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January 27, 2010

TSMC Q4 revenue up 42.6% to TWD92.09bn

Expects revenue to be between TWD89bn and TWD91bn in the first quarter

By CBR Staff Writer

TSMC has reported revenue of TWD92.09bn in the fourth quarter of 2009, up 42.6% compared to TWD64.56bn in the same period last year. Revenue was up 2.4% sequentially.

The company reported an operating income of TWD33.64bn, an increase of 179.8% compared to TWD12.02bn in the same period a year ago, and an increase of 5.2% compared to TWD31.99bn sequentially. Operating margin was 36.5%, 17.9 percentage points higher than 4Q08 and 0.9 percentage point higher than 3Q09.

For the quarter ended December 31, 2009, the company posted a net income of TWD32.67bn, compared to TWD12.45bn. Net income increased by 6.9%, compared to TWD30.55bn in the third quarter of 2009.

Revenues from computer applications grew 22% sequentially, while communication declined 8% and consumer declined 15%. Advanced process technologies accounted for 70% of wafer revenues, 90-nanometer process technology accounted for 16% of wafer revenues, 65-nanometer 30%, and 40-nanometer exceeded 9% of total wafer sales.

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Geographically, revenues from customers based in North America accounted for 71% of total wafer sales, while sales from Asia Pacific, China, Europe and Japan accounted for 13%, 3%, 10%, and 3% of total wafer sales, respectively.

For the full year 2009, the company posted net sales of TWD295.74bn, representing 11.2% decline from 2008. Gross margin was 43.7%, increased 1.2 percentage points from 42.5% in 2008. Operating margin was 31.1% and earnings per share was TWD3.44, with net profit margin of 30.2%.

Lora Ho, VP and chief financial officer of TSMC, said: “Although first quarter normally is a sequentially declining quarter for all three major semiconductor applications, we expect the demand from consumer related applications to grow in first quarter of 2010, while computer and communication related applications will decline following their seasonal pattern.”

For the first quarter of 2010, TSMC forecasts revenue to be between TWD89bn and TWD91bn. Gross profit margin is expected to be in between 46.5% and 48.5%, and operating profit margin to be between 35% and 37%.

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