UMC Reports Fourth Quarter 2023 Results
- UMC demonstrated resilience in a challenging external environment in 2023
- Financial performance and structural profitability remained strong
- 12nm FinFET collaboration expected to broaden the addressable market and accelerate development roadmap
- Investment in circular economy initiatives and recognition for ESG contributions
- Q4 2023 revenue declined 3.7% QoQ and 19.0% YoY
- Utilization rate fell to 66% in Q4 2023
- Challenging macroeconomic conditions prolonged inventory correction in the semiconductor industry
Insights
The reported full-year earnings per share (EPS) of NT$4.93 and the 22/28nm technology's contribution of 36% to Q4 revenue are significant financial metrics. The EPS provides a direct measure of profitability and shareholder value, while the technology contribution indicates the company's success in scaling its product offerings. The decline in revenue and net income year-over-year (YoY) suggests a challenging macroeconomic environment and a potential industry-wide inventory correction.
From a financial standpoint, the company's gross margin of 32.4% and operating margin of 22.6% in Q4, despite a reduced capacity utilization rate of 66%, demonstrate an ability to maintain profitability. However, the YoY decrease in gross profit by 38.9% and operating income by 47.4% are concerning and could indicate pressure on future margins. The capital expenditure (CAPEX) of US$3.0 billion for 2023 and a planned US$3.3 billion for 2024 reflect a significant investment in technology and capacity expansion, which may affect the company's cash flow and debt levels.
The semiconductor industry is highly competitive and United Microelectronics Corporation's (UMC) focus on 22/28nm technology and the ramp-up of the Tainan 12A P6 facility are strategic moves to strengthen its market position. The 12nm FinFET collaboration is a forward-looking initiative to expand UMC's technology offerings and address a broader market. However, the QoQ and YoY declines in revenue and net income highlight the cyclical nature of the semiconductor industry and the impact of external economic factors on demand.
UMC's emphasis on specialty technologies and a diversified customer base are key differentiators that could mitigate risks associated with market fluctuations. The company's geographical revenue distribution, with a shift towards the Asia-Pacific region (62% of sales), aligns with the global trend of increasing semiconductor demand in emerging markets. The industry's shift towards more advanced nodes, however, may challenge UMC's revenue contribution from mature technologies.
UMC's investment in circular economy initiatives and the establishment of the UMC Circular Economy & Recycling Innovation Center are noteworthy from an environmental, social and governance (ESG) perspective. These efforts demonstrate the company's commitment to sustainability, resource recovery and waste reduction, which are increasingly important to investors and stakeholders. Recognition from global institutions such as DJSI, FTSE4Good and ISS, along with an AA rating in the MSCI ESG Ratings, enhances UMC's reputation as a responsible corporate citizen.
The long-term benefits of these sustainability initiatives could include operational cost savings, enhanced brand value and compliance with regulatory requirements. The company's proactive approach to ESG issues, combined with its ESG recognitions, could potentially attract ESG-focused investments and contribute to shareholder value.
Company posts full-year 2023 EPS of
Fourth Quarter 2023 Overview1:
-
Revenue:
NT ($54.96 billion US )$1.79 billion -
Gross margin:
32.4% ; Operating margin:22.6% -
Revenue from 22/28nm:
36% -
Capacity utilization rate:
66% -
Net income attributable to shareholders of the parent:
NT ($13.20 billion US )$430 million -
Earnings per share:
NT ; earnings per ADS:$1.06 US $0.17 3
Fourth quarter consolidated revenue was
Jason Wang, co-president of UMC, said, “In the fourth quarter, challenging macroeconomic conditions continued to prolong the inventory correction in the semiconductor industry as our wafer shipments decreased
“Overall, 2023 was a year where UMC demonstrated its resilience in face of challenging external environment, as optimization in product mix continued to lift 2023 blended ASP by mid-single digit YoY. In addition, we were successful in safeguarding the company's structural profitability with a gross margin of
Co-president Wang commented, “Looking into the first quarter of 2024, we anticipate overall wafer demand will increase mildly, however, customers maintain a cautious approach in their inventory management. Moving forward, UMC will continue to navigate headwinds amid an increasingly competitive landscape and swelling geopolitical tensions via diversified manufacturing base and differentiation in 12-inch specialty technologies. Our 12nm FinFET collaboration is a step forward in advancing our strategy of pursuing cost-efficient capacity expansion and technology node advancement in continuing our commitment to customers. This effort will enable our customers to smoothly migrate to this critical new node, and also benefit from the resiliency of an added Western footprint. We anticipate 12nm FinFET collaboration will broaden our addressable market and significantly accelerate our development roadmap.”
Co-president Wang added, “Over the years, UMC has invested in a number of circular economy initiatives. In 2023, we broke ground for the UMC Circular Economy & Recycling Innovation Center, which will serve to consolidate our efforts to maximize resource recovery and minimize waste. Once operational in 2025, the facility is expected to reduce waste from UMC’s
Summary of Operating Results
Operating Results |
|||||||||||||||
(Amount: NT$ million) |
4Q23 |
|
3Q23 |
|
QoQ %
|
4Q22 |
|
YoY %
|
|||||||
Operating Revenues |
54,958 |
|
57,069 |
|
(3.7 |
) |
67,836 |
|
(19.0 |
) |
|||||
Gross Profit |
17,806 |
|
20,461 |
|
(13.0 |
) |
29,124 |
|
(38.9 |
) |
|||||
Operating Expenses |
(6,635 |
) |
(5,722 |
) |
16.0 |
|
(6,798 |
) |
(2.4 |
) |
|||||
Net Other Operating Income and Expenses |
1,252 |
|
573 |
|
118.7 |
|
1,311 |
|
(4.5 |
) |
|||||
Operating Income |
12,423 |
|
15,312 |
|
(18.9 |
) |
23,637 |
|
(47.4 |
) |
|||||
Net Non-Operating Income and Expenses |
2,227 |
|
3,336 |
|
(33.3 |
) |
889 |
|
150.4 |
|
|||||
Net Income Attributable to Shareholders of the Parent |
13,195 |
|
15,971 |
|
(17.4 |
) |
19,068 |
|
(30.8 |
) |
|||||
EPS (NT$ per share) |
1.06 |
|
1.29 |
|
|
1.54 |
|
|
|||||||
(US$ per ADS) |
0.173 |
|
0.210 |
|
|
0.251 |
|
|
|||||||
Fourth quarter operating revenues declined
Earnings per ordinary share for the quarter was
Detailed Financials Section
Operating revenues decreased to
COGS & Expenses |
|||||||||||||||
(Amount: NT$ million) |
4Q23 |
|
3Q23 |
|
QoQ %
|
4Q22 |
|
YoY %
|
|||||||
Operating Revenues |
54,958 |
|
57,069 |
|
(3.7 |
) |
67,836 |
|
(19.0 |
) |
|||||
COGS |
(37,152 |
) |
(36,608 |
) |
1.5 |
|
(38,712 |
) |
(4.0 |
) |
|||||
Depreciation |
(9,006 |
) |
(8,485 |
) |
6.1 |
|
(8,898 |
) |
1.2 |
|
|||||
Other Mfg. Costs |
(28,146 |
) |
(28,123 |
) |
0.1 |
|
(29,814 |
) |
(5.6 |
) |
|||||
Gross Profit |
17,806 |
|
20,461 |
|
(13.0 |
) |
29,124 |
|
(38.9 |
) |
|||||
Gross Margin (%) |
32.4 |
% |
35.9 |
% |
|
42.9 |
% |
|
|||||||
Operating Expenses |
(6,635 |
) |
(5,722 |
) |
16.0 |
|
(6,798 |
) |
(2.4 |
) |
|||||
Sales & Marketing |
(823 |
) |
(735 |
) |
12.0 |
|
(953 |
) |
(13.6 |
) |
|||||
G&A |
(1,930 |
) |
(1,731 |
) |
11.6 |
|
(2,438 |
) |
(20.8 |
) |
|||||
R&D |
(3,945 |
) |
(3,255 |
) |
21.2 |
|
(3,407 |
) |
15.8 |
|
|||||
Expected Credit Impairment gain (loss) |
63 |
|
(1 |
) |
- |
|
(0 |
) |
- |
|
|||||
Net Other Operating Income & Expenses |
1,252 |
|
573 |
|
118.7 |
|
1,311 |
|
(4.5 |
) |
|||||
Operating Income |
12,423 |
|
15,312 |
|
(18.9 |
) |
23,637 |
|
(47.4 |
) |
|||||
Net non-operating income in 4Q23 was
Non-Operating Income and Expenses |
||||||||
(Amount: NT$ million) |
4Q23 |
|
3Q23 |
4Q22 |
|
|||
Non-Operating Income and Expenses |
2,227 |
|
3,336 |
889 |
|
|||
Net Interest Income and Expenses |
880 |
|
617 |
584 |
|
|||
Net Investment Gain and Loss |
1,750 |
|
1,885 |
1,382 |
|
|||
Exchange Gain and Loss |
(405 |
) |
324 |
(1,057 |
) |
|||
Other Gain and Loss |
2 |
|
510 |
(20 |
) |
|||
In 4Q23, cash inflow from operating activities was
Cash Flow Summary |
||||
(Amount: NT$ million) |
For the 3-Month Period Ended Dec. 31, 2023 |
For the 3-Month Period Ended Sep. 30, 2023 |
||
Cash Flow from Operating Activities |
26,217 |
19,059 |
||
Net income before tax |
14,650 |
18,648 |
||
Depreciation & Amortization |
10,721 |
9,928 |
||
Share of profit of associates and joint ventures |
(1,918) |
(1,022) |
||
Income tax paid |
(15) |
(1,216) |
||
Changes in working capital & others |
2,779 |
(7,279) |
||
Cash Flow from Investing Activities |
(26,813) |
(17,720) |
||
Increase in financial assets measured at amortized cost |
(6,134) |
(141) |
||
Acquisition of PP&E |
(20,334) |
(17,245) |
||
Acquisition of intangible assets |
(774) |
(560) |
||
Others |
429 |
226 |
||
Cash Flow from Financing Activities |
(3,892) |
(27,602) |
||
Bank loans |
(4,435) |
21,369 |
||
Bonds issued |
- |
10,000 |
||
Increase in deposits-in |
720 |
7,425 |
||
Decrease in other financial liabilities |
- |
(21,209) |
||
Cash dividends |
- |
(45,018) |
||
Others |
(177) |
(169) |
||
Effect of Exchange Rate |
(3,600) |
3,808 |
||
Net Cash Flow |
(8,088) |
(22,455) |
||
Beginning balance |
140,642 |
163,097 |
||
Ending balance |
132,554 |
140,642 |
||
Cash and cash equivalents decreased to
Current Assets |
||||||
(Amount: NT$ billion) |
4Q23 |
3Q23 |
4Q22 |
|||
Cash and Cash Equivalents |
132.55 |
140.64 |
173.82 |
|||
Notes & Accounts Receivable |
29.59 |
31.11 |
36.98 |
|||
Days Sales Outstanding |
50 |
49 |
55 |
|||
Inventories, net |
35.71 |
36.56 |
31.07 |
|||
Days of Inventory |
89 |
89 |
72 |
|||
Total Current Assets |
216.80 |
219.28 |
252.37 |
|||
Current liabilities slightly increased to
Liabilities |
||||||
(Amount: NT$ billion) |
4Q23 |
3Q23 |
4Q22 |
|||
Total Current Liabilities |
99.02 |
92.07 |
108.57 |
|||
Accounts Payable |
7.53 |
8.37 |
8.98 |
|||
Short-Term Credit / Bonds |
29.54 |
30.07 |
7.59 |
|||
Payables on Equipment |
19.20 |
15.95 |
18.63 |
|||
Other |
42.75 |
37.68 |
73.37 |
|||
Long-Term Credit / Bonds |
45.24 |
49.38 |
39.88 |
|||
Long-Term Investment Liabilities |
- |
- |
4.22 |
|||
Total Liabilities |
199.61 |
197.26 |
197.60 |
|||
Debt to Equity |
|
|
|
|||
Analysis of Revenue2
Revenue from
Revenue Breakdown by Region |
||||||||||
Region |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
Revenue contribution from 22/28nm grew to
Revenue Breakdown by Geometry |
||||||||||
Geometry |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
14nm and below |
|
|
|
|
|
|||||
14nm<x<=28nm |
|
|
|
|
|
|||||
28nm<x<=40nm |
|
|
|
|
|
|||||
40nm<x<=65nm |
|
|
|
|
|
|||||
65nm<x<=90nm |
|
|
|
|
|
|||||
90nm<x<=0.13um |
|
|
|
|
|
|||||
0.13um<x<=0.18um |
|
|
|
|
|
|||||
0.18um<x<=0.35um |
|
|
|
|
|
|||||
0.5um and above |
|
|
|
|
|
|||||
Revenue from fabless customers accounted for
Revenue Breakdown by Customer Type |
||||||||||
Customer Type |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
Fabless |
|
|
|
|
|
|||||
IDM |
|
|
|
|
|
|||||
Revenue from the communication segment accounted for
Revenue Breakdown by Application (1) |
||||||||||
Application |
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
Computer |
|
|
|
|
|
|||||
Communication |
|
|
|
|
|
|||||
Consumer |
|
|
|
|
|
|||||
Others |
|
|
|
|
|
|||||
(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) remained flat in 4Q23.
(To view blended ASP trend, please click here for 4Q23 ASP)
Shipment and Utilization Rate3
Wafer shipments decreased
Wafer Shipments |
||||||||||
|
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
Wafer Shipments (12” K equivalents) |
775 |
795 |
814 |
811 |
984 |
|||||
|
|
|
|
|
|
|||||
Quarterly Capacity Utilization Rate |
||||||||||
|
4Q23 |
3Q23 |
2Q23 |
1Q23 |
4Q22 |
|||||
Utilization Rate |
|
|
|
|
|
|||||
Total Capacity (12” K equivalents) |
1,204 |
1,182 |
1,167 |
1,121 |
1,130 |
|||||
Capacity4
Total capacity in the fourth quarter increased to 1,204K 12-inch equivalent wafers. Capacity will grow in the first quarter of 2024 to 1,212K 12-inch equivalent wafers, reflecting the continuous capacity expansion at 12A P6 facility.
Annual Capacity in thousands of wafers |
|
Quarterly Capacity in thousands of wafers |
|||||||||||
FAB |
Geometry
|
2023 |
2022 |
2021 |
2020 |
|
FAB |
1Q24E |
4Q23 |
3Q23 |
2Q23 |
||
WTK |
6" |
5 – 0.15 |
328 |
335 |
329 |
371 |
|
WTK |
6" |
82 |
83 |
83 |
82 |
8A |
8" |
3 – 0.11 |
811 |
765 |
755 |
802 |
|
8A |
8" |
206 |
207 |
207 |
207 |
8C |
8" |
0.35 – 0.11 |
473 |
459 |
459 |
452 |
|
8C |
8" |
119 |
119 |
120 |
120 |
8D |
8" |
0.18 – 0.09 |
440 |
410 |
380 |
371 |
|
8D |
8" |
118 |
118 |
111 |
109 |
8E |
8" |
0.6 – 0.14 |
490 |
469 |
457 |
449 |
|
8E |
8" |
130 |
131 |
122 |
122 |
8F |
8" |
0.18 – 0.11 |
570 |
550 |
514 |
485 |
|
8F |
8" |
144 |
145 |
145 |
145 |
8S |
8" |
0.18 – 0.11 |
447 |
443 |
408 |
373 |
|
8S |
8" |
113 |
114 |
112 |
112 |
8N |
8" |
0.5 – 0.11 |
996 |
952 |
917 |
917 |
|
8N |
8" |
252 |
254 |
250 |
248 |
12A |
12" |
0.13 – 0.014 |
1,305 |
1,170 |
1,070 |
1,044 |
|
12A |
12" |
358 |
346 |
333 |
321 |
12i |
12" |
0.13 – 0.040 |
655 |
655 |
641 |
628 |
|
12i |
12" |
164 |
164 |
164 |
164 |
12X |
12" |
0.080 – 0.022 |
317 |
314 |
284 |
217 |
|
12X |
12" |
79 |
80 |
80 |
80 |
12M |
12" |
0.13 – 0.040 |
438 |
436 |
395 |
391 |
|
12M |
12" |
110 |
110 |
110 |
110 |
Total(1) |
4,674 |
4,458 |
4,201 |
4,083 |
|
Total |
1,212 |
1,204 |
1,182 |
1,167 |
|||
YoY Growth Rate |
|
|
|
|
|
|
|
|
|
|
|||
(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 4Q23 totaled
| Capital Expenditure by Year - in US$ billion | ||||||||||
| Year | 2023 |
2022 |
2021 |
2020 |
2019 |
|||||
| CAPEX |
|
|
|
|
|
|||||
| 2024 CAPEX Plan | ||||
8" |
12" |
Total |
||
|
|
|
||
Brief Summary of Full Year 2023 Consolidated Results
-
Consolidated revenue in NTD declined
20.2% YoY toNT , from$222.53 billion NT in 2022.$278.71 billion -
Gross profit decreased
38.2% , compared to a year ago, representing34.9% of 2023 revenue. -
Operating income decreased
44.5% year on year, accounting for26.0% of 2023 revenue. -
Net income attributable to shareholders of the parent fell
30.1% toNT in 2023.$60.99 billion -
EPS was
NT , or EPADS of$4.93 US for 2023.$0.80 3 -
22/28nm revenue contribution accounted for
31% in 2023.
Operating Results |
|||||||||
(Amount: NT$ million) |
2023 |
|
2022 |
|
YoY % change |
||||
Operating Revenues |
222,533 |
|
278,705 |
|
(20.2 |
) |
|||
Gross Profit |
77,744 |
|
125,764 |
|
(38.2 |
) |
|||
Operating Expenses |
(23,855 |
) |
(26,812 |
) |
(11.0 |
) |
|||
Net Other Operating Income and Expenses |
4,002 |
|
5,340 |
|
(25.0 |
) |
|||
Operating Income |
57,891 |
|
104,292 |
|
(44.5 |
) |
|||
Net Non-Operating Income and Expenses |
13,021 |
|
1,805 |
|
621.4 |
|
|||
Income Tax Expense |
(9,472 |
) |
(18,079 |
) |
(47.6 |
) |
|||
Net Income Attributable to Shareholders of the Parent |
60,990 |
|
87,198 |
|
(30.1 |
) |
|||
EPS (NT$ per share) |
4.93 |
|
7.09 |
|
|
||||
(US$ per ADS) |
0.803 |
|
1.154 |
|
|
||||
Annual Sales Breakdown in Revenue for Foundry Segment
Region |
2023 |
2022 |
||
|
|
|
||
|
|
|
||
|
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|
||
|
|
|
||
|
|
|
||
Technology |
2023 |
2022 |
||
14nm and below |
|
|
||
14nm<x<=28nm |
|
|
||
28nm<x<=40nm |
|
|
||
40nm<x<=65nm |
|
|
||
65nm<x<=90nm |
|
|
||
90nm<x<=0.13um |
|
|
||
0.13um<x<=0.18um |
|
|
||
0.18um<x<=0.35um |
|
|
||
0.5um and above |
|
|
||
|
|
|
||
Customer Type |
2023 |
2022 |
||
Fabless |
|
|
||
IDM |
|
|
||
|
|
|
||
Application |
2023 |
2022 |
||
Computer |
|
|
||
Communication |
|
|
||
Consumer |
|
|
||
Others |
|
|
First Quarter 2024 Outlook & Guidance
Quarter-over-Quarter Guidance:
-
Wafer Shipments: Will increase by approximately 2
-3% -
ASP in USD: Will decrease by
5% -
Gross Profit Margin: Will be approximately
30% -
Capacity Utilization: low
-60% range -
2024 CAPEX:
US $3.3 billion
Recent Developments / Announcements
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, January 31, 2024
Time: 5:00 PM (
Dial-in numbers and Access Codes: |
||||
Taiwan Number: |
02 3396 1191 |
|||
Taiwan Toll Free: |
0080 185 4007 |
|||
US Toll Free: |
+1 866 212 5567 |
|||
Other Areas: |
+886 2 3396 1191 |
|||
|
||||
Access Code: |
1029531# |
|||
A live webcast and replay of the 4Q23 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
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
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
- FINANCIAL TABLES TO FOLLOW -
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||
| Consolidated Condensed Balance Sheet | |||||
| As of December 31, 2023 | |||||
| Figures in Millions of New Taiwan Dollars (NT$) and |
|||||
| December 31, 2023 | |||||
| US$ | NT$ | % | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 4,316 |
132,554 |
|
||
| Accounts receivable, net | 963 |
29,586 |
|
||
| Inventories, net | 1,163 |
35,713 |
|
||
| Other current assets | 618 |
18,944 |
|
||
| Total current assets | 7,060 |
216,797 |
|
||
| Non-current assets | |||||
| Funds and investments | 2,418 |
74,255 |
|
||
| Property, plant and equipment | 7,786 |
239,123 |
|
||
| Right-of-use assets | 228 |
7,000 |
|
||
| Other non-current assets | 717 |
22,012 |
|
||
| Total non-current assets | 11,149 |
342,390 |
|
||
| Total assets | 18,209 |
559,187 |
|
||
| Liabilities | |||||
| Current liabilities | |||||
| Short-term loans | 441 |
13,530 |
|
||
| Payables | 1,923 |
59,051 |
|
||
| Current portion of long-term liabilities | 521 |
16,007 |
|
||
| Other current liabilities | 339 |
10,427 |
|
||
| Total current liabilities | 3,224 |
99,015 |
|
||
| Non-current liabilities | |||||
| Bonds payable | 800 |
24,580 |
|
||
| Long-term loans | 673 |
20,656 |
|
||
| Lease liabilities, noncurrent | 159 |
4,879 |
|
||
| Other non-current liabilities | 1,644 |
50,478 |
|
||
| Total non-current liabilities | 3,276 |
100,593 |
|
||
| Total liabilities | 6,500 |
199,608 |
|
||
| Equity | |||||
| Equity attributable to the parent company | |||||
| Capital | 4,080 |
125,298 |
|
||
| Additional paid-in capital | 467 |
14,325 |
|
||
| Retained earnings and other components of equity | 7,151 |
219,615 |
|
||
| Total equity attributable to the parent company | 11,698 |
359,238 |
|
||
| Non-controlling interests | 11 |
341 |
|
||
| Total equity | 11,709 |
359,579 |
|
||
| Total liabilities and equity | 18,209 |
559,187 |
|
||
| Note：New Taiwan Dollars have been translated into |
|||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and |
|||||||||||||||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||||||||||||||
| Year over Year Comparison | Quarter over Quarter Comparison | ||||||||||||||||||||||||||||
| Three-Month Period Ended | Three-Month Period Ended | ||||||||||||||||||||||||||||
| December 31, 2023 | December 31, 2022 | Chg. | December 31, 2023 | September 30, 2023 | Chg. | ||||||||||||||||||||||||
| US$ | NT$ | US$ | NT$ | % | US$ | NT$ | US$ | NT$ | % | ||||||||||||||||||||
| Operating revenues | 1,790 |
|
54,958 |
|
2,209 |
|
67,836 |
|
(19.0 |
%) |
1,790 |
|
54,958 |
|
1,858 |
|
57,069 |
|
(3.7 |
%) |
|||||||||
| Operating costs | (1,210 |
) |
(37,152 |
) |
(1,261 |
) |
(38,712 |
) |
(4.0 |
%) |
(1,210 |
) |
(37,152 |
) |
(1,192 |
) |
(36,608 |
) |
1.5 |
% |
|||||||||
| Gross profit | 580 |
|
17,806 |
|
948 |
|
29,124 |
|
(38.9 |
%) |
580 |
|
17,806 |
|
666 |
|
20,461 |
|
(13.0 |
%) |
|||||||||
32.4 |
% |
32.4 |
% |
42.9 |
% |
42.9 |
% |
32.4 |
% |
32.4 |
% |
35.9 |
% |
35.9 |
% |
||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| - Sales and marketing expenses | (27 |
) |
(823 |
) |
(31 |
) |
(953 |
) |
(13.6 |
%) |
(27 |
) |
(823 |
) |
(24 |
) |
(735 |
) |
12.0 |
% |
|||||||||
| - General and administrative expenses | (63 |
) |
(1,930 |
) |
(79 |
) |
(2,438 |
) |
(20.8 |
%) |
(63 |
) |
(1,930 |
) |
(56 |
) |
(1,731 |
) |
11.6 |
% |
|||||||||
| - Research and development expenses | (128 |
) |
(3,945 |
) |
(111 |
) |
(3,407 |
) |
15.8 |
% |
(128 |
) |
(3,945 |
) |
(106 |
) |
(3,255 |
) |
21.2 |
% |
|||||||||
| - Expected credit impairment gain (loss) | 2 |
|
63 |
|
(0 |
) |
(0 |
) |
- |
|
2 |
|
63 |
|
(0 |
) |
(1 |
) |
- |
|
|||||||||
| Subtotal | (216 |
) |
(6,635 |
) |
(221 |
) |
(6,798 |
) |
(2.4 |
%) |
(216 |
) |
(6,635 |
) |
(186 |
) |
(5,722 |
) |
16.0 |
% |
|||||||||
| Net other operating income and expenses | 41 |
|
1,252 |
|
43 |
|
1,311 |
|
(4.5 |
%) |
41 |
|
1,252 |
|
19 |
|
573 |
|
118.7 |
% |
|||||||||
| Operating income | 405 |
|
12,423 |
|
770 |
|
23,637 |
|
(47.4 |
%) |
405 |
|
12,423 |
|
499 |
|
15,312 |
|
(18.9 |
%) |
|||||||||
22.6 |
% |
22.6 |
% |
34.8 |
% |
34.8 |
% |
22.6 |
% |
22.6 |
% |
26.8 |
% |
26.8 |
% |
||||||||||||||
| Net non-operating income and expenses | 72 |
|
2,227 |
|
29 |
|
889 |
|
150.4 |
% |
72 |
|
2,227 |
|
108 |
|
3,336 |
|
(33.3 |
%) |
|||||||||
| Income from continuing operations before income tax | 477 |
|
14,650 |
|
799 |
|
24,526 |
|
(40.3 |
%) |
477 |
|
14,650 |
|
607 |
|
18,648 |
|
(21.4 |
%) |
|||||||||
26.7 |
% |
26.7 |
% |
36.2 |
% |
36.2 |
% |
26.7 |
% |
26.7 |
% |
32.7 |
% |
32.7 |
% |
||||||||||||||
| Income tax expense | (47 |
) |
(1,457 |
) |
(176 |
) |
(5,406 |
) |
(73.0 |
%) |
(47 |
) |
(1,457 |
) |
(87 |
) |
(2,682 |
) |
(45.7 |
%) |
|||||||||
| Net income | 430 |
|
13,193 |
|
623 |
|
19,120 |
|
(31.0 |
%) |
430 |
|
13,193 |
|
520 |
|
15,966 |
|
(17.4 |
%) |
|||||||||
24.0 |
% |
24.0 |
% |
28.2 |
% |
28.2 |
% |
24.0 |
% |
24.0 |
% |
28.0 |
% |
28.0 |
% |
||||||||||||||
| Other comprehensive income (loss) | (124 |
) |
(3,808 |
) |
14 |
|
429 |
|
- |
|
(124 |
) |
(3,808 |
) |
232 |
|
7,138 |
|
- |
|
|||||||||
| Total comprehensive income (loss) | 306 |
|
9,385 |
|
637 |
|
19,549 |
|
(52.0 |
%) |
306 |
|
9,385 |
|
752 |
|
23,104 |
|
(59.4 |
%) |
|||||||||
| Net income attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 430 |
|
13,195 |
|
621 |
|
19,068 |
|
(30.8 |
%) |
430 |
|
13,195 |
|
520 |
|
15,971 |
|
(17.4 |
%) |
|||||||||
| Non-controlling interests | (0 |
) |
(2 |
) |
2 |
|
52 |
|
- |
|
(0 |
) |
(2 |
) |
(0 |
) |
(5 |
) |
(61.1 |
%) |
|||||||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 306 |
|
9,387 |
|
635 |
|
19,497 |
|
(51.9 |
%) |
306 |
|
9,387 |
|
752 |
|
23,109 |
|
(59.4 |
%) |
|||||||||
| Non-controlling interests | (0 |
) |
(2 |
) |
2 |
|
52 |
|
- |
|
(0 |
) |
(2 |
) |
(0 |
) |
(5 |
) |
(59.9 |
%) |
|||||||||
| Earnings per share-basic | 0.035 |
|
1.06 |
|
0.050 |
|
1.54 |
|
0.035 |
|
1.06 |
|
0.042 |
|
1.29 |
|
|||||||||||||
| Earnings per ADS (2) | 0.173 |
|
5.30 |
|
0.251 |
|
7.70 |
|
0.173 |
|
5.30 |
|
0.210 |
|
6.45 |
|
|||||||||||||
| Weighted average number of shares outstanding (in millions) | 12,414 |
|
12,349 |
|
12,414 |
|
12,371 |
|
|||||||||||||||||||||
| Notes: | |||||||||||||||||||||||||||||
| (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$) and |
|||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||
| For the Three-Month Period Ended | For the Twelve-Month Period Ended | ||||||||||||||||
| December 31, 2023 | December 31, 2023 | ||||||||||||||||
| US$ | NT$ | % | US$ | NT$ | % | ||||||||||||
| Operating revenues | 1,790 |
|
54,958 |
|
100.0 |
% |
7,246 |
|
222,533 |
|
100.0 |
% |
|||||
| Operating costs | (1,210 |
) |
(37,152 |
) |
(67.6 |
%) |
(4,714 |
) |
(144,789 |
) |
(65.1 |
%) |
|||||
| Gross profit | 580 |
|
17,806 |
|
32.4 |
% |
2,532 |
|
77,744 |
|
34.9 |
% |
|||||
| Operating expenses | |||||||||||||||||
| - Sales and marketing expenses | (27 |
) |
(823 |
) |
(1.5 |
%) |
(105 |
) |
(3,225 |
) |
(1.5 |
%) |
|||||
| - General and administrative expenses | (63 |
) |
(1,930 |
) |
(3.5 |
%) |
(243 |
) |
(7,477 |
) |
(3.3 |
%) |
|||||
| - Research and development expenses | (128 |
) |
(3,945 |
) |
(7.2 |
%) |
(433 |
) |
(13,284 |
) |
(6.0 |
%) |
|||||
| - Expected credit impairment gain | 2 |
|
63 |
|
0.1 |
% |
4 |
|
131 |
|
0.1 |
% |
|||||
| Subtotal | (216 |
) |
(6,635 |
) |
(12.1 |
%) |
(777 |
) |
(23,855 |
) |
(10.7 |
%) |
|||||
| Net other operating income and expenses | 41 |
|
1,252 |
|
2.3 |
% |
130 |
|
4,002 |
|
1.8 |
% |
|||||
| Operating income | 405 |
|
12,423 |
|
22.6 |
% |
1,885 |
|
57,891 |
|
26.0 |
% |
|||||
| Net non-operating income and expenses | 72 |
|
2,227 |
|
4.1 |
% |
424 |
|
13,021 |
|
5.9 |
% |
|||||
| Income from continuing operations before income tax | 477 |
|
14,650 |
|
26.7 |
% |
2,309 |
|
70,912 |
|
31.9 |
% |
|||||
| Income tax expense | (47 |
) |
(1,457 |
) |
(2.7 |
%) |
(308 |
) |
(9,472 |
) |
(4.3 |
%) |
|||||
| Net income | 430 |
|
13,193 |
|
24.0 |
% |
2,001 |
|
61,440 |
|
27.6 |
% |
|||||
| Other comprehensive income (loss) | (124 |
) |
(3,808 |
) |
(6.9 |
%) |
209 |
|
6,418 |
|
2.9 |
% |
|||||
| Total comprehensive income (loss) | 306 |
|
9,385 |
|
17.1 |
% |
2,210 |
|
67,858 |
|
30.5 |
% |
|||||
| Net income attributable to: | |||||||||||||||||
| Shareholders of the parent | 430 |
|
13,195 |
|
24.0 |
% |
1,986 |
|
60,990 |
|
27.4 |
% |
|||||
| Non-controlling interests | (0 |
) |
(2 |
) |
(0.0 |
%) |
15 |
|
450 |
|
0.2 |
% |
|||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||
| Shareholders of the parent | 306 |
|
9,387 |
|
17.1 |
% |
2,195 |
|
67,408 |
|
30.3 |
% |
|||||
| Non-controlling interests | (0 |
) |
(2 |
) |
(0.0 |
%) |
15 |
|
450 |
|
0.2 |
% |
|||||
| Earnings per share-basic | 0.035 |
|
1.06 |
|
0.161 |
|
4.93 |
|
|||||||||
| Earnings per ADS (2) | 0.173 |
|
5.30 |
|
0.803 |
|
24.65 |
|
|||||||||
| Weighted average number of shares outstanding (in millions) | 12,414 |
|
12,371 |
|
|||||||||||||
| Notes: | |||||||||||||||||
| (2) 1 ADS equals 5 common shares. | |||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||
| Consolidated Condensed Statement of Cash Flows | |||||
| For The Twelve-Month Period Ended December 31, 2023 | |||||
| Figures in Millions of New Taiwan Dollars (NT$) and |
|||||
| US$ | NT$ | ||||
| Cash flows from operating activities : | |||||
| Net income before tax | 2,309 |
|
70,912 |
|
|
| Depreciation & Amortization | 1,318 |
|
40,484 |
|
|
| Share of profit of associates and joint ventures | (225 |
) |
(6,913 |
) |
|
| Income tax paid | (521 |
) |
(16,012 |
) |
|
| Changes in working capital & others | (81 |
) |
(2,471 |
) |
|
| Net cash provided by operating activities | 2,800 |
|
86,000 |
|
|
| Cash flows from investing activities : | |||||
| Increase in financial assets measured at amortized cost | (183 |
) |
(5,617 |
) |
|
| Acquisition of property, plant and equipment | (2,979 |
) |
(91,474 |
) |
|
| Acquisition of intangible assets | (83 |
) |
(2,547 |
) |
|
| Others | 61 |
|
1,851 |
|
|
| Net cash used in investing activities | (3,184 |
) |
(97,787 |
) |
|
| Cash flows from financing activities : | |||||
| Increase in short-term loans | 441 |
|
13,530 |
|
|
| Proceeds from bonds issued | 326 |
|
10,000 |
|
|
| Proceeds from long-term loans | 502 |
|
15,416 |
|
|
| Repayments of long-term loans | (376 |
) |
(11,558 |
) |
|
| Increase in guarantee deposits | 339 |
|
10,423 |
|
|
| Decrease in other financial liabilities | (691 |
) |
(21,209 |
) |
|
| Cash dividends | (1,466 |
) |
(45,015 |
) |
|
| Others | (22 |
) |
(673 |
) |
|
| Net cash used in financing activities | (947 |
) |
(29,086 |
) |
|
| Effect of exchange rate changes on cash and cash equivalents | (13 |
) |
(392 |
) |
|
| Net decrease in cash and cash equivalents | (1,344 |
) |
(41,265 |
) |
|
| Cash and cash equivalents at beginning of period | 5,660 |
|
173,819 |
|
|
| Cash and cash equivalents at end of period | 4,316 |
|
132,554 |
|
|
| Note: New Taiwan Dollars have been translated into |
|||||
__________________________
1Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending December 31, 2023, the three-month period ending September 30, 2023, and the equivalent three-month period that ended December 31, 2022. For all 4Q23 results, New Taiwan Dollar (NT$) amounts have been converted into
2 Revenue in this section represents wafer sales
3 Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
4 Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131708568/en/
Michael Lin / David Wong
UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900
jinhong_lin@umc.com
david_wong@umc.com
Source: United Microelectronics Corporation
FAQ
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