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UMC Reports Fourth Quarter 2010 Results

TAIPEI Jan. 26, 2011 United Microelectronics Corporation (NYSE: UMC; TWSE: 2303)

Overview of Fourth Quarter 2010(1) :

Revenue: NT$31.32 billion (US$1.08 billion) with 4.1% QoQ decrease

Gross margin: 32.1%; Operating margin: 21.1%

Capacity utilization: 94%

Net income: NT$6.42 billion (US$220.77 million)

Earnings per share: NT$0.52; earnings per ADS: US$0.089

(1) Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with ROC GAAP, which differ in some material respects from generally accepted accounting principles in the United States. They are un-audited, unconsolidated, and represent comparisons among the three-month period ending December 31, 2010, the three-month period ending September 30, 2010, and the equivalent three-month period that ended December 31, 2009. For all 4Q10 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2010 exchange rate of NT$29.08 per U.S. Dollar.

NT$31.32 billion NT$32.65 billion NT$27.75 billion NT$6.42 billion NT$0.52 NT$120.43 billion NT$23.90 billion NT$1.91

Shih-Wei Sun NT$120.43 billion US$1.8 billion

Dr. Sun continued, "After experiencing growth momentum for over a year and a half at UMC, we anticipate revenue for the first quarter of 2011 to decline slightly due to appreciation of NT dollar, certain customers undergoing product and technology-node transitions, and other seasonal adjustments. UMC is optimistic about demand for high-end chips this year, with revenue contribution from 40nm growing quarterly in 2011 to become a main revenue driver.  We will also begin 28nm customer-product pilot around the middle of this year.  To satisfy customers’ technology and capacity requirements while ensuring both stable growth and long-term ROE, we plan to invest about the same amount of CAPEX as last year.  Looking ahead in 2011, UMC will build upon its solid foundation and continue advancing its technologies and service quality to provide its global customers the most appropriate foundry solutions."

Summary of Operating Results

Operating Results

(Amount: NT$ million)

4Q10

3Q10

QoQ %
change

4Q09

YoY %
change

Revenue

31,319

32,652

(4.1)

27,746

12.9

Gross Profit

10,052

10,648

(5.6)

7,179

40.0

Operating Expenses

(3,452)

(3,461)

(0.3)

(3,435)

0.5

Operating Income

6,600

7,187

(8.2)

3,744

76.3

Non-Operating Income

426

1,937

(78.0)

700

(39.1)

Net Income

6,424

8,720

(26.3)

4,396

46.1

EPS   (NT$ per share)

0.52

0.70

0.35

      (US$ per ADS)

0.089

0.120

0.060

NT$31.32 billion NT$32.65 billion NT$27.75 billion NT$10.05 billion NT$10.65 billion NT$6.60 billion NT$7.19 billion NT$6.42 billion NT$8.72 billion

NT$0.52 US$0.089 December 31, 2010 December 31, 2010

Taiwan

Detailed Financials Section

NT$5.88 billion

COGS & Expenses

(Amount: NT$ million)

4Q10

3Q10

QoQ %
change

4Q09

YoY %
change

Revenue

31,319

32,652

(4.1)

27,746

12.9

COGS

(21,267)

(22,004)

(3.3)

(20,567)

3.4

 Depreciation

(5,879)

(6,561)

(10.4)

(7,155)

(17.8)

 Other Mfg. Costs

(15,388)

(15,443)

(0.4)

(13,412)

14.7

Gross Profit

10,052

10,648

(5.6)

7,179

40.0

Gross Margin (%)

32.1%

32.6%

25.9%

Total Operating Exp.

(3,452)

(3,461)

(0.3)

(3,435)

0.5

 G&A

(732)

(692)

5.8

(644)

13.7

 Sales & Marketing

(486)

(567)

(14.3)

(654)

(25.7)

 R&D

(2,234)

(2,202)

1.5

(2,137)

4.5

Operating Income

6,600

7,187

(8.2)

3,744

76.3

NT$426 million

Non-Operating Income (Expenses)

(Amount: NT$ million)

4Q10

3Q10

4Q09

Net Non-Operating Income

426

1,937

700

Net Interest Income

28

30

22

Net Investment Income (Loss)

(147)

1,778

923

Gain on Disposal of Investment

432

460

162

Exchange Gain (Loss)

34

(111)

(9)

Other Gain (Loss)

79

(220)

(398)

NT$6.00 billion NT$15.31 billion NT$20.03 billion NT$907 million NT$4.72 billion

(3) Free cash flow = Operating cash flow – Capital expenditures

Cash Flow Summary

(Amount: NT$ million)

For the 3-Month Period Ended Dec. 31, 2010

For the 3-Month Period Ended Sep. 30, 2010

Cash Flow from Operations

15,312

15,954

 Net Income

6,424

8,720

 Depreciation & Amortization

6,977

7,404

 Changes in Working Capital

1,990

666

 Other

(79)

(836)

Cash Flow from Investing

(22,012)

(18,171)

 Capital Expenditures

(20,034)

(19,368)

 Other

(1,978)

1,197

Cash Flow from Financing

907

(4,331)

Short-Term Loans

198

1,901

Cash Dividend

(6,233)

Transfer of treasury stock

510

Other

199

1

Effect of Exchange Rate

(203)

(27)

Net Cash Flow

(5,996)

(6,575)

NT$32.93 billion

Current Assets

(Amount: NT$ billion)

4Q10

3Q10

4Q09

Cash & Cash Equivalents

32.93

38.93

52.79

Notes & Accounts Receivable

16.50

18.55

17.06

 Days Sales Outstanding

51

52

54

Inventories

11.20

10.67

8.78

 Avg. Inventory Turnover

48

44

39

Total Current Assets

70.54

78.41

88.29

NT$39.64 billion NT$44.02 billion

Liabilities

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