UMC Reports Second Quarter 2014 Results

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements.  Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) 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 and reports on Form F-1, F-3, F-6 and 20-F and 6-K, 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 prepared and published in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from 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 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 AND SUBSIDIARIES  

 Consolidated Condensed Balance Sheet

As of  June 30, 2014

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




June 30, 2014


US$


NT$


%

Assets






Current assets






 Cash and cash equivalents

1,662


49,634


16.3%

 Financial assets at fair value through profit or loss, current

29


880


0.3%

Available-for-sale financial assets, current

91


2,729


0.9%

 Notes & Accounts receivable, net

724


21,616


7.1%

 Inventories, net

464


13,844


4.6%

 Other current assets

324


9,671


3.2%

 Total current assets

3,294


98,374


32.4%







Non-current assets






 Funds and investments

1,184


35,364


11.6%

 Property, plant and equipment

5,258


157,002


51.7%

 

 Other non-current assets

438


13,058


4.3%

 

    Total non-current assets

6,880


205,424


67.6%

 

Total assets

10,174


303,798


100.0%








Liabilities






Current liabilities






 Short-term loans

266


7,954


2.6%

 Financial liabilities at fair value through profit or loss, current

0


4


0.0%

Payables

1,100


32,852


10.8%

 Dividends payable

4


125


0.0%

Current portion of long-term liabilities

261


7,798


2.6%

 Other current liabilities

33


946


0.4%

 Total current liabilities

1,664


49,679


16.4%







Non-current liabilities






 Bonds payable

836


24,976


8.2%

 Long-term loans

233


6,947


2.3%

 Other non-current liabilities

237


7,083


2.3%

 Total non-current liabilities

1,306


39,006


12.8%

 Total liabilities

2,970


88,685


29.2%







Equity






Equity attributable to the parent company






Capital

4,255


127,063


41.8%

Additional paid-in capital

1,320


39,402


13.0%

Retained earnings, unrealized gain or loss on available-for-sale
    financial assets and exchange differences on translation of
    foreign operations

1,569


46,872


15.4%

Treasury stock

(79)


(2,365)


(0.8%)

Total equity attributable to the parent company

7,065


210,972


69.4%

Non-controlling interests

139


4,141


1.4%

  Total equity

7,204


215,113


70.8%

Total liabilities and equity

10,174


303,798


100.0%







Note New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.


All figures are prepared in accordance with TIFRSs.

 

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, 2014


June 30, 2013


%


June 30, 2014


March 31, 2014


%


US$


NT$


US$


NT$


Chg.


US$


NT$


US$


NT$


Chg.

Net operating revenues

1,201


35,869


1,068


31,905


12.4%


1,201


35,869


1,061


31,694


13.2%

Operating costs

(926)


(27,662)


(861)


(25,728)


7.5%


(926)


(27,662)


(863)


(25,793)


7.2%

Gross profit

275


8,207


207


6,177


32.9%


275


8,207


198


5,901


39.1%


22.9%


22.9%


19.4%


19.4%




22.9%


22.9%


18.6%


18.6%



Operating expenses




















  - Sales and marketing expenses

(37)


(1,097)


(27)


(800)


37.1%


(37)


(1,097)


(28)


(833)


31.7%

  - General and administrative expenses

(29)


(857)


(33)


(966)


(11.3%)


(29)


(857)


(28)


(848)


1.1%

  - Research and development expenses

(111)


(3,326)


(109)


(3,251)


2.3%


(111)


(3,326)


(112)


(3,335)


(0.3%)

      Subtotal

(177)


(5,280)


(169)


(5,017)


5.2%


(177)


(5,280)


(168)


(5,016)


5.3%

Net other operating income and expenses

(0)


(10)


(0)


(11)


(9.1%)


(0)


(10)


2


56


-

Operating income

98


2,917


38


1,149


100.0%


98


2,917


32


941


100.0%


8.1%


8.1%


3.6%


3.6%




8.1%


8.1%


3.0%


3.0%























Net non-operating income and expenses

31


937


22


631


48.5%


31


937


11


351


100.0%

Income from continuing operations before
   income tax

129


3,854


60


1,780


100.0%


129


3,854


43


1,292


100.0%


10.7%


10.7%


5.6%


5.6%




10.7%


10.7%


4.1%


4.1%























Income tax expense

(18)


(528)


(2)


(42)


100.0%


(18)


(528)


(6)


(181)


100.0%

Net income

111


3,326


58


1,738


91.4%


111


3,326


37


1,111


100.0%


9.3%


9.3%


5.4%


5.4%




9.3%


9.3%


3.5%


3.5%























Other comprehensive income

4


103


12


350


(70.6%)


4


103


139


4,130


(97.5%)





















Total comprehensive income

115


3,429


70


2,088


64.2%


115


3,429


176


5,241


(34.6%)





















    Net income attributable to:




















Stockholders of the parent

117


3,482


61


1,812


92.2%


117


3,482


40


1,180


100.0%

Non-controlling interests

(6)


(156)


(3)


(74)


100.0%


(6)


(156)


(3)


(69)


100.0%





















    Comprehensive income attributable to:




















Stockholders of the parent

122


3,636


72


2,160


68.3%


122


3,636


176


5,261


(30.9%)

Non-controlling interests

(7)


(207)


(2)


(72)


100.0%


(7)


(207)


(0)


(20)


100.0%





















Earnings per share-basic

0.009


0.28


0.005


0.15




0.009


0.28


0.003


0.09



Earnings per ADS (2)

0.047


1.40


0.025


0.75




0.047


1.40


0.015


0.45



Weighted average number of shares




















outstanding (in millions)



12,489




12,465






12,489




12,480











































Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.









     All figures are prepared in accordance with TIFRSs.

(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, 2014


June 30, 2014


US$


NT$


%


US$


 NT$ 


%

Net operating revenues

1,201


35,869


100.0%


2,263


67,563


100.0%

Operating costs

(926)


(27,662)


(77.1%)


(1,791)


(53,455)


(79.1%)

Gross profit

275


8,207


22.9%


472


14,108


20.9%

























Operating expenses












  - Sales and marketing expenses

(37)


(1,097)


(3.0%)


(65)


(1,931)


(2.9%)

  - General and administrative expenses

(29)


(857)


(2.4%)


(57)


(1,705)


(2.5%)

  - Research and development expenses

(111)


(3,326)


(9.3%)


(223)


(6,660)


(9.8%)

      Subtotal

(177)


(5,280)


(14.7%)


(345)


(10,296)


(15.2%)

Net other operating income and expenses

(0)


(10)


(0.1%)


2


45


0.0%

Operating income

98


2,917


8.1%


129


3,857


5.7%













Net non-operating income and expenses

31


937


2.6%


43


1,289


1.9%

Income from continuing operations before
   income tax

129


3,854


10.7%


172


5,146


7.6%

























Income tax expense

(18)


(528)


(1.4%)


(23)


(709)


(1.0%)

Net income 

111


3,326


9.3%


149


4,437


6.6%













Other comprehensive income

4


103


0.3%


141


4,233


6.2%













Total comprehensive income

115


3,429


9.6%


290


8,670


12.8%













    Net income attributable to:












Stockholders of the parent

117


3,482


9.7%


156


4,662


6.9%

Non-controlling interests

(6)


(156)


(0.4%)


(7)


(225)


(0.3%)













    Comprehensive income attributable to:












Stockholders of the parent

122


3,636


10.1%


298


8,897


13.2%

Non-controlling interests

(7)


(207)


(0.5%)


(8)


(227)


(0.4%)













Earnings per share-basic

0.009


0.28




0.012


0.37



Earnings per ADS (2)

0.047


1.40




0.062


1.85















Weighted average number of shares
     outstanding (in millions)



12,489






12,485















Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

     All figures are prepared in accordance with TIFRSs.

(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, 2014

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






USD


NTD

Cash flows from operating activities :




    Net income before tax

172


5,146

    Depreciation & Amortization

663


19,799

    Impairment loss on financial assets

5


163

    Gain on disposal of investments

(39)


(1,159)

    Changes in notes & accounts receivable

(165)


(4,916)

    Changes in other current assets

(155)


(4,642)

    Changes in assets, liabilities and others

(15)


(478)

Net cash provided by operating activities

466


13,913





Cash flows from investing activities :




    Acquisition of available-for-sales financial assets

(4)


(115)

    Proceeds from disposal of available-for-sale financial assets

55


1,631

    Acquisition of financial assets measured at cost

(16)


(464)

    Proceed from sale of financial assets measured at cost

16


478

    Acquisition ofinvestments accounted for under the equity method

(4)


(121)

    Acquisition of property, plant and equipment

(474)


(14,162)

    Proceeds from disposal of property, plant and equipment 

8


252

    Acquisition of intangible assets

(20)


(603)

    Others

(1)


(28)

Net cash used in investing activities

(440)


(13,132)





Cash flows from financing activities :




    Increase in short-term loans

112


3,335

    Proceeds from bonds issued

167


5,000

    Redemption of bonds

(345)


(10,306)

    Proceeds from long-term loans

33


1,000

    Repayments of long-term loans

(42)


(1,256)

    Others

7


199

Net cash used in financing activities

(68)


(2,028)





Effect of exchange rate changes on cash and cash equivalents

2


50

Net decrease in cash and cash equivalents

(40)


(1,197)





Cash and cash equivalents at beginning of period

1,702


50,831





Cash and cash equivalents at end of period

1,662


49,634



Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2014 exchange rate of NT $29.86 per U.S. Dollar.

         All figures are prepared in accordance with TIFRSs.

  Contacts:

Bowen Huang / David Wong
UMC, Investor Relations
+886-2-2658-9168, ext. 16957
Email Contact
Email Contact

SOURCE United Microelectronics Corporation

Contact:
United Microelectronics Corporation
Web: http://www.umc.com/english/investors/2Q14_ASP_trend.asp



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