1H results lead to EPS of NT$0.58 per share;
MIFS acquisition to fuel long term growth
Second Quarter 2018 Overview1:
- Revenue: NT$38.85 billion (US$1.28
billion)
- Gross margin: 17.2%
- Foundry revenue from 28nm: 15%;
Foundry operating margin: 8.4%
- Foundry capacity utilization rate:
97%
- Net Income attributable to
stockholders of the parent: NT$3.66 billion (US$120
million)
- Earnings per share: NT$0.30;
earnings per ADS: US$0.049
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 2018.
Second quarter consolidated revenue was NT$38.85 billion, up
3.6% QoQ from NT$37.50 billion in 1Q18 and 3.5% YoY from NT$37.54
billion in 2Q17. Consolidated gross margin for 2Q18 was 17.2%. Net
income attributable to stockholders of the parent was NT$3.66
billion, with earnings per ordinary share of NT$0.30.
Jason Wang, co-president of UMC, said, “In the second quarter,
foundry revenue increased 3.6% sequentially to NT$38.77 billion.
Foundry operating margin was 8.4%. Overall capacity utilization
reached 97%, bringing wafer shipments to 1.85 million 8-inch
equivalent wafers. The operating results from 2Q18 reflected full
utilization from 8" and mature 12" technologies, driven by strong
demand in computing and communications segments. This led to a
first half EPS of NT$0.58 while generating NT$13.42 billion in free
cash flow. To further take advantage of this healthy demand
situation, our Board of Directors approved for the company to
supplement UMC’s mature 12" process capacity through the full
acquisition of Fujitsu’s 300mm MIFS Semiconductor fab in Japan. The
Board of Directors also approved a plan for our China-based
operations to apply for listing on the Shanghai Stock Exchange, led
by UMC’s HeJian.”
Co-president Wang continued, “We project third quarter
demand outlook to remain flat due to rising inventory levels from
slower smartphone digestion and the uncertainty surrounding the
ongoing US-China trade tensions. Despite the current market
situation, UMC has always focused on expanding our global scale to
enhance customer value by providing a diversified manufacturing
base across Asia that is also strategically positioned near our
Taiwan headquarters for seamless logistical support. UMC’s
intention to acquire MIFS Semiconductor and list our China
operations on the Shanghai Stock Exchange corresponds with this
global expansion strategy and will fuel our long-term foundry
competitiveness. We will continue to strive for manufacturing
excellence and better position ourselves globally to create
benefits for our shareholders, customers and employees.”
1 Unless otherwise stated, all financial
figures discussed in this announcement are prepared in accordance
with TIFRSs recognized by Financial Supervisory Commission in the
ROC, which is different from IFRSs issued by the International
Accounting Standards Board. They represent comparisons among the
three-month period ending June 30, 2018, the three-month period
ending March 31, 2018, and the equivalent three-month period that
ended June 30, 2017. For all 2Q18 results, New Taiwan Dollar (NT$)
amounts have been converted into U.S. Dollars at the June 30, 2018
exchange rate of NT$ 30.48 per U.S. Dollar.
Summary of Operating Results
Operating Results (Amount: NT$ million)
2Q18 1Q18
QoQ %change 2Q17
YoY %change Net Operating Revenues
38,852
37,497 3.6 37,538 3.5
Gross Profit 6,675 4,642 43.8 6,739 (0.9) Operating Expenses
(5,213) (4,850) 7.5 (5,330) (2.2) Net Other Operating Income and
Expenses 1,719 977 75.9 259 563.7 Operating Income 3,181 769 313.7
1,668 90.7 Net Non-Operating Income and Expenses (1,095) 1,088 -
448 - Net Income Attributable to Stockholders of the Parent 3,659
3,400 7.6 2,099 74.3
EPS (NT$ per share)
0.30 0.28 0.17
(US$ per ADS)
0.049 0.046
0.028
Net operating revenues in 2Q18 increased 3.6% to NT$38.85
billion, including NT$38.77 billion from the foundry segment.
Revenue contribution from 40nm and below technologies remained at
44%. Gross profit increased 43.8% to NT$6.68 billion, or 17.2% of
revenue. Operating expenses increased 7.5% to NT$5.21 billion. Net
other operating income was NT$1.72 billion, leading to operating
income of NT$3.18 billion. Net non-operating expense was NT$1.10
billion. Net income attributable to stockholders of the parent was
NT$3.66 billion.
Earnings per ordinary share for the quarter was NT$0.30.
Earnings per ADS was US$0.049. The basic weighted average number of
outstanding shares in 2Q18 was 12,048,575,089, compared with
12,202,773,078 shares in 1Q18 and 12,208,239,978 shares in 2Q17.
The diluted weighted average number of outstanding shares was
13,268,862,054 in 2Q18, compared with 13,457,161,259 shares in 1Q18
and 13,383,329,206 shares in 2Q17. The fully diluted share count on
June 30, 2018 was approximately 13,644,606,000. On June 30, 2018,
UMC held 600 million treasury shares acquired from the 16th, 17th
and 18th share buy-back programs.
Detailed Financials Section
COGS & Expenses (Amount: NT$ million)
2Q18
1Q18 QoQ %change
2Q17 YoY %change Net Operating
Revenues 38,852
37,497 3.6 37,538
3.5 COGS (32,177) (32,855) (2.1) (30,799) 4.5 Depreciation (12,139)
(11,815) 2.7 (11,100) 9.4 Other Mfg. Costs (20,038) (21,040) (4.8)
(19,699) 1.7 Gross Profit 6,675 4,642 43.8 6,739 (0.9) Gross Margin
(%) 17.2% 12.4% 18.0% Operating Expenses (5,213) (4,850) 7.5
(5,330) (2.2) G&A (1,083) (1,017) 6.5 (1,035) 4.6 Sales &
Marketing (1,103) (909) 21.3 (1,049) 5.1 R&D (3,027) (2,924)
3.5 (3,246) (6.7) Net Other Operating
Income & Expenses
1,719 977 75.9 259 563.7 Operating Income
3,181 769 313.7
1,668 90.7
Net operating revenues grew 3.6% to NT$38.85
billion. COGS decreased 2.1% to NT$32.18 billion, as depreciation
increased 2.7% to NT$12.14 billion while other manufacturing costs
decreased 4.8% to NT$20.04 billion. Gross profit was NT$6.68
billion. Operating expenses increased 7.5% to NT$5.21 billion.
General and Administrative (G&A) expenses increased 6.5% to
NT$1.08 billion. Sales & Marketing expenses increased 21.3% to
NT$1.10 billion and R&D expenses was up 3.5% to NT$3.03
billion, or 7.8% of net operating revenues. Net other operating
income was NT$1.72 billion, leading to an operating income of
NT$3.18 billion.
Non-Operating Income and
Expenses
(Amount: NT$ million)
2Q18 1Q18 2Q17 Non-Operating Income and
Expenses (1,095)
1,088 448 Net Interest Income and Expenses
(505) (529) (502) Net Investment Gain and Loss 105 582 228 Exchange
Gain and Loss (720) 1,021 807 Other Gain and Loss
25 14 (85)
Net non-operating expense in 2Q18 was NT$1.10
billion, which primarily resulted from NT$720 million in exchange
loss and NT$505 million in net interest expense, which were
partially offset by a NT$105 million in net investment gain.
Cash Flow Summary
(Amount: NT$ million)
For the 3-MonthPeriod EndedJun. 30,
2018
For the 3-MonthPeriod EndedMar. 31,
2018
Cash Flow from Operating Activities
14,264 8,776 Net income before tax
2,086 1,857 Depreciation & Amortization 13,373 13,288 Net loss
(gain) of financial assets
and liabilities at FVTPL
112 (377) Exchange loss (gain) on financial assets and liabilities
1,516 (1,356) Changes in working capital (1,354) (3,231) Interest
paid (911) (312) Income tax paid (86) (632) Other (472) (461) Cash
Flow from Investing Activities (6,077) 666 Capital expenditures
(3,901) (5,716) Acquisition of investments accounted for under the
equity method (840) - Changes in refundable deposits (980) 60
Acquisition of intangible assets (130) (248) Other (226) 6,570 Cash
Flow from Financing Activities (10,795) (13,714) Bank loans (8,859)
(5,561) Redemption of bonds - (7,500) Treasury stock acquired
(2,534) (595) Other 598 (58) Effect of Exchange Rate 657 (260) Net
Cash Flow (1,951)
(4,532)
Cash inflow from operating activities was
NT$14.26 billion. Cash outflow from investing activities totaled
NT$6.08 billion, including NT$3.90 billion in CAPEX spending for
the foundry segment, resulting in free cash flow of NT$10.36
billion. Cash outflow from financing activities totaled NT$10.80
billion, mainly from NT$8.86 billion in bank loan payments and
NT$2.53 billion in share buyback. Net cash outflow in 2Q18 was
NT$1.95 billion. Over the next 12 months, the company expects to
repay NT$3.11 billion in bank loans.
Current Assets (Amount: NT$ billion)
2Q18 1Q18
2Q17 Cash and Cash Equivalents
75.19 77.14 68.13 Notes &
Accounts Receivable 27.01 25.01 22.23 Days Sales Outstanding 61 56
52 Inventories, net 17.66 17.14 16.28 Days of Inventory 49 49 48
Total Current Assets
137.08 136.42 120.08
Cash and cash equivalents decreased to NT$75.19
billion. Days of inventory remained at 49 days.
Liabilities (Amount: NT$ billion)
2Q18 1Q18
2Q17 Total Current Liabilities
59.17 72.57 87.70 Notes &
Accounts Payable 7.41 7.00 6.65 Short-Term Credit / Bonds 17.23
40.00 48.19 Payable on Equipment 3.61 2.97 5.28 Dividends payable
8.56 - 6.11 Other 22.36 22.60 21.47 Long-Term Credit / Bonds 67.76
52.61 51.24 Long-Term Investment Liabilities 20.79 20.90 19.92
Total Liabilities 170.11 169.35 172.62 Debt to Equity
81% 78% 81%
Current liabilities decreased to NT$59.17 billion, mainly from a
decrease in Short-Term Credit/Bonds. Total liabilities increased to
NT$170.11 billion, mainly from the increase in Long-Term
Credit/Bonds, leading to a debt to equity ratio of 81%.
Analysis of Revenue2 for
Foundry Segment
Revenue Breakdown by Region Region
2Q18
1Q18 4Q17 3Q17
2Q17 North America
37% 42% 43%
43% 42% Asia Pacific
51% 47% 45%
47% 47% Europe
9% 8% 9% 8%
7% Japan 3%
3% 3% 2% 4%
Revenue from Asia Pacific increased to 51%,
while contribution from North American customers declined to 37%.
Revenue from Japan remained at 3%.
Revenue Breakdown by Geometry Geometry
2Q18
1Q18 4Q17 3Q17
2Q17 14nm and below
3% 2% 2%
1% 1% 14nm<x<=28nm
15% 12% 15%
15% 17% 28nm<x<=40nm
26% 30% 28%
29% 28% 40nm<x<=65nm
12% 13%
12% 12% 12% 65nm<x<=90nm
7% 6%
5% 6% 5%
90nm<x<=0.13um 11%
11% 12% 12%
12% 0.13um<x<=0.18um
13% 13% 13% 12%
12% 0.18um<x<=0.35um
10% 10% 10%
10% 10% 0.5um and above
3% 3% 3%
3% 3%
Business from 14nm increased to 3% of 2Q18
revenue, while 28nm contribution was 15%.
Revenue Breakdown by Customer Type Customer
Type 2Q18
1Q18 4Q17
3Q17 2Q17 Fabless
92% 92% 91%
90% 91% IDM
8% 8% 9% 10%
9%
Revenue from fabless customers remained at 92%
of revenue.
Revenue Breakdown by Application (1)
Application
2Q18 1Q18 4Q17
3Q17 2Q17 Computer
16% 14%
13% 14% 14% Communication
47% 47%
49% 47% 48% Consumer
28% 29%
29% 31% 29% Others
9% 10% 9%
8% 9%
The communication segment remained at 47% of sales, while
revenue from consumer applications declined to 28%.
(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.
Communication consists of handset components, broadband,
WLAN, 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 for Foundry Segment
Blended average selling price (ASP) in 2Q18 declined
slightly.
(To view ASP trend, visit
http://www.umc.com/english/investors/2Q18_ASP_trend.asp)
Shipment and Utilization Rate3
for Foundry Segment
Wafer Shipments
2Q18 1Q18
4Q17 3Q17 2Q17
Wafer Shipments(8” K equivalents)
1,846 1,747 1,670
1,748 1,741
Quarterly Capacity
Utilization Rate
2Q18 1Q18
4Q17 3Q17 2Q17
Utilization Rate 97%
94% 90% 96%
96% Total Capacity(8” K equivalents)
1,918 1,858 1,886
1,861 1,816
In 2Q18, wafer shipments grew 5.7% to 1,846K. Quarterly capacity
increased 3.2% QoQ to 1,918K, resulting in an overall utilization
rate of 97% in 2Q18.
3 Utilization Rate = Quarterly Wafer Out /
Quarterly Capacity
Capacity4 for Foundry Segment
Total capacity in the second quarter amounted
to 1,918K 8-inch equivalent wafers. We expect capacity in the third
quarter to grow 1.0% QoQ to 1,938K 8-inch equivalent wafers,
including the capacity expansion at Fab 12i and USCXM.
Annual Capacity inthousands of
wafers
Quarterly Capacity inthousands
of wafers
FAB Geometry(um)
2017 2016
2015 2014 FAB
3Q18E 2Q18
1Q18 4Q17 WTK 6"
3.5 – 0.45 422 423
421 448
WTK
93 106 104 106
Fab
8A 8" 0.5 – 0.25 825
827 813 813
Fab 8A
207 207 204
207
Fab 8C 8" 0.35 – 0.11
357 348 347
347
Fab 8C 92
92 91 92
Fab 8D 8"
0.13 – 0.09 341
342 341 358
Fab 8D
86 86 85 86
Fab 8E 8" 0.5 – 0.18
418 419 418 418
Fab 8E 105 105
103 105
Fab 8F 8"
0.18 – 0.11 417 401
388 388
Fab 8F
108 108 107
108
Fab 8S 8" 0.18 – 0.11
347 336 335 335
Fab 8S 93 93
92 93
HJ 8" 0.5 –
0.11 753 750
667 547
HJ
194 194 190 194
Fab
12A 12" 0.13 – 0.014
970 885 793 700
Fab
12A 250 250
246 250
Fab 12i 12" 0.13
– 0.040 537 584
572 573
Fab 12i
144 136 131 134
USCXM 12" 0.040 – 0.028
97 9 - -
USCXM 51 46
35 35
Total(1)
7,304 6,983 6,617
6,323
Total 1,938
1,918 1,858
1,886 YoY Growth Rate 5%
6% 5% 4%
(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. Capacity
total figures are expressed in 8-inch equivalent wafers.
CAPEX for Foundry Segment
Capital Expenditure by Year - in US$ billion Year
2017
2016 2015
2014 2013 CAPEX
$ 1.4 $ 2.8
$ 1.9 $ 1.4 $ 1.1
2018 CAPEX Plan
8"
12"
Total
33%
67%
US$1.1 billion
CAPEX spending in 2Q18 was US$131 million, bringing first half
2018 capital expenditures to US$326 million. Full year 2018 CAPEX
plan is budgeted for US$1.1 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.
Third Quarter of 2018 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To remain flat
- ASP in USD: Marginal increase
- Profitability: Gross profit margin will
be in the mid-teens % range
- Foundry Segment Capacity Utilization:
Low 90% range
- 2018 CAPEX for Foundry Segment: US$1.1
billion
Recent Developments / Announcements
Jul. 3, 2018
Fujian Intermediate People's Court of
China Rules in Favor of UMC in Patent Infringement Lawsuits Against
Micron
Jun. 29, 2018
UMC Board Approves 100% Acquisition of
MIFS Fab from Fujitsu as Part of Global Manufacturing Strategy
Jun. 12, 2018
UMC Shareholders Elect 14(th) Term of
Directors at Annual Shareholders Meeting
May 29, 2018
UMC Earns Highest Ranks in Corporate
Governance Evaluation for 4th Consecutive Year
May 24, 2018
UMC Holds 2018 China Technology Forum
Apr. 26, 2018
UMC Files Form 20-F for 2017 with US
Securities and Exchange Commission
Apr. 25, 2018
UMC 1Q 2018 Financial Results
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, July 25, 2018
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM
(London)
Dial-in numbers and Access Codes:USA Toll Free: 1-866
836-0101Taiwan Number: 02-2192-8016Other Areas:
+886-2-2192-8016
Access Code: UMC
A live webcast and replay of the 2Q18 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 that provides advanced IC production for applications
spanning every major sector of the electronics industry. UMC’s
comprehensive foundry solutions enable chip designers to leverage
the company’s sophisticated technology and manufacturing, which
include world-class 28nm High-K/Metal Gate technology, 14nm FinFET
volume production, specialty process platforms specifically
developed for AI, 5G and IoT applications and the automotive
industry’s highest-rated AEC-Q100 Grade-0 manufacturing
capabilities for the production of ICs found in vehicles. UMC’s 11
wafer fabs are strategically located throughout Asia and are able
to produce over 600,000 wafers per month. The company employs more
than 20,000 people worldwide, with offices in Taiwan, China,
Europe, Japan, Korea, Singapore, and the United States. UMC can be
found on the web at http://www.umc.com.
Note from UMC Concerning Forward-Looking Statements
Some of the statements in the foregoing announcement are
forward-looking within the meaning of the U.S. Federal Securities
laws, including statements about introduction of new services and
technologies, future outsourcing, competition, wafer capacity,
business relationships and market conditions. Investors are
cautioned that actual events and results could differ materially
from these statements as a result of a variety of factors,
including conditions in the overall semiconductor market and
economy; acceptance and demand for products from UMC; and
technological and development risks. Further information regarding
these and other risks is included in UMC’s filings with the U.S.
Securities and Exchange Commission. 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.
Safe Harbor Statements
This release contains forward-looking statements. These
statements constitute “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. You can
identify these forward-looking statements by use of words such as
“strategy,” “expects,” “continues,” “plans,” “anticipates,”
“believes,” “will,” “estimates,” “intends,” “projects,” “goals,”
“targets” and other words of similar meaning. You can also identify
them by the fact that they do not relate strictly to historical or
current facts.
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 risks is included in
UMC’s filings with the United States Securities and Exchange
Commission. 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.
This presentation is not an offer of securities
for sale in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from
registration. Any public offering of securities to be made in the
United States will be made by means of a prospectus that may be
obtained from the issuer or selling security holder and that will
contain detailed information about the company and management, as
well as financial statements.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of June 30, 2018
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
June 30, 2018 US$ NT$ % Assets Current
assets Cash and cash equivalents 2,467 75,193 19.7% Financial
assets at fair value through profit or loss, current 15 470 0.1%
Contract assets, current 5 152 0.0% Notes & Accounts
receivable, net 886 27,012 7.1% Inventories, net 579 17,656 4.6%
Other current assets 545 16,600 4.5% Total current assets 4,497
137,083 36.0% Non-current assets Funds and investments 1,225
37,334 9.8% Property, plant and equipment 6,195 188,825 49.6% Other
non-current assets 579 17,648 4.6% Total non-current assets 7,999
243,807 64.0% Total assets 12,496 380,890 100.0% Liabilities
Current liabilities Short-term loans 381 11,620 3.0% Financial
liabilities at fair value through profit or loss, current 1 39 0.0%
Contract liabilities, current 69 2,115 0.6% Payables 859 26,187
6.8% Dividends payable 281 8,557 2.3% Current portion of long-term
liabilities 184 5,612 1.5% Other current liabilities 166 5,041 1.3%
Total current liabilities 1,941 59,171 15.5% Non-current
liabilities Bonds payable 1,270 38,699 10.2% Long-term loans 954
29,065 7.6% Other non-current liabilities 1,416 43,173 11.4% Total
non-current liabilities 3,640 110,937 29.2% Total liabilities 5,581
170,108 44.7% Equity Equity attributable to the parent
company Capital 4,142 126,243 33.2% Additional paid-in capital
1,344 40,968 10.8%
Retained earnings, unrealized gains or
losses on financial
assets measured at fair value through
other comprehensive
income and exchange differences on
translation of foreign
operations
1,667 50,809 13.3% Treasury stock (258) (7,848) (2.1%) Total equity
attributable to the parent company 6,895 210,172 55.2%
Non-controlling interests 20 610 0.1% Total equity 6,915 210,782
55.3% Total liabilities and equity 12,496 380,890 100.0%
Note:New Taiwan Dollars have been translated into U.S. Dollars at
the June 30, 2018 exchange rate of NT $30.48 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year Comparison Quarter over
Quarter Comparison Three-Month Period Ended Three-Month Period
Ended June 30, 2018 June 30, 2017 Chg. June 30, 2018 March 31, 2018
Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Net operating revenues
1,275 38,852 1,232 37,538 3.5% 1,275 38,852 1,230 37,497 3.6%
Operating costs (1,056) (32,177) (1,011) (30,799) 4.5% (1,056)
(32,177) (1,078) (32,855) (2.1%) Gross profit 219 6,675 221 6,739
(0.9%) 219 6,675 152 4,642 43.8% 17.2% 17.2% 18.0% 18.0% 17.2%
17.2% 12.4% 12.4% Operating expenses - Sales and marketing expenses
(36) (1,103) (34) (1,049) 5.1% (36) (1,103) (30) (909) 21.3% -
General and administrative expenses (36) (1,083) (34) (1,035) 4.6%
(36) (1,083) (33) (1,017) 6.5% - Research and development expenses
(99) (3,027) (107) (3,246) (6.7%) (99) (3,027) (96) (2,924) 3.5%
Subtotal (171) (5,213) (175) (5,330) (2.2%) (171) (5,213) (159)
(4,850) 7.5% Net other operating income and expenses 56 1,719 9 259
563.7% 56 1,719 32 977 75.9% Operating income 104 3,181 55 1,668
90.7% 104 3,181 25 769 313.7% 8.2% 8.2% 4.4% 4.4% 8.2% 8.2% 2.1%
2.1% Net non-operating income and expenses (36) (1,095) 14
448 - (36) (1,095) 36 1,088 -
Income from continuing operations before
income tax
68 2,086 69 2,116 (1.4%) 68 2,086 61 1,857 12.3% 5.4% 5.4% 5.6%
5.6% 5.4% 5.4% 5.0% 5.0% Income tax benefit (expense) 11 331
(21) (638) - 11 331 38 1,173 (71.8%) Net income 79 2,417 48 1,478
63.5% 79 2,417 99 3,030 (20.2%) 6.2% 6.2% 3.9% 3.9% 6.2% 6.2% 8.1%
8.1% Other comprehensive income (loss) 87 2,641 46 1,396
89.2% 87 2,641 (7) (234) - Total comprehensive income (loss)
166 5,058 94 2,874 76.0% 166 5,058 92 2,796 80.9%
Net income attributable to:
Stockholders of the parent 120 3,659 69 2,099 74.3% 120 3,659 112
3,400 7.6% Non-controlling interests (41) (1,242) (21) (621)
100.0% (41) (1,242) (13) (370) 235.7% Comprehensive income
(loss) attributable to: Stockholders of the parent 207 6,297 114
3,488 80.5% 207 6,297 104 3,158 99.4% Non-controlling interests
(41) (1,239) (20) (614) 101.8% (41) (1,239) (12) (362) 242.3%
Earnings per share-basic 0.010 0.30 0.006 0.17 0.010 0.30
0.009 0.28 Earnings per ADS (2) 0.049 1.50 0.028 0.85 0.049 1.50
0.046 1.40
Weighted average number of
sharesoutstanding (in millions)
12,049 12,208 12,049 12,203
Notes:
(1) New Taiwan Dollars have been
translated into U.S. Dollars at the June 30, 2018 exchange rate of
NT $30.48 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data
For the Three-Month Period Ended For the Six-Month Period
Ended June 30, 2018 June 30, 2018 US$ NT$ % US$ NT$ % Net operating
revenues 1,275 38,852 100.0% 2,505 76,349 100.0% Operating costs
(1,056) (32,177) (82.8%) (2,134) (65,032) (85.2%) Gross profit 219
6,675 17.2% 371 11,317 14.8% Operating expenses - Sales and
marketing expenses (36) (1,103) (2.8%) (66) (2,012) (2.6%) -
General and administrative expenses (36) (1,083) (2.8%) (69)
(2,099) (2.8%) - Research and development expenses (99) (3,027)
(7.8%) (195) (5,951) (7.8%) Subtotal (171) (5,213) (13.4%) (330)
(10,062) (13.2%) Net other operating income and expenses 56 1,719
4.4% 89 2,696 3.6% Operating income 104 3,181 8.2% 130 3,951 5.2%
Net non-operating income and expenses (36) (1,095) (2.8%)
(1) (8) (0.0%) Income from continuing operations before
income tax
68 2,086 5.4% 129 3,943 5.2% Income tax benefit 11 331 0.8%
50 1,503 1.9% Net income 79 2,417 6.2% 179 5,446 7.1% Other
comprehensive income (loss) 87 2,641 6.8% 79 2,408 3.2%
Total comprehensive income (loss) 166 5,058 13.0% 258 7,854 10.3%
Net income attributable to: Stockholders of the parent 120
3,659 9.4% 232 7,059 9.2% Non-controlling interests (41) (1,242)
(3.2%) (53) (1,613) (2.1%) Comprehensive income (loss)
attributable to: Stockholders of the parent 207 6,297 16.2% 310
9,456 12.4% Non-controlling interests (41) (1,239) (3.2%) (52)
(1,602) (2.1%) Earnings per share-basic 0.010 0.30 0.019
0.58 Earnings per ADS (2) 0.049 1.50 0.095 2.90
Weighted average number of shares
outstanding (in millions)
12,049 12,125
Notes: (1)
New Taiwan Dollars have been translated into U.S. Dollars at the
June 30, 2018 exchange rate of NT $30.48 per U.S. Dollar. (2) 1 ADS
equals 5 common shares.
UNITED MICROELECTRONICS
CORPORATION AND SUBSIDIARIES Consolidated Condensed
Statement of Cash Flows For The Six-Month Period Ended June 30,
2018 Figures in Millions of New Taiwan Dollars (NT$) and U.S.
Dollars (US$)
US$ NT$
Cash
flows from operating activities :
Net income before tax 129
3,943 Depreciation & Amortization 875
26,662 Changes in notes & accounts receivable
(157) (4,774) Changes in other current assets
37 1,136 Changes in contract
liabilities (61) (1,846) Changes in
assets, liabilities and others (67)
(2,080) Net cash provided by operating activities 756
23,041
Cash flows from investing activities :
Acquisition of financial assets at fair value
through profit or loss (14) (418)
Acquisition of investments accounted for under the equity method
(28) (840) Acquisition of property,
plant and equipment (316) (9,617)
Increase in refundable deposits (30)
(920) Others 210 6,384 Net cash used in
investing activities (178) (5,411)
Cash flows from
financing activities :
Decrease in short-term loans (458)
(13,965) Redemption of bonds (246)
(7,500) Treasury stock acquired (103)
(3,129) Others 3 85 Net cash
used in financing activities (804)
(24,509) Effect of
exchange rate changes on cash and cash equivalents 13
397 Net decrease in cash and cash equivalents
(213) (6,482)
Cash and cash equivalents at beginning of period
2,680 81,675
Cash and cash equivalents at end of period
2,467 75,193
Note: New Taiwan Dollars have been translated into
U.S. Dollars at the June 30, 2018 exchange rate of NT $30.48 per
U.S. Dollar.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180725005300/en/
UMCInvestor RelationsMichael Lin / David Wong, +
886-2-2658-9168, ext.
16900jinhong_lin@umc.comdavid_wong@umc.com
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