Results Top 3Q Guidance, Company Sees Slowdown in 4Q
(PRNewswire) —Third Quarter 2013 Overview[1]:
- Revenue: NT$33.41 billion (US$1.13 billion)
- Gross margin: 22.0%; operating margin: 7.2%
- Foundry Capacity Utilization Rate: 87%
- Net income attributable to the stockholders of the parent: NT$3.48 billion (US$117 million)
- Earnings per share: NT$0.28; earnings per ADS: US$0.047
|
[1] Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending Sep 30, 2013, the three-month period ending Jun 30, 2013, and the equivalent three-month period that ended Sep 30, 2012. For all 3Q13 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Sep 30, 2013 exchange rate of NT$ 29.62 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 third quarter of 2013.
Revenue was NT$33.41 billion, with gross margin at 22.0% and operating margin at 7.2%. Net income attributable to the stockholders of the parent was NT$3.48 billion, with earnings per ordinary share of NT$0.28.
Mr. Po-Wen Yen, CEO of UMC, said "In the third quarter of 2013, the foundry segment recorded NT$31.60 billion in revenues, with profit margin from foundry operations of 9.0%. Wafer shipments hit an all-time high of 1.329 million 8-inch equivalent wafers, bringing overall capacity utilization to 87%. The New Business segment recorded NT$1.83 billion in revenue, with net loss of NT$0.51 billion, down from a loss of NT$0.57 billion in 2Q13. 40nm business continued to grow and accounted for 20% of sales during 3Q13."
CEO Yen added, "During the last couple of quarters, the engineering group has focused relentlessly on yield enhancement activities to improve our 28nm manufacturing technologies. These accumulated efforts enabled 28nm Poly SiON and HK/MG yields to accelerate its climb. This accomplishment allows our pre-production customers to shift closer towards volume production, and concurrently shortens the time required for new customer adoption of UMC's 28nm platform. In the upcoming months, we look forward to further optimizing 28nm yield levels to move more customers towards volume production. In terms of specialty technologies, UMC continues to lead the foundry sector in high-voltage (HV) manufacturing processes used for applications such as driver ICs in mobile devices. Our unique HV technologies increase our customers' competitiveness so they may further gain market share in today's growing display industry."
CEO Yen continued, "For the fourth quarter, we have seen a decline in wafer demand. Primary factors that led to a weakened outlook stemmed from seasonal correction, supply chain inventory control and the uncertainties culminating in the macro economy. We firmly believe UMC is well positioned to benefit from the robust 28nm demand in the mobile industry for the next several years. To secure long-term foundry growth, UMC continues to deploy our advanced logic/mixed mode and specialty derivative technology offerings. UMC's diversified product portfolio will enhance our manufacturing flexibilities to accommodate additional customer production requirements, broaden our business scale and solidify our position as a one of the leading players in the foundry industry."
Summary of Operating Results
|
Operating Results | |||||
|
(Amount: NT$ million) |
3Q13 |
2Q13 |
QoQ %
|
3Q12 |
YoY %
|
|
Net Operating Revenues |
33,407 |
31,905 |
4.7 |
30,174 |
10.7 |
|
Gross Profit |
7,337 |
6,177 |
18.8 |
5,724 |
28.2 |
|
Operating Expenses |
(4,894) |
(5,017) |
(2.5) |
(3,752) |
30.4 |
|
Net Other Operating Income and Expenses |
(48) |
(11) |
336.4 |
(2,704) |
(98.2) |
|
Operating Income |
2,395 |
1,149 |
108.4 |
(732) |
- |
|
Net Non-Operating Income and Expenses |
1,561 |
631 |
147.4 |
2,481 |
(37.1) |
|
Net Income Attributable to the Stockholders of the Parent |
3,476 |
1,812 |
91.8 |
1,493 |
132.8 |
|
EPS (NT$ per share) |
0.28 |
0.15 |
|
0.12 |
|
|
(US$ per ADS[2]) |
0.047 |
0.025 |
|
0.020 |
|
|
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[2] One ADS represents five Taiwan-listed ordinary shares. | |||||
The consolidated revenue increased 4.7% QoQ, from NT$31.91 billion in 2Q13 to NT$33.41 billion in 3Q13, and increased 10.7% YoY from NT$30.17 billion in 3Q12. Gross profit was NT$7.34 billion, or 22.0% of revenue, compared to NT$6.18 billion, or 19.4% of 2Q13 revenue. Operating income for the quarter was NT$2.40 billion, or 7.2% of revenue, compared to operating income of NT$1.15 billion, or 3.6% of 2Q13 revenue. Net income attributable to the stockholders of the parent was NT$3.48 billion, compared to NT$1.81 billion in 2Q13.
Earnings per ordinary share for the quarter were NT$0.28. Earnings per ADS were US$0.047. The basic weighted average number of outstanding shares in 3Q13 was 12,459,978,088, compared with 12,464,972,126 shares in 2Q13 and 12,628,658,938 shares in 3Q12. The diluted weighted average number of outstanding shares was 13,201,315,449 in 3Q13, compared with 13,236,433,274 shares in 2Q13 and 13,358,778,084 shares in 3Q12. The fully diluted share count on September 30, 2013 was approximately 13,767,258,000. On September 30, 2013, UMC held 200 million treasury shares acquired from the 15th share buy-back programs.
Detailed Financials Section
|
COGS & Expenses | |||||
|
(Amount: NT$ million) |
3Q13 |
2Q13 |
QoQ % |
3Q12 |
YoY % |
|
change |
change | ||||
|
Net Operating Revenues |
33,407 |
31,905 |
4.7 |
30,174 |
10.7 |
|
COGS |
(26,070) |
(25,728) |
1.3 |
(24,450) |
6.6 |
|
Depreciation |
(8,151) |
(8,546) |
(4.6) |
(7,733) |
5.4 |
|
Other Mfg. Costs |
(17,919) |
(17,182) |
4.3 |
(16,717) |
7.2 |
|
Gross Profit |
7,337 |
6,177 |
18.8 |
5,724 |
28.2 |
|
Gross Margin (%) |
22.0% |
19.4% |
|
19.0% |
|
|
Operating Expenses |
(4,894) |
(5,017) |
(2.5) |
(3,752) |
30.4 |
|
G&A |
(854) |
(966) |
(11.6) |
(727) |
17.5 |
|
Sales & Marketing |
(778) |
(800) |
(2.8) |
(687) |
13.2 |
|
R&D |
(3,262) |
(3,251) |
0.3 |
(2,338) |
39.5 |
|
Net Other Operating Income & Expenses |
(48) |
(11) |
336.4 |
(2,704) |
(98.2) |
|
Operating Income |
2,395 |
1,149 |
108.4 |
(732) |
- |
The rise in revenue and other manufacturing costs was primarily due to the increase in shipments during 3Q13. Depreciation within COGS decreased 4.6% to NT$8.15 billion. Total operating expenses decreased by 2.5% to NT$4.89 billion. G&A expenses decreased 11.6% to NT$854 million. R&D expenses remained relatively flat at NT$3.26 billion.
|
Non-Operating Income and Expenses | |||
|
(Amount: NT$ million) |
3Q13 |
2Q13 |
3Q12 |
|
Non-Operating Income and Expenses |
1,561 |
631 |
2,481 |
|
Net Interest Income and Expenses |
(77) |
(83) |
(75) |
|
Net Investment Gain and Loss |
639 |
(33) |
876 |
|
Gain and Loss on Disposal of Investment |
506 |
671 |
2,001 |
|
Exchange Gain and Loss |
53 |
(11) |
62 |
|
Other Gain and Loss |
440 |
87 |
(383) |
Net non-operating income for 3Q13 was NT$1.56 billion. Net investment income was NT$639 million, mainly from cash dividend payments from invested companies. Gain on the disposal of investments was NT$506 million. Other gain was NT$440 million, mainly from valuation of financial liabilities.
|
Cash Flow Summary | ||
|
(Amount: NT$ million) |
For the 3-Month Period Ended |
For the 3-Month
|
|
Sep. 30, 2013 |
Jun. 30, 2013 | |
|
Cash Flow from Operating Activities |
13,140 |
9,566 |
|
Net Income before tax |
3,956 |
1,780 |
|
Depreciation & Amortization |
9,495 |
9,744 |
|
Bargain Purchase Gain |
- |
(14) |
|
Changes in Working Capital |
414 |
(698) |
|
Other |
(725) |
(1,246) |
|
Cash Flow from Investing Activities |
(10,722) |
(7,808) |
|
Capital Expenditures |
(10,015) |
(7,964) |
|
Acquisition of Subsidiaries
|
- |
(9) |
|
Other |
(707) |
165 |
|
Cash Flow from Financing Activities |
(4,467) |
(2,399) |
|
Bank Loans |
291 |
(712) |
|
Bonds Issued |
- |
(2) |
|
Treasury Stock Acquired |
- |
(1,726) |
|
Cash Dividends |
(5,061) |
- |
|
Other |
303 |
41 |
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents |
(478) |
80 |
|
Net Decrease in Cash and Cash Equivalents |
(2,527) |
(561) |
Cash inflow from operations was NT$13.14 billion in 3Q13. Higher operating cash flow in 3Q13 reflects the increase in net income before tax. CAPEX spending during 3Q13 was NT$10.02 billion including NT$9.64 billion from the foundry segment. Cash outflow from financing was NT$4.47 billion, due to a NT$5.06 billion payment of cash dividends to stockholders. Net cash outflow in 3Q13 was NT$2.53 billion.
|
Current Assets | |||
|
(Amount: NT$ billion) |
3Q13 |
2Q13 |
3Q12 |
|
Cash and Cash Equivalents |
50.34 |
52.86 |
42.97 |
|
Notes & Accounts Receivable |
18.66 |
19.38 |
17.90 |
|
Days Sales Outstanding |
52 |
53 |
50 |
|
Inventories, net |
14.17 |
14.33 |
13.48 |
|
Days of Inventory |
50 |
51 |
50 |
|
Total Current Assets |
88.90 |
92.90 |
84.10 |
Cash and cash equivalents decreased to NT$50.34 billion due to CAPEX spending and dividend payment in 3Q13. Days of inventory decreased by one day to 50 days.
|
Liabilities | |||
|
(Amount: NT$ billion) |
3Q13 |
2Q13 |
3Q12 |
|
Total Current Liabilities |
52.27 |
57.62 |
45.85 |
|
Notes & Accounts Payable |
7.62 |
7.17 |
6.13 |
|
Short-Term Credit / Bonds |
23.44 |
23.51 |
16.53 |
|
Payable on Equipment |
8.95 |
7.59 |
10.06 |
|
Other |
12.26 |
19.35 |
13.13 |
|
Long-Term Credit / Bonds |
28.80 |
28.54 |
32.05 |
|
Total Liabilities |
88.35 |
93.19 |
83.68 |
|
Debt to Equity |
42% |
44% |
40% |
Current liabilities decreased to NT$52.27 billion, reflecting the payment of NT$5.06 billion cash dividends to stockholders. Debt to equity ratio decreased to 42%.
Analysis of Revenue[3] for Foundry Segment
|
Revenue Breakdown by Region | |||||
|
Region |
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
North America |
43% |
47% |
44% |
45% |
50% |
|
Asia Pacific |
44% |
42% |
46% |
45% |
40% |
|
Europe |
7% |
8% |
9% |
9% |
9% |
|
Japan |
6% |
3% |
1% |
1% |
1% |
|
|
|
|
|
|
|
|
2012 figures account for UMC parent company only. | |||||
Revenue contribution from Asia Pacific and Japan both grew to 44% and 6% respectively.
|
Revenue Breakdown by Geometry | |||||
|
Geometry |
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
40nm and below |
20% |
20% |
18% |
15% |
13% |
|
40nm<x<=65nm |
34% |
31% |
32% |
40% |
41% |
|
65nm<x<=90nm |
6% |
6% |
6% |
7% |
7% |
|
90nm<x<=0.13um |
16% |
15% |
14% |
15% |
15% |
|
0.13um<x<=0.18um |
11% |
13% |
15% |
10% |
9% |
|
0.18um<x<=0.35um |
10% |
11% |
11% |
10% |
11% |
|
0.5um and above |
3% |
4% |
4% |
3% |
4% |
|
| |||||
|
2012 figures account for UMC parent company only. | |||||
Advanced node contribution from 65nm and below revenue grew to 54% in 3Q13 from 51% in 2Q13.
|
Revenue Breakdown by Customer Type | |||||
|
Customer Type |
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
Fabless |
86% |
90% |
90% |
90% |
83% |
|
IDM |
14% |
10% |
10% |
10% |
17% |
|
| |||||
|
2012 figures account for UMC parent company only. | |||||
The percentage of revenue from IDM customers increased to 14%.
|
Revenue Breakdown by Application (1) | |||||
|
Application |
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
Computer |
16% |
18% |
22% |
18% |
21% |
|
Communication |
52% |
51% |
47% |
50% |
49% |
|
Consumer |
28% |
28% |
28% |
29% |
27% |
|
Others |
4% |
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 communication segment contribution continued to grow in 3Q13, accounting for 52% of sales, reflecting the continuous strength and robust demand for wireless and handheld devices.
|
[3] Revenue in this section represents wafer sales |
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) during 3Q13 remained relatively flat.
(To view ASP trend, visit http://www.umc.com/english/investors/3Q13_ASP_trend.asp )
Shipment and Utilization Rate[4] for Foundry Segment
|
Wafer Shipments | |||||
|
|
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
Wafer Shipments
|
1,329 |
1,307 |
1,125 |
1,069 |
1,133 |
|
|
|
|
|
|
|
|
2012 figures account for UMC parent company only. | |||||
|
| |||||
|
Quarterly Capacity Utilization Rate | |||||
|
|
3Q13 |
2Q13 |
1Q13 |
4Q12 |
3Q12 |
|
Utilization Rate |
87% |
85% |
78% |
80% |
84% |
|
Total Capacity
|
1,548 |
1,537 |
1,461 |
1,401 |
1,376 |
|
|
|
|
|
|
|
|
2012 figures account for UMC parent company only. | |||||
Wafer shipments increased 1.7% QoQ, bringing total shipments to 1,329 thousand 8-inch equivalent wafers during 3Q13. Overall utilization rate for the quarter was 87%.
|
[4] Utilization Rate = Quarterly Wafer Out / Quarterly Capacity |
Capacity[5] for Foundry Segment
Foundry segment capacity grew from 1,537 8-inch equivalent wafers in 2Q13 to 1,548 8-inch equivalent wafers in 3Q13 due to Fab12i capacity expansion. The estimated capacity for the fourth quarter will increase to 1,560K 8-inch equivalent wafers as expansion continues at Fab12i in Singapore.
|
Annual Capacity in
|
|
Quarterly Capacity in thousands of wafers | ||||||||||
|
FAB |
Geometry
|
2012 |
2011 |
2010 |
2009 |
|
FAB |
4Q13E |
3Q13 |
2Q13 |
1Q13 | |
|
Fab6A |
6" |
3.5 – 0.45 |
481 |
538 |
588 |
583 |
|
Fab6A |
113 |
113 |
113 |
111 |
|
Fab8A |
8" |
0.5 – 0.25 |
815 |
813 |
816 |
816 |
|
Fab8A |
204 |
204 |
204 |
201 |
|
Fab8C |
8" |
0.35 – 0.11 |
360 |
359 |
366 |
405 |
|
Fab8C |
87 |
87 |
87 |
86 |
|
Fab8D |
8" |
0.13 – 0.09 |
371 |
364 |
314 |
267 |
|
Fab8D |
96 |
96 |
96 |
94 |
|
Fab8E |
8" |
0.5 – 0.18 |
449 |
469 |
410 |
408 |
|
Fab8E |
105 |
105 |
105 |
103 |
|
Fab8F |
8" |
0.18 – 0.11 |
389 |
388 |
388 |
381 |
|
Fab8F |
98 |
98 |
98 |
96 |
|
Fab8S |
8" |
0.18 – 0.11 |
348 |
307 |
304 |
300 |
|
Fab8S |
84 |
84 |
84 |
83 |
|
Fab12A |
12" |
0.18 – 0.028 |
579 |
501 |
374 |
385 |
|
Fab8N |
128 |
128 |
128 |
83 |
|
Fab12i |
12" |
0.13 – 0.040 |
537 |
530 |
454 |
362 |
|
Fab12A |
164 |
164 |
164 |
158 |
|
Total(1) |
5,514 |
5,322 |
4,791 |
4,586 |
|
Fab12i |
145 |
139 |
134 |
132 | ||
|
YoY Growth Rate |
4% |
11% |
4% |
2% |
|
Total |
1,560 |
1,548 |
1,537 |
1,461 | ||
|
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2009~2012 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. |
|
| |||
|
2013 Foundry CAPEX Plan | ||
|
8" |
12" |
Total |
|
9% |
91% |
US$1.5 billion |
The 2013 foundry CAPEX budget will remain unchanged at US$1.5 billion. At the conclusion of the third quarter, UMC's year-to-date CAPEX spending totaled US$818 million.
|
[5] Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up. |
Fourth Quarter of 2013 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Foundry Segment Wafer Shipments: 8-10% decrease
- Foundry Segment ASP in US$: Will decrease by approximately 2%
- Foundry Segment Profitability: Operating margin to be approximately break-even
- Foundry Segment Capacity Utilization: Mid-70% range
- Guidance to New Business Segment: Revenue to be approximately NT$2.2bn and operating loss to be approximately NT$550m
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 30, 2013
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 09:00 AM (London)
Dial-in numbers and Access Codes:
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USA Toll Free: |
1 800 871 3110, 1 888 700 7397 |
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Taiwan Number: |
02 2192 8016 |
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Other Areas: |
+886 2 2192 8016 |
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| |
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Access Code: |
UMC |
A live webcast and replay of the 3Q13 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 regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its registration statements and reports on Forms F-1, F-3, F-6 and 20-F and 6-K, 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
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 and reports on Form F-1, F-3, F-6 and 20-F and 6-K, 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 ROC GAAP and 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 | |||||||
|
As of September 30, 2013 | |||||||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
September 30, 2013 | ||||||
|
|
US$ |
|
NT$ |
|
% | ||
|
Assets |
|
|
|
|
| ||
|
Current assets |
|
|
|
|
| ||
|
Cash and cash equivalents |
1,699 |
|
50,336 |
|
16.8% | ||
|
Financial assets at fair value through profit or loss, current |
21 |
|
632 |
|
0.2% | ||
|
Available-for-sale financial assets, current |
80 |
|
2,380 |
|
0.8% | ||
|
Notes & Accounts receivable, net |
630 |
|
18,659 |
|
6.2% | ||
|
Inventories, net |
478 |
|
14,171 |
|
4.7% | ||
|
Other current assets |
94 |
|
2,725 |
|
1.0% | ||
|
Total current assets |
3,002 |
|
88,903 |
|
29.7% | ||
|
|
|
|
|
|
| ||
|
Non-current assets |
|
|
|
|
| ||
|
Funds and investments |
1,067 |
|
31,595 |
|
10.5% | ||
|
Property, plant and equipment |
5,623 |
|
166,559 |
|
55.6% | ||
|
Other non-current assets |
428 |
|
12,692 |
|
4.2% | ||
|
Total non-current assets |
7,118 |
|
210,846 |
|
70.3% | ||
|
Total assets |
10,120 |
|
299,749 |
|
100.0% | ||
|
|
|
|
|
|
| ||
|
Liabilities |
|
|
|
|
| ||
|
Current liabilities |
|
|
|
|
| ||
|
Short-term loans |
172 |
|
5,086 |
|
1.7% | ||
|
Financial liabilities at fair value through profit or loss, current |
2 |
|
51 |
|
0.0% | ||
|
Payables |
940 |
|
27,833 |
|
9.3% | ||
|
Current portion of long-term liabilities |
620 |
|
18,350 |
|
6.1% | ||
|
Other current liabilities |
31 |
|
949 |
|
0.3% | ||
|
Total current liabilities |
1,765 |
|
52,269 |
|
17.4% | ||
|
|
|
|
|
|
| ||
|
Non-current liabilities |
|
|
|
|
| ||
|
Bonds payable |
674 |
|
19,978 |
|
6.7% | ||
|
Long-term loans |
298 |
|
8,823 |
|
2.9% | ||
|
Other non-current liabilities |
246 |
|
7,282 |
|
2.5% | ||
|
Total non-current liabilities |
1,218 |
|
36,083 |
|
12.1% | ||
|
Total liabilities |
2,983 |
|
88,352 |
|
29.5% | ||
|
|
|
|
|
|
| ||
|
Equity |
|
|
|
|
| ||
|
Equity attributable to the parent company |
|
|
|
|
| ||
|
Capital |
4,284 |
|
126,905 |
|
42.3% | ||
|
Additional paid-in capital |
1,532 |
|
45,383 |
|
15.1% | ||
|
Retained earnings, unrealized gain or loss on available-for-sale
|
1,249 |
|
36,974 |
|
12.4% | ||
|
Treasury stock |
(80) |
|
(2,365) |
|
(0.8%) | ||
|
Total equity attributable to the parent company |
6,985 |
|
206,897 |
|
69.0% | ||
|
Non-controlling interests |
152 |
|
4,500 |
|
1.5% | ||
|
Total equity |
7,137 |
|
211,397 |
|
70.5% | ||
|
Total liabilities and equity |
10,120 |
|
299,749 |
|
100.0% | ||
|
| |||||||
|
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2013 exchange rate of NT $29.62 per U.S. Dollar. | |||||||
|
All figures are prepared in accordance with TIFRSs. | |||||||
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
|
Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||||||||||
|
Except Per Share and Per ADS Data | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison |
|
Quarter over Quarter Comparison | ||||||||||||||||
|
|
Three-Month Period Ended |
|
|
|
Three-Month Period Ended |
|
| ||||||||||||
|
|
September 30, 2013 |
|
September 30, 2012 |
|
% |
|
September 30, 2013 |
|
June 30, 2013 |
|
% | ||||||||
|
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
Chg. |
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
Chg. |
|
Net operating revenues |
1,128 |
|
33,407 |
|
1,019 |
|
30,174 |
|
10.7% |
|
1,128 |
|
33,407 |
|
1,077 |
|
31,905 |
|
4.7% |
|
Operating costs |
(880) |
|
(26,070) |
|
(826) |
|
(24,450) |
|
6.6% |
|
(880) |
|
(26,070) |
|
(868) |
|
(25,728) |
|
1.3% |
|
Gross profit |
248 |
|
7,337 |
|
193 |
|
5,724 |
|
28.2% |
|
248 |
|
7,337 |
|
209 |
|
6,177 |
|
18.8% |
|
|
22.0% |
|
22.0% |
|
19.0% |
|
19.0% |
|
|
|
22.0% |
|
22.0% |
|
19.4% |
|
19.4% |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses |
(26) |
|
(778) |
|
(23) |
|
(687) |
|
13.2% |
|
(26) |
|
(778) |
|
(27) |
|
(800) |
|
(2.8%) |
|
- General and administrative expenses |
(29) |
|
(854) |
|
(25) |
|
(727) |
|
17.5% |
|
(29) |
|
(854) |
|
(33) |
|
(966) |
|
(11.6%) |
|
- Research and development expenses |
(110) |
|
(3,262) |
|
(79) |
|
(2,338) |
|
39.5% |
|
(110) |
|
(3,262) |
|
(109) |
|
(3,251) |
|
0.3% |
|
Subtotal |
(165) |
|
(4,894) |
|
(127) |
|
(3,752) |
|
30.4% |
|
(165) |
|
(4,894) |
|
(169) |
|
(5,017) |
|
(2.5%) |
|
Net other operating income and expenses |
(2) |
|
(48) |
|
(91) |
|
(2,704) |
|
(98.2%) |
|
(2) |
|
(48) |
|
(1) |
|
(11) |
|
100.0% |
|
Operating income (loss) |
81 |
|
2,395 |
|
(25) |
|
(732) |
|
- |
|
81 |
|
2,395 |
|
39 |
|
1,149 |
|
100.0% |
|
|
7.2% |
|
7.2% |
|
(2.4%) |
|
(2.4%) |
|
|
|
7.2% |
|
7.2% |
|
3.6% |
|
3.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses |
53 |
|
1,561 |
|
84 |
|
2,481 |
|
(37.1%) |
|
53 |
|
1,561 |
|
21 |
|
631 |
|
100.0% |
|
Income from continuing operations before
|
134 |
|
3,956 |
|
59 |
|
1,749 |
|
100.0% |
|
134 |
|
3,956 |
|
60 |
|
1,780 |
|
100.0% |
|
|
11.8% |
|
11.8% |
|
5.8% |
|
5.8% |
|
|
|
11.8% |
|
11.8% |
|
5.6% |
|
5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
(20) |
|
(590) |
|
(45) |
|
(1,331) |
|
(55.7%) |
|
(20) |
|
(590) |
|
(1) |
|
(42) |
|
100.0% |
|
Net income |
114 |
|
3,366 |
|
14 |
|
418 |
|
100.0% |
|
114 |
|
3,366 |
|
59 |
|
1,738 |
|
93.7% |
|
|
10.1% |
|
10.1% |
|
1.4% |
|
1.4% |
|
|
|
10.1% |
|
10.1% |
|
5.4% |
|
5.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
(76) |
|
(2,249) |
|
(81) |
|
(2,412) |
|
(6.8%) |
|
(76) |
|
(2,249) |
|
11 |
|
350 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
38 |
|
1,117 |
|
(67) |
|
(1,994) |
|
- |
|
38 |
|
1,117 |
|
70 |
|
2,088 |
|
(46.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent |
117 |
|
3,476 |
|
50 |
|
1,493 |
|
100.0% |
|
117 |
|
3,476 |
|
61 |
|
1,812 |
|
91.8% |
|
Non-controlling interests |
(3) |
|
(110) |
|
(36) |
|
(1,075) |
|
(89.8%) |
|
(3) |
|
(110) |
|
(2) |
|
(74) |
|
48.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent |
42 |
|
1,255 |
|
(31) |
|
(920) |
|
- |
|
42 |
|
1,255 |
|
73 |
|
2,160 |
|
(41.9%) |
|
Non-controlling interests |
(4) |
|
(138) |
|
(36) |
|
(1,074) |
|
(87.2%) |
|
(4) |
|
(138) |
|
(3) |
|
(72) |
|
91.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic |
0.009 |
|
0.28 |
|
0.004 |
|
0.12 |
|
|
|
0.009 |
|
0.28 |
|
0.005 |
|
0.15 |
|
|
|
Earnings per ADS (2) |
0.047 |
|
1.40 |
|
0.020 |
|
0.60 |
|
|
|
0.047 |
|
1.40 |
|
0.025 |
|
0.75 |
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (in millions) |
|
|
12,460 |
|
|
|
12,629 |
|
|
|
|
|
12,460 |
|
|
|
12,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2013 exchange rate of NT $29.62 per U.S. Dollar. | |||||||||||||||||||
|
All figures are prepared in accordance with TIFRSs. | |||||||||||||||||||
|
(2) 1 ADS equals 5 common shares. | |||||||||||||||||||
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||
|
Consolidated Condensed Statements of Comprehensive Income | |||||||||||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||
|
Except Per Share and Per ADS Data | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended |
|
For the Nine-Month Period Ended | ||||||||
|
|
September 30, 2013 |
|
September 30, 2013 | ||||||||
|
|
US$ |
|
NT$ |
|
% |
|
US$ |
|
NT$ |
|
% |
|
Net operating revenues |
1,128 |
|
33,407 |
|
100.0% |
|
3,143 |
|
93,093 |
|
100.0% |
|
Operating costs |
(880) |
|
(26,070) |
|
(78.0%) |
|
(2,535) |
|
(75,087) |
|
(80.7%) |
|
Gross profit |
248 |
|
7,337 |
|
22.0% |
|
608 |
|
18,006 |
|
19.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses |
(26) |
|
(778) |
|
(2.3%) |
|
(79) |
|
(2,341) |
|
(2.5%) |
|
- General and administrative expenses |
(29) |
|
(854) |
|
(2.6%) |
|
(96) |
|
(2,840) |
|
(3.0%) |
|
- Research and development expenses |
(110) |
|
(3,262) |
|
(9.8%) |
|
(301) |
|
(8,908) |
|
(9.6%) |
|
Subtotal |
(165) |
|
(4,894) |
|
(14.7%) |
|
(476) |
|
(14,089) |
|
(15.1%) |
|
Net other operating income and expenses |
(2) |
|
(48) |
|
(0.1%) |
|
(2) |
|
(79) |
|
(0.1%) |
|
Operating income |
81 |
|
2,395 |
|
7.2% |
|
130 |
|
3,838 |
|
4.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses |
53 |
|
1,561 |
|
4.6% |
|
318 |
|
9,441 |
|
10.2% |
|
Income from continuing operations before
|
134 |
|
3,956 |
|
11.8% |
|
448 |
|
13,279 |
|
14.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
(20) |
|
(590) |
|
(1.7%) |
|
(59) |
|
(1,762) |
|
(1.9%) |
|
Net income |
114 |
|
3,366 |
|
10.1% |
|
389 |
|
11,517 |
|
12.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
(76) |
|
(2,249) |
|
(6.8%) |
|
(12) |
|
(356) |
|
(0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
38 |
|
1,117 |
|
3.3% |
|
377 |
|
11,161 |
|
12.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent |
117 |
|
3,476 |
|
10.4% |
|
401 |
|
11,881 |
|
12.8% |
|
Non-controlling interests |
(3) |
|
(110) |
|
(0.3%) |
|
(12) |
|
(364) |
|
(0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent |
42 |
|
1,255 |
|
3.8% |
|
389 |
|
11,534 |
|
12.4% |
|
Non-controlling interests |
(4) |
|
(138) |
|
(0.5%) |
|
(12) |
|
(373) |
|
(0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic |
0.009 |
|
0.28 |
|
|
|
0.032 |
|
0.95 |
|
|
|
Earnings per ADS (2) |
0.047 |
|
1.40 |
|
|
|
0.160 |
|
4.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
12,460 |
|
|
|
|
|
12,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2013 exchange rate of NT $29.62 per U.S. Dollar. | |||||||||||
|
All figures are prepared in accordance with TIFRSs. | |||||||||||
|
(2) 1 ADS equals 5 common shares. | |||||||||||
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||
|
Consolidated Condensed Statement of Cash Flows | |||
|
For The Nine-Month Period Ended September 30, 2013 | |||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||
|
|
|
|
|
|
|
USD |
|
NTD |
|
Cash flows from operating activities : |
|
|
|
|
Net income before tax |
448 |
|
13,279 |
|
Depreciation & Amortization |
974 |
|
28,864 |
|
Share of profit of associates and joint ventures |
(18) |
|
(527) |
|
Impairment loss on financial assets |
22 |
|
660 |
|
Gain on disposal of investments |
(41) |
|
(1,210) |
|
Bargain purchase gain |
(242) |
|
(7,154) |
|
Exchange loss on financial assets and liabilities |
7 |
|
198 |
|
Exchange loss on long-term liabilities |
6 |
|
163 |
|
Changes in assets, liabilities and others |
(57) |
|
(1,711) |
|
Net cash provided by operating activities |
1,099 |
|
32,562 |
|
|
|
|
|
|
Cash flows from investing activities : |
|
|
|
|
Proceeds from disposal of available-for-sale financial assets |
70 |
|
2,060 |
|
Acquisition of financial assets measured at cost |
(28) |
|
(834) |
|
Proceeds from capital reduction and liquidation of investment |
9 |
|
273 |
|
Acquisition of subsidiaries (net of cash acquired) |
89 |
|
2,641 |
|
Acquisition of property, plant and equipment |
(849) |
|
(25,161) |
|
Proceeds from disposal of property, plant and equipment |
18 |
|
534 |
|
Acquisition of intangible assets |
(87) |
|
(2,568) |
|
Others |
(25) |
|
(723) |
|
Net cash used in investing activities |
(803) |
|
(23,778) |
|
|
|
|
|
|
Cash flows from financing activities : |
|
|
|
|
Decrease in short-term loans |
(26) |
|
(761) |
|
Proceeds from bonds issued |
338 |
|
10,000 |
|
Proceeds from long-term loans |
266 |
|
7,887 |
|
Repayments of long-term loans |
(370) |
|
(10,969) |
|
Cash dividends |
(171) |
|
(5,061) |
|
Treasury stock acquired |
(76) |
|
(2,245) |
|
Acquisition of subsidiaries |
(10) |
|
(303) |
|
Others |
11 |
|
315 |
|
Net cash used in financing activities |
(38) |
|
(1,137) |
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
3 |
|
96 |
|
Net increase in cash and cash equivalents |
261 |
|
7,743 |
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
1,438 |
|
42,593 |
|
|
|
|
|
|
Cash and cash equivalents at end of period |
1,699 |
|
50,336 |
|
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2013 exchange rate of NT $29.62
| |||
|
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/english/investors/3Q13_ASP_trend.asp |