Second Quarter of 2012 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer shipment: Increase approximately 15%
- Wafer ASP in US$: Remain flat from previous quarter
- Gross Margin: Low 20% range
- Capacity utilization: Low 80% range
- Segments: Communication and consumer segments will outpace computer segment
Conference Call / Webcast Announcement
Wednesday, April 25, 2012
Time: 8:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London)
|
USA Toll Free: |
1866 519 4004 |
|
UK Toll Free: |
0808 234 6646 |
|
Singapore and Other Areas: |
+65 6723 9381 |
|
Access Code: |
UMC |
A live webcast and replay of the 1Q12 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 28nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab 12A in Taiwan and Singapore-based Fab 12i are both in volume production for a variety of customer products. The company employs over 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 Statement of Cash Flows | ||||
|
For The Twelve-Month Period Ended March 31, 2012 | ||||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||
|
|
|
|
|
|
|
|
USD |
|
NTD |
|
|
Cash flows from operating activities : |
|
|
|
|
|
Net Income |
45 |
|
1,335 |
|
|
Depreciation & Amortization |
267 |
|
7,865 |
|
|
Bad debt |
(0) |
|
(0) |
|
|
Gain on recovery in market value and obsolescence of inventories |
(9) |
|
(254) |
|
|
Investment lossaccounted for under the equity method |
7 |
|
202 |
|
|
Loss on valuation of financial assets and liabilities |
2 |
|
71 |
|
|
Impairment loss |
1 |
|
21 |
|
|
Gain on disposal of investments |
(12) |
|
(362) |
|
|
Gain on disposal of property, plant and equipment |
(0) |
|
(11) |
|
|
Exchange gain on financial assets and liabilities |
(4) |
|
(121) |
|
|
Exchange gain on long-term liabilities |
(5) |
|
(141) |
|
|
Amortization of bond discounts |
3 |
|
85 |
|
|
Amortization of deferred income |
(1) |
|
(21) |
|
|
Stock-based payment |
3 |
|
82 |
|
|
Changes in assets, liabilities and others |
25 |
|
747 |
|
|
Net cash provided by operating activities |
322 |
|
9,498 |
|
|
|
|
|
|
|
|
Cash flows from investing activities : |
|
|
|
|
|
Proceeds from disposal of available-for-sales financial assets |
22 |
|
663 |
|
|
Acquisition of long-term investments accounted for under the equity method |
(1) |
|
(16) |
|
|
Acquisition of property, plant and equipment |
(327) |
|
(9,659) |
|
|
Proceeds from disposal of property, plant and equipment |
0 |
|
11 |
|
|
Increase in deferred charges |
(11) |
|
(336) |
|
|
Increase in other assets - others |
0 |
|
(1) |
|
|
Net cash used in investing activities |
(317) |
|
(9,338) |
|
|
|
|
|
|
|
|
Cash flows from financing activities : |
|
|
|
|
|
Decrease in short-term loans |
(71) |
|
(2,098) |
|
|
Proceeds from long-term loans |
101 |
|
3,000 |
|
|
Repayments of long-term loans |
(3) |
|
(96) |
|
|
Exercise of employee stock options |
4 |
|
109 |
|
|
Proceeds from disposal of treasury stock |
0 |
|
3 |
|
|
Increase in deposits-in |
0 |
|
1 |
|
|
Net cash provided by financing activities |
31 |
|
919 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(10) |
|
(307) |
|
|
Net increase in cash and cash equivalents |
26 |
|
772 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
1,045 |
|
30,829 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
1,071 |
|
31,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2012 exchange rate of NT $ 29.50 per U.S. Dollar. |
| |||
|
All figures are in ROC GAAP. |
|
|
|
|
|
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 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison |
|
Quarter over Quarter Comparison | ||||||||||||||||
|
|
Three-Month Period Ended |
|
|
|
Three-Month Period Ended |
|
| ||||||||||||
|
|
March 31, 2012 |
|
March 31, 2011 |
|
% |
|
March 31, 2012 |
|
December 31, 2011 |
|
% | ||||||||
|
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
Chg. |
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
Chg. |
|
Net Sales |
805 |
|
23,765 |
|
953 |
|
28,118 |
|
(15.5%) |
|
805 |
|
23,765 |
|
828 |
|
24,425 |
|
(2.7%) |
|
Cost of Goods Sold |
(651) |
|
(19,215) |
|
(691) |
|
(20,376) |
|
(5.7%) |
|
(651) |
|
(19,215) |
|
(674) |
|
(19,875) |
|
(3.3%) |
|
Net Gross Profit |
154 |
|
4,550 |
|
262 |
|
7,742 |
|
(41.2%) |
|
154 |
|
4,550 |
|
154 |
|
4,550 |
|
0.0% |
|
|
19.1% |
|
19.1% |
|
27.5% |
|
27.5% |
|
|
|
19.1% |
|
19.1% |
|
18.6% |
|
18.6% |
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales & Marketing |
(17) |
|
(509) |
|
(15) |
|
(452) |
|
12.6% |
|
(17) |
|
(509) |
|
(28) |
|
(822) |
|
(38.1%) |
|
-General & Administrative |
(19) |
|
(552) |
|
(23) |
|
(668) |
|
(17.4%) |
|
(19) |
|
(552) |
|
(20) |
|
(601) |
|
(8.2%) |
|
- Research & Development |
(73) |
|
(2,165) |
|
(74) |
|
(2,180) |
|
(0.7%) |
|
(73) |
|
(2,165) |
|
(78) |
|
(2,287) |
|
(5.3%) |
|
|
(109) |
|
(3,226) |
|
(112) |
|
(3,300) |
|
(2.2%) |
|
(109) |
|
(3,226) |
|
(126) |
|
(3,710) |
|
(13.0%) |
|
Operating Income |
45 |
|
1,324 |
|
150 |
|
4,442 |
|
(70.2%) |
|
45 |
|
1,324 |
|
28 |
|
840 |
|
57.6% |
|
|
5.6% |
|
5.6% |
|
15.8% |
|
15.8% |
|
|
|
5.6% |
|
5.6% |
|
3.4% |
|
3.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Non-Operating Income (Expenses) |
6 |
|
169 |
|
15 |
|
432 |
|
(60.9%) |
|
6 |
|
169 |
|
5 |
|
149 |
|
13.4% |
|
Income from Continuing Operations before
|
51 |
|
1,493 |
|
165 |
|
4,874 |
|
(69.4%) |
|
51 |
|
1,493 |
|
33 |
|
989 |
|
51.0% |
|
|
6.3% |
|
6.3% |
|
17.3% |
|
17.3% |
|
|
|
6.3% |
|
6.3% |
|
4.1% |
|
4.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense |
(6) |
|
(158) |
|
(13) |
|
(391) |
|
(59.6%) |
|
(6) |
|
(158) |
|
(0) |
|
(9) |
|
100.0% |
|
Net Income |
45 |
|
1,335 |
|
152 |
|
4,483 |
|
(70.2%) |
|
45 |
|
1,335 |
|
33 |
|
980 |
|
36.2% |
|
|
5.6% |
|
5.6% |
|
15.9% |
|
15.9% |
|
|
|
5.6% |
|
5.6% |
|
4.0% |
|
4.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share |
0.004 |
|
0.11 |
|
0.012 |
|
0.36 |
|
|
|
0.004 |
|
0.11 |
|
0.003 |
|
0.08 |
|
|
|
Earnings per ADS (2) |
0.019 |
|
0.55 |
|
0.061 |
|
1.80 |
|
|
|
0.019 |
|
0.55 |
|
0.014 |
|
0.40 |
|
|
|
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding (in millions) |
|
|
12,613 |
|
|
|
12,514 |
|
|
|
|
|
12,613 |
|
|
|
12,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2012 exchange rate of NT $ 29.50 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 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended |
|
For the Three-Month Period Ended | ||||||||
|
|
March 31, 2012 |
|
March 31, 2012 | ||||||||
|
|
US$ |
|
NT$ |
|
% |
|
US$ |
|
NT$ |
|
% |
|
Net Sales |
805 |
|
23,765 |
|
100.0% |
|
805 |
|
23,765 |
|
100.0% |
|
Cost of Goods Sold |
(651) |
|
(19,215) |
|
(80.9%) |
|
(651) |
|
(19,215) |
|
(80.9%) |
|
Net Gross Profit |
154 |
|
4,550 |
|
19.1% |
|
154 |
|
4,550 |
|
19.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
- Sales & Marketing |
(17) |
|
(509) |
|
(2.1%) |
|
(17) |
|
(509) |
|
(2.1%) |
|
- General & Administrative |
(19) |
|
(552) |
|
(2.3%) |
|
(19) |
|
(552) |
|
(2.3%) |
|
- Research & Development |
(73) |
|
(2,165) |
|
(9.1%) |
|
(73) |
|
(2,165) |
|
(9.1%) |
|
|
(109) |
|
(3,226) |
|
(13.5%) |
|
(109) |
|
(3,226) |
|
(13.5%) |
|
Operating Income |
45 |
|
1,324 |
|
5.6% |
|
45 |
|
1,324 |
|
5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Non-Operating Income (Expenses) |
6 |
|
169 |
|
0.7% |
|
6 |
|
169 |
|
0.7% |
|
Income from Continuing Operations before
|
51 |
|
1,493 |
|
6.3% |
|
51 |
|
1,493 |
|
6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense |
(6) |
|
(158) |
|
(0.7%) |
|
(6) |
|
(158) |
|
(0.7%) |
|
Net Income |
45 |
|
1,335 |
|
5.6% |
|
45 |
|
1,335 |
|
5.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share |
0.004 |
|
0.11 |
|
|
|
0.004 |
|
0.11 |
|
|
|
Earnings per ADS (2) |
0.019 |
|
0.55 |
|
|
|
0.019 |
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares
|
|
|
12,613 |
|
|
|
|
|
12,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2012 exchange rate of NT $ 29.50 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 March 31, 2012 | ||||
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||
|
|
|
|
|
|
|
|
USD |
|
NTD |
|
|
Cash flows from operating activities : |
|
|
|
|
|
Net Income |
45 |
|
1,335 |
|
|
Depreciation & Amortization |
267 |
|
7,865 |
|
|
Bad debt |
(0) |
|
(0) |
|
|
Gain on recovery in market value and obsolescence of inventories |
(9) |
|
(254) |
|
|
Investment loss accounted for under the equity method |
7 |
|
202 |
|
|
Loss on valuation of financial assets and liabilities |
2 |
|
71 |
|
|
Impairment loss |
1 |
|
21 |
|
|
Gain on disposal of investments |
(12) |
|
(362) |
|
|
Gain on disposal of property, plant and equipment |
(0) |
|
(11) |
|
|
Exchange gain on financial assets and liabilities |
(4) |
|
(121) |
|
|
Exchange gain on long-term liabilities |
(5) |
|
(141) |
|
|
Amortization of bond discounts |
3 |
|
85 |
|
|
Amortization of deferred income |
(1) |
|
(21) |
|
|
Stock-based payment |
3 |
|
82 |
|
|
Changes in assets, liabilities and others |
25 |
|
747 |
|
|
Net cash provided by operating activities |
322 |
|
9,498 |
|
|
|
|
|
|
|
|
Cash flows from investing activities : |
|
|
|
|
|
Proceeds from disposal of available-for-sales financial assets |
22 |
|
663 |
|
|
Acquisition of long-term investments accounted for under the equity method |
(1) |
|
(16) |
|
|
Acquisition of property, plant and equipment |
(327) |
|
(9,659) |
|
|
Proceeds from disposal of property, plant and equipment |
0 |
|
11 |
|
|
Increase in deferred charges |
(11) |
|
(336) |
|
|
Increase in other assets - others |
0 |
|
(1) |
|
|
Net cash used in investing activities |
(317) |
|
(9,338) |
|
|
|
|
|
|
|
|
Cash flows from financing activities : |
|
|
|
|
|
Decrease in short-term loans |
(71) |
|
(2,098) |
|
|
Proceeds from long-term loans |
101 |
|
3,000 |
|
|
Repayments of long-term loans |
(3) |
|
(96) |
|
|
Exercise of employee stock options |
4 |
|
109 |
|
|
Proceeds from disposal of treasury stock |
0 |
|
3 |
|
|
Increase in deposits-in |
0 |
|
1 |
|
|
Net cash providedby financing activities |
31 |
|
919 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
(10) |
|
(307) |
|
|
Net increase in cash and cash equivalents |
26 |
|
772 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
1,045 |
|
30,829 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
1,071 |
|
31,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2012 exchange rate of NT $ 29.50 per U.S. Dollar. |
| |||
|
All figures are in ROC GAAP. |
|
|
|
|
