UMC Reports First Quarter 2020 Results

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.

- FINANCIAL TABLES TO FOLLOW -


UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Balance Sheet

As of March 31, 2020

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

 
 

March 31, 2020

US$

NT$

%

Assets
Current assets
Cash and cash equivalents

3,148

 

95,166

 

26.4

%

Notes & Accounts receivable, net

945

 

28,569

 

7.9

%

Inventories, net

732

 

22,126

 

6.1

%

Other current assets

454

 

13,734

 

3.9

%

Total current assets

5,279

 

159,595

 

44.3

%

 
Non-current assets
Funds and investments

1,187

 

35,887

 

10.0

%

Property, plant and equipment

4,669

 

141,151

 

39.2

%

Right-of-use assets

265

 

7,998

 

2.2

%

Other non-current assets

524

 

15,826

 

4.3

%

Total non-current assets

6,645

 

200,862

 

55.7

%

Total assets

11,924

 

360,457

 

100.0

%

 
Liabilities
Current liabilities
Short-term loans

312

 

9,432

 

2.6

%

Payables

912

 

27,584

 

7.7

%

Current portion of long-term liabilities

527

 

15,919

 

4.4

%

Other current liabilities

270

 

8,169

 

2.2

%

Total current liabilities

2,021

 

61,104

 

16.9

%

 
Non-current liabilities
Bonds payable

618

 

18,688

 

5.2

%

Long-term loans

961

 

29,059

 

8.1

%

Lease liabilities, noncurrent

171

 

5,170

 

1.4

%

Other non-current liabilities

1,179

 

35,616

 

9.9

%

Total non-current liabilities

2,929

 

88,533

 

24.6

%

Total liabilities

4,950

 

149,637

 

41.5

%

 
Equity
Equity attributable to the parent company
Capital

4,043

 

122,224

 

33.9

%

Additional paid-in capital

1,368

 

41,345

 

11.5

%

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

1,565

 

47,302

 

13.1

%

Treasury stock

(4

)

(120

)

(0.0

%)

Total equity attributable to the parent company

6,972

 

210,751

 

58.5

%

Non-controlling interests

2

 

69

 

0.0

%

Total equity

6,974

 

210,820

 

58.5

%

Total liabilities and equity

11,924

 

360,457

 

100.0

%

Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2020 exchange rate of NT $30.23 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, 2020

March 31, 2019

Chg.

March 31, 2020

December 31, 2019

Chg.

US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,398

 

42,268

 

1,078

 

32,583

 

29.7

%

1,398

 

42,268

 

1,384

 

41,849

 

1.0

%

Operating costs

(1,129

)

(34,146

)

(1,003

)

(30,321

)

12.6

%

(1,129

)

(34,146

)

(1,154

)

(34,881

)

(2.1

%)

Gross profit

269

 

8,122

 

75

 

2,262

 

259.1

%

269

 

8,122

 

230

 

6,968

 

16.6

%

19.2

%

19.2

%

6.9

%

6.9

%

19.2

%

19.2

%

16.7

%

16.7

%

Operating expenses
- Sales and marketing expenses

(34

)

(1,040

)

(29

)

(889

)

17.0

%

(34

)

(1,040

)

(33

)

(996

)

4.3

%

- General and administrative expenses

(52

)

(1,543

)

(41

)

(1,236

)

24.8

%

(52

)

(1,543

)

(53

)

(1,603

)

(3.7

%)

- Research and development expenses

(105

)

(3,185

)

(93

)

(2,807

)

13.5

%

(105

)

(3,185

)

(114

)

(3,453

)

(7.8

%)

- Expected credit impairment gain (loss)

2

 

46

 

-

 

-

 

100.0

%

2

 

46

 

(4

)

(113

)

-

 

Subtotal

(189

)

(5,722

)

(163

)

(4,932

)

16.0

%

(189

)

(5,722

)

(204

)

(6,165

)

(7.2

%)

Net other operating income and expenses

33

 

1,014

 

35

 

1,073

 

(5.5

%)

33

 

1,014

 

41

 

1,215

 

(16.5

%)

Operating income (loss)

113

 

3,414

 

(53

)

(1,597

)

-

 

113

 

3,414

 

67

 

2,018

 

69.2

%

8.1

%

8.1

%

(4.9

%)

(4.9

%)

8.1

%

8.1

%

4.8

%

4.8

%

 
Net non-operating income and expenses

(86

)

(2,592

)

41

 

1,247

 

-

 

(86

)

(2,592

)

31

 

946

 

-

 

Income (loss) from continuing operations
before income tax

27

 

822

 

(12

)

(350

)

-

 

27

 

822

 

98

 

2,964

 

(72.3

%)

1.9

%

1.9

%

(1.1

%)

(1.1

%)

1.9

%

1.9

%

7.1

%

7.1

%

 
Income tax benefit

14

 

408

 

15

 

443

 

(7.7

%)

14

 

408

 

6

 

191

 

113.9

%

Net income

41

 

1,230

 

3

 

93

 

1,228.5

%

41

 

1,230

 

104

 

3,155

 

(61.0

%)

2.9

%

2.9

%

0.3

%

0.3

%

2.9

%

2.9

%

7.5

%

7.5

%

 
Other comprehensive income (loss)

(123

)

(3,714

)

120

 

3,614

 

-

 

(123

)

(3,714

)

(51

)

(1,538

)

141.5

%

 
Total comprehensive income (loss)

(82

)

(2,484

)

123

 

3,707

 

-

 

(82

)

(2,484

)

53

 

1,617

 

-

 

 
Net income attributable to:
  Stockholders of the parent

73

 

2,207

 

40

 

1,201

 

83.7

%

73

 

2,207

 

127

 

3,837

 

(42.5

%)

  Non-controlling interests

(32

)

(977

)

(37

)

(1,108

)

(11.9

%)

(32

)

(977

)

(23

)

(682

)

43.3

%

 
Comprehensive income (loss) attributable to:
  Stockholders of the parent

(54

)

(1,634

)

159

 

4,813

 

-

 

(54

)

(1,634

)

76

 

2,291

 

-

 

  Non-controlling interests

(28

)

(850

)

(36

)

(1,106

)

(23.1

%)

(28

)

(850

)

(23

)

(674

)

26.2

%

 
Earnings per share-basic

0.006

 

0.19

 

0.003

 

0.10

 

0.006

 

0.19

 

0.011

 

0.33

 

Earnings per ADS (2)

0.031

 

0.95

 

0.017

 

0.50

 

0.031

 

0.95

 

0.055

 

1.65

 

Weighted average number of shares
outstanding (in millions)

11,783

 

11,909

 

11,783

 

11,709

 

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2020 exchange rate of NT $30.23 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, 2020

March 31, 2020

US$

NT$

%

US$

NT$

%
Operating revenues

1,398

 

42,268

 

100.0

%

1,398

 

42,268

 

100.0

%

Operating costs

(1,129

)

(34,146

)

(80.8

%)

(1,129

)

(34,146

)

(80.8

%)

Gross profit

269

 

8,122

 

19.2

%

269

 

8,122

 

19.2

%

 
 
Operating expenses
- Sales and marketing expenses

(34

)

(1,040

)

(2.5

%)

(34

)

(1,040

)

(2.5

%)

- General and administrative expenses

(52

)

(1,543

)

(3.6

%)

(52

)

(1,543

)

(3.6

%)

- Research and development expenses

(105

)

(3,185

)

(7.5

%)

(105

)

(3,185

)

(7.5

%)

- Expected credit impairment gain

2

 

46

 

0.1

%

2

 

46

 

0.1

%

Subtotal

(189

)

(5,722

)

(13.5

%)

(189

)

(5,722

)

(13.5

%)

Net other operating income and expenses

33

 

1,014

 

2.4

%

33

 

1,014

 

2.4

%

Operating income

113

 

3,414

 

8.1

%

113

 

3,414

 

8.1

%

 
Net non-operating income and expenses

(86

)

(2,592

)

(6.2

%)

(86

)

(2,592

)

(6.2

%)

Income from continuing operations
before income tax

27

 

822

 

1.9

%

27

 

822

 

1.9

%

 
 
Income tax benefit

14

 

408

 

1.0

%

14

 

408

 

1.0

%

Net income

41

 

1,230

 

2.9

%

41

 

1,230

 

2.9

%

 
Other comprehensive income (loss)

(123

)

(3,714

)

(8.8

%)

(123

)

(3,714

)

(8.8

%)

 
Total comprehensive income (loss)

(82

)

(2,484

)

(5.9

%)

(82

)

(2,484

)

(5.9

%)

 
Net income attributable to:
  Stockholders of the parent

73

 

2,207

 

5.2

%

73

 

2,207

 

5.2

%

  Non-controlling interests

(32

)

(977

)

(2.3

%)

(32

)

(977

)

(2.3

%)

 
Comprehensive income (loss) attributable to:
  Stockholders of the parent

(54

)

(1,634

)

(3.9

%)

(54

)

(1,634

)

(3.9

%)

  Non-controlling interests

(28

)

(850

)

(2.0

%)

(28

)

(850

)

(2.0

%)

 
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)

11,783

 

11,783

 

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2020 exchange rate of NT $30.23 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, 2020

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

 

US$

NT$

Cash flows from operating activities :
Net income before tax

27

 

822

 

Depreciation & Amortization

413

 

12,497

 

Share of loss of associates and joint ventures

28

 

847

 

Changes in working capital & others

19

 

566

 

Net cash provided by operating activities

487

 

14,732

 

 
Cash flows from investing activities :
Acquisition of property, plant and equipment

(120

)

(3,631

)

Acquisition of intangible assets

(15

)

(453

)

Increase in other financial assets

(169

)

(5,114

)

Others

3

 

87

 

Net cash used in investing activities

(301

)

(9,111

)

 
Cash flows from financing activities :
Decrease in short-term loans

(84

)

(2,544

)

Redemption of bonds

(83

)

(2,500

)

Proceeds from long-term loans

17

 

500

 

Repayments of long-term loans

(17

)

(519

)

Others

(26

)

(786

)

Net cash used in financing activities

(193

)

(5,849

)

 
Effect of exchange rate changes on cash and cash equivalents

(4

)

(98

)

Net decrease in cash and cash equivalents

(11

)

(326

)

 
Cash and cash equivalents at beginning of period

3,159

 

95,492

 

 
Cash and cash equivalents at end of period

3,148

 

95,166

 

Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2020 exchange rate of NT $30.23 per U.S. Dollar.

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