Revenue exceeds expectation with profit increasing substantially
TAIPEI, Taiwan, Oct. 28 /PRNewswire-Asia-FirstCall/ --
Third Quarter 2009 Overview (Note 1):
-- Revenue increased 21.1% sequentially to NT$27.41 billion (US$853
million)
-- Gross margin of 27.9%, operating margin of 15.4%
-- Utilization rate rose to 89%
-- Net income of NT$6.09 billion (US$190 million)
-- Earnings per share of NT$0.48, earnings per ADS of US$0.075
Note 1: Unless otherwise stated, all financial figures discussed in this
announcement are prepared in accordance with ROC GAAP, which differ in
some material respects from generally accepted accounting principles in
the United States. They are un-audited, unconsolidated, and represent
comparisons among the three-month period ending September 30, 2009, the
three-month period ending June 30, 2009, and the equivalent three-month
period that ended September 30, 2008. For all 3Q09 results, New Taiwan
Dollar (NT$) amounts have been converted into U.S. Dollars at the
September 30, 2009 exchange rate of NT$32.14 per U.S. Dollar.
United Microelectronics Corporation (NYSE: UMC) (TSE: 2303) ("UMC" or "the Company"), a leading global semiconductor foundry, today announced its unconsolidated operating results for the third quarter of 2009. Revenue increased 21.1% QoQ to NT$27.41 billion, from NT$22.63 billion in 2Q09, and increased 10.7% YoY, from NT$24.75 billion in 3Q08. Gross profit margin was 27.9%, with operating margin of 15.4%. Net income in 3Q09 was NT$6.09 billion, with earnings per ordinary share of NT$0.48.
Dr. Shih-Wei Sun, CEO of UMC said, "The positive momentum we experienced in Q2 carried over into Q3. Shipments surpassed 1 million wafers, rising to 1,017,000 8-inch equivalent wafers, the second highest number in UMC's history. Utilization rate grew to 89% for the third quarter. Revenue for Q3 was the highest it's been for the past seven quarters, while gross profit margin increased to the highest level in five years. UMC is optimistic about the fourth quarter and expects ASP to rise as our product mix continues to improve. However, factors such as seasonal adjustment and appreciation of the NTD may slightly impact our revenue in Q4. As a whole, UMC expects continued profitability from our foundry business and will be overall profitable for the year. Moreover, UMC intends to distribute dividends and employee bonuses next year.
Dr. Sun continued, "Demands for advanced process nodes continued to rise in the third quarter. Revenue from 65nm and below technologies grew by more than 40% in Q3 over Q2, with further growth anticipated for Q4. Continuing with our "Customer-Driven Foundry Solutions" commitment, UMC is expanding 65/55nm capacity at our 300mm Fab12i and enabling the fab for 45/40nm production capabilities. This project will increase Fab12i's capacity by over 30% to better serve customers' demands for leading edge technology. It will also allow them to mitigate geographic risk through diversification of manufacturing locations. In addition, UMC plans to substantially increase 2010 CAPEX for 45/40nm production capacity and for continued 28nm R&D equipment procurement at Fab12A. Furthermore, construction of Fab12A's phase 3 and 4 fab complex has been completed, and we are currently implementing clean-room related support facilities. These 300mm efforts will further expand our capacity and market share in advanced nodes so that we may pursue stable, long-term growth, while increasing profitability and shareholders' return on equity."
Summary of Operating Results
Operating Results
QoQ% YoY%
(Amount: NT$ million) 3Q09 2Q09 change 3Q08 change
Revenue 27,406 22,628 21.1 24,748 10.7
Gross Profit (Loss) 7,655 5,381 42.3 4,160 84.0
Operating Expenses (3,446) (2,685) 28.3 (3,421) 0.7
Operating Income (Loss) 4,209 2,696 56.1 739 469.6
Non-op. Income
(Expenses) 2,180 (901) -- (1,897) --
Net Income (Loss) 6,091 1,547 293.7 (1,413) --
EPS (NT$ per share) 0.48 0.12 -- (0.11) --
(US$ per ADS) 0.075 0.019 -- (0.017) --
Revenue increased 21.1% QoQ to NT$27.41 billion, from NT$22.63 billion in 2Q09 and increased 10.7% YoY, from NT$24.75 billion in 3Q08. Gross profit was NT$7.66 billion, or 27.9% of revenue, compared to NT$5.38 billion, or 23.8% of 2Q09 revenue. Operating income for the quarter was NT$4.21 billion, or 15.4% of revenue, compared to NT$2.70 billion, or 11.9% of 2Q09 revenue. Higher wafer shipments and improved blended ASP were the main reasons for the increase in revenue. The increase in gross profit is attributed to better capacity utilization rate and cost control activities. Net income in 3Q09 was NT$6.09 billion, compared to NT$1.55 billion in 2Q09.
Earnings per ordinary share for the quarter was NT$0.48. Earnings per ADS was US$0.075. One ADS represents five Taiwan-listed ordinary shares. The basic weighted average number of outstanding shares in 3Q09 was 12,671,692,578, compared with 12,671,692,578 shares in 2Q09 and 13,129,987,534 shares in 3Q08. The diluted weighted average number of outstanding shares was 12,794,357,470 in 3Q09, compared with 12,677,712,645 shares in 2Q09 and 13,129,987,534 shares in 3Q08. The fully diluted share count on September 30, 2009 was approximately 13,842,163,000. On September 30, 2009, UMC held 300 million treasury shares acquired from the 13th share buy-back program.
Detailed Financials Section
COGS & Expenses
QoQ% YoY%
(Amount: NT$ million) 3Q09 2Q09 change 3Q08 change
Revenue 27,406 22,628 21.1 24,748 10.7
CoGS (19,751) (17,247) 14.5 (20,588) (4.1)
Depreciation (7,529) (8,861) (15.0) (8,086) (6.9)
Other Mfg. Costs (12,222) (8,386) 45.7 (12,502) (2.2)
Gross Profit 7,655 5,381 42.3 4,160 84.0
Gross Margin (%) 27.9% 23.8% -- 16.8% --
Total Operating Exp. (3,446) (2,685) 28.3 (3,421) 0.7
G&A (593) (454) 30.6 (639) (7.2)
Sales & Marketing (629) (376) 67.3 (673) (6.5)
R&D (2,224) (1,855) 19.9 (2,109) 5.5
Operating Income 4,209 2,696 56.1 739 469.6
The decrease in depreciation within CoGS is mainly coming from full depreciation of some equipment acquired during the peak year of CAPEX. Other mfg. costs increased 45.7% to NT$12.22 billion due to rising wafer production in 3Q09. Total operating expenses increased 28.3% sequentially. The 28.3% increase is attributed to two main factors: (1) 2Q09 operating expenses is lower than normal because of reversal of bad debts (2) started to accrue employee bonuses since 3Q09. Sales & marketing expenses increased to NT$629 million mainly due to the increase of IP royalty fees. R&D expenses increased to NT$2.22 billion due to the increased R&D wafers of advanced nodes. The total R&D expense was 8.1% of revenue in 3Q09.
Non-operating Income (Expenses)
(Amount: NT$ million) 3Q09 2Q09 3Q08
Net Non-operating Income (Exp.) 2,180 (901) (1,897)
Net Interest Income (Exp.) (4) 17 108
Net Investment Income (Loss) 1,736 (1,586) (2,860)
Gain on Disposal of Investment 307 788 611
Exchange Gain (Loss) (227) (141) 735
Others 368 21 (491)
Net non-operating income during 3Q09 was NT$2.18 billion. Net investment income was NT$1.74 billion, mainly coming from investment income from equity method investees, dividend revenue and valuation gain on trading securities. Gain on disposal of investment of NT$307 million was from disposal of Unimicron holdings during 3Q09. The exchange loss of NT$227 million was partially offset by the valuation gain of forward contract. Therefore, the net exchange loss was NT$55 million.
Cash Flow Summary
For the 3-Month For the 3-Month
(Amount: NT$ million) Period Ended Period Ended
Sep. 30, 2009 Jun. 30, 2009
Cash Flow from Operations 12,247 3,420
Net Income (Loss) 6,091 1,547
Depreciation & Amortization 8,292 8,452
Changes in working capital (499) (6,620)
Others (1,637) 41
Cash Flow from Investing (5,508) (1,326)
Capital Expenditures (4,593) (1,256)
Others (915) (70)
Cash Flow from Financing 101 103
Long term loan 100 100
Others 1 3
Effect of exchange rate (108) (199)
Net Cash Flow 6,732 1,998
Net cash inflow was NT$6.73 billion in 3Q09. Operating cash inflow was NT$12.25 billion. The investing cash outflow primarily reflects the CAPEX in 3Q09 of NT$4.59 billion. Free cash flow (Note 2) for 3Q09 was NT$7.65 billion. Over the next 12 months, UMC expects to repay NT$7.5 billion in term loans.
Note 2: Free cash flow = Operating cash flow - Capital expenditures
Current Assets
(Amount: NT$ billion) 3Q09 2Q09 3Q08
Cash & Cash Equivalents 44.60 37.90 25.19
Notes & Accounts Receivable 16.23 13.78 14.12
Days Sales Outstanding 50 40 53
Inventories 8.42 8.53 11.76
Avg. Inventory Turnover 40 42 54
Total Current Assets 73.51 63.90 54.89
Cash and cash equivalents increased NT$6.7 billion to NT$44.6 billion.
The increase in notes & accounts receivable reflected the upward trend of the
business. During 3Q09, days sales outstanding returned to the normal level of
50 days.
Liabilities
(Amount: NT$ billion) 3Q09 2Q09 3Q08
Total Current Liabilities 22.97 19.96 14.83
Accounts Payable 4.42 4.44 3.84
Short-term Credit / Bonds 7.52 7.51 0.00
Payable on equipment 3.44 1.80 1.53
Others 7.59 6.21 9.46
Long-term Liabilities 0.88 0.79 7.50
Total Liabilities 27.37 24.24 25.85
Debt to Equity 13% 13% 13%
Current liabilities increased to NT$22.97 billion, mainly due to the increase in payable on equipment acquisition and the accrued employee bonuses. Total liabilities increased to NT$27.37 billion in 3Q09. UMC's debt to equity ratio remains unchanged at 13%.
Analysis of Revenue (Note 3)
Revenue Breakdown by Region
Region 3Q09 2Q09 1Q09 4Q08 3Q08
North America 49% 47% 53% 57% 60%
Asia Pacific 41% 42% 37% 31% 32%
Europe 9% 10% 9% 10% 6%
Japan 1% 1% 1% 2% 2%
The percentage of revenue from the North America region increased to 49%, mainly due to improving demand from advanced technology node products.
Revenue Breakdown by Geometry
Geometry 3Q09 2Q09 1Q09 4Q08 3Q08
65nm and below 14% 12% 11% 8% 7%
65nm < x <=90nm 26% 27% 27% 27% 31%
90nm < x <=0.13um 21% 19% 16% 22% 20%
0.13um < x <=0.18um 21% 21% 22% 23% 21%
0.18um < x <=0.35um 13% 16% 18% 15% 16%
0.5um and above 5% 5% 6% 5% 5%
Revenue from 65nm and below business increased to 14% of total revenue,
compared to 12% in 2Q09. Revenue in 3Q09 for 65nm and below grew more than
40% from 2Q09. This was due to the stronger demand for leading communication
and computing chips. The percentage of revenue from 90nm and below increased
to 40% in 3Q09.
Revenue Breakdown by Customer Type
Customer Type 3Q09 2Q09 1Q09 4Q08 3Q08
Fabless 79% 77% 80% 80% 74%
IDM 21% 23% 20% 20% 26%
System 0% 0% 0% 0% 0%
The percentage of revenue from fabless customers increased to 79% in 3Q09.
Revenue Breakdown by Application (1)
Application 3Q09 2Q09 1Q09 4Q08 3Q08
Computer 17% 15% 15% 15% 16%
Communication 59% 62% 57% 61% 59%
Consumer 23% 21% 25% 22% 23%
Memory 0% 1% 1% 1% 1%
Others 1% 1% 2% 1% 1%
(1) Computer consists of ICs such as HDD controllers, DVD-ROM/CD-ROM
drives ICs, LCD drivers, graphic processors, and PDAs. Communication
consists of xDSL, DSP, WLAN, LAN controllers, handset components, caller
ID devices, etc. Consumer consists of ICs used for DVD players, game
consoles, digital cameras, smart cards, toys, etc. Memory consists of DRAM,
SRAM, Flash, EPROM, ROM, and EEPROM.
All three major applications continued to grow in 3Q09. The computer and consumer segments outpaced communication segment growth since the latter had already experienced an earlier rebound in growth in 2Q09.
Note 3: Revenue in this section represents wafer sales.
Blended Average Selling Price Trend
The blended average selling price (ASP) increased by 5% in US dollar terms during 3Q09, mainly due to the favorable technology mix change.
(To view ASP trend, visit
http://www.umc.com/english/investors/3Q09_ASP_trend.asp )
Shipment and Utilization Rate (Note 4)
Wafer Shipments
3Q09 2Q09 1Q09 4Q08 3Q08
Wafer Shipments
('000 8-inch eq.) 1,017 898 384 567 883
Quarterly Capacity Utilization Rate
3Q09 2Q09 1Q09 4Q08 3Q08
Utilization Rate 89% 79% 30% 48% 79%
Total Capacity
('000 8-inch eq.) 1,152 1,151 1,151 1,151 1,149
Wafer shipments increased 13.3% sequentially to 1,017 thousand in 3Q09, compared to 898 thousand 8-inch equivalent wafers shipped in 2Q09. Overall utilization rate for the quarter was 89%.
Note 4: Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
Capacity (Note 5)
Capacity during the third quarter was 1,152 thousand 8-inch equivalent wafers. The incremental increase in capacity was due to the expansion at Fab12i in Singapore. The estimated installed capacity in 4Q09 will increase again to 1,154 thousand 8-inch equivalent wafers due to the scheduled expansion plan in Fab12i.
Annual Capacity in
thousands of 8-inch wafer equivalents
FAB Geometry 2009E 2008 2007 2006
(um)
Fab6A 6" 3.5 - 0.45 328 328 328 328
Fab8A 8" 0.5 - 0.25 816 816 816 816
Fab8C 8" 0.35 - 0.15 405 417 400 400
Fab8D 8" 0.18 - 0.09 267 257 260 252
Fab8E 8" 0.5 - 0.18 408 408 408 406
Fab8F 8" 0.25 - 0.15 381 372 372 372
Fab8S (1) 8" 0.25 - 0.15 300 291 276 276
Fab12A 12" 0.18 - 0.045 888 876 847 754
Fab12i (2) 12" 0.13 - 0.065 815 742 601 413
Total (3) 4,608 4,507 4,308 4,017
YoY Growth Rate 2% 5% 7% 4%
Quarterly Capacity in
thousands of 8-inch wafer equivalents
FAB 4Q09E 3Q09 2Q09 1Q09
Fab6A 82 82 82 82
Fab8A 204 204 204 204
Fab8C 99 99 99 108
Fab8D 68 68 68 63
Fab8E 102 102 102 102
Fab8F 96 96 96 93
Fab8S 75 75 75 75
Fab12A 222 222 222 220
Fab12i 206 204 203 202
Total (3) 1,154 1,152 1,151 1,151
(1) Former fab of SiSMC, which was acquired from Silicon Integrated Systems in July 2004.
(2) Former fab of UMCi, a UMC wholly owned subsidiary in December 2004 that was merged into UMC in April 2005
(3) One 6-inch wafer is converted into 0.5625(6sq/8sq) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25(12sq/8sq) 8-inch equivalent wafers.
Note 5: 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.
CAPEX
UMC Capital Expenditure by Year - in US$ billion
Year 2008 2007 2006 2005 2004 2003
CAPEX $0.35 $0.9 $1.0 $0.7(1) $1.5 $0.4
(1) 2005 CAPEX contained UMC 2005 full year CAPEX and UMCi CAPEX during
1Q05.
2009 CAPEX Plan
8" 12" Total
UMC 18% 82% US$500 million
The capital expenditure budget for 2009 remains unchanged. 82% of the budget is for expansion of 45/40nm and 65/55nm production capacity and to acquire the most advanced R&D equipment. By the end of the third quarter, UMC's year-to-date CAPEX totaled US$231 million.
Recent Developments / Announcements
Oct. 19, 2009 UMC Completes Environmental Production Declaration for Its
Integrated Circuit
Wafers
Oct. 08, 2009 UMC Fab12i Migrates to 45/40nm Manufacturing
Sep. 16, 2009 UMC First to Announce Carbon Footprint Verification on
Integrated Circuit
Wafers
Sep. 08, 2009 UMC Selected as a Global Component for Dow Jones
Sustainability Index for
Two Consecutive Years
Aug. 24, 2009 UMC Announces the Establishment of New Business Development
Center
Jul. 31, 2009 UMC SG Opens Europe Sales Office in Singapore
Jul. 29, 2009 UMC 2Q 2009 Financial Results
Please visit UMC's website ( http://www.umc.com ) for further details regarding the above announcements.
Fourth Quarter of 2009 Outlook & Guidance
Quarter-over-Quarter Guidance:
-- Wafer shipments: to decrease by approximately 0-3%
-- Wafer ASP in US$: to rise by approximately 0-3%
-- NTD appreciation may adversely affect revenue and profit
-- Capacity Utilization Rate: mid-80%
-- Profitability: Gross margin in mid-20%
-- The consumer segment is expected to grow modestly while the computer
segment is expected to show some weakness
-- 2009 CAPEX budget: US$500 million
Conference Call / Webcast Announcement
Wednesday, October 28, 2009
Time: 8:00 PM (Taipei) / 8:00 AM (New York) / 12:00 Noon (London)
Dial-in numbers and Access Codes:
USA Toll Free: 1866 519 4004
UK Toll Free: 0808 234 6646
Singapore and Other Areas: +65 6735 7955
Access Code: UMC
A live webcast and replay of the 3Q09 results announcement will be available at http://www.umc.com under the "Investor Relations \ Investor Events" section.
About UMC
UMC (NYSE: UMC) (TSE: 2303) is a leading global semiconductor foundry that provides advanced technology and manufacturing services for applications spanning every major sector of the IC industry. UMC's customer-driven foundry solutions allow chip designers to leverage the strength of the company's leading-edge processes, which include production proven 65nm, 45/40nm, mixed signal/RFCMOS, and a wide range of specialty technologies. Production is supported through 10 wafer manufacturing facilities that include two advanced 300mm fabs; Fab12A in Taiwan and Singapore-based Fab12i are both in volume production for a variety of customer products. The company employs approximately 12,000 people worldwide and has offices in Taiwan, Japan, Singapore, Europe, and the United States. UMC can be found on the web at http://www.umc.com .
Safe Harbor Statements
This release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by use of words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts.
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) our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international global business activities; (iv) our 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 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 risks is included in UMC's filings with the U.S. Securities and Exchange Commission, including its registration statements on Form F-1, F-3, F-6 and 20-F, in each case as amended. 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 unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP. Investors are cautioned that there are many differences between ROC GAAP and US GAAP.
This presentation 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
Unaudited Condensed Unconsolidated Balance Sheet
As of September 30, 2009
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
September 30, 2009
US$ NT$ %
ASSETS
Current Assets
Cash and Cash Equivalents 1,389 44,636 19.3%
Financial assets at fair value
through profit or loss, current 50 1,599 0.7%
Notes & Accounts Receivable, net 505 16,232 7.0%
Inventories, net 262 8,421 3.6%
Other Current Assets 81 2,625 1.1%
Total Current Assets 2,287 73,513 31.7%
Non-Current Assets
Funds and Investments 2,149 69,065 29.8%
Property, Plant and Equipment, net 2,595 83,403 36.0%
Other Assets 179 5,750 2.5%
Total Non-Current Assets 4,923 158,218 68.3%
TOTAL ASSETS 7,210 231,731 100.0%
LIABILITIES
Current Liabilities
Payables 470 15,099 6.5%
Current Portion of Long-term
Liabilities 234 7,521 3.2%
Other Current Liabilities 11 350 0.2%
Total Current Liabilities 715 22,970 9.9%
Non-Current Liabilities
Long-term Loans 27 878 0.4%
Other Liabilities 109 3,519 1.5%
Total Non-Current Liabilities 136 4,397 1.9%
TOTAL LIABILITIES 851 27,367 11.8%
STOCKHOLDERS' EQUITY
Capital Stock 4,041 129,878 56.1%
Additional Paid-in Capital 1,378 44,275 19.1%
Retained Earnings, Unrealized Gain or
Loss on Financial
Instruments and Cumulative 1,018 32,724 14.1%
Translation Adjustment
Treasury Stock (78) (2,513) (1.1%)
TOTAL STOCKHOLDERS' EQUITY 6,359 204,364 88.2%
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 7,210 231,731 100.0%
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2009 exchange rate of NT $32.14 per U.S. Dollar.
All figures are in ROC GAAP.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
Year over Year Comparison
Three-Month Period Ended
September 30, September 30,
2009 2008 %
US$ NT$ US$ NT$ Chg.
Net Sales 853 27,406 770 24,748 10.7%
Cost of Goods Sold (615) (19,751) (641) (20,588) (4.1%)
Net Gross Profit 238 7,655 129 4,160 84.0%
27.9% 27.9% 16.8% 16.8% --
Operating Expenses
- Sales & Marketing (20) (629) (21) (673) (6.5%)
- General & Administrative (18) (593) (20) (639) (7.2%)
- Research & Development (69) (2,224) (65) (2,109) 5.5%
(107) (3,446) (106) (3,421) 0.7%
Operating Income (Loss) 131 4,209 23 739 469.6%
15.4% 15.4% 3.0% 3.0% --
Net Non-Operating Income
(Expenses) 68 2,180 (59) (1,897) (214.9%)
Income from continuing
operations before income tax 199 6,389 (36) (1,158) (651.7%)
23.3% 23.3% (4.7%) (4.7%) --
Income Tax Expense (9) (298) (8) (255) 16.9%
Net Income (Loss) 190 6,091 (44) (1,413) (531.1%)
22.2% 22.2% (5.7%) (5.7%) --
Earnings (Losses) per Share 0.015 0.48 (0.003) (0.11) --
Earnings (Losses) per ADS (2) 0.075 2.40 (0.017) (0.55) --
Weighted Average Number of
Shares Outstanding (in millions) -- 12,672 -- 13,130 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2009 exchange rate of NT $32.14 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
(Continued)
Quarter over Quarter Comparison
Three-Month Period Ended
September 30, June 30,
2009 2009 %
US$ NT$ US$ NT$ Chg.
Net Sales 853 27,406 704 22,628 21.1%
Cost of Goods Sold (615) (19,751) (537) (17,247) 14.5%
Net Gross Profit 238 7,655 167 5,381 42.3%
27.9% 27.9% 23.8% 23.8% --
Operating Expenses
- Sales & Marketing (20) (629) (11) (376) 67.3%
- General & Administrative (18) (593) (14) (454) 30.6%
- Research & Development (69) (2,224) (58) (1,855) 19.9%
(107) (3,446) (83) (2,685) 28.3%
Operating Income (Loss) 131 4,209 84 2,696 56.1%
15.4% 15.4% 11.9% 11.9% --
Net Non-Operating Income
(Expenses) 68 2,180 (28) (901) (342.0%)
Income from continuing operations
before income tax 199 6,389 56 1,795 255.9%
23.3% 23.3% 7.9% 7.9% --
Income Tax Expense (9) (298) (8) (248) 20.2%
Net Income (Loss) 190 6,091 48 1,547 293.7%
22.2% 22.2% 6.8% 6.8% --
Earnings (Losses) per Share 0.015 0.48 0.004 0.12 --
Earnings (Losses) per ADS (2) 0.075 2.40 0.019 0.60 --
Weighted Average Number of Shares
Outstanding (in millions) -- 12,672 -- 12,672 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2009 exchange rate of NT $32.14 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
For the Three-Month
Period Ended For the Year Ended
September 30, 2009 September 30, 2009
US$ NT$ % US$ NT$ %
Net Sales 853 27,406 100.0% 1,894 60,872 100.0%
Cost of Goods Sold (615) (19,751) (72.1%) (1,623) (52,171) (85.7%)
Net Gross Profit 238 7,655 27.9% 271 8,701 14.3%
Operating Expenses
- Sales & Marketing (20) (629) (2.3%) (51) (1,637) (2.7%)
- General &
Administrative (18) (593) (2.1%) (49) (1,576) (2.6%)
- Research &
Development (69) (2,224) (8.1%) (184) (5,900) (9.7%)
(107) (3,446) (12.5%) (284) (9,113) (15.0%)
Operating Income (Loss) 131 4,209 15.4% (13) (412) (0.7%)
Net Non-Operating Income
(Expenses) 68 2,180 7.9% 14 436 0.7%
Income from continuing
operations before
income tax 199 6,389 23.3% 1 24 0.0%
Income Tax Expense (9) (298) (1.1%) (17) (546) (0.9%)
Net Income (Loss) 190 6,091 22.2% (16) (522) (0.9%)
Earnings (Losses) per
Share 0.015 0.48 -- (0.001) (0.04) --
Earnings (Losses) per
ADS (2) 0.075 2.40 -- (0.006) (0.20) --
Weighted Average Number
of Shares
Outstanding (in millions) -- 12,672 -- -- 12,703 --
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2009 exchange rate of NT $32.14 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Statement of Cash Flows
For The Nine Months Ended September 30, 2009
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
USD NTD
Cash flows from operating activities:
Net Income (16) (522)
Depreciation & Amortization 790 25,384
Gain on recovery in market value
and obsolescence of inventories (78) (2,513)
Cash dividends received under the
equity method 12 390
Investment loss accounted for
under the equity method 52 1,673
Loss on valuation of financial
assets and liabilities 5 145
Impairment loss 4 118
Gain on disposal of investments (34) (1,095)
Gain on disposal of property,
plant and equipment (1) (24)
Amortization of bond discounts 0 2
Amortization of deferred income (5) (152)
Compensation cost of employee
stock options 2 72
Change in assets, liabilities and
others (127) (4,065)
Net cash provided by operating
activities 604 19,413
Cash flows from investing activities:
Acquisition of available-for-
sales financial assets (0) (2)
Proceeds from disposal of
available-for-sales financial
assets 43 1,393
Acquisition of financial assets
measured at cost 40 --
Acquisition of long-term
investments accounted for under
the equity method (49) (1,563)
Proceeds from disposal of long-
term investments accounted for
the equity method 2 79
Proceeds from liquidation of
long-term investments 0 15
Acquisition of property, plant
and equipment (231) (7,416)
Proceeds from disposal of
property, plant and equipment 1 38
Increase in deferred charges (9) (287)
Increase in other assets - others (62) (787)
Net cash used in investing activities (265) (8,530)
Cash flows from financing activities:
Proceeds from long-term Loans 12 400
Repayments of long-term Loans (6) (200)
Purchase of treasury stock (74) (2,393)
Increase in deposits-in 0 4
Net cash used in financing activities (68) (2,189)
Effect of exchange rate changes on
cash and cash equivalents (6) (182)
Net increase in cash and cash
equivalents 265 8,512
Cash and cash equivalents at
beginning of period 1,124 36,124
Cash and cash equivalents at end of
period 1,389 44,636
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2009 exchange rate of NT $32.14 per U.S. Dollar.
All figures are in ROC GAAP.
Contacts:
Bowen Huang / Phil Lee / Tien Yu Tseng
UMC, Investor Relations
Tel: +886-2-2700-6999 ext. 6957
Email: bowen_huang@umc.com
phil_lee@umc.com
tien_yu_tseng@umc.com
Web site:
http://www.umc.com/
http://www.umc.com/english/investors/3Q09_ASP_trend.asp/
http://www.umc.comunder/