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.
