UMC Reports 2009 Fourth Quarter Results
Net income in 2H09 and CAPEX in 4Q09 both exceeded NT$10 billion; 2010 operating outlook optimistic
TAIPEI, Taiwan, Feb. 3 /PRNewswire-Asia-FirstCall/ --
Fourth Quarter 2009 Overview (Note 1):
-- Revenue increased 1.2% sequentially to NT$27.75 billion (US$868
million)
-- Gross margin of 25.9%, operating margin of 13.5%
-- Utilization rate was 86%
-- Net income of NT$4.40 billion (US$137 million)
-- Earnings per share of NT$0.35, earnings per ADS of US$0.055
Note 1: Unless otherwise stated, all financial figures discussed in this
announcement are prepared in accordance with ROC GAAP, which differ in
some material respects from generally accepted accounting principles in
the United States. They are un-audited, unconsolidated, and represent
comparisons among the three-month period ending December 31, 2009, the
three-month period ending September 30, 2009, and the equivalent
three-month period that ended December 31, 2008. For all 4Q09 results, New
Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the
December 31, 2009 exchange rate of NT$31.98 per U.S. Dollar.
United Microelectronics Corporation (NYSE: UMC; TSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its unconsolidated operating results for the fourth quarter of 2009.
Revenue increased 1.2% QoQ to NT$27.75 billion, from NT$27.41 billion in 3Q09, and increased approximately 50% YoY, from NT$18.54 billion in 4Q08. Gross margin was 25.9%, operating margin was 13.5%, net income was NT$4.40 billion, and earnings per ordinary share were NT$0.35. While capital expenditures invested during the quarter were NT$10.19 billion, cash balance still increased to NT$52.79 billion due to a rise in net income in the second half of the year to NT$10.49 billion. Since the full year of 2009 remained profitable, with earnings per share of NT$0.31, the Company plans to propose the distribution of dividends to shareholders and bonuses to employees at the next board meeting.
Dr. Shih-Wei Sun, CEO of UMC, said, "In 2009, UMC smoothly weathered the most severe economic recession in recent history. Moreover, we were one of the first foundries to have recovered from the downturn and posted the lowest decline in revenue resulting from the financial crisis compared to other foundries. Looking to 2010, UMC shares the industry's positive outlook on growth for the foundry sector. For 2010, UMC plans to increase CAPEX to US$1.2-1.5 billion to accommodate the robust demand we are seeing from customers for advanced technologies, to attain a reasonable balance between market share and ROE, and to solidify UMC's stable, long-term growth."
Dr. Sun emphasized, "Capital expenditure for 2010 will mainly be used to build capacity for advanced processes. We plan to boost 45/40nm process capacity and continue to introduce 28nm R&D and pilot production equipment at Fab12A in Tainan, as well as greatly expand 65/55nm process capacity at Fab12i in Singapore. In addition, we plan to accelerate the readiness timeframe of Fab12A's phase 3 cleanroom related facilities and equipment installation to meet demand for advanced technology capacity and provide for a more flexible expansion plan. At the same time, we will pay close attention to the pace of the continuing economic recovery and the successive adjustments of U.S. and China's monetary policies. UMC will continue to diligently monitor economic conditions over the next several quarters and react prudently in accordance."
Dr. Sun continued, "Following UMC's 'Customer-Driven Foundry Solutions' approach over the past year, we have engaged new customers while further enhancing our relationships with existing customers, and strengthened our ability to provide the best wafer foundry solutions. Percentage of revenue from advanced and specialty processes has also increased with each quarter. In terms of 40nm, UMC's independently developed high-performance 40nm logic process has not only helped customers to beat the tape-out to production duration of the 65nm generation by a quarter, but has also achieved stable and predictable yields. This success has demonstrated that close cooperation between UMC and its customers for the 40nm process can accelerate time-to- volume, satisfy customer demands for advanced processes, and achieve win-win results. UMC will continue to expand its global presence and proceed with its overseas acquisitions; when finalized, this diversification of manufacturing locations will help customers mitigate geographic risk, increase economies of scale, and create synergies for the Company's overall operational and financial performance."
Summary of Operating Results
Operating Results
(Amount: NT$ million) 4Q09 3Q09 QoQ% 4Q08 YoY%
change change
Revenue 27,746 27,406 1.2 18,541 49.6
Gross Profit (Loss) 7,179 7,655 (6.2) (803) --
Operating Expenses (3,435) (3,446) (0.3) (3,073) 11.8
Operating Income (Loss) 3,744 4,209 (11.0) (3,876) --
Non-Operating Income
(Expenses) 700 2,180 (67.9) (19,082) --
Net Income (Loss) 4,396 6,091 (27.8) (23,510) --
EPS (NT$ per share) 0.35 0.48 -- (1.81) --
(US$ per ADS) 0.055 0.075 -- (0.283) --
Revenue increased 1.2% QoQ to NT$27.75 billion from NT$27.41 billion in 3Q09, and increased 49.6% YoY from NT$18.54 billion in 4Q08. Gross profit was NT$7.18 billion, or 25.9% of revenue, compared to NT$7.66 billion, or 27.9% of 3Q09 revenue. Operating income for the quarter was NT$3.74 billion, or 13.5% of revenue, compared to NT$4.21 billion, or 15.4% of 3Q09 revenue. The increase in revenue was mainly due to an improved blended ASP. Net income in 4Q09 was NT$4.40 billion, compared to NT$6.09 billion in 3Q09.
Earnings per ordinary share for the quarter were NT$0.35. Earnings per ADS (Note 2) were US$0.055. The basic weighted average number of outstanding shares in 4Q09 was 12,686,971,252, compared with 12,671,692,578 shares in 3Q09 and 12,971,740,926 shares in 4Q08. The diluted weighted average number of outstanding shares was 12,802,575,731 in 4Q09, compared with 12,793,329,223 shares in 3Q09 and 12,971,740,926 shares in 4Q08. The fully diluted share count on December 31, 2009 was approximately 13,797,337,000. During the fourth quarter, UMC transferred 78 million treasury shares to employees. On December 31, 2009, UMC still held 222 million treasury shares acquired from the 13th share buy-back program.
Note 2: One ADS represents five Taiwan-listed ordinary shares.
Detailed Financials Section
COGS & Expenses
(Amount: NT$ million) 4Q09 3Q09 QoQ% 4Q08 YoY%
change change
Revenue 27,746 27,406 1.2 18,541 49.6
CoGS (20,567) (19,751) 4.1 (19,344) 6.3
Depreciation (7,155) (7,529) (5.0) (7,682) (6.9)
Other Mfg. Costs (13,412) (12,222) 9.7 (11,662) 15.0
Gross Profit 7,179 7,655 (6.2) (803) --
Gross Margin (%) 25.9% 27.9% -- (4.3%) --
Total Operating Exp. (3,435) (3,446) (0.3) (3,073) 11.8
G&A (644) (593) 8.6 (428) 50.5
Sales & Marketing (654) (629) 4.0 (679) (3.7)
R&D (2,137) (2,224) (3.9) (1,966) 8.7
Operating Income 3,744 4,209 (11.0) (3,876) --
Depreciation within CoGS decreased by 5.0% to NT$7.16 billion. Other manufacturing costs increased 9.7% to NT$13.41 billion, partially due to a decrease in gain on re-measurement of inventories and an increase of accrued employee bonuses. Total operating expenses decreased 0.3%. General and Administration expenses increased to NT$644 million mainly due to an increase in the incentive bonus. Sales & marketing expenses increased to NT$654 million, owing to an increase in mask and sample expenses. R&D expenses decreased to NT$2.14 billion due to a decrease in depreciation of R&D equipment. The total R&D expense was 7.7% of revenue in 4Q09.
Non-Operating Income (Expenses)
(Amount: NT$ million) 4Q09 3Q09 4Q08
Net Non-Operating Income (Exp.) 700 2,180 (19,082)
Net Interest Income (Exp.) 22 (4) 115
Net Investment Income (Loss) 923 1,736 (15,465)
Gain on Disposal of Investment 162 307 52
Exchange Gain (Loss) (9) (227) 345
Other (398) 368 (4,129)
Net non-operating income during 4Q09 was NT$700 million. Net investment
income was NT$923 million, mainly due to investment income from equity method
investees and valuation gain on trading securities. The decrease of NT$813
million quarter-over-quarter in net investment income was mainly due to a
decrease in cash dividends.
Cash Flow Summary
For the 3-Month For the 3-Month
(Amount: NT$ million) Period Ended Period Ended
Dec. 31, 2009 Sep. 30, 2009
Cash Flow from Operating 13,088 12,247
Net Income 4,396 6,091
Depreciation & Amortization 8,134 8,292
Changes in Working Capital 859 (499)
Other (301) (1,637)
Cash Flow from Investing (12,076) (5,508)
Capital Expenditures (10,193) (4,593)
Other (1,883) (915)
Cash Flow from Financing 7,145 101
Financial Liabilities at Fair
Value through Profit or Loss 1,341 --
Long-Term Loans 5,279 100
Redemption of Long-Term
Loans (100) --
Transfer of Treasury Stock 623 --
Other 2 1
Effect of Exchange Rate (1) (108)
Net Cash Flow 8,156 6,732
Net cash inflow increased to NT$8.16 billion in 4Q09. Operating cash inflow was NT$13.09 billion. The rise in investing cash outflow primarily reflects the higher CAPEX in 4Q09 of NT$10.19 billion, compared to the CAPEX of NT$4.59 billion in 3Q09. Free cash flow (Note 3) for 4Q09 was NT$2.90 billion. Free cash flow for the full year of 2009 was NT$14.89 billion. Over the next 12 months, UMC expects to repay NT$7.50 billion in term loans.
Note 3: Free cash flow = Operating cash flow - Capital expenditures
Current Assets
(Amount: NT$ billion) 4Q09 3Q09 4Q08
Cash & Cash Equivalents 52.79 44.64 36.12
Notes & Accounts Receivable 17.06 16.23 7.80
Days Sales Outstanding 54 50 54
Inventories 8.78 8.42 7.77
Avg. Inventory Turnover 39 40 47
Total Current Assets 88.29 73.51 54.61
Cash and cash equivalents increased NT$8.15 billion to NT$52.79 billion
due to cash flow from operations and the issuance of exchangeable bonds.
During 4Q09, days sales outstanding increased to 54 days due to an increase in
average accounts receivable.
Liabilities
(Amount: NT$ billion) 4Q09 3Q09 4Q08
(Amount: NT$ billion)
Total Current Liabilities 34.03 22.97 11.63
Accounts Payable 5.05 4.42 2.05
Short-Term Credit / Bonds 12.80 7.52 0.07
Payable on Equipment 5.49 3.44 1.71
Other 10.69 7.59 7.80
Long-Term Liabilities 0.77 0.88 8.13
Total Liabilities 38.29 27.37 23.31
Debt to Equity 18% 13% 13%
Current liabilities increased to NT$34.03 billion, mainly due to an increase in payable on equipment and the issuance of two exchangeable bonds. Total liabilities increased to NT$38.29 billion in 4Q09. UMC's debt to equity ratio increased to 18%.
Analysis of Revenue (Note 4)
Revenue Breakdown by Region
Region 4Q09 3Q09 2Q09 1Q09 4Q08
North America 51% 49% 47% 53% 57%
Asia Pacific 40% 41% 42% 37% 31%
Europe 8% 9% 10% 9% 10%
Japan 1% 1% 1% 1% 2%
The percentage of revenue from the North America region increased to 51%, mainly due to continuing strong demand from advanced technology node products.
Revenue Breakdown by Geometry
Geometry 4Q09 3Q09 2Q09 1Q09 4Q08
65nm and below 17% 14% 12% 11% 8%
65nm < x <=90nm 25% 26% 27% 27% 27%
90nm < x <=0.13um 23% 21% 19% 16% 22%
0.13um < x <=0.18um 19% 21% 21% 22% 23%
0.18um < x <=0.35um 11% 13% 16% 18% 15%
0.5um and above 5% 5% 5% 6% 5%
Revenue from 65nm and below business increased to 17% of total revenue, due to stronger demand for wireless communication chips. The percentage of revenue from 90nm and below increased to 42% in 4Q09.
Revenue Breakdown by Customer Type
Customer Type 4Q09 3Q09 2Q09 1Q09 4Q08
Fabless 80% 79% 77% 80% 80%
IDM 20% 21% 23% 20% 20%
The percentage of revenue from fabless customers increased slightly to 80%
in 4Q09 from 79% in 3Q09.
Revenue Breakdown by Application (1)
Application 4Q09 3Q09 2Q09 1Q09 4Q08
Computer 11% 17% 15% 15% 15%
Communication 62% 59% 62% 57% 61%
Consumer 25% 23% 21% 25% 22%
Memory 0% 0% 1% 1% 1%
Others 2% 1% 1% 2% 1%
(1) Computer consists of ICs such as HDD controllers, DVD-ROM/CD-ROM
drives ICs, LCD drivers, graphic processors, and PDAs. Communication
consists of xDSL, DSP, WLAN, LAN controllers, handset components,
caller ID devices, etc. Consumer consists of ICs used for DVD players,
game consoles, digital cameras, smart cards, toys, etc. Memory
consists of DRAM, SRAM, Flash, EPROM, ROM, and EEPROM.
Revenue from the computer segment decreased to 11% of total revenue in 4Q09 in connection with weaker demand for PC peripheral chips and driver ICs.
Note 4: Revenue in this section represents wafer sales.
Blended Average Selling Price Trend
The blended average selling price (ASP) increased modestly in US dollar terms during 4Q09, mainly due to a favorable change in product mix.
(To view ASP trend, visit
http://www.umc.com/english/investors/4Q09_ASP_trend.asp )
Shipment and Utilization Rate (Note 5)
Wafer Shipments
4Q09 3Q09 2Q09 1Q09 4Q08
Wafer Shipments
(8" K equivalents) 990 1,017 898 384 567
Quarterly Capacity Utilization Rate
4Q09 3Q09 2Q09 1Q09 4Q08
Utilization Rate 86% 89% 79% 30% 48%
Total Capacity
(8" K equivalents) 1,132 1,152 1,151 1,151 1,151
Wafer shipments decreased 2.7% sequentially to 990K in 4Q09, compared to 1,017K 8-inch equivalent wafers shipped in 3Q09. The overall utilization rate for the quarter was 86%.
Note 5: Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity (Note 6)
Capacity during the fourth quarter was 1,132K 8-inch equivalent wafers. The decrease of total capacity is mainly due to conversion of existing 0.13um and 90nm capacity to 65nm and 40/45nm in Fab12A. The estimated installed capacity in 1Q10 will increase to 1,154K 8-inch equivalent wafers due to the announced expansion plan and the release of equipment for production.
Annual Capacity in
thousands of 8-inch wafer equivalents
FAB Geometry 2009 2008 2007 2006
(um)
Fab6A 6" 3.5 - 0.45 328 328 328 328
Fab8A 8" 0.5 - 0.25 816 816 816 816
Fab8C 8" 0.35 - 0.11 405 417 400 400
Fab8D 8" 0.13 - 0.09 267 257 260 252
Fab8E 8" 0.5 - 0.18 408 408 408 406
Fab8F 8" 0.18 - 0.11 381 372 372 372
Fab8S (1) 8" 0.18 - 0.11 300 291 276 276
Fab12A 12" 0.18 - 0.045 866 876 847 754
Fab12i (2) 12" 0.13 - 0.065 815 742 601 413
Total (3) 4,586 4,507 4,308 4,017
YoY Growth Rate 2% 5% 7% 4%
Quarterly Capacity in
thousands of 8-inch wafer equivalents
FAB 1Q10E 4Q09 3Q09 2Q09
Fab6A 82 82 82 82
Fab8A 204 204 204 204
Fab8C 96 99 99 99
Fab8D 71 68 68 68
Fab8E 102 102 102 102
Fab8F 96 96 96 96
Fab8S 75 75 75 75
Fab12A 209 200 222 222
Fab12i 219 206 204 203
Total (3) 1,154 1,132 1,152 1,151
(1) Former fab of SiSMC, which was acquired from Silicon Integrated
Systems in July 2004.
(2) Former fab of UMCi, a UMC wholly-owned subsidiary since December 2004
that was merged into UMC in April 2005
(3) One 6-inch wafer is converted into 0.5625(6sq/8sq) 8-inch equivalent
wafer; one 12-inch wafer is converted into 2.25(12sq/8sq) 8-inch
equivalent wafers.
Note 6: Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
CAPEX
UMC Capital Expenditure by Year - in US$ billion
Year 2009 2008 2007 2006 2005 2004
CAPEX $0.55 $0.35 $0.9 $1.0 $0.7(1) $1.5
(1) 2005 CAPEX contained UMC 2005 full-year CAPEX and UMCi CAPEX during
1Q05.
2009 CAPEX Plan
8" 12" Total
UMC 12% 88% US$551 million
2010 CAPEX Plan
8" 12" Total
UMC 6% 94% US$1.2-1.5 billion
The total capital expenditure for 2009 was US$551 million. The capital expenditure budget for 2010 is expected to be in the range of US$1.2 to 1.5 billion. More than 90% of the amount will be used for 12" capacity expansion.
Brief Summary of Full Year 2009 Results
Operating Results
(Amount: NT$ million) 2009 2008 YoY%
change
Revenue 88,618 92,530 (4.2)
Gross Profit 15,880 15,638 1.5
Operating Expenses (12,548) (13,334) (5.9)
Operating Income 3,332 2,304 44.6
Non-Operating Income 1,136 (23,698) --
(Expenses)
Income Tax Expenses (594) (926) (35.9)
Net Income (Loss) 3,874 (22,320) --
EPS (NT$ per share) 0.31 (1.70) --
(US$ per ADS) 0.048 (0.266) --
-- Revenue decreased 4.2% YoY to NT$88.62 billion, from NT$92.53 billion
in 2008
-- Gross profit margin was 17.9%, compared to 16.9% in 2008
-- Operating profit margin was 3.8%, compared to 2.5% in 2008
-- Net income was NT$3.87 billion for 2009
-- EPS was NT$0.31, or EPADS was US$0.048 for 2009, compared to net loss
per share of NT$1.70 or net loss per ADS of US$0.266 for 2008
-- The percentage of revenue from 65nm sales was 13% in 2009; the
percentage of revenue from 90nm and below sales increased to 39%, from
37% in 2008
Annual Sales Breakdown in Revenue
Region 2009 2008
North America 50% 56%
Asia Pacific 40% 32%
Asia Pacific
Europe 9% 10%
Japan 1% 2%
Technology 2009 2008
65nm and below 13% 7%
65nm < x <=90nm 26% 30%
90nm < x <=0.13um 21% 21%
0.13um < x <=0.18um 21% 21%
0.18um < x <=0.35um 14% 16%
0.5um and above 5% 5%
Customer Type 2009 2008
Fabless 79% 73%
IDM 21% 27%
Application 2009 2008
Computer 14% 18%
Communication 61% 58%
Consumer 23% 22%
Memory 1% 1%
Others 1% 1%
Recent Developments / Announcements
Jan. 20, 2010 Xilinx Virtex-6 FPGA Family Achieves Full Production
Qualification on UMC's High-Performance 40nm Process
Dec. 15, 2009 UMC Announces Completion of Tender Offer to UMC Japan
Dec. 10, 2009 UMC Presents Paper on New Hybrid High-k/Metal Gate Approach
for 28nm at 2009 IEDM
Nov. 30, 2009 UMC Announces Exchangeable Bond Pricing
Oct. 28, 2009 UMC Proposed to Acquire UMC Japan through Tender Offer
Oct. 28, 2009 UMC 3Q 2009 Financial Results
Please visit UMC's website for further details regarding the above announcements.
First Quarter of 2010 Outlook & Guidance
Quarter-over-Quarter Guidance:
-- Wafer shipments to be flat
-- Wafer ASP in US$ to decrease by less than 3%
-- Currency appreciation to drive down NTD revenue by approximately 1-2%
-- Capacity utilization rate in the high-80% range
-- Gross margin in the mid-20% range
-- The computer segment expected to outperform the other segments
-- 2010 CAPEX budget in the range of US$1.2 - 1.5 billion
Conference Call / Webcast Announcement
Wednesday, February 3, 2010
Time: 9:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London)
Dial-in numbers and Access Codes:
USA Toll Free: 1 866 519 4004
UK Toll Free: 0808 234 6646
Singapore and Other Areas: +65 6735 7955
Access Code: UMC
A live webcast and replay of the 4Q09 results announcement will be available at http://www.umc.com under the "Investor Relations \ Investor Events" section.
About UMC
UMC (NYSE: UMC, TSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab12A in Taiwan and Singapore-based Fab12i are both in volume production for a variety of customer products. The company employs approximately 12,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com .
Safe Harbor Statements
This release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by use of words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts.
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates. Further information regarding these and other risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
The financial statements included in this release are unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP. Investors are cautioned that there are many differences between ROC GAAP and US GAAP.
This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
-- FINANCIAL TABLES TO FOLLOW --
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Balance Sheet
As of December 31, 2009
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
December 31, 2009
US$ NT$ %
ASSETS
Current Assets
Cash and Cash Equivalents 1,651 52,792 21.0%
Financial assets at fair value
through profit or loss, current 66 2,096 0.8%
Available-for-sale financial
assets, current 196 6,251 2.5%
Notes & Accounts Receivable, net 533 17,056 6.8%
Inventories, net 274 8,776 3.5%
Other Current Assets 41 1,322 0.5%
Total Current Assets 2,761 88,293 35.1%
Non-Current Assets
Funds and Investments 2,185 69,878 27.7%
Property, Plant and Equipment,
net 2,735 87,472 34.7%
Other Assets 195 6,247 2.5%
Total Non-Current Assets 5,115 163,597 64.9%
TOTAL ASSETS 7,876 251,890 100.0%
LIABILITIES
Current Liabilities
Financial liabilities at fair
value through profit or loss,
current 60 1,915 0.8%
Payables 594 18,983 7.5%
Current Portion of Long-term
Liabilities 400 12,801 5.1%
Other Current Liabilities 10 330 0.1%
Total Current Liabilities 1,064 34,029 13.5%
Non-Current Liabilities
Long-term Loans 24 766 0.3%
Other Liabilities 109 3,497 1.4%
Total Non-Current Liabilities 133 4,263 1.7%
TOTAL LIABILITIES 1,197 38,292 15.2%
STOCKHOLDERS' EQUITY
Capital Stock 4,061 129,878 51.6%
Additional Paid-in Capital 1,387 44,365 17.6%
Retained Earnings, Unrealized Gain
or Loss on Financial
Instruments and Cumulative
Translation Adjustment 1,290 41,245 16.4%
Treasury Stock (59) (1,890) (0.8%)
TOTAL STOCKHOLDERS' EQUITY 6,679 213,598 84.8%
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 7,876 251,890 100.0%
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
Year over Year Comparison
Three-Month Period Ended
December 31, December 31,
2009 2008 %
US$ NT$ US$ NT$ Chg.
Net Sales 868 27,746 580 18,541 49.6%
Cost of Goods Sold (644) (20,567) (605) (19,344) 6.3%
Net Gross Profit (Loss) 224 7,179 (25) (803) (994.0%)
25.9% 25.9% (4.3%) (4.3%) --
Operating Expenses
- Sales & Marketing (20) (654) (21) (679) (3.7%)
- General & Administrative (20) (644) (13) (428) 50.5%
- Research & Development (67) (2,137) (62) (1,966) 8.7%
(107) (3,435) (96) (3,073) 11.8%
Operating Income (Loss) 117 3,744 (121) (3,876) (196.6%)
13.5% 13.5% (20.9%) (20.9%) --
Net Non-Operating Income
(Expenses) 22 700 (597) (19,082) (103.7%)
Income (Loss) from continuing
operations before income tax 139 4,444 (718) (22,958) (119.4%)
16.0% 16.0% (123.8%) (123.8%) --
Income Tax Expense (2) (48) (17) (552) (91.3%)
Net Income (Loss) 137 4,396 (735) (23,510) (118.7%)
15.8% 15.8% (126.8%) (126.8%) --
Earnings (Losses) per Share 0.011 0.35 (0.057) (1.81) --
Earnings (Losses) per ADS (2) 0.055 1.75 (0.283) (9.05) --
Weighted Average Number of
Shares
Outstanding (in millions) -- 12,687 -- 12,972 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data (Continued)
Quarter over Quarter Comparison
Three-Month Period Ended
December 31, September 30,
2009 2009 %
US$ NT$ US$ NT$ Chg.
Net Sales 868 27,746 857 27,406 1.2%
Cost of Goods Sold (644) (20,567) (618) (19,751) 4.1%
Net Gross Profit (Loss) 224 7,179 239 7,655 (6.2%)
25.9% 25.9% 27.9% 27.9% --
Operating Expenses
- Sales & Marketing (20) (654) (20) (629) 4.0%
- General & Administrative (20) (644) (18) (593) 8.6%
- Research & Development (67) (2,137) (69) (2,224) (3.9%)
(107) (3,435) (107) (3,446) (0.3%)
Operating Income (Loss) 117 3,744 132 4,209 (11.0%)
13.5% 13.5% 15.4% 15.4% --
Net Non-Operating Income
(Expenses) 22 700 68 2,180 (67.9%)
Income (Loss) from continuing
operations before income tax 139 4,444 200 6,389 (30.4%)
16.0% 16.0% 23.3% 23.3% --
Income Tax Expense (2) (48) (10) (298) (83.9%)
Net Income (Loss) 137 4,396 190 6,091 (27.8%)
15.8% 15.8% 22.2% 22.2% --
Earnings (Losses) per Share 0.011 0.35 0.015 0.48 --
Earnings (Losses) per ADS (2) 0.055 1.75 0.075 2.40 --
Weighted Average Number of Shares
Outstanding (in millions) -- 12,687 -- 12,672 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
For the Three-Month Period Ended
December 31, 2009
US$ NT$ %
Net Sales 868 27,746 100.0%
Cost of Goods Sold (644) (20,567) (74.1%)
Net Gross Profit 224 7,179 25.9%
Operating Expenses
- Sales & Marketing (20) (654) (2.4%)
- General & Administrative (20) (644) (2.3%)
- Research & Development (67) (2,137) (7.7%)
(107) (3,435) (12.4%)
Operating Income 117 3,744 13.5%
Net Non-Operating Income (Expenses) 22 700 2.5%
Income from continuing operations
before income tax 139 4,444 16.0%
Income Tax Expense (2) (48) (0.2%)
Net Income 137 4,396 15.8%
Earnings per Share 0.011 0.35 --
Earnings per ADS (2) 0.055 1.75 --
Weighted Average Number of Shares
Outstanding (in millions) -- 12,687 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data (Continued)
For the Year Ended
December 31, 2009
US$ NT$ %
Net Sales 2,771 88,618 100.0%
Cost of Goods Sold (2,275) (72,738) (82.1%)
Net Gross Profit 496 15,880 17.9%
Operating Expenses
- Sales & Marketing (72) (2,291) (2.6%)
- General & Administrative (69) (2,220) (2.5%)
- Research & Development (251) (8,037) (9.0%)
(392) (12,548) (14.1%)
Operating Income 104 3,332 3.8%
Net Non-Operating Income (Expenses) 36 1,136 1.2%
Income from continuing operations
before income tax 140 4,468 5.0%
Income Tax Expense (19) (594) (0.6%)
Net Income 121 3,874 4.4%
Earnings per Share 0.010 0.31 --
Earnings per ADS (2) 0.048 1.55 --
Weighted Average Number of Shares
Outstanding (in millions) -- 12,699 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Statement of Cash Flows
For The Year Ended December 31, 2009
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
USD NTD
Cash flows from operating activities:
Net Income 121 3,874
Depreciation & Amortization 1,048 33,518
Gain on recovery in market value
and obsolescence of inventories (71) (2,268)
Cash dividends received under the
equity method 12 390
Investment loss accounted for
under the equity method 28 893
Loss on valuation of financial
assets and liabilities 10 327
Impairment loss 12 388
Gain on disposal of investments (39) (1,257)
Gain on disposal of property,
plant and equipment (1) (13)
Gain on disposal of non-current
assets held for sale (3) (91)
Exchange gain on financial assets
and liabilities (0) (6)
Exchange gain on long-term
liabilities (1) (27)
Amortization of bond discounts 1 20
Amortization of deferred income (6) (202)
Compensation cost of Share-Based
payment 5 161
Changes in assets, liabilities
and others (100) (3,206)
Net cash provided by operating
activities 1,016 32,501
Cash flows from investing activities:
Acquisition of Trading financial
assets (6) (190)
Acquisition of available-for-
sales financial assets (0) (2)
Proceeds from disposal of
available-for-sales financial
assets 49 1,554
Proceed from sale of financial
assets measured at cost 1 39
Acquisition of long-term
investments accounted for under
the equity method (120) (3,824)
Proceeds from disposal of long-
term investments accounted for
the equity method 3 79
Proceeds from liquidation of
long-term investments 1 15
Acquisition of property, plant
and equipment (551) (17,609)
Proceeds from disposal of
property, plant and equipment 1 39
Proceeds from disposal of non-
current assets held for sale 15 462
Increase in deferred charges (36) (1,146)
Increase in other assets - others (1) (23)
Net cash used in investing activities (644) (20,606)
Cash flows from financing activities:
Proceeds from long-term Loans 13 400
Repayments of long-term Loans (9) (300)
Increase in financial liabilities
at fair value through profit or
loss 42 1,341
Proceeds from bonds issued 167 5,330
Bonds issue cost (2) (51)
Purchase of treasury stock (75) (2,393)
Treasury stock transferred to
employees 19 623
Increase in deposits-in 0 6
Net cash provided by financing
activities 155 4,956
Effect of exchange rate changes on
cash and cash equivalents (6) (183)
Net increase in cash and cash
equivalents 521 16,668
Cash and cash equivalents at
beginning of period 1,130 36,124
Cash and cash equivalents at end of
period 1,651 52,792
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2009 exchange rate of NT $31.98 per U.S. Dollar.
All figures are in ROC GAAP.
Contacts:
Phil Lee / Tien Yu Tseng
UMC, Investor Relations
Tel: +886-2-2700-6999 ext. 6957
Email: [email protected] / [email protected]
SOURCE United Microelectronics Corporation
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