UMC Reports First Quarter 2019 Results

This release 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 AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
     
March 31, 2019
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 2,880 88,738 23.7%
Financial assets at fair value through profit or loss, current 18 552 0.2%
Notes & Accounts receivable, net 746 22,992 6.1%
Inventories, net 613 18,874 5.1%
Other current assets 507 15,640 4.1%
Total current assets 4,764 146,796 39.2%
 
Non-current assets
Funds and investments 1,209 37,255 10.0%
Property, plant and equipment 5,447 167,823 44.9%
Right-of-use assets 277 8,548 2.3%
Other non-current assets 446 13,716 3.6%
Total non-current assets 7,379 227,342 60.8%
Total assets 12,143 374,138 100.0%
 
Liabilities
Current liabilities
Short-term loans 545 16,798 4.5%
Payables 728 22,417 6.0%
Current portion of long-term liabilities 213 6,553 1.8%
Other current liabilities 222 6,877 1.8%
Total current liabilities 1,708 52,645 14.1%
 
Non-current liabilities
Bonds payable 1,184 36,471 9.8%
Long-term loans 925 28,505 7.6%
Lease liabilities, noncurrent 180 5,539 1.5%
Other non-current liabilities 1,336 41,164 10.9%
Total non-current liabilities 3,625 111,679 29.8%
Total liabilities 5,333 164,324 43.9%
 
Equity
Equity attributable to the parent company
Capital 3,935 121,243 32.4%
Additional paid-in capital 1,304 40,164 10.8%

Retained earnings, exchange differences on translation of
foreign operations, unrealized gains or losses on financial

assets measured at fair value through other comprehensive
income and gains or losses on hedging Instruments

1,638 50,470 13.5%
Treasury stock (82) (2,516) (0.7%)
Total equity attributable to the parent company 6,795 209,361 56.0%
Non-controlling interests 15 453 0.1%
Total equity 6,810 209,814 56.1%
Total liabilities and equity 12,143 374,138 100.0%
 
             
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 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
March 31, 2019 March 31, 2018 Chg. March 31, 2019 December 31, 2018 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues 1,058 32,583 1,217 37,497 (13.1%) 1,058 32,583 1,153 35,517 (8.3%)
Operating costs (985) (30,321) (1,066) (32,855) (7.7%) (985) (30,321) (1,004) (30,916) (1.9%)
Gross profit 73 2,262 151 4,642 (51.3%) 73 2,262 149 4,601 (50.8%)
6.9% 6.9% 12.4% 12.4% 6.9% 6.9% 13.0% 13.0%
Operating expenses
- Sales and marketing expenses (29) (889) (30) (909) (2.2%) (29) (889) (29) (903) (1.6%)
- General and administrative expenses (40) (1,236) (33) (1,017) 21.5% (40) (1,236) (43) (1,339) (7.7%)
- Research and development expenses (91) (2,807) (95) (2,924) (4.0%) (91) (2,807) (122) (3,745) (25.0%)
- Expected credit losses - - - - - - - (13) (409) (100.0%)
Subtotal (160) (4,932) (158) (4,850) 1.7% (160) (4,932) (207) (6,396) (22.9%)
Net other operating income and expenses 35 1,073 32 977 9.8% 35 1,073 39 1,206 (11.0%)
Operating income (loss) (52) (1,597) 25 769 - (52) (1,597) (19) (589) 171.3%
(4.9%) (4.9%) 2.1% 2.1% (4.9%) (4.9%) (1.7%) (1.7%)
 
Net non-operating income and expenses 41 1,247 35 1,088 14.6% 41 1,247 (65) (1,998) -

Income (loss) from continuing operations
before income tax

 

(11) (350) 60 1,857 - (11) (350) (84) (2,587) (86.5%)
(1.1%) (1.1%) 5.0% 5.0% (1.1%) (1.1%) (7.3%) (7.3%)
 
Income tax benefit (expense) 14 443 38 1,173 (62.3%) 14 443 (13) (413) -
Net income (loss) 3 93 98 3,030 (96.9%) 3 93 (97) (3,000) -
0.3% 0.3% 8.1% 8.1% 0.3% 0.3% (8.4%) (8.4%)
 
Other comprehensive income (loss) 117 3,614 (7) (234) - 117 3,614 3 110 3,185.5%
 
Total comprehensive income (loss) 120 3,707 91 2,796 32.6% 120 3,707 (94) (2,890) -
 
Net income (loss) attributable to:
  Stockholders of the parent 39 1,201 110 3,400 (64.7%) 39 1,201 (55) (1,707) -
  Non-controlling interests (36) (1,108) (12) (370) 199.0% (36) (1,108) (42) (1,293) (14.3%)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 156 4,813 102 3,158 52.4% 156 4,813 (52) (1,608) -
  Non-controlling interests (36) (1,106) (11) (362) 205.5% (36) (1,106) (42) (1,282) (13.7%)
 
Earnings per share-basic 0.003 0.10 0.009 0.28 0.003 0.10 (0.005) (0.14)
Earnings per ADS (2) 0.016 0.50 0.045 1.40 0.016 0.50 (0.023) (0.70)

Weighted average number of shares
outstanding (in millions)

11,909 12,203 11,909 12,112
   
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 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 Three-Month Period Ended
March 31, 2019 March 31, 2019
US$ NT$ % US$ NT$ %
Operating revenues 1,058 32,583 100.0% 1,058 32,583 100.0%
Operating costs (985) (30,321) (93.1%) (985) (30,321) (93.1%)
Gross profit 73 2,262 6.9% 73 2,262 6.9%
 
 
Operating expenses
- Sales and marketing expenses (29) (889) (2.7%) (29) (889) (2.7%)
- General and administrative expenses (40) (1,236) (3.8%) (40) (1,236) (3.8%)
- Research and development expenses (91) (2,807) (8.6%) (91) (2,807) (8.6%)
Subtotal (160) (4,932) (15.1%) (160) (4,932) (15.1%)
Net other operating income and expenses 35 1,073 3.3% 35 1,073 3.3%
Operating loss (52) (1,597) (4.9%) (52) (1,597) (4.9%)
 
Net non-operating income and expenses 41 1,247 3.8% 41 1,247 3.8%
Loss from continuing operations

before income tax

(11) (350) (1.1%) (11) (350) (1.1%)
 
 
Income tax benefit 14 443 1.4% 14 443 1.4%
Net income 3 93 0.3% 3 93 0.3%
 
Other comprehensive income (loss) 117 3,614 11.1% 117 3,614 11.1%
 
Total comprehensive income (loss) 120 3,707 11.4% 120 3,707 11.4%
 
Net income (loss) attributable to:
  Stockholders of the parent 39 1,201 3.7% 39 1,201 3.7%
  Non-controlling interests (36) (1,108) (3.4%) (36) (1,108) (3.4%)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 156 4,813 14.8% 156 4,813 14.8%
  Non-controlling interests (36) (1,106) (3.4%) (36) (1,106) (3.4%)
 
Earnings per share-basic 0.003 0.10 0.003 0.10
Earnings per ADS (2) 0.016 0.50 0.016 0.50
 
Weighted average number of shares

outstanding (in millions)

11,909 11,909
                         
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net loss before tax (11) (350)
Depreciation & Amortization 402 12,380
Net gain of financial assets and liabilities at fair value through profit or loss (33) (1,032)
Exchange gain on financial assets and liabilities (18) (554)
Changes in notes & accounts receivable 27 831
Changes in other payables (33) (1,020)
Changes in assets, liabilities and others (68) (2,072)
Net cash provided by operating activities 266 8,183
 
Cash flows from investing activities :
Acquisition of property, plant and equipment (181) (5,563)
Acquisition of intangible assets (17) (530)
Others 14 410
Net cash used in investing activities (184) (5,683)
 
Cash flows from financing activities :
Increase in short-term loans 113 3,467
Proceeds from long-term loans 24 748
Repayments of long-term loans (57) (1,752)
Treasury stock acquired (11) (331)
Others 2 48
Net cash provided by financing activities 71 2,180
 
Effect of exchange rate changes on cash and cash equivalents 12 396
Net increase in cash and cash equivalents 165 5,076
 
Cash and cash equivalents at beginning of period 2,715 83,662
 
Cash and cash equivalents at end of period 2,880 88,738
 
       
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.
 

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