[October 26, 2016] |
|
UMC Reports Third Quarter 2016 Results
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303)
("UMC" or "The Company"), a leading global semiconductor foundry, today
announced its consolidated operating results for the third quarter of
2016.
Third quarter consolidated revenue was NT$38.16 billion, up 3.2%
quarterly from NT$37 billion in 2Q16 and an increase of 8.1% YoY from
NT$35.32 billion in 3Q15. 3Q16 consolidated gross margin was 21.8%. Net
income attributable to the stockholders of the parent was NT$2.98
billion, with earnings per ordinary share of NT$0.24.
Mr. Po-Wen Yen, CEO of UMC, said, "In the third quarter of 2016, UMC's
foundry revenue increased 3.2% sequentially to NT$38.05 billion. Foundry
operating margin was 5.5% as wafer shipments grew to 1.57 million 8-inch
equivalent wafers, with quarterly capacity utilization remaining at 89%.
During the quarter, our 28nm business exceeded 20% of quarterly revenue
for the first time, mainly driven by strong chip demand within the
communication segment. Our new high in 28nm contribution reflects
customers' robust wafer demand at our 300mm flagship Fab 12A in Tainan,
Taiwan, which has demonstrated mature technology status with consistent
yields to reach economy of scale. To further expand our 28nm market
share into new applications, UMC has announced the availability of
Faraday's 12.5G SerDes PHY on our 28HPCu platform. The
introduction of this IP highlights our ongoing efforts to introduce new
features on UMC's 28nm process, including a wide range of high speed
transfer interface IP for optical networking and other telecommunication
applications. UMC also introduced Faraday's PowerSlashTM
fundamental IP cells, which can be incorporated into our 55nm ULP (ultra
low-power) technology to create an optimized low power operating
environment for wireless applications such as those used in applications
for Internet of Things (IoT)."
CEO Yen continued, "Turning our attention to the fourth quarter, we
anticipate a flat outlook. We expect our Fab 12X in Xiamen, China to
enter production for 40/55nm products to address the strong demand in
China's chip market. The production of Fab 12X signifies an important
milestone as we enter China's high growth IC supply chain to realize new
market opportunities. Fab 12X's location in Xiamen serves as an ideal
manufacturing location for customers seeking to diversify their 12"
manufacturing needs. We look forward to a successfully ramping
production of our 12" Xiamen fab, which will strengthen UMC's global
presence in the semiconductor industry. Fab 12X will continue to follow
UMC's core values and protocols in sustainable semiconductor
manufacturing, which have been implemented throughout UMC's global fabs.
Through our green manufacturing, we hope to set positive industry
examples through concrete actions in order to combat global warming,
enhance resource conservation and save energy. UMC's selection as a DJSI
Global Component for the ninth consecutive year highlights our active
participation in environment protection, community service and
sustainable manufacturing practices, which reflects our commitment to
attain higher corporate social responsibility goals."
Summary of Operating Results
Operating Results
|
(Amount: NT$ million)
|
|
3Q16
|
|
2Q16
|
|
QoQ % change
|
|
3Q15
|
|
YoY % change
|
Net Operating Revenues
|
|
38,164
|
|
|
36,997
|
|
|
3.2
|
|
|
35,320
|
|
|
8.1
|
|
Gross Profit
|
|
8,301
|
|
|
8,285
|
|
|
0.2
|
|
|
6,911
|
|
|
20.1
|
|
Operating Expenses
|
|
(6,373
|
)
|
|
(5,859
|
)
|
|
8.8
|
|
|
(5,126
|
)
|
|
24.3
|
|
Net Other Operating Income and Expenses
|
|
(443
|
)
|
|
23
|
|
|
-
|
|
|
(804
|
)
|
|
(44.9
|
)
|
Operating Income
|
|
1,485
|
|
|
2,449
|
|
|
(39.4
|
)
|
|
981
|
|
|
51.4
|
|
Net Non-Operating Income and Expenses
|
|
466
|
|
|
(650
|
)
|
|
-
|
|
|
410
|
|
|
13.7
|
|
Net Income Attributable to Stockholders of the Parent
|
|
2,975
|
|
|
2,583
|
|
|
15.2
|
|
|
1,708
|
|
|
74.2
|
|
EPS (NT$ per share)
|
|
0.24
|
|
|
0.21
|
|
|
|
|
0.14
|
|
|
|
(US$ per ADS)
|
|
0.038
|
|
|
0.033
|
|
|
|
|
0.022
|
|
|
|
Net operating revenues in 3Q16 increased 3.2% to NT$38.16 billion,
including NT$38.05 billion from the foundry segment, as 28nm
contribution grew to 21% sales. Gross profit was NT$8.30 billion, or
21.8% of revenue. Operating expenses increased 8.8% sequentially to
NT$6.37 billion. Net other operating expenses was NT$443 million,
leading to an operating income of NT$1.49 billion. Net non-operating
income was NT$466 million. Net income attributable to stockholders of
the parent in 3Q16 grew 15.2% to NT$2.98 billion.
Earnings per ordinary share for the quarter was NT$0.24. Earnings per
ADS was US$0.038. The basic weighted average number of outstanding
shares in 3Q16 was 12,208,239,978, compared with 12,334,888,329 shares
in 2Q16 and 12,524,504,594 shares in 3Q15. The diluted weighted average
number of outstanding shares was 13,402,233,597 in 3Q16, compared with
13,460,073,526 shares in 2Q16 and 13,694,010,855 shares in 3Q15. The
fully diluted share count on September 30, 2016 was approximately
13,818,312,000. On September 30, 2016, UMC held 400 million treasury
shares acquired from the 16th and 17th share buy-back programs.
Detailed Financials Section
Consolidated revenues increased to NT$38.16 billion. COGS rose 4% to
NT$29.86 billion, as depreciation remained flat at NT$11.27 billion,
while other manufacturing costs increased 6.5% to NT$18.59 billion,
mainly from higher wafer shipments. Gross profit was NT$8.30 billion.
Operating expenses grew 8.8% to NT$6.37 billion. G&A and Sales &
Marketing grew to NT$1.77 billion and NT$1.21 billion, respectively,
which included expenses related to the initial production at Fab 12X.
R&D expenses increased 5.3% to NT$3.40 billion or 8.9% of operating
revenues. Higher operating expense and a NT$455 million impairment loss
from a solar subsidiary company, Nexpower, resulted in an operating
income of NT$1.49 billion in 3Q16.
COGS & Expenses
|
(Amount: NT$ million)
|
|
3Q16
|
|
2Q16
|
|
QoQ % change
|
|
3Q15
|
|
YoY % change
|
Net Operating Revenues
|
|
38,164
|
|
|
36,997
|
|
|
3.2
|
|
|
35,320
|
|
|
8.1
|
|
COGS
|
|
(29,863
|
)
|
|
(28,712
|
)
|
|
4.0
|
|
|
(28,409
|
)
|
|
5.1
|
|
Depreciation
|
|
(11,274
|
)
|
|
(11,264
|
)
|
|
0.1
|
|
|
(9,654
|
)
|
|
16.8
|
|
Other Mfg. Costs
|
|
(18,589
|
)
|
|
(17,448
|
)
|
|
6.5
|
|
|
(18,755
|
)
|
|
(0.9
|
)
|
Gross Profit
|
|
8,301
|
|
|
8,285
|
|
|
0.2
|
|
|
6,911
|
|
|
20.1
|
|
Gross Margin (%)
|
|
21.8
|
%
|
|
22.4
|
%
|
|
|
|
19.6
|
%
|
|
|
Operating Expenses
|
|
(6,373
|
)
|
|
(5,859
|
)
|
|
8.8
|
|
|
(5,126
|
)
|
|
24.3
|
|
G&A
|
|
(1,769
|
)
|
|
(1,541
|
)
|
|
14.8
|
|
|
(942
|
)
|
|
87.8
|
|
Sales & Marketing
|
|
(1,207
|
)
|
|
(1,092
|
)
|
|
10.5
|
|
|
(1,045
|
)
|
|
15.5
|
|
R&D
|
|
(3,397
|
)
|
|
(3,226
|
)
|
|
5.3
|
|
|
(3,139
|
)
|
|
8.2
|
|
Net Other Operating
Income & Expenses
|
|
(443
|
)
|
|
23
|
|
|
-
|
|
|
(804
|
)
|
|
(44.9
|
)
|
Operating Income
|
|
1,485
|
|
|
2,449
|
|
|
(39.4
|
)
|
|
981
|
|
|
51.4
|
|
Net non-operating income in 3Q16 was NT$466 million, including a NT$834
million net investment gain, which was mainly offset by a NT$338 million
in exchange loss and a NT$326 million loss from net interest expense.
Non-Operating Income and Expenses
|
(Amount: NT$ million)
|
|
3Q16
|
|
2Q16
|
|
3Q15
|
Non-Operating Income and Expenses
|
|
466
|
|
|
(650
|
)
|
|
410
|
|
Net Interest Income and Expenses
|
|
(326
|
)
|
|
(154
|
)
|
|
(23
|
)
|
Net Investment Gain and Loss
|
|
834
|
|
|
(504
|
)
|
|
(396
|
)
|
Gain and Loss on Disposal of Investment
|
|
304
|
|
|
548
|
|
|
612
|
|
Exchange Gain and Loss
|
|
(338
|
)
|
|
(501
|
)
|
|
471
|
|
Other Gain and Loss
|
|
(8
|
)
|
|
(39
|
)
|
|
(254
|
)
|
Cash inflow from operating activities reached NT$13.89 billion. Cash
outflow from investing activities totaled NT$15.40 billion, including
NT$19.86 billion in CAPEX spending for the foundry segment, resulting in
a free cash outflow of NT$5.97 billion. Cash inflow from financing
activities was NT$8.89 billion, mainly due to a cash inflow of NT$13.45
billion in bank loans, the capital injection from United Semiconductor
(Xiamen) leading to the increase in other financial liabilities of
NT$2.35 billion and a cash dividend payment of NT$6.91 billion. Net cash
inflow for 3Q16 was NT$5.84 billion. Over the next 12 months, the
company expects to repay NT$3.73 billion in bank loans.
Cash Flow Summary
|
(Amount: NT$ million)
|
|
For the 3-Month Period Ended Sep. 30, 2016
|
|
For the 3-Month Period Ended Jun. 30, 2016
|
Cash Flow from Operating Activities
|
|
13,888
|
|
|
5,618
|
|
Net income before tax
|
|
1,951
|
|
|
1,799
|
|
Depreciation & Amortization
|
|
12,901
|
|
|
13,040
|
|
Gain on disposal of investments
|
|
(304
|
)
|
|
(548
|
)
|
Impairment loss on financial assets
|
|
68
|
|
|
395
|
|
Impairment loss on non-financial assets
|
|
455
|
|
|
-
|
|
Exchange loss (gain) on financial assets and liabilities
|
|
(12
|
)
|
|
315
|
|
Changes in working capital
|
|
559
|
|
|
(9,330
|
)
|
Income tax paid
|
|
(1,688
|
)
|
|
(244
|
)
|
Other
|
|
(42
|
)
|
|
191
|
|
Cash Flow from Investing Activities
|
|
(15,400
|
)
|
|
(27,113
|
)
|
Capital expenditures
|
|
(19,862
|
)
|
|
(29,307
|
)
|
Proceeds from disposal of AFS financial assets
|
|
594
|
|
|
808
|
|
Changes in refundable deposits
|
|
402
|
|
|
(581
|
)
|
Acquisition of intangible assets
|
|
(567
|
)
|
|
(219
|
)
|
Other
|
|
4,033
|
|
|
2,186
|
|
Cash Flow from Financing Activities
|
|
8,885
|
|
|
11,152
|
|
Bank loans
|
|
13,446
|
|
|
13,548
|
|
Increase in other financial liabilities
|
|
2,345
|
|
|
-
|
|
Treasury stock acquired
|
|
-
|
|
|
(2,396
|
)
|
Cash dividends
|
|
(6,907
|
)
|
|
-
|
|
Other
|
|
1
|
|
|
(0
|
)
|
Effect of Exchange Rate
|
|
(1,532
|
)
|
|
227
|
|
Net Cash Flow
|
|
5,841
|
|
|
(10,116
|
)
|
Cash and cash equivalents increased to NT$55.27 billion, mostly due to
bank loans of NT$13.45 billion and the capital injection for United
Semiconductor (Xiamen), which was offset by NT$6.91 billion in cash
dividend payment. Days of inventory remained at 53 days.
Current Assets
|
(Amount: NT$ billion)
|
|
3Q16
|
|
2Q16
|
|
3Q15
|
Cash and Cash Equivalents
|
|
55.27
|
|
49.43
|
|
52.14
|
Notes & Accounts Receivable
|
|
22.37
|
|
24.53
|
|
19.76
|
Days Sales Outstanding
|
|
56
|
|
54
|
|
53
|
Inventories, net
|
|
17.17
|
|
17.59
|
|
16.56
|
Days of Inventory
|
|
53
|
|
53
|
|
52
|
Total Current Assets
|
|
106.97
|
|
103.60
|
|
95.03
|
Current liabilities increased to NT$83.44 billion, primarily reflecting
an increase in short-term credit, offset by cash dividend payment.
Long-term investment liabilities increased to NT$20.54 billion, mostly
reflecting the capital injection for United Semiconductor (Xiamen) from
non-UMC shareholders which increased long-term investment liabilities
due to the share buy-back agreement. Total liabilities increased to
NT$155.96 billion, leading to a debt to equity ratio of 71%.
Liabilities
|
(Amount: NT$ billion)
|
|
3Q16
|
|
2Q16
|
|
3Q15
|
Total Current Liabilities
|
|
83.44
|
|
|
80.05
|
|
|
44.47
|
|
Notes & Accounts Payable
|
|
6.74
|
|
|
7.58
|
|
|
6.34
|
|
Short-Term Credit / Bonds
|
|
47.05
|
|
|
33.48
|
|
|
8.84
|
|
Payable on Equipment
|
|
14.45
|
|
|
14.94
|
|
|
14.08
|
|
Dividends payable
|
|
-
|
|
|
6.91
|
|
|
-
|
|
Other
|
|
15.20
|
|
|
17.14
|
|
|
15.21
|
|
Long-Term Credit / Bonds
|
|
39.68
|
|
|
40.47
|
|
|
47.79
|
|
Long-Term Investment Liabilities
|
|
20.54
|
|
|
18.80
|
|
|
6.24
|
|
Total Liabilities
|
|
155.96
|
|
|
148.15
|
|
|
105.21
|
|
Debt to Equity
|
|
71
|
%
|
|
67
|
%
|
|
47
|
%
|
Analysis of Revenue2 for Foundry Segment
Revenue from North America and Asia Pacific accounted for 52% and 42% of
3Q16 sales, respectively.
Revenue Breakdown by Region
|
Region
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
North America
|
|
52
|
%
|
|
49
|
%
|
|
48
|
%
|
|
47
|
%
|
|
45
|
%
|
Asia Pacific
|
|
42
|
%
|
|
45
|
%
|
|
45
|
%
|
|
37
|
%
|
|
41
|
%
|
Europe
|
|
4
|
%
|
|
4
|
%
|
|
3
|
%
|
|
6
|
%
|
|
6
|
%
|
Japan
|
|
2
|
%
|
|
2
|
%
|
|
4
|
%
|
|
10
|
%
|
|
8
|
%
|
Revenue from 28nm technologies accounted for 21% of 3Q16 revenue,
reflecting strong wafer demand within the communication segment. 40nm
constituted 27% of sales.
Revenue Breakdown by Geometry
|
Geometry
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
28nm and below
|
|
21
|
%
|
|
17
|
%
|
|
8
|
%
|
|
11
|
%
|
|
10
|
%
|
28nm<x<=40nm
|
|
27
|
%
|
|
26
|
%
|
|
29
|
%
|
|
24
|
%
|
|
25
|
%
|
40nm<x<=65nm
|
|
15
|
%
|
|
18
|
%
|
|
19
|
%
|
|
23
|
%
|
|
21
|
%
|
65nm<x<=90nm
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
90nm<x<=0.13um
|
|
11
|
%
|
|
11
|
%
|
|
12
|
%
|
|
12
|
%
|
|
14
|
%
|
0.13um<x<=0.18um
|
|
11
|
%
|
|
12
|
%
|
|
13
|
%
|
|
11
|
%
|
|
11
|
%
|
0.18um<x<=0.35um
|
|
8
|
%
|
|
9
|
%
|
|
12
|
%
|
|
12
|
%
|
|
12
|
%
|
0.5um and above
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
Fabless customers continued to account for 93% of revenue in 3Q16.
Revenue Breakdown by Customer Type
|
Customer Type
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
Fabless
|
|
93
|
%
|
|
93
|
%
|
|
91
|
%
|
|
85
|
%
|
|
88
|
%
|
IDM
|
|
7
|
%
|
|
7
|
%
|
|
9
|
%
|
|
15
|
%
|
|
12
|
%
|
Revenue from the communication segment stayed unchanged at 55% of sales,
while consumer business was 26%. Computer related applications rose to
12%, partly fueled by tablet computing products.
Revenue Breakdown by Application (1)
|
Application
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
Computer
|
|
12
|
%
|
|
11
|
%
|
|
15
|
%
|
|
11
|
%
|
|
11
|
%
|
Communication
|
|
55
|
%
|
|
55
|
%
|
|
48
|
%
|
|
52
|
%
|
|
55
|
%
|
Consumer
|
|
26
|
%
|
|
27
|
%
|
|
30
|
%
|
|
29
|
%
|
|
27
|
%
|
Others
|
|
7
|
%
|
|
7
|
%
|
|
7
|
%
|
|
8
|
%
|
|
7
|
%
|
(1) Computer consists of ICs such as CPU, GPU,
HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec,
keyboard controller, monitor scaler, USB, I/O chipset. Communication
consists of handset components, broadband, WLAN, bluetooth,
Ethernet, LAN, DSP, etc. Consumer consists of ICs used for
DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC,
smart cards, toys, etc.
Blended ASP Trend for Foundry Segment
Blended average selling price (ASP) increased during 3Q16.
(To view ASP trend, visit http://www.umc.com/english/investors/3Q16_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer shipments increased 3.6% to 1,569K in 3Q16. Quarterly capacity
increased nearly 3.0% QoQ to 1,774K, leading to an overall utilization
rate of 89% for 3Q16.
Wafer Shipments
|
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
Wafer Shipments (8" K equivalents)
|
|
1,569
|
|
1,514
|
|
1,432
|
|
1,384
|
|
1,467
|
|
Quarterly Capacity Utilization Rate
|
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
3Q15
|
Utilization Rate
|
|
89%
|
|
89%
|
|
82%
|
|
83%
|
|
89%
|
Total Capacity (8" K equivalents)
|
|
1,774
|
|
1,723
|
|
1,692
|
|
1,690
|
|
1,685
|
Capacity4 for Foundry Segment
Overall capacity in the third quarter increased to 1,774K 8-inch
equivalent wafers. Estimated capacity in the fourth quarter will
slightly increase to 1,794K 8-inch equivalent wafers, from the initial
production ramp at Fab 12X.
Annual Capacity in
thousands of wafers
|
|
|
Quarterly Capacity in
thousands of wafers
|
FAB
|
|
Geometry (um)
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
|
FAB
|
|
4Q16E
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
WTK
|
6"
|
|
3.5 - 0.45
|
|
311
|
|
-
|
|
-
|
|
-
|
|
|
WTK
|
|
106
|
|
106
|
|
106
|
|
105
|
Fab 6A
|
6"
|
|
3.5 - 0.45
|
|
111
|
|
448
|
|
448
|
|
481
|
|
|
Fab 8A
|
|
207
|
|
207
|
|
207
|
|
206
|
Fab 8A
|
8"
|
|
0.5 - 0.25
|
|
813
|
|
813
|
|
813
|
|
815
|
|
|
Fab 8C
|
|
87
|
|
87
|
|
87
|
|
87
|
Fab 8C
|
8"
|
|
0.35 - 0.11
|
|
347
|
|
347
|
|
347
|
|
360
|
|
|
Fab 8D
|
|
86
|
|
86
|
|
86
|
|
85
|
Fab 8D
|
8"
|
|
0.13 - 0.09
|
|
341
|
|
358
|
|
382
|
|
371
|
|
|
Fab 8E
|
|
105
|
|
105
|
|
105
|
|
104
|
Fab 8E
|
8"
|
|
0.5 - 0.18
|
|
418
|
|
418
|
|
418
|
|
449
|
|
|
Fab 8F
|
|
102
|
|
102
|
|
100
|
|
97
|
Fab 8F
|
8"
|
|
0.18 - 0.11
|
|
388
|
|
388
|
|
388
|
|
389
|
|
|
Fab 8S
|
|
84
|
|
84
|
|
84
|
|
84
|
Fab 8S
|
8"
|
|
0.18 - 0.11
|
|
335
|
|
335
|
|
335
|
|
348
|
|
|
Fab 8N
|
|
188
|
|
188
|
|
188
|
|
187
|
Fab 8N
|
8"
|
|
0.5 - 0.13
|
|
667
|
|
547
|
|
469
|
|
-
|
|
|
Fab 12A
|
|
233
|
|
233
|
|
214
|
|
205
|
Fab 12A
|
12"
|
|
0.18 - 0.028
|
|
793
|
|
700
|
|
651
|
|
579
|
|
|
Fab 12i
|
|
148
|
|
148
|
|
144
|
|
144
|
Fab 12i
|
12"
|
|
0.13 - 0.040
|
|
572
|
|
573
|
|
550
|
|
537
|
|
|
Fab 12X
|
|
9
|
|
-
|
|
-
|
|
-
|
Total(1)
|
|
6,617
|
|
6,323
|
|
6,107
|
|
5,514
|
|
|
Total
|
|
1,794
|
|
1,774
|
|
1,723
|
|
1,692
|
YoY Growth Rate
|
|
5%
|
|
4%
|
|
11%
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
2012 figures account for UMC parent company only.
|
|
|
|
|
|
|
|
|
|
|
|
(1)One 6-inch wafer is converted into 0.5625(62/82)
8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(122/82)
8-inch equivalent wafers. Capacity total figures are expressed in 8-inch
equivalent wafers.
CAPEX for Foundry Segment
CAPEX spending in 3Q16 totaled US$627 million, bringing the spending for
the first nine month of 2016 to US$2.14 billion. Full year 2016 CAPEX
plan is budgeted for US$2.2 billion.
Capital Expenditure by Year - in US$ billion
|
Year
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
CAPEX
|
|
$ 1.9
|
|
$ 1.4
|
|
$ 1.1
|
|
$ 1.7
|
|
$ 1.6
|
2011~2012 figures account for UMC parent company only.
|
2016 CAPEX Plan
|
8"
|
|
|
12"
|
|
|
Total
|
5%
|
|
|
95%
|
|
|
US$2.2 billion
|
Fourth Quarter of 2016 Outlook & Guidance
Quarter-over-Quarter Guidance:
-
Wafer Shipments: To increase by approximately 5%
-
ASP in NTD: To decrease by approximately 5%
-
Profitability: Gross profit margin will be in the low 20% range
-
Foundry Segment Capacity Utilization: Approximately 90%
-
2016 CAPEX for Foundry Segment: US$2.2bn
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above
announcements
Conference Call / Webcast Announcement
Wednesday, October 26, 2016
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)
Dial-in numbers and Access Codes:
|
USA Toll Free:
|
|
|
1-800 871-3110, 1-888 700-7397
|
Taiwan Number:
|
|
|
02-2192-8016
|
Other Areas:
|
|
|
+886-2-2192-8016
|
Access Code:
|
|
|
UMC
|
A live webcast and replay of the 3Q16 results announcement will be
available at
www.umc.com
under the "Investors / Events" section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry
that provides advanced IC production for applications spanning every
major sector of the electronics industry. UMC's robust foundry solutions
enable chip designers to leverage the company's sophisticated technology
and manufacturing, which include volume production 28nm gate-last
High-K/Metal Gate technology, ultra-low power platform processes
specifically engineered for Internet of Things (IoT) applications and
the automotive industry's highest-rated AEC-Q100 Grade-0 manufacturing
capabilities for production of ICs found in cars. UMC's 10 wafer fabs
are strategically located throughout Asia and are able to produce over
500,000 wafers per month. The company employs more than 17,000 people
worldwide, with offices in Taiwan, mainland China, Europe, Japan, Korea,
Singapore, and the United States. UMC can be found on the web at http://www.umc.com
Note from UMC Concerning Forward-Looking Statements
Some of the statements in the foregoing announcement are forward-looking
within the meaning of the U.S. Federal Securities laws, including
statements about introduction of new services and technologies, future
outsourcing, competition, wafer capacity, business relationships and
market conditions. Investors are cautioned that actual events and
results could differ materially from these statements as a result of a
variety of factors, including conditions in the overall semiconductor
market and economy; acceptance and demand for products from UMC; and
technological and development risks. Further information regarding these
and other risks is included in UMC's filings with the U.S. Securities
and Exchange Commission. 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.
Safe Harbor Statements
This release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section
27A of the United States Securities Act of 1933, as amended, and Section
21E of the United States Securities Exchange Act of 1934, as amended,
and as defined in the United States Private Securities Litigation Reform
Act of 1995. You can identify these forward-looking statements by use of
words such as "strategy," "expects," "continues," "plans,"
"anticipates," "believes," "will," "estimates," "intends," "projects,"
"goals," "targets" and other words of similar meaning. You can also
identify them by the fact that they do not relate strictly to historical
or current facts.
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 risks is included in UMC's filings with the United States
Securities and Exchange Commission. 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.
This presentation is not an offer of securities for sale in the United
States. Securities may not be offered or sold in the United States
absent registration or an exemption from registration. Any public
offering of securities to be made in the United States will be made by
means of a prospectus that may be obtained from the issuer or selling
security holder and that will contain detailed information about the
company and management, as well as financial statements.
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized by
Financial Supervisory Commission in the ROC, which is different from
IFRSs issued by the International Accounting Standards Board. They
represent comparisons among the three-month period ending Sep 30, 2016,
the three-month period ending Jun 30, 2016, and the equivalent
three-month period that ended Sep 30, 2015. For all 3Q16 results, New
Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the
Sep 30, 2016 exchange rate of NT$ 31.36 per U.S. Dollar.
2 Revenue in this section represents wafer sales
3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
4 Estimated capacity numbers are based on calculated
maximum output rather than designed capacity. The actual
capacity numbers may differ depending upon equipment delivery schedules,
pace of migration to more advanced process technologies, and other
factors affecting production ramp-up.
- FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Balance Sheet
|
As of September 30, 2016
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
|
US$
|
|
|
NT$
|
|
|
%
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
1,762
|
|
|
|
55,266
|
|
|
|
14.7
|
%
|
Financial assets at fair value through profit or loss, current
|
|
24
|
|
|
|
751
|
|
|
|
0.2
|
%
|
Notes & Accounts receivable, net
|
|
713
|
|
|
|
22,366
|
|
|
|
6.0
|
%
|
Inventories, net
|
|
547
|
|
|
|
17,167
|
|
|
|
4.6
|
%
|
Other current assets
|
|
365
|
|
|
|
11,420
|
|
|
|
3.0
|
%
|
Total current assets
|
|
3,411
|
|
|
|
106,970
|
|
|
|
28.5
|
%
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Funds and investments
|
|
1,205
|
|
|
|
37,799
|
|
|
|
10.1
|
%
|
Property, plant and equipment
|
|
6,869
|
|
|
|
215,414
|
|
|
|
57.5
|
%
|
Other non-current assets
|
|
472
|
|
|
|
14,776
|
|
|
|
3.9
|
%
|
Total non-current assets
|
|
8,546
|
|
|
|
267,989
|
|
|
|
71.5
|
%
|
Total assets
|
|
11,957
|
|
|
|
374,959
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
1,142
|
|
|
|
35,821
|
|
|
|
9.6
|
%
|
Payables
|
|
1,079
|
|
|
|
33,853
|
|
|
|
9.0
|
%
|
Current portion of long-term liabilities
|
|
358
|
|
|
|
11,225
|
|
|
|
3.0
|
%
|
Other current liabilities
|
|
82
|
|
|
|
2,542
|
|
|
|
0.7
|
%
|
Total current liabilities
|
|
2,661
|
|
|
|
83,441
|
|
|
|
22.3
|
%
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Bonds payable
|
|
1,097
|
|
|
|
34,395
|
|
|
|
9.2
|
%
|
Long-term loans
|
|
169
|
|
|
|
5,290
|
|
|
|
1.4
|
%
|
Other non-current liabilities
|
|
1,046
|
|
|
|
32,834
|
|
|
|
8.7
|
%
|
Total non-current liabilities
|
|
2,312
|
|
|
|
72,519
|
|
|
|
19.3
|
%
|
Total liabilities
|
|
4,973
|
|
|
|
155,960
|
|
|
|
41.6
|
%
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Equity attributable to the parent company
|
|
|
|
|
|
|
|
|
Capital
|
|
4,026
|
|
|
|
126,243
|
|
|
|
33.7
|
%
|
Additional paid-in capital
|
|
1,307
|
|
|
|
41,005
|
|
|
|
11.0
|
%
|
Retained earnings, unrealized gain or loss on available-for-sale
financial assets and exchange differences on translation of
foreign operations
|
|
1,749
|
|
|
|
54,862
|
|
|
|
14.6
|
%
|
Treasury stock
|
|
(150
|
)
|
|
|
(4,719
|
)
|
|
|
(1.3
|
%)
|
Total equity attributable to the parent company
|
|
6,932
|
|
|
|
217,391
|
|
|
|
58.0
|
%
|
Non-controlling interests
|
|
52
|
|
|
|
1,608
|
|
|
|
0.4
|
%
|
Total equity
|
|
6,984
|
|
|
|
218,999
|
|
|
|
58.4
|
%
|
Total liabilities and equity
|
|
11,957
|
|
|
|
374,959
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the September 30, 2016 exchange rate of NT $31.36 per U.S.
Dollar.
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statements of Comprehensive Income
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison
|
|
Quarter over Quarter Comparison
|
|
|
Three-Month Period Ended
|
|
|
|
Three-Month Period Ended
|
|
|
|
|
September 30, 2016
|
|
September 30, 2015
|
|
Chg.
|
|
September 30, 2016
|
|
June 30, 2016
|
|
Chg.
|
|
|
US$
|
|
NT$
|
|
|
US$
|
|
NT$
|
|
|
%
|
|
US$
|
|
NT$
|
|
|
US$
|
|
NT$
|
|
%
|
Net operating revenues
|
|
1,217
|
|
|
38,164
|
|
|
|
1,126
|
|
|
35,320
|
|
|
|
8.1
|
%
|
|
1,217
|
|
|
38,164
|
|
|
|
1,180
|
|
|
36,997
|
|
|
3.2
|
%
|
Operating costs
|
|
(952
|
)
|
|
(29,863
|
)
|
|
|
(906
|
)
|
|
(28,409
|
)
|
|
|
5.1
|
%
|
|
(952
|
)
|
|
(29,863
|
)
|
|
|
(916
|
)
|
|
(28,712
|
)
|
|
4.0
|
%
|
Gross profit
|
|
265
|
|
|
8,301
|
|
|
|
220
|
|
|
6,911
|
|
|
|
20.1
|
%
|
|
265
|
|
|
8,301
|
|
|
|
264
|
|
|
8,285
|
|
|
0.2
|
%
|
|
|
21.8
|
%
|
|
21.8
|
%
|
|
|
19.6
|
%
|
|
19.6
|
%
|
|
|
|
|
21.8
|
%
|
|
21.8
|
%
|
|
|
22.4
|
%
|
|
22.4
|
%
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
|
(39
|
)
|
|
(1,207
|
)
|
|
|
(33
|
)
|
|
(1,045
|
)
|
|
|
15.5
|
%
|
|
(39
|
)
|
|
(1,207
|
)
|
|
|
(35
|
)
|
|
(1,092
|
)
|
|
10.5
|
%
|
- General and administrative expenses
|
|
(57
|
)
|
|
(1,769
|
)
|
|
|
(30
|
)
|
|
(942
|
)
|
|
|
87.8
|
%
|
|
(57
|
)
|
|
(1,769
|
)
|
|
|
(49
|
)
|
|
(1,541
|
)
|
|
14.8
|
%
|
- Research and development expenses
|
|
(108
|
)
|
|
(3,397
|
)
|
|
|
(100
|
)
|
|
(3,139
|
)
|
|
|
8.2
|
%
|
|
(108
|
)
|
|
(3,397
|
)
|
|
|
(103
|
)
|
|
(3,226
|
)
|
|
5.3
|
%
|
Subtotal
|
|
(204
|
)
|
|
(6,373
|
)
|
|
|
(163
|
)
|
|
(5,126
|
)
|
|
|
24.3
|
%
|
|
(204
|
)
|
|
(6,373
|
)
|
|
|
(187
|
)
|
|
(5,859
|
)
|
|
8.8
|
%
|
Net other operating income and expenses
|
|
(14
|
)
|
|
(443
|
)
|
|
|
(26
|
)
|
|
(804
|
)
|
|
|
(44.9
|
%)
|
|
(14
|
)
|
|
(443
|
)
|
|
|
1
|
|
|
23
|
|
|
-
|
|
Operating income
|
|
47
|
|
|
1,485
|
|
|
|
31
|
|
|
981
|
|
|
|
51.4
|
%
|
|
47
|
|
|
1,485
|
|
|
|
78
|
|
|
2,449
|
|
|
(39.4
|
%)
|
|
|
3.9
|
%
|
|
3.9
|
%
|
|
|
2.8
|
%
|
|
2.8
|
%
|
|
|
|
|
3.9
|
%
|
|
3.9
|
%
|
|
|
6.6
|
%
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
|
15
|
|
|
466
|
|
|
|
13
|
|
|
410
|
|
|
|
13.7
|
%
|
|
15
|
|
|
466
|
|
|
|
(21
|
)
|
|
(650
|
)
|
|
-
|
|
Income from continuing operations before
income tax
|
|
62
|
|
|
1,951
|
|
|
|
44
|
|
|
1,391
|
|
|
|
40.3
|
%
|
|
62
|
|
|
1,951
|
|
|
|
57
|
|
|
1,799
|
|
|
8.4
|
%
|
|
|
5.1
|
%
|
|
5.1
|
%
|
|
|
3.9
|
%
|
|
3.9
|
%
|
|
|
|
|
5.1
|
%
|
|
5.1
|
%
|
|
|
4.9
|
%
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(6
|
)
|
|
(195
|
)
|
|
|
(2
|
)
|
|
(84
|
)
|
|
|
132.1
|
%
|
|
(6
|
)
|
|
(195
|
)
|
|
|
(7
|
)
|
|
(220
|
)
|
|
(11.4
|
%)
|
Net income
|
|
56
|
|
|
1,756
|
|
|
|
42
|
|
|
1,307
|
|
|
|
34.4
|
%
|
|
56
|
|
|
1,756
|
|
|
|
50
|
|
|
1,579
|
|
|
11.2
|
%
|
|
|
4.6
|
%
|
|
4.6
|
%
|
|
|
3.7
|
%
|
|
3.7
|
%
|
|
|
|
|
4.6
|
%
|
|
4.6
|
%
|
|
|
4.3
|
%
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
(71
|
)
|
|
(2,213
|
)
|
|
|
49
|
|
|
1,543
|
|
|
|
-
|
|
|
(71
|
)
|
|
(2,213
|
)
|
|
|
(31
|
)
|
|
(977
|
)
|
|
126.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
(15
|
)
|
|
(457
|
)
|
|
|
91
|
|
|
2,850
|
|
|
|
-
|
|
|
(15
|
)
|
|
(457
|
)
|
|
|
19
|
|
|
602
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
95
|
|
|
2,975
|
|
|
|
54
|
|
|
1,708
|
|
|
|
74.2
|
%
|
|
95
|
|
|
2,975
|
|
|
|
82
|
|
|
2,583
|
|
|
15.2
|
%
|
Non-controlling interests
|
|
(39
|
)
|
|
(1,219
|
)
|
|
|
(12
|
)
|
|
(401
|
)
|
|
|
204.0
|
%
|
|
(39
|
)
|
|
(1,219
|
)
|
|
|
(32
|
)
|
|
(1,004
|
)
|
|
21.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
26
|
|
|
802
|
|
|
|
103
|
|
|
3,215
|
|
|
|
(75.1
|
%)
|
|
26
|
|
|
802
|
|
|
|
52
|
|
|
1,635
|
|
|
(50.9
|
%)
|
Non-controlling interests
|
|
(41
|
)
|
|
(1,259
|
)
|
|
|
(12
|
)
|
|
(365
|
)
|
|
|
244.9
|
%
|
|
(41
|
)
|
|
(1,259
|
)
|
|
|
(33
|
)
|
|
(1,033
|
)
|
|
21.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
|
0.008
|
|
|
0.24
|
|
|
|
0.004
|
|
|
0.14
|
|
|
|
|
|
0.008
|
|
|
0.24
|
|
|
|
0.007
|
|
|
0.21
|
|
|
|
Earnings per ADS (2)
|
|
0.038
|
|
|
1.20
|
|
|
|
0.022
|
|
|
0.70
|
|
|
|
|
|
0.038
|
|
|
1.20
|
|
|
|
0.033
|
|
|
1.05
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (in millions)
|
|
|
|
12,208
|
|
|
|
|
|
12,525
|
|
|
|
|
|
|
|
12,208
|
|
|
|
|
|
12,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the September 30, 2016 exchange rate of NT $31.36 per U.S. Dollar.
|
(2) 1 ADS equals 5 common shares.
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statements of Comprehensive Income
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended
|
|
For the Nine-Month Period Ended
|
|
|
September 30, 2016
|
|
September 30, 2016
|
|
|
US$
|
|
NT$
|
|
%
|
|
US$
|
|
NT$
|
|
%
|
Net operating revenues
|
|
1,217
|
|
|
38,164
|
|
|
100.0
|
%
|
|
3,494
|
|
|
109,564
|
|
|
100.0
|
%
|
Operating costs
|
|
(952
|
)
|
|
(29,863
|
)
|
|
(78.2
|
%)
|
|
(2,805
|
)
|
|
(87,944
|
)
|
|
(80.3
|
%)
|
Gross profit
|
|
265
|
|
|
8,301
|
|
|
21.8
|
%
|
|
689
|
|
|
21,620
|
|
|
19.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
|
(39
|
)
|
|
(1,207
|
)
|
|
(3.2
|
%)
|
|
(105
|
)
|
|
(3,308
|
)
|
|
(3.0
|
%)
|
- General and administrative expenses
|
|
(57
|
)
|
|
(1,769
|
)
|
|
(4.6
|
%)
|
|
(136
|
)
|
|
(4,280
|
)
|
|
(3.9
|
%)
|
- Research and development expenses
|
|
(108
|
)
|
|
(3,397
|
)
|
|
(8.9
|
%)
|
|
(310
|
)
|
|
(9,708
|
)
|
|
(8.9
|
%)
|
Subtotal
|
|
(204
|
)
|
|
(6,373
|
)
|
|
(16.7
|
%)
|
|
(551
|
)
|
|
(17,296
|
)
|
|
(15.8
|
%)
|
Net other operating income and expenses
|
|
(14
|
)
|
|
(443
|
)
|
|
(1.2
|
%)
|
|
(13
|
)
|
|
(407
|
)
|
|
(0.3
|
%)
|
Operating income
|
|
47
|
|
|
1,485
|
|
|
3.9
|
%
|
|
125
|
|
|
3,917
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
|
15
|
|
|
466
|
|
|
1.2
|
%
|
|
(4
|
)
|
|
(137
|
)
|
|
(0.1
|
%)
|
Income from continuing operations before
income tax
|
|
62
|
|
|
1,951
|
|
|
5.1
|
%
|
|
121
|
|
|
3,780
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(6
|
)
|
|
(195
|
)
|
|
(0.5
|
%)
|
|
(12
|
)
|
|
(366
|
)
|
|
(0.4
|
%)
|
Net income
|
|
56
|
|
|
1,756
|
|
|
4.6
|
%
|
|
109
|
|
|
3,414
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
(71
|
)
|
|
(2,213
|
)
|
|
(5.8
|
%)
|
|
(120
|
)
|
|
(3,773
|
)
|
|
(3.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
(15
|
)
|
|
(457
|
)
|
|
(1.2
|
%)
|
|
(11
|
)
|
|
(359
|
)
|
|
(0.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
95
|
|
|
2,975
|
|
|
7.8
|
%
|
|
184
|
|
|
5,768
|
|
|
5.3
|
%
|
Non-controlling interests
|
|
(39
|
)
|
|
(1,219
|
)
|
|
(3.2
|
%)
|
|
(75
|
)
|
|
(2,354
|
)
|
|
(2.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
26
|
|
|
802
|
|
|
2.1
|
%
|
|
66
|
|
|
2,081
|
|
|
1.9
|
%
|
Non-controlling interests
|
|
(41
|
)
|
|
(1,259
|
)
|
|
(3.3
|
%)
|
|
(77
|
)
|
|
(2,440
|
)
|
|
(2.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
|
0.008
|
|
|
0.24
|
|
|
|
|
0.015
|
|
|
0.47
|
|
|
|
Earnings per ADS (2)
|
|
0.038
|
|
|
1.20
|
|
|
|
|
0.075
|
|
|
2.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding (in millions)
|
12,208
|
|
|
|
|
|
|
12,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the September 30, 2016 exchange rate of NT $31.36 per U.S. Dollar.
|
(2) 1 ADS equals 5 common shares.
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statement of Cash Flows
|
For The Nine-Month Period Ended September 30, 2016
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
US$
|
|
NT$
|
Cash flows from operating activities :
|
|
|
|
|
|
Net income before tax
|
|
|
121
|
|
|
3,780
|
|
Depreciation & Amortization
|
|
|
1,231
|
|
|
38,607
|
|
Gain on disposal of investments
|
|
|
(34
|
)
|
|
(1,074
|
)
|
Changes in notes & accounts receivable
|
|
|
(104
|
)
|
|
(3,271
|
)
|
Changes in prepayments
|
|
|
(267
|
)
|
|
(8,379
|
)
|
Changes in assets, liabilities and others
|
|
|
38
|
|
|
1,241
|
|
Net cash provided by operating activities
|
|
|
985
|
|
|
30,904
|
|
|
|
|
|
|
|
Cash flows from investing activities :
|
|
|
|
|
|
Proceeds from disposal of available-for-sale financial assets
|
|
|
65
|
|
|
2,044
|
|
Acquisition of property, plant and equipment
|
|
|
(2,221
|
)
|
|
(69,656
|
)
|
Acquisition of intangible assets
|
|
|
(39
|
)
|
|
(1,238
|
)
|
Others
|
|
|
225
|
|
|
7,085
|
|
Net cash used in investing activities
|
|
|
(1,970
|
)
|
|
(61,765
|
)
|
|
|
|
|
|
|
Cash flows from financing activities :
|
|
|
|
|
|
Increase in short-term loans
|
|
|
1,001
|
|
|
31,379
|
|
Proceeds from long-term loans
|
|
|
64
|
|
|
2,000
|
|
Repayments of long-term loans
|
|
|
(175
|
)
|
|
(5,475
|
)
|
Increase in other financial liabilities
|
|
|
510
|
|
|
15,979
|
|
Cash dividends
|
|
|
(220
|
)
|
|
(6,907
|
)
|
Treasury stock acquired
|
|
|
(76
|
)
|
|
(2,396
|
)
|
Others
|
|
|
(1
|
)
|
|
(5
|
)
|
Net cash provided by financing activities
|
|
|
1,103
|
|
|
34,575
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(55
|
)
|
|
(1,738
|
)
|
Net Increase in cash and cash equivalents
|
|
|
63
|
|
|
1,976
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
1,699
|
|
|
53,290
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
1,762
|
|
|
55,266
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the September 30, 2016 exchange rate of NT $31.36 per U.S. Dollar.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161026005704/en/
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