UMC Reports Fourth Quarter 2020 Results

27-Jan-2021 Intellasia | BusinessWire | 4:34 PM Print This Post

Robust demand in 4Q20 propels utilization to 99%; GM reaches 23.9%

Company posts 2020 net income of NT$29.19 billion or NT$2.42 EPS

Fourth Quarter 2020 Overview1:


  • Revenue: NT$45.30 billion (US$1.59 billion)
  • Gross margin: 23.9%; Operating margin: 12.4%
  • Revenue from 28nm: 18%
  • Capacity utilization rate: 99%
  • Net income attributable to stockholders of the parent: NT$11.20 billion (US$393 million)
  • Earnings per share: NT$0.92; earnings per ADS: US$0.162

TAIPEI, Taiwan--(BUSINESS WIRE)--United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the fourth quarter of 2020.

Fourth quarter consolidated revenue was NT$45.30 billion, which increased from NT$44.87 billion in 3Q20. Compared to the previous year, 4Q20 revenue was up 8.2% YoY from NT$41.85 billion in 4Q19. Consolidated gross margin for 4Q20 was 23.9%. Net income attributable to the stockholders of the parent was NT$11.20 billion, with earnings per ordinary share of NT$0.92.

Jason Wang, co-president of UMC, said, “Our business traction in Q3 carried over into Q4, lifting utilization rate to 99% and raising wafer shipments to 2.3 million 8-inch equivalents. The stable capacity utilization was driven by robust end market demand from consumer and computing related applications such as WiFi, Digital TV, micro-controllers, and power management IC. For full year 2020, UMC's revenue grew 26% in USD while operating income surged to NT$22.01 billion, reflecting solid utilization rates across both 8" and 12" facilities and optimization of our blended product mix. In particular, our enhanced 12" product mix primarily resulted from the substantial pick-up in 28nm wafer business as well as our successful integration of USJC’s 12” operations.”

Co-president Wang continued, “Looking into the first quarter, stable demand outlook will lead to an incremental increase in wafer shipments and blended ASP in USD. However, due to the continuing unfavorable foreign exchange rate, we anticipate the appreciation of the NT dollar will offset more than half of the implied growth projected for 1Q. For full year 2021, UMC continues to share the foundry industry's positive view in wafer demand. Hence, we will continue with the company's disciplined and measured capex strategy by allocating a budget of US$1.5 billion to accommodate the strong demand outlook in advanced technologies.”

Co-president Wang added, “ In terms of corporate sustainability, UMC first launched its Corporate Sustainability Committee in the domestic semiconductor industry in 2008, adhering to the vision of "people-oriented, symbiosis with the environment, and co-prosperity with the society," and is committed to the promotion of the ESG (environment, society, governance) three-dimensional sustainability concept. Among them, in terms of environmental sustainability, UMC regards climate change, water and energy management issues as challenges and opportunities for the company. In 2020, UMC revealed its “Green 2025” environmental protection goals to achieve 15% water saving, 15% electricity saving, 25% waste reduction, and 65% reduction in fluorine-containing greenhouse gases. Given Taiwan’s lack of rainfall over the past few months, water conservation and water recycling have become increasingly important themes in helping communities cope with longer-term droughts. By 2025, UMC anticipates the company’s efforts in water and wastewater management will reduce water consumption per product unit by 15% compared to 2015. We will continue to enhance our competitiveness and ensure that continuous and effective water conservation management is conducted in our wafer manufacturing operations to increase the recovery and reuse of water resources.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

4Q20

 

3Q20

 

QoQ %
change

4Q19

 

YoY %
change

Operating Revenues

45,296

 

44,870

 

0.9

 

41,849

 

8.2

 

Gross Profit

10,848

 

9,769

 

11.0

 

6,968

 

55.7

 

Operating Expenses

(6,335

)

(5,508

)

15.0

 

(6,165

)

2.8

 

Net Other Operating Income and Expenses

1,102

 

2,872

 

(61.6

)

1,215

 

(9.3

)

Operating Income

5,615

 

7,133

 

(21.3

)

2,018

 

178.3

 

Net Non-Operating Income and Expenses

5,619

 

2,074

 

171.0

 

946

 

493.4

 

Net Income Attributable to Stockholders of the Parent

11,196

 

9,106

 

22.9

 

3,837

 

191.8

 

EPS (NT$ per share)

0.92

 

0.75

 

 

0.33

 

 

(US$ per ADS)

0.162

 

0.132

 

 

0.058

 

 

Operating revenues in 4Q20 slightly increased to NT$45.30 billion. Revenue contribution from 40nm and below technologies increased to 40%. Gross profit grew 11.0% QoQ to NT$10.85 billion, or 23.9% of revenue. Operating expenses increased 15.0% to NT$6.34 billion. Net other operating income declined to NT$1.10 billion. Net non-operating income was NT$5.62 billion. Net income attributable to stockholders of the parent grew 22.9% QoQ to NT$11.20 billion.

Earnings per ordinary share for the quarter was NT$0.92. Earnings per ADS was US$0.162. The basic weighted average number of outstanding shares in 4Q20 was 12,206,292,756, compared with 12,107,651,452 shares in 3Q20 and 11,708,869,140 shares in 4Q19. The diluted weighted average number of outstanding shares was 12,359,115,536 in 4Q20, compared with 12,179,561,492 shares in 3Q20 and 13,073,000,039 shares in 4Q19. The fully diluted shares counted on December 31, 2020 were approximately 12,375,194,000.

Detailed Financials Section

COGS & Expenses

(Amount: NT$ million)

4Q20

 

3Q20

 

QoQ %
change

4Q19

 

YoY %
change

Operating Revenues

45,296

 

44,870

 

0.9

 

41,849

 

8.2

 

COGS

(34,448

)

(35,101

)

(1.9

)

(34,881

)

(1.2

)

Depreciation

(10,436

)

(10,911

)

(4.4

)

(11,069

)

(5.7

)

Other Mfg. Costs

(24,012

)

(24,190

)

(0.7

)

(23,812

)

0.8

 

Gross Profit

10,848

 

9,769

 

11.0

 

6,968

 

55.7

 

Gross Margin (%)

23.9

%

21.8

%

 

16.7

%

 

Operating Expenses

(6,335

)

(5,508

)

15.0

 

(6,165

)

2.8

 

G&A

(1,966

)

(1,614

)

21.9

 

(1,603

)

22.7

 

Sales & Marketing

(1,175

)

(1,009

)

16.4

 

(996

)

17.9

 

R&D

(3,194

)

(3,314

)

(3.6

)

(3,453

)

(7.5

)

Expected Credit
Impairment Gain
(Loss)

0

 

429

 

(99.9

)

(113

)

-

 

Net Other Operating
Income & Expenses

1,102

 

2,872

 

(61.6

)

1,215

 

(9.3

)

Operating Income

5,615

 

7,133

 

(21.3

)

2,018

 

178.3

 

Operating revenues increased slightly to NT$45.30 billion. COGS declined 1.9% QoQ to NT$34.45 billion, which included a 4.4% QoQ decline in depreciation. Gross profit grew 11.0% QoQ to NT$10.85 billion, which was partially offset from the continuous appreciation of the NT dollar. Operating expenses increased 15% QoQ to NT$6.34 billion, as G&A increased 21.9% sequentially to NT$1.97 billion while Sales & Marketing rose 16.4% QoQ to NT$1.18 billion. R&D decreased 3.6% QoQ to NT$3.19 billion, representing 7.1% of 4Q20 operating revenues. Net other operating income was NT$1.10 billion. In 4Q20, operating income declined 21.3% QoQ to NT$5.62 billion.

Non-Operating Income and Expenses

(Amount: NT$ million)

4Q20

 

3Q20

 

4Q19

 

Non-Operating Income and Expenses

5,619

 

2,074

 

946

 

Net Interest Income and Expenses

(278

)

(314

)

(468

)

Net Investment Gain and Loss

5,703

 

3,944

 

1,064

 

Exchange Gain and Loss

199

 

259

 

188

 

Other Gain and Loss

(5

)

(1,815

)

162

 

Net non-operating income in 4Q20 was NT$5.62 billion, mainly resulting from NT$5.70 billion in net investment gain and NT$199 million in exchange gain, which was primarily offset by NT$278 million in net interest expense.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month
Period Ended
Dec. 31, 2020

For the 3-Month
Period Ended
Sep. 30, 2020

Cash Flow from Operating Activities

16,072

 

18,538

 

Net income before tax

11,234

 

9,207

 

Depreciation & Amortization

11,993

 

12,170

 

Expected credit impairment loss (gain)

(0

)

(429

)

Share of profit of associates and joint ventures

(3,822

)

(2,778

)

Income tax paid

(144

)

(229

)

Changes in working capital & others

(3,189

)

597

 

Cash Flow from Investing Activities

(17,437

)

(5,686

)

Acquisition of PP&E

(11,738

)

(6,707

)

Proceeds from disposal of PP&E

(20

)

1,720

 

Acquisition of intangible assets

(293

)

(815

)

Decrease (increase) in other financial assets

(4,625

)

281

 

Others

(761

)

(165

)

Cash Flow from Financing Activities

(3,153

)

(13,652

)

Bank loans

(3,000

)

(4,716

)

Treasury stock acquired

-

 

(477

)

Treasury stock sold to employees

-

 

1,678

 

Cash dividends

-

 

(9,765

)

Others

(153

)

(372

)

Effect of Exchange Rate

(273

)

(233

)

Net Cash Flow

(4,791

)

(1,033

)

Beginning balance

98,839

 

99,872

 

Ending balance

94,048

 

98,839

 

In 4Q20, cash inflow from operating activities was NT$16.07 billion. Cash outflow from investing activities totaled NT$17.44 billion, which included NT$12.04 billion in capital expenditure, resulting in free cash flow of NT$4.03 billion. Cash outflow from financing activities was NT$3.15 billion, primarily from NT$3.00 billion in the repayment of bank loans. Net cash outflow in 4Q20 was NT$4.79 billion. Over the next 12 months, the company expects to repay NT$6.34 billion in bank loans.

Current Assets

(Amount: NT$ billion)

4Q20

3Q20

4Q19

Cash and Cash Equivalents

94.05

98.84

95.49

Notes & Accounts Receivable

27.27

26.96

25.73

Days Sales Outstanding

55

55

54

Inventories, net

22.55

22.86

21.72

Days of Inventory

60

60

55

Total Current Assets

164.31

163.48

153.76

Cash and cash equivalents decreased to NT$94.05 billion. Days of inventory remained at 60 days.

Liabilities

(Amount: NT$ billion)

4Q20

 

3Q20

 

4Q19

 

Total Current Liabilities

78.24

 

59.15

 

72.71

 

Notes & Accounts Payable

7.86

 

7.70

 

8.88

 

Short-Term Credit / Bonds

38.04

 

16.40

 

36.81

 

Payables on Equipment

5.45

 

7.38

 

3.03

 

Other

26.89

 

27.67

 

23.99

 

Long-Term Credit / Bonds

24.77

 

49.46

 

47.89

 

Long-Term Investment Liabilities

20.75

 

20.14

 

20.09

 

Total Liabilities

141.74

 

147.33

 

162.97

 

Debt to Equity

60

%

67

%

79

%

Current liabilities increased to NT$78.24 billion, mainly from increase of short-term credit/bonds to NT$38.04 billion as long-term credit/bonds declined to NT$24.77 billion. Total liabilities declined to NT$141.74 billion, leading to a debt to equity ratio of 60%.

Analysis of Revenue2

Revenue Breakdown by Region

Region

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

North America

29

%

30

%

31

%

29

%

30

%

Asia Pacific

61

%

57

%

55

%

56

%

55

%

Europe

5

%

6

%

5

%

6

%

6

%

Japan

5

%

7

%

9

%

9

%

9

%

Revenue from Asia Pacific rose to 61% as business from North America declined to 29% of sales. Business from Europe was 5% while contribution from Japan declined to 5%.

Revenue Breakdown by Geometry

Geometry

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

14nm and below

0

%

0

%

0

%

0

%

0

%

14nm<x<=28nm

18

%

14

%

13

%

9

%

10

%

28nm<x<=40nm

22

%

23

%

23

%

25

%

22

%

40nm<x<=65nm

18

%

19

%

16

%

16

%

16

%

65nm<x<=90nm

8

%

10

%

13

%

15

%

18

%

90nm<x<=0.13um

11

%

11

%

11

%

11

%

11

%

0.13um<x<=0.18um

13

%

13

%

13

%

13

%

12

%

0.18um<x<=0.35um

8

%

8

%

8

%

8

%

8

%

0.5um and above

2

%

2

%

3

%

3

%

3

%

Revenue contribution from 28nm continued to increase, growing to 18% of the business while 40nm contribution declined to 22% of sales.

Revenue Breakdown by Customer Type

Customer Type

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

Fabless

87

%

88

%

88

%

88

%

87

%

IDM

13

%

12

%

12

%

12

%

13

%

Revenue from fabless customers decreased to 87% of revenue.

Revenue Breakdown by Application (1)

Application

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

Computer

16

%

13

%

14

%

13

%

13

%

Communication

49

%

54

%

51

%

54

%

54

%

Consumer

25

%

24

%

24

%

24

%

24

%

Others

10

%

9

%

11

%

9

%

9

%

Revenue from the communication segment declined to 49%, while business from computer applications grew to 16%. Business from consumer applications increased to 25% as other segments increased to 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) increased in 4Q20.

(To view blended ASP trend, please click here for 4Q20 ASP)

Shipment and Utilization Rate3

Wafer Shipments

 

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

Wafer Shipments
(8” K equivalents)

2,293

 

2,254

 

2,218

 

2,148

 

2,042

 

 

Quarterly Capacity Utilization Rate

 

4Q20

 

3Q20

 

2Q20

 

1Q20

 

4Q19

 

Utilization Rate

99

%

97

%

98

%

93

%

92

%

Total Capacity
(8” K equivalents)

2,311

 

2,308

 

2,291

 

2,278

 

2,237

 

In 4Q20, wafer shipments increased 1.7% QoQ to 2,293K, while quarterly capacity remained flat at 2,311K. As a result, the overall utilization rate in 4Q20 was 99%.

Capacity4

Total capacity in the fourth quarter totaled 2,311K 8-inch equivalent wafers. We foresee in the first quarter, that capacity will decline to 2,280K 8-inch equivalent wafers, mainly reflecting the product mix changes at WTK and Fab 8A.

Annual Capacity in
thousands of wafers

 

Quarterly Capacity in
thousands of wafers

FAB

Geometry
(um)

2020

 

2019

 

2018

 

2017

 

 

FAB

1Q21E

4Q20

3Q20

2Q20

WTK

6"

3.5 – 0.45

371

 

370

 

396

 

422

 

 

WTK

84

93

93

93

8A

8"

0.5 – 0.25

802

 

825

 

825

 

825

 

 

8A

186

201

201

201

8C

8"

0.35 – 0.11

452

 

436

 

383

 

357

 

 

8C

113

113

113

113

8D

8"

0.13 – 0.09

371

 

359

 

347

 

341

 

 

8D

94

93

93

93

8E

8"

0.5 – 0.15

449

 

426

 

418

 

418

 

 

8E

113

113

113

113

8F

8"

0.18 – 0.11

485

 

434

 

431

 

417

 

 

8F

120

122

122

122

8S

8"

0.18 – 0.11

373

 

372

 

372

 

347

 

 

8S

101

93

93

93

8N

8"

0.5 – 0.11

917

 

831

 

771

 

753

 

 

8N

226

230

230

230

12A

12"

0.13 – 0.014

1044

 

997

 

997

 

970

 

 

12A

257

261

261

261

12i

12"

0.13 – 0.040

628

 

595

 

555

 

537

 

 

12i

157

160

160

155

12X

12"

0.040 – 0.028

217

 

203

 

183

 

97

 

 

12X

59

57

56

53

12M

12"

0.090 – 0.040

391

 

98

 

-

 

-

 

 

12M

96

98

98

98

Total(1)

9,188

 

8,148

 

7,673

 

7,304

 

 

Total

2,280

2,311

2,308

2,291

YoY Growth Rate

13

%

6

%

5

%

5

%

 

 

 

 

 

 

(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

Capital Expenditure by Year - in US$ billion

Year

 

2020

 

2019

 

2018

 

  2017

 

2016

CAPEX

$

1.0

$

0.6

$

0.7

$

1.4

$

2.8

2021 CAPEX Plan

8"

12"

Total

15

%

85

%

US$1.5 billion

CAPEX spending in 4Q20 was US$418 million, leading to a total of US$1.0 billion in capital expenditure for 2020. Full year 2021 CAPEX is budgeted at US$1.5 billion.

Brief Summary of Full Year 2020 Consolidated Results

Operating Results

(Amount: NT$ million)

2020

 

2019

 

YoY %
change

Operating Revenues

176,821

 

148,202

 

19.3

Gross Profit

38,997

 

21,315

 

83.0

Operating Expenses

(23,244

)

(21,807

)

6.6

Net Other Operating Income
and Expenses

6,254

 

5,182

 

20.7

Operating Income

22,007

 

4,690

 

369.3

Net Non-Operating Income
and Expenses

5,919

 

1,046

 

465.9

Income Tax (Expense)
Benefit

(746

)

393

 

-

Net Income Attributable to
Stockholders of the Parent

29,189

 

9,708

 

200.7

EPS (NT$ per share)

 2.42

0.82

 

 

(US$ per ADS)

0.425

 

0.144

 

 

  • Consolidated revenue in NTD increased 19.3% YoY to NT$176.82 billion, from NT$148.20 billion in 2019.
  • Gross margin was 22.1%, compared to 14.4% in 2019.
  • Operating margin was 12.5%, compared to 3.2% in 2019.
  • Net income attributable to stockholders of the parent was NT$29.19 billion in 2020.
  • EPS was NT$2.42, or EPADS of US$0.425 for 2020.
  • The contribution from 28nm technologies and below accounted for 14% in 2020. 40nm business accounted for 23% in 2020.

Annual Sales Breakdown in Revenue for Foundry Segment

Region

2020

 

2019

 

North America

30

%

32

%

Asia Pacific

57

%

57

%

Europe

6

%

6

%

Japan

7

%

5

%

 

 

 

Technology

2020

 

2019

 

14nm and below

0

%

0

%

14nm<x<=28nm

14

%

11

%

28nm<x<=40nm

23

%

23

%

40nm<x<=65nm

17

%

15

%

65nm<x<=90nm

11

%

14

%

90nm<x<=0.13um

11

%

12

%

0.13um<x<=0.18um

13

%

13

%

0.18um<x<=0.35um

8

%

9

%

0.5um and above

3

%

3

%

 

 

 

Customer Type

2020

 

2019

 

Fabless

88

%

91

%

IDM

12

%

9

%

 

 

 

Application

2020

 

2019

 

Computer

14

%

14

%

Communication

52

%

52

%

Consumer

24

%

26

%

Others

10

%

8

%

First Quarter 2021 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To increase by approximately 2%
  • ASP in USD: To increase by 2-3%
  • Gross Profit Margin: To be in the mid-20% range
  • Capacity Utilization: 100%
  • 2021 CAPEX: US$1.5 billion

Recent Developments / Announcements

Dec 10, 2020

eMemory and PUFsecurity Announce with UMC World’s 1st Secure Embedded Solution

 

Oct 29, 2020

UMC 3Q20 Financial Results

 Please visit UMC’s website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, January 27, 2021

Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 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 4Q20 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 more than 750,000 8-inch equivalent wafers per month. The company employs approximately 19,500 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 first quarter of 2021; 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 2021 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 December 31, 2020
 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
December 31, 2020
US$ NT$ %
Assets
Current assets
 Cash and cash equivalents

3,302

 

94,048

 

24.9

%

 Accounts receivable, net

958

 

27,273

 

7.2

%

 Inventories, net

792

 

22,552

 

6.0

%

 Other current assets

717

 

20,433

 

5.4

%

    Total current assets

5,769

 

164,306

 

43.5

%

Non-current assets
 Funds and investments

1,987

 

56,578

 

15.0

%

 Property, plant and equipment

4,662

 

132,775

 

35.2

%

 Right-of-use assets

272

 

7,748

 

2.1

%

 Other non-current assets

565

 

16,109

 

4.2

%

    Total non-current assets

7,486

 

213,210

 

56.5

%

Total assets

13,255

 

377,516

 

100.0

%

Liabilities
Current liabilities
 Short-term loans

388

 

11,057

 

2.9

%

 Payables

1,132

 

32,240

 

8.5

%

 Current portion of long-term liabilities

948

 

26,985

 

7.2

%

 Other current liabilities

279

 

7,961

 

2.2

%

    Total current liabilities

2,747

 

78,243

 

20.8

%

Non-current liabilities
 Bonds payable

586

 

16,690

 

4.4

%

 Long-term loans

284

 

8,081

 

2.1

%

 Lease liabilities, noncurrent

177

 

5,027

 

1.3

%

 Other non-current liabilities

1,183

 

33,702

 

9.0

%

    Total non-current liabilities

2,230

 

63,500

 

16.8

%

        Total liabilities

4,977

 

141,743

 

37.6

%

Equity
Equity attributable to the parent company
 Capital

4,362

 

124,224

 

32.9

%

 Additional paid-in capital

1,517

 

43,211

 

11.4

%

 Retained earnings and other components of equity

2,400

 

68,345

 

18.1

%

 Treasury stock

(4

)

(120

)

(0.0

%)

    Total equity attributable to the parent company

8,275

 

235,660

 

62.4

%

Non-controlling interests

3

 

113

 

0.0

%

    Total equity

8,278

 

235,773

 

62.4

%

Total liabilities and equity

13,255

 

377,516

 

100.0

%

Note:New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2020 exchange rate of NT $28.48 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

December 31, 2020

December 31, 2019

Chg.

December 31, 2020

September 30, 2020

Chg.

US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,590

 

45,296

 

1,469

 

41,849

 

8.2

%

1,590

 

45,296

 

1,575

 

44,870

 

0.9

%

Operating costs

(1,209

)

(34,448

)

(1,224

)

(34,881

)

(1.2

%)

(1,209

)

(34,448

)

(1,232

)

(35,101

)

(1.9

%)

Gross profit

381

 

10,848

 

245

 

6,968

 

55.7

%

381

 

10,848

 

343

 

9,769

 

11.0

%

23.9

%

23.9

%

16.7

%

16.7

%

23.9

%

23.9

%

21.8

%

21.8

%

Operating expenses
  - Sales and marketing expenses

(41

)

(1,175

)

(35

)

(996

)

17.9

%

(41

)

(1,175

)

(35

)

(1,009

)

16.4

%

  - General and administrative expenses

(69

)

(1,966

)

(56

)

(1,603

)

22.7

%

(69

)

(1,966

)

(58

)

(1,614

)

21.9

%

  - Research and development expenses

(112

)

(3,194

)

(121

)

(3,453

)

(7.5

%)

(112

)

(3,194

)

(116

)

(3,314

)

(3.6

%)

  - Expected credit impairment gain (loss) 

0

 

0

 

(4

)

(113

)

                 -

 

0

 

0

 

15

 

429

 

(99.9

%)

      Subtotal

(222

)

(6,335

)

(216

)

(6,165

)

2.8

%

(222

)

(6,335

)

(194

)

(5,508

)

15.0

%

Net other operating income and expenses

38

 

1,102

 

42

 

1,215

 

(9.3

%)

38

 

1,102

 

101

 

2,872

 

(61.6

%)

Operating income

197

 

5,615

 

71

 

2,018

 

178.3

%

197

 

5,615

 

250

 

7,133

 

(21.3

%)

12.4

%

12.4

%

4.8

%

4.8

%

12.4

%

12.4

%

15.9

%

15.9

%

 
Net non-operating income and expenses

197

 

5,619

 

33

 

946

 

493.4

%

197

 

5,619

 

73

 

2,074

 

171.0

%

Income from continuing operations
   before income tax

394

 

11,234

 

104

 

2,964

 

278.9

%

394

 

11,234

 

323

 

9,207

 

22.0

%

24.8

%

24.8

%

7.1

%

7.1

%

24.8

%

24.8

%

20.5

%

20.5

%

 
Income tax benefit (expenses)

(12

)

(344

)

7

 

191

 

                 -

 

(12

)

(344

)

(7

)

(197

)

74.8

%

Net income

382

 

10,890

 

111

 

3,155

 

245.1

%

382

 

10,890

 

316

 

9,010

 

20.9

%

24.0

%

24.0

%

7.5

%

7.5

%

24.0

%

24.0

%

20.1

%

20.1

%

 
Other comprehensive income (loss)

135

 

3,831

 

(54

)

(1,538

)

                 -

 

135

 

3,831

 

49

 

1,390

 

175.6

%

 
Total comprehensive income (loss)

517

 

14,721

 

57

 

1,617

 

810.3

%

517

 

14,721

 

365

 

10,400

 

41.5

%

 
    Net income attributable to:
  Stockholders of the parent

393

 

11,196

 

135

 

3,837

 

191.8

%

393

 

11,196

 

320

 

9,106

 

22.9

%

  Non-controlling interests

(11

)

(306

)

(24

)

(682

)

(55.1

%)

(11

)

(306

)

(4

)

(96

)

216.5

%

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

528

 

15,027

 

80

 

2,291

 

556.0

%

528

 

15,027

 

369

 

10,497

 

43.2

%

  Non-controlling interests

(11

)

(306

)

(23

)

(674

)

(54.6

%)

(11

)

(306

)

(4

)

(97

)

216.5

%

 
Earnings per share-basic

0.032

 

0.92

 

0.012

 

0.33

 

0.032

 

0.92

 

0.026

 

0.75

 

Earnings per ADS (2)

0.162

 

4.60

 

0.058

 

1.65

 

0.162

 

4.60

 

0.132

 

3.75

 

Weighted average number of shares
outstanding (in millions)

12,206

 

11,709

 

12,206

 

12,108

 

 
                                       
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2020 exchange rate of NT $28.48 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

Contacts

Michael Lin / David Wong
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
[email protected]
[email protected]


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