| [January 23, 2017] |
 |
UMC Reports Fourth 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 fourth quarter of
2016.
Fourth quarter consolidated revenue was NT$38.31 billion, flat from
NT$38.16 billion in 3Q16 and an increase of 13.2% YoY from NT$33.85
billion in 4Q15. 4Q16 consolidated gross margin was 22.9%. Net income
attributable to the stockholders of the parent was NT$2.55 billion, with
earnings per ordinary share of NT$0.21.
Mr. Po-Wen Yen, CEO of UMC, said, "In the fourth quarter of 2016, UMC's
revenue from foundry operations was NT$38.22 billion. Overall capacity
utilization reached 94%, bringing wafer shipments to 1.66 million 8-inch
equivalent wafers. Operating margin was 6.3%. During the quarter, our
28nm and 40nm utilization rate continued to exceed 90%, while strength
in 8" consumer and communication demand raised 8" fab utilization to
nearly 100%. We also realized a noteworthy milestone in November with
the grand opening of our 300mm Fab 12X in Xiamen, China, which began
shipping 40nm customer wafers just 20 months after the fab's March 2015
groundbreaking. This site will ideally position UMC to capitalize on the
vast business opportunities within China's semiconductor market while
bringing us closer to our Chinese customers, where our team can provide
superior technical and manufacturing services and more efficiently bring
new tape outs into production. With regard to our advanced 14nm
technology, we have recently made substantial progress for this advanced
node. Following intensive engineering activities with our customer,
UMC's 14nm transistor performance has delivered speed and leakage
results which are comparable with the industry's 14nm standards. Our
yields have fulfilled customer requirements, and we anticipate 14nm
wafer shipments to commence in 1Q17, highlighting our determined efforts
to reach this important milestone."
CEO Yen continued, "Looking into the first quarter of 2017, as we enter
early year seasonality, we expect a sequential decrease in our foundry
business. For full year 2017, UMC will continue to work towards a year
of growth and prosperity. Our fundamental 28nm process technology
know-how will enable our team to develop new manufacturing solutions on
logic and specialty technology platforms. We will also expand 300mm
capacity at Fab 12X to address growing customer wafer demand, increase
our foundry market share and elevate the competitiveness of our foundry
services. We believe these efforts will position UMC to capture the next
wave of growth opportunities."
Summary of Operating Results
|
Operating Results
|
|
(Amount: NT$ million)
|
|
4Q16
|
|
3Q16
|
|
QoQ %
change
|
|
4Q15
|
|
YoY %
change
|
|
Net Operating Revenues
|
|
38,306
|
|
|
38,164
|
|
|
0.4
|
|
|
33,849
|
|
|
13.2
|
|
|
Gross Profit
|
|
8,759
|
|
|
8,301
|
|
|
5.5
|
|
|
6,979
|
|
|
25.5
|
|
|
Operating Expenses
|
|
(6,627
|
)
|
|
(6,373
|
)
|
|
4.0
|
|
|
(5,065
|
)
|
|
30.8
|
|
|
Net Other Operating Income and Expenses
|
|
144
|
|
|
(443
|
)
|
|
-
|
|
|
(34
|
)
|
|
-
|
|
|
Operating Income
|
|
2,276
|
|
|
1,485
|
|
|
53.3
|
|
|
1,880
|
|
|
21.1
|
|
|
Net Non-Operating Income and Expenses
|
|
(1,210
|
)
|
|
466
|
|
|
-
|
|
|
906
|
|
|
-
|
|
|
Net Income Attributable to Stockholders of the Parent
|
|
2,548
|
|
|
2,975
|
|
|
(14.4
|
)
|
|
3,160
|
|
|
(19.4
|
)
|
|
EPS (NT$ per share)
|
|
0.21
|
|
|
0.24
|
|
|
|
|
0.25
|
|
|
|
|
(US$ per ADS)
|
|
0.033
|
|
|
0.037
|
|
|
|
|
0.039
|
|
|
|
In 4Q16, net operating revenues increased 0.4% to NT$38.31 billion,
including NT$38.22 billion from the foundry segment. Revenue from 28nm
and 40nm contribution was 22% and 26% respectively. Gross profit was
NT$8.76 billion, or 22.9% of revenue. Operating expenses increased 4.0%
to NT$6.63 billion. Net other operating income was NT$144 million,
leading to an operating income of NT$2.28 billion. Net non-operating
expense was NT$1.21 billion. Net income attributable to stockholders of
the parent was NT$2.55 billion.
Earnings per ordinary share for the quarter was NT$0.21. Earnings per
ADS was US$0.033. The basic weighted average number of outstanding
shares in 4Q16 was 12,208,239,978, compared with 12,208,239,978 shares
in 3Q16 and 12,407,897,412 shares in 4Q15. The diluted weighted average
number of outstanding shares was 13,442,173,503 in 4Q16, compared with
13,402,233,597 shares in 3Q16 and 13,601,975,910 shares in 4Q15. The
fully diluted share count on December 31, 2016 was approximately
13,858,252,000. On December 31, 2016, UMC held 400 million treasury
shares acquired from the 16th and 17th share buy-back programs.
Detailed Financials Section
Net operating revenues grew 0.4% to NT$38.31 billion. COGS slightly
decreased to NT$29.55 billion, as depreciation was NT$11.31 billion,
while other manufacturing costs decreased 1.9% to NT$18.23 billion.
Gross profit was NT$8.76 billion, which included an insurance claim
associated with the February 6, 2016 earthquake. Operating expenses grew
4.0% to NT$6.63 billion. G&A expense decreased 14% to NT$1.52 billion
and Sales & Marketing grew to NT$1.28 billion. R&D expense increased
12.6% to NT$3.82 billion, or 10% of net operating revenues, which
included an increase in R&D wafers. Net other operating income was
NT$144 million, leading to an operating income of NT$2.28 billion.
|
COGS & Expenses
|
|
(Amount: NT$ million)
|
|
4Q16
|
|
3Q16
|
|
QoQ %
change
|
|
4Q15
|
|
YoY %
change
|
|
Net Operating Revenues
|
|
38,306
|
|
|
38,164
|
|
|
0.4
|
|
|
33,849
|
|
|
13.2
|
|
COGS
|
|
(29,547
|
)
|
|
(29,863
|
)
|
|
(1.1
|
)
|
|
(26,870
|
)
|
|
10.0
|
|
Depreciation
|
|
(11,314
|
)
|
|
(11,274
|
)
|
|
0.4
|
|
|
(9,700
|
)
|
|
16.6
|
|
Other Mfg. Costs
|
|
(18,233
|
)
|
|
(18,589
|
)
|
|
(1.9
|
)
|
|
(17,170
|
)
|
|
6.2
|
|
Gross Profit
|
|
8,759
|
|
|
8,301
|
|
|
5.5
|
|
|
6,979
|
|
|
25.5
|
|
Gross Margin (%)
|
|
22.9
|
%
|
|
21.8
|
%
|
|
|
|
20.6
|
%
|
|
|
|
Operating Expenses
|
|
(6,627
|
)
|
|
(6,373
|
)
|
|
4.0
|
|
|
(5,065
|
)
|
|
30.8
|
|
G&A
|
|
(1,521
|
)
|
|
(1,769
|
)
|
|
(14.0
|
)
|
|
(916
|
)
|
|
66.0
|
|
Sales & Marketing
|
|
(1,282
|
)
|
|
(1,207
|
)
|
|
6.2
|
|
|
(1,044
|
)
|
|
22.8
|
|
R&D
|
|
(3,824
|
)
|
|
(3,397
|
)
|
|
12.6
|
|
|
(3,105
|
)
|
|
23.2
|
|
Net Other Operating
Income & Expenses
|
|
144
|
|
|
(443
|
)
|
|
-
|
|
|
(34
|
)
|
|
-
|
|
Operating Income
|
|
2,276
|
|
|
1,485
|
|
|
53.3
|
|
|
1,880
|
|
|
21.1
|
Net non-operating expense in 4Q16 was NT$1.21 billion. Net investment
loss was NT$1.14 billion, which included an NT$599 million impairment
loss from holdings of Shandong Huahong Energy Invest Co.
|
Non-Operating Income and Expenses
|
|
(Amount: NT$ million)
|
|
4Q16
|
|
3Q16
|
|
4Q15
|
|
Non-Operating Income and Expenses
|
|
(1,210
|
)
|
|
466
|
|
|
906
|
|
|
Net Interest Income and Expenses
|
|
(418
|
)
|
|
(326
|
)
|
|
(19
|
)
|
|
Net Investment Gain and Loss
|
|
(1,138
|
)
|
|
834
|
|
|
230
|
|
|
Gain and Loss on Disposal of Investment
|
|
1,023
|
|
|
304
|
|
|
376
|
|
|
Exchange Gain and Loss
|
|
(496
|
)
|
|
(338
|
)
|
|
(35
|
)
|
|
Other Gain and Loss
|
|
(181
|
)
|
|
(8
|
)
|
|
354
|
|
Cash inflow from operating activities reached NT$15.55 billion. Cash
outflow from investing activities totaled NT$18.32 billion, including
NT$21.88 billion in CAPEX spending for the foundry segment, resulting in
a free cash outflow of NT$6.36 billion. Cash inflow from financing
activities was NT$4.22 billion, mainly due to a cash inflow of NT$4.23
billion in bank loans. Net cash inflow for 4Q16 was NT$2.31 billion.
Over the next 12 months, the company expects to repay NT$3 billion in
bank loans.
|
Cash Flow Summary
|
|
(Amount: NT$ million)
|
|
For the 3-Month
Period Ended
Dec. 31, 2016
|
|
For the 3-Month
Period Ended
Sep. 30, 2016
|
|
Cash Flow from Operating Activities
|
|
15,546
|
|
|
13,888
|
|
|
Net income before tax
|
|
1,066
|
|
|
1,951
|
|
|
Depreciation & Amortization
|
|
13,376
|
|
|
12,901
|
|
|
Gain on disposal of investments
|
|
(1,023
|
)
|
|
(304
|
)
|
|
Impairment loss on financial assets
|
|
233
|
|
|
68
|
|
|
Impairment loss on non-financial assets
|
|
837
|
|
|
455
|
|
|
Exchange loss (gain) on financial assets and liabilities
|
|
1,114
|
|
|
(12
|
)
|
|
Changes in working capital
|
|
(164
|
)
|
|
559
|
|
|
Income tax paid
|
|
(146
|
)
|
|
(1,688
|
)
|
|
Other
|
|
253
|
|
|
(42
|
)
|
|
Cash Flow from Investing Activities
|
|
(18,321
|
)
|
|
(15,400
|
)
|
|
Capital expenditures
|
|
(21,905
|
)
|
|
(19,862
|
)
|
|
Proceeds from disposal of AFS financial assets
|
|
1,582
|
|
|
594
|
|
|
Acquisition of investments accounted for under the equity method
|
|
(840
|
)
|
|
-
|
|
|
Changes in refundable deposits
|
|
32
|
|
|
402
|
|
|
Acquisition of intangible assets
|
|
(316
|
)
|
|
(567
|
)
|
|
Other
|
|
3,126
|
|
|
4,033
|
|
|
Cash Flow from Financing Activities
|
|
4,221
|
|
|
8,885
|
|
|
Bank loans
|
|
4,230
|
|
|
13,446
|
|
|
Increase in other financial liabilities
|
|
-
|
|
|
2,345
|
|
|
Cash dividends
|
|
-
|
|
|
(6,907
|
)
|
|
Other
|
|
(9
|
)
|
|
1
|
|
|
Effect of Exchange Rate
|
|
867
|
|
|
(1,532
|
)
|
|
Net Cash Flow
|
|
2,313
|
|
|
5,841
|
|
Cash and cash equivalents increased to NT$57.58 billion, mainly due to
bank loans of NT$4.23 billion. Days of inventory remained at 53 days.
|
Current Assets
|
|
(Amount: NT$ billion)
|
|
4Q16
|
|
3Q16
|
|
4Q15
|
|
Cash and Cash Equivalents
|
|
57.58
|
|
55.27
|
|
53.29
|
|
Notes & Accounts Receivable
|
|
23.05
|
|
22.37
|
|
19.33
|
|
Days Sales Outstanding
|
|
54
|
|
56
|
|
53
|
|
Inventories, net
|
|
17.00
|
|
17.17
|
|
17.64
|
|
Days of Inventory
|
|
53
|
|
53
|
|
58
|
|
Total Current Assets
|
|
110.47
|
|
106.97
|
|
94.82
|
Current liabilities decreased to NT$71.98 billion, primarily reflecting
the decrease in short-term credit. Long-term credit/bonds increased to
NT$60.73 billion, mostly reflecting the long-term credit for United
Semiconductor (Xiamen). Total liabilities increased to NT$167.91
billion, leading to a debt to equity ratio of 77%.
|
Liabilities
|
|
(Amount: NT$ billion)
|
|
4Q16
|
|
3Q16
|
|
4Q15
|
|
Total Current Liabilities
|
|
71.98
|
|
|
83.44
|
|
|
48.25
|
|
|
Notes & Accounts Payable
|
|
6.85
|
|
|
6.74
|
|
|
5.95
|
|
|
Short-Term Credit / Bonds
|
|
31.05
|
|
|
47.05
|
|
|
12.11
|
|
|
Payable on Equipment
|
|
15.04
|
|
|
14.45
|
|
|
14.66
|
|
|
Other
|
|
19.04
|
|
|
15.20
|
|
|
15.53
|
|
|
Long-Term Credit / Bonds
|
|
60.73
|
|
|
39.68
|
|
|
47.52
|
|
|
Long-Term Investment Liabilities
|
|
20.31
|
|
|
20.54
|
|
|
6.06
|
|
|
Total Liabilities
|
|
167.91
|
|
|
155.96
|
|
|
108.55
|
|
|
Debt to Equity
|
|
77
|
%
|
|
71
|
%
|
|
47
|
%
|
Analysis of Revenue2 for Foundry Segment
Revenue from North America and Asia Pacific accounted for 48% and 45% of
4Q16 sales, respectively.
|
Revenue Breakdown by Region
|
|
Region
|
|
4Q16
|
|
3Q16
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
North America
|
|
48
|
%
|
|
52
|
%
|
49
|
%
|
|
48
|
%
|
|
47
|
%
|
|
Asia Pacific
|
|
45
|
%
|
|
42
|
%
|
45
|
%
|
|
45
|
%
|
|
37
|
%
|
|
Europe
|
|
4
|
%
|
|
4
|
%
|
4
|
%
|
|
3
|
%
|
|
6
|
%
|
|
Japan
|
|
3
|
%
|
|
2
|
%
|
2
|
%
|
|
4
|
%
|
|
10
|
%
|
28nm revenue contribution increased to 22% in 4Q16, reflecting stable
wafer demand. 40nm accounted for 26% of sales as the wafer revenue from
28nm and 40nm remained at 48%.
|
Revenue Breakdown by Geometry
|
|
Geometry
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
28nm and below
|
|
22
|
%
|
|
21
|
%
|
|
17
|
%
|
|
8
|
%
|
|
11
|
%
|
|
28nm<x<=40nm
|
|
26
|
%
|
|
27
|
%
|
|
26
|
%
|
|
29
|
%
|
|
24
|
%
|
|
40nm<x<=65nm
|
|
14
|
%
|
|
15
|
%
|
|
18
|
%
|
|
19
|
%
|
|
23
|
%
|
|
65nm<x<=90nm
|
|
3
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
4
|
%
|
|
90nm<x<=0.13um
|
|
11
|
%
|
|
11
|
%
|
|
11
|
%
|
|
12
|
%
|
|
12
|
%
|
|
0.13um<x<=0.18um
|
|
11
|
%
|
|
11
|
%
|
|
12
|
%
|
|
13
|
%
|
|
11
|
%
|
|
0.18um<x<=0.35um
|
|
10
|
%
|
|
8
|
%
|
|
9
|
%
|
|
12
|
%
|
|
12
|
%
|
|
0.5um and above
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
Revenue from fabless customers remained at 93% of revenue for 4Q16.
|
Revenue Breakdown by Customer Type
|
|
Customer Type
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
Fabless
|
|
93
|
%
|
|
93
|
%
|
|
93
|
%
|
|
91
|
%
|
|
85
|
%
|
|
IDM
|
|
7
|
%
|
|
7
|
%
|
|
7
|
%
|
|
9
|
%
|
|
15
|
%
|
Revenue from the communication segment was 53% of sales, while consumer
business remained at 26%. Computing segment increased to 13%, partly
driven by tablet computing products.
|
Revenue Breakdown by Application (1)
|
|
Application
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
Computer
|
|
13
|
%
|
|
12
|
%
|
|
11
|
%
|
|
15
|
%
|
|
11
|
%
|
|
Communication
|
|
53
|
%
|
|
55
|
%
|
|
55
|
%
|
|
48
|
%
|
|
52
|
%
|
|
Consumer
|
|
26
|
%
|
|
26
|
%
|
|
27
|
%
|
|
30
|
%
|
|
29
|
%
|
|
Others
|
|
8
|
%
|
|
7
|
%
|
|
7
|
%
|
|
7
|
%
|
|
8
|
%
|
(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) slightly decreased during 4Q16.
(To view ASP trend, visit http://www.umc.com/english/investors/4Q16_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer shipments increased 5.5% to 1,656K in 4Q16. Quarterly capacity
increased 1.1% QoQ to 1,794K, leading to an overall utilization rate of
94% in 4Q16.
|
Wafer Shipments
|
|
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
Wafer Shipments
(8" K equivalents)
|
|
1,656
|
|
|
1,569
|
|
|
1,514
|
|
|
1,432
|
|
|
1,384
|
|
|
|
|
Quarterly Capacity Utilization Rate
|
|
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
1Q16
|
|
4Q15
|
|
Utilization Rate
|
|
94
|
%
|
|
89
|
%
|
|
89
|
%
|
|
82
|
%
|
|
83
|
%
|
Total Capacity
(8" K equivalents)
|
|
1,794
|
|
|
1,774
|
|
|
1,723
|
|
|
1,692
|
|
|
1,690
|
|
Capacity4 for Foundry Segment
Overall capacity in the fourth quarter increased to 1,794K 8-inch
equivalent wafers. Estimated capacity in the first quarter will slightly
decrease to 1,749K 8-inch equivalent wafers, mainly due to capacity
conversion to 40nm at Fab 12i and fewer working days.
|
Annual Capacity in
thousands of wafers
|
|
|
Quarterly Capacity in
thousands of wafers
|
|
FAB
|
|
Geometry
(um)
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|
2013
|
|
|
|
FAB
|
|
1Q17E
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
|
WTK
|
|
6"
|
|
3.5 - 0.45
|
|
423
|
|
|
421
|
|
|
448
|
|
|
448
|
|
|
|
WTK
|
|
104
|
|
106
|
|
106
|
|
106
|
|
Fab 8A
|
|
8"
|
|
0.5 - 0.25
|
|
827
|
|
|
813
|
|
|
813
|
|
|
813
|
|
|
|
Fab 8A
|
|
204
|
|
207
|
|
207
|
|
207
|
|
Fab 8C
|
|
8"
|
|
0.35 - 0.11
|
|
348
|
|
|
347
|
|
|
347
|
|
|
347
|
|
|
|
Fab 8C
|
|
86
|
|
87
|
|
87
|
|
87
|
|
Fab 8D
|
|
8"
|
|
0.13 - 0.09
|
|
342
|
|
|
341
|
|
|
358
|
|
|
382
|
|
|
|
Fab 8D
|
|
84
|
|
86
|
|
86
|
|
86
|
|
Fab 8E
|
|
8"
|
|
0.5 - 0.18
|
|
419
|
|
|
418
|
|
|
418
|
|
|
418
|
|
|
|
Fab 8E
|
|
103
|
|
105
|
|
105
|
|
105
|
|
Fab 8F
|
|
8"
|
|
0.18 - 0.11
|
|
401
|
|
|
388
|
|
|
388
|
|
|
388
|
|
|
|
Fab 8F
|
|
100
|
|
102
|
|
102
|
|
100
|
|
Fab 8S
|
|
8"
|
|
0.18 - 0.11
|
|
336
|
|
|
335
|
|
|
335
|
|
|
335
|
|
|
|
Fab 8S
|
|
83
|
|
84
|
|
84
|
|
84
|
|
Fab 8N
|
|
8"
|
|
0.5 - 0.11
|
|
750
|
|
|
667
|
|
|
547
|
|
|
469
|
|
|
|
Fab 8N
|
|
185
|
|
188
|
|
188
|
|
188
|
|
Fab 12A
|
|
12"
|
|
0.13 - 0.028
|
|
885
|
|
|
793
|
|
|
700
|
|
|
651
|
|
|
|
Fab 12A
|
|
229
|
|
233
|
|
233
|
|
214
|
|
Fab 12i
|
|
12"
|
|
0.13 - 0.040
|
|
584
|
|
|
572
|
|
|
573
|
|
|
550
|
|
|
|
Fab 12i
|
|
137
|
|
148
|
|
148
|
|
144
|
|
Fab 12X
|
|
12"
|
|
0.040
|
|
9
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
Fab 12X
|
|
10
|
|
9
|
|
-
|
|
-
|
|
Total(1)
|
|
6,983
|
|
|
6,617
|
|
|
6,323
|
|
|
6,107
|
|
|
|
Total
|
|
1,749
|
|
1,794
|
|
1,774
|
|
1,723
|
|
YoY Growth Rate
|
|
6
|
%
|
|
5
|
%
|
|
4
|
%
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
(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 4Q16 totaled US$689 million, bringing the spending for
the full year 2016 to US$2.8 billion. Full year 2017 CAPEX plan is
budgeted for US$2.0 billion.
|
Capital Expenditure by Year - in US$ billion
|
|
Year
|
|
|
2016
|
|
|
2015
|
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
CAPEX
|
|
$
|
2.8
|
|
$
|
1.9
|
|
|
$
|
1.4
|
|
$
|
1.1
|
|
$
|
1.7
|
|
2012 figures account for UMC parent company only.
|
|
2017 CAPEX Plan
|
|
8"
|
|
12"
|
|
Total
|
|
9
|
%
|
|
91
|
%
|
|
US$2.0 billion
|
Brief Summary of Full Year 2016 Consolidated Results
-
Consolidated revenue increased 2.1% YoY to NT$147.87 billion, up from
NT$144.83 billion in 2015. Foundry segment revenue in 2016 increased
4.0% YoY to NT$147.44 billion, from NT$141.71 billion in 2015.
-
Gross margin was 20.5%, compared to 21.9% in 2015.
-
Operating margin was 4.2%, compared to 7.5% in 2015.
-
Net income attributable to stockholders of the parent was NT$8.32
billion in 2016.
-
EPS was NT$0.68, or EPADS was US$0.105 for 2016.
-
The contribution from 28nm technologies increased to 17% in 2016 from
10% in 2015. The revenue from 40nm in 2016 increased to 27%.
|
Operating Results
|
|
(Amount: NT$ million)
|
|
2016
|
|
|
2015
|
|
|
YoY %
change
|
|
Net Operating Revenues
|
|
147,870
|
|
|
144,830
|
|
|
2.1
|
|
|
Gross Profit
|
|
30,379
|
|
|
31,769
|
|
|
(4.4
|
)
|
|
Operating Expenses
|
|
(23,922
|
)
|
|
(19,969
|
)
|
|
19.8
|
|
|
Net Other Operating Income & Expenses
|
|
(263
|
)
|
|
(964
|
)
|
|
(72.7
|
)
|
|
Operating Income
|
|
6,194
|
|
|
10,836
|
|
|
(42.8
|
)
|
|
Net Non-Operating Income & Expenses
|
|
(1,347
|
)
|
|
2,876
|
|
|
-
|
|
|
Income Tax Expenses
|
|
(984
|
)
|
|
(876
|
)
|
|
12.3
|
|
|
Net Income Attributable to Stockholders of the Parent
|
|
8,316
|
|
|
13,449
|
|
|
(38.2
|
)
|
|
EPS (NT$ per share)
|
|
0.68
|
|
|
1.08
|
|
|
|
|
(US$ per ADS)
|
|
0.105
|
|
|
0.167
|
|
|
|
Annual Sales Breakdown in Revenue for Foundry Segment
|
Region
|
|
2016
|
|
|
2015
|
|
|
North America
|
|
49
|
%
|
|
46
|
%
|
|
Asia Pacific
|
|
44
|
%
|
|
40
|
%
|
|
Europe
|
|
4
|
%
|
|
7
|
%
|
|
Japan
|
|
3
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
Technology
|
|
2016
|
|
|
2015
|
|
|
28nm and below
|
|
17
|
%
|
|
10
|
%
|
|
28nm<x<=40nm
|
|
27
|
%
|
|
24
|
%
|
|
40nm<x<=65nm
|
|
16
|
%
|
|
22
|
%
|
|
65nm<x<=90nm
|
|
4
|
%
|
|
5
|
%
|
|
90nm<x<=0.13um
|
|
11
|
%
|
|
13
|
%
|
|
0.13um<x<=0.18um
|
|
12
|
%
|
|
11
|
%
|
|
0.18um<x<=0.35um
|
|
10
|
%
|
|
12
|
%
|
|
0.5um and above
|
|
3
|
%
|
|
3
|
%
|
|
|
|
|
|
|
|
Customer Type
|
|
2016
|
|
|
2015
|
|
|
Fabless
|
|
92
|
%
|
|
88
|
%
|
|
IDM
|
|
8
|
%
|
|
12
|
%
|
|
|
|
|
|
|
|
Application
|
|
2016
|
|
|
2015
|
|
|
Computer
|
|
13
|
%
|
|
12
|
%
|
|
Communication
|
|
53
|
%
|
|
54
|
%
|
|
Consumer
|
|
27
|
%
|
|
28
|
%
|
|
Others
|
|
7
|
%
|
|
6
|
%
|
First Quarter of 2017 Outlook & Guidance
Quarter-over-Quarter Guidance:
-
Wafer Shipments: To decrease by approximately 1%
-
ASP in NTD: To decrease by approximately 3%
-
Profitability: Gross profit margin will be in the mid-teens % range
-
Foundry Segment Capacity Utilization: Approximately 90%
-
2017 CAPEX for Foundry Segment: US$2.0bn
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above
announcements
Conference Call / Webcast Announcement
Monday, January 23, 2017
Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 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 4Q16 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 11 wafer fabs
are strategically located throughout Asia and are able to produce over
500,000 wafers per month. The company employs nearly 19,000 people
worldwide, with offices in Taiwan, 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.
- FINANCIAL TABLES TO FOLLOW -
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 Dec 31, 2016,
the three-month period ending Sep 30, 2016, and the equivalent
three-month period that ended Dec 31, 2015. For all 4Q16 results, New
Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the
Dec 31, 2016 exchange rate of NT$ 32.25 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.
|
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
|
|
Consolidated Condensed Balance Sheet
|
|
|
As of December 31, 2016
|
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
|
|
US$
|
|
NT$
|
|
%
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
1,785
|
|
|
57,579
|
|
|
14.9
|
%
|
|
|
Financial assets at fair value through profit or loss, current
|
22
|
|
|
714
|
|
|
0.2
|
%
|
|
|
Notes & Accounts receivable, net
|
715
|
|
|
23,046
|
|
|
6.0
|
%
|
|
|
Inventories, net
|
527
|
|
|
16,998
|
|
|
4.4
|
%
|
|
|
Other current assets
|
376
|
|
|
12,133
|
|
|
3.1
|
%
|
|
|
Total current assets
|
3,425
|
|
|
110,470
|
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
Funds and investments
|
1,078
|
|
|
34,766
|
|
|
9.0
|
%
|
|
|
Property, plant and equipment
|
6,976
|
|
|
224,983
|
|
|
58.2
|
%
|
|
|
Other non-current assets
|
510
|
|
|
16,436
|
|
|
4.2
|
%
|
|
|
Total non-current assets
|
8,564
|
|
|
276,185
|
|
|
71.4
|
%
|
|
|
Total assets
|
11,989
|
|
|
386,655
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Short-term loans
|
637
|
|
|
20,551
|
|
|
5.3
|
%
|
|
|
Financial liabilities at fair value through profit or loss, current
|
2
|
|
|
61
|
|
|
0.0
|
%
|
|
|
Payables
|
1,162
|
|
|
37,476
|
|
|
9.7
|
%
|
|
|
Current portion of long-term liabilities
|
326
|
|
|
10,501
|
|
|
2.7
|
%
|
|
|
Other current liabilities
|
105
|
|
|
3,389
|
|
|
0.9
|
%
|
|
|
Total current liabilities
|
2,232
|
|
|
71,978
|
|
|
18.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Bonds payable
|
1,069
|
|
|
34,482
|
|
|
8.9
|
%
|
|
|
Long-term loans
|
814
|
|
|
26,247
|
|
|
6.8
|
%
|
|
|
Other non-current liabilities
|
1,091
|
|
|
35,206
|
|
|
9.1
|
%
|
|
|
Total non-current liabilities
|
2,974
|
|
|
95,935
|
|
|
24.8
|
%
|
|
|
Total liabilities
|
5,206
|
|
|
167,913
|
|
|
43.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
Equity attributable to the parent company
|
|
|
|
|
|
|
|
Capital
|
3,915
|
|
|
126,243
|
|
|
32.7
|
%
|
|
|
Additional paid-in capital
|
1,271
|
|
|
40,997
|
|
|
10.6
|
%
|
|
|
Retained earnings, unrealized gain or loss on available-for-sale
financial assets and exchange differences on translation of
foreign operations
|
1,676
|
|
|
54,059
|
|
|
13.9
|
%
|
|
|
Treasury stock
|
(146
|
)
|
|
(4,719
|
)
|
|
(1.2
|
%)
|
|
|
Total equity attributable to the parent company
|
6,716
|
|
|
216,580
|
|
|
56.0
|
%
|
|
|
Non-controlling interests
|
67
|
|
|
2,162
|
|
|
0.6
|
%
|
|
|
Total equity
|
6,783
|
|
|
218,742
|
|
|
56.6
|
%
|
|
|
Total liabilities and equity
|
11,989
|
|
|
386,655
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Note:New Taiwan Dollars have been translated into U.S. Dollars at
the December 31, 2016 exchange rate of NT $32.25 per U.S. Dollar.
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
|
Consolidated Condensed Statements of Comprehensive Income
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison
|
|
Quarter over Quarter Comparison
|
|
|
Three-Month Period Ended
|
|
|
|
Three-Month Period Ended
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
Chg.
|
|
December 31, 2016
|
|
September 30, 2016
|
|
Chg.
|
|
|
US$
|
|
NT$
|
|
|
US$
|
|
NT$
|
|
%
|
|
US$
|
|
NT$
|
|
US$
|
|
NT$
|
|
%
|
|
Net operating revenues
|
1,188
|
|
|
38,306
|
|
|
|
1,050
|
|
|
33,849
|
|
|
13.2
|
%
|
|
1,188
|
|
|
38,306
|
|
|
1,183
|
|
|
38,164
|
|
|
0.4
|
%
|
|
Operating costs
|
(916
|
)
|
|
(29,547
|
)
|
|
|
(834
|
)
|
|
(26,870
|
)
|
|
10.0
|
%
|
|
(916
|
)
|
|
(29,547
|
)
|
|
(926
|
)
|
|
(29,863
|
)
|
|
(1.1
|
%)
|
|
Gross profit
|
272
|
|
|
8,759
|
|
|
|
216
|
|
|
6,979
|
|
|
25.5
|
%
|
|
272
|
|
|
8,759
|
|
|
257
|
|
|
8,301
|
|
|
5.5
|
%
|
|
|
22.9
|
%
|
|
22.9
|
%
|
|
|
20.6
|
%
|
|
20.6
|
%
|
|
|
|
22.9
|
%
|
|
22.9
|
%
|
|
21.8
|
%
|
|
21.8
|
%
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
(40
|
)
|
|
(1,282
|
)
|
|
|
(32
|
)
|
|
(1,044
|
)
|
|
22.8
|
%
|
|
(40
|
)
|
|
(1,282
|
)
|
|
(37
|
)
|
|
(1,207
|
)
|
|
6.2
|
%
|
|
- General and administrative expenses
|
(47
|
)
|
|
(1,521
|
)
|
|
|
(29
|
)
|
|
(916
|
)
|
|
66.0
|
%
|
|
(47
|
)
|
|
(1,521
|
)
|
|
(55
|
)
|
|
(1,769
|
)
|
|
(14.0
|
%)
|
|
- Research and development expenses
|
(118
|
)
|
|
(3,824
|
)
|
|
|
(96
|
)
|
|
(3,105
|
)
|
|
23.2
|
%
|
|
(118
|
)
|
|
(3,824
|
)
|
|
(105
|
)
|
|
(3,397
|
)
|
|
12.6
|
%
|
|
Subtotal
|
(205
|
)
|
|
(6,627
|
)
|
|
|
(157
|
)
|
|
(5,065
|
)
|
|
30.8
|
%
|
|
(205
|
)
|
|
(6,627
|
)
|
|
(197
|
)
|
|
(6,373
|
)
|
|
4.0
|
%
|
|
Net other operating income and expenses
|
4
|
|
|
144
|
|
|
|
(1
|
)
|
|
(34
|
)
|
|
-
|
|
|
4
|
|
|
144
|
|
|
(14
|
)
|
|
(443
|
)
|
|
-
|
|
|
Operating income
|
71
|
|
|
2,276
|
|
|
|
58
|
|
|
1,880
|
|
|
21.1
|
%
|
|
71
|
|
|
2,276
|
|
|
46
|
|
|
1,485
|
|
|
53.3
|
%
|
|
|
5.9
|
%
|
|
5.9
|
%
|
|
|
5.6
|
%
|
|
5.6
|
%
|
|
|
|
5.9
|
%
|
|
5.9
|
%
|
|
3.9
|
%
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
(38
|
)
|
|
(1,210
|
)
|
|
|
28
|
|
|
906
|
|
|
-
|
|
|
(38
|
)
|
|
(1,210
|
)
|
|
14
|
|
|
466
|
|
|
-
|
|
|
Income from continuing operations before
income tax
|
33
|
|
|
1,066
|
|
|
|
86
|
|
|
2,786
|
|
|
(61.7
|
%)
|
|
33
|
|
|
1,066
|
|
|
60
|
|
|
1,951
|
|
|
(45.4
|
%)
|
|
|
2.8
|
%
|
|
2.8
|
%
|
|
|
8.2
|
%
|
|
8.2
|
%
|
|
|
|
2.8
|
%
|
|
2.8
|
%
|
|
5.1
|
%
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
(19
|
)
|
|
(617
|
)
|
|
|
9
|
|
|
285
|
|
|
-
|
|
|
(19
|
)
|
|
(617
|
)
|
|
(6
|
)
|
|
(195
|
)
|
|
216.4
|
%
|
|
Net income
|
14
|
|
|
449
|
|
|
|
95
|
|
|
3,071
|
|
|
(85.4
|
%)
|
|
14
|
|
|
449
|
|
|
54
|
|
|
1,756
|
|
|
(74.4
|
%)
|
|
|
1.2
|
%
|
|
1.2
|
%
|
|
|
9.1
|
%
|
|
9.1
|
%
|
|
|
|
1.2
|
%
|
|
1.2
|
%
|
|
4.6
|
%
|
|
4.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
(18
|
)
|
|
(591
|
)
|
|
|
55
|
|
|
1,776
|
|
|
-
|
|
|
(18
|
)
|
|
(591
|
)
|
|
(68
|
)
|
|
(2,213
|
)
|
|
(73.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
(4
|
)
|
|
(142
|
)
|
|
|
150
|
|
|
4,847
|
|
|
-
|
|
|
(4
|
)
|
|
(142
|
)
|
|
(14
|
)
|
|
(457
|
)
|
|
(68.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
79
|
|
|
2,548
|
|
|
|
98
|
|
|
3,160
|
|
|
(19.4
|
%)
|
|
79
|
|
|
2,548
|
|
|
92
|
|
|
2,975
|
|
|
(14.4
|
%)
|
|
Non-controlling interests
|
(65
|
)
|
|
(2,099
|
)
|
|
|
(3
|
)
|
|
(89
|
)
|
|
2,258.4
|
%
|
|
(65
|
)
|
|
(2,099
|
)
|
|
(38
|
)
|
|
(1,219
|
)
|
|
72.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
59
|
|
|
1,902
|
|
|
|
154
|
|
|
4,961
|
|
|
(61.7
|
%)
|
|
59
|
|
|
1,902
|
|
|
25
|
|
|
802
|
|
|
137.2
|
%
|
|
Non-controlling interests
|
(63
|
)
|
|
(2,044
|
)
|
|
|
(4
|
)
|
|
(114
|
)
|
|
1,693.0
|
%
|
|
(63
|
)
|
|
(2,044
|
)
|
|
(39
|
)
|
|
(1,259
|
)
|
|
62.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
0.007
|
|
|
0.21
|
|
|
|
0.008
|
|
|
0.25
|
|
|
|
|
0.007
|
|
|
0.21
|
|
|
0.007
|
|
|
0.24
|
|
|
|
|
Earnings per ADS (2)
|
0.033
|
|
|
1.05
|
|
|
|
0.039
|
|
|
1.25
|
|
|
|
|
0.033
|
|
|
1.05
|
|
|
0.037
|
|
|
1.20
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (in millions)
|
|
|
12,208
|
|
|
|
|
|
12,408
|
|
|
|
|
|
|
12,208
|
|
|
|
|
12,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the December 31, 2016 exchange rate of NT $32.25 per U.S. Dollar.
|
|
(2) 1 ADS equals 5 common shares.
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
|
Consolidated Condensed Statements of Comprehensive Income
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended
|
|
For the Twelve-Month Period Ended
|
|
|
December 31, 2016
|
|
December 31, 2016
|
|
|
US$
|
|
NT$
|
|
%
|
|
US$
|
|
NT$
|
|
%
|
|
Net operating revenues
|
1,188
|
|
|
38,306
|
|
|
100.0
|
%
|
|
4,585
|
|
|
147,870
|
|
|
100.0
|
%
|
|
Operating costs
|
(916
|
)
|
|
(29,547
|
)
|
|
(77.1
|
%)
|
|
(3,643
|
)
|
|
(117,491
|
)
|
|
(79.5
|
%)
|
|
Gross profit
|
272
|
|
|
8,759
|
|
|
22.9
|
%
|
|
942
|
|
|
30,379
|
|
|
20.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
(40
|
)
|
|
(1,282
|
)
|
|
(3.3
|
%)
|
|
(142
|
)
|
|
(4,589
|
)
|
|
(3.1
|
%)
|
|
- General and administrative expenses
|
(47
|
)
|
|
(1,521
|
)
|
|
(4.0
|
%)
|
|
(180
|
)
|
|
(5,801
|
)
|
|
(3.9
|
%)
|
|
- Research and development expenses
|
(118
|
)
|
|
(3,824
|
)
|
|
(10.0
|
%)
|
|
(420
|
)
|
|
(13,532
|
)
|
|
(9.1
|
%)
|
|
Subtotal
|
(205
|
)
|
|
(6,627
|
)
|
|
(17.3
|
%)
|
|
(742
|
)
|
|
(23,922
|
)
|
|
(16.1
|
%)
|
|
Net other operating income and expenses
|
4
|
|
|
144
|
|
|
0.3
|
%
|
|
(8
|
)
|
|
(263
|
)
|
|
(0.2
|
%)
|
|
Operating income
|
71
|
|
|
2,276
|
|
|
5.9
|
%
|
|
192
|
|
|
6,194
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
(38
|
)
|
|
(1,210
|
)
|
|
(3.1
|
%)
|
|
(42
|
)
|
|
(1,347
|
)
|
|
(0.9
|
%)
|
|
Income from continuing operations before
income tax
|
33
|
|
|
1,066
|
|
|
2.8
|
%
|
|
150
|
|
|
4,847
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
(19
|
)
|
|
(617
|
)
|
|
(1.6
|
%)
|
|
(30
|
)
|
|
(984
|
)
|
|
(0.7
|
%)
|
|
Net income
|
14
|
|
|
449
|
|
|
1.2
|
%
|
|
120
|
|
|
3,863
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
(18
|
)
|
|
(591
|
)
|
|
(1.6
|
%)
|
|
(136
|
)
|
|
(4,365
|
)
|
|
(2.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
(4
|
)
|
|
(142
|
)
|
|
(0.4
|
%)
|
|
(16
|
)
|
|
(502
|
)
|
|
(0.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
79
|
|
|
2,548
|
|
|
6.7
|
%
|
|
258
|
|
|
8,316
|
|
|
5.6
|
%
|
|
Non-controlling interests
|
(65
|
)
|
|
(2,099
|
)
|
|
(5.5
|
%)
|
|
(138
|
)
|
|
(4,453
|
)
|
|
(3.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
59
|
|
|
1,902
|
|
|
5.0
|
%
|
|
124
|
|
|
3,983
|
|
|
2.7
|
%
|
|
Non-controlling interests
|
(63
|
)
|
|
(2,044
|
)
|
|
(5.4
|
%)
|
|
(140
|
)
|
|
(4,485
|
)
|
|
(3.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
0.007
|
|
|
0.21
|
|
|
|
|
0.021
|
|
|
0.68
|
|
|
|
|
Earnings per ADS (2)
|
0.033
|
|
|
1.05
|
|
|
|
|
0.105
|
|
|
3.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding (in millions)
|
12,208
|
|
|
|
|
|
|
12,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the December 31, 2016 exchange rate of NT $32.25 per U.S. Dollar.
|
|
(2) 1 ADS equals 5 common shares.
|
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
|
Consolidated Condensed Statement of Cash Flows
|
|
For The Twelve-Month Period Ended December 31, 2016
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
US$
|
|
NT$
|
|
Cash flows from operating activities :
|
|
|
|
|
|
Net income before tax
|
|
150
|
|
|
4,847
|
|
|
Depreciation & Amortization
|
|
1,612
|
|
|
51,984
|
|
|
Gain on disposal of investments
|
|
(65
|
)
|
|
(2,098
|
)
|
|
Changes in notes & accounts receivable
|
|
(114
|
)
|
|
(3,690
|
)
|
|
Changes in prepayments
|
|
(293
|
)
|
|
(9,456
|
)
|
|
Changes in payables
|
|
40
|
|
|
1,304
|
|
|
Changes in other current liabilities
|
|
43
|
|
|
1,398
|
|
|
Changes in assets, liabilities and others
|
|
139
|
|
|
4,483
|
|
|
Income tax paid
|
|
(72
|
)
|
|
(2,322
|
)
|
|
Net cash provided by operating activities
|
|
1,440
|
|
|
46,450
|
|
|
|
|
|
|
|
|
Cash flows from investing activities :
|
|
|
|
|
|
Proceeds from disposal of available-for-sale financial assets
|
|
112
|
|
|
3,626
|
|
|
Acquisition of property, plant and equipment
|
|
(2,839
|
)
|
|
(91,561
|
)
|
|
Acquisition of intangible assets
|
|
(48
|
)
|
|
(1,554
|
)
|
|
Others
|
|
292
|
|
|
9,403
|
|
|
Net cash used in investing activities
|
|
(2,483
|
)
|
|
(80,086
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities :
|
|
|
|
|
|
Increase in short-term loans
|
|
469
|
|
|
15,129
|
|
|
Proceeds from long-term loans
|
|
764
|
|
|
24,629
|
|
|
Repayments of long-term loans
|
|
(236
|
)
|
|
(7,624
|
)
|
|
Increase in other financial liabilities
|
|
495
|
|
|
15,979
|
|
|
Cash dividends
|
|
(214
|
)
|
|
(6,907
|
)
|
|
Treasury stock acquired
|
|
(74
|
)
|
|
(2,396
|
)
|
|
Others
|
|
(1
|
)
|
|
(15
|
)
|
|
Net cash provided by financing activities
|
|
1,203
|
|
|
38,795
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(27
|
)
|
|
(870
|
)
|
|
Net Increase in cash and cash equivalents
|
|
133
|
|
|
4,289
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
1,652
|
|
|
53,290
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
1,785
|
|
|
57,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the December 31, 2016 exchange rate of NT $32.25 per U.S. Dollar.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170123005402/en/
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