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TAIPEI, Taiwan--(BUSINESS WIRE)--Oct 26, 2022--
United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the third quarter of 2022.
Third quarter consolidated revenue was NT$75.39 billion, increasing 4.6% QoQ from NT$72.06 billion in 2Q22. Compared to a year ago, 3Q22 revenue grew 34.9% YoY from NT$55.91 billion in 3Q21. Consolidated gross margin for 3Q22 reached 47.3%. Net income attributable to the shareholders of the parent was NT$27 billion, with earnings per ordinary share of NT$2.19.
Jason Wang, co-president of UMC, said, “In the third quarter, our results benefited from product mix optimization and a more favorable exchange rate, while fab capacity remained fully utilized. Despite softening demand in consumer end markets, strengths in certain wireless communications areas drove further expansion in our 22/28nm business, which accounted for 25% of overall third-quarter revenue and lifted wafer average selling price. We believe our industry-leading position in OLED display driver ICs will continue to drive growth for our 22/28nm technologies amid growing adoption of OLED panels in smartphones and other end devices. We also saw sustained momentum in our automotive business during the quarter, and we intend to pursue more collaboration opportunities with existing and potential automotive customers.”
Co-president Wang said, “Moving into the fourth quarter, we expect to face headwinds amid demand weakness, impacted by factors including the inflationary environment and Ukraine war. While UMC will not be immune to the inventory correction affecting the industry, we will work closely with our customers as they adjust to current market conditions. At the same time, we will continue to deliver differentiated technology processes to enable customers’ product pipelines. We have revised the company’s 2022 capital expenditure down to US$3 billion, but our capacity expansions in Tainan and Singapore are still progressing as planned in order to meet long-term supply commitments. Despite near-term turbulences, the structural story of increasing silicon content driven by the rise of 5G, AIoT, and EV remains intact. With our comprehensive technology offering, focus on manufacturing excellence, and resilient financial structure, UMC will further increase our exposure to strong growth markets and consolidate our specialty technology leadership.”
Co-president Wang added, “In terms of corporate sustainability, UMC made steady progress towards our goals across all three areas of ESG. Going into 2023, we will accelerate carbon emissions reduction efforts by proactively seeking ways to lower emissions associated with wafer manufacturing and products footprint, working with partners to address emissions from the value chain, as well as investing in net-zero technologies as we strive for net zero by 2050.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
3Q22
2Q22
QoQ %
change
3Q21
YoY %
change
Operating Revenues
75,392
72,055
4.6
55,907
34.9
Gross Profit
35,664
33,472
6.5
20,544
73.6
Operating Expenses
(6,794
)
(6,706
)
1.3
(6,636
)
2.4
Net Other Operating Income and Expenses
1,287
1,398
(8.0
)
1,227
4.9
Operating Income
30,157
28,164
7.1
15,135
99.3
Net Non-Operating Income and Expenses
2,189
(2,586
)
-
4,317
(49.3
)
Net Income Attributable to Shareholders of the Parent
26,996
21,327
26.6
17,460
54.6
EPS (NT$ per share)
2.19
1.74
1.43
(US$ per ADS)
0.345
0.274
0.225
Third quarter operating revenues increased by 4.6% sequentially to NT$75.39 billion which was partially lifted due to a better product mix as well as favorable foreign exchange rate. Revenue contribution from 40nm and below technologies represented 42% of wafer revenue. Gross profit grew 6.5% QoQ to NT$35.66 billion, or 47.3% of revenue. Operating expenses grew 1.3% to NT$6.79 billion. Net other operating income declined to NT$1.29 billion. Net non-operating income totaled NT$2.19 billion. Net income attributable to shareholders of the parent amounted to NT$27 billion.
Earnings per ordinary share for the quarter was NT$2.19. Earnings per ADS was US$0.345. The basic weighted average number of outstanding shares in 3Q22 was 12,305,516,644, compared with 12,283,479,334 shares in 2Q22 and 12,206,292,756 shares in 3Q21. The diluted weighted average number of outstanding shares was 12,635,661,561 in 3Q22, compared with 12,553,373,552 shares in 2Q22 and 12,411,100,649 shares in 3Q21. The fully diluted shares counted on September 30, 2022 were approximately 12,679,025,000.
Detailed Financials Section
Operating revenues increased to NT$75.39 billion. COGS increased 3.0% to NT$39.73 billion, which included 3.9% sequential increase in other manufacturing costs. Gross profit grew 6.5% QoQ to NT$35.66 billion. Operating expenses increased 1.3% QoQ to NT$6.79 billion, as Sales & Marketing grew 15.9% to NT$1.06 billion while R&D was up 3.0% QoQ to NT$3.30 billion, representing 4.4% of revenue. Net other operating income was NT$1.29 billion. In 3Q22, operating income grew 7.1% QoQ to NT$30.16 billion.
COGS & Expenses
(Amount: NT$ million)
3Q22
2Q22
QoQ %
change
3Q21
YoY %
change
Operating Revenues
75,392
72,055
4.6
55,907
34.9
COGS
(39,728)
(38,583)
3.0
(35,363)
12.3
Depreciation
(9,622)
(9,616)
0.1
(9,900)
(2.8)
Other Mfg. Costs
(30,106)
(28,967)
3.9
(25,463)
18.2
Gross Profit
35,664
33,472
6.5
20,544
73.6
Gross Margin (%)
47.3%
46.5%
36.8%
Operating Expenses
(6,794)
(6,706)
1.3
(6,636)
2.4
G&A
(2,428)
(2,579)
(5.9)
(2,119)
14.6
Sales & Marketing
(1,061)
(915)
15.9
(1,212)
(12.5)
R&D
(3,304)
(3,209)
3.0
(3,303)
0.0
Expected Credit
Impairment Loss
(1)
(3)
(75.8)
(2)
(68.6)
Net Other Operating
Income & Expenses
1,287
1,398
(8.0)
1,227
4.9
Operating Income
30,157
28,164
7.1
15,135
99.3
Net non-operating income in 3Q22 was NT$2.19 billion, primarily reflecting NT$1.29 billion in exchange gain and a NT$0.78 billion in net investment gain.
Non-Operating Income and Expenses
(Amount: NT$ million)
3Q22
2Q22
3Q21
Non-Operating Income and Expenses
2,189
(2,586)
4,317
Net Interest Income and Expenses
139
(163)
(367)
Net Investment Gain and Loss
780
(3,675)
4,534
Exchange Gain and Loss
1,293
1,361
164
Other Gain and Loss
(23)
(109)
(14)
In 3Q22, cash inflow from operating activities was NT$39.70 billion. Cash outflow from investing activities amounted to NT$21.42 billion, which included NT$23.13 billion in capital expenditure, resulting in free cash flow of NT$16.56 billion. Cash outflow from financing reached NT$26.69 billion, primarily from a NT$37.45 billion payment as cash distributed from additional paid- in capital partially offset by a NT$14.44 billion from the increase in deposits-in. Net cash outflow in 3Q22 totaled NT$3.07 billion. Over the next 12 months, the company expects to repay NT$ 4.43 billion in bank loans.Cash Flow Summary
(Amount: NT$ million)
For the 3-Month
Period Ended
Sep.30, 2022
For the 3-Month
Period Ended
Jun. 30, 2022
Cash Flow from Operating Activities
39,696
35,091
Net income before tax
32,346
25,578
Depreciation & Amortization
11,195
11,107
Share of loss (profit) of associates and
joint ventures
(328
)
2,027
Income tax paid
(652
)
(2,913
)
Changes in working capital & others
(2,865
)
(708
)
Cash Flow from Investing Activities
(21,419
)
(11,716
)
Decrease in financial assets measured
at amortized cost
2,070
103
Acquisition of PP&E
(22,466
)
(10,907
)
Acquisition of intangible assets
(1,080
)
(815
)
Others
57
(97
)
Cash Flow from Financing Activities
(26,688
)
(13,423
)
Bank loans
(473
)
(11,615
)
Redemption of bonds
(1,031
)
(2,484
)
Increase in deposits-in
14,441
864
Cash distributed from additional paid-
in capital
(37,446
)
-
Others
(2,179
)
(188
)
Effect of Exchange Rate
5,337
1,601
Net Cash Flow
(3,074
)
11,553
Beginning balance
183,723
172,170
Ending balance
180,649
183,723
Cash and cash equivalents slightly decreased to NT$180.65 billion. Days of inventory increased by 4 days to 66 days.
Current Assets
(Amount: NT$ billion)
3Q22
2Q22
3Q21
Cash and Cash Equivalents
180.65
183.72
113.11
Notes & Accounts Receivable
44.84
42.88
32.99
Days Sales Outstanding
53
51
51
Inventories, net
30.10
27.34
23.15
Days of Inventory
66
62
59
Total Current Assets
266.95
265.78
211.60
Current liabilities decreased to NT$108.01 billion, mainly from the reduction of in other as company distributed cash from additional paid-in capital to shareholders during Q3. Long-term credit/bonds increased to NT$46.15 billion. Total liabilities decreased to NT$204.21 billion, leading to a debt to equity ratio of 65%.
Liabilities
(Amount: NT$ billion)
3Q22
2Q22
3Q21
Total Current Liabilities
108.01
131.81
84.55
Notes & Accounts Payable
10.04
9.95
8.26
Short-Term Credit / Bonds
12.19
13.22
24.26
Payables on Equipment
19.40
11.60
6.72
Other
66.38
97.04
45.31
Long-Term Credit / Bonds
46.15
45.70
51.09
Long-Term Investment Liabilities
4.26
8.50
8.14
Total Liabilities
204.21
216.51
171.19
Debt to Equity
65
%
76
%
66
%
Analysis of Revenue 2
Revenue from Asia-Pacific declined to 62% while business from North America was 23% of sales. Business from Europe was 9% while contribution from Japan increased to 6%.
Revenue Breakdown by Region
Region
3Q22
2Q22
1Q22
4Q21
3Q21
North America
23
%
22
%
22
%
21
%
22
%
Asia Pacific
62
%
65
%
64
%
66
%
65
%
Europe
9
%
8
%
8
%
7
%
7
%
Japan
6
%
5
%
6
%
6
%
6
%
Revenue contribution from 22/28nm grew to 25% of the wafer revenue, while 40nm contribution was 17% of sales.
Revenue Breakdown by Geometry
Geometry
3Q22
2Q22
1Q22
4Q21
3Q21
14nm and b elow
0
%
0
%
0
%
0
%
0
%
14nm<x<=28nm
25
%
22
%
20
%
20
%
19
%
28nm<x<=40nm
17
%
18
%
18
%
18
%
18
%
40nm<x<=65nm
18
%
19
%
19
%
19
%
19
%
65nm<x<=90nm
8
%
7
%
8
%
8
%
8
%
90nm<x<=0.13um
12
%
12
%
12
%
12
%
12
%
0.13um<x<=0.18um
10
%
12
%
13
%
13
%
13
%
0.18um<x<=0.35um
8
%
8
%
7
%
7
%
8
%
0.5um and above
2
%
2
%
3
%
3
%
3
%
Revenue from fabless customers accounted for 83% of revenue.
Revenue Breakdown by Customer Type
Customer Type
3Q22
2Q22
1Q22
4Q21
3Q21
Fabless
83
%
86
%
87
%
86
%
86
%
IDM
17
%
14
%
13
%
14
%
14
%
Revenue from the communication segment represented 45%, while business from computer applications decreased to 14%. Business from consumer applications was 27% as other segments increased to 14% of revenue.
Revenue Breakdown by Application (1)
Application
3Q22
2Q22
1Q22
4Q21
3Q21
Computer
14
%
16
%
17
%
17
%
17
%
Communication
45
%
45
%
45
%
46
%
46
%
Consumer
27
%
27
%
26
%
26
%
27
%
Others
14
%
12
%
12
%
11
%
10
%
(1)Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset, WLAN. Communication consists of handset components, broadband, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC, smart cards, toys, etc.
Blended ASP Trend
Blended average selling price (ASP) grew in 3Q22.
Shipment and Utilization Rate 3
Wafer shipments decreased 1% QoQ to 2,597K in the third quarter, while quarterly capacity grew to 2,539K. Overall utilization rate in 3Q22 remained above 100%.
Wafer Shipments
3Q22
2Q22
1Q22
4Q21
3Q21
Wafer Shipments
(8” K equivalents)
2,597
2,622
2,513
2,546
2,503
Quarterly Capacity Utilization Rate
3Q22
2Q22
1Q22
4Q21
3Q21
Utilization Rate
100%+
100%+
100%+
100%+
100%+
Total Capacity
(8” K equivalents)
2,539
2,528
2,420
2,419
2,383
Capacity 4
Overall capacity in the third quarter increased to 2,539K 8-inch equivalent wafers. Capacity will grow in the fourth quarter of 2022 to 2,543K 8-inch equivalent wafers, reflecting the capacity expansion taking place at 8N.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry
(um)
2021
2020
2019
2018
FAB
4Q22E
3Q22
2Q22
1Q22
WTK
6"
5 – 0.15
329
371
370
396
WTK
6"
85
85
84
82
8A
8"
3 – 0.11
755
802
825
825
8A
8"
192
192
192
189
8C
8"
0.35 – 0.11
459
452
436
383
8C
8"
115
115
115
113
8D
8"
0.18 – 0.09
380
371
359
347
8D
8"
103
103
103
101
8E
8"
0.6 – 0.14
457
449
426
418
8E
8"
118
118
118
116
8F
8"
0.18 – 0.11
514
485
434
431
8F
8"
138
138
138
136
8S
8"
0.18 – 0.11
408
373
372
372
8S
8"
111
111
111
109
8N
8"
0.5 – 0.11
917
917
831
771
8N
8"
245
242
235
231
12A
12"
0.13 – 0.014
1,070
1,044
997
997
12A
12"
301
301
301
267
12i
12"
0.13 – 0.040
641
628
595
555
12i
12"
164
164
164
162
12X
12"
0.080 – 0.022
284
217
203
183
12X
12"
80
80
78
77
12M
12"
0.13 – 0.040
395
391
98
-
12M
12"
110
110
110
108
Total (1)
9,453
9,188
8,148
7,673
Total
2,543
2,539
2,528
2,420
YoY Growth Rate
3%
13%
6%
5%
(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. Total capacity figures are expressed in 8-inch equivalent wafers.
CAPEX
CAPEX spending in 3Q22 totaled US$764 million. 2022 cash-based CAPEX budget will be US$3.0 billion.Capital Expenditure by Year - in US$ billion
Year
2021
2020
2019
2018
2017
CAPEX
$ 1.8
$ 1.0
$ 0.6
$ 0.7
$ 1.4
2022 CAPEX Plan
8"
12"
Total
10%
90%
US$3.0 billion
Fourth Quarter 2022 Outlook & Guidance
Quarter-over-Quarter Guidance:
Recent Developments / Announcements
Aug. 24, 2022
Sep. 13, 2022
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, October 26, 2022
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)
Dial-in numbers and Access Codes:
USA Toll Free:
1-866 836-0101
Taiwan Number:
02-2192-8016
Other Areas:
+886-2-2192-8016
Access Code:
UMC
A live webcast and replay of the 3Q22 results announcement will be available at www.umc.com under the “Investors / Events” section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry. The company provides high quality IC production with a focus on both logic and specialty technologies to serve every major sector of the electronics industry. UMC’s comprehensive technology and manufacturing solutions include logic/RF, embedded high voltage, embedded flash, RFSOI/BCD and IATF-16949 automotive manufacturing certification for all its manufacturing facilities. UMC operates 12 fabs that are strategically located throughout Asia with a maximum capacity of approximately 850,000 8-inch equivalent wafers per month. The company employs approximately 20,000 people worldwide, with offices in Taiwan, China, United States, Europe, Japan, Korea and Singapore. For more information, please visit: http://www.umc.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding anticipated financial results for the third quarter of 2022; the expected wafer shipment and ASP; the anticipated annual budget; capex strategies; environmental protection goals and water management strategies; impact of foreign currency exchange rates; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “Third Quarter of 2022 Outlook and Guidance.”
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including natural disasters, terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates. Further information regarding these and other risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
The financial statements included in this release are prepared and published in accordance with Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or IFRSs, issued by the International Accounting Standards Board. Investors are cautioned that there may be significant differences between TIFRSs and IFRSs. In addition, TIFRSs and IFRSs differ in certain significant respects from generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.
- FINANCIAL TABLES TO FOLLOW -UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIESConsolidated Condensed Balance SheetAs of September 30, 2022Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
September 30, 2022
US$
NT$
%AssetsCurrent assetsCash and cash equivalents
5,692
180,649
34.8
%Accounts receivable, net
1,413
44,842
8.6
%Inventories, net
948
30,102
5.8
%Other current assets
357
11,352
2.2
%Total current assets
8,410
266,945
51.4
% Non-current assetsFunds and investments
1,951
61,938
11.9
%Property, plant and equipment
4,698
149,119
28.7
%Right-of-use assets
249
7,903
1.5
%Other non-current assets
1,056
33,489
6.5
%Total non-current assets
7,954
252,449
48.6
%Total assets
16,364
519,394
100.0
% LiabilitiesCurrent liabilitiesShort-term loans
7
217
0.0
%Payables
2,155
68,415
13.2
%Current portion of long-term liabilities
377
11,975
2.3
%Other current liabilities
864
27,402
5.3
%Total current liabilities
3,403
108,009
20.8
% Non-current liabilitiesBonds payable
727
23,082
4.4
%Long-term loans
727
23,063
4.4
%Lease liabilities, noncurrent
166
5,284
1.0
%Other non-current liabilities
1,411
44,767
8.7
%Total non-current liabilities
3,031
96,196
18.5
%Total liabilities
6,434
204,205
39.3
% EquityEquity attributable to the parent companyCapital
3,933
124,821
24.0
%Additional paid-in capital
336
10,668
2.1
%Retained earnings and other components of equity
5,649
179,321
34.5
%Total equity attributable to the parent company
9,918
314,810
60.6
%Non-controlling interests
12
379
0.1
%Total equity
9,930
315,189
60.7
%Total liabilities and equity
16,364
519,394
100.0
% Note：New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2022 exchange rate of NT $31.74 per U.S. Dollar.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIESConsolidated Condensed Statements of Comprehensive IncomeFigures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)Except Per Share and Per ADS Data
Year over Year Comparison
Quarter over Quarter Comparison
Three-Month Period Ended
Three-Month Period Ended
September 30, 2022
September 30, 2021
Chg.
September 30, 2022
June 30, 2022
Chg.
US$
NT$
US$
NT$
%
US$
NT$
US$
NT$
%Operating revenues
2,375
75,392
1,761
55,907
34.9
%
2,375
75,392
2,270
72,055
4.6
%Operating costs
(1,251
)
(39,728
)
(1,114
)
(35,363
)
12.3
%
(1,251
)
(39,728
)
(1,215
)
(38,583
)
3.0
%Gross profit
1,124
35,664
647
20,544
73.6
%
1,124
35,664
1,055
33,472
6.5
%
47.3
%
47.3
%
36.8
%
36.8
%
47.3
%
47.3
%
46.5
%
46.5
%Operating expenses- Sales and marketing expenses
(33
)
(1,061
)
(38
)
(1,212
)
(12.5
%)
(33
)
(1,061
)
(29
)
(915
)
15.9
%- General and administrative expenses
(77
)
(2,428
)
(67
)
(2,119
)
14.6
%
(77
)
(2,428
)
(82
)
(2,579
)
(5.9
%)- Research and development expenses
(104
)
(3,304
)
(104
)
(3,303
)
0.0
%
(104
)
(3,304
)
(101
)
(3,209
)
3.0
%- Expected credit impairment loss
(0
)
(1
)
(0
)
(2
)
(68.6
%)
(0
)
(1
)
(0
)
(3
)
(75.8
%)Subtotal
(214
)
(6,794
)
(209
)
(6,636
)
2.4
%
(214
)
(6,794
)
(212
)
(6,706
)
1.3
%Net other operating income and expenses
40
1,287
39
1,227
4.9
%
40
1,287
44
1,398
(8.0
%)Operating income
950
30,157
477
15,135
99.3
%
950
30,157
887
28,164
7.1
%
40.0
%
40.0
%
27.1
%
27.1
%
40.0
%
40.0
%
39.1
%
39.1
% Net non-operating income and expenses
69
2,189
136
4,317
(49.3
%)
69
2,189
(81
)
(2,586
)
-
Income from continuing operations
before income tax
1,019
32,346
613
19,452
66.3
%
1,019
32,346
806
25,578
26.5
%
42.9
%
42.9
%
34.8
%
34.8
%
42.9
%
42.9
%
35.5
%
35.5
% Income tax expense
(158
)
(5,004
)
(66
)
(2,100
)
138.3
%
(158
)
(5,004
)
(129
)
(4,088
)
22.4
%Net income
861
27,342
547
17,352
57.6
%
861
27,342
677
21,490
27.2
%
36.3
%
36.3
%
31.0
%
31.0
%
36.3
%
36.3
%
29.8
%
29.8
% Other comprehensive income (loss)
137
4,336
(12
)
(370
)
-
137
4,336
(118
)
(3,749
)
-
Total comprehensive income (loss)
998
31,678
535
16,982
86.5
%
998
31,678
559
17,741
78.6
% Net income attributable to: Shareholders of the parent
851
26,996
550
17,460
54.6
%
851
26,996
672
21,327
26.6
% Non-controlling interests
10
346
(3
)
(108
)
-
10
346
5
163
111.6
% Comprehensive income (loss) attributable to: Shareholders of the parent
987
31,332
538
17,090
83.3
%
987
31,332
554
17,578
78.2
% Non-controlling interests
11
346
(3
)
(108
)
-
11
346
5
163
111.6
% Earnings per share-basic
0.069
2.19
0.045
1.43
0.069
2.19
0.055
1.74
Earnings per ADS (2)
0.345
10.95
0.225
7.15
0.345
10.95
0.274
8.70
Weighted average number of sharesoutstanding (in millions)
12,306
12,206
12,306
12,283
Notes:(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2022 exchange rate of NT $31.74 per U.S. Dollar.(2) 1 ADS equals 5 common shares.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIESConsolidated Condensed Statements of Comprehensive IncomeFigures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)Except Per Share and Per ADS Data
For the Three-Month Period Ended
For the Nine-Month Period Ended
September 30, 2022
September 30, 2022
US$
NT$
%
US$
NT$
%Operating revenues
2,375
75,392
100.0
%
6,644
210,870
100.0
%Operating costs
(1,251
)
(39,728
)
(52.7
%)
(3,599
)
(114,230
)
(54.2
%)Gross profit
1,124
35,664
47.3
%
3,045
96,640
45.8
% Operating expenses- Sales and marketing expenses
(33
)
(1,061
)
(1.4
%)
(102
)
(3,230
)
(1.5
%)- General and administrative expenses
(77
)
(2,428
)
(3.2
%)
(228
)
(7,235
)
(3.4
%)- Research and development expenses
(104
)
(3,304
)
(4.4
%)
(301
)
(9,547
)
(4.5
%)- Expected credit impairment loss
(0
)
(1
)
(0.0
%)
(0
)
(2
)
(0.0
%)Subtotal
(214
)
(6,794
)
(9.0
%)
(631
)
(20,014
)
(9.4
%)Net other operating income and expenses
40
1,287
1.7
%
127
4,029
1.9
%Operating income
950
30,157
40.0
%
2,541
80,655
38.3
% Net non-operating income and expenses
69
2,189
2.9
%
29
916
0.4
%Income from continuing operations
before income tax
1,019
32,346
42.9
%
2,570
81,571
38.7
% Income tax expense
(158
)
(5,004
)
(6.6
%)
(399
)
(12,673
)
(6.0
%)Net income
861
27,342
36.3
%
2,171
68,898
32.7
% Other comprehensive income (loss)
137
4,336
5.7
%
63
2,009
0.9
% Total comprehensive income (loss)
998
31,678
42.0
%
2,234
70,907
33.6
% Net income attributable to: Shareholders of the parent
851
26,996
35.8
%
2,147
68,131
32.3
% Non-controlling interests
10
346
0.5
%
24
767
0.4
% Comprehensive income (loss) attributable to: Shareholders of the parent
987
31,332
41.6
%
2,210
70,139
33.3
% Non-controlling interests
11
346
0.4
%
24
768
0.3
% Earnings per share-basic
0.069
2.19
0.175
5.54
Earnings per ADS (2)
0.345
10.95
0.873
27.70
Weighted average number of shares
outstanding (in millions)
12,306
12,291
Notes:(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2022 exchange rate of NT $31.74 per U.S. Dollar.(2) 1 ADS equals 5 common shares.UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIESConsolidated Condensed Statement of Cash FlowsFor The Nine-Month Period Ended September 30, 2022Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) US$NT$Cash flows from operating activities :Net income before tax
2,570
81,571
Depreciation & Amortization
1,061
33,692
Share of loss of associates and joint ventures
112
3,557
Income tax paid
(137
)
(4,333
)Changes in working capital & others
(301
)
(9,582
)Net cash provided by operating activities
3,305
104,905
Cash flows from investing activities :Decrease in financial assets measured at amortized cost
898
28,488
Acquisition of property, plant and equipment
(1,392
)
(44,176
)Acquisition of intangible assets
(73
)
(2,316
)Others
(12
)
(379
)Net cash used in investing activities
(579
)
(18,383
) Cash flows from financing activities :Decrease in short-term loans
(55
)
(1,759
)Redemption of bonds
(339
)
(10,763
)Proceeds from long-term loans
22
710
Repayments of long-term loans
(367
)
(11,650
)Increase in guarantee deposits
484
15,374
Cash distributed from additional paid-in capital
(1,180
)
(37,446
)Others
(79
)
(2,535
)Net cash used in financing activities
(1,514
)
(48,069
) Effect of exchange rate changes on cash and cash equivalents
302
9,574
Net increase in cash and cash equivalents
1,514
48,027
Cash and cash equivalents at beginning of period
4,178
132,622
Cash and cash equivalents at end of period
5,692
180,649
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2022 exchange rate of NT $31.74 per U.S. Dollar.
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending September 30, 2022, the three-month period ending June 30, 2022, and the equivalent three-month period that ended September 30, 2021. For all 3Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the September 30, 2022 exchange rate of NT$ 31.74 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221026005486/en/
CONTACT: Michael Lin / David Wong
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
jinhong_lin@umc.com
david_wong@umc.com
KEYWORD: TAIWAN ASIA PACIFIC
INDUSTRY KEYWORD: SEMICONDUCTOR ELECTRONIC DESIGN AUTOMATION MOBILE/WIRELESS TECHNOLOGY TELECOMMUNICATIONS
SOURCE: United Microelectronics Corporation
Copyright Business Wire 2022.
PUB: 10/26/2022 06:28 AM/DISC: 10/26/2022 06:28 AM
http://www.businesswire.com/news/home/20221026005486/en