UMC Reports First Quarter 2023 Results

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.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
March 31, 2023
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

5,645

171,834

31.3%

Accounts receivable, net

889

27,065

4.9%

Inventories, net

1,074

32,679

6.0%

Other current assets

341

10,389

1.8%

Total current assets

7,949

241,967

44.0%

 
Non-current assets
Funds and investments

2,368

72,087

13.1%

Property, plant and equipment

6,314

192,185

35.0%

Right-of-use assets

248

7,540

1.4%

Other non-current assets

1,177

35,852

6.5%

Total non-current assets

10,107

307,664

56.0%

Total assets

18,056

549,631

100.0%

 
Liabilities
Current liabilities
Short-term loans

3

100

0.0%

Payables

2,311

70,346

12.8%

Current portion of long-term liabilities

318

9,674

1.8%

Other current liabilities

847

25,766

4.7%

Total current liabilities

3,479

105,886

19.3%

 
Non-current liabilities
Bonds payable

689

20,986

3.8%

Long-term loans

536

16,317

3.0%

Lease liabilities, noncurrent

170

5,187

0.9%

Other non-current liabilities

1,502

45,705

8.3%

Total non-current liabilities

2,897

88,195

16.0%

Total liabilities

6,376

194,081

35.3%

 
Equity
Equity attributable to the parent company
Capital

4,108

125,047

22.8%

Additional paid-in capital

426

12,976

2.3%

Retained earnings and other components of equity

7,135

217,183

39.5%

Total equity attributable to the parent company

11,669

355,206

64.6%

Non-controlling interests

11

344

0.1%

Total equity

11,680

355,550

64.7%

Total liabilities and equity

18,056

549,631

100.0%

 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 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, 2023 March 31, 2022 Chg. March 31, 2023 December 31, 2022 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,781

 

54,209

 

2,084

 

63,423

 

(14.5

%)

1,781

 

54,209

 

2,229

 

67,836

 

(20.1

%)

Operating costs

(1,149

)

(34,985

)

(1,180

)

(35,919

)

(2.6

%)

(1,149

)

(34,985

)

(1,272

)

(38,712

)

(9.6

%)

Gross profit

632

 

19,224

 

904

 

27,504

 

(30.1

%)

632

 

19,224

 

957

 

29,124

 

(34.0

%)

35.5

%

35.5

%

43.4

%

43.4

%

35.5

%

35.5

%

42.9

%

42.9

%

Operating expenses
- Sales and marketing expenses

(31

)

(950

)

(41

)

(1,255

)

(24.3

%)

(31

)

(950

)

(31

)

(953

)

(0.3

%)

- General and administrative expenses

(69

)

(2,102

)

(73

)

(2,226

)

(5.6

%)

(69

)

(2,102

)

(80

)

(2,438

)

(13.8

%)

- Research and development expenses

(91

)

(2,767

)

(100

)

(3,033

)

(8.8

%)

(91

)

(2,767

)

(112

)

(3,407

)

(18.8

%)

- Expected credit impairment gain (loss)

1

 

39

 

0

 

1

 

3,983.2

%

1

 

39

 

(0

)

(0

)

-

 

Subtotal

(190

)

(5,780

)

(214

)

(6,513

)

(11.3

%)

(190

)

(5,780

)

(223

)

(6,798

)

(15.0

%)

Net other operating income and expenses

34

 

1,037

 

44

 

1,343

 

(22.8

%)

34

 

1,037

 

43

 

1,311

 

(20.9

%)

Operating income

476

 

14,481

 

734

 

22,334

 

(35.2

%)

476

 

14,481

 

777

 

23,637

 

(38.7

%)

26.7

%

26.7

%

35.2

%

35.2

%

26.7

%

26.7

%

34.8

%

34.8

%

 
Net non-operating income and expenses

152

 

4,647

 

43

 

1,314

 

253.8

%

152

 

4,647

 

29

 

889

 

422.6

%

Income from continuing operations before income tax

628

 

19,128

 

777

 

23,648

 

(19.1

%)

628

 

19,128

 

806

 

24,526

 

(22.0

%)

35.3

%

35.3

%

37.3

%

37.3

%

35.3

%

35.3

%

36.2

%

36.2

%

 
Income tax expense

(90

)

(2,743

)

(118

)

(3,582

)

(23.4

%)

(90

)

(2,743

)

(178

)

(5,406

)

(49.2

%)

Net income

538

 

16,385

 

659

 

20,066

 

(18.3

%)

538

 

16,385

 

628

 

19,120

 

(14.3

%)

30.2

%

30.2

%

31.6

%

31.6

%

30.2

%

30.2

%

28.2

%

28.2

%

 
Other comprehensive income (loss)

110

 

3,325

 

47

 

1,422

 

133.9

%

110

 

3,325

 

14

 

429

 

674.4

%

 
Total comprehensive income (loss)

648

 

19,710

 

706

 

21,488

 

(8.3

%)

648

 

19,710

 

642

 

19,549

 

0.8

%

 
Net income attributable to:
Shareholders of the parent

532

 

16,183

 

651

 

19,808

 

(18.3

%)

532

 

16,183

 

626

 

19,068

 

(15.1

%)

Non-controlling interests

6

 

202

 

8

 

258

 

(21.9

%)

6

 

202

 

2

 

52

 

287.1

%

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

641

 

19,508

 

697

 

21,229

 

(8.1

%)

641

 

19,508

 

641

 

19,497

 

0.1

%

Non-controlling interests

7

 

202

 

9

 

259

 

(21.9

%)

7

 

202

 

1

 

52

 

287.7

%

 
Earnings per share-basic

0.043

 

1.31

 

0.053

 

1.61

 

0.043

 

1.31

 

0.051

 

1.54

 

Earnings per ADS (2)

0.215

 

6.55

 

0.264

 

8.05

 

0.215

 

6.55

 

0.253

 

7.70

 

Weighted average number of shares outstanding (in millions)

12,349

 

12,283

 

12,349

 

12,349

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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, 2023 March 31, 2023
US$ NT$ % US$ NT$ %
Operating revenues

1,781

 

54,209

 

100.0

%

1,781

 

54,209

 

100.0

%

Operating costs

(1,149

)

(34,985

)

(64.5

%)

(1,149

)

(34,985

)

(64.5

%)

Gross profit

632

 

19,224

 

35.5

%

632

 

19,224

 

35.5

%

 
 
Operating expenses
- Sales and marketing expenses

(31

)

(950

)

(1.8

%)

(31

)

(950

)

(1.8

%)

- General and administrative expenses

(69

)

(2,102

)

(3.9

%)

(69

)

(2,102

)

(3.9

%)

- Research and development expenses

(91

)

(2,767

)

(5.1

%)

(91

)

(2,767

)

(5.1

%)

- Expected credit impairment gain

1

 

39

 

0.1

%

1

 

39

 

0.1

%

Subtotal

(190

)

(5,780

)

(10.7

%)

(190

)

(5,780

)

(10.7

%)

Net other operating income and expenses

34

 

1,037

 

1.9

%

34

 

1,037

 

1.9

%

Operating income

476

 

14,481

 

26.7

%

476

 

14,481

 

26.7

%

 
Net non-operating income and expenses

152

 

4,647

 

8.6

%

152

 

4,647

 

8.6

%

Income from continuing operations before income tax

628

 

19,128

 

35.3

%

628

 

19,128

 

35.3

%

 
 
Income tax expense

(90

)

(2,743

)

(5.1

%)

(90

)

(2,743

)

(5.1

%)

Net income

538

 

16,385

 

30.2

%

538

 

16,385

 

30.2

%

 
Other comprehensive income (loss)

110

 

3,325

 

6.2

%

110

 

3,325

 

6.2

%

 
Total comprehensive income (loss)

648

 

19,710

 

36.4

%

648

 

19,710

 

36.4

%

 
Net income attributable to:
Shareholders of the parent

532

 

16,183

 

29.9

%

532

 

16,183

 

29.9

%

Non-controlling interests

6

 

202

 

0.3

%

6

 

202

 

0.3

%

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

641

 

19,508

 

36.0

%

641

 

19,508

 

36.0

%

Non-controlling interests

7

 

202

 

0.4

%

7

 

202

 

0.4

%

 
Earnings per share-basic

0.043

 

1.31

 

0.043

 

1.31

 

Earnings per ADS (2)

0.215

 

6.55

 

0.215

 

6.55

 

 
Weighted average number of shares outstanding (in millions)

12,349

 

12,349

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 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, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

628

 

19,128

 

Depreciation & Amortization

325

 

9,903

 

Share of profit of associates and joint ventures

(107

)

(3,248

)

Income tax paid

(96

)

(2,936

)

Changes in working capital & others

136

 

4,117

 

Net cash provided by operating activities

886

 

26,964

 

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

20

 

598

 

Acquisition of property, plant and equipment

(978

)

(29,756

)

Acquisition of intangible assets

(17

)

(528

)

Others

3

 

100

 

Net cash used in investing activities

(972

)

(29,586

)

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

3

 

100

 

Proceeds from long-term loans

0

 

5

 

Repayments of long-term loans

(19

)

(590

)

Increase in guarantee deposits

65

 

1,991

 

Others

(5

)

(159

)

Net cash provided by financing activities

44

 

1,347

 

 
Effect of exchange rate changes on cash and cash equivalents

(23

)

(710

)

Net decrease in cash and cash equivalents

(65

)

(1,985

)

 
Cash and cash equivalents at beginning of period

5,710

 

173,819

 

 
Cash and cash equivalents at end of period

5,645

 

171,834

 

 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.

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