Customer demand rebounds; 15% wafer shipment growth in Q2
(PRNewswire) —TAIPEI, Taiwan, April 25, 2012 /PRNewswire-Asia/ --
First Quarter 2012 Overview (Note 1):
- Revenue: decreased 2.7% QoQ to NT$23.77 billion (US$805.60 million)
- Gross margin: 19.1%; operating margin: 5.6%
- Capacity utilization: 71%
- Net income: NT$1.34 billion (US$45.27 million)
- Earnings per share: NT$0.11; earnings per ADS: US$0.019
|
Note 1: Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, unconsolidated, and represent comparisons among the three-month period ending Mar 31, 2012, the three-month period ending Dec 31, 2011, and the equivalent three-month period that ended Mar 31, 2011. For all 1Q12 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Mar 31, 2012 exchange rate of NT$29.50 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 first quarter of 2012.
Revenue was NT$23.77 billion, a 2.7% quarter-over-quarter decrease from NT$24.43 billion in 4Q11, and a 15.5% year-over-year decrease from NT$28.12 billion in 1Q11. Gross margin was 19.1%, operating margin was 5.6%, net income was NT$1.34 billion, and earnings per ordinary share were NT$0.11.
Dr. Shih-Wei Sun, CEO of UMC, said: "In 1Q 2012, UMC's profitability and revenue exceeded our expectations. Wafer shipments reached 963 thousand 8-inch equivalent wafers, bringing overall capacity utilization to 71%. Revenue contribution from 40nm increased to 9%. For the second quarter, we expect wafer shipments to increase 15% as communication and consumer IC demand grows. This projected growth reconfirms that the economic cycle trough seen in the first quarter signaled that the semiconductor industry's multi-quarter inventory correction has subsided."
Dr. Sun continued, "UMC is progressing smoothly on our advanced 28nm process technology. We have successfully delivered 28nm flagship product samples to mobile communication and computing customers, with additional product tape-outs during last quarter. We remain on track to enter volume production for UMC 28nm process in the second half of 2012. Meanwhile, to effectively utilize existing 65nm and 90nm capacity, we are developing numerous specialty technologies to deliver more diversified and comprehensive customer foundry solutions for the future."
Dr. Sun added, "We are optimistic about the semiconductor industry's long-term development. To solidify UMC's profitability and business growth, we will continue to follow the 'Customer-Driven Foundry Solutions' philosophy that involves internal technology R&D to fulfill customer needs. Moreover, we are actively building sufficient capacity for 28nm technology. We believe that this node will enhance UMC's customer and product mix, average selling price, and profitability once volume production begins. In the meantime, the Board of Directors has proposed for shareholders' approval of a 2011 cash dividend payout of NT$0.5 per share. The resolution would maintain a 60% cash dividend payout ratio, even after this year's aggressive capacity expansion plans. Looking ahead into next quarter, our consistent efforts will be directed towards timely management of customers' advanced capacity needs and completing all necessary 28nm preparation for volume production in order to maximize benefits to customers and UMC."
Summary of Operating Results
|
Operating Results | |||||
|
(Amount: NT$ million) |
1Q12 |
4Q11 |
QoQ %
|
1Q11 |
YoY %
|
|
Revenue |
23,765 |
24,425 |
(2.7) |
28,118 |
(15.5) |
|
Gross Profit |
4,550 |
4,550 |
0.0 |
7,742 |
(41.2) |
|
Operating Expenses |
(3,226) |
(3,710) |
(13.0) |
(3,300) |
(2.2) |
|
Operating Income |
1,324 |
840 |
57.6 |
4,442 |
(70.2) |
|
Non-Operating Income |
169 |
149 |
13.4 |
432 |
(60.9) |
|
Net Income |
1,335 |
980 |
36.2 |
4,483 |
(70.2) |
|
EPS (NT$ per share) |
0.11 |
0.08 |
|
0.36 |
|
|
(US$ per ADS) |
0.019 |
0.014 |
|
0.061 |
|
Revenue decreased 2.7% QoQ to NT$23.77 billion from NT$24.43 billion in 4Q11, and decreased 15.5% YoY from NT$28.12 billion in 1Q11. Although wafer shipment increased 5% QoQ, revenue was largely offset by lower ASP. Gross profit was NT$4.55 billion, or 19.1% of revenue, compared to NT$4.55 billion, or 18.6% of 4Q11 revenue. Operating income for the quarter was NT$1.32 billion, or 5.6% of revenue, compared to NT$0.84 billion, or 3.4% of 4Q11 revenue. Net income in 1Q12 was NT$1.34 billion, compared to NT$0.98 billion in 4Q11.
Earnings per ordinary share for the quarter were NT$0.11. Earnings per ADS (Note 2) were US$0.019. The basic weighted average number of outstanding shares in 1Q12 was 12,613,307,158, compared with 12,609,375,064 shares in 4Q11 and 12,513,899,178 shares in 1Q11. The diluted weighted average number of outstanding shares was 13,420,471,778 in 1Q12, compared with 13,319,535,653 shares in 4Q11 and 12,810,053,573 shares in 1Q11. The fully diluted share count on March 31, 2012 was approximately 14,087,125,000. On March 14, 2012, UMC retired 158 million treasury shares bought from the 13th share buy-back program. As of March, 31, 2012, there are a total of 300 million shares of treasury stock outstanding purchased from the 14th buy-back program.
|
Note 2: |
One ADS represents five Taiwan-listed ordinary shares. |
Detailed Financials Section
Due to lower blended ASP, revenue did not keep pace with the improved wafer shipment. Total operating expense declined 13% to NT$3.23 billion, mainly from the reduced sales & marketing expenses largely associated with a bad debt expense accrued in 4Q11 but not in 1Q12. The total R&D expense was 9.1% of revenue in 1Q12.
|
COGS & Expenses | |||||
|
(Amount: NT$ million) |
1Q12 |
4Q11 |
QoQ %
|
1Q11 |
YoY %
|
|
Revenue |
23,765 |
24,425 |
(2.7) |
28,118 |
(15.5) |
|
COGS |
(19,215) |
(19,875) |
(3.3) |
(20,376) |
(5.7) |
|
Depreciation |
(6,794) |
(6,800) |
(0.1) |
(5,840) |
16.3 |
|
Other Mfg. Costs |
(12,421) |
(13,075) |
(5.0) |
(14,536) |
(14.6) |
|
Gross Profit |
4,550 |
4,550 |
0.0 |
7,742 |
(41.2) |
|
Gross Margin (%) |
19.1% |
18.6% |
|
27.5% |
|
|
Total Operating Exp. |
(3,226) |
(3,710) |
(13.0) |
(3,300) |
(2.2) |
|
G&A |
(552) |
(601) |
(8.2) |
(668) |
(17.4) |
|
Sales & Marketing |
(509) |
(822) |
(38.1) |
(452) |
12.6 |
|
R&D |
(2,165) |
(2,287) |
(5.3) |
(2,180) |
(0.7) |
|
Operating Income |
1,324 |
840 |
57.6 |
4,442 |
(70.2) |
Net non-operating income during 1Q12 increased QoQ to NT$169 million. The gain on disposal of investment was NT$362 million, including NT$194 million from Springsoft, Inc., NT$86 million from Holtek Semiconductor Inc. and NT$82 million from Chipbond Technology Corp.
|
Non-Operating Income (Expenses) | |||
|
(Amount: NT$ million) |
1Q12 |
4Q11 |
1Q11 |
|
Net Non-Operating Income |
169 |
149 |
432 |
|
Net Interest Income (Loss) |
(5) |
(7) |
26 |
|
Net Investment Income (Loss) |
(176) |
(1,485) |
(420) |
|
Gain (Loss) on Disposal of Investment |
362 |
2 |
16 |
|
Exchange Gain (Loss) |
(24) |
45 |
149 |
|
Other Gain (Loss) |
12 |
1,594 |
661 |
Operating cash inflow was NT$9.50 billion. Free cash flow for 1Q12 was negative NT$161 million, as CAPEX spending for the quarter was NT$9.66 billion. The NT$919 million of financing cash inflow was mainly from the increase of bank loans. Net cash inflow was NT$772 million in 1Q12.
|
Cash Flow Summary | ||
|
(Amount: NT$ million) |
For the 3-Month
|
For the 3-Month
|
|
Cash Flow from Operations |
9,498 |
10,972 |
|
Net Income |
1,335 |
980 |
|
Depreciation & Amortization |
7,865 |
7,919 |
|
Changes in Working Capital |
747 |
1,298 |
|
Other |
(449) |
775 |
|
Cash Flow from Investing |
(9,338) |
(16,674) |
|
Capital Expenditures |
(9,659) |
(12,857) |
|
Acquisition of Long-term Investments |
(16) |
(3,842) |
|
Other |
337 |
25 |
|
Cash Flow from Financing |
919 |
3,091 |
|
Bank Loans |
806 |
3,909 |
|
Reacquisition of ECB |
- |
(921) |
|
Other |
113 |
103 |
|
Effect of Exchange Rate |
(307) |
(28) |
|
Net Cash Flow |
772 |
(2,639) |
Due to a net cash inflow of NT$ 772 million, cash and cash equivalents slightly increased to NT$31.60 billion. The one day DOI reduction was due to lower raw material levels.
|
Current Assets | |||
|
(Amount: NT$ billion) |
1Q12 |
4Q11 |
1Q11 |
|
Cash & Cash Equivalents |
31.60 |
30.83 |
31.03 |
|
Notes & Accounts Receivable |
12.45 |
12.50 |
15.78 |
|
Days Sales Outstanding |
48 |
49 |
52 |
|
Inventories |
10.11 |
10.48 |
12.02 |
|
Avg. Inventory Turnover |
50 |
51 |
53 |
|
Total Current Assets |
62.15 |
60.77 |
67.90 |
Current liabilities decreased to NT$31 billion while long-term liabilities increased to NT$17.59 billion as short-term loans were paid back with borrowings from long-term loans. UMC's debt to equity ratio was 25% in 1Q12.
|
Liabilities | |||
|
(Amount: NT$ billion) |
1Q12 |
4Q11 |
1Q11 |
|
Total Current Liabilities |
31.00 |
31.75 |
38.37 |
|
Accounts Payable |
4.42 |
4.00 |
5.86 |
|
Short-Term Credit / Bonds |
8.70 |
10.43 |
8.16 |
|
Payable on Equipment |
7.34 |
6.72 |
9.97 |
|
Other |
10.54 |
10.60 |
14.38 |
|
Long-Term Liabilities |
17.59 |
15.20 |
0.79 |
|
Total Liabilities |
52.18 |
50.56 |
42.66 |
|
Debt to Equity |
25% |
24% |
19% |
Analysis of Revenue (Note 3)
|
Note 3: |
Revenue in this section represents wafer sales. |
Revenue from Asia Pacific contributed to 46% of UMC's Q1 revenue, reflecting the relatively strong computer and consumer demand.
|
Revenue Breakdown by Region | |||||
|
Region |
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
North America |
45% |
47% |
48% |
49% |
51% |
|
Asia Pacific |
46% |
43% |
40% |
39% |
35% |
|
Europe |
8% |
9% |
11% |
11% |
13% |
|
Japan |
1% |
1% |
1% |
1% |
1% |
40nm and below revenue contribution grew to 9% in 1Q12. UMC is currently re-optimizing its 40nm customer profile to transition more diversified customer products to this advanced node.
|
Revenue Breakdown by Geometry | |||||
|
Geometry |
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
40nm and below |
9% |
8% |
6% |
6% |
6% |
|
40nm<x<=65nm |
40% |
41% |
34% |
31% |
29% |
|
65nm<x<=90nm |
6% |
6% |
8% |
13% |
15% |
|
90nm<x<=0.13um |
20% |
23% |
24% |
24% |
23% |
|
0.13um<x<=0.18um |
10% |
10% |
13% |
12% |
13% |
|
0.18um<x<=0.35um |
11% |
9% |
11% |
9% |
9% |
|
0.5um and above |
4% |
3% |
4% |
5% |
5% |
The percentage of revenue from Fabless customers increased from 79% to 80% in 1Q12.
|
Revenue Breakdown by Customer Type | |||||
|
Customer Type |
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
Fabless |
80% |
79% |
76% |
73% |
72% |
|
IDM |
20% |
21% |
24% |
27% |
28% |
Computer and Consumer demand both showed greater QoQ strength this quarter, including flash controller, display driver IC and set top box.
|
Revenue Breakdown by Application (Note 1) | |||||
|
Application |
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
Computer |
21% |
14% |
17% |
15% |
14% |
|
Communication |
49% |
60% |
53% |
53% |
57% |
|
Consumer |
27% |
23% |
27% |
29% |
26% |
|
Memory |
1% |
1% |
1% |
1% |
1% |
|
Others |
2% |
2% |
2% |
2% |
2% |
|
Note 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. Memory consists of DRAM, SRAM, Flash, ROM, and EEPROM. |
Blended Average Selling Price Trend
The decrease in blended average selling price (ASP) during 1Q12 was mainly due to product mix shifting to more 8" wafers.
(To view ASP trend, visit http://www.umc.com/english/investors/1Q12_ASP_trend.asp)
Shipment and Utilization Rate (Note 4)
Wafer shipments increased 5.2% sequentially to 963K in 1Q12, compared to 915K 8-inch equivalent wafers in 4Q11. Accordingly, overall utilization rate for the quarter increased to 71%.
|
Note 4: |
Utilization Rate = Quarterly Wafer Out / Quarterly Capacity |
|
Wafer Shipments | |||||
|
|
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
Wafer Shipments
|
963 |
915 |
1,025 |
1,145 |
1,120 |
|
| |||||
|
Quarterly Capacity Utilization Rate | |||||
|
|
1Q12 |
4Q11 |
3Q11 |
2Q11 |
1Q11 |
|
Utilization Rate |
71% |
68% |
74% |
87% |
90% |
|
Total Capacity
|
1,364 |
1,376 |
1,358 |
1,330 |
1,259 |
Capacity (Note 5)
Capacity during the first quarter was 1,364K 8-inch equivalent wafers. Due to the advanced capacity conversion and expansion at 12'' fabs, the estimated capacity for the second quarter will increase to 1,372K 8-inch equivalent wafers.
|
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. |
|
Annual Capacity in
|
|
Quarterly Capacity in
| |||||||||||
|
FAB |
Geometry
|
2011 |
2010 |
2009 |
2008 |
|
FAB |
2Q12E |
1Q12 |
4Q11 |
3Q11 | ||
|
Fab6A |
6" |
3.5 - 0.45 |
538 |
588 |
583 |
583 |
|
Fab6A |
123 |
122 |
135 |
135 | |
|
Fab8A |
8" |
0.5 - 0.25 |
813 |
816 |
816 |
816 |
|
Fab8A |
204 |
203 |
204 |
204 | |
|
Fab8C |
8" |
0.35 - 0.11 |
359 |
366 |
405 |
417 |
|
Fab8C |
90 |
90 |
90 |
90 | |
|
Fab8D |
8" |
0.13 - 0.09 |
364 |
314 |
267 |
257 |
|
Fab8D |
93 |
92 |
93 |
93 | |
|
Fab8E |
8" |
0.5 - 0.18 |
469 |
410 |
408 |
408 |
|
Fab8E |
113 |
112 |
118 |
119 | |
|
Fab8F |
8" |
0.18 - 0.11 |
388 |
388 |
381 |
372 |
|
Fab8F |
98 |
97 |
98 |
98 | |
|
Fab8S |
8" |
0.18 - 0.11 |
307 |
304 |
300 |
291 |
|
Fab8S |
87 |
87 |
79 |
77 | |
|
Fab12A |
12" |
0.18 - 0.040 |
501 |
374 |
385 |
389 |
|
Fab12A |
141 |
140 |
141 |
133 | |
|
Fab12i |
12" |
0.13 - 0.065 |
530 |
454 |
362 |
330 |
|
Fab12i |
134 |
134 |
134 |
134 | |
|
Total (Note 1) |
5,322 |
4,791 |
4,586 |
4,507 |
|
Total |
1372 |
1364 |
1,376 |
1,358 | |||
|
YoY Growth Rate |
11% |
4% |
2% |
5% |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 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. Capacity figures are expressed in 8-inch equivalent wafers. | |||||||||||||
CAPEX
The CapEx budget remains at NT$2 billion. During first quarter, UMC spent US$325 million.
|
UMC Capital Expenditure by Year - in US$ billion | |||||||||||||
|
Year |
2011 |
2010 |
2009 |
2008 |
2007 | ||||||||
|
CAPEX |
$ 1.6 |
$ 1.8 |
$ 0.55 |
$ 0.35 |
$ 0.9 | ||||||||
|
|
|
|
|
|
|
| |||||||
|
2012 CAPEX Plan | |||||||||||||
|
|
8" |
12" |
Total | ||||||||||
|
UMC |
3% |
97% |
Approximately US$2 billion | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recent Developments / Announcements
|
Mar. 14, 2012 |
UMC Board of Directors Announces Annual Shareholders Meeting Proposals |
|
|
- Shareholder cash dividend of NT$6,316 million, at approximately NT$0.5 per share |
|
|
- Employee cash bonus of NT$1,618 million |
|
|
- To elect the board members for the 12th term |
|
|
- Approved the cancellation of treasury shares |
|
|
- To acquire up to 30% equities of the holding company of He Jian Technology |
|
|
- The 2012 AGM will be held June 12 at the UMC's Fab8S Conference Hall in Hsinchu |
|
Feb. 29, 2012 |
UMC Statement Regarding Recent Taiwan Earthquake |
|
Feb. 8, 2012 |
UMC 4Q 2011 Financial Results |
Please visit UMC's website
for further details regarding the above announcements
Second Quarter of 2012 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer shipment: Increase approximately 15%
- Wafer ASP in US$: 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. |
|
|
|
|
Contacts:
Bowen Huang
UMC, Investor Relations
+886-2-2658-9168, ext. 16957
Email Contact
SOURCE United Microelectronics Corporation
| Contact: |
| United Microelectronics Corporation
Web: http://www.umc.com |