UMC Reports Fourth Quarter 2020 Results

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.

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 Twelve-Month Period Ended

December 31, 2020

December 31, 2020

US$

NT$

%

US$

 NT$ 

%

Operating revenues

1,590

 

45,296

 

100.0

%

6,209

 

176,821

 

100.0

%

Operating costs

(1,209

)

(34,448

)

(76.1

%)

(4,840

)

(137,824

)

(77.9

%)

Gross profit

381

 

10,848

 

23.9

%

1,369

 

38,997

 

22.1

%

Operating expenses
  - Sales and marketing expenses

(41

)

(1,175

)

(2.6

%)

(146

)

(4,152

)

(2.4

%)

  - General and administrative expenses

(69

)

(1,966

)

(4.3

%)

(233

)

(6,664

)

(3.7

%)

  - Research and development expenses

(112

)

(3,194

)

(7.1

%)

(453

)

(12,896

)

(7.3

%)

  - Expected credit impairment gain

0

 

0

 

0.0

%

16

 

468

 

0.3

%

      Subtotal

(222

)

(6,335

)

(14.0

%)

(816

)

(23,244

)

(13.1

%)

Net other operating income and expenses

38

 

1,102

 

2.5

%

220

 

6,254

 

3.5

%

Operating income

197

 

5,615

 

12.4

%

773

 

22,007

 

12.5

%

Net non-operating income and expenses

197

 

5,619

 

12.4

%

208

 

5,919

 

3.3

%

Income from continuing operations 
   before income tax

394

 

11,234

 

24.8

%

981

 

27,926

 

15.8

%

Income tax expense

(12

)

(344

)

(0.8

%)

(27

)

(746

)

(0.4

%)

Net income

382

 

10,890

 

24.0

%

954

 

27,180

 

15.4

%

Other comprehensive income (loss)

135

 

3,831

 

8.5

%

165

 

4,686

 

2.6

%

Total comprehensive income (loss)

517

 

14,721

 

32.5

%

1,119

 

31,866

 

18.0

%

    Net income attributable to:
  Stockholders of the parent

393

 

11,196

 

24.7

%

1,025

 

29,189

 

16.5

%

  Non-controlling interests

(11

)

(306

)

(0.7

%)

(71

)

(2,009

)

(1.1

%)

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

528

 

15,027

 

33.2

%

1,185

 

33,748

 

19.1

%

  Non-controlling interests

(11

)

(306

)

(0.7

%)

(66

)

(1,882

)

(1.1

%)

Earnings per share-basic

0.032

 

0.92

 

0.085

 

2.42

 

Earnings per ADS (2)

0.162

 

4.60

 

0.425

 

12.10

 

Weighted average number of shares
     outstanding (in millions)

12,206

 

12,073

 

                       
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.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES

Consolidated Condensed Statement of Cash Flows

For The Twelve-Month Period Ended December 31, 2020

 Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

US$

NT$

Cash flows from operating activities :
    Net income before tax

981

 

27,926

 

    Depreciation & Amortization

1,717

 

48,908

 

    Share of profit of associates and joint ventures

(234

)

(6,668

)

    Changes in working capital & others

(156

)

(4,421

)

Net cash provided by operating activities

2,308

 

65,745

 

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

(925

)

(26,345

)

    Proceeds from disposal of property, plant and equipment 

61

 

1,737

 

    Acquisition of intangible assets

(71

)

(2,009

)

    Increase in other financial assets

(437

)

(12,438

)

    Others

(36

)

(1,057

)

Net cash used in investing activities

(1,408

)

(40,112

)

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

(33

)

(933

)

    Redemption of bonds

(481

)

(13,703

)

    Proceeds from long-term loans

475

 

13,529

 

    Repayments of long-term loans

(470

)

(13,392

)

    Cash dividends 

(343

)

(9,766

)

    Treasury stock acquired

(59

)

(1,678

)

    Treasury stock sold to employees

59

 

1,678

 

    Others

(47

)

(1,336

)

Net cash used in financing activities

(899

)

(25,601

)

Effect of exchange rate changes on cash and cash equivalents

(52

)

(1,476

)

Net decrease in cash and cash equivalents

(51

)

(1,444

)

Cash and cash equivalents at beginning of period

3,353

 

95,492

 

Cash and cash equivalents at end of period

3,302

 

94,048

 

       
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.


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