UMC Reports Fourth Quarter 2021 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 fourth quarter of 2021.

Fourth quarter consolidated revenue was NT$59.10 billion, increasing 5.7% QoQ from NT$55.91 billion in 3Q21. Compared to a year ago, 4Q21 revenue grew 30.5% YoY from NT$45.30 billion in 4Q20. Consolidated gross margin for 4Q21 was 39.1%. Net income attributable to the shareholders of the parent was NT$15.95 billion, with earnings per ordinary share of NT$1.30.

Jason Wang, UMC co-president, said, “In the fourth quarter, strong demand continued to drive full loading across our fabs, while overall wafer shipments grew 1.7% QoQ to 2.55 million 8-inch equivalents. For the full year, revenue in 2021 rose by more than 20% YoY and operating income reached a record high, driven by a surge in our 28nm business. The 75% YoY revenue increase from 28nm technologies strengthened our overall wafer ASP and reflected the robust chip demand related to 5G, AIoT, and automotive mega-trends. It also substantially contributed to the improvement in the company’s financial structure. Our healthy 28nm product pipeline will further diversify our portfolio and customer base, and enable UMC to capture additional market share.”

Co-president Wang said, “Looking ahead into Q1 2022, we anticipate that demand across all nodes in UMC’s addressable markets will continue to outpace supply. Our growth in the long term is supported by industry megatrends, which will be catapulted by structural changes occurring in the industry. We will continue to deepen collaboration with customers with our differentiated specialty technologies, manufacturing excellence, and capacity expansions closely linked to the demands of our partners. At the same time, we will keep pushing for cost reduction and meticulously manage our CapEx in order to deliver sustainable and healthy returns for our shareholders.”

Co-president Wang added, “We were thrilled to receive a number of recognitions recently for our relentless focus on sustainability. Following our net-zero pledge in June, UMC was ranked no.1 among all semiconductor constituents listed on the Dow Jones Sustainability Indices (DJSI), which has included the company on its World Index for 14 straight years. We were also awarded Taiwan Intellectual Property Management System (TIPS) certification, Taiwan’s official IP management benchmark for enterprises, underscoring our commitment to strengthen overall corporate governance. Sustainability is at the core of everything we do, and we will continue prioritizing resources to drive critical initiatives in our ESG roadmap.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

4Q21

3Q21

QoQ %
change

4Q20

YoY %
change

Operating Revenues

59,100

55,907

5.7

45,296

30.5

Gross Profit

23,103

20,544

12.5

10,848

113.0

Operating Expenses

(6,821

)

(6,636

)

2.8

(6,335

)

7.7

Net Other Operating Income and Expenses

1,334

1,227

8.7

1,102

21.1

Operating Income

17,616

15,135

16.4

5,615

213.7

Net Non-Operating Income and Expenses

558

4,317

(87.1

)

5,619

(90.1

)

Net Income Attributable to Shareholders of the Parent

15,949

17,460

(8.7

)

11,196

42.5

EPS (NT$ per share)

1.30

1.43

0.92

(US$ per ADS)

0.235

0.258

0.166

Fourth quarter operating revenues increased by 5.7% sequentially to NT$59.10 billion which was partly attributed to enhanced product mix and higher wafer shipments. Revenue contribution from 40nm and below technologies represented 38% of wafer revenue. Gross profit grew 12.5% QoQ to NT$23.10 billion, or 39.1% of revenue. Operating expenses was up 2.8% to NT$6.82 billion. Net other operating income reached NT$1.33 billion. Net non-operating income was NT$558 million. Net income attributable to shareholders of the parent amounted to NT$15.95 billion.

Earnings per ordinary share for the quarter was NT$1.30. Earnings per ADS was US$0.235. The basic weighted average number of outstanding shares in 4Q21 was 12,254,114,875, compared with 12,206,292,756 shares in 3Q21 and 12,206,292,756 shares in 4Q20. The diluted weighted average number of outstanding shares was 12,489,949,678 in 4Q21, compared with 12,411,100,649 shares in 3Q21 and 12,359,115,536 shares in 4Q20. The fully diluted shares counted on December 31, 2021 were approximately 12,519,315,000.

Detailed Financials Section

COGS & Expenses

(Amount: NT$ million)

4Q21

3Q21

QoQ %
change

4Q20

YoY %
change

Operating Revenues

59,100

55,907

5.7

45,296

30.5

COGS

(35,997

)

(35,363

)

1.8

(34,448

)

4.5

Depreciation

(10,122

)

(9,900

)

2.2

(10,436

)

(3.0

)

Other Mfg. Costs

(25,875

)

(25,463

)

1.6

(24,012

)

7.8

Gross Profit

23,103

20,544

12.5

10,848

113.0

Gross Margin (%)

39.1

%

36.8

%

23.9

%

Operating Expenses

(6,821

)

(6,636

)

2.8

(6,335

)

7.7

G&A

(2,164

)

(2,119

)

2.2

(1,966

)

10.0

Sales & Marketing

(1,240

)

(1,212

)

2.3

(1,175

)

5.5

R&D

(3,414

)

(3,303

)

3.4

(3,194

)

6.9

Expected Credit Impairment Gain (Loss)

(3

)

(2

)

37.8

0

-

Net Other Operating Income & Expenses

1,334

1,227

8.7

1,102

21.1

Operating Income

17,616

15,135

16.4

5,615

213.7

Operating revenues increased to NT$59.10 billion. COGS was up 1.8 % QoQ to NT$36.00 billion, which included 2.2% sequential increase in depreciation. Gross profit grew 12.5% QoQ to NT$23.10 billion, partly due to enhanced product mix. Operating expenses increased 2.8% QoQ to NT$6.82 billion, as R&D increased 3.4% QoQ to NT$3.41 billion, representing 5.8% of revenue. Net other operating income was NT$1.33 billion. In 4Q21, operating income grew 16.4% QoQ to NT$17.62 billion.

Non-Operating Income and Expenses

(Amount: NT$ million)

4Q21

3Q21

4Q20

Non-Operating Income and Expenses

558

4,317

5,619

Net Interest Income and Expenses

(343

)

(367

)

(278

)

Net Investment Gain and Loss

2,689

4,534

5,703

Exchange Gain and Loss

312

164

199

Other Gain and Loss

(2,100

)

(14

)

(5

)

Net non-operating income in 4Q21 was NT$558 million, primarily reflecting NT$2.69 billion in net investment gain, offset by a NT$2.10 billion in other loss which included the one-time legal settlement payment and the losses of financial instrument transaction.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month
Period Ended

Dec. 31, 2021

For the 3-Month
Period Ended

Sep. 30, 2021

Cash Flow from Operating Activities

26,822

22,125

Net income before tax

18,174

19,452

Depreciation & Amortization

11,817

11,754

Share of profit of associates and joint ventures

(2,491

)

(3,356

)

Income tax paid

(222

)

(1,365

)

Changes in working capital & others

(456

)

(4,360

)

Cash Flow from Investing Activities

(13,339

)

(23,222

)

Acquisition of PP&E

(14,707

)

(17,457

)

Acquisition of intangible assets

(100

)

(371

)

Decrease (Increase) in other financial assets

1,589

(5,677

)

Others

(121

)

283

Cash Flow from Financing Activities

6,367

(9,694

)

Bank loans

(1,359

)

(4,510

)

Bonds Issued

5,000

11,161

Increase in deposits-in

2,896

3,738

Cash dividends

(1

)

(19,870

)

Others

(169

)

(213

)

Effect of Exchange Rate

(333

)

(104

)

Net Cash Flow

19,517

(10,895

)

Beginning balance

113,105

124,000

Ending balance

132,622

113,105

In 4Q21, cash inflow from operating activities was NT$26.82 billion. Cash outflow from investing activities amounted to NT$13.34 billion, which included NT$14.95 billion in capital expenditure, resulting in free cash flow of NT$11.87 billion. Cash inflow from financing reached NT$6.37 billion, primarily from a NT$5.00 billion in bond issuance and a NT$2.90 billion payment as capacity deposit for 12A P6 offset by a NT$1.36 billion in repayment in bank loans. Net cash inflow in 4Q21 totaled NT$19.52 billion. Over the next 12 months, the company expects to repay NT$8.70 billion in bank loans.

Current Assets

(Amount: NT$ billion)

4Q21

3Q21

4Q20

Cash and Cash Equivalents

132.62

113.11

94.05

Notes & Accounts Receivable

35.19

32.99

27.27

Days Sales Outstanding

53

51

55

Inventories, net

23.01

23.15

22.55

Days of Inventory

59

59

60

Total Current Assets

233.27

211.60

164.31

Cash and cash equivalents increased to NT$132.62 billion. Days of inventory remained at 59 days.

Liabilities

(Amount: NT$ billion)

4Q21

3Q21

4Q20

Total Current Liabilities

105.45

84.55

78.24

Notes & Accounts Payable

8.36

8.26

7.86

Short-Term Credit / Bonds

39.26

24.26

38.04

Payables on Equipment

7.88

6.72

5.45

Other

49.95

45.31

26.89

Long-Term Credit / Bonds

39.83

51.09

24.77

Long-Term Investment Liabilities

8.25

8.14

20.75

Total Liabilities

183.22

171.19

141.74

Debt to Equity

65

%

66

%

60

%

Current liabilities increased to NT$105.45 billion, which included a NT$39.26 billion in short-term credit/bonds. Long-term credit/bonds decreased to NT$39.83 billion. Total liabilities increased to NT$183.22 billion, leading to a debt to equity ratio of 65%.

Analysis of Revenue2

Revenue Breakdown by Region

Region

4Q21

3Q21

2Q21

1Q21

4Q20

North America

21%

22%

22%

23%

29%

Asia Pacific

66%

65%

63%

63%

61%

Europe

7%

7%

8%

8%

5%

Japan

6%

6%

7%

6%

5%

Revenue from Asia-Pacific increased to 66% while business from North America accounted for 21% of sales. Business from Europe was 7% while contribution from Japan remained at 6%.

Revenue Breakdown by Geometry

Geometry

4Q21

3Q21

2Q21

1Q21

4Q20

14nm and below

0%

0%

0%

0%

0%

14nm<x<=28nm

20%

19%

20%

20%

18%

28nm<x<=40nm

18%

18%

18%

20%

22%

40nm<x<=65nm

19%

19%

19%

18%

18%

65nm<x<=90nm

8%

8%

9%

8%

8%

90nm<x<=0.13um

12%

12%

11%

11%

11%

0.13um<x<=0.18um

13%

13%

13%

13%

13%

0.18um<x<=0.35um

7%

8%

8%

8%

8%

0.5um and above

3%

3%

2%

2%

2%

Revenue contribution from 22/28nm amounted to 20% of the wafer revenue, while 40nm contribution stayed at 18% of sales.

Revenue Breakdown by Customer Type

Customer Type

4Q21

3Q21

2Q21

1Q21

4Q20

Fabless

86%

86%

84%

86%

87%

IDM

14%

14%

16%

14%

13%

Revenue from fabless customers accounted for 86% of revenue.

Revenue Breakdown by Application (1)

Application

4Q21

3Q21

2Q21

1Q21

4Q20

Computer

17%

17%

17%

16%

16%

Communication

46%

46%

47%

46%

49%

Consumer

26%

27%

26%

27%

25%

Others

11%

10%

10%

11%

10%

Revenue from the communication segment remained unchanged at 46%, while business from computer applications also stayed at 17%. Business from consumer applications declined to 26% as other segments accounted represented 11% of revenue.

(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) grew in 4Q21.

(To view blended ASP trend, please click here for 4Q21 ASP)

Shipment and Utilization Rate3

Wafer Shipments

4Q21

3Q21

2Q21

1Q21

4Q20

Wafer Shipments
(8” K equivalents)

2,546

2,503

2,440

2,372

2,293

Quarterly Capacity Utilization Rate

4Q21

3Q21

2Q21

1Q21

4Q20

Utilization Rate

100%+

100%+

100%+

100%

99%

Total Capacity
(8” K equivalents)

2,419

2,383

2,370

2,280

2,311

Wafer shipments increased 1.7% QoQ to 2,546K in the fourth quarter, while quarterly capacity grew to 2,419K. Overall utilization rate in 4Q21 surpassed 100%.

Capacity4

Overall capacity in the fourth quarter grew by 1.5% QoQ to 2,419K 8-inch equivalent wafers. Capacity will remain flattish for the first quarter of 2022 at 2,420K 8-inch equivalent wafers.

Annual Capacity in

thousands of wafers

Quarterly Capacity in

thousands of wafers

FAB

Geometry
(um)

2021

2020

2019

2018

FAB

1Q22E

4Q21

3Q21

2Q21

WTK

6"

5 – 0.25

329

371

370

396

WTK

82

81

80

84

8A

8"

3 – 0.18

755

802

825

825

8A

189

190

190

190

8C

8"

0.35 – 0.11

459

452

436

383

8C

113

115

115

115

8D

8"

0.18 – 0.09

380

371

359

347

8D

101

95

95

95

8E

8"

0.6 – 0.15

457

449

426

418

8E

116

115

115

115

8F

8"

0.18 – 0.11

514

485

434

431

8F

136

137

137

122

8S

8"

0.25 – 0.11

408

373

372

372

8S

109

102

102

102

8N

8"

0.5 – 0.11

917

917

831

771

8N

231

232

230

230

12A

12"

0.13 – 0.014

1,070

1,044

997

997

12A

267

271

271

271

12i

12"

0.13 – 0.040

641

628

595

555

12i

162

164

160

160

12X

12"

0.080 – 0.022

284

217

203

183

12X

77

78

74

74

12M

12"

0.13 – 0.040

395

391

98

-

12M

108

104

98

98

Total(1)

9,453

9,188

8,148

7,673

Total

2,420

2,419

2,383

2,370

YoY Growth Rate

3%

13%

6%

5%

(1) One 6-inch wafer is converted into 0.5625 (62/82) 8-inch equivalent wafer; one 12-inch wafer is converted into 2.25 (122/82) 8-inch equivalent wafers. Total capacity figures are expressed in 8-inch equivalent wafers.

CAPEX

Capital Expenditure by Year - in US$ billion

Year

2021

2020

2019

2018

2017

CAPEX

$ 1.8

$ 1.0

$ 0.6

$ 0.7

$ 1.4

2022 CAPEX Plan

8"

12"

Total

10%

90%

US$3.0 billion

CAPEX spending in 4Q21 reached US$537 million as full year 2021 CAPEX amounted to US$1.8 billion. 2022 cash-based CAPEX budget is US$3.0 billion, which including the company’s collaborative Fab 12A P6 expansion plan with customers.

Brief Summary of Full Year 2021 Consolidated Results

Operating Results

(Amount: NT$ million)

2021

2020

YoY %
change

Operating Revenues

213,011

176,821

20.5

Gross Profit

72,050

38,997

84.8

Operating Expenses

(25,590

)

(23,244

)

10.1

Net Other Operating Income and Expenses

5,226

6,254

(16.4

)

Operating Income

51,686

22,007

134.9

Net Non-Operating Income and Expenses

10,117

5,919

70.9

Income Tax (Expense) Benefit

(6,691

)

(746

)

797.3

Net Income Attributable to Shareholders of the Parent

55,780

29,189

91.1

EPS (NT$ per share)

 4.57

2.42

(US$ per ADS)

0.826

0.437

  • Consolidated revenue in NTD increased 20.5% YoY to NT$213.01 billion, from NT$176.82 billion in 2020.
  • Gross profit increased 84.8%, compared to a year ago, representing 33.8% of 2021 revenue.
  • Operating income grew 134.9% year on year, accounting for 24.3% of 2021 revenue.
  • Net income attributable to stockholders of the parent increased 91.1% to NT$55.78 billion in 2021.
  • EPS was NT$4.57, or EPADS of US$0.826 for 2021.
  • 28nm revenue dollar grew 75% compared to 2020, as contribution from 28nm technologies and below accounted for 20% in 2021.

Annual Sales Breakdown in Revenue for Foundry Segment

Region

2021

2020

North America

22%

30%

Asia Pacific

65%

57%

Europe

7%

6%

Japan

6%

7%

Technology

2021

2020

14nm and below

0%

0%

14nm<x<=28nm

20%

14%

28nm<x<=40nm

18%

23%

40nm<x<=65nm

19%

17%

65nm<x<=90nm

8%

11%

90nm<x<=0.13um

12%

11%

0.13um<x<=0.18um

13%

13%

0.18um<x<=0.35um

8%

8%

0.5um and above

2%

3%

Customer Type

2021

2020

Fabless

85%

88%

IDM

15%

12%

Application

2021

2020

Computer

17%

14%

Communication

46%

52%

Consumer

27%

24%

Others

10%

10%

First Quarter 2022 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To remain flat
  • ASP in USD: To increase by 5%
  • Gross Profit Margin: To be approximately 40%
  • Capacity Utilization: 100%
  • 2022 CAPEX: US$3.0 billion

Recent Developments / Announcements

Oct. 21, 2021 UMC and suppliers join forces to build a low carbon supply chain

Nov. 13, 2021 UMC leads semiconductor foundries in 2021 Dow Jones Sustainability Indices (DJSI)

Nov. 26, 2021 Micron and UMC announce global settlement

Dec. 30, 2021 UMC awarded Taiwan Intellectual Property Management System (TIPS) Certification

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

Conference Call / Webcast Announcement

Tuesday, January 25, 2022

Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)

Dial-in numbers and Access Codes:

USA Toll Free: 1-866 836-0101

Taiwan Number: 02-2192-8016

Other Areas: +886-2-2192-8016

Access Code: UMC

A live webcast and replay of the 4Q21 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. The company provides high quality IC production with a focus on both logic and specialty technologies to serve every major sector of the electronics industry. UMC’s comprehensive technology and manufacturing solutions include logic/RF, embedded high voltage, embedded flash, RFSOI/BCD and IATF-16949 automotive manufacturing certification for all its manufacturing facilities. UMC operates 12 fabs that are strategically located throughout Asia with a maximum capacity of approximately 800,000 8-inch equivalent wafers per month. The company employs approximately 19,500 people worldwide, with offices in Taiwan, China, United States, Europe, Japan, Korea and Singapore. 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 fourth quarter of 2021; 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 “Fourth Quarter of 2021 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 December 31, 2021
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 
December 31, 2021
US$NT$%
Assets
Current assets
Cash and cash equivalents

4,793

132,622

28.6

%

Accounts receivable, net

1,272

35,190

7.6

%

Inventories, net

832

23,011

5.0

%

Other current assets

1,533

42,451

9.0

%

Total current assets

8,430

233,274

50.2

%

 
Non-current assets

Funds and investments

2,622

72,552

15.6

%

Property, plant and equipment

4,696

129,942

28.0

%

Right-of-use assets

258

7,127

1.5

%

Other non-current assets

778

21,532

4.7

%

Total non-current assets

8,354

231,153

49.8

%

Total assets

16,784

464,427

100.0

%

 
Liabilities

Current liabilities

Short-term loans

70

1,924

0.4

%

Payables

1,515

41,911

9.0

%

Current portion of long-term liabilities

1,349

37,332

8.0

%

Other current liabilities

877

24,287

5.3

%

Total current liabilities

3,811

105,454

22.7

%

 
Non-current liabilities

Bonds payable

834

23,078

5.0

%

Long-term loans

605

16,752

3.6

%

Lease liabilities, noncurrent

163

4,511

1.0

%

Other non-current liabilities

1,209

33,429

7.2

%

Total non-current liabilities

2,811

77,770

16.8

%

Total liabilities

6,622

183,224

39.5

%

 
Equity

Equity attributable to the parent company

Capital

4,511

124,832

26.9

%

Additional paid-in capital

1,731

47,898

10.3

%

Retained earnings and other components of equity

3,913

108,250

23.3

%

Total equity attributable to the parent company

10,155

280,980

60.5

%

Non-controlling interests

7

223

0.0

%

Total equity

10,162

281,203

60.5

%

Total liabilities and equity

16,784

464,427

100.0

%

 
 
 
 
 
 
 
Note:New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2021 exchange rate of NT $27.67 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 ComparisonQuarter over Quarter Comparison
Three-Month Period EndedThree-Month Period Ended
December 31, 2021December 31, 2020Chg.December 31, 2021September 30, 2021Chg.
US$NT$US$NT$%US$NT$US$NT$%
Operating revenues

2,136

59,100

1,637

45,296

30.5

%

2,136

59,100

2,020

55,907

5.7

%

Operating costs

(1,301

)

(35,997

)

(1,245

)

(34,448

)

4.5

%

(1,301

)

(35,997

)

(1,278

)

(35,363

)

1.8

%

Gross profit

835

23,103

392

10,848

113.0

%

835

23,103

742

20,544

12.5

%

39.1

%

39.1

%

23.9

%

23.9

%

39.1

%

39.1

%

36.8

%

36.8

%

Operating expenses

- Sales and marketing expenses

(45

)

(1,240

)

(42

)

(1,175

)

5.5

%

(45

)

(1,240

)

(44

)

(1,212

)

2.3

%

- General and administrative expenses

(79

)

(2,164

)

(72

)

(1,966

)

10.0

%

(79

)

(2,164

)

(77

)

(2,119

)

2.2

%

- Research and development expenses

(123

)

(3,414

)

(115

)

(3,194

)

6.9

%

(123

)

(3,414

)

(119

)

(3,303

)

3.4

%

- Expected credit impairment gain (loss)

(0

)

(3

)

0

0

-

(0

)

(3

)

(0

)

(2

)

37.8

%

Subtotal

(247

)

(6,821

)

(229

)

(6,335

)

7.7

%

(247

)

(6,821

)

(240

)

(6,636

)

2.8

%

Net other operating income and expenses

49

1,334

40

1,102

21.1

%

49

1,334

45

1,227

8.7

%

Operating income

637

17,616

203

5,615

213.7

%

637

17,616

547

15,135

16.4

%

29.8

%

29.8

%

12.4

%

12.4

%

29.8

%

29.8

%

27.1

%

27.1

%

Net non-operating income and expenses

20

558

203

5,619

(90.1

%)

20

558

156

4,317

(87.1

%)

Income from continuing operations
before income tax

657

18,174

406

11,234

61.8

%

657

18,174

703

19,452

(6.6

%)

30.8

%

30.8

%

24.8

%

24.8

%

30.8

%

30.8

%

34.8

%

34.8

%

Income tax expenses

(79

)

(2,169

)

(12

)

(344

)

530.3

%

(79

)

(2,169

)

(76

)

(2,100

)

3.3

%

Net income

578

16,005

394

10,890

47.0

%

578

16,005

627

17,352

(7.8

%)

27.1

%

27.1

%

24.0

%

24.0

%

27.1

%

27.1

%

31.0

%

31.0

%

Other comprehensive income (loss)

105

2,880

138

3,831

(24.8

%)

105

2,880

(13

)

(370

)

-

Total comprehensive income (loss)

683

18,885

532

14,721

28.3

%

683

18,885

614

16,982

11.2

%

Net income attributable to:

  Shareholders of the parent

576

15,949

405

11,196

42.5

%

576

15,949

631

17,460

(8.7

%)

  Non-controlling interests

2

56

(11

)

(306

)

-

2

56

(4

)

(108

)

-

Comprehensive income (loss) attributable to:

  Shareholders of the parent

681

18,830

543

15,027

25.3

%

681

18,830

618

17,090

10.2

%

  Non-controlling interests

2

55

(11

)

(306

)

-

2

55

(4

)

(108

)

-

Earnings per share-basic

0.047

1.30

0.033

0.92

0.047

1.30

0.052

1.43

Earnings per ADS (2)

0.235

6.50

0.166

4.60

0.235

6.50

0.258

7.15

Weighted average number of shares

outstanding (in millions)

12,254

12,206

12,254

12,206

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2021 exchange rate of NT $27.67 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
For the Three-Month Period EndedFor the Twelve-Month Period Ended
December 31, 2021December 31, 2021
US$NT$%US$NT$%
Operating revenues

2,136

59,100

100.0

%

7,698

213,011

100.0

%

Operating costs

(1,301

)

(35,997

)

(60.9

%)

(5,094

)

(140,961

)

(66.2

%)

Gross profit

835

23,103

39.1

%

2,604

72,050

33.8

%

 

 
Operating expenses

- Sales and marketing expenses

(45

)

(1,240

)

(2.1

%)

(169

)

(4,672

)

(2.2

%)

- General and administrative expenses

(79

)

(2,164

)

(3.6

%)

(289

)

(7,989

)

(3.7

%)

- Research and development expenses

(123

)

(3,414

)

(5.8

%)

(467

)

(12,935

)

(6.1

%)

- Expected credit impairment gain (loss)

(0

)

(3

)

(0.0

%)

0

6

0.0

%

Subtotal

(247

)

(6,821

)

(11.5

%)

(925

)

(25,590

)

(12.0

%)

Net other operating income and expenses

49

1,334

2.2

%

189

5,226

2.5

%

Operating income

637

17,616

29.8

%

1,868

51,686

24.3

%

 
Net non-operating income and expenses

20

558

1.0

%

366

10,117

4.7

%

Income from continuing operations
before income tax

657

18,174

30.8

%

2,234

61,803

29.0

%

 

 
Income tax expense

(79

)

(2,169

)

(3.7

%)

(242

)

(6,691

)

(3.1

%)

Net income

578

16,005

27.1

%

1,992

55,112

25.9

%

 
Other comprehensive income (loss)

105

2,880

4.9

%

149

4,132

1.9

%

 
Total comprehensive income (loss)

683

18,885

32.0

%

2,141

59,244

27.8

%

 
Net income attributable to:

  Shareholders of the parent

576

15,949

27.0

%

2,016

55,780

26.2

%

  Non-controlling interests

2

56

0.1

%

(24

)

(668

)

(0.3

%)

 
Comprehensive income (loss) attributable to:

  Shareholders of the parent

681

18,830

31.9

%

2,165

59,912

28.1

%

  Non-controlling interests

2

55

0.1

%

(24

)

(668

)

(0.3

%)

 
Earnings per share-basic

0.047

1.30

0.165

4.57

Earnings per ADS (2)

0.235

6.50

0.826

22.85

 
Weighted average number of shares
outstanding (in millions)

12,254

12,218

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2021 exchange rate of NT $27.67 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Twelve-Month Period Ended December 31, 2021
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$NT$
Cash flows from operating activities :
Net income before tax

2,234

61,803

Depreciation & Amortization

1,701

47,075

Share of profit of associates and joint ventures

(307)

(8,495)

Income tax paid

(70)

(1,937)

Changes in working capital & others

(293)

(8,094)

Net cash provided by operating activities

3,265

90,352

 
Cash flows from investing activities :
Acquisition of property, plant and equipment

(1,736)

(48,035)

Acquisition of intangible assets

(70)

(1,925)

Increase in other financial assets

(542)

(14,989)

Others

101

2,786

Net cash used in investing activities

(2,247)

(62,163)

 
Cash flows from financing activities :
Decrease in short-term loans

(324)

(8,974)

Proceeds from bonds issued

931

25,761

Redemption of bonds

(72)

(2,000)

Proceeds from long-term loans

562

15,561

Repayments of long-term loans

(415)

(11,472)

Increase in guarantee deposits

514

14,219

Cash dividends

(718)

(19,871)

Others

(27)

(734)

Net cash provided by financing activities

451

12,490

 
Effect of exchange rate changes on cash and cash equivalents

(75)

(2,105)

Net increase in cash and cash equivalents

1,394

38,574

 
Cash and cash equivalents at beginning of period

3,399

94,048

 
Cash and cash equivalents at end of period

4,793

132,622

 
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2021 exchange rate of NT $27.67 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 December 31, 2021, the three-month period ending September 30, 2021, and the equivalent three-month period that ended December 31, 2020. For all 4Q21 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2021 exchange rate of NT$ 27.67 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.

Contacts:

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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