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UMC Reports First Quarter 2024 Results
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 % 1Q23 YoY %
change 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
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 % 1Q23 YoY %
change change
------------------------------------- --------------------------- -------------------- --------------------------- -------------------- ------------------------- -------------------- --------------------------- -------------------- -------------------------
Operating Revenues 54,632 54,958 (0.6 ) 54,209 0.8
COGS (37,733 ) (37,152 ) 1.6 (34,985 ) 7.9
(9,335 ) (9,006 ) 3.7 (8,439 ) 10.6
Depreciation
(28,398 ) (28,146 ) 0.9 (26,546 ) 7.0
Other Mfg. Costs
Gross Profit 16,899 17,806 (5.1 ) 19,224 (12.1 )
Gross Margin (%) 30.9 % 32.4 % aEUR EUR 35.5 % aEUR EUR
Operating Expenses (5,747 ) (6,635 ) (13.4 ) (5,780 ) (0.6 )
(684 ) (823 ) (16.9 ) (950 ) (28.0 )
Sales & Marketing
(1,702 ) (1,930 ) (11.8 ) (2,102 ) (19.0 )
G&A
(3,407 ) (3,945 ) (13.6 ) (2,767 ) 23.2
R&D
46 63 (27.9 ) 39 18.0
Expected credit impairment gain
Net Other Operating Income & Expenses 513 1,252 (59.0 ) 1,037 (50.5 )
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
676 880 908
Net Interest Income and Expenses
(324 ) 1,750 3,987
Net Investment Gain and Loss
697 (405 ) (239 )
Exchange Gain and Loss
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 For the 3-Month
Period Ended Period Ended
Mar. 31, 2024 Dec. 31, 2023
--------------------------------------------------------------------- --------------------------- -------------------- ---------------------------
Cash Flow from Operating Activities 20,820 26,217
12,721 14,650
Net income before tax
10,886 10,721
Depreciation & Amortization
(101 ) (1,918 )
Share of profit of associates and
joint ventures
(253 ) (15 )
Income tax paid
(2,433 ) 2,779
Changes in working capital & others
Cash Flow from Investing Activities (29,915 ) (26,813 )
739 (6,134 )
Decrease (increase) in financial assets measured at amortized cost
(28,498 ) (20,334 )
Acquisition of PP&E
(846 ) (774 )
Acquisition of intangible assets
(1,310 ) 429
Others
Cash Flow from Financing Activities (6,439 ) (3,892 )
(3,888 ) (4,435 )
Bank loans
(2,100 ) -
Redemption of bonds
(282 ) 720
Increase (decrease) in deposits-in
(169 ) (177 )
Others
Effect of Exchange Rate 2,411 (3,600 )
Net Cash Flow (13,123 ) (8,088 )
132,554 140,642
Beginning balance
`
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
50 50 54
Days Sales Outstanding
Inventories, net 34.59 35.71 32.68
85 89 83
Days of Inventory
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
7.46 7.53 9.21
Accounts Payable
25.60 29.54 9.77
Short-Term Credit / Bonds
13.97 19.20 18.44
Payables on Equipment
41.37 42.75 68.47
Other
Long-Term Credit / Bonds 43.45 45.24 37.30
Long-Term Investment Liabilities - - 4.26
Total Liabilities 188.85 199.61 194.08
Analysis of Revenue(2)
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 % ------------- -- -- -- -- -- -- -- -- -- --
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 33 % 36 % 32 % 29 % 26 % -------------- -- -- -- -- -- -- -- -- -- -- 28nm 14 % 14 % 13 % 12 % 15 % -------------- -- -- -- -- -- -- -- -- -- -- 40nm 18 % 16 % 19 % 23 % 19 % -------------- -- -- -- -- -- -- -- -- -- -- 65nm 10 % 9 % 8 % 10 % 10 % -------------- -- -- -- -- -- -- -- -- -- -- 90nm 9 % 9 % 12 % 10 % 12 % -------------- -- -- -- -- -- -- -- -- -- -- 0.13um 11 % 9 % 9 % 9 % 10 % -------------- -- -- -- -- -- -- -- -- -- -- 0.18um 4 % 5 % 5 % 5 % 6 % -------------- -- -- -- -- -- -- -- -- -- --
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 % ------------- --- --- --- --- --- --- --- --- --- ---
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 % ------------- --- --- --- --- --- --- --- --- --- ---
(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 Rate(3)
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 810 775 795 814 811
(12" K equivalents)
---------------------------------------------- ----- ----- ----- ----- -----
Quarterly Capacity Utilization Rate
----------------------------------------------------------------------- --------------------
1Q24 4Q23 3Q23 2Q23 1Q23
----- ----- ----- ----- -------------------------
Utilization Rate 65% 66% 67% 71% 70%
----- ----- ----- ----- -------------------------
Total Capacity 1,212 1,204 1,182 1,167 1,121
(12" K equivalents)
---------------------------------------------- ----- ----- ----- ----- -------------------------
Capacity(4)
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 Quarterly Capacity in
thousands of wafers thousands of wafers
---------------------------------------------------- --------------------------
FAB Geometry 2023 2022 2021 2020 FAB 2Q24E 1Q24 4Q23 3Q23
(um)
------ -------------------------- ----- ----- ----- ----- ------ ----- ----- ----- -----
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
================================ ===== ===== ===== ===== ------ ----- ----- ----- -----
(1) One 6-inch wafer is converted into 0.25 (6(2)/12(2)) 12-inch equivalent wafer; one 8-inch wafer is converted into 0.44 (8(2)/12(2)) 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 ---- -------------------- ---- -------------------- ---- -------------------- ---- -------------------- ---- -------------------- ----
2024 CAPEX Plan
8" 12" Total -- -------------------- --- -------------------- -----
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
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
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$)
March 31, 2024 March 31, 2024
----------------------------------------------------- ----------------------------------------------------------------------------------------------------------
US$ US$ NT$ NT$ % %
----------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ----------------------
Assets
Current assets
Cash and cash equivalents 3,733 119,431 119,431 21.1 21.1 %
Accounts receivable, net 959 30,677 30,677 5.4 5.4 %
Inventories, net 1,081 34,593 34,593 6.1 6.1 %
Other current assets 641 20,462 20,462 3.6 3.6 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total current assets 6,414 205,163 205,163 36.2 36.2 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Non-current assets
Funds and investments 2,424 77,542 77,542 13.7 13.7 %
Property, plant and equipment 7,944 254,136 254,136 44.8 44.8 %
Right-of-use assets 239 7,659 7,659 1.4 1.4 %
Other non-current assets 706 22,573 22,573 3.9 3.9 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total non-current assets 11,313 361,910 361,910 63.8 63.8 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total assets 17,727 567,073 567,073 100.0 100.0 %
==================== ==================== ==================== ==================== =================== =
Liabilities
Current liabilities
Short-term loans 348 11,130 11,130 2.0 2.0 %
Payables 1,645 52,618 52,618 9.3 9.3 %
Current portion of long-term liabilities 452 14,466 14,466 2.6 2.6 %
Other current liabilities 318 10,189 10,189 1.7 1.7 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total current liabilities 2,763 88,403 88,403 15.6 15.6 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Non-current liabilities
Bonds payable 768 24,581 24,581 4.3 4.3 %
Long-term loans 590 18,869 18,869 3.3 3.3 %
Lease liabilities, noncurrent 169 5,416 5,416 1.0 1.0 %
Other non-current liabilities 1,613 51,576 51,576 9.1 9.1 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total non-current liabilities 3,140 100,442 100,442 17.7 17.7 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total liabilities 5,903 188,845 188,845 33.3 33.3 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Equity
Equity attributable to the parent company
Capital 3,917 125,290 125,290 22.1 22.1 %
Additional paid-in capital 448 14,322 14,322 2.5 2.5 %
Retained earnings and other components of equity 7,449 238,300 238,300 42.0 42.0 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total equity attributable to the parent company 11,814 377,912 377,912 66.6 66.6 %
Non-controlling interests 10 316 316 0.1 0.1 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total equity 11,824 378,228 378,228 66.7 66.7 %
-------------------- -------------------- -------------------- -------------------- ------------------- -
Total liabilities and equity 17,727 567,073 567,073 100.0 100.0 %
==================== ==================== ==================== ==================== =================== =
Notei 1/4sNew 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$)
Except Per Share and Per ADS Data
Year over Year Comparison Year over Year Comparison Quarter over Quarter Comparison Quarter over Quarter Comparison
----------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Three-Month Period Ended Three-Month Period Ended Three-Month Period Ended Three-Month Period Ended Three-Month Period Ended Three-Month Period Ended
March 31, 2024 March 31, 2024 March 31, 2023 March 31, 2023 Chg. Chg. March 31, 2024 March 31, 2024 December 31, 2023 December 31, 2023 Chg. Chg.
----------------------------------------------------------- --------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- --------------------------------
US$ US$ NT$ NT$ US$ US$ NT$ NT$ % % US$ US$ NT$ NT$ US$ US$ NT$ NT$ % %
----------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -------------------------------------------------------- ----------------------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- --------------------------------
Operating revenues 1,708 54,632 54,632 1,695 1,695 54,209 54,209 0.8 0.8 % 1,708 1,708 54,632 54,632 1,718 1,718 54,958 54,958 (0.6 (0.6 %)
Operating costs (1,180 ) (37,733 (37,733 ) (1,094 (1,094 ) (34,985 (34,985 ) 7.9 7.9 % (1,180 (1,180 ) (37,733 (37,733 ) (1,161 (1,161 ) (37,152 (37,152 ) 1.6 1.6 %
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Gross profit 528 16,899 16,899 601 601 19,224 19,224 (12.1 (12.1 %) 528 528 16,899 16,899 557 557 17,806 17,806 (5.1 (5.1 %)
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
30.9 30.9 % 30.9 30.9 % 35.5 35.5 % 35.5 35.5 % 30.9 30.9 30.9 30.9 % 30.9 30.9 % 32.4 32.4 % 32.4 32.4 %
Operating expenses
- Sales and marketing expenses (21 ) (684 (684 ) (30 (30 ) (950 (950 ) (28.0 (28.0 %) (21 (21 ) (684 (684 ) (26 (26 ) (823 (823 ) (16.9 (16.9 %)
- General and administrative expenses (52 ) (1,702 (1,702 ) (66 (66 ) (2,102 (2,102 ) (19.0 (19.0 %) (52 (52 ) (1,702 (1,702 ) (61 (61 ) (1,930 (1,930 ) (11.8 (11.8 %)
- Research and development expenses (107 ) (3,407 (3,407 ) (86 (86 ) (2,767 (2,767 ) 23.2 23.2 % (107 (107 ) (3,407 (3,407 ) (123 (123 ) (3,945 (3,945 ) (13.6 (13.6 %)
- Expected credit impairment gain 1 46 46 1 1 39 39 18.0 18.0 % 1 1 46 46 2 2 63 63 (27.9 (27.9 %)
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Subtotal (179 ) (5,747 (5,747 ) (181 (181 ) (5,780 (5,780 ) (0.6 (0.6 %) (179 (179 ) (5,747 (5,747 ) (208 (208 ) (6,635 (6,635 ) (13.4 (13.4 %)
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Net other operating income and expenses 16 513 513 33 33 1,037 1,037 (50.5 (50.5 %) 16 16 513 513 39 39 1,252 1,252 (59.0 (59.0 %)
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Operating income 365 11,665 11,665 453 453 14,481 14,481 (19.4 (19.4 %) 365 365 11,665 11,665 388 388 12,423 12,423 (6.1 (6.1 %)
21.4 21.4 % 21.4 21.4 % 26.7 26.7 % 26.7 26.7 % 21.4 21.4 21.4 21.4 % 21.4 21.4 % 22.6 22.6 % 22.6 22.6 %
Net non-operating income and expenses 33 1,056 1,056 145 145 4,647 4,647 (77.3 (77.3 %) 33 33 1,056 1,056 70 70 2,227 2,227 (52.6 (52.6 %)
---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- ------------------------ ------------ -------------------- ------------------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Income from continuing operations before income tax 398 12,721 12,721 598 598 19,128 19,128 (33.5 (33.5 %) 398 398 12,721 12,721 458 458 14,650 14,650 (13.2 (13.2 %)
23.3 23.3 % 23.3 23.3 % 35.3 35.3 % 35.3 35.3 % 23.3 23.3 23.3 23.3 % 23.3 23.3 % 26.7 26.7 % 26.7 26.7 %
Income tax expense (72 ) (2,291 (2,291 ) (86 (86 ) (2,743 (2,743 ) (16.5 (16.5 %) (72 (72 ) (2,291 (2,291 ) (46 (46 ) (1,457 (1,457 ) 57.3 57.3 %
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Net income 326 10,430 10,430 512 512 16,385 16,385 (36.3 (36.3 %) 326 326 10,430 10,430 412 412 13,193 13,193 (20.9 (20.9 %)
19.1 19.1 % 19.1 19.1 % 30.2 30.2 % 30.2 30.2 % 19.1 19.1 19.1 19.1 % 19.1 19.1 % 24.0 24.0 % 24.0 24.0 %
Other comprehensive income (loss) 249 7,954 7,954 104 104 3,325 3,325 139.2 139.2 % 249 249 7,954 7,954 (119 (119 ) (3,808 (3,808 ) - -
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Total comprehensive income (loss) 575 18,384 18,384 616 616 19,710 19,710 (6.7 (6.7 %) 575 575 18,384 18,384 293 293 9,385 9,385 95.9 95.9 %
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Net income attributable to:
Shareholders of the parent 327 10,456 10,456 506 506 16,183 16,183 (35.4 (35.4 %) 327 327 10,456 10,456 412 412 13,195 13,195 (20.8 (20.8 %)
Non-controlling interests (1 ) (26 (26 ) 6 6 202 202 - - (1 (1 ) (26 (26 ) (0 (0 ) (2 (2 ) 1,232.7 1,232.7 %
Comprehensive income (loss) attributable to:
Shareholders of the parent 575 18,410 18,410 610 610 19,508 19,508 (5.6 (5.6 %) 575 575 18,410 18,410 293 293 9,387 9,387 96.1 96.1 %
Non-controlling interests (0 ) (26 (26 ) 6 6 202 202 - - (0 (0 ) (26 (26 ) (0 (0 ) (2 (2 ) 1,202.7 1,202.7 %
Earnings per share-basic 0.026 0.84 0.84 0.041 0.041 1.31 1.31 0.026 0.026 0.026 0.026 0.84 0.84 0.033 0.033 1.06 1.06
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Earnings per ADS (2) 0.131 4.20 4.20 0.205 0.205 6.55 6.55 0.131 0.131 0.131 0.131 4.20 4.20 0.166 0.166 5.30 5.30
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Weighted average number of shares outstanding (in millions)
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