UMC Reports 2nd Quarter 2001 Results.Business Editors 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--(BUSINESS WIRE)--July 31, 2001 2Q01 Summary(1): - Net Sales down 38.6 % YoY to NT$15.0 billion (US$ 436 million) - Net Loss of NT$1.9 billion (US$53 million) compared to Net income of NT$12.1 billion in 2Q00 - Loss per Common Share of NT$0.16, or Loss per ADS US$0.02 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 ; TAIEX TAIEX Technical Assistance Information Exchange Office (EU) TAIEX Technical Assistance Information Service : 2303), (UMC) today reported results for the three-month period ended June June: see month. 30, 2001, as the company's financial results weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. amid deteriorating de·te·ri·o·rate v. de·te·ri·o·rat·ed, de·te·ri·o·rat·ing, de·te·ri·o·rates v.tr. To diminish or impair in quality, character, or value: market conditions. "The second quarter results truly reflects the difficult condition the semiconductor industry as a whole is enduring," said UMC Vice Chairman Peter Chang Chang (chăng) or Yangtze (yăng`sē`, yäng`dzŭ`), Mandarin Chang Jiang, longest river of China and of Asia, c.3,880 mi (6,245 km) long, rising in the Tibetan highlands, SW Qinghai prov. . "In the course of this drastic down turn, UMC has been implementing cost cutting measures and pushing for aggressive technology development in order to maximize our profitability when the economic environment starts to improve." "We are beginning to see our efforts bear fruit in the form of the rapid advancement of our leading-edge technology," Mr. Chang continued. "Although the business environment continues not been kind to the semiconductor industry, it is still exciting to see the rapid progress we are making in the introduction of leading-edge 0.13um and 300mm technologies. " 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 2Q01 of NT$15.0 billion, representing a 38.6 percent decline from NT$24.4 billion for 2Q00. Quarter-over-quarter, net sales decreased by 36.4 percent, from NT$23.6 billion in 1Q01. The deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in net sales for the period mainly reflected the extended severe market environment and the continuing inventory adjustment for the Company's customers. 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). ) declined approximately 19 percent QoQ mainly due the change in revenue mix from different technologies as customers face demand uncertainties and adjust their order volume at different times. In 2Q01, the company shipped 345 thousand units of 8-inch equivalent wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. compared with 443 thousand units for 1Q01 and 629 thousand units for 4Q00, 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 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. 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 of UMC sales for 2Q01 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 shows a breakdown by geography of UMC sales classified according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the customer's geographical location.
Table I Breakdown by Geography
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Region 2Q00 3Q00 4Q00 1Q01 2Q01
North America 45% 43% 47% 46% 39%
Asia Pacific 32% 33% 27% 24% 36%
Europe 21% 22% 24% 28% 21%
Japan 2% 2% 2% 2% 4%
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Table II shows a breakdown of UMC sales by customer type with
customers classified as fabless companies, integrated device
manufacturers (IDM) and system companies.
Table II Breakdown by Customer Type
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Customer Type 2Q00 3Q00 4Q00 1Q01 2Q01
Fabless 69% 70% 70% 67% 71%
IDM 25% 24% 26% 28% 28%
System 6% 6% 4% 5% 1%
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Table III shows a breakdown of UMC sales by technology divided
into 0.18-micron and below; between 0.18-micron and 0.25-micron;
between 0.25-micron and 0.35-micron; and, 0.50-micron and above.
Table III Breakdown by Technology
======================================================================
Technology 2Q00 3Q00 4Q00 1Q01 2Q01
X <0.18um 12% 12% 17% 23% 14%
-
0.18um < x
< 0.25um 29% 36% 37% 32% 37%
--
0.25um < x
< 0.35um 42% 35% 28% 21% 27%
-
X > 0.5um 17% 17% 18% 24% 22%
-
======================================================================
Table IV shows the breakdown by application. Computer consists of
ICs such as HD controllers, System DRAM, graphic processors, and
other. Communication consists of xDSL, DSP, LAN controllers, Low
Power-SRAM, and other. Consumer consists of ICs used for DVD, PDA,
smart card IC, game console, digital camera, and other.
Table IV Breakdown by Application
======================================================================
Application 2Q00 3Q00 4Q00 1Q01 2Q01
Computer 41% 37% 33% 25% 31%
Communications 35% 36% 40% 48% 34%
Consumer 21% 25% 23% 26% 34%
Others 3% 2% 4% 1% 1%
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Table V shows the breakdown by device type. Logic/Mixed Mode,
DRAM, SRAM and Non-Volatile Memory. The Logic/mixed mode process is
used for chips such as ASIC, FPGA, MPU, MCU, graphic processors, and
other. The DRAM process is used for chips such as EDO DRAM, SGRAM,
router CAM, and other. The SRAM process consists of chips such as high
speed SRAM, low power SRAM, and other. The Non-Volatile Memory process
consists of FLASH, EEPROM, CPLD, Mask ROM, and other.
Table V Breakdown by Device Type
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Device Type 2Q00 3Q00 4Q00 1Q01 2Q01
Logic/Mixed Mode 66% 63% 63% 63% 68%
DRAM 9% 12% 13% 10% 7%
SRAM 9% 6% 5% 4% 4%
Non-Volatile 16% 19% 19% 23% 21%
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Gross Profit and Gross Margin Gross profit for the quarter was NT$2.4 billion, representing an 80.1 percent decline over gross profit of NT$11.8 billion for the second quarter of 2000. Quarter-over-quarter, gross profit decreased by 75.5 percent from NT$9.6 billion for 1Q01. Gross margin for the period was 15.7 percent, compared with gross margin of 48.5 percent for 2Q00 and 40.7 percent for 1Q01. The results at the gross profit and margin continued to trend downward amid the fragile market environment. 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, increased by 20.8 percent of net sales to NT$3.1 billion, from 8.6 percent for the year-ago quarter at NT$2.1 billion and from 12.8 percent for 1Q01 at NT$3.0 billion. Several cost-cutting programs have been implemented since 1Q01 to battle against the deteriorating market. Despite this, R&D expenditures continues to represent a large portion of operating expense due to UMC's commitment to maintain its technology leader status. R&D expenditures, as a percentage of net sales, amounted to 14.1 percent in 2Q01. Investment Income/losses Investment losses in 2Q01 reached NT$853 million compared with investment income of NT$140 million in 1Q01. The variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality in investment income/losses reflects the deteriorating market environment and slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the sectors in which UMC invests. Investment losses for 2Q01 included results of NFI, with a profit of NT$168 million, and World Wiser Electronics Inc., with NT$36 million. Unipac Optoelectronics See optoelectronic. Corp. posted loss for the third consecutive quarter, with loss of NT$370 million. In 2Q01, UMC took an inventory write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. loss of NT$1.6 billion due to decline in the value of inventories. Capacity & Capital Expenditures At present, the planned annual capacity remains largely intact with our 1Q01 projection. UMC remains committed to its 12-inch expansion plans because it believes 300mm technology will allow UMC to remain at the forefront of advanced process technology as well as in cost efficient manufacturing solutions. Capital expenditures budget for the year remains unchanged from the 1Q01 guidance at US$1.5 billion. Majority of this amount will be destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for 300mm processing equipment and advanced copper modules for 200mm. Tables VI offer a detailed breakdown of UMC's planned CAPEX by year. The 2001 CAPEX figure does not include NFI or the UMC-Hitachi joint venture in Japan Trecenti.
Table VI Capital Expenditure by Year
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CAPEX PLAN - in billion of US$
1998 1999 2000 2001(e)
$1.7 $1.9 $2.8 $1.5
======================================================================
Table VII summarizes the estimated annual full capacity of each
fab for the years 1999 through 2000 and the expected capacity at each
fab for 2001.
Table VII Annual Capacity in thousands of 8-inch wafer equivalents,
excluding JV's & subsidiaries
======================================================================
FAB Geometry 1999 2000 2001(e)
Fab 5A(1) 5" >0.8 159 33 --
-
Fab 6A 6" >0.5 318 348 345
-
Fab 8A 8" 0.5 - 0.25 375 491 527
Fab 8B 8" 0.35 - 0.18 405 435 415
Fab 8C 8" 0.35 - 0.15 213 416 458
Fab 8D 8" 0.25 - 0.13 -- 94 290
Fab 8E 8" 0.5 - 0.25 180 373 474
Fab 8F 8" 0.25 - 0.13 -- 139 351
Fab 12A(2) 12" 0.18 - 0.10 -- -- 32
Total (8" eq.) 1650 2329 2891
Growth Rate 35% 41% 24%
======================================================================
(1) Fab 5A was sold in 2Q00
(2) Fab 12A operations commenced in 3Q 2001
Table VIII summarizes the estimated quarterly full capacity from
2Q00 through 4Q01(e).
Table VIII Quarterly Capacity Plan by fab2
======================================================================
FAB 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01(e) 4Q01(e)
Fab 6A 86 89 89 79 88 89 89
Fab 8A 119 129 137 125 133 135 135
Fab 8B 107 115 109 94 105 108 108
Fab 8C 102 114 118 107 117 118 118
Fab 8D 12 29 53 65 75 75 75
Fab 8E 87 95 113 114 120 120 120
Fab 8F 21 43 72 81 90 90 90
Fab 12A 7 25
Total 533 613 691 664 727 741 759
(8-inch eq.)
======================================================================
Net Income/loss Net loss for 2Q01 reached NT$1.9 billion, compared with a net income of NT$12.1 billion for the same period in 2000. Net margin for the quarter declined to -12.4 percent, from 49.4 percent in the year-ago period. Basic loss per share for the second quarter under ROC GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). was NT$0.16. Loss per ADS for the quarter were US$0.02. One ADS represents five Taiwan-listed ordinary shares.(2) Other Developments UMCi Announces 300mm Fab Construction Contract Awarded to Kajima Overseas Asia Pte. Ltd. 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). , July July: see month. 23, 2001- UMCi Pte. Ltd., a Singapore-based subsidiary of leading 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. foundry UMC (NYSE: UMC) established jointly with Germany's Infineon Technologies For the raceway, see . Infineon Technologies AG (ISIN: DE0006231004, FWB: IFX, NYSE: IFX) was founded in April 1999 when the semiconductor operations of parent company, Siemens AG, were spun off to form a separate legal entity. AG and the investment branch of Singapore's Economic Development Board (EDBI EDBI Export Development Bank of Iran ), today announced that it has awarded the construction contract for its 300mm facility to Kajima Overseas Asia Pte. Ltd. (KOA ko·a n. 1. An acacia (Acacia koa) native to Hawaii having flowers arranged in axillary racemes and small sickle-shaped leaves. 2. ), the Japan based construction company. Construction will begin immediately for Singapore's first 300mm fab project, located on a 13-hectare (32 acre) site in the Pasir Ris Pasir Ris is primarily a residential area in Singapore comprising many high-rise residential dwelling blocks, mostly public housing built by the Housing and Development Board in Pasir Ris New Town. The town is located in the eastern part of Singapore. Wafer Fab Park. The US $106 million contract awarded to Kajima is part of the US $3.6 Billion total capital investment for UMCi. Alcatel Alcatel Société Alsacienne de Constructions Atomiques, de Télécomunications et d'Electronique Selects UMC's 0.13 Micron WorldLogic(R)Process for Advanced Communication Products. Innovative Fusion Option Meets Demanding High-Speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. Low-Power In electronics, the term low-power means one of two things about a device:
BRUSSELS Brussels (brŭ`səlz), Fr. Bruxelles, Du. Brussel, city and region (1995 pop. 948,122), 63 sq mi (162 sq km), capital of Belgium, central Belgium, on the Senne River and at the junction of the Charleroi-Brussels and Willebroek , Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. and SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif. - July 17, 2001-Alcatel (NYSE: ALA), a leader in communication chips, and UMC (NYSE: UMC), a world-leading semiconductor foundry, today announced Alcatel's selection of UMC's 0.13 micron WorldLogic(R) 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. process for the production of its next-generation ICs. Alcatel's design activity will be facilitated by the Fusion library that includes standard cells, 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 and 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 that are available from Virtual Silicon Technologies, Inc. AMCC AMCC Applied Micro Circuits Corporation AMCC Air Mobility Control Center AMCC Ashore Mobile Contingency Communications AMCC Advanced Materials Commercialization Center AMCC allied movement coordination center (US DoD) Selects UMC's 0.13-Micron WorldLogic(R)Process for the Development of Next-Generation Optical Networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. Silicon SUNNYVALE, Calif., July 9, 2001--UMC (NSYE: UMC), a world-leading semiconductor foundry, and Applied Micro Circuits Corp. (AMCC) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMCC], today announced that AMCC has selected UMC for the 0.13-micron WorldLogic(R) production of next-generation optical networking silicon. WorldLogic process technology enables complete OC-192 SONET/SDH (Synchronous Optical NETwork/Synchronous Digital Hierarchy) A common reference to SONET networks worldwide. See SONET. and 10 Gigabit Ethernet An Ethernet standard that transmits at 1 Gbps. Used mostly to connect high-end workstations and servers as well as for network backbones, Gigabit Ethernet transmits full duplex from point to point using switches and half duplex in a shared environment (CSMA/CD) using a hub. solutions from the physical layer to the switch fabric, offering a platform with "no compromises" to realize multiple specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. functions such as high-speed, mixed-signal interfaces and the world's most advanced network processors. UMC Re-focuses Top Management Taipei, Taiwan-June 6, 2001 - United Microelectronics Corporation (NYSE: UMC), the world's leading semiconductor foundry, today announced the results of the election of its board of directors. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Tsao Tsao may refer to:
"Despite the semiconductor slowdown during the past six months, the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. presents an opportunity for the industry to initiate large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. reorganizations," said Chairman Robert Tsao. "UMC has capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. on these opportunities to implement a series of strategic business plans, which will enable us to realize more potential for rapid growth now, and the future." UMC's strategic business plans highlight globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation in all aspects of the business; diversifying the markets, manufacturing base, workforce, and capital to best take advantage of today's global economy. The Board reorganization will enable UMC's management team to cooperate more closely with one another to better execute their strategies, so that UMC can effectively achieve its goal. UMC's top management will stress around-the-clock a·round-the-clock adj. Variant of round-the-clock. Adj. 1. around-the-clock - at all times; "around-the-clock nursing care" day-and-night, round-the-clock, nonstop teamwork (product, software, tool) Teamwork - A SASD tool from Sterling Software, formerly CADRE Technologies, which supports the Shlaer/Mellor Object-Oriented method and the Yourdon-DeMarco, Hatley-Pirbhai, Constantine and Buhr notations. and even distribution of work with this new globalization strategy to further improve management efficiency. 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 NT$29.1 billion and NT$105.1 billion for the twelve-month period ended December 31, 2000. UMC operates fabs in Taiwan and Japan, and has three 12-inch fab projects underway. 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. 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 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. The company will provide a reconciliation of its financial statements on a consolidated basis with US GAAP in its year-end results. 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 U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange 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 by such forward-looking 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 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on June 28, 2001. The financial statements included in this release were prepared and published in accordance with ROC GAAP. Investors are cautioned that there are differences between ROC GAAP and US GAAP, as described in the notes to the financial statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. included in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. The financial forecasts and 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 forecasts and 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 subsequent to such date. NOTES: (1) New Taiwan (NT) dollar amounts have been converted into U.S. dollar at the ratio of NT$34.45 to one U.S. dollar. (2) New Taiwan (NT) dollar amounts have been converted into U.S. dollar at the ratio of NT$34.45 to one U.S. dollar.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Balance Sheet
As of June 30, 2001
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
June 30, 2001
-------------------------------------------------------------
US$ NT$ %
ASSETS
Current Assets
Cash and Cash Equivalents 1,747 60,187 18.7%
Marketable Securities 6 191 0.1%
Receivables 249 8,582 2.7%
Inventories 232 7,996 2.5%
Other Current Assets 95 3,261 1.0%
------- ----------- ----------
Total Current Assets 2,329 80,217 25.0%
------- ----------- ----------
Non-Current Assets
Funds and Long Term
Investments 2,074 71,456 22.2%
Property, Plant and
Equipment 4,745 163,480 50.9%
Other Assets 181 6,225 1.9%
------ ------------ ---------
TOTAL ASSETS 9,329 321,378 100.0%
======= ============= =========
LIABILITIES
Current Liabilities
Short-term Loans 0 0 0.0%
Payables 618 21,295 6.6%
Current Portion of Long Term
Loans 273 9,401 2.9%
Other Current Liabilities 55 1,898 0.6%
------- ----------- -----------
Total Current Liabilities 946 32,594 10.1%
------- ----------- -----------
Non-Current Liabilities
Bonds Payable 535 18,420 5.7%
Long-Term Loans 706 24,330 7.6%
Other Liabilities 111 3,823 1.2%
------- ------------ -----------
TOTAL LIABILITIES 2,298 79,167 24.6%
------- ------------ -----------
SHAREHOLDERS' EQUITY
Capital Stock 3,871 133,357 41.5%
Capital Reserve 2,386 82,207 25.6%
Retained Earnings, Unrealized
Long Term Investment Loss
and Translation Adjustment 823 28,364 8.8%
Treasury Stock (49) (1,717) -0.5%
------- -------------- --------
TOTAL SHAREHOLDERS' EQUITY 7,031 242,211 75.4%
------- -------------- --------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 9,329 321,378 100.0%
========= ============== =======
Note: New Taiwan Dollars have been translated into U.S. Dollars at
the exchange rate of NT$ 34.45 per U.S. Dollar.
All figures are in ROC GAAP.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Income Statement
For the Six-Month Period Ended June 30, 2001
Figures in Million of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Year Over Year Comparison
Three-Month Period Ended
June 30, 2001 June 30, 2000 %
-------------------------------------------------
US$ NT$ US$ NT$ Chg.
Net Sales 436 15,003 709 24,441 -38.6%
Cost of Goods Sold (367) (12,652) (366) (12,598) 0.4%
------ -------- ------- -------- --------
Net Gross Profit 69 2,351 343 11,843 -80.1%
15.7% 15.7% 48.5% 48.5%
Operating Expenses
- Sales & Marketing 3 89 3 102 -12.7%
- General &
Administrative 26 912 15 512 78.1%
- Research &
Development 62 2,120 43 1,493 42.0%
--------- ------- ----- ------ --------
91 3,121 61 2,107 48.1%
Operating Income
(loss) (22) (770) 282 9,736 -
-5.1% -5.1% 39.8% 39.8%
Net Non-Operating
Income (Loss) (66) (2,283) 60 2,062 -
Income before Income
Tax (88) (3,053) 342 11,798 -
-20.3% -20.3% 48.3% 48.3%
Income Tax (Expense)
Benefit 35 1,199 8 267 349.1%
-------- --------- ----- --------- --------
Net Income (loss) (53) (1,854) 350 12,065 -
======== ========= ====== ========= =========
-12.4% -12.4% 49.4% 49.4%
Quarter Over Quarter Comparison
Three-Month Period Ended
June 30, 2001 March 31, 2001 %
US$ NT$ US$ NT$ Chg.
----------------------------------------------
Net Sales 436 15,003 685 23,593 -36.4%
Cost of Goods Sold (367) (12,652) (406) (13,990) -9.6%
----- -------- ----- -------- ------
Net Gross Profit 69 2,351 279 9,603 -75.5%
----- -------- ------ ------- ------
15.7% 15.7% 40.7% 40.7%
Operating Expenses
- Sales & Marketing 3 89 7 251 -64.5%
- General &
Administrative 26 912 26 886 2.9%
- Research & Development 62 2,120 54 1,861 13.9%
----- ------- ----- ------- ------
91 3,121 87 2,998 4.1%
----- ------- ----- ------- ------
Operating Income (loss) (22) (770) 192 6,605 -
-5.1% -5.1% 27.9% 27.9%
Net Non-Operating
Income (Loss) (66) (2,283) (4) (123) 1756.1%
------ ------- ------- ------ -------
Income before Income
Tax (88) (3,053) 188 6,482 -
-20.3% -20.3% 27.4% 27.4%
Income Tax (Expense)
Benefit 35 1,199 - (8) -
--------- ------ ----- ----- ------
Net Income (loss) (53) (1,854) 188 6,474 -
========= ======= ===== ======= =========
-12.4% -12.4% 27.4% 27.4%
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
June 30, 2001 exchange rate of NT$ 34.45 per U.S. Dollar.
All figures are in ROC GAAP.
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 Six-Month
Period Ended Period Ended
June 30, 2001 June 30, 2001
US$ NT$ % US$ NT$ %
Net Sales 436 15,003 100% 1,120 38,596 100%
Cost of Goods Sold (367) (12,652) -84.3% (773) (26,642)-69.0%
------- -------- ------ ------ -------- -----
Net Gross Profit 69 2,351 15.7% 347 11,954 31.0%
------- -------- ------ ------ -------- -----
Operating Expenses
- Sales & Marketing 3 89 0.6% 10 340 0.9%
- General &
Administrative 26 912 6.1% 52 1,798 4.7%
- Research &
Development 62 2,120 14.1% 116 3,981 10.3%
-------- -------- ----- ------ ------- -----
91 3,121 20.8% 178 6,119 15.9%
Operating Income
(loss) (22) (770) -5.1% 169 5,835 15.1%
Net Non-Operating
Income (Loss) (66) (2,283) -15.2% (70) (2,406) -6.2%
-------- -------- ------- ------ -------- -----
Income before
Income Tax (88) (3,053) -20.3% 99 3,429 8.9%
Income Tax
(Expense) Benefit 35 1,199 8.0% 35 1,191 3.1%
---------- ------- ------- ------ ------- ----
Net Income (loss) (53) (1,854) -12.4% 134 4,620 12.0%
========== ======= ======== ======= ====== =====
Earnings per share 0.00 -0.16 0.01 0.40
Earnings per ADS (2) -0.02 -0.80 0.06 2.00
Weighted Average
Number of Shares
Outstanding
(in millions) 11,434 11,434
-------- ---------
Note:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the
exchange rate of NT$ 34.45 per U.S. Dollar.
All figures are in ROC GAAP.
(2) 1 ADR equals 5 ordinary shares.
UNITED MICROELECTRONICS CORPORATION
Condensed Unconsolidated Statement of Cash Flows
For Six Months Ended June 30, 2001
Figures in Million of New Taiwan Dollars (NT$)
and U.S. Dollars (US$)
US$ NT$
Cash Flows from Operating Activities :
Net Income 134 4,620
Depreciation & Amortization 486 16,752
Provision for bad debt expense (1) (25)
Investment Loss (Income) recognized
by equity method 9 307
Cash dividends from equity investees 3 113
Inventory loss 66 2,284
Loss on decline in market value of
long-term investments 12 420
Gain on Disposal of Investments (16) (573)
Gain on Disposal of Properties,Plant and
equipment and idle assets 1 21
Change in Working Capital & Others 110 3,783
------ -------
Net Cash Provided from Operating
Activities 804 27,702
Cash Flows from Investing Activities :
Increase in Short-Term Investments (5) (176)
Increase in Long-Term Investments (130) (4,474)
Proceeds from disposal of long-term
investments 31 1,053
Acquisition of Fixed Assets (713) (24,557)
Proceeds from disposal of Properties,Plant
and Equipment and Idle assets 9 306
Decrease in Restricted deposits 77 2,646
Increase in Deferred Assets/Other Assets (37) (1,263)
--------- ---------
Net Cash Used in Investing
Activities (768) (26,465)
Cash Flows from Financing Activities :
Decrease in Short-Term Loans (101) (3,489)
Decrease in Long-Term Loans (174) (5,998)
Proceeds from Bonds Issued and
Redemption of Bonds 435 15,000
Treasury stock (7) (238)
Bonus to Directors and Supervisors (12) (433)
---------- --------
Net Cash Provided from Financing
Activities 141 4,842
Net Increase (Decrease) in Cash
and Cash Equivalents 177 6,079
Cash and Cash Equivalents at
Beginning of Period 1,571 54,108
Cash and Cash Equivalents at
End of Period 1,748 60,187
Note: New Taiwan Dollars have been translated into U.S. Dollars at the
June 30, 2001 exchange rate of NT$ 34.45 per U.S. Dollar.
All figures are in ROC GAAP.
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