UMC Reports First Quarter 2015 Results

Cash inflow from operations was NT$16.87 billion. 1Q15 capital expenditures totaled NT$14.89 billion, including NT$14.85 billion for the foundry segment, resulting in a free cash inflow of NT$1.98 billion. Cash inflow from financing was NT$8.16 billion, mainly due to the acquisition of United Semiconductor (Xiamen) leading to the increase in other financial liabilities of NT$6.11 billion and bank loans of NT$1.72 billion. Total cash inflow in 1Q15 was NT$7.42 billion. Over the next 12 months, the company expects to repay NT$3.64 billion in bank loans.

Current Assets
(Amount: NT$ billion)	1Q15	4Q14	1Q14
Cash and Cash Equivalents	53.63	45.70	53.92
Notes & Accounts Receivable	20.62	22.37	18.89
Days Sales Outstanding	52	54	51
Inventories, net	15.64	15.24	14.42
Days of Inventory	49	50	50
Total Current Assets	101.03	96.86	96.75

Cash and cash equivalents increased to NT$53.63 billion, mainly due to the cash from operating activities, capital expenditures, and acquisition of United Semiconductor (Xiamen). The days of inventory decreased one day to 49 days.

Liabilities
(Amount: NT$ billion)	1Q15	4Q14	1Q14
Total Current Liabilities	44.44	48.11	49.24
Notes & Accounts Payable	6.38	6.17	7.15
Short-Term Credit / Bonds	10.85	10.03	24.42
Payable on Equipment	7.41	10.48	4.82
Other	19.80	21.43	12.85
Long-Term Credit / Bonds	34.89	33.40	27.66
Long-Term Investment Liabilities	6.03	-	-
Total Liabilities	91.80	88.24	83.85
Debt to Equity	40%	39%	39%

Current liabilities decreased to NT$44.44 billion, largely reflecting the decrease in payable on equipment. Debt to equity ratio increased to 40%.

Analysis of Revenue² for Foundry Segment

Revenue Breakdown by Region
Region	1Q15	4Q14	3Q14	2Q14	1Q14
North America	47%	45%	45%	43%	45%
Asia Pacific	40%	42%	44%	46%	45%
Europe	7%	8%	6%	5%	7%
Japan	6%	5%	5%	6%	3%

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