12A P6 production ramp lifts 22/28nm revenue
contribution to 32% 2023 Year to Date EPS totaled
NT$3.87
Third Quarter 2023 Overview1:
- Revenue: NT$57.07 billion (US$1.77 billion)
- Gross margin: 35.9%; Operating margin: 26.8%
- Revenue from 22/28nm: 32%
- Capacity utilization rate: 67%
- Net income attributable to shareholders of the parent:
NT$15.97 billion (US$495 million)
- Earnings per share: NT$1.29; earnings per ADS:
US$0.200
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
third quarter of 2023.
Third quarter consolidated revenue was NT$57.07 billion,
increasing 1.4% QoQ from NT$56.30 billion in 2Q23. Compared to a
year ago, 3Q23 revenue declined 24.3% YoY from NT$75.39 billion in
3Q22. Consolidated gross margin for 3Q23 was 35.9%. Net income
attributable to the shareholders of the parent was NT$15.97
billion, with earnings per ordinary share of NT$1.29.
Jason Wang, co-president of UMC, said, “During the third
quarter, despite a 2.3% decrease in wafer shipments, quarterly
revenue and gross margin remained firm QoQ which primarily
attributed to the demand strength in computing and communication
segments, continuous product mix enhancement as well as favorable
currency movement. From end markets perspective, strength in
computing applications were propelled by LCD controller, WiFi,
codec and touch IC controllers while shipments in communication
segments increased due to demand for RF front end IC and networking
chips. Looking back at 2023, although foundry industry experienced
a significant decline in market demand, UMC maintained solid
structural profitability supported by firmness in blended ASP due
to continuous product mix optimization efforts and the increasing
contribution from specialty technologies. As UMC continues to
introduce new specialty technologies to solidify our
differentiation, we will strengthen the competitiveness of our
customers and enhance their respective market position.”
Co-president Wang said, “For the fourth quarter, with the recent
rush orders from PC and smartphones, we expect demand has gradually
stabilized. However, customers still employ a cautious and
conservative approach in maintaining lean inventory levels while
automotive business conditions appear challenging. For 2024, we
anticipate the production ramp of our 12A Phase 6 fab will further
enhance revenue contribution from 22/28nm continuing the robust
business traction for UMC. In addition, through our technology
leadership, we will ramp up our offering on 22nm derivative
products which will further our specialty technology product
pipeline.”
Co-president Wang continued, “Talent is UMC's most important and
highly valued asset. We respect the uniqueness of every employee
and are committed to creating a diverse, equal, and inclusive
workplace environment. Receiving the ‘HR Asia’ award for the ‘Best
Employer in Asia’ in July is a recognition of our years of effort.
Our goal is to create a culture of diversity and inclusivity in our
workplace that enables employees to leverage their strengths,
thereby playing a pivotal role in the Company's sustained growth
and enduring success.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
3Q23
2Q23
QoQ %
change
3Q22
YoY %
change
Operating Revenues
57,069
56,296
1.4
75,392
(24.3)
Gross Profit
20,461
20,252
1.0
35,664
(42.6)
Operating Expenses
(5,722)
(5,718)
0.1
(6,794)
(15.8)
Net Other Operating Income and
Expenses
573
1,141
(49.8)
1,287
(55.5)
Operating Income
15,312
15,675
(2.3)
30,157
(49.2)
Net Non-Operating Income and Expenses
3,336
2,810
18.7
2,189
52.5
Net Income Attributable to Shareholders of
the Parent
15,971
15,641
2.1
26,996
(40.8)
EPS (NT$ per share)
1.29
1.27
2.19
(US$ per ADS)
0.200
0.197
0.339
Third quarter operating revenues slightly grew by 1.4%
sequentially to NT$57.07 billion mainly lifted by a favorable
exchange rate and a better product mix from wafer shipments.
Revenue contribution from 40nm and below technologies increased to
45% of wafer revenue. Gross profit grew 1.0% QoQ to NT$20.46
billion, or 35.9% of revenue. Operating expenses remained flat QoQ
to NT$5.72 billion. Net other operating income declined to NT$573
million. Net non-operating income reached NT$3.34 billion mainly
reflecting the mark to market securities. Net income attributable
to shareholders of the parent amounted to NT$15.97 billion.
Earnings per ordinary share for the quarter was NT$1.29.
Earnings per ADS was US$0.200. The basic weighted average number of
shares outstanding in 3Q23 was 12,371,129,866, compared with
12,348,986,144 shares in 2Q23 and 12,305,516,644 shares in 3Q22.
The diluted weighted average number of shares outstanding was
12,566,773,628 in 3Q23, compared with 12,526,182,161 shares in 2Q23
and 12,635,661,561 shares in 3Q22. The fully diluted shares counted
on September 30, 2023 were approximately 12,609,732,000.
Detailed Financials Section
Operating revenues grew slightly to NT$57.07 billion. COGS
increased 1.6% to NT$36.61 billion. Gross profit grew 1.0% QoQ to
NT$20.46 billion partly due to a better product mix. Operating
expenses remained flat at NT$5.72 billion, as Sales & Marketing
and G&A increased 2.7% and 0.9% respectively, while R&D
declined 1.9% sequentially to NT$3.26 billion, representing 5.7% of
revenue. Net other operating income was NT$573 million. In 3Q23,
operating income decreased 2.3% QoQ to NT$15.31 billion.
COGS & Expenses
(Amount: NT$ million)
3Q23
2Q23
QoQ % change
3Q22
YoY % change
Operating Revenues
57,069
56,296
1.4
75,392
(24.3)
COGS
(36,608)
(36,044)
1.6
(39,728)
(7.9)
Depreciation
(8,485)
(8,467)
0.2
(9,622)
(11.8)
Other Mfg. Costs
(28,123)
(27,577)
2.0
(30,106)
(6.6)
Gross Profit
20,461
20,252
1.0
35,664
(42.6)
Gross Margin (%)
35.9%
36.0%
47.3%
Operating Expenses
(5,722)
(5,718)
0.1
(6,794)
(15.8)
Sales & Marketing
(735)
(716)
2.7
(1,061)
(30.7)
G&A
(1,731)
(1,715)
0.9
(2,428)
(28.8)
R&D
(3,255)
(3,317)
(1.9)
(3,304)
(1.5)
Expected Credit
Impairment gain (loss)
(1)
30
-
(1)
129.2
Net Other Operating
Income & Expenses
573
1,141
(49.8)
1,287
(55.5)
Operating Income
15,312
15,675
(2.3)
30,157
(49.2)
Net non-operating income in 3Q23 increased to NT$3.34 billion,
mainly from the NT$1.89 billion in net investment gain, the NT$0.62
billion in net interest income and the NT$0.51 billion in other
gain.
Non-Operating Income and
Expenses
(Amount: NT$ million)
3Q23
2Q23
3Q22
Non-Operating Income and Expenses
3,336
2,810
2,189
Net Interest Income and Expenses
617
974
139
Net Investment Gain and Loss
1,885
1,042
780
Exchange Gain and Loss
324
799
1,293
Other Gain and Loss
510
(5)
(23)
In 3Q23, cash inflow from operating activities was NT$19.06
billion. Cash outflow from investing activities amounted to
NT$17.72 billion, which included NT$17.91 billion in capital
expenditure, resulting in free cash inflow of NT$1.15 billion. Cash
outflow from financing was NT$27.60 billion, primarily the NT$45.02
billion in cash dividend distribution and the NT$21.21 billion in
other financial liabilities offset, the NT$21.37 billion in bank
loans, the NT$10.00 billion in bond issuance and the NT$7.43
billion increase in deposits-in. Net cash outflow in 3Q23 totaled
NT$22.46 billion. Over the next 12 months, the company expects to
repay NT$2.15 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month
Period Ended
Sep. 30, 2023
For the 3-Month
Period Ended
Jun. 30, 2023
Cash Flow from Operating Activities
19,059
13,760
Net income before tax
18,648
18,485
Depreciation & Amortization
9,928
9,931
Share of profit of associates and
joint ventures
(1,022)
(726)
Income tax paid
(1,216)
(11,845)
Changes in working capital &
others
(7,279)
(2,085)
Cash Flow from Investing Activities
(17,720)
(23,667)
Acquisition of PP&E
(17,245)
(24,139)
Acquisition of intangible assets
(560)
(684)
Others
85
1,156
Cash Flow from Financing Activities
(27,602)
1,061
Bank loans
21,369
939
Bonds Issued
10,000
-
Increase in deposits-in
7,425
287
Decrease in other financial
liabilities
(21,209)
-
Cash dividends
(45,018)
-
Others
(169)
(165)
Effect of Exchange Rate
3,808
109
Net Cash Flow
(22,455)
(8,737)
Beginning balance
163,097
171,834
Ending balance
140,642
163,097
Cash and cash equivalents decreased to NT$140.64 billion. Days
of inventory increased by 4 days to 89 days.
Current Assets
(Amount: NT$ billion)
3Q23
2Q23
3Q22
Cash and Cash Equivalents
140.64
163.10
180.65
Notes & Accounts Receivable
31.11
30.62
44.84
Days Sales Outstanding
49
47
53
Inventories, net
36.56
34.55
30.10
Days of Inventory
89
85
66
Total Current Assets
219.28
239.03
266.95
Current liabilities decreased to NT$92.07 billion. Long-term
credit/bonds increased to NT$49.38 billion. Total liabilities
declined to NT$197.26 billion, leading to a debt to equity ratio of
56%.
Liabilities
(Amount: NT$ billion)
3Q23
2Q23
3Q22
Total Current Liabilities
92.07
142.98
108.01
Accounts Payable
8.37
8.83
10.04
Short-Term Credit / Bonds
30.07
11.59
12.19
Payables on Equipment
15.95
13.01
19.40
Dividends Payable
-
45.02
-
Other
37.68
64.53
66.38
Long-Term Credit / Bonds
49.38
36.06
46.15
Long-Term Investment Liabilities
-
-
4.26
Total Liabilities
197.26
226.31
204.21
Debt to Equity
56%
69%
65%
Analysis of Revenue2
Revenue from Asia-Pacific grew to 58% while business from North
America remain unchanged at 27% of sales. Business from Europe
stayed firm at 12% while contribution from Japan decreased to
3%.
Revenue Breakdown by
Region
Region
3Q23
2Q23
1Q23
4Q22
3Q22
North America
27%
27%
31%
30%
23%
Asia Pacific
58%
56%
50%
54%
62%
Europe
12%
12%
11%
9%
9%
Japan
3%
5%
8%
7%
6%
Revenue contribution from 22/28nm grew to 32% of the wafer
revenue, while 40nm contribution was 13% of sales.
Revenue Breakdown by
Geometry
Geometry
3Q23
2Q23
1Q23
4Q22
3Q22
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
32%
29%
26%
28%
25%
28nm<x<=40nm
13%
12%
15%
17%
17%
40nm<x<=65nm
19%
23%
19%
17%
18%
65nm<x<=90nm
8%
10%
10%
9%
8%
90nm<x<=0.13um
12%
10%
12%
12%
12%
0.13um<x<=0.18um
9%
9%
10%
10%
10%
0.18um<x<=0.35um
5%
5%
6%
5%
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
3Q23
2Q23
1Q23
4Q22
3Q22
Fabless
79%
79%
77%
81%
83%
IDM
21%
21%
23%
19%
17%
Revenue from the communication segment accounted for 46%, while
business from consumer represented 23%. Business from computing
applications grew to 13% as other segments declined to 18% of
revenue.
Revenue Breakdown by
Application (1)
Application
3Q23
2Q23
1Q23
4Q22
3Q22
Computer
13%
9%
9%
12%
14%
Communication
46%
44%
44%
45%
45%
Consumer
23%
26%
24%
25%
27%
Others
18%
21%
23%
18%
14%
(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 3Q23.
(To view blended ASP trend, please click here for 3Q23 ASP)
Shipment and Utilization Rate3
Wafer shipments declined by 2.3% QoQ to 1,788K in the third
quarter, while quarterly capacity was 2,659K. Overall utilization
rate in 3Q23 was 67%.
Wafer Shipments
3Q23
2Q23
1Q23
4Q22
3Q22
Wafer Shipments (8” K equivalents)
1,788
1,831
1,826
2,213
2,597
Quarterly Capacity Utilization
Rate
3Q23
2Q23
1Q23
4Q22
3Q22
Utilization Rate
67%
71%
70%
90%
100%+
Total Capacity (8” K equivalents)
2,659
2,626
2,522
2,543
2,539
Capacity4
Total capacity in the third quarter increased to 2,659K 8-inch
equivalent wafers. Capacity will grow in the fourth quarter of 2023
to 2,710K 8-inch equivalent wafers, primarily reflecting the
22/28nm capacity expansion at 12A Phase 6.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2022
2021
2020
2019
FAB
4Q23E
3Q23
2Q23
1Q23
WTK
6"
5 – 0.15
335
329
371
370
WTK
6"
83
83
82
80
8A
8"
3 – 0.11
765
755
802
825
8A
8"
207
207
207
189
8C
8"
0.35 – 0.11
459
459
452
436
8C
8"
119
120
120
113
8D
8"
0.18 – 0.09
410
380
371
359
8D
8"
118
111
109
101
8E
8"
0.6 – 0.14
469
457
449
426
8E
8"
131
122
122
116
8F
8"
0.18 – 0.11
550
514
485
434
8F
8"
145
145
145
136
8S
8"
0.18 – 0.11
443
408
373
372
8S
8"
114
112
112
109
8N
8"
0.5 – 0.11
952
917
917
831
8N
8"
254
250
248
244
12A
12"
0.13 – 0.014
1,170
1,070
1,044
997
12A
12"
346
333
321
305
12i
12"
0.13 – 0.040
655
641
628
595
12i
12"
164
164
164
162
12X
12"
0.080 – 0.022
314
284
217
203
12X
12"
80
80
80
78
12M
12"
0.13 – 0.040
436
395
391
98
12M
12"
110
110
110
108
Total(1)
10,031
9,453
9,188
8,148
Total
2,710
2,659
2,626
2,522
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 3Q23 totaled US$0.57 billion, as total
expenditure year to date reached US$2.4 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
Fourth Quarter 2023 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will decline by approximately 5%
- ASP in USD: Will remain flat
- Gross Profit Margin: Will be in the low-30% range
- Capacity Utilization: low-60% range
- 2023 CAPEX: US$3.0 billion
Recent Developments / Announcements
Aug. 17, 2023
Faraday Announces Infineon’s SONOS eFlash
Qualified on UMC’s 40nm ULP Process
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 25, 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:
9517025#
A live webcast and replay of the 3Q23 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 third
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 “Fourth 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 September 30, 2023 Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) September 30, 2023 US$
NT$ % Assets Current assets Cash and cash equivalents
4,360
140,642
25.7%
Notes & Accounts receivable, net
964
31,105
5.7%
Inventories, net
1,133
36,561
6.7%
Other current assets
340
10,972
2.0%
Total current assets
6,797
219,280
40.1%
Non-current assets Funds and investments
2,197
70,890
13.0%
Property, plant and equipment
6,583
212,367
38.8%
Right-of-use assets
226
7,279
1.3%
Other non-current assets
1,161
37,455
6.8%
Total non-current assets
10,167
327,991
59.9%
Total assets
16,964
547,271
100.0%
Liabilities Current liabilities Short-term loans
545
17,590
3.2%
Payables
1,646
53,108
9.7%
Current portion of long-term liabilities
387
12,484
2.3%
Other current liabilities
276
8,888
1.6%
Total current liabilities
2,854
92,070
16.8%
Non-current liabilities Bonds payable
867
27,977
5.1%
Long-term loans
663
21,403
3.9%
Lease liabilities, noncurrent
155
5,009
0.9%
Other non-current liabilities
1,575
50,796
9.3%
Total non-current liabilities
3,260
105,185
19.2%
Total liabilities
6,114
197,255
36.0%
Equity Equity attributable to the parent company Capital
3,876
125,031
22.9%
Additional paid-in capital
416
13,423
2.4%
Retained earnings and other components of equity
6,547
211,223
38.6%
Total equity attributable to the parent company
10,839
349,677
63.9%
Non-controlling interests
11
339
0.1%
Total equity
10,850
350,016
64.0%
Total liabilities and equity
16,964
547,271
100.0%
Note: New Taiwan Dollars have been translated into
U.S. Dollars at the September 30, 2023 exchange rate of NT $32.26
per U.S. Dollar.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statements of Comprehensive Income
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS
Data
Year over Year
Comparison
Quarter over Quarter
Comparison
Three-Month Period Ended
Three-Month Period Ended
September 30, 2023
September 30, 2022
Chg.
September 30, 2023
June 30, 2023
Chg.
US$
NT$
US$
NT$
%
US$
NT$
US$
NT$
%
Operating revenues
1,769
57,069
2,337
75,392
(24.3%)
1,769
57,069
1,745
56,296
1.4%
Operating costs
(1,135)
(36,608)
(1,231)
(39,728)
(7.9%)
(1,135)
(36,608)
(1,117)
(36,044)
1.6%
Gross profit
634
20,461
1,106
35,664
(42.6%)
634
20,461
628
20,252
1.0%
35.9%
35.9%
47.3%
47.3%
35.9%
35.9%
36.0%
36.0%
Operating expenses
- Sales and marketing
expenses
(23)
(735)
(33)
(1,061)
(30.7%)
(23)
(735)
(22)
(716)
2.7%
- General and administrative
expenses
(53)
(1,731)
(76)
(2,428)
(28.8%)
(53)
(1,731)
(53)
(1,715)
0.9%
- Research and development
expenses
(101)
(3,255)
(102)
(3,304)
(1.5%)
(101)
(3,255)
(103)
(3,317)
(1.9%)
- Expected credit impairment gain
(loss)
(0)
(1)
(0)
(1)
129.2%
(0)
(1)
1
30
-
Subtotal
(177)
(5,722)
(211)
(6,794)
(15.8%)
(177)
(5,722)
(177)
(5,718)
0.1%
Net other operating income and
expenses
18
573
40
1,287
(55.5%)
18
573
35
1,141
(49.8%)
Operating income
475
15,312
935
30,157
(49.2%)
475
15,312
486
15,675
(2.3%)
26.8%
26.8%
40.0%
40.0%
26.8%
26.8%
27.8%
27.8%
Net non-operating income and
expenses
103
3,336
68
2,189
52.5%
103
3,336
87
2,810
18.7%
Income from continuing
operations
before income tax
578
18,648
1,003
32,346
(42.3%)
578
18,648
573
18,485
0.9%
32.7%
32.7%
42.9%
42.9%
32.7%
32.7%
32.8%
32.8%
Income tax expense
(83)
(2,682)
(155)
(5,004)
(46.4%)
(83)
(2,682)
(80)
(2,588)
3.6%
Net income
495
15,966
848
27,342
(41.6%)
495
15,966
493
15,897
0.4%
28.0%
28.0%
36.3%
36.3%
28.0%
28.0%
28.2%
28.2%
Other comprehensive income
(loss)
221
7,138
134
4,336
64.6%
221
7,138
(8)
(238)
-
Total comprehensive income
(loss)
716
23,104
982
31,678
(27.1%)
716
23,104
485
15,659
47.5%
Net income attributable to:
Shareholders of the parent
495
15,971
837
26,996
(40.8%)
495
15,971
485
15,641
2.1%
Non-controlling interests
(0)
(5)
11
346
-
(0)
(5)
8
256
-
Comprehensive income (loss)
attributable to:
Shareholders of the parent
716
23,109
971
31,332
(26.2%)
716
23,109
477
15,403
50.0%
Non-controlling interests
(0)
(5)
11
346
-
(0)
(5)
8
256
-
Earnings per share-basic
0.040
1.29
0.068
2.19
0.040
1.29
0.039
1.27
Earnings per ADS (2)
0.200
6.45
0.339
10.95
0.200
6.45
0.197
6.35
Weighted average number of
shares
outstanding (in millions)
12,371
12,306
12,371
12,349
Notes:
(1) New Taiwan Dollars have been
translated into U.S. Dollars at the September 30, 2023 exchange
rate of NT $32.26 per U.S. Dollar.
(2) 1 ADS equals 5 common
shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance
Sheet
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) Except Per Share and Per ADS Data For the Three-Month
Period Ended For the Nine-Month Period Ended September 30, 2023
September 30, 2023 US$ NT$ % US$ NT$ % Operating revenues
1,769
57,069
100.0%
5,195
167,575
100.0%
Operating costs
(1,135)
(36,608)
(64.1%)
(3,337)
(107,637)
(64.2%)
Gross profit
634
20,461
35.9%
1,858
59,938
35.8%
Operating expenses - Sales and marketing expenses
(23)
(735)
(1.3%)
(74)
(2,402)
(1.4%)
- General and administrative expenses
(53)
(1,731)
(3.1%)
(173)
(5,547)
(3.3%)
- Research and development expenses
(101)
(3,255)
(5.7%)
(289)
(9,339)
(5.6%)
- Expected credit impairment gain (loss)
(0)
(1)
(0.0%)
2
67
0.0%
Subtotal
(177)
(5,722)
(10.1%)
(534)
(17,221)
(10.3%)
Net other operating income and expenses
18
573
1.0%
85
2,750
1.6%
Operating income
475
15,312
26.8%
1,409
45,467
27.1%
Net non-operating income and expenses
103
3,336
5.9%
335
10,795
6.5%
Income from continuing operations
578
18,648
32.7%
1,744
56,262
33.6%
before income tax Income tax expense
(83)
(2,682)
(4.7%)
(248)
(8,015)
(4.8%)
Net income
495
15,966
28.0%
1,496
48,247
28.8%
Other comprehensive income (loss)
221
7,138
12.5%
317
10,225
6.1%
Total comprehensive income (loss)
716
23,104
40.5%
1,813
58,472
34.9%
Net income attributable to: Shareholders of the parent
495
15,971
28.0%
1,482
47,795
28.5%
Non-controlling interests
(0)
(5)
(0.0%)
14
452
0.3%
Comprehensive income (loss) attributable to: Shareholders
of the parent
716
23,109
40.5%
1,799
58,020
34.6%
Non-controlling interests
(0)
(5)
(0.0%)
14
452
0.3%
Earnings per share-basic
0.040
1.29
0.120
3.87
Earnings per ADS (2)
0.200
6.45
0.600
19.35
Weighted average number of shares outstanding (in millions)
12,371
12,356
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the September 30, 2023 exchange rate of NT $32.26 per
U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed
Statement of Cash Flows
For The Nine-Month Period Ended September 30, 2023 Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
Cash flows from operating activities : Net income
before tax
1,744
56,262
Depreciation & Amortization
923
29,763
Share of profit of associates and joint ventures
(155)
(4,996)
Income tax paid
(496)
(15,997)
Changes in working capital & others
(163)
(5,249)
Net cash provided by operating activities
1,853
59,783
Cash flows from investing activities : Acquisition of
property, plant and equipment
(2,205)
(71,140)
Acquisition of intangible assets
(55)
(1,772)
Others
60
1,939
Net cash used in investing activities
(2,200)
(70,973)
Cash flows from financing activities : Increase in
short-term loans
545
17,590
Proceeds from bonds issued
310
10,000
Proceeds from long-term loans
477
15,382
Repayments of long-term loans
(346)
(11,149)
Increase in guarantee deposits
301
9,703
Decrease in other financial liabilities
(657)
(21,209)
Cash dividends
(1,395)
(45,018)
Others
(16)
(493)
Net cash used in financing activities
(781)
(25,194)
Effect of exchange rate changes on cash and cash equivalents
100
3,207
Net decrease in cash and cash equivalents
(1,028)
(33,177)
Cash and cash equivalents at beginning of period
5,388
173,819
Cash and cash equivalents at end of period
4,360
140,642
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the September 30, 2023 exchange rate of NT
$32.26 per U.S. Dollar.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
September 30, 2023, the three-month period ending June 30, 2023,
and the equivalent three-month period that ended September 30,
2022. For all 3Q23 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the September 30, 2023 exchange
rate of NT$ 32.26 per U.S. Dollar.
2Revenue in this section represents wafer sales
3Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
4Estimated 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/20231025926162/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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