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UMC Reports Second Quarter 2022 Results

Q2 GM climbs to 46.5% as 1H 2022 operating income reaches NT$50.5bn

Second Quarter 2022 Overview1:

  • Revenue: NT$72.06 billion (US$2.43 billion)
  • Gross margin: 46.5%; Operating margin: 39.1%
  • Revenue from 22/28nm: 22%
  • Capacity utilization rate: 100%+
  • Net income attributable to shareholders of the parent: NT$21.33 billion (US$718 million)
  • Earnings per share: NT$1.74; earnings per ADS: US$0.293

TAIPEI, Taiwan--(BUSINESS WIRE)--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 2022.

Second quarter consolidated revenue was NT$72.06 billion, increasing 13.6% QoQ from NT$63.42 billion in 1Q22. Compared to a year ago, 2Q22 revenue grew 41.5% YoY from NT$50.91 billion in 2Q21. Consolidated gross margin for 2Q22 reached 46.5%. Net income attributable to the shareholders of the parent was NT$21.33 billion, with earnings per ordinary share of NT$1.74.

Jason Wang, UMC co-president, said, “In the second quarter, we delivered results in line with guidance, thanks to continuous strong demand for UMC’s differentiated processes across our end markets. Overall wafer shipments rose 4.3% from the previous quarter, while higher average selling price and a favorable foreign exchange rate lifted second-quarter gross margin to 46.5%. Revenue from our 22/28nm portfolio increased 29% sequentially, driven by the additional capacity at Fab 12A P5 that came online during the second quarter. We are confident in the long-term growth prospects of our 22/28nm business, which now represents 22% of UMC’s overall wafer revenue, and has demonstrated solid traction for OLED display drivers, image processors, WiFi, and automotive applications. As structural trends drive semiconductor content increase in end devices from smartphones to automobiles, it is our conviction that 28nm is a long-lasting node that will be important for many existing and emerging applications for years to come.”

Co-president Wang said, “Going into the third quarter, we expect our business to remain firm. While cooling demand for smartphones, PCs, and consumer electronics may pose some short-term fluctuations, we are actively working with customers to adjust their product mix. Coming off a super cycle over the past two years, the semiconductor industry is now in a period of inventory correction. We believe UMC’s comprehensive portfolio of differentiated, leading specialty technologies and strong partnerships with leading customers will help us navigate the cyclical macro environment.”

Co-president Wang added, “Moving onto our progress in sustainability, we are pleased to become the first semiconductor foundry globally to have emissions reduction targets validated by the Science Based Targets initiative (SBTi), the leading body that independently assesses emissions targets of companies and ensure they align with the latest climate science. This reflects UMC’s commitment to accountability and confirms our roadmap to achieve our net-zero pledge. According to our roadmap, we will systematically lower direct emissions from our operations, indirect emissions from our electricity usage, as well as emissions from our value chain in order to minimize the environmental footprint of our operations and products.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

2Q22

 

1Q22

 

QoQ %

change

2Q21

 

YoY %

change

Operating Revenues

72,055

 

63,423

 

13.6

50,908

 

41.5

 

Gross Profit

33,472

 

27,504

 

21.7

15,908

 

110.4

 

Operating Expenses

(6,706

)

(6,513

)

3.0

(6,201

)

8.2

 

Net Other Operating Income and Expenses

1,398

 

1,343

 

4.1

1,606

 

(12.9

)

Operating Income

28,164

 

22,334

 

26.1

11,313

 

149.0

 

Net Non-Operating Income and Expenses

(2,586

)

1,314

 

-

1,881

 

-

 

Net Income Attributable to Shareholders of the Parent

21,327

 

19,808

 

7.7

11,943

 

78.6

 

EPS (NT$ per share)

1.74

 

1.61

 

 

0.98

 

 

(US$ per ADS)

0.293

 

0.271

 

 

0.165

 

 

Second quarter operating revenues increased by 13.6% sequentially to NT$72.06 billion which was lifted to higher wafer shipments, increase in wafer pricing as well as favorable foreign exchange rate. Revenue contribution from 40nm and below technologies represented 40% of wafer revenue. Gross profit grew 21.7% QoQ to NT$33.47 billion, or 46.5% of revenue. Operating expenses grew 3.0% to NT$6.71 billion. Net other operating income remained relatively flat at NT$1.40 billion. Net non-operating loss amounted to NT$2.59 billion primarily from non-cash based items recognized as marked-to-market assets. Net income attributable to shareholders of the parent amounted to NT$21.33 billion.

Earnings per ordinary share for the quarter was NT$1.74. Earnings per ADS was US$0.293. The basic weighted average number of outstanding shares in 2Q22 was 12,283,479,334, compared with 12,283,479,334 shares in 1Q22 and 12,206,292,756 shares in 2Q21. The diluted weighted average number of outstanding shares was 12,553,373,552 in 2Q22, compared with 12,534,728,721 shares in 1Q22 and 12,382,592,798 shares in 2Q21. The fully diluted shares counted on June 30, 2022 were approximately 12,553,374,000.

Detailed Financials Section

Operating revenues increased to NT$72.06 billion. COGS increased to NT$38.58 billion, which included 1.9% sequential decrease in depreciation, mainly reflecting higher wafer shipments. Gross profit grew 21.7% QoQ to NT$33.47 billion. Operating expenses slightly increased 3.0% QoQ to NT$6.71 billion, as G&A grew 15.8% to NT$2.58 billion while R&D was up 5.8% QoQ to NT$3.21 billion, representing 4.5% of revenue. Net other operating income was NT$1.40 billion. In 2Q22, operating income grew 26.1% QoQ to NT$28.16 billion.

COGS & Expenses

(Amount: NT$ million)

2Q22

 

1Q22

 

QoQ %

change

2Q21

 

YoY %

change

Operating Revenues

72,055

 

63,423

 

13.6

 

50,908

 

41.5

 

COGS

(38,583

)

(35,919

)

7.4

 

(35,000

)

10.2

 

Depreciation

(9,616

)

(9,807

)

(1.9

)

(10,187

)

(5.6

)

Other Mfg. Costs

(28,967

)

(26,112

)

10.9

 

(24,813

)

16.7

 

Gross Profit

33,472

 

27,504

 

21.7

 

15,908

 

110.4

 

Gross Margin (%)

46.5

%

43.4

%

?

31.3

%

?

Operating Expenses

(6,706

)

(6,513

)

3.0

 

(6,201

)

8.2

 

G&A

(2,579

)

(2,226

)

15.8

 

(1,901

)

35.7

 

Sales & Marketing

(915

)

(1,255

)

(27.1

)

(1,131

)

(19.1

)

R&D

(3,209

)

(3,033

)

5.8

 

(3,168

)

1.3

 

Expected Credit Impairment Gain (Loss)

(3

)

1

 

-

 

(1

)

90.3

 

Net Other Operating Income & Expenses

1,398

 

1,343

 

4.1

 

1,606

 

(12.9

)

Operating Income

28,164

 

22,334

 

26.1

 

11,313

 

149.0

 

Net non-operating expense in 2Q22 was NT$2.59 billion, primarily reflecting NT$3.68 billion in net investment loss, offset by a NT$1.36 billion in exchange gain.

Non-Operating Income and Expenses

(Amount: NT$ million)

2Q22

 

1Q22

 

2Q21

 

Non-Operating Income and Expenses

(2,586

)

1,314

 

1,881

 

Net Interest Income and Expenses

(163

)

(323

)

(310

)

Net Investment Gain and Loss

(3,675

)

576

 

2,276

 

Exchange Gain and Loss

1,361

 

926

 

(84

)

Other Gain and Loss

(109

)

135

 

(1

)

In 2Q22, cash inflow from operating activities was NT$35.09 billion. Cash outflow from investing activities amounted to NT$11.72 billion, which included NT$11.63 billion in capital expenditure, resulting in free cash flow of NT$23.46 billion. Cash outflow from financing reached NT$13.42 billion, primarily from NT$11.62 billion repayment in bank loans and NT$2.48 billion in redemption of bonds. Net cash inflow in 2Q22 totaled NT$11.55 billion. Over the next 12 months, the company expects to repay NT$ 4.18 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period Ended

Jun. 30, 2022

For the 3-Month Period Ended

Mar. 31, 2022

Cash Flow from Operating Activities

35,091

 

30,118

 

Net income before tax

25,578

 

23,648

 

Depreciation & Amortization

11,107

 

11,390

 

Share of loss of associates and

joint ventures

2,027

 

1,858

 

Income tax paid

(2,913

)

(769

)

Changes in working capital & others

(708

)

(6,009

)

Cash Flow from Investing Activities

(11,716

)

14,752

 

Decrease in financial assets measured

at amortized cost

103

 

26,315

 

Acquisition of PP&E

(10,907

)

(10,803

)

Acquisition of intangible assets

(815

)

(421

)

Others

(97

)

(339

)

Cash Flow from Financing Activities

(13,423

)

(7,959

)

Bank loans

(11,615

)

(612

)

Redemption of bonds

(2,484

)

(7,249

)

Others

676

 

(98

)

Effect of Exchange Rate

1,601

 

2,637

 

Net Cash Flow

11,553

 

39,548

 

Beginning balance

172,170

 

132,622

 

Ending balance

183,723

 

172,170

 

Cash and cash equivalents increased to NT$183.72 billion. Days of inventory increased by 1 day to 62 days.

Current Assets

(Amount: NT$ billion)

2Q22

1Q22

2Q21

Cash and Cash Equivalents

183.72

172.17

124.00

Notes & Accounts Receivable

42.88

38.05

30.11

Days Sales Outstanding

51

53

53

Inventories, net

27.34

25.40

22.44

Days of Inventory

62

61

58

Total Current Assets

265.78

249.68

207.83

Current liabilities increased to NT$131.81 billion, mainly from NT$97.04 billion in other. Long-term credit/bonds decreased to NT$45.70 billion. Total liabilities increased to NT$216.51 billion, leading to a debt to equity ratio of 76%.

Liabilities

(Amount: NT$ billion)

2Q22

1Q22

2Q21

Total Current Liabilities

131.81

93.12

85.00

Notes & Accounts Payable

9.95

9.06

8.42

Short-Term Credit / Bonds

13.22

22.58

19.65

Payables on Equipment

11.60

7.63

6.67

Dividends Payable

-

-

19.88

Other

97.04

53.85

30.38

Long-Term Credit / Bonds

45.70

50.07

50.97

Long-Term Investment Liabilities

8.50

8.59

20.61

Total Liabilities

216.51

180.62

181.49

Debt to Equity

76%

60%

76%

Analysis of Revenue2

Revenue from Asia-Pacific increased to 65% while business from North America remained at 22% of sales. Business from Europe was 8% while contribution from Japan decreased to 5%.

Revenue Breakdown by Region

Region

2Q22

1Q22

4Q21

3Q21

2Q21

North America

22%

22%

21%

22%

22%

Asia Pacific

65%

64%

66%

65%

63%

Europe

8%

8%

7%

7%

8%

Japan

5%

6%

6%

6%

7%

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

Revenue Breakdown by Geometry

Geometry

2Q22

1Q22

4Q21

3Q21

2Q21

14nm and below

0%

0%

0%

0%

0%

14nm<x<=28nm

22%

20%

20%

19%

20%

28nm<x<=40nm

18%

18%

18%

18%

18%

40nm<x<=65nm

19%

19%

19%

19%

19%

65nm<x<=90nm

7%

8%

8%

8%

9%

90nm<x<=0.13um

12%

12%

12%

12%

11%

0.13um<x<=0.18um

12%

13%

13%

13%

13%

0.18um<x<=0.35um

8%

7%

7%

8%

8%

0.5um and above

2%

3%

3%

3%

2%

Revenue from fabless customers accounted for 86% of revenue.

Revenue Breakdown by Customer Type

Customer Type

2Q22

1Q22

4Q21

3Q21

2Q21

Fabless

86%

87%

86%

86%

84%

IDM

14%

13%

14%

14%

16%

Revenue from the communication segment represented 45%, while business from computer applications decreased to 16%. Business from consumer applications was 27% as other segments remained at 12% of revenue.

Revenue Breakdown by Application (1)

Application

2Q22

1Q22

4Q21

3Q21

2Q21

Computer

16%

17%

17%

17%

17%

Communication

45%

45%

46%

46%

47%

Consumer

27%

26%

26%

27%

26%

Others

12%

12%

11%

10%

10%

(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 2Q22.

(To view blended ASP trend, please click here for 2Q22 ASP)

Shipment and Utilization Rate3

Wafer shipments grew 4.3% QoQ to 2,622K in the second quarter, while quarterly capacity grew to 2,528K. Overall utilization rate in 2Q22 remained above 100%.

Wafer Shipments

 

2Q22

1Q22

4Q21

3Q21

2Q21

Wafer Shipments

(8” K equivalents)

2,622

2,513

2,546

2,503

2,440

 

Quarterly Capacity Utilization Rate

 

2Q22

1Q22

4Q21

3Q21

2Q21

Utilization Rate

100%+

100%+

100%+

100%+

100%+

Total Capacity

(8” K equivalents)

2,528

2,420

2,419

2,383

2,370

Capacity4

Overall capacity in the second quarter increased to 2,528K 8-inch equivalent wafers. Capacity will grow in the third quarter of 2022 to 2,539K 8-inch equivalent wafers, driven by the capacity expansion taking place at 12X and 8N.

Annual Capacity in

thousands of wafers

 

Quarterly Capacity in

thousands of wafers

FAB

Geometry

(um)

2021

2020

2019

2018

 

FAB

3Q22E

2Q22

1Q22

4Q21

WTK

6"

5 – 0.15

329

371

370

396

 

WTK

6"

85

84

82

81

8A

8"

3 – 0.11

755

802

825

825

 

8A

8"

192

192

189

190

8C

8"

0.35 – 0.11

459

452

436

383

 

8C

8"

115

115

113

115

8D

8"

0.18 – 0.09

380

371

359

347

 

8D

8"

103

103

101

95

8E

8"

0.6 – 0.14

457

449

426

418

 

8E

8"

118

118

116

115

8F

8"

0.18 – 0.11

514

485

434

431

 

8F

8"

138

138

136

137

8S

8"

0.18 – 0.11

408

373

372

372

 

8S

8"

111

111

109

102

8N

8"

0.5 – 0.11

917

917

831

771

 

8N

8"

242

235

231

232

12A

12"

0.13 – 0.014

1,070

1,044

997

997

 

12A

12"

301

301

267

271

12i

12"

0.13 – 0.040

641

628

595

555

 

12i

12"

164

164

162

164

12X

12"

0.080 – 0.022

284

217

203

183

 

12X

12"

80

78

77

78

12M

12"

0.13 – 0.040

395

391

98

-

 

12M

12"

110

110

108

104

Total(1)

9,453

9,188

8,148

7,673

 

Total

2,539

2,528

2,420

2,419

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

CAPEX spending in 2Q22 totaled US$395 million. 2022 cash-based CAPEX budget will be US$3.6 billion.

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$3.6 billion

Third Quarter 2022 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: To remain flat
  • ASP in USD: To remain flat
  • Gross Profit Margin: To be in the mid-40% range
  • Capacity Utilization: 100%
  • 2022 CAPEX: US$3.6 billion

Recent Developments / Announcements

Apr. 29, 2022

UMC ranked top 5% in corporate governance evaluation for 8th consecutive year

May. 27, 2022

UMC shareholders approve NT$3 cash dividend at annual shareholders’ meeting

Jun. 23, 2022

UMC’s climate goals validated by Science Based Targets initiatives

Please visit UMCs website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, July 27, 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 2Q22 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 850,000 8-inch equivalent wafers per month. The company employs approximately 20,000 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 second quarter of 2022; the expected wafer shipment and ASP; the anticipated annual budget; capex strategies; environmental protection goals and water management strategies; impact of foreign currency exchange rates; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “Second Quarter of 2022 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, 2022
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
June 30, 2022
US$NT$%
Assets
Current assets
Cash and cash equivalents

6,184

183,723

36.8%

Accounts receivable, net

1,443

42,884

8.6%

Inventories, net

920

27,341

5.5%

Other current assets

399

11,830

2.3%

Total current assets

8,946

265,778

53.2%

 
Non-current assets
Funds and investments

2,234

66,373

13.3%

Property, plant and equipment

4,518

134,243

26.9%

Right-of-use assets

266

7,900

1.6%

Other non-current assets

857

25,460

5.0%

Total non-current assets

7,875

233,976

46.8%

Total assets

16,821

499,754

100.0%

 
Liabilities
Current liabilities
Short-term loans

21

624

0.1%

Payables

3,194

94,907

19.0%

Current portion of long-term liabilities

424

12,593

2.5%

Other current liabilities

798

23,689

4.8%

Total current liabilities

4,437

131,813

26.4%

 
Non-current liabilities
Bonds payable

777

23,080

4.6%

Long-term loans

761

22,619

4.5%

Lease liabilities, noncurrent

180

5,346

1.1%

Other non-current liabilities

1,132

33,648

6.7%

Total non-current liabilities

2,850

84,693

16.9%

Total liabilities

7,287

216,506

43.3%

 
Equity
Equity attributable to the parent company
Capital

4,201

124,821

25.0%

Additional paid-in capital

350

10,400

2.1%

Retained earnings and other components of equity

4,970

147,661

29.5%

Total equity attributable to the parent company

9,521

282,882

56.6%

Non-controlling interests

13

366

0.1%

Total equity

9,534

283,248

56.7%

Total liabilities and equity

16,821

499,754

100.0%

 
 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71 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
June 30, 2022June 30, 2021Chg.June 30, 2022March 31, 2022Chg.
US$NT$US$NT$%US$NT$US$NT$%
Operating revenues

2,425

72,055

1,713

50,908

41.5%

2,425

72,055

2,135

63,423

13.6%

Operating costs

(1,298)

(38,583)

(1,178)

(35,000)

10.2%

(1,298)

(38,583)

(1,209)

(35,919)

7.4%

Gross profit

1,127

33,472

535

15,908

110.4%

1,127

33,472

926

27,504

21.7%

46.5%

46.5%

31.3%

31.3%

46.5%

46.5%

43.4%

43.4%

Operating expenses
- Sales and marketing expenses

(31)

(915)

(38)

(1,131)

(19.1%)

(31)

(915)

(42)

(1,255)

(27.1%)

- General and administrative expenses

(87)

(2,579)

(63)

(1,901)

35.7%

(87)

(2,579)

(75)

(2,226)

15.8%

- Research and development expenses

(108)

(3,209)

(107)

(3,168)

1.3%

(108)

(3,209)

(102)

(3,033)

5.8%

- Expected credit impairment gain (loss)

(0)

(3)

(0)

(1)

90.3%

(0)

(3)

0

1

-

Subtotal

(226)

(6,706)

(208)

(6,201)

8.2%

(226)

(6,706)

(219)

(6,513)

3.0%

Net other operating income and expenses

47

1,398

54

1,606

(12.9%)

47

1,398

45

1,343

4.1%

Operating income

948

28,164

381

11,313

149.0%

948

28,164

752

22,334

26.1%

39.1%

39.1%

22.2%

22.2%

39.1%

39.1%

35.2%

35.2%

 
Net non-operating income and expenses

(87)

(2,586)

63

1,881

-

(87)

(2,586)

44

1,314

-

Income from continuing operations
before income tax

861

25,578

444

13,194

93.9%

861

25,578

796

23,648

8.2%

35.5%

35.5%

25.9%

25.9%

35.5%

35.5%

37.3%

37.3%

 
Income tax expense

(138)

(4,088)

(45)

(1,327)

207.8%

(138)

(4,088)

(121)

(3,582)

14.1%

Net income

723

21,490

399

11,867

81.1%

723

21,490

675

20,066

7.1%

29.8%

29.8%

23.3%

23.3%

29.8%

29.8%

31.6%

31.6%

 
Other comprehensive income (loss)

(126)

(3,749)

(65)

(1,935)

93.8%

(126)

(3,749)

48

1,422

-

 
Total comprehensive income (loss)

597

17,741

334

9,932

78.6%

597

17,741

723

21,488

(17.4%)

 
Net income attributable to:
Shareholders of the parent

718

21,327

402

11,943

78.6%

718

21,327

667

19,808

7.7%

Non-controlling interests

5

163

(3)

(76)

-

5

163

8

258

(36.6%)

 
Comprehensive income (loss) attributable to:
Shareholders of the parent

592

17,578

337

10,008

75.6%

592

17,578

715

21,229

(17.2%)

Non-controlling interests

5

163

(3)

(76)

-

5

163

8

259

(36.6%)

 
Earnings per share-basic

0.059

1.74

0.033

0.98

0.059

1.74

0.054

1.61

Earnings per ADS (2)

0.293

8.70

0.165

4.90

0.293

8.70

0.271

8.05

Weighted average number of shares
outstanding (in millions)

12,283

12,206

12,283

12,283

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
 
For the Three-Month Period EndedFor the Six-Month Period Ended
June 30, 2022June 30, 2022
US$NT$%US$NT$%
Operating revenues

2,425

72,055

100.0%

4,560

135,478

100.0%

Operating costs

(1,298)

(38,583)

(53.5%)

(2,508)

(74,501)

(55.0%)

Gross profit

1,127

33,472

46.5%

2,052

60,977

45.0%

 
 
Operating expenses
- Sales and marketing expenses

(31)

(915)

(1.3%)

(73)

(2,170)

(1.6%)

- General and administrative expenses

(87)

(2,579)

(3.5%)

(162)

(4,806)

(3.5%)

- Research and development expenses

(108)

(3,209)

(4.5%)

(210)

(6,242)

(4.6%)

- Expected credit impairment loss

(0)

(3)

(0.0%)

(0)

(2)

(0.0%)

Subtotal

(226)

(6,706)

(9.3%)

(445)

(13,220)

(9.7%)

Net other operating income and expenses

47

1,398

1.9%

93

2,741

2.0%

Operating income

948

28,164

39.1%

1,700

50,498

37.3%

 
Net non-operating income and expenses

(87)

(2,586)

(3.6%)

(43)

(1,273)

(1.0%)

Income from continuing operations
before income tax

861

25,578

35.5%

1,657

49,225

36.3%

 
 
Income tax expense

(138)

(4,088)

(5.7%)

(258)

(7,669)

(5.6%)

Net income

723

21,490

29.8%

1,399

41,556

30.7%

 
Other comprehensive income (loss)

(126)

(3,749)

(5.2%)

(79)

(2,327)

(1.7%)

 
Total comprehensive income (loss)

597

17,741

24.6%

1,320

39,229

29.0%

 
Net income attributable to:
Shareholders of the parent

718

21,327

29.6%

1,385

41,134

30.4%

Non-controlling interests

5

163

0.2%

14

422

0.3%

 
Comprehensive income (loss) attributable to:
Shareholders of the parent

592

17,578

24.4%

1,306

38,807

28.7%

Non-controlling interests

5

163

0.2%

14

422

0.3%

 
Earnings per share-basic

0.059

1.74

0.113

3.35

Earnings per ADS (2)

0.293

8.70

0.564

16.75

 
Weighted average number of shares
outstanding (in millions)

12,283

12,283

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2022 exchange rate of NT $29.71 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

Contacts

Michael Lin / David Wong

UMC, Investor Relations
+ 886-2-2658-9168, ext. 16900

[email protected]
[email protected]

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