UMC Reports Second Quarter 2024 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 June 30, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)


	June 30, 2024
	US$	NT$	%
Assets
Current assets
Cash and cash equivalents	3,738	121,234	20.7%
Accounts receivable, net	1,003	32,525	5.6%
Inventories, net	1,120	36,334	6.2%
Other current assets	528	17,122	2.8%
Total current assets	6,389	207,215	35.3%

Non-current assets
Funds and investments	2,418	78,404	13.4%
Property, plant and equipment	8,450	274,031	46.7%
Right-of-use assets	233	7,549	1.3%
Other non-current assets	609	19,763	3.3%
Total non-current assets	11,710	379,747	64.7%
Total assets	18,099	586,962	100.0%

Liabilities
Current liabilities
Short-term loans	96	3,119	0.5%
Payables	1,861	60,362	10.3%
Dividends payable	1,159	37,587	6.4%
Current portion of long-term liabilities	404	13,091	2.2%
Other current liabilities	334	10,814	1.9%
Total current liabilities	3,854	124,973	21.3%

Non-current liabilities
Bonds payable	758	24,582	4.2%
Long-term loans	706	22,901	3.9%
Lease liabilities, noncurrent	163	5,288	0.9%
Other non-current liabilities	1,638	53,126	9.0%
Total non-current liabilities	3,265	105,897	18.0%
Total liabilities	7,119	230,870	39.3%

Equity
Equity attributable to the parent company
Capital	3,863	125,286	21.3%
Additional paid-in capital	443	14,346	2.5%
Retained earnings and other components of equity	6,665	216,147	36.8%
Total equity attributable to the parent company	10,971	355,779	60.6%
Non-controlling interests	9	313	0.1%
Total equity	10,980	356,092	60.7%
Total liabilities and equity	18,099	586,962	100.0%

Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 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
	June 30, 2024				June 30, 2023				Chg.		June 30, 2024				March 31, 2024				Chg.
	US$		NT$		US$		NT$		%		US$		NT$		US$		NT$		%
Operating revenues	1,751		56,799		1,736		56,296		0.9	%	1,751		56,799		1,685		54,632		4.0	%
Operating costs	(1,135	)	(36,816	)	(1,112	)	(36,044	)	2.1	%	(1,135	)	(36,816	)	(1,164	)	(37,733	)	(2.4	%)
Gross profit	616		19,983		624		20,252		(1.3	%)	616		19,983		521		16,899		18.2	%
	35.2	%	35.2	%	36.0	%	36.0	%			35.2	%	35.2	%	30.9	%	30.9	%
Operating expenses
- Sales and marketing expenses	(21	)	(678	)	(22	)	(716	)	(5.4	%)	(21	)	(678	)	(21	)	(684	)	(0.9	%)
- General and administrative expenses	(56	)	(1,804	)	(53	)	(1,715	)	5.2	%	(56	)	(1,804	)	(52	)	(1,702	)	6.0	%
- Research and development expenses	(119	)	(3,853	)	(102	)	(3,317	)	16.1	%	(119	)	(3,853	)	(105	)	(3,407	)	13.1	%
- Expected credit impairment gain	1		24		1		30		(21.5	%)	1		24		1		46		(47.9	%)
Subtotal	(195	)	(6,311	)	(176	)	(5,718	)	10.4	%	(195	)	(6,311	)	(177	)	(5,747	)	9.8	%
Net other operating income and expenses	7		219		35		1,141		(80.8	%)	7		219		16		513		(57.3	%)
Operating income	428		13,891		483		15,675		(11.4	%)	428		13,891		360		11,665		19.1	%
	24.5	%	24.5	%	27.8	%	27.8	%			24.5	%	24.5	%	21.4	%	21.4	%

Net non-operating income and expenses	78		2,529		87		2,810		(10.0	%)	78		2,529		32		1,056		139.4	%
Income from continuing operations before income tax	506		16,420		570		18,485		(11.2	%)	506		16,420		392		12,721		29.1	%
	28.9	%	28.9	%	32.8	%	32.8	%			28.9	%	28.9	%	23.3	%	23.3	%

Income tax expense	(81	)	(2,645	)	(80	)	(2,588	)	2.2	%	(81	)	(2,645	)	(70	)	(2,291	)	15.4	%
Net income	425		13,775		490		15,897		(13.3	%)	425		13,775		322		10,430		32.1	%
	24.3	%	24.3	%	28.2	%	28.2	%			24.3	%	24.3	%	19.1	%	19.1	%

Other comprehensive income (loss)	42		1,375		(7	)	(238	)	-		42		1,375		245		7,954		(82.7	%)

Total comprehensive income (loss)	467		15,150		483		15,659		(3.2	%)	467		15,150		567		18,384		(17.6	%)

Net income attributable to:
Shareholders of the parent	425		13,786		482		15,641		(11.9	%)	425		13,786		322		10,456		31.8	%
Non-controlling interests	(0	)	(11	)	8		256		-		(0	)	(11	)	(0	)	(26	)	(58.8	%)

Comprehensive income (loss) attributable to:
Shareholders of the parent	467		15,161		475		15,403		(1.6	%)	467		15,161		568		18,410		(17.6	%)
Non-controlling interests	(0	)	(11	)	8		256		-		(0	)	(11	)	(1	)	(26	)	(58.8	%)

Earnings per share-basic	0.034		1.11		0.039		1.27				0.034		1.11		0.026		0.84
Earnings per ADS ⁽²⁾	0.171		5.55		0.196		6.35				0.171		5.55		0.130		4.20
Weighted average number of shares
outstanding (in millions)			12,414				12,349						12,414				12,414


Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 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 Six-Month Period Ended
	June 30, 2024						June 30, 2024
	US$		NT$		%		US$		NT$		%
Operating revenues	1,751		56,799		100.0	%	3,436		111,431		100.0	%
Operating costs	(1,135	)	(36,816	)	(64.8	%)	(2,299	)	(74,548	)	(66.9	%)
Gross profit	616		19,983		35.2	%	1,137		36,883		33.1	%


Operating expenses
- Sales and marketing expenses	(21	)	(678	)	(1.2	%)	(42	)	(1,362	)	(1.2	%)
- General and administrative expenses	(56	)	(1,804	)	(3.1	%)	(108	)	(3,506	)	(3.2	%)
- Research and development expenses	(119	)	(3,853	)	(6.8	%)	(224	)	(7,260	)	(6.5	%)
- Expected credit impairment gain	1		24		0.0	%	2		69		0.1	%
Subtotal	(195	)	(6,311	)	(11.1	%)	(372	)	(12,059	)	(10.8	%)
Net other operating income and expenses	7		219		0.4	%	23		732		0.6	%
Operating income	428		13,891		24.5	%	788		25,556		22.9	%

Net non-operating income and expenses	78		2,529		4.4	%	111		3,585		3.3	%
Income from continuing operations before income tax	506		16,420		28.9	%	899		29,141		26.2	%


Income tax expense	(81	)	(2,645	)	(4.6	%)	(153	)	(4,936	)	(4.5	%)
Net income	425		13,775		24.3	%	746		24,205		21.7	%

Other comprehensive income (loss)	42		1,375		2.4	%	288		9,329		8.4	%

Total comprehensive income (loss)	467		15,150		26.7	%	1,034		33,534		30.1	%

Net income attributable to:
Shareholders of the parent	425		13,786		24.3	%	748		24,242		21.8	%
Non-controlling interests	(0	)	(11	)	(0.0	%)	(2	)	(37	)	(0.1	%)

Comprehensive income (loss) attributable to:
Shareholders of the parent	467		15,161		26.7	%	1,035		33,571		30.1	%
Non-controlling interests	(0	)	(11	)	(0.0	%)	(1	)	(37	)	(0.0	%)

Earnings per share-basic	0.034		1.11				0.060		1.95
Earnings per ADS ⁽²⁾	0.171		5.55				0.301		9.75

Weighted average number of shares outstanding (in millions)			12,414						12,414

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Six-Month Period Ended June 30, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	US$		NT$
Cash flows from operating activities :
Net income before tax	899		29,141
Depreciation & Amortization	678		22,003
Share of profit of associates and joint ventures	(42	)	(1,368	)
Income tax paid	(188	)	(6,084	)
Changes in working capital & others	(4	)	(144	)
Net cash provided by operating activities	1,343		43,548

Cash flows from investing activities :
Decrease in financial assets measured at amortized cost	122		3,958
Acquisition of property, plant and equipment	(1,497	)	(48,540	)
Acquisition of intangible assets	(44	)	(1,424	)
Others	30		960
Net cash used in investing activities	(1,389	)	(45,046	)

Cash flows from financing activities :
Decrease in short-term loans	(321	)	(10,411	)
Redemption of bonds	(157	)	(5,100	)
Proceeds from long-term loans	358		11,600
Repayments of long-term loans	(234	)	(7,580	)
Others	(20	)	(653	)
Net cash used in financing activities	(374	)	(12,144	)

Effect of exchange rate changes on cash and cash equivalents	85		2,752
Net decrease in cash and cash equivalents	(335	)	(10,890	)

Cash and cash equivalents at beginning of period	4,087		132,554

Cash and cash equivalents at end of period	3,752		121,664

Reconciliation of the balances of cash and cash equivalents at end of period :
Cash and cash equivalents balances on the consolidated balance sheets	3,738		121,234
Cash and cash equivalents included in non-current assets held for sale	14		430
Cash and cash equivalents at end of period	3,752		121,664


Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 per U.S. Dollar.

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