12i P3 Singapore expansion plan addresses long term structural demand in 22/28nm
First Quarter 2022 Overview1:
- Revenue: NT$63.42 billion (US$2.22 billion)
- Gross margin: 43.4%; Operating margin: 35.2%
- Revenue from 22/28nm: 20%
- Capacity utilization rate: 100%+
- Net income attributable to shareholders of the parent: NT$19.81 billion (US$692 million)
- Earnings per share: NT$1.61; earnings per ADS: US$0.281
United Microelectronics Corporation (NYSE:UMC, TWSE: 2303))) ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the first quarter of 2022.
First quarter consolidated revenue was NT$63.42 billion, increasing 7.3% QoQ from NT$59.10 billion in 4Q21. Compared to a year ago, 1Q22 revenue grew 34.7% YoY from NT$47.10 billion in 1Q21. Consolidated gross margin for 1Q22 was 43.4%. Net income attributable to the shareholders of the parent was NT$19.81 billion, with earnings per ordinary share of NT$1.61.
Jason Wang, UMC co-president, said, "We started 2022 with solid first quarter, as strong wafer demand kept our fabs operating at full capacity. Although wafer shipments declined slightly, higher average blended pricing lifted our overall revenue. While we have observed general end-market's tapering of cyclical demand associated with the COVID-19 pandemic, UMC's business continued to be well supported by structural trends that are increasing silicon content in devices and driving new applications. Specialty technologies such as non-volatile memory, power management, RF-SOI, and OLED display drivers are necessary for applications across 5G, AIoT, and automotive mega-trends, and our strategy to focus on leading specialty technologies has been successful, which now contribute more than half of our wafer revenue. An increasing number of customers are recognizing the value of our customized specialty processes and forming long-term partnerships with UMC."
Co-president Wang said, "Looking ahead, we expect the positive demand outlook will remain unchanged despite some market volatility caused by the pandemic and geopolitical issues. The expansion at our Fab 12A P5 is coming online in the current quarter, which will help us meet excess 28nm demand that we haven't been able to fulfill. We are also actively adding capacity at our overseas bases to support our customers' long-term growth. The announced new fab to be built at our Singapore site, which will address growing 22/28nm demand, has already secured multi-year supply agreements from 2024. We also announced a collaboration with DENSO on the production of power semiconductors at USJC's 300mm fab in order to serve the growing demand in the automotive market. The collaboration demonstrates our strong commitment to supporting our customers amid constraints in the automotive value chain. As part of the industry mega-trends, the accelerating adoption of electric vehicles will serve as a growth catalyst for our automotive business. We are excited to be selected as the foundry partner for many global leading customers as we aim to expand our market share in the fast-growing automotive segment."
Co-president Wang added, "Corporate sustainability has long been a key priority for UMC, and it is now also embedded in our new company vision and mission statements, which was unveiled earlier this year. We were pleased to be chosen from over 7,500 companies for the S&P Global 2022 Sustainability Yearbook released, for which we received the Gold Class Award. The company has ambitious goals when it comes to sustainability, and we will continue prioritizing resources so that we can deliver on our ESG promises."
Summary of Operating Results
Operating Results |
||||||||||
(Amount: NT$ million) |
1Q22 |
|
4Q21 |
|
QoQ %
|
1Q21 |
|
YoY %
|
||
Operating Revenues |
63,423 |
|
59,100 |
|
7.3 |
|
47,097 |
|
34.7 |
|
Gross Profit |
27,504 |
|
23,103 |
|
19.0 |
|
12,494 |
|
120.1 |
|
Operating Expenses |
(6,513 |
) |
(6,821 |
) |
(4.5 |
) |
(5,932 |
) |
9.8 |
|
Net Other Operating Income and Expenses |
1,343 |
|
1,334 |
|
0.7 |
|
1,060 |
|
26.8 |
|
Operating Income |
22,334 |
|
17,616 |
|
26.8 |
|
7,622 |
|
193.0 |
|
Net Non-Operating Income and Expenses |
1,314 |
|
558 |
|
135.5 |
|
3,361 |
|
(60.9 |
) |
Net Income Attributable to Shareholders of the Parent |
19,808 |
|
15,949 |
|
24.2 |
|
10,428 |
|
89.9 |
|
EPS (NT$ per share) |
1.61 |
|
1.30 |
|
|
0.85 |
|
|
||
(US$ per ADS) |
0.281 |
|
0.227 |
|
|
0.148 |
|
|
||
First quarter operating revenues increased by 7.3% sequentially to NT$63.42 billion which was primarily lifted to higher wafer shipments. Revenue contribution from 40nm and below technologies represented 38% of wafer revenue. Gross profit grew 19.0% QoQ to NT$27.50 billion, or 43.4% of revenue. Operating expenses declined 4.5% to NT$6.51 billion. Net other operating income remained relatively flat at NT$1.34 billion. Net non-operating income was NT$1.31 billion. Net income attributable to shareholders of the parent amounted to NT$19.81 billion.
Earnings per ordinary share for the quarter was NT$1.61. Earnings per ADS was US$0.281. The basic weighted average number of outstanding shares in 1Q22 was 12,283,479,334, compared with 12,254,114,875 shares in 4Q21 and 12,206,292,756 shares in 1Q21. The diluted weighted average number of outstanding shares was 12,534,728,721 in 1Q22, compared with 12,489,949,678 shares in 4Q21 and 12,381,821,873 shares in 1Q21. The fully diluted shares counted on March 31, 2022 were approximately 12,534,729,000.
Detailed Financials Section
Operating revenues increased to NT$63.42 billion. COGS declined slightly to NT$35.92 billion, which included 3.1% sequential decrease in depreciation. Gross profit grew 19.0% QoQ to NT$27.50 billion, reflecting the uptick in ASP. Operating expenses decreased 4.5% QoQ to NT$6.51 billion, as R&D fell 11.2% QoQ to NT$3.03 billion, representing 4.8% of revenue. Net other operating income was NT$1.34 billion. In 1Q22, operating income grew 26.8% QoQ to NT$22.33 billion.
COGS & Expenses |
||||||||||||||
(Amount: NT$ million) |
1Q22 |
|
4Q21 |
|
QoQ %
|
1Q21 |
|
YoY %
|
||||||
Operating Revenues |
63,423 |
|
59,100 |
|
7.3 |
|
47,097 |
|
34.7 |
|
||||
COGS |
(35,919 |
) |
(35,997 |
) |
(0.2 |
) |
(34,603 |
) |
3.8 |
|
||||
Depreciation |
(9,807 |
) |
(10,122 |
) |
(3.1 |
) |
(10,412 |
) |
(5.8 |
) |
||||
Other Mfg. Costs |
(26,112 |
) |
(25,875 |
) |
0.9 |
|
(24,191 |
) |
7.9 |
|
||||
Gross Profit |
27,504 |
|
23,103 |
|
19.0 |
|
12,494 |
|
120.1 |
|
||||
Gross Margin (%) |
43.4 |
% |
39.1 |
% |
|
26.5 |
% |
|
||||||
Operating Expenses |
(6,513 |
) |
(6,821 |
) |
(4.5 |
) |
(5,932 |
) |
9.8 |
|
||||
G&A |
(2,226 |
) |
(2,164 |
) |
2.9 |
|
(1,806 |
) |
23.3 |
|
||||
Sales & Marketing |
(1,255 |
) |
(1,240 |
) |
1.2 |
|
(1,089 |
) |
15.2 |
|
||||
R&D |
(3,033 |
) |
(3,414 |
) |
(11.2 |
) |
(3,049 |
) |
(0.5 |
) |
||||
Expected Credit
|
1 |
|
(3 |
) |
- |
|
12 |
|
(92.4 |
) |
||||
Net Other Operating
|
1,343 |
|
1,334 |
|
0.7 |
|
1,060 |
|
26.8 |
|
||||
Operating Income |
22,334 |
|
17,616 |
|
26.8 |
|
7,622 |
|
193.0 |
|
||||
Net non-operating income in 1Q22 was NT$1.31 billion, primarily reflecting NT$926 million in exchange gain and NT$576 million in net investment gain, offset by a NT$323 million in net interest expense.
Non-Operating Income and Expenses |
||||||||
(Amount: NT$ million) |
1Q22 |
|
4Q21 |
|
1Q21 |
|
||
Non-Operating Income and Expenses |
1,314 |
|
558 |
|
3,361 |
|
||
Net Interest Income and Expenses |
(323 |
) |
(343 |
) |
(272 |
) |
||
Net Investment Gain and Loss |
576 |
|
2,689 |
|
3,530 |
|
||
Exchange Gain and Loss |
926 |
|
312 |
|
93 |
|
||
Other Gain and Loss |
135 |
|
(2,100 |
) |
10 |
|
||
In 1Q22, cash inflow from operating activities was NT$30.12 billion. Cash inflow from investing activities amounted to NT$14.75 billion, which included NT$11.33 billion in capital expenditure, resulting in free cash flow of NT$18.79 billion. Cash outflow from financing reached NT$7.96 billion, primarily from a NT$7.25 billion in redemption of bonds and a NT$0.61 billion repayment in bank loans. Net cash inflow in 1Q22 totaled NT$39.55 billion. Over the next 12 months, the company expects to repay NT$10.77 billion in bank loans.
| Cash Flow Summary | ||||
(Amount: NT$ million) |
For the 3-Month
|
For the 3-Month
|
||
Cash Flow from Operating Activities |
30,118 |
|
26,822 |
|
Net income before tax |
23,648 |
|
18,174 |
|
Depreciation & Amortization |
11,390 |
|
11,817 |
|
Share of loss (profit) of associates and
|
1,858 |
|
(2,491 |
) |
Income tax paid |
(769 |
) |
(222 |
) |
Changes in working capital & others |
(6,009 |
) |
(456 |
) |
Cash Flow from Investing Activities |
14,752 |
|
(13,339 |
) |
Acquisition of PP&E |
(10,803 |
) |
(14,707 |
) |
Acquisition of intangible assets |
(421 |
) |
(100 |
) |
Decrease in other financial assets |
26,315 |
|
1,589 |
|
Others |
(339 |
) |
(121 |
) |
Cash Flow from Financing Activities |
(7,959 |
) |
6,367 |
|
Bank loans |
(612 |
) |
(1,359 |
) |
Bonds Issued |
- |
|
5,000 |
|
Redemption of bonds |
(7,249 |
) |
- |
|
Increase in deposits-in |
70 |
|
2,896 |
|
Others |
(168 |
) |
(170 |
) |
Effect of Exchange Rate |
2,637 |
|
(333 |
) |
Net Cash Flow |
39,548 |
|
19,517 |
|
Beginning balance |
132,622 |
|
113,105 |
|
Ending balance |
172,170 |
|
132,622 |
|
Cash and cash equivalents increased to NT$172.17 billion. Days of inventory increased by 2 days to 61 days.
Current Assets |
|||||
(Amount: NT$ billion) |
1Q22 |
4Q21 |
1Q21 |
||
Cash and Cash Equivalents |
172.17 |
132.62 |
107.29 |
||
Notes & Accounts Receivable |
38.05 |
35.19 |
29.24 |
||
Days Sales Outstanding |
53 |
53 |
55 |
||
Inventories, net |
25.40 |
23.01 |
22.23 |
||
Days of Inventory |
61 |
59 |
59 |
||
Total Current Assets |
249.68 |
233.27 |
179.08 |
||
Current liabilities decreased to NT$93.12 billion, which included a redemption of bonds lowering short-term credit/bonds to NT$22.58 billion. Long-term credit/bonds increased to NT$50.07 billion. Total liabilities decreased to NT$180.62 billion, leading to a debt to equity ratio of 60%.
Liabilities |
||||||||
(Amount: NT$ billion) |
1Q22 |
|
4Q21 |
|
1Q21 |
|
||
Total Current Liabilities |
93.12 |
|
105.45 |
|
78.53 |
|
||
Notes & Accounts Payable |
9.06 |
|
8.36 |
|
8.26 |
|
||
Short-Term Credit / Bonds |
22.58 |
|
39.26 |
|
37.28 |
|
||
Payables on Equipment |
7.63 |
|
7.88 |
|
5.29 |
|
||
Other |
53.85 |
|
49.95 |
|
27.70 |
|
||
Long-Term Credit / Bonds |
50.07 |
|
39.83 |
|
27.70 |
|
||
Long-Term Investment Liabilities |
8.59 |
|
8.25 |
|
20.66 |
|
||
Total Liabilities |
180.62 |
|
183.22 |
|
144.59 |
|
||
Debt to Equity |
60 |
% |
65 |
% |
58 |
% |
||
Analysis of Revenue2
Revenue from Asia-Pacific decreased to 64% while business from North America increased to 22% of sales. Business from Europe was 8% while contribution from Japan remained at 6%.
Revenue Breakdown by Region |
|||||||||
Region |
1Q22 |
4Q21 |
3Q21 |
2Q21 |
1Q21 |
||||
North America |
22% |
21% |
22% |
22% |
23% |
||||
Asia Pacific |
64% |
66% |
65% |
63% |
63% |
||||
Europe |
8% |
7% |
7% |
8% |
8% |
||||
Japan |
6% |
6% |
6% |
7% |
6% |
||||
Revenue contribution from 22/28nm amounted to 20% of the wafer revenue, while 40nm contribution stayed at 18% of sales.
Revenue Breakdown by Geometry |
||||||||||||||
Geometry |
1Q22 |
|
4Q21 |
|
3Q21 |
|
2Q21 |
|
1Q21 |
|
||||
14nm and below |
0 |
% |
0 |
% |
0 |
% |
0 |
% |
0 |
% |
||||
14nm<x<=28nm |
20 |
% |
20 |
% |
19 |
% |
20 |
% |
20 |
% |
||||
28nm<x<=40nm |
18 |
% |
18 |
% |
18 |
% |
18 |
% |
20 |
% |
||||
40nm<x<=65nm |
19 |
% |
19 |
% |
19 |
% |
19 |
% |
18 |
% |
||||
65nm<x<=90nm |
8 |
% |
8 |
% |
8 |
% |
9 |
% |
8 |
% |
||||
90nm<x<=0.13um |
12 |
% |
12 |
% |
12 |
% |
11 |
% |
11 |
% |
||||
0.13um<x<=0.18um |
13 |
% |
13 |
% |
13 |
% |
13 |
% |
13 |
% |
||||
0.18um<x<=0.35um |
7 |
% |
7 |
% |
8 |
% |
8 |
% |
8 |
% |
||||
0.5um and above |
3 |
% |
3 |
% |
3 |
% |
2 |
% |
2 |
% |
||||
Revenue from fabless customers accounted for 87% of revenue.
Revenue Breakdown by Customer Type |
|||||||||||||||
Customer Type |
1Q22 |
|
4Q21 |
|
3Q21 |
|
2Q21 |
|
1Q21 |
|
|||||
Fabless |
87 |
% |
86 |
% |
86 |
% |
84 |
% |
86 |
% |
|||||
IDM |
13 |
% |
14 |
% |
14 |
% |
16 |
% |
14 |
% |
|||||
Revenue from the communication segment represented 45%, while business from computer applications stayed at 17%. Business from consumer applications remained at 26% as other segments accounted for 12% of revenue.
Revenue Breakdown by Application (1) |
||||||||||||||
Application |
1Q22 |
|
4Q21 |
|
3Q21 |
|
2Q21 |
|
1Q21 |
|
||||
Computer |
17 |
% |
17 |
% |
17 |
% |
17 |
% |
16 |
% |
||||
Communication |
45 |
% |
46 |
% |
46 |
% |
47 |
% |
46 |
% |
||||
Consumer |
26 |
% |
26 |
% |
27 |
% |
26 |
% |
27 |
% |
||||
Others |
12 |
% |
11 |
% |
10 |
% |
10 |
% |
11 |
% |
||||
(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) grew in 1Q22.
(To view blended ASP trend, please click here for 1Q22 ASP)
Shipment and Utilization Rate3
Wafer shipments declined 1.3% QoQ to 2,513K in the first quarter, while quarterly capacity grew to 2,420K. Overall utilization rate in 1Q22 exceeded 100%.
Wafer Shipments |
|||||||||||
|
1Q22 |
4Q21 |
3Q21 |
2Q21 |
1Q21 |
|
|||||
Wafer Shipments
|
2,513 |
2,546 |
2,503 |
2,440 |
2,372 |
|
|||||
|
|||||||||||
Quarterly Capacity Utilization Rate |
|||||||||||
|
1Q22 |
4Q21 |
3Q21 |
2Q21 |
1Q21 |
|
|||||
Utilization Rate |
100%+ |
100%+ |
100%+ |
100%+ |
100 |
% |
|||||
Total Capacity
|
2,420 |
2,419 |
2,383 |
2,370 |
2,280 |
|
|||||
Capacity4
Overall capacity in the first quarter remained at 2,420K 8-inch equivalent wafers. Capacity will grow in the second quarter of 2022 to 2,528K 8-inch equivalent wafers, driven by the 28nm capacity expansion taking place at 12A P5.
Annual Capacity in
|
||||||||||
FAB |
Geometry
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|
|
WTK |
6" |
5 – 0.15 |
329 |
|
371 |
|
370 |
|
396 |
|
8A |
8" |
3 – 0.11 |
755 |
|
802 |
|
825 |
|
825 |
|
8C |
8" |
0.35 – 0.11 |
459 |
|
452 |
|
436 |
|
383 |
|
8D |
8" |
0.18 – 0.09 |
380 |
|
371 |
|
359 |
|
347 |
|
8E |
8" |
0.6 – 0.14 |
457 |
|
449 |
|
426 |
|
418 |
|
8F |
8" |
0.18 – 0.11 |
514 |
|
485 |
|
434 |
|
431 |
|
8S |
8" |
0.18 – 0.11 |
408 |
|
373 |
|
372 |
|
372 |
|
8N |
8" |
0.5 – 0.11 |
917 |
|
917 |
|
831 |
|
771 |
|
12A |
12" |
0.13 – 0.014 |
1,070 |
|
1,044 |
|
997 |
|
997 |
|
12i |
12" |
0.13 – 0.040 |
641 |
|
628 |
|
595 |
|
555 |
|
12X |
12" |
0.080 – 0.022 |
284 |
|
217 |
|
203 |
|
183 |
|
12M |
12" |
0.13 – 0.040 |
395 |
|
391 |
|
98 |
|
- |
|
Total(1) |
9,453 |
|
9,188 |
|
8,148 |
|
7,673 |
|
||
YoY Growth Rate |
3 |
% |
13 |
% |
6 |
% |
5 |
% |
||
Quarterly Capacity in
|
|||||||
FAB |
2Q22E |
1Q22 |
4Q21 |
3Q21 |
|||
WTK |
84 |
82 |
81 |
80 |
|||
8A |
192 |
189 |
190 |
190 |
|||
8C |
115 |
113 |
115 |
115 |
|||
8D |
103 |
101 |
95 |
95 |
|||
8E |
118 |
116 |
115 |
115 |
|||
8F |
138 |
136 |
137 |
137 |
|||
8S |
111 |
109 |
102 |
102 |
|||
8N |
235 |
231 |
232 |
230 |
|||
12A |
301 |
267 |
271 |
271 |
|||
12i |
164 |
162 |
164 |
160 |
|||
12X |
78 |
77 |
78 |
74 |
|||
12M |
110 |
108 |
104 |
98 |
|||
Total |
2,528 |
2,420 |
2,419 |
2,383 |
|||
(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
CAPEX spending in 1Q22 amounted to US$405 million. 2022 cash-based CAPEX budget will be US$3.6 billion.
Capital Expenditure by Year - in US$ billion |
||||||||||
Year |
|
2021 |
|
2020 |
|
2019 |
|
2018 |
|
2017 |
CAPEX |
$ |
1.8 |
$ |
1.0 |
$ |
0.6 |
$ |
0.7 |
$ |
1.4 |
2022 CAPEX Plan
8" |
12" |
Total |
||||
10 |
% |
90 |
% |
US$3.6 billion |
||
Second Quarter 2022 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: To increase by 4-5%
- ASP in USD: To increase by 3-4%
- Gross Profit Margin: To be approximately 45%
- Capacity Utilization: 100%
- 2022 CAPEX: US$3.6 billion
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 27, 2022
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 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 1Q22 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 approximately 800,000 8-inch equivalent wafers per month. The company employs approximately 20,000 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 2022; 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 2022 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 March 31, 2022 | ||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||||
March 31, 2022 |
||||||||
US$ |
NT$ |
% |
||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 6,016 |
172,170 |
35.7 |
% |
||||
| Accounts receivable, net | 1,329 |
38,048 |
7.9 |
% |
||||
| Inventories, net | 888 |
25,401 |
5.3 |
% |
||||
| Other current assets | 491 |
14,064 |
2.8 |
% |
||||
| Total current assets | 8,724 |
249,683 |
51.7 |
% |
||||
| Non-current assets | ||||||||
| Funds and investments | 2,532 |
72,468 |
15.0 |
% |
||||
| Property, plant and equipment | 4,576 |
130,956 |
27.1 |
% |
||||
| Right-of-use assets | 250 |
7,157 |
1.5 |
% |
||||
| Other non-current assets | 791 |
22,645 |
4.7 |
% |
||||
| Total non-current assets | 8,149 |
233,226 |
48.3 |
% |
||||
| Total assets | 16,873 |
482,909 |
100.0 |
% |
||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Short-term loans | 47 |
1,340 |
0.3 |
% |
||||
| Payables | 1,606 |
45,953 |
9.5 |
% |
||||
| Current portion of long-term liabilities | 742 |
21,238 |
4.4 |
% |
||||
| Other current liabilities | 859 |
24,590 |
5.1 |
% |
||||
| Total current liabilities | 3,254 |
93,121 |
19.3 |
% |
||||
| Non-current liabilities | ||||||||
| Bonds payable | 806 |
23,079 |
4.8 |
% |
||||
| Long-term loans | 943 |
26,988 |
5.6 |
% |
||||
| Lease liabilities, noncurrent | 157 |
4,482 |
0.9 |
% |
||||
| Other non-current liabilities | 1,151 |
32,954 |
6.8 |
% |
||||
| Total non-current liabilities | 3,057 |
87,503 |
18.1 |
% |
||||
| Total liabilities | 6,311 |
180,624 |
37.4 |
% |
||||
| Equity | ||||||||
| Equity attributable to the parent company | ||||||||
| Capital | 4,361 |
124,821 |
25.9 |
% |
||||
| Additional paid-in capital | 1,659 |
47,468 |
9.8 |
% |
||||
| Retained earnings and other components of equity | 4,532 |
129,702 |
26.8 |
% |
||||
| Total equity attributable to the parent company | 10,552 |
301,991 |
62.5 |
% |
||||
| Non-controlling interests | 10 |
294 |
0.1 |
% |
||||
| Total equity | 10,562 |
302,285 |
62.6 |
% |
||||
| Total liabilities and equity | 16,873 |
482,909 |
100.0 |
% |
||||
| Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar. | ||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||||||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||||||||||||||
Year over Year Comparison |
Quarter over Quarter Comparison |
||||||||||||||||||||||||||||
Three-Month Period Ended |
Three-Month Period Ended |
||||||||||||||||||||||||||||
March 31, 2022 |
March 31, 2021 |
Chg. |
March 31, 2022 |
December 31, 2021 |
Chg. |
||||||||||||||||||||||||
| US$ | NT$ | US$ | NT$ | % | US$ | NT$ | US$ | NT$ | % | ||||||||||||||||||||
| Operating revenues | 2,216 |
|
63,423 |
|
1,646 |
|
47,097 |
|
34.7 |
% |
2,216 |
|
63,423 |
|
2,065 |
|
59,100 |
|
7.3 |
% |
|||||||||
| Operating costs | (1,255 |
) |
(35,919 |
) |
(1,209 |
) |
(34,603 |
) |
3.8 |
% |
(1,255 |
) |
(35,919 |
) |
(1,258 |
) |
(35,997 |
) |
(0.2 |
%) |
|||||||||
| Gross profit | 961 |
|
27,504 |
|
437 |
|
12,494 |
|
120.1 |
% |
961 |
|
27,504 |
|
807 |
|
23,103 |
|
19.0 |
% |
|||||||||
43.4 |
% |
43.4 |
% |
26.5 |
% |
26.5 |
% |
43.4 |
% |
43.4 |
% |
39.1 |
% |
39.1 |
% |
||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| - Sales and marketing expenses | (44 |
) |
(1,255 |
) |
(38 |
) |
(1,089 |
) |
15.2 |
% |
(44 |
) |
(1,255 |
) |
(43 |
) |
(1,240 |
) |
1.2 |
% |
|||||||||
| - General and administrative expenses | (78 |
) |
(2,226 |
) |
(63 |
) |
(1,806 |
) |
23.3 |
% |
(78 |
) |
(2,226 |
) |
(76 |
) |
(2,164 |
) |
2.9 |
% |
|||||||||
| - Research and development expenses | (106 |
) |
(3,033 |
) |
(107 |
) |
(3,049 |
) |
(0.5 |
%) |
(106 |
) |
(3,033 |
) |
(119 |
) |
(3,414 |
) |
(11.2 |
%) |
|||||||||
| - Expected credit impairment gain (loss) | 0 |
|
1 |
|
0 |
|
12 |
|
(92.4 |
%) |
0 |
|
1 |
|
(0 |
) |
(3 |
) |
- |
|
|||||||||
| Subtotal | (228 |
) |
(6,513 |
) |
(208 |
) |
(5,932 |
) |
9.8 |
% |
(228 |
) |
(6,513 |
) |
(238 |
) |
(6,821 |
) |
(4.5 |
%) |
|||||||||
| Net other operating income and expenses | 47 |
|
1,343 |
|
37 |
|
1,060 |
|
26.8 |
% |
47 |
|
1,343 |
|
47 |
|
1,334 |
|
0.7 |
% |
|||||||||
| Operating income | 780 |
|
22,334 |
|
266 |
|
7,622 |
|
193.0 |
% |
780 |
|
22,334 |
|
616 |
|
17,616 |
|
26.8 |
% |
|||||||||
35.2 |
% |
35.2 |
% |
16.2 |
% |
16.2 |
% |
35.2 |
% |
35.2 |
% |
29.8 |
% |
29.8 |
% |
||||||||||||||
| Net non-operating income and expenses | 46 |
|
1,314 |
|
118 |
|
3,361 |
|
(60.9 |
%) |
46 |
|
1,314 |
|
19 |
|
558 |
|
135.5 |
% |
|||||||||
| Income from continuing operations before income tax |
826 |
|
23,648 |
|
384 |
|
10,983 |
|
115.3 |
% |
826 |
|
23,648 |
|
635 |
|
18,174 |
|
30.1 |
% |
|||||||||
37.3 |
% |
37.3 |
% |
23.3 |
% |
23.3 |
% |
37.3 |
% |
37.3 |
% |
30.8 |
% |
30.8 |
% |
||||||||||||||
| Income tax expense | (125 |
) |
(3,582 |
) |
(38 |
) |
(1,094 |
) |
227.4 |
% |
(125 |
) |
(3,582 |
) |
(76 |
) |
(2,169 |
) |
65.1 |
% |
|||||||||
| Net income | 701 |
|
20,066 |
|
346 |
|
9,889 |
|
102.9 |
% |
701 |
|
20,066 |
|
559 |
|
16,005 |
|
25.4 |
% |
|||||||||
31.6 |
% |
31.6 |
% |
21.0 |
% |
21.0 |
% |
31.6 |
% |
31.6 |
% |
27.1 |
% |
27.1 |
% |
||||||||||||||
| Other comprehensive income (loss) | 50 |
|
1,422 |
|
124 |
|
3,556 |
|
(60.0 |
%) |
50 |
|
1,422 |
|
101 |
|
2,880 |
|
(50.6 |
%) |
|||||||||
| Total comprehensive income (loss) | 751 |
|
21,488 |
|
470 |
|
13,445 |
|
59.8 |
% |
751 |
|
21,488 |
|
660 |
|
18,885 |
|
13.8 |
% |
|||||||||
| Net income attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 692 |
|
19,808 |
|
364 |
|
10,428 |
|
89.9 |
% |
692 |
|
19,808 |
|
557 |
|
15,949 |
|
24.2 |
% |
|||||||||
| Non-controlling interests | 9 |
|
258 |
|
(18 |
) |
(539 |
) |
- |
|
9 |
|
258 |
|
2 |
|
56 |
|
364.7 |
% |
|||||||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 742 |
|
21,229 |
|
489 |
|
13,984 |
|
51.8 |
% |
742 |
|
21,229 |
|
658 |
|
18,830 |
|
12.7 |
% |
|||||||||
| Non-controlling interests | 9 |
|
259 |
|
(19 |
) |
(539 |
) |
- |
|
9 |
|
259 |
|
2 |
|
55 |
|
364.8 |
% |
|||||||||
| Earnings per share-basic | 0.056 |
|
1.61 |
|
0.030 |
|
0.85 |
|
0.056 |
|
1.61 |
|
0.045 |
|
1.30 |
|
|||||||||||||
| Earnings per ADS (2) | 0.281 |
|
8.05 |
|
0.148 |
|
4.25 |
|
0.281 |
|
8.05 |
|
0.227 |
|
6.50 |
|
|||||||||||||
| Weighted average number of shares | |||||||||||||||||||||||||||||
| outstanding (in millions) | 12,283 |
|
12,206 |
|
12,283 |
|
12,254 |
|
|||||||||||||||||||||
| Notes: | |||||||||||||||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar. | |||||||||||||||||||||||||||||
| (2) 1 ADS equals 5 common shares. | |||||||||||||||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
| Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||||
For the Three-Month Period Ended |
For the Three-Month Period Ended |
||||||||||||||||||
March 31, 2022 |
March 31, 2022 |
||||||||||||||||||
| US$ | NT$ | % | US$ | NT$ | % | ||||||||||||||
| Operating revenues | 2,216 |
|
63,423 |
|
100.0 |
% |
2,216 |
|
63,423 |
|
100.0 |
% |
|||||||
| Operating costs | (1,255 |
) |
(35,919 |
) |
(56.6 |
%) |
(1,255 |
) |
(35,919 |
) |
(56.6 |
%) |
|||||||
| Gross profit | 961 |
|
27,504 |
|
43.4 |
% |
961 |
|
27,504 |
|
43.4 |
% |
|||||||
| Operating expenses | |||||||||||||||||||
| - Sales and marketing expenses | (44 |
) |
(1,255 |
) |
(2.0 |
%) |
(44 |
) |
(1,255 |
) |
(2.0 |
%) |
|||||||
| - General and administrative expenses | (78 |
) |
(2,226 |
) |
(3.5 |
%) |
(78 |
) |
(2,226 |
) |
(3.5 |
%) |
|||||||
| - Research and development expenses | (106 |
) |
(3,033 |
) |
(4.8 |
%) |
(106 |
) |
(3,033 |
) |
(4.8 |
%) |
|||||||
| - Expected credit impairment gain | 0 |
|
1 |
|
0.0 |
% |
0 |
|
1 |
|
0.0 |
% |
|||||||
| Subtotal | (228 |
) |
(6,513 |
) |
(10.3 |
%) |
(228 |
) |
(6,513 |
) |
(10.3 |
%) |
|||||||
| Net other operating income and expenses | 47 |
|
1,343 |
|
2.1 |
% |
47 |
|
1,343 |
|
2.1 |
% |
|||||||
| Operating income | 780 |
|
22,334 |
|
35.2 |
% |
780 |
|
22,334 |
|
35.2 |
% |
|||||||
| Net non-operating income and expenses | 46 |
|
1,314 |
|
2.1 |
% |
46 |
|
1,314 |
|
2.1 |
% |
|||||||
| Income from continuing operations before income tax |
826 |
|
23,648 |
|
37.3 |
% |
826 |
|
23,648 |
|
37.3 |
% |
|||||||
| Income tax expense | (125 |
) |
(3,582 |
) |
(5.7 |
%) |
(125 |
) |
(3,582 |
) |
(5.7 |
%) |
|||||||
| Net income | 701 |
|
20,066 |
|
31.6 |
% |
701 |
|
20,066 |
|
31.6 |
% |
|||||||
| Other comprehensive income (loss) | 50 |
|
1,422 |
|
2.3 |
% |
50 |
|
1,422 |
|
2.3 |
% |
|||||||
| Total comprehensive income (loss) | 751 |
|
21,488 |
|
33.9 |
% |
751 |
|
21,488 |
|
33.9 |
% |
|||||||
| Net income attributable to: | |||||||||||||||||||
| Shareholders of the parent | 692 |
|
19,808 |
|
31.2 |
% |
692 |
|
19,808 |
|
31.2 |
% |
|||||||
| Non-controlling interests | 9 |
|
258 |
|
0.4 |
% |
9 |
|
258 |
|
0.4 |
% |
|||||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||||
| Shareholders of the parent | 742 |
|
21,229 |
|
33.5 |
% |
742 |
|
21,229 |
|
33.5 |
% |
|||||||
| Non-controlling interests | 9 |
|
259 |
|
0.4 |
% |
9 |
|
259 |
|
0.4 |
% |
|||||||
| Earnings per share-basic | 0.056 |
|
1.61 |
|
0.056 |
|
1.61 |
|
|||||||||||
| Earnings per ADS (2) | 0.281 |
|
8.05 |
|
0.281 |
|
8.05 |
|
|||||||||||
| Weighted average number of shares outstanding (in millions) |
12,283 |
|
12,283 |
|
|||||||||||||||
| Notes: | |||||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar. | |||||||||||||||||||
| (2) 1 ADS equals 5 common shares. | |||||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | ||||||
| Consolidated Condensed Statement of Cash Flows | ||||||
| For The Three-Month Period Ended March 31, 2022 | ||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | ||||||
| US$ | NT$ | |||||
| Cash flows from operating activities : | ||||||
| Net income before tax | 826 |
|
23,648 |
|
||
| Depreciation & Amortization | 398 |
|
11,390 |
|
||
| Share of loss of associates and joint ventures | 65 |
|
1,858 |
|
||
| Income tax paid | (27 |
) |
(769 |
) |
||
| Changes in working capital & others | (210 |
) |
(6,009 |
) |
||
| Net cash provided by operating activities | 1,052 |
|
30,118 |
|
||
| Cash flows from investing activities : | ||||||
| Acquisition of property, plant and equipment | (377 |
) |
(10,803 |
) |
||
| Acquisition of intangible assets | (15 |
) |
(421 |
) |
||
| Decrease in other financial assets | 919 |
|
26,315 |
|
||
| Others | (12 |
) |
(339 |
) |
||
| Net cash provided by investing activities | 515 |
|
14,752 |
|
||
| Cash flows from financing activities : | ||||||
| Decrease in short-term loans | (22 |
) |
(640 |
) |
||
| Redemption of bonds | (253 |
) |
(7,249 |
) |
||
| Proceeds from long-term loans | 8 |
|
231 |
|
||
| Repayments of long-term loans | (7 |
) |
(203 |
) |
||
| Others | (4 |
) |
(98 |
) |
||
| Net cash used in financing activities | (278 |
) |
(7,959 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents | 93 |
|
2,637 |
|
||
| Net increase in cash and cash equivalents | 1,382 |
|
39,548 |
|
||
| Cash and cash equivalents at beginning of period | 4,634 |
|
132,622 |
|
||
| Cash and cash equivalents at end of period | 6,016 |
|
172,170 |
|
||
| Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2022 exchange rate of NT $28.62 per U.S. Dollar. | ||||||
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2022, the three-month period ending December 31, 2021, and the equivalent three-month period that ended March 31, 2021. For all 1Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2022 exchange rate of NT$ 28.62 per U.S. Dollar.
2 Revenue in this section represents wafer sales
3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
4 Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
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