UMC Reports First Quarter 2017 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, 2017
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
     
 
March 31, 2017
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 2,006 60,812 16.0 %
Financial assets at fair value through profit or loss, current 29 867 0.2 %
Notes & Accounts receivable, net 689 20,878 5.5 %
Inventories, net 537 16,262 4.3 %
Other current assets 419   12,718   3.4 %
Total current assets 3,680   111,537   29.4 %
 
Non-current assets
Funds and investments 1,153 34,950 9.2 %
Property, plant and equipment 7,178 217,555 57.3 %
Other non-current assets 506   15,337   4.1 %
Total non-current assets 8,837   267,842   70.6 %
Total assets 12,517   379,379   100.0 %
 
Liabilities
Current liabilities
Short-term loans 622 18,842 5.0 %
Payables 875 26,525 7.0 %
Current portion of long-term liabilities 577 17,496 4.6 %
Other current liabilities 132   4,008   1.0 %
Total current liabilities 2,206   66,871   17.6 %
 
Non-current liabilities
Bonds payable 1,167 35,360 9.3 %
Long-term loans 889 26,952 7.1 %
Other non-current liabilities 1,106   33,515   8.9 %
Total non-current liabilities 3,162   95,827   25.3 %
Total liabilities 5,368   162,698   42.9 %
 
Equity
Equity attributable to the parent company
Capital 4,165 126,243 33.3 %
Additional paid-in capital 1,370 41,518 10.9 %
Retained earnings, unrealized gain or loss on available-for-sale

financial assets and exchange differences on translation of

foreign operations

1,739 52,692 13.9 %
Treasury stock (156 ) (4,719 ) (1.2 %)
Total equity attributable to the parent company 7,118 215,734 56.9 %
Non-controlling interests 31   947   0.2 %
Total equity 7,149   216,681   57.1 %
Total liabilities and equity 12,517   379,379   100.0 %
 
             
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2017 exchange rate of NT $30.31 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, 2017 March 31, 2016 Chg. March 31, 2017 December 31, 2016 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Net operating revenues 1,235 37,418 1,135 34,404 8.8 % 1,235 37,418 1,264 38,306 (2.3 %)
Operating costs (990 ) (29,990 ) (969 ) (29,370 ) 2.1 % (990 ) (29,990 ) (975 ) (29,547 ) 1.5 %
Gross profit 245   7,428   166   5,034   47.6 % 245   7,428   289   8,759   (15.2 %)
19.9 % 19.9 % 14.6 % 14.6 % 19.9 % 19.9 % 22.9 % 22.9 %
Operating expenses
- Sales and marketing expenses (38 ) (1,170 ) (33 ) (1,010 ) 15.8 % (38 ) (1,170 ) (43 ) (1,282 ) (8.7 %)
- General and administrative expenses (35 ) (1,050 ) (32 ) (970 ) 8.2 % (35 ) (1,050 ) (50 ) (1,521 ) (31.0 %)
- Research and development expenses (132 ) (3,991 ) (102 ) (3,085 ) 29.4 % (132 ) (3,991 ) (126 ) (3,824 ) 4.4 %
Subtotal (205 ) (6,211 ) (167 ) (5,065 ) 22.6 % (205 ) (6,211 ) (219 ) (6,627 ) (6.3 %)
Net other operating income and expenses 5   154   0   15   926.7 % 5   154   5   144   6.9 %
Operating income (loss) 45 1,371 (1 ) (16 ) - 45 1,371 75 2,276 (39.8 %)
3.7 % 3.7 % (0.1 %) (0.1 %) 3.7 % 3.7 % 5.9 % 5.9 %
 
Net non-operating income and expenses (10 ) (304 ) 2   46   -   (10 ) (304 ) (40 ) (1,210 ) (74.9 %)
Income from continuing operations before

income tax

35 1,067 1 30 3,456.7 % 35 1,067 35 1,066 0.1 %
2.9 % 2.9 % 0.1 % 0.1 % 2.9 % 2.9 % 2.8 % 2.8 %
 
Income tax benefit (expense) 14   430   2   49   777.6 % 14   430   (20 ) (617 ) -  
Net income 49 1,497 3 79 1,794.9 % 49 1,497 15 449 233.4 %
4.0 % 4.0 % 0.2 % 0.2 % 4.0 % 4.0 % 1.2 % 1.2 %
 
Other comprehensive income (loss) (98 ) (2,997 ) (20 ) (583 ) 414.1 % (98 ) (2,997 ) (20 ) (591 ) 407.1 %
 
Total comprehensive income (loss) (49 ) (1,500 ) (17 ) (504 ) 197.6 % (49 ) (1,500 ) (5 ) (142 ) 956.3 %
 
Net income attributable to:
  Stockholders of the parent 75 2,286 7 210 988.6 % 75 2,286 84 2,548 (10.3 %)
  Non-controlling interests (26 ) (789 ) (4 ) (131 ) 502.3 % (26 ) (789 ) (69 ) (2,099 ) (62.4 %)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent (20 ) (599 ) (12 ) (356 ) 68.3 % (20 ) (599 ) 63 1,902 -
  Non-controlling interests (29 ) (901 ) (5 ) (148 ) 508.8 % (29 ) (901 ) (68 ) (2,044 ) (55.9 %)
 
Earnings per share-basic 0.006   0.19   0.001   0.02   0.006   0.19   0.007   0.21  
Earnings per ADS (2) 0.031   0.95   0.003   0.10   0.031   0.95   0.035   1.05  
Weighted average number of shares
outstanding (in millions) 12,208   12,408   12,208   12,208  
 
                                         
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2017 exchange rate of NT $30.31 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, 2017 March 31, 2017
US$ NT$ % US$ NT$ %
Net operating revenues 1,235 37,418 100.0 % 1,235 37,418 100.0 %
Operating costs (990 ) (29,990 ) (80.1 %) (990 ) (29,990 ) (80.1 %)
Gross profit 245   7,428   19.9 % 245   7,428   19.9 %
 
 
Operating expenses
- Sales and marketing expenses (38 ) (1,170 ) (3.1 %) (38 ) (1,170 ) (3.1 %)
- General and administrative expenses (35 ) (1,050 ) (2.8 %) (35 ) (1,050 ) (2.8 %)
- Research and development expenses (132 ) (3,991 ) (10.7 %) (132 ) (3,991 ) (10.7 %)
Subtotal (205 ) (6,211 ) (16.6 %) (205 ) (6,211 ) (16.6 %)
Net other operating income and expenses 5   154   0.4 % 5   154   0.4 %
Operating income 45 1,371 3.7 % 45 1,371 3.7 %
 
Net non-operating income and expenses (10 ) (304 ) (0.8 %) (10 ) (304 ) (0.8 %)
Income from continuing operations before

income tax

35 1,067 2.9 % 35 1,067 2.9 %
 
 
Income tax benefit 14   430   1.1 % 14   430   1.1 %
Net income 49 1,497 4.0 % 49 1,497 4.0 %
 
Other comprehensive income (loss) (98 ) (2,997 ) (8.0 %) (98 ) (2,997 ) (8.0 %)
 
Total comprehensive income (loss) (49 ) (1,500 ) (4.0 %) (49 ) (1,500 ) (4.0 %)
 
Net income attributable to:
  Stockholders of the parent 75 2,286 6.1 % 75 2,286 6.1 %
  Non-controlling interests (26 ) (789 ) (2.1 %) (26 ) (789 ) (2.1 %)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent (20 ) (599 ) (1.6 %) (20 ) (599 ) (1.6 %)
  Non-controlling interests (29 ) (901 ) (2.4 %) (29 ) (901 ) (2.4 %)
 
Earnings per share-basic 0.006   0.19   0.006   0.19  
Earnings per ADS (2) 0.031   0.95   0.031   0.95  
 
Weighted average number of shares

outstanding (in millions)

12,208   12,208  
                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2017 exchange rate of NT $30.31 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, 2017
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
   
US$ NT$
Cash flows from operating activities :
Net income before tax 35 1,067
Depreciation & Amortization 439 13,292
Changes in notes & accounts receivable 63 1,895
Changes in other current assets (38 ) (1,149 )
Changes in payables (43 ) (1,296 )
Changes in assets, liabilities and others (17 ) (498 )
Net cash provided by operating activities 439 13,311
 
Cash flows from investing activities :
Acquisition of available-for-sale financial assets (16 ) (481 )
Proceeds from disposal of available-for-sale financial assets 23 701
Proceeds from disposal of investments accounted for under the equity method 65 1,980
Acquisition of property, plant and equipment (582 ) (17,654 )
Others (28 ) (839 )
Net cash used in investing activities (538 ) (16,293 )
 
Cash flows from financing activities :
Proceeds from bonds issued 274 8,300
Proceeds from long-term loans 74 2,258
Repayments of long-term loans (29 ) (885 )
Acquisition of subsidiaries (41 ) (1,228 )
Others (19 ) (600 )
Net cash provided by financing activities 259 7,845
 
Effect of exchange rate changes on cash and cash equivalents (54 ) (1,630 )
Net Increase in cash and cash equivalents 106 3,233
 
Cash and cash equivalents at beginning of period 1,900   57,579  
 
Cash and cash equivalents at end of period 2,006   60,812  
 
         
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2017 exchange rate of NT $30.31 per U.S. Dollar.

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