6
$ 0.7
2023 CAPEX Plan
8"
12"
Total
10%
90%
US$3.0 billion
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.
Brief Summary of Full Year 2022 Consolidated Results
- Consolidated revenue in NTD increased 30.8% YoY to NT$278.71
billion, from NT$213.01 billion in 2021.
- Gross profit increased 74.6%, compared to a year ago,
representing 45.1% of 2022 revenue.
- Operating income grew 101.8% year on year, accounting for 37.4%
of 2022 revenue.
- Net income attributable to shareholders of the parent increased
56.3% to NT$87.20 billion in 2022.
- EPS was NT$7.09, or EPADS of US$1.155 for 2022.
- 22/28nm revenue grew 56% compared to 2021, as contribution from
28nm technologies and below accounted for 24% in 2022.
Operating Results
(Amount: NT$ million)
2022
2021
YoY % change
Operating Revenues
278,705
213,011
30.8
Gross Profit
125,764
72,050
74.6
Operating Expenses
(26,812)
(25,590)
4.8
Net Other Operating Income and
Expenses
5,340
5,226
2.2
Operating Income
104,292
51,686
101.8
Net Non-Operating Income and Expenses
1,805
10,117
(82.2)
Income Tax Expense
(18,079)
(6,691)
170.2
Net Income Attributable to Shareholders of
the Parent
87,198
55,780
56.3
EPS (NT$ per share)
7.09
4.57
(US$ per ADS)
1.155
0.744
Annual Sales Breakdown in Revenue for
Foundry Segment
Region
2022
2021
North America
24%
22%
Asia Pacific
61%
65%
Europe
9%
7%
Japan
6%
6%
Technology
2022
2021
14nm and below
0%
0%
14nm<x<=28nm
24%
20%
28nm<x<=40nm
18%
18%
40nm<x<=65nm
18%
19%
65nm<x<=90nm
8%
8%
90nm<x<=0.13um
12%
12%
0.13um<x<=0.18um
11%
13%
0.18um<x<=0.35um
7%
8%
0.5um and above
2%
2%
Customer Type
2022
2021
Fabless
84%
85%
IDM
16%
15%
Application
2022
2021
Computer
15%
17%
Communication
45%
46%
Consumer
26%
27%
Others
14%
10%
First Quarter 2023 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To decrease in the high teens % range
- ASP in USD: To remain flat
- Gross Profit Margin: Will be in the mid-30% range
- Capacity Utilization: approximately 70%
- 2023 CAPEX: US$3.0 billion
Recent Developments / Announcements
Nov. 9, 2022
UMC Drives Low-carbon Supply Chain with
GHG Inventory Initiative
Nov. 30, 2022
Cadence and UMC Certified mmWave Reference
Flow Delivers First-Pass Silicon Success
Dec. 10, 2022
UMC Again Leads Semiconductor Foundries in
the 2022 Dow Jones Sustainability Indices
Dec. 16, 2022
UMC Earns Top Rating in CDP’s Climate
Change and Water Security Assessments
Dec. 30, 2022
UMC Achieves AA Certification for
Excellence in Intellectual Property Management and Protection
Please visit UMC’s website for further details regarding the
above announcements
Conference Call / Webcast Announcement
Monday, January 16, 2023
Time: 5:00 PM (Taipei) / 4:00 AM
(New York) / 09:00 AM (London)
Dial-in numbers and Access Codes: Hong Kong
Number: +852-2112-1888 Taiwan Number: 02-2162-6306 Other
Areas: +852-2112-1888
Access Code: 9603516#
A live webcast and replay of the 4Q22 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 fourth
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 “Fourth 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.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed
Balance Sheet As of December 31, 2022 Figures in Millions
of New Taiwan Dollars (NT$) and U.S. Dollars (US$) December 31,
2022 US$ NT$ % Assets Current assets Cash and cash equivalents
5,662
173,819
32.6%
Accounts receivable, net
1,204
36,975
6.9%
Inventories, net
1,012
31,070
5.8%
Other current assets
342
10,507
2.0%
Total current assets
8,220
252,371
47.3%
Non-current assets Funds and investments
2,113
64,855
12.2%
Property, plant and equipment
5,569
170,982
32.1%
Right-of-use assets
248
7,612
1.4%
Other non-current assets
1,213
37,232
7.0%
Total non-current assets
9,143
280,681
52.7%
Total assets
17,363
533,052
100.0%
Liabilities Current liabilities Payables
2,420
74,301
13.9%
Current portion of long-term liabilities
247
7,587
1.4%
Other current liabilities
869
26,677
5.1%
Total current liabilities
3,536
108,565
20.4%
Non-current liabilities Bonds payable
752
23,083
4.3%
Long-term loans
547
16,794
3.2%
Lease liabilities, noncurrent
169
5,200
1.0%
Other non-current liabilities
1,432
43,959
8.2%
Total non-current liabilities
2,900
89,036
16.7%
Total liabilities
6,436
197,601
37.1%
Equity Equity attributable to the parent company Capital
4,073
125,047
23.5%
Additional paid-in capital
404
12,378
2.3%
Retained earnings and other components of equity
6,439
197,682
37.1%
Total equity attributable to the parent company
10,916
335,107
62.9%
Non-controlling interests
11
344
0.0%
Total equity
10,927
335,451
62.9%
Total liabilities and equity
17,363
533,052
100.0%
Note:New Taiwan Dollars have
been translated into U.S. Dollars at the December 31, 2022 exchange
rate of NT $30.70 per U.S. Dollar.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES Consolidated Condensed
Statements of Comprehensive Income Figures in Millions of New
Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and
Per ADS Data
Year over Year Comparison Quarter
over Quarter Comparison Three-Month Period Ended Three-Month
Period Ended December 31, 2022 December 31, 2021 Chg. December 31,
2022 September 30, 2022 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues
2,210
67,836
1,925
59,100
14.8%
2,210
67,836
2,456
75,392
(10.0%)
Operating costs
(1,261)
(38,712)
(1,172)
(35,997)
7.5%
(1,261)
(38,712)
(1,294)
(39,728)
(2.6%)
Gross profit
949
29,124
753
23,103
26.1%
949
29,124
1,162
35,664
(18.3%)
42.9%
42.9%
39.1%
39.1%
42.9%
42.9%
47.3%
47.3%
Operating expenses Sales and marketing expenses
(31)
(953)
(40)
(1,240)
(23.1%)
(31)
(953)
(35)
(1,061)
(10.2%)
General and administrative expenses
(80)
(2,438)
(71)
(2,164)
12.7%
(80)
(2,438)
(79)
(2,428)
0.4%
Research and development expenses
(111)
(3,407)
(111)
(3,414)
(0.2%)
(111)
(3,407)
(108)
(3,304)
3.1%
Expected credit impairment loss
(0)
(0)
(0)
(3)
(88.3%)
(0)
(0)
(0)
(1)
(48.5%)
Subtotal
(222)
(6,798)
(222)
(6,821)
(0.3%)
(222)
(6,798)
(222)
(6,794)
0.1%
Net other operating income and expenses
43
1,311
43
1,334
(1.7%)
43
1,311
42
1,287
1.9%
Operating income
770
23,637
574
17,616
34.2%
770
23,637
982
30,157
(21.6%)
34.8%
34.8%
29.8%
29.8%
34.8%
34.8%
40.0%
40.0%
Net non-operating income and expenses
29
889
18
558
59.4%
29
889
72
2,189
(59.4%)
Income from continuing operations before income tax
799
24,526
592
18,174
35.0%
799
24,526
1,054
32,346
(24.2%)
36.2%
36.2%
30.8%
30.8%
36.2%
36.2%
42.9%
42.9%
Income tax expense
(176)
(5,406)
(71)
(2,169)
149.2%
(176)
(5,406)
(163)
(5,004)
8.1%
Net income
623
19,120
521
16,005
19.5%
623
19,120
891
27,342
(30.1%)
28.2%
28.2%
27.1%
27.1%
28.2%
28.2%
36.3%
36.3%
Other comprehensive income (loss)
14
429
94
2,880
(85.1%)
14
429
141
4,336
(90.1%)
Total comprehensive income (loss)
637
19,549
615
18,885
3.5%
637
19,549
1,032
31,678
(38.3%)
Net income attributable to: Shareholders of the parent
621
19,068
520
15,949
19.6%
621
19,068
879
26,996
(29.4%)
Non-controlling interests
2
52
1
56
(6.3%)
2
52
12
346
(85.0%)
Comprehensive income (loss) attributable to: Shareholders of
the parent
635
19,497
613
18,830
3.5%
635
19,497
1,021
31,332
(37.8%)
Non-controlling interests
2
52
2
55
(6.4%)
2
52
11
346
(85.0%)
Earnings per share-basic
0.050
1.54
0.042
1.30
0.050
1.54
0.071
2.19
Earnings per ADS (2)
0.251
7.70
0.212
6.50
0.251
7.70
0.357
10.95
Weighted average number of shares outstanding (in millions)
12,349
12,254
12,349
12,306
Notes: (1) New Taiwan
Dollars have been translated into U.S. Dollars at the December 31,
2022 exchange rate of NT $30.70 per U.S. Dollar. (2) 1 ADS equals 5
common shares.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
For the Three-Month Period Ended For the Twelve-Month Period
Ended December 31, 2022 December 31, 2022 US$ NT$ % US$
NT$ % Operating revenues
2,210
67,836
100.0%
9,078
278,705
100.0%
Operating costs
(1,261)
(38,712)
(57.1%)
(4,981)
(152,941)
(54.9%)
Gross profit
949
29,124
42.9%
4,097
125,764
45.1%
Operating expenses Sales and marketing expenses
(31)
(953)
(1.4%)
(136)
(4,183)
(1.5%)
General and administrative expenses
(80)
(2,438)
(3.6%)
(316)
(9,672)
(3.4%)
Research and development expenses
(111)
(3,407)
(5.0%)
(422)
(12,954)
(4.7%)
Expected credit impairment loss
(0)
(0)
(0.0%)
(0)
(3)
(0.0%)
Subtotal
(222)
(6,798)
(10.0%)
(874)
(26,812)
(9.6%)
Net other operating income and expenses
43
1,311
1.9%
174
5,340
1.9%
Operating income
770
23,637
34.8%
3,397
104,292
37.4%
Net non-operating income and expenses
29
889
1.4%
59
1,805
0.7%
Income from continuing operations before income tax
799
24,526
36.2%
3,456
106,097
38.1%
Income tax expense
(176)
(5,406)
(8.0%)
(589)
(18,079)
(6.5%)
Net income
623
19,120
28.2%
2,867
88,018
31.6%
Other comprehensive income (loss)
14
429
0.6%
79
2,438
0.9%
Total comprehensive income (loss)
637
19,549
28.8%
2,946
90,456
32.5%
Net income attributable to: Shareholders of the parent
621
19,068
28.1%
2,840
87,198
31.3%
Non-controlling interests
2
52
0.1%
27
820
0.3%
Comprehensive income (loss) attributable to: Shareholders of the
parent
635
19,497
28.7%
2,920
89,636
32.2%
Non-controlling interests
2
52
0.1%
26
820
0.3%
Earnings per share-basic
0.050
1.54
0.231
7.09
Earnings per ADS (2)
0.251
7.70
1.155
35.45
Weighted average number of shares outstanding (in millions)
12,349
12,306
Notes: (1) New Taiwan Dollars have been
translated into U.S. Dollars at the December 31, 2022 exchange rate
of NT $30.70 per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows For The
Twelve-Month Period Ended December 31, 2022 Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
Cash flows from operating activities : Net income
before tax
3,456
106,097
Depreciation & Amortization
1,439
44,170
Share of loss of associates and joint ventures
60
1,852
Income tax paid
(154)
(4,718)
Changes in working capital & others
(50)
(1,540)
Net cash provided by operating activities
4,751
145,861
Cash flows from investing activities : Decrease in financial
assets measured at amortized cost
928
28,497
Acquisition of property, plant and equipment
(2,610)
(80,128)
Acquisition of intangible assets
(90)
(2,756)
Others
(1)
(40)
Net cash used in investing activities
(1,773)
(54,427)
Cash flows from financing activities : Decrease in
short-term loans
(64)
(1,966)
Redemption of bonds
(433)
(13,305)
Proceeds from long-term loans
76
2,319
Repayments of long-term loans
(688)
(21,136)
Increase in guarantee deposits
488
14,985
Cash distributed from additional paid-in capital
(1,220)
(37,446)
Others
(24)
(706)
Net cash used in financing activities
(1,865)
(57,255)
Effect of exchange rate changes on cash and cash equivalents
229
7,018
Net increase in cash and cash equivalents
1,342
41,197
Cash and cash equivalents at beginning of period
4,320
132,622
Cash and cash equivalents at end of period
5,662
173,819
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the December 31, 2022 exchange rate of NT
$30.70 per U.S. Dollar.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230116005160/en/
Michael Lin / David Wong UMC, Investor Relations +
886-2-2658-9168, ext. 16900 jinhong_lin@umc.com
david_wong@umc.com
United Microelectronics (NYSE:UMC)
Historical Stock Chart
From Mar 2024 to Apr 2024
United Microelectronics (NYSE:UMC)
Historical Stock Chart
From Apr 2023 to Apr 2024