[April 25, 2018] |
|
UMC Reports First Quarter 2018 Results
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
2018.
First quarter consolidated revenue was NT$37.50 billion, up 2.4% from
NT$36.63 billion in 4Q17 and flat YoY from NT$37.42 billion in 1Q17.
Consolidated gross margin for 1Q18 was 12.4%. Net income attributable to
stockholders of the parent was NT$3.40 billion, with earnings per
ordinary share of NT$0.28.
Jason Wang, co-president of UMC, said, "In the first quarter of 2018,
despite the unfavorable movement of the NT dollar, our foundry revenue
increased 2.5% QoQ to NT$37.44 billion. Stable loading across 8" and
mature 12" technologies resulted in an overall utilization rate of 94%,
bringing wafer shipments to 1.75 million 8-inch equivalent wafers.
Softening demand in smartphone and other wireless devices was more than
offset by strength in the computer and consumer segments."
Co-president Wang continued, "Looking into the second quarter, we
anticipate our wafer shipments to increase, mainly due to growing
business opportunities from wireless communication as well as computer
peripheral related chip demand. As we secure new product tape outs
across advanced and mature technologies including 28nm, we will leverage
our collaborative efforts with customers supported by UMC's
manufacturing excellence to enhance our market share and financial
results. While we focus on revenue and profit growth, we also seek to
maximize shareholder returns. Subject to shareholders' approval, the
board of directors recently proposed a cash dividend distribution of
approximately NT$0.70 per share, which constitutes around an 88% cash
dividend payout ratio. In addition, we began our 18th share buyback
program in March 8, 2018 and will complete the purchase of shares for
cancellation by May 7, 2018. Moving forward, we will continue to improve
UMC's profitability and maintaining business growth to maximize benefits
to our shareholders."
______________________
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized by
Financial Supervisory Commission in the ROC, which is different from
IFRSs issued by the International Accounting Standards Board. They
represent comparisons among the three-month period ending March 31,
2018, the three-month period ending December 31, 2017, and the
equivalent three-month period that ended March 31, 2017. For all 1Q18
results, New Taiwan Dollar (NT$) amounts have been converted into U.S.
Dollars at the March 31, 2018 exchange rate of NT$ 29.11 per U.S. Dollar.
Summary of Operating Results
Operating Results
|
|
|
|
(Amount: NT$ million)
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
QoQ % change
|
|
|
|
1Q17
|
|
|
|
YoY % change
|
|
|
|
Net Operating Revenues
|
|
|
37,497
|
|
|
|
|
36,631
|
|
|
|
|
2.4
|
|
|
|
|
37,418
|
|
|
|
|
0.2
|
|
|
|
|
Gross Profit
|
|
|
4,642
|
|
|
|
|
6,298
|
|
|
|
|
(26.3
|
)
|
|
|
|
7,428
|
|
|
|
|
(37.5
|
)
|
|
|
|
Operating Expenses
|
|
|
(4,850
|
)
|
|
|
|
(5,198
|
)
|
|
|
|
(6.7
|
)
|
|
|
|
(6,211
|
)
|
|
|
|
(21.9
|
)
|
|
|
|
Net Other Operating Income and Expenses
|
|
|
977
|
|
|
|
|
801
|
|
|
|
|
22.0
|
|
|
|
|
154
|
|
|
|
|
534.4
|
|
|
|
|
Operating Income
|
|
|
769
|
|
|
|
|
1,901
|
|
|
|
|
(59.5
|
)
|
|
|
|
1,371
|
|
|
|
|
(43.9
|
)
|
|
|
|
Net Non-Operating Income and Expenses
|
|
|
1,088
|
|
|
|
|
(152
|
)
|
|
|
|
-
|
|
|
|
|
(304
|
)
|
|
|
|
-
|
|
|
|
|
Net Income Attributable to Stockholders of the Parent
|
|
|
3,400
|
|
|
|
|
1,771
|
|
|
|
|
92.0
|
|
|
|
|
2,286
|
|
|
|
|
48.7
|
|
|
|
|
EPS (NT$ per share)
|
|
|
0.28
|
|
|
|
|
0.15
|
|
|
|
|
|
|
|
|
0.19
|
|
|
|
|
|
|
|
|
(US$ per ADS)
|
|
|
0.048
|
|
|
|
|
0.026
|
|
|
|
|
|
|
|
|
0.033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating revenues in 1Q18 increased 2.4% to NT$37.50 billion,
including NT$37.44 billion from the foundry segment. Revenue
contribution from 40nm and below technologies remained flat at 44%.
Gross profit declined 26.3% to NT$4.64 billion, or 12.4% of revenue.
Operating expenses decreased 6.7% to NT$4.85 billion. Net other
operating income was NT$977 million, leading to operating income of
NT$0.77 billion. Net non-operating income was NT$1.09 billion. Net
income attributable to stockholders of the parent was NT$3.40 billion.
Earnings per ordinary share for the quarter was NT$0.28. Earnings per
ADS was US$0.048. The basic weighted average number of outstanding
shares in 1Q18 was 12,202,773,078, compared with 12,208,239,978 shares
in 4Q17 and 12,208,239,978 shares in 1Q17. The diluted weighted average
number of outstanding shares was 13,457,161,259 in 1Q18, compared with
13,474,873,551 shares in 4Q17 and 13,418,016,296 shares in 1Q17. The
fully diluted share count on March 31, 2018 was approximately
13,839,101,000. On March 31, 2018, UMC held 440 million treasury shares
acquired from the 16th, 17th and 18th share buy-back programs.
Detailed Financials Section
Net operating revenues grew 2.4% to NT$37.50 billion. COGS increased to
NT$32.86 billion, as depreciation increased 7.5% to NT$11.82 billion.
Other manufacturing costs increased 8.8% to NT$21.04 billion mainly from
higher wafer shipments. Gross profit was NT$4.64 billion. Operating
expenses declined 6.7% to NT$4.85 billion. General and Administrative
(G&A) expenses decreased 12.6% to NT$1.02 billion. Sales & Marketing
declined 3.7% to NT$0.91 billion and R&D expense fell 5.4% to NT$2.92
billion, or 7.8% of net operating revenues. Net other operating income
was NT$977 million, leading to an operating income of NT$769 million.
COGS & Expenses
|
|
|
|
(Amount: NT$ million)
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
QoQ % change
|
|
|
|
1Q17
|
|
|
|
YoY % change
|
|
|
|
Net Operating Revenues
|
|
|
37,497
|
|
|
|
|
36,631
|
|
|
|
|
2.4
|
|
|
|
|
37,418
|
|
|
|
|
0.2
|
|
|
|
|
COGS
|
|
|
(32,855
|
)
|
|
|
|
(30,333
|
)
|
|
|
|
8.3
|
|
|
|
|
(29,990
|
)
|
|
|
|
9.6
|
|
|
|
|
Depreciation
|
|
|
(11,815
|
)
|
|
|
|
(10,990
|
)
|
|
|
|
7.5
|
|
|
|
|
(11,032
|
)
|
|
|
|
7.1
|
|
|
|
|
Other Mfg. Costs
|
|
|
(21,040
|
)
|
|
|
|
(19,343
|
)
|
|
|
|
8.8
|
|
|
|
|
(18,958
|
)
|
|
|
|
11.0
|
|
|
|
|
Gross Profit
|
|
|
4,642
|
|
|
|
|
6,298
|
|
|
|
|
(26.3
|
)
|
|
|
|
7,428
|
|
|
|
|
(37.5
|
)
|
|
|
|
Gross Margin (%)
|
|
|
12.4
|
%
|
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
19.9
|
%
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(4,850
|
)
|
|
|
|
(5,198
|
)
|
|
|
|
(6.7
|
)
|
|
|
|
(6,211
|
)
|
|
|
|
(21.9
|
)
|
|
|
|
G&A
|
|
|
(1,017
|
)
|
|
|
|
(1,164
|
)
|
|
|
|
(12.6
|
)
|
|
|
|
(1,050
|
)
|
|
|
|
(3.1
|
)
|
|
|
|
Sales & Marketing
|
|
|
(909
|
)
|
|
|
|
(944
|
)
|
|
|
|
(3.7
|
)
|
|
|
|
(1,170
|
)
|
|
|
|
(22.3
|
)
|
|
|
|
R&D
|
|
|
(2,924
|
)
|
|
|
|
(3,090
|
)
|
|
|
|
(5.4
|
)
|
|
|
|
(3,991
|
)
|
|
|
|
(26.7
|
)
|
|
|
|
Net Other Operating
Income & Expenses
|
|
|
977
|
|
|
|
|
801
|
|
|
|
|
22.0
|
|
|
|
|
154
|
|
|
|
|
534.4
|
|
|
|
|
Operating Income
|
|
|
769
|
|
|
|
|
1,901
|
|
|
|
|
(59.5
|
)
|
|
|
|
1,371
|
|
|
|
|
(43.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income in 1Q18 was NT$1.09 billion, which primarily
resulted from NT$1.02 billion in exchange gain and NT$582 million in net
investment gain, which were partially offset by a NT$529 million in net
interest expenses.
Non-Operating Income and Expenses
|
|
|
|
(Amount: NT$ million)
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
1Q17
|
|
|
|
Non-Operating Income and Expenses
|
|
|
1,088
|
|
|
|
|
(152
|
)
|
|
|
|
(304
|
)
|
|
|
|
Net Interest Income and Expenses
|
|
|
(529
|
)
|
|
|
|
(542
|
)
|
|
|
|
(472
|
)
|
|
|
|
Net Investment Gain and Loss
|
|
|
582
|
|
|
|
|
(102
|
)
|
|
|
|
654
|
|
|
|
|
Exchange Gain and Loss
|
|
|
1,021
|
|
|
|
|
500
|
|
|
|
|
(517
|
)
|
|
|
|
Other Gain and Loss
|
|
|
14
|
|
|
|
|
(8
|
)
|
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash inflow from operating activities was NT$8.78 billion. Cash inflow
from investing activities amounted to NT$0.67 billion, including NT$5.72
billion in CAPEX spending for the foundry segment, resulting in free
cash flow of NT$3.06 billion. Cash outflow from financing activities
totaled NT$13.71 billion, mainly from NT$7.50 billion in redemption of
bonds and NT$5.56 billion in bank loans. Net cash outflow in 1Q18 was
NT$4.53 billion. Over the next 12 months, the company expects to repay
NT$2.40 billion in bank loans.
Cash Flow Summary
|
|
|
|
(Amount: NT$ million)
|
|
|
For the 3-Month
Period Ended Mar. 31, 2018
|
|
|
|
For the 3-Month Period Ended Dec. 31, 2017
|
|
|
|
Cash Flow from Operating Activities
|
|
|
8,776
|
|
|
|
|
12,899
|
|
|
|
|
Net income before tax
|
|
|
1,857
|
|
|
|
|
1,749
|
|
|
|
|
Depreciation & Amortization
|
|
|
13,288
|
|
|
|
|
13,227
|
|
|
|
|
Net gain of financial assets and liabilities at FVTPL
|
|
|
(377
|
)
|
|
|
|
(86
|
)
|
|
|
|
Impairment loss on financial assets
|
|
|
-
|
|
|
|
|
254
|
|
|
|
|
Exchange gain on financial assets and liabilities
|
|
|
(1,356
|
)
|
|
|
|
(642
|
)
|
|
|
|
Changes in working capital
|
|
|
(3,231
|
)
|
|
|
|
(655
|
)
|
|
|
|
Income tax paid
|
|
|
(632
|
)
|
|
|
|
(152
|
)
|
|
|
|
Other
|
|
|
(773
|
)
|
|
|
|
(796
|
)
|
|
|
|
Cash Flow from Investing Activities
|
|
|
666
|
|
|
|
|
(6,034
|
)
|
|
|
|
Capital expenditures
|
|
|
(5,716
|
)
|
|
|
|
(10,961
|
)
|
|
|
|
Proceeds from disposal of AFS financial assets
|
|
|
-
|
|
|
|
|
313
|
|
|
|
|
Acquisition of intangible assets
|
|
|
(248
|
)
|
|
|
|
(360
|
)
|
|
|
|
Other
|
|
|
6,630
|
|
|
|
|
4,974
|
|
|
|
|
Cash Flow from Financing Activities
|
|
|
(13,714
|
)
|
|
|
|
5,214
|
|
|
|
|
Bank loans
|
|
|
(5,561
|
)
|
|
|
|
(41
|
)
|
|
|
|
Bonds Issued
|
|
|
-
|
|
|
|
|
5,400
|
|
|
|
|
Redemption of bonds
|
|
|
(7,500
|
)
|
|
|
|
-
|
|
|
|
|
Other
|
|
|
(653
|
)
|
|
|
|
(145
|
)
|
|
|
|
Effect of Exchange Rate
|
|
|
(260
|
)
|
|
|
|
(343
|
)
|
|
|
|
Net Cash Flow
|
|
|
(4,532
|
)
|
|
|
|
11,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents decreased to NT$77.14 billion. Days of
inventory decreased to 49 days.
Current Assets
|
|
|
|
(Amount: NT$ billion)
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
1Q17
|
|
|
|
Cash and Cash Equivalents
|
|
|
77.14
|
|
|
|
81.68
|
|
|
|
60.81
|
|
|
|
Notes & Accounts Receivable
|
|
|
25.01
|
|
|
|
20.97
|
|
|
|
20.88
|
|
|
|
Days Sales Outstanding
|
|
|
56
|
|
|
|
54
|
|
|
|
54
|
|
|
|
Inventories, net
|
|
|
17.14
|
|
|
|
18.26
|
|
|
|
16.26
|
|
|
|
Days of Inventory
|
|
|
49
|
|
|
|
53
|
|
|
|
51
|
|
|
|
Total Current Assets
|
|
|
136.42
|
|
|
|
139.16
|
|
|
|
111.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities decreased to NT$72.57 billion, mainly from a
decrease in Short-Term Credit/Bonds. Total liabilities declined to
NT$169.35 billion, leading to a debt to equity ratio of 78%.
Liabilities
|
|
|
|
(Amount: NT$ billion)
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
1Q17
|
|
|
|
Total Current Liabilities
|
|
|
72.57
|
|
|
|
88.06
|
|
|
|
66.87
|
|
|
|
Notes & Accounts Payable
|
|
|
7.00
|
|
|
|
6.54
|
|
|
|
6.44
|
|
|
|
Short-Term Credit / Bonds
|
|
|
40.00
|
|
|
|
52.81
|
|
|
|
36.34
|
|
|
|
Payable on Equipment
|
|
|
2.97
|
|
|
|
4.67
|
|
|
|
6.41
|
|
|
|
Other
|
|
|
22.60
|
|
|
|
24.04
|
|
|
|
17.68
|
|
|
|
Long-Term Credit / Bonds
|
|
|
52.61
|
|
|
|
53.32
|
|
|
|
62.31
|
|
|
|
Long-Term Investment Liabilities
|
|
|
20.90
|
|
|
|
20.49
|
|
|
|
19.47
|
|
|
|
Total Liabilities
|
|
|
169.35
|
|
|
|
180.06
|
|
|
|
162.70
|
|
|
|
Debt to Equity
|
|
|
78%
|
|
|
|
84%
|
|
|
|
75%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analysis of Revenue2
for Foundry Segment
Revenue from Asia Pacific increased to 47% while the contribution from
North American customers declined to 42%. Revenue from Japan remained at
3%.
Revenue Breakdown by Region
|
|
|
|
Region
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
North America
|
|
|
42
|
%
|
|
|
|
43
|
%
|
|
|
|
43
|
%
|
|
|
|
42
|
%
|
|
|
|
41
|
%
|
|
|
|
Asia Pacific
|
|
|
47
|
%
|
|
|
|
45
|
%
|
|
|
|
47
|
%
|
|
|
|
47
|
%
|
|
|
|
50
|
%
|
|
|
|
Europe
|
|
|
8
|
%
|
|
|
|
9
|
%
|
|
|
|
8
|
%
|
|
|
|
7
|
%
|
|
|
|
5
|
%
|
|
|
|
Japan
|
|
|
3
|
%
|
|
|
|
3
|
%
|
|
|
|
2
|
%
|
|
|
|
4
|
%
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business from 14nm remained unchanged at 2% of 1Q18 revenue, while 28nm
contribution declined to 12%.
Revenue Breakdown by Geometry
|
|
|
|
Geometry
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
14nm and below
|
|
|
2
|
%
|
|
|
|
2
|
%
|
|
|
|
1
|
%
|
|
|
|
1
|
%
|
|
|
|
0
|
%
|
|
|
|
14nm<x<=28nm
|
|
|
12
|
%
|
|
|
|
15
|
%
|
|
|
|
15
|
%
|
|
|
|
17
|
%
|
|
|
|
17
|
%
|
|
|
|
28nm<x<=40nm
|
|
|
30
|
%
|
|
|
|
28
|
%
|
|
|
|
29
|
%
|
|
|
|
28
|
%
|
|
|
|
29
|
%
|
|
|
|
40nm<x<=65nm
|
|
|
13
|
%
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
13
|
%
|
|
|
|
65nm<x<=90nm
|
|
|
6
|
%
|
|
|
|
5
|
%
|
|
|
|
6
|
%
|
|
|
|
5
|
%
|
|
|
|
4
|
%
|
|
|
|
90nm<x<=0.13um
|
|
|
11
|
%
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
11
|
%
|
|
|
|
0.13um<x<=0.18um
|
|
|
13
|
%
|
|
|
|
13
|
%
|
|
|
|
12
|
%
|
|
|
|
12
|
%
|
|
|
|
13
|
%
|
|
|
|
0.18um<x<=0.35um
|
|
|
10
|
%
|
|
|
|
10
|
%
|
|
|
|
10
|
%
|
|
|
|
10
|
%
|
|
|
|
10
|
%
|
|
|
|
0.5um and above
|
|
|
3
|
%
|
|
|
|
3
|
%
|
|
|
|
3
|
%
|
|
|
|
3
|
%
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fabless customers accounted for 92% of revenue in 1Q18.
Revenue Breakdown by Customer Type
|
|
|
|
Customer Type
|
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
Fabless
|
|
|
|
92
|
%
|
|
|
|
91
|
%
|
|
|
|
90
|
%
|
|
|
|
91
|
%
|
|
|
|
93
|
%
|
|
|
|
IDM
|
|
|
|
8
|
%
|
|
|
|
9
|
%
|
|
|
|
10
|
%
|
|
|
|
9
|
%
|
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication segment represented 47% of sales while revenue from
consumer applications remained flat at 29%.
Revenue Breakdown by Application (1)
|
|
|
|
Application
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
Computer
|
|
|
14
|
%
|
|
|
|
13
|
%
|
|
|
|
14
|
%
|
|
|
|
14
|
%
|
|
|
|
12
|
%
|
|
|
|
Communication
|
|
|
47
|
%
|
|
|
|
49
|
%
|
|
|
|
47
|
%
|
|
|
|
48
|
%
|
|
|
|
51
|
%
|
|
|
|
Consumer
|
|
|
29
|
%
|
|
|
|
29
|
%
|
|
|
|
31
|
%
|
|
|
|
29
|
%
|
|
|
|
28
|
%
|
|
|
|
Others
|
|
|
10
|
%
|
|
|
|
9
|
%
|
|
|
|
8
|
%
|
|
|
|
9
|
%
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 1Q18 declined slightly.
(To view ASP trend, visit http://www.umc.com/english/investors/1Q18_ASP_trend.asp)
Shipment and Utilization Rate3
for Foundry Segment
In 1Q18, wafer shipments grew 4.6% to 1,747K. Quarterly capacity
declined slightly to 1.5% QoQ or 1,858K, resulting in an overall
utilization rate of 94% in 1Q18.
Wafer Shipments
|
|
|
|
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
Wafer Shipments (8" K equivalents)
|
|
|
1,747
|
|
|
|
1,670
|
|
|
|
1,748
|
|
|
|
1,741
|
|
|
|
1,678
|
|
|
|
|
|
|
|
Quarterly Capacity Utilization Rate
|
|
|
|
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
1Q17
|
|
|
|
Utilization Rate
|
|
|
94%
|
|
|
|
90%
|
|
|
|
96%
|
|
|
|
96%
|
|
|
|
96%
|
|
|
|
Total Capacity (8" K equivalents)
|
|
|
1,858
|
|
|
|
1,886
|
|
|
|
1,861
|
|
|
|
1,816
|
|
|
|
1,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity4
for Foundry Segment
Total capacity during the first quarter totaled 1,858K 8-inch equivalent
wafers. We foresee capacity in the second quarter to grow 3.1% QoQ to
1,916K 8-inch equivalent wafers, mostly from capacity expansion at Fab
12X.
Annual Capacity in thousands of wafers
|
|
|
|
|
|
|
|
Quarterly Capacity in thousands of wafers
|
|
|
|
FAB
|
|
|
|
Geometry (um)
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
FAB
|
|
|
|
2Q18E
|
|
|
|
1Q18
|
|
|
|
4Q17
|
|
|
|
3Q17
|
|
|
|
WTK
|
|
6"
|
|
|
|
3.5 - 0.45
|
|
|
|
422
|
|
|
|
423
|
|
|
|
421
|
|
|
|
448
|
|
|
|
|
|
|
|
WTK
|
|
|
|
106
|
|
|
|
104
|
|
|
|
106
|
|
|
|
106
|
|
|
|
Fab 8A
|
|
8"
|
|
|
|
0.5 - 0.25
|
|
|
|
825
|
|
|
|
827
|
|
|
|
813
|
|
|
|
813
|
|
|
|
|
|
|
|
Fab 8A
|
|
|
|
207
|
|
|
|
204
|
|
|
|
207
|
|
|
|
207
|
|
|
|
Fab 8C
|
|
8"
|
|
|
|
0.35 - 0.11
|
|
|
|
357
|
|
|
|
348
|
|
|
|
347
|
|
|
|
347
|
|
|
|
|
|
|
|
Fab 8C
|
|
|
|
92
|
|
|
|
91
|
|
|
|
92
|
|
|
|
92
|
|
|
|
Fab 8D
|
|
8"
|
|
|
|
0.13 - 0.09
|
|
|
|
341
|
|
|
|
342
|
|
|
|
341
|
|
|
|
358
|
|
|
|
|
|
|
|
Fab 8D
|
|
|
|
86
|
|
|
|
85
|
|
|
|
86
|
|
|
|
86
|
|
|
|
Fab 8E
|
|
8"
|
|
|
|
0.5 - 0.18
|
|
|
|
418
|
|
|
|
419
|
|
|
|
418
|
|
|
|
418
|
|
|
|
|
|
|
|
Fab 8E
|
|
|
|
105
|
|
|
|
103
|
|
|
|
105
|
|
|
|
105
|
|
|
|
Fab 8F
|
|
8"
|
|
|
|
0.18 - 0.11
|
|
|
|
417
|
|
|
|
401
|
|
|
|
388
|
|
|
|
388
|
|
|
|
|
|
|
|
Fab 8F
|
|
|
|
108
|
|
|
|
107
|
|
|
|
108
|
|
|
|
107
|
|
|
|
Fab 8S
|
|
8"
|
|
|
|
0.18 - 0.11
|
|
|
|
347
|
|
|
|
336
|
|
|
|
335
|
|
|
|
335
|
|
|
|
|
|
|
|
Fab 8S
|
|
|
|
93
|
|
|
|
92
|
|
|
|
93
|
|
|
|
87
|
|
|
|
Fab 8N
|
|
8"
|
|
|
|
0.5 - 0.11
|
|
|
|
753
|
|
|
|
750
|
|
|
|
667
|
|
|
|
547
|
|
|
|
|
|
|
|
Fab 8N
|
|
|
|
194
|
|
|
|
190
|
|
|
|
194
|
|
|
|
188
|
|
|
|
Fab 12A
|
|
12"
|
|
|
|
0.13 - 0.014
|
|
|
|
970
|
|
|
|
885
|
|
|
|
793
|
|
|
|
700
|
|
|
|
|
|
|
|
Fab 12A
|
|
|
|
250
|
|
|
|
246
|
|
|
|
250
|
|
|
|
247
|
|
|
|
Fab 12i
|
|
12"
|
|
|
|
0.13 - 0.040
|
|
|
|
537
|
|
|
|
584
|
|
|
|
572
|
|
|
|
573
|
|
|
|
|
|
|
|
Fab 12i
|
|
|
|
136
|
|
|
|
131
|
|
|
|
134
|
|
|
|
134
|
|
|
|
Fab 12X
|
|
12"
|
|
|
|
0.040 - 0.028
|
|
|
|
97
|
|
|
|
9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
Fab 12X
|
|
|
|
45
|
|
|
|
35
|
|
|
|
35
|
|
|
|
33
|
|
|
|
Total(1)
|
|
|
|
7,304
|
|
|
|
6,983
|
|
|
|
6,617
|
|
|
|
6,323
|
|
|
|
|
|
|
|
Total
|
|
|
|
1,916
|
|
|
|
1,858
|
|
|
|
1,886
|
|
|
|
1,861
|
|
|
|
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
CAPEX spending in 1Q18 was US$195 million. Full year 2018 CAPEX plan is
budgeted for US$1.1 billion.
Capital Expenditure by Year - in US$ 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Second Quarter of 2018 Outlook & Guidance
Quarter-over-Quarter Guidance:
-
Wafer Shipments: To increase 2-4%
-
ASP in USD: To remain flat
-
Profitability: Gross profit margin will be in the mid-teens % range
-
Foundry Segment Capacity Utilization: Mid-90% range
-
2018 CAPEX for Foundry Segment: US$1.1 billion
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above
announcements
Conference Call / Webcast Announcement
Wednesday, April 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
836-0101 Taiwan Number: 02-2192-8016 Other
Areas: +886-2-2192-8016
Access Code: UMC
A live webcast and replay of the 1Q18 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 high volume 28nm
High-K/Metal Gate technology, 14nm FinFET mass production, ultra-low
power platform processes specifically developed for Internet of Things
(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 nearly 600,000 wafers per month. The company
employs over 19,000 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 March 31, 2018
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
US$
|
|
NT$
|
|
%
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
2,650
|
|
77,143
|
|
20.0%
|
|
Financial assets at fair value through profit or loss, current
|
18
|
|
525
|
|
0.1%
|
|
Contract assets, current
|
5
|
|
135
|
|
0.0%
|
|
Notes & Accounts receivable, net
|
859
|
|
25,013
|
|
6.5%
|
|
Inventories, net
|
589
|
|
17,137
|
|
4.4%
|
|
Other current assets
|
565
|
|
16,468
|
|
4.4%
|
|
Total current assets
|
4,686
|
|
136,421
|
|
35.4%
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Funds and investments
|
1,239
|
|
36,079
|
|
9.4%
|
|
Property, plant and equipment
|
6,756
|
|
196,664
|
|
51.0%
|
|
Other non-current assets
|
564
|
|
16,396
|
|
4.2%
|
|
Total non-current assets
|
8,559
|
|
249,139
|
|
64.6%
|
|
Total assets
|
13,245
|
|
385,560
|
|
100.0%
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Short-term loans
|
693
|
|
20,168
|
|
5.2%
|
|
Contract liabilities, current
|
104
|
|
3,028
|
|
0.8%
|
|
Payables
|
837
|
|
24,375
|
|
6.3%
|
|
Current portion of long-term liabilities
|
681
|
|
19,829
|
|
5.2%
|
|
Other current liabilities
|
178
|
|
5,169
|
|
1.3%
|
|
Total current liabilities
|
2,493
|
|
72,569
|
|
18.8%
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Bonds payable
|
813
|
|
23,677
|
|
6.1%
|
|
Long-term loans
|
994
|
|
28,935
|
|
7.5%
|
|
Other non-current liabilities
|
1,518
|
|
44,167
|
|
11.5%
|
|
Total non-current liabilities
|
3,325
|
|
96,779
|
|
25.1%
|
|
Total liabilities
|
5,818
|
|
169,348
|
|
43.9%
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Equity attributable to the parent company
|
|
|
|
|
|
|
Capital
|
4,337
|
|
126,243
|
|
32.7%
|
|
Additional paid-in capital
|
1,426
|
|
41,524
|
|
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
|
1,840
|
|
53,561
|
|
13.9%
|
|
Treasury stock
|
(183)
|
|
(5,321)
|
|
(1.4%)
|
|
Total equity attributable to the parent company
|
7,420
|
|
216,007
|
|
56.0%
|
|
Non-controlling interests
|
7
|
|
205
|
|
0.1%
|
|
Total equity
|
7,427
|
|
216,212
|
|
56.1%
|
|
Total liabilities and equity
|
13,245
|
|
385,560
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:New Taiwan Dollars have been translated into U.S. Dollars at
the March 31, 2018 exchange rate of NT $29.11 per U.S. Dollar.
|
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
|
Consolidated Condensed Statements of Comprehensive Income
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison
|
|
|
|
Quarter over Quarter Comparison
|
|
|
|
|
|
|
|
Three-Month Period Ended
|
|
|
|
|
|
|
|
Three-Month Period Ended
|
|
|
|
|
|
|
|
March 31, 2018
|
|
|
|
March 31, 2017
|
|
|
|
Chg.
|
|
|
|
March 31, 2018
|
|
|
|
December 31, 2017
|
|
Chg.
|
|
|
|
US$
|
|
|
|
NT$
|
|
|
|
US$
|
|
|
|
NT$
|
|
|
|
%
|
|
|
|
|
US$
|
|
|
|
NT$
|
|
|
|
US$
|
|
|
|
NT$
|
|
|
|
%
|
|
|
Net operating revenues
|
|
1,288
|
|
|
|
|
37,497
|
|
|
|
|
1,285
|
|
|
|
|
37,418
|
|
|
|
|
0.2
|
%
|
|
|
|
1,288
|
|
|
|
|
37,497
|
|
|
|
|
1,258
|
|
|
|
|
36,631
|
|
|
|
|
2.4
|
%
|
|
Operating costs
|
|
(1,129
|
)
|
|
|
|
(32,855
|
)
|
|
|
|
(1,030
|
)
|
|
|
|
(29,990
|
)
|
|
|
|
9.6
|
%
|
|
|
|
(1,129
|
)
|
|
|
|
(32,855
|
)
|
|
|
|
(1,042
|
)
|
|
|
|
(30,333
|
)
|
|
|
|
8.3
|
%
|
|
Gross profit
|
|
159
|
|
|
|
|
4,642
|
|
|
|
|
255
|
|
|
|
|
7,428
|
|
|
|
|
(37.5
|
%)
|
|
|
|
159
|
|
|
|
|
4,642
|
|
|
|
|
216
|
|
|
|
|
6,298
|
|
|
|
|
(26.3
|
%)
|
|
|
|
12.4
|
%
|
|
|
|
12.4
|
%
|
|
|
|
19.9
|
%
|
|
|
|
19.9
|
%
|
|
|
|
|
|
|
|
12.4
|
%
|
|
|
|
12.4
|
%
|
|
|
|
17.2
|
%
|
|
|
|
17.2
|
%
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
|
(31
|
)
|
|
|
|
(909
|
)
|
|
|
|
(40
|
)
|
|
|
|
(1,170
|
)
|
|
|
|
(22.3
|
%)
|
|
|
|
(31
|
)
|
|
|
|
(909
|
)
|
|
|
|
(33
|
)
|
|
|
|
(944
|
)
|
|
|
|
(3.7
|
%)
|
|
- General and administrative expenses
|
|
(35
|
)
|
|
|
|
(1,017
|
)
|
|
|
|
(36
|
)
|
|
|
|
(1,050
|
)
|
|
|
|
(3.1
|
%)
|
|
|
|
(35
|
)
|
|
|
|
(1,017
|
)
|
|
|
|
(40
|
)
|
|
|
|
(1,164
|
)
|
|
|
|
(12.6
|
%)
|
|
- Research and development expenses
|
|
(101
|
)
|
|
|
|
(2,924
|
)
|
|
|
|
(137
|
)
|
|
|
|
(3,991
|
)
|
|
|
|
(26.7
|
%)
|
|
|
|
(101
|
)
|
|
|
|
(2,924
|
)
|
|
|
|
(106
|
)
|
|
|
|
(3,090
|
)
|
|
|
|
(5.4
|
%)
|
|
Subtotal
|
|
(167
|
)
|
|
|
|
(4,850
|
)
|
|
|
|
(213
|
)
|
|
|
|
(6,211
|
)
|
|
|
|
(21.9
|
%)
|
|
|
|
(167
|
)
|
|
|
|
(4,850
|
)
|
|
|
|
(179
|
)
|
|
|
|
(5,198
|
)
|
|
|
|
(6.7
|
%)
|
|
Net other operating income and expenses
|
|
34
|
|
|
|
|
977
|
|
|
|
|
5
|
|
|
|
|
154
|
|
|
|
|
534.4
|
%
|
|
|
|
34
|
|
|
|
|
977
|
|
|
|
|
28
|
|
|
|
|
801
|
|
|
|
|
22.0
|
%
|
|
Operating income
|
|
26
|
|
|
|
|
769
|
|
|
|
|
47
|
|
|
|
|
1,371
|
|
|
|
|
(43.9
|
%)
|
|
|
|
26
|
|
|
|
|
769
|
|
|
|
|
65
|
|
|
|
|
1,901
|
|
|
|
|
(59.5
|
%)
|
|
|
|
2.1
|
%
|
|
|
|
2.1
|
%
|
|
|
|
3.7
|
%
|
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
2.1
|
%
|
|
|
|
2.1
|
%
|
|
|
|
5.2
|
%
|
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
|
38
|
|
|
|
|
1,088
|
|
|
|
|
(10
|
)
|
|
|
|
(304
|
)
|
|
|
|
-
|
|
|
|
|
38
|
|
|
|
|
1,088
|
|
|
|
|
(5
|
)
|
|
|
|
(152
|
)
|
|
|
|
-
|
|
|
Income from continuing operations before
income tax
|
|
64
|
|
|
|
|
1,857
|
|
|
|
|
37
|
|
|
|
|
1,067
|
|
|
|
|
74.0
|
%
|
|
|
|
64
|
|
|
|
|
1,857
|
|
|
|
|
60
|
|
|
|
|
1,749
|
|
|
|
|
6.2
|
%
|
|
|
|
5.0
|
%
|
|
|
|
5.0
|
%
|
|
|
|
2.9
|
%
|
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
5.0
|
%
|
|
|
|
5.0
|
%
|
|
|
|
4.8
|
%
|
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
|
40
|
|
|
|
|
1,173
|
|
|
|
|
14
|
|
|
|
|
430
|
|
|
|
|
172.8
|
%
|
|
|
|
40
|
|
|
|
|
1,173
|
|
|
|
|
(19
|
)
|
|
|
|
(556
|
)
|
|
|
|
-
|
|
|
Net income
|
|
104
|
|
|
|
|
3,030
|
|
|
|
|
51
|
|
|
|
|
1,497
|
|
|
|
|
102.4
|
%
|
|
|
|
104
|
|
|
|
|
3,030
|
|
|
|
|
41
|
|
|
|
|
1,193
|
|
|
|
|
154.0
|
%
|
|
|
|
8.1
|
%
|
|
|
|
8.1
|
%
|
|
|
|
4.0
|
%
|
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
8.1
|
%
|
|
|
|
8.1
|
%
|
|
|
|
3.3
|
%
|
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
(8
|
)
|
|
|
|
(234
|
)
|
|
|
|
(103
|
)
|
|
|
|
(2,997
|
)
|
|
|
|
(92.2
|
%)
|
|
|
|
(8
|
)
|
|
|
|
(234
|
)
|
|
|
|
(47
|
)
|
|
|
|
(1,366
|
)
|
|
|
|
(82.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
96
|
|
|
|
|
2,796
|
|
|
|
|
(52
|
)
|
|
|
|
(1,500
|
)
|
|
|
|
-
|
|
|
|
|
96
|
|
|
|
|
2,796
|
|
|
|
|
(6
|
)
|
|
|
|
(173
|
)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
117
|
|
|
|
|
3,400
|
|
|
|
|
79
|
|
|
|
|
2,286
|
|
|
|
|
48.7
|
%
|
|
|
|
117
|
|
|
|
|
3,400
|
|
|
|
|
61
|
|
|
|
|
1,771
|
|
|
|
|
92.0
|
%
|
|
Non-controlling interests
|
|
(13
|
)
|
|
|
|
(370
|
)
|
|
|
|
(28
|
)
|
|
|
|
(789
|
)
|
|
|
|
(53.1
|
%)
|
|
|
|
(13
|
)
|
|
|
|
(370
|
)
|
|
|
|
(20
|
)
|
|
|
|
(578
|
)
|
|
|
|
(36.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
108
|
|
|
|
|
3,158
|
|
|
|
|
(21
|
)
|
|
|
|
(599
|
)
|
|
|
|
-
|
|
|
|
|
108
|
|
|
|
|
3,158
|
|
|
|
|
14
|
|
|
|
|
416
|
|
|
|
|
659.1
|
%
|
|
Non-controlling interests
|
|
(12
|
)
|
|
|
|
(362
|
)
|
|
|
|
(31
|
)
|
|
|
|
(901
|
)
|
|
|
|
(59.8
|
%)
|
|
|
|
(12
|
)
|
|
|
|
(362
|
)
|
|
|
|
(20
|
)
|
|
|
|
(589
|
)
|
|
|
|
(38.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
|
0.010
|
|
|
|
|
0.28
|
|
|
|
|
0.007
|
|
|
|
|
0.19
|
|
|
|
|
|
|
|
|
0.010
|
|
|
|
|
0.28
|
|
|
|
|
0.005
|
|
|
|
|
0.15
|
|
|
|
|
|
|
Earnings per ADS (2)
|
|
0.048
|
|
|
|
|
1.40
|
|
|
|
|
0.033
|
|
|
|
|
0.95
|
|
|
|
|
|
|
|
|
0.048
|
|
|
|
|
1.40
|
|
|
|
|
0.026
|
|
|
|
|
0.75
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (in millions)
|
|
|
|
|
|
12,203
|
|
|
|
|
|
|
|
|
12,208
|
|
|
|
|
|
|
|
|
|
|
|
|
12,203
|
|
|
|
|
|
|
|
|
12,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the March 31, 2018 exchange rate of NT $29.11 per U.S. Dollar.
|
|
|
|
|
|
(2) 1 ADS equals 5 common shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statements of Comprehensive Income
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended
|
For the Three-Month Period Ended
|
|
March 31, 2018
|
|
March 31, 2018
|
|
US$
|
|
NT$
|
|
%
|
|
|
US$
|
|
NT$
|
|
%
|
|
Net operating revenues
|
1,288
|
|
|
37,497
|
|
|
100.0
|
%
|
|
1,288
|
|
|
37,497
|
|
|
100.0
|
%
|
Operating costs
|
(1,129
|
)
|
|
(32,855
|
)
|
|
(87.6
|
%)
|
|
(1,129
|
)
|
|
(32,855
|
)
|
|
(87.6
|
%)
|
Gross profit
|
159
|
|
|
4,642
|
|
|
12.4
|
%
|
|
159
|
|
|
4,642
|
|
|
12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
(31
|
)
|
|
(909
|
)
|
|
(2.4
|
%)
|
|
(31
|
)
|
|
(909
|
)
|
|
(2.4
|
%)
|
- General and administrative expenses
|
(35
|
)
|
|
(1,017
|
)
|
|
(2.7
|
%)
|
|
(35
|
)
|
|
(1,017
|
)
|
|
(2.7
|
%)
|
- Research and development expenses
|
(101
|
)
|
|
(2,924
|
)
|
|
(7.8
|
%)
|
|
(101
|
)
|
|
(2,924
|
)
|
|
(7.8
|
%)
|
Subtotal
|
(167
|
)
|
|
(4,850
|
)
|
|
(12.9
|
%)
|
|
(167
|
)
|
|
(4,850
|
)
|
|
(12.9
|
%)
|
Net other operating income and expenses
|
34
|
|
|
977
|
|
|
2.6
|
%
|
|
34
|
|
|
977
|
|
|
2.6
|
%
|
Operating income
|
26
|
|
|
769
|
|
|
2.1
|
%
|
|
26
|
|
|
769
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
38
|
|
|
1,088
|
|
|
2.9
|
%
|
|
38
|
|
|
1,088
|
|
|
2.9
|
%
|
Income from continuing operations before
income tax
|
64
|
|
|
1,857
|
|
|
5.0
|
%
|
|
64
|
|
|
1,857
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
40
|
|
|
1,173
|
|
|
3.1
|
%
|
|
40
|
|
|
1,173
|
|
|
3.1
|
%
|
Net income
|
104
|
|
|
3,030
|
|
|
8.1
|
%
|
|
104
|
|
|
3,030
|
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
(8
|
)
|
|
(234
|
)
|
|
(0.6
|
%)
|
|
(8
|
)
|
|
(234
|
)
|
|
(0.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
96
|
|
|
2,796
|
|
|
7.5
|
%
|
|
96
|
|
|
2,796
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
117
|
|
|
3,400
|
|
|
9.1
|
%
|
|
117
|
|
|
3,400
|
|
|
9.1
|
%
|
Non-controlling interests
|
(13
|
)
|
|
(370
|
)
|
|
(1.0
|
%)
|
|
(13
|
)
|
|
(370
|
)
|
|
(1.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
108
|
|
|
3,158
|
|
|
8.4
|
%
|
|
108
|
|
|
3,158
|
|
|
8.4
|
%
|
Non-controlling interests
|
(12
|
)
|
|
(362
|
)
|
|
(0.9
|
%)
|
|
(12
|
)
|
|
(362
|
)
|
|
(0.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
0.010
|
|
|
0.28
|
|
|
|
|
0.010
|
|
|
0.28
|
|
|
|
Earnings per ADS (2)
|
0.048
|
|
|
1.40
|
|
|
|
|
0.048
|
|
|
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding (in millions)
|
12,203
|
|
|
|
|
|
|
12,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the March 31, 2018 exchange rate of NT $29.11 per U.S. Dollar.
|
(2) 1 ADS equals 5 common shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statement of Cash Flows
|
For The Three-Month Period Ended March 31, 2018
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
US$
|
|
NT$
|
Cash flows from operating activities :
|
|
|
|
Net income before tax
|
64
|
|
|
1,857
|
|
Depreciation & Amortization
|
456
|
|
|
13,288
|
|
Exchange gain on financial assets and liabilities
|
(47
|
)
|
|
(1,356
|
)
|
Changes in notes & accounts receivable
|
(112
|
)
|
|
(3,268
|
)
|
Changes in inventory
|
33
|
|
|
953
|
|
Changes in contract liabilities
|
(32
|
)
|
|
(919
|
)
|
Changes in assets, liabilities and others
|
(61
|
)
|
|
(1,779
|
)
|
Net cash provided by operating activities
|
301
|
|
|
8,776
|
|
|
|
|
|
Cash flows from investing activities :
|
|
|
|
Acquisition of property, plant and equipment
|
(196
|
)
|
|
(5,716
|
)
|
Acquisition of intangible assets
|
(9
|
)
|
|
(248
|
)
|
Others
|
228
|
|
|
6,630
|
|
Net cash provided by investing activities
|
23
|
|
|
666
|
|
|
|
|
|
Cash flows from financing activities :
|
|
|
|
Decrease in short-term loans
|
(178
|
)
|
|
(5,179
|
)
|
Redemption of bonds
|
(258
|
)
|
|
(7,500
|
)
|
Treasury stock acquired
|
(20
|
)
|
|
(595
|
)
|
Others
|
(15
|
)
|
|
(440
|
)
|
Net cash used in financing activities
|
(471
|
)
|
|
(13,714
|
)
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(9
|
)
|
|
(260
|
)
|
Net decrease in cash and cash equivalents
|
(156
|
)
|
|
(4,532
|
)
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
2,806
|
|
|
81,675
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
2,650
|
|
|
77,143
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the March 31, 2018 exchange rate of NT $29.11 per U.S. Dollar.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180425005666/en/
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