1Q24 results in line with guidance with
wafer shipments up 4.5% QoQ
First Quarter 2024 Overview1:
- Revenue: NT$54.63 billion (US$1.71 billion)
- Gross margin: 30.9%; Operating margin: 21.4%
- Revenue from 22/28nm: 33%
- Capacity utilization rate: 65%
- Net income attributable to shareholders of the parent:
NT$10.46 billion (US$327 million)
- Earnings per share: NT$0.84; earnings per ADS:
US$0.131
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
first quarter of 2024.
First quarter consolidated revenue was NT$54.63 billion,
declining 0.6% QoQ from NT$54.96 billion in 4Q23. Compared to a
year ago, 1Q24 revenue increased 0.8% YoY from NT$54.21 billion in
1Q23. Consolidated gross margin for 1Q24 was 30.9%. Net income
attributable to the shareholders of the parent was NT$10.46
billion, with earnings per ordinary share of NT$0.84.
Jason Wang, co-president of UMC, said, “In the first quarter,
our wafer shipments increased 4.5% QoQ as we saw a pick up in the
computer segment. Despite a slight drop in utilization rate to 65%,
we were able to maintain relatively healthy margins due to
continuous cost control and operational efficiency efforts.
Contribution from our specialty business increased to 57% of total
revenue, driven by demand for power management ICs, RFSOI chips,
and silicon interposers for AI servers. During the quarter, our
teams continued to make good progress on key pipeline projects,
both customized solutions for customers as well as new technology
platforms to serve high-growth segments within the 5G, AIoT, and
automotive markets. This includes embedded high voltage, embedded
non-volatile memory, RFSOI, and 3D IC solutions. In line with our
policy to provide stable and predictable dividends to our
shareholders, UMC’s Board of Directors recently approved
shareholder cash distribution of approximately NT$3.00 per share,
which will be a higher payout ratio than the previous year’s. This
is subject to approval by shareholders at the Annual General
Meeting in May.”
Co-president Wang commented, “Looking ahead to the second
quarter, we expect to see an increase in wafer shipments as the
inventory situation in the computing, consumer, and communication
segments improves to a healthier level. As for the automotive and
industrial segments, demand remains muted as the pace of inventory
digestion has been slower than anticipated. While we still expect
some lingering impact from macro uncertainties and cost headwinds
in the near term, we will continue to invest in technology,
capacity, and people to ensure UMC is ready to capture the next
phase of growth driven by 5G and AI innovations.”
Co-president Wang added, “UMC is proud to be the only
semiconductor company globally to receive double “A” rating in
CDP’s 2023 Climate Change and Water Security assessment, the
foremost standard amongst investors and other stakeholders for
measuring transparency and action on environmental issues, for two
consecutive years. This is an incredible achievement and I commend
all our teams for their commitment to minimizing the environment
impact of our business and helping UMC become the sustainability
leader in our industry.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
1Q24
4Q23
QoQ % change
1Q23
YoY % change
Operating Revenues
54,632
54,958
(0.6
)
54,209
0.8
Gross Profit
16,899
17,806
(5.1
)
19,224
(12.1
)
Operating Expenses
(5,747
)
(6,635
)
(13.4
)
(5,780
)
(0.6
)
Net Other Operating Income and
Expenses
513
1,252
(59.0
)
1,037
(50.5
)
Operating Income
11,665
12,423
(6.1
)
14,481
(19.4
)
Net Non-Operating Income and Expenses
1,056
2,227
(52.6
)
4,647
(77.3
)
Net Income Attributable to Shareholders of
the Parent
10,456
13,195
(20.8
)
16,183
(35.4
)
EPS (NT$ per share)
0.84
1.06
1.31
(US$ per ADS)
0.131
0.166
0.205
First quarter operating revenues declined 0.6% sequentially to
NT$54.63 billion. Revenue contribution from 40nm and below
technologies represented 47% of wafer revenue. Gross profit
declined 5.1% QoQ to NT$16.90 billion, or 30.9% of revenue.
Operating expenses decreased 13.4% to NT$5.75 billion. Net other
operating income decreased to NT$0.51 billion. Net non-operating
income totaled NT$1.06 billion. Net income attributable to
shareholders of the parent amounted to NT$10.46 billion.
Earnings per ordinary share for the quarter was NT$0.84.
Earnings per ADS was US$0.131. The basic weighted average number of
shares outstanding in 1Q24 was 12,414,087,724, compared with
12,414,087,724 shares in 4Q23 and 12,348,880,384 shares in 1Q23.
The diluted weighted average number of shares outstanding was
12,577,525,057 in 1Q24, compared with 12,589,138,701 shares in 4Q23
and 12,597,236,266 shares in 1Q23. The fully diluted shares counted
on March 31, 2024 were approximately 12,577,525,000.
Detailed Financials Section
Operating revenues decreased to NT$54.63 billion. COGS grew 1.6%
to NT$37.73 billion, which included 3.7% increase in depreciation.
Gross profit fell 5.1% QoQ to NT$16.90 billion. Operating expenses
declined to NT$5.75 billion, as Sales & Marketing fell 16.9% to
NT$0.68 billion, R&D decreased 13.6% to NT$3.41 billion or 6.2%
of revenue, and G&A also declined 11.8% to NT$1.70 billion. Net
other operating income was NT$0.51 billion. In 1Q24, operating
income declined 6.1% QoQ to NT$11.67 billion.
COGS & Expenses
(Amount: NT$ million)
1Q24
4Q23
QoQ % change
1Q23
YoY % change
Operating Revenues
54,632
54,958
(0.6
)
54,209
0.8
COGS
(37,733
)
(37,152
)
1.6
(34,985
)
7.9
Depreciation
(9,335
)
(9,006
)
3.7
(8,439
)
10.6
Other Mfg. Costs
(28,398
)
(28,146
)
0.9
(26,546
)
7.0
Gross Profit
16,899
17,806
(5.1
)
19,224
(12.1
)
Gross Margin (%)
30.9
%
32.4
%
35.5
%
Operating Expenses
(5,747
)
(6,635
)
(13.4
)
(5,780
)
(0.6
)
Sales & Marketing
(684
)
(823
)
(16.9
)
(950
)
(28.0
)
G&A
(1,702
)
(1,930
)
(11.8
)
(2,102
)
(19.0
)
R&D
(3,407
)
(3,945
)
(13.6
)
(2,767
)
23.2
Expected credit impairment gain
46
63
(27.9
)
39
18.0
Net Other Operating Income &
Expenses
513
1,252
(59.0
)
1,037
(50.5
)
Operating Income
11,665
12,423
(6.1
)
14,481
(19.4
)
Net non-operating income in 1Q24 was NT$1.06 billion, mainly
reflecting the NT$0.70 billion in exchange gain and the NT$0.68
billion in net interest income partially offset by the NT$0.32
billion in net investment loss.
Non-Operating Income and
Expenses
(Amount: NT$ million)
1Q24
4Q23
1Q23
Non-Operating Income and Expenses
1,056
2,227
4,647
Net Interest Income and Expenses
676
880
908
Net Investment Gain and Loss
(324
)
1,750
3,987
Exchange Gain and Loss
697
(405
)
(239
)
Other Gain and Loss
7
2
(9
)
In 1Q24, cash inflow from operating activities was NT$20.82
billion. Cash outflow from investing activities totaled NT$29.92
billion, which included NT$29.00 billion in capital expenditure,
resulting in free cash outflow of NT$8.18 billion. Cash outflow
from financing was NT$6.44 billion, primarily from NT$3.89 billion
in bank loans and NT$2.10 billion in redemption of bonds. Net cash
outflow in 1Q24 amounted to NT$13.12 billion. Over the next 12
months, the company expects to repay NT$2.74 billion in bank
loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended Mar.
31, 2024
For the 3-Month Period Ended Dec.
31, 2023
Cash Flow from Operating Activities
20,820
26,217
Net income before tax
12,721
14,650
Depreciation & Amortization
10,886
10,721
Share of profit of associates and
joint ventures
(101
)
(1,918
)
Income tax paid
(253
)
(15
)
Changes in working capital &
others
(2,433
)
2,779
Cash Flow from Investing Activities
(29,915
)
(26,813
)
Decrease (increase) in financial assets
measured at amortized cost
739
(6,134
)
Acquisition of PP&E
(28,498
)
(20,334
)
Acquisition of intangible assets
(846
)
(774
)
Others
(1,310
)
429
Cash Flow from Financing Activities
(6,439
)
(3,892
)
Bank loans
(3,888
)
(4,435
)
Redemption of bonds
(2,100
)
-
Increase (decrease) in deposits-in
(282
)
720
Others
(169
)
(177
)
Effect of Exchange Rate
2,411
(3,600
)
Net Cash Flow
(13,123
)
(8,088
)
Beginning balance
132,554
140,642
Ending balance
119,431
132,554
`
Cash and cash equivalents decreased to NT$119.43 billion. Days
of inventory declined 4 days to 85 days.
Current Assets
(Amount: NT$ billion)
1Q24
4Q23
1Q23
Cash and Cash Equivalents
119.43
132.55
171.83
Accounts Receivable
30.68
29.59
27.07
Days Sales Outstanding
50
50
54
Inventories, net
34.59
35.71
32.68
Days of Inventory
85
89
83
Total Current Assets
205.16
216.80
241.97
Current liabilities decreased to NT$88.40 billion. Long-term
credit/bonds decreased to NT$43.45 billion. Total liabilities
decreased to NT$188.85 billion, leading to a debt to equity ratio
of 50%.
Liabilities
(Amount: NT$ billion)
1Q24
4Q23
1Q23
Total Current Liabilities
88.40
99.02
105.89
Accounts Payable
7.46
7.53
9.21
Short-Term Credit / Bonds
25.60
29.54
9.77
Payables on Equipment
13.97
19.20
18.44
Other
41.37
42.75
68.47
Long-Term Credit / Bonds
43.45
45.24
37.30
Long-Term Investment Liabilities
-
-
4.26
Total Liabilities
188.85
199.61
194.08
Debt to Equity
50%
56%
55%
Analysis of Revenue2
Revenue from Asia-Pacific increased to 63% while business from
North America grew to 25% of sales. Business from Europe declined
to 8% while contribution from Japan remained at 4%.
Revenue Breakdown by
Region
Region
1Q24
4Q23
3Q23
2Q23
1Q23
North America
25
%
23
%
27
%
27
%
31
%
Asia Pacific
63
%
62
%
58
%
56
%
50
%
Europe
8
%
11
%
12
%
12
%
11
%
Japan
4
%
4
%
3
%
5
%
8
%
Revenue contribution from 22/28nm declined to 33% of the wafer
revenue, while 40nm contribution remained unchanged at 14% of
sales.
Revenue Breakdown by
Geometry
Geometry
1Q24
4Q23
3Q23
2Q23
1Q23
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
33
%
36
%
32
%
29
%
26
%
28nm<x<=40nm
14
%
14
%
13
%
12
%
15
%
40nm<x<=65nm
18
%
16
%
19
%
23
%
19
%
65nm<x<=90nm
10
%
9
%
8
%
10
%
10
%
90nm<x<=0.13um
9
%
9
%
12
%
10
%
12
%
0.13um<x<=0.18um
11
%
9
%
9
%
9
%
10
%
0.18um<x<=0.35um
4
%
5
%
5
%
5
%
6
%
0.5um and above
1
%
2
%
2
%
2
%
2
%
Revenue from fabless customers accounted for 82% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
1Q24
4Q23
3Q23
2Q23
1Q23
Fabless
82
%
78
%
79
%
79
%
77
%
IDM
18
%
22
%
21
%
21
%
23
%
Revenue from the communication segment accounted for 48%, while
business from computer applications remained at 13%. Business from
consumer applications was 23% as other segments declined to 16% of
revenue.
Revenue Breakdown by
Application (1)
Application
1Q24
4Q23
3Q23
2Q23
1Q23
Computer
13
%
13
%
13
%
9
%
9
%
Communication
48
%
47
%
46
%
44
%
44
%
Consumer
23
%
23
%
23
%
26
%
24
%
Others
16
%
17
%
18
%
21
%
23
%
(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) declined in 1Q24.
(To view blended ASP trend, please click here for 1Q24 ASP)
Shipment and Utilization Rate3
Wafer shipments increased 4.5% QoQ to 810K in the first quarter,
while quarterly capacity was 1,212K. Overall utilization rate in
1Q24 declined to 65%.
Wafer Shipments
1Q24
4Q23
3Q23
2Q23
1Q23
Wafer Shipments (12” K equivalents)
810
775
795
814
811
Quarterly Capacity Utilization
Rate
1Q24
4Q23
3Q23
2Q23
1Q23
Utilization Rate
65%
66%
67%
71%
70%
Total Capacity (12” K equivalents)
1,212
1,204
1,182
1,167
1,121
Capacity4
Total capacity in the first quarter increased to 1,212K 12-inch
equivalent wafers. Capacity will grow in the second quarter of 2024
to 1,257K 12-inch equivalent wafers, primarily reflecting the
continuous capacity expansion at 12A P6 facility.
Annual Capacity in thousands of
wafers
Quarterly Capacity in thousands
of wafers
FAB
Geometry (um)
2023
2022
2021
2020
FAB
2Q24E
1Q24
4Q23
3Q23
WTK
6"
5 – 0.15
328
335
329
371
WTK
6"
83
82
83
83
8A
8"
3 – 0.11
811
765
755
802
8A
8"
207
206
207
207
8C
8"
0.35 – 0.11
473
459
459
452
8C
8"
119
119
119
120
8D
8"
0.18 – 0.09
440
410
380
371
8D
8"
118
118
118
111
8E
8"
0.6 – 0.14
490
469
457
449
8E
8"
131
130
131
122
8F
8"
0.18 – 0.11
570
550
514
485
8F
8"
145
144
145
145
8S
8"
0.18 – 0.11
447
443
408
373
8S
8"
114
113
114
112
8N
8"
0.5 – 0.11
996
952
917
917
8N
8"
254
252
254
250
12A
12"
0.13 – 0.014
1,305
1,170
1,070
1,044
12A
12"
386
358
346
333
12i
12"
0.13 – 0.040
655
655
641
628
12i
12"
172
164
164
164
12X
12"
0.080 – 0.022
317
314
284
217
12X
12"
80
79
80
80
12M
12"
0.13 – 0.040
438
436
395
391
12M
12"
115
110
110
110
Total(1)
4,674
4,458
4,201
4,083
Total
1,257
1,212
1,204
1,182
YoY Growth Rate
5%
6%
3%
13%
(1) One 6-inch wafer is converted into
0.25 (62/122) 12-inch equivalent wafer; one 8-inch wafer is
converted into 0.44 (82/122) 12-inch equivalent wafers. Total
capacity figures are expressed in 12-inch equivalent wafers.
CAPEX
CAPEX spending in 1Q24 totaled US$924 million. 2024 cash-based
CAPEX budget will be US$3.3 billion.
Capital Expenditure by Year - in US$ billion
Year
2023
2022
2021
2020
2019
CAPEX
$ 3.0
$ 2.7
$ 1.8
$ 1.0
$ 0.6
2024 CAPEX Plan
8"
12"
Total
5%
95%
US$3.3 billion
Second Quarter 2024 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will increase by low single digit %
- ASP in USD: Will remain firm
- Gross Profit Margin: Will be approximately 30%
- Capacity Utilization: mid-60% range
- 2024 CAPEX: US$3.3 billion
Recent Developments / Announcements
Feb. 7, 2024
UMC Earns top rating in CDP’s Climate
Change and Water Security for Two Consecutive Years
Feb. 27, 2024
UMC Board of Directors Announces Proposals
for its Annual Shareholders Meeting
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 24, 2024
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 119 6666
US Toll Free:
+1 866 212 5567
Other Areas:
+886 2 3396 1191
Access Code:
1023024#
A live webcast and replay of the 1Q24 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, BCD etc. Most of UMC’s 12-in
and 8-in fabs with its core R&D are in Taiwan, with additional
ones throughout Asia. UMC has a total of 12 fabs in production with
a combined capacity of more than 400,000 wafers per month (12-in
equivalent), and all of them are certified with IATF 16949
automotive quality standards. UMC is headquartered in Hsinchu,
Taiwan, plus local offices in the United States, Europe, China,
Japan, Korea, and Singapore, with a worldwide total of 20,000
employees. For more information, please visit:
http://www.umc.com.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended, and as defined in the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to,
statements regarding anticipated financial results for the first
quarter of 2024; 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 2024 Outlook and Guidance.”
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
performance, financial condition or results of operations of UMC to
be materially different from what is stated or may be implied in
such forward-looking statements. Investors are cautioned that
actual events and results could differ materially from those
statements as a result of a number of factors including, but not
limited to: (i) dependence upon the frequent introduction of new
services and technologies based on the latest developments in the
industry in which UMC operates; (ii) the intensely competitive
semiconductor, communications, consumer electronics and computer
industries and markets; (iii) the risks associated with
international business activities; (iv) dependence upon key
personnel; (v) general economic and political conditions; (vi)
possible disruptions in commercial activities caused by natural and
human-induced events and disasters, including natural disasters,
terrorist activity, armed conflict and highly contagious diseases;
(vii) reduced end-user purchases relative to expectations and
orders; and (viii) fluctuations in foreign currency exchange rates.
Further information regarding these and other risk factors is
included in UMC’s filings with the United States Securities and
Exchange Commission, including its Annual Report on Form 20-F. All
information provided in this release is as of the date of this
release and are based on assumptions that UMC believes to be
reasonable as of this date, and UMC does not undertake any
obligation to update any forward-looking statement as a result of
new information, future events or otherwise, except as required
under applicable law.
The financial statements included in this release are prepared
and published in accordance with Taiwan International Financial
Reporting Standards, or TIFRSs, recognized by the Financial
Supervisory Commission in the ROC, which is different from
International Financial Reporting Standards, or IFRSs, issued by
the International Accounting Standards Board. Investors are
cautioned that there may be significant differences between TIFRSs
and IFRSs. In addition, TIFRSs and IFRSs differ in certain
significant respects from generally accepted accounting principles
in the ROC and generally accepted accounting principles in the
United States.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance
Sheet
As of March 31, 2024
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
March 31, 2024 US$ NT$ % Assets Current assets Cash and cash
equivalents
3,733
119,431
21.1
%
Accounts receivable, net
959
30,677
5.4
%
Inventories, net
1,081
34,593
6.1
%
Other current assets
641
20,462
3.6
%
Total current assets
6,414
205,163
36.2
%
Non-current assets Funds and investments
2,424
77,542
13.7
%
Property, plant and equipment
7,944
254,136
44.8
%
Right-of-use assets
239
7,659
1.4
%
Other non-current assets
706
22,573
3.9
%
Total non-current assets
11,313
361,910
63.8
%
Total assets
17,727
567,073
100.0
%
Liabilities Current liabilities Short-term loans
348
11,130
2.0
%
Payables
1,645
52,618
9.3
%
Current portion of long-term liabilities
452
14,466
2.6
%
Other current liabilities
318
10,189
1.7
%
Total current liabilities
2,763
88,403
15.6
%
Non-current liabilities Bonds payable
768
24,581
4.3
%
Long-term loans
590
18,869
3.3
%
Lease liabilities, noncurrent
169
5,416
1.0
%
Other non-current liabilities
1,613
51,576
9.1
%
Total non-current liabilities
3,140
100,442
17.7
%
Total liabilities
5,903
188,845
33.3
%
Equity Equity attributable to the parent company Capital
3,917
125,290
22.1
%
Additional paid-in capital
448
14,322
2.5
%
Retained earnings and other components of equity
7,449
238,300
42.0
%
Total equity attributable to the parent company
11,814
377,912
66.6
%
Non-controlling interests
10
316
0.1
%
Total equity
11,824
378,228
66.7
%
Total liabilities and equity
17,727
567,073
100.0
%
Note:New Taiwan Dollars have been translated into U.S.
Dollars at the March 31, 2024 exchange rate of NT $31.99 per U.S.
Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year Comparison Quarter over
Quarter Comparison Three-Month Period Ended Three-Month Period
Ended March 31, 2024 March 31, 2023 Chg. March 31, 2024 December
31, 2023 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating
revenues
1,708
54,632
1,695
54,209
0.8
%
1,708
54,632
1,718
54,958
(0.6
%)
Operating costs
(1,180
)
(37,733
)
(1,094
)
(34,985
)
7.9
%
(1,180
)
(37,733
)
(1,161
)
(37,152
)
1.6
%
Gross profit
528
16,899
601
19,224
(12.1
%)
528
16,899
557
17,806
(5.1
%)
30.9
%
30.9
%
35.5
%
35.5
%
30.9
%
30.9
%
32.4
%
32.4
%
Operating expenses - Sales and marketing expenses
(21
)
(684
)
(30
)
(950
)
(28.0
%)
(21
)
(684
)
(26
)
(823
)
(16.9
%)
- General and administrative expenses
(52
)
(1,702
)
(66
)
(2,102
)
(19.0
%)
(52
)
(1,702
)
(61
)
(1,930
)
(11.8
%)
- Research and development expenses
(107
)
(3,407
)
(86
)
(2,767
)
23.2
%
(107
)
(3,407
)
(123
)
(3,945
)
(13.6
%)
- Expected credit impairment gain
1
46
1
39
18.0
%
1
46
2
63
(27.9
%)
Subtotal
(179
)
(5,747
)
(181
)
(5,780
)
(0.6
%)
(179
)
(5,747
)
(208
)
(6,635
)
(13.4
%)
Net other operating income and expenses
16
513
33
1,037
(50.5
%)
16
513
39
1,252
(59.0
%)
Operating income
365
11,665
453
14,481
(19.4
%)
365
11,665
388
12,423
(6.1
%)
21.4
%
21.4
%
26.7
%
26.7
%
21.4
%
21.4
%
22.6
%
22.6
%
Net non-operating income and expenses
33
1,056
145
4,647
(77.3
%)
33
1,056
70
2,227
(52.6
%)
Income from continuing operations before income tax
398
12,721
598
19,128
(33.5
%)
398
12,721
458
14,650
(13.2
%)
23.3
%
23.3
%
35.3
%
35.3
%
23.3
%
23.3
%
26.7
%
26.7
%
Income tax expense
(72
)
(2,291
)
(86
)
(2,743
)
(16.5
%)
(72
)
(2,291
)
(46
)
(1,457
)
57.3
%
Net income
326
10,430
512
16,385
(36.3
%)
326
10,430
412
13,193
(20.9
%)
19.1
%
19.1
%
30.2
%
30.2
%
19.1
%
19.1
%
24.0
%
24.0
%
Other comprehensive income (loss)
249
7,954
104
3,325
139.2
%
249
7,954
(119
)
(3,808
)
-
Total comprehensive income (loss)
575
18,384
616
19,710
(6.7
%)
575
18,384
293
9,385
95.9
%
Net income attributable to: Shareholders of the parent
327
10,456
506
16,183
(35.4
%)
327
10,456
412
13,195
(20.8
%)
Non-controlling interests
(1
)
(26
)
6
202
-
(1
)
(26
)
(0
)
(2
)
1,232.7
%
Comprehensive income (loss) attributable to: Shareholders of
the parent
575
18,410
610
19,508
(5.6
%)
575
18,410
293
9,387
96.1
%
Non-controlling interests
(0
)
(26
)
6
202
-
(0
)
(26
)
(0
)
(2
)
1,202.7
%
Earnings per share-basic
0.026
0.84
0.041
1.31
0.026
0.84
0.033
1.06
Earnings per ADS (2)
0.131
4.20
0.205
6.55
0.131
4.20
0.166
5.30
Weighted average number of shares outstanding (in millions)
12,414
12,349
12,414
12,414
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the March 31, 2024 exchange rate of NT $31.99
per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data For the Three-Month Period Ended
For the Three-Month Period Ended March 31, 2024 March 31, 2024 US$
NT$ % US$ NT$ % Operating revenues
1,708
54,632
100.0
%
1,708
54,632
100.0
%
Operating costs
(1,180
)
(37,733
)
(69.1
%)
(1,180
)
(37,733
)
(69.1
%)
Gross profit
528
16,899
30.9
%
528
16,899
30.9
%
Operating expenses - Sales and marketing expenses
(21
)
(684
)
(1.3
%)
(21
)
(684
)
(1.3
%)
- General and administrative expenses
(52
)
(1,702
)
(3.1
%)
(52
)
(1,702
)
(3.1
%)
- Research and development expenses
(107
)
(3,407
)
(6.2
%)
(107
)
(3,407
)
(6.2
%)
- Expected credit impairment gain
1
46
0.1
%
1
46
0.1
%
Subtotal
(179
)
(5,747
)
(10.5
%)
(179
)
(5,747
)
(10.5
%)
Net other operating income and expenses
16
513
1.0
%
16
513
1.0
%
Operating income
365
11,665
21.4
%
365
11,665
21.4
%
Net non-operating income and expenses
33
1,056
1.9
%
33
1,056
1.9
%
Income from continuing operations before income tax
398
12,721
23.3
%
398
12,721
23.3
%
Income tax expense
(72
)
(2,291
)
(4.2
%)
(72
)
(2,291
)
(4.2
%)
Net income
326
10,430
19.1
%
326
10,430
19.1
%
Other comprehensive income (loss)
249
7,954
14.6
%
249
7,954
14.6
%
Total comprehensive income (loss)
575
18,384
33.7
%
575
18,384
33.7
%
Net income attributable to: Shareholders of the parent
327
10,456
19.1
%
327
10,456
19.1
%
Non-controlling interests
(1
)
(26
)
(0.0
%)
(1
)
(26
)
(0.0
%)
Comprehensive income (loss) attributable to: Shareholders of
the parent
575
18,410
33.7
%
575
18,410
33.7
%
Non-controlling interests
(0
)
(26
)
(0.0
%)
(0
)
(26
)
(0.0
%)
Earnings per share-basic
0.026
0.84
0.026
0.84
Earnings per ADS (2)
0.131
4.20
0.131
4.20
Weighted average number of shares outstanding (in millions)
12,414
12,414
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the March 31, 2024 exchange rate of NT $31.99 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement
of Cash Flows
For The Three-Month Period Ended
March 31, 2024
Figures in Millions of New Taiwan
Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
Cash flows from operating activities : Net
income before tax
398
12,721
Depreciation & Amortization
340
10,886
Share of profit of associates and joint ventures
(3
)
(101
)
Income tax paid
(8
)
(253
)
Changes in working capital & others
(76
)
(2,433
)
Net cash provided by operating activities
651
20,820
Cash flows from investing activities : Acquisition of
property, plant and equipment
(891
)
(28,498
)
Acquisition of intangible assets
(26
)
(846
)
Others
(18
)
(571
)
Net cash used in investing activities
(935
)
(29,915
)
Cash flows from financing activities : Decrease in
short-term loans
(75
)
(2,400
)
Redemption of bonds
(66
)
(2,100
)
Proceeds from long-term loans
177
5,663
Repayments of long-term loans
(224
)
(7,151
)
Others
(13
)
(451
)
Net cash used in financing activities
(201
)
(6,439
)
Effect of exchange rate changes on cash and cash equivalents
74
2,411
Net decrease in cash and cash equivalents
(411
)
(13,123
)
Cash and cash equivalents at beginning of period
4,144
132,554
Cash and cash equivalents at end of period
3,733
119,431
Note: New Taiwan Dollars have been translated
into U.S. Dollars at the March 31, 2024 exchange rate of NT $31.99
per U.S. Dollar.
__________________________
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
March 31, 2024, the three-month period ending December 31, 2023,
and the equivalent three-month period that ended March 31, 2023.
For all 1Q24 results, New Taiwan Dollar (NT$) amounts have been
converted into U.S. Dollars at the March 31, 2024 exchange rate of
NT$ 31.99 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/20240424961964/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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