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UMC Reports First Quarter 2023 Results

Structural profitability intact despite industry consolidating at the trough

First Quarter 2023 Overview1:

  • Revenue: NT$54.2 billion (US$1.78 billion)
  • Gross margin: 35.5%; Operating margin: 26.7%
  • Revenue from 22/28nm: 26%
  • Capacity utilization rate: 70%
  • Net income attributable to shareholders of the parent: NT$16.2 billion (US$532 million)
  • Earnings per share: NT$1.31; earnings per ADS: US$0.215

United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the first quarter of 2023.

First quarter consolidated revenue was NT$54.2 billion, decreasing 20.1% QoQ from NT$67.8 billion in 4Q22. Compared to a year ago, 1Q23 revenue declined 14.5% YoY from NT$63.4 billion in 1Q22. Consolidated gross margin for 1Q23 was 35.5%. Net income attributable to the shareholders of the parent was NT$16.2 billion, with earnings per ordinary share of NT$1.31.

Jason Wang, co-president of UMC, said, “In the first quarter of 2023, our business was impacted by sluggish wafer demand as customers continued to digest elevated inventory levels. In line with guidance previously provided, wafer shipments fell 17.5% QoQ and utilization rate dropped to 70%, while average selling price stayed firm during the quarter. Factoring in a less favorable foreign exchange rate, revenue in the first quarter fell 20.1% QoQ. Despite lower utilization, gross margin remained firm at 35.5%, reflecting improved structural profitability and optimized product mix. Although demand weakened across major end markets, our automotive and industrial segments posted growth during the quarter. Automotive sales, in particular, accounted for 17% of overall first quarter revenue. While this partially reflects declines in other segments, we expect automotive to remain a significant revenue contributor and key growth driver for UMC going forward, as IC content in cars continue to increase driven by electrification and autonomous driving.”

Co-president Wang said: “Entering the second quarter of 2023, we expect customers’ inventory correction to linger given the softness in overall end market demand. As a result, our wafer shipment will be flat this quarter. Meanwhile, the Company continues to implement strict cost control measures to ensure our profitability remains intact through near-term cyclicality. Going forward, we believe our strategy of focusing on the development of differentiated solutions across numerous logic and specialty technology platforms such as eHV, RFSOI, and BCD will help us secure future business and expand our presence in the IC industry. While positioning for future business growth, UMC is also committed to maintaining a high dividend payout ratio. In Q1, the Board of Directors proposed to distribute a cash dividend of approximately NT$3.60 per share, subject to shareholders’ approval.”

“UMC has invested in a number of initiatives over the years to minimize the environmental impact of our operations, such as increasing the reuse rate of resources in our fabs. Last month, we announced that we will be building the Circular Economy & Recycling Innovation Center at our Fab 12A. The new facility, which will process semiconductor manufacturing waste into value-added products that can be reused or sold, is expected to reduce waste from UMC’s Taiwan manufacturing sites by one-third. This NT$1.8 billion project represents our commitment to sustainable practices as well as innovative solutions that create value for the Company and our stakeholders,” Co-president Wang added.

Summary of Operating Results

Operating Results

(Amount: NT$ million)

1Q23

4Q22

QoQ %

change

1Q22

YoY %

change

Operating Revenues

54,209

67,836

(20.1)

63,423

(14.5)

Gross Profit

19,224

29,124

(34.0)

27,504

(30.1)

Operating Expenses

(5,780)

(6,798)

(15.0)

(6,513)

(11.3)

Net Other Operating Income and Expenses

1,037

1,311

(20.9)

1,343

(22.8)

Operating Income

14,481

23,637

(38.7)

22,334

(35.2)

Net Non-Operating Income and Expenses

4,647

889

422.6

1,314

253.8

Net Income Attributable to Shareholders of the Parent

16,183

19,068

(15.1)

19,808

(18.3)

EPS (NT$ per share)

1.31

1.54

 

1.61

 

(US$ per ADS)

0.215

0.253

 

0.264

 

First quarter operating revenues declined by 20.1% sequentially to NT$54.21 billion as inventory correction continued within the semi industry, lowering wafer shipments. Revenue contribution from 40nm and below technologies represented 41% of wafer revenue. Gross profit decreased 34% QoQ to NT$19.22 billion, or 35.5% of revenue. Operating expenses declined 15% QoQ to NT$5.78 billion. Net other operating income declined to NT$1.04 billion. Net non-operating income totaled NT$4.65 billion, reflecting the mark to market securities. Net income attributable to shareholders of the parent amounted to NT$16.18 billion.

Earnings per ordinary share for the quarter was NT$1.31. Earnings per ADS was US$0.215. The basic weighted average number of shares outstanding in 1Q23 was 12,348,880,384, compared with 12,348,880,384 shares in 4Q22 and 12,283,479,334 shares in 1Q22. The diluted weighted average number of shares outstanding was 12,597,236,266 in 1Q23, compared with 12,684,106,050 shares in 4Q22 and 12,534,728,721 shares in 1Q22. The fully diluted shares counted on March 31, 2023 were approximately 12,597,236,000.

Detailed Financials Section

Operating revenues decreased to NT$54.21 billion. COGS declined 9.6% to NT$34.99 billion, which included 11% sequential decrease in other manufacturing costs. Gross profit fell 34% QoQ to NT$19.22 billion. Operating expenses declined to NT$5.78 billion, as R&D fell 18.8% to NT$2.77 billion, representing 5.1% of revenue while G&A sequentially declined 13.8% to NT$2.10 billion. Net other operating income was NT$1.04 billion. In 1Q23, operating income declined 38.7% QoQ to NT$14.48 billion.

COGS & Expenses

(Amount: NT$ million)

1Q23

4Q22

QoQ %

change

1Q22

YoY %

change

Operating Revenues

54,209

67,836

(20.1)

63,423

(14.5)

COGS

(34,985)

(38,712)

(9.6)

(35,919)

(2.6)

Depreciation

(8,439)

(8,898)

(5.2)

(9,807)

(13.9)

Other Mfg. Costs

(26,546)

(29,814)

(11.0)

(26,112)

1.7

Gross Profit

19,224

29,124

(34.0)

27,504

(30.1)

Gross Margin (%)

35.5%

42.9%

 

43.4%

 

Operating Expenses

(5,780)

(6,798)

(15.0)

(6,513)

(11.3)

G&A

(2,102)

(2,438)

(13.8)

(2,226)

(5.6)

Sales & Marketing

(950)

(953)

(0.3)

(1,255)

(24.3)

R&D

(2,767)

(3,407)

(18.8)

(3,033)

(8.8)

Expected Credit Impairment gain (loss)

39

(0)

-

1

3,983.2

Net Other Operating Income & Expenses

1,037

1,311

(20.9)

1,343

(22.8)

Operating Income

14,481

23,637

(38.7)

22,334

(35.2)

Net non-operating income in 1Q23 was NT$4.65 billion, primarily reflecting the NT$3.99 billion in net investment gain and the NT$0.91 billion in net interest income partially offset by the NT$0.24 billion in exchange loss.

Non-Operating Income and Expenses

(Amount: NT$ million)

1Q23

4Q22

1Q22

Non-Operating Income and Expenses

4,647

889

1,314

Net Interest Income and Expenses

908

584

(323)

Net Investment Gain and Loss

3,987

1,382

576

Exchange Gain and Loss

(239)

(1,057)

926

Other Gain and Loss

(9)

(20)

135

In 1Q23, cash inflow from operating activities was NT$26.96 billion. Cash outflow from investing activities amounted to NT$29.59 billion, which included NT$30.38 billion in capital expenditure, resulting in free cash outflow of NT$3.42 billion. Cash inflow from financing was NT$1.35 billion, primarily from a NT$1.99 billion in increase in deposits-in partially offset by a NT$0.49 billion in repayment of bank loans. Net cash outflow in 1Q23 totaled NT$1.99 billion. Over the next 12 months, the company expects to repay NT$2.43 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period Ended

Mar. 31, 2023

For the 3-Month Period Ended

Dec. 31, 2022

Cash Flow from Operating Activities

26,964

40,956

Net income before tax

19,128

24,526

Depreciation & Amortization

9,903

10,477

Share of profit of associates and

joint ventures

(3,248)

(1,705)

Income tax paid

(2,936)

(385)

Changes in working capital & others

4,117

8,043

Cash Flow from Investing Activities

(29,586)

(36,045)

Decrease in financial assets measured

at amortized cost

598

9

Acquisition of PP&E

(29,756)

(35,951)

Acquisition of intangible assets

(528)

(440)

Others

100

337

Cash Flow from Financing Activities

1,347

(9,185)

Bank loans

(485)

(8,082)

Increase (decrease) in deposits-in

1,991

(389)

Others

(159)

(714)

Effect of Exchange Rate

(710)

(2,556)

Net Cash Flow

(1,985)

(6,830)

Beginning balance

173,819

180,649

Ending balance

171,834

173,819

Cash and cash equivalents slightly decreased to NT$171.83 billion. Days of inventory increased by 11 days to 83 days.

Current Assets

(Amount: NT$ billion)

1Q23

4Q22

1Q22

Cash and Cash Equivalents

171.83

173.82

172.17

Accounts Receivable

27.07

36.98

38.05

Days Sales Outstanding

54

55

53

Inventories, net

32.68

31.07

25.40

Days of Inventory

83

72

61

Total Current Assets

241.97

252.37

249.68

Current liabilities slightly decreased to NT$105.89 billion. Long-term credit/bonds decreased to NT$37.30 billion. Total liabilities decreased to NT$194.08 billion, leading to a debt to equity ratio of 55%.

Liabilities

(Amount: NT$ billion)

1Q23

4Q22

1Q22

Total Current Liabilities

105.89

108.57

93.12

Accounts Payable

9.21

8.98

9.06

Short-Term Credit / Bonds

9.77

7.59

22.58

Payables on Equipment

18.44

18.63

7.63

Other

68.47

73.37

53.85

Long-Term Credit / Bonds

37.30

39.88

50.07

Long-Term Investment Liabilities

4.26

4.22

8.59

Total Liabilities

194.08

197.60

180.62

Debt to Equity

55%

59%

60%

Analysis of Revenue2

Revenue from Asia-Pacific declined to 50% while business from North America was 31% of sales. Business from Europe increased to 11% while contribution from Japan was 8%.

Revenue Breakdown by Region

Region

1Q23

4Q22

3Q22

2Q22

1Q22

North America

31%

30%

23%

22%

22%

Asia Pacific

50%

54%

62%

65%

64%

Europe

11%

9%

9%

8%

8%

Japan

8%

7%

6%

5%

6%

Revenue contribution from 22/28nm declined to 26% of the wafer revenue, while 40nm contribution was 15% of sales.

Revenue Breakdown by Geometry

Geometry

1Q23

4Q22

3Q22

2Q22

1Q22

14nm and below

0%

0%

0%

0%

0%

14nm<x<=28nm

26%

28%

25%

22%

20%

28nm<x<=40nm

15%

17%

17%

18%

18%

40nm<x<=65nm

19%

17%

18%

19%

19%

65nm<x<=90nm

10%

9%

8%

7%

8%

90nm<x<=0.13um

12%

12%

12%

12%

12%

0.13um<x<=0.18um

10%

10%

10%

12%

13%

0.18um<x<=0.35um

6%

5%

8%

8%

7%

0.5um and above

2%

2%

2%

2%

3%

Revenue from fabless customers accounted for 77% of revenue.

Revenue Breakdown by Customer Type

Customer Type

1Q23

4Q22

3Q22

2Q22

1Q22

Fabless

77%

81%

83%

86%

87%

IDM

23%

19%

17%

14%

13%

Revenue from the communication segment represented 44%, while business from computer applications decreased to 9%. Business from consumer applications was 24% as other segments grew to 23% of revenue.

Revenue Breakdown by Application (1)

Application

1Q23

4Q22

3Q22

2Q22

1Q22

Computer

9%

12%

14%

16%

17%

Communication

44%

45%

45%

45%

45%

Consumer

24%

25%

27%

27%

26%

Others

23%

18%

14%

12%

12%

(1) Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset, 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 slightly in 1Q23.

(To view blended ASP trend, please click here for 1Q23 ASP)

Shipment and Utilization Rate3

Wafer shipments decreased 17.5% QoQ to 1,826K in the first quarter, while quarterly capacity was 2,522K. Overall utilization rate in 1Q23 was 70%.

Wafer Shipments

 

 

1Q23

 

4Q22

 

3Q22

 

2Q22

 

1Q22

Wafer Shipments

(8” K equivalents)

 

1,826

 

2,213

 

2,597

 

2,622

 

2,513

 

Quarterly Capacity Utilization Rate

 

 

1Q23

 

4Q22

 

3Q22

 

2Q22

 

1Q22

Utilization Rate

 

70%

 

90%

 

100%+

 

100%+

 

100%+

Total Capacity

(8” K equivalents)

 

2,522

 

2,543

 

2,539

 

2,528

 

2,420

Capacity4

Total capacity in the first quarter decreased to 2,522K 8-inch equivalent wafers. Capacity will grow in the second quarter of 2023 to 2,626K 8-inch equivalent wafers, primarily representing the capacity expansion at 12A facility.

Annual Capacity in

thousands of wafers

 

Quarterly Capacity in

thousands of wafers

FAB

Geometry

(um)

2022

 

2021

 

2020

 

2019

 

FAB

 

2Q23E

 

1Q23

 

4Q22

 

3Q22

WTK

6"

5 – 0.15

335

329

371

370

 

WTK

6"

82

80

85

85

8A

8"

3 – 0.11

765

755

802

825

 

8A

8"

207

189

192

192

8C

8"

0.35 – 0.11

459

459

452

436

 

8C

8"

120

113

115

115

8D

8"

0.18 – 0.09

410

380

371

 

359

 

8D

8"

109

101

103

103

8E

8"

0.6 – 0.14

469

457

449

426

 

8E

8"

122

116

118

118

8F

8"

0.18 – 0.11

550

514

485

434

 

8F

8"

145

136

138

138

8S

8"

0.18 – 0.11

443

408

373

372

 

8S

8"

112

109

111

111

8N

8"

0.5 – 0.11

952

917

917

831

 

8N

8"

248

244

245

242

12A

12"

0.13 – 0.014

1,170

1,070

1,044

997

 

12A

12"

321

305

301

301

12i

12"

0.13 – 0.040

655

641

628

595

 

12i

12"

164

162

164

164

12X

12"

0.080 – 0.022

314

284

217

203

 

12X

12"

80

78

80

80

12M

12"

0.13 – 0.040

436

395

391

98

 

12M

12"

110

108

110

110

Total(1)

10,031

 

9,453

 

9,188

 

8,148

 

Total

 

2,626

 

2,522

 

2,543

 

2,539

YoY Growth Rate

6%

 

3%

 

13%

 

6%

 

 

 

 

 

 

 

 

 

 

(1) One 6-inch wafer is converted into 0.5625 (62/82) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25 (122/82) 8-inch equivalent wafers. Total capacity figures are expressed in 8-inch equivalent wafers.

CAPEX

CAPEX spending in 1Q23 totaled US$998 million. 2023 cash-based CAPEX budget will be US$3.0 billion.

Capital Expenditure by Year - in US$ billion

Year

2022

2021

2020

2019

2018

CAPEX

$ 2.7

$ 1.8

$ 1.0

$ 0.6

$ 0.7

2023 CAPEX Plan

8"

12"

Total

10%

90%

US$3.0 billion

Second Quarter 2023 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To remain flat
  • ASP in USD: To remain flat
  • Gross Profit Margin: Will be in the mid-30% range
  • Capacity Utilization: low-70% range
  • 2023 CAPEX: US$3.0 billion

Recent Developments / Announcements

Feb. 1, 2023

UMC and Cadence Collaborate on 3D-IC Hybrid Bonding Reference Flow

Feb. 22, 2023

UMC Board of Directors Announces Proposals for its Annual Shareholders Meeting

Mar. 2, 2023

UMC Introduces New 28eHV+ Platform for Wireless, VR/AR, and IoT Display Applications

Mar. 7, 2023

Infineon and UMC Extend Automotive Partnership with Long-Term Agreement for 40nm eNVM Microcontroller Production

Mar. 17, 2023

UMC Circular Economy & Recycling Innovation Center Breaks Ground for a Zero Waste Future

Mar. 28, 2023

Memory and UMC Expand Low-Power Memory Solutions for AIoT and Mobile Markets with 22nm RRAM Qualification

Please visit UMCs website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, April 26, 2023

Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)

Dial-in numbers and Access Codes:

Taiwan Number:

 

02 3396 1191

Taiwan Toll Free:

 

0080 185 4007

USA Toll Free:

 

+1 866 212 5567

Other Areas:

 

+886 2 3396 1191

 

Access Code:

9816026#

A live webcast and replay of the 1Q23 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 company. The company provides high quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC’s comprehensive IC processing technologies and manufacturing solutions include logic/mixed-signal, embedded high-voltage, embedded non-volatile-memory, RFSOI and BCD. UMC has total 12 fabs in production with combined capacity of approximately 850,000 8-inch equivalent wafers per month, and all of them are certified with IATF 16949 automotive quality standard. Most of UMC's 12-inch and 8-inch fabs with its core R&D are located in Taiwan, with additional ones throughout Asia. UMC is headquartered in Hsinchu, Taiwan, plus local offices in China, United States, Europe, Japan, Korea and Singapore, with worldwide total 20,000 employees. For more information, please visit: https://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 first quarter of 2023; 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 “First Quarter of 2023 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 SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
March 31, 2023
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

5,645

171,834

31.3%

Accounts receivable, net

889

27,065

4.9%

Inventories, net

1,074

32,679

6.0%

Other current assets

341

10,389

1.8%

Total current assets

7,949

241,967

44.0%

 
Non-current assets
Funds and investments

2,368

72,087

13.1%

Property, plant and equipment

6,314

192,185

35.0%

Right-of-use assets

248

7,540

1.4%

Other non-current assets

1,177

35,852

6.5%

Total non-current assets

10,107

307,664

56.0%

Total assets

18,056

549,631

100.0%

 
Liabilities
Current liabilities
Short-term loans

3

100

0.0%

Payables

2,311

70,346

12.8%

Current portion of long-term liabilities

318

9,674

1.8%

Other current liabilities

847

25,766

4.7%

Total current liabilities

3,479

105,886

19.3%

 
Non-current liabilities
Bonds payable

689

20,986

3.8%

Long-term loans

536

16,317

3.0%

Lease liabilities, noncurrent

170

5,187

0.9%

Other non-current liabilities

1,502

45,705

8.3%

Total non-current liabilities

2,897

88,195

16.0%

Total liabilities

6,376

194,081

35.3%

 
Equity
Equity attributable to the parent company
Capital

4,108

125,047

22.8%

Additional paid-in capital

426

12,976

2.3%

Retained earnings and other components of equity

7,135

217,183

39.5%

Total equity attributable to the parent company

11,669

355,206

64.6%

Non-controlling interests

11

344

0.1%

Total equity

11,680

355,550

64.7%

Total liabilities and equity

18,056

549,631

100.0%

 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.

 

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
Year over Year Comparison Quarter over Quarter Comparison
Three-Month Period Ended Three-Month Period Ended
March 31, 2023 March 31, 2022 Chg. March 31, 2023 December 31, 2022 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,781

 

54,209

 

2,084

 

63,423

 

(14.5

%)

1,781

 

54,209

 

2,229

 

67,836

 

(20.1

%)

Operating costs

(1,149

)

(34,985

)

(1,180

)

(35,919

)

(2.6

%)

(1,149

)

(34,985

)

(1,272

)

(38,712

)

(9.6

%)

Gross profit

632

 

19,224

 

904

 

27,504

 

(30.1

%)

632

 

19,224

 

957

 

29,124

 

(34.0

%)

35.5

%

35.5

%

43.4

%

43.4

%

35.5

%

35.5

%

42.9

%

42.9

%

Operating expenses
- Sales and marketing expenses

(31

)

(950

)

(41

)

(1,255

)

(24.3

%)

(31

)

(950

)

(31

)

(953

)

(0.3

%)

- General and administrative expenses

(69

)

(2,102

)

(73

)

(2,226

)

(5.6

%)

(69

)

(2,102

)

(80

)

(2,438

)

(13.8

%)

- Research and development expenses

(91

)

(2,767

)

(100

)

(3,033

)

(8.8

%)

(91

)

(2,767

)

(112

)

(3,407

)

(18.8

%)

- Expected credit impairment gain (loss)

1

 

39

 

0

 

1

 

3,983.2

%

1

 

39

 

(0

)

(0

)

-

 

Subtotal

(190

)

(5,780

)

(214

)

(6,513

)

(11.3

%)

(190

)

(5,780

)

(223

)

(6,798

)

(15.0

%)

Net other operating income and expenses

34

 

1,037

 

44

 

1,343

 

(22.8

%)

34

 

1,037

 

43

 

1,311

 

(20.9

%)

Operating income

476

 

14,481

 

734

 

22,334

 

(35.2

%)

476

 

14,481

 

777

 

23,637

 

(38.7

%)

26.7

%

26.7

%

35.2

%

35.2

%

26.7

%

26.7

%

34.8

%

34.8

%

 
Net non-operating income and expenses

152

 

4,647

 

43

 

1,314

 

253.8

%

152

 

4,647

 

29

 

889

 

422.6

%

Income from continuing operations before income tax

628

 

19,128

 

777

 

23,648

 

(19.1

%)

628

 

19,128

 

806

 

24,526

 

(22.0

%)

35.3

%

35.3

%

37.3

%

37.3

%

35.3

%

35.3

%

36.2

%

36.2

%

 
Income tax expense

(90

)

(2,743

)

(118

)

(3,582

)

(23.4

%)

(90

)

(2,743

)

(178

)

(5,406

)

(49.2

%)

Net income

538

 

16,385

 

659

 

20,066

 

(18.3

%)

538

 

16,385

 

628

 

19,120

 

(14.3

%)

30.2

%

30.2

%

31.6

%

31.6

%

30.2

%

30.2

%

28.2

%

28.2

%

 
Other comprehensive income (loss)

110

 

3,325

 

47

 

1,422

 

133.9

%

110

 

3,325

 

14

 

429

 

674.4

%

 
Total comprehensive income (loss)

648

 

19,710

 

706

 

21,488

 

(8.3

%)

648

 

19,710

 

642

 

19,549

 

0.8

%

 
Net income attributable to:
Shareholders of the parent

532

 

16,183

 

651

 

19,808

 

(18.3

%)

532

 

16,183

 

626

 

19,068

 

(15.1

%)

Non-controlling interests

6

 

202

 

8

 

258

 

(21.9

%)

6

 

202

 

2

 

52

 

287.1

%

 
Comprehensive income (loss) attributable to:
Shareholders of the parent

641

 

19,508

 

697

 

21,229

 

(8.1

%)

641

 

19,508

 

641

 

19,497

 

0.1

%

Non-controlling interests

7

 

202

 

9

 

259

 

(21.9

%)

7

 

202

 

1

 

52

 

287.7

%

 
Earnings per share-basic

0.043

 

1.31

 

0.053

 

1.61

 

0.043

 

1.31

 

0.051

 

1.54

 

Earnings per ADS (2)

0.215

 

6.55

 

0.264

 

8.05

 

0.215

 

6.55

 

0.253

 

7.70

 

Weighted average number of shares outstanding (in millions)

12,349

 

12,283

 

12,349

 

12,349

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
For the Three-Month Period Ended For the Three-Month Period Ended
March 31, 2023 March 31, 2023
US$ NT$ % US$ NT$ %
Operating revenues

1,781

 

54,209

 

100.0

%

1,781

 

54,209

 

100.0

%

Operating costs

(1,149

)

(34,985

)

(64.5

%)

(1,149

)

(34,985

)

(64.5

%)

Gross profit

632

 

19,224

 

35.5

%

632

 

19,224

 

35.5

%

 
 
Operating expenses
- Sales and marketing expenses

(31

)

(950

)

(1.8

%)

(31

)

(950

)

(1.8

%)

- General and administrative expenses

(69

)

(2,102

)

(3.9

%)

(69

)

(2,102

)

(3.9

%)

- Research and development expenses

(91

)

(2,767

)

(5.1

%)

(91

)

(2,767

)

(5.1

%)

- Expected credit impairment gain

1

 

39

 

0.1

%

1

 

39

 

0.1

%

Subtotal

(190

)

(5,780

)

(10.7

%)

(190

)

(5,780

)

(10.7

%)

Net other operating income and expenses

34

 

1,037

 

1.9

%

34

 

1,037

 

1.9

%

Operating income

476

 

14,481

 

26.7

%

476

 

14,481

 

26.7

%

 
Net non-operating income and expenses

152

 

4,647

 

8.6

%

152

 

4,647

 

8.6

%

Income from continuing operations before income tax

628

 

19,128

 

35.3

%

628

 

19,128

 

35.3

%

 
 
Income tax expense

(90

)

(2,743

)

(5.1

%)

(90

)

(2,743

)

(5.1

%)

Net income

538

 

16,385

 

30.2

%

538

 

16,385

 

30.2

%

 
Other comprehensive income (loss)

110

 

3,325

 

6.2

%

110

 

3,325

 

6.2

%

 
Total comprehensive income (loss)

648

 

19,710

 

36.4

%

648

 

19,710

 

36.4

%

 
Net income attributable to:
Shareholders of the parent

532

 

16,183

 

29.9

%

532

 

16,183

 

29.9

%

Non-controlling interests

6

 

202

 

0.3

%

6

 

202

 

0.3

%

 
Comprehensive income (loss) attributable to:
Shareholders of the parent

641

 

19,508

 

36.0

%

641

 

19,508

 

36.0

%

Non-controlling interests

7

 

202

 

0.4

%

7

 

202

 

0.4

%

 
Earnings per share-basic

0.043

 

1.31

 

0.043

 

1.31

 

Earnings per ADS (2)

0.215

 

6.55

 

0.215

 

6.55

 

 
Weighted average number of shares outstanding (in millions)

12,349

 

12,349

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2023
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

628

 

19,128

 

Depreciation & Amortization

325

 

9,903

 

Share of profit of associates and joint ventures

(107

)

(3,248

)

Income tax paid

(96

)

(2,936

)

Changes in working capital & others

136

 

4,117

 

Net cash provided by operating activities

886

 

26,964

 

 
Cash flows from investing activities :
Decrease in financial assets measured at amortized cost

20

 

598

 

Acquisition of property, plant and equipment

(978

)

(29,756

)

Acquisition of intangible assets

(17

)

(528

)

Others

3

 

100

 

Net cash used in investing activities

(972

)

(29,586

)

 
Cash flows from financing activities :
Increase in short-term loans

3

 

100

 

Proceeds from long-term loans

0

 

5

 

Repayments of long-term loans

(19

)

(590

)

Increase in guarantee deposits

65

 

1,991

 

Others

(5

)

(159

)

Net cash provided by financing activities

44

 

1,347

 

 
Effect of exchange rate changes on cash and cash equivalents

(23

)

(710

)

Net decrease in cash and cash equivalents

(65

)

(1,985

)

 
Cash and cash equivalents at beginning of period

5,710

 

173,819

 

 
Cash and cash equivalents at end of period

5,645

 

171,834

 

 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2023 exchange rate of NT $30.44 per U.S. Dollar.

______________________________

1Unless 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 March 31, 2023, the three-month period ending December 31, 2022, and the equivalent three-month period that ended March 31, 2022. For all 1Q23 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2023 exchange rate of NT$ 30.44 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.

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