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UMC Reports First Quarter 2013 Results

Double Digit Shipment Growth Expected in 2Q; 40nm Revenue To Reach 20%

(PRNewswire) —

First Quarter 2013 Overview[1]:

[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 Mar 31, 2013, the three-month period ending Dec 31, 2012, and the equivalent three-month period that ended Mar 31, 2012.  For all 1Q13 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Mar 31, 2013 exchange rate of NT$29.83 per U.S. Dollar.

United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its first consolidated operating results under TIFRSs framework for the first quarter of 2013.

Revenue was NT$27.78 billion, with gross margin at 16.2% and operating margin at 1.1%.  The net income attributable to the stockholders of the parent was NT$6.59 billion, and the earnings per ordinary share were NT$0.52.

Mr. Po-Wen Yen, CEO of UMC, said "UMC's overall 1Q13 operating results exceeded expectations.  The foundry segment posted revenues of NT$26.37 billion, profit margin from foundry operations was 4.1% and wafer shipments reached 1,125 thousand 8-inch equivalent wafers, bringing overall capacity utilization to 78%.  Revenue contribution from 40nm and below technologies grew from 15% in 4Q12 to 18% in 1Q13.  The New Business segment recorded NT$1.44 billion in revenue, with operating loss of NT$0.79 billion.  Losses mainly came from the solar subsidiaries as competition intensified across the industry."

CEO Yen added, "As part of our long-term commitment to customers, we have continued to dedicate resources towards R&D and capacity expansion for 28nm and below technologies.  We are also developing specialty technologies that cover a wide range of geometries to provide more comprehensive solutions, demonstrating our flexible approach to accommodate different customer business models.  Recently, we jointly collaborated with a leading NOR flash solution provider, Spansion, to deliver a System-on-Chip (SoC) platform on UMC's high-performance 40nm process.  Leveraging the core expertise of the R&D, we are committed to develop solid partnerships by offering flexible, cost effective and innovative technologies to customers in more diversified market segments." 

CEO Yen continued, "Following several months of inventory correction in the semiconductor market, demand has stabilized.  With increasing demand led by the communication sector, we anticipate 2Q foundry operating results to improve, with wafer shipments projected to exceed 10% growth.  In the meantime, while we race ahead with R&D efforts and capacity expansion, management's priority is also focused on maintaining shareholders' interest.  Considering the overall financial health and long term capital needs of the company, the Board of Directors has proposed for shareholders' approval a cash dividend payout of NT$0.40 per share, which constitutes about a 60% cash dividend payout ratio.  Looking forward, we will sustain our efforts toward improving operating results solidifying UMC's profitability and maintaining business growth to maximize benefits to shareholders and customers."

Summary of Operating Results

Operating Results

(Amount: NT$ million)

1Q13

4Q12

QoQ %
change

1Q12

YoY %
change

Revenue

27,781

28,854

(3.7)

26,269

5.8

Gross Profit

4,492

3,225

39.3

4,022

11.7

Operating Expenses

(4,178)

(3,950)

5.8

(3,791)

10.2

Other Operating Income (Expenses)

(20)

(125)

(84.0)

34

-

Operating Income (Loss)

294

(850)

-

265

10.9

Non-Operating Income

7,249

1,380

425.3

1,008

619.1

Net Income Attributable to the Stockholders of the Parent

6,593

739

792.2

1,294

409.5

EPS   (NT$ per share)

0.52

0.06

0.10

       (US$ per ADS[2])

0.087

0.010

0.017

[2] One ADS represents five Taiwan-listed ordinary shares.

Consolidated revenue decreased 3.7% QoQ to NT$27.78 billion from a pro forma NT$28.85 billion in 4Q12, and increased 5.8% YoY from NT$26.27 billion in 1Q12.  Gross profit was NT$4.49 billion, or 16.2% of revenue, compared to NT$3.23 billion, or 11.2% of 4Q12 revenue.  Operating income for the quarter was NT$294 million, or 1.1% of revenue, compared to operating loss of NT$850 million in 4Q12.  Net income attributable to the stockholders of the parent in 1Q13 was NT$6.59 billion, compared to NT$739 million in 4Q12.

Earnings per ordinary share for the quarter were NT$0.52.  Earnings per ADS were US$0.087.  The basic weighted average number of outstanding shares in 1Q13 was 12,631,240,995, compared with 12,635,635,936 shares in 4Q12 and 12,613,307,158 shares in 1Q12.  The diluted weighted average number of outstanding shares was 13,396,609,065 in 1Q13, compared with 13,315,314,636 shares in 4Q12 and 13,414,178,716 shares in 1Q12.  The fully diluted share count on March 31, 2013 was approximately 14,055,340,000.  On March 31, 2013, UMC held 358 million treasury shares acquired from the 14th and 15th share buy-back programs.

Detailed Financials Section

COGS & Expenses

(Amount: NT$ million)

1Q13

4Q12

QoQ %
change

1Q12

YoY %
change

Revenue

27,781

28,854

(3.7)

26,269

5.8

COGS

(23,289)

(25,629)

(9.1)

(22,247)

4.7

  Depreciation

(7,628)

(7,516)

1.5

(7,381)

3.3

  Other Mfg. Costs

(15,661)

(18,113)

(13.5)

(14,866)

5.3

Gross Profit

4,492

3,225

39.3

4,022

11.7

Gross Margin (%)

16.2%

11.2%

15.3%

Total Operating Exp.

(4,178)

(3,950)

5.8

(3,791)

10.2

  G&A

(1,019)

(783)

30.1

(779)

30.8

  Sales & Marketing

(763)

(574)

32.9

(712)

7.2

  R&D

(2,396)

(2,593)

(7.6)

(2,300)

4.2

Other Operating Income (Expenses)

(20)

(125)

(84.0)

34

-

Operating Income (Loss)

294

(850)

-

265

10.9

Total operating expense increased to NT$4.18 billion from NT$3.95 billion QoQ because of the bad debt expense reversal in 4Q12.  The total R&D expense was 8.6% of revenue in 1Q13.

Non-Operating Income (Expenses)

(Amount: NT$ million)

1Q13

4Q12

1Q12

Net Non-Operating Income (Expenses)

7,249

1,380

1,008

Net Interest Income (Expenses)

(82)

(92)

(38)

Net Investment Gain (Loss)

12

(229)

260

Gain (Loss) on Disposal of Investment

33

1,606

823

Exchange Gain (Loss)

37

(18)

(46)

Other Gain (Loss)

7,249

113

9

Net non-operating income during 1Q13 increased from NT$1.38 billion to NT$7.25 billion QoQ.  The increase under Other Gain was mainly due to contribution from the bargain purchase of Best Elite.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month

Period Ended

Mar. 31, 2013

For the 3-Month

Period Ended 

Dec. 31, 2012

Cash Flow from Operations

9,856

12,262

  Net Income before tax

6,728

530

  Depreciation & Amortization

9,625

9,386

  Bargain purchase

(7,140)

-

  Changes in Working Capital

(400)

2,982

  Other

1,043

(636)

Cash Flow from Investing

(5,248)

(11,202)

  Capital Expenditures

(7,182)

(12,440)

Acquisition of subsidiaries

(net of acquired cash)

2,650

-

  Other

(716)

1,238

Cash Flow from Financing

5,729

(688)

  Bank Loans

(3,422)

(590)

Bonds Issued

9,990

-

Treasury stock acquired

(519)

-

  Other

(320)

(98)

Effect of Exchange Rate

494

(751)

Net Cash Flow

10,831

(379)

Operating cash inflow was NT$9.86 billion, and free cash flow for 1Q13 was NT$2.67 billion.  CAPEX spending for the quarter was NT$7.18 billion, including NT$6.95 billion for the foundry segment.  The NT$5.73 billion of financing cash inflow was mainly from the issuance of domestic bonds and the reimbursement of bank loans.  Net cash inflow was NT$10.83 billion in 1Q13.

Current Assets

(Amount: NT$ billion)

1Q13

4Q12

1Q12

Cash & Cash Equivalents

53.42

42.59

47.10

Notes & Accounts Receivable

17.44

16.33

14.93

  Days Sales Outstanding

55

54

51

Inventories

14.23

13.02

12.53

  Avg. Inventory Turnover

53

47

52

Total Current Assets

91.80

80.03

83.12

Due to a net cash inflow of NT$10.83 billion, cash and cash equivalents increased to NT$53.42 billion.  The six-day DOI increase was mainly due to increasing foundry customers' demand at leading-edge nodes.

Liabilities

(Amount: NT$ billion)

1Q13

4Q12

1Q12

Total Current Liabilities

37.30

40.12

42.01

  Notes & Accounts Payable

6.63

6.27

6.17

  Short-Term Credit / Bonds

11.23

14.66

14.95

  Payable on Equipment

5.74

5.38

9.05

  Other

13.70

13.81

11.84

Long-Term Credit / Bonds

41.55

32.15

22.65

Total Liabilities

86.02

78.51

69.82

Debt to Equity

40%

38%

32%

Current liabilities decreased to NT$37.30 billion mainly due to the reimbursement of short-term loans.  Long-Term Credit/Bonds increased to NT$41.55 billion, mainly because of the issuance of domestic bonds in 1Q13.  Debt to equity ratio increased to 40%.

Analysis of Revenue[3] for Foundry Segment

[3]

Revenue in this section represents wafer sales

Revenue Breakdown by Region

Region

1Q13

4Q12

3Q12

2Q12

1Q12

North America

44%

45%

50%

45%

45%

Asia Pacific

46%

45%

40%

46%

46%

Europe

9%

9%

9%

8%

8%

Japan

1%

1%

1%

1%

1%

2012 figures account for UMC parent company only.

Revenue from Asia Pacific increased to 46%, reflecting the relative strength of Asia Pacific-based customer demand in the computer segment.

Revenue Breakdown by Geometry

Geometry

1Q13

4Q12

3Q12

2Q12

1Q12

40nm and below

18%

15%

13%

9%

9%

40nm<x<=65nm

32%

40%

41%

40%

40%

65nm<x<=90nm

6%

7%

7%

7%

6%

90nm<x<=0.13um

14%

15%

15%

18%

20%

0.13um<x<=0.18um

15%

10%

9%

10%

10%

0.18um<x<=0.35um

11%

10%

11%

11%

11%

0.5um and above

4%

3%

4%

5%

4%

2012 figures account for UMC parent company only.

40nm and below revenue grew from 15% in 4Q12 to 18% in 1Q13, reflecting strong customer demand for this leading edge node.  We anticipate 40nm contribution to continue to increase in 2Q13.

Revenue Breakdown by Customer Type

Customer Type

1Q13

4Q12

3Q12

2Q12

1Q12

Fabless

90%

90%

83%

82%

80%

IDM

10%

10%

17%

18%

20%

2012 figures account for UMC parent company only.

The percentage of revenue from Fabless customers remained constant at 90% QoQ.

Revenue Breakdown by Application (1)

Application

1Q13

4Q12

3Q12

2Q12

1Q12

Computer

22%

18%

21%

17%

21%

Communication

47%

50%

49%

54%

49%

Consumer

28%

29%

27%

26%

27%

Others

3%

3%

3%

3%

3%

2012 figures account for UMC parent company only.


(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.

The computer segment showed greater QoQ strength to reach 22% in 1Q13, which includes touch and LDDI demand.

Blended ASP Trend for Foundry Segment

The decrease in blended average selling price (ASP) during 1Q13 was mainly due to product mix shifting to more 8" wafers from Fab8N consolidation.

(To view ASP trend, visit http://www.umc.com/english/investors/1Q13_ASP_trend.asp)

Shipment and Utilization Rate[4] for Foundry Segment

[4]

Utilization Rate = Quarterly Wafer Out / Quarterly Capacity

Wafer shipments increased 5.2% sequentially to 1,125K in 1Q13, compared to  1,069K 8-inch equivalent wafers in 4Q12.  Overall utilization rate for the quarter was 78%. 

Wafer Shipments

1Q13

4Q12

3Q12

2Q12

1Q12

Wafer Shipments

(8" K equivalents)

1,125

1,069

1,133

1,142

963


Quarterly Capacity Utilization Rate

1Q13

4Q12

3Q12

2Q12

1Q12

Utilization Rate

78%

80%

84%

84%

71%

Total Capacity

(8" K equivalents)

1,461

1,401

1,376

1,372

1,364


2012 figures account for UMC parent company only.

Capacity[5] for Foundry Segment

[5] 

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.

Capacity for the first quarter was 1,461K 8-inch equivalent wafers.  The estimated capacity for the second quarter will increase to 1,537K 8-inch equivalent wafers, mainly owing to the full-quarter consolidation of Fab8N.

Annual Capacity in

thousands of wafers


Quarterly Capacity in

thousands of wafers

FAB

Geometry
(um)

2012

2011

2010

2009

FAB

2Q13E

1Q13

4Q12

3Q12

Fab6A

6"

3.5 - 0.45

481

538

588

583

Fab6A

113

111

113

123

Fab8A

8"

0.5 - 0.25

815

813

816

816

Fab8A

204

201

204

204

Fab8C

8"

0.35 - 0.11

360

359

366

405

Fab8C

87

86

90

90

Fab8D

8"

0.13 - 0.09   

371

364

314

267

Fab8D

96

94

93

93

Fab8E

8"

0.5 - 0.18

449

469

410

408

Fab8E

105

103

113

113

Fab8F

8"

0.18 - 0.11

389

388

388

381

Fab8F

98

96

98

98

Fab8S

8"

0.18 - 0.11

348

307

304

300

Fab8S

84

83

87

87

Fab12A

12"

0.18 - 0.028 

579

501

374

385

Fab8N

128

83

-

-

Fab12i

12"

0.13 - 0.040 

537

530

454

362

Fab12A

164

158

156

143

Total(1)

5,514

5,322

4,791

4,586

Fab12i

134

132

134

134

YoY Growth Rate                   

4%

11%

4%

2%

Total

1,537

1,461

1,401

1,376

2009~2012 figures account for UMC parent company only.

3Q12~4Q12 figures account for UMC parent company only.


(1) One 6-inch wafer is converted into 0.5625(6 sq./8 sq.) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12 sq./8 sq.) 8-inch equivalent wafers. Capacity total figures are expressed in 8-inch equivalent wafers.


CAPEX for Foundry Segment

The 2013 foundry CAPEX budget remains at US$1.5 billion.  Foundry segment spent US$235 million in the first quarter.


UMC Capital Expenditure by Year - in US$ billion

Year

2012

2011

2010

2009

2008

CAPEX

$1.7

$1.6

$1.8

$0.55

$0.35


2008~2012 figures account for UMC parent company only.


2013 Foundry CAPEX Plan

8"

12"

Total

4%

96%

US$1.5 billion

Second Quarter of 2013 Outlook & Guidance

Quarter-over-Quarter Guidance:

Recent Developments / Announcements

Apr. 26, 2013

UMC Files Form 20-F for 2012 with US Securities and Exchange Commission

Apr. 12, 2013

UMC First Foundry to Receive ISO 22301 BCM Certification

Mar. 13, 2013

UMC Board of Directors Announces Proposals for its Annual Shareholders Meeting

- Shareholder cash dividend of NT$5,061 million, at approximately NT$0.4 per share

- Employee cash bonus of NT$1,040 million

- The renewal of a private placement issuance plan. The amount proposed is to be no more than 10% of registered capital

- The 2013 AGM will be held June 11, 2013 at UMC's Fab 8S Conference Hall in Hsinchu

Mar. 4, 2013

Spansion and UMC Announce Joint Technology Development and Licensing Agreement

Mar. 1, 2013

UMC to Implement AEO Certification Program

Mar. 1, 2013

UMC Group Japan Established as New Regional Sales Hub

Feb. 20, 2013

UMC Receives 2012 Best Supplier Award from Lantiq

Feb. 6, 2013

UMC 4Q 2012 Financial Results

Please visit UMC's website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, May 08, 2013

Time: 

8:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London)

Dial-in numbers and Access Codes:

USA Toll Free:  

1866 519 4004

UK Toll Free:   

0808 234 6646

Singapore and Other Areas: 

+65 6723 9381

Access Code:    

UMC

A live webcast and replay of the 1Q13 results announcement will be available at www.umc.com under the "Investor Relations \ Investor Events" section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing for applications spanning every major sector of the IC industry. UMC's robust foundry solutions allow chip designers to leverage the company's leading-edge processes, which include 28nm poly-SiON and gate-last High-K/Metal Gate technology, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab 12A in Taiwan and Singapore-based Fab 12i. Fab 12A consists of Phases 1-4 which are in production for customer products down to 28nm. Construction is underway for Phases 5&6, with future plans for Phases 7&8. The company employs over 13,000 people worldwide and has offices in Taiwan, Japan, China, Singapore, Europe, 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 future outsourcing, wafer capacity, technologies, 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 concerning these risks is included in UMC's filings with the U.S. SEC, including on Form F-1, F-3, F-6 and 20-F, each as amended.

Safe Harbor Statements

This release contains forward-looking statements.  These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our 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 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 U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. 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 TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from 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 US GAAP.

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, 2013

 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)











March  31, 2013

US$

NT$

%

ASSETS




Current Assets




 Cash and Cash Equivalents

1,791

53,424

17.8%

 Financial Assets at Fair Value through Profit or Loss, current

22

642

0.2%

 Available-for-Sale Financial Assets, current

108

3,223

1.1%

 Notes & Accounts Receivable, net

584

17,436

5.8%

 Inventories, net

477

14,227

4.7%

 Other Current Assets

95

2,845

1.0%

    Total Current Assets

3,077

91,797

30.6%




Non-Current Assets




 Funds and Investments

1,104

32,926

11.0%

 Property, Plant and Equipment

5,529

164,933

54.9%

 Other Non-Current Assets

361

10,776

3.5%

    Total Non-Current Assets

6,994

208,635

69.4%

TOTAL ASSETS

10,071

300,432

100.0%




LIABILITIES




Current Liabilities




 Short-term Loans

152

4,545

1.5%

 Financial Liabilities at Fair Value through Profit or Loss, current

13

393

0.1%

 Payables

824

24,580

8.2%

 Current Portion of Long-term Liabilities

224

6,686

2.2%

 Other Current Liabilities

37

1,096

0.4%

    Total Current Liabilities

1,250

37,300

12.4%




Non-Current Liabilities




 Bonds Payable

1,068

31,861

10.6%

 Long-term Loans

325

9,687

3.2%

 Other Non-Current Liabilities

240

7,168

2.4%

    Total Non-Current Liabilities

1,633

48,716

16.2%

TOTAL LIABILITIES

2,883

86,016

28.6%




STOCKHOLDERS' EQUITY




Capital Stock

4,343

129,540

43.1%

Additional Paid-in Capital

1,581

47,172

15.7%

Retained Earnings, Unrealized Gain or Loss on Available-for-Sale
    Financial Assets and Exchange Differences on Translation of
    Foreign Operations

1,294

38,620

12.9%

Treasury Stock

(188)

(5,617)

(1.9%)

     Total Stockholders' Equity of Parent Company

7,030

209,715

69.8%

Non-Controlling Interests

158

4,701

1.6%

     TOTAL STOCKHOLDERS' EQUITY

7,188

214,416

71.4%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

10,071

300,432

100.0%
















Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2013 exchange rate of NT $29.83 per U.S. Dollar.  All figures are prepared in accordance with TIFRSs.






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, 2013

March 31, 2012

%

March 31, 2013

December 31, 2012

%

US$

NT$

US$

NT$

Chg.

US$

NT$

US$

NT$

Chg.

Net Sales

931

27,781

881

26,269

5.8%

931

27,781

967

28,854

(3.7%)

Cost of Goods Sold

(780)

(23,289)

(746)

(22,247)

4.7%

(780)

(23,289)

(859)

(25,629)

(9.1%)

Net Gross Profit

151

4,492

135

4,022

11.7%

151

4,492

108

3,225

39.3%

16.2%

16.2%

15.3%

15.3%


16.2%

16.2%

11.2%

11.2%

Operating Expenses


















  - Sales & Marketing

(26)

(763)

(24)

(712)

7.2%

(26)

(763)

(19)

(574)

32.9%

  - General & Administrative

(34)

(1,019)

(26)

(779)

30.8%

(34)

(1,019)

(26)

(783)

30.1%

  - Research & Development

(80)

(2,396)

(77)

(2,300)

4.2%

(80)

(2,396)

(87)

(2,593)

(7.6%)

(140)

(4,178)

(127)

(3,791)

10.2%

(140)

(4,178)

(132)

(3,950)

5.8%

Net Other Operating Income (Expenses)

(1)

(20)

1

34

-

(1)

(20)

(4)

(125)

(84.0%)

Operating Income (Loss)

10

294

9

265

10.9%

10

294

(28)

(850)

-

1.1%

1.1%

1.0%

1.0%


1.1%

1.1%

(2.9%)

(2.9%)





















Net Non-Operating Income (Expenses)

243

7,249

34

1,008

100.0%

243

7,249

46

1,380

100.0%

Income from Continuing Operations before
   Income Tax

253

7,543

43

1,273

100.0%

253

7,543

18

530

100.0%

27.2%

27.2%

4.8%

4.8%


27.2%

27.2%

1.8%

1.8%





















Income Tax Expense

(38)

(1,129)

(7)

(206)

100.0%

(38)

(1,129)

(4)

(124)

100.0%

Net Income

215

6,414

36

1,067

100.0%

215

6,414

14

406

100.0%

23.1%

23.1%

4.1%

4.1%


23.1%

23.1%

1.4%

1.4%





















Other Comprehensive Income

51

1,542

58

1,729

(10.8%)

51

1,542

(163)

(4,865)

-


















Total Comprehensive Income

266

7,956

94

2,796

100.0%

266

7,956

(149)

(4,459)

-


















    Net income attributable to:


















        Stockholders of the parent

221

6,593

43

1,294

100.0%

221

6,593

25

739

100.0%

        Non-Controlling interests

(6)

(179)

(7)

(227)

(21.1%)

(6)

(179)

(11)

(333)

(46.2%)


















    Comprehensive income attributable to:


















        Stockholders of the parent

272

8,119

102

3,029

100.0%

272

8,119

(138)

(4,124)

-

        Non-Controlling interests

(6)

(163)

(8)

(233)

(30.0%)

(6)

(163)

(11)

(335)

(51.3%)


















Earnings per Share

0.017

0.52

0.003

0.10


0.017

0.52

0.002

0.06

Earnings per ADS (2)

0.087

2.60

0.017

0.50


0.087

2.60

0.010

0.30

Weighted Average Number of Shares 


















Outstanding (in millions)

12,631


12,613




12,631


12,636









































Notes:


















(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2013 exchange rate of NT $29.83per U.S. Dollar.

     All figures are prepared in accordance with TIFRSs.

(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, 2013

March 31, 2013

US$

NT$

%

US$

 NT$ 

%

Net Sales

931

27,781

100.0%

931

27,781

100.0%

Cost of Goods Sold

(780)

(23,289)

(83.8%)

(780)

(23,289)

(83.8%)

Net Gross Profit

151

4,492

16.2%

151

4,492

16.2%






















Operating Expenses










  - Sales & Marketing

(26)

(763)

(2.7%)

(26)

(763)

(2.7%)

  - General & Administrative

(34)

(1,019)

(3.7%)

(34)

(1,019)

(3.7%)

  - Research & Development

(80)

(2,396)

(8.6%)

(80)

(2,396)

(8.6%)

(140)

(4,178)

(15.0%)

(140)

(4,178)

(15.0%)

Net Other Operating Income (Expenses)

(1)

(20)

(0.1%)

(1)

(20)

(0.1%)

Operating Income (Loss)

10

294

1.1%

10

294

1.1%










Net Non-Operating Income (Expenses)

243

7,249

26.1%

243

7,249

26.1%

Income from Continuing Operations before
    Income Tax

253

7,543

27.2%

253

7,543

27.2%






















Income Tax Expense

(38)

(1,129)

(4.1%)

(38)

(1,129)

(4.1%)

Net Income 

215

6,414

23.1%

215

6,414

23.1%










Other Comprehensive Income

51

1,542

5.5%

51

1,542

5.5%










Total Comprehensive Income

266

7,956

28.6%

266

7,956

28.6%










    Net income attributable to:










       Stockholders of the parent

221

6,593

23.7%

221

6,593

23.7%

       Non-Controlling interests

(6)

(179)

(0.6%)

(6)

(179)

(0.6%)










    Comprehensive income attributable to:










       Stockholders of the parent

272

8,119

29.2%

272

8,119

29.2%

       Non-Controlling interests

(6)

(163)

(0.6%)

(6)

(163)

(0.6%)










Earnings per Share

0.017

0.52


0.017

0.52

Earnings per ADS (2)

0.087

2.60


0.087

2.60













Weighted Average Number of Shares
     Outstanding (in millions)

12,631




12,631













Notes:










(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2013 exchange rate of NT $29.83 per U.S. Dollar.

     All figures are prepared in accordance with TIFRSs.

(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, 2013

 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)



USD

NTD

Cash flows from operating activities :


    Net income before tax

253

7,543

    Depreciation & Amortization

323

9,625

    Share of profit of associates and joint ventures

(6)

(181)

    Impairment loss on financial assets

5

163

    Bargain purchase gain

(239)

(7,140)

    Exchange loss on financial assets and liabilities

4

109

    Exchange loss on long-term liabilities

6

178

    Changes in assets, liabilities and others

(16)

(441)

Net cash provided by operating activities

330

9,856


Cash flows from investing activities :


    Proceeds from disposal of available-for-sales financial assets

4

133

    Acquisition of financial assets measured at cost

(13)

(389)

    Acquisition of subsidiaries 

89

2,650

    Acquisition of property, plant and equipment

(241)

(7,182)

    Acquisition of intangible assets

(12)

(362)

    Others

(3)

(98)

Net cash used in investing activities

(176)

(5,248)


Cash flows from financing activities :


    Decrease in short-term loans

(43)

(1,293)

    Proceeds from bonds issued

335

10,000

    Proceeds from long-term loans

49

1,450

    Repayments of long-term loans

(120)

(3,579)

    Treasury stockacquired

(17)

(519)

    Acquisition of non-contrlling interest

(10)

(285)

    Others

(2)

(45)

Net cash providedby financing activities

192

5,729


Effect of exchange rate changes on cash and cash equivalents

17

494

Net increase in cash and cash equivalents

363

10,831


Cash and cash equivalents at beginning of period

1,428

42,593


Cash and cash equivalents at end of period

1,791

53,424






Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2013 exchange rate of NT $29.83 per U.S. Dollar. All figures are prepared in accordance with TIFRSs.


Contacts:

Bowen Huang
UMC, Investor Relations
+886-2-2658-9168, ext. 16957
Email Contact

SOURCE United Microelectronics Corporation

Contact:
United Microelectronics Corporation
Web: http://www.umc.com