July 25th, 2002 July 25th, 2002 Agenda - - PowerPoint PPT Presentation

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July 25th, 2002 July 25th, 2002 Agenda - - PowerPoint PPT Presentation

Sep 01, 2022 147 likes •334 views

nd Quarter Results 2002 2 nd Quarter Results 2002 2 July 25th, 2002 July 25th, 2002 Agenda Welcome 2Q02 Financial Results Harvey Chang (unconsolidated) Remarks Morris Chang

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SLIDE 1

2002 2 2002 2nd

nd Quarter Results

Quarter Results

第二季法人說明會 第二季法人說明會

July 25th, 2002 July 25th, 2002

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SLIDE 2

Agenda

Welcome 2Q’02 Financial Results Harvey Chang (unconsolidated) Remarks Morris Chang Q&A Morris Chang et. al.

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SLIDE 3

Safe Harbor Notice

TSMC’s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in any forward- looking statement. Information as to those factors that could cause actual results to differ materially from those indicated by TSMC’s forward-looking statements can be found in TSMC’s Annual Report on Form 20F filed with the U.S. Securities and Exchange Commission on May 9, 2002.

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SLIDE 4

2Q'02

1Q'02 2Q'01

Amount:NT$Billion

Amount

Amount Amount

Net Sales

44.18

35.79 26.30

Net Income

9.31

6.59 0.31

EPS (NT$)

0.49

0.35 0.01

Cash and Equivalent 66.39

60.80 38.53

Debt 44.00

44.00 29.00

Shareholders' Equity 289.16

281.71 270.99

Wafers Shipped (Kpcs) 719

599 450

Utilization (%) 85%

67% 44%

2Q’02 Result Highlights

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SLIDE 5

2Q’02 Income Statement - YoY Comparison

NT$Billion

Net Sales

39.1 100% 24.5 100%

COGS

(22.8)

  • 58%

(19.5)

  • 80%

Gross Margin

16.3 42% 5.0 20%

2Q'02 2Q'01 YOY

Amount:NT$Billion

Amount % Amount % % Net Sales

44.18

100%

26.30

100%

68%

COGS

(27.76)

  • 63%

(21.30)

  • 81%

30%

Gross Profit 16.42

37%

5.00

19%

229%

Operating Expense

(4.45)

  • 10%

(4.71)

  • 18%
  • 6%

Operating Income

11.98

27%

0.28

1%

4,111%

Net Non-operating Income (Exp.)

(0.20)

0%

0.08

0%

  • Investment Income (Loss)

(0.79)

  • 2%

(1.23)

  • 5%
  • 36%

Income before Tax

10.99

25%

(0.87)

  • 3%
  • Income Tax Credit (Exp.)

(1.68)

  • 4%

1.18

4%

  • Net Income

9.31

21%

0.31

1%

2,887%

EPS (NT$)

0.49 0.01

2Q'01 2Q'02

TSMC w/o Affiliates

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SLIDE 6

2Q’02 Balance Sheet & Cash Flow - YoY Comparison

2Q'02 2Q'01 YOY

Amount:NT$Billion

Amount % Amount % %

Cash

66.4

18%

38.5

11%

72%

LT Debt

35.0

9%

29.0

9%

21%

Equity

289.2

77%

271.0

80%

7%

Total Assets

375.0

100%

338.1

100%

11%

Depreciation & Amort.

14.0 11.9 18%

Capital Expenditure

10.4 18.3

  • 43%

11.2% 6.6% 9.5% 5.6%

ROE ROA

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SLIDE 7

2Q’02 Income Statement - QoQ Comparison

NT$Billion

Net Sales

39.1 100% 31.9 100%

COGS

(22.8)

  • 58%

(20.2)

  • 63%

Gross Margin

16.3 42% 11.7 37%

2Q'02 1Q'02 QOQ

Amount:NT$Billion

Amount % Amount % % Net Sales

44.18

100%

35.79

100%

23%

COGS

(27.76)

  • 63%

(23.76)

  • 66%

17%

Gross Profit 16.42

37%

12.03

34%

37%

Operating Expense

(4.45)

  • 10%

(3.85)

  • 11%

16%

Operating Income

11.98

27%

8.18

23%

46%

Net Non-operating Income (Exp.)

(0.20)

0%

(0.22)

  • 1%
  • 7%

Investment Income (Loss)

(0.79)

  • 2%

(0.95)

  • 3%
  • 17%

Income before Tax

10.99

25%

7.02

20%

57%

Income Tax Credit (Exp.)

(1.68)

  • 4%

(0.43)

  • 1%

290%

Net Income

9.31

21%

6.59

18%

41%

EPS (NT$)

0.49 0.35

1Q'02 2Q'02

TSMC w/o Affiliates

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SLIDE 8

2Q’02 Balance Sheet & Cash Flow - QoQ Comparison

2Q'02 1Q'02 QOQ

Amount:NT$Billion

Amount % Amount % %

Cash

66.4

18%

58.3

16%

14%

LT Debt

35.0

9%

35.0

10%

0%

Equity

289.2

77%

281.7

79%

3%

Total Assets

375.0

100%

357.2

100%

5%

Depreciation & Amort.

14.0 12.8 9%

Capital Expenditure

10.4 6.6 57% 11.2% 9.4% 9.5% 8.1%

ROE ROA

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SLIDE 9

18 30 34 17 1 15 20 39 22 4 14 16 31 24 15 11 15 29 24 21 9 13 25 22 30 1 11 14 23 22 29 1

0% 25% 50% 75% 100% 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

0.13u- 0.15u 0.18u 0.25u 0.35u 0.50u+

Sales Breakdown by Technology

Sales (NT$Bn) 39.5 26.3 26.9 33.1 35.8 44.2

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SLIDE 10

32 31 16 18 3 41 24 17 12 6 49 16 25 6 4 56 20 19 3 2 56 18 21 2 3 45 26 23 3 3

0% 25% 50% 75% 100% 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 Computer Comm. Consumer Memory Others

Sales Breakdown by Application

Sales (NT$Bn)

39.5 26.3 26.9 33.1 35.8 44.2

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SLIDE 11

59 18 10 13 63 18 7 12 69 16 3 12 80 13 3 5 78 14 3 5 79 12 3 6

0% 25% 50% 75% 100%

1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

US Asia Europe Japan

Sales Breakdown by Geography

Sales (NT$Bn)

Note: This chart does not reflect the actual shipment destination of sales.

39.5 26.3 26.9 33.1 35.8 44.2

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SLIDE 12

64 36 63 37 67 32 1 71 28 1 78 21 1 73 26 1

0% 25% 50% 75% 100% 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02

Fabless IDM System

Sales Breakdown by Customer

Sales (NT$Bn)

39.5 26.3 26.9 33.1 35.8 44.2

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SLIDE 13

Fab Utilization and ASP Trend

ASP/8” Equiv.* (US$)

* Average for all Wafers; ASP varies by technology and wafer size ** The utilization rates in 1999 and 2000 have been restated to include affiliates (WT, TASMC, WSMC, and VIS)

TSMC Group Out Utilization (%)**

108 103 90 85 97 99 103 108 102 75 58 67 87 102 92 104108 101 107105 70 44 41 50 67 85

20 40 60 80 100 120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

1,000 2,000 Utilization (Bars) ASP (Line) 1996 1998 1997 1999 2000 2001 2002

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SLIDE 14

FAB Wafer Size Jun. Sept. Dec.

  • Dec. (Old)

Fab-2 6" 78 75 78 80 Fab-3 8" 68 67 71 67 Fab-5 8" 33 34 35 35 Fab-6 8" 37 44 53 55 Fab-7 8" 24 22 23 23 Fab-8 8" 41 55 63 60 Fab-12 12" 5 5 10 13 Wafer Tech 8" 27 29 30 36 VIS 8" 28 33 41 23 SSMC 8" 4 8 10 8 Total Installed Capacity 315 345 391 381 (Monthly 8" Equivalent Kpcs)

2002 Installed Capacity by FAB

Note:

  • 1. Fabs 3 and 4 were consolidated into a single fab during 1Q02.
  • 2. 6”-wafer is converted into 8”-equivalent wafer by dividing by 1.78;

12”-wafer by multiplying by 2.25. 1 2

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SLIDE 15

0% 50% 100%

1996 1997 1998 1999 2000 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02(F) 4Q02(F)

0.13 um 0.15 um 0.18 um 0.25 um 0.35 um 0.50 um+

Capacity Plan by Technology

0.18um and more advanced technology capacity amount to 42% of total by 2002 year-end, up from 26% a year ago.

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SLIDE 16

Recap of Major Events in 2Q02

  • Motorola Expands TSMC Manufacturing Ties – Agreement Signals Next

Milestone in Chipmaker’s Asset-Light Strategy (06/26)

  • TSMC Appoints Mr. Hisao Baba as President of TSMC Japan (06/25)
  • New TSMC CMOS Transistor Sets Performance Record – New CMOS

Transistor Provides 10x Size Reduction with Higher Current and Lower Leakage (06/12)

  • TSMC Stock Dividend Details for Common Shares & ADSs (06/05)
  • TSMC Shareholders Elect Messrs. Lester Thurow / Peter Bonfield to

Serve as Independent Directors. Mr. Michael Porter Elected to Serve as Board Supervisor. (05/07)

  • TSMC Board of Directors Approves Capital Appropriation for Projects

(05/07)

  • TSMC Shareholders Approve NT$1.00 Stock Dividend (05/07)
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SLIDE 17

3Q02 Guidance

The shift in customer demand to communications and consumer applications during 2Q02 is expected to continue into 3Q02. The amount of wafers shipped will be off modestly (by a low single-digit percentage rate) on a sequential basis. ASP will be 5% lower sequential due to product mix shift. Gross margin will be adversely impacted by the depreciating US$. Assuming US$ depreciates by 5% in 3Q02, our gross margin may be reduced by about 2.2% due to this factor alone. Overall capacity utilization rate will be in the low 70% range due to softening demand on the back of an 11.5% higher capacity level than in 2Q02. CAPEX in 2002 will be less than US$2 billion. July Revenue will be seasonally lower.

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SLIDE 18