UMC Reports Fourth Quarter 2019 Results

Operating revenues grew 10.9% QoQ to NT$41.85 billion. COGS increased 11.4% to NT$34.88 billion, as other manufacturing costs increased 15.6% to NT$23.81 billion, mainly as a result of higher wafer shipments while depreciation was up 3.4% to NT$11.07 billion. Gross profit grew 8.3% to NT$6.97 billion. Operating expenses rose 20.2% to NT$6.17 billion. R&D expenses grew 22.7% sequentially to NT$3.45 billion, representing 8.3% of 4Q19 operating revenues. General & Administrative (G&A) expenses were up 19.2% to NT$1.60 billion. Net other operating income was NT$1.22 billion. In 4Q19, operating income totaled NT$2.02 billion.

Non-Operating Income and Expenses

(Amount: NT$ million)

4Q19

3Q19

4Q18

Non-Operating Income and Expenses

946

(532)

(1,998)

Net Interest Income and Expenses

(468)

(503)

(438)

Net Investment Gain and Loss

1,064

736

(1,859)

Exchange Gain and Loss

188

(752)

304

Other Gain and Loss

162

(13)

(5)

Net non-operating income in 4Q19 was NT$946 million, mainly resulting from NT$1.06 billion in net investment gain, partly offset by NT$468 million in net interest expense.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period Ended

Dec. 31, 2019

For the 3-Month Period Ended

Sep. 30, 2019

Cash Flow from Operating Activities

37,533

(3,080)

Net income before tax

2,964

1,977

Depreciation & Amortization

12,775

12,050

Expected credit losses

113

4

Share of profit of associates and

joint ventures

(642)

(109)

Income tax paid

(52)

(99)

Changes in working capital & others

22,375

(16,903)

Cash Flow from Investing Activities

(17,844)

(3,968)

Acquisition of subsidiaries

(12,801)

-

Acquisition of PP&E

(3,502)

(3,550)

Acquisition of intangible assets

(935)

(732)

Others

(606)

314

Cash Flow from Financing Activities

(9,716)

4,137

Bank loans

(9,551)

11,168

Cash dividends

3

(6,914)

Others

(168)

(117)

Effect of Exchange Rate

(1,238)

(692)

Net Cash Flow

8,735

(3,603)

Beginning balance

86,755

90,356

Changes in non-current assets held for sale

2

2

Ending balance

95,492

86,755


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