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 January 2004
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 X Form 40-F
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(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
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(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: January 29, 2004 By /s/ Lora Ho
---------------------------------------------
Lora Ho
Vice President & Chief Financial Officer
TSMC 2003 Fourth Quarter Report
Wafer Shipments and Net Sales Set Record Highs
Hsinchu, Taiwan, January 29, 2004 - Taiwan Semiconductor Manufacturing Company
Ltd. (TAIEX: 2330, NYSE: TSM) (TSMC) today announced its financial results for
the fourth quarter of 2003. Net sales for the fourth quarter of 2003 grew 5.3
percent sequentially, to a record high of NT$57,780 million. Net income totaled
NT$16,002 million, representing a 5.5 percent increase over the previous
quarter. Earnings per share for the fourth quarter of 2003 were NT$0.79.
On a year-over-year basis, TSMC's fourth quarter of 2003 net sales grew 40.4
percent, while net income and earnings per share grew 526.9 percent and 553.9
percent, respectively.
Ms. Lora Ho, TSMC spokesperson, vice president and chief financial officer,
noted that, "Due to continued growth in customer demand, TSMC's 2003 fourth
quarter wafer shipments reached a record high of 1,127 thousand
eight-inch-equivalent wafers, representing a 13.5 percent increase over the
third quarter of 2003. The increase in fourth quarter revenue resulted from a
13.5 percent increase in wafer shipments, a 5.5 percent decline in wafer average
selling price (ASP), and a weaker U.S. dollar exchange rate."
"During the fourth quarter, the average utilization rate for our fabs increased
to 101 percent, compared to 98 percent in the previous quarter; gross margin
improved slightly to 39.3 percent in the fourth quarter from 39.1 percent in the
third quarter; net margin for the fourth quarter was 27.7 percent as compared to
27.6 percent for the previous quarter," Ms. Ho added.
For fiscal year 2003, ended December 31, the Company's net sales increased 25.4
percent over 2002, to a record NT$201,904 million. Net income totaled NT$47,259
million, representing a 118.7 percent growth over 2002. Earnings per share for
the full year of 2003 were NT$2.33. In addition, TSMC's total wafer shipments
for 2003 also reached a new record high to 3.7 million eight-inch-equivalent
wafers, representing a 38.2 percent growth over 2002.
Ms. Ho continued, "We are proud to be among the very few industry leaders whose
2003 top-line performance has surpassed levels achieved in the past. We expect
the performance of the coming quarter to be at least as good as that of the
fourth quarter of 2003."
All figures of TSMC's 2003 audited financial results are prepared in accordance
with R.O.C. GAAP and are subject to approval by the TSMC Board of Directors.
# # #
Table 1: TSMC's 2003 fourth quarter results
(Unit: NT$million, except for EPS)
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4Q'03 4Q'02 YoY 3Q'03 QoQ
Amount* Amount Change Amount Change
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Net sales 57,780 41,154 40.4% 54,877 5.3%
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Gross profit 22,707 10,682 112.6% 21,447 5.9%
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Income from 16,625 5,651 194.2% 16,487 0.8%
operations
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Income before tax 17,568 3,078 470.8% 16,708 5.1%
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Net income 16,002 2,553 526.9% 15,169 5.5%
========================================================================================================
EPS (NT$) 0.79** 0.12*** 553.9% 0.75**** 5.2%
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* 2003 fourth quarter figures have not been approved by Board of Directors
** Based on 20,231,739 thousand weighted average outstanding shares
*** Based on 20,220,989 thousand weighted average outstanding shares
**** Based on 20,226,848 thousand weighted average outstanding share
Table 2: TSMC's 2003 results
(Unit: NT$million, except for EPS)
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2003 2002 YoY
Amount* Amount Change
--------------------------------------------------------------------------------------------------------
Net sales 201,904 160,961 25.4%
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Gross profit 72,892 51,967 40.3%
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Income from operations 52,648 34,176 54.0%
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Income before tax 51,028 27,112 88.2%
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Net income 47,259 21,610 118.7%
========================================================================================================
EPS(NT$) 2.33** 1.05*** 122.4%
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* 2003 figures have not been approved by Board of Directors
** Based on 20,231,739 thousand weighted average outstanding shares
*** Based on 20,220,989 thousand weighted average outstanding shares
# # #
TSMC Spokesperson:
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Ms. Lora Ho
Vice President and CFO
Tel: 886-3-566-4602
For further information, please contact:
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Mr. J.H. Tzeng Mr. Jesse Chou Mr. Richard Chung
PR Department Manager, TSMC PR Manager, TSMC PR Principal Specialist, TSMC
Tel: 886-3-666-5028 (O) Tel: 886-3-666-5029 (O) Tel: 886-3-666-5038 (O)
886-928-882-607(Mobile) 886-932-113-258(Mobile) 886-937-331-830(Mobile)
Fax: 886-3-567-0121 Fax: 03-5670121 Fax: 03-5670121
E-mail: jhtzeng@tsmc.com E-Mail: jhchoua@tsmc.com E-Mail: cychung@tsmc.com
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