1934 Act Registration No. 1-14700
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
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 2012
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
No. 8, Li-Hsin Rd. 6,
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 26, 2012 | By | /s/ Lora Ho | ||
| Lora Ho | ||||
| Vice President & Chief Financial Officer | ||||
 ©
2012 TSMC, Ltd
2012 First Quarter
2012 First Quarter
Investor Conference
Investor Conference
April 26, 2012
April 26, 2012 |
 ©
2012 TSMC, Ltd
Agenda
Welcome
Elizabeth Sun
1Q12 Financial Results and 2Q12 Outlook
Lora Ho
CEO Message
Morris Chang
Q&A
Morris Chang /
Lora Ho |
 ©
2012 TSMC, Ltd
Safe Harbor Notice
TSMC’s 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 TSMC’s Annual Report on Form 20-F filed
with the United States Securities and Exchange Commission
(the “SEC”) on April 13, 2012 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. |
 ©
2012 TSMC, Ltd
Income Statements
* Total outstanding shares were 25,921mn units at 3/31/12
** ROE figures are annualized based on average equity attributable to shareholders of the
parent. Selected Items from Income Statements
1Q12
(In NT billions)
Guidance
Net Sales
105.51
103 -
105
104.71
105.38
+0.8%
+0.1%
Gross Margin
47.7%
42.5% -
44.5%
44.7%
49.0%
+3.0 ppts
-1.3 ppts
Operating Expenses
(14.92)
(13.84)
(12.51)
+7.8%
+19.3%
Operating Margin
33.6%
28.5% -
30.5%
31.4%
37.2%
+2.2 ppts
-3.6 ppts
Non-Operating Items
0.22
0.69
1.15
-68.7%
-81.2%
Net Income
33.47
31.58
36.28
+6.0%
-7.7%
Net Margin
31.7%
30.2%
34.4%
+1.5 ppts
-2.7 ppts
EPS (NT Dollar)
1.29
1.22
1.40
+6.0%
-7.7%
ROE
20.8%
20.6%
24.6%
+0.2 ppt
-3.8 ppts
Shipment (Kpcs, 8"-equiv. Wafer)
2,919
2,917
3,161
+0.1%
-7.7%
Average Exchange Rate--NTD/USD
29.71
30.27
29.30
-1.8%
+1.4%
1Q12
4Q11
1Q11
1Q12
over
4Q11
1Q12
over
1Q11 |
 ©
2012 TSMC, Ltd
1Q12 Revenue by Applications |
 ©
2012 TSMC, Ltd
1Q12 Revenue by Technology |
 ©
2012 TSMC, Ltd
Balance Sheets & Key Indices
(1)
Asset productivity = Annualized net sales / Average net fixed assets.
(1)
Selected Items from Balance Sheets
(In NT billions)
Amount
%
Amount
%
Amount
%
Cash & Marketable Securities
180.65
21.7%
150.62
19.5%
163.41
21.8%
Accounts Receivable -
Trade
48.02
5.8%
40.95
5.3%
46.83
6.2%
Inventory
27.76
3.3%
24.84
3.2%
31.79
4.2%
Long-Term Investment
29.84
3.6%
34.46
4.5%
38.93
5.2%
Net PP&E
509.92
61.3%
490.38
63.3%
436.59
58.2%
Total Assets
831.89
100.0%
774.27
100.0%
750.13
100.0%
Current Liabilities
126.20
15.1%
117.01
15.1%
127.26
17.0%
Long-Term Interest-bearing Debt
37.30
4.5%
20.46
2.6%
5.51
0.7%
Total Liabilities
168.31
20.2%
142.22
18.4%
137.74
18.4%
Total Shareholders' Equity
663.58
79.8%
632.04
81.6%
612.39
81.6%
Key Indices
A/R Turnover Days
Inventory Turnover Days
Current Ratio (x)
Asset Productivity (x)
1Q12
4Q11
1Q11
39
38
39
47
43
56
2.1
1.9
2.0
0.8
0.9
1.0 |
 ©
2012 TSMC, Ltd
Cash Flows
(1)
Free
cash
flow
=
Cash
from
operating
activities
–
Capital
expenditures.
(1)
(In NT billions)
1Q12
4Q11
1Q11
Beginning Balance
143.47
114.84
147.89
Cash from operating activities
57.05
72.84
56.48
Capital expenditures
(48.57)
(29.77)
(81.26)
Short-term loans
8.76
(10.09)
2.97
Proceeds from issuance of bonds
17.00
0.00
0.00
Repayment of bonds payable
(4.50)
0.00
0.00
Investments and others
(2.39)
(4.35)
3.37
Ending Balance
170.82
143.47
129.45
Free Cash Flow
8.48
43.07
(24.78) |
 ©
2012 TSMC, Ltd
Capital Expenditures
(In US millions)
1Q12
4Q11
TSMC
1,587
882
TSMC China & WaferTech
27
47
Other TSMC Subsidiaries
21
24
TSMC Consolidated
1,635
953
Note:
2012Q1
CapEx
was
based
on
the
weighted
average
exchange
rate
of
NT$29.707
per
US
dollar. |
 ©
2012 TSMC, Ltd
(1)
Figures
represent
number
of
6”
wafers.
Conversion
to
8”-equivalent
wafers
is
obtained
by
dividing
this
number
by
1.78.
(2)
Figures
represent
number
of
12”
wafers.
Conversion
to
8”-equivalent
wafers
is
obtained
by
multiplying
this
number
by
2.25.
Installed Capacity
2012 Overall Capacity +12%; 12-inch Capacity +17%
Fab-2
( 6")
(1)
255
1,000
253
247
256
256
1,012
Fab-3
( 8")
304
1,184
298
300
304
306
1,208
Fab-5
( 8")
136
547
145
146
148
148
587
Fab-6
( 8")
286
1,128
298
296
298
298
1,191
Fab-8
( 8")
255
1,003
262
263
266
266
1,057
Fab-12
( 12") (2)
337
1,334
373
367
377
373
1,490
Fab-14
( 12") (2)
504
1,927
549
512
519
534
2,114
Fab-15
( 12") (2)
0
0
0
18
68
134
220
WaferTech
( 8") 107
429
110
111
112
112
444
TSMC China (
8") 230
772
222
230
232
232
917
TSMC & Subsidiaries
3,352
12,963
3,553
3,504
3,672
3,848
14,576
(8" Equivalent Kpcs)
SSMC
( 8") 65
258
64
64
65
65
258
Total TSMC-managed
3,417
13,221
3,616
3,568
3,737
3,913
14,834
(8" Equivalent Kpcs)
2Q12
(F)
2012
(F)
3Q12
(F)
4Q11
(A)
2011
(A)
1Q12
(A)
4Q12
(F)
FAB / (Wafer size) |
 ©
2012 TSMC, Ltd
Revenue to be between NT$ 126 billion and NT$ 128 billion, at
a forecast exchange rate of 29.58 NT dollars to 1 US dollar
Gross profit margin to be between 47 % and 49 %
Operating profit margin to be between 34.5 % and 36.5 %
Based on our current business outlook and exchange rate assumption,
management expects:
2Q12 Guidance |
 ©
2012 TSMC, Ltd
Recap of Recent Major Events
TSMC Holds a Groundbreaking Ceremony for Phase 5 of its Fab 14 GigaFab, One of the
Key Dialog Semiconductor and TSMC Create a Process Platform to Advance BCD
Power Management
Leadership
(
2012/03/29
)
Altera and TSMC Jointly Develop World‘s First Heterogeneous 3D IC Test Vehicle
Using CoWoS Process (
2012/03/22 )
TSMC Board of Directors Approves the Appointment of Senior Vice President of R&D
Dr. Shang- Business Development Dr. C.C. Wei as Executive Vice Presidents
and Co-Chief Operating Officers of TSMC. (
2012/03/02)
TSMC Board of Directors Proposes NT$3.0 Cash Dividend per Share and Approves the
Election (
2012/02/14 )
TSMC
Receives
LEED
Gold
Certification
for
Two
Green
Buildings
(
2012/02/03 )
Please
visit
TSMC's
Web
site
(http://www.tsmc.com)
and
Market
Observation
Post
System
(http://mops.twse.com.tw ) for details and other announcements
Production Centers for TSMC’s advanced 20nm technology. ( 2012/04/09 ) yi Chiang, Senior Vice President of Operations Dr. Mark Liu, and
Senior Vice President of for its Nine-Member Board
of Directors at the 2012 Annual Shareholders’ Meeting on June 12. |
 ©
2012 TSMC, Ltd
http://www.tsmc.com
http://www.tsmc.com
invest@tsmc.com
invest@tsmc.com |