UMC Reports Second Quarter 2016 Results

Safe Harbor Statements

This release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States 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) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) 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 natural disasters, 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 United States Securities and Exchange Commission. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and 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 Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or 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 generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.

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.

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, 2016, the three-month period ending Mar 31, 2016, and the equivalent three-month period that ended Jun 30, 2015. For all 2Q16 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Jun 30, 2016 exchange rate of NT$ 32.27 per U.S. Dollar.

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 June 30, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
   
 
June 30, 2016
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 1,532 49,425 13.4%
Financial assets at fair value through profit or loss, current 21 666 0.2%
Notes & Accounts receivable, net 760 24,533 6.7%
Inventories, net 545 17,593 4.8%
Other current assets 353 11,386 3.1%
Total current assets 3,211 103,603 28.2%
 
Non-current assets
Funds and investments 1,182 38,146 10.4%
Property, plant and equipment 6,440 207,826 56.5%
Other non-current assets 561 18,102 4.9%
Total non-current assets 8,183 264,074 71.8%
Total assets 11,394 367,677 100.0%
 
Liabilities
Current liabilities
Short-term loans 681 21,991 6.0%
Financial liabilities at fair value through profit or loss, current 0 3 0.0%
Payables 1,175 37,932 10.3%
Dividends payable 214 6,907 1.9%
Current portion of long-term liabilities 356 11,494 3.1%
Other current liabilities 55 1,723 0.5%
Total current liabilities 2,481 80,050 21.8%
 
Non-current liabilities
Bonds payable 1,063 34,309 9.3%
Long-term loans 191 6,166 1.7%
Other non-current liabilities 856 27,625 7.5%
Total non-current liabilities 2,110 68,100 18.5%
Total liabilities 4,591 148,150 40.3%
 
Equity
Equity attributable to the parent company
Capital 3,912 126,243 34.3%
Additional paid-in capital 1,270 40,988 11.1%
Retained earnings, unrealized gain or loss on available-for-sale

financial assets and exchange differences on translation of

foreign operations

1,709 55,142 15.1%
Treasury stock (146) (4,719) (1.3%)
Total equity attributable to the parent company 6,745 217,654 59.2%
Non-controlling interests 58 1,873 0.5%
Total equity 6,803 219,527 59.7%
Total liabilities and equity 11,394 367,677 100.0%
 
 
 
 
 
 
           
Note:New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2016 exchange rate of NT $32.27 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
June 30, 2016 June 30, 2015 Chg. June 30, 2016 March 31, 2016 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Net operating revenues 1,146 36,997 1,178 38,012 (2.7%) 1,146 36,997 1,066 34,404 7.5%
Operating costs (889) (28,712) (908) (29,289) (2.0%) (889) (28,712) (910) (29,370) (2.2%)
Gross profit 257 8,285 270 8,723 (5.0%) 257 8,285 156 5,034 64.6%
22.4% 22.4% 22.9% 22.9% 22.4% 22.4% 14.6% 14.6%
Operating expenses
- Sales and marketing expenses (34) (1,092) (29) (930) 17.4% (34) (1,092) (31) (1,010) 8.1%
- General and administrative expenses (48) (1,541) (29) (919) 67.7% (48) (1,541) (30) (970) 58.9%
- Research and development expenses (100) (3,226) (93) (3,015) 7.0% (100) (3,226) (96) (3,085) 4.6%
Subtotal (182) (5,859) (151) (4,864) 20.5% (182) (5,859) (157) (5,065) 15.7%
Net other operating income and expenses 1 23 1 17 35.3% 1 23 1 15 53.3%
Operating income (loss) 76 2,449 120 3,876 (36.8%) 76 2,449 (0) (16) -
6.6% 6.6% 10.2% 10.2% 6.6% 6.6% (0.1%) (0.1%)
 
Net non-operating income and expenses (20) (650) 41 1,304 - (20) (650) 1 46 -
Income from continuing operations before

income tax

56 1,799 161 5,180 (65.3%) 56 1,799 1 30 5,896.7%
4.9% 4.9% 13.6% 13.6% 4.9% 4.9% 0.1% 0.1%
 
Income tax benefit (expense) (7) (220) (20) (635) (65.4%) (7) (220) 1 49 -
Net income 49 1,579 141 4,545 (65.3%) 49 1,579 2 79 1,898.7%
4.3% 4.3% 12.0% 12.0% 4.3% 4.3% 0.2% 0.2%
 
Other comprehensive income (loss) (30) (977) (155) (5,006) (80.5%) (30) (977) (18) (583) 67.6%
 
Total comprehensive income (loss) 19 602 (14) (461) - 19 602 (16) (504) -
 
Net income attributable to:
  Stockholders of the parent 80 2,583 143 4,600 (43.8%) 80 2,583 7 210 1,130.0%
  Non-controlling interests (31) (1,004) (2) (55) 1,725.5% (31) (1,004) (5) (131) 666.4%
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 51 1,635 (11) (369) - 51 1,635 (11) (356) -
  Non-controlling interests (32) (1,033) (3) (92) 1,022.8% (32) (1,033) (5) (148) 598.0%
 
Earnings per share-basic 0.007 0.21 0.011 0.37 0.007 0.21 0.001 0.02
Earnings per ADS (2) 0.033 1.05 0.057 1.85 0.033 1.05 0.003 0.10
Weighted average number of shares
outstanding (in millions) 12,335 12,572 12,335 12,408
 
                                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2016 exchange rate of NT $32.27 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 Six-Month Period Ended
June 30, 2016 June 30, 2016
US$ NT$ % US$ NT$ %
Net operating revenues 1,146 36,997 100.0% 2,213 71,401 100.0%
Operating costs (889) (28,712) (77.6%) (1,800) (58,082) (81.3%)
Gross profit 257 8,285 22.4% 413 13,319 18.7%
 
 
Operating expenses
- Sales and marketing expenses (34) (1,092) (2.9%) (65) (2,101) (3.0%)
- General and administrative expenses (48) (1,541) (4.2%) (78) (2,511) (3.5%)
- Research and development expenses (100) (3,226) (8.7%) (196) (6,311) (8.8%)
Subtotal (182) (5,859) (15.8%) (339) (10,923) (15.3%)
Net other operating income and expenses 1 23 0.0% 1 36 0.0%
Operating income 76 2,449 6.6% 75 2,432 3.4%
 
Net non-operating income and expenses (20) (650) (1.7%) (18) (602) (0.8%)
Income from continuing operations before

income tax

56 1,799 4.9% 57 1,830 2.6%
 
 
Income tax expense (7) (220) (0.6%) (6) (172) (0.3%)
Net income 49 1,579 4.3% 51 1,658 2.3%
 
Other comprehensive income (loss) (30) (977) (2.7%) (48) (1,560) (2.2%)
 
Total comprehensive income (loss) 19 602 1.6% 3 98 0.1%
 
Net income attributable to:
  Stockholders of the parent 80 2,583 7.0% 87 2,793 3.9%
  Non-controlling interests (31) (1,004) (2.7%) (36) (1,135) (1.6%)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 51 1,635 4.4% 40 1,279 1.8%
  Non-controlling interests (32) (1,033) (2.8%) (37) (1,181) (1.7%)
 
Earnings per share-basic 0.007 0.21 0.007 0.23
Earnings per ADS (2) 0.033 1.05 0.036 1.15
 
Weighted average number of shares

outstanding (in millions)

12,335 12,372
                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2016 exchange rate of NT $32.27 per U.S. Dollar.
(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, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax 57 1,830
Depreciation & Amortization 797 25,706
Gain on disposal of investments (24) (770)
Share of loss of associates and joint ventures 10 326
Impairment loss on financial assets 15 485
Changes in notes & accounts receivable (164) (5,290)
Changes in prepayments (219) (7,082)
Changes in payables 78 2,529
Changes in assets, liabilities and others (23) (718)
Net cash provided by operating activities 527 17,016
 
Cash flows from investing activities :
Proceeds from disposal of available-for-sale financial assets 45 1,450
Proceeds from disposal of financial assets measured at cost 16 519
Acquisition of property, plant and equipment (1,543) (49,794)
Acquisition of intangible assets (21) (672)
Others 66 2,133
Net cash used in investing activities (1,437) (46,364)
 
Cash flows from financing activities :
Increase in short-term loans 520 16,787
Proceeds from long-term loans 62 2,000
Repayments of long-term loans (134) (4,329)
Increase in other financial liabilities 422 13,634
Treasury stock acquired (74) (2,396)
Others (0) (6)
Net cash provided by financing activities 796 25,690
 
Effect of exchange rate changes on cash and cash equivalents (5) (207)
Net decrease in cash and cash equivalents (119) (3,865)
 
Cash and cash equivalents at beginning of period 1,651 53,290
 
Cash and cash equivalents at end of period 1,532 49,425
 
       
Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2016 exchange rate of NT $32.27 per U.S. Dollar.
 

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