UNITED MICROELECTRONICS CORPORATION TAIPEI, Taiwan, July 29, 2015 /PRNewswire/ --
Second Quarter 2015 Overview[1]:
-- Revenue: NT$38.01 billion (US$1.23 billion)
-- Gross margin: 22.9%; operating margin: 10.2%
-- Foundry revenue from advanced nodes: 11% from 28nm, 22% from 40nm
-- Foundry capacity utilization rate: 94%
-- Net income attributable to the stockholders of the parent: NT$4.60
billion (US$149 million)
-- Earnings per share: NT$0.37; earnings per ADS: US$0.060
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the second quarter of 2015.
Revenue was NT$38.01 billion, with gross margin at 22.9% and operating margin at 10.2%. Net income attributable to the stockholders of the parent was NT$4.60 billion, with earnings per ordinary share of NT$0.37.
Po-Wen Yen, CEO of UMC, said "In the second quarter of 2015, our foundry business performed within expectations, posting NT$36.52 billion in revenues and gross margin of 25.1%. Wafer shipments reached an all-time high of 1.54 million 8-inch equivalent wafers, leading to an overall capacity utilization rate of 94%. Our 28nm shipments continued to increase as 2Q15 contribution reached 11% of sales, primarily from the communication sector. The New Business segment recorded NT$1.83 billion in revenue, with a net loss of NT$170 million. Topcell Solar Inc. officially merged into Motech Industries Inc. on June 1, 2015, resulting in UMC owning approximately 9% of Motech equity shares. As such, we will no longer consolidate its operating performance into UMC's financial statements."
CEO Yen continued, "Looking into 3Q, the limited end-market visibility and inventory correction we mentioned during our 1Q conference call is expected to continue. Current weakness in overall demand, partly due to the uncertainties in economic outlook, will prolong the inventory adjustment through the second half of 2015. However, we continue to enhance our foundry services, such as our recently announced 14nm FinFET IP collaborations with Synopsys and ARM to accelerate process verification on our 14nm platform. UMC also announced the availability of a new 55nm ultra-low-power process from ARM, aimed to maximize battery life for IoT applications. For Through-Silicon-Via (TSV), we recently ramped to volume production our TSV and silicon interposer process used on AMD's flagship Radeon GPU. These engineering efforts will strengthen our advanced and mature node offering and enhance UMC's competitive edge in the foundry industry. In addition, shareholders have approved a dividend payout of NT$0.55 per share for fiscal 2014, balancing UMC's commitment to shareholders while maximizing the opportunities towards business growth. UMC strives to provide enhanced corporate profitability by delivering the highest quality manufacturing services in order to ensure long term shareholder value."
Summary of Operating Results
Operating Results
-----------------
(Amount: NT$ million) 2Q15 1Q15 QoQ % 2Q14 YoY %
change change
Net Operating Revenues 38,012 37,650 1.0 35,869 6.0
Gross Profit 8,723 9,155 (4.7) 8,207 6.3
Operating Expenses (4,864) (4,914) (1.0) (5,280) (7.9)
Net Other Operating Income and Expenses 17 (142) - (10) -
Operating Income 3,876 4,099 (5.4) 2,917 32.9
Net Non-Operating Income and Expenses 1,304 255 411.4 937 39.2
Net Income Attributable to Stockholders of the Parent 4,600 3,980 15.6 3,482 32.1
EPS (NT$ per share) 0.37 0.32 0.28
(US$ per ADS) 0.060 0.052 0.045
------------ ----- ----- -----
During 2Q15, higher wafers shipments led to NT$36.52 billion in revenue from the foundry segment. New Business recorded NT$1.83 billion in sales, resulting in a consolidated revenue of NT$38.01 billion, up 1.0% from 1Q15. Net income from the foundry business reached NT$4.67 billion, while New Business segment posted NT$170 million in net loss. On a consolidated basis, gross profit reached NT$8.72 billion, or 22.9% of revenue, while operating income was NT$3.88 billion or 10.2% of revenue. Net income attributable to the stockholders of the parent was NT$4.60 billion, compared to NT$3.98 billion in 1Q15.
Earnings per ordinary share for the quarter were NT$0.37. Earnings per ADS were US$0.060. The basic weighted average number of outstanding shares in 2Q15 was 12,572,497,200, compared with 12,526,260,458 shares in 1Q15 and 12,489,095,718 shares in 2Q14. The diluted weighted average number of outstanding shares was 13,222,544,584 in 2Q15, compared with 12,660,046,525 shares in 1Q15 and 12,607,860,758 shares in 2Q14. The fully diluted share count on June 30, 2015 was approximately 13,810,979,000. On June 30, 2015, UMC held 134 million treasury shares acquired from the 15th share buy-back program.
Detailed Financials Section
COGS & Expenses
---------------
(Amount: NT$ million) 2Q15 1Q15 QoQ % 2Q14 YoY %
change change
--- ------ ------
Net Operating Revenues 38,012 37,650 1.0 35,869 6.0
COGS (29,289) (28,495) 2.8 (27,662) 5.9
Depreciation (9,404) (9,115) 3.2 (8,662) 8.6
Other Mfg. Costs (19,885) (19,380) 2.6 (19,000) 4.7
Gross Profit 8,723 9,155 (4.7) 8,207 6.3
Gross Margin (%) 22.9% 24.3% 22.9%
Operating Expenses (4,864) (4,914) (1.0) (5,280) (7.9)
G&A (919) (953) (3.6) (857) 7.2
Sales & Marketing (930) (1,045) (11.0) (1,097) (15.2)
R&D (3,015) (2,916) 3.4 (3,326) (9.4)
Net Other Operating 17 (142) - (10) -
Income & Expenses
Operating Income 3,876 4,099 (5.4) 2,917 32.9
---------------- ----- ----- ---- ----- ----
Foundry revenue grew 1.5% to NT$36.52 billion and New Business segment recorded NT$1.83 billion, leading to a consolidated revenue of NT$38.01 billion. Depreciation increased 3.2% from 1Q15 to NT$9.40 billion, mainly from 28nm capacity deployment. Other manufacturing costs was up 2.6% QoQ to NT$19.89 billion, mostly due to higher wafer shipments in 2Q15. Operating expenses stayed almost flat at NT$4.86 billion. Net operating income was NT$3.88 billion.
Non-Operating Income and Expenses
---------------------------------
(Amount: NT$ million) 2Q15 1Q15 2Q14
-------------------- ---- ---- ----
Non-Operating Income and Expenses 1,304 255 937
Net Interest Income and Expenses (46) (27) (149)
Net Investment Gain and Loss (247) 126 188
Gain and Loss on Disposal of Investment 1,319 190 792
Exchange Gain and Loss 11 (77) (4)
Other Gain and Loss 267 43 110
------------------- --- --- ---
Net non-operating income in 2Q15 was NT$1.30 billion, primarily from the gains recognized in the reclassification of available for sale financial assets into investments accounted for under the equity method and the merger of UMC's solar subsidiary Topcell into Motech.
Cash Flow Summary
-----------------
(Amount: NT$ million) For the 3-Month Period Ended For the 3-Month Period Ended
Jun. 30, 2015 Mar. 31, 2015
---
Cash Flow from Operating Activities 11,459 16,870
Net income before tax 5,180 4,354
Depreciation & Amortization 11,194 10,748
Bad debt reversal (173) (9)
Gain on disposal of investments (1,319) (190)
Impairment loss on financial assets 416 63
Exchange gain on financial assets and liabilities (204) (13)
Changes in working capital (2,066) 2,315
Income tax paid (1,305) (366)
Other (264) (32)
Cash Flow from Investing Activities (14,757) (16,498)
Capital expenditures (12,034) (14,893)
Acquisition of available-for-sale financial assets (665) (1,897)
Disposal of subsidiaries (835)
Proceeds from disposal of non-current assets held for sale - 642
Changes in refundable deposits (1,286) (1)
Changes in other assets-others (54) (517)
Other 117 168
Cash Flow from Financing Activities 13,824 8,155
Bank loans (5,253) 1,716
Bonds Issued 18,425 -
Increase in other financial liabilities - 6,108
Treasury stock sold to employees 677
Other (25) 331
Effect of Exchange Rate (443) (776)
Net Cash Flow 10,083 7,751
Beginning balance 53,632 45,701
Changes in non-current assets held for sale 331 180
Ending Balance 64,046 53,632
-------------- ------ ------
Cash inflow from operations was NT$11.46 billion. In 2Q15, CAPEX spending was NT$12.03 billion, including NT$11.94 billion for the foundry segment, resulting in a free cash outflow of NT$575 million. Cash inflow from financing was NT$13.82 billion, primarily from NT$18.43 billion in the issuance of convertible bonds. Over the next 12 months, the company expects to repay NT$3.94 billion in bank loans.
Current Assets
--------------
(Amount: NT$ billion) 2Q15 1Q15 2Q14
-------------------- ---- ---- ----
Cash and Cash Equivalents 64.05 53.63 49.63
Notes & Accounts Receivable 21.44 20.62 21.62
Days Sales Outstanding 50 52 52
Inventories, net 16.05 15.64 13.84
Days of Inventory 49 49 47
Total Current Assets 109.22 101.03 98.37
-------------------- ------ ------ -----
Cash and cash equivalents increased to NT$64.05 billion, mainly due to NT$18.43 billion from the issuance of convertible bonds. Days of sales outstanding decreased by 2 days to 50 days. Days of inventory remained unchanged at 49 days.
Liabilities
-----------
(Amount: NT$ billion) 2Q15 1Q15 2Q14
-------------------- ---- ---- ----
Total Current Liabilities 43.49 44.44 49.68
Notes & Accounts Payable 6.47 6.38 6.85
Short-Term Credit / Bonds 5.33 10.85 15.75
Payables on Equipment 9.30 7.41 7.19
Dividends payable 6.94 - 6.25
Other 15.45 19.80 13.64
Long-Term Credit / Bonds 50.75 34.89 31.92
Long-Term Investment Liabilities 5.98 6.03 -
Total Liabilities 106.87 91.80 88.69
Debt to Equity 48% 40% 41%
-------------- --- --- ---
Current liabilities decreased to NT$43.49 billion, mainly from a NT$5.52 billion decrease in short term credit and a NT$6.94 billion increase from the accrual for 2014 dividends. Long-term credit and bond increased to NT$50.75 billion mainly due to the issuance of convertible bond, increasing debt to equity ratio to 48%.
Analysis of Revenue[2] for Foundry Segment
Revenue Breakdown by Region
---------------------------
Region 2Q15 1Q15 4Q14 3Q14 2Q14
------ ---- ---- ---- ---- ----
North America 46% 47% 45% 45% 43%
------------- --- --- --- --- ---
Asia Pacific 42% 40% 42% 44% 46%
------------ --- --- --- --- ---
Europe 6% 7% 8% 6% 5%
------ --- --- --- --- ---
Japan 6% 6% 5% 5% 6%
----- --- --- --- --- ---
Revenue contribution from Asia- Pacific increased to 42% in 2Q15, partly from higher consumer demand from Asian customers.
Revenue Breakdown by Geometry
-----------------------------
Geometry 2Q15 1Q15 4Q14 3Q14 2Q14
-------- ---- ---- ---- ---- ----
28nm and below 11% 9% 7% 3% 1%
-------------- --- --- --- --- ---
28nm
28nm business grew to 11% of revenue in 2Q15, while 40nm accounted for 22% of sales.
Revenue Breakdown by Customer Type
----------------------------------
Customer Type 2Q15 1Q15 4Q14 3Q14 2Q14
------------- ---- ---- ---- ---- ----
Fabless 89% 90% 90% 91% 90%
------- --- --- --- --- ---
IDM 11% 10% 10% 9% 10%
--- --- --- --- --- ---
Revenue from fabless customers decreased to 89% in 2Q15.
Revenue Breakdown by Application (1)
-----------------------------------
Application 2Q15 1Q15 4Q14 3Q14 2Q14
----------- ---- ---- ---- ---- ----
Computer 12% 13% 14% 15% 18%
-------- --- --- --- --- ---
Communication 55% 56% 54% 54% 49%
------------- --- --- --- --- ---
Consumer 28% 26% 28% 28% 29%
-------- --- --- --- --- ---
Others 5% 5% 4% 3% 4%
------ --- --- --- --- ---
The consumer segment showed the strongest sequential growth, accounting for 28% of sales in 2Q15, while communication revenue contribution decreased by 1% to 55%.
(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) was flat in 2Q15.
(To view ASP trend, visit http://www.umc.com/english/investors/2Q15_ASP_trend.asp )
Shipment and Utilization Rate[3] for Foundry Segment
Wafer Shipments
---------------
2Q15 1Q15 4Q14 3Q14 2Q14
---- ---- ---- ---- ----
Wafer Shipments 1,536 1,481 1,431 1,462 1,426
(8" K equivalents)
-----------------
Quarterly Capacity Utilization Rate
-----------------------------------
2Q15 1Q15 4Q14 3Q14 2Q14
---- ---- ---- ---- ----
Utilization Rate 94% 93% 93% 93% 90%
---------------- --- --- --- --- ---
Total Capacity 1,659 1,583 1,577 1,586 1,597
(8" K equivalents)
-----------------
Capacity[4]for Foundry Segment
Wafer shipments increased 3.7% quarterly to 1,536K in 2Q15. Quarterly capacity grew to 1,659K, resulting in an overall utilization rate of 94% for the quarter.
Capacity[4] for Foundry Segment
Overall capacity in the second quarter was 1,659K 8-inch equivalent wafers. Deployment of 28nm capacity at Fab12A increased quarterly capacity from 183K in 1Q15 to 198K in 2Q15. Capacity expansion for 40nm at Fab12i continued, bringing the quarterly capacity from 139K in 1Q15 to 144K in 2Q15. Projected capacity during the third quarter will grow by 1.6% to 1,685K 8-inch equivalent wafers due to ongoing 28nm capacity deployment at Fab12A and continuous 8" expansion at Fab8N.
Annual Capacity in Quarterly Capacity in
thousands of wafers thousands of wafers
------------------- -------------------
FAB Geometry 2014 2013 2012 2011 FAB 3Q15E 2Q15 1Q15 4Q14
(um)
--- ---
Fab6A 6" 3.5 - 0.45 448 448 481 538 WTK* 99 113 - -
----- --- ---------- --- --- --- --- --- --- --- --- ---
Fab8A 8" 0.5 - 0.25 813 813 815 813 Fab6A - - 111 113
----- --- ---------- --- --- --- --- ----- --- --- --- ---
Fab8C 8" 0.35 - 0.11 347 347 360 359 Fab8A 204 204 201 204
----- --- ----------- --- --- --- --- ----- --- --- --- ---
Fab8D 8" 0.13 - 0.09 358 382 371 364 Fab8C 87 87 86 87
----- --- ----------- --- --- --- --- ----- --- --- --- ---
Fab8E 8" 0.5 - 0.18 418 418 449 469 Fab8D 86 86 84 86
----- --- ---------- --- --- --- --- ----- --- --- --- ---
Fab8F 8" 0.18 - 0.11 388 388 389 388 Fab8E 105 105 103 105
----- --- ----------- --- --- --- --- ----- --- --- --- ---
Fab8S 8" 0.18 - 0.11 335 335 348 307 Fab8F 98 98 96 98
----- --- ----------- --- --- --- --- ----- --- --- --- ---
Fab8N 8" 0.5 - 0.13 547 469 - - Fab8S 84 84 83 84
----- --- ---------- --- --- --- --- ----- --- --- --- ---
Fab12A 12" 0.18 - 0.028 700 651 579 501 Fab8N 178 162 144 140
------ --- ------------ --- --- --- --- ----- --- --- --- ---
Fab12i 12" 0.13 - 0.040 573 550 537 530 Fab12A 206 198 183 180
------ --- ------------ --- --- --- --- ------ --- --- --- ---
Total(1) 6,323 6,107 5,514 5,322 Fab12i 144 144 139 135
======= ===== ===== ===== ===== ====== === === === ===
YoY Growth Rate 4% 11% 4% 11% Total 1,685 1,659 1,583 1,577
=============== === === === === ===== ===== ===== ===== =====
2011~2012 figures account for UMC parent company only.
======================================================
(1)One 6-inch wafer is converted into 0.5625(6(2)/8(2)) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12(2)/8(2)) 8-inch equivalent wafers. Capacity total figures are expressed in 8-inch equivalent wafers.
=================================================================================================================================================================================================================================
*UMC sold part of plants and equipment to WTK; WTK figures represent 6-inch CMOS capacity.
==========================================================================================
CAPEX for Foundry Segment
Capital Expenditure by Year - in US$ billion
--------------------------------------------
Year 2014 2013 2012 2011 2010
---- ---- ---- ---- ---- ----
CAPEX $1.4 $1.1 $1.7 $1.6 $1.8
----- ---- ---- ---- ---- ----
2010~2012 figures account for UMC parent company only.
2015 CAPEX Plan
---------------
8" 12" Total
--- --- -----
13% 87% US$1.8 billion
--- --- --------------
In 2Q15, CAPEX spending was US$385 million. First half 2015 capital expenditures totaled US$856 million. 2015 CAPEX is expected to be approximately US$1.8 billion, with 87% of the amount used for 12" advanced capacity expansion.
Third Quarter of 2015 Outlook & Guidance
Quarter-over-Quarter Guidance:
-- Foundry Segment Wafer Shipments: To decrease by less than 5%
-- Foundry Segment ASP in US$: To decrease by approximately 3%
-- Foundry Segment Profitability: Gross profit margin will be in the
mid-teens % range
-- Foundry Segment Capacity Utilization: Approximately high 80% range
-- 2015 CAPEX for Foundry Segment: US$1.8bn
Recent Developments / Announcements
Jul. 20, 2015 UMC Enters Volume Production for
TSV Process on AMD's High-
Performance GPU
Jun. 22, 2015 Synopsys and UMC Expand 14-nm
FinFET Collaboration
Jun. 22, 2015 UMC Collaborates with ARM to
Validate UMC 14nm FinFET Process
Jun. 9, 2015 UMC Shareholders Elect 13th Term
of Directors at Annual
Shareholders Meeting
-The consolidated revenue for
2014 was NT$140,012 million and
net income attributable to the
shareholder of the parent was
NT$12,141 million, with earnings
per share of NT$0.97
-Shareholders elect Dr. Wenyi
Chu as the independent Board of
Director
-Shareholder cash dividend of
NT$6,939 million, or
approximately NT$0.55 per share
-Employee cash bonus of NT$1,459
million
May 26, 2015 UMC Unveils UMC AutoSM Platform
to Enable Automotive IC Designs
May 18, 2015 ARM and UMC Target 55nm ULP IP
Solution for Energy-Efficient
Applications
Apr. 29, 2015 UMC 1Q 2015 Financial Results
Please visit UMC's website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, July 29, 2015
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 2Q15 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 robust foundry solutions enable chip designers to leverage the company's sophisticated technology and manufacturing, which include volume production 28nm gate-last High-K/Metal Gate technology, ultra-low power platform processes specifically engineered for Internet of Things (IoT) applications and the automotive industry's highest-rated AEC-Q100 Grade-0 manufacturing capabilities for production of ICs found in cars. UMC's 10 wafer fabs are strategically located throughout Asia and are able to produce over 500,000 wafers per month. The company employs more than 17,000 people worldwide, with offices in Taiwan, mainland 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 future outsourcing, wafer capacity, technologies, 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, including its registration statements and reports on Forms F-1, F-3, F-6 and 20-F and 6-K, 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.
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 and reports on Form F-1, F-3, F-6 and 20-F and 6-K, 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 prepared and published in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from 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 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.
Contacts:
Bowen Huang / David Wong
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
bowen_huang@umc.com
david_wong@umc.com
[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 Jun 30, 2015, the three-month period ending Mar 31, 2015, and the equivalent three-month period that ended Jun 30, 2014. For all 2Q15 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the Jun 30, 2015 exchange rate of NT$ 30.85 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 June 30, 2015
Figures in Millions of New Taiwan Dollars (NT$)
and U.S. Dollars (US$)
June 30, 2015
-------------
US$ NT$ %
--- --- ---
Assets
Current assets
Cash and cash equivalents 2,076 64,046 19.3%
Financial assets at fair value
through profit or loss,
current 27 825 0.2%
Notes & Accounts receivable,
net 695 21,435 6.5%
Inventories, net 520 16,045 4.8%
Other current assets 223 6,870 2.2%
Total current assets 3,541 109,221 33.0%
----- ------- ----
Non-current assets
Funds and investments 1,247 38,475 11.6%
Property, plant and equipment 5,444 167,960 50.7%
Other non-current assets 506 15,600 4.7%
Total non-current assets 7,197 222,035 67.0%
----- ------- ----
Total assets 10,738 331,256 100.0%
====== ======= =====
Liabilities
Current liabilities
Short-term loans 45 1,397 0.4%
Financial liabilities at fair
value through profit or loss,
current 0 7 0.0%
Payables 986 30,404 9.2%
Dividends payable 225 6,939 2.1%
Current portion of long-term
liabilities 128 3,937 1.2%
Other current liabilities 25 801 0.2%
Total current liabilities 1,409 43,485 13.1%
----- ------ ----
Non-current liabilities
Bonds payable 1,344 41,467 12.5%
Long-term loans 301 9,280 2.8%
Other non-current liabilities 410 12,641 3.9%
Total non-current liabilities 2,055 63,388 19.2%
----- ------ ----
Total liabilities 3,464 106,873 32.3%
----- ------- ----
Equity
Equity attributable to the
parent company
Capital 4,135 127,581 38.5%
Additional paid-in capital 1,343 41,411 12.5%
Retained earnings, unrealized
gain or loss on available-
for-sale 1,728 53,310 16.1%
financial assets and exchange
differences on translation of
foreign operations
Treasury stock (53) (1,627) (0.5%)
-----
Total equity attributable to
the parent company 7,153 220,675 66.6%
Non-controlling interests 121 3,708 1.1%
--- ----- ---
Total equity 7,274 224,383 67.7%
----- ------- ----
Total liabilities and equity 10,738 331,256 100.0%
====== ======= =====
Note?New Taiwan Dollars have been translated into U.S.
Dollars at the June 30, 2015 exchange rate of NT $30.85
per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
Year over Year Comparison Quarter over Quarter Comparison
------------------------- -------------------------------
Three-Month Period Ended Three-Month Period Ended
June 30, 2015 June 30, 2014 % June 30, 2015 March 31, 2015 %
------------- ------------- ------------- --------------
US$ NT$ US$ NT$ Chg. US$ NT$ US$ NT$ Chg.
--- --- --- --- ---- --- --- --- --- ----
Net operating
revenues 1,232 38,012 1,163 35,869 6.0% 1,232 38,012 1,220 37,650 1.0%
Operating costs (949) (29,289) (897) (27,662) 5.9% (949) (29,289) (923) (28,495) 2.8%
Gross profit 283 8,723 266 8,207 6.3% 283 8,723 297 9,155 (4.7%)
--- ----- --- ----- --- --- ----- --- ----- -----
22.9% 22.9% 22.9% 22.9% 22.9% 22.9% 24.3% 24.3%
Operating expenses
-Sales and marketing
expenses (30) (930) (35) (1,097) (15.2%) (30) (930) (34) (1,045) (11.0%)
-General and
administrative
expenses (30) (919) (28) (857) 7.2% (30) (919) (31) (953) (3.6%)
-Research and
development expenses (98) (3,015) (108) (3,326) (9.4%) (98) (3,015) (94) (2,916) 3.4%
Subtotal (158) (4,864) (171) (5,280) (7.9%) (158) (4,864) (159) (4,914) (1.0%)
---- ------ ---- ------ ----- ---- ------ ---- ------ -----
Net other operating
income and expenses 1 17 (0) (10) - 1 17 (5) (142) -
--- --- --- --- --- --- --- ---- ---
Operating income 126 3,876 95 2,917 32.9% 126 3,876 133 4,099 (5.4%)
10.2% 10.2% 8.1% 8.1% 10.2% 10.2% 10.9% 10.9%
Net non-operating
income and expenses 42 1,304 30 937 39.2% 42 1,304 8 255 100.0%
--- ----- --- --- ---- --- ----- --- --- -----
Income from
continuing
operations before 168 5,180 125 3,854 34.4% 168 5,180 141 4,354 19.0%
income tax
13.6% 13.6% 10.7% 10.7% 13.6% 13.6% 11.6% 11.6%
Income tax expense (21) (635) (17) (528) 20.3% (21) (635) (14) (442) 43.7%
--- ---- --- ---- ---- --- ---- --- ---- ----
Net income 147 4,545 108 3,326 36.7% 147 4,545 127 3,912 16.2%
12.0% 12.0% 9.3% 9.3% 12.0% 12.0% 10.4% 10.4%
Other comprehensive
income (loss) (162) (5,006) 3 103 - (162) (5,006) (4) (107) 100.0%
---- ------ --- --- --- ---- ------ --- ---- -----
Total comprehensive
income (loss) (15) (461) 111 3,429 - (15) (461) 123 3,805 -
=== ==== === ===== === === ==== === ===== ===
Net income attributable to:
Stockholders of the
parent 149 4,600 113 3,482 32.1% 149 4,600 129 3,980 15.6%
Non-controlling
interests (2) (55) (5) (156) (64.7%) (2) (55) (2) (68) (19.1%)
Comprehensive income (loss) attributable
to:
Stockholders of the
parent (12) (369) 118 3,636 - (12) (369) 127 3,910 -
Non-controlling
interests (3) (92) (7) (207) (55.6%) (3) (92) (4) (105) (12.4%)
Earnings per share-
basic 0.012 0.37 0.009 0.28 0.012 0.37 0.010 0.32
----- ---- ----- ---- ----- ---- ----- ----
Earnings per ADS (2) 0.060 1.85 0.045 1.40 0.060 1.85 0.052 1.60
----- ---- ----- ---- ----- ---- ----- ----
Weighted average number of shares
outstanding (in millions) 12,572 12,489 12,572 12,526
------ ------ ------ ------
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2015 exchange rate of NT $30.85 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
For the Three-Month Period Ended For the Six-Month Period Ended
June 30, 2015 June 30, 2015
------------- -------------
US$ NT$ % US$ NT$ %
--- --- --- --- --- ---
Net operating
revenues 1,232 38,012 100.0% 2,453 75,661 100.0%
Operating costs (949) (29,289) (77.1%) (1,873) (57,782) (76.4%)
Gross profit 283 8,723 22.9% 580 17,879 23.6%
--- ----- ---- --- ------ ----
Operating expenses
-Sales and marketing
expenses (30) (930) (2.5%) (64) (1,974) (2.6%)
-General and
administrative
expenses (30) (919) (2.4%) (61) (1,872) (2.5%)
-Research and
development expenses (98) (3,015) (7.9%) (192) (5,932) (7.8%)
Subtotal (158) (4,864) (12.8%) (317) (9,778) (12.9%)
---- ------ ------ ---- ------ ------
Net other operating
income and expenses 1 17 0.1% (4) (126) (0.2%)
--- --- --- -----
Operating income 126 3,876 10.2% 259 7,975 10.5%
Net non-operating
income and expenses 42 1,304 3.4% 50 1,560 2.1%
--- ----- --- --- ----- ---
Income from
continuing
operations before 168 5,180 13.6% 309 9,535 12.6%
income tax
Income tax expense (21) (635) (1.6%) (35) (1,077) (1.4%)
--- ---- ----- --- ------ -----
Net income 147 4,545 12.0% 274 8,458 11.2%
Other comprehensive
loss (162) (5,006) (13.2%) (166) (5,114) (6.8%)
---- ------ ------ ---- ------ -----
Total comprehensive
income (loss) (15) (461) (1.2%) 108 3,344 4.4%
=== ==== ===== === ===== ===
Net income attributable to:
Stockholders of the
parent 149 4,600 12.1% 278 8,580 11.3%
Non-controlling
interests (2) (55) (0.1%) (4) (122) (0.1%)
Comprehensive income (loss) attributable
to:
Stockholders of the
parent (12) (369) (1.0%) 115 3,541 4.7%
Non-controlling
interests (3) (92) (0.2%) (7) (197) (0.3%)
Earnings per share-
basic 0.012 0.37 0.022 0.68
----- ---- ----- ----
Earnings per ADS (2) 0.060 1.85 0.110 3.40
----- ---- ----- ----
Weighted average number of shares 12,572 12,550
outstanding (in millions)
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2015 exchange rate of NT $30.85 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Six-Month Period Ended June 30, 2015
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$)
USD NTD
--- ---
Cash flows from
operating activities :
Net
income
before
tax 309 9,535
Depreciation
&
Amortization 711 21,942
Impairment
loss
on
financial
assets 16 479
Impairment
loss
on
non-
financial
assets 7 226
Gain
on
disposal
of
investments (49) (1,508)
Changes
in
assets,
liabilities
and
others (22) (674)
Income
tax
paid (54) (1,671)
--- ------
Net
cash
provided
by
operating
activities 918 28,329
Cash flows from
investing activities :
Acquisition
of
available-
for-
sale
financial
assets (83) (2,562)
Proceeds
from
disposal
of
available-
for-
sale
financial
assets 24 728
Acquisition
of
subsidiaries
(net
of
cash
acquired) 13 415
Disposal
of
subsidiaries (27) (835)
Acquisition
of
property,
plant
and
equipment (873) (26,927)
Proceeds
from
disposal
of
non-
current
assets
held
for
sale 21 642
Acquisition
of
intangible
assets (22) (693)
Increase
in
refundable
deposits (42) (1,286)
Others (24) (737)
--- ----
Net
cash
used
in
investing
activities (1,013) (31,255)
Cash flows from
financing activities :
Decrease
in
short-
term
loans (126) (3,880)
Proceeds
from
bonds
issued 597 18,425
Proceeds
from
long-
term
loans 124 3,827
Repayments
of
long-
term
loans (113) (3,484)
Exercise
of
employee
stock
options 9 289
Treasury
stock
sold
to
employees 22 677
Increase
in
other
financial
liabilities 198 6,108
Others 1 17
--- ---
Net
cash
provided
by
financing
activities 712 21,979
Effect
of
exchange
rate
changes
on
cash
and
cash
equivalents (39) (1,219)
--- ------
Net
increase
in
cash
and
cash
equivalents 578 17,834
Cash
and
cash
equivalents
at
beginning
of
period 1,498 46,212
----- ------
Cash
and
cash
equivalents
at
end
of
period 2,076 64,046
===== ======
Note: New Taiwan Dollars have been translated into U.S. Dollars
at the June 30, 2015 exchange rate of NT $30.85 per U.S.
Dollar.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/umc-reports-second-quarter-2015-results-300120375.html
SOURCE United Microelectronics Corporation
