UMC Reports First Quarter 2016 Results

2 Revenue in this section represents wafer sales

3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity

4 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.

- FINANCIAL TABLES TO FOLLOW -

 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
     
 
March 31, 2016
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 1,848 59,541 17.3%
Financial assets at fair value through profit or loss, current 24 766 0.2%
Notes & Accounts receivable, net 610 19,651 5.7%
Inventories, net 491 15,836 4.6%
Other current assets 190 6,125 1.7%
Total current assets 3,163 101,919 29.5%
 
Non-current assets
Funds and investments 1,234 39,757 11.5%
Property, plant and equipment 5,775 186,081 53.9%
Other non-current assets 533 17,174 5.1%
Total non-current assets 7,542 243,012 70.5%
Total assets 10,705 344,931 100.0%
 
Liabilities
Current liabilities
Short-term loans 230 7,398 2.1%
Payables 898 28,924 8.4%
Current portion of long-term liabilities 135 4,343 1.3%
Other current liabilities 29 966 0.3%
Total current liabilities 1,292 41,631 12.1%
 
Non-current liabilities
Bonds payable 1,295 41,722 12.1%
Long-term loans 217 6,999 2.0%
Other non-current liabilities 811 26,134 7.6%
Total non-current liabilities 2,323 74,855 21.7%
Total liabilities 3,615 116,486 33.8%
 
Equity
Equity attributable to the parent company
Capital 3,960 127,581 37.0%
Additional paid-in capital 1,294 41,695 12.1%
Retained earnings, unrealized gain or loss on available-for-sale

financial assets and exchange differences on translation of

foreign operations

1,894 61,020 17.6%
Treasury stock (119) (3,826) (1.1%)
Total equity attributable to the parent company 7,029 226,470 65.6%
Non-controlling interests 61 1,975 0.6%
Total equity 7,090 228,445 66.2%
Total liabilities and equity 10,705 344,931 100.0%
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2016 exchange rate of NT $32.22 per U.S. Dollar.
 
 
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
March 31, 2016 March 31, 2015 Chg. March 31, 2016 December 31, 2015 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Net operating revenues 1,068 34,404 1,169 37,650 (8.6%) 1,068 34,404 1,051 33,849 1.6%
Operating costs (912) (29,370) (885) (28,495) 3.1% (912) (29,370) (834) (26,870) 9.3%
Gross profit 156 5,034 284 9,155 (45.0%) 156 5,034 217 6,979 (27.9%)
14.6% 14.6% 24.3% 24.3% 14.6% 14.6% 20.6% 20.6%
Operating expenses
- Sales and marketing expenses (31) (1,010) (32) (1,045) (3.3%) (31) (1,010) (33) (1,044) (3.3%)
- General and administrative expenses (30) (970) (30) (953) 1.8% (30) (970) (29) (916) 5.9%
- Research and development expenses (96) (3,085) (91) (2,916) 5.8% (96) (3,085) (96) (3,105) (0.6%)
Subtotal (157) (5,065) (153) (4,914) 3.1% (157) (5,065) (158) (5,065) 0.0%
Net other operating income and expenses 1 15 (4) (142) - 1 15 (1) (34) -
Operating income (loss) (0) (16) 127 4,099 - (0) (16) 58 1,880 -
(0.1%) (0.1%) 10.9% 10.9% (0.1%) (0.1%) 5.6% 5.6%
 
Net non-operating income and expenses 1 46 8 255 (82.0%) 1 46 28 906 (94.9%)
Income from continuing operations before

income tax

1 30 135 4,354 (99.3%) 1 30 86 2,786 (98.9%)
0.1% 0.1% 11.6% 11.6% 0.1% 0.1% 8.2% 8.2%
 
Income tax benefit (expense) 1 49 (14) (442) - 1 49 9 285 (82.8%)
Net income 2 79 121 3,912 (98.0%) 2 79 95 3,071 (97.4%)
0.2% 0.2% 10.4% 10.4% 0.2% 0.2% 9.1% 9.1%
 
Other comprehensive income (loss) (18) (583) (3) (107) 100.0% (18) (583) 55 1,776 -
 
Total comprehensive income (loss) (16) (504) 118 3,805 - (16) (504) 150 4,847 -
 
Net income attributable to:
  Stockholders of the parent 7 210 124 3,980 (94.7%) 7 210 98 3,160 (93.4%)
  Non-controlling interests (5) (131) (3) (68) 92.6% (5) (131) (3) (89) 47.2%
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent (11) (356) 121 3,910 - (11) (356) 154 4,961 -
  Non-controlling interests (5) (148) (3) (105) 41.0% (5) (148) (4) (114) 29.8%
 
Earnings per share-basic 0.001 0.02 0.010 0.32 0.001 0.02 0.008 0.25
Earnings per ADS (2) 0.003 0.10 0.050 1.60 0.003 0.10 0.039 1.25
Weighted average number of shares
outstanding (in millions) 12,408 12,526 12,408 12,408
                                         
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2016 exchange rate of NT $32.22 per U.S. Dollar.
(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 Three-Month Period Ended
March 31, 2016 March 31, 2016
US$ NT$ % US$ NT$ %
Net operating revenues 1,068 34,404 100.0% 1,068 34,404 100.0%
Operating costs (912) (29,370) (85.4%) (912) (29,370) (85.4%)
Gross profit 156 5,034 14.6% 156 5,034 14.6%
 
 
Operating expenses
- Sales and marketing expenses (31) (1,010) (2.9%) (31) (1,010) (2.9%)
- General and administrative expenses (30) (970) (2.8%) (30) (970) (2.8%)
- Research and development expenses (96) (3,085) (9.0%) (96) (3,085) (9.0%)
Subtotal (157) (5,065) (14.7%) (157) (5,065) (14.7%)
Net other operating income and expenses 1 15 0.0% 1 15 0.0%
Operating Loss (0) (16) (0.1%) (0) (16) (0.1%)
 
Net non-operating income and expenses 1 46 0.2% 1 46 0.2%
Income from continuing operations before

income tax

1 30 0.1% 1 30 0.1%
 
 
Income tax benefit 1 49 0.1% 1 49 0.1%
Net income 2 79 0.2% 2 79 0.2%
 
Other comprehensive income (loss) (18) (583) (1.7%) (18) (583) (1.7%)
 
Total comprehensive income (loss) (16) (504) (1.5%) (16) (504) (1.5%)
 
Net income attributable to:
  Stockholders of the parent 7 210 0.6% 7 210 0.6%
  Non-controlling interests (5) (131) (0.4%) (5) (131) (0.4%)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent (11) (356) (1.0%) (11) (356) (1.0%)
  Non-controlling interests (5) (148) (0.5%) (5) (148) (0.5%)
 
Earnings per share-basic 0.001 0.02 0.001 0.02
Earnings per ADS (2) 0.003 0.10 0.003 0.10
 
Weighted average number of shares

outstanding (in millions)

12,408 12,408
                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2016 exchange rate of NT $32.22 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
 
 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
USD NTD
Cash flows from operating activities :
Net income before tax 1 30
Depreciation & Amortization 393 12,665
Gain on disposal of investments (7) (223)
Share of loss of associates and joint ventures 3 100
Impairment loss on financial assets 3 90
Changes in notes & accounts receivable (13) (409)
Changes in inventory 54 1,740
Changes in prepayments (43) (1,375)
Changes in other current assets (22) (703)
Changes in assets, liabilities and others (14) (466)
Net cash provided by operating activities 355 11,449
 
Cash flows from investing activities :
Acquisition of financial assets at fair value through profit or loss (6) (193)
Proceeds from disposal of financial assets at fair value through profit or loss 5 168
Proceeds from disposal of available-for-sale financial assets 20 642
Proceeds from disposal of financial assets measured at cost 16 519
Acquisition of property, plant and equipment (636) (20,487)
Decrease in refundable deposits 14 459
Acquisition of intangible assets (14) (452)
Others 2 41
Net cash used in investing activities (599) (19,303)
 
Cash flows from financing activities :
Increase in short-term loans 64 2,058
Proceeds from long-term loans 62 2,000
Repayments of long-term loans (98) (3,148)
Increase in other financial liabilities 423 13,634
Others (0) (6)
Net cash provided by financing activities 451 14,538
 
Effect of exchange rate changes on cash and cash equivalents (13) (433)
Net increase in cash and cash equivalents 194 6,251
 
Cash and cash equivalents at beginning of period 1,654 53,290
 
Cash and cash equivalents at end of period 1,848 59,541
 
       
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2016 exchange rate of NT $32.22 per U.S. Dollar.

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