SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
1934 Act Registration No. 1-14700
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2003
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrants Name Into English)
No.121 Park Avenue III
Science-Based Industrial Park
Hsin-chu, Taiwan
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F x Form 40-F ¨
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes ¨ No x
(If Yes is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82: .)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD. | ||||||||
Date: April 29, 2003 |
By |
/s/ HARVEY CHANG | ||||||
Harvey Chang |
FOR IMMEDIATE RELEASE
|
1Q03 Quarterly Release April 29, 2003 |
CONTACT IN TAIWAN
Julie Chan / Eric Chiang/Leon Ku
Finance Division
TSMC
invest@tsmc.com.tw
886-3-568- 2080/ 2087/ 2088
CONTACT IN NEW YORK
Daniel Loh/Mami Ogawa
Director/Vice President
The Global Consulting Group
dan.loh@tfn.com/
mami.ogawa@tfn.com
212-807-5061/ 212-807-5075
Topics in This Release
| Summary Operation Results |
| Management Commentary |
| Guidance & Forward- Looking Statements |
| Conference Call/ Webcast Notice |
8 A.M. Eastern/ 8 P.M. Taiwan
| Management Report |
(Hsin-Chu, Taiwan, R.O.C., April 29, 2003)
Taiwan Semiconductor Manufacturing Company, Ltd. (TAIEX: 2330, NYSE: TSM) (TSMC or the Company), the worlds largest dedicated semiconductor foundry company, today announced its unconsolidated results of operations for the quarter ended March 31, 2003. All figures were prepared in accordance with generally accepted accounting principles in Taiwan, which differ in some material respects from generally accepted accounting principles in the United States.
TSMC Announces 1Q03 Unconsolidated Results:
Revenues NT$39.325 Billion, Net Income NT$4.358 Billion
Fully Diluted EPS NT$0.23 (US$0.03 per ADS)
| Revenues decreased 4% sequentially due to a 7% decline in average selling price, partly offset by a 2% increase in wafer shipments and an adjustment on sales return and allowance. |
| Net income increased 71% sequentially, mainly reflecting lower R&D expenditures, reduced investment losses, and more favorable income tax results. |
| Fully diluted EPS rose 74% on a sequential basis. |
| Financial indicators (cash flow generation, liquidity, debt service) remained healthy. |
Management Commentary
| Harvey Chang, SVP & CFO: |
TSMCs 1Q03 results were characterized by much improved net earnings despite slightly lower sales revenues than in the previous quarter.
Our net income rose 71% sequentially to NT$4.358 billion. Although gross profit dipped slightly with our sales revenues, net income was substantially higher due to lower R&D expenditures, reduced investment losses, and favorable income tax results.
Net sales in 1Q03 were 4% lower sequentially at NT$39.325 billion. The shortfall was attributable to softer average pricing, offset in part by a higher level of wafer shipments and a minor adjustment on sales return and allowance.
Wafer shipments during the quarter increased 2% sequentially. Efficiencies associated with the higher output acted to offset some of the effect of the pricing erosion, resulting in a gross margin of 26.4%, essentially the same as in the previous quarter.
We are very much encouraged by these results. Not only did they improve on our guidance, they were achieved amid a number of constraints, such as the Chinese New Year holidays and the scheduled annual maintenance plans of our various fabs.
We expect this fine performance to extend into a firm trend of growth and improving profitability in the coming quarter.
Please visit TSMC's Web site (http://www.tsmc.com) for details about this and other announcements.
Taiwan Semiconductor Manufacturing Company, Ltd. |
||
April 29, 2003 |
Page 2 |
Guidance & Forward-LookingStatements:
Based upon the current business outlook, guidance for 2Q03 is as follows:
Ø | We expect: |
- | Wafer shipments to grow above 20% on a sequential basis; |
- | ASP to improve by 4% due to better product mix; |
- | Revenues from advanced-process technologies (0.18um and more advanced) to account for about 60% of total wafer sales; |
- | An overall utilization rate exceeding 80%, with capacities capable of advanced-process technologies to be utilized at a rate higher than 85%; |
- | Business demand to improve across all customer application segments. The consumer segment should report the strongest growth momentum, followed by the computer segment and the communication segment, respectively. |
Ø | We continue to expect that CAPEX in 2003 will be within the range of US$1.0 to US$1.5 billion. |
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 TSMCs 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 TSMCs 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; TSMCs ability to remain a technological leader in the semiconductor industry; TSMCs ability to manage its capacity; TSMCs 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 TSMCs actual results to differ materially from TSMCs forward-looking statements may be found in TSMCs Annual Report on Form 20-F, filed with the United States Securities and Exchange Commission on May 9, 2002, and such other documents as the Company may file with, or submit to, the SEC from time to time.
Taiwan Semiconductor Manufacturing Company, Ltd. |
||
April 29, 2003 |
Page 3 |
Conference Call at 8 A.M. Eastern Time on April 29, 2003 (Tuesday)
Dial-in Access (listen only):
United States |
1-303-262-2190 |
Other Locations |
852-3009-5027 |
(Code: TSMC)
Webcast Access:
http://www.tsmc.com
Conference Call & Webcast Notice:
| TSMCs quarterly review conference call will be held at 8 A.M. Eastern Time (8 P.M. Taiwan Time) on Tuesday, April 29, 2003. |
| The conference call will also be Webcast live on the Internet. |
| Investors wishing to access the live Webcast should visit TSMCs Web site at http://www.tsmc.com at least 15 minutes prior to the broadcast. |
Instructions will be provided on the Website to facilitate the downloading and installation of necessary audio applications.
| Investors without Internet access may listen to the conference call by dialing 1-303-262-2190 in the U.S. and 852-3009-5027 in other locations (Security Code: TSMC). |
| An archived version of the Webcast will be available on the TSMC Web site for six months following the Companys quarterly review conference call and Webcast. |
Corporate Headquarters:
Taiwan Semiconductor Manufacturing Company, Ltd.
Fab 12
No. 6, Lin Hsin Road 6,
Science-Based Industrial Park,
Hsin-Chu 300,
Taiwan, R. O. C.
Tel: 886/3/563-6688
http://www.tsmc.com
TSMC Profile:
TSMC is the world's largest dedicated semiconductor foundry, providing the industrys leading manufacturing capacity, process technology, library and IP options, and other leading-edge foundry services. TSMC currently operates one twelve-inch wafer fab, five eight-inch wafer fabs and one six-inch fab. The Company also has substantial capacity commitments at a wholly owned U.S. subsidiary (WaferTech) and two joint-venture fabs (Vanguard and SSMC). TSMCs 300mm wafer fab (Fab 12), the first of its kind in Taiwan, commenced commercial production in January 2002. TSMCs corporate headquarters are in Hsin-Chu, Taiwan. More information about TSMC is available through the World Wide Web at http://www.tsmc.com.
# # #
FOR IMMEDIATE RELEASE
|
1Q03 Quarterly Management Report April 29, 2003 |
CONTACT IN TAIWAN
Julie Chan/ Eric Chiang/ Leon Ku
Finance Division
TSMC
invest@tsmc.com.tw
886-3-568-2080/ 2087/ 2088
CONTACT IN NEW YORK
Daniel Loh/ Mami Ogawa
Director/Vice President
The Global Consulting Group
dan.loh@tfn.com/
mami.ogawa@tfn.com
212-807-5061/ 212-807-5075
Topics in This Report
· | Operation Results Review |
· | Financial Condition Review |
· | Cash Flow Strength Review |
· | Capital Commitment & Capacity |
· | Recap of Important Events |
Operation Results Review:
Summary:
(Amount in NT$Bn except for EPS) |
Comparisons |
||||||||||||||
1Q03 |
4Q02 |
1Q02 |
QoQ |
YoY |
|||||||||||
EPS (NT$ per com.sh.) |
0.23 |
|
0.13 |
|
0.35 |
|
74 |
% |
(34 |
)% | |||||
(US$ per ADR unit) |
0.03 |
|
0.019 |
|
0.05 |
|
58 |
% |
(40 |
)% | |||||
Net Sales |
39.33 |
|
41.15 |
|
35.79 |
|
(4 |
)% |
10 |
% | |||||
Gross Profit |
10.39 |
|
10.68 |
|
12.03 |
|
(3 |
)% |
(14 |
)% | |||||
Operating Expenses |
(4.19 |
) |
(5.03 |
) |
(3.85 |
) |
(17 |
)% |
9 |
% | |||||
Non-op Exp. & Invest. |
(2.02 |
) |
(2.57 |
) |
(1.16 |
) |
(22 |
)% |
73 |
% | |||||
Net Income |
4.36 |
|
2.55 |
|
6.59 |
|
71 |
% |
(34 |
)% | |||||
Wafers Shipped (8equiv.) |
694K |
|
682K |
|
599K |
|
2 |
% |
16 |
% | |||||
Capacity Utilization |
67 |
% |
61 |
% |
67 |
% |
Remarks:
TSMC today announced EPS of NT$0.23 (US$0.03 per ADR unit) for the first quarter of 2003. EPS figures in the latest quarter represent a 74% increase compared with 4Q02.
Operational results in 1Q03 are summarized below:
Net sales of NT$39.325 billion, a decrease of 4% sequentially, due to a 7% decline in average selling price in U.S. dollar terms partially offset by a 2% rise in wafer shipments and an adjustment of sales return and allowance;
Gross profit of NT$10.386 billion, a 3% decline sequentially, primarily due to a 4% decline in sales revenues. Efficiencies associated with the higher level of wafer output acted to offset some of the erosion in average pricing, resulting in a gross margin of 26.4%, virtually the same as that in 4Q02;
Operating expenses of NT$4.191 billion, a decrease of 17% sequentially, with lower research and development expenditures (NT$2.5 billion versus NT$3.7 billion in 4Q02) partly offset by higher selling and administrative overhead (NT$1.7 billion versus NT$1.4 billion);
Losses from net non-operating items and investments aggregated NT$2.015 billion. This represented a 22% improvement on a sequential basis, mainly reflecting improved performances by Wafertech and the venture-capital entity, InveStar;
Income before tax of NT$4.180 billion, up 36% sequentially. With investment tax credits and a more favorable tax result, TSMCs 1Q03 net income increased 71% to NT$4.358 billion.
6
Taiwan Semiconductor Manufacturing Company, Ltd.
April 29, 2003
Table 1
Revenue Analysis (Incl. Outputs from Affiliates)
By Application |
1Q03 |
4Q02 |
1Q02 |
||||||
Computer |
41 |
% |
39 |
% |
56 |
% | |||
Communication |
38 |
% |
35 |
% |
18 |
% | |||
Consumer |
13 |
% |
18 |
% |
21 |
% | |||
Industrial / Others |
6 |
% |
5 |
% |
3 |
% | |||
Memory |
2 |
% |
3 |
% |
2 |
% |
By Technology |
1Q03 |
4Q02 |
1Q02 |
||||||
X £ 0.13 m |
11 |
% |
8 |
% |
1 |
% | |||
0.13 m < X £ 0.15 m |
21 |
% |
24 |
% |
30 |
% | |||
0.15 m < X £ 0.18 m |
21 |
% |
21 |
% |
22 |
% | |||
0.18 m < X £ 0.25 m |
24 |
% |
25 |
% |
25 |
% | |||
0.25 m < X £ 0.35 m |
12 |
% |
11 |
% |
13 |
% | |||
X ³ 0.50 m |
11 |
% |
11 |
% |
9 |
% |
By Customer Type |
1Q03 |
4Q02 |
1Q02 |
||||||
Fabless |
68 |
% |
68 |
% |
78 |
% | |||
IDM |
32 |
% |
31 |
% |
21 |
% | |||
System |
|
% |
1 |
% |
1 |
% |
By Geography |
1Q03 |
4Q02 |
1Q02 |
||||||
North America |
76 |
% |
76 |
% |
78 |
% | |||
Asia Pacific |
13 |
% |
14 |
% |
14 |
% | |||
Europe |
5 |
% |
5 |
% |
3 |
% | |||
Japan |
6 |
% |
5 |
% |
5 |
% |
Revenue Analysis:
Net sales of NT$39.325 billion were 4% less than the level recorded in 4Q02, mainly due to a 7% decline in average selling price in U.S. dollar terms that was partially offset by a 2% rise in wafer shipments and an adjustment of sales return and allowance.
Communications applications were the principal revenue driver in the quarter, while computers were flat. Consumer applications reflected weak seasonal demand.
Revenues from advanced technology wafers once again represented 53% of the Companys total wafer sales. Worthy of note, revenue contributed by TSMCs 0.13um technology process increased to 11% of total wafer sales in the quarter.
Revenue mix in terms of customer type remained similar to that of 4Q02. In terms of geography, the revenue mix was little changed from the previous quarter.
Revenue contributed by TSMC subsidiary/affiliates amounted to 10.7% (NT$4.205 billion) of net sales during the quarter versus 10.4% (NT$4.273 billion) in 4Q02.
Wafer shipments increased by 2% to 694K units sequentially.
ASP Trend
TSMCs average selling price in U.S. dollars declined 7% versus 4Q02, reflecting weaker pricing power amid general market softness, partly offset by a more favorable product mix.
Taiwan Semiconductor Manufacturing Company, Ltd. |
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April 29, 2003 |
Page 3 |
Gross Profit Analysis
Comparisons |
|||||||||||||||
(Amount: NT$ Bn) |
1Q03 |
4Q02 |
1Q02 |
QoQ |
YoY |
||||||||||
COGS |
28.9 |
|
30.5 |
|
23.8 |
|
(5 |
)% |
22 |
% | |||||
Depreciation |
13.7 |
|
13.3 |
|
11.9 |
|
3 |
% |
15 |
% | |||||
Other MFG Cost |
15.2 |
|
17.2 |
|
11.9 |
|
(12 |
)% |
28 |
% | |||||
Gross Profit |
10.4 |
|
10.7 |
|
12.0 |
|
(3 |
)% |
(14 |
)% | |||||
Gross Margin |
|||||||||||||||
TSMC+Aff |
26 |
% |
26 |
% |
34 |
% |
|||||||||
TSMC alone |
29 |
% |
28 |
% |
37 |
% |
Gross Profit Analysis:
Gross profit declined NT$296 million to NT$10.386 billion. Gross margin of 26.4% in the quarter was essentially flat with 26% in 4Q02, as efficiencies associated with a higher level of wafer output helped to neutralize the negative impact of lower ASPs.
If wafers manufactured by TSMC affiliates were excluded, the gross margin from TSMCs manufacturing activities (on a stand-alone basis) would have been 29% compared with 28% in the previous quarter.
Utilization Rate:
TSMC revised its capacity utilization rate formula in the latest quarter to focus on the ratio of commercial wafer output to rated capacity in a given fiscal period. The revised formula excludes engineering wafer output in computing capacity utilization. The resulting utilization rate is a closer reflection of commercial activities in a given fiscal period. Based on the adjusted formula, capacity utilization of 67% in 1Q03 was 1% less than it would have been had the formula remained unchanged. The sequential improvement reflects a higher level of shipments in conjunction with a 4% reduction in overall capacity, almost entirely related to Vanguard. (See Table 2 on Page 6,Capacity Managed by TSMC, and discussions below.)
Operating Expenses Analysis
Comparisons |
||||||||||||
(Amount: NT$ Bn) |
1Q03 |
4Q02 |
1Q02 |
QoQ |
YoY |
|||||||
Total Op. Exp. |
4.2 |
5.0 |
3.8 |
(17 |
)% |
9 |
% | |||||
Genl & Admin. |
1.4 |
1.1 |
1.0 |
26 |
% |
38 |
% | |||||
Selling & Mkting. |
0.3 |
0.2 |
0.3 |
15 |
% |
(5 |
)% | |||||
R & D |
2.5 |
3.7 |
2.5 |
(32 |
)% |
(1 |
)% | |||||
Operating Expenses:
Operating expenses declined 17% sequentially, largely due to lower R&D expenditures following the conclusion of various projects in the previous quarter. This was offset in part by higher SG&A expenses largely relating to adjustments in provisions for receivables.
Non-Operating Items & Investment:
Net interest expense was little changed from the previous quarter. Other non-operating expense items were NT$0.1 billion worse than the preceding quarter due to the net unfavorable impact of several miscellaneous items, including fixed asset disposal gain/loss, capitalized interest, and royalties.
Investment losses decreased NT$646 million compared with the previous quarter, primarily reflecting better results by WaferTech and investment gains at InveStar.
Non-Operating Items & Investment
Comparisons |
|||||||||||||||
(Amount: NT$ Bn) |
1Q03 |
4Q02 |
1Q02 |
QoQ |
YoY |
||||||||||
Net Int. Inc./(Exp.) |
(0.3 |
) |
(0.3 |
) |
(0.4 |
) |
4 |
% |
(12 |
)% | |||||
Other Non-Ops. |
(0.2 |
) |
(0.1 |
) |
0.1 |
|
(68 |
)% |
n.m. |
| |||||
Invest. Inc./(Loss) |
(1.5 |
) |
(2.2 |
) |
(0.9 |
) |
(30 |
)% |
60 |
% | |||||
· Wafertech* |
(0.5 |
) |
(1.0 |
) |
0.2 |
|
(52 |
%) |
n.m. |
| |||||
· SSMC |
(0.3 |
) |
(0.2 |
) |
(0.4 |
) |
74 |
% |
(25 |
)% | |||||
· Vanguard |
(0.2 |
) |
(0.2 |
) |
(0.1 |
) |
(16 |
)% |
89 |
% | |||||
· Others |
(0.6 |
) |
(0.8 |
) |
(0.6 |
) |
(28 |
)% |
(9 |
)% |
* | Operation results only; does not include amortization of goodwill resulting from minority interest acquisition. |
Taiwan Semiconductor Manufacturing Company, Ltd. |
||
April 29, 2003 |
Page 4 |
Financial Condition Review:
Liquidity Analysis
(Amount:NT$ Bn) |
1Q03 |
4Q02 |
1Q02 |
||||||
Cash & Equiv. |
67.4 |
|
61.7 |
|
60.8 |
| |||
Accounts Receivable |
17.6 |
|
16.4 |
|
16.4 |
| |||
Inventories |
10.2 |
|
10.3 |
|
9.7 |
| |||
Total Current Assets |
103.0 |
|
94.7 |
|
92.4 |
| |||
Accounts Payable |
20.3 |
|
27.2 |
|
20.9 |
| |||
Total Current Liabilities |
20.3 |
|
31.2 |
|
29.9 |
| |||
Current Ratio: |
5.1 |
x |
3.0 |
x |
3.1 |
x | |||
Net Working Capital: |
82.6 |
|
63.6 |
|
62.6 |
| |||
Liquidity Analysis:
TSMCs financial liquidity continues to improve.
The Companys current ratio increased to 5.1x as of 1Q03 from 3.0x as of 4Q02.
Net working capital (the excess of current assets over current liabilities) of NT$82.6 billion was NT$19.1 billion greater than the previous quarter. On a sequential basis, the increase in net working capital reflected a consistently strong cash inflow from operating activities and lower capital expenditures (down NT$8.8 billion, or 49%).
Receivable/Inventory Days Trend:
TSMCs receivables rose 7% versus the previous quarter, edging up to the equivalent of 42 days revenue compared with 40 days last quarter. This phenomenon is typical in a growth scenario.
Inventories, meanwhile, remained steady compared with the previous quarter, holding at the equivalent of 37.5 days cost-of-goods sold.
Debt Service:
TSMC remains an essentially debt-free company.
Net cash reserves (the excess of cash and equivalents over interest-bearing debt) increased by NT$9.7 billion in 1Q03 versus the previous quarter, reflecting TSMCs consistently strong operational cash inflow and reduced capital expenditures.
TSMCs debt level declined to NT$35.0 billion from NT$39.0 billion in the previous quarter as a result of a NT$4.0 billion corporate bond repayment.
Debt Service
(Amount:NT$ Bn) |
1Q03 |
4Q02 |
1Q02 | |||
Cash & Equiv. |
67.4 |
61.7 |
60.8 | |||
S-T Credit Instr. |
0.0 |
4.0 |
9.0 | |||
Bonds Payable |
35.0 |
35.0 |
35.0 | |||
Total Debts |
35.0 |
39.0 |
44.0 | |||
Net Cash Reserves |
32.4 |
22.7 |
16.8 | |||
Taiwan Semiconductor Manufacturing Company, Ltd. |
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April 29, 2003 |
Page 5 |
Cash Flow Analysis
1Q03 |
4Q02 |
1Q02 |
|||||||
(Amount: NT$ Bn) |
|||||||||
Net Income |
4.4 |
|
2.6 |
|
6.6 |
| |||
Deprec. & Amort. |
15.4 |
|
16.1 |
|
12.8 |
| |||
Other OP Sources/(Uses) |
0.4 |
|
5.2 |
|
1.6 |
| |||
Total OP Sources/(Uses) |
20.1 |
|
23.9 |
|
21.0 |
| |||
Net Investing Sources/(Uses) |
(10.3 |
) |
(21.7 |
) |
(10.8 |
) | |||
Net Financing Sources/(Uses) |
(4.0 |
) |
(5.1 |
) |
14.8 |
| |||
Net Cash Position Changes |
5.8 |
|
(2.9 |
) |
25.0 |
| |||
Summary Cash Flow Analysis:
During 1Q03, TSMC generated NT$20.1 billion in cash from operating activities.
Net cash used in investing activities totaled NT$10.3 billion, including acquisitions of fixed assets in the amount of NT$9.1 billion. In addition, net cash used in financing activities included NT$4 billion in connection with a bond repayment.
TSMC ended this quarter with NT$5.8 billion more cash on hand than the previous quarter.
Operating Cash Flow Trend:
Operating cash flow of NT$20.1 billion in 1Q03 was NT$3.8 billion less than in the preceding quarter, largely due to a reduced contribution by other operating sources. The reduction mainly reflected a cash inflow arising from a change in inventory status in 4Q02 that did not recur in 1Q03.
Apart from the foregoing impact, operating cash flow showed no unfavorable developments. The sum of net income and depreciation/amortization in 1Q03 continued to gain strength versus the previous quarter.
Capital Spending and Capacity
| Estimated 2003 capital expenditure: In the range of US$1.0 US$1.5 billion. |
| 2003 Installed Capacity (on the basis of 8-inch equivalent wafers): |
1,024K/quarter as of March 2003 (actual)
1,078K/quarter as of June 2003 (estimate)
Capital Spending and Capacity:
Capital spending totaled US$261 million during 1Q03, over 80% of which was for capacity enhancements at Fabs 6, 8, and 12.
Based on current assumptions, the Company anticipates that its capital expenditures in 2003 are likely to be in the previously forecast range of US$1.0 to US$1.5 billion.
TSMC remains fully committed to providing capacity that meets both the fabrication and technological needs of its customers. The Company intends, however, to manage changes in capacity in accordance with the strength of actual demand.
Taiwan Semiconductor Manufacturing Company, Ltd. |
||
April 29, 2003 |
Page 6 |
Table 2
Capacity Managed by TSMC
Capacity | ||||||
1Q03 |
2Q03 Estimate | |||||
Fab Unit/(wafer size) |
Estimate |
Actual |
||||
Fab 2 (6)1 |
206 |
206 |
212 | |||
Fab 3 (8) |
193 |
193 |
202 | |||
Fab 5 (8) |
106 |
106 |
106 | |||
Fab 6 (8) |
157 |
154 |
170 | |||
Fab 7 (8) |
65 |
65 |
64 | |||
Fab 8 (8) |
161 |
161 |
170 | |||
Fab 12 (12) |
17 |
17 |
22 | |||
WaferTech (8) |
87 |
87 |
88 | |||
VIS (8) |
120 |
80 |
85 | |||
SSMC (8) |
24 |
24 |
24 | |||
Total Capacity (8 Equiv.)2 |
1,068 |
1,024 |
1,078 | |||
1 | 6-wafer is converted into 8-equivalent wafer by dividing by 1.78; 12-wafer by multiplying by 2.25. |
2 | Total installed capacity is expressed as 8-equivalent wafers, in thousands of wafers. |
TSMC-managed production capacity totaled 1,024K eight-inch-equivalent wafers as of 1Q03. This amount was about 4% less than the 1Q03 capacity estimate provided in TSMCs 4Q02 results release on January 28, 2003.
The shortfall was nearly entirely attributable to TSMCs affiliate, Vanguard, whose capacity had been estimated at a higher level in light of a plan to make all Vanguard capacity foundry-compatible.
This plan did not materialize by the end of 1Q03, and the capacity schedule has been adjusted downward as a result.
A summary of TSMCs capacity by fabs for 2Q03 is shown in Table 2.
Recap of Important Events & Announcements:
| TSMC Leads Industry in Production of 0.13um FSG and Low-K Products (04/17) |
| TSMC and NVIDIA Reaffirm Partnership (03/26) |
| TSMC Filed Information with Taiwan Stock Exchanges Market Observation Post System Regarding Todays Media Report (Concerning Stock Dividend and Employee Profit Sharing Proposals to Be Presented at TSMCs Annual Shareholders Meeting on June 3, 2003) (03/05) |
| TSMC Board of Directors Proposes NT$0.80 Stock Dividend (03/04) |
| Taiwan Government Approves First Phase of TSMC China Project (02/26) |
| Cadence and TSMC Team to Accelerate Time-to-Volume for Nanometer Design (01/13) |
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of March 31, 2003 and 2002
(Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD)) (1)
Mar. 31, 2003 |
Mar. 31, 2002 |
YoY |
|||||||||||||||
ASSETS |
USD |
NTD |
% |
NTD |
% |
Move |
Inc(Dec)% |
||||||||||
Cash |
1,941 |
67,449 |
18.6 |
|
58,349 |
16.3 |
|
9,100 |
15.6 |
| |||||||
Short-Term Investment |
0 |
0 |
0.0 |
|
2,450 |
0.0 |
|
-2,450 |
|
| |||||||
Accounts Receivable |
507 |
17,608 |
4.8 |
|
16,425 |
4.6 |
|
1,183 |
7.2 |
| |||||||
Inventories |
293 |
10,178 |
2.8 |
|
9,718 |
2.7 |
|
460 |
4.7 |
| |||||||
Other Current Assets |
223 |
7,750 |
2.1 |
|
5,492 |
1.5 |
|
2,258 |
41.1 |
| |||||||
Total Current Assets |
2,964 |
102,985 |
28.4 |
|
92,434 |
25.2 |
|
10,551 |
11.4 |
| |||||||
Long-Term Investment |
983 |
34,147 |
9.4 |
|
31,419 |
8.8 |
|
2,728 |
8.7 |
| |||||||
Fixed Assets |
11,754 |
408,439 |
112.4 |
|
360,378 |
100.9 |
|
48,061 |
13.3 |
| |||||||
Less Accumulated Depreciation |
-5,837 |
-202,845 |
(55.8 |
) |
-151,352 |
(42.4 |
) |
-51,493 |
34.0 |
| |||||||
Net Fixed Assets |
5,916 |
205,594 |
56.6 |
|
209,026 |
58.5 |
|
-3,432 |
(1.6 |
) | |||||||
Other Assets |
591 |
20,537 |
5.7 |
|
24,307 |
6.8 |
|
-3,770 |
(15.5 |
) | |||||||
Total Assets |
10,454 |
363,263 |
100.0 |
|
357,186 |
99.3 |
|
6,077 |
1.7 |
| |||||||
LIABILITIES |
|||||||||||||||||
Accounts Payable & Accrued Liabilities |
586 |
20,347 |
5.6 |
|
20,869 |
5.8 |
|
-522 |
(2.5 |
) | |||||||
Current Portion of Bonds Payable |
0 |
0 |
0.0 |
|
9,000 |
2.5 |
|
-9,000 |
(100.0 |
) | |||||||
Total Current Liabilities |
586 |
20,347 |
5.6 |
|
29,869 |
8.4 |
|
-9,522 |
(31.9 |
) | |||||||
Bonds Payable |
1,007 |
35,000 |
9.6 |
|
35,000 |
9.8 |
|
0 |
0.0 |
| |||||||
Other Long-Term Liabilities |
231 |
8,031 |
2.2 |
|
10,609 |
3.0 |
|
-2,578 |
(24.3 |
) | |||||||
Total Liabilities |
1,824 |
63,378 |
17.4 |
|
75,478 |
21.1 |
|
-12,099 |
(16.0 |
) | |||||||
SHAREHOLDERS EQUITY |
|||||||||||||||||
Capital Stock |
5,733 |
199,229 |
54.8 |
|
181,325 |
50.8 |
|
17,904 |
9.9 |
| |||||||
Capital Surplus |
1,636 |
56,840 |
15.6 |
|
57,159 |
16.0 |
|
-319 |
(0.6 |
) | |||||||
Legal Reserve |
536 |
18,641 |
5.1 |
|
17,180 |
4.8 |
|
1,461 |
8.5 |
| |||||||
Special Reserve |
0 |
0 |
0.0 |
|
350 |
0.1 |
|
-350 |
(100.0 |
) | |||||||
Retained Earnings |
763 |
26,509 |
7.3 |
|
26,565 |
7.4 |
|
-56 |
(0.2 |
) | |||||||
Treasury Stock |
-55 |
-1,923 |
(0.5 |
) |
-2,104 |
(0.6 |
) |
181 |
(8.6 |
) | |||||||
Unrealized Loss on Long-Term Investments |
-8 |
-294 |
(0.1 |
) |
0 |
0.0 |
|
-294 |
|
| |||||||
Cumulated Translation Adjustment |
25 |
883 |
0.2 |
|
1,233 |
0.3 |
|
-350 |
(28.4 |
) | |||||||
Total Equity |
8,630 |
299,885 |
82.6 |
|
281,708 |
78.9 |
|
18,177 |
6.5 |
| |||||||
Total Liabilities & Shareholders Equity |
10,454 |
363,263 |
100.0 |
|
357,186 |
100.0 |
|
6,078 |
1.7 |
| |||||||
* Have been reviewed by TNS-external auditor.
Note : (1) New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NT$34.75 per U.S. dollar at the end of March, 2003.
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended March 31, 2003 and 2002
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding)
Year over Year Comparison |
Sequential Comparison |
|||||||||||||||||||||||||||||
1Q 2003 |
% of Sales |
1Q 2002 |
YoY |
1Q 2003 |
% of Sales |
4Q 2002 |
QoQ |
|||||||||||||||||||||||
USD |
NTD |
NTD |
Inc(Dec)% |
USD |
NTD |
NTD |
Inc(Dec)% |
|||||||||||||||||||||||
Net Sales |
1,132 |
|
39,325 |
|
100.0 |
|
35,790 |
|
9.9 |
|
1,132 |
|
39,325 |
|
100.0 |
|
41,154 |
|
(4.4 |
) | ||||||||||
Cost of Sales |
(833 |
) |
(28,939 |
) |
(73.6 |
) |
(23,763 |
) |
21.8 |
|
(833 |
) |
(28,939 |
) |
(73.6 |
) |
(30,472 |
) |
(5.0 |
) | ||||||||||
Gross Profit |
299 |
|
10,386 |
|
26.4 |
|
12,027 |
|
(13.6 |
) |
299 |
|
10,386 |
|
26.4 |
|
10,682 |
|
(2.8 |
) | ||||||||||
Operating Expenses |
||||||||||||||||||||||||||||||
General and Administrative Expenses |
(40 |
) |
(1,395 |
) |
(3.5 |
) |
(1,007 |
) |
38.5 |
|
(40 |
) |
(1,395 |
) |
(3.5 |
) |
(1,107 |
) |
26.0 |
| ||||||||||
Selling and Marketing Expenses |
(8 |
) |
(284 |
) |
(0.7 |
) |
(298 |
) |
(4.7 |
) |
(8 |
) |
(284 |
) |
(0.7 |
) |
(248 |
) |
14.5 |
| ||||||||||
Research and Development Expenses |
(72 |
) |
(2,512 |
) |
(6.4 |
) |
(2,540 |
) |
(1.1 |
) |
(72 |
) |
(2,512 |
) |
(6.4 |
) |
(3,676 |
) |
(31.7 |
) | ||||||||||
Total Operating Expenses |
(121 |
) |
(4,191 |
) |
(10.7 |
) |
(3,845 |
) |
9.0 |
|
(121 |
) |
(4,191 |
) |
(10.7 |
) |
(5,031 |
) |
(16.7 |
) | ||||||||||
Income from Operations |
178 |
|
6,195 |
|
15.8 |
|
8,182 |
|
(24.3 |
) |
178 |
|
6,195 |
|
15.8 |
|
5,651 |
|
9.6 |
| ||||||||||
Net Non-operating Income (Expenses) |
(14 |
) |
(499 |
) |
(1.3 |
) |
(218 |
) |
129.0 |
|
(14 |
) |
(499 |
) |
(1.3 |
) |
(411 |
) |
21.3 |
| ||||||||||
Investment Loss |
(44 |
) |
(1,516 |
) |
(3.9 |
) |
(946 |
) |
60.2 |
|
(44 |
) |
(1,516 |
) |
(3.9 |
) |
(2,162 |
) |
(29.9 |
) | ||||||||||
Income before Income Tax |
120 |
|
4,180 |
|
10.6 |
|
7,018 |
|
(40.4 |
) |
120 |
|
4,180 |
|
10.6 |
|
3,078 |
|
35.8 |
| ||||||||||
Income Tax Credit (Expenses) |
5 |
|
178 |
|
0.5 |
|
(430 |
) |
|
|
5 |
|
178 |
|
0.5 |
|
(525 |
) |
|
| ||||||||||
Net Income |
125 |
|
4,358 |
|
11.1 |
|
6,588 |
|
(33.8 |
) |
125 |
|
4,358 |
|
11.1 |
|
2,553 |
|
70.7 |
| ||||||||||
Diluted Earnings Per Ordinary Share(4) |
0.01 |
|
0.23 |
|
0.35 |
|
(34.4 |
) |
0.01 |
|
0.23 |
|
0.13 |
|
74.0 |
| ||||||||||||||
Earnings Per ADR(2) |
0.03 |
|
1.14 |
|
1.74 |
|
0.03 |
|
1.14 |
|
0.66 |
|
||||||||||||||||||
Weighted Average Outstanding Shares (M)(3) |
18,581 |
|
18,580 |
|
18,581 |
|
18,581 |
|
* Have been reviewed by TNS-external auditor.
Note: (1) |
New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD34.73 per U.S. dollar for the first quarter of 2003. | |
(2) |
1 ADR equals 5 ordinary shares. | |
(3) |
Certain accounts in the financial statements for the three months ended March 31, 2002 and December 31, 2002 have been reclassified to conform to the financial statements for the three months ended March 31, 2003. | |
(4) |
Total weighted average outstanding shares were 18,580,886K shares in 1Q03 and 18,580,336K shares due to tracing back (original 16,832,554K shares) in 1Q02 and to decline in treasury stock for 42,551K shares; Total weighted average outstanding shares were 18,580,700K shares in 4Q02 due to decline in treasury stock for 42,187K shares. | |
(5) |
EPS calculation is after deducting a cash dividend payment on NT$13,000 million of preferred stock paying an annual rate of 3.5%. |
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2003 and 2002
(Figures in Million of New Taiwan dollars (NTD) and U.S. dollars (USD)) (1)
3 MTHS 2003 |
3 MTHS 2002 |
4Q02 | ||||||
USD |
NTD |
NTD |
NTD | |||||
Cash Flows from Operating Activities: |
||||||||
Net Income |
125 |
4,358 |
6,588 |
2,553 | ||||
Depreciation & Amortization |
442 |
15,361 |
12,842 |
16,081 | ||||
Investment Loss Recognized by Equity Method |
44 |
1,516 |
946 |
2,162 | ||||
Loss/(Gain) on Sale of Long-Term Investments |
2 |
|||||||
Deferred Tax on Investment Tax Credit |
-9 |
-307 |
427 |
522 | ||||
Changes in Working Capital & Others |
-23 |
-799 |
182 |
2,603 | ||||
Net Cash Provided from Operating Activities |
579 |
20,129 |
20,987 |
23,921 | ||||
Cash Flows from Investing Activities: |
||||||||
Increase in Short-Term Investments |
-2,450 |
|||||||
Acquisition of Fixed Assets |
-261 |
-9,053 |
-6,599 |
-17,863 | ||||
Proceeds from Disposal of Properties |
1 |
42 |
439 |
51 | ||||
Decrease in Deposit out |
2 |
65 |
37 |
36 | ||||
Increase in Long-Term Investments |
-29 |
-1,011 |
-1,423 |
-1,163 | ||||
Proceeds from Sales of Long-Term Stock Investments |
1 |
|||||||
Increase in Deferred Assets |
-10 |
-360 |
-805 |
-2,729 | ||||
Net Cash Used in Investing Activities |
-297 |
-10,317 |
-10,800 |
-21,668 | ||||
Cash Flows from Financing Activities: |
||||||||
Increase (Decrease) in Bonds Payable |
-115 |
-4,000 |
15,000 |
-5,000 | ||||
Increase (Decrease) in Guarantee Deposits & Others |
-1 |
-20 |
-242 |
-113 | ||||
Net Cash Provided from (Used in) Financing Activities |
-116 |
-4,020 |
14,758 |
-5,113 | ||||
Net Increase (Decrease) in Cash and Cash Equivalents |
167 |
5,792 |
24,945 |
-2,860 | ||||
Cash and Cash Equivalents at Beginning of Period |
1,774 |
61,657 |
33,404 |
64,517 | ||||
Cash and Cash Equivalents at End of Period |
1,941 |
67,449 |
58,349 |
61,657 | ||||
* Have been reviewed by TNS-external auditor.
Note : New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NTD34.75 per U.S. dollar, the same as the Balance Sheet Exchange Rate .
[LOGO]
TSMC
2003 First Quarter Results
Investor Conference
April 29th, 2003
Empowering Innovation
[LOGO |
] |
Agenda |
Welcome |
||
1Q03 Financial Results |
Harvey Chang | |
(unconsolidated) |
||
Remarks |
Morris Chang | |
Q&A |
Morris Chang et. al. |
Empowering Innovation
[LOGO |
] |
Safe Harbor Notice |
| TSMCs statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. |
| Information as to those factors that could cause actual results to vary can be found in TSMCs Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on May 9, 2002. |
Empowering Innovation
[LOGO |
] |
1Q 2003 Result Highlights |
Amount:NT$Billion |
1Q 03 Amount |
4Q 02 Amount |
1Q 02 Amount |
||||||
Net Sales |
39.33 |
|
41.15 |
|
35.79 |
| |||
Net Income |
4.36 |
|
2.55 |
|
6.59 |
| |||
EPS (NT$) |
0.23 |
|
0.13 |
|
0.35 |
| |||
Cash and Equivalent |
67.45 |
|
61.66 |
|
60.80 |
| |||
Interest-bearing Debt |
35.00 |
|
39.00 |
|
44.00 |
| |||
Shareholders Equity |
299.88 |
|
295.85 |
|
281.71 |
| |||
Wafers Shipped (Kpcs) |
694 |
|
682 |
|
599 |
| |||
Utilization (%) |
|||||||||
Wafer out/Capacity |
68 |
% |
61 |
% |
67 |
% | |||
Utilization (%) |
|||||||||
Commercial Wafer out/Capacity |
67 |
% |
Empowering Innovation
[LOGO |
] |
1Q03 Income Statement YoY Comparison |
TSMC w/o Affiliates
NT$Billion |
1Q 03 |
1Q 02 |
||||||||||
Net Sales |
35.1 |
|
100 |
% |
31.9 |
|
100 |
% | ||||
COGS |
(25.0 |
) |
-71 |
% |
(20.2 |
) |
-63 |
% | ||||
Gross Profit |
10.1 |
|
29 |
% |
11.7 |
|
37 |
% |
1Q 03 |
1Q 02 |
YOY |
|||||||||||||
Amount:NT$Billion |
Amount |
% |
Amount |
% |
% |
||||||||||
Net Sales |
39.33 |
|
100 |
% |
35.79 |
|
100 |
% |
10 |
% | |||||
COGS |
(28.94 |
) |
-74 |
% |
(23.76 |
) |
-66 |
% |
22 |
% | |||||
Gross Profit |
10.39 |
|
26 |
% |
12.03 |
|
34 |
% |
-14 |
% | |||||
Operating Expense |
(4.19 |
) |
-11 |
% |
(3.85 |
) |
-11 |
% |
9 |
% | |||||
Operating Income |
6.20 |
|
16 |
% |
8.18 |
|
23 |
% |
-24 |
% | |||||
Net Non-operating Income (Exp.) |
(0.50 |
) |
-1 |
% |
(0.22 |
) |
-1 |
% |
129 |
% | |||||
Investment Income (Loss) |
(1.52 |
) |
-4 |
% |
(0.95 |
) |
-3 |
% |
60 |
% | |||||
Income before Tax |
4.18 |
|
11 |
% |
7.02 |
|
20 |
% |
-40 |
% | |||||
Income Tax Credit (Exp.) |
0.18 |
|
0 |
% |
(0.43 |
) |
-1 |
% |
- |
% | |||||
Net Income |
4.36 |
|
11 |
% |
6.59 |
|
18 |
% |
-34 |
% | |||||
EPS (NT$) |
0.23 |
|
0.35 |
|
Empowering Innovation
[LOGO |
] |
1Q03 Balance Sheet, Cash Flow, & Key Ratios YoY Comparison |
Amount: NT $ Billion |
1Q 03 |
1Q 02 |
YOY |
||||||||||||
Balance Sheet |
Amount |
% |
Amount |
% |
% |
||||||||||
Cash & Equivalent |
67.4 |
|
19 |
% |
60.8 |
|
17 |
% |
11 |
% | |||||
Interest-bearing Debt |
35.0 |
|
10 |
% |
44.0 |
|
12 |
% |
-20 |
% | |||||
Equity |
299.9 |
|
83 |
% |
281.7 |
|
79 |
% |
6 |
% | |||||
Total Assets |
363.3 |
|
100 |
% |
357.2 |
|
100 |
% |
2 |
% | |||||
Cash Flow |
|||||||||||||||
Operating Cash Inflow |
20.1 |
|
21.0 |
|
-4 |
% | |||||||||
Net Profit |
4.4 |
|
6.6 |
|
-34 |
% | |||||||||
Depreciation & Amort. |
1 5.4 |
|
1 2.8 |
|
20 |
% | |||||||||
Investing Cash Outflow |
1 0.3 |
|
1 0.8 |
|
-4 |
% | |||||||||
Capital Expenditure |
9.1 |
|
6.6 |
|
37 |
% | |||||||||
Key Ratios |
|||||||||||||||
ROE /quarter |
5.9 |
% |
9.4 |
% |
|||||||||||
ROA/quarter |
5.2 |
% |
8.1 |
% |
Empowering Innovation
[LOGO] |
1Q03 Income Statement QoQ Comparison |
TSMC w/o Affiliates
NT$Billion |
1Q03 |
4Q02 |
||||||||||
Net Sales |
35.1 |
|
100 |
% |
36.9 |
|
100 |
% | ||||
COGS |
(25.0 |
) |
-71 |
% |
(26.4 |
) |
-72 |
% | ||||
Gross Profit |
10.1 |
|
29 |
% |
10.5 |
|
28 |
% |
1Q03 |
4Q02 |
QOQ |
|||||||||||||
Amount: NT$Billion |
Amount |
% |
Amount |
% |
% |
||||||||||
Net Sales |
39.33 |
|
100 |
% |
41.15 |
|
100 |
% |
-4 |
% | |||||
COGS |
(28.94 |
) |
-74 |
% |
(30.47 |
) |
-74 |
% |
-5 |
% | |||||
Gross Profit |
10.39 |
|
26 |
% |
10.68 |
|
26 |
% |
-3 |
% | |||||
Operating Expense |
(4.19 |
) |
-11 |
% |
(5.03 |
) |
-12 |
% |
-17 |
% | |||||
Operating Income |
6.20 |
|
16 |
% |
5.65 |
|
14 |
% |
10 |
% | |||||
Net Non-operating Income (Exp.) |
(0.50 |
) |
-1 |
% |
(0.41 |
) |
-1 |
% |
21 |
% | |||||
Investment Income (Loss) |
(1.52 |
) |
-4 |
% |
(2.16 |
) |
-5 |
% |
-30 |
% | |||||
Income before Tax |
4.18 |
|
11 |
% |
3.08 |
|
7 |
% |
36 |
% | |||||
Income Tax Credit (Exp.) |
0.18 |
|
0 |
% |
(0.53 |
) |
-1 |
% |
|
| |||||
Net Income |
4.36 |
|
11 |
% |
2.55 |
|
6 |
% |
71 |
% | |||||
EPS (NT$) |
0.23 |
|
0.13 |
|
EMPOWERING INNOVATION
[LOGO] |
Income Tax & Investment Tax Credit |
Amount: NT$Billion |
4Q02 |
1Q03 |
||||
Income Before Tax & L/T Investment |
5.2 |
|
5.7 |
| ||
Imputed Income Tax |
(0.9 |
) |
(1.0 |
) | ||
Investment Tax Credit |
0.4 |
|
1.2 |
| ||
Income Tax, as reported |
(0.5 |
) |
0.2 |
* |
* | Higher investment tax credit (ITC) in reflection of a restored ITC benefit due to a recent tax law relaxation. |
The effect of a favorable ITC is expected to last throughout 2003. |
EMPOWERING INNOVATION
[LOGO] |
1Q03 Balance Sheet, Cash Flow, & Key Ratios QoQ Comparison |
Amount: NT$Billion |
1Q03 |
4Q02 |
QOQ |
||||||||||||
Amount |
% |
Amount |
% |
% |
|||||||||||
Balance Sheet |
|||||||||||||||
Cash & Equivalent |
67.4 |
|
19 |
% |
61.7 |
|
17 |
% |
9 |
% | |||||
Interest-bearing Debt |
35.0 |
|
10 |
% |
39.0 |
|
11 |
% |
-10 |
% | |||||
Equity |
299.9 |
|
83 |
% |
295.9 |
|
80 |
% |
1 |
% | |||||
Total Assets |
363.3 |
|
100 |
% |
370.0 |
|
100 |
% |
-2 |
% | |||||
Cash Flow |
|||||||||||||||
Operating Cash Inflow |
20.1 |
|
23.9 |
|
-16 |
% | |||||||||
Net Profit |
4.4 |
|
2.6 |
|
71 |
% | |||||||||
Depreciation & Amort. |
15.4 |
|
16.1 |
|
-5 |
% | |||||||||
Investing Cash Outflow |
10.3 |
|
21.7 |
|
-52 |
% | |||||||||
Capital Expenditure |
9.1 |
|
17.9 |
|
-49 |
% | |||||||||
Key Ratios |
|||||||||||||||
ROE/quarter |
5.9 |
% |
3.6 |
% |
|||||||||||
ROA/quarter |
5.2 |
% |
3.2 |
% |
EMPOWERING INNOVATION
[LOGO] |
Sales Breakdown by Technology |
[BAR CHART]
Sales |
||||||||||
(NT$Bn) |
35.8 |
44.2 |
39.8 |
41.2 |
39.3 |
Empowering Innovation
[LOGO] |
Sales Breakdown by Application |
[BAR CHART]
Sales |
||||||||||
(NT$Bn) |
35.8 |
44.2 |
39.8 |
41.2 |
39.3 |
Empowering Innovation
[LOGO] |
Sales Breakdown by Geography |
[BAR CHART]
Sales |
||||||||||
(NT$Bn) |
35.8 |
44.2 |
39.8 |
41.2 |
39.3 |
Note: | This chart does not reflect the actual shipment destination of sales. |
Empowering Innovation
[LOGO] |
Sales Breakdown by Customer |
[BAR CHART]
Sales |
||||||||||
(NT$Bn) |
35.8 |
44.2 |
39.8 |
41.2 |
39.3 |
Empowering Innovation
[LOGO] |
Fab Utilization and ASP Trend |
[GRAPHIC]
* | Average for all Wafers; ASP varies by technology and wafer size |
** | The utilization rates in 1999 and 2000 have been restated to include affiliates (WT, TASMC, WSMC, and VIS) |
Empowering Innovation
[LOGO] |
Installed Capacity by FAB |
FAB |
Wafer Size |
1Q03 (est.) |
1Q03(act.) |
2Q03(est.) | ||||
Fab-2 2 |
6 |
206 |
206 |
212 | ||||
Fab-3 1 |
8 |
193 |
193 |
202 | ||||
Fab-5 |
8 |
106 |
106 |
106 | ||||
Fab-6 |
8 |
157 |
154 |
170 | ||||
Fab-7 |
8 |
65 |
65 |
64 | ||||
Fab-8 |
8 |
161 |
161 |
170 | ||||
Fab-12 2 |
12 |
17 |
17 |
22 | ||||
Wafer Tech |
8 |
87 |
87 |
88 | ||||
VIS |
8 |
120 |
80 |
85 | ||||
SSMC |
8 |
24 |
24 |
24 | ||||
Total Installed Capacity |
1,068 |
1,024 |
1,078 | |||||
(8 Equivalent Kpcs) |
Note:
1. | Fabs 3 and 4 were consolidated into a single fab during 1Q02. |
2. | 6-wafer is converted into 8-equivalent wafer by dividing by 1.78; 12-wafer by multiplying by 2.25. |
Empowering Innovation
[LOGO] |
Recap of Major Events in 1Q03 |
Ø | TSMC Leads Industry in Production of 0.13um FSG and Low-K Products (04/17) |
Ø | TSMC and NVIDIA Reaffirm Partnership (03/26) |
Ø | TSMC Filed Information with Taiwan Stock Exchanges Market Observation Post System Regarding Todays Media Report (Concerning Stock Dividend and Employee Profit Sharing Proposals to Be Presented at TSMCs Annual Shareholders Meeting on June 3, 2003) (03/05) |
Ø | TSMC Board of Directors Proposes NT$0.80 Stock Dividend (03/04) |
Ø | Taiwan Government Approves First Phase of TSMC China Project (02/26) |
Ø | Cadence and TSMC Team to Accelerate Time-to-Volume for Nanometer Design (01/13) |
Empowering Innovation
[LOGO] |
http://www.tsmc.com
invest@tsmc.com.tw |
Empowering Innovation
[LOGO] |
2Q03 Guidance |
Ø | Wafer shipments to grow above 20% on a sequential basis; |
Ø | ASP to improve by 4% due to better product mix; |
Ø | Revenues from advanced-process technologies (0.18um and more advanced) to account for about 60% of total wafer sales; |
Ø | An overall utilization rate exceeding 80%, with capacities capable of advanced-process technologies to be utilized at a rate higher than 85%; |
Ø | Business demand to improve across all customer application segments. The consumer segment should report the strongest growth momentum, followed by the computer segment and the communication segment, respectively. |
Ø | We continue to expect that CAPEX in 2003 will be within the range of US$1.0 to US$1.5 billion. |
Empowering Innovation