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     118  0 Kommentare 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 Comparison Quarter over Quarter Comparison
    Three-Month Period Ended Three-Month Period Ended
    December 31, 2021 December 31, 2020 Chg. December 31, 2021 September 30, 2021 Chg.
    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 Ended For the Twelve-Month Period Ended
    December 31, 2021 December 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.



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    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 …