TSMC Reports 95% Increase in Record Year Profit Quarterly Net Income Reached NT$22 Billion

  II - 2. Capacity
                                           4Q04       2004        1Q05
      Fab / (Wafer size)                  (Act.)     (Act.)      (Est.)
      Fab-2           (6")1                248        930         238
      Fab-3           (8")                 247        922         234
      Fab-5           (8")                 124        470         119
      Fab-6           (8")                 217        813         203
      Fab-7           (8")                  40        165          36
      Fab-8           (8")                 224        823         215
      Fab-12         (12")2                 80        244          85
      Fab-14         (12")2                  6          6          18
      TSMC - owned capacity
       8"-equivalent Kpcs                1,184      4,279       1,172
      Wafer Tech        (8")                97        373          95
      SSMC              (8")                39        136          41
      TSMC (Shanghai)   (8")                 1          1           9
      Total TSMC - managed
       8"-equivalent Kpcs                1,320      4,788       1,317

         Note: 1. Figues represent number of 6 wafers.  Conversion to
                  8-equivalent wafers is by dividing this number by 1.78.

               2. Figues represent number of 12 wafers.  Conversion to
                  8-equivalent wafers is by multiplying this number by
                  2.25.


  Capacity:

Total TSMC managed capacity in 4Q04 was 1,320 kpcs/quarter in terms of 8- inch equivalent wafers, representing 4.8% sequential capacity growth, where 12-inch wafer capacity increased 24.6% sequentially.

Overall installed capacity for year 2004 was about 4.8 million 8-inch equivalent wafers.

While the majority of TSMC fabs will conduct annual maintenance in 1Q05, TSMC managed capacity is expected to remain about the same at 1,317 kpcs 8- inch equivalent wafers.

Overall installed capacity for year 2005 is expected to reach 5.95 million 8-inch equivalent wafers, representing 24% year-on-year growth. Capacity for 90 nanometers, which are produced only from 12-inch wafers, will increase 18 times, and the overall 12-inch wafer capacity will more than double.

  III. Profit & Expense Analysis

  III - 1. Gross Profit Analysis
    (Amount: NT$ billion)                  4Q04        3Q04        4Q03

    COGS                                   36.7        37.6        35.1
    Depreciation                           14.9        13.7        13.9
    Other MFG Cost                         21.8        23.9        21.2

    Gross Profit                           27.2        32.1        22.7

    Gross Margin
      -- TSMC                              42.5%       46.1%       39.3%
      -- TSMC w/o affiliates               47.8%       51.9%       44.2%

  Gross Profit Analysis:

Gross profit decreased to NT$27.2 billion, representing a 15.5% decline from the previous quarter. Gross margin reduced to 42.5% from 46.1% in 3Q04 mainly due to lower levels of wafer output, an unfavorable exchange rate, and the ramp-up of Fab 14.

During the quarter, the gross margin from TSMC's own fab manufacturing activities declined to 47.8% from 51.9% in 3Q04.

  III - 2. Operating Expense Analysis
    (Amount: NT$ billion)                  4Q04        3Q04        4Q03
        Total Operating Exp.               6.12              6.02                6.08
        SG&A                                                                      2.56                2.90                2.03
        Research  &  Development                                  3.57                3.12                4.06

    Operating  Expenses:
 


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