Taiwan Semiconductor Manufacturing Company Limited (TSM) · 26 Years of Financial statements

Income Statement

Revenue

- -

8,128

9,743

9,938

10,189

9,257

14,382

14,094

17,409

20,006

24,106

25,677

29,196

32,940

33,715

35,759

47,650

57,258

76,270

COGS

- -

4,524

4,960

5,553

5,854

5,209

7,284

7,689

9,032

10,577

12,170

13,184

14,571

16,264

17,440

19,293

22,348

27,697

30,844

Gross Profit

- -

3,604

4,783

4,385

4,335

4,048

7,098

6,404

8,377

9,428

11,936

12,492

14,625

16,676

16,276

16,466

25,302

29,561

45,426

Gross Profit Ratio

48.00%

38.36%

43.12%

46.04%

23.34%

32.23%

36.88%

45.03%

44.34%

49.09%

44.12%

42.55%

43.73%

49.35%

45.44%

48.12%

47.13%

49.52%

48.65%

50.09%

50.62%

48.27%

46.05%

53.10%

51.63%

59.56%

Operating Expenses

- -

830

876

943

1,141

1,170

1,641

1,733

2,151

2,391

2,557

2,699

2,985

3,645

3,688

3,989

5,136

6,116

7,650

R&D Expenses

- -

427

493

553

657

676

1,018

1,116

1,389

1,607

1,796

1,995

2,193

2,721

2,808

3,055

3,896

4,499

5,500

Selling, G&A Exp.

- -

403

383

391

484

494

623

617

761

784

759

698

791

916

858

939

1,266

1,605

2,137

General and Admin. Exp.

- -

353

439

467

607

633

598

525

610

714

662

726

1,013

1,332

1,803

Selling and Marketing Exp.

- -

140

184

149

155

151

161

172

182

201

196

212

253

273

334

Other Expenses

- -

1

2

6

1

9

22

(5)

(25)

12

COGS and Expenses

- -

5,354

5,836

6,496

6,995

6,378

8,925

9,422

11,182

12,969

14,726

15,883

17,556

19,909

21,128

23,282

27,484

33,813

38,495

Interest Income

- -

81

57

49

57

62

86

126

195

319

480

541

321

206

755

Interest Expense

- -

12

15

21

35

89

102

97

102

112

100

109

74

195

396

Depreciation and Amortization

- -

2,310

2,263

2,461

2,493

2,530

3,010

3,553

4,517

5,234

6,328

6,773

6,894

8,767

9,563

9,588

11,803

15,236

14,731

EBITDA

- -

5,183

6,400

6,184

5,884

5,522

8,838

8,356

10,803

12,564

15,979

17,539

18,880

22,228

22,657

22,723

32,673

39,328

53,662

EBITDA ratio

57.29%

57.46%

57.78%

63.41%

45.33%

56.84%

59.27%

62.91%

63.77%

65.69%

62.23%

57.75%

59.65%

61.46%

59.29%

62.05%

62.80%

66.29%

68.31%

64.67%

67.48%

67.20%

63.54%

68.57%

68.69%

70.36%

Operating Income

- -

2,774

3,906

3,441

3,194

2,878

5,457

4,671

6,227

7,039

9,350

9,742

11,641

12,993

12,541

12,456

20,166

23,445

37,776

Operating Income ratio

33.98%

27.38%

33.98%

36.88%

6.33%

19.46%

25.27%

34.40%

34.13%

40.09%

34.63%

31.35%

31.10%

37.94%

33.15%

35.77%

35.19%

38.79%

37.94%

39.87%

39.45%

37.20%

34.83%

42.32%

40.95%

49.53%

Total Other Income Exp.(Gains)

- -

100

187

306

215

110

380

118

17

197

196

926

245

357

455

574

639

471

772

Income Before Tax

- -

2,874

4,094

3,747

3,409

2,988

5,837

4,790

6,244

7,237

9,546

10,669

11,886

13,351

12,996

13,029

20,805

23,916

38,548

Income Before Tax ratio

35.06%

27.12%

33.08%

38.47%

7.79%

16.79%

23.27%

35.75%

35.36%

42.02%

37.70%

33.46%

32.28%

40.59%

33.99%

35.86%

36.17%

39.60%

41.55%

40.71%

40.53%

38.55%

36.44%

43.66%

41.77%

50.54%

Income Tax Expense (Gain)

- -

19

239

361

335

188

274

353

536

1,076

1,513

1,450

1,667

1,723

1,126

1,198

2,624

2,531

4,288

Net Income

- -

2,853

3,899

3,363

3,056

2,793

5,540

4,429

5,714

6,165

8,036

9,219

10,217

11,626

11,868

11,829

18,172

21,366

34,247

Net Income Ratio

40.89%

30.43%

33.61%

39.17%

11.12%

13.31%

23.27%

35.89%

35.10%

40.01%

33.84%

30.00%

30.17%

38.52%

31.42%

32.82%

30.82%

33.34%

35.90%

34.99%

35.30%

35.20%

33.08%

38.14%

37.32%

44.90%

EPS

- -

0.55

0.75

0.63

0.59

0.54

1.12

0.85

1.10

1.22

1.61

1.80

1.99

2.23

2.21

2.23

3.55

4.15

6.60

EPS Diluted

- -

0.55

0.74

0.63

0.58

0.54

1.12

0.85

1.10

1.22

1.61

1.80

1.99

2.23

2.21

2.23

3.55

4.15

6.60

Weighted Avg. Shares Outs.

3,882

3,968

4,038

4,749

4,458

5,026

5,065

5,104

5,160

5,235

5,322

5,208

5,167

5,181

5,183

5,184

5,186

Weighted Avg. Shares Outs. Dil.

3,882

3,968

4,045

4,750

5,192

5,026

5,067

5,105

5,163

5,240

5,327

5,247

5,183

5,184

5,185

5,186

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

- -

2,942

3,617

2,926

5,952

5,361

5,070

4,735

4,932

8,133

11,327

17,128

16,671

18,649

18,889

15,219

23,489

38,414

45,239

Short-Term Investments

- -

1,445

2,371

2,409

515

825

1,190

256

274

106

2,590

846

2,924

3,477

4,444

4,648

5,052

5,047

8,210

Cash & Short-Term Investments

- -

4,387

5,988

5,335

6,467

6,186

6,259

4,991

5,206

8,238

13,917

17,974

19,595

22,127

23,333

19,867

28,541

43,461

53,449

Net Receivables

- -

1,170

978

1,314

569

1,111

1,478

1,355

1,798

2,418

3,641

2,608

3,987

4,128

4,226

4,673

5,198

7,155

7,796

Inventory

- -

541

658

735

455

655

974

820

1,301

1,256

2,096

2,041

1,499

2,490

3,375

2,773

4,887

6,965

7,451

Other Current Assets

- -

374

367

311

235

180

254

268

371

100

145

108

104

143

178

179

234

386

466

Total Current Assets

- -

6,472

7,990

7,695

7,726

8,132

8,965

7,434

8,676

12,013

19,799

22,731

25,186

28,888

31,110

27,492

38,860

57,967

69,162

PP&E

- -

7,465

7,799

8,016

7,451

8,566

13,316

16,182

21,237

26,562

25,855

25,980

30,732

35,808

35,045

45,772

56,334

72,423

92,167

Goodwill

- -

184

185

186

196

188

190

189

186

185

190

189

190

193

194

195

Intangible Assets

- -

183

178

244

218

202

207

171

187

196

242

265

287

366

500

723

773

681

Goodwill and Intangible Assets

- -

183

362

429

403

388

402

358

377

385

428

450

478

556

690

917

967

876

Investments

- -

1,270

1,364

1,137

2,262

2,983

944

1,062

1,417

1,397

955

1,006

983

1,053

2,322

Tax Assets

- -

207

182

225

203

250

252

245

164

239

162

194

255

408

549

599

924

1,773

2,331

Other Non-Current Assets

- -

1,513

1,699

1,219

1,310

8

346

194

127

134

49

57

59

144

107

128

205

188

405

Total Non-Current Assets

- -

9,368

10,042

9,889

9,368

10,482

15,680

18,117

24,167

30,304

27,438

27,720

32,912

38,234

37,213

48,195

59,362

76,405

98,101

Other Assets

- -

Total Assets

- -

15,840

18,033

17,584

17,093

18,614

24,645

25,551

32,844

42,316

47,237

50,451

58,098

67,121

68,323

75,687

98,222

134,372

167,263

Accounts Payable

- -

287

244

357

170

341

1,898

348

2,040

3,501

1,544

1,357

2,748

2,835

2,488

6,002

7,002

6,963

9,042

Short-Term Debt

- -

10

215

9

254

30

1,078

1,006

1,198

524

1,143

1,202

1,785

2,149

4,042

5,024

3,243

4,310

651

Tax Payable

- -

275

246

352

538

1,232

1,655

1,840

2,167

2,078

1,807

1,340

2,443

2,831

4,070

Deferred Revenue

- -

Other Current Liabilities

- -

774

980

1,135

1,313

1,830

1,001

2,156

1,122

1,578

2,761

2,900

4,027

5,976

3,327

7,632

9,795

13,250

18,049

Total Current Liabilities

- -

1,071

1,438

1,500

1,737

2,477

4,223

3,861

4,898

6,835

7,103

7,299

10,727

13,038

11,665

19,997

22,483

27,354

31,811

Long-Term Debt

- -

633

423

458

495

356

188

675

2,824

7,090

6,779

5,844

4,716

3,094

1,860

1,342

9,843

22,874

29,272

Deferred Revenue

- -

27

- -

7

5

807

656

452

256

110

6

9

- -

Deferred Tax Liabilities

- -

6

1

4

10

8

12

62

68

35

Other Non-Current Liabilities

- -

530

544

511

170

160

368

157

156

435

236

276

315

361

379

378

509

6,466

6,407

Total Non-Current Liabilities

- -

1,163

966

969

665

517

584

832

2,987

7,530

7,828

6,778

5,487

3,720

2,357

1,737

10,423

29,407

35,714

Other Liabilities

- -

Capital Lease Obligations

- -

18

19

20

22

24

29

26

25

- -

503

732

749

1,003

Total Liabilities

- -

2,234

2,405

2,470

2,402

2,994

4,807

4,693

7,885

14,365

14,931

14,076

16,215

16,759

14,022

21,734

32,906

56,760

67,525

Preferred Stock

- -

Common Stock

- -

7,540

7,928

8,140

7,837

8,108

8,882

8,552

8,915

8,689

8,194

7,893

7,987

8,739

8,477

8,666

9,226

9,353

8,736

Retained Earnings

- -

4,353

6,051

6,741

5,201

5,693

9,111

10,632

14,121

16,907

21,527

26,380

32,088

40,610

44,467

44,303

55,997

68,093

88,858

Other Compreh. Income(Loss)

- -

(20)

(19)

(12)

6

(41)

(221)

(251)

(96)

- -

10,755

- -

13,362

- -

Other Total Stockhold. Equity

- -

1,714

1,633

134

1,525

1,737

1,909

1,843

1,931

2,347

2,582

2,072

1,784

991

1,336

(9,794)

59

(13,285)

- -

Total Stockholders Equity

- -

13,588

15,593

15,003

14,569

15,496

19,682

20,777

24,871

27,942

32,303

36,346

41,859

50,339

54,279

53,930

65,283

77,524

99,239

Total Liab.&Stockhold. Equity

- -

15,822

17,997

17,473

16,971

18,490

24,489

25,470

32,756

42,308

47,233

50,422

58,073

67,098

68,301

75,664

98,188

134,284

166,764

Minority Interest

- -

Total Liabilities & Equity

- -

15,822

17,997

17,473

16,971

18,490

24,489

25,470

32,756

42,308

47,233

50,422

58,073

67,098

68,301

75,664

98,188

134,284

166,764

SEC Link

Link

Cash Flow Statement

Net Income

- -

2,853

3,899

3,363

3,056

2,793

5,563

4,429

5,707

7,237

9,546

10,669

11,886

13,351

12,996

13,029

20,805

23,916

38,548

Depreciation and Amortization

- -

2,310

2,263

2,461

2,493

2,530

3,010

3,553

4,517

5,234

6,328

6,773

6,894

8,767

9,563

9,588

11,803

15,236

14,731

Deferred Income Tax

- -

(102)

4

29

70

(55)

(13)

(16)

20

- -

Stock Based Compensation

- -

0

- -

0

10

Change in Working Capital

- -

(262)

174

(130)

1,082

(333)

(477)

130

(449)

(213)

(1,569)

707

(464)

336

(2,016)

362

(1,008)

4,778

4,127

Accounts Receivable

- -

(528)

(261)

37

(377)

(474)

(1,362)

811

(1,520)

36

(434)

(606)

(288)

- -

Inventory

- -

(61)

(114)

(69)

275

(189)

(257)

86

(447)

4

(912)

(20)

566

(850)

(960)

677

(1,935)

(2,011)

(945)

Accounts Payable

- -

154

32

(65)

48

12

210

(82)

225

87

148

196

14

299

256

Other Working Capital

- -

(1)

31

5

(7)

152

9

74

83

270

70

100

30

37

10

295

103

719

Other Non-Cash Items

- -

(11)

(46)

(63)

73

72

(217)

75

145

(617)

(984)

(2,019)

(1,690)

(2,729)

(1,781)

(2,421)

(2,330)

(3,814)

(3,155)

Cash Provided by Operating Activities

- -

4,787

6,292

5,660

6,774

5,007

7,866

8,170

9,941

11,641

13,320

16,130

16,627

19,725

18,763

20,558

29,270

40,116

54,261

CAPEX

- -

(2,436)

(2,417)

(2,587)

(1,811)

(2,748)

(6,408)

(7,061)

(8,465)

(9,729)

(9,240)

(7,969)

(10,259)

(11,319)

(10,548)

(15,699)

(18,554)

(30,639)

(36,710)

Acquisitions Net

- -

(214)

- -

(33)

- -

17

- -

(0)

- -

Purchases of Investments

- -

(447)

(4,327)

(2,876)

(3,129)

(1,608)

(1,860)

(1,177)

(1,086)

(67)

(206)

(1,359)

(3,617)

(3,498)

(3,237)

(8,622)

(9,509)

(9,367)

(8,012)

Sales/Maturities of Investments

- -

533

3,136

3,457

4,720

1,381

1,851

2,109

139

256

235

2,430

1,255

2,950

2,927

8,247

9,510

9,536

3,672

Other Investing Activities

- -

(11)

(67)

(171)

(26)

(44)

(296)

105

17

63

164

138

311

388

353

429

217

(23)

693

Cash Used for Investing Activities

- -

(2,361)

(3,675)

(2,177)

(246)

(3,019)

(6,928)

(6,023)

(9,395)

(9,418)

(8,924)

(6,613)

(12,180)

(11,329)

(10,273)

(15,333)

(17,996)

(30,168)

(40,122)

Debt Repayment

- -

(286)

(33)

(38)

(166)

(661)

(1)

(723)

(1,285)

(1,897)

(1,264)

(2,615)

(165)

(4,008)

Common Stock Issued

- -

36

18

13

7

- -

Common Stock Repurchased

- -

(1,399)

(1,024)

- -

(2)

- -

(29)

Dividends Paid

- -

(1,415)

(1,895)

(2,384)

(2,348)

(2,406)

(2,664)

(2,565)

(2,674)

(2,606)

(2,458)

(3,552)

(4,792)

(6,117)

(6,781)

(8,666)

(9,226)

(9,587)

(9,610)

Other Financing Activities

- -

(388)

(80)

(402)

(164)

17

1,030

366

2,365

4,343

1,437

(1)

655

133

665

919

8,688

14,680

6,900

Cash Used/Provided by Financing Activities

- -

(1,768)

(1,958)

(4,171)

(3,529)

(2,675)

(1,667)

(2,239)

(475)

1,076

(1,022)

(3,553)

(4,860)

(7,269)

(8,013)

(9,011)

(3,153)

4,927

(6,746)

Effect of Forex Changes on Cash

- -

18

(4)

(16)

48

(43)

(73)

(53)

(73)

28

286

251

(247)

(718)

322

(305)

(836)

(274)

1,967

Net Change In Cash

- -

676

655

(704)

3,047

(730)

(802)

(146)

(2)

3,327

3,658

6,217

(660)

409

798

(4,091)

7,286

14,602

9,360

Cash at the End of Period

- -

2,942

3,617

2,926

5,952

5,361

5,070

4,735

4,932

8,133

11,327

17,128

16,671

18,649

18,889

15,219

23,489

38,414

45,239

Cash at the Beginning of Period

- -

2,266

2,962

3,630

2,905

6,091

5,871

4,880

4,934

4,806

7,669

10,911

17,331

18,240

18,090

19,311

16,203

23,812

35,880

Free Cash Flow

- -

2,352

3,876

3,073

4,963

2,259

1,458

1,110

1,476

1,911

4,080

8,160

6,368

8,406

8,214

4,859

10,716

9,476

17,552

SEC Link

Link

Forex Rate

- -

0.03

0.04

0.03

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