UMC Reports Fourth Quarter 2017 Results

Full-year foundry revenue in USD increased 7%YoY

Fourth Quarter 2017 Overview1:

  • Revenue: NT$36.63 billion (US$1.23 billion)
  • Gross margin: 17.2%
  • Foundry revenue from 28nm: 15%; Foundry operating margin: 5.4%
  • Foundry capacity utilization rate: 90%
  • Net income attributable to stockholders of the parent: NT$1.77 billion (US$59 million)
  • Earnings per share: NT$0.15; earnings per ADS: US$0.025

TAIPEI, Taiwan — (BUSINESS WIRE) — January 24, 2018United 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 2017.

Fourth quarter consolidated revenue was NT$36.63 billion, down 2.8% from NT$37.70 billion in 3Q17 and decreased 4.4% YoY from NT$38.31 billion in 4Q16. The consolidated gross margin in 4Q17 was 17.2%. Net income attributable to stockholders of the parent was NT$1.77 billion, with earnings per ordinary share of NT$0.15.

Jason Wang, co-president of UMC, said, In the fourth quarter of 2017, UMC’s foundry revenue was NT$36.54 billion. During the quarter, our capacity utilization from legacy 8” and 12” technologies continued to reflect robust demand, despite a decrease in 28nm HKMG contribution. The utilization rate of 90% led to overall wafer shipments of 1.67 million 8-inch equivalents. For the full year of 2017, UMC posted a 7% YoY revenue increase in US dollars as wafer shipments increased nearly 11% annually. As a result, our 2017 net income of the parent company grew nearly 16% year on year, despite experiencing unfavorable movement of the NT dollar in the foreign exchange markets.”

Co-president Wang continued, “Looking into the first quarter of 2018, we anticipate our foundry business to remain relatively flat. We are continuing our efforts to capture new 28nm business by working to secure new design opportunities, which will help rebuild our 28nm momentum as these new product tape outs are expected to enter production in the following months. In addition, we will leverage our manufacturing excellence to invest in areas with better ROI potential, including 12” mature technologies as well as tool and equipment upgrades at 8” facilities. As such, our 2018 CAPEX budget will be approximately US$1.1 billion. I believe our approach to optimizing the offerings across 8” and 12” mature technologies while moderating the pace of leading edge expansion will lead to sound financial performance that will preserve the best interests of our shareholders and employees.”

Summary of Operating Results

 
Operating Results
(Amount: NT$ million)   4Q17   3Q17   QoQ %
change
  4Q16   YoY %
change
Net Operating Revenues   36,631   37,698   (2.8)   38,306   (4.4)
Gross Profit 6,298 6,592 (4.5) 8,759 (28.1)
Operating Expenses (5,198) (5,404) (3.8) (6,627) (21.6)
Net Other Operating Income and Expenses 801 441 81.6 144 456.3
Operating Income (Loss) 1,901 1,629 16.7 2,276 (16.5)
Net Non-Operating Income and Expenses (152) 1,236 - (1,210) (87.4)
Net Income Attributable to Stockholders of the Parent 1,771 3,473 (49.0) 2,548 (30.5)
EPS (NT$ per share) 0.15 0.28 0.21
(US$ per ADS)   0.025   0.047       0.035    
 

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