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 July 2013
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrants Name Into English)
No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
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: July 19, 2013 | By | /s/ Lora Ho | ||||
Lora Ho | ||||||
Senior Vice President & Chief Financial Officer |
tsmc
2013 Second Quarter
Earnings Conference
July 18, 2013
© 2013 TSMC, Ltd
Open Innovation Platform®
tsmc
TSMC Property
Agenda
Welcome
Elizabeth Sun
2Q13 Financial Results and 3Q13 Outlook
Lora Ho
CEO Message
Morris Chang
Q&A
Morris Chang /
Lora Ho
© 2013 TSMC, Ltd
Open Innovation Platform®
tsmc
TSMC Property
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 (the SEC) on April 2, 2013 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.
© 2013 TSMC, Ltd
Open Innovation Platform®
tsmc
TSMC Property
Statements of Comprehensive Income
Selected Items from Statements of Comprehensive Income
2Q13
2Q13
2Q13
2Q13
1Q13
2Q12
over
over
Guidance
(In NT billions)
1Q13
2Q12
Net Revenue
155.89
154 - 156
132.76
128.19
17.4%
21.6%
Gross Margin
49.0%
47.5% - 49.5%
45.8%
48.7%
+3.2 ppts
+0.3 ppt
Operating Expenses
(18.79)
(16.38)
(15.54)
14.8%
20.9%
Operating Margin
37.0%
35% - 37%
33.5%
36.6%
+3.5 ppts
+0.4 ppt
Non-Operating Items
2.39
1.32
(0.92)
80.9%
NM
Net Income
51.81
39.58
41.84
30.9%
23.8%
Net Profit Margin
33.2%
29.8%
32.6%
+3.4 ppts
+0.6 ppt
EPS (NT Dollar)
2.00
1.53
1.61
30.9%
23.8%
ROE
27.4%
21.3%
26.1%
+6.1 ppts
+1.3 ppts
Shipment (Kpcs, 8-equiv. Wafer)
4,034
3,570
3,701
13.0%
9.0%
Average Exchange Rate--NTD/USD
29.83
29.82
29.45
29.60
1.3%
0.8%
* Diluted weighted average outstanding shares were 25,929mn units in 2Q13
** ROE figures are annualized based on average equity attributable to shareholders of the parent
© 2013 TSMC, Ltd
Open Innovation Platform®
tsmc
TSMC Property
2Q13 Revenue by Application
Industrial/Standard
Consumer 20%
Computer 7% 16%
Communication 57%
Communication
QoQ +22%
90
Revenue (NT$B)
0
1Q13 2Q13
Computer
90
Revenue (NT$B)
QoQ +18%
0
1Q13 2Q13
Consumer
90
Revenue (NT$B)
0
QoQ +9%
1Q13 2Q13
Industrial/Standard
90
Revenue (NT$B)
0
QoQ +11%
1Q13 2Q13
© 2013 TSMC, Ltd
Open Innovation Platform®
2Q13 Revenue by Technology
tsmc
TSMC Property
0.25/0.35um
0.5um+
0.11/0.13um
4%
1%
4%
0.15/0.18um
15%
90nm
28nm
8%
29%
65nm
40/45nm
18%
21%
Revenue (NT$B)
40/45nm and below revenue
80
60%
70
50%
60
40%
50
% of wafer revenue
40
30%
30
20%
20
10%
10
0
0%
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
28nm Revenue (NT$B) 40/45nm Revenue (NT$B)
40/45nm and below combined as % of wafer revenue
© 2013 TSMC, Ltd
Open Innovation Platform
Balance Sheets & Key Indices
tsmc
TSMC Property
Selected Items from Balance Sheets
2Q13
1Q13
2Q12
(In NT billions)
Amount%
Amount%
Amount%
Cash & Marketable Securities
227.62
19.4%
189.26
17.9%
188.37
21.1%
Accounts Receivable
80.34
6.9%
65.91
6.2%
61.44
6.9%
Inventories
38.62
3.3%
37.83
3.6%
30.78
3.5%
Long-term Investments
78.26
6.7%
70.70
6.6%
28.11
3.1%
Net PP&E
715.60
61.2%
666.45
62.8%
548.19
61.6%
Total Assets
1,169.89
100.0%
1,061.63
100.0%
890.59
100.0%
Current Liabilities
243.63
20.8%
158.21
14.9%
218.35
24.5%
Long-term Interest-bearing Debts
170.56
14.6%
127.09
12.0%
37.28
4.2%
Total Liabilities
423.65
36.2%
292.98
27.6%
262.65
29.5%
Total Shareholders Equity®
746.24
63.8%
768.65
72.4%
627.94
70.5%
Key Indices
A/R Turnover Days
43
43
41
Inventory Turnover Days
47
51
44
Current Ratio (x)
1.4
1.9
1.3
Asset Productivity (x)
0.9
0.8
1.0
* Total outstanding shares were 25,928mn units at 06/30/13
** Asset productivity = Annualized net revenue / Average net fixed assets
© 2013 TSMC, Ltd
Open Innovation Platform
Cash Flows
tsmc
TSMC Property
(In NT billions)
2Q13
1Q13
2Q12
Beginning Balance
186.03
143.41
170.82
Cash from operating activities
75.24
73.57
68.67
Capital expenditures
(78.40)
(80.42)
(59.47)
Short-term loans
(4.32)
0.23
(4.30)
Proceeds from issuance of bonds
44.65
45.00
-
Investments and others
2.63
4.24
2.72
Ending Balance
225.83
186.03
178.44
Free Cash Flow(1)
(3.16)
(6.85)
9.20
(1) Free cash flow = Cash from operating activities Capital expenditures
© 2013 TSMC, Ltd
Open Innovation Platform
Installed Capacity
2013 Overall Capacity +11%; 12-inch Capacity +17%
tsmc
TSMC Property
FAB / (Wafer size)
2012
1Q13
2Q13
3Q13
4Q13
2013
(A)
(A)
(A)
(F)
(F)
(F)
Fab-2
( 6) (1)
1,012
251
254
257
257
1,018
Fab-3
( 8)
1,208
281
287
293
289
1,150
Fab-5
( 8)
587
147
151
99
99
497
Fab-6
( 8)
1,191
299
307
428
428
1,461
Fab-8
( 8)
1,057
260
271
216
216
962
Fab-12
( 12) (2)
1,500
366
356
365
371
1,458
Fab-14
( 12) (2)
2,210
546
558
564
564
2,232
Fab-15
( 12) (2)
226
164
193
277
296
930
WaferTech
( 8)
444
109
112
113
113
447
TSMC China
( 8)
921
226
240
248
248
963
TSMC & Subsidiaries
14,833
3,883
3,999
4,258
4,307
16,447
(8 Equivalent Kpcs)
(1) Figures represent number of 6 wafers. Conversion to 8-equivalent wafers is obtained by multiplying this number by 0.5625
(2) Figures represent number of 12 wafers. Conversion to 8-equivalent wafers is obtained by multiplying this number by 2.25
© 2013 TSMC, Ltd
Open Innovation Platform®
3Q13 Guidance
tsmc
TSMC Property
Based on our current business outlook and exchange rate assumption, management expects:
Revenue to be between NT$ 161 billion and NT$ 164 billion, at a forecast exchange rate of 29.83 NT dollars to 1 US dollar
Gross profit margin to be between 47 % and 49 %
Operating profit margin to be between 35 % and 37 %
© 2013 TSMC, Ltd
Open Innovation Platform®
Recap of Recent Major Events
tsmc
TSMC Property
TSMC Sets July 3rd as Ex-dividend Date and July 9th as Record Date for Common Share Dividends ( 2013/06/18 )
TSMC Shareholders Approve NT$3.0 Cash Dividend ( 2013/06/11 )
Xilinx and TSMC Team to Enable Fastest Time-to-Market and Highest Performance FPGAs on TSMCs 16-nanometer FinFET ( 2013/05/29 )
TSMC Board of Directors Approved the Issuance of Unsecured Straight Corporate Bonds in Taiwan for an Amount of Not Exceeding NT$45 Billion to Raise Capital for Capacity Expansion ( 2013/05/14 )
Please visit TSMCs Web site (http://www.tsmc.com) and Market Observation Post System
(http://mops.twse.com.tw ) for details and other announcements
© 2013 TSMC, Ltd
Open Innovation Platform®
tsmc
TSMC Property
http://www.tsmc.com
invest@tsmc.com
© 2013 TSMC, Ltd
Open Innovation Platform®