UMC's Engagement with IBM to Propel 10nm Process Development
(PRNewswire) —Second Quarter 2013 Overview[1]:
- Revenue: NT$31.91 billion (US$1.06 billion)
- Gross margin: 19.4%; operating margin: 3.6%
- Foundry Capacity Utilization Rate: 85%
- Net income attributable to the stockholders of the parent: NT$1.81 billion (US$60 million)
- Earnings per share: NT$0.15; earnings per ADS: US$0.025
|
[1] |
Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending Jun 30, 2013, the three-month period ending Mar 31, 2013, and the equivalent three-month period that ended Jun 30, 2012. For all 2Q13 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Jun 30, 2013 exchange rate of NT$29.98 per U.S. Dollar. |
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the second quarter of 2013.
Revenue was NT$31.91 billion, with gross margin at 19.4% and operating margin at 3.6%. Net income attributable to the stockholders of the parent was NT$1.81 billion, with earnings per ordinary share of NT$0.15.
Mr. Po-Wen Yen, CEO of UMC, said, "UMC's second quarter 2013 operating results exceeded expectations. The foundry segment recorded NT$30.33 billion in revenues, with profit margin from foundry operations of 5.3%. Wafer shipments reached 1.307 million 8-inch equivalent wafers, bringing overall capacity utilization to 85%. Revenue contribution from 40nm and below technologies grew from 18% in 1Q13 to 20% in 2Q13."
CEO Yen added, "As the industry advances to more cutting edge nodes, our customers expect to adopt new technologies for their upcoming advanced products. To satisfy their increasing reliance on leading-edge geometries, we have recently announced our participation in the IBM alliance for 10nm FinFET CMOS process technology. We are excited to team up with IBM and strongly believe the collaborative effort will help overcome a variety of research challenges to realize ground-breaking results that will better serve the industry's needs. UMC will offer our upcoming process platforms based upon IBM fundamental technology and develop derivative processes according to customer requirements."
CEO Yen continued, "With the arrival of the third quarter, we project sequential revenue growth to follow a better-than-seasonal second quarter in the foundry segment. In the mid-term, to perpetuate our leading position in the advanced specialty technology segment, UMC's R&D team continues to pull-in production milestones with enhanced process implementations to facilitate customer product deployment. UMC's comprehensive range of technologies enables customers from a wide array of industry segments to differentiate their products, thus helping UMC to expand its business scope, elevate overall competitiveness, and strengthen long term profitability."
Summary of Operating Results
|
Operating Results | |||||
|
(Amount: NT$ million) |
2Q13 |
1Q13 |
QoQ %
|
2Q12 |
YoY %
|
|
Net Operating Revenues |
31,905 |
27,781 |
14.8 |
30,377 |
5.0 |
|
Gross Profit |
6,177 |
4,492 |
37.5 |
6,339 |
(2.6) |
|
Operating Expenses |
(5,017) |
(4,178) |
20.1 |
(4,173) |
20.2 |
|
Net Other Operating Income and Expenses |
(11) |
(20) |
(45.0) |
4 |
- |
|
Operating Income |
1,149 |
294 |
290.8 |
2,170 |
(47.1) |
|
Net Non-Operating Income and Expenses |
631 |
7,249 |
(91.3) |
655 |
(3.7) |
|
Net Income Attributable to the Stockholders of the Parent |
1,812 |
6,593 |
(72.5) |
2,651 |
(31.6) |
|
EPS (NT$ per share) |
0.15 |
0.52 |
|
0.21 |
|
|
(US$ per ADS[2]) |
0.025 |
0.087 |
|
0.035 |
|
|
| |||||
|
[2] One ADS represents five Taiwan-listed ordinary shares. | |||||
Consolidated revenue increased 14.8% QoQ from NT$27.78 billion in 1Q13 to NT$31.91 billion in 2Q13, and increased 5.0% YoY from NT$30.38 billion in 2Q12. Gross profit was NT$6.18 billion, or 19.4% of revenue, compared to NT$4.49 billion, or 16.2% of 1Q13 revenue. Operating income for the quarter was NT$1.15 billion, or 3.6% of revenue, compared to operating income of NT$0.29 billion, or 1.1% of 1Q13 revenue. Net income attributable to the stockholders of the parent was NT$1.81 billion, compared to NT$6.59 billion in 1Q13.
Earnings per ordinary share for the quarter were NT$0.15. Earnings per ADS were US$0.025. The basic weighted average number of outstanding shares in 2Q13 was 12,464,972,126, compared with 12,631,240,995 shares in 1Q13 and 12,621,506,549 shares in 2Q12. The diluted weighted average number of outstanding shares was 13,236,433,274 in 2Q13, compared with 13,396,609,065 shares in 1Q13 and 13,443,771,438 shares in 2Q12. The fully diluted share count on June 30, 2013 was approximately 13,754,875,000. On June 30, 2013, UMC held 200 million treasury shares acquired from the 15th share buy-back program.
Detailed Financials Section
|
COGS & Expenses | |||||
|
(Amount: NT$ million) |
2Q13 |
1Q13 |
QoQ %
|
2Q12 |
YoY %
|
|
Net Operating Revenues |
31,905 |
27,781 |
14.8 |
30,377 |
5.0 |
|
COGS |
(25,728) |
(23,289) |
10.5 |
(24,038) |
7.0 |
|
Depreciation |
(8,546) |
(7,628) |
12.0 |
(7,579) |
12.8 |
|
Other Mfg. Costs |
(17,182) |
(15,661) |
9.7 |
(16,459) |
4.4 |
|
Gross Profit |
6,177 |
4,492 |
37.5 |
6,339 |
(2.6) |
|
Gross Margin (%) |
19.4% |
16.2% |
|
20.9% |
|
|
Operating Expenses |
(5,017) |
(4,178) |
20.1 |
(4,173) |
20.2 |
|
G&A |
(966) |
(1,019) |
(5.2) |
(841) |
14.9 |
|
Sales & Marketing |
(800) |
(763) |
4.8 |
(776) |
3.1 |
|
R&D |
(3,251) |
(2,396) |
35.7 |
(2,556) |
27.2 |
|
Net Other Operating Income & Expenses |
(11) |
(20) |
(45.0) |
4 |
- |
|
Operating Income |
1,149 |
294 |
290.8 |
2,170 |
(47.1) |
The rise in revenue and other manufacturing costs were largely due to the increase in shipments for 2Q13. R&D expenses rose to NT$3.25 billion from NT$2.40 billion QoQ, mainly reflecting the development costs associated with 28nm, 14nm and 10nm.
|
Non-Operating Income and Expenses | |||
|
(Amount: NT$ million) |
2Q13 |
1Q13 |
2Q12 |
|
Non-Operating Income and Expenses |
631 |
7,249 |
655 |
|
Net Interest Income and Expenses |
(83) |
(82) |
(42) |
|
Net Investment Gain and Loss |
(33) |
12 |
(18) |
|
Gain and Loss on Disposal of Investment |
671 |
33 |
401 |
|
Exchange Gain and Loss |
(11) |
37 |
122 |
|
Other Gain and Loss |
87 |
7,249 |
192 |
Net non-operating income during 2Q13 was NT$631 million. Gains on the disposal of investments include the EB conversion of Novatek shares.
|
Cash Flow Summary | ||
|
(Amount: NT$ million) |
For the 3-Month Period Ended Jun. 30, 2013 |
For the 3-Month Period Ended Mar. 31, 2013 |
|
Cash Flow from Operating Activities |
9,566 |
9,856 |
|
Net Income before tax |
1,780 |
7,543 |
|
Depreciation & Amortization |
9,744 |
9,625 |
|
Bargain Purchase Gain |
(14) |
(7,140) |
|
Changes in Working Capital |
(698) |
(400) |
|
Other |
(1,246) |
228 |
|
Cash Flow from Investing Activities |
(7,808) |
(5,248) |
|
Capital Expenditures |
(7,964) |
(7,182) |
|
Acquisition of Subsidiaries (net of cash acquired) |
(9) |
2,650 |
|
Other |
165 |
(716) |
|
Cash Flow from Financing Activities |
(2,399) |
5,729 |
|
Bank Loans |
(712) |
(3,422) |
|
Bonds Issued |
(2) |
9,990 |
|
Treasury Stock Acquired |
(1,726) |
(519) |
|
Other |
41 |
(320) |
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
80 |
494 |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
(561) |
10,831 |
In 2Q13, cash generated from operations reached NT$9.57 billion. CAPEX spending for the quarter was NT$7.96 billion, including NT$7.81 billion from the foundry segment. The NT$2.40 billion of financing cash outflow that included NT$712 million of bank loan repayment and NT$1.73 billion of treasury share purchase.
|
Current Assets | |||
|
(Amount: NT$ billion) |
2Q13 |
1Q13 |
2Q12 |
|
Cash and Cash Equivalents |
52.86 |
53.42 |
48.94 |
|
Notes & Accounts Receivable |
19.38 |
17.44 |
18.67 |
|
Days Sales Outstanding |
53 |
55 |
50 |
|
Inventories, net |
14.33 |
14.23 |
13.72 |
|
Days of Inventory |
51 |
53 |
50 |
|
Total Current Assets |
92.90 |
91.80 |
89.58 |
Cash and cash equivalents decreased to NT$52.86 billion. Days sales outstanding also decreased by 2 days to 53 days.
|
Liabilities | |||
|
(Amount: NT$ billion) |
2Q13 |
1Q13 |
2Q12 |
|
Total Current Liabilities |
57.62 |
37.30 |
53.22 |
|
Notes & Accounts Payable |
7.17 |
6.63 |
7.76 |
|
Short-Term Credit / Bonds |
23.51 |
11.23 |
15.51 |
|
Payable on Equipment |
7.59 |
5.74 |
9.52 |
|
Other |
19.35 |
13.70 |
20.43 |
|
Long-Term Credit / Bonds |
28.54 |
41.55 |
32.50 |
|
Total Liabilities |
93.19 |
86.02 |
91.08 |
|
Debt to Equity |
44% |
40% |
43% |
Total current liabilities grew to NT$57.62 billion. Other current liabilities included NT$5.06 billion of cash dividends payable to stockholders. Debt to equity ratio increased to 44%, which will be reduced after dividends are paid out in 3Q13.
Analysis of Revenue[3] for Foundry Segment
|
[3] |
Revenue in this section represents wafer sales |
|
|
|
Revenue Breakdown by Region
|
Region |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
2Q12 |
|
North America |
47% |
44% |
45% |
50% |
45% |
|
Asia Pacific |
42% |
46% |
45% |
40% |
46% |
|
Europe |
8% |
9% |
9% |
9% |
8% |
|
Japan |
3% |
1% |
1% |
1% |
1% |
|
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|
2012 figures account for UMC parent company only. | |||||
Revenue contribution from North America and Japan both grew to 47% and 3% respectively.
Revenue Breakdown by Geometry
|
Geometry |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
2Q12 |
|
40nm and below |
20% |
18% |
15% |
13% |
9% |
|
40nm<x<=65nm |
31% |
32% |
40% |
41% |
40% |
|
65nm<x<=90nm |
6% |
6% |
7% |
7% |
7% |
|
90nm<x<=0.13um |
15% |
14% |
15% |
15% |
18% |
|
0.13um<x<=0.18um |
13% |
15% |
10% |
9% |
10% |
|
0.18um<x<=0.35um |
11% |
11% |
10% |
11% |
11% |
|
|
|
|
|
|
|
|
2012 figures account for UMC parent company only. | |||||
40nm and below revenue grew from 18% in 1Q13 to 20% in 2Q13, reflecting strong demand from the communication segment.
Revenue Breakdown by Customer Type
Customer Type 2Q13 1Q13 4Q12 3Q12 2Q12 Fabless 90% 90% 90% 83% 82% IDM 10% 10% 10% 17% 18% 2012 figures account for UMC parent company only.
The percentage of revenue from fabless customers remained at 90%.
Revenue Breakdown by Application (1)
|
Application |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
2Q12 |
|
Computer |
18% |
22% |
18% |
21% |
17% |
|
Communication |
51% |
47% |
50% |
49% |
54% |
|
Consumer |
28% |
28% |
29% |
27% |
26% |
|
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. | |||||
Communication accounted for 51% of revenue in 2Q13. The growth was driven by the increase in demand for wireless and handheld devices.
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) during 2Q13 remained relatively flat
(To view ASP trend, visit http://www.umc.com/english/investors/2Q13_ASP_trend.asp )
Shipment and Utilization Rate[4] for Foundry Segment
|
[4] |
Utilization Rate = Quarterly Wafer Out / Quarterly Capacity |
|
| |||||
|
Wafer Shipments | |||||
|
|
2Q13 |
1Q13 |
4Q12 |
3Q12 |
2Q12 |
|
Wafer Shipments (8" K equivalents) |
1,307 |
1,125 |
1,069 |
1,133 |
1,142 |
|
| |||||
|
2012 figures account for UMC parent company only. | |||||
|
| |||||
|
Quarterly Capacity Utilization Rate | |||||
|
|
2Q13 |
1Q13 |
4Q12 |
3Q12 |
2Q12 |
|
Utilization Rate |
85% |
78% |
80% |
84% |
84% |
|
Total Capacity (8" K equivalents) |
1,537 |
1,461 |
1,401 |
1,376 |
1,372 |
|
| |||||
|
2012 figures account for UMC parent company only. | |||||
1,307 thousand 8-inch equivalent wafers were shipped during 2Q13, a 16.2% increase sequentially, bringing overall utilization rate for the quarter was 85%.
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. |
Foundry segment capacity grew from 1,461K 8-inch equivalent wafers in 1Q13 to 1,537K 8-inch equivalent wafers in 2Q13, which included the full quarter recognition of Fab8N capacity and Fab12A expansion. The estimated capacity for the third quarter will be 1,548K 8-inch equivalent wafers due to capacity expansion at Fab12i.
|
Annual Capacity in thousands of wafers |
|
Quarterly Capacity in thousands of wafers | ||||||||||
|
FAB |
Geometry
|
2012 |
2011 |
2010 |
2009 |
|
FAB |
3Q13E |
2Q13 |
1Q13 |
4Q12 | |
|
Fab6A |
6" |
3.5 - 0.45 |
481 |
538 |
588 |
583 |
|
Fab6A |
113 |
113 |
111 |
113 |
|
Fab8A |
8" |
0.5 - 0.25 |
815 |
813 |
816 |
816 |
|
Fab8A |
204 |
204 |
201 |
204 |
|
Fab8C |
8" |
0.35 - 0.11 |
360 |
359 |
366 |
405 |
|
Fab8C |
87 |
87 |
86 |
90 |
|
Fab8D |
8" |
0.13 - 0.09 |
371 |
364 |
314 |
267 |
|
Fab8D |
96 |
96 |
94 |
93 |
|
Fab8E |
8" |
0.5 - 0.18 |
449 |
469 |
410 |
408 |
|
Fab8E |
105 |
105 |
103 |
113 |
|
Fab8F |
8" |
0.18 - 0.11 |
389 |
388 |
388 |
381 |
|
Fab8F |
98 |
98 |
96 |
98 |
|
Fab8S |
8" |
0.18 - 0.11 |
348 |
307 |
304 |
300 |
|
Fab8S |
84 |
84 |
83 |
87 |
|
Fab12A |
12" |
0.18 - 0.028 |
579 |
501 |
374 |
385 |
|
Fab8N |
128 |
128 |
83 |
- |
|
Fab12i |
12" |
0.13 - 0.040 |
537 |
530 |
454 |
362 |
|
Fab12A |
164 |
164 |
158 |
156 |
|
Total(1) |
5,514 |
5,322 |
4,791 |
4,586 |
|
Fab12i |
139 |
134 |
132 |
134 | ||
| YoY Growth Rate |
4% |
11% |
4% |
2% |
|
Total |
1,548 |
1,537 |
1,461 |
1,401 | ||
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2009~2012 figures account for UMC parent company only. |
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4Q12 figures account for UMC parent company only. | ||||||||||
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(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
|
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. | |||||
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| |||||
|
2013 Foundry CAPEX Plan | |||||
|
8" |
12" |
Total | |||
|
8% |
92% |
US$1.5 billion | |||
The 2013 foundry CAPEX budget remains at US$1.5 billion. UMC spent US$496 million in the first half of 2013.
Third Quarter of 2013 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Foundry Segment Wafer Shipments: 3-4% increase
- Foundry Segment ASP in US$: Will remain flat
- Foundry Segment Profitability: High single-digit percentage operating margin
- Foundry Segment Capacity Utilization: Mid-80% range
- Guidance to New Business Segment: Revenue to be approximately NT$1.5bn and operating loss to be approximately NT$600m
Recent Developments / Announcements
|
July 29, 2013 |
AltoBeam and UMC Successfully Demonstrate DVB-T2/T/C/S2/S Demodulator |
|
July 23, 2013 |
UMC and SuVolta Announce Joint Development of 28nm Low-Power Process Technology |
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June 26, 2013 |
Synopsys and UMC Collaborate to Accelerate Development of UMC's 14-nm FinFET Process |
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June 13, 2013 |
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June 11, 2013 |
UMC Shareholders Approve NT$0.40 Cash Dividend at Annual Shareholders Meeting |
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June 11, 2013 |
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June 10, 2013 |
eMemory and UMC Expand Non-volatile Memory Cooperation to Advanced 28nm Process |
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May 30, 2013 |
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May 28, 2013 |
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May 22, 2013 |
UMC Establishes its Specialty Technology Center of Excellence in Singapore |
Please visit UMC's website for further details regarding the above announcements
Conference Call / Webcast Announcement
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Wednesday, August 07, 2013 | |
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Time: |
5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London) |
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Dial-in numbers and Access Codes: | |
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USA Toll Free: |
1800 871 3110, 1888 700 7397 |
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Taiwan Number: |
02 2192 8018 |
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Other Areas: |
+886 2 2192 8018 |
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Access Code: |
UMC |
A live webcast and replay of the 2Q13 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 15,000 people worldwide and has offices in Taiwan, mainland 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 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.
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- FINANCIAL TABLES TO FOLLOW - | |||||
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UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||
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Consolidated Condensed Balance Sheet | |||||
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As of June 30, 2013 | |||||
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Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||
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|
|
|
|
June 30, 2013 | ||||
|
|
|
|
|
|
|
|
|
US$ |
|
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
|
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
|
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
|
|
|
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. | |||
|
| |||
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 |