UMC Reports Second Quarter 2018 Results

- FINANCIAL TABLES TO FOLLOW -

 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet

As of June 30, 2018

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
                       
June 30, 2018
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 2,467 75,193 19.7%
Financial assets at fair value through profit or loss, current 15 470 0.1%
Contract assets, current 5 152 0.0%
Notes & Accounts receivable, net 886 27,012 7.1%
Inventories, net 579 17,656 4.6%
Other current assets 545 16,600 4.5%
Total current assets 4,497 137,083 36.0%
 
Non-current assets
Funds and investments 1,225 37,334 9.8%
Property, plant and equipment 6,195 188,825 49.6%
Other non-current assets 579 17,648 4.6%
Total non-current assets 7,999 243,807 64.0%
Total assets 12,496 380,890 100.0%
 
Liabilities
Current liabilities
Short-term loans 381 11,620 3.0%
Financial liabilities at fair value through profit or loss, current 1 39 0.0%
Contract liabilities, current 69 2,115 0.6%
Payables 859 26,187 6.8%
Dividends payable 281 8,557 2.3%
Current portion of long-term liabilities 184 5,612 1.5%
Other current liabilities 166 5,041 1.3%
Total current liabilities 1,941 59,171 15.5%
 
Non-current liabilities
Bonds payable 1,270 38,699 10.2%
Long-term loans 954 29,065 7.6%
Other non-current liabilities 1,416 43,173 11.4%
Total non-current liabilities 3,640 110,937 29.2%
Total liabilities 5,581 170,108 44.7%
 
Equity
Equity attributable to the parent company
Capital 4,142 126,243 33.2%
Additional paid-in capital 1,344 40,968 10.8%

Retained earnings, unrealized gains or losses on financial

assets measured at fair value through other comprehensive

income and exchange differences on translation of foreign

operations

1,667 50,809 13.3%
Treasury stock (258) (7,848) (2.1%)
Total equity attributable to the parent company 6,895 210,172 55.2%
Non-controlling interests 20 610 0.1%
Total equity 6,915 210,782 55.3%
Total liabilities and equity 12,496 380,890 100.0%
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2018 exchange rate of NT $30.48 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, 2018 June 30, 2017 Chg. June 30, 2018 March 31, 2018 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Net operating revenues 1,275 38,852 1,232 37,538 3.5% 1,275 38,852 1,230 37,497 3.6%
Operating costs (1,056) (32,177) (1,011) (30,799) 4.5% (1,056) (32,177) (1,078) (32,855) (2.1%)
Gross profit 219 6,675 221 6,739 (0.9%) 219 6,675 152 4,642 43.8%
17.2% 17.2% 18.0% 18.0% 17.2% 17.2% 12.4% 12.4%
Operating expenses
- Sales and marketing expenses (36) (1,103) (34) (1,049) 5.1% (36) (1,103) (30) (909) 21.3%
- General and administrative expenses (36) (1,083) (34) (1,035) 4.6% (36) (1,083) (33) (1,017) 6.5%
- Research and development expenses (99) (3,027) (107) (3,246) (6.7%) (99) (3,027) (96) (2,924) 3.5%
Subtotal (171) (5,213) (175) (5,330) (2.2%) (171) (5,213) (159) (4,850) 7.5%
Net other operating income and expenses 56 1,719 9 259 563.7% 56 1,719 32 977 75.9%
Operating income 104 3,181 55 1,668 90.7% 104 3,181 25 769 313.7%
8.2% 8.2% 4.4% 4.4% 8.2% 8.2% 2.1% 2.1%
 
Net non-operating income and expenses (36) (1,095) 14 448 - (36) (1,095) 36 1,088 -

Income from continuing operations before income tax

68 2,086 69 2,116 (1.4%) 68 2,086 61 1,857 12.3%
5.4% 5.4% 5.6% 5.6% 5.4% 5.4% 5.0% 5.0%
 
Income tax benefit (expense) 11 331 (21) (638) - 11 331 38 1,173 (71.8%)
Net income 79 2,417 48 1,478 63.5% 79 2,417 99 3,030 (20.2%)
6.2% 6.2% 3.9% 3.9% 6.2% 6.2% 8.1% 8.1%
 
Other comprehensive income (loss) 87 2,641 46 1,396 89.2% 87 2,641 (7) (234) -
 
Total comprehensive income (loss) 166 5,058 94 2,874 76.0% 166 5,058 92 2,796 80.9%
 

Net income attributable to:

  Stockholders of the parent 120 3,659 69 2,099 74.3% 120 3,659 112 3,400 7.6%
  Non-controlling interests (41) (1,242) (21) (621) 100.0% (41) (1,242) (13) (370) 235.7%
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 207 6,297 114 3,488 80.5% 207 6,297 104 3,158 99.4%
  Non-controlling interests (41) (1,239) (20) (614) 101.8% (41) (1,239) (12) (362) 242.3%
 
Earnings per share-basic 0.010 0.30 0.006 0.17 0.010 0.30 0.009 0.28
Earnings per ADS (2) 0.049 1.50 0.028 0.85 0.049 1.50 0.046 1.40

 

Weighted average number of shares
outstanding (in millions)

12,049 12,208 12,049 12,203
                                                                                 
Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2018 exchange rate of NT $30.48 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, 2018 June 30, 2018
US$ NT$ % US$ NT$ %
Net operating revenues 1,275 38,852 100.0% 2,505 76,349 100.0%
Operating costs (1,056) (32,177) (82.8%) (2,134) (65,032) (85.2%)
Gross profit 219 6,675 17.2% 371 11,317 14.8%
 
Operating expenses
- Sales and marketing expenses (36) (1,103) (2.8%) (66) (2,012) (2.6%)
- General and administrative expenses (36) (1,083) (2.8%) (69) (2,099) (2.8%)
- Research and development expenses (99) (3,027) (7.8%) (195) (5,951) (7.8%)
Subtotal (171) (5,213) (13.4%) (330) (10,062) (13.2%)
Net other operating income and expenses 56 1,719 4.4% 89 2,696 3.6%
Operating income 104 3,181 8.2% 130 3,951 5.2%
 
Net non-operating income and expenses (36) (1,095) (2.8%) (1) (8) (0.0%)
Income from continuing operations before

income tax

68 2,086 5.4% 129 3,943 5.2%
 
Income tax benefit 11 331 0.8% 50 1,503 1.9%
Net income 79 2,417 6.2% 179 5,446 7.1%
 
Other comprehensive income (loss) 87 2,641 6.8% 79 2,408 3.2%
 
Total comprehensive income (loss) 166 5,058 13.0% 258 7,854 10.3%
 
Net income attributable to:
  Stockholders of the parent 120 3,659 9.4% 232 7,059 9.2%
  Non-controlling interests (41) (1,242) (3.2%) (53) (1,613) (2.1%)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 207 6,297 16.2% 310 9,456 12.4%
  Non-controlling interests (41) (1,239) (3.2%) (52) (1,602) (2.1%)
 
Earnings per share-basic 0.010 0.30 0.019 0.58
Earnings per ADS (2) 0.049 1.50 0.095 2.90
 

Weighted average number of shares

outstanding (in millions)

12,049 12,125
                                               
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2018 exchange rate of NT $30.48 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, 2018
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
                   
    US$     NT$
Cash flows from operating activities :            
Net income before tax     129     3,943
Depreciation & Amortization     875     26,662
Changes in notes & accounts receivable     (157)     (4,774)
Changes in other current assets     37     1,136
Changes in contract liabilities     (61)     (1,846)
Changes in assets, liabilities and others     (67)     (2,080)
Net cash provided by operating activities     756     23,041
           
Cash flows from investing activities :            
Acquisition of financial assets at fair value through profit or loss     (14)     (418)
Acquisition of investments accounted for under the equity method     (28)     (840)
Acquisition of property, plant and equipment     (316)     (9,617)
Increase in refundable deposits     (30)     (920)
Others     210     6,384
Net cash used in investing activities     (178)     (5,411)
           
Cash flows from financing activities :            
Decrease in short-term loans     (458)     (13,965)
Redemption of bonds     (246)     (7,500)
Treasury stock acquired     (103)     (3,129)
Others     3     85
Net cash used in financing activities     (804)     (24,509)
           
Effect of exchange rate changes on cash and cash equivalents     13     397
Net decrease in cash and cash equivalents     (213)     (6,482)
           
Cash and cash equivalents at beginning of period     2,680     81,675
           
Cash and cash equivalents at end of period     2,467     75,193
 
                         
Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2018 exchange rate of NT $30.48 per U.S. Dollar.
 



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