Quarter-over-Quarter Guidance:
- Wafer Shipments: Will increase by approximately 2-3%
- ASP in USD: Will decrease by 5%
- Gross Profit Margin: Will be approximately 30%
- Capacity Utilization: low-60% range
- 2024 CAPEX: US$3.3 billion
Recent Developments / Announcements
Please visit UMC’s website for further details regarding the above announcements
Conference Call / Webcast Announcement
Wednesday, January 31, 2024
Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 09:00 AM (London)
Dial-in numbers and Access Codes: |
||||
Taiwan Number: |
02 3396 1191 |
|||
Taiwan Toll Free: |
0080 185 4007 |
|||
US Toll Free: |
+1 866 212 5567 |
|||
Other Areas: |
+886 2 3396 1191 |
|||
|
||||
Access Code: |
1029531# |
|||
A live webcast and replay of the 4Q23 results announcement will be available at www.umc.com under the “Investors / Events” section.
About UMC
UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC’s comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD, etc. Most of UMC's 12-in and 8-in fabs with its core R&D are in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with a combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standards. UMC is headquartered in Hsinchu, Taiwan, plus local offices in the United States, Europe, China, Japan, Korea, and Singapore, with a worldwide total of 20,000 employees. For more information, please visit: http://www.umc.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding anticipated financial results for the fourth quarter of 2023; 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 “First Quarter 2024 Outlook and Guidance.”
These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including natural disasters, terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates. Further information regarding these and other risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
The financial statements included in this release are prepared and published in accordance with Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or IFRSs, issued by the International Accounting Standards Board. Investors are cautioned that there may be significant differences between TIFRSs and IFRSs. In addition, TIFRSs and IFRSs differ in certain significant respects from generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.
- FINANCIAL TABLES TO FOLLOW -
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||
| Consolidated Condensed Balance Sheet | |||||
| As of December 31, 2023 | |||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||
| December 31, 2023 | |||||
| US$ | NT$ | % | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 4,316 |
132,554 |
23.7% |
||
| Accounts receivable, net | 963 |
29,586 |
5.3% |
||
| Inventories, net | 1,163 |
35,713 |
6.4% |
||
| Other current assets | 618 |
18,944 |
3.4% |
||
| Total current assets | 7,060 |
216,797 |
38.8% |
||
| Non-current assets | |||||
| Funds and investments | 2,418 |
74,255 |
13.3% |
||
| Property, plant and equipment | 7,786 |
239,123 |
42.8% |
||
| Right-of-use assets | 228 |
7,000 |
1.3% |
||
| Other non-current assets | 717 |
22,012 |
3.8% |
||
| Total non-current assets | 11,149 |
342,390 |
61.2% |
||
| Total assets | 18,209 |
559,187 |
100.0% |
||
| Liabilities | |||||
| Current liabilities | |||||
| Short-term loans | 441 |
13,530 |
2.4% |
||
| Payables | 1,923 |
59,051 |
10.6% |
||
| Current portion of long-term liabilities | 521 |
16,007 |
2.9% |
||
| Other current liabilities | 339 |
10,427 |
1.8% |
||
| Total current liabilities | 3,224 |
99,015 |
17.7% |
||
| Non-current liabilities | |||||
| Bonds payable | 800 |
24,580 |
4.4% |
||
| Long-term loans | 673 |
20,656 |
3.7% |
||
| Lease liabilities, noncurrent | 159 |
4,879 |
0.9% |
||
| Other non-current liabilities | 1,644 |
50,478 |
9.0% |
||
| Total non-current liabilities | 3,276 |
100,593 |
18.0% |
||
| Total liabilities | 6,500 |
199,608 |
35.7% |
||
| Equity | |||||
| Equity attributable to the parent company | |||||
| Capital | 4,080 |
125,298 |
22.4% |
||
| Additional paid-in capital | 467 |
14,325 |
2.5% |
||
| Retained earnings and other components of equity | 7,151 |
219,615 |
39.3% |
||
| Total equity attributable to the parent company | 11,698 |
359,238 |
64.2% |
||
| Non-controlling interests | 11 |
341 |
0.1% |
||
| Total equity | 11,709 |
359,579 |
64.3% |
||
| Total liabilities and equity | 18,209 |
559,187 |
100.0% |
||
| Note：New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2023 exchange rate of NT $30.71 per U.S. Dollar. | |||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||
| Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||||||||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||||||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||||||||||||||
| Year over Year Comparison | Quarter over Quarter Comparison | ||||||||||||||||||||||||||||
| Three-Month Period Ended | Three-Month Period Ended | ||||||||||||||||||||||||||||
| December 31, 2023 | December 31, 2022 | Chg. | December 31, 2023 | September 30, 2023 | Chg. | ||||||||||||||||||||||||
| US$ | NT$ | US$ | NT$ | % | US$ | NT$ | US$ | NT$ | % | ||||||||||||||||||||
| Operating revenues | 1,790 |
|
54,958 |
|
2,209 |
|
67,836 |
|
(19.0 |
%) |
1,790 |
|
54,958 |
|
1,858 |
|
57,069 |
|
(3.7 |
%) |
|||||||||
| Operating costs | (1,210 |
) |
(37,152 |
) |
(1,261 |
) |
(38,712 |
) |
(4.0 |
%) |
(1,210 |
) |
(37,152 |
) |
(1,192 |
) |
(36,608 |
) |
1.5 |
% |
|||||||||
| Gross profit | 580 |
|
17,806 |
|
948 |
|
29,124 |
|
(38.9 |
%) |
580 |
|
17,806 |
|
666 |
|
20,461 |
|
(13.0 |
%) |
|||||||||
| 32.4 |
% |
32.4 |
% |
42.9 |
% |
42.9 |
% |
32.4 |
% |
32.4 |
% |
35.9 |
% |
35.9 |
% |
||||||||||||||
| Operating expenses | |||||||||||||||||||||||||||||
| - Sales and marketing expenses | (27 |
) |
(823 |
) |
(31 |
) |
(953 |
) |
(13.6 |
%) |
(27 |
) |
(823 |
) |
(24 |
) |
(735 |
) |
12.0 |
% |
|||||||||
| - General and administrative expenses | (63 |
) |
(1,930 |
) |
(79 |
) |
(2,438 |
) |
(20.8 |
%) |
(63 |
) |
(1,930 |
) |
(56 |
) |
(1,731 |
) |
11.6 |
% |
|||||||||
| - Research and development expenses | (128 |
) |
(3,945 |
) |
(111 |
) |
(3,407 |
) |
15.8 |
% |
(128 |
) |
(3,945 |
) |
(106 |
) |
(3,255 |
) |
21.2 |
% |
|||||||||
| - Expected credit impairment gain (loss) | 2 |
|
63 |
|
(0 |
) |
(0 |
) |
- |
|
2 |
|
63 |
|
(0 |
) |
(1 |
) |
- |
|
|||||||||
| Subtotal | (216 |
) |
(6,635 |
) |
(221 |
) |
(6,798 |
) |
(2.4 |
%) |
(216 |
) |
(6,635 |
) |
(186 |
) |
(5,722 |
) |
16.0 |
% |
|||||||||
| Net other operating income and expenses | 41 |
|
1,252 |
|
43 |
|
1,311 |
|
(4.5 |
%) |
41 |
|
1,252 |
|
19 |
|
573 |
|
118.7 |
% |
|||||||||
| Operating income | 405 |
|
12,423 |
|
770 |
|
23,637 |
|
(47.4 |
%) |
405 |
|
12,423 |
|
499 |
|
15,312 |
|
(18.9 |
%) |
|||||||||
| 22.6 |
% |
22.6 |
% |
34.8 |
% |
34.8 |
% |
22.6 |
% |
22.6 |
% |
26.8 |
% |
26.8 |
% |
||||||||||||||
| Net non-operating income and expenses | 72 |
|
2,227 |
|
29 |
|
889 |
|
150.4 |
% |
72 |
|
2,227 |
|
108 |
|
3,336 |
|
(33.3 |
%) |
|||||||||
| Income from continuing operations before income tax | 477 |
|
14,650 |
|
799 |
|
24,526 |
|
(40.3 |
%) |
477 |
|
14,650 |
|
607 |
|
18,648 |
|
(21.4 |
%) |
|||||||||
| 26.7 |
% |
26.7 |
% |
36.2 |
% |
36.2 |
% |
26.7 |
% |
26.7 |
% |
32.7 |
% |
32.7 |
% |
||||||||||||||
| Income tax expense | (47 |
) |
(1,457 |
) |
(176 |
) |
(5,406 |
) |
(73.0 |
%) |
(47 |
) |
(1,457 |
) |
(87 |
) |
(2,682 |
) |
(45.7 |
%) |
|||||||||
| Net income | 430 |
|
13,193 |
|
623 |
|
19,120 |
|
(31.0 |
%) |
430 |
|
13,193 |
|
520 |
|
15,966 |
|
(17.4 |
%) |
|||||||||
| 24.0 |
% |
24.0 |
% |
28.2 |
% |
28.2 |
% |
24.0 |
% |
24.0 |
% |
28.0 |
% |
28.0 |
% |
||||||||||||||
| Other comprehensive income (loss) | (124 |
) |
(3,808 |
) |
14 |
|
429 |
|
- |
|
(124 |
) |
(3,808 |
) |
232 |
|
7,138 |
|
- |
|
|||||||||
| Total comprehensive income (loss) | 306 |
|
9,385 |
|
637 |
|
19,549 |
|
(52.0 |
%) |
306 |
|
9,385 |
|
752 |
|
23,104 |
|
(59.4 |
%) |
|||||||||
| Net income attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 430 |
|
13,195 |
|
621 |
|
19,068 |
|
(30.8 |
%) |
430 |
|
13,195 |
|
520 |
|
15,971 |
|
(17.4 |
%) |
|||||||||
| Non-controlling interests | (0 |
) |
(2 |
) |
2 |
|
52 |
|
- |
|
(0 |
) |
(2 |
) |
(0 |
) |
(5 |
) |
(61.1 |
%) |
|||||||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||
| Shareholders of the parent | 306 |
|
9,387 |
|
635 |
|
19,497 |
|
(51.9 |
%) |
306 |
|
9,387 |
|
752 |
|
23,109 |
|
(59.4 |
%) |
|||||||||
| Non-controlling interests | (0 |
) |
(2 |
) |
2 |
|
52 |
|
- |
|
(0 |
) |
(2 |
) |
(0 |
) |
(5 |
) |
(59.9 |
%) |
|||||||||
| Earnings per share-basic | 0.035 |
|
1.06 |
|
0.050 |
|
1.54 |
|
0.035 |
|
1.06 |
|
0.042 |
|
1.29 |
|
|||||||||||||
| Earnings per ADS (2) | 0.173 |
|
5.30 |
|
0.251 |
|
7.70 |
|
0.173 |
|
5.30 |
|
0.210 |
|
6.45 |
|
|||||||||||||
| Weighted average number of shares outstanding (in millions) | 12,414 |
|
12,349 |
|
12,414 |
|
12,371 |
|
|||||||||||||||||||||
| Notes: | |||||||||||||||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2023 exchange rate of NT $30.71 per U.S. Dollar. | |||||||||||||||||||||||||||||
| (2) 1 ADS equals 5 common shares. | |||||||||||||||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||||||||||||||
| Consolidated Condensed Statements of Comprehensive Income | |||||||||||||||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||||||||||||||
| Except Per Share and Per ADS Data | |||||||||||||||||
| For the Three-Month Period Ended | For the Twelve-Month Period Ended | ||||||||||||||||
| December 31, 2023 | December 31, 2023 | ||||||||||||||||
| US$ | NT$ | % | US$ | NT$ | % | ||||||||||||
| Operating revenues | 1,790 |
|
54,958 |
|
100.0 |
% |
7,246 |
|
222,533 |
|
100.0 |
% |
|||||
| Operating costs | (1,210 |
) |
(37,152 |
) |
(67.6 |
%) |
(4,714 |
) |
(144,789 |
) |
(65.1 |
%) |
|||||
| Gross profit | 580 |
|
17,806 |
|
32.4 |
% |
2,532 |
|
77,744 |
|
34.9 |
% |
|||||
| Operating expenses | |||||||||||||||||
| - Sales and marketing expenses | (27 |
) |
(823 |
) |
(1.5 |
%) |
(105 |
) |
(3,225 |
) |
(1.5 |
%) |
|||||
| - General and administrative expenses | (63 |
) |
(1,930 |
) |
(3.5 |
%) |
(243 |
) |
(7,477 |
) |
(3.3 |
%) |
|||||
| - Research and development expenses | (128 |
) |
(3,945 |
) |
(7.2 |
%) |
(433 |
) |
(13,284 |
) |
(6.0 |
%) |
|||||
| - Expected credit impairment gain | 2 |
|
63 |
|
0.1 |
% |
4 |
|
131 |
|
0.1 |
% |
|||||
| Subtotal | (216 |
) |
(6,635 |
) |
(12.1 |
%) |
(777 |
) |
(23,855 |
) |
(10.7 |
%) |
|||||
| Net other operating income and expenses | 41 |
|
1,252 |
|
2.3 |
% |
130 |
|
4,002 |
|
1.8 |
% |
|||||
| Operating income | 405 |
|
12,423 |
|
22.6 |
% |
1,885 |
|
57,891 |
|
26.0 |
% |
|||||
| Net non-operating income and expenses | 72 |
|
2,227 |
|
4.1 |
% |
424 |
|
13,021 |
|
5.9 |
% |
|||||
| Income from continuing operations before income tax | 477 |
|
14,650 |
|
26.7 |
% |
2,309 |
|
70,912 |
|
31.9 |
% |
|||||
| Income tax expense | (47 |
) |
(1,457 |
) |
(2.7 |
%) |
(308 |
) |
(9,472 |
) |
(4.3 |
%) |
|||||
| Net income | 430 |
|
13,193 |
|
24.0 |
% |
2,001 |
|
61,440 |
|
27.6 |
% |
|||||
| Other comprehensive income (loss) | (124 |
) |
(3,808 |
) |
(6.9 |
%) |
209 |
|
6,418 |
|
2.9 |
% |
|||||
| Total comprehensive income (loss) | 306 |
|
9,385 |
|
17.1 |
% |
2,210 |
|
67,858 |
|
30.5 |
% |
|||||
| Net income attributable to: | |||||||||||||||||
| Shareholders of the parent | 430 |
|
13,195 |
|
24.0 |
% |
1,986 |
|
60,990 |
|
27.4 |
% |
|||||
| Non-controlling interests | (0 |
) |
(2 |
) |
(0.0 |
%) |
15 |
|
450 |
|
0.2 |
% |
|||||
| Comprehensive income (loss) attributable to: | |||||||||||||||||
| Shareholders of the parent | 306 |
|
9,387 |
|
17.1 |
% |
2,195 |
|
67,408 |
|
30.3 |
% |
|||||
| Non-controlling interests | (0 |
) |
(2 |
) |
(0.0 |
%) |
15 |
|
450 |
|
0.2 |
% |
|||||
| Earnings per share-basic | 0.035 |
|
1.06 |
|
0.161 |
|
4.93 |
|
|||||||||
| Earnings per ADS (2) | 0.173 |
|
5.30 |
|
0.803 |
|
24.65 |
|
|||||||||
| Weighted average number of shares outstanding (in millions) | 12,414 |
|
12,371 |
|
|||||||||||||
| Notes: | |||||||||||||||||
| (1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2023 exchange rate of NT $30.71 per U.S. Dollar. | |||||||||||||||||
| (2) 1 ADS equals 5 common shares. | |||||||||||||||||
| UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES | |||||
| Consolidated Condensed Statement of Cash Flows | |||||
| For The Twelve-Month Period Ended December 31, 2023 | |||||
| Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$) | |||||
| US$ | NT$ | ||||
| Cash flows from operating activities : | |||||
| Net income before tax | 2,309 |
|
70,912 |
|
|
| Depreciation & Amortization | 1,318 |
|
40,484 |
|
|
| Share of profit of associates and joint ventures | (225 |
) |
(6,913 |
) |
|
| Income tax paid | (521 |
) |
(16,012 |
) |
|
| Changes in working capital & others | (81 |
) |
(2,471 |
) |
|
| Net cash provided by operating activities | 2,800 |
|
86,000 |
|
|
| Cash flows from investing activities : | |||||
| Increase in financial assets measured at amortized cost | (183 |
) |
(5,617 |
) |
|
| Acquisition of property, plant and equipment | (2,979 |
) |
(91,474 |
) |
|
| Acquisition of intangible assets | (83 |
) |
(2,547 |
) |
|
| Others | 61 |
|
1,851 |
|
|
| Net cash used in investing activities | (3,184 |
) |
(97,787 |
) |
|
| Cash flows from financing activities : | |||||
| Increase in short-term loans | 441 |
|
13,530 |
|
|
| Proceeds from bonds issued | 326 |
|
10,000 |
|
|
| Proceeds from long-term loans | 502 |
|
15,416 |
|
|
| Repayments of long-term loans | (376 |
) |
(11,558 |
) |
|
| Increase in guarantee deposits | 339 |
|
10,423 |
|
|
| Decrease in other financial liabilities | (691 |
) |
(21,209 |
) |
|
| Cash dividends | (1,466 |
) |
(45,015 |
) |
|
| Others | (22 |
) |
(673 |
) |
|
| Net cash used in financing activities | (947 |
) |
(29,086 |
) |
|
| Effect of exchange rate changes on cash and cash equivalents | (13 |
) |
(392 |
) |
|
| Net decrease in cash and cash equivalents | (1,344 |
) |
(41,265 |
) |
|
| Cash and cash equivalents at beginning of period | 5,660 |
|
173,819 |
|
|
| Cash and cash equivalents at end of period | 4,316 |
|
132,554 |
|
|
| Note: New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2023 exchange rate of NT $30.71 per U.S. Dollar. | |||||
