TSMC Reports First Quarter EPS of NT$0.06

Liquidity Analysis:

At the end of 1Q09, total current assets increased by NT$ 15.94 billion to NT$268.56 billion, mainly contributed by the free cash flow of NT$21.17 billion (please refer to page 5) generated during this quarter.

Total current liabilities decreased by NT$11.44 billion in 1Q09, primarily resulting from the repayment of corporate bond and a decline in payables to contractors and equipment suppliers.

Net working capital was NT$223.19 billion and current ratio increased to 5.9x.



    III - 2. Receivable/Inventory Days

    (In Number of Days)
                                              1Q09        4Q08        1Q08
    Days of Receivable                          38          46          43
    Days of Inventory                           44          40          46

Receivable and Inventory Days:

Sequentially, days of receivable decreased by eight days to 38 days in 1Q09, mainly due to a lower level of business activities.

Days of inventory increased by four days to 44 days, reflecting an improving business outlook for 2Q09.



    III - 3. Debt Service

    (In NT billions)                          1Q09        4Q08        1Q08

    Cash & Marketable Securities            229.79      211.45      210.31
    Interest-Bearing Debt                    16.00       23.44       22.88
    Net Cash Reserves                       213.79      188.01      187.43

Debt Service:

Net cash reserves -- defined as the excess of cash and short-term marketable securities over interest-bearing debt -- increased by NT$25.78 billion to NT$213.79 billion at the end of 1Q09, primarily due to free cash flow of NT$21.17 billion generated during this quarter.



    IV. Cash Flow

    IV - 1. Cash Flow Analysis
    (In NT billions)                          1Q09        4Q08        1Q08

    Net Income                                1.56       12.45       28.14
    Depreciation & Amortization              20.48       20.96       19.83
    Other Operating Sources/(Uses)            4.75       29.83        9.33
    Total Operating Sources/(Uses)           26.79       63.24       57.30

    Capital Expenditure                      (5.62)     (11.26)     (15.31)
    Marketable Financial Instruments         13.80       30.31       12.91
    Other Investing Sources/(Uses)           (0.04)      (1.04)      (0.73)
    Net Investing Sources/(Uses)              8.14       18.01       (3.13)

    Repayment of Bonds Payable               (8.00)       0.00        0.00

    Purchase of Treasury Stock                0.00        0.00       (3.05)
    Other Financing Sources/(Uses)            0.12       (0.30)      (0.24)
    Net Financing Sources/(Uses)             (7.88)      (0.30)      (3.29)

    Net Cash Position Changes                27.05       80.95       50.88

    Exchange Rate Changes & Others            1.60        1.21       (1.59)

    Ending Cash Balance                     223.26      194.61      144.28

Summary of Cash Flow:

Cash generated from operating activities totaled NT$26.79 billion during 1Q09, down from NT$63.24 billion in 4Q08, mainly due to lower level of business activities.

Net cash generated from investing activities was NT$8.14 billion in 1Q09, reflecting capital expenditure of NT$5.62 billion and a net decrease of NT$13.80 billion in marketable financial instruments.

    As a result, TSMC ended 1Q09 with a cash balance of NT$223.26 billion.



    IV - 2. Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$26.79 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$21.17 billion in 1Q09, compared to NT$51.98 billion in 4Q08.

Please refer to the link for the index charts: http://www.tsmc.com/uploadfile/ir/quarterly/index_charts.pdf



    V. CapEx & Capacity

    V - 1. Capital Expenditures

   (In US millions)                          1Q09       4Q08

    TSMC                                      161        326
    XinTec and GUC                                2                    2
        TSMC  Shanghai  &  WaferTech                                      3                  12
        Other  TSMC  Subsidiaries                                          0                    2
        Total  TSMC                                                                166                342

 


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