UMC Reports First Quarter 2017 Results

In 1Q17, net operating revenues decreased 2.3% to NT$37.42 billion, including NT$37.35 billion from the foundry segment. Revenue from 28nm and 40nm contribution was 17% and 29%, respectively. Gross profit declined 15.2% to NT$7.43 billion, or 19.9% of revenue. Operating expenses decreased 6.3% to NT$6.21 billion. Net other operating income was NT$154 million, leading to an operating income of NT$1.37 billion. Net non-operating expense was NT$304 million. Net income attributable to stockholders of the parent was NT$2.29 billion.

Earnings per ordinary share for the quarter was NT$0.19. Earnings per ADS was US$0.031. The basic weighted average number of outstanding shares in 1Q17 was 12,208,239,978, compared with 12,208,239,978 shares in 4Q16 and 12,408,239,978 shares in 1Q16. The diluted weighted average number of outstanding shares was 13,418,016,296 in 1Q17, compared with 13,442,173,503 shares in 4Q16 and 12,492,270,590 shares in 1Q16. The fully diluted share count on March 31, 2017 was approximately 13,834,095,000. On March 31, 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)   1Q17   4Q16   QoQ %
change
  1Q16   YoY %
change
Net Operating Revenues   37,418   38,306   (2.3 )   34,404   8.8
COGS (29,990 ) (29,547 ) 1.5 (29,370 ) 2.1
Depreciation (11,032 ) (11,314 ) (2.5 ) (10,424 ) 5.8
Other Mfg. Costs (18,958 ) (18,233 ) 4.0 (18,946 )

0.1

Gross Profit 7,428 8,759 (15.2 ) 5,034 47.6
Gross Margin (%) 19.9 % 22.9 % 14.6 %
Operating Expenses (6,211 ) (6,627 ) (6.3 ) (5,065 ) 22.6
G&A (1,050 ) (1,521 ) (31.0 ) (970 ) 8.2
Sales & Marketing (1,170 ) (1,282 ) (8.7 ) (1,010 ) 15.8
R&D (3,991 ) (3,824 ) 4.4 (3,085 ) 29.4
Net Other Operating

Income & Expenses

154 144 6.9 15 926.7
Operating Income

(Loss)

  1,371     2,276     (39.8 )   (16 )   -

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