Taiwan Semiconductor Manufacturing Co Ltd 6-K, filed Jul 20, 2023
Taiwan Semiconductor Manufacturing Co Ltd (TSM)
6-K
2023-07-20
For: 2023-07-20
View Original
Added on
April 07, 2026
About this 6-K
Taiwan Semiconductor Manufacturing Co Ltd filed this 6-K on July 20, 2023.
1934 Act Registration No. 1-14700
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 6-K
_____________________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2023
(Commission File Number: 001-14700)
_____________________________
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
_____________________________
No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan, R.O.C.
(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 o
Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1):o
Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7):o
| 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: July 20, 2023 | By | /s/ Wendell Huang | |||||||||||||||
| Wendell Huang | |||||||||||||||||
| Vice President & Chief Financial Officer | |||||||||||||||||
Exhibits
| Exhibit Number | Exhibit Description | ||||
| 99.1 | |||||
| 99.2 | |||||
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TSMC Reports Second Quarter EPS of NT$7.01
HSINCHU, Taiwan, R.O.C., Jul. 20, 2023 -- TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$480.84 billion, net income of NT$181.80 billion, and diluted earnings per share of NT$7.01 (US$1.14 per ADR unit) for the second quarter ended June 30, 2023.
Year-over-year, second quarter revenue decreased 10.0% while net income and diluted EPS both decreased 23.3%. Compared to first quarter 2023, second quarter results represented a 5.5% decrease in revenue and a 12.2% decrease in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.
In US dollars, second quarter revenue was $15.68 billion, which decreased 13.7% year-over-year and decreased 6.2% from the previous quarter.
Gross margin for the quarter was 54.1%, operating margin was 42.0%, and net profit margin was 37.8%.
In the second quarter, shipments of 5-nanometer accounted for 30% of total wafer revenue; 7- nanometer accounted for 23%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 53% of total wafer revenue.
“Our second quarter business was impacted by the overall global economic conditions, which dampened the end market demand, and led to customers’ ongoing inventory adjustment,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into third quarter 2023, we expect our business to be supported by the strong ramp of our 3-nanomenter technologies, partially offset by customers’ continued inventory adjustment.”
Based on the Company’s current business outlook, management expects the overall performance for third quarter 2023 to be as follows:
•Revenue is expected to be between US$16.7 billion and US$17.5 billion;
And, based on the exchange rate assumption of 1 US dollar to 30.8 NT dollars,
•Gross profit margin is expected to be between 51.5% and 53.5%;
•Operating profit margin is expected to be between 38% and 40%.
| ||
TSMC’s 2023 second quarter consolidated results:
(Unit: NT$ million, except for EPS)
2Q23 Amounta | 2Q22 Amount | YoY Inc. (Dec.) % | 1Q23 Amount | QoQ Inc. (Dec.) % | |||||||||||||
Net sales | 480,841 | 534,141 | (10.0) | 508,633 | (5.5) | ||||||||||||
Gross profit | 260,200 | 315,468 | (17.5) | 286,500 | (9.2) | ||||||||||||
Income from operations | 201,958 | 262,124 | (23.0) | 231,238 | (12.7) | ||||||||||||
Income before tax | 214,675 | 265,998 | (19.3) | 244,275 | (12.1) | ||||||||||||
Net income | 181,799 | 237,027 | (23.3) | 206,987 | (12.2) | ||||||||||||
EPS (NT$) | 7.01b | 9.14b | (23.3) | 7.98b | (12.2) | ||||||||||||
a: 2Q2023 figures have not been approved by Board of Directors
b: Based on 25,929 million weighted average outstanding shares
About TSMC
TSMC pioneered the pure-play foundry business model when it was founded in 1987, and has been the world’s leading dedicated semiconductor foundry ever since. The Company supports a thriving ecosystem of global customers and partners with the industry’s leading process technologies and portfolio of design enablement solutions to unleash innovation for the global semiconductor industry. With global operations spanning Asia, Europe, and North America, TSMC serves as a committed corporate citizen around the world.
TSMC deployed 288 distinct process technologies, and manufactured 12,698 products for 532 customers in 2022 by providing broadest range of advanced, specialty and advanced packaging technology services. The Company is headquartered in Hsinchu, Taiwan. For more information please visit https://www.tsmc.com.
# # #
TSMC Spokesperson: Wendell Huang Vice President and CFO Tel: 886-3-505-5901 | TSMC Deputy Spokesperson: Nina Kao Head of Public Relations Tel: 886-3-563-6688 ext.7125036 Mobile: 886-988-239-163 E-Mail: nina_kao@tsmc.com | Media Contacts: Ulric Kelly Public Relations Tel: 886-3-563-6688 ext. 7126541 Mobile: 886-978-111-503 E-Mail: ukelly@tsmc.com | |||||||||
Unleash Innovation TSMC, Ltd© 02023 TSMC Property Unleash Innovation 2023 Second Quarter Earnings Conference July 20, 2023
Unleash Innovation TSMC, Ltd© 12023 TSMC Property Agenda • Welcome Jeff Su, IR Director • 2Q23 Financial Results and 3Q23 Outlook Wendell Huang, CFO • Key Messages Wendell Huang, CFO C.C. Wei, CEO Mark Liu, Chairman • Q&A
Unleash Innovation TSMC, Ltd© 22023 TSMC Property 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 2022 Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) on April 20, 2023 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.
Unleash Innovation TSMC, Ltd© 32023 TSMC Property Statements of Comprehensive Income Selected Items from Statements of Comprehensive Income 2Q23 (In NT$ billions unless otherwise noted) Guidance Net Revenue (US$ billions) 15.68 15.2-16.0 16.72 18.16 -6.2% -13.7% Net Revenue 480.84 508.63 534.14 -5.5% -10.0% Gross Margin 54.1% 52%-54% 56.3% 59.1% -2.2 ppts -5.0 ppts Operating Expenses (58.19) (55.31) (53.38) +5.2% +9.0% Operating Margin 42.0% 39.5%-41.5% 45.5% 49.1% -3.5 ppts -7.1 ppts Non-Operating Items 12.72 13.04 3.88 -2.5% +228.3% Net Income to Shareholders of the Parent Company 181.80 206.99 237.03 -12.2% -23.3% Net Profit Margin 37.8% 40.7% 44.4% -2.9 ppts -6.6 ppts EPS (NT Dollar) 7.01 7.98 9.14 -12.2% -23.3% ROE 23.2% 27.5% 39.4% -4.3 ppts -16.2 ppts Shipment (Kpcs, 12"-equiv. Wafer) 2,916 3,227 3,799 -9.6% -23.2% Average Exchange Rate--USD/NTD 30.67 30.40 30.42 29.42 +0.8% +4.3% * Diluted weighted average outstanding shares were 25,929mn units in 2Q23. ** ROE figures are annualized based on average equity attributable to shareholders of the parent company. 2Q23 1Q23 2Q22 2Q23 Over 1Q23 2Q23 Over 2Q22
Unleash Innovation TSMC, Ltd© 42023 TSMC Property 2Q23 Revenue by Technology - 50 100 150 200 250 300 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 R e v e n u e ( N T $ B ) 7nm 5nm 0.11/0.13um 2% 90nm 2% 0.25um and above 1%40/45nm 7% 28nm 11% 7nm and Below Revenue 16nm 11% 0.15/0.18um 5%65nm 7% 7nm 23% 5nm 30%20nm 1%
Unleash Innovation TSMC, Ltd© 52023 TSMC Property 2Q23 Revenue by Platform -5% -9% -11% +3% +25% -5% Growth Rate by Platform (QoQ) Smartphone 33% Automotive 8% HPC 44% DCE 3% Others 4% IoT 8% Smartphone Automotive OthersHPC IoT DCE
Unleash Innovation TSMC, Ltd© 62023 TSMC Property Balance Sheets & Key Indices Selected Items from Balance Sheets (In NT$ b illions) Amount % Amount % Amount % Cash & Marketable Securities 1,489.96 28.9% 1,589.19 31.6% 1,425.57 32.8% Accounts Receivable 191.03 3.7% 148.05 2.9% 222.07 5.1% Inventories 234.33 4.6% 216.07 4.3% 217.44 5.0% Long-term Investments 94.61 1.8% 69.91 1.4% 64.44 1.5% Net PP&E 2,947.23 57.2% 2,833.40 56.1% 2,248.32 51.7% Total Assets 5,149.47 100.0% 5,045.84 100.0% 4,345.94 100.0% Current Liabilities 810.83 15.8% 873.09 17.3% 845.24 19.4% Long-term Interest-bearing Debts 907.32 17.6% 854.79 16.9% 757.21 17.4% Total Liabilities 1,944.00 37.8% 1,952.95 38.7% 1,835.48 42.2% Total Shareholders' Equity 3,205.47 62.2% 3,092.89 61.3% 2,510.46 57.8% Key Indices A/R Turnover Days Inventory Turnover Days Current Ratio (x) Asset Productivity (x) * Total outstanding shares were 25,932 mn units at 6/30/23 ** Asset productivity = Annualized net revenue / Average net PP&E 0.7 0.7 1.0 2.4 2.3 2.3 99 2Q23 1Q23 2Q22 32 34 37 96 95
Unleash Innovation TSMC, Ltd© 72023 TSMC Property Cash Flows * Free cash flow = Cash from operating activities – Capital expenditures * (In NT$ billions) 2Q23 1Q23 2Q22 Beginning Balance 1,385.23 1,342.81 1,151.59 Cash from operating activities 167.25 385.24 338.85 Capital expenditures (250.53) (302.50) (217.73) Cash dividends (71.30) (71.30) (71.31) Short-term loans 0.00 0.00 (26.48) Bonds payable 40.70 7.30 108.84 Investments and others 5.37 23.68 (30.57) Ending Balance 1,276.72 1,385.23 1,253.19 Free Cash Flow (83.28) 82.74 121.12
Unleash Innovation TSMC, Ltd© 82023 TSMC Property 3Q23 Guidance ◼ Revenue to be between US$ 16.7 billion and US$ 17.5 billion Based on our current business outlook, management expects: And, based on the exchange rate assumption of 1 US dollar to 30.8 NT dollars, management expects: ◼ Gross profit margin to be between 51.5% and 53.5% ◼ Operating profit margin to be between 38% and 40%
Unleash Innovation TSMC, Ltd© 92023 TSMC Property • Please visit TSMC's website (https://www.tsmc.com) and Market Observation Post System (https://mops.twse.com.tw) for details and other announcements • TSMC Announces the Opening of Advanced Backend Fab 6, Marking a Milestone in the Expansion of 3DFabric™ System Integration Technology (2023/06/08) • TSMC Board of Directors Approved NT$3.00 Cash Dividend for the First Quarter of 2023 and Set September 14 as the Ex-Dividend Date, September 20 as the Record Date and October 12, 2023 as the Distribution Date (2023/05/09) • TSMC Board of Directors Approved the Issuance of Unsecured Corporate Bonds in the Domestic Market for An Amount Not to Exceed NT$60 Billion (2023/05/09) • TSMC Debuts Enhanced N3P Process, HPC-Focused N3X Process, N3AE Auto Early Program, and Updates 2nm and TSMC 3DFabric™ Progress at 2023 North America Technology Symposium (2023/4/27) • TSMC Signs 20,000 GWh Renewable Energy Joint Procurement Contract with ARK Power (2023/04/21) Recap of Recent Major Events
Unleash Innovation TSMC, Ltd© 102023 TSMC Property https://www.tsmc.com invest@tsmc.com