TSM FY 2008 Earnings Report — Taiwan Semiconductor Manufacturing Company Limited Revenue & Financial Results | Market Cap Arena

Taiwan Semiconductor Manufacturing Company LimitedTSM

FY 2008 Earnings

Reported April 17, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$10.6B	—	$10.2B	—	3.3%
Op. Income	$3.3B	—	$3.5B	—	-6.5%
Gross Margin	42.5%	—	44.1%	—	-1.6pp
Net Margin	30.0%	—	33.8%	—	-3.8pp
EPS (Diluted)	$0.60	—	$0.64	—	-5.7%
Free Cash Flow	$5.2B	—	$3.2B	—	63.1%

Revenue Flow

Item	Amount
REVENUE	$10.6B
Cost of Revenue	$6.1B
GROSS PROFIT	$4.5B
R&D Expenses	$680M
Selling & Marketing	$150M
General & Administrative	$351M
SG&A Expenses	$501M
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$7.2B
OPERATING INCOME	$3.3B
Interest Income	$170M
Interest Expense	$19M
Other Income/Expenses	$223M
INCOME BEFORE TAX	$3.5B
Income Tax Expense	$347M
Net Income from Continuing Ops	$6.3B
Net Income from Discontinued Ops	$0
Other Adjustments	-$3.1B
NET INCOME	$3.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.2B
D&A	$2.6B
EBIT	$3.5B
EBITDA	$6.1B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$10.6B
Cost of Revenue	$6.1B
GROSS PROFIT	$4.5B
R&D Expenses	$680M
Selling & Marketing	$150M
General & Administrative	$351M
SG&A Expenses	$501M
Other Expenses	$0
Operating Expenses	$1.2B
Cost & Expenses	$7.2B
OPERATING INCOME	$3.3B
Interest Income	$170M
Interest Expense	$19M
Other Income/Expenses	$223M
INCOME BEFORE TAX	$3.5B
Income Tax Expense	$347M
Net Income from Continuing Ops	$6.3B
Net Income from Discontinued Ops	$0
Other Adjustments	-$3.1B
NET INCOME	$3.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.2B
D&A	$2.6B
EBIT	$3.5B
EBITDA	$6.1B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$3.2B
Depreciation & Amortization	$2.6B
Stock-Based Compensation	$0
Deferred Income Tax	$72M
Other Non-Cash Items	$76M
Change in Working Capital	$1.1B
OPERATING CASH FLOW	$7.0B
Capital Expenditure	-$1.9B
Acquisitions (Net)	$6M
Purchases of Investments	-$3.2B
Sales/Maturities of Investments	$4.9B
Other Investing Activities	-$33M
NET CASH FROM INVESTING	-$255M
Net Debt Issuance	-$12M
Common Stock Repurchased	-$1.1B
Common Dividends Paid	-$2.4B
Other Financing Activities	-$161M
NET CASH FROM FINANCING	-$3.7B
FREE CASH FLOW	$5.2B
Net Change in Cash	$3.2B

Balance Sheet

Item	Amount
Cash & Equivalents	$6.2B
Short-Term Investments	$594M
Net Receivables	$589M
Inventory	$471M
Other Current Assets	$126M
TOTAL CURRENT ASSETS	$8.0B
PP&E (Net)	$7.7B
Goodwill	$191M
Intangible Assets	$226M
Long-Term Investments	$1.4B
Tax Assets	$210M
Other Non-Current Assets	$3M
TOTAL NON-CURRENT ASSETS	$9.7B
TOTAL ASSETS	$17.7B
Account Payables	$176M
Short-Term Debt	$263M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.8B
Long-Term Debt	$490M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$176M
TOTAL NON-CURRENT LIABILITIES	$688M
TOTAL LIABILITIES	$2.5B
Common Stock	$8.1B
Additional Paid-In Capital	$1.6B
Retained Earnings	$5.4B
Treasury Stock	$0
Accum. Other Comp. Income	$6M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$15.1B
Minority Interest	$127M
TOTAL EQUITY	$15.2B
TOTAL LIABILITIES & EQUITY	$17.7B
Total Debt	$776M
Net Debt	-$5.4B