1934 Act Registration No. 1-14700
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2004
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
| Form 20-F x | Form 40-F ¨ |
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
| Yes ¨ | No x |
(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82: .)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Taiwan Semiconductor Manufacturing Company Ltd. | ||||||||
| Date: April 27, 2004 | By | /s/ Lora Ho | ||||||
| Lora Ho Vice President & Chief Financial Officer | ||||||||
TSMC 2004 First Quarter Financial Statements
Hsinchu, Taiwan, April 27, 2004 — Taiwan Semiconductor Manufacturing Company appointed Auditor Deloitte & Touche mistakenly uploaded part of TSMC’s financial statements for the first quarter of 2004 on Market Observation Post System of Taiwan Stock Exchange Corporation. Consequently, TSMC announced its financial statements for the first quarter of 2004. Please visit TSMC website at http://www.tsmc.com/tsmcdotcom/ExtIRListingQuarterlyAction.do?action=listByYearAndQuarter&year=2004&
quarter=1
# # #
TSMC Spokesperson:
Ms. Lora Ho
Vice President and CFO
Tel: 886-3-566-4602
For further information, please contact:
| Mr. J.H. Tzeng PR Department Manager, TSMC Tel: 886-3-666-5028 (O) 886-928-882-607(Mobile) Fax: 886-3-567-0121 E-mail: jhtzeng@tsmc.com |
Mr. Jesse Chou Public Affairs Manager, TSMC Tel:886-3-666-5029 (O) 886-932-113-258(Mobile) Fax:03-5670121 E-Mail: jhchoua@tsmc.com |
Mr. Richard Chung PR Principal Specialist, TSMC Tel:886-3-666-5038 (O) 886-911-258-751(Mobile) Fax:03-5670121 E-Mail: cychung@tsmc.com |
 |
Attachment A TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. UNCONSOLIDATED BALANCE SHEET As of March 31, 2004 and December 31, 2003 (Figures in Million of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (1) |
| Mar. 31, 2004 |
Dec. 31, 2003 |
Q o Q |
|||||||||||||||||||
| ASSETS |
USD |
NTD |
% |
NTD |
% |
Move |
Inc(Dec)% |
||||||||||||||
| Cash |
3,226 | 106,508 | 25.3 | 98,288 | 24.8 | 8,220 | 8.4 | ||||||||||||||
| Short Term Investment |
601 | 19,829 | 4.7 | 12,559 | 3.2 | 7,270 | 57.9 | ||||||||||||||
| Accounts Receivable |
825 | 27,249 | 6.5 | 25,776 | 6.5 | 1,473 | 5.7 | ||||||||||||||
| Inventories |
334 | 11,015 | 2.6 | 10,907 | 2.8 | 107 | 1.0 | ||||||||||||||
| Other Current Assets |
337 | 11,116 | 2.6 | 10,996 | 2.8 | 120 | 1.1 | ||||||||||||||
| Total Current Assets |
5,322 | 175,717 | 41.7 | 158,526 | 40.0 | 17,191 | 10.8 | ||||||||||||||
| Long Term Investment |
1,150 | 37,978 | 9.0 | 37,965 | 9.6 | 13 | 0.0 | ||||||||||||||
| Fixed Assets |
13,859 | 457,611 | 108.7 | 435,801 | 109.9 | 21,810 | 5.0 | ||||||||||||||
| Less Accumulated Depreciation |
(7,925 | ) | (261,678 | ) | (62.2 | ) | (247,514 | ) | (62.4 | ) | (14,164 | ) | 5.7 | ||||||||
| Net Fixed Assets |
5,934 | 195,932 | 46.5 | 188,287 | 47.5 | 7,646 | 4.1 | ||||||||||||||
| Other Assets |
346 | 11,410 | 2.7 | 11,638 | 2.9 | (229 | ) | (2.0 | ) | ||||||||||||
| Total Assets |
12,751 | 421,038 | 100.0 | 396,417 | 100.0 | 24,621 | 6.2 | ||||||||||||||
| LIABILITIES |
|||||||||||||||||||||
| Accounts Payable & Accrued Liabilities |
1,002 | 33,081 | 7.9 | 25,538 | 6.4 | 7,543 | 29.5 | ||||||||||||||
| Current Portion of Bonds Payable |
151 | 5,000 | 1.2 | 5,000 | 1.3 | 0 | 0.0 | ||||||||||||||
| Total Current Liabilities |
1,153 | 38,081 | 9.0 | 30,538 | 7.7 | 7,543 | 24.7 | ||||||||||||||
| Bonds Payable |
909 | 30,000 | 7.1 | 30,000 | 7.6 | 0 | 0.0 | ||||||||||||||
| Other Long Term Liabilities |
193 | 6,370 | 1.5 | 6,665 | 1.7 | (294 | ) | (4.4 | ) | ||||||||||||
| Total Liabilities |
2,255 | 74,451 | 17.7 | 67,203 | 17.0 | 7,249 | 10.8 | ||||||||||||||
| SHAREHOLDERS’ EQUITY |
|||||||||||||||||||||
| Capital Stock |
6,138 | 202,666 | 48.1 | 202,666 | 51.1 | 0 | 0.0 | ||||||||||||||
| Capital Surplus |
1,722 | 56,861 | 13.5 | 56,856 | 14.3 | 5 | 0.0 | ||||||||||||||
| Legal Reserve |
630 | 20,802 | 4.9 | 20,802 | 5.2 | 0 | 0.0 | ||||||||||||||
| Special Reserve |
2 | 69 | 0.0 | 69 | 0.0 | 0 | 0.0 | ||||||||||||||
| Retained Earnings |
2,090 | 69,018 | 16.4 | 50,229 | 12.7 | 18,789 | 37.4 | ||||||||||||||
| Treasury Stock |
(64 | ) | (2,102 | ) | (0.5 | ) | (1,633 | ) | (0.4 | ) | (469 | ) | 28.7 | ||||||||
| Cumulated Translation Adjustment |
(22 | ) | (728 | ) | (0.2 | ) | 225 | 0.1 | (954 | ) | — | ||||||||||
| Total Equity |
10,496 | 346,586 | 82.3 | 329,214 | 83.0 | 17,372 | 5.3 | ||||||||||||||
| Total Liabilities & Shareholders’ Equity |
12,751 | 421,038 | 100.0 | 396,417 | 100.0 | 24,621 | 6.2 | ||||||||||||||
Note : (1) New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NT$33.02 per U.S. dollar at of March 31, 2004.
|
|
Attachment B TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. UNCONSOLIDATED BALANCE SHEET As of March 31, 2004 and 2003 (Figures in Million of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (1) |
| Mar. 31, 2004 |
Mar. 31, 2003 |
YoY |
|||||||||||||||||||
| ASSETS |
USD |
NTD |
% |
NTD |
% |
Move |
Inc(Dec)% |
||||||||||||||
| Cash |
3,226 | 106,508 | 25.3 | 67,449 | 18.6 | 39,059 | 57.9 | ||||||||||||||
| Short Term Investment |
601 | 19,829 | 4.7 | 0 | 0.0 | 19,829 | — | ||||||||||||||
| Accounts Receivable |
825 | 27,249 | 6.5 | 17,608 | 4.8 | 9,641 | 54.8 | ||||||||||||||
| Inventories |
334 | 11,015 | 2.6 | 10,178 | 2.8 | 836 | 8.2 | ||||||||||||||
| Other Current Assets |
337 | 11,116 | 2.6 | 7,750 | 2.1 | 3,366 | 43.4 | ||||||||||||||
| Total Current Assets |
5,322 | 175,717 | 41.7 | 102,985 | 28.4 | 72,732 | 70.6 | ||||||||||||||
| Long Term Investment |
1,150 | 37,978 | 9.0 | 34,147 | 9.4 | 3,832 | 11.2 | ||||||||||||||
| Fixed Assets |
13,859 | 457,611 | 108.7 | 408,439 | 112.4 | 49,172 | 12.0 | ||||||||||||||
| Less Accumulated Depreciation |
(7,925 | ) | (261,678 | ) | (62.2 | ) | (202,845 | ) | (55.8 | ) | (58,833 | ) | 29.0 | ||||||||
| Net Fixed Assets |
5,934 | 195,932 | 46.5 | 205,594 | 56.6 | (9,661 | ) | (4.7 | ) | ||||||||||||
| Other Assets |
346 | 11,410 | 2.7 | 20,537 | 5.7 | (9,127 | ) | (44.4 | ) | ||||||||||||
| Total Assets |
12,751 | 421,038 | 100.0 | 363,263 | 100.0 | 57,775 | 15.9 | ||||||||||||||
| LIABILITIES |
|||||||||||||||||||||
| Accounts Payable & Accrued Liabilities |
1,002 | 33,081 | 7.9 | 20,347 | 5.6 | 12,734 | 62.6 | ||||||||||||||
| Current Portion of Bonds Payable |
151 | 5,000 | 1.2 | 0 | 0.0 | 5,000 | — | ||||||||||||||
| Total Current Liabilities |
1,153 | 38,081 | 9.0 | 20,347 | 5.6 | 17,734 | 87.2 | ||||||||||||||
| Bonds Payable |
909 | 30,000 | 7.1 | 35,000 | 9.6 | (5,000 | ) | (14.3 | ) | ||||||||||||
| Other Long Term Liabilities |
193 | 6,370 | 1.5 | 8,031 | 2.2 | (1,661 | ) | (20.7 | ) | ||||||||||||
| Total Liabilities |
2,255 | 74,451 | 17.7 | 63,378 | 17.4 | 11,073 | 17.5 | ||||||||||||||
| SHAREHOLDERS’ EQUITY |
|||||||||||||||||||||
| Capital Stock |
6,138 | 202,666 | 48.1 | 199,229 | 54.8 | 3,437 | 1.7 | ||||||||||||||
| Capital Surplus |
1,722 | 56,861 | 13.5 | 56,840 | 15.6 | 21 | 0.0 | ||||||||||||||
| Legal Reserve |
630 | 20,802 | 4.9 | 18,641 | 5.1 | 2,161 | 11.6 | ||||||||||||||
| Special Reserve |
2 | 69 | 0.0 | 0 | 0.0 | 69 | — | ||||||||||||||
| Retained Earnings |
2,090 | 69,018 | 16.4 | 26,509 | 7.3 | 42,509 | 160.4 | ||||||||||||||
| Treasury Stock |
(64 | ) | (2,102 | ) | (0.5 | ) | (1,923 | ) | (0.5 | ) | (179 | ) | 9.3 | ||||||||
| Unrealized Loss on Long-term Investments |
0 | 0 | 0.0 | (294 | ) | (0.1 | ) | 294 | — | ||||||||||||
| Cumulated Translation Adjustment |
(22 | ) | (728 | ) | (0.2 | ) | 883 | 0.2 | (1,611 | ) | — | ||||||||||
| Total Equity |
10,496 | 346,586 | 82.3 | 299,884 | 82.6 | 46,702 | 15.6 | ||||||||||||||
| Total Liabilities & Shareholders’ Equity |
12,751 | 421,038 | 100.0 | 363,263 | 100.0 | 57,775 | 15.9 | ||||||||||||||
Note : (1) New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NT$33.02 per U.S. dollar at of March 31, 2004.
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Attachment C TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. UNCONSOLIDATED INCOME STATEMENT For the Three Months Ended March 31, 2004 and 2003 (Expressed in Millions New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (1) Except for Per Share Amounts and Shares Outstanding) |
| Year over Year Comparison |
Sequential Comparison |
||||||||||||||||||||||||||||
| 1Q 2004 | % of Sales |
1Q 2003(2) | YoY | 1Q 2004 | % of Sales |
4Q 2003 | QoQ | ||||||||||||||||||||||
| USD |
NTD |
NTD |
Inc(Dec)% |
USD |
NTD |
NTD |
Inc(Dec)% |
||||||||||||||||||||||
| Net Sales |
1,718 | 57,513 | 100.0 | 39,325 | 46.2 | 1,718 | 57,513 | 100.0 | 57,780 | (0.5 | ) | ||||||||||||||||||
| Cost of Sales |
(1,039 | ) | (34,784 | ) | (60.5 | ) | (28,939 | ) | 20.2 | (1,039 | ) | (34,784 | ) | (60.5 | ) | (35,072 | ) | (0.8 | ) | ||||||||||
| Gross Profit |
679 | 22,729 | 39.5 | 10,386 | 118.8 | 679 | 22,729 | 39.5 | 22,707 | 0.1 | |||||||||||||||||||
| Operating Expenses |
|||||||||||||||||||||||||||||
| General and Administrative Expenses |
(61 | ) | (2,031 | ) | (3.5 | ) | (1,395 | ) | 45.6 | (61 | ) | (2,031 | ) | (3.5 | ) | (1,765 | ) | 15.1 | |||||||||||
| Selling and Marketing Expenses |
(9 | ) | (296 | ) | (0.5 | ) | (284 | ) | 4.4 | (9 | ) | (296 | ) | (0.5 | ) | (261 | ) | 13.6 | |||||||||||
| Research and Development Expenses |
(85 | ) | (2,861 | ) | (5.0 | ) | (2,512 | ) | 13.9 | (85 | ) | (2,861 | ) | (5.0 | ) | (4,055 | ) | (29.5 | ) | ||||||||||
| Total Operating Expenses |
(155 | ) | (5,189 | ) | (9.0 | ) | (4,191 | ) | 23.8 | (155 | ) | (5,189 | ) | (9.0 | ) | (6,082 | ) | (14.7 | ) | ||||||||||
| Income from Operations |
524 | 17,541 | 30.5 | 6,195 | 183.2 | 524 | 17,541 | 30.5 | 16,625 | 5.5 | |||||||||||||||||||
| Net Non-operating Income (Expenses) |
3 | 92 | 0.2 | (499 | ) | — | 3 | 92 | 0.2 | (193 | ) | — | |||||||||||||||||
| Investment Gain (Loss) |
24 | 803 | 1.4 | (1,516 | ) | — | 24 | 803 | 1.4 | 1,135 | (29.3 | ) | |||||||||||||||||
| Income before Income Tax |
551 | 18,435 | 32.1 | 4,180 | 341.0 | 551 | 18,435 | 32.1 | 17,568 | 4.9 | |||||||||||||||||||
| Income Tax Credit (Expenses) |
11 | 354 | 0.6 | 178 | 99.2 | 11 | 354 | 0.6 | (1,566 | ) | — | ||||||||||||||||||
| Net Income |
561 | 18,789 | 32.7 | 4,358 | 331.2 | 561 | 18,789 | 32.7 | 16,002 | 17.4 | |||||||||||||||||||
| Diluted Earnings Per Ordinary Share (2) |
0.03 | 0.93 | 0.21 | 342.2 | 0.03 | 0.93 | 0.79 | 17.4 | |||||||||||||||||||||
| Earnings Per ADR (3) |
0.14 | 4.64 | 1.05 | 0.14 | 4.64 | 3.95 | |||||||||||||||||||||||
| Weighted Average Outstanding Shares (‘M) (4) |
20,236 | 20,221 | 20,236 | 20,232 | |||||||||||||||||||||||||
| Note: (1) | New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD33.47 per U.S. dollar for the first quarter of 2004. |
| (2) | EPS calculation for 1Q03 is after deducting a cash dividend payment on NT$13,000 million of preferred stock paying an annual rate of 3.5% at the period from January 1 to May 29, 2003. The preferred stock was redeemed on May 29, 2003. |
| (3) | I ADR equals 5 ordinary shares. |
| (4) | Total weighted outstanding shares of 20,221,258K shares for 1Q 2003 were retroactively adjusted for stock dividends to shareholders and employees. |
Attachment D
|
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TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. UNCONSOLIDATED STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2004 and 2003 (Figures in Million of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (1) |
| 3 MTHS 2004 |
3 MTHS 2003 |
||||||||
| USD |
NTD |
NTD |
|||||||
| Cash Flows from Operating Activities: |
|||||||||
| Net Income |
561 | 18,789 | 4,358 | ||||||
| Depreciation & Amortization |
451 | 15,089 | 15,361 | ||||||
| Investment (Income) Loss Recognized by Equity Method |
(24 | ) | (803 | ) | 1,516 | ||||
| Loss (Gain) on idle assets |
0 | 0 | 63 | ||||||
| Deferred Tax on Investment Tax Credit |
(11 | ) | (354 | ) | (307 | ) | |||
| Changes in Working Capital & Others |
(1 | ) | (20 | ) | (862 | ) | |||
| Net Cash Provided from Operating Activities |
977 | 32,702 | 20,129 | ||||||
| Cash Flows from Investing Activities: |
|||||||||
| Increase in Short-Term Investments |
(217 | ) | (7,270 | ) | 0 | ||||
| Acquisition of Fixed Assets |
(489 | ) | (16,351 | ) | (9,053 | ) | |||
| Proceeds from Disposal of Properties |
2 | 68 | 42 | ||||||
| Decrease in Deposit out |
5 | 151 | 65 | ||||||
| Increase in Long-Term Investments |
(5 | ) | (168 | ) | (1,011 | ) | |||
| Increase in Deferred Assets |
(10 | ) | (327 | ) | (360 | ) | |||
| Net Cash Used in Investing Activities |
(714 | ) | (23,897 | ) | (10,317 | ) | |||
| Cash Flows from Financing Activities: |
|||||||||
| Decrease in Bonds Payable |
0 | 0 | (4,000 | ) | |||||
| Decrease in Guarantee Deposits & Others |
(3 | ) | (107 | ) | (19 | ) | |||
| Increase in Treasury Stocks |
(14 | ) | (477 | ) | 0 | ||||
| Net Cash Used in Financing Activities |
(17 | ) | (584 | ) | (4,019 | ) | |||
| Net Increase in Cash and Cash Equivalents |
246 | 8,220 | 5,793 | ||||||
| Cash and Cash Equivalents at Beginning of Period |
2,937 | 98,288 | 61,657 | ||||||
| Cash and Cash Equivalents at End of Period |
3,182 | 106,508 | 67,449 | ||||||
Note: New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NTD33.47 per U.S. dollar, the weighted average exchange rate for the first quarter of 2004.