22nm revenue surges 46% QoQ on display driver and networking chip demand
Inauguration of new Singapore fab to support future 22nm growth
First Quarter 2025 Overview1:
- Revenue: NT$57.86 billion (US$1.74 billion)
- Gross margin: 26.7%; Operating margin: 16.9%
- Revenue from 22/28nm: 37%
- Capacity utilization rate: 69%
- Net income attributable to shareholders of the parent: NT$7.78 billion (US$234 million)
- Earnings per share: NT$0.62; earnings per ADS: US$0.093
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 2025.
First quarter consolidated revenue was NT$57.86 billion, decreasing 4.2% from NT$60.39 billion in 4Q24. Compared to a year ago, 1Q25 revenue increased 5.9%. Consolidated gross margin for 1Q25 was 26.7%. Net income attributable to the shareholders of the parent was NT$7.78 billion, with earnings per ordinary share of NT$0.62.
Jason Wang, co-president of UMC, said, "Our results in the first quarter were in line with previous guidance, with flattish wafer shipments and the one-time pricing adjustment at the beginning of the year to reflect market conditions. First-quarter highlights include 22/28nm revenue hitting a record high, representing 37% of total sales. That was driven by a 46% quarter-over-quarter increase in 22nm revenue from products such as OLED display driver ICs, image signal processors as well as digital TV, WiFi and audio codec chips. We expect customers to tape-out additional 22nm products in the coming quarters as customers increasingly migrate to our 22nm logic and specialty platforms for next-generation applications. Earlier this month, we also officially inaugurated our new Singapore Phase 3 fab, which will provide additional 22nm capacity to support future growth. Pilot runs are underway and is on schedule to ramp up to volume production early 2026. The expansion in Singapore also further broadens our geographic diversification, enabling customers to strengthen their supply chain resilience. In February, our Board of Directors proposed a cash dividend of NT$2.85 per share, which is subject to approval from shareholders in the upcoming annual general meeting."
Co-president Wang added, "Looking ahead to the second quarter, we are expecting a moderate rebound in demand across all segments according to near-term alignment with customers. Beyond that, we are cautious about wafer demand projections as policies and markets are still adjusting to the recent tariff announcements. To navigate this challenging environment, we are working closely with customers to monitor trends in end market demand. We are also strengthening our competitive advantages by focusing on execution of key technology projects, such as the 12nm collaboration with U.S. partner, and ensuring our customers have access to geographically diverse manufacturing options. In addition, we are implementing cost reduction plans and accelerating AI and intelligent manufacturing systems to enhance operational efficiency. Through these key focuses, we are confident that UMC can maintain our financial and business resilience."
Co-president Wang said, "In the first quarter, UMC was honored to receive high ratings in two key sustainability benchmarks. In the Sustainability Yearbook 2025 published by S&P Global, UMC is the only semiconductor company globally to earn the ‘Top 1%' ranking based on the company's Corporate Sustainability Assessment (CSA) score. UMC also stood out in the CDP's annual assessment as the sole semiconductor company to be awarded the highest ‘A' rating in both Climate Change and Water Security categories."
Summary of Operating Results
Operating Results |
|||||||||||||||
(Amount: NT$ million) |
1Q25 |
4Q24 |
QoQ %
|
1Q24 |
YoY %
|
||||||||||
Operating Revenues |
57,859 |
|
60,386 |
|
(4.2 |
) |
54,632 |
|
5.9 |
|
|||||
Gross Profit |
15,447 |
|
18,343 |
|
(15.8 |
) |
16,899 |
|
(8.6 |
) |
|||||
Operating Expenses |
(6,123 |
) |
(6,748 |
) |
(9.3 |
) |
(5,747 |
) |
6.5 |
|
|||||
Net Other Operating Income and Expenses |
462 |
|
362 |
|
27.6 |
|
513 |
|
(9.9 |
) |
|||||
Operating Income |
9,786 |
|
11,957 |
|
(18.2 |
) |
11,665 |
|
(16.1 |
) |
|||||
Net Non-Operating Income and Expenses |
(439 |
) |
(1,443 |
) |
(69.5 |
) |
1,056 |
|
- |
|
|||||
Net Income Attributable to Shareholders of the Parent |
7,777 |
|
8,497 |
|
(8.5 |
) |
10,456 |
|
(25.6 |
) |
|||||
EPS (NT$ per share) |
0.62 |
|
0.68 |
|
|
0.84 |
|
|
|||||||
EPS (US$ per ADS) |
0.093 |
|
0.104 |
|
|
0.131 |
|
|
|||||||
Exchange rate (USD/NTD) |
33.18 |
|
32.78 |
|
|
31.99 |
|
|
|||||||
Note：Sums may not equal totals due to rounding. |
|||||||||||||||
First quarter operating revenues declined 4.2% sequentially to NT$57.86 billion. Revenue contribution from 40nm and below technologies represented 53% of wafer revenue. Gross profit decreased 15.8% QoQ to NT$15.45 billion, or 26.7% of revenue. Operating expenses decreased 9.3% to NT$6.12 billion. Net other operating income increased 27.6% to NT$0.46 billion. Net non-operating expenses totaled NT$0.44 billion. Net income attributable to shareholders of the parent amounted to NT$7.78 billion.
Earnings per ordinary share for the quarter was NT$0.62. Earnings per ADS was US$0.093. The basic weighted average number of shares outstanding in 1Q25 was 12,484,780,989, compared with 12,481,192,676 shares in 4Q24 and 12,414,087,724 shares in 1Q24. The diluted weighted average number of shares outstanding was 12,579,207,466 in 1Q25, compared with 12,610,756,874 shares in 4Q24 and 12,577,525,057 shares in 1Q24. The fully diluted shares counted on March 31, 2025 were approximately 12,579,207,000.
Detailed Financials Section
Operating revenues decreased to NT$57.86 billion. COGS grew 0.9% to NT$42.41 billion, which included a 4.1% sequential increase in depreciation. Gross profit decreased 15.8% QoQ to NT$15.45 billion. Operating expenses decreased to NT$6.12 billion, as G&A declined 13.9% QoQ to NT$1.54 billion, R&D declined 8.5% to NT$3.96 billion, and Sales & Marketing also declined 0.7% to NT$0.62 billion. Net other operating income was NT$0.46 billion. In 1Q25, operating income declined 18.2% QoQ to NT$9.79 billion.
COGS & Expenses |
|||||||||||||||
(Amount: NT$ million) |
1Q25 |
4Q24 |
QoQ %
|
1Q24 |
YoY %
|
||||||||||
Operating Revenues |
57,859 |
|
60,386 |
|
(4.2 |
) |
54,632 |
|
5.9 |
|
|||||
COGS |
(42,412 |
) |
(42,043 |
) |
0.9 |
|
(37,733 |
) |
12.4 |
|
|||||
Depreciation |
(12,321 |
) |
(11,841 |
) |
4.1 |
|
(9,335 |
) |
32.0 |
|
|||||
Other Mfg. Costs |
(30,091 |
) |
(30,202 |
) |
(0.4 |
) |
(28,398 |
) |
6.0 |
|
|||||
Gross Profit |
15,447 |
|
18,343 |
|
(15.8 |
) |
16,899 |
|
(8.6 |
) |
|||||
Gross Margin (%) |
26.7 |
% |
30.4 |
% |
|
30.9 |
% |
|
|||||||
Operating Expenses |
(6,123 |
) |
(6,748 |
) |
(9.3 |
) |
(5,747 |
) |
6.5 |
|
|||||
Sales & Marketing |
(619 |
) |
(623 |
) |
(0.7 |
) |
(684 |
) |
(9.5 |
) |
|||||
G&A |
(1,542 |
) |
(1,791 |
) |
(13.9 |
) |
(1,702 |
) |
(9.4 |
) |
|||||
R&D |
(3,964 |
) |
(4,334 |
) |
(8.5 |
) |
(3,407 |
) |
16.3 |
|
|||||
Expected Credit Impairment Gain |
2 |
|
0 |
|
523.3 |
|
46 |
|
(94.7 |
) |
|||||
Net Other Operating Income & Expenses |
462 |
|
362 |
|
27.6 |
|
513 |
|
(9.9 |
) |
|||||
Operating Income |
9,786 |
|
11,957 |
|
(18.2 |
) |
11,665 |
|
(16.1 |
) |
|||||
Note：Sums may not equal totals due to rounding. |
|||||||||||||||
Net non-operating expenses in 1Q25 was NT$0.44 billion, primarily reflecting the NT$0.77 billion in net investment loss, offset by the NT$0.22 billion in net interest income, and the NT$0.12 billion in exchange gain.
Non-Operating Income and Expenses |
|||||||||
(Amount: NT$ million) |
1Q25 |
4Q24 |
1Q24 |
|
|||||
Non-Operating Income and Expenses |
(439 |
) |
(1,443 |
) |
1,056 |
|
|||
Net Interest Income and Expenses |
219 |
|
290 |
|
676 |
|
|||
Net Investment Gain and Loss |
(769 |
) |
(2,614 |
) |
(324 |
) |
|||
Exchange Gain and Loss |
115 |
|
877 |
|
697 |
|
|||
Other Gain and Loss |
(5 |
) |
4 |
|
7 |
|
|||
Note：Sums may not equal totals due to rounding. |
|||||||||
In 1Q25, cash inflow from operating activities was NT$23.83 billion. Cash outflow from investing activities totaled NT$10.51 billion, which included NT$14.57 billion in capital expenditure, resulting in free cash flow of NT$9.26 billion. Cash outflow from financing was NT$13.78 billion, primarily from NT$13.02 billion in bank loans. Net cash flow in 1Q25 amounted to NT$1.35 billion. Over the next 12 months, the company expects to repay NT$5.62 billion in bank loans.
Cash Flow Summary |
||||||
(Amount: NT$ million) |
For the 3-Month Period Ended Mar. 31, 2025 |
For the 3-Month Period Ended Dec. 31, 2024 |
||||
Cash Flow from Operating Activities |
23,826 |
|
32,977 |
|
||
Net income before tax |
9,347 |
|
10,514 |
|
||
Depreciation & Amortization |
14,128 |
|
13,463 |
|
||
Share of loss of associates and joint ventures |
208 |
|
1,800 |
|
||
Income tax paid |
(585 |
) |
(137 |
) |
||
Changes in working capital & others |
728 |
|
7,337 |
|
||
Cash Flow from Investing Activities |
(10,506 |
) |
(16,968 |
) |
||
Acquisition of PP&E |
(14,153 |
) |
(18,275 |
) |
||
Acquisition of intangible assets |
(329 |
) |
(877 |
) |
||
Others |
3,976 |
|
2,184 |
|
||
Cash Flow from Financing Activities |
(13,776 |
) |
(14,305 |
) |
||
Bank loans |
(13,018 |
) |
(10,495 |
) |
||
Redemption of bonds |
- |
|
(3,400 |
) |
||
Others |
(758 |
) |
(410 |
) |
||
Effect of Exchange Rate |
1,810 |
|
(111 |
) |
||
Net Cash Flow |
1,354 |
|
1,593 |
|
||
Beginning balance |
105,000 |
|
103,407 |
|
||
Ending balance |
106,354 |
|
105,000 |
|
||
Note：Sums may not equal totals due to rounding. |
||||||
Cash and cash equivalents increased to NT$106.35 billion. Days of inventory decreased 3 days to 77 days.
Current Assets |
||||||
(Amount: NT$ billion) |
1Q25 |
4Q24 |
1Q24 |
|||
Cash and Cash Equivalents |
106.35 |
105.00 |
119.43 |
|||
Accounts Receivable |
34.80 |
33.34 |
30.68 |
|||
Days Sales Outstanding |
54 |
51 |
50 |
|||
Inventories, net |
35.43 |
35.78 |
34.59 |
|||
Days of Inventory |
77 |
80 |
85 |
|||
Total Current Assets |
192.32 |
189.68 |
205.16 |
|||
Current liabilities decreased to NT$72.87 billion. Long-term credit/bonds decreased to NT$44.63 billion. Total liabilities decreased to NT$182.13 billion, leading to a debt to equity ratio of 47%.
Liabilities |
|||||||||
(Amount: NT$ billion) |
1Q25 |
4Q24 |
1Q24 |
|
|||||
Total Current Liabilities |
72.87 |
|
75.26 |
|
88.40 |
|
|||
Accounts Payable |
9.27 |
|
7.63 |
|
7.46 |
|
|||
Short-Term Credit / Bonds |
17.63 |
|
19.51 |
|
25.60 |
|
|||
Payables on Equipment |
8.46 |
|
10.52 |
|
13.97 |
|
|||
Other |
37.51 |
|
37.60 |
|
41.37 |
|
|||
Long-Term Credit / Bonds |
44.63 |
|
55.53 |
|
43.45 |
|
|||
Total Liabilities |
182.13 |
|
192.02 |
|
188.85 |
|
|||
Debt to Equity |
47 |
% |
51 |
% |
50 |
% |
|||
Analysis of Revenue2
Revenue from Asia Pacific increased to 66%, while business from North America was 22% of sales. Business from Europe decreased to 7%, while contribution from Japan was 5%.
Revenue Breakdown by Region |
|||||||||||||||
Region |
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
||||||||||
North America |
22 |
% |
25 |
% |
26 |
% |
25 |
% |
25 |
% |
|||||
Asia Pacific |
66 |
% |
61 |
% |
65 |
% |
64 |
% |
63 |
% |
|||||
Europe |
7 |
% |
11 |
% |
5 |
% |
7 |
% |
8 |
% |
|||||
Japan |
5 |
% |
3 |
% |
4 |
% |
4 |
% |
4 |
% |
|||||
Revenue contribution from 22/28nm increased to 37% of wafer revenue, while 40nm contribution remained at 16% of sales.
Revenue Breakdown by Geometry |
|||||||||||||||
Geometry |
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
||||||||||
14nm and below |
0 |
% |
0 |
% |
0 |
% |
0 |
% |
0 |
% |
|||||
14nm<x<=28nm |
37 |
% |
34 |
% |
35 |
% |
33 |
% |
33 |
% |
|||||
28nm<x<=40nm |
16 |
% |
16 |
% |
13 |
% |
12 |
% |
14 |
% |
|||||
40nm<x<=65nm |
16 |
% |
16 |
% |
15 |
% |
15 |
% |
18 |
% |
|||||
65nm<x<=90nm |
8 |
% |
11 |
% |
10 |
% |
12 |
% |
10 |
% |
|||||
90nm<x<=0.13um |
7 |
% |
10 |
% |
10 |
% |
11 |
% |
9 |
% |
|||||
0.13um<x<=0.18um |
10 |
% |
9 |
% |
11 |
% |
10 |
% |
11 |
% |
|||||
0.18um<x<=0.35um |
5 |
% |
4 |
% |
5 |
% |
5 |
% |
4 |
% |
|||||
0.5um and above |
1 |
% |
0 |
% |
1 |
% |
2 |
% |
1 |
% |
|||||
Revenue from fabless customers accounted for 82% of revenue.
Revenue Breakdown by Customer Type |
|||||||||||||||
Customer Type |
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
||||||||||
Fabless |
82 |
% |
84 |
% |
85 |
% |
87 |
% |
82 |
% |
|||||
IDM |
18 |
% |
16 |
% |
15 |
% |
13 |
% |
18 |
% |
|||||
Revenue from the communication segment accounted for 40%, while business from computer applications was 11% of sales. Business from consumer applications increased to 34%, while other segments was 15% of revenue.
Revenue Breakdown by Application (1) |
|||||||||||||||
Application |
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
||||||||||
Computer |
11 |
% |
13 |
% |
13 |
% |
15 |
% |
13 |
% |
|||||
Communication |
40 |
% |
39 |
% |
42 |
% |
39 |
% |
48 |
% |
|||||
Consumer |
34 |
% |
29 |
% |
31 |
% |
31 |
% |
23 |
% |
|||||
Others |
15 |
% |
19 |
% |
14 |
% |
15 |
% |
16 |
% |
|||||
(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) declined in 1Q25.
(To view blended ASP trend, please click here for 1Q25 ASP)
Shipment and Utilization Rate3
Wafer shipments remained flat, accounting for 910K in the first quarter, while quarterly capacity was 1,264K. Overall utilization rate in 1Q25 slightly declined to 69%.
Wafer Shipments |
|||||||||||||||
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
|||||||||||
Wafer Shipments
|
910 |
|
909 |
|
896 |
|
831 |
|
810 |
|
|||||
Quarterly Capacity Utilization Rate |
|||||||||||||||
|
1Q25 |
4Q24 |
3Q24 |
2Q24 |
1Q24 |
||||||||||
Utilization Rate |
69 |
% |
70 |
% |
71 |
% |
68 |
% |
65 |
% |
|||||
Total Capacity
|
1,264 |
|
1,280 |
|
1,274 |
|
1,257 |
|
1,212 |
|
|||||
Capacity4
Total capacity in the first quarter decreased to 1,264K 12-inch equivalent wafers. Capacity will grow in the second quarter of 2025 to 1,290K 12-inch equivalent wafers.
Annual Capacity in |
Quarterly Capacity in |
|||||||||||||||||||||||||||
thousands of wafers |
thousands of wafers |
|||||||||||||||||||||||||||
FAB |
Geometry
|
2024 |
2023 |
2022 |
2021 |
FAB |
2Q25E |
1Q25 |
4Q24 |
3Q24 |
||||||||||||||||||
WTK |
6" |
5 – 0.15 |
331 |
|
328 |
|
335 |
|
329 |
|
WTK |
6" |
80 |
78 |
83 |
83 |
||||||||||||
8A |
8" |
3 – 0.11 |
829 |
|
811 |
|
765 |
|
755 |
|
8A |
8" |
215 |
212 |
207 |
207 |
||||||||||||
8C |
8" |
0.35 – 0.11 |
477 |
|
473 |
|
459 |
|
459 |
|
8C |
8" |
125 |
123 |
119 |
119 |
||||||||||||
8D |
8" |
0.18 – 0.09 |
473 |
|
440 |
|
410 |
|
380 |
|
8D |
8" |
118 |
116 |
118 |
118 |
||||||||||||
8E |
8" |
0.6 – 0.14 |
524 |
|
490 |
|
469 |
|
457 |
|
8E |
8" |
131 |
129 |
131 |
131 |
||||||||||||
8F |
8" |
0.18 – 0.11 |
578 |
|
570 |
|
550 |
|
514 |
|
8F |
8" |
146 |
144 |
145 |
145 |
||||||||||||
8S |
8" |
0.18 – 0.11 |
455 |
|
447 |
|
443 |
|
408 |
|
8S |
8" |
117 |
115 |
114 |
114 |
||||||||||||
8N |
8" |
0.5 – 0.11 |
1,013 |
|
996 |
|
952 |
|
917 |
|
8N |
8" |
250 |
246 |
254 |
254 |
||||||||||||
12A |
12" |
0.13 – 0.014 |
1,556 |
|
1,305 |
|
1,170 |
|
1,070 |
|
12A |
12" |
409 |
402 |
409 |
403 |
||||||||||||
12i |
12" |
0.13 – 0.040 |
678 |
|
655 |
|
655 |
|
641 |
|
12i |
12" |
172 |
169 |
172 |
172 |
||||||||||||
12X |
12" |
0.080 – 0.022 |
318 |
|
317 |
|
314 |
|
284 |
|
12X |
12" |
80 |
78 |
80 |
80 |
||||||||||||
12M |
12" |
0.13 – 0.040 |
455 |
|
438 |
|
436 |
|
395 |
|
12M |
12" |
119 |
113 |
115 |
115 |
||||||||||||
Total(1) |
5,022 |
|
4,674 |
|
4,458 |
|
4,201 |
|
Total |
1,290 |
1,264 |
1,280 |
1,274 |
|||||||||||||||
YoY Growth Rate |
7 |
% |
5 |
% |
6 |
% |
3 |
% |
|
|
|
|
|
|
||||||||||||||
(1) One 6-inch wafer is converted into 0.25 (62/122) 12-inch equivalent wafer; one 8-inch wafer is converted into 0.44 (82/122) 12-inch equivalent wafers. Total capacity figures are expressed in 12-inch equivalent wafers.
CAPEX
CAPEX spending in 1Q25 totaled US$443 million. 2025 cash-based CAPEX budget will be US$1.8 billion.
Capital Expenditure by Year - in US$ billion |
|||||||||||||||
Year |
2024 |
2023 |
2022 |
2021 |
2020 |
||||||||||
CAPEX |
$ |
2.9 |
$ |
3.0 |
$ |
2.7 |
$ |
1.8 |
$ |
1.0 |
|||||
| 2025 CAPEX Plan | |||||||||||||||
8" |
12" |
Total |
|||||||||||||
10% |
90% |
US$1.8 billion |
|||||||||||||
Second Quarter 2025 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will increase by 5-7%
- ASP in USD: Will remain flat
- Gross Profit Margin: Will be approximately 30%
- Capacity Utilization: mid-70% range
- 2025 CAPEX: US$1.8 billion
Recent Developments / Announcements
Please visit UMC's website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, April 23, 2025
Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)
Dial-in numbers and Access Codes: |
|
|
Taiwan Number: |
02 3396 1191 |
|
Taiwan Toll Free: |
0080 119 6666 |
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US Toll Free: |
+1 866 212 5567 |
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Other Areas: |
+886 2 3396 1191 |
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Access Code: |
3707023# |
A live webcast and replay of the 1Q25 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 company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC's comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD etc. Most of UMC's 12-in and 8-in fabs with its core R&D are in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with a combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standards. UMC is headquartered in Hsinchu, Taiwan, plus local offices in the United States, Europe, China, Japan, Korea, and Singapore, with a worldwide total of 20,000 employees. 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 2025; 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 "Second Quarter 2025 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, 2025 | |||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||
| March 31, 2025 | |||||||
| US$ | NT$ | % | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 3,205 |
106,354 |
18.6 |
% |
|||
| Accounts receivable, net | 1,049 |
34,801 |
6.1 |
% |
|||
| Inventories, net | 1,068 |
35,425 |
6.2 |
% |
|||
| Other current assets | 475 |
15,744 |
2.8 |
% |
|||
| Total current assets | 5,796 |
192,323 |
33.6 |
% |
|||
| Non-current assets | |||||||
| Funds and investments | 2,152 |
71,407 |
12.5 |
% |
|||
| Property, plant and equipment | 8,501 |
282,051 |
49.2 |
% |
|||
| Right-of-use assets | 240 |
7,948 |
1.4 |
% |
|||
| Other non-current assets | 580 |
19,233 |
3.4 |
% |
|||
| Total non-current assets | 11,472 |
380,639 |
66.4 |
% |
|||
| Total assets | 17,268 |
572,962 |
100.0 |
% |
|||
| Liabilities | |||||||
| Current liabilities | |||||||
| Short-term loans | 196 |
6,500 |
1.1 |
% |
|||
| Payables | 1,327 |
44,018 |
7.7 |
% |
|||
| Current portion of long-term liabilities | 336 |
11,132 |
1.9 |
% |
|||
| Other current liabilities | 338 |
11,224 |
2.0 |
% |
|||
| Total current liabilities | 2,196 |
72,873 |
12.7 |
% |
|||
| Non-current liabilities | |||||||
| Bonds payable | 741 |
24,586 |
4.3 |
% |
|||
| Long-term loans | 604 |
20,041 |
3.5 |
% |
|||
| Lease liabilities, noncurrent | 172 |
5,700 |
1.0 |
% |
|||
| Other non-current liabilities | 1,776 |
58,933 |
10.3 |
% |
|||
| Total non-current liabilities | 3,293 |
109,260 |
19.1 |
% |
|||
| Total liabilities | 5,489 |
182,134 |
31.8 |
% |
|||
| Equity | |||||||
| Equity attributable to the parent company | |||||||
| Capital | 3,785 |
125,584 |
21.9 |
% |
|||
| Additional paid-in capital | 452 |
14,995 |
2.6 |
% |
|||
| Retained earnings and other components of equity | 7,535 |
250,026 |
43.6 |
% |
|||
| Total equity attributable to the parent company | 11,772 |
390,605 |
68.2 |
% |
|||
| Non-controlling interests | 7 |
224 |
0.0 |
% |
|||
| Total equity | 11,779 |
390,829 |
68.2 |
% |
|||
| Total liabilities and equity | 17,268 |
572,962 |
100.0 |
% |
|||
| Notes: | |||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar. | |||||||
| (2) Sums may not equal totals due to rounding. | |||||||
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
||||||||||||||||||||||||
Consolidated Condensed Statements of Comprehensive Income |
||||||||||||||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||||||||||||||||||||||
Except Per Share and Per ADS Data |
||||||||||||||||||||||||
Year over Year Comparison |
Quarter over Quarter Comparison |
|||||||||||||||||||||||
Three-Month Period Ended |
Three-Month Period Ended |
|||||||||||||||||||||||
March 31, 2025 |
March 31, 2024 |
Chg. |
March 31, 2025 |
December 31, 2024 |
Chg. |
|||||||||||||||||||
| US$ | NT$ | NT$ | % | US$ | NT$ | NT$ | % | |||||||||||||||||
| Operating revenues | 1,744 |
|
57,859 |
|
54,632 |
|
5.9 |
% |
1,744 |
|
57,859 |
|
60,386 |
|
(4.2 |
%) |
||||||||
| Operating costs | (1,278 |
) |
(42,412 |
) |
(37,733 |
) |
12.4 |
% |
(1,278 |
) |
(42,412 |
) |
(42,043 |
) |
0.9 |
% |
||||||||
| Gross profit | 466 |
|
15,447 |
|
16,899 |
|
(8.6 |
%) |
466 |
|
15,447 |
|
18,343 |
|
(15.8 |
%) |
||||||||
26.7 |
% |
26.7 |
% |
30.9 |
% |
26.7 |
% |
26.7 |
% |
30.4 |
% |
|||||||||||||
| Operating expenses | ||||||||||||||||||||||||
| - Sales and marketing expenses | (19 |
) |
(619 |
) |
(684 |
) |
(9.5 |
%) |
(19 |
) |
(619 |
) |
(623 |
) |
(0.7 |
%) |
||||||||
| - General and administrative expenses | (46 |
) |
(1,542 |
) |
(1,702 |
) |
(9.4 |
%) |
(46 |
) |
(1,542 |
) |
(1,791 |
) |
(13.9 |
%) |
||||||||
| - Research and development expenses | (119 |
) |
(3,964 |
) |
(3,407 |
) |
16.3 |
% |
(119 |
) |
(3,964 |
) |
(4,334 |
) |
(8.5 |
%) |
||||||||
| - Expected credit impairment gain | 0 |
|
2 |
|
46 |
|
(94.7 |
%) |
0 |
|
2 |
|
0 |
|
523.3 |
% |
||||||||
| Subtotal | (185 |
) |
(6,123 |
) |
(5,747 |
) |
6.5 |
% |
(185 |
) |
(6,123 |
) |
(6,748 |
) |
(9.3 |
%) |
||||||||
| Net other operating income and expenses | 14 |
|
462 |
|
513 |
|
(9.9 |
%) |
14 |
|
462 |
|
362 |
|
27.6 |
% |
||||||||
| Operating income | 295 |
|
9,786 |
|
11,665 |
|
(16.1 |
%) |
295 |
|
9,786 |
|
11,957 |
|
(18.2 |
%) |
||||||||
16.9 |
% |
16.9 |
% |
21.4 |
% |
16.9 |
% |
16.9 |
% |
19.8 |
% |
|||||||||||||
| Net non-operating income and expenses | (13 |
) |
(439 |
) |
1,056 |
|
- |
|
(13 |
) |
(439 |
) |
(1,443 |
) |
(69.5 |
%) |
||||||||
| Income from continuing operations before income tax |
282 |
|
9,347 |
|
12,721 |
|
(26.5 |
%) |
282 |
|
9,347 |
|
10,514 |
|
(11.1 |
%) |
||||||||
16.2 |
% |
16.2 |
% |
23.3 |
% |
16.2 |
% |
16.2 |
% |
17.4 |
% |
|||||||||||||
| Income tax expense | (48 |
) |
(1,603 |
) |
(2,291 |
) |
(30.0 |
%) |
(48 |
) |
(1,603 |
) |
(2,054 |
) |
(22.0 |
%) |
||||||||
| Net income | 233 |
|
7,743 |
|
10,430 |
|
(25.8 |
%) |
233 |
|
7,743 |
|
8,460 |
|
(8.5 |
%) |
||||||||
13.4 |
% |
13.4 |
% |
19.1 |
% |
13.4 |
% |
13.4 |
% |
14.0 |
% |
|||||||||||||
| Other comprehensive income (loss) | 135 |
|
4,489 |
|
7,954 |
|
(43.6 |
%) |
135 |
|
4,489 |
|
1,270 |
|
253.4 |
% |
||||||||
| Total comprehensive income (loss) | 369 |
|
12,232 |
|
18,384 |
|
(33.5 |
%) |
369 |
|
12,232 |
|
9,730 |
|
25.7 |
% |
||||||||
| Net income attributable to: | ||||||||||||||||||||||||
| Shareholders of the parent | 234 |
|
7,777 |
|
10,456 |
|
(25.6 |
%) |
234 |
|
7,777 |
|
8,497 |
|
(8.5 |
%) |
||||||||
| Non-controlling interests | (1 |
) |
(34 |
) |
(26 |
) |
26.2 |
% |
(1 |
) |
(34 |
) |
(37 |
) |
(9.2 |
%) |
||||||||
| Comprehensive income (loss) attributable to: | ||||||||||||||||||||||||
| Shareholders of the parent | 370 |
|
12,266 |
|
18,410 |
|
(33.4 |
%) |
370 |
|
12,266 |
|
9,767 |
|
25.6 |
% |
||||||||
| Non-controlling interests | (1 |
) |
(33 |
) |
(26 |
) |
26.3 |
% |
(1 |
) |
(33 |
) |
(37 |
) |
(9.3 |
%) |
||||||||
| Earnings per share-basic | 0.019 |
|
0.62 |
|
0.84 |
|
0.019 |
|
0.62 |
|
0.68 |
|
||||||||||||
| Earnings per ADS (2) | 0.093 |
|
3.10 |
|
4.20 |
|
0.093 |
|
3.10 |
|
3.40 |
|
||||||||||||
| Weighted average number of shares | ||||||||||||||||||||||||
| outstanding (in millions) | 12,485 |
|
12,414 |
|
12,485 |
|
12,481 |
|
||||||||||||||||
| Notes: | ||||||||||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar. | ||||||||||||||||||||||||
| (2) 1 ADS equals 5 common shares. | ||||||||||||||||||||||||
| (3) Sums may not equal totals due to rounding. | ||||||||||||||||||||||||
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES |
||||||||||||||||||
Consolidated Condensed Statements of Comprehensive Income |
||||||||||||||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||||||||||||||||
Except Per Share and Per ADS Data |
||||||||||||||||||
For the Three-Month Period Ended |
For the Three-Month Period Ended |
|||||||||||||||||
March 31, 2025 |
March 31, 2025 |
|||||||||||||||||
US$ |
NT$ |
% |
US$ |
NT$ |
% |
|||||||||||||
| Operating revenues | 1,744 |
|
57,859 |
|
100.0 |
% |
1,744 |
|
57,859 |
|
100.0 |
% |
||||||
| Operating costs | (1,278 |
) |
(42,412 |
) |
(73.3 |
%) |
(1,278 |
) |
(42,412 |
) |
(73.3 |
%) |
||||||
| Gross profit | 466 |
|
15,447 |
|
26.7 |
% |
466 |
|
15,447 |
|
26.7 |
% |
||||||
| Operating expenses | ||||||||||||||||||
| - Sales and marketing expenses | (19 |
) |
(619 |
) |
(1.1 |
%) |
(19 |
) |
(619 |
) |
(1.1 |
%) |
||||||
| - General and administrative expenses | (46 |
) |
(1,542 |
) |
(2.7 |
%) |
(46 |
) |
(1,542 |
) |
(2.7 |
%) |
||||||
| - Research and development expenses | (119 |
) |
(3,964 |
) |
(6.9 |
%) |
(119 |
) |
(3,964 |
) |
(6.9 |
%) |
||||||
| - Expected credit impairment gain | 0 |
|
2 |
|
0.0 |
% |
0 |
|
2 |
|
0.0 |
% |
||||||
| Subtotal | (185 |
) |
(6,123 |
) |
(10.6 |
%) |
(185 |
) |
(6,123 |
) |
(10.6 |
%) |
||||||
| Net other operating income and expenses | 14 |
|
462 |
|
0.8 |
% |
14 |
|
462 |
|
0.8 |
% |
||||||
| Operating income | 295 |
|
9,786 |
|
16.9 |
% |
295 |
|
9,786 |
|
16.9 |
% |
||||||
| Net non-operating income and expenses | (13 |
) |
(439 |
) |
(0.8 |
%) |
(13 |
) |
(439 |
) |
(0.8 |
%) |
||||||
| Income from continuing operations before income tax | 282 |
|
9,347 |
|
16.2 |
% |
282 |
|
9,347 |
|
16.2 |
% |
||||||
| Income tax expense | (48 |
) |
(1,603 |
) |
(2.8 |
%) |
(48 |
) |
(1,603 |
) |
(2.8 |
%) |
||||||
| Net income | 233 |
|
7,743 |
|
13.4 |
% |
233 |
|
7,743 |
|
13.4 |
% |
||||||
| Other comprehensive income (loss) | 135 |
|
4,489 |
|
7.8 |
% |
135 |
|
4,489 |
|
7.8 |
% |
||||||
| Total comprehensive income (loss) | 369 |
|
12,232 |
|
21.1 |
% |
369 |
|
12,232 |
|
21.1 |
% |
||||||
| Net income attributable to: | ||||||||||||||||||
| Shareholders of the parent | 234 |
|
7,777 |
|
13.4 |
% |
234 |
|
7,777 |
|
13.4 |
% |
||||||
| Non-controlling interests | (1 |
) |
(34 |
) |
(0.1 |
%) |
(1 |
) |
(34 |
) |
(0.1 |
%) |
||||||
| Comprehensive income (loss) attributable to: | ||||||||||||||||||
| Shareholders of the parent | 370 |
|
12,266 |
|
21.2 |
% |
370 |
|
12,266 |
|
21.2 |
% |
||||||
| Non-controlling interests | (1 |
) |
(33 |
) |
(0.1 |
%) |
(1 |
) |
(33 |
) |
(0.1 |
%) |
||||||
| Earnings per share-basic | 0.019 |
|
0.62 |
|
0.019 |
|
0.62 |
|
||||||||||
| Earnings per ADS (2) | 0.093 |
|
3.10 |
|
0.093 |
|
3.10 |
|
||||||||||
| Weighted average number of shares outstanding (in millions) | 12,485 |
|
12,485 |
|
||||||||||||||
| Notes: | ||||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar. | ||||||||||||||||||
| (2) 1 ADS equals 5 common shares. | ||||||||||||||||||
| (3) Sums may not equal totals due to rounding. | ||||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | ||||||
Consolidated Condensed Statement of Cash Flows |
||||||
For The Three-Month Period Ended March 31, 2025 |
||||||
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) |
||||||
US$ |
NT$ |
|||||
| Cash flows from operating activities : | ||||||
| Net income before tax | 282 |
|
9,347 |
|
||
| Depreciation & Amortization | 426 |
|
14,128 |
|
||
| Share of loss of associates and joint ventures | 6 |
|
208 |
|
||
| Income tax paid | (18 |
) |
(585 |
) |
||
| Changes in working capital & others | 22 |
|
728 |
|
||
| Net cash provided by operating activities | 718 |
|
23,826 |
|
||
| Cash flows from investing activities : | ||||||
| Acquisition of property, plant and equipment | (427 |
) |
(14,153 |
) |
||
| Acquisition of intangible assets | (10 |
) |
(329 |
) |
||
| Others | 120 |
|
3,976 |
|
||
| Net cash used in investing activities | (317 |
) |
(10,506 |
) |
||
| Cash flows from financing activities : | ||||||
| Decrease in short-term loans | (61 |
) |
(2,015 |
) |
||
| Proceeds from long-term loans | 39 |
|
1,300 |
|
||
| Repayments of long-term loans | (371 |
) |
(12,303 |
) |
||
| Others | (23 |
) |
(758 |
) |
||
| Net cash used in financing activities | (415 |
) |
(13,776 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents | 55 |
|
1,810 |
|
||
| Net increase in cash and cash equivalents | 41 |
|
1,354 |
|
||
| Cash and cash equivalents at beginning of period | 3,165 |
|
105,000 |
|
||
| Cash and cash equivalents at end of period | 3,205 |
|
106,354 |
|
||
| Notes: | ||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar. | ||||||
| (2) Sums may not equal totals due to rounding. | ||||||
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2025, the three-month period ending December 31, 2024, and the equivalent three-month period that ended March 31, 2024. For all 1Q25 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2025 exchange rate of NT$ 33.18 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250423806399/en/
Michael Lin / David Wong
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
[email protected]
[email protected]