tsmc 1q00 institutional investor conference...1 q00 earnings release / apr. 25, 2000. your virtual...

1 1Q00 Earnings Release / Apr. 25, 2000. YOUR VIRTUAL FAB IN SEMICONDUCTOR MANUFACTURING

TSMC 1Q00TSMC 1Q00Institutional InvestorInstitutional Investor

ConferenceConference

http://www.tsmc.com.tw


AgendaAgenda

■ 4Q99 Financial Results & Harvey Chang

■ Business Updates Harvey Chang

■ Coffee Break

■ Q & A Y. C. Huang et. al.


Safe Harbor NoticeSafe Harbor Notice

TSMC’s statement of its current expectations is a forward-looking statement subject to significant risks and uncertaintiesand actual results may differ materially from those containedin the forward-looking statement.

Information as to those factors that could cause actual resultsto vary can be found in TSMC’s Annual Report on Form 20-Ffiled with the United States Securities and ExchangeCommission on April 30, 1999.


Income Statement 1Q’00Income Statement 1Q’001Q'99 2Q'99 3Q'99 4Q'99 1Q'00

Amount: NT$Billion Actual Actual Actual Actual Actual

Net Sales 12.50 100.0% 17.23 100.0% 19.71 100.0% 23.69 100.0% 28.28 100.0%

Cost of Goods Sold (6.30) -50.4% (9.70) -56.3% (10.94) -55.5% (13.98) -59.0% (15.57) -55.1%

Gross Margin 6.20 49.6% 7.54 43.7% 8.77 44.5% 9.71 41.0% 12.70 44.9%

Operating Expenses (1.33) -10.6% (1.34) -7.8% (1.60) -8.1% (2.03) -8.6% (2.41) -8.5%

Operating Income 4.87 39.0% 6.19 35.9% 7.17 36.4% 7.68 32.4% 10.30 36.4%

Net Non-operating Income (Exp.) (0.54) -4.3% 0.14 0.8% (0.75) -3.8% 0.38 1.6% 0.02 0.1%

Investment Income (Loss) (0.23) -1.8% (0.42) -2.4% (0.66) -3.3% 0.26 1.1% (0.06) -0.2%

Income before Tax 4.11 32.9% 5.91 34.3% 5.76 29.2% 8.33 35.1% 10.26 36.3%

Income Tax Credit (Expenses) (0.02) -0.2% 0.11 0.6% 0.38 1.9% (0.01) -0.1% (0.17) -0.6%

Net Income 4.09 32.7% 6.02 34.9% 6.14 31.1% 8.31 35.1% 10.09 35.7%


YoY ComparisonIncome Statement

YoY ComparisonIncome Statement

Amount: NT$Billion

Net SalesCost of Goods Sold Gross MarginOperating Expenses Operating Income

Net Non-operating Income (Expenses)Investment Income (Loss) Income before Tax

Income Tax Credit (Expenses) Net Income

1Q 2000

TSMC w/o Affiliates.

22.96 100.0%

(11.53) -45.9%

12.43 54.1%

1Q 2000 1Q 1999

Actual Actual

28.28 100.0% 12.50 100.0%

(15.57) -55.1% (6.69) -53.5%

12.70 44.9% 5.81 46.5%

(2.41) -8.5% (1.33) -10.6%

10.30 36.4% 4.49 35.9%

0.02 0.1% (0.15) -1.2%

(0.06) -0.2% (0.23) -1.8%

10.26 36.3% 4.11 32.9%

(0.17) -0.6% (0.02) -0.2%

10.09 35.7% 4.09 32.7%

YOY

Chg %

126.2%

132.8%

118.6%81.6%

129.6%

-75.4%

149.4%

641.4%

146.7%

* Revenues for wafers outsourced to affiliates were NT$5.32bn in 1Q’00


YoY ComparisonBalance Sheet & Cash Flow

YoY ComparisonBalance Sheet & Cash Flow

1Q00 1Q99 YOYAmount in NT$Billion

Actual Actual Chg %

Cash 24.7 14% 17.5 13% 41.6%

LT Debt 20.0 11% 27.1 21% -26.2%

Equity 130.5 74% 88.4 67% 47.6%

Total Assets 175.5 100% 131.1 100% 33.9%

Depreciation 5.5 4.0 37.6%

Capital Expenditure 8.0 4.7 72.2%


QoQ ComparisonIncome Statement

QoQ ComparisonIncome Statement

* Revenues for wafers outsourced to affiliates were NT$5.32bn in 1Q’00 and NT$3.32b in 4Q’99

Amount: NT$Billion

Net Sales*

Cost of Goods Sold

Gross Margin

Operating Expenses

Operating Income

Net Non-operating Income (Expenses)

Investment Income (Loss)

Income before Tax

Income Tax Credit (Expenses)

Net Income

NT$Billion

Net Sales

COGS

GM

1Q 2000 4Q 1999

TSMC w/o Affiliates

22.96 100.0% 20.38 100.0%

(10.53) (10.78) -52.9%

12.43 9.60 47.1%

-45.9%

54.1% 1Q 2000 4Q 1999 QoQ

Actual Actual Chg %

28.28 100.0% 23.69 100.0% 19.4%

(15.57) -55.1% (13.98) -59.0% 11.4%12.70 44.9% 9.71 41.0% 30.8%

(2.41) -8.5% (2.03) -8.6% 18.5%

10.30 36.4% 7.68 32.4% 34.1%

0.02 0.1% 0.38 1.6% -96.0%

(0.06) -0.2% 0.26 1.1% -

10.26 36.3% 8.33 35.1% 23.2%

(0.17) -0.6% (0.01) -0.1% 1012.1%

10.09 35.7% 8.31 35.1% 21.4%


QoQ ComparisonBalance Sheet & Cash Flow

QoQ ComparisonBalance Sheet & Cash Flow

1Q00 4Q99 QoQ

Amount in NT$Billion Actual Actual Chg %

Cash 24.7 14% 16.9 10% 46.5%

LT Debt 20.0 11% 20.0 12% 0.0%

Equity 130.5 74% 120.8 75% 8.0%

Total Assets 175.5 100% 161.4 100% 8.7%

Depreciation 5.5 5.1 8.2%

Capital Expenditure 8.0 12.1 -33.8%


0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

NT$m

4Q3Q

2Q

1Q

1Q00: NT$28.3BnYoY = 126%QoQ = 19%

Long Term Revenue TrendLong Term Revenue Trend

1992-1999

1992-1999 CAGR = 41%

CAGR = 41%


-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

NT$m

4Q3Q

2Q1Q

1Q00: NT$10.1BnYoY = 147%QoQ = 21%

Long Term Profit TrendLong Term Profit Trend

1992-1992-1999

1999 CAGR = 55%

CAGR = 55%


Sales Volume by ApplicationSales Volume by Application

Based on Quantity Sold at 8” equivalent

44QQ’’99 551K99 551K33QQ’’99 465K99 465K

38%

3%

15%

36%

8%

11QQ’’00 642K00 642K

33%

4%

16%

40%

7%

33%

3% 11%

41%

12%

Memory ComputerCommunication ConsumerOthers


( K

pcs

, 8"

Equ

ival

ent)

Waf

ers

Sales Volume by TechnologySales Volume by Technology

0

600

1,200

1,800

1995 1996 1997 1998 1999 1Q00

0.18 u0.25 u0.35 u0.5 u+1.0 u+

1995 1996 1997 1998 1999 4Q'99 1Q'00

0.18um 2%0.25um 1% 21% 23% 32%0.35um 1% 18% 34% 33% 39% 34%0.5um+ 69% 77% 65% 49% 37% 31% 26%1.0um+ 31% 22% 17% 16% 9% 7% 6%

31% 22% 17% 16%TSMC 668 816 1,145 1,177 1,618 468 513

Affiliates - - - - 139.6 82.1 129.5


76% 77% 76% 66% 63% 69% 61%

23% 22% 23%31% 32% 28%

35%

1% 1% 1% 3% 5% 3% 4%

0%

20%

40%

60%

80%

1998 1Q99 2Q99 3Q99 4Q99 1999 1Q00

System Co I D M Fabless

Sales Breakdown by CustomerSales Breakdown by Customer

Net Sales(NT$ billion)

% of Sales

50.2 12.5 17.2 19,7 23.7 73.1 28.3


59% 64% 63% 65% 67% 65% 67%

22% 20% 21% 18% 20% 20% 22%

14% 13% 10% 9% 8% 9% 7%5% 3% 6% 8% 5% 6% 4%0%

20%

40%

60%

80%

100%

1998 1Q99 2Q99 3Q99 4Q99 1999 1Q00

Japan Europe Asia-Pacific N. America

Sales Breakdown by GeographySales Breakdown by Geography

Net Sales(NT$ billion)

% ofSales

50.2 12.5 17.2 19,7 23.7 73.1 28.3


Fab Utilization and ASP TrendFab Utilization and ASP TrendASP / 8” Equiv.*

(US$)

* Average for all Wafers; ASP varies by technology and wafer size

Out Utilization(%)

87

100+

113

6758

75

102108

1039997

8590

103108 103

96

107

0

20

40

60

80

100

120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q20

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Utilization (Bars)ASP (Line)

1996 1996 1997 1997 1998 1998 1999 1999 2000 2000


2000 Planned CapEx -2000 Planned CapEx -

■ TSMC (post mergers) US$ 3,785 m

■ TSMC (pre mergers) US$ 2,283 m

■ WSMC US$ 1,029 m

■ TSMC - Acer US$ 473 m

■ TSMC Affiliates US$ 1,074 m

■ WaferTech US$ 363 m

■ VIS* US$ 230 m

■ SSMC US$ 481 m

* Logic Foundry spending is US$76m


Team-upcore team

12 1 2 3 4 5 6 87 9 10 11 12 1 2 3 4 5 6 7 8 9

20012000

Fab-6B

10 11 12 1

2002

Pilotstart

2

Tool Move-in

Riskstart

Fab-14 (7)Foundation

start

G/B & pilingstart

C/Rinstallation

Fab-12

Riskstart

Tool move-in

C/RInstallation

G/B

Tool move-in

Foundationstart

Plan of 12Plan of 12”” Project ProjectFab6B, Fab12, & Fab14Fab6B, Fab12, & Fab14


Installed Capacity by FabsTSMC & Affiliates

Installed Capacity by FabsTSMC & Affiliates

Including WSMC 1H2000 capacity of 146k

Annual (Monthly)

FAB-1FAB-2AFAB-2BFAB-3FAB-4FAB-5

Total Installed Capacity

Annual Growth Rate

FAB-7 (TASMC )

SSMC

FAB-8 (WSMC)

FAB-6

1998

252.3 (21.2)452.0 (38.0)488.0 (41.0)478.4 (41.0)353.0 (31.0)116.0 (13.0)

1,643

39%

0.0

1999

232.5 (19.6)476.0 (40.0)466.5 (39.0)454.8 (39.0)348.4 (31.0)221.8 (28.0)

1,895

16%

26.0 (10.0)0.0

2000P

205.4 (17.6)448.5 (38.0)487.5 (40.5)511.9 (44.3)425.9 (37.4)415.0

3,409

80%

379.6

0.4

(41.0)

WaferTechVIS

26.0 (8.0) 154.4 (20.3)30.0 (9.0)

281.7184.0

(28.0)(22.0)

(46.2)158.4 (32.0)

(0.4)

(49.0)

FAB (8” equiv, k)

6“Fab

8“Fab

410.7


Capacity Plan by TechnologyTSMC & Affiliates

Capacity Plan by TechnologyTSMC & Affiliates

0

1,000

2,000

3,000

4,000

5,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

<=0.13um<=0.15um<=0.18um<=0.25um0.35um0.5um0.6um0.8um>=1.0um>=2.0umBiCMOS

Installed PlanActual Output

4760

3409

1838

( K

pcs

, 8"

Waf

ers

Equ

ival

ent)

Including WSMC 1H2000 capacity of 146k


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