TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD.
 

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 2005

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

No. 8, Li-Hsin Rd. 6,
Science-Based Industrial Park,
Hsin-Chu, 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  þ                    Form 40-F  o

     (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  o                    No  þ

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:                     .)

 

 

FOR IMMEDIATE RELEASE

(TSMC LOGO)

                 
        1Q05     Quarterly Management Report
April 26, 2005		  
   


CONTACT IN TAIWAN
Elizabeth Sun / Julie Chan
Eric Chiang / Harrison Hsueh
Investor Relations Division
TSMC
invest@tsmc.com
886-3-568-2085/ 2080/ 2087/ 2088

Topics in This Report

•   Revenue Analysis
 
•   Utilization & Capacity
 
•   Profit & Expense Analysis
 
•   Financial Condition Review
 
•   Cash Flow & CapEx
 
•   Recap of Recent Important Events & Announcements

 

 

 

Operating Results Review:

Summary:

                                         
(Amount in NT$ billion except noted otherwise)   1Q05     4Q04     1Q04     QoQ     YoY  
EPS (NT$  per com. shr.)
     0.72       0.96       0.80       -25.3 %     -10.0 %
(US$  per ADR unit)
     0.11       0.15       0.14                  
 
                                        
Net Sales
     55.65       63.87       57.51       -12.9 %     -3.2 %
Gross Profit
     21.65       27.15       22.73       -20.3 %     -4.8 %
Operating Expense
     (5.57 )     (6.12 )     (5.19 )     -9.0 %     7.4 %
Non-Operating Items
     0.19       1.07       0.90       -82.3 %     -78.9 %
Net Income
     16.82       22.18       18.79       -24.2 %     -10.5 %
 
                                        
Wafers Shipped (kpcs 8 inch-equiv.)
     1,113       1,220       1,172       -8.8 %     -5.1 %
Capacity Utilization
     78 %     88 %     105 %                
 
                                        
Net Profit Margin
     30.2 %     34.7 %     32.7 %                

Remarks:

The first quarter EPS of NT$0.72 represents a 25.3% decrease compared with 4Q04. The unconsolidated operating results of 1Q05 are summarized below:

Net sales declined 12.9% to NT$55.7 billion compared with NT$63.9 billion in the fourth quarter of 2004. The decrease mainly reflected an 8.8% decrease in wafer shipments and a 4.4% depreciation of the US dollar against local currency, while the wafer average selling price (ASP) remained at the same level as in the fourth quarter last year.

Gross profit decreased to NT$21.6 billion, representing a 20.3% decline from the previous quarter. Gross margin declined to 38.9% from 42.5% in 4Q04 due mainly to lower levels of wafer output and an unfavorable exchange rate movement.

Operating expenses decreased to NT$5.6 billion, representing 10% of revenue. The decrease was the result of lower expenses of R&D and SG&A.

The combined result from non-operating income and long-term investment was a gain of NT$188 million, which was NT$878 million lower than the NT$1,066 million registered in the previous quarter.

Income before tax declined 26.4% sequentially to NT$16.3 billion. The Company’s provision for tax expenses of NT$2.1 billion was more than offset by an investment tax credit of NT$2.6 billion. TSMC’s 1Q05 net income was NT$16.8 billion with a net margin of 30.2%.

 



 

 

     
TSMC
April 26, 2005
  Page 2

I. Revenue Analysis

I – 1. Wafer Sales Analysis

                                   
 
  By Application     1Q05       4Q04       1Q04    
 
Computer
       34 %       35 %       32 %  
 
Communication
       41 %       41 %       45 %  
 
Consumer
       17 %       16 %       17 %  
 
Industrial/Others
       6 %       6 %       4 %  
 
Memory
       2 %       2 %       2 %  
 
                                   
 
  By Technology     1Q05       4Q04       1Q04    
 
0.13um-
       45 %       36 %       20 %  
 
0.15/0.18um
       31 %       34 %       44 %  
 
0.25um
       12 %       14 %       18 %  
 
0.35um
       6 %       9 %       11 %  
 
0.50um+
       6 %       7 %       7 %  
 
                                   
 
  By Customer Type     1Q05       4Q04       1Q04    
 
Fabless
       68 %       66 %       69 %  
 
IDM
       31 %       33 %       30 %  
 
System
       1 %       1 %       1 %  
 
                                   
 
  By Geography     1Q05       4Q04       1Q04    
 
North America
       79 %       75 %       74 %  
 
Asia Pacific
       8 %       10 %       13 %  
 
Europe
       6 %       7 %       7 %  
 
Japan
       7 %       8 %       6 %  
 

Revenue Analysis:

Net sales decreased 12.9% to NT$55.7 billion compared with NT$63.9 billion in the fourth quarter 2004. The decrease in first quarter revenue mainly resulted from an 8.8% decrease in wafer shipments and a 4.4% depreciation of the US dollar against local currency. Wafer average selling price (ASP) remained at the same level as in 4Q04.

Revenues declined across computer, communication, and consumer applications in this quarter due mainly to continuing inventory digestion in the industry and low seasonality. Revenue mix by application remained similar to last quarter.

Demand from advanced technologies – defined as 0.13-micron and below – strengthened further amid a relatively weak business environment in 1Q05. Revenue contribution from advanced process technologies increased to 45% of total wafer sales from 36% previously. Sales from 90nm accounted for 4% of total wafer sales.

IDM accounted for 31% of wafer sales during the quarter, compared to 33% in the previous quarter. Geographically, North America accounted for 79% of wafer sales, compared to 75% previously.



 

(LINE CHART)

ASP Trend:

ASP remained at the same level as in 4Q04. This is the result of product mix improvement, offset by price erosion.



 

 

     
TSMC
April 26, 2005
  Page 3

II. Utilization & Capacity

(BAR CHART)

Utilization Rate:

Overall capacity utilization decreased to 78% in this quarter from 88% in 4Q04 due mainly to the soft demand that resulted from customers’ inventory digestion and low seasonality.



II – 2. Capacity

                                   
 
        1Q05       1Q05       2Q05    
  Fab / (Wafer size)     (Est.)       (Act.)       (Est.)    
 
Fab-2          (6")1
       238         238         249    
 
Fab-3          (8")
       234         234         245    
 
Fab-5          (8")
       119         119         125    
 
Fab-6          (8")
       203         203         214    
 
Fab-7          (8")
       36         36         39    
 
Fab-8          (8")
       215         222         217    
 
Fab-12          (12")2
       85         85         103    
 
Fab-14          (12")2
       18         18         36    
 
TSMC – owned capacity
8"-equivalent Kpcs
       1,172         1,180         1,292    
 
WaferTech          (8")
       95         95         96    
 
SSMC          (8")
       41         41         42    
 
TSMC (Shanghai)     (8")
       9         9         22    
 
Total TSMC – managed
8"-equivalent Kpcs
       1,317         1,324         1,451    
 

    Note: 1. Figures represent number of 6" wafers. Conversion to 8"-equivalent wafers is by dividing this number by 1.78
 
2.   Figures represent number of 12" wafers. Conversion to 8"-equivalent wafers is by multiplying this number by 2.25

Capacity:

Total TSMC managed capacity in 1Q05 was 1,324K 8-inch equivalent wafers, slightly higher than the 1,317K wafers forecasted in our 4Q04 quarterly management report. The difference was a result of the rescheduling of annual maintenance for Fab 8 to 2Q05 from 1Q05.

TSMC managed capacity in 2Q05 is estimated to increase to 1,451K wafers, representing a 9.6% sequential growth. The newly added capacity in 2Q05 will be mainly for the continuing ramp up of Fab 12 and 14, totaling 36K 12-inch wafers.

Overall installed capacity for year 2005 is expected to reach 5.97 million 8-inch equivalent wafers, a 25% year-on-year growth.



 

 

     
TSMC
April 26, 2005
  Page 4

III. Profit & Expense Analysis

III – 1. Gross Profit Analysis

                         
(Amount: NT$ billion)   1Q05     4Q04     1Q04  
COGS
     34.0       36.7       34.8  
Depreciation
     15.2       14.9       13.4  
Other MFG Cost
     18.8       21.8       21.4  
 
                        
Gross Profit
     21.6       27.2       22.7  
 
                        
Gross Margin
                        
- TSMC
     38.9 %     42.5 %     39.5 %
- TSMC w/o affiliates
     42.1 %     47.8 %     44.3 %

Gross Profit Analysis:

Gross profit decreased 20.3% from the previous quarter to NT$21.6 billion. Gross margin declined to 38.9% from 42.5% in 4Q04 mainly due to lower levels of wafer output and an unfavorable exchange rate.

During the quarter, the gross margin from TSMC’s own fab manufacturing activities declined to 42.1% from 47.8% in 4Q04.



III – 2. Operating Expense Analysis

                         
(Amount: NT$ billion)   1Q05     4Q04     1Q04  
Total Operating Exp.
     5.57       6.12       5.19  
SG&A
     2.22       2.56       2.33  
Research & Development
     3.35       3.57       2.86  

Operating Expenses:

Operating expenses decreased to NT$5.6 billion in this quarter. As Fab 14 continuingly increased commercial production volume, fewer engineering wafers were required and, as a result, R&D expenditures were sequentially lower. As Fab 12 (Phase II) commenced commercial production, it stopped incurring opening expenses, which led to lower SG&A expenditures. During this quarter, operating expenses represented 10% of net sales, compared to last quarter’s 9.6%.



III – 3. Non-Operating Items

                         
(Amount: NT$ million)   1Q05     4Q04     1Q04  
Non-Operating Income/(Exp.)
     386       457       92  
Net Interest Income/(Exp.)
     197       227       (74 )
Other Non-Operating
     190       230       166  
 
                        
L-T Investments
     (198 )     609       803  
WaferTech*
     195       891       817  
SSMC
     104       31       145  
Vanguard
     293       423       323  
TSMC (Shanghai)
     (280 )     (359 )     0  
Miscellaneous
     (510 )     (377 )     (483 )
 
                        
Total Non-Operating Items
     188       1,066       895  

*   Operation results only; does not include amortization of impaired assets.

Non-Operating Items:

Combined result from non-operating income and long-term investment decreased to a gain of NT$188 million from NT$1,066 million in the previous quarter.

During the quarter, non-operating income decreased to NT$386 million from last quarter’s NT$457 million. This decrease was due mainly to higher revaluation losses of short-term investments in marketable securities and foreign exchange losses from hedging activities, offset partially by the receipt of payment from the settlement of the lawsuit against SMIC.

Long-term investment incurred a loss of NT$198 million in this quarter, compared to a gain of NT$609 million in 4Q04. The differences were mainly attributable to lower levels of profit at WaferTech and VIS, offset partially by the improvement in SSMC and TSMC (Shanghai).



 

 

     
TSMC
April 26, 2005
  Page 5

IV. Financial Condition Review

IV – 1. Liquidity Analysis

                         
(Amount: NT$ million)   1Q05     4Q04     1Q04  
Cash & S-T Investments
     111.9       118.5       126.3  
Accounts Receivable – Trade
     22.4       27.2       27.0  
Inventory
     13.4       14.2       11.0  
Total Current Assets
     159.7       173.7       175.7  
Accounts Payable
     19.1       40.8       25.3  
Accrued Liabilities and Others
     18.8       19.8       12.8  
Total Current Liabilities
     37.9       60.6       38.1  
Current Ratio (x)
     4.2       2.9       4.6  
Net Working Capital
     121.9       113.0       137.6  

Liquidity Analysis:

Total current assets were NT$13.9 billion lower on a sequential basis. The decrease was mainly attributable to lower cash & short-term investments and accounts receivable.

Total current liabilities were NT$22.7 billion lower sequentially, due mainly to the payment of accounts payable related to production equipment purchased previously.

As a result, net working capital increased to NT$121.9 billion and current ratio increased to 4.2x.



(LINE CHART)

Receivable/Inventory Days Trend:

Days of receivables improved to 42 days compared to 45 days in 4Q04, reflecting accelerated collection of accounts receivable during 1Q05.

Days of Inventory increased to 42 days as compared to 41 days in the previous quarter. The increase was due mainly to higher portion of 12-inch wafer production that took place during 1Q05, which carries higher values for WIP.



IV – 3. Debt Service

                         
(Amount: NT$ billion)   1Q05     4Q04     1Q04  
Cash & S-T Investments
     111.9       118.5       126.3  
Interest-Bearing Debt
     30.0       30.0       35.0  
Net Cash Reserves
     81.9       88.5       91.3  

Debt Service:

Net cash reserves, defined as the excess of cash and short-term investments over interest-bearing debt, decreased by NT$6.6 billion to NT$81.9 billion in 1Q05. The decrease reflected lower levels of cash & short-term investments in this quarter.

Interest-bearing debt remained at the same level of NT$30 billion as in the previous quarter.



 

 

     
TSMC
April 26, 2005
  Page 6

V. Cash Flow & CapEx

V – 1. Cash Flow Analysis

                         
(Amount: NT$ billion)   1Q05     4Q04     1Q04  
Net Income
     16.8       22.2       18.8  
Depreciation & Amortization
     16.7       16.6       15.1  
Other Op Sources/(Uses)
     2.5       (2.1 )     (1.2 )
Total Op Sources/(Uses)
     36.0       36.7       32.7  
 
                  
 
                        
Capital Expenditure
     (38.2 )     (20.5 )     (16.4 )
Short Term Investment
     1.3       (6.9 )     (7.3 )
Long Term Investment
     (4.3 )     (17.0 )     (0.2 )
Other Investing Sources/(Uses)
     (0.2 )     (0.0 )     0.0  
Net Investing Sources/(Uses)
     (41.3 )     (44.4 )     (23.9 )
 
                  
 
                        
Treasury Stock
     0.0       0.0       (0.5 )
Payment on long-term bonds payable
     0.0       (5.0 )     0.0  
Other Financing Sources/(Uses)
     (0.0 )     (0.1 )     (0.1 )
Net Financing Sources/(Uses)
     (0.0 )     (5.1 )     (0.6 )
 
                  
 
                        
Net Cash Position Changes
     (5.3 )     (12.8 )     8.2  
 
                        
Cash Balance
     60.2       65.5       106.5  

Summary of Cash Flow:

During this quarter, TSMC generated NT$36.0 billion operating cash inflow, mainly from net income of NT$16.8 billion and depreciation & amortization of NT$16.7 billion.

Net cash used in investing activities totaled NT$41.3 billion, including (i) capital spending of NT$38.2 billion, (ii) long-term investment of NT$4.3 billion, comprising primarily a NT$3.0 billion (US$95 million) capital injection to TSMC (Shanghai), and a NT$1.4 billion net increase in government bonds.

There was no material financing activity during this quarter.

As a result, TSMC ended the quarter with a cash balance of NT$60.2 billion, NT$5.3 billion lower than in 4Q04.



(LINE CHART)

Operating Cash Flow Trend:

Operating cash flow of NT$36.0 billion was slightly lower than the previous quarter, due mainly to NT$5.4 billion lower net income in 1Q05, ameliorated primarily by a decline in accounts receivable.



V – 3. Capital Expenditure

         
TSMC
   US$ 1,210 m  
 
        
TSMC (Shanghai)
   US$ 97 m  
 
        
WaferTech
   US$ 1 m  
 
 
        
TSMC Group
   US$ 1,308 m  

Capital Spending:

Capital expenditures for TSMC alone during the quarter totaled US$1.2 billion. Most of the spending was for 12-inch production equipment.

Capital spending was US$97 million for TSMC (Shanghai), and US$1 million for WaferTech.

For year 2005, total capital expenditure for TSMC as a group is expected to be in the range of US$2.5 billion to US$2.7 billion, unchanged from our previous guidance given in January 2005.



 

 

     
TSMC
April 26, 2005
  Page 7

VI. Recap of Recent Important Events & Announcements

•   TSMC Board of Directors Proposes NT$2.0 Cash Dividend and 5% Stock Dividend for 2004 Profit Distribution ( 2005/02/22 )
 
•   TSMC Appoints Mr. Jason Chen as Vice President of Corporate Development ( 2005/02/12 )
 
•   TSMC Unveils 90 Nanometer Libraries to Support NexsysSM 90nm Production ( 2005/02/01 ) TSMC Reaches Settlement with SMIC ( 2005/01/30 )
 
•   TSMC Reaches Settlement with SMIC (2005/01/30)
 
•   TSMC Helps Altera Deliver World’s Highest-Density, Highest-Performance FPGA Produced with 90nm Process Technology ( 2005/01/21 )

 

 

 

*   Please visit TSMC’s Web site (http://www.tsmc.com) for details about these and other announcements.
 
*   Starting from 1Q05, TSMC will post quarterly consolidated financial statements, in addition to the unconsolidated financial statements, on our web site.

 

 

         
(TSMC LOGO)   TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2005 and 2004
(Figures in Million of New Taiwan Dollars (NTD) and U.S. Dollars (USD))(1) 		   
                                 
    Q1 2005     Q4 2004     Q1 2004  
    USD     NTD     NTD     NTD  
Cash Flows from Operating Activities:
                                
Net Income
     533       16,818       22,184       18,789  
Depreciation & Amortization
     529       16,669       16,615       15,089  
Deferred Income Tax
     (18 )     (553 )     (226 )     (354 )
Investment Loss (Gain) Recognized by Equity Method
     6       198       (608 )     (803 )
Changes in Working Capital & Others
     90       2,824       (1,231 )     (19 )
 
                        
Net Cash Provided from Operating Activities
     1,140       35,956       36,734       32,702  
 
                                
Cash Flows from Investing Activities:
                                
Increase in Short-Term Investments
     43       1,341       (6,851 )     (7,270 )
Increase in Long-Term Investments
     (136 )     (4,277 )     (17,009 )     (168 )
Acquisition of Fixed Assets
     (1,210 )     (38,161 )     (20,521 )     (16,351 )
Proceeds from Disposal of Properties
     4       121       1,404       68  
Increase in Deferred Assets
     (9 )     (286 )     (1,351 )     (327 )
Decrease (Increase) in Deposit-Out
     —       —       (56 )     151  
 
                        
Net Cash Used in Investing Activities
     (1,308 )     (41,262 )     (44,384 )     (23,897 )
 
                                
Cash Flows from Financing Activities:
                                
Increase in Treasury Stocks
     —       —       —       (477 )
Repayment of corporate bonds
     —       —       (5,000 )     —  
Decrease in Guarantee Deposits & Others
     (1 )     (42 )     (112 )     (108 )
Issuance of stocks option
             35       4       —  
 
                        
Net Cash Used in Financing Activities
     (1 )     (7 )     (5,108 )     (585 )
 
                        
Net Increase (Decrease) in Cash and Cash Equivalents
     (169 )     (5,313 )     (12,758 )     8,220  
 
                        
Cash and Cash Equivalents at Beginning of Period
     2,078       65,532       78,290       98,288  
Cash and Cash Equivalents at End of Period
     1,909       60,219       65,532       106,508  
 
                        

Note: (1) New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NTD31.53 per U.S. dollar as of March 31, 2005.

 

 

         
(TSMC LOGO)
  TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
Consolidated Balance Sheet
As of March 31, 2005 and December 31, 2004
(Figures in Million of New Taiwan Dollars (NTD) and U.S. Dollars (USD))(1) 		   
                         
    March 31, 2005  
    USD     NTD     %  
ASSETS
                        
Cash
     2,269       71,540       14.5  
Short Term Investment
     1,678       52,893       10.7  
Accounts Receivable-Trade
     756       23,846       4.8  
Inventories
     466       14,688       3.0  
Other Current Assets
     319       10,044       2.0  
 
                  
Total Current Assets
     5,487       173,011       35.0  
 
                  
Long Term Investment
     1,245       39,253       8.0  
 
                  
Fixed Assets
     19,341       609,806       123.5  
Less Accumulated Depreciation
     (11,033 )     (347,885 )     (70.5 )
 
                  
Net Fixed Assets
     8,307       261,921       53.1  
 
                  
Other Assets
     619       19,522       4.0  
 
                  
Total Assets
     15,658       493,707       100.0  
 
                  
LIABILITIES
                        
Short-term Bank Loans
     12       378       0.1  
Accounts Payable
     264       8,322       1.7  
Payables to Contractors and Equipment Suppliers
     390       12,293       2.5  
Accrued Expenses and Other Current Liabilities
     310       9,789       2.0  
Current Portion of Bonds Payable
     333       10,505       2.1  
 
                  
Total Current Liabilities
     1,309       41,287       8.4  
 
                  
Long-term Bank Loans
     60       1,902       0.4  
Bonds Payable
     618       19,500       4.0  
Other Long Term Liabilities
     474       14,930       2.9  
 
                  
Total Liabilities
     2,462       77,619       15.6  
 
                  
SHAREHOLDERS’ EQUITY
                        
Shareholder’s Equity-Parent Company
                        
Capital Stock
     7,375       232,529       47.2  
Capital Surplus
     1,794       56,574       11.5  
Legal Reserve
     810       25,528       5.2  
Special Reserve
     0       —       0.0  
Retained Earnings
     3,331       105,021       21.3  
Treasury Stock
     (50 )     (1,572 )     (0.3 )
Cumulated Translation Adjustment
     (86 )     (2,726 )     (0.6 )
 
                  
Total Equity
     13,173       415,354       84.3  
 
                  
Total Liabilities & Shareholders’ Equity-Parent Company
     15,635       492,973       99.9  
 
                  
Minority Interest
     23       734       0.1  
 
                        
Total Liabilities & Shareholders’ Equity
     15,658       493,707       100.0  
 
                  

Note: (1) New Taiwan dollar amounts have been translated into U.S. dollars at the rate of NT$31.53 per U.S. dollar as of March 31, 2005

 

 

TSMC 2005 First Quarter Results Investor Conference April 26th, 2005

 

Agenda Welcome 2005 1Q Financial Results Lora Ho (unconsolidated) Remarks Morris Chang Q&A

 

Safe Harbor Notice TSMC's statements of its current expectations are forward- looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. Information as to those factors that could cause actual results to vary can be found in TSMC's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on May 28, 2004, and such other documents as TSMC may file with, or submit to, the SEC from time to time. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

 

* Annualized ROE for the quarter. 1Q'05 Result Highlights

 

Income Statement - QoQ Comparison

 

Income Statement - YoY Comparison

 

Balance Sheet & Key Indices

 

Cash Flows

 

Capital Expenditures 2005 CapEx is expected to remain in the range of US$2.5 -2.7 billion

 

Sales Breakdown by Technology

 

Sales Breakdown by Application

 

Note: This chart does not reflect the actual shipment destination of sales. Sales Breakdown by Geography

 

Sales Breakdown by Customer

 

Fab Utilization and ASP Trend

 

Note: 1 Figures represent number of 6" wafers. Conversion to 8"-equivalent wafers is by dividing this number by 1.78. 2 Figures represent number of 12" wafers. Conversion to 8"-equivalent wafers is by multiplying this number by 2.25. Installed Capacity by Fab

 

Recap of Recent Major Events TSMC Board of Directors Proposes NT$2.0 Cash Dividend and 5% Stock Dividend for 2004 Profit Distribution ( 2005/02/22 ) TSMC Appoints Mr. Jason Chen as Vice President of Corporate Development ( 2005/02/12 ) TSMC Unveils 90 Nanometer Libraries to Support NexsysSM 90nm Production ( 2005/02/01 ) TSMC Reaches Settlement with SMIC ( 2005/01/30 ) TSMC Helps Altera Deliver World's Highest-Density, Highest-Performance FPGA Produced with 90nm Process Technology ( 2005/01/21 ) * Please visit TSMC's Web site (http://www.tsmc.com) for details and other announcements. * Starting from 1Q05, TSMC will post quarterly consolidated financial statements, in addition to the unconsolidated financial statements, on our web site.

 

2Q'05 Guidance Wafer shipments to increase by a mid to high single digit percentage point sequentially; Overall utilization rate to be about 80%; Gross profit margin to be in the range of 38% to 40%; ASP to decline by a middle single digit percentage point sequentially.

 

http://www.tsmc.com invest@tsmc.com

 

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 26, 2005  By   /s/ Lora Ho    
    Lora Ho   
    Vice President & Chief Financial Officer