UMC Reports Fourth Quarter 2022 Results

First Quarter 2023 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To decrease in the high teens % range
  • ASP in USD: To remain flat
  • Gross Profit Margin: Will be in the mid-30% range
  • Capacity Utilization: approximately 70%
  • 2023 CAPEX: US$3.0 billion

Recent Developments / Announcements

Nov.  9, 2022

UMC Drives Low-carbon Supply Chain with GHG Inventory Initiative

Nov. 30, 2022

Cadence and UMC Certified mmWave Reference Flow Delivers First-Pass Silicon Success

Dec. 10, 2022

UMC Again Leads Semiconductor Foundries in the 2022 Dow Jones Sustainability Indices

Dec. 16, 2022

UMC Earns Top Rating in CDP’s Climate Change and Water Security Assessments

Dec. 30, 2022

UMC Achieves AA Certification for Excellence in Intellectual Property Management and Protection

Please visit UMC’s website for further details regarding the above announcements

Conference Call / Webcast Announcement

Monday, January 16, 2023

Time:  5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 AM (London)

Dial-in numbers and Access Codes:
Hong Kong Number: +852-2112-1888
Taiwan Number: 02-2162-6306
Other Areas: +852-2112-1888

Access Code: 9603516#

A live webcast and replay of the 4Q22 results announcement will be available at www.umc.com under the “Investors / Events” section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry. The company provides high quality IC production with a focus on both logic and specialty technologies to serve every major sector of the electronics industry. UMC’s comprehensive technology and manufacturing solutions include logic/RF, embedded high voltage, embedded flash, RFSOI/BCD and IATF-16949 automotive manufacturing certification for all its manufacturing facilities. UMC operates 12 fabs that are strategically located throughout Asia with a maximum capacity of approximately 850,000 8-inch equivalent wafers per month. The company employs approximately 20,000 people worldwide, with offices in Taiwan, China, United States, Europe, Japan, Korea and Singapore. For more information, please visit: http://www.umc.com.

Safe Harbor Statements

This press release contains 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.  These forward-looking statements include, but are not limited to, statements regarding anticipated financial results for the fourth quarter of 2022; the expected wafer shipment and ASP; the anticipated annual budget; capex strategies; environmental protection goals and water management strategies; impact of foreign currency exchange rates; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “Fourth   Quarter of 2022 Outlook and Guidance.”

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 risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. 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.

                UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES  
   Consolidated Condensed Balance Sheet
As of December 31, 2022
 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
December 31, 2022
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

5,662

173,819

32.6%

Accounts receivable, net

1,204

36,975

6.9%

Inventories, net

1,012

31,070

5.8%

Other current assets

342

10,507

2.0%

Total current assets

8,220

252,371

47.3%

Non-current assets
Funds and investments

2,113

64,855

12.2%

Property, plant and equipment

5,569

170,982

32.1%

Right-of-use assets

248

7,612

1.4%

Other non-current assets

1,213

37,232

7.0%

Total non-current assets

9,143

280,681

52.7%

Total assets

17,363

533,052

100.0%

Liabilities
Current liabilities
Payables

2,420

74,301

13.9%

Current portion of long-term liabilities

247

7,587

1.4%

Other current liabilities

869

26,677

5.1%

Total current liabilities

3,536

108,565

20.4%

Non-current liabilities
Bonds payable

752

23,083

4.3%

Long-term loans

547

16,794

3.2%

Lease liabilities, noncurrent

169

5,200

1.0%

Other non-current liabilities

1,432

43,959

8.2%

Total non-current liabilities

2,900

89,036

16.7%

Total liabilities

6,436

197,601

37.1%

Equity
Equity attributable to the parent company
Capital

4,073

125,047

23.5%

Additional paid-in capital

404

12,378

2.3%

Retained earnings and other components of equity

6,439

197,682

37.1%

Total equity attributable to the parent company

10,916

335,107

62.9%

Non-controlling interests

11

344

0.0%

Total equity

10,927

335,451

62.9%

Total liabilities and equity

17,363

533,052

100.0%

         
Note:New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2022 exchange rate of NT $30.70 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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
December 31, 2022 December 31, 2021 Chg. December 31, 2022 September 30, 2022 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

2,210

67,836

1,925

59,100

14.8%

2,210

67,836

2,456

75,392

(10.0%)

Operating costs

(1,261)

(38,712)

(1,172)

(35,997)

7.5%

(1,261)

(38,712)

(1,294)

(39,728)

(2.6%)

Gross profit

949

29,124

753

23,103

26.1%

949

29,124

1,162

35,664

(18.3%)

42.9%

42.9%

39.1%

39.1%

42.9%

42.9%

47.3%

47.3%

Operating expenses
Sales and marketing expenses

(31)

(953)

(40)

(1,240)

(23.1%)

(31)

(953)

(35)

(1,061)

(10.2%)

General and administrative expenses

(80)

(2,438)

(71)

(2,164)

12.7%

(80)

(2,438)

(79)

(2,428)

0.4%

Research and development expenses

(111)

(3,407)

(111)

(3,414)

(0.2%)

(111)

(3,407)

(108)

(3,304)

3.1%

Expected credit impairment loss

(0)

            (0)

(0)

(3)

(88.3%)

(0)

            (0)

(0)

(1)

(48.5%)

Subtotal

(222)

(6,798)

(222)

(6,821)

(0.3%)

(222)

(6,798)

(222)

(6,794)

0.1%

Net other operating income and expenses

43

1,311

43

1,334

(1.7%)

43

1,311

42

1,287

1.9%

Operating income

770

23,637

574

17,616

34.2%

770

23,637

982

30,157

(21.6%)

34.8%

34.8%

29.8%

29.8%

34.8%

34.8%

40.0%

40.0%

 
Net non-operating income and expenses

29

889

18

558

59.4%

29

889

72

2,189

(59.4%)

Income from continuing operations before income tax

799

24,526

592

18,174

35.0%

799

24,526

1,054

32,346

(24.2%)

36.2%

36.2%

30.8%

30.8%

  

36.2%

36.2%

42.9%

42.9%

 
Income tax expense

(176)

(5,406)

(71)

(2,169)

149.2%

(176)

(5,406)

(163)

(5,004)

8.1%

Net income

623

19,120

521

16,005

19.5%

623

19,120

891

27,342

(30.1%)

28.2%

28.2%

27.1%

27.1%

28.2%

28.2%

36.3%

36.3%

 
Other comprehensive income (loss)

14

429

94

2,880

(85.1%)

14

429

141

4,336

(90.1%)

 
Total comprehensive income (loss)

637

19,549

615

18,885

3.5%

637

19,549

1,032

31,678

(38.3%)

 
Net income attributable to:
Shareholders of the parent

621

19,068

520

15,949

19.6%

621

19,068

879

26,996

(29.4%)

Non-controlling interests

2

52

1

56

(6.3%)

2

52

12

346

(85.0%)

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

635

19,497

613

18,830

3.5%

635

19,497

1,021

31,332

(37.8%)

Non-controlling interests

2

52

2

55

(6.4%)

2

52

11

346

(85.0%)

 
Earnings per share-basic

0.050

1.54

0.042

1.30

0.050

1.54

0.071

2.19

Earnings per ADS (2)

0.251

7.70

0.212

6.50

0.251

7.70

0.357

10.95

Weighted average number of shares
outstanding (in millions)   

12,349

  

12,254

  

12,349

  

12,306

                                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2022 exchange rate of NT $30.70 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
For the Three-Month Period Ended For the Twelve-Month Period Ended
December 31, 2022 December 31, 2022
US$ NT$ % US$  NT$  %
Operating revenues

2,210

67,836

100.0%

9,078

278,705

100.0%

Operating costs

(1,261)

(38,712)

(57.1%)

(4,981)

(152,941)

(54.9%)

Gross profit

949

29,124

42.9%

4,097

125,764

45.1%

Operating expenses
Sales and marketing expenses

(31)

(953)

(1.4%)

(136)

(4,183)

(1.5%)

General and administrative expenses

(80)

(2,438)

(3.6%)

(316)

(9,672)

(3.4%)

Research and development expenses

(111)

(3,407)

(5.0%)

(422)

(12,954)

(4.7%)

Expected credit impairment loss

(0)

                       (0)

(0.0%)

(0)

(3)

(0.0%)

Subtotal

(222)

(6,798)

(10.0%)

(874)

(26,812)

(9.6%)

Net other operating income and expenses

43

1,311

1.9%

174

5,340

1.9%

Operating income

770

23,637

34.8%

3,397

104,292

37.4%

Net non-operating income and expenses

29

889

1.4%

59

1,805

0.7%

Income from continuing operations before income tax

799

24,526

36.2%

3,456

106,097

38.1%

Income tax expense

(176)

(5,406)

(8.0%)

(589)

(18,079)

(6.5%)

Net income

623

19,120

28.2%

2,867

88,018

31.6%

Other comprehensive income (loss)

14

429

0.6%

79

2,438

0.9%

Total comprehensive income (loss)

637

19,549

28.8%

2,946

90,456

32.5%

Net income attributable to:
Shareholders of the parent

621

19,068

28.1%

2,840

87,198

31.3%

Non-controlling interests

2

52

0.1%

27

820

0.3%

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

635

19,497

28.7%

2,920

89,636

32.2%

Non-controlling interests

2

52

0.1%

26

820

0.3%

Earnings per share-basic

0.050

1.54

0.231

7.09

Earnings per ADS (2)

0.251

7.70

1.155

35.45

Weighted average number of shares outstanding (in millions)

12,349

12,306

             
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2022 exchange rate of NT $30.70 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Twelve-Month Period Ended December 31, 2022
 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

3,456

106,097

Depreciation & Amortization

1,439

44,170

Share of loss of associates and joint ventures

60

1,852

Income tax paid

(154)

(4,718)

Changes in working capital & others

(50)

(1,540)

Net cash provided by operating activities

4,751

145,861

Cash flows from investing activities :
Decrease in financial assets measured at amortized cost

928

28,497

Acquisition of property, plant and equipment

(2,610)

(80,128)

Acquisition of intangible assets

(90)

(2,756)

Others

(1)

(40)

Net cash used in investing activities

(1,773)

(54,427)

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

(64)

(1,966)

Redemption of bonds

(433)

(13,305)

Proceeds from long-term loans

76

2,319

Repayments of long-term loans

(688)

(21,136)

Increase in guarantee deposits

488

14,985

Cash distributed from additional paid-in capital 

(1,220)

(37,446)

Others

(24)

(706)

Net cash used in financing activities

(1,865)

(57,255)

Effect of exchange rate changes on cash and cash equivalents

229

7,018

Net increase in cash and cash equivalents

1,342

41,197

Cash and cash equivalents at beginning of period

4,320

132,622

Cash and cash equivalents at end of period

5,662

173,819

     
Note: New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2022 exchange rate of NT $30.70 per U.S. Dollar.

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