UMC Reports Second Quarter 2013 Results

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  June  30, 2013

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














June  30, 2013








US$


NT$


%

Assets






Current assets






 Cash and cash equivalents

1,763


52,863


17.4%

 Financial assets at fair value through profit or loss, current

21


639


0.2%

 Available-for-sale financial assets, current

93


2,782


0.9%

 Notes & Accounts receivable, net

646


19,379


6.4%

 Inventories, net

478


14,330


4.7%

 Other current assets

98


2,907


1.1%

    Total current assets

3,099


92,900


30.7%







Non-current assets






  Funds and investments

1,094


32,798


10.8%

  Property, plant and equipment

5,498


164,825


54.4%

  Other non-current assets

419


12,569


4.1%

    Total non-current assets

7,011


210,192


69.3%

Total assets

10,110


303,092


100.0%







Liabilities






Current liabilities






  Short-term loans

153


4,591


1.5%

  Financial liabilities at fair value through profit or loss, current

9


277


0.1%

  Payables

928


27,825


9.2%

  Dividends payable

169


5,061


1.7%

  Current portion of long-term liabilities

631


18,917


6.2%

  Other current liabilities

32


945


0.3%

    Total current liabilities

1,922


57,616


19.0%







Non-current liabilities






  Bonds payable

666


19,978


6.6%

  Long-term loans

286


8,560


2.8%

  Other non-current liabilities

234


7,034


2.3%

    Total non-current liabilities

1,186


35,572


11.7%

Total liabilities

3,108


93,188


30.7%







Equity






Equity attributable to the parent company






Capital

4,221


126,541


41.8%

Additional paid-in capital

1,512


45,343


15.0%

Retained earnings, unrealized gain or loss on available-for-sale
    financial assets and exchange differences on translation of
    foreign operations

1,192


35,720


11.8%

Treasury stock

(79)


(2,365)


(0.8%)

     Total equity attributable to the parent company

6,846


205,239


67.8%

Non-controlling interests

156


4,665


1.5%

     Total equity

7,002


209,904


69.3%

Total liabilities and equity

10,110


303,092


100.0%







Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2013 exchange rate of NT $29.98 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




June 30, 2013


June 30, 2012


%


June 30, 2013


March 31, 2013


%


US$


NT$


US$


NT$


Chg.


US$


NT$


US$


NT$


Chg.

Net operating revenues

1,064


31,905


1,013


30,377


5.0%


1,064


31,905


927


27,781


14.8%

Operating costs

(858)


(25,728)


(802)


(24,038)


7.0%


(858)


(25,728)


(777)


(23,289)


10.5%

Gross profit

206


6,177


211


6,339


(2.6%)


206


6,177


150


4,492


37.5%


19.4%


19.4%


20.9%


20.9%




19.4%


19.4%


16.2%


16.2%



Operating expenses




















  - Sales and marketing expenses

(27)


(800)


(26)


(776)


3.1%


(27)


(800)


(25)


(763)


4.8%

  - General and administrative expenses

(32)


(966)


(28)


(841)


14.9%


(32)


(966)


(34)


(1,019)


(5.2%)

  - Research and development expenses

(109)


(3,251)


(85)


(2,556)


27.2%


(109)


(3,251)


(80)


(2,396)


35.7%

      Subtotal

(168)


(5,017)


(139)


(4,173)


20.2%


(168)


(5,017)


(139)


(4,178)


20.1%

Net other operating income and expenses

(0)


(11)


0


4


-


(0)


(11)


(1)


(20)


(45.0%)

Operating income

38


1,149


72


2,170


(47.1%)


38


1,149


10


294


100.0%


3.6%


3.6%


7.1%


7.1%




3.6%


3.6%


1.1%


1.1%























Net non-operating income and expenses

21


631


22


655


(3.7%)


21


631


242


7,249


(91.3%)

Income from continuing operations before

   income tax

59


1,780


94


2,825


(37.0%)


59


1,780


252


7,543


(76.4%)


5.6%


5.6%


9.3%


9.3%




5.6%


5.6%


27.2%


27.2%























Income tax expense

(1)


(42)


(16)


(484)


(91.3%)


(1)


(42)


(38)


(1,129)


(96.3%)

Net income

58


1,738


78


2,341


(25.8%)


58


1,738


214


6,414


(72.9%)


5.4%


5.4%


7.7%


7.7%




5.4%


5.4%


23.1%


23.1%























Other comprehensive income

12


350


(36)


(1,090)


-


12


350


51


1,542


(77.3%)





















Total comprehensive income

70


2,088


42


1,251


66.9%


70


2,088


265


7,956


(73.8%)





















    Net income attributable to:




















       Stockholders of the parent

60


1,812


88


2,651


(31.6%)


60


1,812


220


6,593


(72.5%)

       Non-controlling interests

(2)


(74)


(10)


(310)


(76.1%)


(2)


(74)


(6)


(179)


(58.7%)





















    Comprehensive income attributable to:




















       Stockholders of the parent

72


2,160


52


1,561


38.4%


72


2,160


271


8,119


(73.4%)

       Non-controlling interests

(2)


(72)


(10)


(310)


(76.8%)


(2)


(72)


(6)


(163)


(55.8%)





















Earnings per share-basic

0.005


0.15


0.007


0.21




0.005


0.15


0.017


0.52



Earnings per ADS (2)

0.025


0.75


0.035


1.05




0.025


0.75


0.087


2.60



Weighted average number of shares




















outstanding (in millions)



12,465




12,622






12,465




12,631











































Notes:




















(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2013 exchange rate of NT $29.98 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 Statements of Comprehensive Income

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

Except Per Share and Per ADS Data














For the Three-Month Period Ended


For the Six-Month Period Ended


June 30, 2013


June 30, 2013


US$


NT$


%


US$


  NT$  


%

Net operating revenues

1,064


31,905


100.0%


1,991


59,686


100.0%

Operating costs

(858)


(25,728)


(80.6%)


(1,635)


(49,017)


(82.1%)

Gross profit

206


6,177


19.4%


356


10,669


17.9%

























Operating expenses












  - Sales and marketing expenses

(27)


(800)


(2.5%)


(52)


(1,563)


(2.6%)

  - General and administrative expenses

(32)


(966)


(3.0%)


(66)


(1,985)


(3.3%)

  - Research and development expenses

(109)


(3,251)


(10.2%)


(189)


(5,646)


(9.5%)

      Subtotal

(168)


(5,017)


(15.7%)


(307)


(9,194)


(15.4%)

Net other operating income and expenses

(0)


(11)


(0.1%)


(1)


(32)


(0.1%)

Operating income

38


1,149


3.6%


48


1,443


2.4%













Net non-operating income and expenses

21


631


2.0%


263


7,880


13.2%

Income from continuing operations before
   income tax

59


1,780


5.6%


311


9,323


15.6%

























Income tax expense

(1)


(42)


(0.2%)


(39)


(1,171)


(1.9%)

Net income  

58


1,738


5.4%


272


8,152


13.7%













Other comprehensive income

12


350


1.1%


63


1,892


3.1%

























Total comprehensive income

70


2,088


6.5%


335


10,044


16.8%













    Net income attributable to:












       Stockholders of the parent

60


1,812


5.7%


280


8,405


14.1%

       Non-controlling interests

(2)


(74)


(0.3%)


(8)


(253)


(0.4%)













    Comprehensive income attributable to:












       Stockholders of the parent

72


2,160


6.8%


343


10,279


17.2%

       Non-controlling interests

(2)


(72)


(0.3%)


(8)


(235)


(0.4%)













Earnings per share-basic

0.005


0.15




0.022


0.67



Earnings per ADS (2)

0.025


0.75




0.112


3.35















Weighted average number of shares
     outstanding (in millions)



12,465






12,548















Notes:












(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2013 exchange rate of NT $29.98 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 Six-Month Period Ended June 30, 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

311


9,323

    Depreciation & Amortization

646


19,369

    Share of profit of associates and joint ventures

(10)


(311)

    Impairment loss on financial assets

13


386

    Gain on disposal of investments

(23)


(704)

    Bargain purchase gain

(239)


(7,154)

    Exchange loss on financial assets and liabilities

8


249

    Exchange loss on long-term liabilities

7


207

    Changes in assets, liabilities and others

(65)


(1,943)

Net cash provided by operating activities

648


19,422





Cash flows from investing activities:




    Proceeds from disposal of available-for-sale financial assets

26


781

    Acquisition of financial assets measured at cost

(17)


(523)

    Proceeds from capital reduction and liquidation of investment

8


244

    Acquisition of subsidiaries (net of cash acquired)

88


2,641

    Acquisition of property, plant and equipment

(505)


(15,146)

    Proceeds from disposal of property, plant and equipment  

11


325

    Acquisition of intangible assets

(47)


(1,395)

    Others

1


17

Net cash used in investing activities

(435)


(13,056)





Cash flows from financing activities:




    Decrease in short-term loans

(43)


(1,284)

    Proceeds from bonds issued

334


10,000

    Proceeds from long-term loans

55


1,650

    Repayments of long-term loans

(150)


(4,500)

    Treasury stock acquired

(75)


(2,245)

    Acquisition of subsidiaries

(10)


(285)

    Others

(0)


(6)

Net cash provided by financing activities

111


3,330





Effect of exchange rate changes on cash and cash equivalents

18


574

Net increase in cash and cash equivalents

342


10,270





Cash and cash equivalents at beginning of period

1,421


42,593





Cash and cash equivalents at end of period

1,763


52,863









Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2013 exchange rate of NT $29.98 per U.S. Dollar.  All figures are prepared in accordance with TIFRSs.



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