UMC Reports First Quarter 2015 Results

During 1Q15, wafer shipments increased 3.5% sequentially, which led to foundry revenue of NT$36.00 billion. New Business segment recorded NT$1.67 billion in sales, leading to consolidated revenue of NT$37.65 billion, up 1.1% from 4Q14. Net income from the foundry segment reached NT$4.03 billion, while New Business segment posted a net loss of NT$0.34 billion. From a consolidated basis, gross profit was NT$9.16 billion, or 24.3% of revenue, while operating income reached NT$4.10 billion or 10.9% of revenue. Net income attributable to the stockholders of the parent was NT$3.98 billion, compared to NT$4.56 billion in 4Q14.

Earnings per ordinary share for the quarter were NT$0.32. Earnings per ADS were US$0.051.  The basic weighted average number of outstanding shares in 1Q15 was 12,526,260,458, compared with 12,509,658,059 shares in 4Q14 and 12,479,924,736 shares in 1Q14.  The diluted weighted average number of outstanding shares was 12,660,046,525 in 1Q15, compared with 12,620,712,149 shares in 4Q14 and 13,157,984,032 shares in 1Q14.  The fully diluted share count on March 31, 2015 was approximately 12,778,967,000.  On March 31, 2015, UMC held 195 million treasury shares acquired from the 15th share buy-back programs.

Detailed Financials Section

COGS & Expenses

(Amount: NT$ million)

1Q15

4Q14

QoQ %
change

1Q14

YoY %
change

Net Operating Revenues

37,650

37,235

1.1

31,694

18.8

COGS

(28,495)

(27,049)

5.3

(25,793)

10.5

  Depreciation

(9,115)

(8,495)

7.3

(8,145)

11.9

  Other Mfg. Costs

(19,380)

(18,554)

4.5

(17,648)

9.8

Gross Profit

9,155

10,186

(10.1)

5,901

55.1

Gross Margin (%)

24.3%

27.4%


18.6%


Operating Expenses

(4,914)

(5,672)

(13.4)

(5,016)

(2.0)

  G&A

(953)

(1,013)

(5.9)

(848)

12.4

  Sales & Marketing

(1,045)

(1,124)

(7.0)

(833)

25.5

  R&D

(2,916)

(3,535)

(17.5)

(3,335)

(12.6)

Net Other Operating

Income & Expenses

(142)

18

-

56

-

Operating Income

4,099

4,532

(9.6)

941

335.6


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