UMC Reports First Quarter 2022 Results


TAIPEI, Taiwan–()–United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the first quarter of 2022.

First quarter consolidated revenue was NT$63.42 billion, increasing 7.3% QoQ from NT$59.10 billion in 4Q21. Compared to a year ago, 1Q22 revenue grew 34.7% YoY from NT$47.10 billion in 1Q21. Consolidated gross margin for 1Q22 was 43.4%. Net income attributable to the shareholders of the parent was NT$19.81 billion, with earnings per ordinary share of NT$1.61.

Jason Wang, UMC co-president, said, “We started 2022 with solid first quarter, as strong wafer demand kept our fabs operating at full capacity. Although wafer shipments declined slightly, higher average blended pricing lifted our overall revenue. While we have observed general end-market’s tapering of cyclical demand associated with the COVID-19 pandemic, UMC’s business continued to be well supported by structural trends that are increasing silicon content in devices and driving new applications. Specialty technologies such as non-volatile memory, power management, RF-SOI, and OLED display drivers are necessary for applications across 5G, AIoT, and automotive mega-trends, and our strategy to focus on leading specialty technologies has been successful, which now contribute more than half of our wafer revenue. An increasing number of customers are recognizing the value of our customized specialty processes and forming long-term partnerships with UMC.”

Co-president Wang said, “Looking ahead, we expect the positive demand outlook will remain unchanged despite some market volatility caused by the pandemic and geopolitical issues. The expansion at our Fab 12A P5 is coming online in the current quarter, which will help us meet excess 28nm demand that we haven’t been able to fulfill. We are also actively adding capacity at our overseas bases to support our customers’ long-term growth. The announced new fab to be built at our Singapore site, which will address growing 22/28nm demand, has already secured multi-year supply agreements from 2024. We also announced a collaboration with DENSO on the production of power semiconductors at USJC’s 300mm fab in order to serve the growing demand in the automotive market. The collaboration demonstrates our strong commitment to supporting our customers amid constraints in the automotive value chain. As part of the industry mega-trends, the accelerating adoption of electric vehicles will serve as a growth catalyst for our automotive business. We are excited to be selected as the foundry partner for many global leading customers as we aim to expand our market share in the fast-growing automotive segment.”

Co-president Wang added, “Corporate sustainability has long been a key priority for UMC, and it is now also embedded in our new company vision and mission statements, which was unveiled earlier this year. We were pleased to be chosen from over 7,500 companies for the S&P Global 2022 Sustainability Yearbook released, for which we received the Gold Class Award. The company has ambitious goals when it comes to sustainability, and we will continue prioritizing resources so that we can deliver on our ESG promises.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

1Q22

 

4Q21

 

QoQ %

change

1Q21

 

YoY %

change

Operating Revenues

63,423

 

59,100

 

7.3

 

47,097

 

34.7

 

Gross Profit

27,504

 

23,103

 

19.0

 

12,494

 

120.1

 

Operating Expenses

(6,513

)

(6,821

)

(4.5

)

(5,932

)

9.8

 

Net Other Operating Income and Expenses

1,343

 

1,334

 

0.7

 

1,060

 

26.8

 

Operating Income

22,334

 

17,616

 

26.8

 

7,622

 

193.0

 

Net Non-Operating Income and Expenses

1,314

 

558

 

135.5

 

3,361

 

(60.9

)

Net Income Attributable to Shareholders of the Parent

19,808

 

15,949

 

24.2

 

10,428

 

89.9

 

EPS (NT$ per share)

1.61

 

1.30

 

 

0.85

 

 

(US$ per ADS)

0.281

 

0.227

 

 

0.148

 

 

First quarter operating revenues increased by 7.3% sequentially to NT$63.42 billion which was primarily lifted to higher wafer shipments. Revenue contribution from 40nm and below technologies represented 38% of wafer revenue. Gross profit grew 19.0% QoQ to NT$27.50 billion, or 43.4% of revenue. Operating expenses declined 4.5% to NT$6.51 billion. Net other operating income remained relatively flat at NT$1.34 billion. Net non-operating income was NT$1.31 billion. Net income attributable to shareholders of the parent amounted to NT$19.81 billion.

Earnings per ordinary share for the quarter was NT$1.61. Earnings per ADS was US$0.281. The basic weighted average number of outstanding shares in 1Q22 was 12,283,479,334, compared with 12,254,114,875 shares in 4Q21 and 12,206,292,756 shares in 1Q21. The diluted weighted average number of outstanding shares was 12,534,728,721 in 1Q22, compared with 12,489,949,678 shares in 4Q21 and 12,381,821,873 shares in 1Q21. The fully diluted shares counted on March 31, 2022 were approximately 12,534,729,000.

Detailed Financials Section

Operating revenues increased to NT$63.42 billion. COGS declined slightly to NT$35.92 billion, which included 3.1% sequential decrease in depreciation. Gross profit grew 19.0% QoQ to NT$27.50 billion, reflecting the uptick in ASP. Operating expenses decreased 4.5% QoQ to NT$6.51 billion, as R&D fell 11.2% QoQ to NT$3.03 billion, representing 4.8% of revenue. Net other operating income was NT$1.34 billion. In 1Q22, operating income grew 26.8% QoQ to NT$22.33 billion.

COGS & Expenses

(Amount: NT$ million)

1Q22

 

4Q21

 

QoQ %

change

1Q21

 

YoY %

change

Operating Revenues

63,423

 

59,100

 

7.3

 

47,097

 

34.7

 

COGS

(35,919

)

(35,997

)

(0.2

)

(34,603

)

3.8

 

Depreciation

(9,807

)

(10,122

)

(3.1

)

(10,412

)

(5.8

)

Other Mfg. Costs

(26,112

)

(25,875

)

0.9

 

(24,191

)

7.9

 

Gross Profit

27,504

 

23,103

 

19.0

 

12,494

 

120.1

 

Gross Margin (%)

43.4

%

39.1

%

 

26.5

%

 

Operating Expenses

(6,513

)

(6,821

)

(4.5

)

(5,932

)

9.8

 

G&A

(2,226

)

(2,164

)

2.9

 

(1,806

)

23.3

 

Sales & Marketing

(1,255

)

(1,240

)

1.2

 

(1,089

)

15.2

 

R&D

(3,033

)

(3,414

)

(11.2

)

(3,049

)

(0.5

)

Expected Credit

Impairment Gain

(Loss)

1

 

(3

)

 

12

 

(92.4

)

Net Other Operating

Income & Expenses

1,343

 

1,334

 

0.7

 

1,060

 

26.8

 

Operating Income

22,334

 

17,616

 

26.8

 

7,622

 

193.0

 

Net non-operating income in 1Q22 was NT$1.31 billion, primarily reflecting NT$926 million in exchange gain and NT$576 million in net investment gain, offset by a NT$323 million in net interest expense.

Non-Operating Income and Expenses

(Amount: NT$ million)

1Q22

 

4Q21

 

1Q21

 

Non-Operating Income and Expenses

1,314

 

558

 

3,361

 

Net Interest Income and Expenses

(323

)

(343

)

(272

)

Net Investment Gain and Loss

576

 

2,689

 

3,530

 

Exchange Gain and Loss

926

 

312

 

93

 

Other Gain and Loss

135

 

(2,100

)

10

 

In 1Q22, cash inflow from operating activities was NT$30.12 billion. Cash inflow from investing activities amounted to NT$14.75 billion, which included NT$11.33 billion in capital expenditure, resulting in free cash flow of NT$18.79 billion. Cash outflow from financing reached NT$7.96 billion, primarily from a NT$7.25 billion in redemption of bonds and a NT$0.61 billion repayment in bank loans. Net cash inflow in 1Q22 totaled NT$39.55 billion. Over the next 12 months, the company expects to repay NT$10.77 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month

Period Ended

Mar. 31, 2022

For the 3-Month

Period Ended

Dec. 31, 2021

Cash Flow from Operating Activities

30,118

 

26,822

 

Net income before tax

23,648

 

18,174

 

Depreciation & Amortization

11,390

 

11,817

 

Share of loss (profit) of associates and

joint ventures

1,858

 

(2,491

)

Income tax paid

(769

)

(222

)

Changes in working capital & others

(6,009

)

(456

)

Cash Flow from Investing Activities

14,752

 

(13,339

)

Acquisition of PP&E

(10,803

)

(14,707

)

Acquisition of intangible assets

(421

)

(100

)

Decrease in other financial assets

26,315

 

1,589

 

Others

(339

)

(121

)

Cash Flow from Financing Activities

(7,959

)

6,367

 

Bank loans

(612

)

(1,359

)

Bonds Issued

 

5,000

 

Redemption of bonds

(7,249

)

 

Increase in deposits-in

70

 

2,896

 

Others

(168

)

(170

)

Effect of Exchange Rate

2,637

 

(333

)

Net Cash Flow

39,548

 

19,517

 

Beginning balance

132,622

 

113,105

 

Ending balance

172,170

 

132,622

 

Cash and cash equivalents increased to NT$172.17 billion. Days of inventory increased by 2 days to 61 days.

Current Assets

(Amount: NT$ billion)

1Q22

4Q21

1Q21

Cash and Cash Equivalents

172.17

132.62

107.29

Notes & Accounts Receivable

38.05

35.19

29.24

Days Sales Outstanding

53

53

55

Inventories, net

25.40

23.01

22.23

Days of Inventory

61

59

59

Total Current Assets

249.68

233.27

179.08

Current liabilities decreased to NT$93.12 billion, which included a redemption of bonds lowering short-term credit/bonds to NT$22.58 billion. Long-term credit/bonds increased to NT$50.07 billion. Total liabilities decreased to NT$180.62 billion, leading to a debt to equity ratio of 60%.

Liabilities

(Amount: NT$ billion)

1Q22

 

4Q21

 

1Q21

 

Total Current Liabilities

93.12

 

105.45

 

78.53

 

Notes & Accounts Payable

9.06

 

8.36

 

8.26

 

Short-Term Credit / Bonds

22.58

 

39.26

 

37.28

 

Payables on Equipment

7.63

 

7.88

 

5.29

 

Other

53.85

 

49.95

 

27.70

 

Long-Term Credit / Bonds

50.07

 

39.83

 

27.70

 

Long-Term Investment Liabilities

8.59

 

8.25

 

20.66

 

Total Liabilities

180.62

 

183.22

 

144.59

 

Debt to Equity

60

%

65

%

58

%

Analysis of Revenue2

Revenue from Asia-Pacific decreased to 64% while business from North America increased to 22% of sales. Business from Europe was 8% while contribution from Japan remained at 6%.

Revenue Breakdown by Region

Region

1Q22

4Q21

3Q21

2Q21

1Q21

North America

22%

21%

22%

22%

23%

Asia Pacific

64%

66%

65%

63%

63%

Europe

8%

7%

7%

8%

8%

Japan

6%

6%

6%

7%

6%

Revenue contribution from 22/28nm amounted to 20% of the wafer revenue, while 40nm contribution stayed at 18% of sales.

Revenue Breakdown by Geometry

Geometry

1Q22

 

4Q21

 

3Q21

 

2Q21

 

1Q21

 

14nm and below

0

%

0

%

0

%

0

%

0

%

14nm<x<=28nm

20

%

20

%

19

%

20

%

20

%

28nm<x<=40nm

18

%

18

%

18

%

18

%

20

%

40nm<x<=65nm

19

%

19

%

19

%

19

%

18

%

65nm<x<=90nm

8

%

8

%

8

%

9

%

8

%

90nm<x<=0.13um

12

%

12

%

12

%

11

%

11

%

0.13um<x<=0.18um

13

%

13

%

13

%

13

%

13

%

0.18um<x<=0.35um

7

%

7

%

8

%

8

%

8

%

0.5um and above

3

%

3

%

3

%

2

%

2

%

Revenue from fabless customers accounted for 87% of revenue.

Revenue Breakdown by Customer Type

Customer Type

1Q22

 

4Q21

 

3Q21

 

2Q21

 

1Q21

 

Fabless

87

%

86

%

86

%

84

%

86

%

IDM

13

%

14

%

14

%

16

%

14

%

Revenue from the communication segment represented 45%, while business from computer applications stayed at 17%. Business from consumer applications remained at 26% as other segments accounted for 12% of revenue.

Revenue Breakdown by Application (1)

Application

1Q22

 

4Q21

 

3Q21

 

2Q21

 

1Q21

 

Computer

17

%

17

%

17

%

17

%

16

%

Communication

45

%

46

%

46

%

47

%

46

%

Consumer

26

%

26

%

27

%

26

%

27

%

Others

12

%

11

%

10

%

10

%

11

%

(1)Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset, WLAN. Communication consists of handset components, broadband, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC, smart cards, toys, etc.

Blended ASP Trend

Blended average selling price (ASP) grew in 1Q22.

(To view blended ASP trend, please click here for 1Q22 ASP)

Shipment and Utilization Rate3

Wafer shipments declined 1.3% QoQ to 2,513K in the first quarter, while quarterly capacity grew to 2,420K. Overall utilization rate in 1Q22 exceeded 100%.

Wafer Shipments

 

1Q22

4Q21

3Q21

2Q21

1Q21

 

Wafer Shipments

(8” K equivalents)

2,513

2,546

2,503

2,440

2,372

 

 

Quarterly Capacity Utilization Rate

 

1Q22

4Q21

3Q21

2Q21

1Q21

 

Utilization Rate

100%+

100%+

100%+

100%+

100

%

Total Capacity

(8” K equivalents)

2,420

2,419

2,383

2,370

2,280

 

Capacity4

Overall capacity in the first quarter remained at 2,420K 8-inch equivalent wafers. Capacity will grow in the second quarter of 2022 to 2,528K 8-inch equivalent wafers, driven by the 28nm capacity expansion taking place at 12A P5.

Annual Capacity in

thousands of wafers

FAB

Geometry

(um)

2021

 

2020

 

2019

 

2018

 

WTK

6″

5 – 0.15

329

 

371

 

370

 

396

 

8A

8″

3 – 0.11

755

 

802

 

825

 

825

 

8C

8″

0.35 – 0.11

459

 

452

 

436

 

383

 

8D

8″

0.18 – 0.09

380

 

371

 

359

 

347

 

8E

8″

0.6 – 0.14

457

 

449

 

426

 

418

 

8F

8″

0.18 – 0.11

514

 

485

 

434

 

431

 

8S

8″

0.18 – 0.11

408

 

373

 

372

 

372

 

8N

8″

0.5 – 0.11

917

 

917

 

831

 

771

 

12A

12″

0.13 – 0.014

1,070

 

1,044

 

997

 

997

 

12i

12″

0.13 – 0.040

641

 

628

 

595

 

555

 

12X

12″

0.080 – 0.022

284

 

217

 

203

 

183

 

12M

12″

0.13 – 0.040

395

 

391

 

98

 

 

Total(1)

9,453

 

9,188

 

8,148

 

7,673

 

YoY Growth Rate

3

%

13

%

6

%

5

%

Quarterly Capacity in

thousands of wafers

FAB

2Q22E

1Q22

4Q21

3Q21

WTK

84

82

81

80

8A

192

189

190

190

8C

115

113

115

115

8D

103

101

95

95

8E

118

116

115

115

8F

138

136

137

137

8S

111

109

102

102

8N

235

231

232

230

12A

301

267

271

271

12i

164

162

164

160

12X

78

77

78

74

12M

110

108

104

98

Total

2,528

2,420

2,419

2,383

(1) One 6-inch wafer is converted into 0.5625 (62/82) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25 (122/82) 8-inch equivalent wafers. Total capacity figures are expressed in 8-inch equivalent wafers.

CAPEX

CAPEX spending in 1Q22 amounted to US$405 million. 2022 cash-based CAPEX budget will be US$3.6 billion.

Capital Expenditure by Year – in US$ billion

Year

 

2021

 

2020

 

2019

 

2018

 

2017

CAPEX

$

1.8

$

1.0

$

0.6

$

0.7

$

1.4

2022 CAPEX Plan

8″

12″

Total

10

%

90

%

US$3.6 billion

Second Quarter 2022 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To increase by 4-5%
  • ASP in USD: To increase by 3-4%
  • Gross Profit Margin: To be approximately 45%
  • Capacity Utilization: 100%
  • 2022 CAPEX: US$3.6 billion

Recent Developments / Announcements

Please visit UMC’s website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, April 27, 2022

Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)

Dial-in numbers and Access Codes:

 

USA Toll Free:

1-866 836-0101

Taiwan Number:

02-2192-8016

Other Areas:

+886-2-2192-8016

 

 

Access Code:

UMC

A live webcast and replay of the 1Q22 results announcement will be available at

www.umc.com under the “Investors / Events” section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry. The company provides high quality IC production with a focus on both logic and specialty technologies to serve every major sector of the electronics industry. UMC’s comprehensive technology and manufacturing solutions include logic/RF, embedded high voltage, embedded flash, RFSOI/BCD and IATF-16949 automotive manufacturing certification for all its manufacturing facilities. UMC operates 12 fabs that are strategically located throughout Asia with a maximum capacity of approximately 800,000 8-inch equivalent wafers per month. The company employs approximately 20,000 people worldwide, with offices in Taiwan, China, United States, Europe, Japan, Korea and Singapore. For more information, please visit: http://www.umc.com

.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding anticipated financial results for the first quarter of 2022; the expected wafer shipment and ASP; the anticipated annual budget; capex strategies; environmental protection goals and water management strategies; impact of foreign currency exchange rates; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “First Quarter of 2022 Outlook and Guidance.”

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) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) 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 natural disasters, 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 risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and 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 Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or 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 generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.

– FINANCIAL TABLES TO FOLLOW –

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 

March 31, 2022

US$

NT$

%

Assets
Current assets
Cash and cash equivalents

6,016

172,170

35.7

%

Accounts receivable, net

1,329

38,048

7.9

%

Inventories, net

888

25,401

5.3

%

Other current assets

491

14,064

2.8

%

Total current assets

8,724

249,683

51.7

%

 
Non-current assets
Funds and investments

2,532

72,468

15.0

%

Property, plant and equipment

4,576

130,956

27.1

%

Right-of-use assets

250

7,157

1.5

%

Other non-current assets

791

22,645

4.7

%

Total non-current assets

8,149

233,226

48.3

%

Total assets

16,873

482,909

100.0

%

 
Liabilities
Current liabilities
Short-term loans

47

1,340

0.3

%

Payables

1,606

45,953

9.5

%

Current portion of long-term liabilities

742

21,238

4.4

%

Other current liabilities

859

24,590

5.1

%

Total current liabilities

3,254

93,121

19.3

%

 
Non-current liabilities
Bonds payable

806

23,079

4.8

%

Long-term loans

943

26,988

5.6

%

Lease liabilities, noncurrent

157

4,482

0.9

%

Other non-current liabilities

1,151

32,954

6.8

%

Total non-current liabilities

3,057

87,503

18.1

%

Total liabilities

6,311

180,624

37.4

%

 
Equity
Equity attributable to the parent company
Capital

4,361

124,821

25.9

%

Additional paid-in capital

1,659

47,468

9.8

%

Retained earnings and other components of equity

4,532

129,702

26.8

%

Total equity attributable to the parent company

10,552

301,991

62.5

%

Non-controlling interests

10

294

0.1

%

Total equity

10,562

302,285

62.6

%

Total liabilities and equity

16,873

482,909

100.0

%

 
 
 
 
 
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) 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

March 31, 2022

March 31, 2021

Chg.

March 31, 2022

December 31, 2021

Chg.

US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

2,216

 

63,423

 

1,646

 

47,097

 

34.7

%

2,216

 

63,423

 

2,065

 

59,100

 

7.3

%

Operating costs

(1,255

)

(35,919

)

(1,209

)

(34,603

)

3.8

%

(1,255

)

(35,919

)

(1,258

)

(35,997

)

(0.2

%)

Gross profit

961

 

27,504

 

437

 

12,494

 

120.1

%

961

 

27,504

 

807

 

23,103

 

19.0

%

43.4

%

43.4

%

26.5

%

26.5

%

43.4

%

43.4

%

39.1

%

39.1

%

Operating expenses
– Sales and marketing expenses

(44

)

(1,255

)

(38

)

(1,089

)

15.2

%

(44

)

(1,255

)

(43

)

(1,240

)

1.2

%

– General and administrative expenses

(78

)

(2,226

)

(63

)

(1,806

)

23.3

%

(78

)

(2,226

)

(76

)

(2,164

)

2.9

%

– Research and development expenses

(106

)

(3,033

)

(107

)

(3,049

)

(0.5

%)

(106

)

(3,033

)

(119

)

(3,414

)

(11.2

%)

– Expected credit impairment gain (loss)

0

 

1

 

0

 

12

 

(92.4

%)

0

 

1

 

(0

)

(3

)

 

Subtotal

(228

)

(6,513

)

(208

)

(5,932

)

9.8

%

(228

)

(6,513

)

(238

)

(6,821

)

(4.5

%)

Net other operating income and expenses

47

 

1,343

 

37

 

1,060

 

26.8

%

47

 

1,343

 

47

 

1,334

 

0.7

%

Operating income

780

 

22,334

 

266

 

7,622

 

193.0

%

780

 

22,334

 

616

 

17,616

 

26.8

%

35.2

%

35.2

%

16.2

%

16.2

%

35.2

%

35.2

%

29.8

%

29.8

%

 
Net non-operating income and expenses

46

 

1,314

 

118

 

3,361

 

(60.9

%)

46

 

1,314

 

19

 

558

 

135.5

%

Income from continuing operations
before income tax

826

 

23,648

 

384

 

10,983

 

115.3

%

826

 

23,648

 

635

 

18,174

 

30.1

%

37.3

%

37.3

%

23.3

%

23.3

%

37.3

%

37.3

%

30.8

%

30.8

%

 
Income tax expense

(125

)

(3,582

)

(38

)

(1,094

)

227.4

%

(125

)

(3,582

)

(76

)

(2,169

)

65.1

%

Net income

701

 

20,066

 

346

 

9,889

 

102.9

%

701

 

20,066

 

559

 

16,005

 

25.4

%

31.6

%

31.6

%

21.0

%

21.0

%

31.6

%

31.6

%

27.1

%

27.1

%

 
Other comprehensive income (loss)

50

 

1,422

 

124

 

3,556

 

(60.0

%)

50

 

1,422

 

101

 

2,880

 

(50.6

%)

 
Total comprehensive income (loss)

751

 

21,488

 

470

 

13,445

 

59.8

%

751

 

21,488

 

660

 

18,885

 

13.8

%

 
Net income attributable to:
  Shareholders of the parent

692

 

19,808

 

364

 

10,428

 

89.9

%

692

 

19,808

 

557

 

15,949

 

24.2

%

  Non-controlling interests

9

 

258

 

(18

)

(539

)

 

9

 

258

 

2

 

56

 

364.7

%

 
Comprehensive income (loss) attributable to:
  Shareholders of the parent

742

 

21,229

 

489

 

13,984

 

51.8

%

742

 

21,229

 

658

 

18,830

 

12.7

%

  Non-controlling interests

9

 

259

 

(19

)

(539

)

 

9

 

259

 

2

 

55

 

364.8

%

 
Earnings per share-basic

0.056

 

1.61

 

0.030

 

0.85

 

0.056

 

1.61

 

0.045

 

1.30

 

Earnings per ADS (2)

0.281

 

8.05

 

0.148

 

4.25

 

0.281

 

8.05

 

0.227

 

6.50

 

Weighted average number of shares
outstanding (in millions)

12,283

 

12,206

 

12,283

 

12,254

 

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 

For the Three-Month Period Ended

For the Three-Month Period Ended

March 31, 2022

March 31, 2022

US$ NT$ % US$ NT$ %
Operating revenues

2,216

 

63,423

 

100.0

%

2,216

 

63,423

 

100.0

%

Operating costs

(1,255

)

(35,919

)

(56.6

%)

(1,255

)

(35,919

)

(56.6

%)

Gross profit

961

 

27,504

 

43.4

%

961

 

27,504

 

43.4

%

 
 
Operating expenses
– Sales and marketing expenses

(44

)

(1,255

)

(2.0

%)

(44

)

(1,255

)

(2.0

%)

– General and administrative expenses

(78

)

(2,226

)

(3.5

%)

(78

)

(2,226

)

(3.5

%)

– Research and development expenses

(106

)

(3,033

)

(4.8

%)

(106

)

(3,033

)

(4.8

%)

– Expected credit impairment gain

0

 

1

 

0.0

%

0

 

1

 

0.0

%

Subtotal

(228

)

(6,513

)

(10.3

%)

(228

)

(6,513

)

(10.3

%)

Net other operating income and expenses

47

 

1,343

 

2.1

%

47

 

1,343

 

2.1

%

Operating income

780

 

22,334

 

35.2

%

780

 

22,334

 

35.2

%

 
Net non-operating income and expenses

46

 

1,314

 

2.1

%

46

 

1,314

 

2.1

%

Income from continuing operations
   before income tax

826

 

23,648

 

37.3

%

826

 

23,648

 

37.3

%

 
 
Income tax expense

(125

)

(3,582

)

(5.7

%)

(125

)

(3,582

)

(5.7

%)

Net income

701

 

20,066

 

31.6

%

701

 

20,066

 

31.6

%

 
Other comprehensive income (loss)

50

 

1,422

 

2.3

%

50

 

1,422

 

2.3

%

 
Total comprehensive income (loss)

751

 

21,488

 

33.9

%

751

 

21,488

 

33.9

%

 
Net income attributable to:
  Shareholders of the parent

692

 

19,808

 

31.2

%

692

 

19,808

 

31.2

%

  Non-controlling interests

9

 

258

 

0.4

%

9

 

258

 

0.4

%

 
Comprehensive income (loss) attributable to:
  Shareholders of the parent

742

 

21,229

 

33.5

%

742

 

21,229

 

33.5

%

  Non-controlling interests

9

 

259

 

0.4

%

9

 

259

 

0.4

%

 
Earnings per share-basic

0.056

 

1.61

 

0.056

 

1.61

 

Earnings per ADS (2)

0.281

 

8.05

 

0.281

 

8.05

 

 
Weighted average number of shares
outstanding (in millions)

12,283

 

12,283

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

826

 

23,648

 

Depreciation & Amortization

398

 

11,390

 

Share of loss of associates and joint ventures

65

 

1,858

 

Income tax paid

(27

)

(769

)

Changes in working capital & others

(210

)

(6,009

)

Net cash provided by operating activities

1,052

 

30,118

 

 
Cash flows from investing activities :
Acquisition of property, plant and equipment

(377

)

(10,803

)

Acquisition of intangible assets

(15

)

(421

)

Decrease in other financial assets

919

 

26,315

 

Others

(12

)

(339

)

Net cash provided by investing activities

515

 

14,752

 

 
Cash flows from financing activities :
Decrease in short-term loans

(22

)

(640

)

Redemption of bonds

(253

)

(7,249

)

Proceeds from long-term loans

8

 

231

 

Repayments of long-term loans

(7

)

(203

)

Others

(4

)

(98

)

Net cash used in financing activities

(278

)

(7,959

)

 
Effect of exchange rate changes on cash and cash equivalents

93

 

2,637

 

Net increase in cash and cash equivalents

1,382

 

39,548

 

 
Cash and cash equivalents at beginning of period

4,634

 

132,622

 

 
Cash and cash equivalents at end of period

6,016

 

172,170

 

 
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar.

1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2022, the three-month period ending December 31, 2021, and the equivalent three-month period that ended March 31, 2021. For all 1Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2022 exchange rate of NT$ 28.62 per U.S. Dollar.

2 Revenue in this section represents wafer sales

3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity

4 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.



Source link

The content is by Business Wire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy