Company posts full-year 2023 EPS of NT$4.93;
22/28nm contribution in Q4 reaches 36% 12nm collaboration will
propel long-term growth beyond 22/28nm
Fourth Quarter 2023 Overview1:
- Revenue: NT$54.96 billion (US$1.79 billion)
- Gross margin: 32.4%; Operating margin: 22.6%
- Revenue from 22/28nm: 36%
- Capacity utilization rate: 66%
- Net income attributable to shareholders of the parent:
NT$13.20 billion (US$430 million)
- Earnings per share: NT$1.06; earnings per ADS:
US$0.173
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
fourth quarter of 2023.
Fourth quarter consolidated revenue was NT$54.96 billion,
decreasing 3.7% QoQ from NT$57.07 billion in 3Q23. Compared to a
year ago, 4Q23 revenue declined 19.0% YoY from NT$67.84 billion in
4Q22. Consolidated gross margin for 4Q23 was 32.4%. Net income
attributable to the shareholders of the parent was NT$13.20
billion, with earnings per ordinary share of NT$1.06.
Jason Wang, co-president of UMC, said, “In the fourth quarter,
challenging macroeconomic conditions continued to prolong the
inventory correction in the semiconductor industry as our wafer
shipments decreased 2.5% QoQ while overall fab utilization rate
slightly fell to 66%. As our Tainan 12A P6 facility continues to
ramp, our 22/28nm represented 36% of our Q4 wafer revenue,
reflecting record high in revenue as well as percentage of wafer
sales.”
“Overall, 2023 was a year where UMC demonstrated its resilience
in face of challenging external environment, as optimization in
product mix continued to lift 2023 blended ASP by mid-single digit
YoY. In addition, we were successful in safeguarding the company's
structural profitability with a gross margin of 34.9% in 2023 even
as utilization rate significantly declined YoY. Our financial
performance also showed strong resilience, which can be attributed
to diversified customer base and higher contribution from stronger
business stickiness of our specialty technologies offering.”
Co-president Wang commented, “Looking into the first quarter of
2024, we anticipate overall wafer demand will increase mildly,
however, customers maintain a cautious approach in their inventory
management. Moving forward, UMC will continue to navigate headwinds
amid an increasingly competitive landscape and swelling
geopolitical tensions via diversified manufacturing base and
differentiation in 12-inch specialty technologies. Our 12nm FinFET
collaboration is a step forward in advancing our strategy of
pursuing cost-efficient capacity expansion and technology node
advancement in continuing our commitment to customers. This effort
will enable our customers to smoothly migrate to this critical new
node, and also benefit from the resiliency of an added Western
footprint. We anticipate 12nm FinFET collaboration will broaden our
addressable market and significantly accelerate our development
roadmap.”
Co-president Wang added, “Over the years, UMC has invested in a
number of circular economy initiatives. In 2023, we broke ground
for the UMC Circular Economy & Recycling Innovation Center,
which will serve to consolidate our efforts to maximize resource
recovery and minimize waste. Once operational in 2025, the facility
is expected to reduce waste from UMC’s Taiwan fabs by one-third. In
addition, UMC continues to be recognized for its unwavering
contributions to ESG by global institutions, receiving awards in
consecutive years from DJSI, FTSE4Good and ISS. UMC also achieved a
remarkable AA rating in the MSCI ESG Ratings. And for the first
time, UMC was named as one of the "Best Companies to Work for in
Asia" by HR Asia, an authoritative publication for HR
professionals. UMC is committed to tackle growing sustainability
issues with innovative and long-term solutions that can only be
achieved through the hard work and collaboration of its
stakeholders and employees.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
4Q23
3Q23
QoQ % change
4Q22
YoY % change
Operating Revenues
54,958
57,069
(3.7
)
67,836
(19.0
)
Gross Profit
17,806
20,461
(13.0
)
29,124
(38.9
)
Operating Expenses
(6,635
)
(5,722
)
16.0
(6,798
)
(2.4
)
Net Other Operating Income and
Expenses
1,252
573
118.7
1,311
(4.5
)
Operating Income
12,423
15,312
(18.9
)
23,637
(47.4
)
Net Non-Operating Income and Expenses
2,227
3,336
(33.3
)
889
150.4
Net Income Attributable to Shareholders of
the Parent
13,195
15,971
(17.4
)
19,068
(30.8
)
EPS (NT$ per share)
1.06
1.29
1.54
(US$ per ADS)
0.173
0.210
0.251
Fourth quarter operating revenues declined 3.7% sequentially to
NT$54.96 billion. Revenue contribution from 40nm and below
technologies represented 50% of wafer revenue, propelled by the
revenue growth from 22/28nm in 4Q23. Gross profit decreased 13.0%
QoQ to NT$17.81 billion, or 32.4% of revenue. Operating expenses
increased 16.0% to NT$6.64 billion. Net other operating income
increased to NT$1.25 billion. Net non-operating income totaled
NT$2.23 billion. Net income attributable to shareholders of the
parent amounted to NT$13.20 billion.
Earnings per ordinary share for the quarter was NT$1.06.
Earnings per ADS was US$0.173. The basic weighted average number of
shares outstanding in 4Q23 was 12,414,087,724, compared with
12,371,129,866 shares in 3Q23 and 12,348,880,384 shares in 4Q22.
The diluted weighted average number of shares outstanding was
12,589,138,701 in 4Q23, compared with 12,566,773,628 shares in 3Q23
and 12,684,106,050 shares in 4Q22. The fully diluted shares counted
on December 31, 2023 were approximately 12,589,139,000.
Detailed Financials Section
Operating revenues decreased to NT$54.96 billion. COGS grew 1.5%
to NT$37.15 billion, which included 6.1% sequential increase in
depreciation. Gross profit fell 13.0% QoQ to NT$17.81 billion.
Operating expenses increased to NT$6.64 billion, as R&D grew
21.2% sequentially to NT$3.95 billion or 7.2% of revenue, while
Sales & Marketing increased 12.0% to NT$0.82 billion and
G&A was up 11.6% QoQ to NT$1.93 billion. Net other operating
income was NT$1.25 billion. In 4Q23, operating income declined
18.9% QoQ to NT$12.42 billion.
COGS & Expenses
(Amount: NT$ million)
4Q23
3Q23
QoQ % change
4Q22
YoY % change
Operating Revenues
54,958
57,069
(3.7
)
67,836
(19.0
)
COGS
(37,152
)
(36,608
)
1.5
(38,712
)
(4.0
)
Depreciation
(9,006
)
(8,485
)
6.1
(8,898
)
1.2
Other Mfg. Costs
(28,146
)
(28,123
)
0.1
(29,814
)
(5.6
)
Gross Profit
17,806
20,461
(13.0
)
29,124
(38.9
)
Gross Margin (%)
32.4
%
35.9
%
42.9
%
Operating Expenses
(6,635
)
(5,722
)
16.0
(6,798
)
(2.4
)
Sales & Marketing
(823
)
(735
)
12.0
(953
)
(13.6
)
G&A
(1,930
)
(1,731
)
11.6
(2,438
)
(20.8
)
R&D
(3,945
)
(3,255
)
21.2
(3,407
)
15.8
Expected Credit Impairment gain (loss)
63
(1
)
-
(0
)
-
Net Other Operating Income &
Expenses
1,252
573
118.7
1,311
(4.5
)
Operating Income
12,423
15,312
(18.9
)
23,637
(47.4
)
Net non-operating income in 4Q23 was NT$2.23 billion, primarily
reflecting the NT$1.75 billion in net investment gain and the
NT$0.88 billion in net interest income partially offset by the
NT$0.41 billion in exchange loss.
Non-Operating Income and
Expenses
(Amount: NT$ million)
4Q23
3Q23
4Q22
Non-Operating Income and Expenses
2,227
3,336
889
Net Interest Income and Expenses
880
617
584
Net Investment Gain and Loss
1,750
1,885
1,382
Exchange Gain and Loss
(405
)
324
(1,057
)
Other Gain and Loss
2
510
(20
)
In 4Q23, cash inflow from operating activities was NT$26.22
billion. Cash outflow from investing activities totaled NT$26.81
billion, which included NT$20.81 billion in capital expenditure,
resulting in free cash flow of NT$5.41 billion. Cash outflow from
financing was NT$3.89 billion, primarily from NT$4.44 billion in
bank loans. Net cash outflow in 4Q23 amounted to NT$8.09 billion.
Over the next 12 months, the company expects to repay NT$2.23
billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month
Period Ended
Dec. 31, 2023
For the 3-Month
Period Ended
Sep. 30, 2023
Cash Flow from Operating Activities
26,217
19,059
Net income before tax
14,650
18,648
Depreciation & Amortization
10,721
9,928
Share of profit of associates and
joint ventures
(1,918)
(1,022)
Income tax paid
(15)
(1,216)
Changes in working capital &
others
2,779
(7,279)
Cash Flow from Investing Activities
(26,813)
(17,720)
Increase in financial assets measured
at amortized cost
(6,134)
(141)
Acquisition of PP&E
(20,334)
(17,245)
Acquisition of intangible assets
(774)
(560)
Others
429
226
Cash Flow from Financing Activities
(3,892)
(27,602)
Bank loans
(4,435)
21,369
Bonds issued
-
10,000
Increase in deposits-in
720
7,425
Decrease in other financial
liabilities
-
(21,209)
Cash dividends
-
(45,018)
Others
(177)
(169)
Effect of Exchange Rate
(3,600)
3,808
Net Cash Flow
(8,088)
(22,455)
Beginning balance
140,642
163,097
Ending balance
132,554
140,642
Cash and cash equivalents decreased to NT$132.55 billion. Days
of inventory remained unchanged at 89 days.
Current Assets
(Amount: NT$ billion)
4Q23
3Q23
4Q22
Cash and Cash Equivalents
132.55
140.64
173.82
Notes & Accounts Receivable
29.59
31.11
36.98
Days Sales Outstanding
50
49
55
Inventories, net
35.71
36.56
31.07
Days of Inventory
89
89
72
Total Current Assets
216.80
219.28
252.37
Current liabilities slightly increased to NT$99.02 billion.
Long-term credit/bonds decreased to NT$45.24 billion. Total
liabilities increased to NT$199.61 billion, leading to a debt to
equity ratio of 56%.
Liabilities
(Amount: NT$ billion)
4Q23
3Q23
4Q22
Total Current Liabilities
99.02
92.07
108.57
Accounts Payable
7.53
8.37
8.98
Short-Term Credit / Bonds
29.54
30.07
7.59
Payables on Equipment
19.20
15.95
18.63
Other
42.75
37.68
73.37
Long-Term Credit / Bonds
45.24
49.38
39.88
Long-Term Investment Liabilities
-
-
4.22
Total Liabilities
199.61
197.26
197.60
Debt to Equity
56%
56%
59%
Analysis of Revenue2
Revenue from Asia-Pacific increased to 62% while business from
North America fell to 23% of sales. Business from Europe was 11%
while contribution from Japan increased to 4%.
Revenue Breakdown by
Region
Region
4Q23
3Q23
2Q23
1Q23
4Q22
North America
23%
27%
27%
31%
30%
Asia Pacific
62%
58%
56%
50%
54%
Europe
11%
12%
12%
11%
9%
Japan
4%
3%
5%
8%
7%
Revenue contribution from 22/28nm grew to 36% of the wafer
revenue, while 40nm contribution was 14% of sales.
Revenue Breakdown by
Geometry
Geometry
4Q23
3Q23
2Q23
1Q23
4Q22
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
36%
32%
29%
26%
28%
28nm<x<=40nm
14%
13%
12%
15%
17%
40nm<x<=65nm
16%
19%
23%
19%
17%
65nm<x<=90nm
9%
8%
10%
10%
9%
90nm<x<=0.13um
9%
12%
10%
12%
12%
0.13um<x<=0.18um
9%
9%
9%
10%
10%
0.18um<x<=0.35um
5%
5%
5%
6%
5%
0.5um and above
2%
2%
2%
2%
2%
Revenue from fabless customers accounted for 78% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
4Q23
3Q23
2Q23
1Q23
4Q22
Fabless
78%
79%
79%
77%
81%
IDM
22%
21%
21%
23%
19%
Revenue from the communication segment accounted for 47%, while
business from computer applications remained at 13%. Business from
consumer applications was 23% as other segments declined to 17% of
revenue.
Revenue Breakdown by
Application (1)
Application
4Q23
3Q23
2Q23
1Q23
4Q22
Computer
13%
13%
9%
9%
12%
Communication
47%
46%
44%
44%
45%
Consumer
23%
23%
26%
24%
25%
Others
17%
18%
21%
23%
18%
(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) remained flat in 4Q23.
(To view blended ASP trend, please click here for 4Q23 ASP)
Shipment and Utilization Rate3
Wafer shipments decreased 2.5% QoQ to 775K in the fourth
quarter, while quarterly capacity was 1,204K. Overall utilization
rate in 4Q23 declined to 66%.
Wafer Shipments
4Q23
3Q23
2Q23
1Q23
4Q22
Wafer Shipments
(12” K equivalents)
775
795
814
811
984
Quarterly Capacity Utilization
Rate
4Q23
3Q23
2Q23
1Q23
4Q22
Utilization Rate
66%
67%
71%
70%
90%
Total Capacity
(12” K equivalents)
1,204
1,182
1,167
1,121
1,130
Capacity4
Total capacity in the fourth quarter increased to 1,204K 12-inch
equivalent wafers. Capacity will grow in the first quarter of 2024
to 1,212K 12-inch equivalent wafers, 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
1Q24E
4Q23
3Q23
2Q23
WTK
6"
5 – 0.15
328
335
329
371
WTK
6"
82
83
83
82
8A
8"
3 – 0.11
811
765
755
802
8A
8"
206
207
207
207
8C
8"
0.35 – 0.11
473
459
459
452
8C
8"
119
119
120
120
8D
8"
0.18 – 0.09
440
410
380
371
8D
8"
118
118
111
109
8E
8"
0.6 – 0.14
490
469
457
449
8E
8"
130
131
122
122
8F
8"
0.18 – 0.11
570
550
514
485
8F
8"
144
145
145
145
8S
8"
0.18 – 0.11
447
443
408
373
8S
8"
113
114
112
112
8N
8"
0.5 – 0.11
996
952
917
917
8N
8"
252
254
250
248
12A
12"
0.13 – 0.014
1,305
1,170
1,070
1,044
12A
12"
358
346
333
321
12i
12"
0.13 – 0.040
655
655
641
628
12i
12"
164
164
164
164
12X
12"
0.080 – 0.022
317
314
284
217
12X
12"
79
80
80
80
12M
12"
0.13 – 0.040
438
436
395
391
12M
12"
110
110
110
110
Total(1)
4,674
4,458
4,201
4,083
Total
1,212
1,204
1,182
1,167
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 4Q23 totaled US$657 million as 2023 CAPEX
amounted to US$3.0 billion. 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
Brief Summary of Full Year 2023 Consolidated Results
- Consolidated revenue in NTD declined 20.2% YoY to NT$222.53
billion, from NT$278.71 billion in 2022.
- Gross profit decreased 38.2%, compared to a year ago,
representing 34.9% of 2023 revenue.
- Operating income decreased 44.5% year on year, accounting for
26.0% of 2023 revenue.
- Net income attributable to shareholders of the parent fell
30.1% to NT$60.99 billion in 2023.
- EPS was NT$4.93, or EPADS of US$0.803 for 2023.
- 22/28nm revenue contribution accounted for 31% in 2023.
Operating Results
(Amount: NT$ million)
2023
2022
YoY %
change
Operating Revenues
222,533
278,705
(20.2
)
Gross Profit
77,744
125,764
(38.2
)
Operating Expenses
(23,855
)
(26,812
)
(11.0
)
Net Other Operating Income and
Expenses
4,002
5,340
(25.0
)
Operating Income
57,891
104,292
(44.5
)
Net Non-Operating Income and Expenses
13,021
1,805
621.4
Income Tax Expense
(9,472
)
(18,079
)
(47.6
)
Net Income Attributable to Shareholders of
the Parent
60,990
87,198
(30.1
)
EPS (NT$ per share)
4.93
7.09
(US$ per ADS)
0.803
1.154
Annual Sales Breakdown in Revenue for Foundry Segment
Region
2023
2022
North America
27%
24%
Asia Pacific
57%
61%
Europe
11%
9%
Japan
5%
6%
Technology
2023
2022
14nm and below
0%
0%
14nm<x<=28nm
31%
24%
28nm<x<=40nm
14%
18%
40nm<x<=65nm
19%
18%
65nm<x<=90nm
10%
8%
90nm<x<=0.13um
10%
12%
0.13um<x<=0.18um
9%
11%
0.18um<x<=0.35um
5%
7%
0.5um and above
2%
2%
Customer Type
2023
2022
Fabless
78%
84%
IDM
22%
16%
Application
2023
2022
Computer
11%
15%
Communication
45%
45%
Consumer
24%
26%
Others
20%
14%
First Quarter 2024 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will increase by approximately 2-3%
- ASP in USD: Will decrease by 5%
- Gross Profit Margin: Will be approximately 30%
- Capacity Utilization: low-60% range
- 2024 CAPEX: US$3.3 billion
Recent Developments / Announcements
Oct. 31, 2023
UMC Launches W2W 3D IC Project with
Partners, Targeting Growth in Edge AI
Dec. 11, 2023
UMC recognized for ESG strength with DJSI
World & Emerging Markets Index and MSCI-ESG AA Rating
Jan. 2, 2024
UMC Achieves AAA Certification for
Excellence in Intellectual Property Management and Protection
Jan. 25, 2024
Intel and UMC Announce New Foundry
Collaboration
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, January 31, 2024
Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 AM
(London)
Dial-in numbers and Access Codes:
Taiwan Number:
02 3396 1191
Taiwan Toll Free:
0080 185 4007
US Toll Free:
+1 866 212 5567
Other Areas:
+886 2 3396 1191
Access Code:
1029531#
A live webcast and replay of the 4Q23 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 fourth
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 “First 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 December 31, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) December 31, 2023 US$ NT$ % Assets Current assets Cash
and cash equivalents
4,316
132,554
23.7%
Accounts receivable, net
963
29,586
5.3%
Inventories, net
1,163
35,713
6.4%
Other current assets
618
18,944
3.4%
Total current assets
7,060
216,797
38.8%
Non-current assets Funds and investments
2,418
74,255
13.3%
Property, plant and equipment
7,786
239,123
42.8%
Right-of-use assets
228
7,000
1.3%
Other non-current assets
717
22,012
3.8%
Total non-current assets
11,149
342,390
61.2%
Total assets
18,209
559,187
100.0%
Liabilities Current liabilities Short-term loans
441
13,530
2.4%
Payables
1,923
59,051
10.6%
Current portion of long-term liabilities
521
16,007
2.9%
Other current liabilities
339
10,427
1.8%
Total current liabilities
3,224
99,015
17.7%
Non-current liabilities Bonds payable
800
24,580
4.4%
Long-term loans
673
20,656
3.7%
Lease liabilities, noncurrent
159
4,879
0.9%
Other non-current liabilities
1,644
50,478
9.0%
Total non-current liabilities
3,276
100,593
18.0%
Total liabilities
6,500
199,608
35.7%
Equity Equity attributable to the parent company Capital
4,080
125,298
22.4%
Additional paid-in capital
467
14,325
2.5%
Retained earnings and other components of equity
7,151
219,615
39.3%
Total equity attributable to the parent company
11,698
359,238
64.2%
Non-controlling interests
11
341
0.1%
Total equity
11,709
359,579
64.3%
Total liabilities and equity
18,209
559,187
100.0%
Note:New Taiwan Dollars have been translated into U.S.
Dollars at the December 31, 2023 exchange rate of NT $30.71 per
U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND
SUBSIDIARIES Consolidated Condensed Statements of
Comprehensive Income Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data
Year over Year Comparison Quarter over Quarter
Comparison Three-Month Period Ended Three-Month Period Ended
December 31, 2023 December 31, 2022 Chg. December 31, 2023
September 30, 2023 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues
1,790
54,958
2,209
67,836
(19.0
%)
1,790
54,958
1,858
57,069
(3.7
%)
Operating costs
(1,210
)
(37,152
)
(1,261
)
(38,712
)
(4.0
%)
(1,210
)
(37,152
)
(1,192
)
(36,608
)
1.5
%
Gross profit
580
17,806
948
29,124
(38.9
%)
580
17,806
666
20,461
(13.0
%)
32.4
%
32.4
%
42.9
%
42.9
%
32.4
%
32.4
%
35.9
%
35.9
%
Operating expenses - Sales and marketing expenses
(27
)
(823
)
(31
)
(953
)
(13.6
%)
(27
)
(823
)
(24
)
(735
)
12.0
%
- General and administrative expenses
(63
)
(1,930
)
(79
)
(2,438
)
(20.8
%)
(63
)
(1,930
)
(56
)
(1,731
)
11.6
%
- Research and development expenses
(128
)
(3,945
)
(111
)
(3,407
)
15.8
%
(128
)
(3,945
)
(106
)
(3,255
)
21.2
%
- Expected credit impairment gain (loss)
2
63
(0
)
(0
)
-
2
63
(0
)
(1
)
-
Subtotal
(216
)
(6,635
)
(221
)
(6,798
)
(2.4
%)
(216
)
(6,635
)
(186
)
(5,722
)
16.0
%
Net other operating income and expenses
41
1,252
43
1,311
(4.5
%)
41
1,252
19
573
118.7
%
Operating income
405
12,423
770
23,637
(47.4
%)
405
12,423
499
15,312
(18.9
%)
22.6
%
22.6
%
34.8
%
34.8
%
22.6
%
22.6
%
26.8
%
26.8
%
Net non-operating income and expenses
72
2,227
29
889
150.4
%
72
2,227
108
3,336
(33.3
%)
Income from continuing operations before income tax
477
14,650
799
24,526
(40.3
%)
477
14,650
607
18,648
(21.4
%)
26.7
%
26.7
%
36.2
%
36.2
%
26.7
%
26.7
%
32.7
%
32.7
%
Income tax expense
(47
)
(1,457
)
(176
)
(5,406
)
(73.0
%)
(47
)
(1,457
)
(87
)
(2,682
)
(45.7
%)
Net income
430
13,193
623
19,120
(31.0
%)
430
13,193
520
15,966
(17.4
%)
24.0
%
24.0
%
28.2
%
28.2
%
24.0
%
24.0
%
28.0
%
28.0
%
Other comprehensive income (loss)
(124
)
(3,808
)
14
429
-
(124
)
(3,808
)
232
7,138
-
Total comprehensive income (loss)
306
9,385
637
19,549
(52.0
%)
306
9,385
752
23,104
(59.4
%)
Net income attributable to: Shareholders of the parent
430
13,195
621
19,068
(30.8
%)
430
13,195
520
15,971
(17.4
%)
Non-controlling interests
(0
)
(2
)
2
52
-
(0
)
(2
)
(0
)
(5
)
(61.1
%)
Comprehensive income (loss) attributable to: Shareholders of
the parent
306
9,387
635
19,497
(51.9
%)
306
9,387
752
23,109
(59.4
%)
Non-controlling interests
(0
)
(2
)
2
52
-
(0
)
(2
)
(0
)
(5
)
(59.9
%)
Earnings per share-basic
0.035
1.06
0.050
1.54
0.035
1.06
0.042
1.29
Earnings per ADS (2)
0.173
5.30
0.251
7.70
0.173
5.30
0.210
6.45
Weighted average number of shares outstanding (in millions)
12,414
12,349
12,414
12,371
Notes: (1) New Taiwan Dollars have been translated
into U.S. Dollars at the December 31, 2023 exchange rate of NT
$30.71 per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data For the Three-Month Period Ended
For the Twelve-Month Period Ended December 31, 2023 December 31,
2023 US$ NT$ % US$ NT$ % Operating revenues
1,790
54,958
100.0
%
7,246
222,533
100.0
%
Operating costs
(1,210
)
(37,152
)
(67.6
%)
(4,714
)
(144,789
)
(65.1
%)
Gross profit
580
17,806
32.4
%
2,532
77,744
34.9
%
Operating expenses - Sales and marketing expenses
(27
)
(823
)
(1.5
%)
(105
)
(3,225
)
(1.5
%)
- General and administrative expenses
(63
)
(1,930
)
(3.5
%)
(243
)
(7,477
)
(3.3
%)
- Research and development expenses
(128
)
(3,945
)
(7.2
%)
(433
)
(13,284
)
(6.0
%)
- Expected credit impairment gain
2
63
0.1
%
4
131
0.1
%
Subtotal
(216
)
(6,635
)
(12.1
%)
(777
)
(23,855
)
(10.7
%)
Net other operating income and expenses
41
1,252
2.3
%
130
4,002
1.8
%
Operating income
405
12,423
22.6
%
1,885
57,891
26.0
%
Net non-operating income and expenses
72
2,227
4.1
%
424
13,021
5.9
%
Income from continuing operations before income tax
477
14,650
26.7
%
2,309
70,912
31.9
%
Income tax expense
(47
)
(1,457
)
(2.7
%)
(308
)
(9,472
)
(4.3
%)
Net income
430
13,193
24.0
%
2,001
61,440
27.6
%
Other comprehensive income (loss)
(124
)
(3,808
)
(6.9
%)
209
6,418
2.9
%
Total comprehensive income (loss)
306
9,385
17.1
%
2,210
67,858
30.5
%
Net income attributable to: Shareholders of the parent
430
13,195
24.0
%
1,986
60,990
27.4
%
Non-controlling interests
(0
)
(2
)
(0.0
%)
15
450
0.2
%
Comprehensive income (loss) attributable to: Shareholders of
the parent
306
9,387
17.1
%
2,195
67,408
30.3
%
Non-controlling interests
(0
)
(2
)
(0.0
%)
15
450
0.2
%
Earnings per share-basic
0.035
1.06
0.161
4.93
Earnings per ADS (2)
0.173
5.30
0.803
24.65
Weighted average number of shares outstanding (in millions)
12,414
12,371
Notes: (1) New Taiwan Dollars have been translated into U.S.
Dollars at the December 31, 2023 exchange rate of NT $30.71 per
U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statement of Cash Flows For The Twelve-Month Period
Ended December 31, 2023 Figures in Millions of New Taiwan Dollars
(NT$) and U.S. Dollars (US$) US$ NT$
Cash flows from
operating activities : Net income before tax
2,309
70,912
Depreciation & Amortization
1,318
40,484
Share of profit of associates and joint ventures
(225
)
(6,913
)
Income tax paid
(521
)
(16,012
)
Changes in working capital & others
(81
)
(2,471
)
Net cash provided by operating activities
2,800
86,000
Cash flows from investing activities : Increase in
financial assets measured at amortized cost
(183
)
(5,617
)
Acquisition of property, plant and equipment
(2,979
)
(91,474
)
Acquisition of intangible assets
(83
)
(2,547
)
Others
61
1,851
Net cash used in investing activities
(3,184
)
(97,787
)
Cash flows from financing activities : Increase in
short-term loans
441
13,530
Proceeds from bonds issued
326
10,000
Proceeds from long-term loans
502
15,416
Repayments of long-term loans
(376
)
(11,558
)
Increase in guarantee deposits
339
10,423
Decrease in other financial liabilities
(691
)
(21,209
)
Cash dividends
(1,466
)
(45,015
)
Others
(22
)
(673
)
Net cash used in financing activities
(947
)
(29,086
)
Effect of exchange rate changes on cash and cash equivalents
(13
)
(392
)
Net decrease in cash and cash equivalents
(1,344
)
(41,265
)
Cash and cash equivalents at beginning of period
5,660
173,819
Cash and cash equivalents at end of period
4,316
132,554
Note: New Taiwan Dollars have been translated into
U.S. Dollars at the December 31, 2023 exchange rate of NT $30.71
per U.S. Dollar.
__________________________
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending
December 31, 2023, the three-month period ending September 30,
2023, and the equivalent three-month period that ended December 31,
2022. For all 4Q23 results, New Taiwan Dollar (NT$) amounts have
been converted into U.S. Dollars at the December 31, 2023 exchange
rate of NT$ 30.71 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/20240131708568/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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