UMC Reports First Quarter 2022 Results

The financial statements included in this release are prepared and published in accordance with Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or IFRSs, issued by the International Accounting Standards Board. Investors are cautioned that there may be significant differences between TIFRSs and IFRSs. In addition, TIFRSs and IFRSs differ in certain significant respects from generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)


	March 31, 2022
	US$	NT$	%
Assets
Current assets
Cash and cash equivalents	6,016	172,170	35.7	%
Accounts receivable, net	1,329	38,048	7.9	%
Inventories, net	888	25,401	5.3	%
Other current assets	491	14,064	2.8	%
Total current assets	8,724	249,683	51.7	%

Non-current assets
Funds and investments	2,532	72,468	15.0	%
Property, plant and equipment	4,576	130,956	27.1	%
Right-of-use assets	250	7,157	1.5	%
Other non-current assets	791	22,645	4.7	%
Total non-current assets	8,149	233,226	48.3	%
Total assets	16,873	482,909	100.0	%

Liabilities
Current liabilities
Short-term loans	47	1,340	0.3	%
Payables	1,606	45,953	9.5	%
Current portion of long-term liabilities	742	21,238	4.4	%
Other current liabilities	859	24,590	5.1	%
Total current liabilities	3,254	93,121	19.3	%

Non-current liabilities
Bonds payable	806	23,079	4.8	%
Long-term loans	943	26,988	5.6	%
Lease liabilities, noncurrent	157	4,482	0.9	%
Other non-current liabilities	1,151	32,954	6.8	%
Total non-current liabilities	3,057	87,503	18.1	%
Total liabilities	6,311	180,624	37.4	%

Equity
Equity attributable to the parent company
Capital	4,361	124,821	25.9	%
Additional paid-in capital	1,659	47,468	9.8	%
Retained earnings and other components of equity	4,532	129,702	26.8	%
Total equity attributable to the parent company	10,552	301,991	62.5	%
Non-controlling interests	10	294	0.1	%
Total equity	10,562	302,285	62.6	%
Total liabilities and equity	16,873	482,909	100.0	%







Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 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, 2022				March 31, 2021				Chg.		March 31, 2022				December 31, 2021				Chg.
	US$		NT$		US$		NT$		%		US$		NT$		US$		NT$		%
Operating revenues	2,216		63,423		1,646		47,097		34.7	%	2,216		63,423		2,065		59,100		7.3	%
Operating costs	(1,255	)	(35,919	)	(1,209	)	(34,603	)	3.8	%	(1,255	)	(35,919	)	(1,258	)	(35,997	)	(0.2	%)
Gross profit	961		27,504		437		12,494		120.1	%	961		27,504		807		23,103		19.0	%
	43.4	%	43.4	%	26.5	%	26.5	%			43.4	%	43.4	%	39.1	%	39.1	%
Operating expenses
- Sales and marketing expenses	(44	)	(1,255	)	(38	)	(1,089	)	15.2	%	(44	)	(1,255	)	(43	)	(1,240	)	1.2	%
- General and administrative expenses	(78	)	(2,226	)	(63	)	(1,806	)	23.3	%	(78	)	(2,226	)	(76	)	(2,164	)	2.9	%
- Research and development expenses	(106	)	(3,033	)	(107	)	(3,049	)	(0.5	%)	(106	)	(3,033	)	(119	)	(3,414	)	(11.2	%)
- Expected credit impairment gain (loss)	0		1		0		12		(92.4	%)	0		1		(0	)	(3	)	-
Subtotal	(228	)	(6,513	)	(208	)	(5,932	)	9.8	%	(228	)	(6,513	)	(238	)	(6,821	)	(4.5	%)
Net other operating income and expenses	47		1,343		37		1,060		26.8	%	47		1,343		47		1,334		0.7	%
Operating income	780		22,334		266		7,622		193.0	%	780		22,334		616		17,616		26.8	%
	35.2	%	35.2	%	16.2	%	16.2	%			35.2	%	35.2	%	29.8	%	29.8	%

Net non-operating income and expenses	46		1,314		118		3,361		(60.9	%)	46		1,314		19		558		135.5	%
Income from continuing operations before income tax	826		23,648		384		10,983		115.3	%	826		23,648		635		18,174		30.1	%
	37.3	%	37.3	%	23.3	%	23.3	%			37.3	%	37.3	%	30.8	%	30.8	%

Income tax expense	(125	)	(3,582	)	(38	)	(1,094	)	227.4	%	(125	)	(3,582	)	(76	)	(2,169	)	65.1	%
Net income	701		20,066		346		9,889		102.9	%	701		20,066		559		16,005		25.4	%
	31.6	%	31.6	%	21.0	%	21.0	%			31.6	%	31.6	%	27.1	%	27.1	%

Other comprehensive income (loss)	50		1,422		124		3,556		(60.0	%)	50		1,422		101		2,880		(50.6	%)

Total comprehensive income (loss)	751		21,488		470		13,445		59.8	%	751		21,488		660		18,885		13.8	%

Net income attributable to:
Shareholders of the parent	692		19,808		364		10,428		89.9	%	692		19,808		557		15,949		24.2	%
Non-controlling interests	9		258		(18	)	(539	)	-		9		258		2		56		364.7	%

Comprehensive income (loss) attributable to:
Shareholders of the parent	742		21,229		489		13,984		51.8	%	742		21,229		658		18,830		12.7	%
Non-controlling interests	9		259		(19	)	(539	)	-		9		259		2		55		364.8	%

Earnings per share-basic	0.056		1.61		0.030		0.85				0.056		1.61		0.045		1.30
Earnings per ADS ⁽²⁾	0.281		8.05		0.148		4.25				0.281		8.05		0.227		6.50
Weighted average number of shares
outstanding (in millions)			12,283				12,206						12,283				12,254


Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 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, 2022						March 31, 2022
	US$		NT$		%		US$		NT$		%
Operating revenues	2,216		63,423		100.0	%	2,216		63,423		100.0	%
Operating costs	(1,255	)	(35,919	)	(56.6	%)	(1,255	)	(35,919	)	(56.6	%)
Gross profit	961		27,504		43.4	%	961		27,504		43.4	%


Operating expenses
- Sales and marketing expenses	(44	)	(1,255	)	(2.0	%)	(44	)	(1,255	)	(2.0	%)
- General and administrative expenses	(78	)	(2,226	)	(3.5	%)	(78	)	(2,226	)	(3.5	%)
- Research and development expenses	(106	)	(3,033	)	(4.8	%)	(106	)	(3,033	)	(4.8	%)
- Expected credit impairment gain	0		1		0.0	%	0		1		0.0	%
Subtotal	(228	)	(6,513	)	(10.3	%)	(228	)	(6,513	)	(10.3	%)
Net other operating income and expenses	47		1,343		2.1	%	47		1,343		2.1	%
Operating income	780		22,334		35.2	%	780		22,334		35.2	%

Net non-operating income and expenses	46		1,314		2.1	%	46		1,314		2.1	%
Income from continuing operations before income tax	826		23,648		37.3	%	826		23,648		37.3	%


Income tax expense	(125	)	(3,582	)	(5.7	%)	(125	)	(3,582	)	(5.7	%)
Net income	701		20,066		31.6	%	701		20,066		31.6	%

Other comprehensive income (loss)	50		1,422		2.3	%	50		1,422		2.3	%

Total comprehensive income (loss)	751		21,488		33.9	%	751		21,488		33.9	%

Net income attributable to:
Shareholders of the parent	692		19,808		31.2	%	692		19,808		31.2	%
Non-controlling interests	9		258		0.4	%	9		258		0.4	%

Comprehensive income (loss) attributable to:
Shareholders of the parent	742		21,229		33.5	%	742		21,229		33.5	%
Non-controlling interests	9		259		0.4	%	9		259		0.4	%

Earnings per share-basic	0.056		1.61				0.056		1.61
Earnings per ADS ⁽²⁾	0.281		8.05				0.281		8.05

Weighted average number of shares outstanding (in millions)			12,283						12,283

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 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, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	US$		NT$
Cash flows from operating activities :
Net income before tax	826		23,648
Depreciation & Amortization	398		11,390
Share of loss of associates and joint ventures	65		1,858
Income tax paid	(27	)	(769	)
Changes in working capital & others	(210	)	(6,009	)
Net cash provided by operating activities	1,052		30,118

Cash flows from investing activities :
Acquisition of property, plant and equipment	(377	)	(10,803	)
Acquisition of intangible assets	(15	)	(421	)
Decrease in other financial assets	919		26,315
Others	(12	)	(339	)
Net cash provided by investing activities	515		14,752

Cash flows from financing activities :
Decrease in short-term loans	(22	)	(640	)
Redemption of bonds	(253	)	(7,249	)
Proceeds from long-term loans	8		231
Repayments of long-term loans	(7	)	(203	)
Others	(4	)	(98	)
Net cash used in financing activities	(278	)	(7,959	)

Effect of exchange rate changes on cash and cash equivalents	93		2,637
Net increase in cash and cash equivalents	1,382		39,548

Cash and cash equivalents at beginning of period	4,634		132,622

Cash and cash equivalents at end of period	6,016		172,170



Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.

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