UMC Reports Second Quarter 2017 Results

Net operating revenues remained flat in 2Q17 at NT$37.54 billion, including NT$37.45 billion from the foundry segment. Revenue contribution from 14nm, 28nm and 40nm totaled 46%. Gross profit declined 9.3% to NT$6.74 billion, or 18.0% of revenue. Operating expenses decreased 14.2% to NT$5.33 billion. Net other operating income was NT$259 million, leading to an operating income of NT$1.67 billion. Net non-operating income was NT$448 million. Net income attributable to stockholders of the parent was NT$2.10 billion.

Earnings per ordinary share for the quarter was NT$0.17. Earnings per ADS was US$0.028. The basic weighted average number of outstanding shares in 2Q17 was 12,208,239,978, compared with 12,208,239,978 shares in 1Q17 and 12,334,888,329 shares in 2Q16. The diluted weighted average number of outstanding shares was 13,383,329,206 in 2Q17, compared with 13,418,016,296 shares in 1Q17 and 13,460,073,526 shares in 2Q16. The fully diluted share count on June 30, 2017 was approximately 13,799,408,000. On June 30, 2017, UMC held 400 million treasury shares acquired from the 16th and 17th share buy-back programs.

Detailed Financials Section

COGS & Expenses
(Amount: NT$ million)     2Q17   1Q17   QoQ %
change
  2Q16   YoY %
change
Net Operating Revenues     37,538   37,418   0.3   36,997   1.5
COGS (30,799 ) (29,990 ) 2.7 (28,712 ) 7.3
Depreciation (11,100 ) (11,032 ) 0.6 (11,264 ) (1.5 )
Other Mfg. Costs (19,699 ) (18,958 ) 3.9 (17,448 ) 12.9
Gross Profit 6,739 7,428 (9.3 ) 8,285 (18.7 )
Gross Margin (%) 18.0 % 19.9 % 22.4 %
Operating Expenses (5,330 ) (6,211 ) (14.2 ) (5,859 ) (9.0 )
G&A (1,035 ) (1,050 ) (1.4 ) (1,541 ) (32.8 )

Sales & Marketing

(1,049 ) (1,170 ) (10.3 ) (1,092 ) (3.9 )
R&D (3,246 ) (3,991 ) (18.7 ) (3,226 ) 0.6
Net Other Operating

Income & Expenses

259 154 68.2 23 1,026.1
Operating Income

(Loss)

    1,668     1,371     21.7     2,449     (31.9 )

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