TSMC Reports Third Quarter EPS of NT$1.18

Liquidity Analysis:

At the end of 3Q09, total cash and marketable securities decreased by NT$66.45 billion to NT$180.32 billion. We paid NT$76.88 billion for cash dividends and generated NT$14.62 billion of free cash flow during this quarter.

Total current liabilities decreased by NT$74.62 billion in this quarter, primarily due to payment of cash dividends.

Net working capital was NT$189.23 billion and current ratio increased to 4.4x.



    III - 2. Receivable/Inventory Days

      (In Number of Days)
                                                3Q09        2Q09         3Q08

      Days of Receivable                          36          30           43
      Days of Inventory                           41          42           45


Receivable and Inventory Days:

Sequentially, days of receivable increased by six days to 36 days in 3Q09, mainly due to average accounts receivable growing faster than sales. The quality of collection remains the same.

    Days of inventory decreased by one day to 41 days.



    III - 3. Debt Service

      (In NT billions)                          3Q09        2Q09        3Q08

      Cash & Marketable Securities            180.32      246.77       158.17
      Interest-Bearing Debt                    15.33       15.57        23.41
      Net Cash Reserves                       164.99      231.20       134.76


Debt Service:

Net cash reserves, defined as the excess of cash and short-term marketable securities over interest-bearing debt, decreased by NT$66.21 billion to NT$164.99 billion at the end of 3Q09, primarily due to cash dividend payment, net off by free cash flow generated during this quarter.

    IV. Cash Flow



    IV - 1.1. Cash Flow Analysis

      (In NT billions)                          3Q09        2Q09         3Q08

      Net Income                               30.55       24.44        30.57
      Depreciation & Amortization              20.00       20.05        20.69
      Employee Profit Sharing Payment*         (7.49)        n.a          n.a
      Other Operating Sources/(Uses)            3.60      (19.97)        4.64
      Total Operating Sources/(Uses)           46.66       24.52        55.90

      Capital Expenditure                     (32.04)      (7.42)      (10.38)
      Marketable Financial Instruments        (18.94)       1.68       (18.07)
      Other Investing Sources/(Uses)           (0.53)      (0.25)        1.93
      Net Investing Sources/(Uses)            (51.51)      (5.99)      (26.52)

      Cash Dividends                          (76.88)       0.00       (76.78)
      Employee Profit Sharing Payment*           n.a         n.a        (3.94)
      Purchase of Treasury Stock                0.00        0.00       (23.81)
      Other Financing Sources/(Uses)           (0.11)      (0.34)       (0.43)

      Net Financing Sources/(Uses)            (76.99)      (0.34)     (104.96)

      Net Cash Position Changes               (81.84)      18.19       (75.58)

      Exchange Rate Changes & Others           (0.74)      (1.93)        2.68

      Ending Cash Balance                     156.94      239.52       112.45

      *Starting 2008, Taiwan accounting rule requires company to expense
       employee profit sharing


Summary of Cash Flow:

Cash generated from operating activities totaled NT$46.66 billion during the quarter, up from NT$24.52 billion in 2Q09 as a result of higher level of business activities, partially offset by NT$7.49 billion for 2008 employee profit sharing payment.

Net cash used in investing activities was NT$51.51 billion in 3Q09, reflecting the capital expenditures of NT$32.04 billion and investments in fixed income instruments of NT$14.83 billion.

Net cash used in financing activities was NT$76.99 billion during the quarter, as we paid NT$76.88 billion for cash dividends.

    As a result, TSMC ended 3Q09 with a cash balance of NT$156.94 billion.

    IV - 2. Operating and Free Cash Flows:

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$46.66 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$14.62 billion in 3Q09, compared to NT$17.10 billion in 2Q09.

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