UMC Reports Fourth Quarter 2013 Results

Net non-operating income for 4Q13 was NT$889 million. Net investment loss was NT$394 million, due to the recognition of impairment charges from financial assets. Gain on disposal of investments was NT$985 million primarily due to UMCJ disposal.

Non-Operating Income and Expenses

(Amount: NT$ million)

4Q13

3Q13

4Q12

Non-Operating Income and Expenses

889

1,561

1,380

Net Interest Income and Expenses

(53)

(77)

(92)

Net Investment Gain and Loss

(394)

639

(229)

Gain and Loss on Disposal of Investment

985

506

1,606

Exchange Gain and Loss

114

53

(18)

Other Gain and Loss

237

440

113

Cash inflow from operations was NT$10.81 billion in 4Q13. Free cash flow in 4Q13 was NT$3.06 billion, as CAPEX spending in the quarter was NT$7.75 billion including NT$7.57 billion from the foundry segment. Cash outflow from financing was NT$2.79 billion, mainly due to the bonds redemption of NT$1.97 billion and loans repayment of NT$842 million. Net cash inflow was NT$496 million in 4Q13. Over the next 12 months, the company expects to repay NT$2.92 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month
Period Ended

Dec. 31, 2013

For the 3-Month
Period Ended

Sep. 30, 2013

Cash Flow from Operating Activities

10,806

13,140

 Net Income before tax

1,083

3,956

 Depreciation & Amortization

9,568

9,495

 Changes in Working Capital

658

414

 Other

(503)

(725)

Cash Flow from Investing Activities

(7,738)

(10,722)

 Capital Expenditures

(7,751)

(10,015)

 Other

13

(707)

Cash Flow from Financing Activities

(2,787)

(4,467)

 Bank Loans

(842)

291

Redemption of Bonds

(1,971)

-

Cash Dividends

-

(5,061)

 Other

26

303

Effect of Exchange Rate Changes

 on Cash and Cash Equivalents

215

(478)

Net Increase(Decrease) in Cash and Cash Equivalents

496

(2,527)

Cash and cash equivalents increased from NT$50.34 billion in 3Q13 to NT$50.83 billion in 4Q13. Days of inventory increased by one day to 51 days in 4Q13.

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