UMC Reports First Quarter 2014 Results

Summary of Operating Results

Operating Results

(Amount: NT$ million)

1Q14

  4Q13

QoQ %
change

 1Q13

YoY %
change

Net Operating Revenues

31,694

30,719

3.2

27,781

14.1

Gross Profit

5,901

5,557

6.2

4,492

31.4

Operating Expenses

(5,016)

(5,317)

(5.7)

(4,178)

20.1

Net Other Operating Income and Expenses

56

(46)

-

(20)

-

Operating Income

941

194

385.1

294

220.1

Net Non-Operating Income and Expenses

351

889

(60.5)

7,249

(95.2)

Net Income Attributable to the Stockholders of the Parent

1,180

749

57.5

6,593

(82.1)

EPS   (NT$ per share)

0.09

0.06


0.52


         (US$ per ADS[2])

0.015

0.010


0.085



[2] One ADS represents five Taiwan-listed ordinary shares.

Revenue increased 3.2% QoQ to NT$31.69 billion from NT$30.72 billion in 4Q13, and increased 14.1% YoY from NT$27.78 billion in 1Q13. Gross profit was NT$5.90 billion, or 18.6% of revenue, compared to NT$5.56 billion, or 18.1% of 4Q13 revenue. Operating income for the quarter was NT$0.94 billion, or 3.0% of revenue, compared to operating income of NT$0.19 billion, or 0.6% of 4Q13 revenue. Net income attributable to the stockholders of the parent in 1Q14 was NT$1.18 billion, compared to NT$749 million in 4Q13.

Earnings per ordinary share for the quarter were NT$0.09. Earnings per ADS were US$0.015. The basic weighted average number of outstanding shares in 1Q14 was 12,479,924,736, compared with 12,476,082,332 shares in 4Q13 and 12,631,240,995 shares in 1Q13. The diluted weighted average number of outstanding shares was 13,157,984,032 in 1Q14, compared with 13,243,379,446 shares in 4Q13 and 13,396,609,065 shares in 1Q13. The fully diluted share count on March 31, 2014 was approximately 13,333,286,000. On March 31, 2014, UMC held 200 million treasury shares acquired from the 15th share buy-back program.

Detailed Financials Section

The rise in revenue was largely due to an increase in shipments during 1Q14. Depreciation slightly increased 2.6% to NT$8.15 billion. Gross profit climbed 6.2% to NT$5.90 billion, or 18.6% of revenue. Total operating expenses decreased 5.7% to NT$5.02 billion. Sales and marketing expenses decreased 8.1% to NT$833 million, mainly due to lower mask expenses. Research and development expenses decreased to NT$3.34 billion, mostly due to a temporary reduction in engineering wafer use.

COGS & Expenses

(Amount: NT$ million)

1Q14

4Q13

QoQ %
change

1Q13

YoY %
change

Net Operating Revenues

31,694

30,719

3.2

27,781

14.1

COGS

(25,793)

(25,162)

2.5

(23,289)

10.8

  Depreciation

(8,145)

(7,939)

2.6

(7,628)

6.8

  Other Mfg. Costs

(17,648)

(17,223)

2.5

(15,661)

12.7

Gross Profit

5,901

5,557

6.2

4,492

31.4

Gross Margin (%)

18.6%

18.1%


16.2%


Operating Expenses

(5,016)

(5,317)

(5.7)

(4,178)

20.1

  G&A

(848)

(826)

2.7

(1,019)

(16.8)

  Sales & Marketing

(833)

(906)

(8.1)

(763)

9.2

  R&D

(3,335)

(3,585)

(7.0)

(2,396)

39.2

Net Other Operating

Income & Expenses

56

(46)

-

(20)

-

Operating Income

941

194

385.1

294

220.1


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