UMC Reports First Quarter 2024 Results
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$0.131
First quarter consolidated revenue was
Co-president Wang commented, “Looking ahead to the second quarter, we expect to see an increase in wafer shipments as the inventory situation in the computing, consumer, and communication segments improves to a healthier level. As for the automotive and industrial segments, demand remains muted as the pace of inventory digestion has been slower than anticipated. While we still expect some lingering impact from macro uncertainties and cost headwinds in the near term, we will continue to invest in technology, capacity, and people to ensure UMC is ready to capture the next phase of growth driven by 5G and AI innovations.”
Co-president Wang added, “UMC is proud to be the only semiconductor company globally to receive double “A” rating in CDP’s 2023 Climate Change and Water Security assessment, the foremost standard amongst investors and other stakeholders for measuring transparency and action on environmental issues, for two consecutive years. This is an incredible achievement and I commend all our teams for their commitment to minimizing the environment impact of our business and helping UMC become the sustainability leader in our industry.”
Summary of Operating Results
Operating Results |
||||||||||||||
(Amount: NT$ million) |
1Q24 |
4Q23 |
QoQ %
|
1Q23 |
YoY %
|
|||||||||
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
Earnings per ordinary share for the quarter was
Detailed Financials Section
Operating revenues decreased to
COGS & Expenses |
|||||||||||||||
(Amount: NT$ million) |
1Q24 |
4Q23 |
QoQ %
|
1Q23 |
YoY %
|
||||||||||
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
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
Cash Flow Summary |
|||||
(Amount: NT$ million) |
For the 3-Month
|
For the 3-Month
|
|||
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 |
) |
|
|
(13,123 |
) |
(8,088 |
) |
|
Beginning balance |
132,554 |
|
140,642 |
|
|
Ending balance |
119,431 |
|
132,554 |
|
`
Cash and cash equivalents decreased to
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
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
Revenue Breakdown by Region |
||||||||||
Region |
1Q24 |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
|||||
|
25 |
% |
23 |
% |
27 |
% |
27 |
% |
31 |
% |
|
63 |
% |
62 |
% |
58 |
% |
56 |
% |
50 |
% |
|
8 |
% |
11 |
% |
12 |
% |
12 |
% |
11 |
% |
|
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
|
810 |
775 |
795 |
814 |
811 |
|
|
|
|||||
Quarterly Capacity Utilization Rate |
|
|||||
|
1Q24 |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
|
Utilization Rate |
65% |
66% |
67% |
71% |
70% |
|
Total Capacity
|
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
|
|
Quarterly Capacity in
|
|||||||||||
FAB |
Geometry
|
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
Capital Expenditure by Year - in US$ billion
Year |
2023 |
2022 |
2021 |
2020 |
2019 |
|||||
CAPEX |
|
|
|
|
|
2024 CAPEX Plan
8" |
12" |
Total |
||
5% |
95% |
|
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
|
UMC Earns top rating in CDP’s Climate Change and Water Security for Two Consecutive Years |
|
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
Time:5:00 PM (
Dial-in numbers and Access Codes: |
|
Taiwan Number: |
02 3396 1191 |
|
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
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
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
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 TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
||||||
Consolidated Condensed Balance Sheet |
||||||
As of |
||||||
Figures in Millions of New |
||||||
|
||||||
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 |
||||||
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
Figures in Millions of New |
|||||||||||||||||||||||||||||
Except Per Share and Per ADS Data | |||||||||||||||||||||||||||||
Year over Year Comparison | Quarter over Quarter Comparison | ||||||||||||||||||||||||||||
Three-Month Period Ended | Three-Month Period Ended | ||||||||||||||||||||||||||||
|
|
Chg. |
|
|
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: | |||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
(2) 1 ADS equals 5 common shares. | |||||||||||||||||||||||||||||
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||
Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||
Figures in Millions of New |
|||||||||||||||||
Except Per Share and Per ADS Data | |||||||||||||||||
For the Three-Month Period Ended | For the Three-Month Period Ended | ||||||||||||||||
|
|
||||||||||||||||
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: | |||||||||||||||||
|
|||||||||||||||||
(2) 1 ADS equals 5 common shares. |
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
|||||
Consolidated Condensed Statement of Cash Flows |
|||||
For The Three-Month Period Ended |
|||||
Figures in Millions of New |
|||||
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 |
__________________________
1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by
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/
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
jinhong_lin@umc.com
david_wong@umc.com
Source: