Fourth quarter operating revenues declined by 10.0% sequentially to NT$67.84 billion resulting from the inventory correction within the semi industry which lowered wafer shipments. Revenue contribution from 40nm and below technologies represented 45% of wafer revenue. Gross profit decreased 18.3% QoQ to NT$29.12 billion, or 42.9% of revenue. Operating expenses remained flat at NT$6.80 billion. Net other operating income increased to NT$1.31 billion. Net non-operating income totaled NT$0.89 billion. Net income attributable to shareholders of the parent amounted to NT$19.07 billion.

Earnings per ordinary share for the quarter was NT$1.54. Earnings per ADS was US$0.251. The basic weighted average number of shares outstanding in 4Q22 was 12,348,880,384, compared with 12,305,516,644 shares in 3Q22 and 12,254,114,875 shares in 4Q21. The diluted weighted average number of shares outstanding was 12,684,106,050 in 4Q22, compared with 12,635,661,561 shares in 3Q22 and 12,489,949,678 shares in 4Q21. The fully diluted shares counted on December 31, 2022 were approximately 12,684,106,000.

¹Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending December 31, 2022, the three-month period ending September 30, 2022, and the equivalent three-month period that ended December 31, 2021. For all 4Q22 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2022 exchange rate of NT$ 30.70 per U.S. Dollar.

Detailed Financials Section

Operating revenues decreased to NT$67.84 billion. COGS declined 2.6% to NT$38.71 billion, which included 7.5% sequential decrease in depreciation. Gross profit fell 18.3% QoQ to NT$29.12 billion. Operating expenses remained flat at NT$6.80 billion, as Sales & Marketing reduced 10.2% to NT$0.95 billion while R&D was up 3.1% QoQ to NT$3.41 billion, representing 5.0% of revenue. Net other operating income was NT$1.31 billion. In 4Q22, operating income declined 21.6% QoQ to NT$23.64 billion.

COGS & Expenses
(Amount: NT$ million)	4Q22	3Q22	QoQ % change	4Q21	YoY % change
Operating Revenues	67,836	75,392	(10.0)	59,100	14.8
COGS	(38,712)	(39,728)	(2.6)	(35,997)	7.5
Depreciation	(8,898)	(9,622)	(7.5)	(10,122)	(12.1)
Other Mfg. Costs	(29,814)	(30,106)	(1.0)	(25,875)	15.2
Gross Profit	29,124	35,664	(18.3)	23,103	26.1
Gross Margin (%)	42.9%	47.3%		39.1%
Operating Expenses	(6,798)	(6,794)	0.1	(6,821)	(0.3)
G&A	(2,438)	(2,428)	0.4	(2,164)	12.7
Sales & Marketing	(953)	(1,061)	(10.2)	(1,240)	(23.1)
R&D	(3,407)	(3,304)	3.1	(3,414)	(0.2)
Expected Credit Impairment Loss	(0)	(1)	(48.5)	(3)	(88.3)
Net Other Operating Income & Expenses	1,311	1,287	1.9	1,334	(1.7)
Operating Income	23,637	30,157	(21.6)	17,616	34.2

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