UMC Reports 2008 Second Quarter Results

Net non-operating income during 2Q08 was NT$120 million. Gains on the disposal of investments were NT$524 million, including a gain from the sale of MediaTek shares for NT$414 million. Net investment losses were NT$575 million, which included a NT$731 million loss from valuation of ProMos shares. Net foreign exchange gains were NT$103 million, which include NT$36 from foreign exchange gains and NT$67 million from hedging gains.



    Non-operating Income (Expenses)

    (Amount: NT$ million)                 2Q08      1Q08       2Q07

    Net Non-operating Income (Exp.)        120        71      4,182
     Net Interest Income (Expense)         160       116        349
     Net Investment Income (Loss)         (575)     (278)       760
     Gain on Disposal of Investment        524       652      2,634
     Exchange Gain (Loss)                   36      (718)       (46)
     Others                                (25)      299        485


Net cash outflow was NT$4.22 billion in 2Q08. Cash inflow from operations was NT$8.8 billion in 2Q08. The investing cash outflow primarily reflects the NT$2.49 billion of CAPEX in 2Q08. Free cash flow (Note 2) for 2Q08 was NT$6.31 billion. The NT$10.5 billion of financing cash outflow is mainly for the repayment of unsecured corporate bonds. Over the next 12 months, we expect to repay US$15 million in short-term loans.

    Note 2: Free cash flow = Operating cash flow - Capital expenditures



    Cash Flow Summary

                                For the 3-Month     For the 3-Month
                                   Period Ended        Period Ended
    (Amount: NT$ million)         Jun. 30, 2008       Mar. 31, 2008

    Cash Flow from Operations             8,799               9,455
     Net Income (Loss)                    2,397                 206
     Depreciation & Amortization          9,404               9,605
     Changes in working capital          (3,403)                314
     Others                                 401                (670)
    Cash Flow from Investing             (2,489)             (5,362)
     Capital Expenditures                (2,488)             (5,685)
     Others                                  (1)                323
    Cash Flow from Financing            (10,503)            (11,763)
     Redemption of bonds                (10,500)            (12,217)
     Others                                  (3)                454
    Effect of Exchange Rate                 (24)               (148)
    Net Cash Flow                        (4,217)             (7,818)


Cash and cash equivalents decreased to NT$25.42 billion during 2Q08, which was mainly due to the cash outflow for capacity expansion and repayment of corporate bonds. The increase in notes and accounts receivable primarily reflected the upward trend of the business in 2Q08. The increase in inventory came from the increase of work-in-process wafers and finished goods.



    Current Assets

    (Amount: NT$ billion)              2Q08       1Q08       2Q07

    Cash & Cash Equivalents           25.42      29.63      77.06
    Notes & Accounts Receivable       14.79      12.78      14.15
     Days Sales Outstanding              50         50         49
    Inventory                         12.31      11.09      10.91
     Avg. Inventory Turnover             56         51         48
    Total Current Assets              58.37      60.06     113.73


Total liabilities decreased to NT$36.48 billion in 2Q08. The decrease was primarily due to the NT$10.5 billion bonds repayment but offset by NT$9.38 billion of dividends payable. UMC's Debt to Equity ratio was 18% at the end of 2Q08.



    Liabilities

    (Amount: NT$ billion)             2Q08       1Q08       2Q07

    Total Current Liabilities        25.22         26.92            54.92
          Accounts  Payable                                  4.62              4.50              4.96
          Short-term  Credit  /  Bonds                0.46            10.96            23.02
          Others                                                    20.14            11.46            26.94
        Long-term  Liabilities                          7.54              7.50              7.49
        Total  Liabilities                                36.48            38.02            66.01
        Debt  to  Equity                                          18%                17%                23%

 


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