UMC Reports Third Quarter 2016 Results

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.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of September 30, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
         
 
September 30, 2016
US$ NT$ %
Assets
Current assets
Cash and cash equivalents 1,762 55,266 14.7 %
Financial assets at fair value through profit or loss, current 24 751 0.2 %
Notes & Accounts receivable, net 713 22,366 6.0 %
Inventories, net 547 17,167 4.6 %
Other current assets 365   11,420   3.0 %
Total current assets 3,411   106,970   28.5 %
 
Non-current assets
Funds and investments 1,205 37,799 10.1 %
Property, plant and equipment 6,869 215,414 57.5 %
Other non-current assets 472   14,776   3.9 %
Total non-current assets 8,546   267,989   71.5 %
Total assets 11,957   374,959   100.0 %
 
Liabilities
Current liabilities
Short-term loans 1,142 35,821 9.6 %
Payables 1,079 33,853 9.0 %
Current portion of long-term liabilities 358 11,225 3.0 %
Other current liabilities 82   2,542   0.7 %
Total current liabilities 2,661   83,441   22.3 %
 
Non-current liabilities
Bonds payable 1,097 34,395 9.2 %
Long-term loans 169 5,290 1.4 %
Other non-current liabilities 1,046   32,834   8.7 %
Total non-current liabilities 2,312   72,519   19.3 %
Total liabilities 4,973   155,960   41.6 %
 
Equity
Equity attributable to the parent company
Capital 4,026 126,243 33.7 %
Additional paid-in capital 1,307 41,005 11.0 %
Retained earnings, unrealized gain or loss on available-for-sale

financial assets and exchange differences on translation of

foreign operations

1,749 54,862 14.6 %
Treasury stock (150 ) (4,719 ) (1.3 %)
Total equity attributable to the parent company 6,932 217,391 58.0 %
Non-controlling interests 52   1,608   0.4 %
Total equity 6,984   218,999   58.4 %
Total liabilities and equity 11,957   374,959   100.0 %
                 

Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2016 exchange rate of NT $31.36 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
September 30, 2016 September 30, 2015 Chg. September 30, 2016 June 30, 2016 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Net operating revenues 1,217 38,164 1,126 35,320 8.1 % 1,217 38,164 1,180 36,997 3.2 %
Operating costs (952 ) (29,863 ) (906 ) (28,409 ) 5.1 % (952 ) (29,863 ) (916 ) (28,712 ) 4.0 %
Gross profit 265   8,301   220   6,911   20.1 % 265   8,301   264   8,285   0.2 %
21.8 % 21.8 % 19.6 % 19.6 % 21.8 % 21.8 % 22.4 % 22.4 %
Operating expenses
- Sales and marketing expenses (39 ) (1,207 ) (33 ) (1,045 ) 15.5 % (39 ) (1,207 ) (35 ) (1,092 ) 10.5 %
- General and administrative expenses (57 ) (1,769 ) (30 ) (942 ) 87.8 % (57 ) (1,769 ) (49 ) (1,541 ) 14.8 %
- Research and development expenses (108 ) (3,397 ) (100 ) (3,139 ) 8.2 % (108 ) (3,397 ) (103 ) (3,226 ) 5.3 %
Subtotal (204 ) (6,373 ) (163 ) (5,126 ) 24.3 % (204 ) (6,373 ) (187 ) (5,859 ) 8.8 %
Net other operating income and expenses (14 ) (443 ) (26 ) (804 ) (44.9 %) (14 ) (443 ) 1   23   -  
Operating income 47 1,485 31 981 51.4 % 47 1,485 78 2,449 (39.4 %)
3.9 % 3.9 % 2.8 % 2.8 % 3.9 % 3.9 % 6.6 % 6.6 %
 
Net non-operating income and expenses 15   466   13   410   13.7 % 15   466   (21 ) (650 ) -  
Income from continuing operations before

income tax

62 1,951 44 1,391 40.3 % 62 1,951 57 1,799 8.4 %
5.1 % 5.1 % 3.9 % 3.9 % 5.1 % 5.1 % 4.9 % 4.9 %
 
Income tax expense (6 ) (195 ) (2 ) (84 ) 132.1 % (6 ) (195 ) (7 ) (220 ) (11.4 %)
Net income 56 1,756 42 1,307 34.4 % 56 1,756 50 1,579 11.2 %
4.6 % 4.6 % 3.7 % 3.7 % 4.6 % 4.6 % 4.3 % 4.3 %
 
Other comprehensive income (loss) (71 ) (2,213 ) 49   1,543   -   (71 ) (2,213 ) (31 ) (977 ) 126.5 %
 
Total comprehensive income (loss) (15 ) (457 ) 91   2,850   -   (15 ) (457 ) 19   602   -  
 
Net income attributable to:
  Stockholders of the parent 95 2,975 54 1,708 74.2 % 95 2,975 82 2,583 15.2 %
  Non-controlling interests (39 ) (1,219 ) (12 ) (401 ) 204.0 % (39 ) (1,219 ) (32 ) (1,004 ) 21.4 %
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 26 802 103 3,215 (75.1 %) 26 802 52 1,635 (50.9 %)
  Non-controlling interests (41 ) (1,259 ) (12 ) (365 ) 244.9 % (41 ) (1,259 ) (33 ) (1,033 ) 21.9 %
 
Earnings per share-basic 0.008   0.24   0.004   0.14   0.008   0.24   0.007   0.21  
Earnings per ADS (2) 0.038   1.20   0.022   0.70   0.038   1.20   0.033   1.05  
Weighted average number of shares
outstanding (in millions) 12,208   12,525   12,208   12,335  
                                               
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2016 exchange rate of NT $31.36 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 Nine-Month Period Ended
September 30, 2016 September 30, 2016
US$ NT$ % US$ NT$ %
Net operating revenues 1,217 38,164 100.0 % 3,494 109,564 100.0 %
Operating costs (952 ) (29,863 ) (78.2 %) (2,805 ) (87,944 ) (80.3 %)
Gross profit 265   8,301   21.8 % 689   21,620   19.7 %
 
 
Operating expenses
- Sales and marketing expenses (39 ) (1,207 ) (3.2 %) (105 ) (3,308 ) (3.0 %)
- General and administrative expenses (57 ) (1,769 ) (4.6 %) (136 ) (4,280 ) (3.9 %)
- Research and development expenses (108 ) (3,397 ) (8.9 %) (310 ) (9,708 ) (8.9 %)
Subtotal (204 ) (6,373 ) (16.7 %) (551 ) (17,296 ) (15.8 %)
Net other operating income and expenses (14 ) (443 ) (1.2 %) (13 ) (407 ) (0.3 %)
Operating income 47 1,485 3.9 % 125 3,917 3.6 %
 
Net non-operating income and expenses 15   466   1.2 % (4 ) (137 ) (0.1 %)
Income from continuing operations before

income tax

62 1,951 5.1 % 121 3,780 3.5 %
 
 
Income tax expense (6 ) (195 ) (0.5 %) (12 ) (366 ) (0.4 %)
Net income 56 1,756 4.6 % 109 3,414 3.1 %
 
Other comprehensive income (loss) (71 ) (2,213 ) (5.8 %) (120 ) (3,773 ) (3.4 %)
 
Total comprehensive income (loss) (15 ) (457 ) (1.2 %) (11 ) (359 ) (0.3 %)
 
Net income attributable to:
  Stockholders of the parent 95 2,975 7.8 % 184 5,768 5.3 %
  Non-controlling interests (39 ) (1,219 ) (3.2 %) (75 ) (2,354 ) (2.2 %)
 
Comprehensive income (loss) attributable to:
  Stockholders of the parent 26 802 2.1 % 66 2,081 1.9 %
  Non-controlling interests (41 ) (1,259 ) (3.3 %) (77 ) (2,440 ) (2.2 %)
 
Earnings per share-basic 0.008   0.24   0.015   0.47  
Earnings per ADS (2) 0.038   1.20   0.075   2.35  
 
Weighted average number of shares

outstanding (in millions)

12,208   12,317  
                         
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2016 exchange rate of NT $31.36 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Nine-Month Period Ended September 30, 2016
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
     
US$ NT$
Cash flows from operating activities :
Net income before tax 121 3,780
Depreciation & Amortization 1,231 38,607
Gain on disposal of investments (34 ) (1,074 )
Changes in notes & accounts receivable (104 ) (3,271 )
Changes in prepayments (267 ) (8,379 )
Changes in assets, liabilities and others 38   1,241  
Net cash provided by operating activities 985 30,904
 
Cash flows from investing activities :
Proceeds from disposal of available-for-sale financial assets 65 2,044
Acquisition of property, plant and equipment (2,221 ) (69,656 )
Acquisition of intangible assets (39 ) (1,238 )
Others 225   7,085  
Net cash used in investing activities (1,970 ) (61,765 )
 
Cash flows from financing activities :
Increase in short-term loans 1,001 31,379
Proceeds from long-term loans 64 2,000
Repayments of long-term loans (175 ) (5,475 )
Increase in other financial liabilities 510 15,979
Cash dividends (220 ) (6,907 )
Treasury stock acquired (76 ) (2,396 )
Others (1 ) (5 )
Net cash provided by financing activities 1,103 34,575
 
Effect of exchange rate changes on cash and cash equivalents (55 ) (1,738 )
Net Increase in cash and cash equivalents 63 1,976
 
Cash and cash equivalents at beginning of period 1,699   53,290  
 
Cash and cash equivalents at end of period 1,762   55,266  
           
Note: New Taiwan Dollars have been translated into U.S. Dollars at the September 30, 2016 exchange rate of NT $31.36 per U.S. Dollar.

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