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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 | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.61% | 8.10 | 8.13 | 8.05 | 8.09 | 1,961,863 | 16:42:31 |
3Q20 operating income grew 22% QoQ
Company posts 3Q20 net income of NT$9.11 billion or NT$0.75 EPS
Third Quarter 2020 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 third quarter of 2020.
Third quarter consolidated revenue was NT$44.87 billion, compared to NT$44.39 billion in 2Q20 and up 18.9% YoY from NT$37.74 billion in 3Q19. Consolidated gross margin for 3Q20 was 21.8%. Net income attributable to the stockholders of the parent was NT$9.11 billion, with earnings per ordinary share of NT$0.75.
Jason Wang, co-president of UMC, said, “During the third quarter, consolidated operating margin reached 15.9%, while utilization rate remained firm at 97%. Wafer shipments reached 2.25 million 8-inch equivalent wafers. During Q3, work-from-home and home schooling trends continued to contribute to stable end market demand for applications in wireless connectivity, power management ICs used in smartphones as well as high speed interface I/O controllers found in computing devices. In addition to demand stability across various end markets, our 28nm revenue grew QoQ as customer product tape outs continued throughout the quarter. Moving forward, we expect to see a sustained increase in the number of 28nm tape outs, which will further diversify our 28nm exposure to end markets and customers.”
Co-president Wang continued, “Looking into the fourth quarter, demand from consumer and computer related applications will lead to a minor increase in wafer shipments, propelled by ongoing work-from-home initiatives and home schooling. Furthermore, we have seen an uptick in semiconductor demand due to more silicon content in particular applications such as newly deployed 5G smartphones, IoT devices and other consumer products. Therefore, the current industry landscape appears to show favorable supply and demand dynamics towards foundry; hence, UMC will pursue a delicate balance in strengthening our customer relationships while securing interests for our shareholders to ensure our long term growth.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
3Q20
2Q20
QoQ % change
3Q19
YoY % change
Operating Revenues
44,870
44,386
1.1
37,738
18.9
Gross Profit
9,769
10,257
(4.8
)
6,433
51.9
Operating Expenses
(5,508
)
(5,677
)
(3.0
)
(5,131
)
7.4
Net Other Operating Income and Expenses
2,872
1,266
126.9
1,207
137.9
Operating Income
7,133
5,846
22.0
2,509
184.3
Net Non-Operating Income and Expenses
2,074
818
153.4
(532
)
-
Net Income Attributable to Stockholders of the Parent
9,106
6,681
36.3
2,929
210.9
EPS (NT$ per share)
0.75
0.55
0.25
(US$ per ADS)
0.129
0.095
0.043
Operating revenues in 3Q20 remained flat at NT$44.87 billion. Revenue contribution from 40nm and below technologies increased to 37%. Gross profit declined 4.8% QoQ to NT$9.77 billion, or 21.8% of revenue. Operating expenses declined 3.0% to NT$5.51 billion. Net other operating income increased 126.9% to NT$2.87 billion, which included the sale of Nexpower Technology Corporation’s manufacturing plant, leading to an operating income of NT$7.13 billion. Net non-operating income was NT$2.07 billion. Net income attributable to stockholders of the parent grew 36.3% QoQ to NT$9.11 billion.
Earnings per ordinary share for the quarter was NT$0.75. Earnings per ADS was US$0.129. The basic weighted average number of outstanding shares in 3Q20 was 12,107,651,452, compared with 12,193,149,897 shares in 2Q20 and 11,708,239,978 shares in 3Q19. The diluted weighted average number of outstanding shares was 12,179,561,492 in 3Q20, compared with 12,262,774,432 shares in 2Q20 and 13,049,025,428 shares in 3Q19. The fully diluted share count as of September 30, 2020 was approximately 12,294,281,000. On September 30, 2020, UMC sold 105 million treasury shares acquired from the 21th share buy-back programs to its employees.
Detailed Financials Section
COGS & Expenses
(Amount: NT$ million)
3Q20
2Q20
QoQ % change
3Q19
YoY % change
Operating Revenues
44,870
44,386
1.1
37,738
18.9
COGS
(35,101
)
(34,129
)
2.8
(31,305
)
12.1
Depreciation
(10,911
)
(10,544
)
3.5
(10,707
)
1.9
Other Mfg. Costs
(24,190
)
(23,585
)
2.6
(20,598
)
17.4
Gross Profit
9,769
10,257
(4.8
)
6,433
51.9
Gross Margin (%)
21.8
%
23.1
%
17.1
%
Operating Expenses
(5,508
)
(5,677
)
(3.0
)
(5,131
)
7.4
G&A
(1,614
)
(1,537
)
4.9
(1,344
)
20.1
Sales & Marketing
(1,009
)
(929
)
8.7
(970
)
4.1
R&D
(3,314
)
(3,203
)
3.5
(2,813
)
17.8
Expected Credit Impairment Gain (Loss)
429
(8
)
-
(4
)
-
Net Other Operating Income & Expenses
2,872
1,266
126.9
1,207
137.9
Operating Income
7,133
5,846
22.0
2,509
184.3
Operating revenues remained relatively flat at NT$44.87 billion. COGS increased 2.8% QoQ to NT$35.10 billion, which included low single digit increases in both depreciation and other manufacturing costs. Gross profit declined by 4.8% to NT$9.77 billion, partly due to the appreciation of the NT dollar. Operating expenses declined 3% QoQ to NT$5.51 billion, as sales and marketing expenses rose 8.7% QoQ to NT$1.01 billion. G&A expenses grew 4.9% to NT$1.61 billion. R&D expenses increased 3.5% sequentially to NT$3.31 billion, representing 7.4% of 3Q20 operating revenues. Net other operating income increased to NT$2.87 billion. In 3Q20, operating income increased 22.0% QoQ to NT$7.13 billion.
Non-Operating Income and Expenses
(Amount: NT$ million)
3Q20
2Q20
3Q19
Non-Operating Income and Expenses
2,074
818
(532
)
Net Interest Income and Expenses
(314
)
(307
)
(503
)
Net Investment Gain and Loss
3,944
1,643
736
Exchange Gain and Loss
259
(411
)
(752
)
Other Gain and Loss
(1,815
)
(107
)
(13
)
Net non-operating income in 3Q20 was NT$2.07 billion, mainly resulting from NT$3.94 billion in net investment gain and NT$259 million in exchange gain, which was partly offset by NT$1.82 billion in other losses and NT$314 million in net interest expense.
Cash Flow Summary(Amount: NT$ million)
For the 3-Month Period Ended Sep. 30, 2020
For the 3-Month Period Ended Jun. 30, 2020
Cash Flow from Operating Activities
18,538
16,403
Net income before tax
9,207
6,664
Depreciation & Amortization
12,170
12,248
Expected credit impairment (gain) loss
(429
)
8
Share of profit of associates and joint ventures
(2,778
)
(914
)
Income tax (paid) received
(229
)
505
Changes in working capital & others
597
(2,108
)
Cash Flow from Investing Activities
(5,686
)
(7,877
)
Acquisition of PP&E
(6,707
)
(4,270
)
Proceeds from disposal of PP&E
1,720
14
Acquisition of intangible assets
(815
)
(448
)
Decrease (increase) in other financial assets
281
(2,979
)
Others
(165
)
(194
)
Cash Flow from Financing Activities
(13,652
)
(2,947
)
Bank loans
(4,716
)
9,483
Redemption of bonds
-
(11,203
)
Treasury stock acquired
(477
)
(1,201
)
Treasury stock sold to employees
1,678
-
Cash dividends
(9,765
)
-
Others
(372
)
(26
)
Effect of Exchange Rate
(233
)
(873
)
Net Cash Flow
(1,033
)
4,706
Beginning balance
99,872
95,166
Ending balance
98,839
99,872
In 3Q20, cash inflow from operating activities was NT$18.54 billion. Cash outflow from investing activities totaled NT$5.69 billion, which included NT$7.42 billion in capital expenditure, resulting in free cash flow of NT$11.12 billion. Cash outflow from financing activities totaled NT$13.65 billion, primarily from NT$9.77 billion in the distribution of cash dividend and NT$4.72 billion in the repayment of bank loans, offset by NT$1.68 billion in the sale of treasury stock to employees. Net cash outflow in 3Q20 was NT$1.03 billion. Over the next 12 months, the company expects to repay NT$6.83 billion in bank loans.
Current Assets
(Amount: NT$ billion)
3Q20
2Q20
3Q19
Cash and Cash Equivalents
98.84
99.87
86.76
Notes & Accounts Receivable
26.96
27.26
23.41
Days Sales Outstanding
55
57
58
Inventories, net
22.86
23.34
19.99
Days of Inventory
60
61
58
Total Current Assets
163.48
167.96
163.49
Cash and cash equivalents decreased to NT$98.84 billion. Days of inventory decreased to 60 days.
Liabilities
(Amount: NT$ billion)
3Q20
2Q20
3Q19
Total Current Liabilities
59.15
65.11
70.33
Notes & Accounts Payable
7.70
8.56
6.63
Short-Term Credit / Bonds
16.40
17.32
40.08
Payables on Equipment
7.38
3.22
3.00
Dividends Payable
-
9.77
-
Other
27.67
26.24
20.62
Long-Term Credit / Bonds
49.46
53.50
55.23
Long-Term Investment Liabilities
20.14
19.69
20.17
Total Liabilities
147.33
158.34
169.00
Debt to Equity
67
%
76
%
82
%
Current liabilities decreased to NT$59.15 billion, mainly from NT$9.77 billion in the payment of cash dividends and NT$0.92 billion from the decline in short-term credit/bonds. Total liabilities declined to NT$147.33 billion, leading to a debt to equity ratio of 67%.
Analysis of Revenue2
Revenue Breakdown by Region
Region
3Q20
2Q20
1Q20
4Q19
3Q19
North America
30
%
31
%
29
%
30
%
33
%
Asia Pacific
57
%
55
%
56
%
55
%
59
%
Europe
6
%
5
%
6
%
6
%
6
%
Japan
7
%
9
%
9
%
9
%
2
%
Revenue from Asia Pacific rose to 57% as business from North America declined to 30% of sales. Business from Europe rose to 6% while contribution from Japan decreased to 7%.
Revenue Breakdown by Geometry
Geometry
3Q20
2Q20
1Q20
4Q19
3Q19
14nm and below
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
14
%
13
%
9
%
10
%
12
%
28nm<x<=40nm
23
%
23
%
25
%
22
%
26
%
40nm<x<=65nm
19
%
16
%
16
%
16
%
14
%
65nm<x<=90nm
10
%
13
%
15
%
18
%
12
%
90nm<x<=0.13um
11
%
11
%
11
%
11
%
11
%
0.13um<x<=0.18um
13
%
13
%
13
%
12
%
13
%
0.18um<x<=0.35um
8
%
8
%
8
%
8
%
9
%
0.5um and above
2
%
3
%
3
%
3
%
3
%
Revenue contribution from 28nm increased to 14% while 40nm business remained unchanged at 23% of sales.
Revenue Breakdown by Customer Type
Customer Type
3Q20
2Q20
1Q20
4Q19
3Q19
Fabless
88
%
88
%
88
%
87
%
92
%
IDM
12
%
12
%
12
%
13
%
8
%
Revenue from fabless customers stayed at 88% of revenue.
Revenue Breakdown by Application (1)
Application
3Q20
2Q20
1Q20
4Q19
3Q19
Computer
13
%
14
%
13
%
13
%
13
%
Communication
54
%
51
%
54
%
54
%
54
%
Consumer
24
%
24
%
24
%
24
%
26
%
Others
9
%
11
%
9
%
9
%
7
%
Revenue from the communication segment increased to 54%, while business from computer applications declined to 13%. Business from consumer applications remained unchanged at 24% as other segments decreased to 9%.
(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. Communication consists of handset components, broadband, WLAN, 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 slightly in 3Q20.
(To view blended ASP trend, please click here for 3Q20 ASP)
Shipment and Utilization Rate3
Wafer Shipments
3Q20
2Q20
1Q20
4Q19
3Q19
Wafer Shipments (8” K equivalents)
2,254
2,218
2,148
2,042
1,806
Quarterly Capacity Utilization Rate
3Q20
2Q20
1Q20
4Q19
3Q19
Utilization Rate
97
%
98
%
93
%
92
%
91
%
Total Capacity (8” K equivalents)
2,308
2,291
2,278
2,237
2,004
In 3Q20, wafer shipments increased 1.6% QoQ to 2,254K, while quarterly capacity rose 0.7% QoQ to 2,308K. As a result, the overall utilization rate in 3Q20 was 97%.
Capacity4
Annual Capacity in thousands of wafers
Quarterly Capacity in thousands of wafers
FAB
Geometry (um)
2019
2018
2017
2016
FAB
4Q20E
3Q20
2Q20
1Q20
WTK
6"
3.5 – 0.45
370
396
422
423
WTK
93
93
93
92
Fab 8A
8"
0.5 – 0.25
825
825
825
827
Fab 8A
201
201
201
200
Fab 8C
8"
0.35 – 0.11
436
383
357
348
Fab 8C
113
113
113
112
Fab 8D
8"
0.13 – 0.09
359
347
341
342
Fab 8D
93
93
93
92
Fab 8E
8"
0.5 – 0.15
426
418
418
419
Fab 8E
113
113
113
112
Fab 8F
8"
0.18 – 0.11
434
431
417
401
Fab 8F
122
122
122
121
Fab 8S
8"
0.18 – 0.11
372
372
347
336
Fab 8S
93
93
93
93
Fab 8N
8"
0.5 – 0.11
831
771
753
750
Fab 8N
230
230
230
228
Fab 12A
12"
0.13 – 0.014
997
997
970
885
Fab 12A
261
261
261
260
Fab 12i
12"
0.13 – 0.040
595
555
537
584
Fab 12i
160
160
155
154
Fab 12X
12"
0.040 – 0.028
203
183
97
9
Fab 12X
57
56
53
52
Fab 12M
12"
0.090 – 0.040
98
-
-
-
Fab 12M
98
98
98
97
Total(1)
8,148
7,673
7,304
6,983
Total
2,311
2,308
2,291
2,278
YoY Growth Rate
6
%
5
%
5
%
6
%
Total capacity in the third quarter totaled 2,308K 8-inch equivalent wafers. We foresee fourth quarter capacity will grow to 2,311K 8-inch equivalent wafers, mainly reflecting capacity increase at Fab 12X.
(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.
Capital Expenditure by Year - in US$ billionYear
2019
2018
2017
2016
2015
CAPEX
$
0.6
$
0.7
$
1.4
$
2.8
$
1.9
2020 CAPEX Plan
8"
12"
Total
15
%
85
%
US$1.0 billion
CAPEX spending in 3Q20 was US$252 million, leading to a total of US$540 million in capital expenditure investment during the first nine months of 2020. Full year 2020 CAPEX is budgeted at US$1.0 billion.
Fourth Quarter 2020 Outlook & Guidance
Quarter-over-Quarter Guidance:
Recent Developments / Announcements
Oct 29, 2020
UMC and US Department of Justice Reach Plea Agreement on Trade Secret Case
Jul 29, 2020
UMC 2Q20 Financial Results
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Thursday, October 29, 2020
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 09:00 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 3Q20 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 sales for first quarter; product releases and market shares; opportunities in the 5G and IoT markets; anticipated wafer demands in market segments; execution of corporate strategies; repayment of bank loans; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “First Quarter of 2020 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 risks 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 September 30, 2020 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) September 30, 2020 US$ NT$ % Assets Current assets Cash and cash equivalents3,397
98,839
26.8
%
Notes & Accounts receivable, net926
26,959
7.3
%
Inventories, net786
22,863
6.2
%
Other current assets509
14,816
4.1
%
Total current assets5,618
163,477
44.4
%
Non-current assets Funds and investments1,617
47,041
12.8
%
Property, plant and equipment4,559
132,662
36.0
%
Right-of-use assets272
7,901
2.2
%
Other non-current assets588
17,163
4.6
%
Total non-current assets7,036
204,767
55.6
%
Total assets12,654
368,244
100.0
%
Liabilities Current liabilities Short-term loans260
7,572
2.1
%
Payables1,196
34,806
9.5
%
Current portion of long-term liabilities303
8,826
2.4
%
Other current liabilities274
7,947
2.1
%
Total current liabilities2,033
59,151
16.1
%
Non-current liabilities Bonds payable574
16,690
4.5
%
Long-term loans1,126
32,767
8.9
%
Lease liabilities, noncurrent178
5,184
1.4
%
Other non-current liabilities1,152
33,537
9.1
%
Total non-current liabilities3,030
88,178
23.9
%
Total liabilities5,063
147,329
40.0
%
Equity Equity attributable to the parent company Capital4,269
124,224
33.7
%
Additional paid-in capital1,474
42,903
11.7
%
Retained earnings and other components of equity1,847
53,754
14.6
%
Treasury stock(4
)
(120
)
(0.0
%)
Total equity attributable to the parent company7,586
220,761
60.0
%
Non-controlling interests5
154
0.0
%
Total equity7,591
220,915
60.0
%
Total liabilities and equity12,654
368,244
100.0
%
Note:New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar. UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Comprehensive Income Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data Year over Year Comparison Quarter over Quarter Comparison Three-Month Period Ended Three-Month Period Ended September 30, 2020 September 30, 2019 Chg. September 30, 2020 June 30, 2020 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues1,542
44,870
1,297
37,738
18.9
%
1,542
44,870
1,525
44,386
1.1
%
Operating costs(1,206
)
(35,101
)
(1,076
)
(31,305
)
12.1
%
(1,206
)
(35,101
)
(1,173
)
(34,129
)
2.8
%
Gross profit336
9,769
221
6,433
51.9
%
336
9,769
352
10,257
(4.8
%)
21.8
%
21.8
%
17.1
%
17.1
%
21.8
%
21.8
%
23.1
%
23.1
%
Operating expenses - Sales and marketing expenses(35
)
(1,009
)
(33
)
(970
)
4.1
%
(35
)
(1,009
)
(32
)
(929
)
8.7
%
- General and administrative expenses(56
)
(1,614
)
(46
)
(1,344
)
20.1
%
(56
)
(1,614
)
(53
)
(1,537
)
4.9
%
- Research and development expenses(114
)
(3,314
)
(97
)
(2,813
)
17.8
%
(114
)
(3,314
)
(110
)
(3,203
)
3.5
%
- Expected credit impairment gain (loss)15
429
(0
)
(4
)
-
15
429
(0
)
(8
)
-
Subtotal
(190
)
(5,508
)
(176
)
(5,131
)
7.4
%
(190
)
(5,508
)
(195
)
(5,677
)
(3.0
%)
Net other operating income and expenses99
2,872
41
1,207
137.9
%
99
2,872
44
1,266
126.9
%
Operating income245
7,133
86
2,509
184.3
%
245
7,133
201
5,846
22.0
%
15.9
%
15.9
%
6.7
%
6.7
%
15.9
%
15.9
%
13.2
%
13.2
%
Net non-operating income and expenses71
2,074
(18
)
(532
)
-
71
2,074
28
818
153.4
%
Income from continuing operations before income tax316
9,207
68
1,977
365.6
%
316
9,207
229
6,664
38.2
%
20.5
%
20.5
%
5.2
%
5.2
%
20.5
%
20.5
%
15.0
%
15.0
%
Income tax expenses(6
)
(197
)
(1
)
(39
)
405.4
%
(6
)
(197
)
(21
)
(613
)
(67.9
%)
Net income310
9,010
67
1,938
364.8
%
310
9,010
208
6,051
48.9
%
20.1
%
20.1
%
5.1
%
5.1
%
20.1
%
20.1
%
13.6
%
13.6
%
Other comprehensive income (loss)47
1,390
20
591
135.5
%
47
1,390
109
3,178
(56.2
%)
Total comprehensive income (loss)357
10,400
87
2,529
311.3
%
357
10,400
317
9,229
12.7
%
Net income attributable to: Stockholders of the parent313
9,106
101
2,929
210.9
%
313
9,106
230
6,681
36.3
%
Non-controlling interests(3
)
(96
)
(34
)
(991
)
(90.2
%)
(3
)
(96
)
(22
)
(630
)
(84.6
%)
Comprehensive income (loss) attributable to: Stockholders of the parent361
10,497
122
3,540
196.5
%
361
10,497
339
9,859
6.5
%
Non-controlling interests(4
)
(97
)
(35
)
(1,011
)
(90.4
%)
(4
)
(97
)
(22
)
(630
)
(84.6
%)
Earnings per share-basic0.026
0.75
0.009
0.25
0.026
0.75
0.019
0.55
Earnings per ADS (2)
0.129
3.75
0.043
1.25
0.129
3.75
0.095
2.75
Weighted average number of shares outstanding (in millions)
12,108
11,708
12,108
12,193
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
For the Three-Month Period Ended
For the Nine-Month Period Ended
September 30, 2020
September 30, 2020
US$
NT$
%
US$
NT$
%
Operating revenues1,542
44,870
100.0
%
4,520
131,525
100.0
%
Operating costs(1,206
)
(35,101
)
(78.2
%)
(3,553
)
(103,376
)
(78.6
%)
Gross profit336
9,769
21.8
%
967
28,149
21.4
%
Operating expenses - Sales and marketing expenses(35
)
(1,009
)
(2.3
%)
(102
)
(2,978
)
(2.3
%)
- General and administrative expenses(56
)
(1,614
)
(3.6
%)
(162
)
(4,696
)
(3.5
%)
- Research and development expenses(114
)
(3,314
)
(7.4
%)
(333
)
(9,702
)
(7.4
%)
- Expected credit impairment gain15
429
1.0
%
16
468
0.4
%
Subtotal(190
)
(5,508
)
(12.3
%)
(581
)
(16,908
)
(12.8
%)
Net other operating income and expenses99
2,872
6.4
%
177
5,152
3.9
%
Operating income245
7,133
15.9
%
563
16,393
12.5
%
Net non-operating income and expenses71
2,074
4.6
%
11
299
0.2
%
Income from continuing operations before income tax316
9,207
20.5
%
574
16,692
12.7
%
Income tax expense(6
)
(197
)
(0.4
%)
(14
)
(401
)
(0.3
%)
Net income310
9,010
20.1
%
560
16,291
12.4
%
Other comprehensive income (loss)47
1,390
3.1
%
29
854
0.6
%
Total comprehensive income (loss)357
10,400
23.2
%
589
17,145
13.0
%
Net income attributable to: Stockholders of the parent313
9,106
20.3
%
618
17,994
13.7
%
Non-controlling interests(3
)
(96
)
(0.2
%)
(58
)
(1,703
)
(1.3
%)
Comprehensive income (loss) attributable to: Stockholders of the parent361
10,497
23.4
%
643
18,721
14.2
%
Non-controlling interests(4
)
(97
)
(0.2
%)
(54
)
(1,576
)
(1.2
%)
Earnings per share-basic0.026
0.75
0.052
1.50
Earnings per ADS (2)
0.129
3.75
0.258
7.50
Weighted average number of shares outstanding (in millions)
12,108
12,028
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated Condensed Statement of Cash Flows For The Nine-Month Period Ended September 30, 2020 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) US$ NT$ Cash flows from operating activities : Net income before tax574
16,692
Depreciation & Amortization
1,269
36,915
Share of profit of associates and joint ventures
(98
)
(2,846
)
Changes in working capital & others(38
)
(1,088
)
Net cash provided by operating activities1,707
49,673
Cash flows from investing activities : Acquisition of property, plant and equipment
(502
)
(14,608
)
Proceeds from disposal of property, plant and equipment60
1,757
Acquisition of intangible assets
(59
)
(1,716
)
Increase in other financial assets(268
)
(7,812
)
Others(10
)
(295
)
Net cash used in investing activities(779
)
(22,674
)
Cash flows from financing activities : Decrease in short-term loans(147
)
(4,284
)
Redemption of bonds(471
)
(13,703
)
Proceeds from long-term loans449
13,070
Repayments of long-term loans
(226
)
(6,583
)
Cash dividends(336
)
(9,765
)
Treasury stock acquired(58
)
(1,678
)
Treasury stock sold to employees58
1,678
Others
(40
)
(1,184
)
Net cash used in financing activities(771
)
(22,449
)
Effect of exchange rate changes on cash and cash equivalents(42
)
(1,203
)
Net increase in cash and cash equivalents115
3,347
Cash and cash equivalents at beginning of period
3,282
95,492
Cash and cash equivalents at end of period
3,397
98,839
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2020 exchange rate of NT $29.10 per U.S. Dollar.
1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending September 30, 2020, the three-month period ending June 30, 2020, and the equivalent three-month period that ended September 30, 2019. For all 3Q20 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the September 30, 2020 exchange rate of NT$ 29.10 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/20201029005539/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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