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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.13 | 2.11% | 6.28 | 6.22 | 6.0904 | 6.14 | 11,338,149 | 01:00:00 |
From Oct 2024 to Jan 2025
22/28nm shipments reached record high as Q3 net income increased 5% sequentially
Third Quarter 2024 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 2024.
Third quarter consolidated revenue was NT$60.49 billion, increasing 6.5% from NT$56.80 billion in 2Q24. Compared to a year ago, 3Q24 revenue increased 6.0%. Consolidated gross margin for 3Q24 was 33.8%. Net income attributable to the shareholders of the parent was NT$14.47 billion, with earnings per ordinary share of NT$1.16.
Jason Wang, co-president of UMC, said, “In the third quarter, we delivered results that were in line with guidance. In particular, wafer shipments grew more than expected, increasing 7.8% sequentially due to strong demand for 22/28nm products. Our strategy is to develop specialty technology solutions that deliver best-in-class performance, and I am pleased to report that revenue in absolute dollar derived from our specialty portfolio hit a record high in the third quarter, accounting for 53.1% of total sales. In our industry, technology is fundamental. We continue to invest significantly in technology development every year to ensure we are ready to support customers’ next-generation product features with more advanced solutions. For instance, our 22nm display driver solution was the first to be made available to the market and offers unparalleled performance, and we foresee strong tape-out momentum in the upcoming months.”
Co-president Wang commented, “With regards to Q4 outlook, we are seeing demand stabilizing across end markets and a clear downward trend in inventory levels. Looking ahead, we have a number of exciting technology and collaboration projects in the pipeline as we continue to align closely with our customers’ product roadmaps. In addition, as we hear consistently from customers, UMC’s diversified manufacturing footprint is also very important in supporting their long-term strategies. Our new fab expansion in Singapore is nearing completion while our collaboration with Intel remains on track. These projects will further enhance our value proposition to customers and strengthen our position in the foundry industry.”
Co-president Wang added, “We released our 2023 Sustainability Report during the third quarter, which is available on our website for all stakeholders to read. I would like to highlight the progress we have made towards our energy transition goals, with renewable energy use doubling in 2023 from the previous year to account for 11.1% of UMC’s total energy consumption. With a 181-megawatt peak renewable energy purchase agreement coming into effect this year, we are on track to achieving our progressive targets of 25% renewable energy by 2025 and 50% by 2030.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
3Q24
2Q24
QoQ % change
3Q23
YoY % change
Operating Revenues
60,485
56,799
6.5
57,069
6.0
Gross Profit
20,429
19,983
2.2
20,461
(0.2
)
Operating Expenses
(6,559
)
(6,311
)
3.9
(5,722
)
14.6
Net Other Operating Income and Expenses
230
219
4.8
573
(59.9
)
Operating Income
14,100
13,891
1.5
15,312
(7.9
)
Net Non-Operating Income and Expenses
2,464
2,529
(2.5
)
3,336
(26.1
)
Net Income Attributable to Shareholders of the Parent
14,472
13,786
5.0
15,971
(9.4
)
EPS (NT$ per share)
1.16
1.11
1.29
(US$ per ADS)
0.183
0.175
0.204
Third quarter operating revenues increased 6.5% sequentially to NT$60.49 billion. Revenue contribution from 40nm and below technologies represented 48% of wafer revenue. Gross profit grew 2.2% QoQ to NT$20.43 billion, or 33.8% of revenue. Operating expenses increased 3.9% to NT$6.56 billion. Net other operating income was NT$0.23 billion. Net non-operating income totaled NT$2.46 billion. Net income attributable to shareholders of the parent amounted to NT$14.47 billion.
Earnings per ordinary share for the quarter was NT$1.16. Earnings per ADS was US$0.183. The basic weighted average number of shares outstanding in 3Q24 was 12,436,436,695, compared with 12,414,189,313 shares in 2Q24 and 12,371,129,866 shares in 3Q23. The diluted weighted average number of shares outstanding was 12,559,358,115 in 3Q24, compared with 12,529,942,186 shares in 2Q24 and 12,566,773,628 shares in 3Q23. The fully diluted shares counted on September 30, 2024 were approximately 12,602,544,000.
Detailed Financials Section
Operating revenues increased to NT$60.49 billion. COGS increased 8.8% to NT$40.06 billion, which included 10.5% increase in depreciation and 8.2% increase in other manufacturing costs. Gross profit increased 2.2% QoQ to NT$20.43 billion. Operating expenses increased to NT$6.56 billion, as R&D grew 4.4% to NT$4.02 billion or 6.6% of revenue, while Sales & Marketing also grew 5.7% to NT$0.72 billion. Net other operating income was NT$0.23 billion. In 3Q24, operating income increased 1.5% QoQ to NT$14.10 billion.
COGS & Expenses
(Amount: NT$ million)
3Q24
2Q24
QoQ % change
3Q23
YoY % change
Operating Revenues
60,485
56,799
6.5
57,069
6.0
COGS
(40,056
)
(36,816
)
8.8
(36,608
)
9.4
Depreciation
(10,449
)
(9,460
)
10.5
(8,485
)
23.1
Other Mfg. Costs
(29,607
)
(27,356
)
8.2
(28,123
)
5.3
Gross Profit
20,429
19,983
2.2
20,461
(0.2
)
Gross Margin (%)
33.8
%
35.2
%
35.9
%
Operating Expenses
(6,559
)
(6,311
)
3.9
(5,722
)
14.6
Sales & Marketing
(717
)
(678
)
5.7
(735
)
(2.6
)
G&A
(1,820
)
(1,804
)
0.9
(1,731
)
5.3
R&D
(4,022
)
(3,853
)
4.4
(3,255
)
23.5
Expected credit impairment gain (loss)
(0
)
24
-
(1
)
(91.9
)
Net Other Operating Income & Expenses
230
219
4.8
573
(59.9
)
Operating Income
14,100
13,891
1.5
15,312
(7.9
)
Net non-operating income in 3Q24 was NT$2.46 billion, primarily due to the NT$2.79 billion in net investment gain, the NT$0.32 billion in net interest income offset by the NT$0.65 billion in exchange loss.
Non-Operating Income and Expenses(Amount: NT$ million)
3Q24
2Q24
3Q23
Non-Operating Income and Expenses
2,464
2,529
3,336
Net Interest Income and Expenses
324
701
617
Net Investment Gain and Loss
2,791
1,440
1,885
Exchange Gain and Loss
(652
)
407
324
Other Gain and Loss
1
(19
)
510
In 3Q24, cash inflow from operating activities was NT$17.35 billion. Cash outflow from investing activities totaled NT$23.93 billion, which included NT$22.30 billion in capital expenditure, resulting in free cash outflow of NT$4.95 billion. Cash outflow from financing was NT$12.75 billion, primarily from NT$37.59 billion in dividend distribution offset by the NT$25.05 billion in bank loans. Net cash outflow in 3Q24 amounted to NT$18.26 billion. Over the next 12 months, the company expects to repay NT$4.97 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period Ended
Sep. 30, 2024
For the 3-Month Period Ended
Jun. 30, 2024
Cash Flow from Operating Activities
17,347
22,728
Net income before tax
16,564
16,420
Depreciation & Amortization
12,702
11,117
Share of profit of associates and joint ventures
(843
)
(1,267
)
Income tax paid
(3,755
)
(5,831
)
Changes in working capital & others
(7,321
)
2,289
Cash Flow from Investing Activities
(23,927
)
(15,131
)
Decrease (increase) in financial assets measured at amortized cost
(1,988
)
3,219
Acquisition of PP&E
(21,729
)
(20,042
)
Changes in refundable deposits
(205
)
1,507
Acquisition of intangible assets
(499
)
(578
)
Others
494
763
Cash Flow from Financing Activities
(12,750
)
(5,705
)
Bank loans
25,050
(2,503
)
Redemption of bonds
-
(3,000
)
Cash dividends
(37,585
)
-
Others
(215
)
(202
)
Effect of Exchange Rate
1,073
341
Net Cash Flow
(18,257
)
2,233
Beginning balance
121,234
119,431
Changes in non-current assets held for sale
430
(430
)
Ending balance
103,407
121,234
Cash and cash equivalents decreased to NT$103.41 billion. Days of inventory decreased 3 days to 85 days.
Current Assets
(Amount: NT$ billion)
3Q24
2Q24
3Q23
Cash and Cash Equivalents
103.41
121.23
140.64
Notes & Accounts Receivable
33.74
32.53
31.11
Days Sales Outstanding
50
51
49
Inventories, net
38.09
36.33
36.56
Days of Inventory
85
88
89
Total Current Assets
193.61
207.22
219.28
Current liabilities declined to NT$88.27 billion. Short-term credit / bonds increased to NT$30.86 billion while payables on equipment was NT$14.89 billion. Total liabilities decreased to NT$205.80 billion, leading to a debt to equity ratio of 56%.
Liabilities
(Amount: NT$ billion)
3Q24
2Q24
3Q23
Total Current Liabilities
88.27
124.97
92.07
Accounts Payable
9.01
8.18
8.37
Short-Term Credit / Bonds
30.86
16.21
30.07
Payables on Equipment
14.89
22.36
15.95
Dividends Payable
-
37.59
-
Other
33.51
40.63
37.68
Long-Term Credit / Bonds
58.13
47.48
49.38
Total Liabilities
205.80
230.87
197.26
Debt to Equity
56%
65%
56%
Analysis of Revenue2
Revenue from Asia-Pacific grew to 65% while business from North America was 26% of sales. Business from Europe declined to 5% while contribution from Japan remained unchanged at 4%.
Revenue Breakdown by Region
Region
3Q24
2Q24
1Q24
4Q23
3Q23
North America
26%
25%
25%
23%
27%
Asia Pacific
65%
64%
63%
62%
58%
Europe
5%
7%
8%
11%
12%
Japan
4%
4%
4%
4%
3%
Revenue contribution from 22/28nm was 35% of the wafer revenue, while 40nm contribution increased to 13% of sales.
Revenue Breakdown by Geometry
Geometry
3Q24
2Q24
1Q24
4Q23
3Q23
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
35%
33%
33%
36%
32%
28nm<x<=40nm
13%
12%
14%
14%
13%
40nm<x<=65nm
15%
15%
18%
16%
19%
65nm<x<=90nm
10%
12%
10%
9%
8%
90nm<x<=0.13um
10%
11%
9%
9%
12%
0.13um<x<=0.18um
11%
10%
11%
9%
9%
0.18um<x<=0.35um
5%
5%
4%
5%
5%
0.5um and above
1%
2%
1%
2%
2%
Revenue from fabless customers accounted for 85% of revenue.
Revenue Breakdown by Customer Type
Customer Type
3Q24
2Q24
1Q24
4Q23
3Q23
Fabless
85%
87%
82%
78%
79%
IDM
15%
13%
18%
22%
21%
Revenue from the communication segment increased to 42%, while business from computer applications declined to 13%. Business from consumer applications remained at 31% as other segments decreased to 14% of revenue.
Revenue Breakdown by Application (1)
Application
3Q24
2Q24
1Q24
4Q23
3Q23
Computer
13%
15%
13%
13%
13%
Communication
42%
39%
48%
47%
46%
Consumer
31%
31%
23%
23%
23%
Others
14%
15%
16%
17%
18%
(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) remained firm in 3Q24.
(To view blended ASP trend, please click here for 3Q24 ASP)
Shipment and Utilization Rate3
Wafer shipments increased 7.8% QoQ to 896K during the third quarter, while quarterly capacity was 1,274K. Overall utilization rate in 3Q24 grew to 71%.
Wafer Shipments
3Q24
2Q24
1Q24
4Q23
3Q23
Wafer Shipments (12” K equivalents)
896
831
810
775
795
Quarterly Capacity Utilization Rate
3Q24
2Q24
1Q24
4Q23
3Q23
Utilization Rate
71%
68%
65%
66%
67%
Total Capacity (12” K equivalents)
1,274
1,257
1,212
1,204
1,182
Capacity4
Total capacity in the third quarter increased to 1,274K 12-inch equivalent wafers. Capacity in the fourth quarter of 2024 will slightly grow to 1,280K 12-inch equivalent wafers.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2023
2022
2021
2020
FAB
4Q24E
3Q24
2Q24
1Q24
WTK
6"
5 – 0.15
328
335
329
371
WTK
6"
83
83
83
82
8A
8"
3 – 0.11
811
765
755
802
8A
8"
207
207
207
206
8C
8"
0.35 – 0.11
473
459
459
452
8C
8"
119
119
119
119
8D
8"
0.18 – 0.11
440
410
380
371
8D
8"
118
118
118
118
8E
8"
0.6 – 0.14
490
469
457
449
8E
8"
131
131
131
130
8F
8"
0.18 – 0.11
570
550
514
485
8F
8"
145
145
145
144
8S
8"
0.18 – 0.11
447
443
408
373
8S
8"
114
114
114
113
8N
8"
0.5 – 0.11
996
952
917
917
8N
8"
254
254
254
252
12A
12"
0.13 – 0.014
1,305
1,170
1,070
1,044
12A
12"
409
403
386
358
12i
12"
0.13 – 0.040
655
655
641
628
12i
12"
172
172
172
164
12X
12"
0.080 – 0.022
317
314
284
217
12X
12"
80
80
80
79
12M
12"
0.13 – 0.040
438
436
395
391
12M
12"
115
115
115
110
Total (1)
4,674
4,458
4,201
4,083
Total
1,280
1,274
1,257
1,212
YoY Growth Rate
5%
6%
3%
13%
(1) One 6-inch wafer is converted into 0.25 (62/122) 12-inch equivalent wafer; one 8-inch wafer is converted into 0.44 (82/122) 12-inch equivalent wafers. Total capacity figures are expressed in 12-inch equivalent wafers.
CAPEX
CAPEX spending in 3Q24 totaled US$688 million. 2024 cash-based CAPEX budget will be US$3.0 billion.
Capital Expenditure by Year - in US$ billion
Year
2023
2022
2021
2020
2019
CAPEX
$ 3.0
$ 2.7
$ 1.8
$ 1.0
$ 0.6
2024 CAPEX Plan
8"
12"
Total
5%
95%
US$3.0 billion
Fourth Quarter 2024 Outlook & Guidance
Quarter-over-Quarter Guidance:
Recent Developments / Announcements
Apr. 25, 2024UMC Files Form 20-F for 2023 with US Securities and Exchange Commission
Apr. 30, 2024
UMC Achieves Highest Corporate Governance Ranking among Taiwan Listed Companies for 10th Consecutive Year
May 2, 2024
UMC Introduces Industry’s First 3D IC Solution for RFSOI, Accelerating Innovations in the 5G Era
May 21, 2024
UMC’s Singapore Fab 12i Celebrates First Tool Move-In for New Phase 3 Expansion
May 30, 2024
UMC Shareholders Elect 16th Term of Directors at Annual Shareholders’ Meeting
Jun. 20, 2024
UMC Launches Most Advanced 22nm eHV Platform to Power Next-Generation Smartphone Displays
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 30, 2024
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 9:00 AM (London)
Dial-in numbers and Access Codes:
Taiwan Number:
02 3396 1191
Taiwan Toll Free:
0080 119 6666
US Toll Free:
+1 866 212 5567
Other Areas:
+886 2 3396 1191
Access Code:
1116030#
A live webcast and replay of the 3Q24 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 company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC’s comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD etc. Most of UMC’s 12-in and 8-in fabs with its core R&D are in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with a combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standards. UMC is headquartered in Hsinchu, Taiwan, plus local offices in the United States, Europe, China, Japan, Korea, and Singapore, with a worldwide total of 20,000 employees. 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 third quarter of 2024; 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 2024 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 September 30, 2024 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) September 30, 2024 US$ NT$ % Assets Current assets Cash and cash equivalents3,267
103,407
18.0
%
Accounts receivable, net1,066
33,744
5.9
%
Inventories, net1,203
38,090
6.6
%
Other current assets581
18,367
3.2
%
Total current assets6,117
193,608
33.7
%
Non-current assets Funds and investments2,423
76,693
13.4
%
Property, plant and equipment8,734
276,445
48.1
%
Right-of-use assets255
8,057
1.4
%
Other non-current assets616
19,489
3.4
%
Total non-current assets12,028
380,684
66.3
%
Total assets18,145
574,292
100.0
%
Liabilities Current liabilities Short-term loans539
17,069
3.0
%
Payables1,486
47,035
8.2
%
Current portion of long-term liabilities436
13,787
2.4
%
Other current liabilities328
10,383
1.8
%
Total current liabilities2,789
88,274
15.4
%
Non-current liabilities Bonds payable777
24,584
4.3
%
Long-term loans1,060
33,550
5.8
%
Lease liabilities, noncurrent186
5,882
1.0
%
Other non-current liabilities1,690
53,511
9.3
%
Total non-current liabilities3,713
117,527
20.4
%
Total liabilities6,502
205,801
35.8
%
Equity Equity attributable to the parent company Capital3,958
125,285
21.8
%
Additional paid-in capital454
14,342
2.5
%
Retained earnings and other components of equity7,222
228,577
39.8
%
Total equity attributable to the parent company11,634
368,204
64.1
%
Non-controlling interests9
287
0.1
%
Total equity11,643
368,491
64.2
%
Total liabilities and equity18,145
574,292
100.0
%
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2024 exchange rate of NT $31.65 per U.S. Dollar. UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Comprehensive Income Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data Year over Year Comparison Quarter over Quarter Comparison Three-Month Period Ended Three-Month Period Ended September 30, 2024 September 30, 2023 Chg. September 30, 2024 June 30, 2024 Chg. US$ NT$ US$ NT$ % US$ NT$ US$ NT$ % Operating revenues1,911
60,485
1,803
57,069
6.0
%
1,911
60,485
1,795
56,799
6.5
%
Operating costs(1,266
)
(40,056
)
(1,157
)
(36,608
)
9.4
%
(1,266
)
(40,056
)
(1,164
)
(36,816
)
8.8
%
Gross profit645
20,429
646
20,461
(0.2
%)
645
20,429
631
19,983
2.2
%
33.8
%
33.8
%
35.9
%
35.9
%
33.8
%
33.8
%
35.2
%
35.2
%
Operating expenses - Sales and marketing expenses(23
)
(717
)
(23
)
(735
)
(2.6
%)
(23
)
(717
)
(21
)
(678
)
5.7
%
- General and administrative expenses(57
)
(1,820
)
(54
)
(1,731
)
5.3
%
(57
)
(1,820
)
(57
)
(1,804
)
0.9
%
- Research and development expenses(127
)
(4,022
)
(103
)
(3,255
)
23.5
%
(127
)
(4,022
)
(122
)
(3,853
)
4.4
%
- Expected credit impairment gain (loss)(0
)
(0
)
(0
)
(1
)
(91.9
%)
(0
)
(0
)
1
24
-
Subtotal
(207
)
(6,559
)
(180
)
(5,722
)
14.6
%
(207
)
(6,559
)
(199
)
(6,311
)
3.9
%
Net other operating income and expenses7
230
18
573
(59.9
%)
7
230
7
219
4.8
%
Operating income445
14,100
484
15,312
(7.9
%)
445
14,100
439
13,891
1.5
%
23.3
%
23.3
%
26.8
%
26.8
%
23.3
%
23.3
%
24.5
%
24.5
%
Net non-operating income and expenses78
2,464
105
3,336
(26.1
%)
78
2,464
80
2,529
(2.5
%)
Income from continuing operations before income tax523
16,564
589
18,648
(11.2
%)
523
16,564
519
16,420
0.9
%
27.4
%
27.4
%
32.7
%
32.7
%
27.4
%
27.4
%
28.9
%
28.9
%
Income tax expense(67
)
(2,122
)
(85
)
(2,682
)
(20.9
%)
(67
)
(2,122
)
(84
)
(2,645
)
(19.8
%)
Net income456
14,442
504
15,966
(9.5
%)
456
14,442
435
13,775
4.8
%
23.9
%
23.9
%
28.0
%
28.0
%
23.9
%
23.9
%
24.3
%
24.3
%
Other comprehensive income (loss)(72
)
(2,299
)
226
7,138
-
(72
)
(2,299
)
44
1,375
-
Total comprehensive income (loss)
384
12,143
730
23,104
(47.4
%)
384
12,143
479
15,150
(19.8
%)
Net income attributable to: Shareholders of the parent457
14,472
505
15,971
(9.4
%)
457
14,472
436
13,786
5.0
%
Non-controlling interests(1
)
(30
)
(1
)
(5
)
490.9
%
(1
)
(30
)
(1
)
(11
)
176.6
%
Comprehensive income (loss) attributable to: Shareholders of the parent385
12,173
730
23,109
(47.3
%)
385
12,173
479
15,161
(19.7
%)
Non-controlling interests(1
)
(30
)
(0
)
(5
)
496.6
%
(1
)
(30
)
(0
)
(11
)
177.0
%
Earnings per share-basic0.037
1.16
0.041
1.29
0.037
1.16
0.035
1.11
Earnings per ADS (2)
0.183
5.80
0.204
6.45
0.183
5.80
0.175
5.55
Weighted average number of shares outstanding (in millions)
12,436
12,371
12,436
12,414
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2024 exchange rate of NT $31.65 per U.S. Dollar. (2) 1 ADS equals 5 common shares. UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Comprehensive Income Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except Per Share and Per ADS Data For the Three-Month Period Ended For the Nine-Month Period Ended September 30, 2024 September 30, 2024 US$ NT$ % US$ NT$ % Operating revenues
1,911
60,485
100.0
%
5,432
171,916
100.0
%
Operating costs(1,266
)
(40,056
)
(66.2
%)
(3,621
)
(114,605
)
(66.7
%)
Gross profit645
20,429
33.8
%
1,811
57,311
33.3
%
Operating expenses - Sales and marketing expenses(23
)
(717
)
(1.2
%)
(66
)
(2,078
)
(1.2
%)
- General and administrative expenses(57
)
(1,820
)
(3.0
%)
(168
)
(5,326
)
(3.0
%)
- Research and development expenses(127
)
(4,022
)
(6.6
%)
(356
)
(11,282
)
(6.6
%)
- Expected credit impairment gain (loss)(0
)
(0
)
(0.0
%)
2
69
0.0
%
Subtotal(207
)
(6,559
)
(10.8
%)
(588
)
(18,617
)
(10.8
%)
Net other operating income and expenses7
230
0.3
%
30
962
0.6
%
Operating income445
14,100
23.3
%
1,253
39,656
23.1
%
Net non-operating income and expenses78
2,464
4.1
%
191
6,049
3.5
%
Income from continuing operations before income tax523
16,564
27.4
%
1,444
45,705
26.6
%
Income tax expense(67
)
(2,122
)
(3.5
%)
(223
)
(7,058
)
(4.1
%)
Net income456
14,442
23.9
%
1,221
38,647
22.5
%
Other comprehensive income (loss)(72
)
(2,299
)
(3.8
%)
222
7,030
4.1
%
Total comprehensive income (loss)384
12,143
20.1
%
1,443
45,677
26.6
%
Net income attributable to: Shareholders of the parent457
14,472
23.9
%
1,223
38,714
22.5
%
Non-controlling interests(1
)
(30
)
(0.0
%)
(2
)
(67
)
(0.0
%)
Comprehensive income (loss) attributable to: Shareholders of the parent385
12,173
20.1
%
1,445
45,745
26.6
%
Non-controlling interests(1
)
(30
)
(0.0
%)
(2
)
(68
)
(0.0
%)
Earnings per share-basic0.037
1.16
0.099
3.12
Earnings per ADS (2)
0.183
5.80
0.493
15.60
Weighted average number of shares outstanding (in millions)
12,436
12,422
Notes: (1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2024 exchange rate of NT $31.65 per U.S. Dollar. (2) 1 ADS equals 5 common shares. UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated Condensed Statement of Cash Flows For The Nine-Month Period Ended September 30, 2024 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) US$ NT$ Cash flows from operating activities : Net income before tax
1,444
45,705
Depreciation & Amortization
1,097
34,705
Share of profit of associates and joint ventures
(70
)
(2,211
)
Income tax paid(311
)
(9,839
)
Changes in working capital & others(236
)
(7,465
)
Net cash provided by operating activities1,924
60,895
Cash flows from investing activities : Acquisition of property, plant and equipment
(2,220
)
(70,268
)
Acquisition of intangible assets(61
)
(1,922
)
Others102
3,217
Net cash used in investing activities
(2,179
)
(68,973
)
Cash flows from financing activities : Increase in short-term loans112
3,539
Redemption of bonds
(161
)
(5,100
)
Proceeds from long-term loans803
25,410
Repayments of long-term loans
(325
)
(10,290
)
Cash dividends(1,188
)
(37,585
)
Others(28
)
(868
)
Net cash used in financing activities(787
)
(24,894
)
Effect of exchange rate changes on cash and cash equivalents121
3,825
Net decrease in cash and cash equivalents
(921
)
(29,147
)
Cash and cash equivalents at beginning of period4,188
132,554
Cash and cash equivalents at end of period
3,267
103,407
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2024 exchange rate of NT $31.65 per U.S. Dollar.
__________________________
1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending September 30, 2024, the three-month period ending June 30, 2024, and the equivalent three-month period that ended September 30, 2023. For all 3Q24 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the September 30, 2024 exchange rate of NT$ 31.65 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/20241030558224/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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