UMC Reports First Quarter 2023 Results

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) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) 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 natural disasters, 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 risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and 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 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, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	March 31, 2023
	US$	NT$	%
Assets
Current assets
Cash and cash equivalents	5,645	171,834	31.3%
Accounts receivable, net	889	27,065	4.9%
Inventories, net	1,074	32,679	6.0%
Other current assets	341	10,389	1.8%
Total current assets	7,949	241,967	44.0%

Non-current assets
Funds and investments	2,368	72,087	13.1%
Property, plant and equipment	6,314	192,185	35.0%
Right-of-use assets	248	7,540	1.4%
Other non-current assets	1,177	35,852	6.5%
Total non-current assets	10,107	307,664	56.0%
Total assets	18,056	549,631	100.0%

Liabilities
Current liabilities
Short-term loans	3	100	0.0%
Payables	2,311	70,346	12.8%
Current portion of long-term liabilities	318	9,674	1.8%
Other current liabilities	847	25,766	4.7%
Total current liabilities	3,479	105,886	19.3%

Non-current liabilities
Bonds payable	689	20,986	3.8%
Long-term loans	536	16,317	3.0%
Lease liabilities, noncurrent	170	5,187	0.9%
Other non-current liabilities	1,502	45,705	8.3%
Total non-current liabilities	2,897	88,195	16.0%
Total liabilities	6,376	194,081	35.3%

Equity
Equity attributable to the parent company
Capital	4,108	125,047	22.8%
Additional paid-in capital	426	12,976	2.3%
Retained earnings and other components of equity	7,135	217,183	39.5%
Total equity attributable to the parent company	11,669	355,206	64.6%
Non-controlling interests	11	344	0.1%
Total equity	11,680	355,550	64.7%
Total liabilities and equity	18,056	549,631	100.0%

Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 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, 2023				March 31, 2022				Chg.		March 31, 2023				December 31, 2022				Chg.
	US$		NT$		US$		NT$		%		US$		NT$		US$		NT$		%
Operating revenues	1,781		54,209		2,084		63,423		(14.5	%)	1,781		54,209		2,229		67,836		(20.1	%)
Operating costs	(1,149	)	(34,985	)	(1,180	)	(35,919	)	(2.6	%)	(1,149	)	(34,985	)	(1,272	)	(38,712	)	(9.6	%)
Gross profit	632		19,224		904		27,504		(30.1	%)	632		19,224		957		29,124		(34.0	%)
	35.5	%	35.5	%	43.4	%	43.4	%			35.5	%	35.5	%	42.9	%	42.9	%
Operating expenses
- Sales and marketing expenses	(31	)	(950	)	(41	)	(1,255	)	(24.3	%)	(31	)	(950	)	(31	)	(953	)	(0.3	%)
- General and administrative expenses	(69	)	(2,102	)	(73	)	(2,226	)	(5.6	%)	(69	)	(2,102	)	(80	)	(2,438	)	(13.8	%)
- Research and development expenses	(91	)	(2,767	)	(100	)	(3,033	)	(8.8	%)	(91	)	(2,767	)	(112	)	(3,407	)	(18.8	%)
- Expected credit impairment gain (loss)	1		39		0		1		3,983.2	%	1		39		(0	)	(0	)	-
Subtotal	(190	)	(5,780	)	(214	)	(6,513	)	(11.3	%)	(190	)	(5,780	)	(223	)	(6,798	)	(15.0	%)
Net other operating income and expenses	34		1,037		44		1,343		(22.8	%)	34		1,037		43		1,311		(20.9	%)
Operating income	476		14,481		734		22,334		(35.2	%)	476		14,481		777		23,637		(38.7	%)
	26.7	%	26.7	%	35.2	%	35.2	%			26.7	%	26.7	%	34.8	%	34.8	%

Net non-operating income and expenses	152		4,647		43		1,314		253.8	%	152		4,647		29		889		422.6	%
Income from continuing operations before income tax	628		19,128		777		23,648		(19.1	%)	628		19,128		806		24,526		(22.0	%)
	35.3	%	35.3	%	37.3	%	37.3	%			35.3	%	35.3	%	36.2	%	36.2	%

Income tax expense	(90	)	(2,743	)	(118	)	(3,582	)	(23.4	%)	(90	)	(2,743	)	(178	)	(5,406	)	(49.2	%)
Net income	538		16,385		659		20,066		(18.3	%)	538		16,385		628		19,120		(14.3	%)
	30.2	%	30.2	%	31.6	%	31.6	%			30.2	%	30.2	%	28.2	%	28.2	%

Other comprehensive income (loss)	110		3,325		47		1,422		133.9	%	110		3,325		14		429		674.4	%

Total comprehensive income (loss)	648		19,710		706		21,488		(8.3	%)	648		19,710		642		19,549		0.8	%

Net income attributable to:
Shareholders of the parent	532		16,183		651		19,808		(18.3	%)	532		16,183		626		19,068		(15.1	%)
Non-controlling interests	6		202		8		258		(21.9	%)	6		202		2		52		287.1	%

Comprehensive income (loss) attributable to:
Shareholders of the parent	641		19,508		697		21,229		(8.1	%)	641		19,508		641		19,497		0.1	%
Non-controlling interests	7		202		9		259		(21.9	%)	7		202		1		52		287.7	%

Earnings per share-basic	0.043		1.31		0.053		1.61				0.043		1.31		0.051		1.54
Earnings per ADS ⁽²⁾	0.215		6.55		0.264		8.05				0.215		6.55		0.253		7.70
Weighted average number of shares outstanding (in millions)			12,349				12,283						12,349				12,349

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 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, 2023						March 31, 2023
	US$		NT$		%		US$		NT$		%
Operating revenues	1,781		54,209		100.0	%	1,781		54,209		100.0	%
Operating costs	(1,149	)	(34,985	)	(64.5	%)	(1,149	)	(34,985	)	(64.5	%)
Gross profit	632		19,224		35.5	%	632		19,224		35.5	%


Operating expenses
- Sales and marketing expenses	(31	)	(950	)	(1.8	%)	(31	)	(950	)	(1.8	%)
- General and administrative expenses	(69	)	(2,102	)	(3.9	%)	(69	)	(2,102	)	(3.9	%)
- Research and development expenses	(91	)	(2,767	)	(5.1	%)	(91	)	(2,767	)	(5.1	%)
- Expected credit impairment gain	1		39		0.1	%	1		39		0.1	%
Subtotal	(190	)	(5,780	)	(10.7	%)	(190	)	(5,780	)	(10.7	%)
Net other operating income and expenses	34		1,037		1.9	%	34		1,037		1.9	%
Operating income	476		14,481		26.7	%	476		14,481		26.7	%

Net non-operating income and expenses	152		4,647		8.6	%	152		4,647		8.6	%
Income from continuing operations before income tax	628		19,128		35.3	%	628		19,128		35.3	%


Income tax expense	(90	)	(2,743	)	(5.1	%)	(90	)	(2,743	)	(5.1	%)
Net income	538		16,385		30.2	%	538		16,385		30.2	%

Other comprehensive income (loss)	110		3,325		6.2	%	110		3,325		6.2	%

Total comprehensive income (loss)	648		19,710		36.4	%	648		19,710		36.4	%

Net income attributable to:
Shareholders of the parent	532		16,183		29.9	%	532		16,183		29.9	%
Non-controlling interests	6		202		0.3	%	6		202		0.3	%

Comprehensive income (loss) attributable to:
Shareholders of the parent	641		19,508		36.0	%	641		19,508		36.0	%
Non-controlling interests	7		202		0.4	%	7		202		0.4	%

Earnings per share-basic	0.043		1.31				0.043		1.31
Earnings per ADS ⁽²⁾	0.215		6.55				0.215		6.55

Weighted average number of shares outstanding (in millions)			12,349						12,349

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 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, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	US$		NT$
Cash flows from operating activities :
Net income before tax	628		19,128
Depreciation & Amortization	325		9,903
Share of profit of associates and joint ventures	(107	)	(3,248	)
Income tax paid	(96	)	(2,936	)
Changes in working capital & others	136		4,117
Net cash provided by operating activities	886		26,964

Cash flows from investing activities :
Decrease in financial assets measured at amortized cost	20		598
Acquisition of property, plant and equipment	(978	)	(29,756	)
Acquisition of intangible assets	(17	)	(528	)
Others	3		100
Net cash used in investing activities	(972	)	(29,586	)

Cash flows from financing activities :
Increase in short-term loans	3		100
Proceeds from long-term loans	0		5
Repayments of long-term loans	(19	)	(590	)
Increase in guarantee deposits	65		1,991
Others	(5	)	(159	)
Net cash provided by financing activities	44		1,347

Effect of exchange rate changes on cash and cash equivalents	(23	)	(710	)
Net decrease in cash and cash equivalents	(65	)	(1,985	)

Cash and cash equivalents at beginning of period	5,710		173,819

Cash and cash equivalents at end of period	5,645		171,834

Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.

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