Emerging signs of cycle bottoming; aggressively establishing advanced capacity
(PRNewswire) —Fourth Quarter 2011 Overview (Note 1):
- Revenue: decreased 3.0% QoQ to NT$24.43 billion (US$ 807.34 million)
- Gross margin: 18.6%; operating margin: 3.4%
- Capacity utilization: 68%
- Net income: NT$1.18 billion (US$ 39million)
- Earnings per share: NT$0.09; earnings per ADS: US$0.02
Note 1: | Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, unconsolidated, and represent comparisons among the three-month period ending Dec 31, 2011, the three-month period ending Sep 30, 2011, and the equivalent three-month period that ended Dec 31, 2010. For all 4Q11 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Dec 31, 2011 exchange rate of NT$30.26 per U.S. Dollar. | |
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its unconsolidated operating results for the fourth quarter of 2011.
Revenue was NT$24.43 billion, a 3% quarter-over-quarter decrease from NT$25.19 billion in 3Q11, and a 22% year-over-year decrease from NT$31.32 billion in 4Q10. Gross margin was 18.6%, operating margin was 3.4%, net income was NT$1.18 billion, and earnings per ordinary share were NT$0.09. In 2011, revenue for the full year was NT$105.88 billion, with NT$10.14 billion operating income, NT$10.81 billion net income and NT$0.86 earnings per share.
Dr. Shih-Wei Sun, CEO of UMC, said: "In Q4 2011, revenue was in line with UMC's guidance, with a 10% decrease in quarterly shipments contributing to revenue decline. We shipped 915 thousand 8-inch equivalent wafers, with ASP increasing 5% in NT$. Overall utilization was 68%. Revenue from 40nm exceeded 10% of December monthly sales, bringing revenue contribution from this node to 8% for the fourth quarter."
Dr. Sun continued, "Since the first quarter of the year is traditionally slow, UMC's quarterly revenue will decrease slightly from the previous quarter. However, we expect to maintain operating profitability through continuous cost reduction and efficiency enhancement measures. During the slow period, our operating profitability has gained resilience and stability as a result of successful efforts to improve operating structure and diversify risk. From a market standpoint, we have observed several signs that the industry cycle is reaching the bottom and believe that the multi-quarter inventory correction will end soon. However, due to several remaining uncertainties, recovery momentum will be determined by macroeconomic conditions and the strength of end demand.
"UMC is optimistic about the demand for advanced mobile communication and computing chips. To capitalize on this opportunity, we will expand our comprehensive 28nm and 40nm foundry solutions, cooperate with top tier customers to gain more flagship products, and build sufficient capacity. Our 2012 CAPEX budget of US$2 billion will help fulfill this commitment. However, we will not blindly add capacity. Instead, our investment plan is based on progressive stages of both advanced technology readiness and customer capacity requirements. Due to promising 28nm engagements and strong demand, we believe UMC will be well rewarded when 28nm mass production begins. As for 2.5D interposer solution, we have successfully taped out 2.5D interposer for 28nm and 40nm customers. We have also developed an open platform with back-end OSAT partners to extend our foundry services. For 2012, UMC will put forth great effort to strengthen long-term partnerships with customers, provide competitive advanced technology and commit sufficient capacity to secure the next opportunity for growth."
Summary of Operating Results
Operating Results | |||||||
(Amount: NT$ million) | 4Q11 | 3Q11 | QoQ %
| 4Q10 | YoY %
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Revenue | 24,425 | 25,187 | (3.0) | 31,319 | (22.0) | ||
Gross Profit | 4,550 | 4,984 | (8.7) | 10,052 | (54.7) | ||
Operating Expenses | (3,710) | (3,449) | 7.6 | (3,452) | 7.5 | ||
Operating Income | 840 | 1,535 | (45.3) | 6,600 | (87.3) | ||
Non-Operating Income | 349 | 445 | (21.6) | 426 | (18.1) | ||
Net Income | 1,180 | 1,954 | (39.6) | 6,424 | (81.6) | ||
EPS | (NT$ per share) | 0.09 | 0.16 |
| 0.51 |
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| (US$ per ADS) | 0.015 | 0.026 |
| 0.084 |
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Revenue decreased 3.0% QoQ to NT$24.43 billion from NT$25.19 billion in 3Q11, and decreased 22.0% YoY from NT$31.32 billion in 4Q10. Gross profit was NT$4.55 billion, or 18.6% of revenue, compared to NT$4.98 billion, or 19.8% of 3Q11 revenue. Operating income for the quarter was NT$0.84 billion, or 3.4% of revenue, compared to NT$1.54 billion, or 6.1% of 3Q11 revenue. The QoQ decrease in revenue mainly came from the lower shipment volume. Net income in 4Q11 was NT$1.18 billion, compared to NT$1.95 billion in 3Q11.
Earnings per ordinary share for the quarter were NT$0.09. Earnings per ADS (Note 2) were US$0.02. The basic weighted average number of outstanding shares in 4Q11 was 12,609,375,064, compared with 12,606,278,572 shares in 3Q11 and 12,450,619,954 shares in 4Q10. The diluted weighted average number of outstanding shares was 13,320,772,626 in 4Q11, compared with 13,378,728,208 shares in 3Q11 and 12,576,463,301 shares in 4Q10. The fully diluted share count on December 31, 2011 was approximately 14,260,187,000. On December 31, 2011, UMC held 458 million treasury shares acquired from the 13th and 14th share buy-back programs.
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Note 2: | One ADS represents five Taiwan-listed ordinary shares. | |
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Detailed Financials Section
COGS & Expenses | |||||||
(Amount: NT$ million) | 4Q11 | 3Q11 | QoQ %
| 4Q10 | YoY %
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Revenue | 24,425 | 25,187 | (3.0) | 31,319 | (22.0) | ||
COGS | (19,875) | (20,203) | (1.6) | (21,267) | (6.5) | ||
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| Depreciation | (6,800) | (6,622) | 2.7 | (5,879) | 15.7 | |
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| Other Mfg. Costs | (13,075) | (13,581) | (3.7) | (15,388) | (15.0) | |
Gross Profit | 4,550 | 4,984 | (8.7) | 10,052 | (54.7) | ||
Gross Margin (%) | 18.6% | 19.8% |
| 32.1% |
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Total Operating Exp. | (3,710) | (3,449) | 7.6 | (3,452) | 7.5 | ||
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| G&A | (601) | (630) | (4.6) | (732) | (17.9) | |
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| Sales & Marketing | (822) | (535) | 53.6 | (486) | 69.1 | |
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| R&D | (2,287) | (2,284) | 0.1 | (2,234) | 2.4 | |
Operating Income | 840 | 1,535 | (45.3) | 6,600 | (87.3) | ||
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Revenue decreased 3.0% QoQ to NT$24.43 billion from NT$25.19 billion in 3Q11 due to reduced shipment volume. Gross profit was NT$4.55 billion, or 18.6% of revenue, compared to NT$4.98 billion, or 19.8% of 3Q11 revenue. Total operating expenses increased 7.6% to NT$3.71 billion mainly due to higher sales and marketing expenses as a result of bad debt accrual from customers. The total R&D expense was 9.4% of revenue in 4Q11.
Non-Operating Income (Expenses) | ||||
(Amount: NT$ million) | 4Q11 | 3Q11 | 4Q10 | |
Net Non-Operating Income | 349 | 445 | 426 | |
Net Interest Income | (7) | 1 | 28 | |
Net Investment Income (Loss) | (1,285) | (473) | (147) | |
Gain (Loss) on Disposal of Investment | 2 | (22) | 432 | |
Exchange Gain (Loss) | 45 | 169 | 34 | |
Other Gain (Loss) | 1,594 | 770 | 79 | |
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Net non-operating income during 4Q11 decreased QoQ to NT$349 million. Net investment loss can be attributed to investment loss accounted for under the equity method. The increase of the gain from other items was mainly due to the raising of valuation gain from embedded options of exchangeable bonds and the donation income from the shares of Best Elite, Hejian's shareholder.
Cash Flow Summary | |||
(Amount: NT$ million) | For the 3-Month
| For the 3-Month
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Cash Flow from Operations | 10,972 | 10,985 | |
Net Income | 1,180 | 1,954 | |
Depreciation & Amortization | 7,919 | 7,675 | |
Changes in Working Capital | 1,298 | (669) | |
Other | 575 | 2,025 | |
Cash Flow from Investing | (16,674) | (10,559) | |
Capital Expenditures | (12,857) | (10,531) | |
Acquisition of Long-term Investments | (3,842) | - | |
Other | 25 | (28) | |
Cash Flow from Financing | 3,091 | (13,006) | |
Bank Loans | 3,909 | 1,763 | |
Cash Dividends | - | (14,034) | |
Reacquisition of ECB | (921) | (804) | |
Other | 103 | 69 | |
Effect of Exchange Rate | (28) | 665 | |
Net Cash Flow | (2,639) | (11,915) | |
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Operating cash inflow was NT$10.97 billion. Free cash flow for 4Q11 was negative NT$1.89 billion, as CAPEX spending for the quarter was NT$12.86 billion. The NT $3.09 billion of financing cash inflow was mainly from the increase of bank loans. Net cash outflow was NT$2.64 billion in 4Q11.
Current Assets | ||||
(Amount: NT$ billion) | 4Q11 | 3Q11 | 4Q10 | |
Cash & Cash Equivalents | 30.83 | 33.47 | 32.93 | |
Notes & Accounts Receivable | 12.50 | 13.99 | 16.50 | |
Days Sales Outstanding | 49 | 53 | 51 | |
Inventories | 10.48 | 11.35 | 11.20 | |
Avg. Inventory Turnover | 51 | 52 | 48 | |
Total Current Assets | 60.77 | 66.80 | 70.54 | |
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Cash and cash equivalents decreased to NT$30.83 billion due to CAPEX spending and acquisition of Long-term Investments.
Liabilities | ||||
(Amount: NT$ billion) | 4Q11 | 3Q11 | 4Q10 | |
Total Current Liabilities | 31.75 | 28.16 | 39.64 | |
Accounts Payable | 4.00 | 4.94 | 5.76 | |
Short-Term Credit / Bonds | 10.43 | 7.35 | 7.98 | |
Payable on Equipment | 6.72 | 4.72 | 11.26 | |
Other | 10.60 | 11.15 | 14.64 | |
Long-Term Liabilities | 15.20 | 15.28 | 0.90 | |
Total Liabilities | 50.56 | 46.96 | 44.02 | |
Debt to Equity | 24% | 22% | 20% | |
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Current liabilities increased to NT$31.75 billion, mainly due to the increasing of Short-Term Credit. Total liabilities increased to NT$50.56 billion in 4Q11. UMC's debt to equity ratio increased to 24%.
Analysis of Revenue (Note 3)
Note 3: | Revenue in this section represents wafer sales. | |
Revenue Breakdown by Region | ||||||
Region | 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
North America | 47% | 48% | 49% | 51% | 53% | |
Asia Pacific | 43% | 40% | 39% | 35% | 30% | |
Europe | 9% | 11% | 11% | 13% | 16% | |
Japan | 1% | 1% | 1% | 1% | 1% | |
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Revenue from Asia Pacific contributed to 43% of UMC's Q4 revenue, due to the relative strength of communication customers in Asia Pacific.
Revenue Breakdown by Geometry | ||||||
Geometry | 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
40nm and below | 8% | 6% | 6% | 6% | 5% | |
40nm<x<=65nm | 41% | 34% | 31% | 29% | 30% | |
65nm<x<=90nm | 6% | 8% | 13% | 15% | 16% | |
90nm<x<=0.13um | 23% | 24% | 24% | 23% | 20% | |
0.13um<x<=0.18um | 10% | 13% | 12% | 13% | 14% | |
0.18um<x<=0.35um | 9% | 11% | 9% | 9% | 10% | |
0.5um and above | 3% | 4% | 5% | 5% | 5% | |
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Revenue from 65nm and below accounted for 49% of total revenue, with 40nm accounting for 8% of UMC's Q4 revenue contribution as advanced process nodes demand increased.
Revenue Breakdown by Customer Type | ||||||
Customer Type | 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
Fabless | 79% | 76% | 73% | 72% | 73% | |
IDM | 21% | 24% | 27% | 28% | 27% | |
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The percentage of revenue from Fabless customers increased from 76% to 79% in 4Q11.
Revenue Breakdown by Application(1) | ||||||
Application | 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
Computer | 14% | 17% | 15% | 14% | 11% | |
Communication | 60% | 53% | 53% | 57% | 56% | |
Consumer | 23% | 27% | 29% | 26% | 30% | |
Memory | 1% | 1% | 1% | 1% | 1% | |
Others | 2% | 2% | 2% | 2% | 2% | |
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Revenue from the Communication sector grew to 60% of total 4Q11 revenue as relatively stronger demand from baseband and AP. Weak LCD and power IC related demand resulted in decreased Consumer sector revenue contribution in Q4.
Blended Average Selling Price Trend
The blended average selling price (ASP) increased during 4Q11 was mainly due to increasing revenue contribution from 40nm and 65nm.
(To view ASP trend, visit http://www.umc.com/english/investors/4Q11_ASP_trend.asp.)
Shipment and Utilization Rate (Note 4)
Wafer Shipments | ||||||
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| 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
Wafer Shipments
| 915 | 1,025 | 1,145 | 1,120 | 1,132 | |
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Quarterly Capacity Utilization Rate | ||||||
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| 4Q11 | 3Q11 | 2Q11 | 1Q11 | 4Q10 | |
Utilization Rate | 68% | 74% | 87% | 90% | 94% | |
Total Capacity
| 1,376 | 1,358 | 1,330 | 1,259 | 1,234 | |
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Wafer shipments decreased 10.7% sequentially to 915K in 4Q11, compared to 1,025K 8-inch equivalent wafers shipped in 3Q11. Since wafer shipments decrease and wafer capacity increased in Q4, overall utilization rate for the quarter dropped to 68%.
Note 4: | Utilization Rate = Quarterly Wafer Out / Quarterly Capacity | |
Capacity (Note 5)
Capacity during the fourth quarter was 1,376K 8-inch equivalent wafers. The increase in total capacity is mainly due to advanced capacity expansion at 12" fabs. The estimated installed capacity in 1Q12 will decrease to 1,364K 8-inch equivalent wafers mainly due to fewer working days.
Annual Capacity in thousands of 8-inch wafer equivalents | |||||||
FAB | Geometry
| 2011 | 2010 | 2009 | 2008 | ||
Fab6A | 6" | 3.5 – 0.45 | 303 | 331 | 328 | 328 | |
Fab8A | 8" | 0.5 – 0.25 | 813 | 816 | 816 | 816 | |
Fab8C | 8" | 0.35 – 0.11 | 359 | 366 | 405 | 417 | |
Fab8D | 8" | 0.13 – 0.09 | 364 | 314 | 267 | 257 | |
Fab8E | 8" | 0.5 – 0.18 | 469 | 410 | 408 | 408 | |
Fab8F | 8" | 0.18 – 0.11 | 388 | 388 | 381 | 372 | |
Fab8S | 8" | 0.18 – 0.11 | 307 | 304 | 300 | 291 | |
Fab12A | 12" | 0.18 – 0.040 | 1,128 | 841 | 866 | 876 | |
Fab12i | 12" | 0.13 – 0.065 | 1,192 | 1,021 | 815 | 742 | |
Total(1) | 5,323 | 4,791 | 4,586 | 4,507 | |||
YoY Growth Rate | 11% | 4% | 2% | 5% | |||
(1)One 6-inch wafer is converted into 0.5625(6 square/8 square) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12 square/8 square) 8-inch equivalent wafers. | |||||||
Quarterly Capacity in thousands of 8-inch wafer equivalents | |||||
FAB | 1Q12E | 4Q11 | 3Q11 | 2Q11 | |
Fab6A | 69 | 76 | 76 | 76 | |
Fab8A | 203 | 204 | 204 | 204 | |
Fab8C | 89 | 90 | 90 | 90 | |
Fab8D | 92 | 93 | 93 | 93 | |
Fab8E | 112 | 118 | 119 | 119 | |
Fab8F | 97 | 98 | 98 | 98 | |
Fab8S | 86 | 79 | 77 | 77 | |
Fab12A | 315 | 316 | 300 | 278 | |
Fab12i | 301 | 302 | 302 | 296 | |
Total | 1,364 | 1,376 | 1,358 | 1,330 | |
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Note 5: | 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. | |
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CAPEX
UMC Capital Expenditure by Year - in US$ billion | ||||||
Year | 2011 | 2010 | 2009 | 2008 | 2007 | |
CAPEX | $ 1.6 | $ 1.8 | $ 0.55 | $ 0.35 | $ 0.9 | |
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2012 CAPEX Plan | ||||
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| 8" | 12" | Total | |
UMC | 3% | 97% | Approximately US$2 billion | |
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The total capital expenditure for 2011 was US$1.6 billion. The capital expenditure budget for 2012 is expected to be approximately US$2 billion. 97% of the amount will be used for 12" advanced capacity expansion.
Brief Summary of Full Year 2011 Results
Operating Results | |||||
(Amount: NT$ million) | 2011 | 2010 | YoY %
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Revenue | 105,880 | 120,431 | (12.1) | ||
Gross Profit | 23,995 | 36,064 | (33.5) | ||
Operating Expenses | (13,857) | (13,436) | 3.1 | ||
Operating Income | 10,138 | 22,628 | (55.2) | ||
Non-Operating Income | 1,428 | 2,759 | (48.2) | ||
Income Tax Expenses | (756) | (1,488) | (49.2) | ||
Net Income | 10,810 | 23,899 | (54.8) | ||
EPS | (NT$ per share) | 0.86 | 1.91 |
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| (US$ per ADS) | 0.142 | 0.316 |
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- Revenue decreased 12.1% YoY to NT$105.88 billion, from NT$120.43 billion in 2010
- Gross margin was 22.7%, compared to 29.9% in 2010
- Operating margin was 9.6%, compared to 18.8% in 2010
- Net income was NT$10.81 billion for 2011
- EPS was NT$0.86, or EPADS was US$0.142 for 2011, compared to EPS of NT$1.91 or EPADS of US$0.316 for 2010
- The percentage of revenue from 65nm and below technologies increased from 27% in 2010 to 39% in 2011
Annual Sales Breakdown in Revenue
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Region | 2011 | 2010 | |
North America | 49% | 48% | |
Asia Pacific | 39% | 38% | |
Europe | 11% | 13% | |
Japan | 1% | 1% | |
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Technology | 2011 | 2010 | |
65nm and below | 39% | 27% | |
65nm<x<=90nm | 11% | 17% | |
90nm<x<=0.13um | 24% | 23% | |
0.13um<x<=0.18um | 12% | 16% | |
0.18um<x<=0.35um | 9% | 12% | |
0.5um and above | 5% | 5% | |
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Customer Type | 2011 | 2010 | |
Fabless | 75% | 78% | |
IDM | 25% | 22% | |
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Application | 2011 | 2010 | |
Computer | 15% | 12% | |
Communication | 55% | 55% | |
Consumer | 27% | 30% | |
Memory | 1% | 1% | |
Others | 2% | 2% | |
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Recent Developments / Announcements
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Feb. 1, 2012 | Faraday and UMC Strengthen IP Alliance for Advanced Nodes | |
Dec. 29, 2011 | UMC Pushes 8" Manufacturing Limit with A+ Technology Solution | |
Nov. 30, 2011 | Kilopass and UMC Sign Long Term Technology Roadmap Agreement | |
Nov. 16, 2011 | UMC Receives Excellence in CSR Award from TWSE | |
Oct. 31, 2011 | UMC Receives Government Approval to Acquire Stakes in He Jian | |
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Please visit UMC's website for further details regarding the above announcements
First Quarter of 2012 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer shipment: Increase marginally
- Wafer ASP in US$: Decrease approximately 5%
- Operating Margin: Low single-digit percentage range
- Capacity utilization: High 60% range
- Segments: Consumer and computer segments will outpace communication segment
- 2012 CAPEX budget: Approximately US$2 billion
Conference Call / Webcast Announcement
Wednesday, February 8, 2012
Time: | 9:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London) | |
Dial-in numbers and Access Codes:
USA Toll Free: | 1866 519 4004 | |
UK Toll Free: | 0808 234 6646 | |
Singapore and Other Areas: | +65 6723 9381 | |
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Access Code: | UMC | |
A live webcast and replay of the 4Q11 results announcement will be available at www.umc.com under the "Investor Relations \ Investor Events" section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab12A in Taiwan and Singapore-based Fab12i are both in volume production for a variety of customer products. The company employs approximately 13,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com.
Note from UMC Concerning Forward-Looking Statements
Some of the statements in the foregoing announcement are forward looking within the meaning of the U.S. Federal Securities laws, including statements about future outsourcing, wafer capacity, technologies, business relationships and market conditions. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance and demand for products from UMC; and technological and development risks. Further information concerning these risks is included in UMC's filings with the U.S. SEC, including on Form F-1, F-3, F-6 and 20-F, each as amended.
Safe Harbor Statements
This release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by use of words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts.
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) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our 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 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 U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. 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 unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP. Investors are cautioned that there are many differences between ROC GAAP and US GAAP.
This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION | ||||||
Condensed Unconsolidated Balance Sheet | ||||||
As of December 31, 2011 | ||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||
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| December 31, 2011 | |||||
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ASSETS |
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Current Assets |
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Cash and Cash Equivalents | 1,019 |
| 30,829 |
| 11.9% | |
Financial Assets at Fair Value through Profit or Loss, current | 23 |
| 696 |
| 0.3% | |
Available-for-Sale Financial Assets, current | 169 |
| 5,125 |
| 2.0% | |
Notes & Accounts Receivable, net | 413 |
| 12,502 |
| 4.8% | |
Inventories, net | 346 |
| 10,479 |
| 4.1% | |
Other Current Assets | 38 |
| 1,134 |
| 0.4% | |
Total Current Assets | 2,008 |
| 60,765 |
| 23.5% | |
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Non-Current Assets |
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Funds and Investments | 1,985 |
| 60,076 |
| 23.2% | |
Property, Plant and Equipment, net | 4,328 |
| 130,951 |
| 50.7% | |
Other Assets | 221 |
| 6,701 |
| 2.6% | |
Total Non-Current Assets | 6,534 |
| 197,728 |
| 76.5% | |
TOTAL ASSETS | 8,542 |
| 258,493 |
| 100.0% | |
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LIABILITIES |
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Current Liabilities |
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Short-term Loans | 150 |
| 4,547 |
| 1.8% | |
Financial Liabilities at Fair Value through Profit or Loss, current | 25 |
| 742 |
| 0.3% | |
Payables | 665 |
| 20,123 |
| 7.8% | |
Current Portion of Long-term Liabilities | 194 |
| 5,881 |
| 2.3% | |
Other Current Liabilities | 15 |
| 456 |
| 0.1% | |
Total Current Liabilities | 1,049 |
| 31,749 |
| 12.3% | |
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Non-Current Liabilities |
|
|
|
|
| |
Bonds Payable | 396 |
| 11,984 |
| 4.6% | |
Long-term Loans | 106 |
| 3,219 |
| 1.2% | |
Other Liabilities | 120 |
| 3,604 |
| 1.5% | |
Total Non-Current Liabilities | 622 |
| 18,807 |
| 7.3% | |
TOTAL LIABILITIES | 1,671 |
| 50,556 |
| 19.6% | |
|
|
|
|
|
|
| |
STOCKHOLDERS' EQUITY |
|
|
|
|
| |
Capital Stock | 4,324 |
| 130,845 |
| 50.6% | |
Additional Paid-in Capital | 1,535 |
| 46,461 |
| 18.0% | |
Retained Earnings, Unrealized Gain or Loss on Financial
| 1,218 |
| 36,854 |
| 14.2% | |
Treasury Stock | (206) |
| (6,223) |
| (2.4%) | |
TOTAL STOCKHOLDERS' EQUITY | 6,871 |
| 207,937 |
| 80.4% | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,542 |
| 258,493 |
| 100.0% | |
|
| ||||||
UNITED MICROELECTRONICS CORPORATION | ||||||||||||||||||||||||||||||||||||
Condensed Unconsolidated Income Statement | ||||||||||||||||||||||||||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||||||||||||||||||||||||||||||||
Except Per Share and Per ADS Data | ||||||||||||||||||||||||||||||||||||
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| Year over Year Comparison |
| Quarter over Quarter Comparison | |||||||||||||||||||||||||||||||||
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| Three-Month Period Ended |
|
| Three-Month Period Ended |
| |||||||||||||||||||||||||||||||
|
| December 31, 2011 |
| December 31, 2010 |
| % |
| December 31, 2011 |
| September 30, 2011 |
| % | |||||||||||||||||||||||||
|
| US$ |
| NT$ |
| US$ |
| NT$ |
| Chg. |
| US$ |
| NT$ |
| US$ |
| NT$ |
| Chg. | |||||||||||||||||
Net Sales | 807 |
| 24,425 |
| 1,035 |
| 31,319 |
| (22.0%) |
| 807 |
| 24,425 |
| 832 |
| 25,187 |
| (3.0%) | |||||||||||||||||
Cost of Goods Sold | (657) |
| (19,875) |
| (703) |
| (21,267) |
| (6.5%) |
| (657) |
| (19,875) |
| (667) |
| (20,203) |
| (1.6%) | |||||||||||||||||
Net Gross Profit | 150 |
| 4,550 |
| 332 |
| 10,052 |
| (54.7%) |
| 150 |
| 4,550 |
| 165 |
| 4,984 |
| (8.7%) | |||||||||||||||||
|
| 18.6% |
| 18.6% |
| 32.1% |
| 32.1% |
|
|
| 18.6% |
| 18.6% |
| 19.8% |
| 19.8% |
|
| |||||||||||||||||
Operating Expenses |
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- Sales & Marketing | (27) |
| (822) |
| (16) |
| (486) |
| 69.1% |
| (27) |
| (822) |
| (18) |
| (535) |
| 53.6% | |||||||||||||||||
- General & Administrative | (20) |
| (601) |
| (24) |
| (732) |
| (17.9%) |
| (20) |
| (601) |
| (21) |
| (630) |
| (4.6%) | |||||||||||||||||
- Research & Development | (75) |
| (2,287) |
| (74) |
| (2,234) |
| 2.4% |
| (75) |
| (2,287) |
| (75) |
| (2,284) |
| 0.1% | |||||||||||||||||
|
| (122) |
| (3,710) |
| (114) |
| (3,452) |
| 7.5% |
| (122) |
| (3,710) |
| (114) |
| (3,449) |
| 7.6% | |||||||||||||||||
Operating Income | 28 |
| 840 |
| 218 |
| 6,600 |
| (87.3%) |
| 28 |
| 840 |
| 51 |
| 1,535 |
| (45.3%) | |||||||||||||||||
|
| 3.4% |
| 3.4% |
| 21.1% |
| 21.1% |
|
|
| 3.4% |
| 3.4% |
| 6.1% |
| 6.1% |
|
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Net Non-Operating Income | 11 |
| 349 |
| 14 |
| 426 |
| (18.1%) |
| 11 |
| 349 |
| 14 |
| 445 |
| (21.6%) | |||||||||||||||||
Income from Continuing Operations before Income Tax | 39 |
| 1,189 |
| 232 |
| 7,026 |
| (83.1%) |
| 39 |
| 1,189 |
| 65 |
| 1,980 |
| (39.9%) | |||||||||||||||||
|
| 4.9% |
| 4.9% |
| 22.4% |
| 22.4% |
|
|
| 4.9% |
| 4.9% |
| 7.9% |
| 7.9% |
|
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Income Tax Expense | (0) |
| (9) |
| (20) |
| (602) |
| (98.5%) |
| (0) |
| (9) |
| (0) |
| (26) |
| (65.4%) | |||||||||||||||||
Net Income | 39 |
| 1,180 |
| 212 |
| 6,424 |
| (81.6%) |
| 39 |
| 1,180 |
| 65 |
| 1,954 |
| (39.6%) | |||||||||||||||||
|
| 4.8% |
| 4.8% |
| 20.5% |
| 20.5% |
|
|
| 4.8% |
| 4.8% |
| 7.8% |
| 7.8% |
|
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Earnings per Share | 0.003 |
| 0.09 |
| 0.017 |
| 0.52 |
|
|
| 0.003 |
| 0.09 |
| 0.005 |
| 0.16 |
|
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Earnings per ADS(2) | 0.015 |
| 0.45 |
| 0.086 |
| 2.60 |
|
|
| 0.015 |
| 0.45 |
| 0.026 |
| 0.80 |
|
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Weighted Average Number of Shares |
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Outstanding (in millions) |
|
| 12,609 |
|
|
| 12,451 |
|
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|
|
| 12,609 |
|
|
| 12,606 |
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Note: (1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2011 exchange rate of NT $30.26 per U.S. Dollar. All figures are in ROC GAAP. (2) 1 ADS equals 5 common shares. | ||||||||||||||||||||||||||||||||||||
UNITED MICROELECTRONICS CORPORATION | ||||||||||||
Condensed Unconsolidated Income Statement | ||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||||||||
Except Per Share and Per ADS Data | ||||||||||||
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| |
|
| For the Three-Month Period Ended |
| For the Twelve-Month Period Ended | |||||||||
|
| December 31, 2011 |
| December 31, 2011 | |||||||||
|
| US$ |
| NT$ |
| % |
| US$ |
| NT$ |
| % | |
Net Sales | 807 |
| 24,425 |
| 100.0% |
| 3,499 |
| 105,880 |
| 100.0% | |
Cost of Goods Sold | (657) |
| (19,875) |
| (81.4%) |
| (2,706) |
| (81,885) |
| (77.3%) | |
Net Gross Profit | 150 |
| 4,550 |
| 18.6% |
| 793 |
| 23,995 |
| 22.7% | |
|
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| |
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| |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
| |
- Sales & Marketing | (27) |
| (822) |
| (3.4%) |
| (79) |
| (2,394) |
| (2.3%) | |
- General & Administrative | (20) |
| (601) |
| (2.4%) |
| (82) |
| (2,487) |
| (2.3%) | |
- Research & Development | (75) |
| (2,287) |
| (9.4%) |
| (297) |
| (8,976) |
| (8.5%) | |
|
| (122) |
| (3,710) |
| (15.2%) |
| (458) |
| (13,857) |
| (13.1%) | |
Operating Income | 28 |
| 840 |
| 3.4% |
| 335 |
| 10,138 |
| 9.6% | |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Non-Operating Income | 11 |
| 349 |
| 1.5% |
| 47 |
| 1,428 |
| 1.3% | |
Income from Continuing Operations before
| 39 |
| 1,189 |
| 4.9% |
| 382 |
| 11,566 |
| 10.9% | |
|
|
|
|
|
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|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Income Tax Expense | (0) |
| (9) |
| (0.1%) |
| (25) |
| (756) |
| (0.7%) | |
Net Income | 39 |
| 1,180 |
| 4.8% |
| 357 |
| 10,810 |
| 10.2% | |
|
|
|
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| |
Earnings per Share | 0.003 |
| 0.09 |
|
|
| 0.028 |
| 0.86 |
|
| |
Earnings per ADS(2) | 0.015 |
| 0.45 |
|
|
| 0.142 |
| 4.30 |
|
| |
|
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|
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| |
Weighted Average Number of Shares
|
|
| 12,609 |
|
|
|
|
| 12,561 |
|
| |
|
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|
|
|
|
|
|
|
|
|
| |
Note: (1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2011 exchange rate of NT $30.26 per U.S. Dollar. All figures are in ROC GAAP. (2) 1 ADS equals 5 common shares. | ||||||||||||
UNITED MICROELECTRONICS CORPORATION Condensed Unconsolidated Statement of Cash Flows For The Twelve-Month Period Ended December 31, 2011 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||
|
|
|
|
| |
|
| USD |
| NTD | |
Cash flows from operating activities : |
|
|
| |
Net Income | 357 |
| 10,810 | |
Depreciation & Amortization | 1,008 |
| 30,509 | |
Bad debt | 8 |
| 248 | |
Donation Income | (23) |
| (692) | |
Loss on decline in market value, scrap and obsolescence of inventories | 23 |
| 687 | |
Cash dividends received under the equity method | 19 |
| 585 | |
Investment loss accounted for under the equity method | 105 |
| 3,182 | |
Gain on valuation of financial assets and liabilities | (34) |
| (1,014) | |
Impairment loss | 9 |
| 283 | |
Gain on disposal of investments | (7) |
| (199) | |
Gain on disposal of property, plant and equipment | (1) |
| (30) | |
Gain on disposal of non-current assets held for sale | (6) |
| (193) | |
Exchange loss on financial assets and liabilities | 3 |
| 79 | |
Exchange loss on long-term liabilities | 6 |
| 189 | |
Amortization of bond discounts | 10 |
| 300 | |
Gain on reacquisition of bonds | (6) |
| (167) | |
Amortization of deferred income | (3) |
| (96) | |
Stock-based payment | 26 |
| 794 | |
Changes in assets, liabilities and others | (0) |
| (57) | |
Net cash provided by operating activities | 1,494 |
| 45,218 | |
|
|
|
|
| |
Cash flows from investing activities : |
|
|
| |
Proceeds from disposal of available-for-sales financial assets | 6 |
| 174 | |
Acquisition of financial assets measured at cost | (6) |
| (196) | |
Proceed from sale of financial assets measured at cost | 2 |
| 52 | |
Acquisition of long-term investments accounted for under the equity method | (178) |
| (5,386) | |
Proceeds from liquidation of long-term investments | 4 |
| 111 | |
Acquisition of property, plant and equipment | (1,533) |
| (46,400) | |
Proceeds from disposal of property, plant and equipment | 1 |
| 44 | |
Proceeds from disposal of non-current assets held for sale | 19 |
| 577 | |
Increase in deferred charges | (12) |
| (357) | |
Increase in other assets - others | (15) |
| (433) | |
Net cash used in investing activities | (1,712) |
| (51,814) | |
|
|
|
|
| |
Cash flows from financing activities : |
|
|
| |
Increase in short-term loans | 62 |
| 1,875 | |
Proceeds from long-term loans | 93 |
| 2,800 | |
Repayments of long-term loans | (13) |
| (387) | |
Acquisition of bonds | (57) |
| (1,726) | |
Proceeds from bonds issued | 477 |
| 14,423 | |
Bonds issue cost | (2) |
| (67) | |
Cash dividends | (464) |
| (14,034) | |
Exercise of employee stock options | 33 |
| 1,004 | |
Proceeds from disposal of treasury stock | 0 |
| 15 | |
Increase in deposits-in | 3 |
| 80 | |
Net cash provided by financing activities | 132 |
| 3,983 | |
|
|
|
|
| |
Effect of exchange rate changes on cash and cash equivalents | 16 |
| 507 | |
Net increase in cash and cash equivalents | (70) |
| (2,106) | |
|
|
|
|
| |
Cash and cash equivalents at beginning of period | 1,089 |
| 32,935 | |
|
|
|
|
| |
Cash and cash equivalents at end of period | 1,019 |
| 30,829 | |
|
|
|
|
| |
|
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|
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| |
Note: New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2011 exchange rate of NT $30.26 per U.S. Dollar. All figures are in ROC GAAP. | ||||
Contacts:
Bowen Huang / Jason Ho
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16944 / 16970
Email Contact /
Email Contact
SOURCE United Microelectronics Corporation
| Contact: |
| United Microelectronics Corporation
Web: http://www.umc.com |