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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 | |
---|---|---|---|---|---|---|---|---|
0.30 | 3.97% | 7.85 | 7.875 | 7.64 | 7.69 | 7,131,230 | 01:00:00 |
Full-year 2022 operating income exceeds NT$100bn with automotive revenue up 82% YoY
Fourth 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 fourth quarter of 2022.
Fourth quarter consolidated revenue was NT$67.84 billion, decreasing 10.0% QoQ from NT$75.39 billion in 3Q22. Compared to a year ago, 4Q22 revenue grew 14.8% YoY from NT$59.10 billion in 4Q21. Consolidated gross margin for 4Q22 was 42.9%. Net income attributable to the shareholders of the parent was NT$19.1 billion, with earnings per ordinary share of NT$1.54.
Jason Wang, co-president of UMC, said, “In the fourth quarter, due to a significant slowdown across most of our end markets and inventory correction in the semiconductor industry, our wafer shipments fell 14.8% QoQ while overall fab utilization rate dropped to 90%. Average selling price increased slightly during the quarter as a result of our ongoing product mix optimization efforts, moderating the decline in revenue.”
“For the full year 2022, UMC’s revenue hit a record high of NT$278.7 billion while operating income exceeded NT$100 billion. Gross margin reached 45%, driven by a more favorable foreign exchange rate, expanding 22/28nm portfolio, and newly added capacity. We had taken advantage of the industry upturn over the past two years to enhance our differentiation in specialty technology offering, improve profitability, and deepen relationships with key customers. Revenue from 22/28nm technologies increased more than 56% YoY, driven by our industry-leading 28nm process for OLED display drivers and image signal processors. Our automotive segment also delivered impressive growth in 2022, increasing 82% YoY to account for approximately 9% of total sales. We expect this segment will continue to be a key growth catalyst in 2023 and beyond, driven by the long-term trend of vehicle electrification and automation. UMC is well positioned to serve the market with our comprehensive portfolio of auto-grade process technologies and facilities certified according to rigorous quality standards, while we continue to build strong partnerships with world-class automotive leaders.”
Co-president Wang commented, “Given the soft global economic outlook for 2023, we expect the current challenging environment to persist through the first quarter as customers’ days of inventory are still higher than normal while order visibility remains low. To manage this period of weakness, the Company is implementing strict cost control measures and deferring certain capital expenditures where possible. In the longer term, we remain positive that UMC’s differentiated specialty technology leadership, geographically diversified capacity offering, and quality and operational excellence will enable the Company to capture demand fueled by continuous digital transformation across industries and be the foundry of choice for leading customers.”
Co-president Wang added, “In 2022, we took solid steps in executing our net zero by 2050 roadmap. As part of our efforts to reduce emissions across the entire value chain, UMC recently introduced a program to empower our suppliers with resources to measure and manage their emissions output. To round out the important progress we made towards our ESG goals this year, we were honored to receive recognition from domestic and international institutions. In the 2022 Dow Jones Sustainability Indices (DJSI), UMC was ranked first in terms of overall sustainability performance among semiconductor foundry peers in the 2022 DJSI, while we were the only semiconductor firm globally to achieve double-A scoring for climate change and water security in CDP’s annual evaluation of corporate environmental action. Sustainability and a company’s long-term success are inextricably linked, and UMC will continue to strive to meet expectations of all of our stakeholders while acting as responsible social and environment stewards.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
4Q22
3Q22
QoQ % change
4Q21
YoY % change
Operating Revenues
67,836
75,392
(10.0)
59,100
14.8
Gross Profit
29,124
35,664
(18.3)
23,103
26.1
Operating Expenses
(6,798)
(6,794)
0.1
(6,821)
(0.3)
Net Other Operating Income and Expenses
1,311
1,287
1.9
1,334
(1.7)
Operating Income
23,637
30,157
(21.6)
17,616
34.2
Net Non-Operating Income and Expenses
889
2,189
(59.4)
558
59.4
Net Income Attributable to Shareholders of the Parent
19,068
26,996
(29.4)
15,949
19.6
EPS (NT$ per share)
1.54
2.19
1.30
(US$ per ADS)
0.251
0.357
0.212
Fourth quarter operating revenues declined by 10.0% sequentially to NT$67.84 billion resulting from the inventory correction within the semi industry which lowered wafer shipments. Revenue contribution from 40nm and below technologies represented 45% of wafer revenue. Gross profit decreased 18.3% QoQ to NT$29.12 billion, or 42.9% of revenue. Operating expenses remained flat at NT$6.80 billion. Net other operating income increased to NT$1.31 billion. Net non-operating income totaled NT$0.89 billion. Net income attributable to shareholders of the parent amounted to NT$19.07 billion.
Earnings per ordinary share for the quarter was NT$1.54. Earnings per ADS was US$0.251. The basic weighted average number of shares outstanding in 4Q22 was 12,348,880,384, compared with 12,305,516,644 shares in 3Q22 and 12,254,114,875 shares in 4Q21. The diluted weighted average number of shares outstanding was 12,684,106,050 in 4Q22, compared with 12,635,661,561 shares in 3Q22 and 12,489,949,678 shares in 4Q21. The fully diluted shares counted on December 31, 2022 were approximately 12,684,106,000.
1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending December 31, 2022, the three-month period ending September 30, 2022, and the equivalent three-month period that ended December 31, 2021. For all 4Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2022 exchange rate of NT$ 30.70 per U.S. Dollar.
Detailed Financials Section
Operating revenues decreased to NT$67.84 billion. COGS declined 2.6% to NT$38.71 billion, which included 7.5% sequential decrease in depreciation. Gross profit fell 18.3% QoQ to NT$29.12 billion. Operating expenses remained flat at NT$6.80 billion, as Sales & Marketing reduced 10.2% to NT$0.95 billion while R&D was up 3.1% QoQ to NT$3.41 billion, representing 5.0% of revenue. Net other operating income was NT$1.31 billion. In 4Q22, operating income declined 21.6% QoQ to NT$23.64 billion.
COGS & Expenses
(Amount: NT$ million)
4Q22
3Q22
QoQ % change
4Q21
YoY % change
Operating Revenues
67,836
75,392
(10.0)
59,100
14.8
COGS
(38,712)
(39,728)
(2.6)
(35,997)
7.5
Depreciation
(8,898)
(9,622)
(7.5)
(10,122)
(12.1)
Other Mfg. Costs
(29,814)
(30,106)
(1.0)
(25,875)
15.2
Gross Profit
29,124
35,664
(18.3)
23,103
26.1
Gross Margin (%)
42.9%
47.3%
39.1%
Operating Expenses
(6,798)
(6,794)
0.1
(6,821)
(0.3)
G&A
(2,438)
(2,428)
0.4
(2,164)
12.7
Sales & Marketing
(953)
(1,061)
(10.2)
(1,240)
(23.1)
R&D
(3,407)
(3,304)
3.1
(3,414)
(0.2)
Expected Credit Impairment Loss
(0)
(1)
(48.5)
(3)
(88.3)
Net Other Operating Income & Expenses
1,311
1,287
1.9
1,334
(1.7)
Operating Income
23,637
30,157
(21.6)
17,616
34.2
Net non-operating income in 4Q22 was NT$0.89 billion, primarily reflecting the NT$1.38 billion in net investment gain and the NT$0.58 billion in net interest income partially offset by the NT$1.06 billion in exchange loss.
Non-Operating Income and Expenses
(Amount: NT$ million)
4Q22
3Q22
4Q21
Non-Operating Income and Expenses
889
2,189
558
Net Interest Income and Expenses
584
139
(343)
Net Investment Gain and Loss
1,382
780
2,689
Exchange Gain and Loss
(1,057)
1,293
312
Other Gain and Loss
(20)
(23)
(2,100)
In 4Q22, cash inflow from operating activities was NT$40.96 billion. Cash outflow from investing activities amounted to NT$36.05 billion, which included NT$36.32 billion in capital expenditure, resulting in free cash flow of NT$4.63 billion. Cash outflow from financing was NT$9.19 billion, primarily from a NT$8.08 billion in bank loans and a NT$2.54 billion in redemption of bonds. Net cash outflow in 4Q22 totaled NT$6.83 billion. Over the next 12 months, the company expects to repay NT$ 2.49 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended
Dec. 31, 2022
For the 3-Month Period Ended
Sep.30, 2022
Cash Flow from Operating Activities
40,956
39,696
Net income before tax
24,526
32,346
Depreciation & Amortization
10,477
11,195
Share of profit of associates and joint ventures
(1,705)
(328)
Income tax paid
(385)
(652)
Changes in working capital & others
8,043
(2,865)
Cash Flow from Investing Activities
(36,045)
(21,419)
Decrease in financial assets measured at amortized cost
9
2,070
Acquisition of PP&E
(35,951)
(22,466)
Acquisition of intangible assets
(440)
(1,080)
Others
337
57
Cash Flow from Financing Activities
(9,185)
(26,688)
Bank loans
(8,082)
(473)
Redemption of bonds
(2,542)
(1,031)
Increase (decrease) in deposits-in
(389)
14,441
Cash distributed from additional paid- in capital
-
(37,446)
Others
1,828
(2,179)
Effect of Exchange Rate
(2,556)
5,337
Net Cash Flow
(6,830)
(3,074)
Beginning balance
180,649
183,723
Ending balance
173,819
180,649
Cash and cash equivalents slightly decreased to NT$173.82 billion. Days of inventory increased by 6 days to 72 days.
Current Assets
(Amount: NT$ billion)
4Q22
3Q22
4Q21
Cash and Cash Equivalents
173.82
180.65
132.62
Accounts Receivable
36.98
44.84
35.19
Days Sales Outstanding
55
53
53
Inventories, net
31.07
30.10
23.01
Days of Inventory
72
66
59
Total Current Assets
252.37
266.95
233.27
Current liabilities slightly increased to NT$108.57 billion. Long-term credit/bonds decreased to NT$39.88 billion. Total liabilities decreased to NT$197.60 billion, leading to a debt to equity ratio of 59%.
Liabilities
(Amount: NT$ billion)
4Q22
3Q22
4Q21
Total Current Liabilities
108.57
108.01
105.45
Accounts Payable
8.98
10.04
8.36
Short-Term Credit / Bonds
7.59
12.19
39.26
Payables on Equipment
18.63
19.40
7.88
Other
73.37
66.38
49.95
Long-Term Credit / Bonds
39.88
46.15
39.83
Long-Term Investment Liabilities
4.22
4.26
8.25
Total Liabilities
197.60
204.21
183.22
Debt to Equity
59%
65%
65%
Analysis of Revenue2
Revenue from Asia-Pacific declined to 54% while business from North America was 30% of sales. Business from Europe was 9% while contribution from Japan increased to 7%.
Revenue Breakdown by Region
Region
4Q22
3Q22
2Q22
1Q22
4Q21
North America
30%
23%
22%
22%
21%
Asia Pacific
54%
62%
65%
64%
66%
Europe
9%
9%
8%
8%
7%
Japan
7%
6%
5%
6%
6%
Revenue contribution from 22/28nm grew to 28% of the wafer revenue, while 40nm contribution was 17% of sales.
Revenue Breakdown by Geometry
Geometry
4Q22
3Q22
2Q22
1Q22
4Q21
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
28%
25%
22%
20%
20%
28nm<x<=40nm
17%
17%
18%
18%
18%
40nm<x<=65nm
17%
18%
19%
19%
19%
65nm<x<=90nm
9%
8%
7%
8%
8%
90nm<x<=0.13um
12%
12%
12%
12%
12%
0.13um<x<=0.18um
10%
10%
12%
13%
13%
0.18um<x<=0.35um
5%
8%
8%
7%
7%
0.5um and above
2%
2%
2%
3%
3%
Revenue from fabless customers accounted for 81% of revenue.
Revenue Breakdown by Customer Type
Customer Type
4Q22
3Q22
2Q22
1Q22
4Q21
Fabless
81%
83%
86%
87%
86%
IDM
19%
17%
14%
13%
14%
Revenue from the communication segment represented 45%, while business from computer applications decreased to 12%. Business from consumer applications was 25% as other segments increased to 18% of revenue.
Revenue Breakdown by Application (1)
Application
4Q22
3Q22
2Q22
1Q22
4Q21
Computer
12%
14%
16%
17%
17%
Communication
45%
45%
45%
45%
46%
Consumer
25%
27%
27%
26%
26%
Others
18%
14%
12%
12%
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. 2 Revenue in this section represents wafer sales
Blended ASP Trend
Blended average selling price (ASP) grew slightly in 4Q22.
(To view blended ASP trend, please click here for 4Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments decreased 14.8% QoQ to 2,213K in the fourth quarter, while quarterly capacity was 2,543K. Overall utilization rate in 4Q22 declined to 90%.
Wafer Shipments
4Q22
3Q22
2Q22
1Q22
4Q21
Wafer Shipments (8” K equivalents)
2,213
2,597
2,622
2,513
2,546
Quarterly Capacity Utilization Rate
4Q22
3Q22
2Q22
1Q22
4Q21
Utilization Rate
90%
100%+
100%+
100%+
100%+
Total Capacity (8” K equivalents)
2,543
2,539
2,528
2,420
2,419
3Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity4
Total capacity in the fourth quarter increased to 2,543K 8-inch equivalent wafers. Capacity will decline in the first quarter of 2023 to 2,522K 8-inch equivalent wafers, reflecting the annual production maintenance across 8” and 12” facilities.
Annual Capacity in
thousands of wafers
FAB
Geometry (um)
2022
2021
2020
2019
WTK
6"
5 – 0.15
335
329
371
370
8A
8"
3 – 0.11
765
755
802
825
8C
8"
0.35 – 0.11
459
459
452
436
8D
8"
0.18 – 0.09
410
380
371
359
8E
8"
0.6 – 0.14
469
457
449
426
8F
8"
0.18 – 0.11
550
514
485
434
8S
8"
0.18 – 0.11
443
408
373
372
8N
8"
0.5 – 0.11
952
917
917
831
12A
12"
0.13 – 0.014
1,170
1,070
1,044
997
12i
12"
0.13 – 0.040
655
641
628
595
12X
12"
0.080 – 0.022
314
284
217
203
12M
12"
0.13 – 0.040
436
395
391
98
Total(1)
10,031
9,453
9,188
8,148
YoY Growth Rate
6%
3%
13%
6%
Quarterly Capacity in
thousands of wafers
FAB
1Q23E
4Q22
3Q22
2Q22
WTK
6"
80
85
85
84
8A
8"
189
192
192
192
8C
8"
113
115
115
115
8D
8"
101
103
103
103
8E
8"
116
118
118
118
8F
8"
136
138
138
138
8S
8"
109
111
111
111
8N
8"
244
245
242
235
12A
12"
305
301
301
301
12i
12"
162
164
164
164
12X
12"
78
80
80
78
12M
12"
108
110
110
110
Total
2,522
2,543
2,539
2,528
(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 4Q22 totaled US$1,167 million as 2022 CAPEX amounted to US$2.7 billion. 2023 cash-based CAPEX budget will be US$3.0 billion.
Capital Expenditure by Year - in US$ billion
Year
2022
2021
2020
2019
2018
CAPEX
$ 2.7
$ 1.8
$ 1.0
$ 0.6
$ 0.7
2023 CAPEX Plan8"
12"
Total
10%
90%
US$3.0 billion
4 Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
Brief Summary of Full Year 2022 Consolidated Results
Operating Results
(Amount: NT$ million)
2022
2021
YoY % change
Operating Revenues
278,705
213,011
30.8
Gross Profit
125,764
72,050
74.6
Operating Expenses
(26,812)
(25,590)
4.8
Net Other Operating Income and Expenses
5,340
5,226
2.2
Operating Income
104,292
51,686
101.8
Net Non-Operating Income and Expenses
1,805
10,117
(82.2)
Income Tax Expense
(18,079)
(6,691)
170.2
Net Income Attributable to Shareholders of the Parent
87,198
55,780
56.3
EPS (NT$ per share)
7.09
4.57
(US$ per ADS)
1.155
0.744
Annual Sales Breakdown in Revenue for Foundry Segment
Region
2022
2021
North America
24%
22%
Asia Pacific
61%
65%
Europe
9%
7%
Japan
6%
6%
Technology
2022
2021
14nm and below
0%
0%
14nm<x<=28nm
24%
20%
28nm<x<=40nm
18%
18%
40nm<x<=65nm
18%
19%
65nm<x<=90nm
8%
8%
90nm<x<=0.13um
12%
12%
0.13um<x<=0.18um
11%
13%
0.18um<x<=0.35um
7%
8%
0.5um and above
2%
2%
Customer Type
2022
2021
Fabless
84%
85%
IDM
16%
15%
Application
2022
2021
Computer
15%
17%
Communication
45%
46%
Consumer
26%
27%
Others
14%
10%
First Quarter 2023 Outlook & Guidance
Quarter-over-Quarter Guidance:
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 equivalents5,662
173,819
32.6%
Accounts receivable, net1,204
36,975
6.9%
Inventories, net1,012
31,070
5.8%
Other current assets342
10,507
2.0%
Total current assets8,220
252,371
47.3%
Non-current assets Funds and investments2,113
64,855
12.2%
Property, plant and equipment5,569
170,982
32.1%
Right-of-use assets248
7,612
1.4%
Other non-current assets1,213
37,232
7.0%
Total non-current assets9,143
280,681
52.7%
Total assets17,363
533,052
100.0%
Liabilities Current liabilities Payables2,420
74,301
13.9%
Current portion of long-term liabilities247
7,587
1.4%
Other current liabilities869
26,677
5.1%
Total current liabilities3,536
108,565
20.4%
Non-current liabilities Bonds payable752
23,083
4.3%
Long-term loans547
16,794
3.2%
Lease liabilities, noncurrent169
5,200
1.0%
Other non-current liabilities1,432
43,959
8.2%
Total non-current liabilities2,900
89,036
16.7%
Total liabilities6,436
197,601
37.1%
Equity Equity attributable to the parent company Capital4,073
125,047
23.5%
Additional paid-in capital404
12,378
2.3%
Retained earnings and other components of equity6,439
197,682
37.1%
Total equity attributable to the parent company10,916
335,107
62.9%
Non-controlling interests11
344
0.0%
Total equity10,927
335,451
62.9%
Total liabilities and equity17,363
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 revenues2,210
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 profit949
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 expenses43
1,311
43
1,334
(1.7%)
43
1,311
42
1,287
1.9%
Operating income770
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 expenses29
889
18
558
59.4%
29
889
72
2,189
(59.4%)
Income from continuing operations before income tax799
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 income623
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 parent621
19,068
520
15,949
19.6%
621
19,068
879
26,996
(29.4%)
Non-controlling interests2
52
1
56
(6.3%)
2
52
12
346
(85.0%)
Comprehensive income (loss) attributable to: Shareholders of the parent635
19,497
613
18,830
3.5%
635
19,497
1,021
31,332
(37.8%)
Non-controlling interests2
52
2
55
(6.4%)
2
52
11
346
(85.0%)
Earnings per share-basic0.050
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 revenues2,210
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 profit949
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 expenses43
1,311
1.9%
174
5,340
1.9%
Operating income770
23,637
34.8%
3,397
104,292
37.4%
Net non-operating income and expenses29
889
1.4%
59
1,805
0.7%
Income from continuing operations before income tax799
24,526
36.2%
3,456
106,097
38.1%
Income tax expense(176)
(5,406)
(8.0%)
(589)
(18,079)
(6.5%)
Net income623
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 parent621
19,068
28.1%
2,840
87,198
31.3%
Non-controlling interests2
52
0.1%
27
820
0.3%
Comprehensive income (loss) attributable to: Shareholders of the parent635
19,497
28.7%
2,920
89,636
32.2%
Non-controlling interests2
52
0.1%
26
820
0.3%
Earnings per share-basic0.050
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 tax3,456
106,097
Depreciation & Amortization1,439
44,170
Share of loss of associates and joint ventures60
1,852
Income tax paid(154)
(4,718)
Changes in working capital & others(50)
(1,540)
Net cash provided by operating activities4,751
145,861
Cash flows from investing activities : Decrease in financial assets measured at amortized cost928
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 loans76
2,319
Repayments of long-term loans(688)
(21,136)
Increase in guarantee deposits488
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 equivalents229
7,018
Net increase in cash and cash equivalents1,342
41,197
Cash and cash equivalents at beginning of period4,320
132,622
Cash and cash equivalents at end of period5,662
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230116005160/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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