UMC Reports Third Quarter 2011 Results

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A live webcast and replay of the 3Q11 results announcement will be available at www.umc.com under the "Investor Relations \ Investor Events" section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab12A in Taiwan and Singapore-based Fab12i are both in volume production for a variety of customer products. The company employs approximately 13,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com.

Safe Harbor Statements

This release contains forward-looking statements.  These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our 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 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 U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. 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 unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP.  Investors are cautioned that there are many differences between ROC GAAP and US GAAP.

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 -


UNITED MICROELECTRONICS CORPORATION


Condensed Unconsolidated Balance Sheet


As of  September  30, 2011


Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

















September  30, 2011



US$


NT$


%


ASSETS







Current Assets







Cash and Cash Equivalents

1,098


33,468


13.1%


Financial Assets at Fair Value through Profit or Loss, current

24


720


0.3%


Available-for-Sale Financial Assets, current

187


5,689


2.2%


Notes & Accounts Receivable, net

459


13,986


5.5%


Inventories, net

372


11,347


4.4%


Other Current Assets

52


1,591


0.6%


   Total Current Assets

2,192


66,801


26.1%









Non-Current Assets







Funds and Investments

1,916


58,397


22.8%


Property, Plant and Equipment, net

4,085


124,522


48.6%


Other Assets

207


6,318


2.5%


   Total Non-Current Assets

6,208


189,237


73.9%


TOTAL ASSETS

8,400


256,038


100.0%









LIABILITIES







Current Liabilities







Short-term Loans

50


1,527


0.6%


Financial Liabilities at Fair Value through Profit or Loss, current

39


1,201


0.5%


Payables

628


19,136


7.5%


Current Portion of Long-term Liabilities

191


5,819


2.3%


Other Current Liabilities

16


475


0.1%


   Total Current Liabilities

924


28,158


11.0%









Non-Current Liabilities







Bonds Payable

423


12,892


5.0%


Long-term Loans

78


2,392


0.9%


Other Liabilities

116


3,520


1.4%


   Total Non-Current Liabilities

617


18,804


7.3%


TOTAL LIABILITIES

1,541


46,962


18.3%









STOCKHOLDERS' EQUITY







Capital Stock

4,292


130,828


51.1%


Additional Paid-in Capital

1,523


46,440


18.1%


Retained Earnings, Unrealized Gain or Loss on Financial
    Instruments and Cumulative Translation Adjustment

1,248


38,031


14.9%


Treasury Stock

(204)


(6,223)


(2.4%)


TOTAL STOCKHOLDERS' EQUITY

6,859


209,076


81.7%


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

8,400


256,038


100.0%








Note : New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2011 exchange rate of NT $ 30.48 per U.S. Dollar. All figures are in ROC GAAP.



UNITED MICROELECTRONICS CORPORATION

Condensed Unconsolidated Income Statement

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, 2011


September 30, 2010


%


September 30, 2011


June 30, 2011


%


US$


NT$


US$


NT$


Chg.


US$


NT$


US$


NT$


Chg.

Net   Sales

826


25,187


1,071


32,652


(22.9%)


826


25,187


924


28,150


(10.5%)

Cost   of   Goods   Sold

(662)


(20,203)


(722)


(22,004)


(8.2%)


(662)


(20,203)


(704)


(21,432)


(5.7%)

Net   Gross   Profit

164


4,984


349


10,648


(53.2%)


164


4,984


220


6,718


(25.8%)


19.8%


19.8%


32.6%


32.6%




19.8%


19.8%


23.9%


23.9%



Operating   Expenses




















   -   Sales   &   Marketing

(18)


(535)


(18)


(567)


(5.6%)


(18)


(535)


(19)


(585)


(8.5%)

   -   General   &   Administrative

(21)


(630)


(23)


(692)


(9.0%)


(21)


(630)


(19)


(588)


7.1%

   -   Research   &   Development

(75)


(2,284)


(72)


(2,202)


3.7%


(75)


(2,284)


(73)


(2,225)


2.7%


(114)


(3,449)


(113)


(3,461)


(0.3%)


(114)


(3,449)


(111)


(3,398)


1.5%

Operating   Income

50


1,535


236


7,187


(78.6%)


50


1,535


109


3,320


(53.8%)


6.1%


6.1%


22.0%


22.0%




6.1%


6.1%


11.8%


11.8%























Net   Non-Operating   Income   (Expenses)

15


445


63


1,937


(77.0%)


15


445


7


203


100.0%

Income   from   Continuing   Operations   before   Income   Tax

65


1,980


299


9,124


(78.3%)


65


1,980


116


3,523


(43.8%)


7.9%


7.9%


27.9%


27.9%




7.9%


7.9%


12.5%


12.5%























Income   Tax   Expense

(1)


(26)


(13)


(404)


(93.6%)


(1)


(26)


(11)


(331)


(92.1%)

Income   from   Continuing   Operations

64


1,954


286


8,720


(77.6%)


64


1,954


105


3,192


(38.8%)

Extraordinary   Gain

-


-


-


-


-


-


-


-


-


-

Net   Income

64


1,954


286


8,720


(77.6%)


64


1,954


105


3,192


(38.8%)


7.8%


7.8%


26.7%


26.7%




7.8%


7.8%


11.3%


11.3%























Earnings   per   Share

0.005


0.16


0.023


0.70




0.005


0.16


0.009


0.26



Earnings   per   ADS   (2)

0.026


0.80


0.115


3.50




0.026


0.80


0.043


1.30



Weighted   Average   Number   of   Shares




















Outstanding   (in   millions)



12,606




12,450






12,606




12,514











































Note:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2011 exchange rate of NT $ 30.48 per U.S. Dollar. All figures are in ROC GAAP.

(2) 1 ADS equals 5 common shares.



UNITED MICROELECTRONICS CORPORATION

Condensed Unconsolidated Income Statement

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, 2011


September 30, 2011


US$


NT$


%


US$


NT$


%

Net Sales

826


25,187


100.0%


2,672


81,454


100.0%

Cost of Goods Sold

(662)


(20,203)


(80.2%)


(2,034)


(62,009)


(76.1%)

Net Gross Profit

164


4,984


19.8%


638


19,445


23.9%

























Operating Expenses












 - Sales & Marketing

(18)


(535)


(2.1%)


(52)


(1,573)


(2.0%)

 - General & Administrative

(21)


(630)


(2.5%)


(62)


(1,886)


(2.3%)

 - Research & Development

(75)


(2,284)


(9.1%)


(219)


(6,689)


(8.2%)


(114)


(3,449)


(13.7%)


(333)


(10,148)


(12.5%)

Operating Income

50


1,535


6.1%


305


9,297


11.4%













Net Non-Operating Income (Expenses)

15


445


1.8%


35


1,080


1.3%

Income from Continuing Operations before
   Income Tax

65


1,980


7.9%


340


10,377


12.7%

























Income Tax Expense

(1)


(26)


(0.1%)


(24)


(748)


(0.9%)

Net Income

64


1,954


7.8%


316


9,629


11.8%













Earnings per Share

0.005


0.16




0.025


0.77



Earnings per ADS (2)

0.026


0.80




0.126


3.85















Weighted Average Number of Shares
    Outstanding (in millions)



12,606






12,545















Note:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2011 exchange rate of N T $ 30.48 per U.S. Dollar. All figures are in ROC GAAP.

(2) 1 ADS equals 5 common shares.



UNITED MICROELECTRONICS CORPORATION

Condensed Unconsolidated Statement of Cash Flows

For The Nine-Month Period Ended September 30, 2011

Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)






USD


NTD

Cash flows from operating activities :




   Net Income

316


9,629

   Depreciation & Amortization

741


22,591

   Loss on decline in market value, scrap and obsolescence of inventories

15


466

   Cash dividends received under the equity method

19


585

   Investment loss accounted for under the equity method

62


1,897

   Gain on valuation of financial assets and liabilities

(21)


(633)

   Impairment loss

9


283

   Gain on disposal of investments

(6)


(197)

   Gain on disposal of property, plant and equipment

(1)


(29)

   Exchange loss on financial assets and liabilities

3


81

   Exchange loss on long-term liabilities

8


231

   Amortization of bond discounts

7


215

   Gain on reacquisition of bonds

(2)


(70)

   Amortization of deferred income

(2)


(76)

   Stock-based payment

21


638

   Changes in assets, liabilities and others

(45)


(1,365)

Net cash provided by operating activities

1,124


34,246





Cash flows from investing activities :




   Proceeds from disposal of available-for-sales financial assets

5


174

   Acquisition of financial assets measured at cost

(6)


(196)

   Proceed from sale of financial assets measured at cost

1


50

   Acquisition of long-term investments accounted for under the equity method

(51)


(1,544)

   Proceeds from liquidation of long-term investments

4


111

   Acquisition of property, plant and equipment

(1,100)


(33,543)

   Proceeds from disposal of property, plant and equipment

1


39

   Increase in deferred charges

(6)


(198)

   Decrease in other assets - others

(1)


(33)

Net cash used in investing activities

(1,153)


(35,140)





Cash flows from financing activities :




   Decrease in short-term loans

(38)


(1,163)

   Proceeds from long-term loans

59


1,800

   Repayments of long-term loans

(8)


(258)

   Acquisition of bonds

(26)


(804)

   Proceeds from bonds issued

473


14,423

   Bonds issue cost

(2)


(61)

   Cash dividends

(461)


(14,034)

   Exercise of employee stock options

32


986

   Proceeds from disposal of treasury stock

0


14

   Decrease in deposits-in

(0)


(11)

Net cash provided by financing activities

29


892





Effect of exchange rate changes on cash and cash equivalents

17


535

Net increase in cash and cash equivalents

17


533





Cash and cash equivalents at beginning of period

1,081


32,935





Cash and cash equivalents at end of period

1,098


33,468









Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2011 exchange rate of NT $ 30.48 per U.S. Dollar. All figures are in ROC GAAP.




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