UMC Reports 2005 Fourth Quarter Results: Fourth Quarter Revenue Increased 16.5% QoQ to NT$27.47 Billion, EPA of NT$0.16.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. , R.O.C -- 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 (NYSE NYSE See: New York Stock Exchange : 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 ; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 2303) Fourth Quarter 2005 Overview(1) --Revenue increased 16.5% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen to NT$27.47 billion (US$837 million) --Net income increased 40.6% sequentially to NT$3,044 million (US$93 million) --Wafer shipments increased 9.3% sequentially to 810 thousand 8-inch equivalent wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. --EPS was NT$0.16; EPADS EPADS Earnings Per Average Diluted Share was US$0.024 --Revenue from 90nm technology increased to 15% of total revenue (1) Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with ROC GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , which differ in some material respects from generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . They are unaudited, unconsolidated, and represent comparisons among the three-month period ending December December: see month. 31, 2005, the three-month period ending September September: see month. 30, 2005, and the equivalent three-month period that ended December 31, 2004. For all 4Q05 results, New Taiwan Dollar The New Taiwan dollar (Traditional Chinese: 新臺幣 or 新台幣; Pinyin: Xīntáibì) (currency code TWD and common abbreviation NT$), or simply (NT$) amounts have been converted into U.S. dollars at the exchange rate of NT$32.83 to one U.S. dollar. United Microelectronics Corporation (NYSE: UMC; TSE: 2303) ("UMC" or "the Company"), a leading global semiconductor 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. , today announced its unconsolidated operating results for the fourth quarter of 2005. "We are pleased to report another quarter of sequential One after the other in some consecutive order such as by name or number. growth," said UMC Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dr. Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. Hu. "Increased demand for wireless communication products, PC chipsets A set of chips that provides the interfaces between all of the PC's subsystems. It provides the buses and electronics to allow the CPU, memory and input/output devices to interact. and LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. drivers in the computer segment was the key driver for the growth. Higher shipments of leading-edge technologies were also a primary reason for the 2% sequential increase in blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: 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). . As a result, our Q4 revenue grew 16.5% and gross profit increased 68.3% sequentially." Dr. Hu continued, "Many of you may already know that the UMC Board of Directors elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. me to the position of Chairman at their last meeting following the resignation of former UMC Chairman Bob Tsao Tsao may refer to:
"In order to best leverage Taiwan's unique environment and business culture, UMC will reinvent re·in·vent tr.v. re·in·vent·ed, re·in·vent·ing, re·in·vents 1. To make over completely: "She reinvented Indian cooking to fit a Western kitchen and a Western larder" itself in the spirit of a start-up company start-up company A new business. . The attributes of a start-up company include solid execution, a low profile attitude, a strong focus on customer satisfaction, and the ability to quickly deliver the technologies and services that customers require. We are fully prepared to use the considerable financial strength that we have accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. over the years to fund aggressive research and development programs, expand production capacity, and retain and hire the best people in the industry." "We will focus on our core operations, making a complete effort to maintain and further strengthen our technological leadership, and continue to improve our foundry service model. UMC has an excellent team, and over the last two years we have seen great improvement in many areas including the development of advanced process technologies, the enhancement of production efficiency, the expansion of our customer base, and the development of intellectual property. I am extremely proud of the accomplishments of UMC's world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. team, and you can expect to see a positive impact on our operating results in the near future." Summary of Operating Results
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Operating Results
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(Amount: NT$ million) QoQ % YoY %
4Q05 3Q05 change 4Q04 change
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Revenue 27,468 23,579 16.5 28,229 (2.7)
Gross Profit 4,973 2,954 68.3 6,488 (23.4)
Operating Expenses (4,045) (3,514) 15.1 (3,649) 10.9
Operating Income (Loss) 928 (560) - 2,839 (67.3)
Non-op. Income (Expenses) 2,116 2,725 (22.3) (1,506) -
Net Income 3,044 2,165 40.6 1,333 128.4
EPS (NT$ per share) 0.16 0.12 0.07
(US$ per ADS) 0.024 0.018 0.011
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Revenue increased 16.5% QoQ to NT$27.47 billion, from NT$23.58 billion in 3Q05, and decreased 2.7% YoY, from NT$28.23 billion in 4Q04. Gross profit was NT$4.97 billion, or 18.1% of revenue, compared to NT$2.95 billion, or 12.5% of 3Q05 revenue. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the quarter was NT$928 million, or 3.4% of revenue, an improvement from our operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of NT$560 million in 3Q05. Revenue growth was the key driver for the higher profits and margins during the fourth quarter. Net income in 4Q05 was NT$3.04 billion, an increase of 40.6% compared to NT$2.17 billion in 3Q05. Earnings per ordinary share (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 quarter were NT$0.16. Earnings per ADS (EPADS) were US$0.024. This compares with 3Q05 earnings per ordinary share of NT$0.12 and earnings per ADS of US$0.018. One ADS represents five Taiwan-listed ordinary shares. The basic weighted average number of outstanding shares in 4Q05 was 17,405,308,258, compared to 18,433,685,226 shares in 3Q05 and 18,901,527,061 shares in 4Q04. The 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. weighted average number of outstanding shares was 17,694,089,155 in 4Q05, compared to 18,610,270,285 shares in 3Q05 and 19,152,188,319 shares in 4Q04. The decrease in basic and diluted weighted average outstanding shares in 4Q05 was mainly due to the execution of the Company's 9th treasury share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program in October October: see month. and early November November: see month. . Detailed Financials Section Depreciation and amortization expenses totaled NT$12.73 billion in 4Q05, compared to NT$12.59 billion in 3Q05. Depreciation within COGS These are all the Cogs found in Disney's Toontown Online. Names that are moved forward are leaders of the HQ of that specific Cog type. Bossbots
(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. Total 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. increased by 15.1% to NT$4.05 billion. G&A expenses increased by 19.7% to NT$1.05 billion, largely because of employee bonus payments. R&D expenses increased by 18% to NT$2.38 billion, mainly due to greater expenses associated with 65nm technology development. As a result, the total R&D expense was 8.7% of revenue in 4Q05.
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COGS & Expenses
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QoQ % YoY %
(Amount: NT$ million) 4Q05 3Q05 change 4Q04 change
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Revenue 27,468 23,579 16.5 28,229 (2.7)
COGS (22,495) (20,625) 9.1 (21,741) 3.5
Depreciation (10,969) (10,712) 2.4 (9,363) 17.2
Other Mfg. Costs (11,526) (9,913) 16.3 (12,378) (6.9)
Gross Profit 4,973 2,954 68.3 6,488 (23.4)
Gross Margin (%) 18.1% 12.5% 23.0%
Total Operating Exp. (4,045) (3,514) 15.1 (3,649) 10.9
G&A (1,050) (877) 19.7 (841) 24.9
Sales & Marketing (612) (618) (1.0) (658) (7.0)
R&D (2,383) (2,019) 18.0 (2,150) 10.8
Operating Income(Loss) 928 (560) - 2,839 (67.3)
Operating Margin (%) 3.4% -2.4% 10.1%
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Net non-operating income during 4Q05 was NT$2.12 billion. Total gains on the disposal of investments were NT$1.52 billion, including a gain from the sale of MediaTek MediaTek Inc (Chinese: 聯發科技, usually referred to as MTK) is a fabless semiconductor company located in Taiwan. It began as a supplier of integrated circuits for digital media and storage, especially DVD. shares of NT$1.29 billion. Net investment income was NT$142 million, which included NT$271 million in income from Unimicron, NT$193 million in income from Novatek Originally known as OAO FIK Novafininvest, OAO Novatek (MICEX:B>NVTK RTS:B>NVTK) is Russia's largest independent natural gas producer, and second-largest in Russia overall after the Public/State-owned Gazprom. , and a NT$425 million loss from UMCJ in 4Q05. ---------------------------------------------------------------------- Non-operating Income (Expenses) ====================================================================== (Amount: NT$ million) 4Q05 3Q05 4Q04 ---------------------------------------------------------------------- Net Non-operating Income (Exp.) 2,116 2,725 (1,506) Net Interest Income (Expense) 38 0 (4) Net Investment Income (Loss) 142 111 (1,955) Gain on Disposal of Investment 1,523 2,133 1,571 Exchange Gain (Loss) 40 171 (754) Others 373 310 (364) ---------------------------------------------------------------------- Net cash inflow in·flow n. 1. The act or process of flowing in or into: an inflow of water; an inflow of information. 2. was NT$24.81 billion in 4Q05. The increase in operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. mainly reflects higher profitability during the quarter. The NT$7.35 billion of financing cash inflow included NT$12.48 billion cash inflow from the Euro Convertible Bond (ECB See electronic code book. ) issuance and NT$4.8 billion cash outflow for share repurchases. Over the next 12 months, the company expects to repay NT$10.25 billion in corporate bonds.
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Cash Flow Summary
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For the 3-Month For the 3-Month
Period Ended Period Ended
(Amount: NT$ million) Dec. 31, 2005 Sep. 30, 2005
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Cash Flow from Operations 15,507 11,298
Net Income 3,044 2,165
Depreciation & Amortization 12,731 12,594
Changes in working capital 1,678 (2,533)
Others (1,946) (928)
Cash Flow from Investing 1,939 (2,444)
Capital Expenditures (7,207) (3,568)
Others 9,146 1,124
Cash Flow from Financing 7,354 (5,113)
Effect of Exchange Rate 5 (14)
Net Cash Flow 24,805 3,727
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Cash and cash equivalents increased NT$24.81 billion to NT$96.60 billion, which was mainly due to higher cash inflows from operations and financing. The increase in inventory primarily came from the increase of finished goods. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (2) decreased slightly to 43 days, and average inventory turnover increased to 40 days. (2) Days Sales Outstanding = 365/ { (Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the three-month period end *4)/ { (Beginning NR&AR balance, net + Ending NR&AR balance, net)/2 } } Average Inventory Turnover = 365/ { (COGS for the three-month period end *4)/ { (Beginning Inventory balance, net + Ending Inventory balance, net)/2 } } ---------------------------------------------------------------------- Current Assets ====================================================================== (Amount: NT$ billion) 4Q05 3Q05 4Q04 ---------------------------------------------------------------------- Cash & Cash Equivalents 96.60 71.79 83.35 Notes & Accounts Receivable 12.36 13.73 10.70 Days Sales Outstanding 43 45 45 Inventory 9.96 9.38 8.54 Avg. Inventory Turnover 40 39 38 Total Current Assets 128.27 102.51 110.37 ---------------------------------------------------------------------- Total liabilities increased by NT$13.87 billion to NT$67.94 billion in 4Q05. The increase in long-term liabilities Long-Term Liabilities Recorded on the balance sheet, a company's liabilities for leases, bond repayments and other items due in more than one year. Notes: A company's long-term liabilities are accounted for by its debt obligations to other parties which last longer than is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the new ECB issuance in 4Q05. UMC's Debt to Equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. was 26% at the end of 4Q05. ---------------------------------------------------------------------- Liabilities ====================================================================== (Amount: NT$ billion) 4Q05 3Q05 4Q04 ---------------------------------------------------------------------- Total Current Liabilities 28.30 21.81 23.28 Accounts Payable 4.10 4.51 4.44 Short-term Credit / Bonds 10.25 6.08 4.72 Others 13.95 11.22 14.12 Long-term Liabilities 36.01 28.50 33.61 Total Liabilities 67.94 54.07 63.18 Debt to Equity 26% 21% 24% ---------------------------------------------------------------------- Analysis of Revenue(3) The percentage of revenue contributed from North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. grew to 49% in 4Q05. The percentage of revenue contributed from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and Japan
remained unchanged.
Revenue Breakdown by Region ---------------------------------------------------------------------- Region 4Q05 3Q05 2Q05 1Q05 4Q04 ====================================================================== North America 49% 48% 44% 49% 49% ---------------------------------------------------------------------- Asia Pacific 42% 43% 45% 38% 32% ---------------------------------------------------------------------- Europe 7% 7% 9% 11% 16% ---------------------------------------------------------------------- Japan 2% 2% 2% 2% 3% ---------------------------------------------------------------------- The percentage of revenue from advanced 90nm business increased to 15% from 14% in 3Q05, mainly due to stronger demand for 90nm communication chips. The percentage of revenue from 0.13um technology increased to 23% due to stronger demand for consumer and communication chips. The percentage of revenue from 0.18um and below increased to 67% in 4Q05 from 61% in 3Q05. Revenue Breakdown by Geometry ---------------------------------------------------------------------- Geometry 4Q05 3Q05 2Q05 1Q05 4Q04 ====================================================================== 90nm 15% 14% 9% 7% 8% ---------------------------------------------------------------------- 0.13um 23% 18% 14% 20% 19% ---------------------------------------------------------------------- 0.15um 10% 10% 10% 12% 16% ---------------------------------------------------------------------- 0.15um less than x less than=0.18um 19% 19% 20% 20% 19% ---------------------------------------------------------------------- 0.18um less than x less than=0.25um 6% 8% 11% 10% 12% ---------------------------------------------------------------------- 0.25um less than x less than=0.35um 19% 22% 25% 20% 17% ---------------------------------------------------------------------- 0.5um and above 8% 9% 11% 11% 9% ---------------------------------------------------------------------- The percentage of revenue from IDM (1) See identity management. (2) (Integrated Device Manufacturer) A company that performs every step of the chip-making process, including design, manufacture, test and packaging. Examples of IDMs are Intel, AMD, Motorola, IBM, TI and Lucent. customers increased to 33% in 4Q05 from 29% in 3Q05. Revenue Breakdown by Customer Type ---------------------------------------------------------------------- Customer Type 4Q05 3Q05 2Q05 1Q05 4Q04 ====================================================================== Fabless 67% 71% 76% 69% 66% ---------------------------------------------------------------------- IDM 33% 29% 24% 31% 34% ---------------------------------------------------------------------- System 0% 0% 0% 0% 0% ---------------------------------------------------------------------- Revenue from the communication segment increased to 54% of total revenue in 4Q05 because of strong demand for handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. components. The percentage of revenue from the computer segment increased slightly to 20% due to strong demand for PC components. Revenue Breakdown by Application (1) ---------------------------------------------------------------------- Application 4Q05 3Q05 2Q05 1Q05 4Q04 ====================================================================== Computer 20% 19% 20% 24% 24% ---------------------------------------------------------------------- Communication 54% 47% 44% 45% 49% ---------------------------------------------------------------------- Consumer 24% 32% 32% 26% 23% ---------------------------------------------------------------------- Memory 1% 1% 2% 2% 1% ---------------------------------------------------------------------- Others 1% 1% 2% 3% 3% ---------------------------------------------------------------------- (1) Computer consists of ICs such as HDD controllers, DVD-ROM/CD-ROM drives ICs, LCD drivers, graphic processors, and PDAs. Communication consists of xDSL, DSP, WLAN, LAN controllers, handset components, caller ID devices, etc. Consumer consists of ICs used for DVD players, game consoles, digital cameras, smart cards, toys, etc. Memory consists of DRAM, SRAM, Flash, EPROM, ROM, and EEPROM. (3) Revenue in this section represents net wafer sales. All revenue 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. tables exclude JV's and subsidiaries. Blended Average Selling Price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. Trend The blended average selling price (ASP) rose 2% in US dollar terms during 4Q05 due to increasing demand for advanced process technologies. This was in line with the ASP guidance previously provided by UMC. (To view ASP trend, visit http://www.umc.com/english/investors/4Q05_ASP_trend.asp) Shipment and Utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be Rate(4) Wafer shipments rose 9.3% sequentially to 810 thousand, an increase from 741 thousand 8-inch equivalent wafers in the previous quarter. While ASP was up by 2%, the weaker-than-expected NT$ also contributed to the growth of revenues in local currency. Overall utilization rate for the quarter improved to 86%, compared to 78% for the pervious per·vi·ous adj. Open to passage or entrance; permeable. quarter.
Wafer Shipments
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4Q05 3Q05 2Q05 1Q05 4Q04
======================================================================
Wafer Shipments
('000 8-inch eq.) 810 741 630 564 657
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Quarterly Capacity Utilization Rate
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4Q05 3Q05 2Q05 1Q05 4Q04
======================================================================
Utilization Rate 86% 78% 65% 63%(1) 72%
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Total Capacity
('000 8-inch eq.) 973 970 962 950 918
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(1) 1Q05 utilization rate was calculated based on 1Q05 available
capacity, which is about 94% of total capacity after factoring in a 6%
productivity loss due to annual scheduled maintenance.
(4) Quarterly utilization rate = Quarterly wafer out / Estimated quarterly capacity Capacity(5) Capacity for 4Q05 was 973 thousand 8-inch equivalent wafers. The incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. increase in capacity was due to the expansion at Fab 12A. On the other hand, capacities at Fab 8D and Fab 8F decreased due to a change in production mix. The estimated installed capacity in 1Q06 is 982 thousand 8-inch equivalent wafers. However, estimated available capacity in 1Q06 is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% to 8% lower than estimated installed capacity due to scheduled annual maintenance.
Annual Capacity in
thousands of 8-inch wafer equivalents
---------------------------------------------------------------------
FAB Geometry
(um) 2005 2004 2003 2002
=====================================================================
Fab 6A 6" 3.5 - 0.45 344 346 352 349
---------------------------------------------------------------------
Fab 8AB 8" 0.5 - 0.25 816 796 801 853
---------------------------------------------------------------------
Fab 8C 8" 0.35 - 0.15 401 386 325 355
---------------------------------------------------------------------
Fab 8D 8" 0.18 - 0.09 274 256 238 214
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Fab 8E 8" 0.5 - 0.18 404 401 354 376
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Fab 8F 8" 0.25 - 0.15 378 349 342 312
---------------------------------------------------------------------
Fab 8S (1) 8" 0.25 - 0.15 278 131 0 0
---------------------------------------------------------------------
Fab 12A 12" 0.18 - 0.065 597 392 234 119
---------------------------------------------------------------------
Fab 12i (2) 12" 0.13 - 0.065 363 101 0 0
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Total (3) 3,855 3,158 2,646 2,578
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YoY Growth Rate 22% 19% 3% -11%
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Quarterly Capacity in
thousands of 8-inch wafer equivalents
---------------------------------------
FAB 1Q06E 4Q05 3Q05 2Q05
=======================================
Fab 6A 82 86 86 86
---------------------------------------
Fab 8AB 204 204 204 204
---------------------------------------
Fab 8C 100 100 100 100
---------------------------------------
Fab 8D 63 66 68 68
---------------------------------------
Fab 8E 101 101 101 101
---------------------------------------
Fab 8F 93 93 95 95
---------------------------------------
Fab 8S 69 69 69 69
---------------------------------------
Fab 12A 175 160 153 145
---------------------------------------
Fab 12i 95 94 94 94
=======================================
Total (3) 982 973 970 962
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(1) Former fab of SiSMC, which was acquired from Silicon Integrated
Systems in July 2004.
(2) Former fab of UMCi, a UMC wholly owned subsidiary in December 2004
that was merged into UMC in April 2005
(3) 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.
(5) 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. CAPEX The total capital expenditure for 2005 was US$0.7 billion, 96% of which accounted for capacity expansion and R&D at our 300mm facilities. The capital expenditure budget for 2006 is expected to be US$1 billion. 98% of the spending is likely to be for expansion and R&D at our 300mm facilities.
UMC Capital Expenditure by Year
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(US$ billion) 2005 2004 2003 2002 2001 2000
======================================================================
CAPEX $0.7(1) $1.53 $0.37 $0.8 $1.1 $2.8
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2005 CAPEX
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8" fab 12" fab 12" R&D Total
======================================================================
UMC 4% 83% 13% US$0.7 billion(1)
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UMCJ 100% - - US$22 million
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2006 CAPEX Plan
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8" fab 12" fab 12" R&D Total
======================================================================
UMC 2% 83% 15% US$1 billion
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(1) 2005 CAPEX contained UMC 2005 full year CAPEX and UMCi CAPEX
during 1Q05.
Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. Investments(6)
Consolidated Long-term Investments as of December 31, 2005
-------------------------------------------------------
As of End of 4Q05 As of End of 3Q05
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(Amount: NT$ Book Fair Book Fair
million) value % value % value % value %
======================================================================
Foundry
Industry 10,745 28 11,988 16 11,470 30 12,795 18
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Strategic
Semiconductor
Investments 12,274 33 44,198 57 12,524 32 38,645 56
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Other
Investments 14,795 39 20,790 27 14,678 38 18,267 26
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Total 37,814 100 76,976 100 38,672 100 69,707 100
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As of December 31, 2005, the total book value of long-term investments was NT$37.81 billion, and the estimated fair value of long-term investments was NT$76.98 billion. The decrease in book value of foundry industry investments was mainly due to the investment loss of UMCJ. The increase in fair value of strategic semiconductor investments and other investments was due to an increase in the share prices of several investments. Due to the adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No.34, UMC will mark long-term investments to market value beginning Jan 1, 2006. This section, therefore, will be discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: when we report 1Q06 results. (6) The long-term investment information disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). is UMC Group 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: data, which includes UMC, Hsun Chieh Investment Corp., Fortune Venture Capital Corp., TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. Capital Corp., UMC Capital Corp., and Unitruth Investment Corp.. For publicly quoted investments, fair value is calculated by multiplying mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. the average daily closing price of the last month of the accounting period (December of 2005) with the number of shares owned by the UMC Group as of December 31, 2005. Otherwise, book value or underlying equity net value of investments is taken as recorded on the balance sheet at the end of the accounting period (December 31, 2005) and is used as the fair value. Brief Summary of Full Year 2005 Results --Revenue decreased 22.6% YoY to NT$90.78 billion, from NT$117.31 billion in 2004 --Gross profit decreased 68.7% YoY to NT$11.20 billion, from NT$35.82 billion in 2004 --Net income decreased 77.9% YoY to NT$7.03 billion, from NT$31.84 billion in 2004 --EPS was NT$0.38; EPADS was US$0.058. This compares with EPS of NT$1.70 or EPADS of US$0.259 for 2004 --Revenue from 90nm increased significantly and accounted for 11% of total wafer sales in 2005, compared to 3% in 2004. Revenue from 0.18um and below accounted for 60% of total revenue, up from 55% in 2004
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Operating Results
======================================================================
YoY %
(Amount: NT$ million) 2005 2004 change
----------------------------------------------------------------------
Revenue 90,776 117,312 (22.6)
Gross Profit 11,196 35,821 (68.7)
Operating Expenses (13,864) (11,366) 22.0
Operating Income (Loss) (2,668) 24,455 -
Non-op. Income 9,696 7,422 30.6
Net Income 7,027 31,843 (77.9)
EPS (NT$ per share) 0.38 1.70
(US$ per ADS) 0.058 0.259
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Annual Sales Breakdown in Revenue
------------------------------- ----------------------------------
Region 2005 2004 Technology 2005 2004
=============================== ==================================
North America 48% 45% 90nm 11% 3%
------------------------------- ----------------------------------
Asia Pacific 42% 34% 0.13um 19% 15%
------------------------------- ----------------------------------
Europe 8% 17% 0.15um 11% 13%
------------------------------- ----------------------------------
Japan 2% 4% 0.15um less than
------------------------------- x less than=0.18um 19% 24%
----------------------------------
0.18um less than
x less than=0.25um 9% 16%
----------------------------------
0.25um less than
x less than=0.35um 21% 19%
------------------------------- ----------------------------------
Application 2005 2004 0.5um and above 10% 10%
=============================== ----------------------------------
Computer 21% 22%
------------------------------- ----------------------------------
Communication 48% 45% Customer Type 2005 2004
------------------------------- ==================================
Consumer 28% 29% Fabless 70% 69%
------------------------------- ----------------------------------
Memory 1% 2% IDM 30% 31%
------------------------------- ----------------------------------
Others 2% 2% System 0% 0%
------------------------------- ----------------------------------
Recent Developments / Announcements
Jan. 16, 2006 Europractice and UMC Offer 90nm Multi-Project Wafer
Prototyping and Production Service
Jan. 09, 2006 UMC Board Approves Resignation of UMC Chairman Bob
Tsao; CEO Jackson Hu Elected to Position as Chairman
Dec. 07, 2005 UMC Develops Ultimate Spacer Process to Enhance MOSFET
Device Performance for 65nm and Beyond
Dec. 06, 2005 XILINX AND UMC EXTEND LONG TIME MANUFACTURING
RELATIONSHIP TO 65NM & BELOW
Nov. 21, 2005 SYNOPSYS AND UMC PARTNER ON LOW POWER 90NM REFERENCE
DESIGN FLOW TO DELIVER FASTER TIME TO SOC SUCCESS
Nov. 09, 2005 UMC Brings Comprehensive Reference Design Flow to 90nm
SoC Designers
Oct. 26, 2005 UMC 3Q 2005 Financial Results
Please visit UMC's website
http://www.umc.com/english/news/index.asp
for further details regarding the above announcements.
First Quarter of 2006 Outlook & Guidance Quarter-over-quarter Guidance: --Wafer shipments: to decrease by 7% to 8% points --Wafer ASP in US$: to decrease by 1% to 2% points --NT$ appreciation to impact revenue by 5% points --Capacity utilization rate: approximately 75% --Profitability: approximately breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations at the operating level --Percentage of 0.18um & below revenues: to be 65% of the revenue while 90nm is expected to be in the mid-teen % --The consumer segment is expected to be the strongest followed by computer segment and communication segment --2006 CAPEX budget: US$1 billion
Conference Call / Webcast Announcement
Tuesday, February 14, 2006
Time: 9:00 PM (Taipei) / 8:00 AM (New York) / 1:00 PM (London)
Dial-in numbers and Access Codes:
Asia/Europe: +1-617-614-4910
North America: 800-591-6944
Access Code: UMCCall
A live webcast and replay of the 4Q05 results announcement will be
available at www.umc.com under the
"Investor Relations \ Investor Events" section.
About UMC UMC (NYSE: UMC, TSE: 2303) is a leading global semiconductor foundry that manufactures advanced process ICs for applications spanning every major sector of the semiconductor industry. UMC delivers cutting-edge foundry technologies that enable sophisticated system-on-chip See SoC. (SoC) designs, including volume production 90nm, industry-leading 65nm, and mixed signal/RFCMOS. UMC's 10 wafer manufacturing facilities include two advanced 300mm fabs; Fab 12A in 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 and Singapore-based Fab 12i are both in volume production for a variety of customer products. The company employs approximately 12,000 people worldwide and has offices in Taiwan, Japan, Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). , Europe, and the United States. UMC can be found 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. Statements Except for statements in respect of historical matters, the statements in this release contain "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 U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. 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 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. 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, among other things: our dependence upon the frequent introduction of new services and technologies based on the latest developments in our industry; the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; the risks associated with international global business activities; our dependence upon key personnel; general economic and political conditions, including those related to the semiconductor, communications, consumer electronics and computer industries; possible disruptions in commercial activities caused by natural and human-induced events and disasters, including terrorist activities, armed conflicts and highly contagious diseases contagious diseases: see communicable diseases. ; reduced end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. purchases relative to expectations and orders; fluctuations in foreign currency exchange rates; and those risks identified 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 UMC's amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Annual Report on Form 20-F/A for the year ended December 31, 2004 filed with the U.S. Securities and Exchange Commission on February February: see month. 13, 2006. The financial statements included in this release are unaudited and unconsolidated, and prepared and published in accordance with ROC GAAP. Investors are cautioned that there are many differences between ROC GAAP and U.S. GAAP, as described in note 33 to the financial statements on Form 20-F/A for the year ended December 31, 2004 filed with the U.S. Securities and Exchange Commission on February 13, 2006. The forward-looking statements in this release reflect the current belief of UMC as of the date of this release and UMC undertakes no obligation to update these forward-looking statements 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 after such date or to reflect the occurrence of unanticipated events. - FINANCIAL TABLES TO FOLLOW -
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Balance Sheet
As of December 31, 2005
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
December 31, 2005
-----------------------
US$ NT$ %
------- -------- ------
ASSETS
Current Assets
Cash and Cash Equivalents 2,942 96,597 29.6%
Marketable Securities 149 4,883 1.5%
Notes & Accounts Receivable 377 12,360 3.8%
Inventories 303 9,963 3.0%
Other Current Assets 136 4,465 1.4%
------- -------- ------
Total Current Assets 3,907 128,268 39.3%
------- -------- ------
Non-Current Assets
Funds and Long-term Investments 1,069 35,090 10.8%
Other Financial Assets 30 978 0.3%
Property, Plant and Equipment 4,563 149,809 45.9%
Intangible Assets 125 4,105 1.3%
Other Assets 243 7,971 2.4%
------- -------- ------
Total Non-Current Assets 6,030 197,953 60.7%
------- -------- ------
TOTAL ASSETS 9,937 326,221 100.0%
======= ======== ======
LIABILITIES
Current Liabilities
Payables 522 17,131 5.3%
Current Portion of Long-term Interest-
Bearing Liabilities 312 10,250 3.1%
Other Current Liabilities 28 923 0.3%
------- -------- ------
Total Current Liabilities 862 28,304 8.7%
------- -------- ------
Non-Current Liabilities
Bonds Payable 1,097 36,009 11.0%
Other Liabilities 110 3,625 1.1%
------- -------- ------
Total Non-Current Liabilities 1,207 39,634 12.1%
------- -------- ------
TOTAL LIABILITIES 2,069 67,938 20.8%
------- -------- ------
STOCKHOLDERS' EQUITY
Capital Stock 6,031 197,984 60.7%
Capital Reserve 2,601 85,381 26.2%
Retained Earnings, Unrealized Long-term
Investment Loss and Translation Adjustment 512 16,804 5.1%
Treasury Stock (1,276) (41,886) -12.8%
------- -------- ------
TOTAL STOCKHOLDERS' EQUITY 7,868 258,283 79.2%
------- -------- ------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 9,937 326,221 100.0%
======= ======== ======
----------------------------------------------------------------------
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2005 exchange rate of NT$32.83 per U.S. Dollar.
All figures are in ROC GAAP.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
Year over Year Comparison
---------------------------------------
Three-Month Period Ended
December 31, December 31,
2005 2004 %
--------------- --------------- -------
US$ NT$ US$ NT$ Chg.
------ -------- ------ -------- -------
Net Sales 837 27,468 860 28,229 -2.7%
Cost of Goods Sold (685) (22,495) (662) (21,741) 3.5%
------ -------- ------ -------- -------
Net Gross Profit 152 4,973 198 6,488 -23.4%
------ -------- ------ -------- -------
18.1% 18.1% 23.0% 23.0%
Operating Expenses
- Sales & Marketing 19 612 20 658 -7.0%
- General & Administrative 32 1,050 26 841 24.9%
- Research & Development 72 2,383 65 2,150 10.8%
------ -------- ------ -------- -------
123 4,045 111 3,649 10.9%
------ -------- ------ -------- -------
Operating Income (Loss) 29 928 87 2,839 -67.3%
3.4% 3.4% 10.1% 10.1%
Net Non-Operating Income
(Expenses) 64 2,116 (46) (1,506) -240.5%
------ -------- ------ -------- -------
Income (Loss) before Income
Tax 93 3,044 41 1,333 128.4%
11.1% 11.1% 4.7% 4.7%
Income Tax (Expense) Benefit (0) (0) (0) (0) 51.7%
------ -------- ------ -------- -------
Net Income (Loss) 93 3,044 41 1,333 128.4%
====== ======== ====== ======== -------
11.1% 11.1% 4.7% 4.7%
Earnings per Share 0.005 0.16 0.002 0.07
------ -------- ------ --------
Earnings per ADS (2) 0.024 0.80 0.011 0.35
------ -------- ------ --------
Weighted Average Number of
Shares Outstanding
(in millions) 17,405 18,966
-------- --------
Quarter over Quarter Comparison
---------------------------------------
Three-Month Period Ended
December 31, September 30,
2005 2005 %
--------------- --------------- -------
US$ NT$ US$ NT$ Chg.
------ -------- ------ -------- -------
Net Sales 837 27,468 718 23,579 16.5%
Cost of Goods Sold (685) (22,495) (628) (20,625) 9.1%
------ -------- ------ -------- -------
Net Gross Profit 152 4,973 90 2,954 68.3%
------ -------- ------ -------- -------
18.1% 18.1% 12.5% 12.5%
Operating Expenses
- Sales & Marketing 19 612 19 618 -1.0%
- General & Administrative 32 1,050 27 877 19.7%
- Research & Development 72 2,383 61 2,019 18.0%
------ -------- ------ -------- -------
123 4,045 107 3,514 15.1%
------ -------- ------ -------- -------
Operating Income (Loss) 29 928 (17) (560) -265.7%
3.4% 3.4% -2.4% -2.4%
Net Non-Operating Income
(Expenses) 64 2,116 83 2,725 -22.3%
------ -------- ------ -------- -------
Income (Loss) before Income
Tax 93 3,044 66 2,165 40.6%
11.1% 11.1% 9.2% 9.2%
Income Tax (Expense) Benefit (0) (0) (0) (0) -33.6%
------ -------- ------ -------- -------
Net Income (Loss) 93 3,044 66 2,165 40.6%
====== ======== ====== ======== -------
11.1% 11.1% 9.2% 9.2%
Earnings per Share 0.005 0.16 0.004 0.12
------ -------- ------ --------
Earnings per ADS (2) 0.024 0.80 0.018 0.60
------ -------- ------ --------
Weighted Average Number of
Shares Outstanding
(in millions) 17,405 18,434
-------- --------
----------------------------------------------------------------------
Note:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2005 exchange rate of NT$32.83 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Income Statement
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
For the Three-Month
Period Ended For the year Ended
December 31, 2005 December 31, 2005
---------------------- -----------------------
US$ NT$ % US$ NT$ %
------ -------- ------ ------- -------- ------
Net Sales 837 27,468 100.0% 2,765 90,776 100.0%
Cost of Goods Sold (685) (22,495) -81.9% (2,424) (79,580) -87.7%
------ -------- ------ ------- -------- ------
Net Gross Profit 152 4,973 18.1% 341 11,196 12.3%
------ -------- ------ ------- -------- ------
Operating Expenses
- Sales & Marketing 19 612 2.2% 69 2,281 2.5%
- General &
Administrative 32 1,050 3.8% 98 3,225 3.6%
- Research &
Development 72 2,383 8.7% 255 8,358 9.2%
------ -------- ------ ------- -------- ------
123 4,045 14.7% 422 13,864 15.3%
------ -------- ------ ------- -------- ------
Operating Income (Loss) 29 928 3.4% (81) (2,668) -3.0%
Net Non-Operating
Income (Expenses) 64 2,116 7.7% 295 9,696 10.7%
------ -------- ------ ------- -------- ------
Income (Loss) before
Income Tax 93 3,044 11.1% 214 7,028 7.7%
Income Tax (Expense)
Benefit (0) (0) 0.0% (0) (1) 0.0%
------ -------- ------ ------- -------- ------
Net Income (Loss) 93 3,044 11.1% 214 7,027 7.7%
====== ======== ====== ======= ======== ======
Earnings per Share 0.005 0.16 0.012 0.38
------ -------- ------- --------
Earnings per ADS (2) 0.024 0.80 0.058 1.90
------ -------- ------- --------
Weighted Average Number
of Shares
Outstanding (in
millions) 17,405 18,411
-------- --------
---------------------------------------------------------------------
Note:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2005 exchange rate of NT$ 32.83 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADS equals 5 common shares.
UNITED MICROELECTRONICS CORPORATION
Unaudited Condensed Unconsolidated Statement of Cash Flows
For The Twelve Months Ended December 31, 2005
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
US$ NT$
------- --------
Cash flows from operating activities :
Net Income 214 7,027
Depreciation & Amortization 1,478 48,517
Reversal on allowance for doubtful accounts (5) (151)
Long-term investment loss accounted for under the
equity method 82 2,677
Cash dividends received under the equity method 22 725
Impairment loss 5 160
Recovery on decline in market value and
absolesence of inventories (28) (920)
Fixed assets transferred to loss 0 9
Gain on disposal of investments (308) (10,096)
Loss on disposal of property, plant and equipment 1 19
Exchange loss on long-term liabilities 2 66
Amortization of deferred grant income (3) (90)
Change in working capital & others (59) (1,931)
------- --------
Net cash provided from operating activities 1,401 46,012
Cash flows from investing activities :
Cash proceeds from merger 29 944
Decrease in other financial assets, net 22 706
Increase in short-term investments (54) (1,765)
Increase in long-term investments (215) (7,056)
Proceeds from disposal of long-term investments 340 11,153
Proceeds from liquid of long-term investments 406 13,347
Acquisition of property, plant and equipment (566) (18,587)
Proceeds from disposal of property, plant and
equipment 4 129
Increase in other assets - others, net (5) (161)
Increase in deferred charges (41) (1,356)
Increase in other receivables (157) (5,138)
------- --------
Net cash used in investing activities (237) (7,784)
Cash flows from financing activities :
Decrease in short-term loans, net (58) (1,904)
Repayment of long-term loans (492) (16,154)
Proceeds from bonds issued 380 12,479
Redemption of bonds (86) (2,820)
Increase in deposits-in (0) (1)
Cash dividend (53) (1,759)
Treasury stock (499) (16,379)
Employee stock option 50 1,642
Remuneration to directors and supervisors (1) (27)
------- --------
Net cash used in financing activities (759) (24,923)
Effect of exchange rate on cash and cash equivalents (2) (55)
------- --------
Net Increase in cash and cash equivalents 403 13,250
------- --------
Cash and cash equivalents at beginning of period 2,539 83,347
Cash and cash equivalents at end of period 2,942 96,597
======= ========
----------------------------------------------------------------------
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
December 31, 2005 exchange rate of NT$ 32.83 per U.S. Dollar.
All figures are in ROC GAAP.
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