In 4Q16, net operating revenues increased 0.4% to NT$38.31 billion, including NT$38.22 billion from the foundry segment. Revenue from 28nm and 40nm contribution was 22% and 26% respectively. Gross profit was NT$8.76 billion, or 22.9% of revenue. Operating expenses increased 4.0% to NT$6.63 billion. Net other operating income was NT$144 million, leading to an operating income of NT$2.28 billion. Net non-operating expense was NT$1.21 billion. Net income attributable to stockholders of the parent was NT$2.55 billion.

Earnings per ordinary share for the quarter was NT$0.21. Earnings per ADS was US$0.033. The basic weighted average number of outstanding shares in 4Q16 was 12,208,239,978, compared with 12,208,239,978 shares in 3Q16 and 12,407,897,412 shares in 4Q15. The diluted weighted average number of outstanding shares was 13,442,173,503 in 4Q16, compared with 13,402,233,597 shares in 3Q16 and 13,601,975,910 shares in 4Q15. The fully diluted share count on December 31, 2016 was approximately 13,858,252,000. On December 31, 2016, UMC held 400 million treasury shares acquired from the 16th and 17th share buy-back programs.

Detailed Financials Section

Net operating revenues grew 0.4% to NT$38.31 billion. COGS slightly decreased to NT$29.55 billion, as depreciation was NT$11.31 billion, while other manufacturing costs decreased 1.9% to NT$18.23 billion. Gross profit was NT$8.76 billion, which included an insurance claim associated with the February 6, 2016 earthquake. Operating expenses grew 4.0% to NT$6.63 billion. G&A expense decreased 14% to NT$1.52 billion and Sales & Marketing grew to NT$1.28 billion. R&D expense increased 12.6% to NT$3.82 billion, or 10% of net operating revenues, which included an increase in R&D wafers. Net other operating income was NT$144 million, leading to an operating income of NT$2.28 billion.

COGS & Expenses
(Amount: NT$ million)		4Q16			3Q16			QoQ % change			4Q15			YoY % change
Net Operating Revenues		38,306			38,164			0.4			33,849			13.2
COGS		(29,547	)		(29,863	)		(1.1	)		(26,870	)		10.0
Depreciation		(11,314	)		(11,274	)		0.4			(9,700	)		16.6
Other Mfg. Costs		(18,233	)		(18,589	)		(1.9	)		(17,170	)		6.2
Gross Profit		8,759			8,301			5.5			6,979			25.5
Gross Margin (%)		22.9	%		21.8	%					20.6	%
Operating Expenses		(6,627	)		(6,373	)		4.0			(5,065	)		30.8
G&A		(1,521	)		(1,769	)		(14.0	)		(916	)		66.0
Sales & Marketing		(1,282	)		(1,207	)		6.2			(1,044	)		22.8
R&D		(3,824	)		(3,397	)		12.6			(3,105	)		23.2
Net Other Operating Income & Expenses		144			(443	)		-			(34	)		-
Operating Income		2,276			1,485			53.3			1,880			21.1

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