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Name | Symbol | Market | Type |
---|---|---|---|
United Microelectronics Corp | NYSE:UMC | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.3204 | 4.09% | 8.1604 | 8.16 | 7.995 | 8.00 | 9,963,852 | 01:00:00 |
UMC announces partnership with customers for NT$100 billion capacity expansion at Fab 12A P6
First Quarter 2021 Overview1:
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the first quarter of 2021.
First quarter consolidated revenue was NT$47.10 billion, which increased 4.0% QoQ from NT$45.30 billion in 4Q20. Compared to a year ago, 1Q21 revenue was up 11.4% YoY from NT$42.27 billion in 1Q20. Consolidated gross margin for 1Q21 was 26.5%. Net income attributable to the stockholders of the parent was NT$10.43 billion, with earnings per ordinary share of NT$0.85.
Jason Wang, co-president of UMC, said, “Amid the semiconductor component shortage, we are working with our customers, suppliers and partners to alleviate the capacity tightness across the supply chain. In Q1, robust wafer demand led to full utilization in our manufacturing sites, bringing overall wafer shipments to 2.37 million 8-inch equivalents. For the quarter, our gross profit grew 15.2% QoQ to NT$12.49 billion which partly reflected higher contribution from our 28nm technologies. During the first quarter, we continued to see an increase in 28nm wafer shipments driven by strong wafer demand associated with digital TV, set top box and connectivity chips designed into smartphones. As a result, 28nm revenue grew 18% QoQ, representing 20% of our wafer business. Furthermore, we have started to ship 22nm products to fulfill consumer demand, leading to the recognition of 22nm wafer revenue in 1Q21. We foresee a significant pick up in 22nm product tape outs that will increase our 22/28nm product pipeline, optimize overall product mix and enhance UMC’s foundry share.”
Co-president Wang continued, “Looking into the second quarter, market demand will continue to outpace supply which will lift wafer shipments and blended ASP in USD. Recent market dynamics have provided us and our customers an opportunity to reinforce our capex strategy within our ROI boundary, while trying to alleviate the long term capacity constraint in the supply chain. Therefore, our Board of Directors has approved an investment plan which will expand the capacity at UMC Fab 12A capacity Phase 6 (P6) in Taiwan’s Tainan Science Park through an innovative, win-win partnership model with several leading global customers. The P6 expansion is scheduled for production in the second quarter of 2023, with total investment for the project earmarked at NT$100 billion. In addition to UMC’s previously announced 2021 CAPEX of US$1.5 billion, the bulk of which is allocated towards equipment for the company’s Fab 12A P5 site adjacent to P6, total UMC investment in the Tainan Science Park will reach approximately NT$150 billion over the next three years. The P6 program is supported by a multi-year product alignment between UMC and the involved customers that includes a loading protection mechanism that will ensure the P6 capacity is maintained at a healthy loading level. We look forward to leveraging our No. 1 worldwide foundry market position in multiple areas such as 28nm OLED driver IC production, so we may further strengthen UMC’s semiconductor industry relevance and capture new market opportunities down the road.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
1Q21
4Q20
QoQ % change
1Q20
YoY % change
Operating Revenues
47,097
45,296
4.0
42,268
11.4
Gross Profit
12,494
10,848
15.2
8,122
53.8
Operating Expenses
(5,932)
(6,335)
(6.4)
(5,722)
3.7
Net Other Operating Income and Expenses
1,060
1,102
(3.8)
1,014
4.5
Operating Income
7,622
5,615
35.7
3,414
123.2
Net Non-Operating Income and Expenses
3,361
5,619
(40.2)
(2,592)
-
Net Income Attributable to Stockholders of the Parent
10,428
11,196
(6.9)
2,207
372.5
EPS (NT$ per share)
0.85
0.92
0.19
(US$ per ADS)
0.149
0.161
0.033
Operating revenues in 1Q21 grew 4.0% to NT$47.10 billion. Revenue contribution from 40nm and below technologies remained at to 40%. Gross profit grew 15.2% QoQ to NT$12.49 billion, or 26.5% of revenue. Operating expenses declined 6.4% to NT$5.93 billion. Net other operating income declined to NT$1.06 billion. Net non-operating income was NT$3.36 billion. Net income attributable to stockholders of the parent declined slightly to NT$10.43 billion.
Earnings per ordinary share for the quarter was NT$0.85. Earnings per ADS was US$0.149. The basic weighted average number of outstanding shares in 1Q21 was 12,206,292,756, compared with 12,206,292,756 shares in 4Q20 and 11,782,936,260 shares in 1Q20. The diluted weighted average number of outstanding shares was 12,381,821,873 in 1Q21, compared with 12,359,115,536 shares in 4Q20 and 13,087,825,472 shares in 1Q20. The fully diluted shares counted on March 31, 2021 were approximately 12,397,900,000.
Detailed Financials Section
COGS & Expenses
(Amount: NT$ million)
1Q21
4Q20
QoQ % change
1Q20
YoY % change
Operating Revenues
47,097
45,296
4.0
42,268
11.4
COGS
(34,603)
(34,448)
0.4
(34,146)
1.3
Depreciation
(10,412)
(10,436)
(0.2)
(11,124)
(6.4)
Other Mfg. Costs
(24,191)
(24,012)
0.7
(23,022)
5.1
Gross Profit
12,494
10,848
15.2
8,122
53.8
Gross Margin (%)
26.5%
23.9%
19.2%
Operating Expenses
(5,932)
(6,335)
(6.4)
(5,722)
3.7
G&A
(1,806)
(1,966)
(8.2)
(1,543)
17.0
Sales & Marketing
(1,089)
(1,175)
(7.2)
(1,040)
4.8
R&D
(3,049)
(3,194)
(4.5)
(3,185)
(4.3)
Expected Credit Impairment Gain (Loss)
12
0
5,409.7
46
(73.1)
Net Other Operating Income & Expenses
1,060
1,102
(3.8)
1,014
4.5
Operating Income
7,622
5,615
35.7
3,414
123.2
Operating revenues increased to NT$47.10 billion. COGS remained at NT$34.60 billion, as depreciation and other manufacturing costs remained relatively flat compared to 4Q20. Gross profit increased 15.2% QoQ to NT$12.49 billion, reflecting higher contribution from 28nm wafer shipments. Operating expenses decreased 6.4% QoQ to NT$5.93 billion, as G&A declined 8.2% sequentially to NT$1.81 billion and Sales & Marketing fell 7.2% QoQ to NT$1.09 billion. R&D declined 4.5% sequentially to NT$3.05 billion, representing 6.5% of 1Q21 operating revenues. Net other operating income was NT$1.06 billion. In 1Q21, operating income surged 35.7% QoQ to NT$7.62 billion.
Non-Operating Income and Expenses
(Amount: NT$ million)
1Q21
4Q20
1Q20
Non-Operating Income and Expenses
3,361
5,619
(2,592)
Net Interest Income and Expenses
(272)
(278)
(368)
Net Investment Gain and Loss
3,530
5,703
(1,974)
Exchange Gain and Loss
93
199
(148)
Other Gain and Loss
10
(5)
(102)
Net non-operating income in 1Q21 was NT$3.36 billion, mainly resulting from NT$3.53 billion in net investment gain, as well as a NT$93 million in exchange gain, offset by a NT$272 million in net interest expense.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended
Mar. 31, 2021
For the 3-Month Period Ended
Dec. 31, 2020
Cash Flow from Operating Activities
18,281
16,072
Net income before tax
10,983
11,234
Depreciation & Amortization
11,833
11,993
Share of profit of associates and joint ventures
(1,767)
(3,822)
Income tax paid
(51)
(144)
Changes in working capital & others
(2,717)
(3,189)
Cash Flow from Investing Activities
(7,120)
(17,437)
Acquisition of PP&E
(7,352)
(11,738)
Acquisition of intangible assets
(619)
(293)
Increase in other financial assets
(8)
(4,625)
Others
859
(781)
Cash Flow from Financing Activities
2,580
(3,153)
Bank loans
2,368
(3,000)
Others
212
(153)
Effect of Exchange Rate
(504)
(273)
Net Cash Flow
13,237
(4,791)
Beginning balance
94,048
98,839
Ending balance
107,285
94,048
In 1Q21, cash inflow from operating activities was NT$18.28 billion. Cash outflow from investing activities totaled NT$7.12 billion, which included NT$7.81 billion in capital expenditure, resulting in free cash flow of NT$10.47 billion. Cash inflow from financing activities was NT$2.58 billion, mainly due to NT$2.37 billion in bank loans. Net cash inflow in 1Q21 was NT$13.24 billion. Over the next 12 months, the company expects to repay NT$5.43 billion in bank loans.
Current Assets
(Amount: NT$ billion)
1Q21
4Q20
1Q20
Cash and Cash Equivalents
107.29
94.05
95.17
Notes & Accounts Receivable
29.24
27.27
28.57
Days Sales Outstanding
55
55
59
Inventories, net
22.23
22.55
22.13
Days of Inventory
59
60
59
Total Current Assets
179.08
164.31
159.60
Cash and cash equivalents increased to NT$107.29 billion. Days of inventory decreased by a day to 59 days.
Liabilities
(Amount: NT$ billion)
1Q21
4Q20
1Q20
Total Current Liabilities
78.53
78.24
61.10
Notes & Accounts Payable
8.26
7.86
8.92
Short-Term Credit / Bonds
37.28
38.04
25.35
Payables on Equipment
5.29
5.45
2.78
Other
27.70
26.89
24.05
Long-Term Credit / Bonds
27.70
24.77
47.75
Long-Term Investment Liabilities
20.66
20.75
19.89
Total Liabilities
144.59
141.74
149.64
Debt to Equity
58%
60%
71%
Current liabilities remained at NT$78.53 billion, mainly from NT$37.28 billion in short-term credit/bonds, which was a decrease from NT$38.04 billion in Q4. Long-term credit/bonds increased to NT$27.70 billion. Total liabilities increased slightly to NT$144.59 billion, leading to a debt to equity ratio of 58%.
Analysis of Revenue2
Revenue Breakdown by Region
Region
1Q21
4Q20
3Q20
2Q20
1Q20
North America
23%
29%
30%
31%
29%
Asia Pacific
63%
61%
57%
55%
56%
Europe
8%
5%
6%
5%
6%
Japan
6%
5%
7%
9%
9%
Revenue from Asia Pacific rose to 63% as business from North America declined to 23% of sales. Business from Europe was 8% while contribution from Japan increased to 6%.
Revenue Breakdown by Geometry
Geometry
1Q21
4Q20
3Q20
2Q20
1Q20
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
20%
18%
14%
13%
9%
28nm<x<=40nm
20%
22%
23%
23%
25%
40nm<x<=65nm
18%
18%
19%
16%
16%
65nm<x<=90nm
8%
8%
10%
13%
15%
90nm<x<=0.13um
11%
11%
11%
11%
11%
0.13um<x<=0.18um
13%
13%
13%
13%
13%
0.18um<x<=0.35um
8%
8%
8%
8%
8%
0.5um and above
2%
2%
2%
3%
3%
Revenue contribution from 28nm increased to 20% of the business while 40nm contribution declined to 20% of sales.
Revenue Breakdown by Customer Type
Customer Type
1Q21
4Q20
3Q20
2Q20
1Q20
Fabless
86%
87%
88%
88%
88%
IDM
14%
13%
12%
12%
12%
Revenue from fabless customers decreased to 86% of revenue.
Revenue Breakdown by Application (1)
Application
1Q21
4Q20
3Q20
2Q20
1Q20
Computer
16%
16%
13%
14%
13%
Communication
46%
49%
54%
51%
54%
Consumer
27%
25%
24%
24%
24%
Others
11%
10%
9%
11%
9%
Revenue from the communication segment declined to 46%, while business from computer applications remained at 16%. Business from consumer applications increased to 27% as other segments increased to 11%.
(1) Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset, WLAN. Communication consists of handset components, broadband, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC, smart cards, toys, etc.
Blended ASP Trend
Blended average selling price (ASP) increased in 1Q21.
(To view blended ASP trend, please click here for 1Q21 ASP)
Shipment and Utilization Rate3
Wafer Shipments
1Q21
4Q20
3Q20
2Q20
1Q20
Wafer Shipments (8” K equivalents)
2,372
2,293
2,254
2,218
2,148
Quarterly Capacity Utilization Rate
1Q21
4Q20
3Q20
2Q20
1Q20
Utilization Rate
100%
99%
97%
98%
93%
Total Capacity (8” K equivalents)
2,280
2,311
2,308
2,291
2,278
In 1Q21, wafer shipments increased 3.4% QoQ to 2,372K, while quarterly capacity declined to 2,280K due to fewer working days. Overall utilization rate in 1Q21 was 100%.
Capacity4
Total capacity in the first quarter was 2,280K 8-inch equivalent wafers. Capacity is expected to increase by 4% QoQ in the second quarter to 2,370K 8-inch equivalent wafers, mainly reflecting the capacity expansion at Fab 8N, Fab 12A and Fab 12X.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2020
2019
2018
2017
FAB
2Q21E
1Q21
4Q20
3Q20
WTK
6"
3.5 – 0.45
371
370
396
422
WTK
84
84
93
93
8A
8"
0.5 – 0.25
802
825
825
825
8A
190
186
201
201
8C
8"
0.35 – 0.11
452
436
383
357
8C
115
113
113
113
8D
8"
0.13 – 0.09
371
359
347
341
8D
95
94
93
93
8E
8"
0.5 – 0.15
449
426
418
418
8E
115
113
113
113
8F
8"
0.18 – 0.11
485
434
431
417
8F
122
120
122
122
8S
8"
0.18 – 0.11
373
372
372
347
8S
102
101
93
93
8N
8"
0.5 – 0.11
917
831
771
753
8N
230
226
230
230
12A
12"
0.13 – 0.014
1044
997
997
970
12A
271
257
261
261
12i
12"
0.13 – 0.040
628
595
555
537
12i
160
157
160
160
12X
12"
0.040 – 0.028
217
203
183
97
12X
74
59
57
56
12M
12"
0.090 – 0.040
391
98
-
-
12M
98
96
98
98
Total(1)
9,188
8,148
7,673
7,304
Total
2,370
2,280
2,311
2,308
YoY Growth Rate
13%
6%
5%
5%
(1) One 6-inch wafer is converted into 0.5625 (62/82) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25 (122/82) 8-inch equivalent wafers. Total capacity figures are expressed in 8-inch equivalent wafers.
CAPEX
Capital Expenditure by Year - in US$ billion
Year
2020
2019
2018
2017
2016
CAPEX
$ 1.0
$ 0.6
$ 0.7
$ 1.4
$ 2.8
2021 CAPEX Plan
8"
12"
Total
15%
85%
US$2.3 billion
CAPEX spending in 1Q21 was US$275 million. Full year 2021 CAPEX is budgeted at US$2.3 billion, which includes the company’s collaborative Fab 12A P6 expansion plan with its customers.
Second Quarter 2021 Outlook & Guidance
Quarter-over-Quarter Guidance:
Recent Developments / Announcements
Apr 1, 2021
Taiwan’s MoEA & the Economic Commissioner of the Legislative Yuan visit UMC
Mar 8, 2021
Sensirion Gains Capacity Support from UMC as Both Companies Partner to Support the Battle Against COVID-19
Feb 24, 2021
UMC Board of Directors Announces Proposals for its Annual Shareholders Meeting
Jan 27, 2021
UMC 4Q20 Financial Results
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 28, 2021
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)
Dial-in numbers and Access Codes:
USA Toll Free:
1-866 836-0101
Taiwan Number:
02-2192-8016
Other Areas:
+886-2-2192-8016
Access Code:
UMC
A live webcast and replay of the 1Q21 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 more than 750,000 8-inch equivalent wafers per month. The company employs approximately 19,500 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 first quarter of 2021; 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 “First Quarter of 2021 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.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2021 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) March 31, 2021 US$ NT$ % Assets Current assets Cash and cash equivalents3,760
107,285
27.2%
Accounts receivable, net1,025
29,237
7.4%
Inventories, net779
22,225
5.6%
Other current assets713
20,336
5.2%
Total current assets6,277
179,083
45.4%
Non-current assets Funds and investments2,273
64,835
16.4%
Property, plant and equipment4,431
126,430
32.1%
Right-of-use assets267
7,609
1.9%
Other non-current assets571
16,305
4.2%
Total non-current assets7,542
215,179
54.6%
Total assets13,819
394,262
100.0%
Liabilities Current liabilities Short-term loans181
5,163
1.3%
Payables1,137
32,428
8.2%
Current portion of long-term liabilities1,126
32,121
8.2%
Other current liabilities309
8,819
2.2%
Total current liabilities2,753
78,531
19.9%
Non-current liabilities Bonds payable368
10,492
2.7%
Long-term loans603
17,210
4.4%
Lease liabilities, noncurrent173
4,925
1.3%
Other non-current liabilities1,171
33,431
8.4%
Total non-current liabilities2,315
66,058
16.8%
Total liabilities5,068
144,589
36.7%
Equity Equity attributable to the parent company Capital4,354
124,224
31.5%
Additional paid-in capital1,509
43,057
10.9%
Retained earnings and other components of equity2,889
82,416
20.9%
Treasury stock(4)
(120)
(0.0%)
Total equity attributable to the parent company8,748
249,577
63.3%
Non-controlling interests3
96
0.0%
Total equity8,751
249,673
63.3%
Total liabilities and equity13,819
394,262
100.0%
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2021 exchange rate of NT $28.53 per U.S. Dollar.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data Year over Year Comparison Quarter over Quarter Comparison Three-Month Period Ended Three-Month Period Ended March 31, 2021 March 31, 2020 Chg. March 31, 2021 December 31, 2020 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues1,651
47,097
1,482
42,268
11.4%
1,651
47,097
1,588
45,296
4.0%
Operating costs(1,213)
(34,603)
(1,197)
(34,146)
1.3%
(1,213)
(34,603)
(1,208)
(34,448)
0.4%
Gross profit438
12,494
285
8,122
53.8%
438
12,494
380
10,848
15.2%
26.5%
26.5%
19.2%
19.2%
26.5%
26.5%
23.9%
23.9%
Operating expenses - Sales and marketing expenses(38)
(1,089)
(36)
(1,040)
4.8%
(38)
(1,089)
(41)
(1,175)
(7.2%)
- General and administrative expenses(63)
(1,806)
(55)
(1,543)
17.0%
(63)
(1,806)
(69)
(1,966)
(8.2%)
- Research and development expenses(107)
(3,049)
(112)
(3,185)
(4.3%)
(107)
(3,049)
(112)
(3,194)
(4.5%)
- Expected credit impairment gain0
12
2
46
(73.1%)
0
12
0
0
5,409.7%
Subtotal(208)
(5,932)
(201)
(5,722)
3.7%
(208)
(5,932)
(222)
(6,335)
(6.4%)
Net other operating income and expenses37
1,060
36
1,014
4.5%
37
1,060
39
1,102
(3.8%)
Operating income267
7,622
120
3,414
123.2%
267
7,622
197
5,615
35.7%
16.2%
16.2%
8.1%
8.1%
16.2%
16.2%
12.4%
12.4%
Net non-operating income and expenses118
3,361
(91)
(2,592)
-
118
3,361
197
5,619
(40.2%)
Income from continuing operationsbefore income tax385
10,983
29
822
1,236.3%
385
10,983
394
11,234
(2.2%)
23.3%
23.3%
1.9%
1.9%
23.3%
23.3%
24.8%
24.8%
Income tax benefit (expenses)(38)
(1,094)
14
408
-
(38)
(1,094)
(12)
(344)
217.9%
Net income347
9,889
43
1,230
703.8%
347
9,889
382
10,890
(9.2%)
21.0%
21.0%
2.9%
2.9%
21.0%
21.0%
24.0%
24.0%
Other comprehensive income (loss)124
3,556
(130)
(3,714)
-
124
3,556
134
3,831
(7.2%)
Total comprehensive income (loss)471
13,445
(87)
(2,484)
-
471
13,445
516
14,721
(8.7%)
Net income attributable to: Stockholders of the parent366
10,428
77
2,207
372.5%
366
10,428
393
11,196
(6.9%)
Non-controlling interests(19)
(539)
(34)
(977)
(44.8%)
(19)
(539)
(11)
(306)
76.1%
Comprehensive income (loss) attributable to: Stockholders of the parent490
13,984
(57)
(1,634)
-
490
13,984
527
15,027
(6.9%)
Non-controlling interests(19)
(539)
(30)
(850)
(36.6%)
(19)
(539)
(11)
(306)
76.1%
Earnings per share-basic0.030
0.85
0.007
0.19
0.030
0.85
0.032
0.92
Earnings per ADS (2)0.149
4.25
0.033
0.95
0.149
4.25
0.161
4.60
Weighted average number of shares outstanding (in millions)12,206
11,783
12,206
12,206
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2021 exchange rate of NT $28.53 per U.S. Dollar. (2) 1 ADS equals 5 common shares.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data For the Three-Month Period Ended For the Three-Month Period Ended March 31, 2021 March 31, 2021 US$ NT$ % US$ NT$ % Operating revenues1,651
47,097
100.0%
1,651
47,097
100.0%
Operating costs(1,213)
(34,603)
(73.5%)
(1,213)
(34,603)
(73.5%)
Gross profit438
12,494
26.5%
438
12,494
26.5%
Operating expenses - Sales and marketing expenses(38)
(1,089)
(2.3%)
(38)
(1,089)
(2.3%)
- General and administrative expenses(63)
(1,806)
(3.8%)
(63)
(1,806)
(3.8%)
- Research and development expenses(107)
(3,049)
(6.5%)
(107)
(3,049)
(6.5%)
- Expected credit impairment gain0
12
0.0%
0
12
0.0%
Subtotal(208)
(5,932)
(12.6%)
(208)
(5,932)
(12.6%)
Net other operating income and expenses37
1,060
2.3%
37
1,060
2.3%
Operating income267
7,622
16.2%
267
7,622
16.2%
Net non-operating income and expenses118
3,361
7.1%
118
3,361
7.1%
Income from continuing operationsbefore income tax385
10,983
23.3%
385
10,983
23.3%
Income tax expense(38)
(1,094)
(2.3%)
(38)
(1,094)
(2.3%)
Net income347
9,889
21.0%
347
9,889
21.0%
Other comprehensive income (loss)124
3,556
7.6%
124
3,556
7.6%
Total comprehensive income (loss)471
13,445
28.6%
471
13,445
28.6%
Net income attributable to: Stockholders of the parent366
10,428
22.1%
366
10,428
22.1%
Non-controlling interests(19)
(539)
(1.1%)
(19)
(539)
(1.1%)
Comprehensive income (loss) attributable to: Stockholders of the parent490
13,984
29.7%
490
13,984
29.7%
Non-controlling interests(19)
(539)
(1.1%)
(19)
(539)
(1.1%)
Earnings per share-basic0.030
0.85
0.030
0.85
Earnings per ADS (2)0.149
4.25
0.149
4.25
Weighted average number of sharesoutstanding (in millions)12,206
12,206
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2021 exchange rate of NT $28.53 per U.S. Dollar. (2) 1 ADS equals 5 common shares.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2021 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) US$ NT$ Cash flows from operating activities : Net income before tax385
10,983
Depreciation & Amortization415
11,833
Share of profit of associates and joint ventures(62)
(1,767)
Changes in working capital & others(97)
(2,768)
Net cash provided by operating activities641
18,281
Cash flows from investing activities : Acquisition of property, plant and equipment(258)
(7,352)
Acquisition of intangible assets(22)
(619)
Others30
851
Net cash used in investing activities(250)
(7,120)
Cash flows from financing activities : Decrease in short-term loans(204)
(5,815)
Proceeds from long-term loans440
12,560
Repayments of long-term loans(153)
(4,377)
Others7
212
Net cash provided by financing activities90
2,580
Effect of exchange rate changes on cash and cash equivalents(17)
(504)
Net increase in cash and cash equivalents464
13,237
Cash and cash equivalents at beginning of period3,296
94,048
Cash and cash equivalents at end of period3,760
107,285
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2021 exchange rate of NT $28.53 per U.S. Dollar.1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2021, the three-month period ending December 31, 2020, and the equivalent three-month period that ended March 31, 2020. For all 1Q21 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2021 exchange rate of NT$ 28.53 per U.S. Dollar. 2 Revenue in this section represents wafer sales 3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity 4 Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005457/en/
Michael Lin / David Wong UMC, Investor Relations + 886-2-2658-9168, ext. 16900 jinhong_lin@umc.com david_wong@umc.com
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