VI. Recap of Recent Important Events & Announcements
-- TSMC Announces Process Technologies For Integrated LED Drivers
( 2009/12/15 )
-- TSMC and Motech Announce Strategic Partnership ( 2009/12/09 )
-- TSMC Recognizes Supplier Excellence at Supply Chain Management
Forum ( 2009/12/04 )
-- TSMC Launches Automotive Process Qualification Specification and
Service Package in China Market ( 2009/11/27 )
-- TSMC Announces Settlement of SMIC Trade Secret Litigation
( 2009/11/10 )
-- Infineon and TSMC Extend Technology And Production Partnership
Agreement; Will Jointly Develop 65nm Embedded Flash Process
Technology For Automotive and Chip Card Applications ( 2009/11/05 )
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)
December 31, 2009 September 30, 2009
(audited) (unaudited)
ASSETS USD NTD % NTD %
Current Assets
Cash and Cash Equivalents $5,347 $171,276 28.8 $156,935 29.0
Investments in Marketable
Financial Instruments 766 24,521 4.1 23,384 4.3
Accounts Receivable - Trade 1,105 35,382 5.9 35,881 6.6
Inventories, Net 653 20,914 3.5 19,176 3.5
Other Current Assets 240 7,711 1.4 8,865 1.7
Total Current Assets 8,111 259,804 43.7 244,241 45.1
Long-Term Investments 1,182 37,845 6.4 38,553 7.1
Properties, Plant and
Equipment 30,204 967,419 162.7 911,844 168.3
Less: Accumulated
Depreciation (21,660) (693,744) (116.7) (675,028) (124.6)
Properties, Plant and
Equipment, Net 8,544 273,675 46.0 236,816 43.7
Other Assets 730 23,372 3.9 22,287 4.1
Total Assets $18,567 $594,696 100.0 $541,897 100.0
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Accounts Payables $365 $11,689 2.0 $10,633 2.0
Payables to Contractors and
Equipment Suppliers 903 28,924 4.9 15,666 2.9
Accrued Expenses and Other
Current Liabilities 1,173 37,571 6.2 28,401 5.2
Current Portion of Bonds
Payable and Long-Term
Debts 30 949 0.2 309 0.1
Total Current
Liabilities 2,471 79,133 13.3 55,009 10.2
Bonds Payable 140 4,500 0.8 4,500 0.8
Other Long-Term Liabilities 375 12,015 2.0 15,761 2.9
Total Liabilities 2,986 95,648 16.1 75,270 13.9
Shareholders' Equity
Attributable to Shareholders
of the Parent
Capital Stock at Par Value 8,087 259,027 43.6 259,007 47.8
Capital Surplus 1,732 55,486 9.3 55,440 10.2
Legal Capital Reserve (2) 2,414 77,317 13.0 77,317 14.3
Special Capital Reserve (2) -- -- -- -- --
Unappropriated Earnings (2) 3,265 104,565 17.5 71,899 13.3
Treasury Stock -- -- -- -- --
Others (41) (1,312) (0.2) (778) (0.2)
Total Equity
Attributable to
Shareholders of the
Parent 15,457 495,083 83.2 462,885 85.4
Minority Interests 124 3,965 0.7 3,742 0.7
Total Shareholders'
Equity 15,581 499,048 83.9 466,627 86.1
Total Liabilities &
Shareholders' Equity $18,567 $594,696 100.0 $541,897 100.0
Note :
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars
at the rate of NT$32.030 as of December 31, 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)
December 31, 2008
(audited) QoQ YoY
ASSETS NTD % Amount % Amount %
Current Assets
Cash and Cash
Equivalents $194,614 34.8 $14,341 9.1 ($23,338) (12.0)
Investments in
Marketable
Financial
Instruments 16,836 3.0 1,137 4.9 7,685 45.6
Accounts Receivable
- Trade 18,497 3.3 (499) (1.4) 16,885 91.3
Inventories, Net 14,877 2.7 1,738 9.1 6,037 40.6
Other Current Assets 7,795 1.4 (1,154) (13.0) (84) (1.1)
Total Current
Assets 252,619 45.2 15,563 6.4 7,185 2.8
Long-Term Investments 39,982 7.2 (708) (1.8) (2,137) (5.3)
Properties, Plant and
Equipment 862,461 154.3 55,575 6.1 104,958 12.2
Less: Accumulated
Depreciation (618,816) (110.7) (18,716) 2.8 (74,928) 12.1
Properties, Plant
and Equipment,
Net 243,645 43.6 36,859 15.6 30,030 12.3
Other Assets 22,671 4.0 1,085 4.9 701 3.1
Total Assets $558,917 100.0 $52,799 9.7 $35,779 6.4
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities
Accounts Payables $6,043 1.1 $1,056 9.9 $5,646 93.4
Payables to
Contractors and
Equipment Suppliers 7,999 1.4 13,258 84.6 20,925 261.6
Accrued Expenses and
Other Current
Liabilities 34,543 6.2 9,170 32.3 3,028 8.8
Current Portion of
Bonds Payable and
Long-Term Debts 8,222 1.5 640 207.7 (7,273) (88.5)
Total Current
Liabilities 56,807 10.2 24,124 43.9 22,326 39.3
Bonds Payable 4,500 0.8 -- -- -- --
Other Long-Term
Liabilities 17,237 3.1 (3,746) (23.8) (5,222) (30.3)
Total Liabilities 78,544 14.1 20,378 27.1 17,104 21.8
Shareholders' Equity
Attributable to
Shareholders of the
Parent
Capital Stock at Par
Value 256,254 45.8 20 0.0 2,773 1.1
Capital Surplus 49,875 8.9 46 0.1 5,611 11.2
Legal Capital
Reserve (2) 67,324 12.0 -- -- 9,993 14.8
Special Capital
Reserve (2) 392 0.1 -- -- (392) (100.0)
Unappropriated
Earnings (2) 102,338 18.3 32,666 45.4 2,227 2.2
Treasury Stock -- -- -- -- -- --
Others 194 0.1 (534) 68.8 (1,506) (777.5)
Total Equity
Attributable to
Shareholders of
the Parent 476,377 85.2 32,198 7.0 18,706 3.9
Minority Interests 3,996 0.7 223 6.0 (31) (0.7)
Total
Shareholders'
Equity 480,373 85.9 32,421 6.9 18,675 3.9
Total Liabilities &
Shareholders' Equity $558,917 100.0 $52,799 9.7 $35,779 6.4
Note :
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars
at the rate of NT$32.030 as of December 31, 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 December 31, 2009, September 30, 2009,
December 31, 2008
(Expressed in Millions of New Taiwan Dollars ("NTD") and
U.S. Dollars ("USD") (1)
Except for Per Share Amounts and Shares Outstanding)
4Q 2009 3Q 2009
USD NTD % NTD %
Net Sales $2,849 $92,094 100.0 $89,936 100.0
Cost of Sales (1,466) (47,399) (51.5) (47,078) (52.3)
Gross Profit 1,383 44,695 48.5 42,858 47.7
Operating Expenses
Research and Development
Expenses (203) (6,567) (7.1) (6,202) (6.9)
General and Administrative
Expenses (101) (3,269) (3.6) (3,541) (3.9)
Sales and Marketing Expenses (38) (1,217) (1.3) (1,131) (1.3)
Total Operating Expenses (342) (11,053) (12.0) (10,874) (12.1)
Income from Operations 1,041 33,642 36.5 31,984 35.6
Non-Operating Income, Net 44 1,427 1.6 519 0.6
Investment Gains 9 299 0.3 454 0.5
Income before Income Tax 1,094 35,368 38.4 32,957 36.6
Income Tax Expenses (77) (2,508) (2.7) (2,285) (2.5)
Net Income 1,017 32,860 35.7 30,672 34.1
Minority Interests (6) (194) (0.2) (121) (0.1)
Net Income Attributable to
Shareholders of
the Parent 1,011 32,666 35.5 30,551 34.0
Earnings per Share - Diluted $0.04 $1.26 -- $1.18 --
Earnings per ADR - Diluted (2) $0.19 $6.30 -- $5.88 --
Weighted Average Outstanding
Shares - Diluted ('M) (3) -- 25,916 -- 25,984 --
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S.
dollars at the weighted average rate of NTD32.320 for the fourth
quarter of 2009.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 25,942M
shares for 4Q08 after the retroactive adjustments for stock dividends
and stock bonus.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Consolidated Condensed Income Statements
For the Three Months Ended December 31, 2009, September 30, 2009,
December 31, 2008
(Expressed in Millions of New Taiwan Dollars ("NTD") and
U.S. Dollars ("USD") (1)
Except for Per Share Amounts and Shares Outstanding) (Continued)
4Q 2008 QoQ YoY
NTD % Amount % Amount %
Net Sales $64,562 100.0 $2,158 2.4 $27,532 42.6
Cost of Sales (44,367) (68.7) (321) 0.7 (3,032) 6.8
Gross Profit 20,195 31.3 1,837 4.3 24,500 121.3
Operating Expenses
Research and Development
Expenses (4,826) (7.5) (365) 5.9 (1,741) 36.1
General and
Administrative Expenses (2,285) (3.5) 272 (7.7) (984) 43.0
Sales and Marketing
Expenses (1,062) (1.6) (86) 7.6 (155) 14.6
Total Operating Expenses (8,173) (12.7) (179) 1.6 (2,880) 35.2
Income from
Operations 12,022 18.6 1,658 5.2 21,620 179.8
Non-Operating Income, Net 1,412 2.2 908 174.7 15 1.0
Investment Gains (340) -0.5 (155) (34.0) 639 (187.9)
Income before Income Tax 13,094 20.3 2,411 7.3 22,274 170.1
Income Tax Expenses (452) (0.7) (223) 9.8 (2,056) 454.7
Net Income 12,642 19.6 2,188 7.1 20,218 159.9
Minority Interests (196) (0.3) (73) 60.2 2 (0.8)
Net Income Attributable to
Shareholders of
the Parent 12,446 19.3 2,115 6.9 20,220 162.5
Earnings per Share -
Diluted $0.48 $0.08 7.2 $0.78 162.7
Earnings per ADR -
Diluted (2) $2.40 $0.42 7.2 $3.90 162.7
Weighted Average
Outstanding Shares -
Diluted ('M) (3) 25,942 -- -- -- --
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S.
dollars at the weighted average rate of NTD32.320 for the fourth
quarter of 2009.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 25,942M
shares for 4Q08 after the retroactive adjustments for stock dividends
and stock bonus.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Audited Consolidated Condensed Income Statements
For the Year Ended December 31, 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 Year Ended December 31
2009 2008
USD NTD % NTD %
Net Sales $8,998 $295,742 100.0 $333,158 100.0
Cost of Sales (5,063) (166,413) (56.3) (191,408) (57.5)
Gross Profit 3,935 129,329 43.7 141,750 42.5
Operating Expenses
Research and Development
Expenses (657) (21,593) (7.3) (21,481) (6.4)
General and Administrative
Expenses (343) (11,286) (3.8) (11,097) (3.3)
Sales and Marketing Expenses (137) (4,488) (1.5) (4,737) (1.4)
Total Operating Expenses (1,137) (37,367) (12.6) (37,315) (11.1)
Income from Operations 2,798 91,962 31.1 104,435 31.4
Non-Operating Income, Net 105 3,455 1.2 6,335 1.9
Investment Gains (Losses) 1 46 -- 702 0.2
Income before Income Tax 2,904 95,463 32.3 111,472 33.5
Income Tax Expenses (182) (5,997) (2.0) (10,949) (3.3)
Net Income 2,722 89,466 30.3 100,523 30.2
Minority Interests (8) (248) (0.1) (590) (0.2)
Net Income Attributable to
Shareholders of the Parent 2,714 89,218 30.2 99,933 30.0
Earnings per Share - Diluted $0.10 $3.44 -- $3.81 --
Earnings per ADR - Diluted (2) $0.52 $17.21 -- $19.05 --
Weighted Average Outstanding
Shares - Diluted ('M) (3) -- 25,914 -- 26,236 --
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars
at the weighted average rate of NTD 32.868 for the year ended December
31, 2009.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 26,236M shares
for the year ended December 31, 2008 after the retroactive adjustment
for stock dividends.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Audited Consolidated Condensed Income Statements
For the Year Ended December 31, 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 Year Ended December 31
YoY
Amount %
Net Sales ($37,416) (11.2)
Cost of Sales 24,995 (13.1)
Gross Profit (12,421) (8.8)
Operating Expenses
Research and Development Expenses (112) 0.5
General and Administrative Expenses (189) 1.7
Sales and Marketing Expenses 249 (5.3)
Total Operating Expenses (52) 0.1
Income from Operations (12,473) (11.9)
Non-Operating Income, Net (2,880) (45.5)
Investment Gains (Losses) (656) (93.4)
Income before Income Tax (16,009) (14.4)
Income Tax Expenses 4,952 (45.2)
Net Income (11,057) (11.0)
Minority Interests 342 (57.9)
Net Income Attributable to
Shareholders of the Parent (10,715) (10.7)
Earnings per Share - Diluted ($0.37) (9.6)
Earnings per ADR - Diluted (2) ($1.84) (9.6)
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 32.868 for the year ended December
31, 2009.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 26,236M shares
for the year ended December 31, 2008 after the retroactive adjustment
for stock dividends.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
For the Year Ended December 31, 2009 and for the Three Months Ended
December 31, 2009, September 30, 2009, and December 31, 2008
(Expressed in Millions of New Taiwan Dollars ("NTD") and
U.S. Dollars ("USD")) (1)
2009 4Q 2009 3Q 2009 4Q 2008
(audited) (unaudited)(unaudited)(unaudited)
USD NTD NTD NTD NTD
Cash Flows from Operating
Activities:
Net Income $2,714 $89,218 $32,666 $30,551 $12,446
Net Income
Attributable to
Minority Interest 8 248 194 121 196
Depreciation &
Amortization 2,459 80,815 20,277 20,001 20,961
Deferred Income Tax (53) (1,752) (630) (426) 154
Equity in Losses
(Earnings) of Equity
Method Investees,
Net (1) (46) (299) (454) 340
Changes in Working
Capital & Others (260) (8,517) 9,791 (3,138) 29,147
Net Cash Provided by
Operating Activities 4,867 159,966 61,999 46,655 63,244
Cash Flows from Investing
Activities:
Acquisitions of:
Marketable
Financial
Instruments (1,552) (51,025) (19,979) (20,827) (33,059)
Investments
Accounted for
Using Equity
Method (1) (43) (11) (32) (1)
Property, Plant
and Equipment (2,671) (87,785) (42,715) (32,038) (11,258)
Financial Assets
Carried at Cost (10) (321) (51) (139) (73)
Proceeds from
Disposal or maturity
of:
Marketable
Financial
Instruments 1,338 43,985 16,394 1,886 63,368
Property, Plant
and Equipment 1 24 17 2 24
Financial Assets
Carried at Cost 4 131 37 19 73
Others (44) (1,434) (794) (381) (1,061)
Net Cash Used In
Investing Activities (2,935) (96,468) (47,102) (51,510) 18,013
Cash Flows from Financing
Activities:
Decrease in Guarantee
Deposits (15) (478) (151) (77) (140)
Proceeds from
Exercise of Stock
Options 8 261 70 162 5
Bonus Paid to
Directors and
Supervisors -- -- -- -- --
Repayment of Long-
Term Bonds Payable (243) (8,000) -- -- --
Cash Dividends Paid
for Common Stock (2,339) (76,876) -- (76,876) --
Repurchase of
Treasury Stock -- -- -- -- --
Cash Bonus Paid to
Employees -- -- -- -- --
Others (11) (378) (196) (191) (163)
Net Cash Used in
Financing Activities (2,600) (85,471) (277) (76,982) (298)
Net Increase (Decrease)
in Cash and Cash
Equivalents (668) (21,973) 14,620 (81,837) 80,959
Effect of Exchange Rate
Changes and Others (42) (1,365) (279) (745) 1,209
Cash and Cash Equivalents
at Beginning of Period 5,921 194,614 156,935 239,517 112,446
Cash and Cash Equivalents
at End of Period $5,211 $171,276 $171,276 $156,935 $194,614
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars
at the weighted average rate of NTD32.868 for the year ended December
31, 2009.
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TSMC Reports Fourth Quarter EPS of NT$1.26
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