[July 26, 2017] |
|
UMC Reports Second Quarter 2017 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 second quarter of
2017.
Second quarter consolidated revenue was NT$37.54 billion, up from
NT$37.42 billion in 1Q17 and up 1.5% YoY from NT$37.00 billion in 2Q16.
2Q17 consolidated gross margin was 18.0%. Net income attributable to the
stockholders of the parent was NT$2.10 billion, with earnings per
ordinary share of NT$0.17.
Jason Wang, newly appointed co-president of UMC, said, "In the second
quarter of 2017, UMC's foundry revenue was NT$37.45 billion. Stable chip
demand led to a utilization rate of 96%, bringing wafer shipments to
1.74 million 8-inch equivalents. Gross margin was 18.1%. We experienced
robust demand for our mature technologies on both 8" and 12"
manufacturing, led by strength in the computing and communication
segments."
President Wang continued, "Looking into the third quarter, demand for
our mature technologies remains firm. However, due to a softened outlook
for 28nm, we project a sequentially flat quarter. Our 28nm HKMG business
has become increasingly vulnerable due to high exposure among a few key
customers. As a result, we are seeing the possibility that the decline
of our 28nm HKMG business will extend into the second half of 2017."
Co-president SC Chien added, "Recently, UMC's board of directors
appointed Mr. Jason Wang and I as co-presidents. I will take the lead in
fab operations and technology development, while president Wang will be
responsible for business management and corporate strategy. We will both
implement measures to strengthen our foundry competitiveness in core
manufacturing and drive operational efficiencies to enhance financial
performance. Our goal is to unlock UMC's value and lead to positive cash
flow."
Summary of Operating Results
Operating Results
|
(Amount: NT$ million)
|
|
|
2Q17
|
|
1Q17
|
|
QoQ % change
|
|
2Q16
|
|
YoY % change
|
Net Operating Revenues
|
|
|
37,538
|
|
|
37,418
|
|
|
0.3
|
|
|
36,997
|
|
|
1.5
|
|
Gross Profit
|
|
|
6,739
|
|
|
7,428
|
|
|
(9.3
|
)
|
|
8,285
|
|
|
(18.7
|
)
|
Operating Expenses
|
|
|
(5,330
|
)
|
|
(6,211
|
)
|
|
(14.2
|
)
|
|
(5,859
|
)
|
|
(9.0
|
)
|
Net Other Operating Income and Expenses
|
|
|
259
|
|
|
154
|
|
|
68.2
|
|
|
23
|
|
|
1,026.1
|
|
Operating Income (Loss)
|
|
|
1,668
|
|
|
1,371
|
|
|
21.7
|
|
|
2,449
|
|
|
(31.9
|
)
|
Net Non-Operating Income and Expenses
|
|
|
448
|
|
|
(304
|
)
|
|
-
|
|
|
(650
|
)
|
|
-
|
|
Net Income Attributable to Stockholders of the Parent
|
|
|
2,099
|
|
|
2,286
|
|
|
(8.2
|
)
|
|
2,583
|
|
|
(18.7
|
)
|
EPS (NT$ per share)
|
|
|
0.17
|
|
|
0.19
|
|
|
|
|
0.21
|
|
|
|
(US$ per ADS)
|
|
|
0.028
|
|
|
0.031
|
|
|
|
|
0.035
|
|
|
|
Net operating revenues remained flat in 2Q17 at NT$37.54 billion,
including NT$37.45 billion from the foundry segment. Revenue
contribution from 14nm, 28nm and 40nm totaled 46%. Gross profit declined
9.3% to NT$6.74 billion, or 18.0% of revenue. Operating expenses
decreased 14.2% to NT$5.33 billion. Net other operating income was
NT$259 million, leading to an operating income of NT$1.67 billion. Net
non-operating income was NT$448 million. Net income attributable to
stockholders of the parent was NT$2.10 billion.
Earnings per ordinary share for the quarter was NT$0.17. Earnings per
ADS was US$0.028. The basic weighted average number of outstanding
shares in 2Q17 was 12,208,239,978, compared with 12,208,239,978 shares
in 1Q17 and 12,334,888,329 shares in 2Q16. The diluted weighted average
number of outstanding shares was 13,383,329,206 in 2Q17, compared with
13,418,016,296 shares in 1Q17 and 13,460,073,526 shares in 2Q16. The
fully diluted share count on June 30, 2017 was approximately
13,799,408,000. On June 30, 2017, UMC held 400 million treasury shares
acquired from the 16th and 17th share buy-back programs.
Detailed Financials Section
COGS & Expenses
|
(Amount: NT$ million)
|
|
|
2Q17
|
|
1Q17
|
|
QoQ % change
|
|
2Q16
|
|
YoY % change
|
Net Operating Revenues
|
|
|
37,538
|
|
|
37,418
|
|
|
0.3
|
|
|
36,997
|
|
|
1.5
|
|
COGS
|
|
|
(30,799
|
)
|
|
(29,990
|
)
|
|
2.7
|
|
|
(28,712
|
)
|
|
7.3
|
|
Depreciation
|
|
|
(11,100
|
)
|
|
(11,032
|
)
|
|
0.6
|
|
|
(11,264
|
)
|
|
(1.5
|
)
|
Other Mfg. Costs
|
|
|
(19,699
|
)
|
|
(18,958
|
)
|
|
3.9
|
|
|
(17,448
|
)
|
|
12.9
|
|
Gross Profit
|
|
|
6,739
|
|
|
7,428
|
|
|
(9.3
|
)
|
|
8,285
|
|
|
(18.7
|
)
|
Gross Margin (%)
|
|
|
18.0
|
%
|
|
19.9
|
%
|
|
|
|
22.4
|
%
|
|
|
Operating Expenses
|
|
|
(5,330
|
)
|
|
(6,211
|
)
|
|
(14.2
|
)
|
|
(5,859
|
)
|
|
(9.0
|
)
|
G&A
|
|
|
(1,035
|
)
|
|
(1,050
|
)
|
|
(1.4
|
)
|
|
(1,541
|
)
|
|
(32.8
|
)
|
Sales & Marketing
|
|
|
(1,049
|
)
|
|
(1,170
|
)
|
|
(10.3
|
)
|
|
(1,092
|
)
|
|
(3.9
|
)
|
R&D
|
|
|
(3,246
|
)
|
|
(3,991
|
)
|
|
(18.7
|
)
|
|
(3,226
|
)
|
|
0.6
|
|
Net Other Operating
Income & Expenses
|
|
|
259
|
|
|
154
|
|
|
68.2
|
|
|
23
|
|
|
1,026.1
|
|
Operating Income
(Loss)
|
|
|
1,668
|
|
|
1,371
|
|
|
21.7
|
|
|
2,449
|
|
|
(31.9
|
)
|
Net operating revenues remained at NT$37.54 billion. COGS increased to
NT$30.80 billion, as depreciation was flat. Other manufacturing costs
increased 3.9% to NT$19.70 billion, partly from higher wafer shipments.
Gross profit was NT$6.74 billion. Operating expenses declined 14.2% to
NT$5.33 billion. Sales & Marketing declined 10.3% to NT$1.05 billion.
R&D expense decreased 18.7% to NT$3.25 billion, or 8.6% of net operating
revenues. Net other operating income was NT$259 million, leading to an
operating income of NT$1.67 billion.
Non-Operating Income and Expenses
|
(Amount: NT$ million)
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
Non-Operating Income and Expenses
|
|
|
448
|
|
|
(304
|
)
|
|
(650
|
)
|
Net Interest Income and Expenses
|
|
|
(502
|
)
|
|
(472
|
)
|
|
(154
|
)
|
Net Investment Gain and Loss
|
|
|
(44
|
)
|
|
166
|
|
|
(504
|
)
|
Gain and Loss on Disposal of Investment
|
|
|
272
|
|
|
488
|
|
|
548
|
|
Exchange Gain and Loss
|
|
|
807
|
|
|
(517
|
)
|
|
(501
|
)
|
Other Gain and Loss
|
|
|
(85
|
)
|
|
31
|
|
|
(39
|
)
|
Net non-operating income in 2Q17 increased to NT$448 million, which
primarily resulted from a NT$807 million in exchange gain and a NT$272
million gain in disposal of investments.
Cash Flow Summary
|
(Amount: NT$ million)
|
|
|
For the 3-Month Period Ended Jun. 30, 2017
|
|
For the 3-Month Period Ended Mar. 31, 2017
|
Cash Flow from Operating Activities
|
|
|
14,817
|
|
|
13,311
|
|
Net income before tax
|
|
|
2,116
|
|
|
1,067
|
|
Depreciation & Amortization
|
|
|
13,093
|
|
|
13,292
|
|
Gain on disposal of investments
|
|
|
(272
|
)
|
|
(488
|
)
|
Impairment loss on financial assets
|
|
|
109
|
|
|
287
|
|
Exchange gain on financial assets and liabilities
|
|
|
(625
|
)
|
|
(624
|
)
|
Changes in working capital
|
|
|
1,051
|
|
|
580
|
|
Income tax paid
|
|
|
(232
|
)
|
|
(451
|
)
|
Other
|
|
|
(423
|
)
|
|
(352
|
)
|
Cash Flow from Investing Activities
|
|
|
(8,105
|
)
|
|
(16,293
|
)
|
Capital expenditures
|
|
|
(8,333
|
)
|
|
(17,654
|
)
|
Proceeds from disposal of AFS financial assets
|
|
|
583
|
|
|
701
|
|
Acquisition of intangible assets
|
|
|
(295
|
)
|
|
(378
|
)
|
Other
|
|
|
(60
|
)
|
|
1,038
|
|
Cash Flow from Financing Activities
|
|
|
707
|
|
|
7,845
|
|
Bank loans
|
|
|
8,054
|
|
|
783
|
|
Bonds Issued
|
|
|
-
|
|
|
8,300
|
|
Redemption of bonds
|
|
|
(7,500
|
)
|
|
-
|
|
Other
|
|
|
153
|
|
|
(1,238
|
)
|
Effect of Exchange Rate
|
|
|
(97
|
)
|
|
(1,630
|
)
|
Net Cash Flow
|
|
|
7,322
|
|
|
3,233
|
|
Cash inflow from operating activities reached NT$14.82 billion. Cash
outflow from investing activities totaled NT$8.11 billion, including
NT$8.33 billion in CAPEX spending for the foundry segment, resulting in
a free cash outflow of NT$6.48 billion. Cash inflow from financing
activities was NT$707 million, mainly due to a NT$8.05 billion in bank
loans offset by a NT$7.50 billion in redemption of bonds. Net cash
inflow in 2Q17 was NT$7.32 billion. Over the next 12 months, the company
expects to repay NT$1.44 billion in bank loans.
Current Assets
|
(Amount: NT$ billion)
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
Cash and Cash Equivalents
|
|
|
68.13
|
|
60.81
|
|
49.43
|
Notes & Accounts Receivable
|
|
|
22.23
|
|
20.88
|
|
24.53
|
Days Sales Outstanding
|
|
|
52
|
|
54
|
|
54
|
Inventories, net
|
|
|
16.28
|
|
16.26
|
|
17.59
|
Days of Inventory
|
|
|
48
|
|
51
|
|
53
|
Total Current Assets
|
|
|
120.08
|
|
111.54
|
|
103.60
|
Cash and cash equivalents increased to NT$68.13 billion, mainly due a
decrease in CAPEX spending in the foundry segment. Days of inventory
decreased to 48 days.
Liabilities
|
(Amount: NT$ billion)
|
|
|
2Q17
|
|
1Q17
|
|
2Q16
|
Total Current Liabilities
|
|
|
87.70
|
|
|
66.87
|
|
|
80.05
|
|
Notes & Accounts Payable
|
|
|
6.65
|
|
|
6.44
|
|
|
7.58
|
|
Short-Term Credit / Bonds
|
|
|
48.19
|
|
|
36.34
|
|
|
33.48
|
|
Payable on Equipment
|
|
|
5.28
|
|
|
6.41
|
|
|
14.94
|
|
Dividends payable
|
|
|
6.11
|
|
|
-
|
|
|
6.91
|
|
Other
|
|
|
21.47
|
|
|
17.68
|
|
|
17.14
|
|
Long-Term Credit / Bonds
|
|
|
51.24
|
|
|
62.31
|
|
|
40.47
|
|
Long-Term Investment Liabilities
|
|
|
19.92
|
|
|
19.47
|
|
|
18.80
|
|
Total Liabilities
|
|
|
172.62
|
|
|
162.70
|
|
|
148.15
|
|
Debt to Equity
|
|
|
81
|
%
|
|
75
|
%
|
|
67
|
%
|
Current liabilities increased to NT$87.70 billion, which included an
increase in short-term credit/bonds NT$48.19 billion and a NT$6.11
billion in dividends payable. Long-term credit/bonds decreased to
NT$51.24 billion. Total liabilities increased to NT$172.62 billion,
leading to a debt to equity ratio of 81%.
Analysis of Revenue2 for Foundry Segment
Revenue Breakdown by Region
|
Region
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
North America
|
|
42%
|
|
41%
|
|
48%
|
|
52%
|
|
49%
|
Asia Pacific
|
|
47%
|
|
50%
|
|
45%
|
|
42%
|
|
45%
|
Europe
|
|
7%
|
|
5%
|
|
4%
|
|
4%
|
|
4%
|
Japan
|
|
4%
|
|
4%
|
|
3%
|
|
2%
|
|
2%
|
Revenue from North American and European customers increased to 42% and
7% of sales respectively. Revenue contribution from Asia Pacific
customers decreased to 47%.
Revenue Breakdown by Geometry
|
Geometry
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
14nm and below
|
|
1%
|
|
0%
|
|
-
|
|
-
|
|
-
|
14nm<x<=28nm
|
|
17%
|
|
17%
|
|
22%
|
|
21%
|
|
17%
|
28nm<x<=40nm
|
|
28%
|
|
29%
|
|
26%
|
|
27%
|
|
26%
|
40nm<x<=65nm
|
|
12%
|
|
13%
|
|
14%
|
|
15%
|
|
18%
|
65nm<x<=90nm
|
|
5%
|
|
4%
|
|
3%
|
|
4%
|
|
4%
|
90nm<x<=0.13um
|
|
12%
|
|
11%
|
|
11%
|
|
11%
|
|
11%
|
0.13um<x<=0.18um
|
|
12%
|
|
13%
|
|
11%
|
|
11%
|
|
12%
|
0.18um<x<=0.35um
|
|
10%
|
|
10%
|
|
10%
|
|
8%
|
|
9%
|
0.5um and above
|
|
3%
|
|
3%
|
|
3%
|
|
3%
|
|
3%
|
14nm represented 1% of 2Q17 revenue, while 28nm contribution remains at
17%. 40nm accounted for 28% of sales.
Revenue Breakdown by Customer Type
|
Customer Type
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
Fabless
|
|
91%
|
|
93%
|
|
93%
|
|
93%
|
|
93%
|
IDM
|
|
9%
|
|
7%
|
|
7%
|
|
7%
|
|
7%
|
Revenue from fabless customers declined to 91% in 2Q17.
Revenue Breakdown by Application (1)
|
Application
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
Computer
|
|
14%
|
|
12%
|
|
13%
|
|
12%
|
|
11%
|
Communication
|
|
48%
|
|
51%
|
|
53%
|
|
55%
|
|
55%
|
Consumer
|
|
29%
|
|
28%
|
|
26%
|
|
26%
|
|
27%
|
Others
|
|
9%
|
|
9%
|
|
8%
|
|
7%
|
|
7%
|
Revenue from consumer and computer segments grew to 29% and 14%
respectively. Communication business decreased to 48%.
(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) remained unchanged in 2Q17.
(To view ASP trend, visit http://www.umc.com/english/investors/2Q17_ASP_trend.asp)
Shipment and Utilization Rate3 for Foundry
Segment
Wafer Shipments
|
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
Wafer Shipments (8" K equivalents)
|
|
1,741
|
|
1,678
|
|
1,656
|
|
1,569
|
|
1,514
|
|
Quarterly Capacity Utilization Rate
|
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
|
3Q16
|
|
2Q16
|
Utilization Rate
|
|
96%
|
|
96%
|
|
94%
|
|
89%
|
|
89%
|
Total Capacity (8" K equivalents)
|
|
1,816
|
|
1,742
|
|
1,794
|
|
1,774
|
|
1,723
|
Wafer shipments increased to 1,741K in 2Q17. Quarterly capacity
increased 4.2% QoQ to 1,816K, leading to an overall utilization rate of
96% in 2Q17.
Capacity4 for Foundry Segment
Overall capacity in the second quarter was 1,816K 8-inch equivalent
wafers. Estimated capacity in the third quarter will increase to 1,861K
8-inch equivalent wafers, primarily due to capacity expansion at Fab 12X
and enhancements to production capabilities at Fab 8C, Fab 8F and Fab 8S.
Annual Capacity in
thousands of wafers
|
|
|
Quarterly Capacity in
thousands of wafers
|
FAB
|
|
Geometry (um)
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
|
FAB
|
|
3Q17E
|
|
2Q17
|
|
1Q17
|
|
4Q16
|
WTK
|
|
6"
|
|
3.5 - 0.45
|
|
423
|
|
421
|
|
448
|
|
448
|
|
|
WTK
|
|
106
|
|
106
|
|
104
|
|
106
|
Fab 8A
|
|
8"
|
|
0.5 - 0.25
|
|
827
|
|
813
|
|
813
|
|
813
|
|
|
Fab 8A
|
|
207
|
|
207
|
|
204
|
|
207
|
Fab 8C
|
|
8"
|
|
0.35 - 0.11
|
|
348
|
|
347
|
|
347
|
|
347
|
|
|
Fab 8C
|
|
92
|
|
87
|
|
86
|
|
87
|
Fab 8D
|
|
8"
|
|
0.13 - 0.09
|
|
342
|
|
341
|
|
358
|
|
382
|
|
|
Fab 8D
|
|
86
|
|
86
|
|
84
|
|
86
|
Fab 8E
|
|
8"
|
|
0.5 - 0.18
|
|
419
|
|
418
|
|
418
|
|
418
|
|
|
Fab 8E
|
|
105
|
|
105
|
|
103
|
|
105
|
Fab 8F
|
|
8"
|
|
0.18 - 0.11
|
|
401
|
|
388
|
|
388
|
|
388
|
|
|
Fab 8F
|
|
107
|
|
102
|
|
100
|
|
102
|
Fab 8S
|
|
8"
|
|
0.18 - 0.11
|
|
336
|
|
335
|
|
335
|
|
335
|
|
|
Fab 8S
|
|
87
|
|
84
|
|
83
|
|
84
|
Fab 8N
|
|
8"
|
|
0.5 - 0.11
|
|
750
|
|
667
|
|
547
|
|
469
|
|
|
Fab 8N
|
|
188
|
|
188
|
|
185
|
|
188
|
Fab 12A
|
|
12"
|
|
0.13 - 0.028
|
|
885
|
|
793
|
|
700
|
|
651
|
|
|
Fab 12A
|
|
247
|
|
247
|
|
226
|
|
233
|
Fab 12i
|
|
12"
|
|
0.13 - 0.040
|
|
584
|
|
572
|
|
573
|
|
550
|
|
|
Fab 12i
|
|
134
|
|
134
|
|
137
|
|
148
|
Fab 12X
|
|
12"
|
|
0.040
|
|
9
|
|
-
|
|
-
|
|
-
|
|
|
Fab 12X
|
|
33
|
|
19
|
|
10
|
|
9
|
Total(1)
|
|
6,983
|
|
6,617
|
|
6,323
|
|
6,107
|
|
|
Total
|
|
1,861
|
|
1,816
|
|
1,742
|
|
1,794
|
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
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
|
11%
|
|
89%
|
|
US$1.7 billion
|
CAPEX spending in 2Q17 totaled US$275 million. Full year 2017 CAPEX plan
is budgeted for US$1.7 billion.
Third Quarter of 2017 Outlook & Guidance
Quarter-over-Quarter Guidance:
-
Wafer Shipments: To remain flat
-
ASP in USD: To remain flat
-
Profitability: Gross profit margin will be in the mid-teens % range
-
Foundry Segment Capacity Utilization: Low 90% range
-
2017 CAPEX for Foundry Segment: US$1.7 billion
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above
announcements
Conference Call / Webcast Announcement
Wednesday, July 26, 2017
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 2Q17 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 comprehensive foundry
solutions enable chip designers to leverage the company's sophisticated
technology and manufacturing, which include high volume 28nm
High-K/Metal Gate technology, 14nm FinFET mass production, ultra-low
power platform processes specifically developed for Internet of Things
(IoT) applications and the automotive industry's highest-rated AEC-Q100
Grade-0 manufacturing capabilities for the production of ICs found in
vehicles. UMC's 11 wafer fabs are strategically located throughout Asia
and are able to produce nearly 600,000 wafers per month. The company
employs over 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.
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 Jun. 30, 2017,
the three-month period ending Mar. 31, 2017, and the equivalent
three-month period that ended Jun. 30, 2016. For all 2Q17 results, New
Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the
Jun. 30, 2017 exchange rate of NT$ 30.42 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 June 30, 2017
|
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
US$
|
|
NT$
|
|
%
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
2,240
|
|
|
68,134
|
|
|
17.7
|
%
|
|
Financial assets at fair value through profit or loss, current
|
|
|
26
|
|
|
800
|
|
|
0.2
|
%
|
|
Notes & Accounts receivable, net
|
|
|
731
|
|
|
22,226
|
|
|
5.8
|
%
|
|
Inventories, net
|
|
|
535
|
|
|
16,285
|
|
|
4.2
|
%
|
|
Other current assets
|
|
|
415
|
|
|
12,633
|
|
|
3.2
|
%
|
|
Total current assets
|
|
|
3,947
|
|
|
120,078
|
|
|
31.1
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Funds and investments
|
|
|
1,180
|
|
|
35,907
|
|
|
9.3
|
%
|
|
Property, plant and equipment
|
|
|
6,994
|
|
|
212,772
|
|
|
55.1
|
%
|
|
Other non-current assets
|
|
|
562
|
|
|
17,060
|
|
|
4.5
|
%
|
|
Total non-current assets
|
|
|
8,736
|
|
|
265,739
|
|
|
68.9
|
%
|
|
Total assets
|
|
|
12,683
|
|
|
385,817
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Short-term loans
|
|
|
726
|
|
|
22,088
|
|
|
5.7
|
%
|
|
Financial liabilities at fair value through profit or loss, current
|
|
|
3
|
|
|
85
|
|
|
0.0
|
%
|
|
Payables
|
|
|
923
|
|
|
28,072
|
|
|
7.2
|
%
|
|
Dividends payable
|
|
|
201
|
|
|
6,112
|
|
|
1.6
|
%
|
|
Current portion of long-term liabilities
|
|
|
858
|
|
|
26,105
|
|
|
6.8
|
%
|
|
Other current liabilities
|
|
|
172
|
|
|
5,234
|
|
|
1.4
|
%
|
|
Total current liabilities
|
|
|
2,883
|
|
|
87,696
|
|
|
22.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Bonds payable
|
|
|
601
|
|
|
18,280
|
|
|
4.7
|
%
|
|
Long-term loans
|
|
|
1,083
|
|
|
32,957
|
|
|
8.5
|
%
|
|
Other non-current liabilities
|
|
|
1,108
|
|
|
33,688
|
|
|
8.8
|
%
|
|
Total non-current liabilities
|
|
|
2,792
|
|
|
84,925
|
|
|
22.0
|
%
|
|
Total liabilities
|
|
|
5,675
|
|
|
172,621
|
|
|
44.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Equity attributable to the parent company
|
|
|
|
|
|
|
|
|
Capital
|
|
|
4,150
|
|
|
126,243
|
|
|
32.7
|
%
|
|
Additional paid-in capital
|
|
|
1,343
|
|
|
40,854
|
|
|
10.6
|
%
|
|
Retained earnings, unrealized gain or loss on available-for-sale financial
assets and exchange differences on translation of foreign
operations
|
|
|
1,640
|
|
|
49,887
|
|
|
12.9
|
%
|
|
Treasury stock
|
|
|
(155
|
)
|
|
(4,719
|
)
|
|
(1.2
|
%)
|
|
Total equity attributable to the parent company
|
|
|
6,978
|
|
|
212,265
|
|
|
55.0
|
%
|
|
Non-controlling interests
|
|
|
30
|
|
|
931
|
|
|
0.3
|
%
|
|
Total equity
|
|
|
7,008
|
|
|
213,196
|
|
|
55.3
|
%
|
|
Total liabilities and equity
|
|
|
12,683
|
|
|
385,817
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:New Taiwan Dollars have been translated into U.S. Dollars at
the June 30, 2017 exchange rate of NT $30.42 per U.S. Dollar.
|
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statements of Comprehensive Income
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison
|
|
Quarter over Quarter Comparison
|
|
|
Three-Month Period Ended
|
|
|
|
Three-Month Period Ended
|
|
|
|
|
June 30, 2017
|
|
June 30, 2016
|
|
Chg.
|
|
June 30, 2017
|
|
March 31, 2017
|
|
Chg.
|
|
|
US$
|
|
NT$
|
|
US$
|
|
NT$
|
|
%
|
|
|
US$
|
|
NT$
|
|
US$
|
|
NT$
|
|
%
|
|
Net operating revenues
|
|
1,234
|
|
|
37,538
|
|
|
1,216
|
|
|
36,997
|
|
|
1.5
|
%
|
|
1,234
|
|
|
37,538
|
|
|
1,230
|
|
|
37,418
|
|
|
0.3
|
%
|
Operating costs
|
|
(1,012
|
)
|
|
(30,799
|
)
|
|
(944
|
)
|
|
(28,712
|
)
|
|
7.3
|
%
|
|
(1,012
|
)
|
|
(30,799
|
)
|
|
(986
|
)
|
|
(29,990
|
)
|
|
2.7
|
%
|
Gross profit
|
|
222
|
|
|
6,739
|
|
|
272
|
|
|
8,285
|
|
|
(18.7
|
%)
|
|
222
|
|
|
6,739
|
|
|
244
|
|
|
7,428
|
|
|
(9.3
|
%)
|
|
|
18.0
|
%
|
|
18.0
|
%
|
|
22.4
|
%
|
|
22.4
|
%
|
|
|
|
18.0
|
%
|
|
18.0
|
%
|
|
19.9
|
%
|
|
19.9
|
%
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
|
(34
|
)
|
|
(1,049
|
)
|
|
(36
|
)
|
|
(1,092
|
)
|
|
(3.9
|
%)
|
|
(34
|
)
|
|
(1,049
|
)
|
|
(38
|
)
|
|
(1,170
|
)
|
|
(10.3
|
%)
|
- General and administrative expenses
|
|
(34
|
)
|
|
(1,035
|
)
|
|
(50
|
)
|
|
(1,541
|
)
|
|
(32.8
|
%)
|
|
(34
|
)
|
|
(1,035
|
)
|
|
(35
|
)
|
|
(1,050
|
)
|
|
(1.4
|
%)
|
- Research and development expenses
|
|
(107
|
)
|
|
(3,246
|
)
|
|
(106
|
)
|
|
(3,226
|
)
|
|
0.6
|
%
|
|
(107
|
)
|
|
(3,246
|
)
|
|
(131
|
)
|
|
(3,991
|
)
|
|
(18.7
|
%)
|
Subtotal
|
|
(175
|
)
|
|
(5,330
|
)
|
|
(192
|
)
|
|
(5,859
|
)
|
|
(9.0
|
%)
|
|
(175
|
)
|
|
(5,330
|
)
|
|
(204
|
)
|
|
(6,211
|
)
|
|
(14.2
|
%)
|
Net other operating income and expenses
|
|
8
|
|
|
259
|
|
|
1
|
|
|
23
|
|
|
1,026.1
|
%
|
|
8
|
|
|
259
|
|
|
5
|
|
|
154
|
|
|
68.2
|
%
|
Operating income
|
|
55
|
|
|
1,668
|
|
|
81
|
|
|
2,449
|
|
|
(31.9
|
%)
|
|
55
|
|
|
1,668
|
|
|
45
|
|
|
1,371
|
|
|
21.7
|
%
|
|
|
4.4
|
%
|
|
4.4
|
%
|
|
6.6
|
%
|
|
6.6
|
%
|
|
|
|
4.4
|
%
|
|
4.4
|
%
|
|
3.7
|
%
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
|
15
|
|
|
448
|
|
|
(22
|
)
|
|
(650
|
)
|
|
-
|
|
|
15
|
|
|
448
|
|
|
(10
|
)
|
|
(304
|
)
|
|
-
|
|
Income from continuing operations before
income tax
|
|
70
|
|
|
2,116
|
|
|
59
|
|
|
1,799
|
|
|
17.6
|
%
|
|
70
|
|
|
2,116
|
|
|
35
|
|
|
1,067
|
|
|
98.3
|
%
|
|
|
5.6
|
%
|
|
5.6
|
%
|
|
4.9
|
%
|
|
4.9
|
%
|
|
|
|
5.6
|
%
|
|
5.6
|
%
|
|
2.9
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
|
(21
|
)
|
|
(638
|
)
|
|
(7
|
)
|
|
(220
|
)
|
|
190.0
|
%
|
|
(21
|
)
|
|
(638
|
)
|
|
14
|
|
|
430
|
|
|
-
|
|
Net income
|
|
49
|
|
|
1,478
|
|
|
52
|
|
|
1,579
|
|
|
(6.4
|
%)
|
|
49
|
|
|
1,478
|
|
|
49
|
|
|
1,497
|
|
|
(1.3
|
%)
|
|
|
3.9
|
%
|
|
3.9
|
%
|
|
4.3
|
%
|
|
4.3
|
%
|
|
|
|
3.9
|
%
|
|
3.9
|
%
|
|
4.0
|
%
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
45
|
|
|
1,396
|
|
|
(32
|
)
|
|
(977
|
)
|
|
-
|
|
|
45
|
|
|
1,396
|
|
|
(98
|
)
|
|
(2,997
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
94
|
|
|
2,874
|
|
|
20
|
|
|
602
|
|
|
377.4
|
%
|
|
94
|
|
|
2,874
|
|
|
(49
|
)
|
|
(1,500
|
)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
69
|
|
|
2,099
|
|
|
85
|
|
|
2,583
|
|
|
(18.7
|
%)
|
|
69
|
|
|
2,099
|
|
|
75
|
|
|
2,286
|
|
|
(8.2
|
%)
|
Non-controlling interests
|
|
(20
|
)
|
|
(621
|
)
|
|
(33
|
)
|
|
(1,004
|
)
|
|
(38.1
|
%)
|
|
(20
|
)
|
|
(621
|
)
|
|
(26
|
)
|
|
(789
|
)
|
|
(21.3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
115
|
|
|
3,488
|
|
|
54
|
|
|
1,635
|
|
|
113.3
|
%
|
|
115
|
|
|
3,488
|
|
|
(20
|
)
|
|
(599
|
)
|
|
-
|
|
Non-controlling interests
|
|
(21
|
)
|
|
(614
|
)
|
|
(34
|
)
|
|
(1,033
|
)
|
|
(40.6
|
%)
|
|
(21
|
)
|
|
(614
|
)
|
|
(29
|
)
|
|
(901
|
)
|
|
(31.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
|
0.006
|
|
|
0.17
|
|
|
0.007
|
|
|
0.21
|
|
|
|
|
0.006
|
|
|
0.17
|
|
|
0.006
|
|
|
0.19
|
|
|
|
Earnings per ADS (2)
|
|
0.028
|
|
|
0.85
|
|
|
0.035
|
|
|
1.05
|
|
|
|
|
0.028
|
|
|
0.85
|
|
|
0.031
|
|
|
0.95
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding (in millions)
|
|
|
|
12,208
|
|
|
|
|
12,335
|
|
|
|
|
|
|
12,208
|
|
|
|
|
12,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the June 30, 2017 exchange rate of NT $30.42 per U.S. Dollar.
|
(2) 1 ADS equals 5 common shares.
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statements of Comprehensive Income
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
Except Per Share and Per ADS Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended
|
For the Six-Month Period Ended
|
|
|
June 30, 2017
|
|
June 30, 2017
|
|
|
US$
|
|
NT$
|
|
%
|
|
|
US$
|
|
NT$
|
|
%
|
|
Net operating revenues
|
|
1,234
|
|
|
37,538
|
|
|
100.0
|
%
|
|
2,464
|
|
|
74,956
|
|
|
100.0
|
%
|
Operating costs
|
|
(1,012
|
)
|
|
(30,799
|
)
|
|
(82.0
|
%)
|
|
(1,998
|
)
|
|
(60,788
|
)
|
|
(81.1
|
%)
|
Gross profit
|
|
222
|
|
|
6,739
|
|
|
18.0
|
%
|
|
466
|
|
|
14,168
|
|
|
18.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
- Sales and marketing expenses
|
|
(34
|
)
|
|
(1,049
|
)
|
|
(2.8
|
%)
|
|
(73
|
)
|
|
(2,220
|
)
|
|
(3.0
|
%)
|
- General and administrative expenses
|
|
(34
|
)
|
|
(1,035
|
)
|
|
(2.8
|
%)
|
|
(68
|
)
|
|
(2,085
|
)
|
|
(2.8
|
%)
|
- Research and development expenses
|
|
(107
|
)
|
|
(3,246
|
)
|
|
(8.6
|
%)
|
|
(238
|
)
|
|
(7,237
|
)
|
|
(9.6
|
%)
|
Subtotal
|
|
(175
|
)
|
|
(5,330
|
)
|
|
(14.2
|
%)
|
|
(379
|
)
|
|
(11,542
|
)
|
|
(15.4
|
%)
|
Net other operating income and expenses
|
|
8
|
|
|
259
|
|
|
0.6
|
%
|
|
13
|
|
|
412
|
|
|
0.6
|
%
|
Operating income
|
|
55
|
|
|
1,668
|
|
|
4.4
|
%
|
|
100
|
|
|
3,038
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net non-operating income and expenses
|
|
15
|
|
|
448
|
|
|
1.2
|
%
|
|
5
|
|
|
146
|
|
|
0.1
|
%
|
Income from continuing operations before income tax
|
|
70
|
|
|
2,116
|
|
|
5.6
|
%
|
|
105
|
|
|
3,184
|
|
|
4.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(21
|
)
|
|
(638
|
)
|
|
(1.7
|
%)
|
|
(7
|
)
|
|
(209
|
)
|
|
(0.2
|
%)
|
Net income
|
|
49
|
|
|
1,478
|
|
|
3.9
|
%
|
|
98
|
|
|
2,975
|
|
|
4.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss)
|
|
45
|
|
|
1,396
|
|
|
3.8
|
%
|
|
(53
|
)
|
|
(1,601
|
)
|
|
(2.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss)
|
|
94
|
|
|
2,874
|
|
|
7.7
|
%
|
|
45
|
|
|
1,374
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
69
|
|
|
2,099
|
|
|
5.6
|
%
|
|
144
|
|
|
4,385
|
|
|
5.9
|
%
|
Non-controlling interests
|
|
(20
|
)
|
|
(621
|
)
|
|
(1.7
|
%)
|
|
(46
|
)
|
|
(1,410
|
)
|
|
(1.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the parent
|
|
115
|
|
|
3,488
|
|
|
9.3
|
%
|
|
95
|
|
|
2,888
|
|
|
3.9
|
%
|
Non-controlling interests
|
|
(21
|
)
|
|
(614
|
)
|
|
(1.6
|
%)
|
|
(50
|
)
|
|
(1,514
|
)
|
|
(2.1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share-basic
|
|
0.006
|
|
|
0.17
|
|
|
|
|
0.012
|
|
|
0.36
|
|
|
|
Earnings per ADS (2)
|
|
0.028
|
|
|
0.85
|
|
|
|
|
0.059
|
|
|
1.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding (in millions)
|
12,208
|
|
|
|
|
|
|
12,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) New Taiwan Dollars have been translated into U.S. Dollars at
the June 30, 2017 exchange rate of NT $30.42 per U.S. Dollar.
|
(2) 1 ADS equals 5 common shares.
|
|
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
|
Consolidated Condensed Statement of Cash Flows
|
For The Six-Month Period Ended June 30, 2017
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
|
|
|
|
|
|
|
|
US$
|
|
NT$
|
Cash flows from operating activities :
|
|
|
|
|
Net income before tax
|
|
105
|
|
|
3,184
|
|
Depreciation & Amortization
|
|
867
|
|
|
26,385
|
|
Gain on disposal of investments
|
|
(25
|
)
|
|
(761
|
)
|
Exchange gain on financial assets and liabilities
|
|
(41
|
)
|
|
(1,249
|
)
|
Changes in other current assets
|
|
(25
|
)
|
|
(764
|
)
|
Changes in other current liabilities
|
|
41
|
|
|
1,239
|
|
Changes in assets, liabilities and others
|
|
3
|
|
|
94
|
|
Net cash provided by operating activities
|
|
925
|
|
|
28,128
|
|
|
|
|
|
|
Cash flows from investing activities :
|
|
|
|
|
Acquisition of available-for-sale financial assets
|
|
(23
|
)
|
|
(691
|
)
|
Proceeds from disposal of available-for-sale financial assets
|
|
42
|
|
|
1,284
|
|
Proceeds from capital reduction and liquidation of investments
|
|
65
|
|
|
1,980
|
|
Acquisition of property, plant and equipment
|
|
(854
|
)
|
|
(25,987
|
)
|
Acquisition of intangible assets
|
|
(22
|
)
|
|
(673
|
)
|
Others
|
|
(10
|
)
|
|
(311
|
)
|
Net cash used in investing activities
|
|
(802
|
)
|
|
(24,398
|
)
|
|
|
|
|
|
Cash flows from financing activities :
|
|
|
|
|
Increase in short-term loans
|
|
86
|
|
|
2,604
|
|
Proceeds from bonds issued
|
|
273
|
|
|
8,300
|
|
Redemption of bonds
|
|
(247
|
)
|
|
(7,500
|
)
|
Proceeds from long-term loans
|
|
306
|
|
|
9,308
|
|
Repayments of long-term loans
|
|
(101
|
)
|
|
(3,076
|
)
|
Acquisition of subsidiaries
|
|
(40
|
)
|
|
(1,228
|
)
|
Others
|
|
4
|
|
|
144
|
|
Net cash provided by financing activities
|
|
281
|
|
|
8,552
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(57
|
)
|
|
(1,727
|
)
|
Net Increase in cash and cash equivalents
|
|
347
|
|
|
10,555
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
1,893
|
|
|
57,579
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
2,240
|
|
|
68,134
|
|
|
|
|
|
|
|
|
|
|
|
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the June 30, 2017 exchange rate of NT $30.42 per U.S. Dollar.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726005535/en/
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