UMC Reports First Quarter 2022 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, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 

March 31, 2022

US$

NT$

%

Assets
Current assets
Cash and cash equivalents

6,016

172,170

35.7

%

Accounts receivable, net

1,329

38,048

7.9

%

Inventories, net

888

25,401

5.3

%

Other current assets

491

14,064

2.8

%

Total current assets

8,724

249,683

51.7

%

 
Non-current assets
Funds and investments

2,532

72,468

15.0

%

Property, plant and equipment

4,576

130,956

27.1

%

Right-of-use assets

250

7,157

1.5

%

Other non-current assets

791

22,645

4.7

%

Total non-current assets

8,149

233,226

48.3

%

Total assets

16,873

482,909

100.0

%

 
Liabilities
Current liabilities
Short-term loans

47

1,340

0.3

%

Payables

1,606

45,953

9.5

%

Current portion of long-term liabilities

742

21,238

4.4

%

Other current liabilities

859

24,590

5.1

%

Total current liabilities

3,254

93,121

19.3

%

 
Non-current liabilities
Bonds payable

806

23,079

4.8

%

Long-term loans

943

26,988

5.6

%

Lease liabilities, noncurrent

157

4,482

0.9

%

Other non-current liabilities

1,151

32,954

6.8

%

Total non-current liabilities

3,057

87,503

18.1

%

Total liabilities

6,311

180,624

37.4

%

 
Equity
Equity attributable to the parent company
Capital

4,361

124,821

25.9

%

Additional paid-in capital

1,659

47,468

9.8

%

Retained earnings and other components of equity

4,532

129,702

26.8

%

Total equity attributable to the parent company

10,552

301,991

62.5

%

Non-controlling interests

10

294

0.1

%

Total equity

10,562

302,285

62.6

%

Total liabilities and equity

16,873

482,909

100.0

%

 
 
 
 
 
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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, 2022

March 31, 2021

Chg.

March 31, 2022

December 31, 2021

Chg.

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

2,216

 

63,423

 

1,646

 

47,097

 

34.7

%

2,216

 

63,423

 

2,065

 

59,100

 

7.3

%

Operating costs

(1,255

)

(35,919

)

(1,209

)

(34,603

)

3.8

%

(1,255

)

(35,919

)

(1,258

)

(35,997

)

(0.2

%)

Gross profit

961

 

27,504

 

437

 

12,494

 

120.1

%

961

 

27,504

 

807

 

23,103

 

19.0

%

43.4

%

43.4

%

26.5

%

26.5

%

43.4

%

43.4

%

39.1

%

39.1

%

Operating expenses
- Sales and marketing expenses

(44

)

(1,255

)

(38

)

(1,089

)

15.2

%

(44

)

(1,255

)

(43

)

(1,240

)

1.2

%

- General and administrative expenses

(78

)

(2,226

)

(63

)

(1,806

)

23.3

%

(78

)

(2,226

)

(76

)

(2,164

)

2.9

%

- Research and development expenses

(106

)

(3,033

)

(107

)

(3,049

)

(0.5

%)

(106

)

(3,033

)

(119

)

(3,414

)

(11.2

%)

- Expected credit impairment gain (loss)

0

 

1

 

0

 

12

 

(92.4

%)

0

 

1

 

(0

)

(3

)

-

 

Subtotal

(228

)

(6,513

)

(208

)

(5,932

)

9.8

%

(228

)

(6,513

)

(238

)

(6,821

)

(4.5

%)

Net other operating income and expenses

47

 

1,343

 

37

 

1,060

 

26.8

%

47

 

1,343

 

47

 

1,334

 

0.7

%

Operating income

780

 

22,334

 

266

 

7,622

 

193.0

%

780

 

22,334

 

616

 

17,616

 

26.8

%

35.2

%

35.2

%

16.2

%

16.2

%

35.2

%

35.2

%

29.8

%

29.8

%

 
Net non-operating income and expenses

46

 

1,314

 

118

 

3,361

 

(60.9

%)

46

 

1,314

 

19

 

558

 

135.5

%

Income from continuing operations
before income tax

826

 

23,648

 

384

 

10,983

 

115.3

%

826

 

23,648

 

635

 

18,174

 

30.1

%

37.3

%

37.3

%

23.3

%

23.3

%

37.3

%

37.3

%

30.8

%

30.8

%

 
Income tax expense

(125

)

(3,582

)

(38

)

(1,094

)

227.4

%

(125

)

(3,582

)

(76

)

(2,169

)

65.1

%

Net income

701

 

20,066

 

346

 

9,889

 

102.9

%

701

 

20,066

 

559

 

16,005

 

25.4

%

31.6

%

31.6

%

21.0

%

21.0

%

31.6

%

31.6

%

27.1

%

27.1

%

 
Other comprehensive income (loss)

50

 

1,422

 

124

 

3,556

 

(60.0

%)

50

 

1,422

 

101

 

2,880

 

(50.6

%)

 
Total comprehensive income (loss)

751

 

21,488

 

470

 

13,445

 

59.8

%

751

 

21,488

 

660

 

18,885

 

13.8

%

 
Net income attributable to:
  Shareholders of the parent

692

 

19,808

 

364

 

10,428

 

89.9

%

692

 

19,808

 

557

 

15,949

 

24.2

%

  Non-controlling interests

9

 

258

 

(18

)

(539

)

-

 

9

 

258

 

2

 

56

 

364.7

%

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

742

 

21,229

 

489

 

13,984

 

51.8

%

742

 

21,229

 

658

 

18,830

 

12.7

%

  Non-controlling interests

9

 

259

 

(19

)

(539

)

-

 

9

 

259

 

2

 

55

 

364.8

%

 
Earnings per share-basic

0.056

 

1.61

 

0.030

 

0.85

 

0.056

 

1.61

 

0.045

 

1.30

 

Earnings per ADS (2)

0.281

 

8.05

 

0.148

 

4.25

 

0.281

 

8.05

 

0.227

 

6.50

 

Weighted average number of shares
outstanding (in millions)

12,283

 

12,206

 

12,283

 

12,254

 

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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, 2022

March 31, 2022

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

2,216

 

63,423

 

100.0

%

2,216

 

63,423

 

100.0

%

Operating costs

(1,255

)

(35,919

)

(56.6

%)

(1,255

)

(35,919

)

(56.6

%)

Gross profit

961

 

27,504

 

43.4

%

961

 

27,504

 

43.4

%

 
 
Operating expenses
- Sales and marketing expenses

(44

)

(1,255

)

(2.0

%)

(44

)

(1,255

)

(2.0

%)

- General and administrative expenses

(78

)

(2,226

)

(3.5

%)

(78

)

(2,226

)

(3.5

%)

- Research and development expenses

(106

)

(3,033

)

(4.8

%)

(106

)

(3,033

)

(4.8

%)

- Expected credit impairment gain

0

 

1

 

0.0

%

0

 

1

 

0.0

%

Subtotal

(228

)

(6,513

)

(10.3

%)

(228

)

(6,513

)

(10.3

%)

Net other operating income and expenses

47

 

1,343

 

2.1

%

47

 

1,343

 

2.1

%

Operating income

780

 

22,334

 

35.2

%

780

 

22,334

 

35.2

%

 
Net non-operating income and expenses

46

 

1,314

 

2.1

%

46

 

1,314

 

2.1

%

Income from continuing operations
   before income tax

826

 

23,648

 

37.3

%

826

 

23,648

 

37.3

%

 
 
Income tax expense

(125

)

(3,582

)

(5.7

%)

(125

)

(3,582

)

(5.7

%)

Net income

701

 

20,066

 

31.6

%

701

 

20,066

 

31.6

%

 
Other comprehensive income (loss)

50

 

1,422

 

2.3

%

50

 

1,422

 

2.3

%

 
Total comprehensive income (loss)

751

 

21,488

 

33.9

%

751

 

21,488

 

33.9

%

 
Net income attributable to:
  Shareholders of the parent

692

 

19,808

 

31.2

%

692

 

19,808

 

31.2

%

  Non-controlling interests

9

 

258

 

0.4

%

9

 

258

 

0.4

%

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

742

 

21,229

 

33.5

%

742

 

21,229

 

33.5

%

  Non-controlling interests

9

 

259

 

0.4

%

9

 

259

 

0.4

%

 
Earnings per share-basic

0.056

 

1.61

 

0.056

 

1.61

 

Earnings per ADS (2)

0.281

 

8.05

 

0.281

 

8.05

 

 
Weighted average number of shares
outstanding (in millions)

12,283

 

12,283

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

826

 

23,648

 

Depreciation & Amortization

398

 

11,390

 

Share of loss of associates and joint ventures

65

 

1,858

 

Income tax paid

(27

)

(769

)

Changes in working capital & others

(210

)

(6,009

)

Net cash provided by operating activities

1,052

 

30,118

 

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

(377

)

(10,803

)

Acquisition of intangible assets

(15

)

(421

)

Decrease in other financial assets

919

 

26,315

 

Others

(12

)

(339

)

Net cash provided by investing activities

515

 

14,752

 

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

(22

)

(640

)

Redemption of bonds

(253

)

(7,249

)

Proceeds from long-term loans

8

 

231

 

Repayments of long-term loans

(7

)

(203

)

Others

(4

)

(98

)

Net cash used in financing activities

(278

)

(7,959

)

 
Effect of exchange rate changes on cash and cash equivalents

93

 

2,637

 

Net increase in cash and cash equivalents

1,382

 

39,548

 

 
Cash and cash equivalents at beginning of period

4,634

 

132,622

 

 
Cash and cash equivalents at end of period

6,016

 

172,170

 

 
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.

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