UMC Reports Third Quarter 2018 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.

 

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of September 30, 2018
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

 
 
      September 30, 2018
US$   NT$   %
Assets
Current assets
Cash and cash equivalents 2,670 81,520 21.9%
Financial assets at fair value through profit or loss, current 14 422 0.1%
Contract assets, current 11 338 0.1%
Notes & Accounts receivable, net 839 25,610 6.9%
Inventories, net 576 17,589 4.7%
Other current assets 481 14,674 3.9%
Total current assets 4,591 140,153 37.6%
 
Non-current assets
Funds and investments 1,188 36,278 9.7%
Property, plant and equipment 5,821 177,716 47.7%
Other non-current assets 607 18,522 5.0%
Total non-current assets 7,616 232,516 62.4%
Total assets 12,207 372,669 100.0%
 
Liabilities
Current liabilities
Short-term loans 485 14,818 4.0%
Hedging financial liabilities, current 2 64 0.0%
Contract liabilities, current 65 1,979 0.5%
Payables 777 23,714 6.4%
Current portion of long-term liabilities 180 5,510 1.5%
Other current liabilities 176 5,348 1.4%
Total current liabilities 1,685 51,433 13.8%
 
Non-current liabilities
Bonds payable 1,271 38,788 10.4%
Long-term loans 939 28,670 7.7%
Other non-current liabilities 1,350 41,220 11.1%
Total non-current liabilities 3,560 108,678 29.2%
Total liabilities 5,245 160,111 43.0%
 
Equity
Equity attributable to the parent company
Capital 4,069 124,243 33.3%
Additional paid-in capital 1,319 40,270 10.8%

Retained earnings, unrealized gains or losses on financial assets measured at fair value through other comprehensive income, exchange differences on translation of foreign operations and gains or losses on hedging Instruments

1,640 50,068 13.5%
Treasury stock (82) (2,516) (0.7%)
Total equity attributable to the parent company 6,946 212,065 56.9%
Non-controlling interests 16 493 0.1%
Total equity 6,962 212,558 57.0%
Total liabilities and equity 12,207 372,669 100.0%
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2018 exchange rate of NT $30.53 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  
September 30, 2018   September 30, 2017   Chg. September 30, 2018   June 30, 2018 Chg.
US$   NT$ US$   NT$ % US$   NT$ US$   NT$ %
Net operating revenues 1,290 39,387 1,235 37,698 4.5% 1,290 39,387 1,273 38,852 1.4%
Operating costs (1,063) (32,465) (1,019) (31,106) 4.4% (1,063) (32,465) (1,054) (32,177) 0.9%
Gross profit 227 6,922 216 6,592 5.0% 227 6,922 219 6,675 3.7%
17.6% 17.6% 17.5% 17.5% 17.6% 17.6% 17.2% 17.2%
Operating expenses
- Sales and marketing expenses (32) (987) (35) (1,070) (7.8%) (32) (987) (36) (1,103) (10.5%)
- General and administrative expenses (46) (1,386) (32) (991) 39.9% (46) (1,386) (36) (1,083) 28.0%
- Research and development expenses (109) (3,329) (110) (3,343) (0.4%) (109) (3,329) (99) (3,027) 10.0%
Subtotal (187) (5,702) (177) (5,404) 5.5% (187) (5,702) (171) (5,213) 9.4%
Net other operating income and expenses 40 1,215 14 441 175.5% 40 1,215 56 1,719 (29.3%)
Operating income 80 2,435 53 1,629 49.5% 80 2,435 104 3,181 (23.5%)
6.2% 6.2% 4.3% 4.3% 6.2% 6.2% 8.2% 8.2%
 
Net non-operating income and expenses (53) (1,606) 41 1,236 - (53) (1,606) (36) (1,095) 46.7%
Income from continuing operations before

income tax

27 829 94 2,865 (71.1%) 27 829 68 2,086 (60.3%)
2.1% 2.1% 7.6% 7.6% 2.1% 2.1% 5.4% 5.4%
 
Income tax benefit (expense) (21) (632) (13) (401) 57.6% (21) (632) 11 331 -
Net income 6 197 81 2,464 (92.0%) 6 197 79 2,417 (91.8%)
0.5% 0.5% 6.5% 6.5% 0.5% 0.5% 6.2% 6.2%
 
Other comprehensive income (loss) (51) (1,568) (35) (1,068) 46.8% (51) (1,568) 87 2,641 -
 
Total comprehensive income (loss) (45) (1,371) 46 1,396 - (45) (1,371) 166 5,058 -
 
Net income attributable to:

Stockholders of the parent

56 1,720 114 3,473 (50.5%) 56 1,720 120 3,659 (53.0%)

Non-controlling interests

(50) (1,523) (33) (1,009) 50.9% (50) (1,523) (41) (1,242) 22.6%
 
Comprehensive income (loss) attributable to:

Stockholders of the parent

9 279 79 2,402 (88.4%) 9 279 206 6,297 (95.6%)

Non-controlling interests

(54) (1,650) (33) (1,006) 64.0% (54) (1,650) (40) (1,239) 33.2%
 
Earnings per share-basic 0.005 0.14 0.009 0.28 0.005 0.14 0.010 0.30
Earnings per ADS (2) 0.023 0.70 0.046 1.40 0.023 0.70 0.049 1.50
Weighted average number of shares
outstanding (in millions) 12,054 12,208 12,054 12,049
 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2018 exchange rate of NT $30.53 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$) and U.S. Dollars (US$)
 
 
      For the Three-Month Period Ended
September 30, 2018
  For the Nine-Month Period Ended
September 30, 2018
US$   NT$   % US$   NT$   %
Net operating revenues 1,290 39,387 100.0% 3,791 115,735 100.0%
Operating costs (1,063) (32,465) (82.4%) (3,194) (97,496) (84.2%)
Gross profit 227 6,922 17.6% 597 18,239 15.8%
 
 
Operating expenses
- Sales and marketing expenses (32) (987) (2.5%) (98) (2,999) (2.6%)
- General and administrative expenses (46) (1,386) (3.5%) (114) (3,485) (3.0%)
- Research and development expenses (109) (3,329) (8.5%) (304) (9,280) (8.0%)
Subtotal (187) (5,702) (14.5%) (516) (15,764) (13.6%)
Net other operating income and expenses 40 1,215 3.1% 128 3,911 3.3%
Operating income 80 2,435 6.2% 209 6,386 5.5%
 
Net non-operating income and expenses (53) (1,606) (4.1%) (53) (1,615) (1.4%)
Income from continuing operations before

income tax

27 829 2.1% 156 4,771 4.1%
 
 
Income tax benefit (expense) (21) (632) (1.6%) 29 872 0.8%
Net income 6 197 0.5% 185 5,643 4.9%
 
Other comprehensive income (loss) (51) (1,568) (4.0%) 27 840 0.7%
 
Total comprehensive income (loss) (45) (1,371) (3.5%) 212 6,483 5.6%
 
Net income attributable to:

Stockholders of the parent

56 1,720 4.4% 288 8,780 7.6%

Non-controlling interests

(50) (1,523) (3.9%) (103) (3,137) (2.7%)
 
Comprehensive income (loss) attributable to:

Stockholders of the parent

9 279 0.7% 319 9,734 8.4%

Non-controlling interests

(54) (1,650) (4.2%) (107) (3,251) (2.8%)
 
Earnings per share-basic 0.005 0.14 0.024 0.73
Earnings per ADS (2) 0.023 0.70 0.120 3.65
 
Weighted average number of shares

outstanding (in millions)

12,054 12,101
 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2018 exchange rate of NT $30.53 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
 
 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Nine-Month Period Ended September 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 156 4,771
Depreciation & Amortization 1,298 39,635
Exchange loss on financial assets and liabilities 42 1,286
Changes in notes & accounts receivable (109) (3,322)
Changes in other current assets 34 1,051
Changes in contract liabilities (65) (1,970)
Changes in other payables (36) (1,091)
Changes in assets, liabilities and others (49) (1,548)
Net cash provided by operating activities 1,271 38,812
 
Cash flows from investing activities :
Acquisition of investments accounted for under the equity method (28) (840)
Acquisition of property, plant and equipment (499) (15,229)
Increase in refundable deposits (28) (861)
Others 198 6,044
Net cash used in investing activities (357) (10,886)
 
Cash flows from financing activities :
Decrease in short-term loans (343) (10,469)
Redemption of bonds (246) (7,500)
Cash dividends (280) (8,557)
Treasury stock acquired (102) (3,129)
Treasury stock sold to employees 72 2,204
Others (10) (310)
Net cash used in financing activities (909) (27,761)
 
Effect of exchange rate changes on cash and cash equivalents (10) (320)
Net decrease in cash and cash equivalents (5) (155)
 
Cash and cash equivalents at beginning of period 2,675 81,675
 
Cash and cash equivalents at end of period 2,670 81,520
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2018 exchange rate of NT $30.53 per U.S. Dollar.
 

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