UMC Reports Fourth Quarter 2023 Results

Fourth quarter operating revenues declined 3.7% sequentially to NT$54.96 billion. Revenue contribution from 40nm and below technologies represented 50% of wafer revenue, propelled by the revenue growth from 22/28nm in 4Q23. Gross profit decreased 13.0% QoQ to NT$17.81 billion, or 32.4% of revenue. Operating expenses increased 16.0% to NT$6.64 billion. Net other operating income increased to NT$1.25 billion. Net non-operating income totaled NT$2.23 billion. Net income attributable to shareholders of the parent amounted to NT$13.20 billion.

Earnings per ordinary share for the quarter was NT$1.06. Earnings per ADS was US$0.173. The basic weighted average number of shares outstanding in 4Q23 was 12,414,087,724, compared with 12,371,129,866 shares in 3Q23 and 12,348,880,384 shares in 4Q22. The diluted weighted average number of shares outstanding was 12,589,138,701 in 4Q23, compared with 12,566,773,628 shares in 3Q23 and 12,684,106,050 shares in 4Q22. The fully diluted shares counted on December 31, 2023 were approximately 12,589,139,000.

Detailed Financials Section

Operating revenues decreased to NT$54.96 billion. COGS grew 1.5% to NT$37.15 billion, which included 6.1% sequential increase in depreciation. Gross profit fell 13.0% QoQ to NT$17.81 billion. Operating expenses increased to NT$6.64 billion, as R&D grew 21.2% sequentially to NT$3.95 billion or 7.2% of revenue, while Sales & Marketing increased 12.0% to NT$0.82 billion and G&A was up 11.6% QoQ to NT$1.93 billion. Net other operating income was NT$1.25 billion. In 4Q23, operating income declined 18.9% QoQ to NT$12.42 billion.

COGS & Expenses

(Amount: NT$ million)

4Q23

 

3Q23

 

QoQ %
change

4Q22

 

YoY %
change

Operating Revenues

54,958

 

57,069

 

(3.7

)

67,836

 

(19.0

)

COGS

(37,152

)

(36,608

)

1.5

 

(38,712

)

(4.0

)

Depreciation

(9,006

)

(8,485

)

6.1

 

(8,898

)

1.2

 

Other Mfg. Costs

(28,146

)

(28,123

)

0.1

 

(29,814

)

(5.6

)

Gross Profit

17,806

 

20,461

 

(13.0

)

29,124

 

(38.9

)

Gross Margin (%)

32.4

%

35.9

%

 

42.9

%

 

Operating Expenses

(6,635

)

(5,722

)

16.0

 

(6,798

)

(2.4

)

Sales & Marketing

(823

)

(735

)

12.0

 

(953

)

(13.6

)

G&A

(1,930

)

(1,731

)

11.6

 

(2,438

)

(20.8

)

R&D

(3,945

)

(3,255

)

21.2

 

(3,407

)

15.8

 

Expected Credit Impairment gain (loss)

63

 

(1

)

-

 

(0

)

-

 

Net Other Operating Income & Expenses

1,252

 

573

 

118.7

 

1,311

 

(4.5

)

Operating Income

12,423

 

15,312

 

(18.9

)

23,637

 

(47.4

)


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