UMC Reports First Quarter 2024 Results

1Q24 results in line with guidance with wafer shipments up 4.5% QoQ

First Quarter 2024 Overview1:


Revenue: NT$54.63 billion (US$1.71 billion)

Gross margin: 30.9%; Operating margin: 21.4%

Revenue from 22/28nm: 33%

Capacity utilization rate: 65%

Net income attributable to shareholders of the parent: NT$10.46 billion (US$327 million)

Earnings per share: NT$0.84; earnings per ADS: US$0.131

TAIPEI, Taiwan–(BUSINESS WIRE)–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 2024.

First quarter consolidated revenue was NT$54.63 billion, declining 0.6% QoQ from NT$54.96 billion in 4Q23. Compared to a year ago, 1Q24 revenue increased 0.8% YoY from NT$54.21 billion in 1Q23. Consolidated gross margin for 1Q24 was 30.9%. Net income attributable to the shareholders of the parent was NT$10.46 billion, with earnings per ordinary share of NT$0.84.

Jason Wang, co-president of UMC, said, “In the first quarter, our wafer shipments increased 4.5% QoQ as we saw a pick up in the computer segment. Despite a slight drop in utilization rate to 65%, we were able to maintain relatively healthy margins due to continuous cost control and operational efficiency efforts. Contribution from our specialty business increased to 57% of total revenue, driven by demand for power management ICs, RFSOI chips, and silicon interposers for AI servers. During the quarter, our teams continued to make good progress on key pipeline projects, both customized solutions for customers as well as new technology platforms to serve high-growth segments within the 5G, AIoT, and automotive markets. This includes embedded high voltage, embedded non-volatile memory, RFSOI, and 3D IC solutions. In line with our policy to provide stable and predictable dividends to our shareholders, UMC’s Board of Directors recently approved shareholder cash distribution of approximately NT$3.00 per share, which will be a higher payout ratio than the previous year’s. This is subject to approval by shareholders at the Annual General Meeting in May.”

Co-president Wang commented, “Looking ahead to the second quarter, we expect to see an increase in wafer shipments as the inventory situation in the computing, consumer, and communication segments improves to a healthier level. As for the automotive and industrial segments, demand remains muted as the pace of inventory digestion has been slower than anticipated. While we still expect some lingering impact from macro uncertainties and cost headwinds in the near term, we will continue to invest in technology, capacity, and people to ensure UMC is ready to capture the next phase of growth driven by 5G and AI innovations.”

Co-president Wang added, “UMC is proud to be the only semiconductor company globally to receive double “A” rating in CDP’s 2023 Climate Change and Water Security assessment, the foremost standard amongst investors and other stakeholders for measuring transparency and action on environmental issues, for two consecutive years. This is an incredible achievement and I commend all our teams for their commitment to minimizing the environment impact of our business and helping UMC become the sustainability leader in our industry.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

1Q24

 

4Q23

 

QoQ %

change

 

1Q23

 

YoY %

change

Operating Revenues

54,632

 

 

54,958

 

 

(0.6

)

 

54,209

 

 

0.8

 

Gross Profit

16,899

 

 

17,806

 

 

(5.1

)

 

19,224

 

 

(12.1

)

Operating Expenses

(5,747

)

 

(6,635

)

 

(13.4

)

 

(5,780

)

 

(0.6

)

Net Other Operating Income and Expenses

513

 

 

1,252

 

 

(59.0

)

 

1,037

 

 

(50.5

)

Operating Income

11,665

 

 

12,423

 

 

(6.1

)

 

14,481

 

 

(19.4

)

Net Non-Operating Income and Expenses

1,056

 

 

2,227

 

 

(52.6

)

 

4,647

 

 

(77.3

)

Net Income Attributable to Shareholders of the Parent

10,456

 

 

13,195

 

 

(20.8

)

 

16,183

 

 

(35.4

)

EPS (NT$ per share)

0.84

 

 

1.06

 

 

 

 

1.31

 

 

 

(US$ per ADS)

0.131

 

 

0.166

 

 

 

 

0.205

 

 

 

First quarter operating revenues declined 0.6% sequentially to NT$54.63 billion. Revenue contribution from 40nm and below technologies represented 47% of wafer revenue. Gross profit declined 5.1% QoQ to NT$16.90 billion, or 30.9% of revenue. Operating expenses decreased 13.4% to NT$5.75 billion. Net other operating income decreased to NT$0.51 billion. Net non-operating income totaled NT$1.06 billion. Net income attributable to shareholders of the parent amounted to NT$10.46 billion.

Earnings per ordinary share for the quarter was NT$0.84. Earnings per ADS was US$0.131. The basic weighted average number of shares outstanding in 1Q24 was 12,414,087,724, compared with 12,414,087,724 shares in 4Q23 and 12,348,880,384 shares in 1Q23. The diluted weighted average number of shares outstanding was 12,577,525,057 in 1Q24, compared with 12,589,138,701 shares in 4Q23 and 12,597,236,266 shares in 1Q23. The fully diluted shares counted on March 31, 2024 were approximately 12,577,525,000.

Detailed Financials Section

Operating revenues decreased to NT$54.63 billion. COGS grew 1.6% to NT$37.73 billion, which included 3.7% increase in depreciation. Gross profit fell 5.1% QoQ to NT$16.90 billion. Operating expenses declined to NT$5.75 billion, as Sales & Marketing fell 16.9% to NT$0.68 billion, R&D decreased 13.6% to NT$3.41 billion or 6.2% of revenue, and G&A also declined 11.8% to NT$1.70 billion. Net other operating income was NT$0.51 billion. In 1Q24, operating income declined 6.1% QoQ to NT$11.67 billion.

COGS & Expenses

 

(Amount: NT$ million)

1Q24

 

4Q23

 

QoQ %

change

 

1Q23

 

YoY %

change

 

Operating Revenues

54,632

 

 

54,958

 

 

(0.6

)

 

54,209

 

 

0.8

 

 

COGS

(37,733

)

 

(37,152

)

 

1.6

 

 

(34,985

)

 

7.9

 

 

Depreciation

(9,335

)

 

(9,006

)

 

3.7

 

 

(8,439

)

 

10.6

 

 

Other Mfg. Costs

(28,398

)

 

(28,146

)

 

0.9

 

 

(26,546

)

 

7.0

 

 

Gross Profit

16,899

 

 

17,806

 

 

(5.1

)

 

19,224

 

 

(12.1

)

 

Gross Margin (%)

30.9

%

 

32.4

%

 

 

 

35.5

%

 

 

 

Operating Expenses

(5,747

)

 

(6,635

)

 

(13.4

)

 

(5,780

)

 

(0.6

)

 

Sales & Marketing

(684

)

 

(823

)

 

(16.9

)

 

(950

)

 

(28.0

)

 

G&A

(1,702

)

 

(1,930

)

 

(11.8

)

 

(2,102

)

 

(19.0

)

 

R&D

(3,407

)

 

(3,945

)

 

(13.6

)

 

(2,767

)

 

23.2

 

 

Expected credit impairment gain

46

 

 

63

 

 

(27.9

)

 

39

 

 

18.0

 

 

Net Other Operating Income & Expenses

513

 

 

1,252

 

 

(59.0

)

 

1,037

 

 

(50.5

)

 

Operating Income

11,665

 

 

12,423

 

 

(6.1

)

 

14,481

 

 

(19.4

)

 

Net non-operating income in 1Q24 was NT$1.06 billion, mainly reflecting the NT$0.70 billion in exchange gain and the NT$0.68 billion in net interest income partially offset by the NT$0.32 billion in net investment loss.

Non-Operating Income and Expenses

(Amount: NT$ million)

1Q24

 

4Q23

 

1Q23

Non-Operating Income and Expenses

1,056

 

 

2,227

 

 

4,647

 

Net Interest Income and Expenses

676

 

 

880

 

 

908

 

Net Investment Gain and Loss

(324

)

 

1,750

 

 

3,987

 

Exchange Gain and Loss

697

 

 

(405

)

 

(239

)

Other Gain and Loss

7

 

 

2

 

 

(9

)

In 1Q24, cash inflow from operating activities was NT$20.82 billion. Cash outflow from investing activities totaled NT$29.92 billion, which included NT$29.00 billion in capital expenditure, resulting in free cash outflow of NT$8.18 billion. Cash outflow from financing was NT$6.44 billion, primarily from NT$3.89 billion in bank loans and NT$2.10 billion in redemption of bonds. Net cash outflow in 1Q24 amounted to NT$13.12 billion. Over the next 12 months, the company expects to repay NT$2.74 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month

Period Ended

Mar. 31, 2024

 

For the 3-Month

Period Ended

Dec. 31, 2023

Cash Flow from Operating Activities

20,820

 

 

26,217

 

Net income before tax

12,721

 

 

14,650

 

Depreciation & Amortization

10,886

 

 

10,721

 

Share of profit of associates and

joint ventures

(101

)

 

(1,918

)

Income tax paid

(253

)

 

(15

)

Changes in working capital & others

(2,433

)

 

2,779

 

Cash Flow from Investing Activities

(29,915

)

 

(26,813

)

Decrease (increase) in financial assets measured at amortized cost

739

 

 

(6,134

)

Acquisition of PP&E

(28,498

)

 

(20,334

)

Acquisition of intangible assets

(846

)

 

(774

)

Others

(1,310

)

 

429

 

Cash Flow from Financing Activities

(6,439

)

 

(3,892

)

Bank loans

(3,888

)

 

(4,435

)

Redemption of bonds

(2,100

)

 

 

Increase (decrease) in deposits-in

(282

)

 

720

 

Others

(169

)

 

(177

)

Effect of Exchange Rate

2,411

 

 

(3,600

)

Net Cash Flow

(13,123

)

 

(8,088

)

Beginning balance

132,554

 

 

140,642

 

Ending balance

119,431

 

 

132,554

 

`

Cash and cash equivalents decreased to NT$119.43 billion. Days of inventory declined 4 days to 85 days.

Current Assets

(Amount: NT$ billion)

1Q24

 

4Q23

 

1Q23

Cash and Cash Equivalents

119.43

 

132.55

 

171.83

Accounts Receivable

30.68

 

29.59

 

27.07

Days Sales Outstanding

50

 

50

 

54

Inventories, net

34.59

 

35.71

 

32.68

Days of Inventory

85

 

89

 

83

Total Current Assets

205.16

 

216.80

 

241.97

Current liabilities decreased to NT$88.40 billion. Long-term credit/bonds decreased to NT$43.45 billion. Total liabilities decreased to NT$188.85 billion, leading to a debt to equity ratio of 50%.

Liabilities

(Amount: NT$ billion)

1Q24

 

4Q23

 

1Q23

Total Current Liabilities

88.40

 

99.02

 

105.89

Accounts Payable

7.46

 

7.53

 

9.21

Short-Term Credit / Bonds

25.60

 

29.54

 

9.77

Payables on Equipment

13.97

 

19.20

 

18.44

Other

41.37

 

42.75

 

68.47

Long-Term Credit / Bonds

43.45

 

45.24

 

37.30

Long-Term Investment Liabilities

 

 

4.26

Total Liabilities

188.85

 

199.61

 

194.08

Debt to Equity

50%

 

56%

 

55%

Analysis of Revenue2

Revenue from Asia-Pacific increased to 63% while business from North America grew to 25% of sales. Business from Europe declined to 8% while contribution from Japan remained at 4%.

Revenue Breakdown by Region

Region

1Q24

4Q23

3Q23

2Q23

1Q23

North America

25

%

23

%

27

%

27

%

31

%

Asia Pacific

63

%

62

%

58

%

56

%

50

%

Europe

8

%

11

%

12

%

12

%

11

%

Japan

4

%

4

%

3

%

5

%

8

%

Revenue contribution from 22/28nm declined to 33% of the wafer revenue, while 40nm contribution remained unchanged at 14% of sales.

Revenue Breakdown by Geometry

Geometry

1Q24

4Q23

3Q23

2Q23

1Q23

14nm and below

0

%

0

%

0

%

0

%

0

%

14nm<x<=28nm

33

%

36

%

32

%

29

%

26

%

28nm<x<=40nm

14

%

14

%

13

%

12

%

15

%

40nm<x<=65nm

18

%

16

%

19

%

23

%

19

%

65nm<x<=90nm

10

%

9

%

8

%

10

%

10

%

90nm<x<=0.13um

9

%

9

%

12

%

10

%

12

%

0.13um<x<=0.18um

11

%

9

%

9

%

9

%

10

%

0.18um<x<=0.35um

4

%

5

%

5

%

5

%

6

%

0.5um and above

1

%

2

%

2

%

2

%

2

%

Revenue from fabless customers accounted for 82% of revenue.

Revenue Breakdown by Customer Type

Customer Type

1Q24

4Q23

3Q23

2Q23

1Q23

Fabless

82

%

78

%

79

%

79

%

77

%

IDM

18

%

22

%

21

%

21

%

23

%

Revenue from the communication segment accounted for 48%, while business from computer applications remained at 13%. Business from consumer applications was 23% as other segments declined to 16% of revenue.

Revenue Breakdown by Application (1)

Application

1Q24

4Q23

3Q23

2Q23

1Q23

Computer

13

%

13

%

13

%

9

%

9

%

Communication

48

%

47

%

46

%

44

%

44

%

Consumer

23

%

23

%

23

%

26

%

24

%

Others

16

%

17

%

18

%

21

%

23

%

(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 1Q24.

(To view blended ASP trend, please click here for 1Q24 ASP)

Shipment and Utilization Rate3

Wafer shipments increased 4.5% QoQ to 810K in the first quarter, while quarterly capacity was 1,212K. Overall utilization rate in 1Q24 declined to 65%.

Wafer Shipments

 

 

1Q24

4Q23

3Q23

2Q23

1Q23

 

Wafer Shipments

(12” K equivalents)

810

775

795

814

811

 

 

 

Quarterly Capacity Utilization Rate

 

 

1Q24

4Q23

3Q23

2Q23

1Q23

Utilization Rate

65%

66%

67%

71%

70%

Total Capacity

(12” K equivalents)

1,212

1,204

1,182

1,167

1,121

 

Capacity4

Total capacity in the first quarter increased to 1,212K 12-inch equivalent wafers. Capacity will grow in the second quarter of 2024 to 1,257K 12-inch equivalent wafers, primarily reflecting the continuous capacity expansion at 12A P6 facility.

Annual Capacity in

thousands of wafers

 

Quarterly Capacity in

thousands of wafers

FAB

Geometry

(um)

2023

2022

2021

2020

 

FAB

2Q24E

1Q24

4Q23

3Q23

WTK

6″

5 – 0.15

328

335

329

371

 

WTK

6″

83

82

83

83

8A

8″

3 – 0.11

811

765

755

802

 

8A

8″

207

206

207

207

8C

8″

0.35 – 0.11

473

459

459

452

 

8C

8″

119

119

119

120

8D

8″

0.18 – 0.09

440

410

380

371

 

8D

8″

118

118

118

111

8E

8″

0.6 – 0.14

490

469

457

449

 

8E

8″

131

130

131

122

8F

8″

0.18 – 0.11

570

550

514

485

 

8F

8″

145

144

145

145

8S

8″

0.18 – 0.11

447

443

408

373

 

8S

8″

114

113

114

112

8N

8″

0.5 – 0.11

996

952

917

917

 

8N

8″

254

252

254

250

12A

12″

0.13 – 0.014

1,305

1,170

1,070

1,044

 

12A

12″

386

358

346

333

12i

12″

0.13 – 0.040

655

655

641

628

 

12i

12″

172

164

164

164

12X

12″

0.080 – 0.022

317

314

284

217

 

12X

12″

80

79

80

80

12M

12″

0.13 – 0.040

438

436

395

391

 

12M

12″

115

110

110

110

Total(1)

4,674

4,458

4,201

4,083

 

Total

1,257

1,212

1,204

1,182

YoY Growth Rate

5%

6%

3%

13%

 

 

 

 

 

 

(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 1Q24 totaled US$924 million. 2024 cash-based CAPEX budget will be US$3.3 billion.

Capital Expenditure by Year – in US$ billion

Year

 

2023

 

2022

 

2021

 

2020

 

2019

CAPEX

 

$ 3.0

 

$ 2.7

 

$ 1.8

 

$ 1.0

 

$ 0.6

2024 CAPEX Plan

8″

 

12″

 

Total

5%

 

95%

 

US$3.3 billion

Second Quarter 2024 Outlook & Guidance

Quarter-over-Quarter Guidance:

Wafer Shipments: Will increase by low single digit %

ASP in USD: Will remain firm

Gross Profit Margin: Will be approximately 30%

Capacity Utilization: mid-60% range

2024 CAPEX: US$3.3 billion

Recent Developments / Announcements

Feb. 7, 2024

UMC Earns top rating in CDP’s Climate Change and Water Security for Two Consecutive Years

Feb. 27, 2024

UMC Board of Directors Announces Proposals for its Annual Shareholders Meeting

Please visit UMC’s website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, April 24, 2024

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

US Toll Free:

+1 866 212 5567

Other Areas:

+886 2 3396 1191

 

 

Access Code:

1023024#

A live webcast and replay of the 1Q24 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 2024; 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 2024 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, 2024

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

 

March 31, 2024

US$

NT$

%

Assets

Current assets

Cash and cash equivalents

3,733

119,431

21.1

%

Accounts receivable, net

959

30,677

5.4

%

Inventories, net

1,081

34,593

6.1

%

Other current assets

641

20,462

3.6

%

Total current assets

6,414

205,163

36.2

%

Non-current assets

Funds and investments

2,424

77,542

13.7

%

Property, plant and equipment

7,944

254,136

44.8

%

Right-of-use assets

239

7,659

1.4

%

Other non-current assets

706

22,573

3.9

%

Total non-current assets

11,313

361,910

63.8

%

Total assets

17,727

567,073

100.0

%

Liabilities

Current liabilities

Short-term loans

348

11,130

2.0

%

Payables

1,645

52,618

9.3

%

Current portion of long-term liabilities

452

14,466

2.6

%

Other current liabilities

318

10,189

1.7

%

Total current liabilities

2,763

88,403

15.6

%

Non-current liabilities

Bonds payable

768

24,581

4.3

%

Long-term loans

590

18,869

3.3

%

Lease liabilities, noncurrent

169

5,416

1.0

%

Other non-current liabilities

1,613

51,576

9.1

%

Total non-current liabilities

3,140

100,442

17.7

%

Total liabilities

5,903

188,845

33.3

%

Equity

Equity attributable to the parent company

Capital

3,917

125,290

22.1

%

Additional paid-in capital

448

14,322

2.5

%

Retained earnings and other components of equity

7,449

238,300

42.0

%

Total equity attributable to the parent company

11,814

377,912

66.6

%

Non-controlling interests

10

316

0.1

%

Total equity

11,824

378,228

66.7

%

Total liabilities and equity

17,727

567,073

100.0

%

 

Note:New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2024 exchange rate of NT $31.99 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, 2024

March 31, 2023

Chg.

March 31, 2024

December 31, 2023

Chg.

US$

NT$

US$

NT$

%

US$

NT$

US$

NT$

%

Operating revenues

1,708

 

54,632

 

1,695

 

54,209

 

0.8

%

1,708

 

54,632

 

1,718

 

54,958

 

(0.6

%)

Operating costs

(1,180

)

(37,733

)

(1,094

)

(34,985

)

7.9

%

(1,180

)

(37,733

)

(1,161

)

(37,152

)

1.6

%

Gross profit

528

 

16,899

 

601

 

19,224

 

(12.1

%)

528

 

16,899

 

557

 

17,806

 

(5.1

%)

30.9

%

30.9

%

35.5

%

35.5

%

30.9

%

30.9

%

32.4

%

32.4

%

Operating expenses

– Sales and marketing expenses

(21

)

(684

)

(30

)

(950

)

(28.0

%)

(21

)

(684

)

(26

)

(823

)

(16.9

%)

– General and administrative expenses

(52

)

(1,702

)

(66

)

(2,102

)

(19.0

%)

(52

)

(1,702

)

(61

)

(1,930

)

(11.8

%)

– Research and development expenses

(107

)

(3,407

)

(86

)

(2,767

)

23.2

%

(107

)

(3,407

)

(123

)

(3,945

)

(13.6

%)

– Expected credit impairment gain

1

 

46

 

1

 

39

 

18.0

%

1

 

46

 

2

 

63

 

(27.9

%)

Subtotal

(179

)

(5,747

)

(181

)

(5,780

)

(0.6

%)

(179

)

(5,747

)

(208

)

(6,635

)

(13.4

%)

Net other operating income and expenses

16

 

513

 

33

 

1,037

 

(50.5

%)

16

 

513

 

39

 

1,252

 

(59.0

%)

Operating income

365

 

11,665

 

453

 

14,481

 

(19.4

%)

365

 

11,665

 

388

 

12,423

 

(6.1

%)

21.4

%

21.4

%

26.7

%

26.7

%

21.4

%

21.4

%

22.6

%

22.6

%

 

Net non-operating income and expenses

33

 

1,056

 

145

 

4,647

 

(77.3

%)

33

 

1,056

 

70

 

2,227

 

(52.6

%)

Income from continuing operations before income tax

398

 

12,721

 

598

 

19,128

 

(33.5

%)

398

 

12,721

 

458

 

14,650

 

(13.2

%)

23.3

%

23.3

%

35.3

%

35.3

%

23.3

%

23.3

%

26.7

%

26.7

%

 

Income tax expense

(72

)

(2,291

)

(86

)

(2,743

)

(16.5

%)

(72

)

(2,291

)

(46

)

(1,457

)

57.3

%

Net income

326

 

10,430

 

512

 

16,385

 

(36.3

%)

326

 

10,430

 

412

 

13,193

 

(20.9

%)

19.1

%

19.1

%

30.2

%

30.2

%

19.1

%

19.1

%

24.0

%

24.0

%

 

Other comprehensive income (loss)

249

 

7,954

 

104

 

3,325

 

139.2

%

249

 

7,954

 

(119

)

(3,808

)

 

 

Total comprehensive income (loss)

575

 

18,384

 

616

 

19,710

 

(6.7

%)

575

 

18,384

 

293

 

9,385

 

95.9

%

 

Net income attributable to:

Shareholders of the parent

327

 

10,456

 

506

 

16,183

 

(35.4

%)

327

 

10,456

 

412

 

13,195

 

(20.8

%)

Non-controlling interests

(1

)

(26

)

6

 

202

 

 

(1

)

(26

)

(0

)

(2

)

1,232.7

%

 

Comprehensive income (loss) attributable to:

Shareholders of the parent

575

 

18,410

 

610

 

19,508

 

(5.6

%)

575

 

18,410

 

293

 

9,387

 

96.1

%

Non-controlling interests

(0

)

(26

)

6

 

202

 

 

(0

)

(26

)

(0

)

(2

)

1,202.7

%

 

Earnings per share-basic

0.026

 

0.84

 

0.041

 

1.31

 

0.026

 

0.84

 

0.033

 

1.06

 

Earnings per ADS (2)

0.131

 

4.20

 

0.205

 

6.55

 

0.131

 

4.20

 

0.166

 

5.30

 

Weighted average number of shares outstanding (in millions)

12,414

 

12,349

 

12,414

 

12,414

 

 

 

Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2024 exchange rate of NT $31.99 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, 2024

March 31, 2024

US$

NT$

%

US$

NT$

%

Operating revenues

1,708

 

54,632

 

100.0

%

1,708

 

54,632

 

100.0

%

Operating costs

(1,180

)

(37,733

)

(69.1

%)

(1,180

)

(37,733

)

(69.1

%)

Gross profit

528

 

16,899

 

30.9

%

528

 

16,899

 

30.9

%

 

 

Operating expenses

– Sales and marketing expenses

(21

)

(684

)

(1.3

%)

(21

)

(684

)

(1.3

%)

– General and administrative expenses

(52

)

(1,702

)

(3.1

%)

(52

)

(1,702

)

(3.1

%)

– Research and development expenses

(107

)

(3,407

)

(6.2

%)

(107

)

(3,407

)

(6.2

%)

– Expected credit impairment gain

1

 

46

 

0.1

%

1

 

46

 

0.1

%

Subtotal

(179

)

(5,747

)

(10.5

%)

(179

)

(5,747

)

(10.5

%)

Net other operating income and expenses

16

 

513

 

1.0

%

16

 

513

 

1.0

%

Operating income

365

 

11,665

 

21.4

%

365

 

11,665

 

21.4

%

 

Net non-operating income and expenses

33

 

1,056

 

1.9

%

33

 

1,056

 

1.9

%

Income from continuing operations before income tax

398

 

12,721

 

23.3

%

398

 

12,721

 

23.3

%

 

 

Income tax expense

(72

)

(2,291

)

(4.2

%)

(72

)

(2,291

)

(4.2

%)

Net income

326

 

10,430

 

19.1

%

326

 

10,430

 

19.1

%

 

Other comprehensive income (loss)

249

 

7,954

 

14.6

%

249

 

7,954

 

14.6

%

 

Total comprehensive income (loss)

575

 

18,384

 

33.7

%

575

 

18,384

 

33.7

%

 

Net income attributable to:

Shareholders of the parent

327

 

10,456

 

19.1

%

327

 

10,456

 

19.1

%

Non-controlling interests

(1

)

(26

)

(0.0

%)

(1

)

(26

)

(0.0

%)

 

Comprehensive income (loss) attributable to:

Shareholders of the parent

575

 

18,410

 

33.7

%

575

 

18,410

 

33.7

%

Non-controlling interests

(0

)

(26

)

(0.0

%)

(0

)

(26

)

(0.0

%)

 

Earnings per share-basic

0.026

 

0.84

 

0.026

 

0.84

 

Earnings per ADS (2)

0.131

 

4.20

 

0.131

 

4.20

 

 

Weighted average number of shares outstanding (in millions)

12,414

 

12,414

 

 

Notes:

(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2024 exchange rate of NT $31.99 per U.S. Dollar.

(2) 1 ADS equals 5 common shares.

Contacts

Michael Lin / David Wong

UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900

[email protected]
[email protected]

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