UMC Reports First Quarter 2017 Results
Board of Directors propose NT$0.50 per share cash dividend; anticipate flat 2Q17 outlook
First Quarter 2017 Overview 1 :
- Revenue: NT$37.42 billion (US$1.24 billion)
- Gross margin: 19.9%
- Foundry revenue from 28nm: 17%; Foundry operating margin: 4.0%
- Foundry capacity utilization rate: 96%
- Net income attributable to the stockholders of the parent: NT$2.29 billion (US$75.42
million)
- Earnings per share: NT$0.19; earnings per ADS: US$0.031
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 2017.
First quarter consolidated revenue was NT$37.42 billion, down from NT$38.31 billion in 4Q16 and up 8.8% YoY from NT$34.40
billion in 1Q16. 1Q17 consolidated gross margin was 19.9%. Net income attributable to the stockholders of the parent was NT$2.29
billion, with earnings per ordinary share of NT$0.19.
Mr. Po-Wen Yen, CEO of UMC, said, “In the first quarter of 2017, UMC’s revenue from foundry operations was NT$37.35 billion.
Robust chip demand lifted overall capacity utilization to 96%, bringing wafer shipments to 1.68 million 8-inch equivalent wafers.
Gross margin was 20.1%. During the quarter, the utilization rates in 8” fabs as well as 12” advanced nodes approached near full
capacity, driven by the strength in consumer and communication segments. Recently, Taiwan’s government authorities approved UMC’s
application to license 28nm technology to our subsidiary company, United Semiconductor in Xiamen. This licensing approval will help
Fab 12X to ramp its manufacturing scale, expand its process technology offerings and complements UMC’s overall growth strategy. The
production ramp of Fab 12X will also help our customers diversify their foundry manufacturing and enhance UMC’s exposure to the
Chinese semiconductor supply chain.”
CEO Yen continued, “Looking into the second quarter, despite recent headwinds in foreign exchange markets, we anticipate a
relatively flat outlook for 2Q17. Furthermore, current forecasts reflect a pick-up in mature 12” wafer business due to higher
demand from wireless, internet of things (IoT) and consumer electronics. However, the increased demand in legacy 300mm wafer
shipments will be offset by a decline in 28nm business. In terms of advanced nodes, we started shipping 14nm wafers to customers in
the first quarter of 2017. As we transition from 28nm to 14nm manufacturing, we expect our 14nm shipments to sequentially increase
in 2Q17. With our manufacturing technologies making steady progress, we continue to strike a balance between maintaining
disciplined CAPEX planning while ensuring the interests of our shareholders. As a result, our board of directors has proposed a
cash dividend distribution of approximately NT$0.50 per share, which will be subject to shareholders’ approval during UMC’s Annual
General Meeting on June 8, 2017.”
Summary of Operating Results
| Operating Results |
| (Amount: NT$ million) |
|
1Q17 |
|
4Q16 |
|
QoQ %
change |
|
1Q16 |
|
YoY %
change |
| Net Operating Revenues |
|
37,418 |
|
|
38,306 |
|
|
(2.3 |
) |
|
34,404 |
|
|
8.8 |
| Gross Profit |
|
7,428 |
|
|
8,759 |
|
|
(15.2 |
) |
|
5,034 |
|
|
47.6 |
| Operating Expenses |
|
(6,211 |
) |
|
(6,627 |
) |
|
(6.3 |
) |
|
(5,065 |
) |
|
22.6 |
| Net Other Operating Income and Expenses |
|
154 |
|
|
144 |
|
|
6.9 |
|
|
15 |
|
|
926.7 |
| Operating Income (Loss) |
|
1,371 |
|
|
2,276 |
|
|
(39.8 |
) |
|
(16 |
) |
|
- |
| Net Non-Operating Income and Expenses |
|
(304 |
) |
|
(1,210 |
) |
|
(74.9 |
) |
|
46 |
|
|
- |
| Net Income Attributable to Stockholders of the Parent |
|
2,286 |
|
|
2,548 |
|
|
(10.3 |
) |
|
210 |
|
|
988.6 |
|
EPS (NT$ per share)
|
|
0.19 |
|
|
0.21 |
|
|
|
|
0.02 |
|
|
|
| (US$ per ADS) |
|
0.031 |
|
|
0.035 |
|
|
|
|
0.003 |
|
|
|
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 |
) |
|
- |
Net operating revenues decreased to NT$37.42 billion. COGS increased to NT$29.99 billion, as depreciation declined 2.5% to
NT$11.03 billion. Other manufacturing costs rose 4.0% to NT$18.96 billion, including the production ramp costs associated with Fab
12X. Gross profit was NT$7.43 billion. Operating expenses declined 6.3% to NT$6.21 billion. G&A expense decreased 31% to
NT$1.05 billion and Sales & Marketing declined by 8.7% to NT$1.17 billion. R&D expense increased 4.4% to NT$3.99 billion,
or 10.7% of net operating revenues. Net other operating income was NT$154 million, leading to an operating income of NT$1.37
billion.
| |
| Non-Operating Income and Expenses |
| (Amount: NT$ million) |
|
1Q17 |
|
4Q16 |
|
1Q16 |
| Non-Operating Income and Expenses |
|
(304 |
) |
|
(1,210 |
) |
|
46 |
|
| Net Interest Income and Expenses |
|
(472 |
) |
|
(418 |
) |
|
(57 |
) |
| Net Investment Gain and Loss |
|
166 |
|
|
(1,138 |
) |
|
(14 |
) |
| Gain and Loss on Disposal of Investment |
|
488 |
|
|
1,023 |
|
|
223 |
|
| Exchange Gain and Loss |
|
(517 |
) |
|
(496 |
) |
|
(167 |
) |
| Other Gain and Loss |
|
31 |
|
|
(181 |
) |
|
61 |
|
Net non-operating expense in 1Q17 was NT$304 million. The NT$488 million gain on disposal of investment was offset by the NT$517
million exchange loss recognized in 1Q17. Net interest expense totaled NT$472 million.
| |
|
Cash Flow Summary
|
| (Amount: NT$ million) |
|
For the 3-Month
Period Ended
Mar. 31, 2017
|
|
For the 3-Month
Period Ended
Dec. 31, 2016
|
| Cash Flow from Operating Activities |
|
13,311 |
|
|
15,546 |
|
| Net income before tax |
|
1,067 |
|
|
1,066 |
|
| Depreciation & Amortization |
|
13,292 |
|
|
13,376 |
|
| Gain on disposal of investments |
|
(488 |
) |
|
(1,023 |
) |
| Impairment loss on financial assets |
|
287 |
|
|
233 |
|
| Impairment loss on non-financial assets |
|
- |
|
|
837 |
|
| Exchange loss (gain) on financial assets and liabilities |
|
(624 |
) |
|
1,114 |
|
| Changes in working capital |
|
580 |
|
|
(164 |
) |
| Income tax paid |
|
(451 |
) |
|
(146 |
) |
| Other |
|
(352 |
) |
|
253 |
|
| Cash Flow from Investing Activities |
|
(16,293 |
) |
|
(18,321 |
) |
| Capital expenditures |
|
(17,654 |
) |
|
(21,905 |
) |
| Proceeds from disposal of AFS financial assets |
|
701 |
|
|
1,582 |
|
| Acquisition of investments accounted for under the equity method |
|
- |
|
|
(840 |
) |
| Acquisition of intangible assets |
|
(378 |
) |
|
(316 |
) |
| Other |
|
1,038 |
|
|
3,158 |
|
| Cash Flow from Financing Activities |
|
7,845 |
|
|
4,221 |
|
| Bank loans |
|
783 |
|
|
4,230 |
|
| Bonds Issued |
|
8,300 |
|
|
- |
|
| Other |
|
(1,238 |
) |
|
(9 |
) |
| Effect of Exchange Rate |
|
(1,630 |
) |
|
867 |
|
| Net Cash Flow |
|
3,233 |
|
|
2,313 |
|
Cash inflow from operating activities reached NT$13.31 billion. Cash outflow from investing activities totaled NT$16.29 billion,
including NT$17.65 billion in CAPEX spending for the foundry segment, resulting in a free cash outflow of NT$4.34 billion. Cash
inflow from financing activities was NT$7.85 billion, mainly due to a cash inflow of NT$8.30 billion in bond issuance. Net cash
inflow in 1Q17 was NT$3.23 billion. Over the next 12 months, the company expects to repay NT$2.50 billion in bank loans.
| |
| Current Assets |
| (Amount: NT$ billion) |
|
1Q17 |
|
4Q16 |
|
1Q16 |
| Cash and Cash Equivalents |
|
60.81 |
|
57.58 |
|
59.54 |
| Notes & Accounts Receivable |
|
20.88 |
|
23.05 |
|
19.65 |
| Days Sales Outstanding |
|
54 |
|
54 |
|
52 |
| Inventories, net |
|
16.26 |
|
17.00 |
|
15.84 |
| Days of Inventory |
|
51 |
|
53 |
|
52 |
| Total Current Assets |
|
111.54 |
|
110.47 |
|
101.92 |
Cash and cash equivalents increased to NT$60.81 billion, mainly due to NT$8.30 billion in bond issuance. Days of inventory
decreased to 51 days.
| |
| Liabilities |
| (Amount: NT$ billion) |
|
1Q17 |
|
4Q16 |
|
1Q16 |
| Total Current Liabilities |
|
66.87 |
|
|
71.98 |
|
|
41.63 |
|
| Notes & Accounts Payable |
|
6.44 |
|
|
6.85 |
|
|
6.32 |
|
| Short-Term Credit / Bonds |
|
36.34 |
|
|
31.05 |
|
|
11.74 |
|
| Payable on Equipment |
|
6.41 |
|
|
15.04 |
|
|
8.25 |
|
| Other |
|
17.68 |
|
|
19.04 |
|
|
15.32 |
|
| Long-Term Credit / Bonds |
|
62.31 |
|
|
60.73 |
|
|
48.72 |
|
| Long-Term Investment Liabilities |
|
19.47 |
|
|
20.31 |
|
|
19.28 |
|
| Total Liabilities |
|
162.70 |
|
|
167.91 |
|
|
116.49 |
|
| Debt to Equity |
|
75 |
% |
|
77 |
% |
|
51 |
% |
Current liabilities decreased to NT$66.87 billion, mainly due to the decrease in payable on equipment. Short-term credit/bonds
increased to NT$36.34 billion. Total liabilities decreased to NT$162.70 billion, leading to a debt to equity ratio of 75%.
Analysis of Revenue 2 for Foundry Segment
| Revenue Breakdown by Region |
| Region |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
| North America |
|
41 |
% |
|
48 |
% |
|
52 |
% |
|
49 |
% |
|
48 |
% |
| Asia Pacific |
|
50 |
% |
|
45 |
% |
|
42 |
% |
|
45 |
% |
|
45 |
% |
| Europe |
|
5 |
% |
|
4 |
% |
|
4 |
% |
|
4 |
% |
|
3 |
% |
| Japan |
|
4 |
% |
|
3 |
% |
|
2 |
% |
|
2 |
% |
|
4 |
% |
Revenue from Asia Pacific customers increased to 50% of sales, while revenue contribution from North American customers
decreased to 41%.
| |
| Revenue Breakdown by Geometry |
| Geometry |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
| 28nm and below |
|
17 |
% |
|
22 |
% |
|
21 |
% |
|
17 |
% |
|
8 |
% |
| 28nm<x<=40nm |
|
29 |
% |
|
26 |
% |
|
27 |
% |
|
26 |
% |
|
29 |
% |
| 40nm<x<=65nm |
|
13 |
% |
|
14 |
% |
|
15 |
% |
|
18 |
% |
|
19 |
% |
| 65nm<x<=90nm |
|
4 |
% |
|
3 |
% |
|
4 |
% |
|
4 |
% |
|
4 |
% |
| 90nm<x<=0.13um |
|
11 |
% |
|
11 |
% |
|
11 |
% |
|
11 |
% |
|
12 |
% |
| 0.13um<x<=0.18um |
|
13 |
% |
|
11 |
% |
|
11 |
% |
|
12 |
% |
|
13 |
% |
| 0.18um<x<=0.35um |
|
10 |
% |
|
10 |
% |
|
8 |
% |
|
9 |
% |
|
12 |
% |
| 0.5um and above |
|
3 |
% |
|
3 |
% |
|
3 |
% |
|
3 |
% |
|
3 |
% |
28nm revenue declined to 17% in 1Q17, reflecting lower wafer shipments for the communication segment. 40nm accounted for 29% of
sales.
| |
| Revenue Breakdown by Customer Type |
| Customer Type |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
| Fabless |
|
93 |
% |
|
93 |
% |
|
93 |
% |
|
93 |
% |
|
91 |
% |
| IDM |
|
7 |
% |
|
7 |
% |
|
7 |
% |
|
7 |
% |
|
9 |
% |
Revenue from fabless customers remained at 93% in 1Q17.
| |
| Revenue Breakdown by Application
(1) |
| Application |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
| Computer |
|
12 |
% |
|
13 |
% |
|
12 |
% |
|
11 |
% |
|
15 |
% |
| Communication |
|
51 |
% |
|
53 |
% |
|
55 |
% |
|
55 |
% |
|
48 |
% |
| Consumer |
|
28 |
% |
|
26 |
% |
|
26 |
% |
|
27 |
% |
|
30 |
% |
| Others |
|
9 |
% |
|
8 |
% |
|
7 |
% |
|
7 |
% |
|
7 |
% |
Communication business represented 51% of sales, while consumer business increased to 28%. Computing segment decreased to
12%.
(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. Communication consists of handset components,
broadband, WLAN, 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 for Foundry Segment
Blended average selling price (ASP) decreased during 1Q17.
(To view ASP trend, visit http://www.umc.com/english/investors/1Q17_ASP_trend.asp)
Shipment and Utilization Rate 3 for Foundry Segment
| Wafer Shipments |
| |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
Wafer Shipments
(8” K equivalents) |
|
1,678 |
|
|
1,656 |
|
|
1,569 |
|
|
1,514 |
|
|
1,432 |
|
| |
| Quarterly Capacity Utilization Rate |
| |
|
1Q17 |
|
4Q16 |
|
3Q16 |
|
2Q16 |
|
1Q16 |
| Utilization Rate |
|
96 |
% |
|
94 |
% |
|
89 |
% |
|
89 |
% |
|
82 |
% |
Total Capacity
(8” K equivalents) |
|
1,742 |
|
|
1,794 |
|
|
1,774 |
|
|
1,723 |
|
|
1,692 |
|
Wafer shipments increased to 1,678K in 1Q17. Quarterly capacity decreased 2.9% QoQ to 1,742K, leading to an overall utilization
rate of 96% in 1Q17.
Capacity 4 for Foundry Segment
Overall capacity in the first quarter was 1,742K 8-inch equivalent wafers. Estimated capacity in the second quarter will
increase to 1,816K 8-inch equivalent wafers, primarily due to capacity expansion at Fab 12A and Fab 12X.
|
Annual Capacity in
thousands of wafers
|
|
|
|
Quarterly Capacity in
thousands of wafers
|
| FAB |
|
Geometry
(um) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
|
|
FAB |
|
2Q17E |
|
1Q17 |
|
4Q16 |
|
3Q16 |
| WTK |
|
6" |
|
3.5 – 0.45 |
|
423 |
|
|
421 |
|
|
448 |
|
|
448 |
|
|
|
|
WTK |
|
106 |
|
104 |
|
106 |
|
106 |
| Fab 8A |
|
8" |
|
0.5 – 0.25 |
|
827 |
|
|
813 |
|
|
813 |
|
|
813 |
|
|
|
|
Fab 8A |
|
207 |
|
204 |
|
207 |
|
207 |
| Fab 8C |
|
8" |
|
0.35 – 0.11 |
|
348 |
|
|
347 |
|
|
347 |
|
|
347 |
|
|
|
|
Fab 8C |
|
87 |
|
86 |
|
87 |
|
87 |
| Fab 8D |
|
8" |
|
0.13 – 0.09 |
|
342 |
|
|
341 |
|
|
358 |
|
|
382 |
|
|
|
|
Fab 8D |
|
86 |
|
84 |
|
86 |
|
86 |
| Fab 8E |
|
8" |
|
0.5 – 0.18 |
|
419 |
|
|
418 |
|
|
418 |
|
|
418 |
|
|
|
|
Fab 8E |
|
105 |
|
103 |
|
105 |
|
105 |
| Fab 8F |
|
8" |
|
0.18 – 0.11 |
|
401 |
|
|
388 |
|
|
388 |
|
|
388 |
|
|
|
|
Fab 8F |
|
102 |
|
100 |
|
102 |
|
102 |
| Fab 8S |
|
8" |
|
0.18 – 0.11 |
|
336 |
|
|
335 |
|
|
335 |
|
|
335 |
|
|
|
|
Fab 8S |
|
84 |
|
83 |
|
84 |
|
84 |
| Fab 8N |
|
8" |
|
0.5 – 0.11 |
|
750 |
|
|
667 |
|
|
547 |
|
|
469 |
|
|
|
|
Fab 8N |
|
188 |
|
185 |
|
188 |
|
188 |
| Fab 12A |
|
12" |
|
0.13 – 0.028 |
|
885 |
|
|
793 |
|
|
700 |
|
|
651 |
|
|
|
|
Fab 12A |
|
247 |
|
226 |
|
233 |
|
233 |
| Fab 12i |
|
12” |
|
0.13 – 0.040 |
|
584 |
|
|
572 |
|
|
573 |
|
|
550 |
|
|
|
|
Fab 12i |
|
134 |
|
137 |
|
148 |
|
148 |
| Fab 12X |
|
12” |
|
0.040 |
|
9 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
Fab 12X |
|
19 |
|
10 |
|
9 |
|
- |
| Total (1) |
|
6,983 |
|
|
6,617 |
|
|
6,323 |
|
|
6,107 |
|
|
|
|
Total |
|
1,816 |
|
1,742 |
|
1,794 |
|
1,774 |
| YoY Growth Rate |
|
6 |
% |
|
5 |
% |
|
4 |
% |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(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. Capacity total figures are expressed in 8-inch
equivalent wafers.
CAPEX for Foundry Segment
| Capital Expenditure by Year - in US$ billion |
| Year |
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
| CAPEX |
|
$ |
2.8 |
|
$ |
1.9 |
|
$ |
1.4 |
|
$ |
1.1 |
|
$ |
1.7 |
|
2012 figures account for UMC parent company only.
|
|
2017 CAPEX Plan
|
| 8" |
|
12"
|
|
Total
|
|
9%
|
|
91%
|
|
US$2.0 billion
|
CAPEX spending in 1Q17 totaled US$564 million. Full year 2017 CAPEX plan is budgeted for US$2.0 billion.
Second Quarter of 2017 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To remain flat
- ASP in USD: To remain flat
- Profitability: Gross profit margin will be in the mid-teens % range
- Foundry Segment Capacity Utilization: Low 90% range
- 2017 CAPEX for Foundry Segment: US$2.0 billion
Recent Developments / Announcements
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 26, 2017
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)
Dial-in numbers and Access Codes:
USA Toll Free: 1-800 871-3110, 1-888 700-7397
Taiwan Number: 02-2192-8016
Other Areas: +886-2-2192-8016
Access Code: UMC
A live webcast and replay of the 1Q17 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 that provides advanced IC production for applications
spanning every major sector of the electronics industry. UMC’s comprehensive foundry solutions enable chip designers to leverage
the company’s sophisticated technology and manufacturing, which include high volume 28nm High-K/Metal Gate technology, 14nm FinFET
mass production, ultra-low power platform processes specifically developed for Internet of Things (IoT) applications and the
automotive industry’s highest-rated AEC-Q100 Grade-0 manufacturing capabilities for the production of ICs found in vehicles. UMC’s
11 wafer fabs are strategically located throughout Asia and are able to produce nearly 600,000 wafers per month. The company
employs over 19,000 people worldwide, with offices in Taiwan, China, Europe, Japan, Korea, Singapore, and the United States. UMC
can be found on the web at http://www.umc.com
Note from UMC Concerning Forward-Looking Statements
Some of the statements in the foregoing announcement are forward-looking within the meaning of the U.S. Federal Securities laws,
including statements about introduction of new services and technologies, future outsourcing, competition, wafer capacity, business
relationships and market conditions. Investors are cautioned that actual events and results could differ materially from these
statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance
and demand for products from UMC; and technological and development risks. Further information regarding these and other risks is
included in UMC’s filings with the U.S. Securities and Exchange Commission. 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.
Safe Harbor Statements
This release contains forward-looking statements. These statements constitute “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. 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) 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 risks is included
in UMC’s filings with the United States Securities and Exchange Commission. 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.
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.
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 Mar 31, 2017, the three-month period
ending Dec 31, 2016, and the equivalent three-month period that ended Mar 31, 2016. For all 1Q17 results, New Taiwan Dollar (NT$)
amounts have been converted into U.S. Dollars at the Mar 31, 2017 exchange rate of NT$ 30.31 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.
- FINANCIAL TABLES TO FOLLOW -
| |
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
|
Consolidated Condensed Balance Sheet |
|
As of March 31, 2017 |
|
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017 |
|
|
|
US$ |
|
NT$ |
|
% |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2,006 |
|
|
60,812 |
|
|
16.0 |
% |
|
Financial assets at fair value through profit or loss, current |
|
29 |
|
|
867 |
|
|
0.2 |
% |
|
Notes & Accounts receivable, net |
|
689 |
|
|
20,878 |
|
|
5.5 |
% |
|
Inventories, net |
|
537 |
|
|
16,262 |
|
|
4.3 |
% |
|
Other current assets |
|
419 |
|
|
12,718 |
|
|
3.4 |
% |
|
Total current assets |
|
3,680 |
|
|
111,537 |
|
|
29.4 |
% |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Funds and investments |
|
1,153 |
|
|
34,950 |
|
|
9.2 |
% |
|
Property, plant and equipment |
|
7,178 |
|
|
217,555 |
|
|
57.3 |
% |
|
Other non-current assets |
|
506 |
|
|
15,337 |
|
|
4.1 |
% |
|
Total non-current assets |
|
8,837 |
|
|
267,842 |
|
|
70.6 |
% |
|
Total assets |
|
12,517 |
|
|
379,379 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Short-term loans |
|
622 |
|
|
18,842 |
|
|
5.0 |
% |
|
Payables |
|
875 |
|
|
26,525 |
|
|
7.0 |
% |
|
Current portion of long-term liabilities |
|
577 |
|
|
17,496 |
|
|
4.6 |
% |
|
Other current liabilities |
|
132 |
|
|
4,008 |
|
|
1.0 |
% |
|
Total current liabilities |
|
2,206 |
|
|
66,871 |
|
|
17.6 |
% |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Bonds payable |
|
1,167 |
|
|
35,360 |
|
|
9.3 |
% |
|
Long-term loans |
|
889 |
|
|
26,952 |
|
|
7.1 |
% |
|
Other non-current liabilities |
|
1,106 |
|
|
33,515 |
|
|
8.9 |
% |
|
Total non-current liabilities |
|
3,162 |
|
|
95,827 |
|
|
25.3 |
% |
|
Total liabilities |
|
5,368 |
|
|
162,698 |
|
|
42.9 |
% |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Equity attributable to the parent company |
|
|
|
|
|
|
|
Capital |
|
4,165 |
|
|
126,243 |
|
|
33.3 |
% |
|
Additional paid-in capital |
|
1,370 |
|
|
41,518 |
|
|
10.9 |
% |
|
Retained earnings, unrealized gain or loss on available-for-sale
financial assets and exchange differences on translation of
foreign operations
|
|
1,739 |
|
|
52,692 |
|
|
13.9 |
% |
|
Treasury stock |
|
(156 |
) |
|
(4,719 |
) |
|
(1.2 |
%) |
|
Total equity attributable to the parent company |
|
7,118 |
|
|
215,734 |
|
|
56.9 |
% |
|
Non-controlling interests |
|
31 |
|
|
947 |
|
|
0.2 |
% |
|
Total equity |
|
7,149 |
|
|
216,681 |
|
|
57.1 |
% |
|
Total liabilities and equity |
|
12,517 |
|
|
379,379 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note：New Taiwan Dollars have been translated into U.S. Dollars at the
March 31, 2017 exchange rate of NT $30.31 per U.S. Dollar. |
| |
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
| Consolidated Condensed Statements of Comprehensive Income |
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) |
| Except Per Share and Per ADS Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year over Year Comparison |
|
Quarter over Quarter Comparison |
|
|
Three-Month Period Ended |
|
|
|
Three-Month Period Ended |
|
|
|
|
March 31, 2017 |
|
March 31, 2016 |
|
Chg. |
|
March 31, 2017 |
|
December 31, 2016 |
Chg. |
|
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
% |
|
US$ |
|
NT$ |
|
US$ |
|
NT$ |
|
% |
| Net operating revenues |
|
1,235 |
|
|
37,418 |
|
|
1,135 |
|
|
34,404 |
|
|
8.8 |
% |
|
1,235 |
|
|
37,418 |
|
|
1,264 |
|
|
38,306 |
|
|
(2.3 |
%) |
| Operating costs |
|
(990 |
) |
|
(29,990 |
) |
|
(969 |
) |
|
(29,370 |
) |
|
2.1 |
% |
|
(990 |
) |
|
(29,990 |
) |
|
(975 |
) |
|
(29,547 |
) |
|
1.5 |
% |
| Gross profit |
|
245 |
|
|
7,428 |
|
|
166 |
|
|
5,034 |
|
|
47.6 |
% |
|
245 |
|
|
7,428 |
|
|
289 |
|
|
8,759 |
|
|
(15.2 |
%) |
|
|
19.9 |
% |
|
19.9 |
% |
|
14.6 |
% |
|
14.6 |
% |
|
|
|
19.9 |
% |
|
19.9 |
% |
|
22.9 |
% |
|
22.9 |
% |
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Sales and marketing expenses |
|
(38 |
) |
|
(1,170 |
) |
|
(33 |
) |
|
(1,010 |
) |
|
15.8 |
% |
|
(38 |
) |
|
(1,170 |
) |
|
(43 |
) |
|
(1,282 |
) |
|
(8.7 |
%) |
| - General and administrative expenses |
|
(35 |
) |
|
(1,050 |
) |
|
(32 |
) |
|
(970 |
) |
|
8.2 |
% |
|
(35 |
) |
|
(1,050 |
) |
|
(50 |
) |
|
(1,521 |
) |
|
(31.0 |
%) |
| - Research and development expenses |
|
(132 |
) |
|
(3,991 |
) |
|
(102 |
) |
|
(3,085 |
) |
|
29.4 |
% |
|
(132 |
) |
|
(3,991 |
) |
|
(126 |
) |
|
(3,824 |
) |
|
4.4 |
% |
| Subtotal |
|
(205 |
) |
|
(6,211 |
) |
|
(167 |
) |
|
(5,065 |
) |
|
22.6 |
% |
|
(205 |
) |
|
(6,211 |
) |
|
(219 |
) |
|
(6,627 |
) |
|
(6.3 |
%) |
| Net other operating income and expenses |
|
5 |
|
|
154 |
|
|
0 |
|
|
15 |
|
|
926.7 |
% |
|
5 |
|
|
154 |
|
|
5 |
|
|
144 |
|
|
6.9 |
% |
| Operating income (loss) |
|
45 |
|
|
1,371 |
|
|
(1 |
) |
|
(16 |
) |
|
- |
|
|
45 |
|
|
1,371 |
|
|
75 |
|
|
2,276 |
|
|
(39.8 |
%) |
|
|
3.7 |
% |
|
3.7 |
% |
|
(0.1 |
%) |
|
(0.1 |
%) |
|
|
|
3.7 |
% |
|
3.7 |
% |
|
5.9 |
% |
|
5.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net non-operating income and expenses |
|
(10 |
) |
|
(304 |
) |
|
2 |
|
|
46 |
|
|
- |
|
|
(10 |
) |
|
(304 |
) |
|
(40 |
) |
|
(1,210 |
) |
|
(74.9 |
%) |
|
Income from continuing operations before
income tax
|
|
35 |
|
|
1,067 |
|
|
1 |
|
|
30 |
|
|
3,456.7 |
% |
|
35 |
|
|
1,067 |
|
|
35 |
|
|
1,066 |
|
|
0.1 |
% |
|
|
2.9 |
% |
|
2.9 |
% |
|
0.1 |
% |
|
0.1 |
% |
|
|
|
2.9 |
% |
|
2.9 |
% |
|
2.8 |
% |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax benefit (expense) |
|
14 |
|
|
430 |
|
|
2 |
|
|
49 |
|
|
777.6 |
% |
|
14 |
|
|
430 |
|
|
(20 |
) |
|
(617 |
) |
|
- |
|
| Net income |
|
49 |
|
|
1,497 |
|
|
3 |
|
|
79 |
|
|
1,794.9 |
% |
|
49 |
|
|
1,497 |
|
|
15 |
|
|
449 |
|
|
233.4 |
% |
|
|
4.0 |
% |
|
4.0 |
% |
|
0.2 |
% |
|
0.2 |
% |
|
|
|
4.0 |
% |
|
4.0 |
% |
|
1.2 |
% |
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income (loss) |
|
(98 |
) |
|
(2,997 |
) |
|
(20 |
) |
|
(583 |
) |
|
414.1 |
% |
|
(98 |
) |
|
(2,997 |
) |
|
(20 |
) |
|
(591 |
) |
|
407.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income (loss) |
|
(49 |
) |
|
(1,500 |
) |
|
(17 |
) |
|
(504 |
) |
|
197.6 |
% |
|
(49 |
) |
|
(1,500 |
) |
|
(5 |
) |
|
(142 |
) |
|
956.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders of the parent |
|
75 |
|
|
2,286 |
|
|
7 |
|
|
210 |
|
|
988.6 |
% |
|
75 |
|
|
2,286 |
|
|
84 |
|
|
2,548 |
|
|
(10.3 |
%) |
| Non-controlling interests |
|
(26 |
) |
|
(789 |
) |
|
(4 |
) |
|
(131 |
) |
|
502.3 |
% |
|
(26 |
) |
|
(789 |
) |
|
(69 |
) |
|
(2,099 |
) |
|
(62.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stockholders of the parent |
|
(20 |
) |
|
(599 |
) |
|
(12 |
) |
|
(356 |
) |
|
68.3 |
% |
|
(20 |
) |
|
(599 |
) |
|
63 |
|
|
1,902 |
|
|
- |
|
| Non-controlling interests |
|
(29 |
) |
|
(901 |
) |
|
(5 |
) |
|
(148 |
) |
|
508.8 |
% |
|
(29 |
) |
|
(901 |
) |
|
(68 |
) |
|
(2,044 |
) |
|
(55.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share-basic |
|
0.006 |
|
|
0.19 |
|
|
0.001 |
|
|
0.02 |
|
|
|
|
0.006 |
|
|
0.19 |
|
|
0.007 |
|
|
0.21 |
|
|
|
| Earnings per ADS (2) |
|
0.031 |
|
|
0.95 |
|
|
0.003 |
|
|
0.10 |
|
|
|
|
0.031 |
|
|
0.95 |
|
|
0.035 |
|
|
1.05 |
|
|
|
| Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| outstanding (in millions) |
|
|
|
12,208 |
|
|
|
|
12,408 |
|
|
|
|
|
|
12,208 |
|
|
|
|
12,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the
March 31, 2017 exchange rate of NT $30.31 per U.S. Dollar. |
|
|
| (2) 1 ADS equals 5 common shares. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
| Consolidated Condensed Statements of Comprehensive Income |
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) |
| Except Per Share and Per ADS Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three-Month Period Ended |
For the Three-Month Period Ended |
|
March 31, 2017 |
|
March 31, 2017 |
|
US$ |
|
NT$ |
|
% |
|
US$ |
|
NT$ |
|
% |
| Net operating revenues |
1,235 |
|
|
37,418 |
|
|
100.0 |
% |
|
1,235 |
|
|
37,418 |
|
|
100.0 |
% |
| Operating costs |
(990 |
) |
|
(29,990 |
) |
|
(80.1 |
%) |
|
(990 |
) |
|
(29,990 |
) |
|
(80.1 |
%) |
| Gross profit |
245 |
|
|
7,428 |
|
|
19.9 |
% |
|
245 |
|
|
7,428 |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
| - Sales and marketing expenses |
(38 |
) |
|
(1,170 |
) |
|
(3.1 |
%) |
|
(38 |
) |
|
(1,170 |
) |
|
(3.1 |
%) |
| - General and administrative expenses |
(35 |
) |
|
(1,050 |
) |
|
(2.8 |
%) |
|
(35 |
) |
|
(1,050 |
) |
|
(2.8 |
%) |
| - Research and development expenses |
(132 |
) |
|
(3,991 |
) |
|
(10.7 |
%) |
|
(132 |
) |
|
(3,991 |
) |
|
(10.7 |
%) |
| Subtotal |
(205 |
) |
|
(6,211 |
) |
|
(16.6 |
%) |
|
(205 |
) |
|
(6,211 |
) |
|
(16.6 |
%) |
| Net other operating income and expenses |
5 |
|
|
154 |
|
|
0.4 |
% |
|
5 |
|
|
154 |
|
|
0.4 |
% |
| Operating income |
45 |
|
|
1,371 |
|
|
3.7 |
% |
|
45 |
|
|
1,371 |
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Net non-operating income and expenses |
(10 |
) |
|
(304 |
) |
|
(0.8 |
%) |
|
(10 |
) |
|
(304 |
) |
|
(0.8 |
%) |
|
Income from continuing operations before
income tax
|
35 |
|
|
1,067 |
|
|
2.9 |
% |
|
35 |
|
|
1,067 |
|
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax benefit |
14 |
|
|
430 |
|
|
1.1 |
% |
|
14 |
|
|
430 |
|
|
1.1 |
% |
| Net income |
49 |
|
|
1,497 |
|
|
4.0 |
% |
|
49 |
|
|
1,497 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income (loss) |
(98 |
) |
|
(2,997 |
) |
|
(8.0 |
%) |
|
(98 |
) |
|
(2,997 |
) |
|
(8.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Total comprehensive income (loss) |
(49 |
) |
|
(1,500 |
) |
|
(4.0 |
%) |
|
(49 |
) |
|
(1,500 |
) |
|
(4.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
| Stockholders of the parent |
75 |
|
|
2,286 |
|
|
6.1 |
% |
|
75 |
|
|
2,286 |
|
|
6.1 |
% |
| Non-controlling interests |
(26 |
) |
|
(789 |
) |
|
(2.1 |
%) |
|
(26 |
) |
|
(789 |
) |
|
(2.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
| Stockholders of the parent |
(20 |
) |
|
(599 |
) |
|
(1.6 |
%) |
|
(20 |
) |
|
(599 |
) |
|
(1.6 |
%) |
| Non-controlling interests |
(29 |
) |
|
(901 |
) |
|
(2.4 |
%) |
|
(29 |
) |
|
(901 |
) |
|
(2.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share-basic |
0.006 |
|
|
0.19 |
|
|
|
|
0.006 |
|
|
0.19 |
|
|
|
| Earnings per ADS (2) |
0.031 |
|
|
0.95 |
|
|
|
|
0.031 |
|
|
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
outstanding (in millions)
|
12,208 |
|
|
|
|
|
|
12,208 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
|
|
|
|
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the
March 31, 2017 exchange rate of NT $30.31 per U.S. Dollar. |
| (2) 1 ADS equals 5 common shares. |
|
|
|
|
|
|
|
|
|
|
|
| |
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
| Consolidated Condensed Statement of Cash Flows |
| For The Three-Month Period Ended March 31, 2017 |
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) |
|
|
|
|
|
|
|
US$ |
|
NT$ |
| Cash flows from operating activities : |
|
|
|
|
| Net income before tax |
|
35 |
|
|
1,067 |
|
| Depreciation & Amortization |
|
439 |
|
|
13,292 |
|
| Changes in notes & accounts receivable |
|
63 |
|
|
1,895 |
|
| Changes in other current assets |
|
(38 |
) |
|
(1,149 |
) |
| Changes in payables |
|
(43 |
) |
|
(1,296 |
) |
| Changes in assets, liabilities and others |
|
(17 |
) |
|
(498 |
) |
| Net cash provided by operating activities |
|
439 |
|
|
13,311 |
|
|
|
|
|
|
| Cash flows from investing activities : |
|
|
|
|
| Acquisition of available-for-sale financial assets |
|
(16 |
) |
|
(481 |
) |
| Proceeds from disposal of available-for-sale financial assets |
|
23 |
|
|
701 |
|
| Proceeds from disposal of investments accounted for under the equity method |
|
65 |
|
|
1,980 |
|
| Acquisition of property, plant and equipment |
|
(582 |
) |
|
(17,654 |
) |
| Others |
|
(28 |
) |
|
(839 |
) |
| Net cash used in investing activities |
|
(538 |
) |
|
(16,293 |
) |
|
|
|
|
|
| Cash flows from financing activities : |
|
|
|
|
| Proceeds from bonds issued |
|
274 |
|
|
8,300 |
|
| Proceeds from long-term loans |
|
74 |
|
|
2,258 |
|
| Repayments of long-term loans |
|
(29 |
) |
|
(885 |
) |
| Acquisition of subsidiaries |
|
(41 |
) |
|
(1,228 |
) |
| Others |
|
(19 |
) |
|
(600 |
) |
| Net cash provided by financing activities |
|
259 |
|
|
7,845 |
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(54 |
) |
|
(1,630 |
) |
| Net Increase in cash and cash equivalents |
|
106 |
|
|
3,233 |
|
|
|
|
|
|
| Cash and cash equivalents at beginning of period |
|
1,900 |
|
|
57,579 |
|
|
|
|
|
|
| Cash and cash equivalents at end of period |
|
2,006 |
|
|
60,812 |
|
|
|
|
|
|
| |
|
|
|
|
| Note: New Taiwan Dollars have been translated into U.S. Dollars at the
March 31, 2017 exchange rate of NT $30.31 per U.S. Dollar. |
UMC, Investor Relations
Michael Lin, +886-2-2658-9168, ext. 16900
jinhong_lin@umc.com
David Wong, +886-2-2658-9168, ext. 16900
david_wong@umc.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170426005617/en/