Company’s differentiating specialty
technologies accounted for 59% of Q2 revenue
Solid 22/28nm business momentum lifted
contribution to 29%
Second Quarter 2023 Overview1:
- Revenue: NT$56.30 billion (US$1.81 billion)
- Gross margin: 36.0%; Operating margin: 27.8%
- Revenue from 22/28nm: 29%
- Capacity utilization rate: 71%
- Net income attributable to shareholders of the parent:
NT$15.64 billion (US$502 million)
- Earnings per share: NT$1.27; earnings per ADS:
US$0.204
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 2023.
Second quarter consolidated revenue was NT$56.30 billion,
increasing 3.8% QoQ from NT$54.21 billion in 1Q23. Compared to a
year ago, 2Q23 revenue declined 21.9% YoY from NT$72.06 billion in
2Q22. Consolidated gross margin for 2Q23 was 36.0%. Net income
attributable to the shareholders of the parent was NT$15.64
billion, with earnings per ordinary share of NT$1.27.
Jason Wang, co-president of UMC, said, “For the second quarter,
we reported results in line with guidance, with wafer shipments
remaining flat from the previous quarter and utilization rate of
71%. Second-quarter revenue grew 3.8% QoQ, mainly due to improved
product mix within our 12-inch portfolio. Revenue from 22/28nm
products continued to increase sequentially, representing 29% of
second-quarter sales, while contribution from specialty
technologies reached 59%. By segment, we saw short-term demand
recovery in the consumer space for WiFi, digital TV, and display
driver ICs, while demand for computer-related products also
moderately rebounded from the previous quarter. We are pleased to
share that we have completed the transaction to acquire remaining
shares in USCXM, our 12-inch fab in Xiamen, China. As one of UMC’s
four 12-inch fabs in geographically diverse locations, USCXM will
continue to provide high-quality fabrication services to customers
and increase its contribution to UMC’s financial performance as a
wholly-owned subsidiary.”
Co-president Wang said: “Looking into the third quarter, wafer
demand outlook is uncertain given prolonged inventory correction in
the supply chain. While we saw spots of limited recovery in the
second quarter, overall end market sentiment remains weak and we
expect customers to continue stringent inventory management in the
near term. Despite a weaker-than-expected environment going into
the second half, we believe our 22/28nm business will remain
resilient due to our strong position in leading edge specialty
technologies such as embedded high voltage. In addition, we are
gearing up to offer the necessary silicon interposer technology and
capacity to fulfill emerging AI market demand from customers.”
“UMC continues to enhance communication of its corporate
sustainability efforts to stakeholders. This month, UMC issued its
first Climate Action Report, which follows the Task Force on
Climate-Related Financial Disclosures (TCFD) framework, providing a
detailed overview of how UMC is responding to climate change. In
addition, UMC was ranked in the top 5% of listed firms in Taiwan
Stock Exchange’s 2022 Corporate Governance Evaluation for the ninth
consecutive year, demonstrating the company’s commitment to
delivering long-term shareholder value and adhering to sustainable
business practices,” Co-president Wang added.
Summary of Operating Results
Operating Results
(Amount: NT$ million)
2Q23
1Q23
QoQ % change
2Q22
YoY % change
Operating Revenues
56,296
54,209
3.8
72,055
(21.9
)
Gross Profit
20,252
19,224
5.3
33,472
(39.5
)
Operating Expenses
(5,718
)
(5,780
)
(1.1
)
(6,706
)
(14.7
)
Net Other Operating Income and
Expenses
1,141
1,037
10.0
1,398
(18.4
)
Operating Income
15,675
14,481
8.2
28,164
(44.3
)
Net Non-Operating Income and Expenses
2,810
4,647
(39.5
)
(2,586
)
-
Net Income Attributable to Shareholders of
the Parent
15,641
16,183
(3.3
)
21,327
(26.7
)
EPS (NT$ per share)
1.27
1.31
1.74
(US$ per ADS)
0.204
0.210
0.279
Second quarter operating revenues increased by 3.8% sequentially
to NT$56.30 billion as a better product mix from wafer shipments
and a favorable foreign exchange rate slightly improved financial
results amid continuing semiconductor inventory correction. Revenue
contribution from 40nm and below technologies remained unchanged at
41% of wafer revenue. Gross profit grew 5.3% QoQ to NT$20.25
billion, or 36.0% of revenue. Operating expenses declined 1.1% QoQ
to NT$5.72 billion. Net other operating income increased to NT$1.14
billion. Net non-operating income totaled NT$2.81 billion mainly
reflecting the mark to market securities. Net income attributable
to shareholders of the parent amounted to NT$15.64 billion.
Earnings per ordinary share for the quarter was NT$1.27.
Earnings per ADS was US$0.204. The basic weighted average number of
shares outstanding in 2Q23 was 12,348,986,144, compared with
12,348,880,384 shares in 1Q23 and 12,283,479,334 shares in 2Q22.
The diluted weighted average number of shares outstanding was
12,526,182,161 in 2Q23, compared with 12,597,236,266 shares in 1Q23
and 12,553,373,552 shares in 2Q22. The fully diluted shares counted
on June 30, 2023 were approximately 12,526,495,000.
Detailed Financials Section
Operating revenues grew slightly to NT$56.30 billion. COGS
increased 3.0% to NT$36.04 billion. Gross profit grew 5.3% QoQ to
NT$20.25 billion partly due to a better product mix. Operating
expenses declined to NT$5.72 billion, as Sales & Marketing and
G&A fell 24.6% and 18.4% respectively, while R&D increased
19.9% sequentially to NT$3.32 billion, representing 5.9% of
revenue. Net other operating income was NT$1.14 billion. In 2Q23,
operating income increased 8.2% QoQ to NT$15.68 billion.
COGS & Expenses
(Amount: NT$ million)
2Q23
1Q23
QoQ % change
2Q22
YoY % change
Operating Revenues
56,296
54,209
3.8
72,055
(21.9
)
COGS
(36,044
)
(34,985
)
3.0
(38,583
)
(6.6
)
Depreciation
(8,467
)
(8,439
)
0.3
(9,616
)
(11.9
)
Other Mfg. Costs
(27,577
)
(26,546
)
3.9
(28,967
)
(4.8
)
Gross Profit
20,252
19,224
5.3
33,472
(39.5
)
Gross Margin (%)
36.0
%
35.5
%
46.5
%
Operating Expenses
(5,718
)
(5,780
)
(1.1
)
(6,706
)
(14.7
)
G&A
(1,715
)
(2,102
)
(18.4
)
(2,579
)
(33.5
)
Sales & Marketing
(716
)
(950
)
(24.6
)
(915
)
(21.7
)
R&D
(3,317
)
(2,767
)
19.9
(3,209
)
3.4
Expected Credit Impairment gain (loss)
30
39
(21.6
)
(3
)
-
Net Other Operating Income &
Expenses
1,141
1,037
10.0
1,398
(18.4
)
Operating Income
15,675
14,481
8.2
28,164
(44.3
)
Net non-operating income in 2Q23 was NT$2.81 billion, primarily
reflecting the NT$1.04 billion in net investment gain, the NT$0.97
billion in net interest income and the NT$0.80 billion in exchange
gain.
Non-Operating Income and
Expenses
(Amount: NT$ million)
2Q23
1Q23
2Q22
Non-Operating Income and Expenses
2,810
4,647
(2,586
)
Net Interest Income and Expenses
974
908
(163
)
Net Investment Gain and Loss
1,042
3,987
(3,675
)
Exchange Gain and Loss
799
(239
)
1,361
Other Gain and Loss
(5
)
(9
)
(109
)
In 2Q23, cash inflow from operating activities was NT$13.76
billion. Cash outflow from investing activities amounted to
NT$23.67 billion, which included NT$24.99 billion in capital
expenditure, resulting in free cash outflow of NT$11.23 billion.
Cash inflow from financing was NT$1.06 billion, primarily from a
NT$0.94 billion in bank loans and a NT$0.29 billion in the increase
in deposits-in. Net cash outflow in 2Q23 totaled NT$8.74 billion.
Over the next 12 months, the company expects to repay NT$1.13
billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended Jun.
30, 2023
For the 3-Month Period Ended Mar.
31, 2023
Cash Flow from Operating Activities
13,760
26,964
Net income before tax
18,485
19,128
Depreciation & Amortization
9,931
9,903
Share of profit of associates and
joint ventures
(726
)
(3,248
)
Income tax paid
(11,845
)
(2,936
)
Changes in working capital &
others
(2,085
)
4,117
Cash Flow from Investing Activities
(23,667
)
(29,586
)
Decrease in financial assets measured at
amortized cost
60
598
Acquisition of PP&E
(24,139
)
(29,756
)
Acquisition of intangible assets
(684
)
(528
)
Others
1,096
100
Cash Flow from Financing Activities
1,061
1,347
Bank loans
939
(485
)
Increase in deposits-in
287
1,991
Others
(165
)
(159
)
Effect of Exchange Rate
109
(710
)
Net Cash Flow
(8,737
)
(1,985
)
Beginning balance
171,834
173,819
Ending balance
163,097
171,834
Cash and cash equivalents slightly decreased to NT$163.10
billion. Days of inventory increased by 2 days to 85 days.
Current Assets
(Amount: NT$ billion)
2Q23
1Q23
2Q22
Cash and Cash Equivalents
163.10
171.83
183.72
Accounts Receivable
30.62
27.07
42.88
Days Sales Outstanding
47
54
51
Inventories, net
34.55
32.68
27.34
Days of Inventory
85
83
62
Total Current Assets
239.03
241.97
265.78
Current liabilities increased to NT$142.98 billion partly due to
the NT$45.02 in dividends payable. Long-term credit/bonds decreased
to NT$36.06 billion. Total liabilities increased to NT$226.31
billion, leading to a debt to equity ratio of 69%.
Liabilities
(Amount: NT$ billion)
2Q23
1Q23
2Q22
Total Current Liabilities
142.98
105.89
131.81
Accounts Payable
8.83
9.21
9.95
Short-Term Credit / Bonds
11.59
9.77
13.22
Payables on Equipment
13.01
18.44
11.60
Dividends Payable
45.02
-
-
Other
64.53
68.47
97.04
Long-Term Credit / Bonds
36.06
37.30
45.70
Long-Term Investment Liabilities
-
4.26
8.50
Total Liabilities
226.31
194.08
216.51
Debt to Equity
69%
55%
76%
Analysis of Revenue2
Revenue from Asia-Pacific grew to 56% while business from North
America declined to 27% of sales. Business from Europe increased to
12% while contribution from Japan was 5%.
Revenue Breakdown by
Region
Region
2Q23
1Q23
4Q22
3Q22
2Q22
North America
27%
31%
30%
23%
22%
Asia Pacific
56%
50%
54%
62%
65%
Europe
12%
11%
9%
9%
8%
Japan
5%
8%
7%
6%
5%
Revenue contribution from 22/28nm increased to 29% of the wafer
revenue, while 40nm contribution was 12% of sales.
Revenue Breakdown by
Geometry
Geometry
2Q23
1Q23
4Q22
3Q22
2Q22
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
29%
26%
28%
25%
22%
28nm<x<=40nm
12%
15%
17%
17%
18%
40nm<x<=65nm
23%
19%
17%
18%
19%
65nm<x<=90nm
10%
10%
9%
8%
7%
90nm<x<=0.13um
10%
12%
12%
12%
12%
0.13um<x<=0.18um
9%
10%
10%
10%
12%
0.18um<x<=0.35um
5%
6%
5%
8%
8%
0.5um and above
2%
2%
2%
2%
2%
Revenue from fabless customers accounted for 79% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
2Q23
1Q23
4Q22
3Q22
2Q22
Fabless
79%
77%
81%
83%
86%
IDM
21%
23%
19%
17%
14%
Revenue from the communication segment remained at 44%, while
business from computer applications stayed unchanged at 9%.
Business from consumer applications was 26% as other segments
accounted for 21% of revenue.
Revenue Breakdown by
Application (1)
Application
2Q23
1Q23
4Q22
3Q22
2Q22
Computer
9%
9%
12%
14%
16%
Communication
44%
44%
45%
45%
45%
Consumer
26%
24%
25%
27%
27%
Others
21%
23%
18%
14%
12%
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 slightly in 2Q23.
(To view blended ASP trend, please click here for 2Q23 ASP)
Shipment and Utilization Rate3
Wafer shipments remained flat QoQ at 1,831K in the second
quarter, while quarterly capacity was 2,626K. Overall utilization
rate in 2Q23 was 71%.
Wafer Shipments
2Q23
1Q23
4Q22
3Q22
2Q22
Wafer Shipments (8” K equivalents)
1,831
1,826
2,213
2,597
2,622
Quarterly Capacity Utilization
Rate
2Q23
1Q23
4Q22
3Q22
2Q22
Utilization Rate
71%
70%
90%
100%+
100%+
Total Capacity (8” K equivalents)
2,626
2,522
2,543
2,539
2,528
Capacity4
Total capacity in the second quarter increased to 2,626K 8-inch
equivalent wafers. Capacity will grow in the third quarter of 2023
to 2,659K 8-inch equivalent wafers, primarily reflecting the
22/28nm capacity expansion at Fab 12A Phase 6.
Annual Capacity in thousands of
wafers
Quarterly Capacity in thousands
of wafers
FAB
Geometry (um)
2022
2021
2020
2019
FAB
3Q23E
2Q23
1Q23
4Q22
WTK
6"
5 – 0.15
335
329
371
370
WTK
6"
83
82
80
85
8A
8"
3 – 0.11
765
755
802
825
8A
8"
207
207
189
192
8C
8"
0.35 – 0.11
459
459
452
436
8C
8"
120
120
113
115
8D
8"
0.18 – 0.09
410
380
371
359
8D
8"
111
109
101
103
8E
8"
0.6 – 0.14
469
457
449
426
8E
8"
122
122
116
118
8F
8"
0.18 – 0.11
550
514
485
434
8F
8"
145
145
136
138
8S
8"
0.18 – 0.11
443
408
373
372
8S
8"
112
112
109
111
8N
8"
0.5 – 0.11
952
917
917
831
8N
8"
250
248
244
245
12A
12"
0.13 – 0.014
1,170
1,070
1,044
997
12A
12"
333
321
305
301
12i
12"
0.13 – 0.040
655
641
628
595
12i
12"
164
164
162
164
12X
12"
0.080 – 0.022
314
284
217
203
12X
12"
80
80
78
80
12M
12"
0.13 – 0.040
436
395
391
98
12M
12"
110
110
108
110
Total(1)
10,031
9,453
9,188
8,148
Total
2,659
2,626
2,522
2,543
YoY Growth Rate
6
%
3
%
13
%
6
%
(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 2Q23 totaled US$0.82 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
Third Quarter 2023 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will decline by approximately 3-4%
- ASP in USD: Will increase by 2%
- Gross Profit Margin: Rising costs will erode GM by low-single
digit percentage point
- Capacity Utilization: mid-60% range
- 2023 CAPEX: US$3.0 billion
Recent Developments / Announcements
Apr. 27, 2023
UMC Files Form 20-F for 2022 with US
Securities and Exchange Commission
Apr. 28, 2023
UMC Among Highest Ranked in Corporate
Governance Evaluation for 9th Consecutive Year
May 3, 2023
UMC Announces 40nm RFSOI Platform to
Accelerate 5G mmWave Applications
May 10, 2023
DENSO and USJC Announce Mass Production
Shipment of Automotive IGBT, Targeting Expanding Electric Vehicle
Market
May 31, 2023
UMC Shareholders Approve NT$3.60 Cash
Dividend at Annual Shareholders’ Meeting
Jul. 21, 2023
UMC Wins HR Asia 2023 Best Companies to
Work for in Asia Award
Please visit UMC’s website for further details regarding the
above announcements
Conference Call / Webcast Announcement
Wednesday, July 26, 2023
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM
(London)
Dial-in numbers and Access Codes:
Taiwan Number:
02 3396 1191
Taiwan Toll Free:
0080 185 4007
USA Toll Free:
+1 866 212 5567
Other Areas:
+886 2 3396 1191
Access Code:
9509526#
A live webcast and replay of the 2Q23 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 company. The company provides high quality IC fabrication
services, focusing on logic and various specialty technologies to
serve all major sectors of the electronics industry. UMC’s
comprehensive IC processing technologies and manufacturing
solutions include logic/mixed-signal, embedded high-voltage,
embedded non-volatile-memory, RFSOI and BCD. UMC has total 12 fabs
in production with combined capacity of more than 850,000 8-inch
equivalent wafers per month, and all of them are certified with
IATF 16949 automotive quality standard. Most of UMC's 12-inch and
8-inch fabs with its core R&D are located in Taiwan, with
additional ones throughout Asia. UMC is headquartered in Hsinchu,
Taiwan, plus local offices in China, United States, Europe, Japan,
Korea and Singapore, with worldwide total 20,000 employees. For
more information, please visit: https://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 2023; 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 “Third Quarter of 2023 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, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
June 30, 2023
US$
NT$
%
Assets Current assets Cash and cash equivalents
5,239
163,097
29.5
%
Accounts receivable, net
984
30,618
5.5
%
Inventories, net
1,110
34,553
6.3
%
Other current assets
346
10,765
1.9
%
Total current assets
7,679
239,033
43.2
%
Non-current assets Funds and investments
2,263
70,455
12.7
%
Property, plant and equipment
6,380
198,618
35.9
%
Right-of-use assets
234
7,287
1.3
%
Other non-current assets
1,215
37,803
6.9
%
Total non-current assets
10,092
314,163
56.8
%
Total assets
17,771
553,196
100.0
%
Liabilities Current liabilities Short-term loans
5
170
0.0
%
Payables
1,839
57,254
10.4
%
Dividends payable
1,446
45,017
8.1
%
Current portion of long-term liabilities
367
11,422
2.1
%
Other current liabilities
936
29,115
5.2
%
Total current liabilities
4,593
142,978
25.8
%
Non-current liabilities Bonds payable
578
17,988
3.2
%
Long-term loans
581
18,074
3.3
%
Lease liabilities, noncurrent
162
5,038
0.9
%
Other non-current liabilities
1,356
42,230
7.7
%
Total non-current liabilities
2,677
83,330
15.1
%
Total liabilities
7,270
226,308
40.9
%
Equity Equity attributable to the parent company Capital
4,016
125,031
22.6
%
Additional paid-in capital
439
13,656
2.5
%
Retained earnings and other components of equity
6,035
187,858
33.9
%
Total equity attributable to the parent company
10,490
326,545
59.0
%
Non-controlling interests
11
343
0.1
%
Total equity
10,501
326,888
59.1
%
Total liabilities and equity
17,771
553,196
100.0
%
Note:New Taiwan Dollars have been translated into U.S.
Dollars at the June 30, 2023 exchange rate of NT $31.13 per U.S.
Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) Except Per Share and Per ADS Data
Year over
Year Comparison Quarter over Quarter Comparison
Three-Month Period Ended Three-Month Period Ended June 30, 2023
June 30, 2022 Chg. June 30, 2023 March 31, 2023 Chg. US$ NT$ US$
NT$ % US$ NT$ US$ NT$ % Operating revenues
1,808
56,296
2,315
72,055
(21.9
%)
1,808
56,296
1,741
54,209
3.8
%
Operating costs
(1,157
)
(36,044
)
(1,240
)
(38,583
)
(6.6
%)
(1,157
)
(36,044
)
(1,123
)
(34,985
)
3.0
%
Gross profit
651
20,252
1,075
33,472
(39.5
%)
651
20,252
618
19,224
5.3
%
36.0
%
36.0
%
46.5
%
46.5
%
36.0
%
36.0
%
35.5
%
35.5
%
Operating expenses - Sales and marketing expenses
(23
)
(716
)
(29
)
(915
)
(21.7
%)
(23
)
(716
)
(31
)
(950
)
(24.6
%)
- General and administrative expenses
(55
)
(1,715
)
(83
)
(2,579
)
(33.5
%)
(55
)
(1,715
)
(67
)
(2,102
)
(18.4
%)
- Research and development expenses
(107
)
(3,317
)
(103
)
(3,209
)
3.4
%
(107
)
(3,317
)
(89
)
(2,767
)
19.9
%
- Expected credit impairment gain (loss)
1
30
(0
)
(3
)
-
1
30
1
39
(21.6
%)
Subtotal
(184
)
(5,718
)
(215
)
(6,706
)
(14.7
%)
(184
)
(5,718
)
(186
)
(5,780
)
(1.1
%)
Net other operating income and expenses
37
1,141
45
1,398
(18.4
%)
37
1,141
33
1,037
10.0
%
Operating income
504
15,675
905
28,164
(44.3
%)
504
15,675
465
14,481
8.2
%
27.8
%
27.8
%
39.1
%
39.1
%
27.8
%
27.8
%
26.7
%
26.7
%
Net non-operating income and expenses
90
2,810
(83
)
(2,586
)
-
90
2,810
149
4,647
(39.5
%)
Income from continuing operations before income
tax
594
18,485
822
25,578
(27.7
%)
594
18,485
614
19,128
(3.4
%)
32.8
%
32.8
%
35.5
%
35.5
%
32.8
%
32.8
%
35.3
%
35.3
%
Income tax expense
(83
)
(2,588
)
(132
)
(4,088
)
(36.7
%)
(83
)
(2,588
)
(88
)
(2,743
)
(5.7
%)
Net income
511
15,897
690
21,490
(26.0
%)
511
15,897
526
16,385
(3.0
%)
28.2
%
28.2
%
29.8
%
29.8
%
28.2
%
28.2
%
30.2
%
30.2
%
Other comprehensive income (loss)
(8
)
(238
)
(120
)
(3,749
)
(93.7
%)
(8
)
(238
)
107
3,325
-
Total comprehensive income (loss)
503
15,659
570
17,741
(11.7
%)
503
15,659
633
19,710
(20.6
%)
Net income attributable to: Shareholders of the parent
502
15,641
685
21,327
(26.7
%)
502
15,641
520
16,183
(3.3
%)
Non-controlling interests
9
256
5
163
56.3
%
9
256
6
202
26.9
%
Comprehensive income (loss) attributable to: Shareholders
of the parent
495
15,403
565
17,578
(12.4
%)
495
15,403
627
19,508
(21.0
%)
Non-controlling interests
8
256
5
163
56.3
%
8
256
6
202
26.9
%
Earnings per share-basic
0.041
1.27
0.056
1.74
0.041
1.27
0.042
1.31
Earnings per ADS (2)
0.204
6.35
0.279
8.70
0.204
6.35
0.210
6.55
Weighted average number of shares outstanding (in millions)
12,349
12,283
12,349
12,349
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the June 30, 2023 exchange rate of NT $31.13
per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data
For the Three-Month Period
Ended
For the Six-Month Period
Ended
June 30, 2023
June 30, 2023
US$
NT$
%
US$
NT$
%
Operating revenues
1,808
56,296
100.0
%
3,550
110,506
100.0
%
Operating costs
(1,157
)
(36,044
)
(64.0
%)
(2,282
)
(71,029
)
(64.3
%)
Gross profit
651
20,252
36.0
%
1,268
39,477
35.7
%
Operating expenses - Sales and marketing expenses
(23
)
(716
)
(1.3
%)
(54
)
(1,667
)
(1.5
%)
- General and administrative expenses
(55
)
(1,715
)
(3.1
%)
(122
)
(3,817
)
(3.5
%)
- Research and development expenses
(107
)
(3,317
)
(5.9
%)
(195
)
(6,084
)
(5.5
%)
- Expected credit impairment gain
1
30
0.1
%
2
69
0.1
%
Subtotal
(184
)
(5,718
)
(10.2
%)
(369
)
(11,499
)
(10.4
%)
Net other operating income and expenses
37
1,141
2.0
%
70
2,177
2.0
%
Operating income
504
15,675
27.8
%
969
30,155
27.3
%
Net non-operating income and expenses
90
2,810
5.0
%
239
7,459
6.7
%
Income from continuing operations before income
tax
594
18,485
32.8
%
1,208
37,614
34.0
%
Income tax expense
(83
)
(2,588
)
(4.6
%)
(171
)
(5,333
)
(4.8
%)
Net income
511
15,897
28.2
%
1,037
32,281
29.2
%
Other comprehensive income (loss)
(8
)
(238
)
(0.4
%)
99
3,088
2.8
%
Total comprehensive income (loss)
503
15,659
27.8
%
1,136
35,369
32.0
%
Net income attributable to: Shareholders of the parent
502
15,641
27.8
%
1,022
31,824
28.8
%
Non-controlling interests
9
256
0.4
%
15
457
0.4
%
Comprehensive income (loss) attributable to: Shareholders
of the parent
495
15,403
27.4
%
1,121
34,911
31.6
%
Non-controlling interests
8
256
0.4
%
15
458
0.4
%
Earnings per share-basic
0.041
1.27
0.083
2.58
Earnings per ADS (2)
0.204
6.35
0.414
12.90
Weighted average number of
shares outstanding (in millions)
12,349
12,349
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the June 30, 2023 exchange rate of NT $31.13 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statement of Cash Flows For The Six-Month Period
Ended June 30, 2023 Figures in Millions of New Taiwan Dollars (NT$)
and U.S. Dollars (US$) US$ NT$
Cash flows from operating
activities : Net income before tax
1,208
37,614
Depreciation & Amortization
637
19,834
Share of profit of associates and joint ventures
(128
)
(3,974
)
Income tax paid
(475
)
(14,781
)
Changes in working capital & others
66
2,031
Net cash provided by operating activities
1,308
40,724
Cash flows from investing activities : Decrease in
financial assets measured at amortized cost
21
658
Acquisition of property, plant and equipment
(1,731
)
(53,895
)
Acquisition of intangible assets
(39
)
(1,212
)
Others
38
1,196
Net cash used in investing activities
(1,711
)
(53,253
)
Cash flows from financing activities : Increase in
short-term loans
5
170
Proceeds from long-term loans
130
4,050
Repayments of long-term loans
(121
)
(3,766
)
Increase in guarantee deposits
73
2,278
Others
(10
)
(324
)
Net cash provided by financing activities
77
2,408
Effect of exchange rate changes on cash and cash equivalents
(19
)
(601
)
Net decrease in cash and cash equivalents
(345
)
(10,722
)
Cash and cash equivalents at beginning of period
5,584
173,819
Cash and cash equivalents at end of period
5,239
163,097
Note: New Taiwan Dollars have been translated into U.S.
Dollars at the June 30, 2023 exchange rate of NT $31.13 per U.S.
Dollar.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending June
30, 2023, the three-month period ending March 31, 2023, and the
equivalent three-month period that ended June 30, 2022. For all
2Q23 results, New Taiwan Dollar (NT$) amounts have been converted
into U.S. Dollars at the June 30, 2023 exchange rate of NT$ 31.13
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/20230726375347/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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