UMC Reports Second Quarter 2019 Results

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.

This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

- FINANCIAL TABLES TO FOLLOW -

 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of June 30, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 
June 30, 2019
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

2,909

90,356

24.4%

Financial assets at fair value through profit or loss, current

20

614

0.2%

Notes & Accounts receivable, net

785

24,386

6.6%

Inventories, net

632

19,629

5.3%

Other current assets

500

15,522

4.2%

Total current assets

4,846

150,507

40.7%

 
Non-current assets
Funds and investments

1,219

37,861

10.2%

Property, plant and equipment

5,101

158,440

42.8%

Right-of-use assets

268

8,315

2.3%

Other non-current assets

476

14,812

4.0%

Total non-current assets

7,064

219,428

59.3%

Total assets

11,910

369,935

100.0%

 
Liabilities
Current liabilities
Short-term loans

525

16,320

4.4%

Payables

763

23,707

6.4%

Dividends payable

223

6,916

1.9%

Current portion of long-term liabilities

744

23,105

6.3%

Other current liabilities

226

7,007

1.8%

Total current liabilities

2,481

77,055

20.8%

 
Non-current liabilities
Bonds payable

602

18,686

5.1%

Long-term loans

860

26,708

7.2%

Lease liabilities, noncurrent

174

5,395

1.5%

Other non-current liabilities

1,287

39,997

10.8%

Total non-current liabilities

2,923

90,786

24.6%

Total liabilities

5,404

167,841

45.4%

 
Equity
Equity attributable to the parent company
Capital

3,775

117,243

31.7%

Additional paid-in capital

1,263

39,240

10.6%

Retained earnings, exchange differences on translation of
foreign operations, unrealized gains or losses on financial
assets measured at fair value through other comprehensive
income and gains or losses on hedging Instruments

1,459

45,301

12.2%

Treasury stock

(4)

(120)

(0.0%)

Total equity attributable to the parent company

6,493

201,664

54.5%

Non-controlling interests

13

430

0.1%

Total equity

6,506

202,094

54.6%

Total liabilities and equity

11,910

369,935

100.0%

 
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2019 exchange rate of NT $31.06 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
June 30, 2019 June 30, 2018 Chg. June 30, 2019 March 31, 2019 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,160

36,031

1,251

38,852

(7.3%)

1,160

36,031

1,049

32,583

10.6%

Operating costs

(978)

(30,379)

(1,036)

(32,177)

(5.6%)

(978)

(30,379)

(976)

(30,321)

0.2%

Gross profit

182

5,652

215

6,675

(15.3%)

182

5,652

73

2,262

149.9%

15.7%

15.7%

17.2%

17.2%

15.7%

15.7%

6.9%

6.9%

Operating expenses
- Sales and marketing expenses

(31)

(953)

(36)

(1,103)

(13.6%)

(31)

(953)

(29)

(889)

7.2%

- General and administrative expenses

(39)

(1,251)

(35)

(1,083)

15.5%

(39)

(1,251)

(40)

(1,236)

1.1%

- Research and development expenses

(90)

(2,787)

(97)

(3,027)

(7.9%)

(90)

(2,787)

(90)

(2,807)

(0.7%)

- Expected credit losses

(19)

(587)

-

-

100.0%

(19)

(587)

-

-

100.0%

Subtotal

(179)

(5,578)

(168)

(5,213)

7.0%

(179)

(5,578)

(159)

(4,932)

13.1%

Net other operating income and expenses

54

1,687

55

1,719

(1.9%)

54

1,687

35

1,073

57.2%

Operating income (loss)

57

1,761

102

3,181

(44.6%)

57

1,761

(51)

(1,597)

-

4.9%

4.9%

8.2%

8.2%

4.9%

4.9%

(4.9%)

(4.9%)

 
Net non-operating income and expenses

(20)

(617)

(35)

(1,095)

(43.7%)

(20)

(617)

40

1,247

-

Income (loss) from continuing operations
before income tax

37

1,144

67

2,086

(45.2%)

37

1,144

(11)

(350)

-

3.2%

3.2%

5.4%

5.4%

3.2%

3.2%

(1.1%)

(1.1%)

 
Income tax benefit (expense)

(7)

(202)

11

331

-

(7)

(202)

14

443

-

Net income

30

942

78

2,417

(61.0%)

30

942

3

93

917.6%

2.6%

2.6%

6.2%

6.2%

2.6%

2.6%

0.3%

0.3%

 
Other comprehensive income (loss)

24

743

85

2,641

(71.9%)

24

743

116

3,614

(79.5%)

 
Total comprehensive income (loss)

54

1,685

163

5,058

(66.7%)

54

1,685

119

3,707

(54.6%)

 
Net income attributable to:
  Stockholders of the parent

56

1,740

118

3,659

(52.4%)

56

1,740

39

1,201

44.9%

  Non-controlling interests

(26)

(798)

(40)

(1,242)

(35.7%)

(26)

(798)

(36)

(1,108)

(28.0%)

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

80

2,488

203

6,297

(60.5%)

80

2,488

155

4,813

(48.3%)

  Non-controlling interests

(26)

(803)

(40)

(1,239)

(35.2%)

(26)

(803)

(36)

(1,106)

(27.4%)

 
Earnings per share-basic

0.005

0.15

0.010

0.30

0.005

0.15

0.003

0.10

Earnings per ADS (2)

0.024

0.75

0.048

1.50

0.024

0.75

0.016

0.50

Weighted average number of shares
outstanding (in millions)

11,818

12,049

11,818

11,909

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2019 exchange rate of NT $31.06 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
For the Three-Month Period Ended For the Six-Month Period Ended
June 30, 2019 June 30, 2019
US$ NT$ % US$ NT$ %
Operating revenues

1,160

36,031

100.0%

2,209

68,614

100.0%

Operating costs

(978)

(30,379)

(84.3%)

(1,954)

(60,700)

(88.5%)

Gross profit

182

5,652

15.7%

255

7,914

11.5%

 
 
Operating expenses
- Sales and marketing expenses

(31)

(953)

(2.6%)

(59)

(1,841)

(2.7%)

- General and administrative expenses

(39)

(1,251)

(3.6%)

(81)

(2,488)

(3.5%)

- Research and development expenses

(90)

(2,787)

(7.7%)

(180)

(5,594)

(8.2%)

- Expected credit losses

(19)

(587)

(1.6%)

(19)

(587)

(0.9%)

Subtotal

(179)

(5,578)

(15.5%)

(339)

(10,510)

(15.3%)

Net other operating income and expenses

54

1,687

4.7%

89

2,760

4.0%

Operating income

57

1,761

4.9%

5

164

0.2%

 
Net non-operating income and expenses

(20)

(617)

(1.7%)

21

630

1.0%

Income from continuing operations
before income tax

37

1,144

3.2%

26

794

1.2%

 
 
Income tax benefit (expense)

(7)

(202)

(0.6%)

7

241

0.3%

Net income

30

942

2.6%

33

1,035

1.5%

 
Other comprehensive income (loss)

24

743

2.1%

141

4,357

6.4%

 
Total comprehensive income (loss)

54

1,685

4.7%

174

5,392

7.9%

 
Net income attributable to:
  Stockholders of the parent

56

1,740

4.8%

95

2,942

4.3%

  Non-controlling interests

(26)

(798)

(2.2%)

(62)

(1,907)

(2.8%)

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

80

2,488

6.9%

235

7,301

10.6%

  Non-controlling interests

(26)

(803)

(2.2%)

(61)

(1,909)

(2.7%)

 
Earnings per share-basic

0.005

0.15

0.008

0.25

Earnings per ADS (2)

0.024

0.75

0.040

1.25

 
Weighted average number of shares
outstanding (in millions)

11,818

11,863

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2019 exchange rate of NT $31.06 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Six-Month Period Ended June 30, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

26

794

Depreciation & Amortization

791

24,565

Expected credit losses

19

587

Net gain of financial assets and liabilities at fair value through profit or loss

(24)

(758)

Changes in notes & accounts receivable

(38)

(1,184)

Changes in inventories

(44)

(1,363)

Changes in assets, liabilities and others

(72)

(2,190)

Net cash provided by operating activities

658

20,451

 
Cash flows from investing activities :
Acquisition of property, plant and equipment

(305)

(9,467)

Acquisition of intangible assets

(25)

(777)

Others

12

374

Net cash used in investing activities

(318)

(9,870)

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

97

3,001

Redemption of bonds

(80)

(2,500)

Proceeds from long-term loans

25

783

Repayments of long-term loans

(81)

(2,518)

Treasury stock acquired

(96)

(2,972)

Others

(3)

(82)

Net cash used in financing activities

(138)

(4,288)

 
Effect of exchange rate changes on cash and cash equivalents

13

406

Net increase in cash and cash equivalents

215

6,699

 
Cash and cash equivalents at beginning of period

2,694

83,662

 
Cash and cash equivalents at end of period

2,909

90,361

 
Reconciliation of the balances of cash and cash equivalents at end of period :
Cash and cash equivalents balances on the consolidated balance sheets

2,909

90,356

Cash and cash equivalents included in non-current assets held for sale

0

5

Cash and cash equivalents at end of period

2,909

90,361

 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2019 exchange rate of NT $31.06 per U.S. Dollar.
 

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