28nm technology platform development accelerating; company to maintain operating profitability despite declining utilization
(PRNewswire) —Third Quarter 2011 Overview (Note 1):
- Revenue: decreased 10.5% QoQ to NT$25.19 billion (US$ 826.35 million)
- Gross margin: 19.8%; operating margin: 6.1%
- Capacity utilization: 74%
- Net income: NT$1.95 billion (US$ 64.11 million)
- Earnings per share: NT$0.16; earnings per ADS: US$0.03
Note 1: | Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, unconsolidated, and represent comparisons among the three-month period ending Sep 30, 2011, the three-month period ending Jun 30, 2011, and the equivalent three-month period that ended Sep 30, 2010. For all 3Q11 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Sep 30, 2011 exchange rate of NT$30.48 per U.S. Dollar. | |
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its unconsolidated operating results for the third quarter of 2011.
Revenue was NT$25.19 billion, a 10.5% quarter-over-quarter decrease from NT$28.15 billion in 2Q11, and a 22.9% year-over-year decrease from NT$32.65 billion in 3Q10. Gross margin was 19.8%, operating margin was 6.1%, net income was NT$1.95 billion, and earnings per ordinary share were NT$0.16.
Dr. Shih-Wei Sun, CEO of UMC, said: "In Q3 2011, revenue was in line with UMC's guidance. We shipped 1.03 million 8-inch equivalent wafers, with ASP remaining flat. Overall utilization rate was 74%, with 40% of revenue coming from 65nm & below technologies."
Dr. Sun continued "We maintain our previous semiconductor market view as we enter the fourth quarter of 2011, with unresolved European and U.S. sovereign debt, China inflation, and limited inventory distribution and digestion visibility through the supply chain all contributing to industry uncertainty. Accordingly, semiconductor market demand remains weak, as reflected by our customers' conservative order patterns. During this time, UMC will continue with its cautious approach. We do anticipate UMC's rate of revenue decline to ease in Q4, and will maintain operating profitability as our efforts to strengthen the company's operating efficiency and cost structure bear fruit."
"Despite the dynamic nature of the semiconductor industry, we believe that customer-driven development of advanced processes and IP platforms will form the foundation of UMC's next growth phase. In addition to our volume-production 40nm technologies, we have also invested heavily to develop our 28nm technologies and IP platforms, including the High-K/Metal-Gate 28HPM and the Poly/SiON 28HLP processes. UMC's 28HPM process is developed with the mainstream Gate-Last approach, and is suitable for high performance mobile devices and high-speed networking products. The 28HLP platform delivers industry leading performance-to-cost ratio through the adoption of traditional Poly/SiON gate-stack and proprietary performance enhancement process features. These 28nm technologies are supported with robust IP platforms developed through cross collaboration with ARM, Synopsys, and our customers to create optimized 28nm integrated solutions. Customer 28HLP product has entered pilot production, with 28HPM scheduled for pilot production in mid 2012. We are optimistic about our 28HLP and 28HPM since they form the dual-engine that will propel UMC's advanced process growth, strengthen our future competitiveness, and enhance our portfolio of comprehensive foundry solutions available to UMC customers."
Summary of Operating Results
Operating Results | ||||||
(Amount: NT$ million) | 3Q11 | 2Q11 | QoQ %
| 3Q10 | YoY %
| |
Revenue | 25,187 | 28,150 | (10.5) | 32,652 | (22.9) | |
Gross Profit | 4,984 | 6,718 | (25.8) | 10,648 | (53.2) | |
Operating Expenses | (3,449) | (3,398) | 1.5 | (3,461) | (0.3) | |
Operating Income | 1,535 | 3,320 | (53.8) | 7,187 | (78.6) | |
Non-Operating Income | 445 | 203 | 119.2 | 1,937 | (77.0) | |
Net Income | 1,954 | 3,192 | (38.8) | 8,720 | (77.6) | |
EPS (NT$ per share) | 0.16 | 0.26 |
| 0.70 |
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(US$ per ADS) | 0.026 | 0.043 |
| 0.115 |
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Revenue decreased 10.5% QoQ to NT$25.19 billion from NT$28.15 billion in 2Q11, and decreased 22.9% YoY from NT$32.65 billion in 3Q10. Gross profit was NT$4.98 billion, or 19.8% of revenue, compared to NT$6.72 billion, or 23.9% of 2Q11 revenue. Operating income for the quarter was NT$1.54 billion, or 6.1% of revenue, compared to NT$3.32 billion, or 11.8% of 2Q11 revenue. The QoQ decrease in revenue was mainly due to lower volume. Net income in 3Q11 was NT$1.95 billion, compared to NT$3.19 billion in 2Q11.
Earnings per ordinary share for the quarter were NT$0.16. Earnings per ADS (Note 2) were US$0.026. The basic weighted average number of outstanding shares in 3Q11 was 12,606,278,572, compared with 12,513,899,178 shares in 2Q11 and 12,449,924,578 shares in 3Q10. The diluted weighted average number of outstanding shares was 13,359,501,028 in 3Q11, compared with 13,013,072,483 shares in 2Q11 and 12,569,431,682 shares in 3Q10. The fully diluted share count on September 30, 2011 was approximately 14,314,979,000. On September 30, 2011, UMC held 458 million treasury shares acquired from the 13th and 14th share buy-back programs.
Note 2: | One ADS represents five Taiwan-listed ordinary shares. | |
Detailed Financials Section
COGS & Expenses | ||||||
(Amount: NT$ million) | 3Q11 | 2Q11 | QoQ %
| 3Q10 | YoY %
| |
Revenue | 25,187 | 28,150 | (10.5) | 32,652 | (22.9) | |
COGS | (20,203) | (21,432) | (5.7) | (22,004) | (8.2) | |
Depreciation | (6,622) | (6,495) | 2.0 | (6,561) | 0.9 | |
Other Mfg. Costs | (13,581) | (14,937) | (9.1) | (15,443) | (12.1) | |
Gross Profit | 4,984 | 6,718 | (25.8) | 10,648 | (53.2) | |
Gross Margin (%) | 19.8% | 23.9% |
| 32.6% |
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Total Operating Exp. | (3,449) | (3,398) | 1.5 | (3,461) | (0.3) | |
G&A | (630) | (588) | 7.1 | (692) | (9.0) | |
Sales & Marketing | (535) | (585) | (8.5) | (567) | (5.6) | |
R&D | (2,284) | (2,225) | 2.7 | (2,202) | 3.7 | |
Operating Income | 1,535 | 3,320 | (53.8) | 7,187 | (78.6) | |
Revenue decreased 10.5% QoQ to NT$25.19 billion from NT$28.15 billion in 2Q11 due to reduced shipment volume. Gross profit was NT$4.98 billion, or 19.8% of revenue, compared to NT$6.72 billion, or 23.9% of 2Q11 revenue, reflecting the lower capacity utilization. Total operating expenses increased 1.5% to NT$3.45 billion, mainly due to the increase in R&D expenses for advanced process nodes. The total R&D expense was 9.1% of revenue in 3Q11.
Non-Operating Income (Expenses) | ||||
(Amount: NT$ million) | 3Q11 | 2Q11 | 3Q10 | |
Net Non-Operating Income | 445 | 203 | 1,937 | |
Net Interest Income | 1 | 17 | 30 | |
Net Investment Loss | (473) | (253) | 1,778 | |
Gain on Disposal of Investment | (22) | 203 | 460 | |
Exchange Gain | 169 | 29 | (111) | |
Other Gain | 770 | 207 | (220) | |
Net non-operating income during 3Q11 increased QoQ to NT$445 million. Net investment loss was NT$473 million, including a NT$1.5 billion investment loss accounted for under the equity method and NT$1.3 billion of cash dividends received. Exchange gain was NT$169 million mainly due to the depreciation of the NT dollar. The increase of the gain from other items was mainly due to the valuation gain from embedded options of exchangeable bonds.
Cash Flow Summary | |||
(Amount: NT$ million) | For the 3-Month Period Ended Sep. 30, 2011 | For the 3-Month Period Ended Jun. 30, 2011 | |
Cash Flow from Operations | 10,985 | 10,594 | |
Net Income | 1,954 | 3,192 | |
Depreciation & Amortization | 7,675 | 7,598 | |
Changes in Working Capital | (669) | (793) | |
Other | 2,025 | 597 | |
Cash Flow from Investing | (10,559) | (10,108) | |
Capital Expenditures | (10,531) | (10,255) | |
Other | (28) | 147 | |
Cash Flow from Financing | (13,006) | 14,019 | |
Bank Loans | 1,763 | (1,262) | |
ECB Issued | - | 14,365 | |
Employee Stock Option | 69 | 918 | |
Cash Dividends | (14,034) | - | |
Reacquisition of ECB | (804) | - | |
Other | - | (2) | |
Effect of Exchange Rate | 665 | (153) | |
Net Cash Flow | (11,915) | 14,352 | |
Operating cash inflow was NT$10.99 billion. Free cash flow (Note 3) for 3Q11 was NT$454 million, as CAPEX spending for the quarter was NT$10.53 billion. The NT$13.01 billion of financing cash outflow was mainly from the payment of cash dividends. Net cash outflow was NT$11.92 billion in 3Q11.
Note 3: | Free cash flow = Operating cash flow – Capital expenditures | |
Current Assets | ||||
(Amount: NT$ billion) | 3Q11 | 2Q11 | 3Q10 | |
Cash & Cash Equivalents | 33.47 | 45.38 | 38.93 | |
Notes & Accounts Receivable | 13.99 | 15.54 | 18.55 | |
Days Sales Outstanding | 53 | 51 | 52 | |
Inventories | 11.35 | 11.39 | 10.67 | |
Avg. Inventory Turnover | 52 | 51 | 44 | |
Total Current Assets | 66.80 | 81.26 | 78.41 | |
Cash and cash equivalents decreased to NT$33.47 billion due to cash dividend payments in 3Q11.
Liabilities | ||||
(Amount: NT$ billion) | 3Q11 | 2Q11 | 3Q10 | |
Total Current Liabilities | 28.16 | 48.72 | 41.90 | |
Accounts Payable | 4.94 | 5.14 | 6.16 | |
Short-Term Credit / Bonds | 7.35 | 6.90 | 8.21 | |
Cash Dividends Payable | - | 14.03 | - | |
Payable on Equipment | 4.72 | 9.03 | 14.26 | |
Other | 11.15 | 13.62 | 13.27 | |
Long-Term Liabilities | 15.28 | 14.38 | 0.81 | |
Total Liabilities | 46.96 | 66.63 | 46.2 | |
Debt to Equity | 22% | 32% | 21% | |
Current liabilities decreased to NT$28.16 billion, mainly due to the payment of NT$14.03 billion in cash dividends to stockholders. Total liabilities decreased to NT$46.96 billion in 3Q11. The Debt to equity ratio returned to UMC's normal condition.
Analysis of Revenue (Note 4)
Revenue Breakdown by Region | ||||||
Region | 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
North America | 48% | 49% | 51% | 53% | 46% | |
Asia Pacific | 40% | 39% | 35% | 30% | 40% | |
Europe | 11% | 11% | 13% | 16% | 13% | |
Japan | 1% | 1% | 1% | 1% | 1% | |
Revenue from Asia Pacific contributed 40% of UMC's Q3 revenue, reflecting the relative strength of Asia Pacific based communication customers.
Note 4: | Revenue in this section represents wafer sales. | |
Revenue Breakdown by Geometry | ||||||
Geometry | 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
40nm and below | 6% | 6% | 6% | 5% | 4% | |
40nm<x<=65nm | 34% | 31% | 29% | 30% | 26% | |
65nm<x<=90nm | 8% | 13% | 15% | 16% | 14% | |
90nm<x<=0.13um | 24% | 24% | 23% | 20% | 24% | |
0.13um<x<=0.18um | 13% | 12% | 13% | 14% | 15% | |
0.18um<x<=0.35um | 11% | 9% | 9% | 10% | 12% | |
0.5um and above | 4% | 5% | 5% | 5% | 5% | |
Revenue from 65nm and below accounted for 40% of total revenue, with 40nm remaining at 6% of UMC's Q3 revenue.
Revenue Breakdown by Customer Type | ||||||
Customer Type | 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
Fabless | 81% | 73% | 72% | 73% | 78% | |
IDM | 19% | 27% | 28% | 27% | 22% | |
The percentage of revenue from Fabless customers increased from 73% to 81% in 3Q11.
Revenue Breakdown by Application (1) | ||||||
Application | 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
Computer | 17% | 15% | 14% | 11% | 12% | |
Communication | 53% | 53% | 57% | 56% | 53% | |
Consumer | 27% | 29% | 26% | 30% | 32% | |
Memory | 1% | 1% | 1% | 1% | 1% | |
Others | 2% | 2% | 2% | 2% | 2% | |
Revenue from the Computer sector grew to 17% of total 3Q11 revenue mainly due to relatively stronger demand from HDD controller. Weak DTV and STB related demand resulted in decreased Consumer sector revenue contribution for Q3.
Blended Average Selling Price Trend
The blended average selling price (ASP) was flat during 3Q11.
(To view ASP trend, visit http://www.umc.com/english/investors/3Q11_ASP_trend.asp)
Shipment and Utilization Rate (Note 5)
Wafer Shipments | ||||||
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| 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
Wafer Shipments
| 1,025 | 1,145 | 1,120 | 1,132 | 1,202 | |
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Quarterly Capacity Utilization Rate | ||||||
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| 3Q11 | 2Q11 | 1Q11 | 4Q10 | 3Q10 | |
Utilization Rate | 74% | 87% | 90% | 94% | >99% | |
Total Capacity
| 1,358 | 1,330 | 1,259 | 1,234 | 1,220 | |
Wafer shipments decreased 10.5% sequentially to 1,025K in 3Q11, compared to 1,145K 8-inch equivalent wafers shipped in 2Q11. Since wafer shipments decreased and wafer capacity increased in Q3, overall utilization rate for the quarter dropped to 74%.
Note 5: | Utilization Rate = Quarterly Wafer Out / Quarterly Capacity | |
Capacity (Note 6)
Capacity during the third quarter was 1,358K 8-inch equivalent wafers. The increase in total capacity is mainly due to advanced capacity expansion at 12" fabs. The estimated installed capacity in 4Q11 will increase to 1,376K 8-inch equivalent wafers.
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Annual Capacity in
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FAB | Geometry
| 2011E | 2010 | 2009 | 2008 |
| FAB | 4Q11E | 3Q11 | 2Q11 | 1Q11 | |||
Fab6A | 6" | 3.5 – 0.45 | 303 | 331 | 328 | 328 |
| Fab6A | 76 | 76 | 76 | 75 | ||
Fab8A | 8" | 0.5 – 0.25 | 813 | 816 | 816 | 816 |
| Fab8A | 204 | 204 | 204 | 201 | ||
Fab8C | 8" | 0.35 – 0.11 | 359 | 366 | 405 | 417 |
| Fab8C | 90 | 90 | 90 | 89 | ||
Fab8D | 8" | 0.13 – 0.09 | 364 | 314 | 267 | 257 |
| Fab8D | 93 | 93 | 93 | 85 | ||
Fab8E | 8" | 0.5 – 0.18 | 469 | 410 | 408 | 408 |
| Fab8E | 118 | 119 | 119 | 114 | ||
Fab8F | 8" | 0.18 – 0.11 | 388 | 388 | 381 | 372 |
| Fab8F | 98 | 98 | 98 | 96 | ||
Fab8S | 8" | 0.18 – 0.11 | 307 | 304 | 300 | 291 |
| Fab8S | 79 | 77 | 77 | 75 | ||
Fab12A | 12" | 0.18 – 0.040 | 1,128 | 841 | 866 | 876 |
| Fab12A | 316 | 300 | 278 | 234 | ||
Fab12i | 12" | 0.13 – 0.065 | 1,192 | 1,021 | 815 | 742 |
| Fab12i | 302 | 302 | 296 | 291 | ||
Total (1) | 5,322 | 4,791 | 4,586 | 4,507 |
| Total | 1,376 | 1,358 | 1,330 | 1,259 | ||||
YoY Growth Rate | 11% | 4% | 2% | 5% |
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(1) One 6-inch wafer is converted into 0.5625(6 square/8 square) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12 square/8 square) 8-inch equivalent wafers. | ||||||||||||||
Note 6: | 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. | |
CAPEX
UMC Capital Expenditure by Year - in US$ billion | |||||||||
Year | 2010 | 2009 | 2008 | 2007 | 2006 | ||||
CAPEX | $ 1.8 | $ 0.55 | $ 0.35 | $ 0.9 | $ 1.0 | ||||
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2011 CAPEX Plan | |||||||||
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| 8" | 12" | Total | ||||||
UMC | 15% | 85% | Approximately US$1.8 billion | ||||||
The capital expenditure budget remains unchanged. By the end of the third quarter, UMC's year-to-date CAPEX totaled US$1.1 billion.
Recent Developments / Announcements
Oct. 12, 2011 | UMC and Synopsys Collaborate to Develop DesignWare IP for 28-nanometer Technology | |
Oct. 6, 2011 | ARM and UMC Extend Long-Term IP Partnership into 28nm | |
Sep. 13, 2011 | UMC Delivers Foundry Industry's Most Compact MTP IP Solution | |
Sep. 8, 2011 | UMC Selected as a DJSI Global Component for Fourth Consecutive Year | |
Aug. 30, 2011 | UMC Delivers High Endurance, Variable Voltage Range Embedded EEPROM Solution | |
Please visit UMC's website for further details regarding the above announcements
Fourth Quarter of 2011 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer shipment: Approximately 10% decrease
- Wafer ASP in NT$: Approximately 5% increase
- Operating Margin: Low single-digit percentage range
- Capacity utilization: Mid to high 60% range
- Segments: Communication segment will outpace consumer and computer segments
Conference Call / Webcast Announcement
Wednesday, October 26, 2011
Time: | 8:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London) | |
Dial-in numbers and Access Codes:
USA Toll Free: | 1866 519 4004 | |
UK Toll Free: | 0808 234 6646 | |
Singapore and Other Areas: | +65 6723 9381 | |
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Access Code: | UMC | |
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 -
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| UNITED MICROELECTRONICS CORPORATION | ||||||
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| Condensed Unconsolidated Balance Sheet | ||||||
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| As of September 30, 2011 | ||||||
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| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||
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| September 30, 2011 | |||||
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| ASSETS |
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| Current Assets |
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| Cash and Cash Equivalents | 1,098 |
| 33,468 |
| 13.1% | |
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| Financial Assets at Fair Value through Profit or Loss, current | 24 |
| 720 |
| 0.3% | |
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| Available-for-Sale Financial Assets, current | 187 |
| 5,689 |
| 2.2% | |
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| Notes & Accounts Receivable, net | 459 |
| 13,986 |
| 5.5% | |
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| Inventories, net | 372 |
| 11,347 |
| 4.4% | |
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| Other Current Assets | 52 |
| 1,591 |
| 0.6% | |
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| Total Current Assets | 2,192 |
| 66,801 |
| 26.1% | |
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| Non-Current Assets |
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| Funds and Investments | 1,916 |
| 58,397 |
| 22.8% | |
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| Property, Plant and Equipment, net | 4,085 |
| 124,522 |
| 48.6% | |
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| Other Assets | 207 |
| 6,318 |
| 2.5% | |
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| Total Non-Current Assets | 6,208 |
| 189,237 |
| 73.9% | |
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| TOTAL ASSETS | 8,400 |
| 256,038 |
| 100.0% | |
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| LIABILITIES |
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| Current Liabilities |
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| Short-term Loans | 50 |
| 1,527 |
| 0.6% | |
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| Financial Liabilities at Fair Value through Profit or Loss, current | 39 |
| 1,201 |
| 0.5% | |
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| Payables | 628 |
| 19,136 |
| 7.5% | |
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| Current Portion of Long-term Liabilities | 191 |
| 5,819 |
| 2.3% | |
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| Other Current Liabilities | 16 |
| 475 |
| 0.1% | |
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| Total Current Liabilities | 924 |
| 28,158 |
| 11.0% | |
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| Non-Current Liabilities |
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| Bonds Payable | 423 |
| 12,892 |
| 5.0% | |
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| Long-term Loans | 78 |
| 2,392 |
| 0.9% | |
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| Other Liabilities | 116 |
| 3,520 |
| 1.4% | |
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| Total Non-Current Liabilities | 617 |
| 18,804 |
| 7.3% | |
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| TOTAL LIABILITIES | 1,541 |
| 46,962 |
| 18.3% | |
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| STOCKHOLDERS' EQUITY |
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| Capital Stock | 4,292 |
| 130,828 |
| 51.1% | |
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| Additional Paid-in Capital | 1,523 |
| 46,440 |
| 18.1% | |
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| Retained Earnings, Unrealized Gain or Loss on Financial
| 1,248 |
| 38,031 |
| 14.9% | |
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| Treasury Stock | (204) |
| (6,223) |
| (2.4%) | |
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| TOTAL STOCKHOLDERS' EQUITY | 6,859 |
| 209,076 |
| 81.7% | |
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| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,400 |
| 256,038 |
| 100.0% | |
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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$) | ||||||||||||||||||||
Except Per Share and Per ADS Data | ||||||||||||||||||||
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| Year over Year Comparison |
| Quarter over Quarter Comparison | |||||||||||||||||
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| Three-Month Period Ended |
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| Three-Month Period Ended |
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| September 30, 2011 |
| September 30, 2010 |
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| September 30, 2011 |
| June 30, 2011 |
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| NT$ |
| 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
| 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
|
|
| 12,606 |
|
|
|
|
| 12,545 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Note: (1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2011 exchange rate of NT $30.48 per U.S. Dollar. All figures are in ROC GAAP. (2) 1 ADS equals 5 common shares. | ||||||||||||
UNITED MICROELECTRONICS CORPORATION | ||||
Condensed Unconsolidated Statement of Cash Flows | ||||
For The Nine-Month Period Ended September 30, 2011 | ||||
Figures in Millions of New Taiwan Dollars (NT$) 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. | ||||
Contacts:
Bowen Huang / Jason Ho
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16944 / 16970
Email Contact /
Email Contact
SOURCE United Microelectronics Corporation
| Contact: |
| United Microelectronics Corporation
Web: http://www.umc.com |