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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 | |
---|---|---|---|---|---|---|---|---|
0.04 | 0.49% | 8.13 | 8.13 | 8.05 | 8.06 | 169,362 | 14:44:06 |
12i P3 Singapore expansion plan addresses long term structural demand in 22/28nm
First Quarter 2022 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 2022.
First quarter consolidated revenue was NT$63.42 billion, increasing 7.3% QoQ from NT$59.10 billion in 4Q21. Compared to a year ago, 1Q22 revenue grew 34.7% YoY from NT$47.10 billion in 1Q21. Consolidated gross margin for 1Q22 was 43.4%. Net income attributable to the shareholders of the parent was NT$19.81 billion, with earnings per ordinary share of NT$1.61.
Jason Wang, UMC co-president, said, “We started 2022 with solid first quarter, as strong wafer demand kept our fabs operating at full capacity. Although wafer shipments declined slightly, higher average blended pricing lifted our overall revenue. While we have observed general end-market’s tapering of cyclical demand associated with the COVID-19 pandemic, UMC’s business continued to be well supported by structural trends that are increasing silicon content in devices and driving new applications. Specialty technologies such as non-volatile memory, power management, RF-SOI, and OLED display drivers are necessary for applications across 5G, AIoT, and automotive mega-trends, and our strategy to focus on leading specialty technologies has been successful, which now contribute more than half of our wafer revenue. An increasing number of customers are recognizing the value of our customized specialty processes and forming long-term partnerships with UMC.”
Co-president Wang said, “Looking ahead, we expect the positive demand outlook will remain unchanged despite some market volatility caused by the pandemic and geopolitical issues. The expansion at our Fab 12A P5 is coming online in the current quarter, which will help us meet excess 28nm demand that we haven’t been able to fulfill. We are also actively adding capacity at our overseas bases to support our customers’ long-term growth. The announced new fab to be built at our Singapore site, which will address growing 22/28nm demand, has already secured multi-year supply agreements from 2024. We also announced a collaboration with DENSO on the production of power semiconductors at USJC’s 300mm fab in order to serve the growing demand in the automotive market. The collaboration demonstrates our strong commitment to supporting our customers amid constraints in the automotive value chain. As part of the industry mega-trends, the accelerating adoption of electric vehicles will serve as a growth catalyst for our automotive business. We are excited to be selected as the foundry partner for many global leading customers as we aim to expand our market share in the fast-growing automotive segment.”
Co-president Wang added, “Corporate sustainability has long been a key priority for UMC, and it is now also embedded in our new company vision and mission statements, which was unveiled earlier this year. We were pleased to be chosen from over 7,500 companies for the S&P Global 2022 Sustainability Yearbook released, for which we received the Gold Class Award. The company has ambitious goals when it comes to sustainability, and we will continue prioritizing resources so that we can deliver on our ESG promises.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
1Q22
4Q21
QoQ % change
1Q21
YoY % change
Operating Revenues
63,423
59,100
7.3
47,097
34.7
Gross Profit
27,504
23,103
19.0
12,494
120.1
Operating Expenses
(6,513
)
(6,821
)
(4.5
)
(5,932
)
9.8
Net Other Operating Income and Expenses
1,343
1,334
0.7
1,060
26.8
Operating Income
22,334
17,616
26.8
7,622
193.0
Net Non-Operating Income and Expenses
1,314
558
135.5
3,361
(60.9
)
Net Income Attributable to Shareholders of the Parent
19,808
15,949
24.2
10,428
89.9
EPS (NT$ per share)
1.61
1.30
0.85
(US$ per ADS)
0.281
0.227
0.148
First quarter operating revenues increased by 7.3% sequentially to NT$63.42 billion which was primarily lifted to higher wafer shipments. Revenue contribution from 40nm and below technologies represented 38% of wafer revenue. Gross profit grew 19.0% QoQ to NT$27.50 billion, or 43.4% of revenue. Operating expenses declined 4.5% to NT$6.51 billion. Net other operating income remained relatively flat at NT$1.34 billion. Net non-operating income was NT$1.31 billion. Net income attributable to shareholders of the parent amounted to NT$19.81 billion.
Earnings per ordinary share for the quarter was NT$1.61. Earnings per ADS was US$0.281. The basic weighted average number of outstanding shares in 1Q22 was 12,283,479,334, compared with 12,254,114,875 shares in 4Q21 and 12,206,292,756 shares in 1Q21. The diluted weighted average number of outstanding shares was 12,534,728,721 in 1Q22, compared with 12,489,949,678 shares in 4Q21 and 12,381,821,873 shares in 1Q21. The fully diluted shares counted on March 31, 2022 were approximately 12,534,729,000.
Detailed Financials Section
Operating revenues increased to NT$63.42 billion. COGS declined slightly to NT$35.92 billion, which included 3.1% sequential decrease in depreciation. Gross profit grew 19.0% QoQ to NT$27.50 billion, reflecting the uptick in ASP. Operating expenses decreased 4.5% QoQ to NT$6.51 billion, as R&D fell 11.2% QoQ to NT$3.03 billion, representing 4.8% of revenue. Net other operating income was NT$1.34 billion. In 1Q22, operating income grew 26.8% QoQ to NT$22.33 billion.
COGS & Expenses
(Amount: NT$ million)
1Q22
4Q21
QoQ % change
1Q21
YoY % change
Operating Revenues
63,423
59,100
7.3
47,097
34.7
COGS
(35,919
)
(35,997
)
(0.2
)
(34,603
)
3.8
Depreciation
(9,807
)
(10,122
)
(3.1
)
(10,412
)
(5.8
)
Other Mfg. Costs
(26,112
)
(25,875
)
0.9
(24,191
)
7.9
Gross Profit
27,504
23,103
19.0
12,494
120.1
Gross Margin (%)
43.4
%
39.1
%
26.5
%
Operating Expenses
(6,513
)
(6,821
)
(4.5
)
(5,932
)
9.8
G&A
(2,226
)
(2,164
)
2.9
(1,806
)
23.3
Sales & Marketing
(1,255
)
(1,240
)
1.2
(1,089
)
15.2
R&D
(3,033
)
(3,414
)
(11.2
)
(3,049
)
(0.5
)
Expected Credit Impairment Gain (Loss)
1
(3
)
-
12
(92.4
)
Net Other Operating Income & Expenses
1,343
1,334
0.7
1,060
26.8
Operating Income
22,334
17,616
26.8
7,622
193.0
Net non-operating income in 1Q22 was NT$1.31 billion, primarily reflecting NT$926 million in exchange gain and NT$576 million in net investment gain, offset by a NT$323 million in net interest expense.
Non-Operating Income and Expenses
(Amount: NT$ million)
1Q22
4Q21
1Q21
Non-Operating Income and Expenses
1,314
558
3,361
Net Interest Income and Expenses
(323
)
(343
)
(272
)
Net Investment Gain and Loss
576
2,689
3,530
Exchange Gain and Loss
926
312
93
Other Gain and Loss
135
(2,100
)
10
In 1Q22, cash inflow from operating activities was NT$30.12 billion. Cash inflow from investing activities amounted to NT$14.75 billion, which included NT$11.33 billion in capital expenditure, resulting in free cash flow of NT$18.79 billion. Cash outflow from financing reached NT$7.96 billion, primarily from a NT$7.25 billion in redemption of bonds and a NT$0.61 billion repayment in bank loans. Net cash inflow in 1Q22 totaled NT$39.55 billion. Over the next 12 months, the company expects to repay NT$10.77 billion in bank loans.
Cash Flow Summary(Amount: NT$ million)
For the 3-Month Period Ended Mar. 31, 2022
For the 3-Month Period Ended Dec. 31, 2021
Cash Flow from Operating Activities
30,118
26,822
Net income before tax
23,648
18,174
Depreciation & Amortization
11,390
11,817
Share of loss (profit) of associates and joint ventures
1,858
(2,491
)
Income tax paid
(769
)
(222
)
Changes in working capital & others
(6,009
)
(456
)
Cash Flow from Investing Activities
14,752
(13,339
)
Acquisition of PP&E
(10,803
)
(14,707
)
Acquisition of intangible assets
(421
)
(100
)
Decrease in other financial assets
26,315
1,589
Others
(339
)
(121
)
Cash Flow from Financing Activities
(7,959
)
6,367
Bank loans
(612
)
(1,359
)
Bonds Issued
-
5,000
Redemption of bonds
(7,249
)
-
Increase in deposits-in
70
2,896
Others
(168
)
(170
)
Effect of Exchange Rate
2,637
(333
)
Net Cash Flow
39,548
19,517
Beginning balance
132,622
113,105
Ending balance
172,170
132,622
Cash and cash equivalents increased to NT$172.17 billion. Days of inventory increased by 2 days to 61 days.
Current Assets
(Amount: NT$ billion)
1Q22
4Q21
1Q21
Cash and Cash Equivalents
172.17
132.62
107.29
Notes & Accounts Receivable
38.05
35.19
29.24
Days Sales Outstanding
53
53
55
Inventories, net
25.40
23.01
22.23
Days of Inventory
61
59
59
Total Current Assets
249.68
233.27
179.08
Current liabilities decreased to NT$93.12 billion, which included a redemption of bonds lowering short-term credit/bonds to NT$22.58 billion. Long-term credit/bonds increased to NT$50.07 billion. Total liabilities decreased to NT$180.62 billion, leading to a debt to equity ratio of 60%.
Liabilities
(Amount: NT$ billion)
1Q22
4Q21
1Q21
Total Current Liabilities
93.12
105.45
78.53
Notes & Accounts Payable
9.06
8.36
8.26
Short-Term Credit / Bonds
22.58
39.26
37.28
Payables on Equipment
7.63
7.88
5.29
Other
53.85
49.95
27.70
Long-Term Credit / Bonds
50.07
39.83
27.70
Long-Term Investment Liabilities
8.59
8.25
20.66
Total Liabilities
180.62
183.22
144.59
Debt to Equity
60
%
65
%
58
%
Analysis of Revenue2
Revenue from Asia-Pacific decreased to 64% while business from North America increased to 22% of sales. Business from Europe was 8% while contribution from Japan remained at 6%.
Revenue Breakdown by Region
Region
1Q22
4Q21
3Q21
2Q21
1Q21
North America
22%
21%
22%
22%
23%
Asia Pacific
64%
66%
65%
63%
63%
Europe
8%
7%
7%
8%
8%
Japan
6%
6%
6%
7%
6%
Revenue contribution from 22/28nm amounted to 20% of the wafer revenue, while 40nm contribution stayed at 18% of sales.
Revenue Breakdown by Geometry
Geometry
1Q22
4Q21
3Q21
2Q21
1Q21
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
20
%
20
%
19
%
20
%
20
%
28nm<x<=40nm
18
%
18
%
18
%
18
%
20
%
40nm<x<=65nm
19
%
19
%
19
%
19
%
18
%
65nm<x<=90nm
8
%
8
%
8
%
9
%
8
%
90nm<x<=0.13um
12
%
12
%
12
%
11
%
11
%
0.13um<x<=0.18um
13
%
13
%
13
%
13
%
13
%
0.18um<x<=0.35um
7
%
7
%
8
%
8
%
8
%
0.5um and above
3
%
3
%
3
%
2
%
2
%
Revenue from fabless customers accounted for 87% of revenue.
Revenue Breakdown by Customer Type
Customer Type
1Q22
4Q21
3Q21
2Q21
1Q21
Fabless
87
%
86
%
86
%
84
%
86
%
IDM
13
%
14
%
14
%
16
%
14
%
Revenue from the communication segment represented 45%, while business from computer applications stayed at 17%. Business from consumer applications remained at 26% as other segments accounted for 12% of revenue.
Revenue Breakdown by Application (1)
Application
1Q22
4Q21
3Q21
2Q21
1Q21
Computer
17
%
17
%
17
%
17
%
16
%
Communication
45
%
46
%
46
%
47
%
46
%
Consumer
26
%
26
%
27
%
26
%
27
%
Others
12
%
11
%
10
%
10
%
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) grew in 1Q22.
(To view blended ASP trend, please click here for 1Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments declined 1.3% QoQ to 2,513K in the first quarter, while quarterly capacity grew to 2,420K. Overall utilization rate in 1Q22 exceeded 100%.
Wafer Shipments
1Q22
4Q21
3Q21
2Q21
1Q21
Wafer Shipments (8” K equivalents)
2,513
2,546
2,503
2,440
2,372
Quarterly Capacity Utilization Rate
1Q22
4Q21
3Q21
2Q21
1Q21
Utilization Rate
100%+
100%+
100%+
100%+
100
%
Total Capacity (8” K equivalents)
2,420
2,419
2,383
2,370
2,280
Capacity4
Overall capacity in the first quarter remained at 2,420K 8-inch equivalent wafers. Capacity will grow in the second quarter of 2022 to 2,528K 8-inch equivalent wafers, driven by the 28nm capacity expansion taking place at 12A P5.
Annual Capacity in thousands of wafers
FAB
Geometry (um)
2021
2020
2019
2018
WTK
6"
5 – 0.15
329
371
370
396
8A
8"
3 – 0.11
755
802
825
825
8C
8"
0.35 – 0.11
459
452
436
383
8D
8"
0.18 – 0.09
380
371
359
347
8E
8"
0.6 – 0.14
457
449
426
418
8F
8"
0.18 – 0.11
514
485
434
431
8S
8"
0.18 – 0.11
408
373
372
372
8N
8"
0.5 – 0.11
917
917
831
771
12A
12"
0.13 – 0.014
1,070
1,044
997
997
12i
12"
0.13 – 0.040
641
628
595
555
12X
12"
0.080 – 0.022
284
217
203
183
12M
12"
0.13 – 0.040
395
391
98
-
Total(1)
9,453
9,188
8,148
7,673
YoY Growth Rate
3
%
13
%
6
%
5
%
Quarterly Capacity in thousands of wafers
FAB
2Q22E
1Q22
4Q21
3Q21
WTK
84
82
81
80
8A
192
189
190
190
8C
115
113
115
115
8D
103
101
95
95
8E
118
116
115
115
8F
138
136
137
137
8S
111
109
102
102
8N
235
231
232
230
12A
301
267
271
271
12i
164
162
164
160
12X
78
77
78
74
12M
110
108
104
98
Total
2,528
2,420
2,419
2,383
(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
CAPEX spending in 1Q22 amounted to US$405 million. 2022 cash-based CAPEX budget will be US$3.6 billion.
Capital Expenditure by Year - in US$ billion
Year
2021
2020
2019
2018
2017
CAPEX
$
1.8
$
1.0
$
0.6
$
0.7
$
1.4
2022 CAPEX Plan
8"
12"
Total
10
%
90
%
US$3.6 billion
Second Quarter 2022 Outlook & Guidance
Quarter-over-Quarter Guidance:
Recent Developments / Announcements
Feb. 9, 2022
UMC awarded Gold Class in S&P Global Sustainability Yearbook
Feb. 24, 2022 UMC announces new 22nm wafer fab in Singapore Feb. 24, 2022 UMC Board of Directors announces proposals for its annual shareholders meeting Apr. 26, 2022 DENSO and USJC collaborate on automotive power semiconductorsPlease visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 27, 2022
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 1Q22 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 800,000 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 first 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 “First 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.
- 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 equivalents6,016
172,170
35.7
%
Accounts receivable, net1,329
38,048
7.9
%
Inventories, net888
25,401
5.3
%
Other current assets491
14,064
2.8
%
Total current assets8,724
249,683
51.7
%
Non-current assets Funds and investments2,532
72,468
15.0
%
Property, plant and equipment4,576
130,956
27.1
%
Right-of-use assets250
7,157
1.5
%
Other non-current assets791
22,645
4.7
%
Total non-current assets8,149
233,226
48.3
%
Total assets16,873
482,909
100.0
%
Liabilities Current liabilities Short-term loans47
1,340
0.3
%
Payables1,606
45,953
9.5
%
Current portion of long-term liabilities742
21,238
4.4
%
Other current liabilities859
24,590
5.1
%
Total current liabilities3,254
93,121
19.3
%
Non-current liabilities Bonds payable806
23,079
4.8
%
Long-term loans943
26,988
5.6
%
Lease liabilities, noncurrent157
4,482
0.9
%
Other non-current liabilities1,151
32,954
6.8
%
Total non-current liabilities3,057
87,503
18.1
%
Total liabilities6,311
180,624
37.4
%
Equity Equity attributable to the parent company Capital4,361
124,821
25.9
%
Additional paid-in capital1,659
47,468
9.8
%
Retained earnings and other components of equity4,532
129,702
26.8
%
Total equity attributable to the parent company10,552
301,991
62.5
%
Non-controlling interests10
294
0.1
%
Total equity10,562
302,285
62.6
%
Total liabilities and equity16,873
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$) Except Per Share and Per ADS DataYear over Year Comparison
Quarter over Quarter Comparison
Three-Month Period Ended
Three-Month Period Ended
March 31, 2022
March 31, 2021
Chg.
March 31, 2022
December 31, 2021
Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues2,216
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 profit961
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 expenses47
1,343
37
1,060
26.8
%
47
1,343
47
1,334
0.7
%
Operating income780
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 expenses46
1,314
118
3,361
(60.9
%)
46
1,314
19
558
135.5
%
Income from continuing operationsbefore income tax826
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 income701
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 parent692
19,808
364
10,428
89.9
%
692
19,808
557
15,949
24.2
%
Non-controlling interests9
258
(18
)
(539
)
-
9
258
2
56
364.7
%
Comprehensive income (loss) attributable to: Shareholders of the parent742
21,229
489
13,984
51.8
%
742
21,229
658
18,830
12.7
%
Non-controlling interests9
259
(19
)
(539
)
-
9
259
2
55
364.8
%
Earnings per share-basic0.056
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 revenues2,216
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 profit961
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 gain0
1
0.0
%
0
1
0.0
%
Subtotal(228
)
(6,513
)
(10.3
%)
(228
)
(6,513
)
(10.3
%)
Net other operating income and expenses47
1,343
2.1
%
47
1,343
2.1
%
Operating income780
22,334
35.2
%
780
22,334
35.2
%
Net non-operating income and expenses46
1,314
2.1
%
46
1,314
2.1
%
Income from continuing operations before income tax826
23,648
37.3
%
826
23,648
37.3
%
Income tax expense(125
)
(3,582
)
(5.7
%)
(125
)
(3,582
)
(5.7
%)
Net income701
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 parent692
19,808
31.2
%
692
19,808
31.2
%
Non-controlling interests9
258
0.4
%
9
258
0.4
%
Comprehensive income (loss) attributable to: Shareholders of the parent742
21,229
33.5
%
742
21,229
33.5
%
Non-controlling interests9
259
0.4
%
9
259
0.4
%
Earnings per share-basic0.056
1.61
0.056
1.61
Earnings per ADS (2)
0.281
8.05
0.281
8.05
Weighted average number of sharesoutstanding (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 activities1,052
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 assets919
26,315
Others
(12
)
(339
)
Net cash provided by investing activities515
14,752
Cash flows from financing activities : Decrease in short-term loans
(22
)
(640
)
Redemption of bonds(253
)
(7,249
)
Proceeds from long-term loans8
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 equivalents93
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 $28.62 per U.S. Dollar.
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2022, the three-month period ending December 31, 2021, and the equivalent three-month period that ended March 31, 2021. For all 1Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2022 exchange rate of NT$ 28.62 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/20220427005451/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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