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122 United Microelectronics Corporation Annual Report 2004
Consolidated Statements of Income
For the years ended December 31, 2004 and 2003
In thousand NTD
Contents Notes 2004 2003
Operating revenues 2, 5
Sales revenues $126,837,616 $93,695,738
Less: Sales returns and discounts (1,486,938) (1,009,836)
Net sales 125,350,678 92,685,902
Other operating revenues 3,840,062 3,017,830
Net operating revenues 129,190,740 95,703,732
Operating costs 4(18)
Cost of goods sold 5 (89,455,182) (71,363,227)
Other operating costs (2,892,643) (2,536,442)
Operating costs (92,347,825) (73,899,669)
Gross profit 36,842,915 21,804,063
Unrealized intercompany profit 2 (151,192) (106,702)
Realized intercompany profit 2 106,702 68,558
Net 36,798,425 21,765,919
Operating expenses 4(18)
Sales and marketing expenses (2,775,289) (2,170,897)
General and administrative expenses (4,853,119) (3,996,466)
Research and development expenses (7,363,620) (5,858,629)
Subtotal (14,992,028) (12,025,992)
Operating income 21,806,397 9,739,927
Non-operating income
Interest revenue 1,040,652 1,141,264
Investment income accounted for under the equity method, net 2, 4(7) 551,779 300,724
Dividend income 1,163,438 837,696
Gain on disposal of property, plant and equipment 2 139,951 216,992
Gain on disposal of investments 2, 4(11) 12,868,569 6,885,374
Exchange gain, net 2 – 256,452
Recovery of unrealized loss on decline in market value of marketable securities 2 – 10,806
Other income 4(11) 635,092 764,190
Subtotal 16,399,481 10,413,498
Non-operating expenses
Interest expense 4(8), 5 (1,434,823) (1,326,155)
Other investment loss 2 (473,529) (1,866,454)
Loss on disposal of property, plant and equipment 2 (230,609) (170,576)
Exchange loss, net 2, 10 (928,891) –
Loss on decline in market value and obsolescence of inventories 2 (1,884,466) (1,443,565)
Financial expenses (396,909) (387,916)
Other losses 2, 4(11) (1,112,082) (263,054)
Subtotal (6,461,309) (5,457,720)
Income before income tax and minority interests 31,744,569 14,695,705
Income tax expense 2, 4(19) (373,800) (979,469)
Income before minority interests 31,370,769 13,716,236
Minority interests 472,612 304,021
Net income $31,843,381 $14,020,257
Earnings per share-basic 2, 4(20)
Net income (NTD) $1.89 $0.84
Earnings per share-diluted 2, 4(20)
Net income (NTD) $1.86 $0.83
Pro forma information on earnings as if unconsolidated subsidiaries’
investment in the Company is not treated as treasury stock
2, 4(20)
Net income $31,843,381 $14,020,257
Earnings per share-basic (NTD) $1.89 $0.84
Earnings per share-diluted (NTD) $1.86 $0.83
The accompanying notes are an integral part of the consolidated financial statements.