UMC Reports Fourth Quarter 2020 Results

Operating revenues increased slightly to NT$45.30 billion. COGS declined 1.9% QoQ to NT$34.45 billion, which included a 4.4% QoQ decline in depreciation. Gross profit grew 11.0% QoQ to NT$10.85 billion, which was partially offset from the continuous appreciation of the NT dollar. Operating expenses increased 15% QoQ to NT$6.34 billion, as G&A increased 21.9% sequentially to NT$1.97 billion while Sales & Marketing rose 16.4% QoQ to NT$1.18 billion. R&D decreased 3.6% QoQ to NT$3.19 billion, representing 7.1% of 4Q20 operating revenues. Net other operating income was NT$1.10 billion. In 4Q20, operating income declined 21.3% QoQ to NT$5.62 billion.

Non-Operating Income and Expenses

(Amount: NT$ million)

4Q20

 

3Q20

 

4Q19

 

Non-Operating Income and Expenses

5,619

 

2,074

 

946

 

Net Interest Income and Expenses

(278

)

(314

)

(468

)

Net Investment Gain and Loss

5,703

 

3,944

 

1,064

 

Exchange Gain and Loss

199

 

259

 

188

 

Other Gain and Loss

(5

)

(1,815

)

162

 

Net non-operating income in 4Q20 was NT$5.62 billion, mainly resulting from NT$5.70 billion in net investment gain and NT$199 million in exchange gain, which was primarily offset by NT$278 million in net interest expense.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month
Period Ended
Dec. 31, 2020

For the 3-Month
Period Ended
Sep. 30, 2020

Cash Flow from Operating Activities

16,072

 

18,538

 

Net income before tax

11,234

 

9,207

 

Depreciation & Amortization

11,993

 

12,170

 

Expected credit impairment loss (gain)

(0

)

(429

)

Share of profit of associates and joint ventures

(3,822

)

(2,778

)

Income tax paid

(144

)

(229

)

Changes in working capital & others

(3,189

)

597

 

Cash Flow from Investing Activities

(17,437

)

(5,686

)

Acquisition of PP&E

(11,738

)

(6,707

)

Proceeds from disposal of PP&E

(20

)

1,720

 

Acquisition of intangible assets

(293

)

(815

)

Decrease (increase) in other financial assets

(4,625

)

281

 

Others

(761

)

(165

)

Cash Flow from Financing Activities

(3,153

)

(13,652

)

Bank loans

(3,000

)

(4,716

)

Treasury stock acquired

-

 

(477

)

Treasury stock sold to employees

-

 

1,678

 

Cash dividends

-

 

(9,765

)

Others

(153

)

(372

)

Effect of Exchange Rate

(273

)

(233

)

Net Cash Flow

(4,791

)

(1,033

)

Beginning balance

98,839

 

99,872

 

Ending balance

94,048

 

98,839

 


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