UMC Reports 2007 Second Quarter Results:

Net non-operating income during 2Q07 was NT$4.18 billion. Gains on the disposal of investments were NT$2.63 billion, primarily from the EB1 conversion of AU Optronics shares. Net investment income was NT$760 million, which consisted of NT$434 million of investment income accounted for under the equity method, and NT$517 million of income on valuation of financial assets in 2Q07.



    Non-operating Income (Expenses)
    (Amount: NT$ million)                   2Q07     1Q07     2Q06
    Net Non-operating Income (Exp.)        4,182    1,719    5,076
      Net Interest Income (Expense)          349      260      176
      Net Investment Income (Loss)           760      109      442
      Gain on Disposal of Investment       2,634    1,624    4,456
      Exchange Gain (Loss)                   (46)      17       49
      Others                                 485     (291)     (47)

Cash inflow from operations was NT$7.58 billion in 2Q07. Compared to 1Q07, the lower operating cash flow figure mainly reflects the increase on notes and accounts receivable under higher operating income. The investing cash outflow primarily reflects the NT$8.97 billion of CAPEX in 2Q07. The NT$2.26 billion of financing cash outflow is primarily from NT$2.25 billion of corporate bonds repayment. Over the next 12 months, we expect to repay NT$10.5 billion in unsecured corporate bonds.



    Cash Flow Summary
                                     For the 3-Month     For the 3-Month
    (Amount: NT$ million)            Period Ended        Period Ended
                                     Jun. 30, 2007       Mar. 31, 2007
    Cash Flow from Operations           7,583               9,732
      Net Income (Loss)                 4,911               1,459
      Depreciation & Amortization       9,212               9,192
      Changes in working capital       (2,766)               (192)
      Others                           (3,774)               (727)
    Cash Flow from Investing           (9,224)            (12,235)
      Capital Expenditures             (8,974)            (12,521)
      Others                             (250)                286
    Cash Flow from Financing           (2,262)                188
    Effect of Exchange Rate               (28)                (91)
    Net Cash Flow                      (3,931)             (2,406)

Cash and cash equivalents decreased by NT$3.93 billion to NT$77.06 billion due to cash outflow for capacity expansion and bonds repayment. Days sales outstanding (Note 2) decreased to 49 days, and average inventory turnover remained at 48 days.

Note 2

Days Sales Outstanding = 365/[(Operating revenues for three-month period end *4)/[(Beginning NR&AR balance, net + Ending NR&AR balance, net)/2]]

Average Inventory Turnover = 365/[(COGS for three-month period end *4)/[(Beginning Inventory balance, net + Ending Inventory balance, net)/2]]



    Current Assets
    (Amount: NT$ billion)             2Q07       1Q07       2Q06
    Cash & Cash Equivalents          77.06      80.99      90.05
    Notes & Accounts Receivable      14.15      12.85      12.56
      Days Sales Outstanding            49         50         43
    Inventory                        10.91       9.96      10.38
      Avg. Inventory Turnover           48         48         45
    Total Current Assets            113.73     115.43     119.57

Total liabilities increased by NT$2.6 billion to NT$66.01 billion in 2Q07. The increase was primarily due to the NT$12.46 billion of dividends payable. The company's debt to equity ratio remained at 23%.



    Liabilities
    (Amount: NT$ billion)             2Q07       1Q07       2Q06
    Total Current Liabilities        54.92      41.81      36.97
      Accounts Payable                4.96       4.65       4.73
      Short-term Credit / Bonds      23.02      17.83      10.31
      Others                         26.94      19.33          21.93
        Long-term  Liabilities                          7.49            17.99            30.28
        Total  Liabilities                                66.01            63.41            70.87
        Debt  to  Equity                                            23%                22%                26%



        Analysis  of  Revenue  (Note  3)

        Note  3
        Revenue  in  this  section  represents  wafer  sales.
 


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