UMC Reports First Quarter 2019 Results

This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	March 31, 2019
	US$	NT$	%
Assets
Current assets
Cash and cash equivalents	2,880	88,738	23.7%
Financial assets at fair value through profit or loss, current	18	552	0.2%
Notes & Accounts receivable, net	746	22,992	6.1%
Inventories, net	613	18,874	5.1%
Other current assets	507	15,640	4.1%
Total current assets	4,764	146,796	39.2%

Non-current assets
Funds and investments	1,209	37,255	10.0%
Property, plant and equipment	5,447	167,823	44.9%
Right-of-use assets	277	8,548	2.3%
Other non-current assets	446	13,716	3.6%
Total non-current assets	7,379	227,342	60.8%
Total assets	12,143	374,138	100.0%

Liabilities
Current liabilities
Short-term loans	545	16,798	4.5%
Payables	728	22,417	6.0%
Current portion of long-term liabilities	213	6,553	1.8%
Other current liabilities	222	6,877	1.8%
Total current liabilities	1,708	52,645	14.1%

Non-current liabilities
Bonds payable	1,184	36,471	9.8%
Long-term loans	925	28,505	7.6%
Lease liabilities, noncurrent	180	5,539	1.5%
Other non-current liabilities	1,336	41,164	10.9%
Total non-current liabilities	3,625	111,679	29.8%
Total liabilities	5,333	164,324	43.9%

Equity
Equity attributable to the parent company
Capital	3,935	121,243	32.4%
Additional paid-in capital	1,304	40,164	10.8%
Retained earnings, exchange differences on translation of foreign operations, unrealized gains or losses on financial assets measured at fair value through other comprehensive income and gains or losses on hedging Instruments	1,638	50,470	13.5%
Treasury stock	(82)	(2,516)	(0.7%)
Total equity attributable to the parent company	6,795	209,361	56.0%
Non-controlling interests	15	453	0.1%
Total equity	6,810	209,814	56.1%
Total liabilities and equity	12,143	374,138	100.0%


Note：New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data

	Year over Year Comparison					Quarter over Quarter Comparison
	Three-Month Period Ended					Three-Month Period Ended
	March 31, 2019		March 31, 2018		Chg.	March 31, 2019		December 31, 2018		Chg.
	US$	NT$	US$	NT$	%	US$	NT$	US$	NT$	%
Operating revenues	1,058	32,583	1,217	37,497	(13.1%)	1,058	32,583	1,153	35,517	(8.3%)
Operating costs	(985)	(30,321)	(1,066)	(32,855)	(7.7%)	(985)	(30,321)	(1,004)	(30,916)	(1.9%)
Gross profit	73	2,262	151	4,642	(51.3%)	73	2,262	149	4,601	(50.8%)
	6.9%	6.9%	12.4%	12.4%		6.9%	6.9%	13.0%	13.0%
Operating expenses
- Sales and marketing expenses	(29)	(889)	(30)	(909)	(2.2%)	(29)	(889)	(29)	(903)	(1.6%)
- General and administrative expenses	(40)	(1,236)	(33)	(1,017)	21.5%	(40)	(1,236)	(43)	(1,339)	(7.7%)
- Research and development expenses	(91)	(2,807)	(95)	(2,924)	(4.0%)	(91)	(2,807)	(122)	(3,745)	(25.0%)
- Expected credit losses	-	-	-	-	-	-	-	(13)	(409)	(100.0%)
Subtotal	(160)	(4,932)	(158)	(4,850)	1.7%	(160)	(4,932)	(207)	(6,396)	(22.9%)
Net other operating income and expenses	35	1,073	32	977	9.8%	35	1,073	39	1,206	(11.0%)
Operating income (loss)	(52)	(1,597)	25	769	-	(52)	(1,597)	(19)	(589)	171.3%
	(4.9%)	(4.9%)	2.1%	2.1%		(4.9%)	(4.9%)	(1.7%)	(1.7%)

Net non-operating income and expenses	41	1,247	35	1,088	14.6%	41	1,247	(65)	(1,998)	-
Income (loss) from continuing operations before income tax	(11)	(350)	60	1,857	-	(11)	(350)	(84)	(2,587)	(86.5%)
	(1.1%)	(1.1%)	5.0%	5.0%		(1.1%)	(1.1%)	(7.3%)	(7.3%)

Income tax benefit (expense)	14	443	38	1,173	(62.3%)	14	443	(13)	(413)	-
Net income (loss)	3	93	98	3,030	(96.9%)	3	93	(97)	(3,000)	-
	0.3%	0.3%	8.1%	8.1%		0.3%	0.3%	(8.4%)	(8.4%)

Other comprehensive income (loss)	117	3,614	(7)	(234)	-	117	3,614	3	110	3,185.5%

Total comprehensive income (loss)	120	3,707	91	2,796	32.6%	120	3,707	(94)	(2,890)	-

Net income (loss) attributable to:
Stockholders of the parent	39	1,201	110	3,400	(64.7%)	39	1,201	(55)	(1,707)	-
Non-controlling interests	(36)	(1,108)	(12)	(370)	199.0%	(36)	(1,108)	(42)	(1,293)	(14.3%)

Comprehensive income (loss) attributable to:
Stockholders of the parent	156	4,813	102	3,158	52.4%	156	4,813	(52)	(1,608)	-
Non-controlling interests	(36)	(1,106)	(11)	(362)	205.5%	(36)	(1,106)	(42)	(1,282)	(13.7%)

Earnings per share-basic	0.003	0.10	0.009	0.28		0.003	0.10	(0.005)	(0.14)
Earnings per ADS ⁽²⁾	0.016	0.50	0.045	1.40		0.016	0.50	(0.023)	(0.70)
Weighted average number of shares outstanding (in millions)		11,909		12,203			11,909		12,112


Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions 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 Three-Month Period Ended
	March 31, 2019			March 31, 2019
	US$	NT$	%	US$	NT$	%
Operating revenues	1,058	32,583	100.0%	1,058	32,583	100.0%
Operating costs	(985)	(30,321)	(93.1%)	(985)	(30,321)	(93.1%)
Gross profit	73	2,262	6.9%	73	2,262	6.9%


Operating expenses
- Sales and marketing expenses	(29)	(889)	(2.7%)	(29)	(889)	(2.7%)
- General and administrative expenses	(40)	(1,236)	(3.8%)	(40)	(1,236)	(3.8%)
- Research and development expenses	(91)	(2,807)	(8.6%)	(91)	(2,807)	(8.6%)
Subtotal	(160)	(4,932)	(15.1%)	(160)	(4,932)	(15.1%)
Net other operating income and expenses	35	1,073	3.3%	35	1,073	3.3%
Operating loss	(52)	(1,597)	(4.9%)	(52)	(1,597)	(4.9%)

Net non-operating income and expenses	41	1,247	3.8%	41	1,247	3.8%
Loss from continuing operations before income tax	(11)	(350)	(1.1%)	(11)	(350)	(1.1%)


Income tax benefit	14	443	1.4%	14	443	1.4%
Net income	3	93	0.3%	3	93	0.3%

Other comprehensive income (loss)	117	3,614	11.1%	117	3,614	11.1%

Total comprehensive income (loss)	120	3,707	11.4%	120	3,707	11.4%

Net income (loss) attributable to:
Stockholders of the parent	39	1,201	3.7%	39	1,201	3.7%
Non-controlling interests	(36)	(1,108)	(3.4%)	(36)	(1,108)	(3.4%)

Comprehensive income (loss) attributable to:
Stockholders of the parent	156	4,813	14.8%	156	4,813	14.8%
Non-controlling interests	(36)	(1,106)	(3.4%)	(36)	(1,106)	(3.4%)

Earnings per share-basic	0.003	0.10		0.003	0.10
Earnings per ADS ⁽²⁾	0.016	0.50		0.016	0.50

Weighted average number of shares outstanding (in millions)		11,909			11,909

Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2019
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)

	US$	NT$
Cash flows from operating activities :
Net loss before tax	(11)	(350)
Depreciation & Amortization	402	12,380
Net gain of financial assets and liabilities at fair value through profit or loss	(33)	(1,032)
Exchange gain on financial assets and liabilities	(18)	(554)
Changes in notes & accounts receivable	27	831
Changes in other payables	(33)	(1,020)
Changes in assets, liabilities and others	(68)	(2,072)
Net cash provided by operating activities	266	8,183

Cash flows from investing activities :
Acquisition of property, plant and equipment	(181)	(5,563)
Acquisition of intangible assets	(17)	(530)
Others	14	410
Net cash used in investing activities	(184)	(5,683)

Cash flows from financing activities :
Increase in short-term loans	113	3,467
Proceeds from long-term loans	24	748
Repayments of long-term loans	(57)	(1,752)
Treasury stock acquired	(11)	(331)
Others	2	48
Net cash provided by financing activities	71	2,180

Effect of exchange rate changes on cash and cash equivalents	12	396
Net increase in cash and cash equivalents	165	5,076

Cash and cash equivalents at beginning of period	2,715	83,662

Cash and cash equivalents at end of period	2,880	88,738


Note: New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2019 exchange rate of NT $30.81 per U.S. Dollar.

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