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UMC Reports Second Quarter 2024 Results

Gross margin reached 35.2% as operating income increased 19.1% QoQ

Earnings per share in 1H was NT$1.95

Second Quarter 2024 Overview1:

  • Revenue: NT$56.80 billion (US$1.75 billion)
  • Gross margin: 35.2%; Operating margin: 24.5%
  • Revenue from 22/28nm: 33%
  • Capacity utilization rate: 68%
  • Net income attributable to shareholders of the parent: NT$13.79 billion (US$425 million)
  • Earnings per share: NT$1.11; earnings per ADS: US$0.171

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 2024.

Second quarter consolidated revenue was NT$56.80 billion, increasing 4.0% from NT$54.63 billion in 1Q24. Compared to a year ago, 2Q24 revenue increased 0.9%. Consolidated gross margin for 2Q24 was 35.2%. Net income attributable to the shareholders of the parent was NT$13.79 billion, with earnings per ordinary share of NT$1.11.

Jason Wang, co-president of UMC, said, “In the second quarter, wafer shipments increased 2.6% QoQ and fab utilization rate improved to 68% as we saw notable demand momentum in the consumer segment. Contribution from our 22/28nm business rose sequentially on healthy demand for WiFi and digital TV applications. Together with a favorable exchange rate and improved product mix, second-quarter gross margin was better than what was previously guided. During the quarter, we announced technology updates including a 3D IC solution to stack RFSOI wafers, which is the first of its kind in the industry, and a 22nm embedded high voltage platform, currently the most advanced display driver foundry solution in the market. They reflect UMC’s commitment to building on our leadership across a number of specialty technologies that are crucial for the development of AI, 5G, and automotive.”

Co-president Wang commented, “Looking to the third quarter, we expect to see end market dynamics improve further, particularly in the communication and computing segments, which will drive higher fab utilization. Our 22/28nm business remains a promising growth driver, with a number of tape-outs taking place in the second half for applications including display drivers, connectivity and networking. At the same time, we do expect to face some margin pressure going into the second half due to a pickup in depreciation expense related to capacity expansions as well as higher utility rates. Despite these cost challenges, we believe we will continue to demonstrate our resilience as we did during the recent market downturn, and deliver on our strategy of providing differentiated technology solutions and a diversified manufacturing footprint to help our customers to strengthen their supply chain management.”

Co-president Wang added, “In pursuit of our net-zero by 2050 goal, UMC continues to take concrete steps to drive emissions reduction in our operations and supply chain, and to increase our use of renewable energy. We are on track to achieving our progressive 2025 and 2030 targets. More details on our ESG progress will be made available to stakeholders in our upcoming Sustainability Report.”

Summary of Operating Results

Operating Results

(Amount: NT$ million)

2Q24

 

1Q24

 

QoQ %

change

2Q23

 

YoY %

change

Operating Revenues

56,799

 

54,632

 

4.0

 

56,296

 

0.9

Gross Profit

19,983

 

16,899

 

18.2

 

20,252

 

(1.3

)

Operating Expenses

(6,311

)

(5,747

)

9.8

 

(5,718

)

10.4

 

Net Other Operating Income and Expenses

219

 

513

 

(57.3

)

1,141

 

(80.8

)

Operating Income

13,891

 

11,665

 

19.1

 

15,675

 

(11.4

)

Net Non-Operating Income and Expenses

2,529

 

1,056

 

139.4

 

2,810

 

(10.0

)

Net Income Attributable to Shareholders of the Parent

13,786

 

10,456

 

31.8

 

15,641

 

(11.9

)

EPS (NT$ per share)

1.11

 

0.84

 

 

1.27

 

 

(US$ per ADS)

0.171

 

0.130

 

 

0.196

 

 

Second quarter operating revenues increased 4.0% sequentially to NT$56.80 billion. Revenue contribution from 40nm and below technologies represented 45% of wafer revenue. Gross profit grew 18.2% QoQ to NT$19.98 billion, or 35.2% of revenue. Operating expenses increased 9.8% to NT$6.31 billion. Net other operating income decreased to NT$0.22 billion. Net non-operating income reached NT$2.53 billion. Net income attributable to shareholders of the parent amounted to NT$13.79 billion.

Earnings per ordinary share for the quarter was NT$1.11. Earnings per ADS was US$0.171. The basic weighted average number of shares outstanding in 2Q24 was 12,414,189,313, compared with 12,414,087,724 shares in 1Q24 and 12,348,986,144 shares in 2Q23. The diluted weighted average number of shares outstanding was 12,529,942,186 in 2Q24, compared with 12,577,525,057 shares in 1Q24 and 12,526,182,161 shares in 2Q23. The fully diluted shares counted on June 30, 2024 were approximately 12,530,243,000.

Detailed Financials Section

Operating revenues increased to NT$56.80 billion. COGS declined 2.4% to NT$36.82 billion. Gross profit grew 18.2% QoQ to NT$19.98 billion. Operating expenses increased to NT$6.31 billion, as R&D grew 13.1% to NT$3.85 billion or 6.8% of revenue, while G&A also increased 6.0% to NT$1.80 billion. Net other operating income was NT$0.22 billion. In 2Q24, operating income increased 19.1% QoQ to NT$13.89 billion.

COGS & Expenses

(Amount: NT$ million)

2Q24

 

1Q24

 

QoQ %

change

2Q23

 

YoY %

change

Operating Revenues

56,799

 

54,632

 

4.0

 

56,296

 

0.9

 

COGS

(36,816

)

(37,733

)

(2.4

)

(36,044

)

2.1

 

Depreciation

(9,460

)

(9,335

)

1.3

 

(8,467

)

11.7

 

Other Mfg. Costs

(27,356

)

(28,398

)

(3.7

)

(27,577

)

(0.8

)

Gross Profit

19,983

 

16,899

 

18.2

 

20,252

 

(1.3

)

Gross Margin (%)

35.2

%

30.9

%

 

36.0

%

 

Operating Expenses

(6,311

)

(5,747

)

9.8

 

(5,718

)

10.4

 

Sales & Marketing

(678

)

(684

)

(0.9

)

(716

)

(5.4

)

G&A

(1,804

)

(1,702

)

6.0

 

(1,715

)

5.2

 

R&D

(3,853

)

(3,407

)

13.1

 

(3,317

)

16.1

 

Expected credit impairment gain

24

 

46

 

(47.9

)

30

 

(21.5

)

Net Other Operating Income & Expenses

219

 

513

 

(57.3

)

1,141

 

(80.8

)

Operating Income

13,891

 

11,665

 

19.1

 

15,675

 

(11.4

)

Net non-operating income in 2Q24 was NT$2.53 billion, primarily due to the NT$1.44 billion in net investment gain, the NT$0.70 billion in net interest income and the NT$0.41 billion in exchange gain.

Non-Operating Income and Expenses

(Amount: NT$ million)

2Q24

 

1Q24

 

2Q23

 

Non-Operating Income and Expenses

2,529

 

1,056

 

2,810

 

Net Interest Income and Expenses

701

 

676

 

974

 

Net Investment Gain and Loss

1,440

 

(324

)

1,042

 

Exchange Gain and Loss

407

 

697

 

799

 

Other Gain and Loss

(19

)

7

 

(5

)

In 2Q24, cash inflow from operating activities was NT$22.73 billion. Cash outflow from investing activities totaled NT$15.13 billion, which included NT$20.83 billion in capital expenditure, resulting in free cash inflow of NT$1.90 billion. Cash outflow from financing was NT$5.71 billion, primarily from NT$3.00 billion in redemption of bonds and NT$2.50 billion in bank loans. Net cash flow in 2Q24 amounted to NT$2.23 billion. Over the next 12 months, the company expects to repay NT$4.32 billion in bank loans.

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period Ended

Jun. 30, 2024

For the 3-Month Period Ended

Mar. 31, 2024

Cash Flow from Operating Activities

22,728

 

20,820

 

Net income before tax

16,420

 

12,721

 

Depreciation & Amortization

11,117

 

10,886

 

Share of profit of associates and

joint ventures

(1,267

)

(101

)

Income tax paid

(5,831

)

(253

)

Changes in working capital & others

2,289

 

(2,433

)

Cash Flow from Investing Activities

(15,131

)

(29,915

)

Decrease in financial assets measured at amortized cost

3,219

 

739

 

Acquisition of PP&E

(20,042

)

(28,498

)

Changes in refundable deposits

1,507

 

(536

)

Acquisition of intangible assets

(578

)

(846

)

Others

763

 

(774

)

Cash Flow from Financing Activities

(5,705

)

(6,439

)

Bank loans

(2,503

)

(3,888

)

Redemption of bonds

(3,000

)

(2,100

)

Decrease in deposits-in

(33

)

(282

)

Others

(169

)

(169

)

Effect of Exchange Rate

341

 

2,411

 

Net Cash Flow

2,233

 

(13,123

)

Beginning balance

119,431

 

132,554

 

Changes in non-current assets held for sale

(430

)

-

 

Ending balance

121,234

 

119,431

 

Cash and cash equivalents increased to NT$121.23 billion. Days of inventory increased 3 days to 88 days.

Current Assets

(Amount: NT$ billion)

2Q24

 

1Q24

 

2Q23

Cash and Cash Equivalents

121.23

 

119.43

 

163.10

Accounts Receivable

32.53

 

30.68

 

30.62

Days Sales Outstanding

51

 

50

 

47

Inventories, net

36.33

 

34.59

 

34.55

Days of Inventory

88

 

85

 

85

Total Current Assets

207.22

 

205.16

 

239.03

Current liabilities increased to NT$124.97 billion due to dividends payable of NT$37.59 billion. Payables on equipment increased to NT$22.36 billion. Total liabilities increased to NT$230.87 billion, leading to a debt to equity ratio of 65%.

Liabilities

(Amount: NT$ billion)

2Q24

 

1Q24

 

2Q23

Total Current Liabilities

124.97

 

88.40

 

142.98

Accounts Payable

8.18

 

7.46

 

8.83

Short-Term Credit / Bonds

16.21

 

25.60

 

11.59

Payables on Equipment

22.36

 

13.97

 

13.01

Dividends Payable

37.59

 

-

 

45.02

Other

40.63

 

41.37

 

64.53

Long-Term Credit / Bonds

47.48

 

43.45

 

36.06

Total Liabilities

230.87

 

188.85

 

226.31

Debt to Equity

65%

 

50%

 

69%

Analysis of Revenue2

Revenue from Asia-Pacific was flattish at 64% while business from North America remained unchanged at 25% of sales. Business from Europe declined to 7% while contribution from Japan was 4%.

Revenue Breakdown by Region

Region

2Q24

1Q24

4Q23

3Q23

2Q23

North America

25%

25%

23%

27%

27%

Asia Pacific

64%

63%

62%

58%

56%

Europe

7%

8%

11%

12%

12%

Japan

4%

4%

4%

3%

5%

Revenue contribution from 22/28nm was 33% of the wafer revenue, while 40nm contribution declined to 12% of sales.

Revenue Breakdown by Geometry

Geometry

2Q24

1Q24

4Q23

3Q23

2Q23

14nm and below

0%

0%

0%

0%

0%

14nm<x<=28nm

33%

33%

36%

32%

29%

28nm<x<=40nm

12%

14%

14%

13%

12%

40nm<x<=65nm

15%

18%

16%

19%

23%

65nm<x<=90nm

12%

10%

9%

8%

10%

90nm<x<=0.13um

11%

9%

9%

12%

10%

0.13um<x<=0.18um

10%

11%

9%

9%

9%

0.18um<x<=0.35um

5%

4%

5%

5%

5%

0.5um and above

2%

1%

2%

2%

2%

Revenue from fabless customers accounted for 87% of revenue.

Revenue Breakdown by Customer Type

Customer Type

2Q24

1Q24

4Q23

3Q23

2Q23

Fabless

87%

82%

78%

79%

79%

IDM

13%

18%

22%

21%

21%

Revenue from the communication segment declined to 39%, while business from computer applications grew to 15%. Business from consumer applications reached 31% as other segments declined to 15% of revenue.

Revenue Breakdown by Application (1)

Application

2Q24

1Q24

4Q23

3Q23

2Q23

Computer

15%

13%

13%

13%

9%

Communication

39%

48%

47%

46%

44%

Consumer

31%

23%

23%

23%

26%

Others

15%

16%

17%

18%

21%

(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) remained firm in 2Q24.

(To view blended ASP trend, please click here for 2Q24 ASP)

Shipment and Utilization Rate3

Wafer shipments increased 2.6% QoQ to 831K during the second quarter, while quarterly capacity was 1,257K. Overall utilization rate in 2Q24 increased slightly to 68%.

Wafer Shipments

2Q24

1Q24

4Q23

3Q23

2Q23

Wafer Shipments

(12” K equivalents)

831

810

775

795

814

 

Quarterly Capacity Utilization Rate

 

2Q24

1Q24

4Q23

3Q23

2Q23

Utilization Rate

68%

65%

66%

67%

71%

Total Capacity

(12” K equivalents)

1,257

1,212

1,204

1,182

1,167

Capacity4

Total capacity in the second quarter increased to 1,257K 12-inch equivalent wafers. Capacity will grow in the third quarter of 2024 to 1,274K 12-inch equivalent wafers.

Annual Capacity in

thousands of wafers

 

Quarterly Capacity in

thousands of wafers

FAB

Geometry

(um)

2023

2022

2021

2020

 

FAB

3Q24E

2Q24

1Q24

4Q23

WTK

6"

5 – 0.15

328

335

329

371

 

WTK

6"

83

83

82

83

8A

8"

3 – 0.11

811

765

755

802

 

8A

8"

207

207

206

207

8C

8"

0.35 – 0.11

473

459

459

452

 

8C

8"

119

119

119

119

8D

8"

0.18 – 0.09

440

410

380

371

 

8D

8"

118

118

118

118

8E

8"

0.6 – 0.14

490

469

457

449

 

8E

8"

131

131

130

131

8F

8"

0.18 – 0.11

570

550

514

485

 

8F

8"

145

145

144

145

8S

8"

0.18 – 0.11

447

443

408

373

 

8S

8"

114

114

113

114

8N

8"

0.5 – 0.11

996

952

917

917

 

8N

8"

254

254

252

254

12A

12"

0.13 – 0.014

1,305

1,170

1,070

1,044

 

12A

12"

403

386

358

346

12i

12"

0.13 – 0.040

655

655

641

628

 

12i

12"

172

172

164

164

12X

12"

0.080 – 0.022

317

314

284

217

 

12X

12"

80

80

79

80

12M

12"

0.13 – 0.040

438

436

395

391

 

12M

12"

115

115

110

110

Total(1)

4,674

4,458

4,201

4,083

 

Total

1,274

1,257

1,212

1,204

YoY Growth Rate

5%

6%

3%

13%

 

 

 

 

 

 

(1) One 6-inch wafer is converted into 0.25 (62/122) 12-inch equivalent wafer; one 8-inch wafer is converted into 0.44 (82/122) 12-inch equivalent wafers. Total capacity figures are expressed in 12-inch equivalent wafers.

CAPEX

CAPEX spending in 2Q24 totaled US$644 million. 2024 cash-based CAPEX budget will be US$3.3 billion.

Capital Expenditure by Year - in US$ billion

Year

2023

2022

2021

2020

2019

CAPEX

$ 3.0

$ 2.7

$ 1.8

$ 1.0

$ 0.6

2024 CAPEX Plan

8"

12"

Total

5%

95%

US$3.3 billion

Third Quarter 2024 Outlook & Guidance

Quarter-over-Quarter Guidance:

  • Wafer Shipments: Will increase by mid-single digit %
  • ASP in USD: Will remain firm
  • Gross Profit Margin: Will be in the mid-30% range
  • Capacity Utilization: approximately 70%
  • 2024 CAPEX: US$3.3 billion

Recent Developments / Announcements

Apr. 25, 2024

UMC Files Form 20-F for 2023 with US Securities and Exchange Commission

Apr. 30, 2024

UMC Achieves Highest Corporate Governance Ranking among Taiwan Listed Companies for 10th Consecutive Year

May 2, 2024

UMC Introduces Industry’s First 3D IC Solution for RFSOI, Accelerating Innovations in the 5G Era

May 21, 2024

UMC’s Singapore Fab 12i Celebrates First Tool Move-In for New Phase 3 Expansion

May 30, 2024

UMC Shareholders Elect 16th Term of Directors at Annual Shareholders’ Meeting

Jun. 20, 2024

UMC Launches Most Advanced 22nm eHV Platform to Power Next-Generation Smartphone Displays

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

Conference Call / Webcast Announcement

Wednesday, July 31, 2024

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

Dial-in numbers and Access Codes:

 

 

Taiwan Number:

 

02 3396 1191

Taiwan Toll Free:

 

0080 119 6666

US Toll Free:

 

+1 866 212 5567

Other Areas:

 

+886 2 3396 1191

 

 

 

Access Code:

 

1433531#

A live webcast and replay of the 2Q24 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 second quarter of 2024; 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 “Third 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 June 30, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
 
June 30, 2024
US$ NT$ %
Assets
Current assets
Cash and cash equivalents

3,738

121,234

20.7%

Accounts receivable, net

1,003

32,525

5.6%

Inventories, net

1,120

36,334

6.2%

Other current assets

528

17,122

2.8%

Total current assets

6,389

207,215

35.3%

 
Non-current assets
Funds and investments

2,418

78,404

13.4%

Property, plant and equipment

8,450

274,031

46.7%

Right-of-use assets

233

7,549

1.3%

Other non-current assets

609

19,763

3.3%

Total non-current assets

11,710

379,747

64.7%

Total assets

18,099

586,962

100.0%

 
Liabilities
Current liabilities
Short-term loans

96

3,119

0.5%

Payables

1,861

60,362

10.3%

Dividends payable

1,159

37,587

6.4%

Current portion of long-term liabilities

404

13,091

2.2%

Other current liabilities

334

10,814

1.9%

Total current liabilities

3,854

124,973

21.3%

 
Non-current liabilities
Bonds payable

758

24,582

4.2%

Long-term loans

706

22,901

3.9%

Lease liabilities, noncurrent

163

5,288

0.9%

Other non-current liabilities

1,638

53,126

9.0%

Total non-current liabilities

3,265

105,897

18.0%

Total liabilities

7,119

230,870

39.3%

 
Equity
Equity attributable to the parent company
Capital

3,863

125,286

21.3%

Additional paid-in capital

443

14,346

2.5%

Retained earnings and other components of equity

6,665

216,147

36.8%

Total equity attributable to the parent company

10,971

355,779

60.6%

Non-controlling interests

9

313

0.1%

Total equity

10,980

356,092

60.7%

Total liabilities and equity

18,099

586,962

100.0%

 

Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 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
June 30, 2024 June 30, 2023 Chg. June 30, 2024 March 31, 2024 Chg.
US$ NT$ US$ NT$ % US$ NT$ US$ NT$ %
Operating revenues

1,751

 

56,799

 

1,736

 

56,296

 

0.9

%

1,751

 

56,799

 

1,685

 

54,632

 

4.0

%

Operating costs

(1,135

)

(36,816

)

(1,112

)

(36,044

)

2.1

%

(1,135

)

(36,816

)

(1,164

)

(37,733

)

(2.4

%)

Gross profit

616

 

19,983

 

624

 

20,252

 

(1.3

%)

616

 

19,983

 

521

 

16,899

 

18.2

%

35.2

%

35.2

%

36.0

%

36.0

%

35.2

%

35.2

%

30.9

%

30.9

%

Operating expenses
- Sales and marketing expenses

(21

)

(678

)

(22

)

(716

)

(5.4

%)

(21

)

(678

)

(21

)

(684

)

(0.9

%)

- General and administrative expenses

(56

)

(1,804

)

(53

)

(1,715

)

5.2

%

(56

)

(1,804

)

(52

)

(1,702

)

6.0

%

- Research and development expenses

(119

)

(3,853

)

(102

)

(3,317

)

16.1

%

(119

)

(3,853

)

(105

)

(3,407

)

13.1

%

- Expected credit impairment gain

1

 

24

 

1

 

30

 

(21.5

%)

1

 

24

 

1

 

46

 

(47.9

%)

Subtotal

(195

)

(6,311

)

(176

)

(5,718

)

10.4

%

(195

)

(6,311

)

(177

)

(5,747

)

9.8

%

Net other operating income and expenses

7

 

219

 

35

 

1,141

 

(80.8

%)

7

 

219

 

16

 

513

 

(57.3

%)

Operating income

428

 

13,891

 

483

 

15,675

 

(11.4

%)

428

 

13,891

 

360

 

11,665

 

19.1

%

24.5

%

24.5

%

27.8

%

27.8

%

24.5

%

24.5

%

21.4

%

21.4

%

 
Net non-operating income and expenses

78

 

2,529

 

87

 

2,810

 

(10.0

%)

78

 

2,529

 

32

 

1,056

 

139.4

%

Income from continuing operations before income tax

506

 

16,420

 

570

 

18,485

 

(11.2

%)

506

 

16,420

 

392

 

12,721

 

29.1

%

28.9

%

28.9

%

32.8

%

32.8

%

28.9

%

28.9

%

23.3

%

23.3

%

 
Income tax expense

(81

)

(2,645

)

(80

)

(2,588

)

2.2

%

(81

)

(2,645

)

(70

)

(2,291

)

15.4

%

Net income

425

 

13,775

 

490

 

15,897

 

(13.3

%)

425

 

13,775

 

322

 

10,430

 

32.1

%

24.3

%

24.3

%

28.2

%

28.2

%

24.3

%

24.3

%

19.1

%

19.1

%

 
Other comprehensive income (loss)

42

 

1,375

 

(7

)

(238

)

-

 

42

 

1,375

 

245

 

7,954

 

(82.7

%)

 
Total comprehensive income (loss)

467

 

15,150

 

483

 

15,659

 

(3.2

%)

467

 

15,150

 

567

 

18,384

 

(17.6

%)

 
Net income attributable to:
Shareholders of the parent

425

 

13,786

 

482

 

15,641

 

(11.9

%)

425

 

13,786

 

322

 

10,456

 

31.8

%

Non-controlling interests

(0

)

(11

)

8

 

256

 

-

 

(0

)

(11

)

(0

)

(26

)

(58.8

%)

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

467

 

15,161

 

475

 

15,403

 

(1.6

%)

467

 

15,161

 

568

 

18,410

 

(17.6

%)

Non-controlling interests

(0

)

(11

)

8

 

256

 

-

 

(0

)

(11

)

(1

)

(26

)

(58.8

%)

 
Earnings per share-basic

0.034

 

1.11

 

0.039

 

1.27

 

0.034

 

1.11

 

0.026

 

0.84

 

Earnings per ADS (2)

0.171

 

5.55

 

0.196

 

6.35

 

0.171

 

5.55

 

0.130

 

4.20

 

Weighted average number of shares
outstanding (in millions)

12,414

 

12,349

 

12,414

 

12,414

 

 
 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 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 Six-Month Period Ended
June 30, 2024 June 30, 2024
US$ NT$ % US$ NT$ %
Operating revenues

1,751

 

56,799

 

100.0

%

3,436

 

111,431

 

100.0

%

Operating costs

(1,135

)

(36,816

)

(64.8

%)

(2,299

)

(74,548

)

(66.9

%)

Gross profit

616

 

19,983

 

35.2

%

1,137

 

36,883

 

33.1

%

Operating expenses
- Sales and marketing expenses

(21

)

(678

)

(1.2

%)

(42

)

(1,362

)

(1.2

%)

- General and administrative expenses

(56

)

(1,804

)

(3.1

%)

(108

)

(3,506

)

(3.2

%)

- Research and development expenses

(119

)

(3,853

)

(6.8

%)

(224

)

(7,260

)

(6.5

%)

- Expected credit impairment gain

1

 

24

 

0.0

%

2

 

69

 

0.1

%

Subtotal

(195

)

(6,311

)

(11.1

%)

(372

)

(12,059

)

(10.8

%)

Net other operating income and expenses

7

 

219

 

0.4

%

23

 

732

 

0.6

%

Operating income

428

 

13,891

 

24.5

%

788

 

25,556

 

22.9

%

Net non-operating income and expenses

78

 

2,529

 

4.4

%

111

 

3,585

 

3.3

%

Income from continuing operations before income tax

506

 

16,420

 

28.9

%

899

 

29,141

 

26.2

%

Income tax expense

(81

)

(2,645

)

(4.6

%)

(153

)

(4,936

)

(4.5

%)

Net income

425

 

13,775

 

24.3

%

746

 

24,205

 

21.7

%

Other comprehensive income (loss)

42

 

1,375

 

2.4

%

288

 

9,329

 

8.4

%

Total comprehensive income (loss)

467

 

15,150

 

26.7

%

1,034

 

33,534

 

30.1

%

Net income attributable to:
Shareholders of the parent

425

 

13,786

 

24.3

%

748

 

24,242

 

21.8

%

Non-controlling interests

(0

)

(11

)

(0.0

%)

(2

)

(37

)

(0.1

%)

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

467

 

15,161

 

26.7

%

1,035

 

33,571

 

30.1

%

Non-controlling interests

(0

)

(11

)

(0.0

%)

(1

)

(37

)

(0.0

%)

Earnings per share-basic

0.034

 

1.11

 

0.060

 

1.95

 

Earnings per ADS (2)

0.171

 

5.55

 

0.301

 

9.75

 

Weighted average number of shares outstanding (in millions)

12,414

 

12,414

 

 
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
 
UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Six-Month Period Ended June 30, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
 
US$ NT$
Cash flows from operating activities :
Net income before tax

899

 

29,141

 

Depreciation & Amortization

678

 

22,003

 

Share of profit of associates and joint ventures

(42

)

(1,368

)

Income tax paid

(188

)

(6,084

)

Changes in working capital & others

(4

)

(144

)

Net cash provided by operating activities

1,343

 

43,548

 

 
Cash flows from investing activities :
Decrease in financial assets measured at amortized cost

122

 

3,958

 

Acquisition of property, plant and equipment

(1,497

)

(48,540

)

Acquisition of intangible assets

(44

)

(1,424

)

Others

30

 

960

 

Net cash used in investing activities

(1,389

)

(45,046

)

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

(321

)

(10,411

)

Redemption of bonds

(157

)

(5,100

)

Proceeds from long-term loans

358

 

11,600

 

Repayments of long-term loans

(234

)

(7,580

)

Others

(20

)

(653

)

Net cash used in financing activities

(374

)

(12,144

)

 
Effect of exchange rate changes on cash and cash equivalents

85

 

2,752

 

Net decrease in cash and cash equivalents

(335

)

(10,890

)

 
Cash and cash equivalents at beginning of period

4,087

 

132,554

 

 
Cash and cash equivalents at end of period

3,752

 

121,664

 

 
Reconciliation of the balances of cash and cash equivalents at end of period :
Cash and cash equivalents balances on the consolidated balance sheets

3,738

 

121,234

 

Cash and cash equivalents included in non-current assets held for sale

14

 

430

 

Cash and cash equivalents at end of period

3,752

 

121,664

 

 
 
Note: New Taiwan Dollars have been translated into U.S. Dollars at the June 30, 2024 exchange rate of NT $32.43 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 June 30, 2024, the three-month period ending March 31, 2024, and the equivalent three-month period that ended June 30, 2023. For all 2Q24 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the June 30, 2024 exchange rate of NT$ 32.43 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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