UMC Reports Second Quarter 2014 Results

Revenue increased 13.2% QoQ to NT$35.87 billion from NT$31.69 billion in 1Q14, and increased 12.4% YoY from NT$31.91 billion in 2Q13. Gross profit was NT$8.21 billion, or 22.9% of revenue, compared to NT$5.90 billion, or 18.6% of 1Q14 revenue. Operating income for the quarter was NT$2.92 billion, or 8.1% of revenue, compared to operating income of NT$0.94 billion, or 3.0% of 1Q14 revenue. Net income attributable to the stockholders of the parent in 2Q14 was NT$3.48 billion, compared to NT$1.18 billion in 1Q14.

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 2Q14 was 12,489,095,718, compared with 12,479,924,736 shares in 1Q14 and 12,464,972,126 shares in 2Q13. The diluted weighted average number of outstanding shares was 12,607,860,758 in 2Q14, compared with 13,157,984,032 shares in 1Q14 and 13,236,433,274 shares in 2Q13. The fully diluted share count on June 30, 2014 was approximately 12,782,196,000. On June 30, 2014, UMC held 200 million treasury shares acquired from the 15th share buy-back programs.

Detailed Financials Section

Revenue increase was mainly driven by foundry wafer shipment growth. Depreciation increased 6.3% QoQ to NT$8.66 billion, mainly due to the deployment of new 28nm tools at Fab 12A. Other manufacturing costs rose 7.7% sequentially from the increase in wafer shipments. Gross margin increased to 22.9% sequentially, to NT$8.21 billion. Sales & Marketing expenses rose to NT$1.10 billion, including the increase in mask and IP expenses. Research and development expenses was NT$3.33 billion, 9.3% of operating revenues.

COGS & Expenses

(Amount: NT$ million)

2Q14

1Q14

QoQ %
change

2Q13

YoY %
change

Net Operating Revenues

35,869

31,694

13.2

31,905

12.4

COGS

(27,662)

(25,793)

7.2

(25,728)

7.5

  Depreciation

(8,662)

(8,145)

6.3

(8,546)

1.4

  Other Mfg. Costs

(19,000)

(17,648)

7.7

(17,182)

10.6

Gross Profit

8,207

5,901

39.1

6,177

32.9

Gross Margin (%)

22.9%

18.6%


19.4%


Operating Expenses

(5,280)

(5,016)

5.3

(5,017)

5.2

  G&A

(857)

(848)

1.1

(966)

(11.3)

  Sales & Marketing

(1,097)

(833)

31.7

(800)

37.1

  R&D

(3,326)

(3,335)

(0.3)

(3,251)

2.3

Net Other Operating

Income & Expenses

(10)

56

-

(11)

(9.1)

Operating Income

2,917

941

210.0

1,149

153.9


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