[2] UMC Corrects and Replaces Previous Earnings Announcement.Business Editors Correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...By UMC UMC United Methodist Church UMC United Microelectronics Corporation UMC University Medical Center UMC United Microelectronics Corp (Republic of China) UMC University of Missouri-Columbia NOTE: The following news release replaces and corrects the previous UMC news announcement, which ran earlier today on Business Wire, BW2009 and 2010 (UMC)(UMC) --(BUSINESS WIRE) UMC 3Q00 Net Income Jumps YoY 488% to NT$14.55 Billion Record Revenue and Net Income Due to Industry Leading Percentage of 0.18-micron Technology and Higher Wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. Shipments 3Q00 Highlights(1): -- Net Sales up 106.5% to NT$29.48 billion (US$941.22 million) -- Net Income up 488% to NT$14.55 billion (US$464.74 million) -- EPS to NT$1.31 or EPADS US$0.21 -- Company raises US$1.3 billion with largest to-date non-Japan IPO on NYSE TAIPEI Taipei (tībā`), city (1995 est. pop. 2,632,863), N Taiwan, capital of Taiwan and provisional capital of the Republic of China. Taiwan's largest city, it is the administrative, cultural, and industrial center of the island. , Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , R.O.C.--(BUSINESS WIRE)--Oct. 23, 2000 United Microelectronics Corporation UMC (United Microelectronics Corporation) was founded as Taiwan's first semiconductor company in 1980 as a spin-off of the government-sponsored institute ITRI. Today, UMC is best known for its merchant foundry business, manufacturing integrated circuits wafers for fabless (TAIEX TAIEX Technical Assistance Information Exchange Office (EU) TAIEX Technical Assistance Information Service : 2303, NYSE NYSE See: New York Stock Exchange : UMC), (UMC) today reported record revenues and net income for its third quarter ended September September: see month. 30, 2000, with the company's performance continuing to strengthen following the successful consolidation of UMC and its joint venture companies in January January: see month. 2000. "In the third quarter, UMC continued to lead the foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. industry in terms of net margin, as well as in the percentage of revenue contributed by wafer shipments for advanced 0.18/0.25-micron technology. These excellent results reflect UMC's continued focus on leading-edge process development, and our ability to efficiently deliver this technology to a diverse group of IC market segment leaders around the world, " said UMC Chairman John Hsuan. "We continue to see good revenue and margin growth despite the reported softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in certain sectors of the electronics industry. Our diversified diversified (di·verˑ·s customer base and position as the leading provider of advanced foundry technology have resulted in the flexibility to quickly adjust capacity allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as , allowing us to enjoy strong demand for our foundry services for a wide range of high-growth, high margin applications." Unless otherwise noted, the company's historical financial data for fiscal 1999 discussed in this announcement are on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, reflecting the merger, which was completed on January 3, 2000, of Utek Semiconductor Corporation (UTEK), United Semiconductor Corporation (USC An abbreviation for U.S. Code. ), United Integrated Circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for Corporation (UICC UICC Union International Contre le Cancer International Union against Cancer ) and United Silicon Incorporated (USIC USIC University Science Instrumentation Centre USIC United States Intelligence Community USIC United States interdiction coordinator (US DoD) ), into UMC, as if it had occurred on January 1, 1999. Additionally, all financial information used in the discussion and analysis of the company's financial conditions and results of operations for each quarter are prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with ROC GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . The company will provide a reconciliation of its financial statements on a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: basis with US GAAP in its year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results. Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight UMC posted net sales for 3Q00 of NT$29.48 billion, representing a 106.6% percent improvement, on a pro forma basis, from NT$14.27 billion for 3Q99. Quarter-over-quarter, net sales increased by 20.6 percent, from NT$24.44 billion in 2Q00. The improvement in net sales for the period mainly reflected higher unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. and an increase in average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ). The Company believes that the improvement in ASP resulted mainly from a shift to more advanced technology as well as the elimination or expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of some pricing discounts provided in the past to build market share. For the third quarter, unit output of 8-inch equivalent wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. were 628 thousand pcs., not including shipments at Nippon Nippon (nĭp`ŏn, nĭpŏn`), name for Japan, derived from Dai Nippon, meaning Great Japan. The expression comes from the Chinese ideograph for the place where the sun comes from, or Land of the Rising Sun. Foundry Inc. (NFI NFI Nasjonal Forskningsinformasjon (Norwegian Research Database) NFI National Fisheries Institute NFI National Fatherhood Initiative NFI National Forest Inventory (Australia) NFI Nutrition Foundation of India ), a dedicated foundry company in Japan owned by UMC. Tables I through V offer a breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. of UMC sales for the third quarter by region, customer type, technology, application, and device type. Sales at NFI are not included in the calculations because quarterly results are not audited on a consolidated basis.
Table I Breakdown by Geography
Region 3Q99 4Q99 1Q00 2Q00 3Q00
North America 46% 42% 45% 45% 43%
Asia Pacific 47% 44% 34% 32% 33%
Europe 6% 13% 19% 21% 22%
Japan 1% 1% 2% 2% 2%
Table II Breakdown by Customer Type
Customer Type 3Q99 4Q99 1Q00 2Q00 3Q00
Fabless 81% 79% 71% 69% 70%
IDM 15% 18% 24% 25% 24%
System 4% 3% 5% 6% 6%
Table III Breakdown by Technology
Technology 3Q99 4Q99 1Q00 2Q00 3Q00
x <0.18um 3% 5% 9% 12% 12%
-
0.18um < x < 0.25um 20% 23% 26% 29% 36%
-
------------------- ------ ------ ------ ------ ------
0.25um < x < 0.35um 55% 51% 46% 42% 35%
-
------------------- ------ ------ ------ ------ -------
x > 0.5um 22% 21% 19% 17% 17%
-
=================== ====== ====== ====== ====== =======
Table IV Breakdown by Application
======================================================================
Application 3Q99 4Q99 1Q00 2Q00 3Q00
------------------- ------ ------ ------ ------ ------
Computer 58% 51% 42% 41% 37%
------------------- ------ ------ ------ ------ ------
Communications 25% 31% 35% 35% 36%
------------------- ------ ------ ------ ------ ------
Consumer 15% 16% 22% 21% 25%
------------------- ------ ------ ------ ------ ------
Others 2% 2% 1% 3% 2%
=================== ====== ====== ====== ====== ======
Table V Breakdown by Device Type
======================================================================
Device Type 3Q99 4Q99 1Q00 2Q00 3Q00
------------------- ------ ------ ------ ------ ------
Logic/Mixed Mode 66% 68% 69% 66% 63%
------------------- ------ ------ ------ ------ ------
DRAM 16% 14% 8% 9% 12%
------------------- ------ ------ ------ ------ ------
SRAM 8% 8% 9% 9% 6%
------------------- ------ ----- ------ ------ ------
Non-Volatile 10% 10% 14% 16% 19%
=================== ====== ====== ====== ====== ======
Gross Profit and Gross Margin Gross profit for the period was NT$15.34 billion, representing an improvement of 218 percent over gross profit, on a pro forma basis, of NT$4.82 billion for the third quarter of last year. Quarter-over-quarter, gross profit improved by 30 percent, or NT$3.50 billion, from NT$11.84 billion in 2Q00. Gross margin continued to improve and reached 52 percent in 3Q00, compared with gross margin of 33.8 percent in 3Q99 and 48.5 percent in 2Q00. The improvement in gross profit and gross margin was mainly due to the more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product mix seen in the quarter as the participation of 0.25-micron and more advanced technology wafers increased to 48 percent, from 41 percent in 2Q00. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the quarter declined to 8.1percent of net sales in 3Q00 at NT$2.38 billion, from 8.6 percent of net sales in 2Q00 at NT$2.11 billion, and from 12.5 percent a year ago at NT$1.78 billion. Quarter-over-quarter, operating expenses increased by 13 percent in 3Q00. R&D expenditures continues to represent a large portion of operating expense because UMC views R&D as strategically important to maintain its status as a leader in advanced technology. R&D expenditures, as a percentage of net sales, amounted to 6.5 percent in 1Q00, 6.1 percent in 2Q00 and 5 percent in 3Q00, respectively. Major R&D efforts UMC is currently focusing on include sub-0.15-micron joint development projects with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Infineon, 300mm initiatives, advanced lithography lithography (lĭthŏg`rəfē), type of planographic or surface printing. It is distinguished from letterpress (relief) printing and from intaglio printing (in which the design is cut or etched into the plate). technologies, and process developments in applications such as RF CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. and SOI (Silicon On Insulator) A chip architecture that increases transistor switching speed by reducing capacitance (build-up of electrical charges in the transistor's elements), and thus reducing the discharge time. The power requirement is also reduced in some designs. devices. Net Non-Operating Income Investment income, a major contributor to non-operating income, in 3Q00 was NT$1.5 billion. Investment income in 3Q00 includes Nippon Foundry Inc., with a consistent and steady contribution of NT$512.7 million, Unipac Optoelectronics See optoelectronic. Corp., with NT$246.6 million, and World Wiser Electronics Inc., with NT$102.3 million. Investment income in 2Q00 was NT$1.8 billion(2). Capacity & Capital Expenditures In 1999, the UMC Group, including Utek, USIC, UICC, USC and NFI managed total capacity of 1.8 million eight-inch wafer equivalents. In 2000, the company expects to expand its capacity to 2.5 million eight-inch wafer equivalents. The ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of UMC's two newest fabs - 8D & 8F - will continue through 2001. With the addition of two more 12-inch facilities in Japan and Taiwan, the company will have available additional capacity built for leading edge processes. UMC expects to make capital expenditures of US$2.8 billion in 2000 and US$2.9 billion in 2001. Tables VI and VII offer a detailed breakdown of UMC's expected CAPEX by year and use. The tables include expected CAPEX for NFI and not for the UMC-Hitachi joint venture Trecenti.
Table VI CAPEX Breakdown by Year
======================================================================
CAPEX PLAN - in billion of US$
------------------------------
1997 1998 1999 2000(e) 2001(e)
---- ---- ---- ------ -------
$0.7 $1.7 $1.9 $2.8 $2.9
======================================================================
Table VII CAPEX Breakdown by Use
======================================================================
2000 (e) Capex - in Million of US$ $2,775
----------------------------------------------------------------------
Fab 8D $565
----------------------------------------------------------------------
Fab8E $645
----------------------------------------------------------------------
Fab8F $495
----------------------------------------------------------------------
Fab12A $379
----------------------------------------------------------------------
Other $691
----------------------------------------------------------------------
2001(E) CAPEX - in Million of US$ $2,923
======================================================================
Table VIII summarizes the estimated annual full capacity of each
fab for the years 1997 through 1999 and the expected capacity at each
fab for 2000.
Table VIII Annual Capacity in thousands of eight-inch wafer
equivalents managed by UMC, including JV's & subsidiaries
======================================================================
FAB Geometry 1997 1998 1999 2000(e)
----------------------------------------------------------------------
Fab 4A(1) 4" >1.0 24 -- -- --
-
----------------------------------------------------------------------
Fab 5A(2) 5" >0.8 -- 160 159 33
-
----------------------------------------------------------------------
Fab 6A 6" >0.5 319 312 318 348
-
----------------------------------------------------------------------
Fab 8A 8" 0.5 - 0.25 267 300 375 491
----------------------------------------------------------------------
Fab 8B 8" 0.35 - 0.18 264 360 405 438
----------------------------------------------------------------------
Fab 8C 8" 0.35 - 0.15 -- 76 213 415
----------------------------------------------------------------------
Fab 8D 8" 0.25 - 0.13 -- -- -- 94
----------------------------------------------------------------------
Fab 8E 8" 0.5 - 0.25 -- 14 180 373
----------------------------------------------------------------------
Fab 8F 8" 0.25 - 0.13 -- -- -- 133
----------------------------------------------------------------------
NFI 8" 0.5 - 0.25 -- -- 159 250
----------------------------------------------------------------------
Fab 12A(3) 12" 0.18 - 0.10 -- -- -- --
----------------------------------------------------------------------
Trecenti(4) 12" 0.18 - 0.10 -- -- -- --
----------------------------------------------------------------------
Total (8" eq.) 874 1222 1809 2575
----------------------------------------------------------------------
Growth Rate -- 40% 48% 42%
======================================================================
(1) Fab 4A was closed in 1998
(2) Fab 5A was sold in 2Q00
(3) Fab 12A is expected to begin operations in 3Q 2001
(4) Trecenti is expected to commence commercial production in
early 2001
Table IX summarizes the estimated quarterly full capacity of each
fab from 1Q1999 through 4Q00(e).
Table IX Capacity Breakdown by Quarter(3)
======================================================================
FAB 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q00 4Q00(e)
Fab 5A 39 40 40 40 33
Fab 6A 76 77 81 84 84 86 89 89
Fab 8A 85 94 95 101 107 119 129 137
Fab 8B 90 105 105 105 106 107 115 113
Fab 8C 46 50 50 67 82 102 114 118
----------------------------------------------------------------------
Fab 8D - - - - - 12 29 53
Fab 8E 23 41 55 61 78 87 95 113
Fab 8F - - - - - 21 43 66
NFI 36 36 38 49 52 57 66 75
Total
(8"eq.) 395 443 464 507 542 590 679 764
======================================================================
Net Income Net income for 3Q00 under ROC GAAP rose by 488 percent to NT$14.55 billion, from NT$2.48 billion for the same period in 1999. Net margin for the quarter improved to 49.4 percent, from 17.4 percent in the year-ago period. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for the third quarter under ROC GAAP were NT$1.31. Earnings per ADS (EPADS EPADS Earnings Per Average Diluted Share ) for the quarter were US$0.21. One ADS represents five Taiwan-listed ordinary shares.(4) Other Developments during the Third Quarter - UMC Lists on NYSE On September 18, 2000, UMC successfully raised US$1.3 billion in an initial public offering of 90 million SEC-registered American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) priced at $14.35 per ADS. This transaction represents the largest dollar value raised by any non-Japan SEC-registered corporate offering to-date. The company's ADSs are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and trade under the symbol UMC. - UMC Retains Investor Relations Investor relations The process by which the corporation communicates with its investors. Specialist Firm in the U.S. Following the listing on the NYSE, UMC has retained the services of Breakstone & Ruth International, a dedicated investor relations consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , to assist the company with communications with its global investor base. - UMC Receives "Golden Wafer" Award From Conexant Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. Remove this template after wikifying. This article has been tagged since September 2007. On July July: see month. 12, UMC and Conexant Systems, Inc. announced a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic agreement that provides Conexant with guaranteed foundry capacity. Conexant, a leading provider of semiconductor products and systems solutions for communications electronics, will receive significant foundry capacity and access to UMC's advanced process technology to support future growth. UMC was also selected to receive Conexant's "Golden Wafer" award for outstanding product manufacturing, quality, flexibility and customer support. - UMC and Virtual Silicon Announce Design Libraries for 0.13-um Technology On Oct. 16, 2000, Virtual Silicon Technology, Inc., and UMC announced a complete set of eSilicon(TM) libraries for the all copper, low-k In semiconductor manufacturing, a Low-κ dielectric is a material with a small dielectric constant relative to silicon dioxide. Although the proper symbol for the dielectric constant is the Greek letter κ (kappa), in conversation such materials are referred to as being dielectric dielectric (dī'ĭlĕk`trĭk), material that does not conduct electricity readily, i.e., an insulator (see insulation). A good dielectric should also have other properties: It must resist breakdown under high voltages; it should not , UMC 0.13-micron Worldlogic(SM) process jointly developed with IBM and Infineon. The library elements include standard cells, multi-drive I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output pads, and a broad selection of memory compilers This page is dedicated to list all current compilers, compiler generators, interpreters, translators, etc. C/C++ compilers Compiler Author Windows UNIX-like Other OSs License type IDE? C++ Builder CodeGear (Borland) Yes No DOS Proprietary Yes C++ Compiler intended to facilitate chip designs for UMC's next generation process technology. Notes to Editors UMC is one of the world's largest independent semiconductor foundries and a leader in advanced process technology. The company posted 1999 global sales of US$1.74 billion and US$2.34 billion for the nine-month period ended September 30, 2000. UMC operates fabs in Taiwan and Japan, and has two 12-inch fabs under construction. A leader in foundry technology, UMC expects capacity to reach 3.4 million wafers per year in 2001, with over half in advanced 0.18 and 0.25-micron technology and is introducing Worldlogic (TM) standard 0.13-micron in the year 2000. The company has marketing and customer support offices located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Japan, and the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. . UMC's shares have been listed on the Taiwan Stock Exchange Taiwan Stock Exchange (TSEC) Established in 1961, the only centralized securities market in Taiwan. since 1985 and the company's ADS trade on the NYSE under the symbol UMC. One ADS represents five ordinary shares. Additional information on the company is available on the web at http://www.umc.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for statements in respect of historical matters, the statements in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities and Exchange Act of 1933 and Section 21E of the U.S. Securities Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance, financial condition or results of operations of UMC to be materially different from any future such matters implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the statements. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance and demand for products, and technological and development risks. The risks, uncertainties and factors include, among others, those stated in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in our Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission on September 15, 2000. The forecasted financial statements included in this release were published on October October: see month. 23, 2000, in accordance with the Republic of China Securities and Futures Commission's requirements. These statements were also prepared and published in accordance with ROC GAAP; investors are cautioned that there are differences between ROC GAAP and US GAAP, as described for example in our Registration Statement filed September 15, 2000, under Regulation F-1. The financial forecasts and foreward Fore´ward` n. 1. The van; the front. My foreward shall be drawn out all in length, Consisting equally of horse and foot. - Shak. looking statements in this release reflect the current belief of UMC as of this date and UMC undertakes no obligation to update this forecast for events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that occur subsequent to this date.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Balance Sheet
As of September 30, 2000
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
September 30, 2000
------------------------------------
US$ NT$ %
---------- ---------- -------
ASSETS
Current Assets
Cash and Cash Equivalents 1,975 61,858 20%
Marketable Securities 8 260 0%
Receivables 542 16,977 6%
Inventories 251 7,866 3%
Other Current Assets 71 2,233 1%
--------- ---------- -----
Total Current Assets 2,848 89,194 29%
--------- ---------- -----
Non-Current Assets
Funds and Long Term Investments 2,322 72,739 24%
Property, Plant and Equipment 4,414 138,251 45%
Other Assets 248 7,771 3%
--------- --------- -----
TOTAL ASSETS 9,833 307,955 100%
========= ========= =====
LIABILITIES
Current Liabilities
Short-term Loans 165 5,174 2%
Payables 681 21,330 7%
Current Portion of Long Term Loans 269 8,410 3%
Other Current Liabilities 59 1,834 1%
--------- --------- -----
Total Current Liabilities 1,173 36,748 12%
--------- --------- -----
Non-Current Liabilities
Bonds Payable 127 3,990 1%
Long-Term Loans 1,012 31,692 10%
Other Liabilities 86 2,682 1%
--------- --------- -----
TOTAL LIABILITIES 2,398 75,112 24%
--------- --------- -----
SHAREHOLDERS' EQUITY
Capital Stock 3,663 114,715 37%
Capital Reserve 2,586 81,004 26%
Retained Earnings, Unrealized
Long Term Investment Loss and
Translation Adjustment 1,185 37,124 12%
--------- --------- -----
TOTAL SHAREHOLDERS' EQUITY 7,434 232,843 76%
--------- --------- -----
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 9,833 307,955 100%
========= ========= =====
----------------------------------------------------------------------
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
exchange rate of NT$ 31.32 per U.S. Dollar. All figures are in ROC
GAAP.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Income Statement
For the Three-Month Period Ended September 30, 2000
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share Data
Year Over Year Comparison
Three-Month Period Ended
September 30, 2000 September 30, 1999 %
US$ NT$ US$ NT$ Chg.
Net Sales 941 29,479 456 14,272 107%
Cost of Goods Sold (451) (14,139) (302) (9,450) 50%
Net Gross Profit 490 15,340 154 4,822 218%
52% 52% 34% 34%
Operating Expenses
- Sales & Marketing 3 106 14 442 -76%
- General &
Administrative 26 801 12 377 112%
- Research &
Development 47 1,480 31 965 53%
76 2,387 57 1,784 34%
Operating Income 414 12,953 97 3,038 326%
44% 44% 21% 21%
Net Non-Operating
Income (Loss) 51 1,609 (14) (441) -465%
Income before
Income Tax 465 14,562 83 2,597 461%
49% 49% 18% 18%
Income Tax (Expense)
Benefit - (6) (4) (120) -95%
Net Income 465 14,556 79 2,477 488%
49% 49% 17% 17%
Quarter Over Quarter Comparison
Three-Month Period Ended
September 30, 2000 June 30, 2000 %
US$ NT$ US$ NT$ Chg.
Net Sales 941 29,479 780 24,441 21%
Cost of Goods Sold (451) (14,139) (402) (12,598) 12%
Net Gross Profit 490 15,340 378 11,843 30%
52% 52% 48% 48%
Operating Expenses
- Sales & Marketing 3 106 3 102 4%
- General &
Administrative 26 801 16 512 56%
- Research &
Development 47 1,480 48 1,493 -1%
76 2,387 67 2,107 13%
Operating Income 414 12,953 311 9,736 33%
44% 44% 40% 40%
Net Non-Operating
Income (Loss) 51 1,609 66 2,062 -22%
Income before
Income Tax 465 14,562 377 11,798 23%
49% 49% 48% 48%
Income Tax (Expense)
Benefit - (6) 9 267 -102%
Net Income 465 14,556 386 12,065 21%
49% 49% 49% 49%
Note:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2000 exchange rate of NT$ 31.32 per U.S. Dollar.
(2) All figures are in ROC GAAP.
(3) 1999's income statement figures are based on 5-in-1 merger on a
pro forma basis.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$)
and U.S. Dollars (US$)(1)
Except Per Share Data
For the Three-Month For the Nine-Month
Period Ended Period Ended
September 30, 2000 September 30, 2000
----------------------------------------------------
US$ NT$ % US$ NT$ %
----------------------------------------------------
Net Sales 941 29,479 100% 2,338 73,233 100%
Cost of Goods Sold (451) (14,139)-48% (1,186) (37,147) -51%
Net Gross Profit 490 15,340 52% 1,152 36,086 49%
----------------------------------------------------
Operating Expenses
- Sales &
Marketing 3 106 0% 17 518 1%
- General &
Administrative 26 801 3% 76 2,375 3%
- Research &
Development 47 1,480 5% 135 4,234 6%
----------------------------------------------------
76 2,387 8% 228 7,127 10%
----------------------------------------------------
Operating Income 414 12,953 44% 924 28,959 40%
Net Non-Operating
Income
(Loss) 51 1,609 5% 156 4,873 7%
----------------------------------------------------
Income before
Income Tax 465 14,562 49% 1,080 33,833 46%
Income Tax
(Expense)
Benefit - (6) 0% 7 234 0%
----------------------------------------------------
Net Income 465 14,556 49% 1,087 34,067 47%
====================================================
Earnings per
share 0.04 1.31 0.10 3.10
----------------------------------------------------
Earnings per
ADS (2) 0.21 6.55 0.49 15.50
----------------------------------------------------
Weighted Average
Number of Shares
Outstanding
(in millions) (3) 11,082 11,003
----------------------------------------------------
Note:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
exchange rate of NT$ 31.32 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADR equals 5 ordinary shares.
(3) Weighted Average Number of Shares have reflected a 20% increase in
stock dividend in June, 2000 and issuance of 90,000,000 shares of
ADR in September, 2000.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Statement of Cash Flows
For Nine Months Ended September 30, 2000
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
--------- ---------
Cash Flows from Operating Activities:
Net Income 1,088 34,067
Depreciation & Amortization 564 17,659
Investment Loss (Income)
recognized by equity method (139) (4,338)
Exchange Loss (Gain) on Long-Term Loans (12) (376)
Income Tax (Expense) Benefit (9) (279)
Gain on Disposal of Investments (11) (350)
Gain on Disposal of Properties (1) (25)
Change in Working Capital & Others (46) (1,447)
--------- ---------
Net Cash Provided from Operating Activities 1,434 44,911
Cash Flows from Investing Activities:
Net Cash in-flow due to Merger 853 26,702
Acquisition of Fixed Assets (1,791) (56,097)
Proceeds from disposal of Properties 40 1,264
Decrease in Short-Term Investments 22 700
Increase in Long-Term Investments (60) (1,870)
Increase in Deferred Assets / Other Assets (146) (4,600)
--------- ---------
Net Cash Used in Investing Activities (1,082) (33,901)
Cash Flows from Financing Activities:
Issuance of ADR 1,230 38,515
Decrease in Short-Term Loans (173) (5,414)
Increase in Long-Term Loans 89 2,801
Proceeds from Bonds
Issued and Redemption of Bonds 126 3,957
Increase in Guarantee Deposits 0 1
Bonus to Directors and Supervisors (3) (96)
--------- ---------
Net Cash Provided from Financing Activities 1,269 39,764
--------- ---------
Net Increase (Decrease)
in Cash and Cash Equivalents 1,621 50,774
--------- ---------
Cash and Cash
Equivalents at Beginning of Period 354 11,084
Cash and Cash
Equivalents at End of Period 1,975 61,858
========= =========
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
September 30, 2000 exchange rate of NT$ 31.32 per U.S. Dollar.
All figures are in ROC GAAP.
-------- (1) New Taiwan dollar The New Taiwan dollar (Traditional Chinese: 新臺幣 or 新台幣; Pinyin: Xīntáibì) (currency code TWD and common abbreviation NT$), or simply amounts have been converted into U.S. dollar amounts at the ratio of NT$31.32 to one U.S. dollar for the third quarter of 2000. (2) Investment income in 2Q00 deviates from the usual trend of steady growth due to recognition of tax-benefits at Nippon Foundry inc. (3) 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 ups and capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. , as described in Risk Factors in the company's Registration Statement as filed with the SEC on September 15, 2000. 4 New Taiwan dollar amounts have been converted into U.S. dollar amounts at the ratio of NT$31.32 to one U.S. dollar for the third quarter of 2000. |
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