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TSMC Reports Fourth Quarter EPS of NT$4.47

Hsinchu, Taiwan, R.O.C., January 16, 2020 – TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$317.24 billion, net income of NT$116.04 billion, and diluted earnings per share of NT$4.47 (US$0.73 per ADR unit) for the fourth quarter ended December 31, 2019.

Year-over-year, fourth quarter revenue increased 9.5% while net income and diluted EPS both increased 16.1%. Compared to third quarter 2019, fourth quarter results represented an 8.3% increase in revenue and a 14.8% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, fourth quarter revenue was $10.39 billion, which increased 10.6% year-over-year and increased 10.6% from the previous quarter.

Gross margin for the quarter was 50.2%, operating margin was 39.2%, and net profit margin was 36.6%.

In the fourth quarter, shipments of 7-nanometer accounted for 35% of total wafer revenue and 10-nanometer process technology contributed 1% while 16-nanometer accounted for 20%. Advanced technologies, defined as 16-nanometer and more advanced technologies, accounted for 56% of total wafer revenue.

“Our fourth quarter business benefited from strong demand for high-end smartphones, initial 5G deployment and high performance computing related applications using TSMC’s industry-leading 7-nanometer technology,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into first quarter 2020, despite mobile product seasonality, we anticipate our business to be supported by the continued ramp of 5G smartphones. Based on our current business outlook, management expects the overall performance for first quarter 2020 to be as follows”:

And, based on the exchange rate assumption of 1 US dollar to 29.9 NT dollars,

The management further expects the 2020 capital budget to be between US$15 billion and US$16 billion.

TSMC's 2019 fourth Quarter Consolidated results:
(Unit: NT$ million, except for EPS)

4Q19 Amount a 4Q18
Amount
YoY Inc. (Dec.) % 3Q19 Amount QoQ Inc. (Dec.) %
Net Sales 317,237 289,771 9.5 293,05 8.3
Gross profit 159,202 138,119 15.3 139,412 14.2
Income from operations 124,244 107,124 16.0 107.887 15.2
Income before tax 128,782 111,082 15.9 112,336 14.6
Net income 116,035 99,984 16.1 101,070 14.8
EPS (NTS) 4.47b 3.86b 16.1 3.90b 14.8

a: 4Q2019 figures have not bee approved by Board of Directors
b: Based on 25,930 million weighted average outstanding shares

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