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TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars
(USD)) (1)
March 31, 2007
June 30, 2007 (audited) (unaudited)
ASSETS USD NTD % NTD %
Current Assets
Cash and Cash Equivalents $4,991 $163,391 25.6 $140,274 23.0
Investments in Marketable
Financial Instruments 2,129 69,685 10.9 77,096 12.7
Accounts Receivable - Trade 1,132 37,054 5.8 33,094 5.4
Inventories, Net 735 24,045 3.8 22,259 3.7
Other Current Assets 319 10,464 1.7 13,356 2.2
Total Current Assets 9,306 304,639 47.8 286,079 47.0
Long-Term Investments 1,379 45,153 7.1 52,185 8.6
Property, Plant and Equipment 23,434 767,100 120.3 734,182 120.6
Less: Accumulated Depreciation (15,351) (502,495) -78.8 (483,834) -79.5
Property, Plant and
Equipment, Net 8,083 264,605 41.5 250,348 41.1
Other Assets 705 23,037 3.6 20,159 3.3
Total Assets $19,473 $637,434 100.0 $608,771 100.0
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Short-Term Bank Loans $3 $99 -- $79 --
Accounts Payables 341 11,157 1.8 10,129 1.7
Payables to Contractors and
Equipment Suppliers 520 17,010 2.7 9,094 1.5
Accrued Expenses and Other
Current Liabilities 3,035 99,365 15.5 21,101 3.4
Current Portion of Bonds
Payable and Long-Term
liabilities 146 4,782 0.8 4,714 0.8
Total Current Liabilities 4,045 132,413 20.8 45,117 7.4
Bonds Payable 382 12,500 2.0 12,500 2.1
Other Long-Term Liabilities 570 18,649 2.9 19,415 3.2
Total Liabilities 4,997 163,562 25.7 77,032 12.7
Shareholders' Equity
Attributable to Shareholders
of the Parent
Capital Stock 8,072 264,235 41.5 258,330 42.4
Capital Surplus 1,641 53,726 8.4 54,231 8.9
Retained Earnings 4,705 154,010 24.2 215,963 35.5
Treasury Stock (28) (918) -0.1 (918) -0.2
Others (5) (167) -0.1 1,020 0.2
Total Equity Attributable
to Shareholders of the
Parent 14,385 470,886 73.9 528,626 86.8
Minority Interest 91 2,986 0.4 3,113 0.5
Total Shareholders' Equity 14,476 473,872 74.3 531,739 87.3
Total Liabilities &
Shareholders' Equity $19,473 $637,434 100.0 $608,771 100.0
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars
(USD)) (1)
June 30, 2006
(audited) QoQ YoY
ASSETS NTD % Amount % Amount %
Current Assets
Cash and Cash
Equivalents $141,452 23.8 $23,117 16.5 $21,939 15.5
Investments in
Marketable Financial
Instruments 70,139 11.8 (7,411) -9.6 (454) (0.6)
Accounts Receivable -
Trade 37,969 6.4 3,960 12.0 (915) -2.4
Inventories, Net 20,051 3.4 1,786 8.0 3,994 19.9
Other Current Assets 10,079 1.7 (2,892) (21.6) 385 3.8
Total Current
Assets 279,690 47.1 18,560 6.5 24,949 8.9
Long-Term Investments 42,778 7.2 (7,032) -13.5 2,375 5.6
Property, Plant and
Equipment 681,123 114.7 32,918 4.5 85,977 12.6
Less: Accumulated
Depreciation (429,993) -72.4 (18,661) 3.9 (72,502) 16.9
Property, Plant and
Equipment, Net 251,130 42.3 14,257 5.7 13,475 5.4
Other Assets 20,145 3.4 2,878 14.3 2,892 14.4
Total Assets $593,743 100.0 $28,663 4.7 $43,691 7.4
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities
Short-Term Bank Loans $-- -- $20 24.4 $99 --
Accounts Payables 10,282 1.7 1,028 10.2 875 8.5
Payables to
Contractors and
Equipment Suppliers 17,214 2.9 7,916 87.1 (204) -1.2
Accrued Expenses and
Other Current
Liabilities 80,300 13.6 78,264 370.9 19,065 23.7
Current Portion of
Bonds Payable and
Long-Term liabilities 2,505 0.4 68 1.4 2,277 90.8
Total Current
Liabilities 110,301 18.6 87,296 193.5 22,112 20.0
Bonds Payable 17,000 2.9 -- 0.0 (4,500) -26.5
Other Long-Term
Liabilities 18,943 3.1 (766) (3.9) (294) (1.6)
Total Liabilities 146,244 24.6 86,530 112.3 17,318 11.8
Shareholders' Equity
Attributable to
Shareholders of the
Parent
Capital Stock 258,234 43.5 5,905 2.3 6,001 2.3
Capital Surplus 53,822 9.1 (505) (0.9) (96) -0.2
Retained Earnings 136,723 23.0 (61,953) (28.7) 17,287 12.6
Treasury Stock (918) -0.1 -- 0.0 -- --
Others (1,029) -0.2 (1,187) -116.3 862 -83.8
Total Equity
Attributable to
Shareholders of
the Parent 446,832 75.3 (57,740) (10.9) 24,054 5.4
Minority Interest 667 0.1 (127) (4.1) 2,319 347.7
Total Shareholders'
Equity 447,499 75.4 (57,867) (10.9) 26,373 5.9
Total Liabilities &
Shareholders' Equity $593,743 100.0 $28,663 4.7 $43,691 7.4
Note: (1) Amounts in New Taiwan dollars have been translated into
U.S. dollars at the rate of NT$32.735 as of June 30, 2007.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Consolidated Condensed Income Statements
For the Three Months Ended June 30, 2007, March 31, 2007,
and June 30, 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars
(USD) (1)
Except for Per Share Amounts and Shares Outstanding)
Q2 2007 Q1 2007
USD NTD % NTD %
Net Sales $2,261 $74,918 100.0 $64,897 100.0
Cost of Sales (1,290) (42,738) -57.0 (40,287) -62.1
Gross Profit 971 32,180 43.0 24,610 37.9
Operating Expenses
Research and Development
Expenses (4) (130) (4,301) -5.7 (3,942) -6.1
General and Administrative
Expenses (4) (65) (2,151) -2.9 (1,902) -2.9
Sales and Marketing Expenses (4) (30) (994) -1.4 (889) -1.4
Total Operating Expenses (225) (7,446) -10.0 (6,733) -10.4
Income from Operations 746 24,734 33.0 17,877 27.5
Non-Operating Income, Net 85 2,802 3.7 1,830 2.8
Investment Gains 15 488 0.7 361 0.6
Income before Income Tax 846 28,024 37.4 20,068 30.9
Income Tax (Expenses) Benefits (73) (2,394) -3.2 (1,107) -1.7
Net Income Before Cumulative
Effect of Changes in Accounting
Principles 773 25,630 34.2 18,961 29.2
Cumulative Effect of Changes in
Accounting Principles (Net of
Tax) -- -- -- -- --
Net Income 773 25,630 34.2 18,961 29.2
Minority Interest (4) (146) -0.2 (122) -0.2
Net Income Attributable to
Shareholders of
the Parent 769 25,484 34.0 18,839 29.0
Earnings per Share - Diluted $0.03 $0.96 -- $0.71 --
Earnings per ADR - Diluted (2) $0.15 $4.82 -- $3.57 --
Weighted Average Outstanding
Shares - Diluted ('M) (3) -- 26,409 -- 26,406 --
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Consolidated Condensed Income Statements
For the Three Months Ended June 30, 2007, March 31, 2007,
and June 30, 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars
(USD) (1)
Except for Per Share Amounts and Shares Outstanding)
Q2 2006 QoQ YoY
NTD % Amount % Amount %
Net Sales $82,118 100.0 $10,021 15.4 ($7,200) -8.8
Cost of Sales (39,620) -48.2 (2,451) 6.1 (3,118) 7.9
Gross Profit 42,498 51.8 7,570 30.8 (10,318) -24.3
Operating Expenses
Research and Development
Expenses (4) (4,096) -5.0 (359) 9.1 (205) 5.0
General and
Administrative Expenses
(4) (2,086) -2.5 (249) 13.1 (65) 3.1
Sales and Marketing
Expenses (4) (993) -1.3 (105) 11.7 (1) 0.1
Total Operating Expenses (7,175) -8.8 (713) 10.6 (271) 3.8
Income from
Operations 35,323 43.0 6,857 38.4 (10,589) -30.0
Non-Operating Income, Net 299 0.4 972 53.1 2,503 835.4
Investment Gains 650 0.8 127 35.4 (162) -24.8
Income before Income Tax 36,272 44.2 7,956 39.6 (8,248) -22.7
Income Tax (Expenses)
Benefits (2,281) -2.8 (1,287) 116.2 (113) 5.0
Net Income Before
Cumulative Effect of
Changes in Accounting
Principles 33,991 41.4 6,669 35.2 (8,361) -24.6
Cumulative Effect of
Changes in Accounting
Principles (Net of Tax) -- -- -- -- -- --
Net Income 33,991 41.4 6,669 35.2 (8,361) -24.6
Minority Interest 11 0.0 (24) 19.9 (157) --
Net Income Attributable to
Shareholders of
the Parent 34,002 41.4 6,645 35.3 (8,518) -25.1
Earnings per Share -
Diluted $1.29 -- $0.25 35.3 -$0.32 -25.1
Earnings per ADR - Diluted
(2) $6.44 -- $1.26 35.3 -$1.62 -25.1
Weighted Average
Outstanding Shares -
Diluted ('M) (3) 26,394 -- -- -- -- --
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S.
dollars at the weighted average rate of NTD33.142 for the second
quarter of 2007.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 26,394M
shares for 2Q06 after the retroactive adjustments for stock dividends
and stock bonus.
(4) Certain prior period balances have been reclassified to conform to
the current period presentation.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Audited Consolidated Condensed Income Statements
For the Six Months End June 30, 2007 and 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD)
(1)
Except for Per Share Amounts and Shares Outstanding)
For The Six Months Ended June 30
2007
USD NTD %
Net Sales $4,235 $139,815 100.0
Cost of Sales (2,515) (83,025) -59.4
Gross Profit 1,720 56,790 40.6
Operating Expenses
Research and Development Expenses (4) (250) (8,243) -5.9
General and Administrative Expenses(4) (123) (4,053) -2.9
Sales and Marketing Expenses (4) (56) (1,883) -1.3
Total Operating Expenses (429) (14,179) -10.1
Income from Operations 1,291 42,611 30.5
Non-Operating Income, Net 140 4,632 3.3
Investment Gains 26 849 0.6
Income before Income Tax 1,457 48,092 34.4
Income Tax (Expenses) Benefits (106) (3,501) -2.5
Net Income before Cumulative Effect
of Changes in Accounting Principles 1,351 44,591 31.9
Cumulative Effect of Changes in
Accounting Principles (Net of Tax) 0 0 0.0
Net Income 1,351 44,591 31.9
Minority Interest (9) (268) -0.2
Net Income Attributable to
Shareholders of the Parent 1,342 44,323 31.7
Earnings per Share - Diluted $0.05 $1.68 --
Earnings per ADR - Diluted (2) $0.25 $8.39 --
Weighted Average Outstanding Shares -
Diluted ('M) (3) -- 26,409 --
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Audited Consolidated Condensed Income Statements
For the Six Months End June 30, 2007 and 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD)
(1)
Except for Per Share Amounts and Shares Outstanding)
For The Six Months Ended June 30
2006 YoY
NTD % Amount %
Net Sales $159,968 100.0 ($20,153) -12.6
Cost of Sales (79,743) -49.8 (3,282) 4.1
Gross Profit 80,225 50.2 (23,435) -29.2
Operating Expenses
Research and Development
Expenses (4) (7,936) -5.0 (307) 3.9
General and Administrative
Expenses (4) (3,950) -2.5 (103) 2.6
Sales and Marketing Expenses (4) (2,114) -1.3 231 -10.9
Total Operating Expenses (14,000) -8.8 (179) 1.3
Income from Operations 66,225 41.4 (23,614) -35.7
Non-Operating Income, Net 1,716 1.1 2,916 170.0
Investment Gains 1,250 0.8 (401) -32.1
Income before Income Tax 69,191 43.3 (21,099) -30.5
Income Tax (Expenses) Benefits (4,136) -2.6 635 -15.3
Net Income before Cumulative
Effect of Changes in Accounting
Principles 65,055 40.7 (20,464) -31.5
Cumulative Effect of Changes in
Accounting Principles (Net of
Tax) 1,607 1.0 (1,607) 100.0
Net Income 66,662 41.7 (22,071) -33.1
Minority Interest (53) -0.1 (215) 403.9
Net Income Attributable to
Shareholders of the Parent 66,609 41.6 (22,286) -33.5
Earnings per Share - Diluted $2.52 -- -$0.85 -33.5
Earnings per ADR - Diluted (2) $12.62 -- -$4.23 -33.5
Weighted Average Outstanding
Shares - Diluted ('M) (3) 26,394 -- -- --
Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars
at the weighted average rate of NTD 33.015 for six months ended June
30, 2007.
(2) 1 ADR equals 5 ordinary shares.
(3) Total diluted weighted average outstanding shares were 26,394M shares
for the six months ended June 30, 2006 after the retroactive
adjustments for stock dividends and stock bonus.
(4) Certain prior period balances have been reclassified to conform to
the current period presentation.
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Statements of Cash Flows
For the Six Months Ended June 30, 2007 and for the Three Months Ended
June 30, 2007, March 31, 2007, and June 30, 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars
(USD)) (1)
Six Months 2007 2Q 2007 1Q 2007 2Q 2006
(Audited) (Unaudited)(Unaudited)(Unaudited)
USD NTD NTD NTD NTD
Cash Flows from
Operating
Activities:
Net Income $1,342 $44,323 $25,484 $18,839 $34,002
Net Income
Attributable to
Minority Interest 8 268 146 122 (11)
Depreciation &
Amortization 1,208 39,867 19,616 20,251 17,888
Deferred Income Tax (18) (601) 371 (972) 860
Equity in Earnings
of Equity Method
Investees, Net (26) (849) (488) (361) (650)
Changes in Working
Capital & Others (306) (10,119) (10,384) 265 (1,698)
Net Cash Provided
by Operating
Activities 2,208 72,889 34,745 38,144 50,391
Cash Flows from
Investing
Activities:
Acquisitions of:
Marketable
Financial
Instruments (910) (30,030) (14,234) (15,796) (39,850)
Investments
Accounted for
Using Equity
Method -- -- -- -- (48)
Property, Plant
and Equipment (1,190) (39,303) (25,345) (13,959) (21,391)
Financial Assets
Carried at Cost (13) (430) (218) (212) (168)
Proceeds from
Disposal or
maturity of:
Marketable
Financial
Instruments 1,492 49,272 30,013 19,259 32,075
Investments
Accounted for
Using Equity
Method -- -- -- -- --
Property, Plant
and Equipment -- 11 10 1 (215)
Financial Assets
Carried at Cost -- 14 0 14 --
Others (93) (3,101) (383) (2,717) (653)
Net Cash Used
In Investing
Activities (714) (23,567) (10,157) (13,410) (30,250)
Cash Flows from
Financing
Activities:
Increase (Decrease)
in Guarantee
Deposits (24) (806) (418) (388) 139
Proceeds from
Exercise of Stock
Options 9 297 175 122 209
Bonus Paid to
Directors and
Supervisors (9) (286) (286) -- (257)
Repayment of Long-
Term Bonds Payable (76) (2,500) -- (2,500) (2)
Cash Dividends Paid
for Common Stock -- -- -- -- --
Cash Bonus Paid to
Employees -- -- -- -- --
Others (1) (26) 2 (28) (15)
Net Cash Provided by
(Used in) Financing
Activities (101) (3,321) (527) (2,794) 74
Net Increase in Cash
and Cash Equivalents 1,393 46,001 24,061 21,940 20,215
Effect of Exchange
Rate Changes
and Others (13) (447) (944) 497 (14)
Cash and Cash
Equivalents at
Beginning of Period 3,569 117,837 140,274 117,837 121,251
Cash and Cash
Equivalents at
End of Period $4,949 $163,391 $163,391 $140,274 $141,452
Note: (1) Amounts in New Taiwan dollars have been translated into U.S.
dollars at the weighted average rate of NTD33.015 for the six
months ended June 30, 2007.
CONTACT
Elizabeth Sun / Harrison Hsueh / Julie Wei
Investor Relations Division
TSMC
Tel: +886-3-568-2085/ 2088/ 2086
Email:
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