TSMC Reports Second Quarter EPS of NT$1.12

Non-Operating Items:

Combined result from non-operating income and long-term investments income was a gain of NT$2.0 billion for the second quarter 2008.

Non-operating income was NT$1.7 billion, slightly down from NT$1.8 billion in the previous quarter.

Net investment income decreased by NT$298 million in the quarter to NT$279 million.



    II -- 3. Non-Operating Items

    (In NT billions)                  2Q08      1Q08      2Q07

    Non-Operating Inc./(Exp.)          1.7       1.8       2.8
     Net Interest Income/(Exp.)        1.2       1.2       1.3
     Other Non-Operating               0.5       0.6       1.5
    L-T Investments                    0.3       0.6       0.5
     SSMC                              0.3       0.4       0.2
     Others                           (0.0)      0.2       0.3
    Total Non-Operating Items          2.0       2.4       3.3


The Impact of Employee Profit Sharing:

Total impact from employee profit sharing expensing (PSE) on gross margin in 2Q08 was 2.6 percentage points, slightly up from the level in previous quarter.

    Similarly, total PSE impact on operating margin was 4.9 percentage points
in 2Q08.


    II -- 4. PSE Impact

                                         2Q08        1Q08       2Q07

    Gross Margin w/ PSE                  45.6%       43.7%      38.5%
    Gross Margin w/o PSE                 48.2%       46.2%      43.0%
    PSE Impact                           -2.6%       -2.5%      -4.5%

    Operating Margin w/ PSE              34.5%       33.3%      24.3%
    Operating Margin w/o PSE             39.4%       38.1%      33.0%
    PSE Impact                           -4.9%       -4.8%      -8.7%

    *  PSE: Profit Sharing Expenses
    ** 2007 PSE impact is estimated using the 6/12/2008 closing share price
       adjusted for dividends



    III. Financial Condition Review

Liquidity Analysis:

At the end of 2Q08, total current assets increased by NT$ 18.3 billion to reach NT$299.8 billion, mainly due to the increase of NT$13.7 billion in cash and marketable securities.

Total current liabilities increased by NT$84.9 billion in 2Q08, primarily due to higher accruals of NT$ 77.0 billion and NT$8.6 billion payables for cash dividends and bonuses of employees, directors, and supervisors, respectively.

Net working capital was NT$152.8 billion at the end of the quarter, current ratio declined to 2.0.



     III -- 1. Liquidity Analysis (Selected Balance Sheet Items)

    (In NT billions)                       2Q08      1Q08       2Q07

    Cash & Marketable Securities          224.0     210.3      233.1
    Accounts Receivable -- Trade           41.9      38.0       37.1
    Inventory                              23.4      21.9       24.0
    Total Current Assets                  299.8     281.5      304.6
    Accounts Payable                       21.1      22.6       28.2
    Current Portion of Bonds Payable        8.0       8.0        4.5
    Dividends Payable                      77.0       0.0       77.5
    Accrued Bonus to Employees,
     Directors and Supervisors             13.0       4.4        4.6
    Accrued Liabilities and Others         27.9      27.0       17.6
    Total Current Liabilities             147.0      62.0      132.4
    Current Ratio (x)                       2.0       4.5        2.3
    Net Working Capital                   152.8     219.4      172.2


Receivable and Inventory Days:

Sequentially, days of receivable decreased by one day to 42 days in 2Q08 while days of inventory increased by one day to 47 days.



    III -- 2. Receivable/Inventory Days
     (In Number of Days)
                                     2Q08      1Q08         2Q07

        Days  of  Receivable                                  42                43                44
        Days  of  Inventory                                    47                46                52


 


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