UMC Reports First Quarter 2011 Results
Q1 results in line with guidance; proposing NT$1.12 per share cash dividend
TAIPEI, Taiwan, April 27, 2011 /PRNewswire-Asia/ --
First Quarter 2011 Overview (1):
- Revenue: decreased 10.2% QoQ to NT$28.12 billion (US$956.07 million)
- Gross margin: 27.5%; operating margin: 15.8%
- Capacity utilization: 90%
- Net income: NT$4.48 billion (US$152.33 million)
- Earnings per share: NT$0.36; earnings per ADS: US$0.06
(1) Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, unconsolidated, and represent comparisons among the three-month period ending March 31, 2011, the three-month period ending December 31, 2010, and the equivalent three-month period that ended March 31, 2010. For all 1Q11 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2011 exchange rate of NT$29.41 per U.S. Dollar.
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its unconsolidated operating results for the first quarter of 2011.
Revenue was NT$28.12 billion, a 10.2% quarter-over-quarter decrease from NT$31.32 billion in 4Q10, and a 5.3% year-over-year increase from NT$26.72 billion in 1Q10. Gross margin was 27.5%, operating margin was 15.8%, net income was NT$4.48 billion, and earnings per ordinary share were NT$0.36.
Dr. Shih-Wei Sun, CEO of UMC, said: "In Q1 2011, shipments reached 1.12 million 8-inch equivalent wafers. Capacity utilization was 90%, with revenue in line with projections. For Q2, we have tempered our expectations for revenue and profit, since more time is needed to accurately assess worldwide semiconductor demand due to Japan's March 11th earthquake and its impact on the global supply chain. With regard to UMC's own operations, the company's supply of raw materials and equipment components remained secure, while production at our UMCJ factory in Tateyama, Japan, recovered in minimal time. Following the quake, we promptly allocated resources to support customers' demands, while also assisting suppliers and partners that sustained earthquake damage with needed materials and supplies to help accelerate supply chain recovery."
Dr. Sun emphasized: "The next several quarters involve several uncertainties, such as the schedule for supply chain recovery, inflation in emerging markets, European sovereign debt, and exit of the US quantitative easing program. These factors may potentially impact the global economy as well as UMC's performance in the second half of the year. Nevertheless, UMC remains optimistic about mid to long-term foundry growth and will proceed rationally with financial discipline. To ensure our core competitiveness, the company is moving forward as planned with R&D and capacity expansion for advanced technologies. Revenue contribution from UMC's volume production 40nm technology is expected to continue growing in the second half of 2011. 28nm R&D collaboration with customers is also progressing smoothly and is scheduled for pilot production by mid-year. To maintain favorable ROE, the Board of Directors has proposed for shareholder approval a cash dividend payout of NT$1.12 per share. Going forward, we will further improve technology and service quality to enhance the company's performance for the maximum benefit of customers, shareholders, and UMC."
Summary of Operating Results
Operating Results |
||||||
(Amount: NT$ million) |
1Q11 |
4Q10 |
QoQ % change |
1Q10 |
YoY % change |
|
Revenue |
28,118 |
31,319 |
(10.2) |
26,715 |
5.3 |
|
Gross Profit |
7,742 |
10,052 |
(23.0) |
6,559 |
18.0 |
|
Operating Expenses |
(3,300) |
(3,452) |
(4.4) |
(3,155) |
4.6 |
|
Operating Income |
4,442 |
6,600 |
(32.7) |
3,404 |
30.5 |
|
Non-Operating Income |
432 |
426 |
1.4 |
197 |
119.3 |
|
Net Income |
4,483 |
6,424 |
(30.2) |
3,482 |
28.7 |
|
EPS (NT$ per share) |
0.36 |
0.52 |
0.28 |
|||
(US$ per ADS) |
0.061 |
0.088 |
0.048 |
|||
Revenue decreased 10.2% QoQ to NT$28.12 billion from NT$31.32 billion in 4Q10, and increased 5.3% YoY from NT$26.72 billion in 1Q10. Gross profit was NT$7.74 billion, or 27.5% of revenue, compared to NT$10.05 billion, or 32.1% of 4Q10 revenue. Operating income for the quarter was NT$4.44 billion, or 15.8% of revenue, compared to NT$6.60 billion, or 21.1% of 4Q10 revenue. The QoQ decrease in revenue was mainly due to lower blended ASP, appreciation of the NT dollar, and fewer wafer shipments. Net income in 1Q11 was NT$4.48 billion, compared to NT$6.42 billion in 4Q10.
Earnings per ordinary share for the quarter were NT$0.36. Earnings per ADS (2) were US$0.061. The basic weighted average number of outstanding shares in 1Q11 was 12,513,899,178, compared with 12,450,619,954 shares in 4Q10 and 12,638,040,544 shares in 1Q10. The diluted weighted average number of outstanding shares was 12,810,053,573 in 1Q11, compared with 12,576,463,301 shares in 4Q10 and 12,834,956,316 shares in 1Q10. The fully diluted share count on March 31, 2011 was approximately 13,695,580,000. On March 31, 2011, UMC held 458 million treasury shares acquired from the 13th and 14th share buy-back programs.
(2) One ADS represents five Taiwan-listed ordinary shares.
Detailed Financials Section
COGS & Expenses |
||||||
(Amount: NT$ million) |
1Q11 |
4Q10 |
QoQ % |
1Q10 |
YoY % |
|
Revenue |
28,118 |
31,319 |
(10.2) |
26,715 |
5.3 |
|
COGS |
(20,376) |
(21,267) |
(4.2) |
(20,156) |
1.1 |
|
Depreciation |
(5,840) |
(5,879) |
(0.7) |
(6,907) |
(15.4) |
|
Other Mfg. Costs |
(14,536) |
(15,388) |
(5.5) |
(13,249) |
9.7 |
|
Gross Profit |
7,742 |
10,052 |
(23.0) |
6,559 |
18.0 |
|
Gross Margin (%) |
27.5% |
32.1% |
24.6% |
|||
Total Operating Exp. |
(3,300) |
(3,452) |
(4.4) |
(3,155) |
4.6 |
|
G&A |
(668) |
(732) |
(8.7) |
(603) |
10.8 |
|
Sales & Marketing |
(452) |
(486) |
(7.0) |
(545) |
(17.1) |
|
R&D |
(2,180) |
(2,234) |
(2.4) |
(2,007) |
8.6 |
|
Operating Income |
4,442 |
6,600 |
(32.7) |
3,404 |
30.5 |
|
Gross margin dropped to 27.5%, mainly due to a combination of lower ASP, softer loading, and the strengthening NT dollar. The total R&D expense was 7.8% of revenue in 1Q11. Depreciation within COGS decreased slightly in Q1, and will start to increase starting in Q2.
Non-Operating Income (Expenses) |
||||
(Amount: NT$ million) |
1Q11 |
4Q10 |
1Q10 |
|
Net Non-Operating Income |
432 |
426 |
197 |
|
Net Interest Income |
26 |
28 |
23 |
|
Net Investment Income (Loss) |
(420) |
(147) |
8 |
|
Gain on Disposal of Investment |
16 |
432 |
77 |
|
Exchange Gain (Loss) |
149 |
34 |
(30) |
|
Other Gain |
661 |
79 |
119 |
|
Net non-operating income during 1Q11 showed a slight increase QoQ to NT$432 million. The gain from other items includes valuation gain from embedded options of exchangeable bonds. The net investment loss can be attributed to investment loss accounted for under the equity method.
Cash Flow Summary |
|||
(Amount: NT$ million) |
For the 3-Month Period Ended Mar. 31, 2011 |
For the 3-Month Period Ended Dec. 31, 2010 |
|
Cash Flow from Operations |
12,667 |
15,312 |
|
Net Income |
4,483 |
6,424 |
|
Depreciation & Amortization |
7,317 |
6,977 |
|
Changes in Working Capital |
106 |
1,990 |
|
Other |
761 |
(79) |
|
Cash Flow from Investing |
(14,474) |
(22,012) |
|
Capital Expenditures |
(12,757) |
(20,034) |
|
Other |
(1,717) |
(1,978) |
|
Cash Flow from Financing |
(120) |
907 |
|
Short-Term Loans |
(54) |
198 |
|
Long-Term Loans |
(69) |
200 |
|
Transfer of treasury stock |
- |
510 |
|
Other |
3 |
(1) |
|
Effect of Exchange Rate |
23 |
(203) |
|
Net Cash Flow |
(1,904) |
(5,996) |
|
Operating cash inflow was NT$12.67 billion. Free cash flow(3) for 1Q11 was negative NT$90 million, as CAPEX spending for the quarter was NT$12.76 billion. Net cash outflow was NT$1.90 billion in 1Q11.
(3) Free cash flow = Operating cash flow - Capital expenditures
Current Assets |
||||
(Amount: NT$ billion) |
1Q11 |
4Q10 |
1Q10 |
|
Cash & Cash Equivalents |
31.03 |
32.93 |
48.54 |
|
Notes & Accounts Receivable |
15.78 |
16.50 |
16.95 |
|
Days Sales Outstanding |
52 |
51 |
57 |
|
Inventories |
12.02 |
11.20 |
9.48 |
|
Avg. Inventory Turnover |
53 |
48 |
42 |
|
Total Current Assets |
67.90 |
70.54 |
84.26 |
|
Cash and cash equivalents decreased to NT$31.03 billion. During 1Q11, inventory turnover increased to 53 days to accommodate customers' quarter-end adjustments and UMC proactively increasing raw materials inventory to buffer against Japan's earthquake impact.
Liabilities |
||||
(Amount: NT$ billion) |
1Q11 |
4Q10 |
1Q10 |
|
Total Current Liabilities |
38.37 |
39.64 |
34.66 |
|
Accounts Payable |
5.86 |
5.76 |
5.26 |
|
Short-Term Credit / Bonds |
8.16 |
7.98 |
12.89 |
|
Payable on Equipment |
9.97 |
11.26 |
5.06 |
|
Other |
14.38 |
14.64 |
11.45 |
|
Long-Term Liabilities |
0.79 |
0.90 |
0.80 |
|
Total Liabilities |
42.66 |
44.02 |
38.94 |
|
Debt to Equity |
19% |
20% |
19% |
|
Current liabilities decreased to NT$38.37 billion. Total liabilities decreased to NT$42.66 billion in 1Q11. UMC's debt to equity ratio decreased to 19%.
Analysis of Revenue(4)
Revenue Breakdown by Region |
||||||
Region |
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
|
North America |
51% |
53% |
46% |
46% |
47% |
|
Asia Pacific |
35% |
30% |
40% |
42% |
42% |
|
Europe |
13% |
16% |
13% |
11% |
10% |
|
Japan |
1% |
1% |
1% |
1% |
1% |
|
The percentage of revenue from Asia grew to 35%, reflecting the relative strength of Asia-based communication and computer customers.
Revenue Breakdown by Geometry |
||||||
Geometry |
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
|
40nm and below |
6% |
5% |
4% |
3% |
1% |
|
40nm<x<=65nm |
29% |
30% |
26% |
21% |
17% |
|
65nm<x<=90nm |
15% |
16% |
14% |
18% |
22% |
|
90nm<x<=0.13um |
23% |
20% |
24% |
22% |
25% |
|
0.13um<x<=0.18um |
13% |
14% |
15% |
18% |
18% |
|
0.18um<x<=0.35um |
9% |
10% |
12% |
13% |
11% |
|
0.5um and above |
5% |
5% |
5% |
5% |
6% |
|
Revenue from 65nm and below remained 35% of total revenue, with 40nm accounting for 6% of UMC's Q1 revenue contribution as demand remains steady for advanced process nodes.
Revenue Breakdown by Customer Type |
||||||
Customer Type |
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
|
Fabless |
72% |
73% |
78% |
81% |
81% |
|
IDM |
28% |
27% |
22% |
19% |
19% |
|
The percentage of revenue from IDM customers increased to 28% in 1Q11 due to increased IDM outsourcing.
Revenue Breakdown by Application (1) |
|||||||
Application |
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
||
Computer |
14% |
11% |
12% |
13% |
13% |
||
Communication |
57% |
56% |
53% |
54% |
59% |
||
Consumer |
26% |
30% |
32% |
31% |
26% |
||
Memory |
1% |
1% |
1% |
1% |
1% |
||
Others |
2% |
2% |
2% |
1% |
1% |
||
(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. Memory consists of DRAM, SRAM, Flash, ROM, and EEPROM. |
|||||||
Computer sector revenue contribution grew from 11% to 14% QoQ to reflect strengthening demand in PC related areas such as optical storage devices.
(4) Revenue in this section represents wafer sales.
Blended Average Selling Price Trend
The blended average selling price (ASP) decreased in US dollar terms during 1Q11, mainly due to the annual price adjustment that occurs at the beginning of the year.
(To view ASP trend, visit http://www.umc.com/english/investors/1Q11_ASP_trend.asp)
Shipment and Utilization Rate(5)
Wafer Shipments |
||||||
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
||
Wafer Shipments (8" K equivalents) |
1,120 |
1,132 |
1,202 |
1,156 |
1,033 |
|
Quarterly Capacity Utilization Rate |
||||||
1Q11 |
4Q10 |
3Q10 |
2Q10 |
1Q10 |
||
Utilization Rate |
90% |
94% |
>99% |
100% |
88% |
|
Total Capacity (8" K equivalents) |
1,259 |
1,234 |
1,220 |
1,183 |
1,154 |
|
Wafer shipments decreased 1.1% sequentially to 1,120K in 1Q11, compared to 1,132K 8-inch equivalent wafers shipped in 4Q10. As wafer capacity increased in Q1, overall utilization rate for the quarter was 90%.
(5) Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity(6)
Capacity during the first quarter was 1,259K 8-inch equivalent wafers. The increase in total capacity is mainly due to advanced capacity expansion at 12" fabs. The estimated installed capacity in 2Q11 will increase to 1,330K 8-inch equivalent wafers.
Annual Capacity in thousands of 8-inch wafer equivalents |
|||||||
FAB |
Geometry |
2010 |
2009 |
2008 |
2007 |
||
Fab6A |
6" |
3.5 - 0.45 |
331 |
328 |
328 |
328 |
|
Fab8A |
8" |
0.5 - 0.25 |
816 |
816 |
816 |
816 |
|
Fab8C |
8" |
0.35 - 0.11 |
366 |
405 |
417 |
400 |
|
Fab8D |
8" |
0.13 - 0.09 |
314 |
267 |
257 |
260 |
|
Fab8E |
8" |
0.5 - 0.18 |
410 |
408 |
408 |
408 |
|
Fab8F |
8" |
0.18 - 0.11 |
388 |
381 |
372 |
372 |
|
Fab8S (1) |
8" |
0.18 - 0.11 |
304 |
300 |
291 |
276 |
|
Fab12A |
12" |
0.18 - 0.040 |
841 |
866 |
876 |
847 |
|
Fab12i (2) |
12" |
0.13 - 0.065 |
1,021 |
815 |
742 |
601 |
|
Total (3) |
4,791 |
4,586 |
4,507 |
4,308 |
|||
YoY Growth Rate |
4% |
2% |
5% |
7% |
|||
Quarterly Capacity in thousands of 8-inch wafer equivalents |
|||||
FAB |
2Q11E |
1Q11 |
4Q10 |
3Q10 |
|
Fab6A |
76 |
75 |
83 |
83 |
|
Fab8A |
204 |
201 |
204 |
204 |
|
Fab8C |
90 |
89 |
90 |
90 |
|
Fab8D |
93 |
85 |
84 |
81 |
|
Fab8E |
119 |
114 |
104 |
102 |
|
Fab8F |
98 |
96 |
98 |
98 |
|
Fab8S |
77 |
75 |
77 |
77 |
|
Fab12A |
278 |
234 |
213 |
210 |
|
Fab12i |
296 |
291 |
282 |
275 |
|
Total (3) |
1,330 |
1,259 |
1,234 |
1,220 |
|
(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(6 sq/8 sq) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12 sq/8sq) 8-inch equivalent wafers. |
|
(6) Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
CAPEX
UMC Capital Expenditure by Year - in US$ billion |
||||||||||||||
Year |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
||||||||
CAPEX |
$ 1.8 |
$ 0.55 |
$ 0.35 |
$ 0.9 |
$ 1.0 |
$0.7(1) |
||||||||
(1) 2005 CAPEX contained UMC 2005 full-year CAPEX and UMCi CAPEX during 1Q05. |
||||||||||||||
2011 CAPEX Plan |
||||||||||||||
8" |
12" |
Total |
||||||||||||
UMC |
13% |
87% |
Approximately US$1.8 billion |
|||||||||||
The capital expenditure budget remains unchanged. By the end of the first quarter 2011, UMC's year-to-date CAPEX totaled US$432 million.
Recent Developments / Announcements
Mar. 17, 2011 |
UMC Sponsors Management Thesis Award |
|
Mar. 16, 2011 |
UMC Board of Directors Announces Annual Shareholders Meeting Proposals - Shareholder cash dividend of NT$14,034 million or NT$1.12 per share |
|
Mar. 14, 2011 |
UMC Donates Power Electronics Lab Equipment to NTU |
|
Mar. 10, 2011 |
UMC to Provide Foundry Services for Sanken Electric |
|
Mar. 09, 2011 |
UMC Participates in EU 7th Framework Programme |
|
Feb. 16, 2011 |
UMC Singapore Awarded Premium Trade Status |
|
Jan. 26, 2010 |
UMC 4Q 2010 Financial Results |
|
Second Quarter of 2011 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer shipments and ASP: Flat
- Capacity utilization: Mid 80% range
- Gross margin: Low to mid 20% range
- Segments: Consumer and computer segments will outpace the communication sector.
Conference Call / Webcast Announcement
Wednesday, April 27, 2011 |
||
Time: 8:00 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 6723 9381 |
|
Access Code: |
UMC |
|
A live webcast and replay of the 1Q11 results announcement will be available at www.umc.com under the "Investor Relations \ Investor Events" section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab12A in Taiwan and Singapore-based Fab12i are both in volume production for a variety of customer products. The company employs approximately 13,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com.
Please visit UMC's website for further details regarding the above announcements.
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 |
|||||||
Condensed Unconsolidated Balance Sheet |
|||||||
As of March 31, 2011 |
|||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
|||||||
March 31, 2011 |
|||||||
US$ |
NT$ |
% |
|||||
ASSETS |
|||||||
Current Assets |
|||||||
Cash and Cash Equivalents |
1,055 |
31,031 |
11.8% |
||||
Financial Assets at Fair Value through Profit or Loss, current |
35 |
1,017 |
0.4% |
||||
Available-for-Sale Financial Assets, current |
214 |
6,298 |
2.4% |
||||
Notes & Accounts Receivable, net |
536 |
15,775 |
6.0% |
||||
Inventories, net |
409 |
12,019 |
4.6% |
||||
Other Current Assets |
60 |
1,762 |
0.7% |
||||
Total Current Assets |
2,309 |
67,902 |
25.9% |
||||
Non-Current Assets |
|||||||
Funds and Investments |
2,234 |
65,706 |
25.0% |
||||
Property, Plant and Equipment, net |
4,181 |
122,967 |
46.8% |
||||
Other Assets |
205 |
6,028 |
2.3% |
||||
Total Non-Current Assets |
6,620 |
194,701 |
74.1% |
||||
TOTAL ASSETS |
8,929 |
262,603 |
100.0% |
||||
LIABILITIES |
|||||||
Current Liabilities |
|||||||
Short-term Loans |
90 |
2,651 |
1.0% |
||||
Financial Liabilities at Fair Value through Profit or Loss, current |
65 |
1,904 |
0.7% |
||||
Payables |
947 |
27,849 |
10.6% |
||||
Current Portion of Long-term Liabilities |
187 |
5,509 |
2.1% |
||||
Other Current Liabilities |
16 |
456 |
0.2% |
||||
Total Current Liabilities |
1,304 |
38,369 |
14.6% |
||||
Non-Current Liabilities |
|||||||
Long-term Loans |
27 |
794 |
0.3% |
||||
Other Liabilities |
119 |
3,493 |
1.3% |
||||
Total Non-Current Liabilities |
146 |
4,287 |
1.6% |
||||
TOTAL LIABILITIES |
1,450 |
42,656 |
16.2% |
||||
STOCKHOLDERS' EQUITY |
|||||||
Capital Stock |
4,416 |
129,879 |
49.5% |
||||
Additional Paid-in Capital |
1,539 |
45,271 |
17.2% |
||||
Retained Earnings, Unrealized Gain or Loss on Financial |
1,735 |
51,020 |
19.5% |
||||
Treasury Stock |
(211) |
(6,223) |
(2.4%) |
||||
TOTAL STOCKHOLDERS' EQUITY |
7,479 |
219,947 |
83.8% |
||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
8,929 |
262,603 |
100.0% |
||||
Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2011 exchange rate of NT $29.41 per U.S. Dollar. |
|||||||
All figures are in ROC GAAP. |
|||||||
UNITED MICROELECTRONICS CORPORATION |
||||||||||||||||||||
Condensed Unconsolidated Income Statement |
||||||||||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||||||||||||||||||
Except Per Share and Per ADS Data |
||||||||||||||||||||
Year over Year Comparison |
Quarter over Quarter Comparison |
|||||||||||||||||||
Three-Month Period Ended |
Three-Month Period Ended |
|||||||||||||||||||
March 31, 2011 |
March 31, 2010 |
% |
March 31, 2011 |
December 31, 2010 |
% |
|||||||||||||||
US$ |
NT$ |
US$ |
NT$ |
Chg. |
US$ |
NT$ |
US$ |
NT$ |
Chg. |
|||||||||||
Net Sales |
956 |
28,118 |
908 |
26,715 |
5.3% |
956 |
28,118 |
1,065 |
31,319 |
(10.2%) |
||||||||||
Cost of Goods Sold |
(693) |
(20,376) |
(685) |
(20,156) |
1.1% |
(693) |
(20,376) |
(723) |
(21,267) |
(4.2%) |
||||||||||
Net Gross Profit |
263 |
7,742 |
223 |
6,559 |
18.0% |
263 |
7,742 |
342 |
10,052 |
(23.0%) |
||||||||||
27.5% |
27.5% |
24.6% |
24.6% |
27.5% |
27.5% |
32.1% |
32.1% |
|||||||||||||
Operating Expenses |
||||||||||||||||||||
- Sales & Marketing |
(15) |
(452) |
(19) |
(545) |
(17.1%) |
(15) |
(452) |
(17) |
(486) |
(7.0%) |
||||||||||
- General & Administrative |
(23) |
(668) |
(21) |
(603) |
10.8% |
(23) |
(668) |
(25) |
(732) |
(8.7%) |
||||||||||
- Research & Development |
(74) |
(2,180) |
(67) |
(2,007) |
8.6% |
(74) |
(2,180) |
(75) |
(2,234) |
(2.4%) |
||||||||||
(112) |
(3,300) |
(107) |
(3,155) |
4.6% |
(112) |
(3,300) |
(117) |
(3,452) |
(4.4%) |
|||||||||||
Operating Income |
151 |
4,442 |
116 |
3,404 |
30.5% |
151 |
4,442 |
225 |
6,600 |
(32.7%) |
||||||||||
15.8% |
15.8% |
12.7% |
12.7% |
15.8% |
15.8% |
21.1% |
21.1% |
|||||||||||||
Net Non-Operating Income (Expenses) |
15 |
432 |
6 |
197 |
100.0% |
15 |
432 |
14 |
426 |
1.4% |
||||||||||
Income from Continuing Operations before |
166 |
4,874 |
122 |
3,601 |
35.4% |
166 |
4,874 |
239 |
7,026 |
(30.6%) |
||||||||||
17.3% |
17.3% |
13.5% |
13.5% |
17.3% |
17.3% |
22.4% |
22.4% |
|||||||||||||
Income Tax Expense |
(14) |
(391) |
(4) |
(119) |
100.0% |
(14) |
(391) |
(21) |
(602) |
(35.0%) |
||||||||||
Net Income |
152 |
4,483 |
118 |
3,482 |
28.7% |
152 |
4,483 |
218 |
6,424 |
(30.2%) |
||||||||||
15.9% |
15.9% |
13.0% |
13.0% |
15.9% |
15.9% |
20.5% |
20.5% |
|||||||||||||
Earnings per Share |
0.012 |
0.36 |
0.010 |
0.28 |
0.012 |
0.36 |
0.018 |
0.52 |
||||||||||||
Earnings per ADS (2) |
0.061 |
1.80 |
0.048 |
1.40 |
0.061 |
1.80 |
0.088 |
2.60 |
||||||||||||
Weighted Average Number of Shares Outstanding (in millions) |
12,514 |
12,638 |
12,514 |
12,451 |
||||||||||||||||
Notes: |
||||||||||||||||||||
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2011 exchange rate of NT $29.41 per U.S. Dollar. All figures are in ROC GAAP. |
||||||||||||||||||||
(2) 1 ADS equals 5 common shares. |
||||||||||||||||||||
UNITED MICROELECTRONICS CORPORATION |
||||||||||||
Condensed Unconsolidated Income Statement |
||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||||||||||
Except Per Share and Per ADS Data |
||||||||||||
For the Three-Month Period Ended |
For the Year Ended |
|||||||||||
March 31, 2011 |
March 31, 2011 |
|||||||||||
US$ |
NT$ |
% |
US$ |
NT$ |
% |
|||||||
Net Sales |
956 |
28,118 |
100.0% |
956 |
28,118 |
100.0% |
||||||
Cost of Goods Sold |
(693) |
(20,376) |
(72.5%) |
(693) |
(20,376) |
(72.5%) |
||||||
Net Gross Profit |
263 |
7,742 |
27.5% |
263 |
7,742 |
27.5% |
||||||
Operating Expenses |
||||||||||||
- Sales & Marketing |
(15) |
(452) |
(1.6%) |
(15) |
(452) |
(1.6%) |
||||||
- General & Administrative |
(23) |
(668) |
(2.3%) |
(23) |
(668) |
(2.3%) |
||||||
- Research & Development |
(74) |
(2,180) |
(7.8%) |
(74) |
(2,180) |
(7.8%) |
||||||
(112) |
(3,300) |
(11.7%) |
(112) |
(3,300) |
(11.7%) |
|||||||
Operating Income |
151 |
4,442 |
15.8% |
151 |
4,442 |
15.8% |
||||||
Net Non-Operating Income (Expenses) |
15 |
432 |
1.5% |
15 |
432 |
1.5% |
||||||
Income from Continuing Operations before |
166 |
4,874 |
17.3% |
166 |
4,874 |
17.3% |
||||||
Income Tax Expense |
(14) |
(391) |
(1.4%) |
(14) |
(391) |
(1.4%) |
||||||
Net Income |
152 |
4,483 |
15.9% |
152 |
4,483 |
15.9% |
||||||
Earnings per Share |
0.012 |
0.36 |
0.012 |
0.36 |
||||||||
Earnings per ADS (2) |
0.061 |
1.80 |
0.061 |
1.80 |
||||||||
Weighted Average Number of Shares |
12,514 |
12,514 |
||||||||||
Notes: |
||||||||||||
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2011 exchange rate of NT $29.41 per U.S. Dollar. All figures are in ROC GAAP. |
||||||||||||
(2) 1 ADS equals 5 common shares. |
||||||||||||
UNITED MICROELECTRONICS CORPORATION |
||||
Condensed Unconsolidated Statement of Cash Flows |
||||
For The Year Ended March 31, 2011 |
||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||
USD |
NTD |
|||
Cash flows from operating activities : |
||||
Net Income |
152 |
4,483 |
||
Depreciation & Amortization |
249 |
7,317 |
||
Loss on decline in market value and obsolescence of inventories |
3 |
79 |
||
Cash dividends received under the equity method |
8 |
237 |
||
Investment loss accounted for under the equity method |
10 |
309 |
||
Gain on valuation of financial assets and liabilities |
(7) |
(203) |
||
Gain on disposal of investments |
(0) |
(16) |
||
Gain on disposal of property, plant and equipment |
(0) |
(10) |
||
Exchange loss on financial assets and liabilities |
3 |
81 |
||
Exchange loss on long-term liabilities |
2 |
52 |
||
Amortization of bond discounts |
2 |
58 |
||
Amortization of deferred income |
(1) |
(29) |
||
Stock-based payment |
7 |
213 |
||
Changes in assets, liabilities and others |
3 |
96 |
||
Net cash provided by operating activities |
431 |
12,667 |
||
Cash flows from investing activities : |
||||
Proceeds from disposal of available-for-sales financial assets |
0 |
1 |
||
Acquisition of financial assets measured at cost |
(7) |
(196) |
||
Proceed from sale of financial assets measured at cost |
2 |
50 |
||
Acquisition of long-term investments accounted for under the equity method |
(51) |
(1,500) |
||
Acquisition of property, plant and equipment |
(434) |
(12,757) |
||
Proceeds from disposal of property, plant and equipment |
0 |
1 |
||
Increase in deferred charges |
(2) |
(73) |
||
Decrease in other assets - others |
0 |
0 |
||
Net cash used in investing activities |
(492) |
(14,474) |
||
Cash flows from financing activities : |
||||
Decrease in short-term loans |
(2) |
(54) |
||
Repayments of long-term loans |
(2) |
(69) |
||
Proceeds from disposal of treasury stock |
0 |
7 |
||
Decrease in deposits-in |
(0) |
(4) |
||
Net cash used by financing activities |
(4) |
(120) |
||
Effect of exchange rate changes on cash and cash equivalents |
0 |
23 |
||
Net decrease in cash and cash equivalents |
(65) |
(1,904) |
||
Cash and cash equivalents at beginning of period |
1,120 |
32,935 |
||
Cash and cash equivalents at end of period |
1,055 |
31,031 |
||
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2011 exchange rate of NT $29.41 per U.S. Dollar. All figures are in ROC GAAP. |
||||
Contacts: |
|
Richard Yu |
|
UMC, Investor Relations |
|
Tel. + 886-2-2658-9168, ext. 16951 |
|
Email:[email protected] |
|
SOURCE United Microelectronics Corporation
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