UMC Reports First Quarter 2015 Results

Cash inflow from operations was NT$16.87 billion. 1Q15 capital expenditures totaled NT$14.89 billion, including NT$14.85 billion for the foundry segment, resulting in a free cash inflow of NT$1.98 billion. Cash inflow from financing was NT$8.16 billion, mainly due to the acquisition of United Semiconductor (Xiamen) leading to the increase in other financial liabilities of NT$6.11 billion and bank loans of NT$1.72 billion. Total cash inflow in 1Q15 was NT$7.42 billion. Over the next 12 months, the company expects to repay NT$3.64 billion in bank loans.

Current Assets

(Amount: NT$ billion)

1Q15

4Q14

 1Q14

Cash and Cash Equivalents

53.63

45.70

53.92

Notes & Accounts Receivable

20.62

22.37

18.89

  Days Sales Outstanding

52

54

51

Inventories, net

15.64

15.24

14.42

  Days of Inventory

49

50

50

Total Current Assets

101.03

96.86

96.75

Cash and cash equivalents increased to NT$53.63 billion, mainly due to the cash from operating activities, capital expenditures, and acquisition of United Semiconductor (Xiamen). The days of inventory decreased one day to 49 days.

Liabilities

(Amount: NT$ billion)

1Q15

4Q14

1Q14

Total Current Liabilities

44.44

48.11

49.24

  Notes & Accounts Payable

6.38

6.17

7.15

  Short-Term Credit / Bonds

10.85

10.03

24.42

  Payable on Equipment

7.41

10.48

4.82

  Other

19.80

21.43

12.85

Long-Term Credit / Bonds

34.89

33.40

27.66

Long-Term Investment Liabilities

6.03

-

-

Total Liabilities

91.80

88.24

83.85

Debt to Equity

40%

39%

39%

Current liabilities decreased to NT$44.44 billion, largely reflecting the decrease in payable on equipment. Debt to equity ratio increased to 40%.

Analysis of Revenue2 for Foundry Segment

Revenue Breakdown by Region

Region

1Q15

4Q14

3Q14

2Q14

1Q14

North America

47%

45%

45%

43%

45%

Asia Pacific

40%

42%

44%

46%

45%

Europe

7%

8%

6%

5%

7%

Japan

6%

5%

5%

6%

3%


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