Gross margin reached 35.2% as operating
income increased 19.1% QoQ
Earnings per share in 1H was NT$1.95
Second Quarter 2024 Overview1:
- Revenue: NT$56.80 billion (US$1.75 billion)
- Gross margin: 35.2%; Operating margin: 24.5%
- Revenue from 22/28nm: 33%
- Capacity utilization rate: 68%
- Net income attributable to shareholders of the parent:
NT$13.79 billion (US$425 million)
- Earnings per share: NT$1.11; earnings per ADS:
US$0.171
United Microelectronics Corporation (NYSE: UMC; TWSE:
2303) (“UMC” or “The Company”), a leading global semiconductor
foundry, today announced its consolidated operating results for the
second quarter of 2024.
Second quarter consolidated revenue was NT$56.80 billion,
increasing 4.0% from NT$54.63 billion in 1Q24. Compared to a year
ago, 2Q24 revenue increased 0.9%. Consolidated gross margin for
2Q24 was 35.2%. Net income attributable to the shareholders of the
parent was NT$13.79 billion, with earnings per ordinary share of
NT$1.11.
Jason Wang, co-president of UMC, said, “In the second quarter,
wafer shipments increased 2.6% QoQ and fab utilization rate
improved to 68% as we saw notable demand momentum in the consumer
segment. Contribution from our 22/28nm business rose sequentially
on healthy demand for WiFi and digital TV applications. Together
with a favorable exchange rate and improved product mix,
second-quarter gross margin was better than what was previously
guided. During the quarter, we announced technology updates
including a 3D IC solution to stack RFSOI wafers, which is the
first of its kind in the industry, and a 22nm embedded high voltage
platform, currently the most advanced display driver foundry
solution in the market. They reflect UMC’s commitment to building
on our leadership across a number of specialty technologies that
are crucial for the development of AI, 5G, and automotive.”
Co-president Wang commented, “Looking to the third quarter, we
expect to see end market dynamics improve further, particularly in
the communication and computing segments, which will drive higher
fab utilization. Our 22/28nm business remains a promising growth
driver, with a number of tape-outs taking place in the second half
for applications including display drivers, connectivity and
networking. At the same time, we do expect to face some margin
pressure going into the second half due to a pickup in depreciation
expense related to capacity expansions as well as higher utility
rates. Despite these cost challenges, we believe we will continue
to demonstrate our resilience as we did during the recent market
downturn, and deliver on our strategy of providing differentiated
technology solutions and a diversified manufacturing footprint to
help our customers to strengthen their supply chain
management.”
Co-president Wang added, “In pursuit of our net-zero by 2050
goal, UMC continues to take concrete steps to drive emissions
reduction in our operations and supply chain, and to increase our
use of renewable energy. We are on track to achieving our
progressive 2025 and 2030 targets. More details on our ESG progress
will be made available to stakeholders in our upcoming
Sustainability Report.”
Summary of Operating Results
Operating Results
(Amount: NT$ million)
2Q24
1Q24
QoQ % change
2Q23
YoY % change
Operating Revenues
56,799
54,632
4.0
56,296
0.9
Gross Profit
19,983
16,899
18.2
20,252
(1.3
)
Operating Expenses
(6,311
)
(5,747
)
9.8
(5,718
)
10.4
Net Other Operating Income and
Expenses
219
513
(57.3
)
1,141
(80.8
)
Operating Income
13,891
11,665
19.1
15,675
(11.4
)
Net Non-Operating Income and Expenses
2,529
1,056
139.4
2,810
(10.0
)
Net Income Attributable to Shareholders of
the Parent
13,786
10,456
31.8
15,641
(11.9
)
EPS (NT$ per share)
1.11
0.84
1.27
(US$ per ADS)
0.171
0.130
0.196
Second quarter operating revenues increased 4.0% sequentially to
NT$56.80 billion. Revenue contribution from 40nm and below
technologies represented 45% of wafer revenue. Gross profit grew
18.2% QoQ to NT$19.98 billion, or 35.2% of revenue. Operating
expenses increased 9.8% to NT$6.31 billion. Net other operating
income decreased to NT$0.22 billion. Net non-operating income
reached NT$2.53 billion. Net income attributable to shareholders of
the parent amounted to NT$13.79 billion.
Earnings per ordinary share for the quarter was NT$1.11.
Earnings per ADS was US$0.171. The basic weighted average number of
shares outstanding in 2Q24 was 12,414,189,313, compared with
12,414,087,724 shares in 1Q24 and 12,348,986,144 shares in 2Q23.
The diluted weighted average number of shares outstanding was
12,529,942,186 in 2Q24, compared with 12,577,525,057 shares in 1Q24
and 12,526,182,161 shares in 2Q23. The fully diluted shares counted
on June 30, 2024 were approximately 12,530,243,000.
Detailed Financials Section
Operating revenues increased to NT$56.80 billion. COGS declined
2.4% to NT$36.82 billion. Gross profit grew 18.2% QoQ to NT$19.98
billion. Operating expenses increased to NT$6.31 billion, as
R&D grew 13.1% to NT$3.85 billion or 6.8% of revenue, while
G&A also increased 6.0% to NT$1.80 billion. Net other operating
income was NT$0.22 billion. In 2Q24, operating income increased
19.1% QoQ to NT$13.89 billion.
COGS & Expenses
(Amount: NT$ million)
2Q24
1Q24
QoQ % change
2Q23
YoY % change
Operating Revenues
56,799
54,632
4.0
56,296
0.9
COGS
(36,816
)
(37,733
)
(2.4
)
(36,044
)
2.1
Depreciation
(9,460
)
(9,335
)
1.3
(8,467
)
11.7
Other Mfg. Costs
(27,356
)
(28,398
)
(3.7
)
(27,577
)
(0.8
)
Gross Profit
19,983
16,899
18.2
20,252
(1.3
)
Gross Margin (%)
35.2
%
30.9
%
36.0
%
Operating Expenses
(6,311
)
(5,747
)
9.8
(5,718
)
10.4
Sales & Marketing
(678
)
(684
)
(0.9
)
(716
)
(5.4
)
G&A
(1,804
)
(1,702
)
6.0
(1,715
)
5.2
R&D
(3,853
)
(3,407
)
13.1
(3,317
)
16.1
Expected credit impairment gain
24
46
(47.9
)
30
(21.5
)
Net Other Operating Income &
Expenses
219
513
(57.3
)
1,141
(80.8
)
Operating Income
13,891
11,665
19.1
15,675
(11.4
)
Net non-operating income in 2Q24 was NT$2.53 billion, primarily
due to the NT$1.44 billion in net investment gain, the NT$0.70
billion in net interest income and the NT$0.41 billion in exchange
gain.
Non-Operating Income and
Expenses
(Amount: NT$ million)
2Q24
1Q24
2Q23
Non-Operating Income and Expenses
2,529
1,056
2,810
Net Interest Income and Expenses
701
676
974
Net Investment Gain and Loss
1,440
(324
)
1,042
Exchange Gain and Loss
407
697
799
Other Gain and Loss
(19
)
7
(5
)
In 2Q24, cash inflow from operating activities was NT$22.73
billion. Cash outflow from investing activities totaled NT$15.13
billion, which included NT$20.83 billion in capital expenditure,
resulting in free cash inflow of NT$1.90 billion. Cash outflow from
financing was NT$5.71 billion, primarily from NT$3.00 billion in
redemption of bonds and NT$2.50 billion in bank loans. Net cash
flow in 2Q24 amounted to NT$2.23 billion. Over the next 12 months,
the company expects to repay NT$4.32 billion in bank loans.
Cash Flow Summary
(Amount: NT$ million)
For the 3-Month Period
Ended
Jun. 30, 2024
For the 3-Month Period
Ended
Mar. 31, 2024
Cash Flow from Operating Activities
22,728
20,820
Net income before tax
16,420
12,721
Depreciation & Amortization
11,117
10,886
Share of profit of associates and
joint ventures
(1,267
)
(101
)
Income tax paid
(5,831
)
(253
)
Changes in working capital &
others
2,289
(2,433
)
Cash Flow from Investing Activities
(15,131
)
(29,915
)
Decrease in financial assets measured at
amortized cost
3,219
739
Acquisition of PP&E
(20,042
)
(28,498
)
Changes in refundable deposits
1,507
(536
)
Acquisition of intangible assets
(578
)
(846
)
Others
763
(774
)
Cash Flow from Financing Activities
(5,705
)
(6,439
)
Bank loans
(2,503
)
(3,888
)
Redemption of bonds
(3,000
)
(2,100
)
Decrease in deposits-in
(33
)
(282
)
Others
(169
)
(169
)
Effect of Exchange Rate
341
2,411
Net Cash Flow
2,233
(13,123
)
Beginning balance
119,431
132,554
Changes in non-current assets held for
sale
(430
)
-
Ending balance
121,234
119,431
Cash and cash equivalents increased to NT$121.23 billion. Days
of inventory increased 3 days to 88 days.
Current Assets
(Amount: NT$ billion)
2Q24
1Q24
2Q23
Cash and Cash Equivalents
121.23
119.43
163.10
Accounts Receivable
32.53
30.68
30.62
Days Sales Outstanding
51
50
47
Inventories, net
36.33
34.59
34.55
Days of Inventory
88
85
85
Total Current Assets
207.22
205.16
239.03
Current liabilities increased to NT$124.97 billion due to
dividends payable of NT$37.59 billion. Payables on equipment
increased to NT$22.36 billion. Total liabilities increased to
NT$230.87 billion, leading to a debt to equity ratio of 65%.
Liabilities
(Amount: NT$ billion)
2Q24
1Q24
2Q23
Total Current Liabilities
124.97
88.40
142.98
Accounts Payable
8.18
7.46
8.83
Short-Term Credit / Bonds
16.21
25.60
11.59
Payables on Equipment
22.36
13.97
13.01
Dividends Payable
37.59
-
45.02
Other
40.63
41.37
64.53
Long-Term Credit / Bonds
47.48
43.45
36.06
Total Liabilities
230.87
188.85
226.31
Debt to Equity
65%
50%
69%
Analysis of Revenue2
Revenue from Asia-Pacific was flattish at 64% while business
from North America remained unchanged at 25% of sales. Business
from Europe declined to 7% while contribution from Japan was
4%.
Revenue Breakdown by
Region
Region
2Q24
1Q24
4Q23
3Q23
2Q23
North America
25%
25%
23%
27%
27%
Asia Pacific
64%
63%
62%
58%
56%
Europe
7%
8%
11%
12%
12%
Japan
4%
4%
4%
3%
5%
Revenue contribution from 22/28nm was 33% of the wafer revenue,
while 40nm contribution declined to 12% of sales.
Revenue Breakdown by
Geometry
Geometry
2Q24
1Q24
4Q23
3Q23
2Q23
14nm and below
0%
0%
0%
0%
0%
14nm<x<=28nm
33%
33%
36%
32%
29%
28nm<x<=40nm
12%
14%
14%
13%
12%
40nm<x<=65nm
15%
18%
16%
19%
23%
65nm<x<=90nm
12%
10%
9%
8%
10%
90nm<x<=0.13um
11%
9%
9%
12%
10%
0.13um<x<=0.18um
10%
11%
9%
9%
9%
0.18um<x<=0.35um
5%
4%
5%
5%
5%
0.5um and above
2%
1%
2%
2%
2%
Revenue from fabless customers accounted for 87% of revenue.
Revenue Breakdown by Customer
Type
Customer Type
2Q24
1Q24
4Q23
3Q23
2Q23
Fabless
87%
82%
78%
79%
79%
IDM
13%
18%
22%
21%
21%
Revenue from the communication segment declined to 39%, while
business from computer applications grew to 15%. Business from
consumer applications reached 31% as other segments declined to 15%
of revenue.
Revenue Breakdown by
Application (1)
Application
2Q24
1Q24
4Q23
3Q23
2Q23
Computer
15%
13%
13%
13%
9%
Communication
39%
48%
47%
46%
44%
Consumer
31%
23%
23%
23%
26%
Others
15%
16%
17%
18%
21%
(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 firm in 2Q24.
(To view blended ASP trend, please click here for 2Q24 ASP)
Shipment and Utilization Rate3
Wafer shipments increased 2.6% QoQ to 831K during the second
quarter, while quarterly capacity was 1,257K. Overall utilization
rate in 2Q24 increased slightly to 68%.
Wafer Shipments
2Q24
1Q24
4Q23
3Q23
2Q23
Wafer Shipments (12” K equivalents)
831
810
775
795
814
Quarterly Capacity Utilization
Rate
2Q24
1Q24
4Q23
3Q23
2Q23
Utilization Rate
68%
65%
66%
67%
71%
Total Capacity (12” K equivalents)
1,257
1,212
1,204
1,182
1,167
Capacity4
Total capacity in the second quarter increased to 1,257K 12-inch
equivalent wafers. Capacity will grow in the third quarter of 2024
to 1,274K 12-inch equivalent wafers.
Annual Capacity in
thousands of wafers
Quarterly Capacity in
thousands of wafers
FAB
Geometry (um)
2023
2022
2021
2020
FAB
3Q24E
2Q24
1Q24
4Q23
WTK
6"
5 – 0.15
328
335
329
371
WTK
6"
83
83
82
83
8A
8"
3 – 0.11
811
765
755
802
8A
8"
207
207
206
207
8C
8"
0.35 – 0.11
473
459
459
452
8C
8"
119
119
119
119
8D
8"
0.18 – 0.09
440
410
380
371
8D
8"
118
118
118
118
8E
8"
0.6 – 0.14
490
469
457
449
8E
8"
131
131
130
131
8F
8"
0.18 – 0.11
570
550
514
485
8F
8"
145
145
144
145
8S
8"
0.18 – 0.11
447
443
408
373
8S
8"
114
114
113
114
8N
8"
0.5 – 0.11
996
952
917
917
8N
8"
254
254
252
254
12A
12"
0.13 – 0.014
1,305
1,170
1,070
1,044
12A
12"
403
386
358
346
12i
12"
0.13 – 0.040
655
655
641
628
12i
12"
172
172
164
164
12X
12"
0.080 – 0.022
317
314
284
217
12X
12"
80
80
79
80
12M
12"
0.13 – 0.040
438
436
395
391
12M
12"
115
115
110
110
Total(1)
4,674
4,458
4,201
4,083
Total
1,274
1,257
1,212
1,204
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 2Q24 totaled US$644 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
Third Quarter 2024 Outlook & Guidance
Quarter-over-Quarter Guidance:
- Wafer Shipments: Will increase by mid-single digit %
- ASP in USD: Will remain firm
- Gross Profit Margin: Will be in the mid-30% range
- Capacity Utilization: approximately 70%
- 2024 CAPEX: US$3.3 billion
Recent Developments / Announcements
Apr. 25, 2024
UMC Files Form 20-F for 2023 with US
Securities and Exchange Commission
Apr. 30, 2024
UMC Achieves Highest Corporate Governance
Ranking among Taiwan Listed Companies for 10th Consecutive Year
May 2, 2024
UMC Introduces Industry’s First 3D IC
Solution for RFSOI, Accelerating Innovations in the 5G Era
May 21, 2024
UMC’s Singapore Fab 12i Celebrates First
Tool Move-In for New Phase 3 Expansion
May 30, 2024
UMC Shareholders Elect 16th Term of
Directors at Annual Shareholders’ Meeting
Jun. 20, 2024
UMC Launches Most Advanced 22nm eHV
Platform to Power Next-Generation Smartphone Displays
Please visit UMC’s website for further details
regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, July 31, 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:
1433531#
A live webcast and replay of the 2Q24 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 second
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 “Third 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 June 30, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) June 30, 2024 US$ NT$ % Assets Current assets
Cash and cash equivalents
3,738
121,234
20.7%
Accounts receivable, net
1,003
32,525
5.6%
Inventories, net
1,120
36,334
6.2%
Other current assets
528
17,122
2.8%
Total current assets
6,389
207,215
35.3%
Non-current assets Funds and investments
2,418
78,404
13.4%
Property, plant and equipment
8,450
274,031
46.7%
Right-of-use assets
233
7,549
1.3%
Other non-current assets
609
19,763
3.3%
Total non-current assets
11,710
379,747
64.7%
Total assets
18,099
586,962
100.0%
Liabilities Current liabilities Short-term loans
96
3,119
0.5%
Payables
1,861
60,362
10.3%
Dividends payable
1,159
37,587
6.4%
Current portion of long-term liabilities
404
13,091
2.2%
Other current liabilities
334
10,814
1.9%
Total current liabilities
3,854
124,973
21.3%
Non-current liabilities Bonds payable
758
24,582
4.2%
Long-term loans
706
22,901
3.9%
Lease liabilities, noncurrent
163
5,288
0.9%
Other non-current liabilities
1,638
53,126
9.0%
Total non-current liabilities
3,265
105,897
18.0%
Total liabilities
7,119
230,870
39.3%
Equity Equity attributable to the parent company Capital
3,863
125,286
21.3%
Additional paid-in capital
443
14,346
2.5%
Retained earnings and other components of equity
6,665
216,147
36.8%
Total equity attributable to the parent company
10,971
355,779
60.6%
Non-controlling interests
9
313
0.1%
Total equity
10,980
356,092
60.7%
Total liabilities and equity
18,099
586,962
100.0%
Note: New Taiwan Dollars have been translated into U.S. Dollars at
the June 30, 2024 exchange rate of NT $32.43 per U.S. Dollar.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars
(US$) Except Per Share and Per ADS Data
Year over
Year Comparison Quarter over Quarter Comparison
Three-Month Period Ended Three-Month Period Ended June 30, 2024
June 30, 2023 Chg. June 30, 2024 March 31, 2024 Chg. US$ NT$ US$
NT$ % US$ NT$ US$ NT$ % Operating revenues
1,751
56,799
1,736
56,296
0.9
%
1,751
56,799
1,685
54,632
4.0
%
Operating costs
(1,135
)
(36,816
)
(1,112
)
(36,044
)
2.1
%
(1,135
)
(36,816
)
(1,164
)
(37,733
)
(2.4
%)
Gross profit
616
19,983
624
20,252
(1.3
%)
616
19,983
521
16,899
18.2
%
35.2
%
35.2
%
36.0
%
36.0
%
35.2
%
35.2
%
30.9
%
30.9
%
Operating expenses - Sales and marketing expenses
(21
)
(678
)
(22
)
(716
)
(5.4
%)
(21
)
(678
)
(21
)
(684
)
(0.9
%)
- General and administrative expenses
(56
)
(1,804
)
(53
)
(1,715
)
5.2
%
(56
)
(1,804
)
(52
)
(1,702
)
6.0
%
- Research and development expenses
(119
)
(3,853
)
(102
)
(3,317
)
16.1
%
(119
)
(3,853
)
(105
)
(3,407
)
13.1
%
- Expected credit impairment gain
1
24
1
30
(21.5
%)
1
24
1
46
(47.9
%)
Subtotal
(195
)
(6,311
)
(176
)
(5,718
)
10.4
%
(195
)
(6,311
)
(177
)
(5,747
)
9.8
%
Net other operating income and expenses
7
219
35
1,141
(80.8
%)
7
219
16
513
(57.3
%)
Operating income
428
13,891
483
15,675
(11.4
%)
428
13,891
360
11,665
19.1
%
24.5
%
24.5
%
27.8
%
27.8
%
24.5
%
24.5
%
21.4
%
21.4
%
Net non-operating income and expenses
78
2,529
87
2,810
(10.0
%)
78
2,529
32
1,056
139.4
%
Income from continuing operations before income tax
506
16,420
570
18,485
(11.2
%)
506
16,420
392
12,721
29.1
%
28.9
%
28.9
%
32.8
%
32.8
%
28.9
%
28.9
%
23.3
%
23.3
%
Income tax expense
(81
)
(2,645
)
(80
)
(2,588
)
2.2
%
(81
)
(2,645
)
(70
)
(2,291
)
15.4
%
Net income
425
13,775
490
15,897
(13.3
%)
425
13,775
322
10,430
32.1
%
24.3
%
24.3
%
28.2
%
28.2
%
24.3
%
24.3
%
19.1
%
19.1
%
Other comprehensive income (loss)
42
1,375
(7
)
(238
)
-
42
1,375
245
7,954
(82.7
%)
Total comprehensive income (loss)
467
15,150
483
15,659
(3.2
%)
467
15,150
567
18,384
(17.6
%)
Net income attributable to: Shareholders of the parent
425
13,786
482
15,641
(11.9
%)
425
13,786
322
10,456
31.8
%
Non-controlling interests
(0
)
(11
)
8
256
-
(0
)
(11
)
(0
)
(26
)
(58.8
%)
Comprehensive income (loss) attributable to: Shareholders of
the parent
467
15,161
475
15,403
(1.6
%)
467
15,161
568
18,410
(17.6
%)
Non-controlling interests
(0
)
(11
)
8
256
-
(0
)
(11
)
(1
)
(26
)
(58.8
%)
Earnings per share-basic
0.034
1.11
0.039
1.27
0.034
1.11
0.026
0.84
Earnings per ADS (2)
0.171
5.55
0.196
6.35
0.171
5.55
0.130
4.20
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 June 30, 2024 exchange rate of NT $32.43
per U.S. Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statements of Comprehensive Income Figures in
Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) Except
Per Share and Per ADS Data For the Three-Month Period Ended
For the Six-Month Period Ended June 30, 2024 June 30, 2024 US$ NT$
% US$ NT$ % Operating revenues
1,751
56,799
100.0
%
3,436
111,431
100.0
%
Operating costs
(1,135
)
(36,816
)
(64.8
%)
(2,299
)
(74,548
)
(66.9
%)
Gross profit
616
19,983
35.2
%
1,137
36,883
33.1
%
Operating expenses - Sales and marketing expenses
(21
)
(678
)
(1.2
%)
(42
)
(1,362
)
(1.2
%)
- General and administrative expenses
(56
)
(1,804
)
(3.1
%)
(108
)
(3,506
)
(3.2
%)
- Research and development expenses
(119
)
(3,853
)
(6.8
%)
(224
)
(7,260
)
(6.5
%)
- Expected credit impairment gain
1
24
0.0
%
2
69
0.1
%
Subtotal
(195
)
(6,311
)
(11.1
%)
(372
)
(12,059
)
(10.8
%)
Net other operating income and expenses
7
219
0.4
%
23
732
0.6
%
Operating income
428
13,891
24.5
%
788
25,556
22.9
%
Net non-operating income and expenses
78
2,529
4.4
%
111
3,585
3.3
%
Income from continuing operations before income tax
506
16,420
28.9
%
899
29,141
26.2
%
Income tax expense
(81
)
(2,645
)
(4.6
%)
(153
)
(4,936
)
(4.5
%)
Net income
425
13,775
24.3
%
746
24,205
21.7
%
Other comprehensive income (loss)
42
1,375
2.4
%
288
9,329
8.4
%
Total comprehensive income (loss)
467
15,150
26.7
%
1,034
33,534
30.1
%
Net income attributable to: Shareholders of the parent
425
13,786
24.3
%
748
24,242
21.8
%
Non-controlling interests
(0
)
(11
)
(0.0
%)
(2
)
(37
)
(0.1
%)
Comprehensive income (loss) attributable to: Shareholders of the
parent
467
15,161
26.7
%
1,035
33,571
30.1
%
Non-controlling interests
(0
)
(11
)
(0.0
%)
(1
)
(37
)
(0.0
%)
Earnings per share-basic
0.034
1.11
0.060
1.95
Earnings per ADS (2)
0.171
5.55
0.301
9.75
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 June 30, 2024 exchange rate of NT $32.43 per U.S.
Dollar. (2) 1 ADS equals 5 common shares.
UNITED
MICROELECTRONICS CORPORATION AND SUBSIDIARIES Consolidated
Condensed Statement of Cash Flows For The Six-Month Period
Ended June 30, 2024 Figures in Millions of New Taiwan Dollars (NT$)
and U.S. Dollars (US$) US$ NT$
Cash flows from operating
activities : Net income before tax
899
29,141
Depreciation & Amortization
678
22,003
Share of profit of associates and joint ventures
(42
)
(1,368
)
Income tax paid
(188
)
(6,084
)
Changes in working capital & others
(4
)
(144
)
Net cash provided by operating activities
1,343
43,548
Cash flows from investing activities : Decrease in
financial assets measured at amortized cost
122
3,958
Acquisition of property, plant and equipment
(1,497
)
(48,540
)
Acquisition of intangible assets
(44
)
(1,424
)
Others
30
960
Net cash used in investing activities
(1,389
)
(45,046
)
Cash flows from financing activities : Decrease in
short-term loans
(321
)
(10,411
)
Redemption of bonds
(157
)
(5,100
)
Proceeds from long-term loans
358
11,600
Repayments of long-term loans
(234
)
(7,580
)
Others
(20
)
(653
)
Net cash used in financing activities
(374
)
(12,144
)
Effect of exchange rate changes on cash and cash equivalents
85
2,752
Net decrease in cash and cash equivalents
(335
)
(10,890
)
Cash and cash equivalents at beginning of period
4,087
132,554
Cash and cash equivalents at end of period
3,752
121,664
Reconciliation of the balances of cash and cash equivalents
at end of period : Cash and cash equivalents balances on the
consolidated balance sheets
3,738
121,234
Cash and cash equivalents included in non-current assets held for
sale
14
430
Cash and cash equivalents at end of period
3,752
121,664
Note: New Taiwan Dollars have been translated into
U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 per
U.S. Dollar.
1Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with TIFRSs recognized
by Financial Supervisory Commission in the ROC, which is different
from IFRSs issued by the International Accounting Standards Board.
They represent comparisons among the three-month period ending June
30, 2024, the three-month period ending March 31, 2024, and the
equivalent three-month period that ended June 30, 2023. For all
2Q24 results, New Taiwan Dollar (NT$) amounts have been converted
into U.S. Dollars at the June 30, 2024 exchange rate of NT$ 32.43
per U.S. Dollar.
2 Revenue in this section represents wafer sales
3 Utilization Rate = Quarterly Wafer Out / Quarterly
Capacity
4 Estimated capacity numbers are based on calculated maximum
output rather than designed capacity. The actual capacity numbers
may differ depending upon equipment delivery schedules, pace of
migration to more advanced process technologies, and other factors
affecting production ramp-up.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240731242433/en/
Michael Lin / David Wong UMC, Investor Relations +
886-2-2658-9168, ext. 16900 jinhong_lin@umc.com
david_wong@umc.com
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