UMC Reports Third 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 September 30, 2020
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 
September 30, 2020
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

3,397

 

98,839

 

26.8

%

Notes & Accounts receivable, net

926

 

26,959

 

7.3

%

Inventories, net

786

 

22,863

 

6.2

%

Other current assets

509

 

14,816

 

4.1

%

Total current assets

5,618

 

163,477

 

44.4

%

 
Non-current assets
Funds and investments

1,617

 

47,041

 

12.8

%

Property, plant and equipment

4,559

 

132,662

 

36.0

%

Right-of-use assets

272

 

7,901

 

2.2

%

Other non-current assets

588

 

17,163

 

4.6

%

Total non-current assets

7,036

 

204,767

 

55.6

%

Total assets

12,654

 

368,244

 

100.0

%

 
Liabilities
Current liabilities
Short-term loans

260

 

7,572

 

2.1

%

Payables

1,196

 

34,806

 

9.5

%

Current portion of long-term liabilities

303

 

8,826

 

2.4

%

Other current liabilities

274

 

7,947

 

2.1

%

Total current liabilities

2,033

 

59,151

 

16.1

%

 
Non-current liabilities
Bonds payable

574

 

16,690

 

4.5

%

Long-term loans

1,126

 

32,767

 

8.9

%

Lease liabilities, noncurrent

178

 

5,184

 

1.4

%

Other non-current liabilities

1,152

 

33,537

 

9.1

%

Total non-current liabilities

3,030

 

88,178

 

23.9

%

Total liabilities

5,063

 

147,329

 

40.0

%

 
Equity
Equity attributable to the parent company
Capital

4,269

 

124,224

 

33.7

%

Additional paid-in capital

1,474

 

42,903

 

11.7

%

Retained earnings and other components of equity

1,847

 

53,754

 

14.6

%

Treasury stock

(4

)

(120

)

(0.0

%)

Total equity attributable to the parent company

7,586

 

220,761

 

60.0

%

Non-controlling interests

5

 

154

 

0.0

%

Total equity

7,591

 

220,915

 

60.0

%

Total liabilities and equity

12,654

 

368,244

 

100.0

%

 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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, 2020 September 30, 2019 Chg. September 30, 2020 June 30, 2020 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,542

 

44,870

 

1,297

 

37,738

 

18.9

%

1,542

 

44,870

 

1,525

 

44,386

 

1.1

%

Operating costs

(1,206

)

(35,101

)

(1,076

)

(31,305

)

12.1

%

(1,206

)

(35,101

)

(1,173

)

(34,129

)

2.8

%

Gross profit

336

 

9,769

 

221

 

6,433

 

51.9

%

336

 

9,769

 

352

 

10,257

 

(4.8

%)

21.8

%

21.8

%

17.1

%

17.1

%

21.8

%

21.8

%

23.1

%

23.1

%

Operating expenses
- Sales and marketing expenses

(35

)

(1,009

)

(33

)

(970

)

4.1

%

(35

)

(1,009

)

(32

)

(929

)

8.7

%

- General and administrative expenses

(56

)

(1,614

)

(46

)

(1,344

)

20.1

%

(56

)

(1,614

)

(53

)

(1,537

)

4.9

%

- Research and development expenses

(114

)

(3,314

)

(97

)

(2,813

)

17.8

%

(114

)

(3,314

)

(110

)

(3,203

)

3.5

%

- Expected credit impairment gain (loss)

15

 

429

 

(0

)

(4

)

-

 

15

 

429

 

(0

)

(8

)

-

 

Subtotal

(190

)

(5,508

)

(176

)

(5,131

)

7.4

%

(190

)

(5,508

)

(195

)

(5,677

)

(3.0

%)

Net other operating income and expenses

99

 

2,872

 

41

 

1,207

 

137.9

%

99

 

2,872

 

44

 

1,266

 

126.9

%

Operating income

245

 

7,133

 

86

 

2,509

 

184.3

%

245

 

7,133

 

201

 

5,846

 

22.0

%

15.9

%

15.9

%

6.7

%

6.7

%

15.9

%

15.9

%

13.2

%

13.2

%

 
Net non-operating income and expenses

71

 

2,074

 

(18

)

(532

)

-

 

71

 

2,074

 

28

 

818

 

153.4

%

Income from continuing operations
   before income tax

316

 

9,207

 

68

 

1,977

 

365.6

%

316

 

9,207

 

229

 

6,664

 

38.2

%

20.5

%

20.5

%

5.2

%

5.2

%

20.5

%

20.5

%

15.0

%

15.0

%

 
Income tax expenses

(6

)

(197

)

(1

)

(39

)

405.4

%

(6

)

(197

)

(21

)

(613

)

(67.9

%)

Net income

310

 

9,010

 

67

 

1,938

 

364.8

%

310

 

9,010

 

208

 

6,051

 

48.9

%

20.1

%

20.1

%

5.1

%

5.1

%

20.1

%

20.1

%

13.6

%

13.6

%

 
Other comprehensive income (loss)

47

 

1,390

 

20

 

591

 

135.5

%

47

 

1,390

 

109

 

3,178

 

(56.2

%)

 
Total comprehensive income (loss)

357

 

10,400

 

87

 

2,529

 

311.3

%

357

 

10,400

 

317

 

9,229

 

12.7

%

 
   Net income attributable to:
  Stockholders of the parent

313

 

9,106

 

101

 

2,929

 

210.9

%

313

 

9,106

 

230

 

6,681

 

36.3

%

  Non-controlling interests

(3

)

(96

)

(34

)

(991

)

(90.2

%)

(3

)

(96

)

(22

)

(630

)

(84.6

%)

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

361

 

10,497

 

122

 

3,540

 

196.5

%

361

 

10,497

 

339

 

9,859

 

6.5

%

  Non-controlling interests

(4

)

(97

)

(35

)

(1,011

)

(90.4

%)

(4

)

(97

)

(22

)

(630

)

(84.6

%)

 
Earnings per share-basic

0.026

 

0.75

 

0.009

 

0.25

 

0.026

 

0.75

 

0.019

 

0.55

 

Earnings per ADS (2)

0.129

 

3.75

 

0.043

 

1.25

 

0.129

 

3.75

 

0.095

 

2.75

 

Weighted average number of shares
   outstanding (in millions)

12,108

 

11,708

 

12,108

 

12,193

 

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 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 Nine-Month Period Ended

September 30, 2020

September 30, 2020

US$

NT$

%

US$

NT$

%

Operating revenues

1,542

 

44,870

 

100.0

%

4,520

 

131,525

 

100.0

%

Operating costs

(1,206

)

(35,101

)

(78.2

%)

(3,553

)

(103,376

)

(78.6

%)

Gross profit

336

 

9,769

 

21.8

%

967

 

28,149

 

21.4

%

 
 
Operating expenses
- Sales and marketing expenses

(35

)

(1,009

)

(2.3

%)

(102

)

(2,978

)

(2.3

%)

- General and administrative expenses

(56

)

(1,614

)

(3.6

%)

(162

)

(4,696

)

(3.5

%)

- Research and development expenses

(114

)

(3,314

)

(7.4

%)

(333

)

(9,702

)

(7.4

%)

- Expected credit impairment gain

15

 

429

 

1.0

%

16

 

468

 

0.4

%

   Subtotal

(190

)

(5,508

)

(12.3

%)

(581

)

(16,908

)

(12.8

%)

Net other operating income and expenses

99

 

2,872

 

6.4

%

177

 

5,152

 

3.9

%

Operating income

245

 

7,133

 

15.9

%

563

 

16,393

 

12.5

%

 
Net non-operating income and expenses

71

 

2,074

 

4.6

%

11

 

299

 

0.2

%

Income from continuing operations
   before income tax

316

 

9,207

 

20.5

%

574

 

16,692

 

12.7

%

 
 
Income tax expense

(6

)

(197

)

(0.4

%)

(14

)

(401

)

(0.3

%)

Net income

310

 

9,010

 

20.1

%

560

 

16,291

 

12.4

%

 
Other comprehensive income (loss)

47

 

1,390

 

3.1

%

29

 

854

 

0.6

%

 
Total comprehensive income (loss)

357

 

10,400

 

23.2

%

589

 

17,145

 

13.0

%

 
Net income attributable to:
  Stockholders of the parent

313

 

9,106

 

20.3

%

618

 

17,994

 

13.7

%

  Non-controlling interests

(3

)

(96

)

(0.2

%)

(58

)

(1,703

)

(1.3

%)

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

361

 

10,497

 

23.4

%

643

 

18,721

 

14.2

%

  Non-controlling interests

(4

)

(97

)

(0.2

%)

(54

)

(1,576

)

(1.2

%)

 
Earnings per share-basic

0.026

 

0.75

 

0.052

 

1.50

 

Earnings per ADS (2)

0.129

 

3.75

 

0.258

 

7.50

 

 
Weighted average number of shares
   outstanding (in millions)

12,108

 

12,028

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 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, 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

574

 

16,692

 

Depreciation & Amortization

1,269

 

36,915

 

Share of profit of associates and joint ventures

(98

)

(2,846

)

Changes in working capital & others

(38

)

(1,088

)

Net cash provided by operating activities

1,707

 

49,673

 

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

(502

)

(14,608

)

Proceeds from disposal of property, plant and equipment

60

 

1,757

 

Acquisition of intangible assets

(59

)

(1,716

)

Increase in other financial assets

(268

)

(7,812

)

Others

(10

)

(295

)

Net cash used in investing activities

(779

)

(22,674

)

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

(147

)

(4,284

)

Redemption of bonds

(471

)

(13,703

)

Proceeds from long-term loans

449

 

13,070

 

Repayments of long-term loans

(226

)

(6,583

)

Cash dividends

(336

)

(9,765

)

Treasury stock acquired

(58

)

(1,678

)

Treasury stock sold to employees

58

 

1,678

 

Others

(40

)

(1,184

)

Net cash used in financing activities

(771

)

(22,449

)

 
Effect of exchange rate changes on cash and cash equivalents

(42

)

(1,203

)

Net increase in cash and cash equivalents

115

 

3,347

 

 
Cash and cash equivalents at beginning of period

3,282

 

95,492

 

 
Cash and cash equivalents at end of period

3,397

 

98,839

 

 
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar.

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