TSMC Reports Third Quarter EPS of NT$1.18

Revenue Analysis:

3Q09 business saw a continued improvement with demand growing across the board. Sequentially, revenues from computer applications grew the most with 29% quarter-over-quarter growth rate, followed by communication's 25% and consumer's 11%, respectively.

As a result of continued ramp-up of our 40/45nm technology, revenues from 40/45nm were more than quadrupled during the quarter and accounted for 4% of total wafer sales. Meanwhile, revenues from 65nm and 90nm each accounted for 31% and 18% of total wafer sales. Overall, revenues from advanced technologies (0.13-micron and below) represented 67% of total wafer sales, two percentage points up from prior quarter.

Revenues from IDM customers accounted for 20% of total wafer sales in 3Q09, two percentage points increase from 2Q09.

From a geographic perspective, revenues from customers based in North America accounted for 70% of total wafer sales, five percentage points up from prior quarter. Meanwhile, sales from Asia Pacific, China, Europe and Japan accounted for 13%, 3%, 11%, and 3% of total wafer sales, respectively.

    II. Profit & Expense Analysis



    II - 1. Gross Profit Analysis

    (In NT billions)                            3Q09        2Q09        3Q08

    COGS                                       47.08       39.91       49.89
    Depreciation                               18.37       18.54       19.06
    Other MFG Cost                             28.71       21.37       30.83

    Gross Profit                               42.86       34.30       43.09

    Gross Margin                               47.7%       46.2%       46.3%


Gross Profit Analysis:

Gross margin for the third quarter 2009 was 47.7%, up from 46.2% of prior quarter. The 1.5 percentage points improvement in gross margin was primarily due to a higher level of capacity utilization and continued cost improvement, partially offset by a decline in pure price and unfavorable exchange rate.



    II - 2. Operating Expenses

    (In NT billions)                            3Q09        2Q09        3Q08

    Total Operating Exp.                       10.87        9.17       10.18
    SG&A                                        4.67        4.07        4.20
    Research & Development                      6.20        5.10        5.98
    Total Operating Exp. as a % of Sales       12.1%       12.3%       10.9%


Operating Expenses:

Total operating expenses for 3Q09 increased by NT$1.70 billion to NT$10.87 billion, representing 12.1% of net sales, better than 12.3% of net sales in 2Q09.

SG&A expenses increased by NT$0.60 billion from 2Q09. The increase was mainly due to higher legal fee and a one-time donation.

Research and development expenditures increased by NT$1.1 billion sequentially, primarily due to increased activities in 28nm and 22nm technology development.



    II - 3. Non-Operating Items

    (In NT billions)                            3Q09         2Q09        3Q08

    Non-Operating Inc./(Exp.)                   0.52         1.15        1.33
       Net Interest Income/(Exp.)               0.42         0.56        1.15
       Other Non-Operating                      0.10         0.59        0.18
    L-T Investments                             0.45         0.11        0.18
       SSMC                                     0.26         0.19        0.15
       Others                                   0.19        (0.08)       0.03
    Total Non-Operating Items                   0.97         1.26        1.51


Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$0.97 billion for third quarter 2009.

Non-operating income was NT$0.52 billion, lower than NT$1.15 billion in 2Q09. The sequential decline was primarily due to the absence of litigation compensation and less interest income.

Net investment gain was NT$0.45 billion, higher than NT$0.11 billion of prior quarter, mainly due to continued business improvement among invested companies.

    III. Financial Condition Review



    III - 1. Liquidity Analysis
      (Selected Balance Sheet Items)

      (In NT billions)                          3Q09              2Q09                  3Q08

            Cash  &  Marketable  Securities                        180.32            246.77              158.17
            Accounts  Receivable  -  Trade                            35.88              33.38                45.33
            Inventory                                                                19.18              18.97                21.82
            Total  Current  Assets                                        244.24            309.42              232.35
            Accounts  Payable                                                  26.30              25.96                17.75
            Current  Portion  of  Bonds  Payable                    0.00                0.00                  8.00
            Dividends  Payable                                                  0.00              77.17                  0.00
            Accrued  Bonus  to  Employees                                8.62              11.49                13.28
            Accrued  Liabilities  and  Others                      20.09              15.01                23.10
            Total  Current  Liabilities                                55.01            129.63                62.13
            Current  Ratio  (x)                                                    4.4                  2.4                    3.7
            Net  Working  Capital                                          189.23            179.79              170.22


 


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