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TSMC Reports Second Quarter EPS of NT$0.94

发布时间:2019-01-04 10:11 作者:K8 来源:admin 点击: 字号:


HSIN-CHU, Taiwan, July 30 /PRNewswire-Asia-FirstCall/ -- TSMC (TAIEX: 2330; NYSE: TSM) today announced consolidated revenue of NT$74.21 billion, net income of NT$24.44 billion, and diluted earnings per share of NT$0.94 (US$0.14 per ADS unit) for the second quarter ended June 30, 2009.

Year-over-year, second quarter revenue decreased 15.8% while net income and diluted EPS decreased 15% and 13.9%, respectively. Compared to first quarter of 2009, second quarter results represent an 87.9% increase in revenue, and an increase of 1467.9% in net income and an increase of 1466.5% in diluted EPS. All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Gross margin for the quarter was 46.2%, operating margin was 33.9%, and net margin was 32.9%.

As a result of improved demand outlook, customers' companies launching new products, and customers' inventory restocking, second quarter saw a sharp rebound in the demand for semiconductors across all applications.

Advanced process technologies (0.13-micron and below) accounted for 65% of wafer revenues. 90-nanometer process technology accounted for 23% of wafer revenues, 65-nanometer 28%, and 45/40 nanometer, with wafer shipments tripling those of 1Q, exceeded 1% of total wafer sales.

"Both our macroeconomic forecast and booking trend indicate that we will have a good third quarter," said Lora Ho, VP and Chief Financial Officer of TSMC. "Based on our current business outlook, management expects overall performance for third quarter 2009 to be as follows":

-- Revenue is expected to be between NT$88 billion and NT$90 billion;

-- Gross profit margin is expected to be between 46.5% and 48.5%;

-- Operating profit margin is expected to be between 35% and 37%.

Lora Ho further said: "Due to improved demand outlook for 2010 and a more aggressive technology strategy, TSMC 2009 capital expenditure is expected to be above both the 2008 expenditure of US$1.9 billion and the previously guided US$1.5 billion, and is expected to be around US$2.3 billion."

Conference Call & Webcast Notice:

TSMC's quarterly review conference call will be held at 8 a.m. Eastern Time (8 p.m. Taiwan Time) on Thursday, July 30, 2009. The conference call will also be webcast live on the Internet. Investors wishing to access the live webcast should visit TSMC's web site at http://www.tsmc.com at least 15 minutes prior to the broadcast. Instructions will be provided on the web site to facilitate the download and installation of necessary audio applications. Investors without Internet access may listen to the conference call, in listen-only mode, by dialing 1-857-350-1588 in the U.S., 852-3002-1672 in Hong Kong, and 44-207-365-8426 in the U.K. (Password: TSMC). An archived version of the webcast will be available on TSMC's web site for six months following the Company's quarterly review conference call and webcast.

Profile

TSMC is the world's largest dedicated semiconductor foundry, providing the industry's leading process technology and the foundry's largest portfolio of process-proven libraries, IPs, design tools and reference flows. The Company's total managed capacity in 2008 exceeded nine million (8-inch equivalent) wafers, including capacity from two advanced 12-inch GIGAFABs(TM), four eight-inch fabs, one six-inch fab, as well as TSMC's wholly owned subsidiaries, WaferTech and TSMC China, and its joint venture fab, SSMC. TSMC is the first foundry to provide 40nm production capabilities. Its corporate headquarters are in Hsinchu, Taiwan. For more information about TSMC please visit http://www.tsmc.com .

(Management Report and Tables Follow)

TSMC 2Q09 Quarterly Management Report July 30, 2009

Topics in This Report

-- Revenue Analysis

-- Profit & Expense Analysis

-- Financial Condition Review

-- Cash Flow

-- CapEx & Capacity

-- Recap of Recent Important Events & Announcements

Operating Results Review:

Summary:

(Amounts are on consolidated basis

and are in NT billions except

otherwise noted) 2Q09 1Q09 2Q08 QoQ YoY

EPS (NT$ per common share) 0.94 0.06 1.09 1466.5% (13.9%)

(US$ per ADR unit) 0.14 0.01 0.18 -- --

Consolidated Net Sales 74.21 39.50 88.14 87.9% (15.8%)

Gross Profit 34.30 7.48 40.22 358.5% (14.7%)

Gross Margin 46.2% 18.9% 45.6% -- --

Operating Expense (9.17) (6.27) (9.85) 46.2% (6.9%)

Operating Income 25.13 1.21 30.37 1977.7% (17.3%)

Operating Margin 33.9% 3.1% 34.5% -- --

Non-Operating Items 1.26 (0.46) 2.00 -- --

Net Income 24.44 1.56 28.77 1467.9% (15.0%)

Net Profit Margin 32.9% 3.9% 32.6% -- --

Wafer Shipment (kpcs 8 inch-equiv.) 1,971 892 2,329 121.0% (15.4%)

Note: Total outstanding shares were 25,626mn units on 6/30/09

Financial Highlights:

Second Quarter 2009

-- Consolidated net sales were NT$74.21 billion, representing a 87.9%

sequential growth from 1Q09 and a 15.8% decline compared to 2Q08;

-- Gross margin was 46.2%, 27.3 percentage points higher than 1Q09 and

0.6 percentage point higher than 2Q08.

-- Operating margin was 33.9%, 30.8 percentage points higher than 1Q09

and 0.6 percentage point lower than 2Q08. Operating expenses were

NT$9.17 billion, NT$2.90 billion higher than the previous quarter.

-- The combined result from non-operating income and long-term investment

gains was a gain of NT$1.26 billion, compared to a loss of NT$0.46

billion in 1Q09 and a gain of NT$2.00 billion in 2Q08;

-- Consolidated net income attributable to shareholders of the parent

company was NT$24.44 billion, with net profit margin of 32.9% and

diluted EPS of NT$0.94.

I. Revenue Analysis

I. Wafer Sales Analysis

By Application 2Q09 1Q09 2Q08

Computer 28% 26% 31%

Communication 45% 46% 41%

Consumer 21% 21% 21%

Industrial/Others 6% 7% 7%

By Technology 2Q09 1Q09 2Q08

45/40nm 1% 1% 0%

65nm 28% 23% 18%

90nm 23% 25% 28%

0.11/0.13um 13% 16% 17%

0.15/0.18um 23% 21% 23%

0.25/0.35um 9% 11% 10%

0.50um+ 3% 3% 4%

By Customer Type 2Q09 1Q09 2Q08

Fabless/System 82% 77% 71%

IDM 18% 23% 29%

By Geography 2Q09 1Q09 2Q08

North America 65% 68% 72%

Asia Pacific 18% 14% 12%

China 3% 3% 2%

Europe 11% 12% 11%

Japan 3% 3% 3%

Revenue Analysis:

Application - Second quarter revenue was NT$74.21 billion, representing 87.9% sequential growth, due to improved demand outlook, electronics companies' launching new products, and customers' inventory restocking. In 2Q09, demand strongly rebounded across all applications compared to 1Q09. On a sequential basis, revenues from computer, communication, and consumer applications increased 128%, 100%, and 99%, respectively.

Technology - Revenue from 45/40nm exceeded 1% of total wafer sales in 2Q09, with wafer shipments tripling those of 1Q. Meanwhile, revenue from 65nm and 90nm were 28% and 23% of total wafer sales, respectively. Overall, revenues from advanced technologies (0.13-micron and below) accounted for 65% of total wafer sales.

Customer - Revenues from IDM customers accounted for 18% of total wafer sales in 2Q09, lower than 23% in 1Q09, primarily due to continued in-sourcing of IDM customers.

Geography - In 2Q09, revenues from customers based in North America accounted for 65% of total wafer sales, lower than 68% in 1Q09. Meanwhile, sales from customers in Asia Pacific, China, Europe, and Japan accounted for 18%, 3%, 11% and 3% of wafer sales, respectively.

II. Profit & Expense Analysis

II - 1. Gross Profit Analysis

(In NT billions) 2Q09 1Q09 2Q08

COGS 39.91 32.02 47.92

Depreciation 18.54 18.97 18.23

Other MFG Cost 21.37 13.05 29.69

Gross Profit 34.30 7.48 40.22

Gross Margin 46.2% 18.9% 45.6%

II - 1.1. QoQ Comparison

1Q09 Gross Margin 18.9%

Impact to Gross Margin ppts

Higher utilization 48.2

Non-wafer-related business -8.4

One-time and miscellaneous -6.7

Higher profit sharing expense -2.0

Inventory valuation impact* -1.5

Declined standard margin -1.4

Price decline: -1.7 ppts

Cost improvement: +1.4ppts

Unfavorable mix: -1.1 ppts

Unfavorable FX rate -0.9

2Q09 Gross Margin 46.2%

II - 1.2. YoY Comparison

2Q08 Gross Margin 45.6%

Impact to Gross Margin ppts

Favorable FX rate 3.7

One-time and miscellaneous 2.8

Lower utilization -4.1

Inventory valuation impact* -1.5

Declined standard margin -0.3

Price decline: -5.1 ppts

Cost improvement: +5.9 ppts

Unfavorable mix: -1.1 ppts

2Q09 Gross Margin 46.2%

Gross Profit Analysis:

Gross margin in 2Q09 was 46.2%, up 27.3 percentage points from 1Q09. A sharply increased utilization rate contributed 48.2 percentage points to gross margin, while several other elements acted to offset partially the increase in gross margin, including a lower percentage of total revenue from non-wafer-related business (-8.4 percentage points), one-time and miscellaneous items (-6.7 percentage points), increase in employee profit sharing (-2.0 percentage points), adverse effect of ROC SFAS No.10 on inventory valuation (-1.5 percentage points), decline in standard gross margin (-1.4 percentage points), and unfavorable exchange rate (-0.9 percentage point).

Gross margin in 2Q09 increased 0.6 percentage point compared with 45.6% in 2Q08, due to favorable exchange rate (+3.7 percentage points), one-time and miscellaneous items (+2.8 percentage points), partially offset by lower utilization rate (-4.1 percentage points), negative impact from the adoption of ROC SFAS No.10 (-1.5 percentage points), and decline in standard gross margin (-0.3 percentage points).

II - 2. Operating Expenses

(In NT billions) 2Q09 1Q09 2Q08

Total Operating Exp. 9.17 6.27 9.85

SG&A 4.07 2.54 4.45

Research & Development 5.10 3.73 5.40

Total Operating Exp. as a % of Sales 12.3% 15.9% 11.1%

Operating Expenses:

Total operating expenses for 2Q09 increased to NT$9.17 billion, representing 12.3% of net sales, lower than 15.9% of net sales in 1Q09.

Research and development expenditures increased by NT$1.37 billion sequentially, mainly due to higher level of employee profit sharing and more development expenses, mainly related to 28nm and 22nm technologies.

SG&A expenses increased by NT$1.53 billion from 1Q09 level. The increase was mainly due to higher level of employee profit sharing and opening expense related to Fab 12 Phase 4.

II - 3. Non-Operating Items

(In NT billions) 2Q09 1Q09 2Q08

Non-Operating Inc./(Exp.) 1.15 0.35 1.72

Net Interest Income/(Exp.) 0.56 0.88 1.24

Other Non-Operating 0.59 (0.53) 0.48

L-T Investments 0.11 (0.81) 0.28

SSMC 0.19 (0.32) 0.30

Others (0.08) (0.49) (0.02)

Total Non-Operating Items 1.26 (0.46) 2.00

Non-Operating Items:

For 2Q09, combined result from non-operating income and long-term investment gain was a net gain of NT$1.26 billion.

Non-operating income was NT$1.15 billion, higher than NT$0.35 billion in 1Q09, primarily due to income from litigation compensation, higher disposal gains and lower impairment losses of financial assets, partially offset by less interest income.

Net investment gain was NT$0.11 billion, improving from a net loss of NT$0.81 billion in 1Q09, mainly due to business recovery in VIS and SSMC.

III. Financial Condition Review

III - 1. Liquidity Analysis

(Selected Balance Sheet Items)

(In NT billions) 2Q09 1Q09 2Q08

Cash & Marketable Securities 246.77 229.79 223.99

Accounts Receivable -- Trade 33.38 13.82 41.86

Inventory 18.97 14.78 23.36

Total Current Assets 309.42 268.56 299.76

Accounts Payable 25.96 10.97 21.14

Current Portion of Bonds Payable 0.00 0.00 8.00

Dividends Payable 77.17 0.00 77.04

Accrued Bonus to Employees,

Directors and Supervisors 11.70 15.64 12.96

Accrued Liabilities and Others 14.80 18.76 27.84

Total Current Liabilities 129.63 45.37 146.98

Current Ratio (x) 2.4 5.9 2.0

Net Working Capital 179.79 223.19 152.78

Liquidity Analysis:

At the end of 2Q09, total current assets increased by NT$40.86 billion to NT$309.42 billion, mainly contributed by the free cash flow of NT$17.10 billion (please refer to page 6) generated during this quarter.

Total current liabilities increased by NT$84.26 billion in 2Q09, primarily resulting from the increases of cash dividend payable and payables to contractors and equipment suppliers.

Net working capital was NT$179.79 billion and current ratio decreased to 2.4x.

III - 2. Receivable/Inventory Days

(In Number of Days)

2Q09 1Q09 2Q08

Days of Receivable 30 38 42

Days of Inventory 42 44 47

Receivable and Inventory Days:

Sequentially, days of receivable decreased by eight days to 30 days in 2Q09, mainly resulting from a slower growth in average receivables than in revenue.

Days of inventory decreased by two days to 42 days.

III - 3. Debt Service

(In NT billions) 2Q09 1Q09 2Q08

Cash & Marketable Securities 246.77 229.79 223.99

Interest-Bearing Debt 15.57 16.00 22.90

Net Cash Reserves 231.20 213.79 201.09

Debt Service:

Net cash reserves - defined as the excess of cash and short-term marketable securities over interest-bearing debt - increased by NT$17.41 billion to NT$231.20 billion at the end of 2Q09, primarily due to free cash flow of NT$17.10 billion generated during this quarter.

IV. Cash Flow

IV - 1. Cash Flow Analysis

(In NT billions) 2Q09 1Q09 2Q08

Net Income 24.44 1.56 28.77

Depreciation & Amortization 20.05 20.48 20.03

Other Operating Sources/(Uses) (19.97) 4.75 (3.75)

Total Operating Sources/(Uses) 24.52 26.79 45.05

Capital Expenditure (7.42) (5.62) (22.27)

Marketable Financial Instruments 1.68 13.80 27.20

Other Investing Sources/(Uses) (0.25) (0.04) (1.33)

Net Investing Sources/(Uses) (5.99) 8.14 3.60

Repayment of Bonds Payable 0.00 (8.00) 0.00

Purchase of Treasury Stock 0.00 0.00 (6.62)

Other Financing Sources/(Uses) (0.34) 0.12 (0.23)

Net Financing Sources/(Uses) (0.34) (7.88) (6.85)

Net Cash Position Changes 18.19 27.05 41.80

Exchange Rate Changes & Others (1.93) 1.60 (0.73)

Ending Cash Balance 239.52 223.26 185.35

Summary of Cash Flow:

Cash generated from operating activities totaled NT$24.52 billion during 2Q09, down from NT$26.79 billion in 1Q09, mainly due to higher level of business activities.

Net cash used in investing activities was NT$5.99 billion in 2Q09, reflecting capital expenditure of NT$7.42 billion and a NT$1.68 billion net decrease in marketable financial instruments.

As a result, TSMC ended 2Q09 with a cash balance of NT$239.52 billion.

IV - 2. Operating and Free Cash Flows:

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$24.52 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$17.10 billion in 2Q09, compared to NT$21.17 billion in 1Q09.

Please refer to the link for the index charts:

http://www.tsmc.com/uploadfile/ir/quarterly/index_charts.pdf

V. CapEx & Capacity

V - 1. Capital Expenditures

(In US millions) 1Q09 2Q09 YTD

TSMC 161 218 379

XinTec and GUC 2 3 5

TSMC Shanghai & WaferTech 3 3 6

Other TSMC Subsidiaries 0 0 0

Total TSMC 166 224 390

Capital Expenditures:

Capital expenditures for TSMC on a consolidated basis totaled US$224 million in 2Q09.

For year 2009, total capital expenditures for TSMC is expected to be around US$2.3 billion, compared with US$1.9 billion spent in 2008.

V-2. Capacity

4Q08 1Q09 2Q09 3Q09 4Q09 2009

Fab / (Wafer size) (A) (A) (A) (F) (F) (F)

Fab-2 (6") Note 1 272 274 280 283 283 1,121

Fab-3 (8") 274 286 289 292 283 1,150

Fab-5 (8") 161 162 149 144 144 599

Fab-6 (8") 282 295 284 287 287 1,154

Fab-8 (8") 272 275 271 265 255 1,066

Fab-12 (12") Note 2 221 218 219 199 241 878

Fab-14 (12") Note 2 236 238 238 237 240 952

WaferTech (8") 106 106 107 109 109 431

TSMC China (8") 128 128 134 135 135 531

TSMC total capacity

(8" equiv. Kpcs) 2,405 2,431 2,419 2,373 2,455 9,678

SSMC (8") 73 64 65 65 65 259

Total managed capacity

(8" equiv. Kpcs) 2,478 2,495 2,483 2,438 2,520 9,937

Note 1: Figures represent number of 6" wafers. Conversion to

8"-equivalent wafers is obtained by dividing this number by 1.78

Note 2: Figures represent number of 12" wafers. Conversion to

8"-equivalent wafers is obtained by multiplying this number by

2.25

Capacity:

Total managed capacity was 2,483K 8-inch equivalent wafers in the second quarter, decreased by 0.5% from 2,495K in 1Q09, mainly due to capacity migration to higher nodes.

Total managed capacity in 2009 is expected to reach 9,937K 8-inch equivalent wafers, representing an increase of 6.0% from 9,377K 8-inch equivalent wafers in 2008, while capacity for 12-inch wafer fabs is expected to increase by 10%, reaching 41% of total capacity.

VI. Recap of Recent Important Events & Announcements

-- TSMC Enhances 0.13um Family to Enable Area Reduction and

Performance Gain with Slim Platform for Analog and Power Management

System-on-Chip Applications ( 2009/06/29 )

-- TSMC Sets July 21 as Record Date and July 15th as Ex-dividend Date

for Common Share Dividends ( 2009/06/25 and 2009/6/30 )

-- TSMC Reports Foundry's First 28 Nanometer Low Power Platform

Technology with Fully Functional 64Mb SRAM ( 2009/06/17 )

-- TSMC Board of Directors Unanimously Re-elects and Appoints Dr.

Morris Chang as Chairman. Dr. Chang Returns as Chief Executive

Officer, Effective June 12, 2009. ( 2009/06/11 )

-- TSMC Shareholders Approve NT$3.0 Cash and 0.5% Stock Dividend, and

Elect TSMC's 11th Board of Directors , Including Four Independent

Directors ( 2009/06/10 )

-- TSMC Launches Unified Interconnect Modeling Format for Advanced

Process Technologies ( 2009/05/27 )

-- Fujitsu Microelectronics and TSMC to Collaborate on Leading-edge

Process Technology ( 2009/04/30 )

-- TSMC Launches Integrated Sign-Off Flow To Shorten Design Cycle,

Enhance Tape-Out Quality ( 2009/04/21 )

-- TSMC Announces Foundry's First Mixed Signal/RF Referenced Design

Kit ( 2009/04/21 )

-- TSMC/GUC 65LP ARM 1176JZF hardened cores Open Doors for 65nm

Designers ( 2009/04/20 )

* Please visit TSMC's Web site ( http://www.tsmc.com ) for details about these and other announcements.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

(Expressed in Millions of New Taiwan Dollars ("NTD") and

U.S. Dollars ("USD"))(1)

June 30, 2009 March 31, 2009

(audited) (unaudited)

ASSETS USD NTD % NTD %

Current Assets

Cash and Cash Equivalents $7,298 $239,517 40.8 $223,262 40.4

Investments in Marketable

Financial Instruments 221 7,252 1.2 6,527 1.2

Accounts Receivable -- Trade 1,017 33,384 5.7 13,822 2.5

Inventories, Net 578 18,974 3.2 14,775 2.7

Other Current Assets 314 10,292 1.8 10,171 1.8

Total Current Assets 9,428 309,419 52.7 268,557 48.6

Long-Term Investments 990 32,498 5.5 35,682 6.5

Properties, Plant and

Equipment 26,872 881,897 150.1 867,199 156.9

Less: Accumulated

Depreciation (20,014) (656,826) (111.8) (640,121) (115.8)

Properties, Plant and

Equipment, Net 6,858 225,071 38.3 227,078 41.1

Other Assets 627 20,555 3.5 21,458 3.8

Total Assets $17,903 $587,543 100.0 $552,775 100.0

LIABILITIES AND SHAREHOLDERS'

EQUITY

Current Liabilities

Accounts Payables $308 $10,105 1.7 $5,824 1.1

Payables to Contractors and

Equipment Suppliers 483 15,853 2.7 5,145 0.9

Accrued Expenses and Other

Current Liabilities 3,150 103,363 17.6 34,120 6.1

Current Portion of Bonds

Payable and Long-Term

Liabilities 9 309 0.1 286 0.1

Total Current

Liabilities 3,950 129,630 22.1 45,375 8.2

Bonds Payable 137 4,500 0.8 4,500 0.8

Other Long-Term Liabilities 489 16,060 2.7 17,587 3.2

Total Liabilities 4,576 150,190 25.6 67,462 12.2

Shareholders' Equity

Attributable to Shareholders

of the Parent

Capital Stock at Par Value 7,891 258,964 44.1 256,260 46.4

Capital Surplus 1,686 55,331 9.4 49,965 9.0

Legal Capital Reserve (2) 2,356 77,317 13.2 67,324 12.2

Special Capital Reserve (2) -- -- -- 392 0.1

Unappropriated Earnings (2) 1,260 41,348 7.0 103,896 18.8

Treasury Stock -- -- -- -- --

Others 24 801 0.1 3,710 0.6

Total Equity

Attributable to

Shareholders of the

Parent 13,217 433,761 73.8 481,547 87.1

Minority Interests 110 3,592 0.6 3,766 0.7

Total Shareholders'

Equity 13,327 437,353 74.4 485,313 87.8

Total Liabilities &

Shareholders' Equity $17,903 $587,543 100.0 $552,775 100.0

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S. dollars

at the rate of NT$32.818 as of June 30, 2009.

(2) Certain prior period balances have been reclassified to conform to

the current period presentation.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

(Expressed in Millions of New Taiwan Dollars ("NTD") and

U.S. Dollars("USD"))(1)(Continued)

June 30, 2008

(audited) QoQ YoY

ASSETS NTD % Amount % Amount %

Current Assets

Cash and Cash

Equivalents $185,346 30.1 $16,255 7.3 $54,171 29.2

Investments in

Marketable

Financial

Instruments 38,642 6.3 725 11.1 (31,390) (81.2)

Accounts Receivable

-- Trade 41,858 6.8 19,562 141.5 (8,474) (20.2)

Inventories, Net 23,359 3.8 4,199 28.4 (4,385) (18.8)

Other Current Assets 10,558 1.7 121 1.2 (266) (2.5)

Total Current

Assets 299,763 48.7 40,862 15.2 9,656 3.2

Long-Term Investments 31,937 5.2 (3,184) (8.9) 561 1.8

Properties, Plant and

Equipment 836,936 136.0 14,698 1.7 44,961 5.4

Less: Accumulated

Depreciation (574,738) (93.4) (16,705) 2.6 (82,088) 14.3

Properties, Plant

and Equipment,

Net 262,198 42.6 (2,007) (0.9) (37,127) (14.2)

Other Assets 21,325 3.5 (903) (4.2) (770) (3.6)

Total Assets $615,223 100.0 $34,768 6.3 ($27,680) (4.5)

LIABILITIES AND

SHAREHOLDERS' EQUITY

Current Liabilities

Accounts Payables $11,632 1.9 $4,281 73.5 ($1,527) (13.1)

Payables to

Contractors and

Equipment Suppliers 9,511 1.5 10,708 208.1 6,342 66.7

Accrued Expenses and

Other Current

Liabilities 117,576 19.2 69,243 202.9 (14,213) (12.1)

Current Portion of

Bonds Payable and

Long-Term

Liabilities 8,262 1.3 23 7.8 (7,953) (96.3)

Total Current

Liabilities 146,981 23.9 84,255 185.7 (17,351) (11.8)

Bonds Payable 4,500 0.7 -- -- -- --

Other Long-Term

Liabilities 17,055 2.8 (1,527) (8.7) (995) (5.8)

Total Liabilities 168,536 27.4 82,728 122.6 (18,346) (10.9)

Shareholders' Equity

Attributable to

Shareholders of the

Parent

Capital Stock at Par

Value 261,535 42.5 2,704 1.1 (2,571) (1.0)

Capital Surplus 50,917 8.3 5,366 10.7 4,414 8.7

Legal Capital

Reserve (2) 67,324 10.9 9,993 14.8 9,993 14.8

Special Capital

Reserve (2) 392 0.1 (392) (100.0) (392) (100.0)

Unappropriated

Earnings (2) 84,237 13.7 (62,548) (60.2) (42,889) (50.9)

Treasury Stock (14,845) (2.4) -- -- 14,845 (100.0)

Others (6,319) (1.1) (2,909) (78.4) 7,120 (112.7)

Total Equity

Attributable to

Shareholders of

the Parent 443,241 72.0 (47,786) (9.9) (9,480) (2.1)

Minority Interests 3,446 0.6 (174) (4.6) 146 4.2

Total

Shareholders'

Equity 446,687 72.6 (47,960) (9.9) (9,334) (2.1)

Total Liabilities &

Shareholders' Equity $615,223 100.0 $34,768 6.3 ($27,680) (4.5)

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S. dollars

at the rate of NT$32.818 as of June 30, 2009.

(2) Certain prior period balances have been reclassified to conform to

the current period presentation.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Unaudited Consolidated Condensed Income Statements

For the Three Months Ended June 30, 2009, March 31, 2009, June 30, 2008

(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars

("USD") (1)

Except for Per Share Amounts and Shares Outstanding)

2Q 2009 1Q 2009

USD NTD % NTD %

Net Sales $2,242 $74,212 100.0 $39,500 100.0

Cost of Sales (1,206) (39,916) (53.8) (32,020) (81.1)

Gross Profit 1,036 34,296 46.2 7,480 18.9

Operating Expenses

Research and Development

Expenses (154) (5,096) (6.9) (3,729) (9.4)

General and Administrative

Expenses (87) (2,881) (3.8) (1,595) (4.0)

Sales and Marketing Expenses (36) (1,192) (1.6) (947) (2.4)

Total Operating Expenses (277) (9,169) (12.3) (6,271) (15.9)

Income from Operations 759 25,127 33.9 1,209 3.1

Non-Operating Income, Net 35 1,156 1.6 353 0.9

Investment Gains (Losses) 3 106 0.1 (813) (2.1)

Income before Income Tax 797 26,389 35.6 749 1.9

Income Tax Benefits (Expenses) (59) (1,943) (2.7) 739 1.9

Net Income 738 24,446 32.9 1,488 3.8

Minority Interests 0 (4) -- 71 0.1

Net Income Attributable to

Shareholders of

the Parent 738 24,442 32.9 1,559 3.9

Earnings per Share -- Diluted $0.03 $0.94 -- $0.06 --

Earnings per ADR -- Diluted (2) $0.14 $4.71 -- $0.30 --

Weighted Average Outstanding

Shares -- Diluted ('M) (3) -- 25,944 -- 25,920 --

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S.

dollars at the weighted average rate of NTD33.104 for the second

quarter of 2009.

(2) 1 ADR equals 5 ordinary shares.

(3) Total diluted weighted average outstanding shares were 25,920M and

26,286M shares for 1Q09 and 2Q08 after the retroactive adjustments

for stock dividends.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Unaudited Consolidated Condensed Income Statements

For the Three Months Ended June 30, 2009, March 31, 2009, June 30, 2008

(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars

(USD) (1)

Except for Per Share Amounts and Shares Outstanding) (Continued)

2Q 2008 QoQ YoY

NTD % Amount % Amount %

Net Sales $88,137 100.0 $34,712 87.9 ($13,925) (15.8)

Cost of Sales (47,916) (54.4) (7,896) 24.7 8,000 (16.7)

Gross Profit 40,221 45.6 26,816 358.5 (5,925) (14.7)

Operating Expenses

Research and

Development Expenses (5,404) (6.1) (1,367) 36.7 308 (5.7)

General and

Administrative

Expenses (3,170) (3.6) (1,286) 80.7 289 (9.1)

Sales and Marketing

Expenses (1,274) (1.4) (245) 25.8 82 (6.5)

Total Operating

Expenses (9,848) (11.1) (2,898) 46.2 679 (6.9)

Income from

Operations 30,373 34.5 23,918 1,977.7 (5,246) (17.3)

Non-Operating Income,

Net 1,725 1.9 803 228.9 (569) (32.9)

Investment Gains

(Losses) 279 0.3 919 (113.0) (173) (62.1)

Income before Income

Tax 32,377 36.7 25,640 3,425.6 (5,988) (18.5)

Income Tax Benefits

(Expenses) (3,503) (4.0) (2,682) (362.9) 1,560 (44.5)

Net Income 28,874 32.7 22,958 1,543.1 (4,428) (15.3)

Minority Interests (103) (0.1) (75) (105.4) 99 (96.3)

Net Income Attributable

to Shareholders of

the Parent 28,771 32.6 22,883 1,467.9 (4,329) (15.0)

Earnings per Share

-- Diluted $1.09 -- $0.88 1,466.5 ($0.15) (13.9)

Earnings per ADR

-- Diluted (2) $5.47 -- $4.41 1,466.5 ($0.76) (13.9)

Weighted Average

Outstanding Shares

-- Diluted ('M) (3) 26,286 -- -- -- -- --

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S.

dollars at the weighted average rate of NTD33.104 for the second

quarter of 2009.

(2) 1 ADR equals 5 ordinary shares.

(3) Total diluted weighted average outstanding shares were 25,920M and

26,286M shares for 1Q09 and 2Q08 after the retroactive adjustments

for stock dividends.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Audited Consolidated Condensed Income Statements

For the Six Months Ended June 30, 2009 and 2008

(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars

("USD") (1)

Except for Per Share Amounts and Shares Outstanding)

For the Six Months Ended June 30

2009 2008

USD NTD % NTD %

Net Sales $3,406 $113,712 100.0 $175,617 100.0

Cost of Sales (2,155) (71,936) (63.3) (97,156) (55.3)

Gross Profit 1,251 41,776 36.7 78,461 44.7

Operating Expenses

Research and Development

Expenses (264) (8,825) (7.8) (10,674) (6.1)

General and Administrative

Expenses (134) (4,476) (3.9) (5,833) (3.3)

Sales and Marketing Expenses (64) (2,139) (1.8) (2,458) (1.4)

Total Operating Expenses (462) (15,440) (13.5) (18,965) (10.8)

Income from Operations 789 26,336 23.2 59,496 33.9

Non-Operating Income, Net 45 1,508 1.3 3,596 2.0

Investment Gains (Losses) (21) (707) (0.6) 857 0.5

Income before Income Tax 813 27,137 23.9 63,949 36.4

Income Tax Expenses (36) (1,204) (1.1) (6,839) (3.9)

Net Income 777 25,933 22.8 57,110 32.5

Minority Interests 2 68 0.1 (196) (0.1)

Net Income Attributable to

Shareholders of

the Parent 779 26,001 22.9 56,914 32.4

Earnings per Share -- Diluted $0.03 $1.00 -- $2.16 --

Earnings per ADR -- Diluted (2) $0.15 $5.01 -- $10.81 --

Weighted Average Outstanding

Shares -- Diluted ('M) (3) -- 25,944 -- 26,332 --

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S. dollars

at the weighted average rate of NTD 33.384 for the six months ended

June 30, 2009.

(2) 1 ADR equals 5 ordinary shares.

(3) Total diluted weighted average outstanding shares were 26,332M

shares for for the six months ended June 30, 2008 after the

retroactive adjustment for stock dividends.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Audited Consolidated Condensed Income Statements

For the Six Months Ended June 30, 2009 and 2008

(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars

("USD") (1)

Except for Per Share Amounts and Shares Outstanding) (Continued)

For the Six Months Ended June 30

YoY

Amount %

Net Sales ($61,905) (35.2)

Cost of Sales 25,220 (26.0)

Gross Profit (36,685) (46.8)

Operating Expenses

Research and Development Expenses 1,849 (17.3)

General and Administrative Expenses 1,357 (23.3)

Sales and Marketing Expenses 319 (13.0)

Total Operating Expenses 3,525 (18.6)

Income from Operations (33,160) (55.7)

Non-Operating Income, Net (2,088) (58.1)

Investment Gains (Losses) (1,564) (182.5)

Income before Income Tax (36,812) (57.6)

Income Tax Expenses 5,635 (82.4)

Net Income (31,177) (54.6)

Minority Interests 264 (134.3)

Net Income Attributable to

Shareholders of

the Parent (30,913) (54.3)

Earnings per Share -- Diluted ($1.16) (53.6)

Earnings per ADR -- Diluted (2) ($5.80) (53.6)

Weighted Average Outstanding Shares

-- Diluted ('M) (3) -- --

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S. dollars

at the weighted average rate of NTD 33.384 for the six months ended

June 30, 2009.

(2) 1 ADR equals 5 ordinary shares.

(3) Total diluted weighted average outstanding shares were 26,332M

shares for for the six months ended June 30, 2008 after the

retroactive adjustment for stock dividends.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flows

For the Six Months Ended June 30, 2009 and for the Three Months Ended

June 30, 2009, March 31, 2009, and June 30, 2008

(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars

("USD")) (1)

Six Months 2009 2Q 2009 1Q 2009 2Q 2008

(Audited) (Unaudited)(Unaudited)(Unaudited)

USD NTD NTD NTD NTD

Cash Flows from Operating

Activities:

Net Income $779 $26,001 $24,442 $1,559 $28,771

Net Income (Loss)

Attributable to

Minority Interest (2) (67) 4 (71) 103

Depreciation &

Amortization 1,214 40,536 20,053 20,483 20,034

Deferred Income Tax (21) (697) 697 (1,394) 1,280

Equity in Losses

(Earnings) of Equity

Method Investees,

Net 21 707 (106) 813 (280)

Changes in Working

Capital & Others (454) (15,168) (20,566) 5,398 (4,857)

Net Cash Provided by

Operating Activities 1,537 51,312 24,524 26,788 45,051

Cash Flows from Investing

Activities:

Acquisitions of:

Marketable

Financial

Instruments (306) (10,219) (968) (9,251) (14,635)

Property, Plant

and Equipment (390) (13,032) (7,415) (5,617) (22,274)

Financial Assets

Carried at Cost (4) (131) (48) (83) (90)

Proceeds from

Disposal or maturity

of:

Marketable Financial

Instruments 770 25,704 2,651 23,053 41,840

Property, Plant

and Equipment -- 5 3 2 30

Financial Assets

Carried at Cost 2 75 75 -- 35

Others (8) (259) (291) 32 (1,310)

Net Cash Provided by

(Used In) Investing

Activities 64 2,143 (5,993) 8,136 3,596

Cash Flows from Financing

Activities:

Decrease in Guarantee

Deposits (7) (251) (86) (165) (164)

Proceeds from

Exercise of Stock

Options 1 29 14 15 91

Repayment of Long-

Term Bonds Payable (240) (8,000) -- (8,000) --

Repurchase of

Treasury Stock -- -- -- -- (6,615)

Others -- 10 (265) 275 (159)

Net Cash Used in

Financing Activities (246) (8,212) (337) (7,875) (6,847)

Net Increase in Cash and

Cash Equivalents 1,355 45,243 18,194 27,049 41,800

Effect of Exchange Rate

Changes and Others (10) (340) (1,939) 1,599 (731)

Cash and Cash Equivalents

at Beginning of Period 5,830 194,614 223,262 194,614 144,277

Cash and Cash Equivalents

at End of Period $7,175 $239,517 $239,517 $223,262 $185,346

Note:

(1) Amounts in New Taiwan dollars have been translated into U.S. dollars

at the weighted average rate of NTD33.384 for the six months ended

June 30, 2009.

Safe Harbor Notice:

The statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. TSMC cautions readers that forward-looking statements are subject to significant risks and uncertainties and are based on TSMC's current expectations. Actual results may differ materially from those contained in such forward-looking statements for a variety of reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor industry; demand and supply for TSMC's foundry manufacturing capacity in particular and for foundry manufacturing capacity in general; intense competition; the failure of one or more significant customers to continue to place the same level of orders with us; TSMC's ability to remain a technological leader in the semiconductor industry; TSMC's ability to manage its capacity; TSMC's ability to obtain, preserve and defend its intellectual property rights; natural disasters and other unexpected events which may disrupt production; and exchange rate fluctuations. Additional information as to these and other risk factors that may cause TSMC's actual results to differ materially from TSMC's forward-looking statements may be found in TSMC's Annual Report on Form 20-F, filed with the United States Securities and Exchange Commission (the "SEC") on April 17, 2009, and such other documents as TSMC may file with, or submit to, the SEC from time to time. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACT

Elizabeth Sun / Harrison Hsueh

Investor Relations Division

TSMC

Tel: +886-3-568-2085 / 2088

Email: invest@tsmc.com

本文源自: 环亚娱乐

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