TSMC Annual Report 2019 | Quarterlytics

FY2019 Annual Report · TSMC
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TSE: 2330

NYSE: TSM

TSMC Annual Report 2019 (I)

Taiwan Stock Exchange Market Observation Post System: http://mops.twse.com.tw

TSMC annual report is available at https://www.tsmc.com/english/investorRelations/annual_reports.htm

Printed on March 12, 2020

TSMC Vision, Mission & Core Values

Vision

Our vision is to be the most advanced and largest technology and foundry services provider to fabless companies and 
IDMs, and in partnership with them, to forge a powerful competitive force in the semiconductor industry.

To realize our vision, we must have a trinity of strengths:

1.  be a technology leader, competitive with the leading IDMs
2.  be the manufacturing leader
3.  be the most reputable, service-oriented and maximum-total-beneﬁts silicon foundry

Mission

Our mission is to be the trusted technology and capacity provider of the global logic IC industry for years to come.

Core Values

Integrity
Integrity is our most basic and most important core value. We tell the truth. We believe the record of our 
accomplishments is the best proof of our merit. Hence, we do not brag. We do not make commitments lightly. Once 
we make a commitment, we devote ourselves completely to meeting that commitment. We compete to our fullest 
within the law, but we do not slander our competitors and we respect the intellectual property rights of others. With 
vendors, we maintain an objective, consistent, and impartial attitude. We do not tolerate any form of corrupt behavior 
or politicking. When selecting new employees, we place emphasis on the candidates’ qualiﬁcations and character, not 
connections or access.

Commitment
TSMC is committed to the welfare of customers, suppliers, employees, shareholders, and society. These stakeholders 
all contribute to TSMC’s success, and TSMC is dedicated to serving their best interests. In return, TSMC hopes all these 
stakeholders will make a mutual commitment to the Company.

Innovation
Innovation is the wellspring of TSMC’s growth, and is a part of all aspects of our business, from strategic planning, 
marketing and management, to technology and manufacturing. At TSMC, innovation means more than new ideas, it 
means putting ideas into practice.

Customer Trust
At TSMC, customers come ﬁrst. Their success is our success, and we value their ability to compete as we value our 
own. We strive to build deep and enduring relationships with our customers, who trust and rely on us to be part of 
their success over the long term.

1

Letter to Shareholders 

2

Company Proﬁle 
2.1　An Introduction to TSMC 

2.2　Market/Business Summary 

2.3　Organization 

2.4　Board Members 

2.5　Management Team 

3

Corporate Governance 
3.1　Overview 

3.2　Board of Directors 

3.3　Major Decisions of Shareholders’ Meeting and Board 

Meetings 

3.4　Taiwan Corporate Governance Implementation as 

3

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9

9

16

19

27

35

35

35

42

5

Operational Highlights 
5.1　Business Activities 

5.2　Technology Leadership 

5.3　Manufacturing Excellence 

5.4　Customer Trust 

5.5　Human Capital 

5.6　Material Contracts 

6

Financial Highlights and Analysis 
6.1　Financial Highlights 

6.2　Financial Status and Operating Results 

6.3　Risk Management 

71

71

72

77

80

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86

89

89

95

100

7

Corporate Social Responsibility 
7.1　Overview 

113

113

Required by Taiwan Financial Supervisory Commission  44

7.2　Environmental, Safety and Health (ESH) Management  117

3.5　Code of Ethics and Business Conduct 

3.6　Regulatory Compliance  

3.7　Internal Control System Execution Status 

3.8　Status of Personnel Responsible for the Company’s 

Financial and Business Operation 

47

51

53

54

7.3　TSMC Education and Culture Foundation 

7.4　TSMC Charity Foundation 

7.5　TSMC i-Charity 

129

130

131

7.6　Social Responsibility Implementation Status as Required 

by the Taiwan Financial Supervisory Commission 

132

3.9　Information Regarding TSMC’s Independent Auditor  54

3.10  Material Information Management Procedure 

55

8

Subsidiary Information and Other Special Notes  135
8.1　Subsidiaries 

135

8.2　Status of TSMC Common Shares and ADRs Acquired, 

Disposed of, and Held by Subsidiaries 

8.3　Special Notes 

139

139

4

Capital and Shares 
4.1　Capital and Shares 

4.2　Issuance of Corporate Bonds  

4.3　Preferred Shares 

4.4　Issuance of American Depositary Shares 

4.5　Status of Employee Stock Option Plan  

4.6　Status of Employee Restricted Stock 

4.7　Status of New Share Issuance in Connection with  

Mergers and Acquisitions 

4.8　Financing Plans and Implementation 

57

57

64

66

66

68

68

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68

Letter to Shareholders

Dear Shareholders,

1

2019 was a year of continued milestones for TSMC. We delivered a tenth consecutive year of record revenue even as 

we faced business headwinds from trade tensions between countries. Such tensions created greater uncertainty for our 

customers and impacted the end demand for products. Thanks to the strong demand coming to our industry-leading 

7-nanometer (N7) technology, our revenue increased 1.3% year-over-year in US dollar terms in 2019, in contrast to the 
global semiconductor industry’s 12% year-over-year decline.

In 2019, we witnessed an acceleration of the deployment of 5G networks and smartphones in several major markets 

around the world. We expect a faster worldwide penetration of 5G smartphones with higher silicon content over the 

next several years. The need for higher power efﬁciency, speed and more complex functionalities in 5G smartphones 
will lead to increasing use of TSMC’s leading edge technologies. Therefore, we raised our 2019 capital spending to 
US$14.9 billion in order to meet this increased demand. We will continue to anticipate the growth that will follow.

We continued to work on the fundamentals of our business in 2019 by improving our quality systems to provide 

better service to our customers, enriching our R&D infrastructures, strengthening our IT architecture and security, and 

accelerating our technology differentiation.

By working consistently to provide the foundry industry’s most advanced technologies and to make it available to 
all the product innovators, TSMC continuously expands the pool of innovators who fuel the semiconductor industry 

growth. 

In 2019, our N7, in its second year, continued to see strong adoption across a wide range of products, from mobile, 

high performance computing (HPC), Internet of Things (IoT) and automotive applications. Our new 7-nanometer Plus 
(N7+) technology also came to the world’s ﬁrst high volume production with Extreme Ultraviolet (EUV) lithography 
technology. Together, this 7-nanometer family, N7 and N7+, represented 27% of our total wafer revenue in 2019. 

Our 6-nanometer (N6) technology just entered risk production in the ﬁrst quarter of 2020 and further extends our 

7-nanometer family well into the future. 

Our 5-nanometer (N5) technology, with extensive EUV adoption, will begin volume production in the ﬁrst half of 
2020. As the foundry industry’s most advanced solution, N5 is further expanding our customer product portfolio and 
increase our addressable markets.  

Our 3-nanometer (N3) technology will be another full node stride from our N5 and offer the foundry industry’s best 
PPA technology when it is introduced.

Our proprietary wafer-level packaging solutions of InFO (Integrated Fan-Out) and CoWoS® (Chip on Wafer on 
Substrate) continue to see strong momentum. We are developing 3D chip stacking solutions, such as SoIC (System on 

Integrated Chip), to provide system level solutions for the industry.

3

Highlights of TSMC’s accomplishments in 2019:
• Total wafer shipments were 10.1 million 12-inch equivalent wafers as compared to 10.8 million 12-inch equivalent 

wafers in 2018.

• Advanced technologies (16-nanometer and beyond) accounted for 50 percent of total wafer revenue, up from 41 

percent in 2018.

• We deployed 272 distinct process technologies, and manufactured 10,761 products for 499 customers.
• TSMC’s market share in the total semiconductor foundry segment increased to 52 percent in 2019 as compared to 

51 percent in the previous year.

2019 Financial Performance

Consolidated revenue reached NT$1,069.99 billion, an increase of 3.7 percent over NT$1,031.47 billion in 2018. Net 

income was NT$345.26 billion and diluted earnings per share were NT$13.32. Both decreased 1.7 percent from the 

2018 level of NT$351.13 billion net income and NT$13.54 diluted EPS. 

TSMC generated net income of US$11.18 billion on consolidated revenue of US$34.63 billion, which decreased 4.0 

percent and increased 1.3 percent respectively from the 2018 level of US$11.64 billion net income and US$34.20 

billion consolidated revenue. 

Gross proﬁt margin was 46.0 percent compared with 48.3 percent in 2018, while operating proﬁt margin was 34.8 

percent compared with 37.2 percent a year earlier. Net proﬁt margin was 32.3 percent, a decrease of 1.7 percentage 
points from 2018’s 34.0 percent.

In its second year of ramp, N7 received more than 100 customer product tape-outs by the end of 2019, while N7+ 

began volume production with EUV. Our N6 is on track for volume production before the end of 2020. N6 provides a 

clear migration path for next wave N7 products. 

Leveraging our leadership at 28-nanometer, our 22ULP (ultra-low power) and 22ULL (ultra-low leakage) technologies 

both began volume production in 2019. 22ULL supports IoT and wearable device applications while 22ULP supports 

image processing, digital TVs, set-top boxes and other consumer products. We also extended our 16-nanometer 

offerings with 12FFC+ and 16FFC+ in 2019 to support customer needs in ultra-low-power applications.

TSMC’s advanced packaging solutions enable system integration with wafer level process, by seamless integration 
of front end wafer process and backend chip packaging. In 2019, we offered the 5th generation InFO solutions with 
ﬁner interconnect line width and spacing to enable both mobile and high performance computing products. TSMC’s 
CoWoS® continued to integrate with larger interposer size for heterogeneous integration. We also are developing 
TSMC-SoIC® (System-on-Integrated Chip), an industry-leading 3D chip stacking solution that enables multiple chips in 
close proximity to deliver the best system performance.

TSMC’s ecosystem, Open Innovation Platform® (OIP), empowers our 499 distinct customers to unleash their 
innovations with fast time-to-market. In 2019, we continued to add partners to our OIP Cloud Alliance, which offers 

our customers to design in a safe and secure cloud environment. This cloud design environment signiﬁcantly increases 

design productivity. We also worked with our ecosystem partners to expand our libraries and silicon IP portfolio to 

over 26,000 items in 2019. More than 10,600 technology ﬁles and over 360 process design kits, from 0.5-micron to 

5-nanometer, are available to customers via TSMC-Online. We saw more than 100,000 customer downloads in 2019.

To implement an earlier proﬁt distribution to our shareholders, TSMC transitioned from annual cash dividend to 

quarterly cash dividend in 2019, and further raised its total cash dividend payments to NT$10.0 per share in 2019 from 

Corporate Social Responsibility

NT$8.0 a year ago.

Technological Developments

In 2019, we continued to increase our investment in R&D with a record US$2.96 billion to meet our customer needs 

and to extend our technology leadership.

Our N5 reached risk production in 2019 and will begin volume production in the ﬁrst half of 2020. N5 is expected to 

broaden our customer product portfolio and expand our addressable markets as customers seek to establish leadership 

positions for their products. 

At TSMC, we are dedicated to sound corporate governance and pursue proﬁtable growth. We also commit to the 

environment, society, and balancing the interests of all stakeholders. A sound corporate governance built upon 
our core values is the foundation of TSMC’s corporate social responsibility. As an important member of the global 
semiconductor industry, we recognize it is our responsibility to face up to the increasingly challenging global 

environment and lead by example.

In 2019, we established the Corporate Social Responsibility Executive Committee, led by Chairman. The Executive 

Committee will work with senior management across many key functions and the existing CSR committee to set 

our CSR strategy, and align with UN Sustainable Development Goals. Our focuses are driving actions on green 

manufacturing, creating an inclusive workplace for talent development, building a responsible supply chain and caring 

for the underprivileged. We will work hard to fulﬁll our role to pursue a sustainable future.

4

5

Capacity Plan

Wafer Sales Plan

2018

8%

2%

2019

2020

5%

12-13

12-13

2018

59%

41%

2019

50%

50%

12-13

2020

40-50%

50-60%

Annual Growth Rate

Capacity: million 12-inch equivalent wafers

>16nm

≤16nm

2020 wafer shipment is expected to be 11-12 million 
12-inch equivalent wafers.

Honors and Awards

TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations, 

business information disclosure and overall excellence in management from organizations including Forbes, Fortune 
Magazine, The Nikkei, CommonWealth Magazine, PricewaterhouseCoopers, RobecoSAM (S&P Global) and the Taiwan 
Stock Exchange. In technology innovations, the Company was ranked 10th in the number of patents applications in the 
US Patent & Trademark Ofﬁce, and ranked 1st in top 100 patent applicants in Taiwan. In sustainability, we were chosen 
once again as a component of the Dow Jones Sustainability Indices, becoming the only semiconductor company to be 
selected for 19 consecutive years. TSMC was also ranked 10th in CorporateKnights 2019 “Global 100 Most Sustainable 
Corporations in the World Ranking”. Meanwhile, we remained a major component in both MSCI ESG and FTSE4Good 
Emerging Index. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine.

Outlook

We believe the signiﬁcant communication advancement brought by 5G networks will unlock new usage models across 

many different types of connected end devices, and drive exponential growth of data. Together with the continuous 

innovations in algorithms, a smarter and more intelligent society emerges. Digital computation now becomes 

increasingly ubiquitous and demands massive computation power. Therefore we expect the development of 5G-related 

and HPC applications will drive strong demand for our advanced technologies in the next several years. With the most 

advanced technology and capacity, and the widest coverage of customers, TSMC is well-positioned to lead the industry 

to capture the growth.

Macroeconomic uncertainties over trade tensions between countries continued in 2020. TSMC will remain agile and 
work on the fundamentals of our business and further accelerate our technology differentiation. We will be everyone’s 
foundry and treat all customers equally and fairly. We will ﬁercely protect our intellectual property. We will conduct 

our business with the utmost integrity and uphold our Trinity of Strengths of technology leadership, manufacturing 
excellence and customers’ trust.

TSMC’s dedicated foundry business model, open innovation platform and our four core values of Integrity, 
Commitment, Innovation and Customer Trust, are what enable us to be everyone’s foundry. As we enter a new 
digital age, we will continue working closely with IC innovators around the world to create values and generate good 

returns to our shareholders. We are dedicated to sound corporate governance, fulﬁlling our responsibilities as a global 

corporate citizen and pursuing a sustainable future. We thank you for your trust and commitment to TSMC, and look 

forward to a prosperous future with our shareholders.

Mark Liu
Chairman

C.C. Wei
Chief Executive Ofﬁcer 

6

7

Company Proﬁle

2.1 An Introduction to TSMC

2.2 Market/Business Summary

2

Established in 1987 and headquartered in Hsinchu Science 
Park, Taiwan, TSMC pioneered the pure-play foundry business 
model with an exclusive focus on manufacturing customers’ 
products. By choosing not to design, manufacture or market 
any semiconductor products under its own name, the Company 
ensures that it never competes with its customers. And so, the 
key to TSMC’s success has always been to enable its customers’ 
success. TSMC’s foundry business model has enabled the rise 
of the global fabless industry, and TSMC is now the world’s 
largest semiconductor foundry, manufacturing 10,761 different 
products using 272 distinct technologies for 499 different 
customers in 2019.

TSMC-manufactured semiconductors serve a global customer 
base that is large and diverse and includes a wide range of 
applications in the computer, communications, consumer, 
and industrial/standard segments. These products are used 
in a variety of end markets including mobile devices, high 
performance computing, automotive electronics and the 
Internet of Things (IoT). Strong diversiﬁcation helps to smooth 
ﬂuctuations in demand, which in turn helps TSMC maintain 
higher levels of capacity utilization and proﬁtability, and generate 
healthy returns for future investment.

The annual capacity of the manufacturing facilities managed by 
TSMC and its subsidiaries exceeded 12 million 12-inch equivalent 
wafers in 2019. These facilities include three 12-inch wafer 
GIGAFAB® fabs, four 8-inch wafer fabs, and one 6-inch wafer 
fab – all in Taiwan – as well as one 12-inch wafer fab at a wholly 
owned subsidiary, TSMC Nanjing Company Limited, and two 
8-inch wafer fabs at wholly owned subsidiaries, WaferTech in the 
United States and TSMC China Company Limited. 

TSMC provides customer service, account management and 
engineering services through ofﬁces in North America, Europe, 
Japan, China, and South Korea. At the end of 2019, the 
Company and its subsidiaries employed more than 51,000 
people worldwide.

The Company is listed on the Taiwan Stock Exchange (TWSE) 
under ticker number 2330, and its American Depositary Shares 
(ADSs) are traded on the New York Stock Exchange (NYSE) under 
the symbol TSM.

2.2.1 TSMC Achievements

In 2019, TSMC maintained its leading position in the foundry 
segment of the global semiconductor industry, with an estimated 
market share of 52%, despite ongoing intense competition 
from both established players and relatively new entrants to the 
business.

The Company’s strong market position stems in great part from 
its leadership in advanced process technologies. In 2019, 50% 
of TSMC’s wafer revenue came from advanced manufacturing 
processes – deﬁned as geometries of 16nm and smaller – up 
from 41% in 2018.

TSMC offers the foundry segment’s broadest technology 
portfolio and continues to invest in advanced and specialty 
technologies to provide customers more added value. This is a 
differentiating competitive advantage for TSMC.

In 2019, the Company developed or introduced the following:

Logic Technology
• 5nm Fin Field-Effect Transistor (FinFET) (N5) technology is 
TSMC’s newest offering. This world-leading technology 
received multiple customer product tape-outs in 2019, 
including mobile and high performance computing products. 
Volume production of N5 technology is expected in the ﬁrst 
half of 2020. Compared to 7nm FinFET (N7) technology, N5 
technology offers about 15% speed improvement or about 
30% power reduction. In addition, it is optimized upfront for 
both mobile and high performance computing applications.

• 5nm FinFET Plus (N5P) technology is a performance-

enhanced version of N5 technology with same design rules. 
N5P technology provides about 20% faster speed than N7 
technology or about 40% power reduction. Design kits of 
N5P technology will be available in the next N5 revision in the 
second quarter of 2020.

9

• 6nm FinFET (N6) technology successfully completed product 
yield veriﬁcation in 2019. Thanks to mask layer reduction 
achieved through extreme ultraviolet (EUV) lithography 
technology, N6 technology could achieve better yield and 
shorten production cycles compared to N7 technology in the 
manufacture of the same products. In addition, N6 technology 
delivers about 18% higher logic transistor density than 7nm 
technology. This, along with higher yield due to mask layer 
reduction, can help customers get more good dies per wafer. 
Also, since its design rules are compatible with N7 technology, 
N6 technology can signiﬁcantly reduce customers’ product 
design cycle time and time-to-market. Risk production of N6 
technology started in the ﬁrst quarter of 2020 with volume 
production planned before the end of 2020.

• N7 technology is one of TSMC’s fastest technologies in 

volume production, and provides optimized manufacturing 
processes for both mobile computing applications and high 
performance computing components. N7 received a total of 
more than 100 customer product tape-outs by the end of 
2019, covering a wide range of applications, including mobile 
devices, game consoles, artiﬁcial intelligence (AI), central 
processing units, graphics processors, and network connected 
devices. In addition, 7nm FinFET plus (N7+) technology 
entered full-scale production in 2019 and delivered customer 
products to market in high volume. N7+ technology is the 
ﬁrst commercially available EUV-enabled foundry process 
technology in the world. Its success is a testament to TSMC’s 
world-leading capabilities in EUV volume production and paves 
a solid foundation for N6 and more advanced technologies.
• 12nm FinFET compact plus technology (12FFC+) and 16nm 
FinFET compact plus technology (16FFC+) comprise TSMC’s 
latest 16nm/12nm family of offerings following 16nm FinFET 
plus technology (16FF+), 16nm FinFET compact technology 
(16FFC) and 12nm FinFET compact technology (12FFC). 
12FFC+ and 16FFC+, which entered risk production in 2019, 
drive product performance and power consumption to the 
best levels among all the foundry’s 16/14nm technologies. 
16FF+ is aimed at high performance product applications, 
including mobile devices, servers, graphics and cryptocurrency. 
All 12FFC+, 12FFC, 16FFC+ and 16FFC technologies can 
support customer needs in mainstream and ultra-low power 
(ULP) product applications, including low-end to mid-range 

mobile phones, consumer electronics, digital TVs and the 
Internet of Things (IoT). So far, 12FFC+, 12FFC, 16FFC+, 
16FFC and 16FF+ have received a total of more than 500 
customer product tape-outs, most of which have been ﬁrst-
time silicon successes.

• 22nm ultra-low leakage (ULL) (22ULL) technology began 
volume production in 2019 to support IoT and wearable 
devices applications. In addition, 22ULL low Vdd (low 
operating voltage) solutions were ready in 2019. Compared to 
40ULP and 55ULP technologies, 22ULL technology offers new 
ULL device, ULL SRAM (static random access memory), and low 
Vdd solutions to signiﬁcantly lower power consumption.
• 22nm ULP (22ULP) technology was developed based on 

TSMC’s industry-leading 28nm technology and started volume 
production in 2019. Compared to 28nm high performance 
compact plus (28HPC+) technology, 22ULP provides 10% area 
reduction with 10% speed gain, or 20% power reduction for 
many applications including image processing, digital TVs, set-
top boxes, smartphones and consumer products.

• 28HPC+ technology accumulated more than 300 customer 
product tape-outs by the end of 2019. 28HPC+ technology 
provides further performance enhancement or power 
reduction in mainstream smartphone, digital TV, storage, 
audio and SoC (System-on-Chip) applications. Compared to 
28HPC technology, 28HPC+ technology improves performance 
by about 15% or reduces leakage by about 50%. 

• 40nm ULP (40ULP) technologies received a total of over 100 
product tape-outs by the end of 2019. These technologies 
support a variety of IoT and wearable devices applications, 
including wireless connectivity, wearable application processors 
and micro control units (MCUs). In addition, TSMC uses 
its leading 40ULP low Vdd technology to offer low energy 
consumption solutions for IoT devices and wearable connected 
devices. Development of new, enhanced analog devices is 
progressing well, which will enrich the 40ULP platform to 
support customers for broader analog design needs in the 
future.

• 55nm ultra-low power (55ULP) technology received a total of 
over 70 customer tape-outs by the end of 2019. Compared to 
55nm low power (55LP) technology, 55ULP can signiﬁcantly 
increase battery life for IoT applications. In addition, it 
integrates RF (radio frequency) and eFlash (embedded ﬂash) to 
simplify customers’ SoC designs.

Specialty Technology
• 16FF+ technology has begun production for customer 

applications in the automotive industry since 2017. 16FFC 
foundation IPs (intellectual properties) passed the Automotive 
Electronic Council AEC-Q100 Grade-1 qualiﬁcation and were 
certiﬁed for functional safety standard ISO 26262 ASIL-B. 
In addition, TSMC 9000A was introduced for automotive IP 
management to complete the automotive ecosystem with 
third party IP vendors. TSMC continues to develop more 7nm 
automotive foundation IPs, which completed AEC-Q100 
Grade-2 qualiﬁcation in the ﬁrst quarter of 2020.

• 16FFC RF led the foundry to start volume production of the 
ﬁfth generation (5G) mobile network chips for customers in 
the ﬁrst half of 2018. This technology has been extended 
to the next generation wireless local area network (WLAN) 
802.11ax and Millimeter Wave (mmWave) applications, as well 
as to wireless connectivity applications such as smartphones 
using the 5G mobile network. Continuing to advance 16FFC 
RF technology, in 2019 TSMC not only delivered the world’s 
ﬁrst FinFET device whose fT (cut-off frequency) can reach 
>300GHz but also completed the development of the world’s 
ﬁrst and best FinFET device whose fmax can reach >400GHz. 
This high-performance and cost-effective technology will be 
used in many applications such as radar sensing and AR/VR to 
reduce chip power consumption and die size and to enable 
SoC designs.

• 22ULL RF technology extended its support for wireless LAN 

power ampliﬁer devices and ultra-low leakage devices in 2019, 
in addition to magnetic random access memory (MRAM), 
resistive random access memory (RRAM) and high fT devices. 
This further supports chip development for 5G mmWave 
mobile communication and IoT applications. 

• 22ULL embedded RRAM technology started risk production in 
2019 and is expected to complete IP reliability qualiﬁcation in 
2020. This technology can support various applications such as 
IoT MCUs and AI memory devices.

• 22ULL embedded magnetic random access memory (MRAM) 
technology IPs are expected to complete reliability qualiﬁcation 
in 2020. In addition, 16nm MRAM is under development and 
is progressing well. MRAM technology provides a competitive 
migration path for eFlash replacement of high reliability MCUs, 
including AEC-Q100 Grade-1 applications.

• 28HPC+ RF technology led the foundry segment to deliver the 
ﬁrst RF process design kit (PDK) in 2018, providing support for 
110GHz mmWave, 150°C automotive grade and so on for 5G 
mmWave RF and automotive radar product designs. In 2019, 
28HPC+RF technology extended its support for ultra-low 
leakage devices and embedded ﬂash. Customer products of 
5G mmWave RF and automotive radar are already in volume 
production. 

• 28nm ULL eFlash technology completed AEC-Q100 Grade-1 
reliability qualiﬁcation in 2019. TSMC continues to enhance 
this technology, which is expected to meet more stringent 
AEC-Q100 Grade-0 requirements in 2020.

• 40ULP eFlash technology received over 40 product tape-outs 
by the end of 2019, including MCUs, wireless MCUs and 
security elements. 40ULP eFlash technology also offered a low 
Vdd option, which provides low energy consumption solutions 
for IoT devices and wearable connected devices. 

• 40ULP embedded RRAM technology IPs completed reliability 

qualiﬁcation in 2019. This technology is fully CMOS 
(Complementary Metal Oxide Semiconductor) logic compatible 
for PDK and IP re-use for applications including wireless MCU, 
IoT and wearable devices.

• 40ULP analog platform was further enhanced for reduced 
noise, improved mismatch and lower leakage devices and 
so on. Complete design documents are expected to be 
ready in 2020. This enhanced 40ULP analog platform is fully 
logic compatible and supports analog designs that require 
high precision analog performance along with low power 
consumption.

• 12-inch 0.13µm Bipolar-CMOS-DMOS (BCD) plus technology, 
which began production in 2017, saw signiﬁcant wafer 
shipment growth in both 2018 and 2019. Compared to 
the previous 0.13µm BCD technology, this technology 
provides continuous performance improvement and features 
enhancement for power management applications in high-end 
smartphones.

• 0.18µm BCD third generation passed AEC-Q100 Grade-1 
qualiﬁcation in 2018, and went on to meet AEC-Q100 
Grade-0 qualiﬁcation in 2019. This technology provides 
superior cost competitiveness compared to the second 
generation BCD.

10

11

• Gallium nitride (GaN) on silicon technology was further 

enhanced to integrate GaN power switches with drivers in 
both 650V and 100V platforms, as well as improve reliability 
to support customer deigns for higher power density and 
efﬁciency solutions for various market applications. Both 650V 
and 100V GaN IC technology platforms are expected to be 
ready in 2020.

• Organic light-emitting diode (OLED) on silicon panel 
technology increases pixel density by ﬁve to ten times 
compared to the traditional OLED on glass technology and 
can support the growing demand for high-quality AR/VR 
(augmented reality / virtual reality) goggles. In working with 
customers, TSMC successfully demonstrated this technology on 
both 8-inch and 12-inch high voltage (HV) technologies, which 
paves the way for AR/VR suppliers to develop next generation 
goggles for various industrial, medical and consumer 
electronics applications.

• As machine vision is quickly deployed in many security, 

automotive, home, and mobile communication applications, 
TSMC offers the next generation global shutter CMOS image 
sensor (CIS) and enhanced near infrared (NIR) CIS technologies, 
making machine vision systems safer, smaller, and consume 
less power.

• TSMC successfully supported customer to deliver the world’s 
smallest CMOS-MEMS (micro-electromechanical systems) 
monolithic accelerometer in chip scale packaging (CSP) format, 
smaller than 1mm2 in size. This small footprint can help reduce 
the size and weight of many IoT and wearable devices.

Advanced Packaging Technology
• Successfully developed InFO-PoP (Integrated Fan-Out Package-
on-Package) technology which integrates 7nm SoC (System-
on-Chip) and DRAM (dynamic random access memory) for 
advanced mobile device applications and delivered several 
customer products to market in high volume in 2019.
• CoWoS® (Chip on Wafer on Substrate) technology that 
heterogeneously integrates multiple 7nm SoC chips and 
the second generation high bandwidth memory (HBM2) 
on 2-retcile size silicon interposer successfully completed 
qualiﬁcation in the third quarter of 2019 for high performance 
computing applications.

• In addition to CoWoS®, InFO_oS (Integrated Fan-Out on 
Substrate) technology integrating multiple 7nm SoC chips 
began volume production in 2019.

• Fine pitch copper (Cu) bump technology for ﬂip chip 

packaging on 5nm silicon successfully completed qualiﬁcation 
in 2019 for both advanced mobile device and high 
performance computing applications.

• Successfully developed 16nm silicon in wafer level chip scale 
packaging (WLCSP) technology and delivered customer 
products to market in high volume in 2019 for IoT and high-
end smartphone applications.

2.2.2 Market Overview

TSMC estimates that the worldwide semiconductor market 
excluding memory was US$327 billion in revenue in 2019, 
representing a 2% decline from 2018. In the foundry segment of 
the semiconductor industry, total revenue was US$67 billion in 
2019, ﬂat from 2018.

2.2.3 Industry Outlook, Opportunities and Threats

Industry Demand and Supply Outlook
TSMC’s back-to-back years of growth in the foundry segment 
was driven by relatively healthy market demand. However, for 
2020, the COVID-19 pandemic brings about uncertainty on 
both supply and demand of the total semiconductor industry. 
Considering the potential impacts, TSMC forecasts the total 
semiconductor market excluding memory to be ﬂat or slightly 
decline. Over the longer term, however, fueled by increasing 
semiconductor content in electronic devices, continuing market 
share gains by fabless companies, gradual increases in integrated 
device manufacturer (IDM) outsourcing, and expanding in-house 
application-speciﬁc integrated circuits (ASIC) from systems 
companies, the Company expects its foundry segment revenue 
to outpace the mid-single digit compound annual growth 
rate projected for the overall semiconductor market excluding 
memory from 2019 through 2024.

As an upstream supplier in the semiconductor supply chain, the 
foundry segment is tightly correlated with the market health of 
the major platforms, including smartphone, high performance 
computing (HPC), Internet of Things (IoT), automotive, and 
digital consumer electronics (DCE).

• Smartphone
Smartphone unit shipments, which were down for the ﬁrst 
time in their history in 2018, by 4%, declined again in 2019, by 
2%, reﬂecting established high penetration in many developed 
countries and China. For 2020, with 5G commercialization 
accelerating, new 5G smartphones will likely shorten the overall 
replacement cycle. However, COVID-19 pandemic may delay 
smartphone replacement. As a result, TSMC projects a high-single 
digit decline for smartphone market in 2020. Over the longer 
term, migration to 5G, together with improved performance, 
longer battery life, biosensors and more AI features, will all 
continue to propel new smartphone sales going forward.

• Automotive
The car unit sales fell 5% in 2019, because of the softened global 
economies. It is projected to decline again at low-teens in 2020 
due to COVID-19 pandemic and continued macro uncertainty.

Moving forward, TSMC expects richer semiconductor content 
requirement driven by EV (electrical vehicle), ADAS (Advanced 
Driver Assistance System) and Infotainment system to fuel the 
demand for Processors, Sensors, Analog and Power ICs. TSMC 
offers various kinds of automotive process technologies to help 
customers winning the automotive market.

• Digital Consumer Electronics (DCE)
The DCE unit shipments fell 7% in 2019. TVs and set-top boxes 
declined due to worldwide economic uncertainties, while 
MP3 players, digital cameras continued to be cannibalized by 
smartphones.

A continued drop in DCE is expected in 2020. Certain sub-
segments such as 4K and 8K (UHD) TVs should achieve positive 
growth within the sector. In addition, AI functions such as 
picture quality improvement and voice control have continuously 
been incorporated in TVs. With its broad array of advanced 
technology offerings, TSMC expects to take advantage of these 
market trends.

Supply Chain
The electronics industry features a long and complex supply 
chain, the elements of which are correlated but highly 
interdependent. At the upstream manufacturing level, IC 
vendors need to have sufﬁcient and ﬂexible supply deliveries 
to handle ﬂuctuating demand dynamics. Foundry vendors play 
an important role to ensure the health and effectiveness of the 
supply chain. As a leader in the foundry segment, TSMC provides 
advanced technologies and large-scale capacity to complement 
the innovations created in the downstream chain.

Low-power IC is an essential requirement among handset 
manufacturers, and SoC design, in which TSMC is already the 
leader, is the preferred solution due to its optimized cost, power 
and form factor (device footprint and thickness) potential. The 
migration to advanced process technologies will continue to 
accelerate, spurred by the appetite for higher performance to run 
AI applications, various complex software routines and higher 
resolution video. 

• High Performance Computing (HPC)
The HPC platform includes PC, Tablets, Server, Base Station, 
Game Console etc. Major HPC unit shipment fell by 4% in 2019, 
mainly due to prolonged replacement cycle of consumer PC, 
lower enterprise Server demand, and current generation Game 
Console entering tail of product life cycle; while partially offset by 
5G Base Station deployment and growing business PC demand.

The HPC is projected to have a mid-single digit unit decline in 
2020, impacted by COVID-19. Nevertheless, several factors are 
expected to drive demand in HPC platform, including continually 
5G Base Station deployment, rising Data Center AI Server 
demand, and next generation Game Console launching etc. All 
these require higher performance and power-efﬁcient CPUs, 
GPUs, NPUs, AI Accelerators, and related-ASICs, which will drive 
the overall HPC platform towards richer silicon content and more 
advanced process technologies.

• Internet of Things (IoT)
Internet of Things (IoT) platform includes various kinds of 
connected devices, such as smart wearable, smart speaker, and 
surveillance system, etc. The IoT unit shipments grew 25% in 
2019, with Bluetooth earphone, smart watch, and smart speaker 
as the major growth drivers.

Looking into 2020, despite impacted by COVID-19, the IoT unit 
shipments will grow mid-teens, thanks to continued growth 
momentum of Bluetooth earphone, smart watch, and smart 
speaker, and continued development of various applications. 
By adding more AI functions, the IoT devices will drive more 
demand for more powerful yet lower power controllers, 
connectivity IC and sensors. TSMC offers high-performance 
yet low-power process technologies to enable customers’ 
competitiveness for winning the market.

12

13

2.2.4 TSMC Position, Differentiation and Strategy

Position
TSMC is the worldwide semiconductor foundry leader for 
advanced, specialty and advanced packaging technologies, 
commanding a 52% market share in 2019. Net revenue by 
geography, based mainly on the country in which customers are 
headquartered, was: 60% from North America; 9% from the 
Asia Paciﬁc region, excluding China and Japan; 20% from China; 
6% from Europe, the Middle East and Africa; and 5% from 
Japan. Net revenue by platform was: 49% from the smartphone; 
30% from the high performance computing (HPC); 8% from the 
Internet of Things (IoT); 4% from automotive. In addition, 5% 
was from digital consumer electronics; and 4% from others. 

Differentiation
TSMC’s leadership position is based on three deﬁning 
competitive strengths and a business strategy rooted in the 
Company’s heritage. The Company distinguishes itself from the 
competition through its technology leadership, manufacturing 
excellence and customers’ trust.

As a technology leader, TSMC is consistently ﬁrst among 
dedicated foundries to provide next generation, leading-edge 
technologies. The Company also maintains a leadership position 
in more mature technologies by applying the lessons learned 
in leading-edge technology development to enrich its specialty 
technologies. Beyond process technology, TSMC has established 
frontend and backend integration capabilities to create the 
optimum power/performance/area “sweet spot” to help 
customer achieve faster time-to-production.

Well known for industry-leading manufacturing management 
capabilities, TSMC extends that leadership through its Open 
Innovation Platform® and Grand Alliance initiatives. The Open 
Innovation Platform® initiative quickens the pace of innovation 
in the semiconductor design community and among its 
ecosystem partners, as well as in the Company’s own IP, design 
implementation and design for manufacturing capabilities, 
process technology and backend services. A key element is 
a set of ecosystem interfaces and collaborative components 
initiated and supported by the Company that more efﬁciently 
empower innovation throughout the supply chain and drive 
the creation and sharing of new revenue and proﬁts. The TSMC 
Grand Alliance is one of the most powerful forces for innovation 
in the semiconductor industry, bringing together customers, 
electronic design automation (EDA) partners, IP partners, and 
key equipment and material suppliers at a new, higher level of 
collaboration. Its objective is to help customers, alliance members 
and TSMC win business and increase competitiveness. 

The foundation for customer trust is a commitment TSMC made 
when it opened for business in 1987 to never compete with its 
customers. As a result, TSMC has never owned or marketed a 
single semiconductor product, but instead has focused all of its 
resources on becoming the trusted foundry for its customers.

Strategy
TSMC is conﬁdent that its differentiating strengths will enable it 
to prosper from the foundry segment’s many attractive growth 
opportunities. In light of the rapid growth in four major markets, 
namely smartphone, high performance computing, the Internet 
of Things, and automotive electronics, and the fact that focus 
of customer demand is shifting from process-technology-
centric to product-application-centric, TSMC has constructed 
four corresponding technology platforms to provide customers 
with the most comprehensive and competitive logic process 
technologies, specialty technologies, IPs and packaging and 
testing technologies to shorten customers’ time-to-design and 
time-to-market. These platforms are:

Smartphone: TSMC offers leading process technologies such 
as 5nm FinFET, 6nm FinFET, 7nm FinFET Plus, and 7nm FinFET 
logic process technologies, as well as comprehensive IPs 
for premium product applications to further enhance chip 
performance, reduce power consumption, and decrease chip 
size. For mainstream product applications, TSMC offers leading 
process technologies such as 12nm FinFET compact (12FFC), 
16nm FinFET compact (16FFC), 28nm high performance 
compact (28HPC), 28nm high performance mobile compact 
plus (28HPC+), and 22nm ultra-low power (22ULP) logic 
process technologies, in addition to comprehensive IPs, to satisfy 
customer needs for high performance and low power chips. 
Furthermore, for premium, high-, mid- and low-end product 
applications, the Company also offers the most competitive, 
leading-edge specialty technologies, including RF, embedded 
ﬂash memory, emerging memory technologies, power 
management, sensors, and display chips as well as advanced 
packaging technologies such as industry-leading Integrated Fan-
Out (InFO) technology.

High Performance Computing: TSMC provides customers with 
leading process technologies such as 5nm FinFET, 6nm FinFET, 
7nm FinFET and 12/16nm FinFET, as well as comprehensive IPs 
including high-speed interconnect IPs, to meet customers’ high 
performance computing and communication requirements. The 
Company also offers multiple advanced packaging technologies 
such as CoWoS®, InFO, and 3D IC to enable homogeneous and 
heterogeneous chip integration to meet customers’ performance, 
power, and system footprint requirements. TSMC will continue to 

• Short-Term Semiconductor Business Development Plan
1.  Substantially ramp up the business and sustain advanced 
technology market share by continued increasing capacity 
and R&D investments. 

2.  Maintain mainstream technology market share by expanding 

business to new customers and market segments.

3.  Continue to enhance the competitive advantages of the 
Company’s platforms in smartphone, high performance 
computing, IoT, and automotive electronics design ecosystems 
so as to expand TSMC’s dedicated foundry services in these 
product applications.

4.  Further expand TSMC’s business and service infrastructure 

into emerging and developing markets.

• Long-Term Semiconductor Business Development Plan
1.  Continue developing leading-edge technologies at a pace 

consistent with the Moore’s Law.

2.  Broaden specialty business contributions by further 

developing derivative technologies.

3.  Provide more integrated services, covering system-level 

integration design, design technology deﬁnition, design tool 
preparation, wafer processing, and backend services, all of 
which deliver more value to customers through optimized 
solutions.

optimize its high performance computing platform offerings to 
help customers capture market growth driven by data explosion 
and application innovation.

Internet of Things: TSMC provides leading, comprehensive, and 
highly integrated ultra-low power (ULP) technology platform 
to support innovations for IoT and wearable applications. The 
Company’s leading offerings, including 55nm ULP, 40nm ULP, 
28nm ULP, and 22nm ULP/Ultra-low leakage (ULL), have been 
widely adopted by various IoT and wearable applications. 
TSMC has also extended its low Vdd (low operating voltage) 
offerings for extreme low-power applications. To support the 
ever-increasing demand in IoT edge computing and wireless 
connectivity, TSMC also offers the most competitive and 
comprehensive leading-edge specialty technologies in RF, 
enhanced analog devices, embedded ﬂash memory, emerging 
memory, sensors and display chips, as well as multiple advanced 
packaging technologies including leading InFO technology.

Automotive electronics: TSMC offers leading automotive 
technologies to support the three megatrends – safer, smarter 
and greener – in the automotive industry. The Company is 
also the industry leader in providing a robust automotive IP 
ecosystem, which covers 16nm FinFET ﬁrst and extends to 7nm 
FinFET and 5nm FinFET, for advanced driver-assistance systems 
(ADAS) and advanced in-vehicle infotainment (IVI), the two 
most computationally demanding systems in the automotive 
industry. In addition to its advanced logic platform, TSMC offers 
broad and competitive specialty technologies, including 28nm 
embedded ﬂash memory, 28nm, 22nm, and 16nm mmWave RF, 
high sensitivity CMOS Image/LiDAR (light detection and ranging) 
sensors, and power management ICs. Magnetic random access 
memory (MRAM), an emerging technology, is being developed 
with good progress to meet automotive Grade-1 requirements. 
All these automotive technologies are applied to TSMC’s 
automotive process qualiﬁcation standards based on AEC-Q100 
standards.

TSMC continually strengthens its core competitiveness and 
deploys both short-term and long-term plans for technology and 
business development and assists customers in taking on the 
challenges of short product cycles and intense competition in the 
electronic products market to meet ROI and growth objectives.

14

15

2.3 Organization

2.3.1 Organization Chart

Audit Committee

Compensation 

Committee

Shareholders’ Meeting

Board of Directors,  

Chairman,

Vice Chairman

As of 2/29/2020

CEO Ofﬁce

Corporate Governance 

Ofﬁcer

Internal Audit

Operations,

Research and Development, 

More-than-Moore Technologies,

Europe and Asia Sales, 

North America, 

Business Development,

Corporate Planning Organization,

Corporate Strategy Ofﬁce,

Quality and Reliability,

Information Technology /

Materials Management and Risk 

Management, 

Finance,

Legal, 

Human Resources

2.3.2 Major Corporate Functions  

Operations
• Operations including all fabs in Taiwan and overseas, 
and manufacturing technology development; product 
development, advanced packaging technology development, 
production and service integration, and support and service for 
customers in Asia, Europe, and North America

Quality and Reliability
• Assurance of the quality and reliability of the Company’s 
products by resolving reliability issues at new technology 
development stage; improving and managing product quality 
at production stage; providing solutions to resolve customers’ 
quality related issues; and providing services for advanced 
materials and failure analysis

Research and Development
• Advanced technology development, exploratory research, as 

well as design and technology platform development

More-than-Moore Technologies
• Specialty technology development

Europe and Asia Sales
• Sales and market development, technical marketing, ﬁeld 
technical support and service, and business operations for 
customers in Europe and Asia, including China, Japan, Korea 
and Taiwan

North America
• Sales and market development, ﬁeld technical solutions and 

business operations for customers in North America

Business Development
• Identiﬁcation of market directions and new applications 

that shape the technology roadmap and portfolios for the 
Company. It also provides key support in strengthening 
customer relationships along with Company branding 
management 

Information Technology / Corporate Information 
Security
• Integration of the Company’s technology and business IT 

systems; infrastructure development; communication services 
and assurance of IT security and service quality; enabling the 
application of big data and machine learning to improve the 
Company’s productivity and accelerate R&D delivery 

Materials Management and Risk Management
• Procurement, warehousing, import and export, and logistics 
support; also environmental protection, industrial safety, 
occupational health and risk management

Internal Audit
• Inspection and review of the Company’s internal control 

system, its adequacy in design and effectiveness in operation, 
with independent risk assessment to ensure compliance with 
the Company’s policies and procedures as well as with external 
regulations

Finance and Spokesperson
• Corporate ﬁnance, accounting and corporate communications; 
with the head of the organization also serving as the Company 
spokesperson

Corporate Planning Organization
• Planning for operation resources, as well as for production 

and demand; the integration of business processes, corporate 
pricing, market analysis and forecasting

Legal
• Corporate legal affairs including regulatory compliance, 

commercial transactions, patents and management of other 
intellectual properties, litigation, etc. 

Corporate Strategy Ofﬁce
• Corporate strategy formation and implementation

Human Resources
• Personnel management, organizational development, physical 

security management, employee services and wellness 
management 

16

17

Chairman
Mark Liu

Vice Chairman
C.C. Wei

Director
F.C. Tseng

2.4 Board Members

2.4.1 Information Regarding Board Members

Title/Name (Note 1)

Gender

Nationality 
or Place of 
registration

Date Elected

Term Expires

Date First 
Elected

Male

U.S.

06/05/2018

06/04/2021

06/08/2017

12,913,114

0.05%

12,913,114

0.05%

Shares Held When Elected

Shares Currently Held

Shares Currently Held by Spouse & Minors

Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations

Shares

%

Shares

%

Shares

-

%

-

As of 02/29/2020

Selected Current Positions at TSMC and 
Other Companies

Bachelor Degree in Electrical Engineering, National Taiwan University
Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley

None

Former President, Worldwide Semiconductor Manufacturing Corp.
Former Senior Vice President, Advanced Technology Business, TSMC
Former Senior Vice President, Operations, TSMC
Former Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC
Former President and Co-CEO, TSMC

Chairman, Taiwan Semiconductor Industry Association (TSIA)

Male

R.O.C.

06/05/2018

06/04/2021

06/08/2017

7,179,207

0.03%

7,179,207

0.03%

261

0.00%

Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University
Ph.D. in Electrical Engineering, Yale University

CEO, TSMC

Male

R.O.C.

06/05/2018

06/04/2021

05/13/1997

34,472,675

0.13%

34,472,675

0.13%

132,855

0.00%

Former Senior Vice President, Chartered Semiconductor Manufacturing Ltd.
Former Senior Vice President, Mainstream Technology Business, TSMC
Former Senior Vice President, Business Development, TSMC
Former Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC
Former President and Co-CEO, TSMC

Director, TSMC Charity Foundation

Bachelor Degree in Electrical Engineering, National Chengkung University
Master Degree in Electrical Engineering, National Chiao Tung University
Ph.D. in Electrical Engineering, National Chengkung University
Honorary Ph.D., National Chiao Tung University
Honorary Ph.D., National Tsing Hua University

Former President, Vanguard International Semiconductor Corp.
Former President, TSMC
Former Deputy CEO, TSMC
Former Vice Chairman, TSMC
Former Director, National Culture and Arts Foundation, R.O.C.

Chairman, TSMC Education and Culture Foundation
Director, Cloud Gate Culture and Arts Foundation

Chairman of:
- TSMC China Company Ltd. (a nonpublic company)
- Global UniChip Corp.
Vice Chairman, Vanguard International Semiconductor 

Corp.

Independent Director, Chairman of Audit Committee & 

Compensation Committee member, Acer Inc.

Director 
National Development Fund, Executive Yuan  
(Note 1)
　Representative:
　Mei-ling Chen

06/05/2018

06/04/2021

12/10/1986

1,653,709,980

6.38%

1,653,709,980

6.38%

Female

R.O.C.

11/07/2017 
(Note 2)

-

-

-

-

-

-

-

-

LL.B., National Chengchi University
LL.M., National Taiwan University
LL.D., National Chengchi University

None

Former Director General, Department of Legal Affairs, Ministry of Justice, R.O.C.
Former Chairperson of Legal Affairs Committee & concurrently Chairperson of Petitions and Appeals 

Committee, Executive Yuan, R.O.C.

Former Deputy Secretary-General, Executive Yuan, R.O.C.
Former Secretary-General, Tainan City Government, R.O.C.
Former Secretary-General, Executive Yuan, R.O.C.

Former Associate Professor, Department of Law, Chinese Culture University

Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council, R.O.C.

18

(Continued)

19

　
Title/Name (Note 1)

Gender

Nationality 
or Place of 
registration

Date Elected

Term Expires

Date First 
Elected

Independent Director
Sir Peter L. Bonﬁeld

Male

UK

06/05/2018

06/04/2021

05/07/2002

Shares Held When Elected

Shares Currently Held

Shares Currently Held by Spouse & Minors

Shares

-

%

-

Shares

-

%

-

Shares

-

%

-

Male

R.O.C.

06/05/2018

06/04/2021

04/14/2000

1,480,286

0.01%

1,480,286

0.01%

16,116

0.00%

Female

R.O.C.

06/05/2018

06/04/2021

06/09/2011

-

-

-

-

5,120

0.00%

Independent Director
Stan Shih

Independent Director
Kok-Choo Chen

20

Selected Current Positions at TSMC and 
Other Companies

Chairman, NXP Semiconductors N.V., the Netherlands
Member, The Longreach Group Advisory Board, HK
Board Mentor, CMi, UK
Senior Advisor to Alix Partners, London

Director & Honorary Chairman, Acer Inc.
Chairman, CT Ambi Investment and Consulting Inc. (a 

nonpublic company)

Director of:
- Egis Technology Inc.
- Nan Shan Life Insurance Co., Ltd. (a non-listed 

company)

- Chinese Television System Inc. (a non-listed company)
- Digitimes Inc. (a nonpublic company)

None

Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations

Bachelor and Honours Degrees in Engineering, Loughborough University

Former Chairman and CEO, ICL Plc
Former CEO and Chairman of the Executive Committee, British Telecommunications Plc
Former Vice President, the British Quality Foundation
Former Director, Mentor Graphics Corp., U.S.
Former Director, Sony Corp., Japan
Former Director, L.M. Ericsson, Sweden
Former Chairman, GlobalLogic Inc., U.S. (a nonpublic company) 
Former Senior Advisor to Hampton Group, London

Fellow of the Royal Academy of Engineering
Chair of Council and Senior Pro-Chancellor, Loughborough University, UK
Board Member, EastWest Institute, New York

BSEE & MSEE, National Chiao Tung University
Honorary EE Ph.D., National Chiao Tung University
Honorary Doctor of Technology, The Hong Kong Polytechnic University
Honorary Fellowship, University of Wales, Cardiff, UK
Honorary Doctor of International Law, Thunderbird, American Graduate School of International Management, U.S.

Co-Founder, Chairman Emeritus, Acer Group
Former Chairman & CEO, Acer Group
Former Director, Qisda Corp.
Former Director, Wistron Corp.
Former Chairman, National Culture and Arts Foundation, R.O.C.

Director, Public Television Service Foundation, R.O.C.
Council member of Asian Corporate Governance Associate (ACGA)
Chairman, StanShih Foundation
Chairman, Cloud Gate Culture and Arts Foundation

Inns of Court School of Law, England
Barrister-at-law, England
Advocate & Solicitor, Singapore
Attorney-at-law, California, U.S.

Lawyer, Tan, Rajah & Cheah, Singapore, 1969-1970
Lawyer, Sullivan & Cromwell, New York, U.S., 1971-1974
Lawyer, Heller, Erhman, White & McAuliffe, San Francisco, California, U.S., 1974-1975
Partner, Ding & Ding Law Ofﬁces, Taiwan, 1975-1988
Partner, Chen & Associates Law Ofﬁces, Taiwan, 1988-1992
Vice President, Echo Publishing, Taiwan, 1992-1995
President, National Culture and Arts Foundation, R.O.C., 1995-1997
Senior Vice-President & General Counsel, TSMC, 1997-2001
Founder & Executive Director of Taipei Story House, 2003-2015
Advisor, Executive Yuan, R.O.C., 2009-2016
Director, National Culture and Arts Foundation, R.O.C., 2011-2016
Chairman, National Performing Arts Center, 2014-2017

Lecturer, Nanyang University, Singapore, 1970-1971
Associate Professor, Soochow University, 1981-1998
Chair Professor, National Tsing Hua University, 1999-2002
Professor, National Chengchi University, 2001-2004
Professor, Soochow University, 2001-2008

Founder and Executive Director, Museum207
Director, Republic of China Female Cancer Foundation

(Continued)

21

Title/Name (Note 1)

Gender

Nationality 
or Place of 
registration

Date Elected

Term Expires

Date First 
Elected

Independent Director
Michael R. Splinter

Male

U.S.

06/05/2018

06/04/2021

06/09/2015

Independent Director
Moshe N. Gavrielov
(Note 3)

Male

U.S.

06/05/2019

06/04/2021

06/05/2019

Shares Held When Elected

Shares Currently Held

Shares Currently Held by Spouse & Minors

Shares

-

-

%

-

Shares

-

%

-

-

-

-

Shares

-

-

Selected Education, Past Positions & Current Positions at Non-proﬁt Organizations

%

-

Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin Madison
Honorary Ph. D in Engineering, University of Wisconsin Madison

Former Executive Vice President of Technology and Manufacturing group, Intel Corp.
Former Executive Vice President of Sales and Marketing, Intel Corp.
Former CEO, Applied Materials, Inc.
Former Chairman, Applied Materials, Inc.
Former Director, The NASDAQ OMX Group, Inc.
Former Director, Silicon Valley Leadership Group
Former Director, Semiconductor Equipment and Materials International (SEMI)
Former Director, Meyer Burger Technology Ltd., Switzerland

Director, University of Wisconsin Foundation
Chairman of the Board, US-Taiwan Business Council

-

Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology
Master Degree in Computer Science, Technion - Israel Institute of Technology

In a variety of engineering and engineering management positions, National Semiconductor Corp. and Digital 

Equipment Corp.

In a variety of executive management positions, LSI Logic Corp., nearly 10 years
Former CEO, Verisity, Ltd.
Former Executive Vice President and General Manager of the Veriﬁcation Division, Cadence Design Systems, Inc.
Former President and CEO, Xilinx, Inc.
Former Director, Xilinx, Inc.

Director, San Jose Institute of Contemporary Art 

Selected Current Positions at TSMC and 
Other Companies

Chairman of the Board, NASDAQ, Inc.
Director of:
- Tigo Energy, Inc. (a nonpublic company)
- Pica8, Inc., U.S. (a nonpublic company)
- Gogoro Inc., Cayman Islands (a nonpublic company)
General Partner, WISC Partners LP

Executive Chairman, Wind River Systems, Inc. (a 

nonpublic company)

Director, Foretellix, Ltd. (a nonpublic company)

Remarks:
1. No member of the Board of Directors held TSMC shares by nominee arrangement.
2. Chairman and President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) are not (1) the same person, (2) in a marital relationship with each other, or (3) within  
    one degree of consanguinity.

Note 1: Major Shareholder of TSMC’s Director that is an Institutional Shareholder. 

Director that is an Institutional Shareholder of TSMC

Top 10 Shareholders

National Development Fund, Executive Yuan

Not Applicable

Major Institutional shareholders of National Development Fund: Not Applicable.

Note 2: Ms. Mei-ling Chen was appointed as the representative of National Development Fund on November 7, 2017.
Note 3: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019.

22

23

Unit: NT$

Title/Name

Chairman
Mark Liu

Vice Chairman
C.C. Wei

Director
F.C. Tseng

Director
National Development Fund, 
Executive Yuan
Representative:
    Mei-ling Chen

Independent Director 
Sir Peter L. Bonﬁeld

Independent Director 
Stan Shih

Independent Director 
Kok-Choo Chen

Independent Director 
Michael R. Splinter

Independent Director 
Moshe N. Gavrielov 
(Note 2)

2.4.2 Remuneration Paid to Directors and Independent Directors (Note 1)

Director's Remuneration

Base Compensation (A)

Severance Pay and  
Pensions (B)
(Note 3)

Compensation to  
Directors (C)

Allowances (D)
(Note 4)

(A+B+C+D) as a % of  
Net Income

Compensation Earned by a Director Who is an Employee of TSMC or 
of TSMC’s Consolidated Entities

Base Compensation, Bonuses, 
and Allowances (E) (Note 4)

Severance Pay and Pensions  
(F) (Note 3)

Employees’ Proﬁt Sharing Bonus (G)

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All 
Consolidated 
Entities

12,750,000

12,750,000

224,400

224,400

279,105,120

279,105,120

1,338,981

1,338,981

0.0850%

0.0850%

-

-

-

-

Cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

153,646,880

153,646,880

224,400

224,400

139,552,560 

9,600,000

9,600,000

1,715,592

1,715,592

0.0033%

0.0033%

9,600,000

9,600,000

14,823,720

14,823,720

12,000,000

12,000,000

12,000,000

12,000,000

14,823,720

14,823,720

8,451,777

8,451,777

-

-

-

-

-

-

-

-

-

-

-

-

0.0028%

0.0028%

0.0043%

0.0043%

0.0035%

0.0035%

0.0035%

0.0035%

0.0043%

0.0043%

0.0024%

0.0024%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

12,750,000

12,750,000

224,400

224,400

360,404,337

360,404,337

3,054,573

3,054,573 

0.1090%

0.1090%

153,646,880

153,646,880

224,400

224,400

139,552,560 

*Other than disclosure in the above table, Directors remunerations earned by providing services (e.g. providing consulting services as a non-employee) to TSMC and all consolidated entities in the 2019  
  ﬁnancial statements: Advisor Fee to Dr. F.C. Tseng NT$14,405,550.

Note 1: Directors and Independent Directors’ remuneration policies, procedures, standards and structure, as well as the linkage to responsibilities, risks and time spent:

1.  According to TSMC’s Articles of Incorporation, the Board of Directors is authorized to determine the salary for the Chairman, Vice Chairman and Directors, taking into account the extent and 

value of the services provided for the management of the Corporation and the standards of the industry within the R.O.C. and overseas.

2.  The Articles of Incorporation also provide that the compensation to directors shall be no more than 0.3% of annual proﬁts and directors who also serve as executive ofﬁcers of TSMC are 
not entitled to receive compensation to directors. According to TSMC’s Compensation Committee Charter, the distribution of compensation to directors shall be made in accordance with 
TSMC’s “Rules for Distribution of Compensation to Directors” based on the following principles: (1) directors who also serve as executive ofﬁcers of the Company are not entitled to receive 
compensation; (2) the compensation for independent directors may be higher than the other directors, as all independent directors also serve as members of the Audit Committee and 
the Compensation Committee and thus participate in the discussions as well as resolutions of related committee meetings in accordance with the charter of each committee; and (3) the 
compensation for overseas independent directors may be higher than domestic independent directors, as they require additional time to attend quarterly meetings in Taiwan.

Note 2: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019.
Note 3: Pensions funded according to applicable law. 
Note 4: The above-mentioned ﬁgures include expenses for Company cars and gasoline reimbursement, but do not include compensation paid to Company drivers (totaled NT$2,705,364). 
Note 5: Total remuneration paid to the directors from TSMC and from all consolidated entities in 2018, including their employee compensation, both accounted for 0.1997% of 2018 net income.

From TSMC

From All Consolidated Entities

Stock (Fair 
Market Value)

Cash 

Stock (Fair 
Market Value)

-

-

-

-

-

-

-

-

-

-

-

139,552,560 

-

-

-

-

-

-

-

139,552,560 

-

-

-

-

-

-

-

-

-

-

(A+B+C+D+E+F+G) as a % of 
Net Income (Note 5)

From TSMC

From All 
Consolidated 
Entities

0.0850%

0.0850%

0.0850%

0.0850%

Compensation Paid 
to Directors from 
Non-consolidated 
Afﬁliates or Parent 
Company

-

-

0.0033%

0.0033%

8,911,973

0.0028%

0.0028%

0.0043%

0.0043%

0.0035%

0.0035%

0.0035%

0.0035%

0.0043%

0.0043%

0.0024%

0.0024%

-

-

-

-

-

-

0.1940%

0.1940%

8,911,973

24

25

2.5 Management Team

2.5.1 Information Regarding Management Team

Gender

Nationality

On-board Date
(Note 2)

Male

R.O.C.

02/01/1998

Shares

7,179,207 

%

0.03%

Shares

261 

%

0.00%

Shares Held

Shares Held by  
Spouse & Minors

Shares Held in the  
Name of Others

Education and Selected Past Positions

Selected Current Positions at Other Companies

As of 02/29/2020

Managers Who are Spouses or within Second-degree 
Relative of Consanguinity to Each Other (Note 3)

Title

None

Name

None

Relation

None

Female

R.O.C.

06/01/1999

4,531,080

0.02%

2,230,268 

0.01%

Male

R.O.C.

07/01/2004

1,441,127 

0.01%

Male

U.S.

11/14/1997

-

-

-

-

-

-

Male

R.O.C.

01/01/1987

6,920,122 

0.03%

2,191,107 

0.01%

Male

R.O.C.

11/14/1994

1,000,419 

0.00%

-

-

Male

R.O.C.

01/01/1987

12,518,018

0.05%

1,019,961

0.00%

Male

R.O.C.

02/11/1987

2,553,947

0.01%

160,844

0.00%

Male

R.O.C.

12/15/1997

366,351

0.00%

60,802 

0.00%

Shares

-

-

-

-

-

-

-

-

-

%

-

-

-

-

-

-

-

-

-

Female

R.O.C.

03/20/1995

700,285 

0.00%

69,112 

0.00%

384,000 

0.00%

Female

R.O.C.

06/01/2014

139,000 

0.00%

-

-

Male

R.O.C

06/01/1992

218,535 

0.00%

1,135,529 

0.00%

Male

R.O.C.

12/28/1994

225,000 

0.00%

-

-

-

-

-

-

-

-

Title 
Name
(Note 1)

Chief Executive Ofﬁcer
C.C. Wei 

Senior Vice President
Europe & Asia Sales
Lora Ho

Senior Vice President 
Research and Development/ Technology 
Development
Wei-Jen Lo 

Senior Vice President
Corporate Strategy Ofﬁce
Rick Cassidy

Senior Vice President 
Operations/ Product Development 
Y.P. Chin 

Senior Vice President
Research and Development/ Technology 
Development
Y.J. Mii

Senior Vice President
Information Technology and Materials 
Management & Risk Management
J.K. Lin 

Senior Vice President
Operations/ Fab Operations
J.K. Wang

Vice President
Research and Development/ Technology 
Development
Cliff Hou

Vice President and General Counsel/ 
Corporate Governance Ofﬁcer 
Legal 
Sylvia Fang

Vice President 
Human Resources
Connie Ma

Vice President
Operations/ Fab Operations 
Y.L. Wang

Vice President
Research and Development/ Integrated 
Interconnect & Packaging
Doug Yu 

26

None

Ph.D., Electrical Engineering, Yale University, U.S.
President and Co-Chief Executive Ofﬁcer, TSMC
Executive Vice President and Co-Chief Operating Ofﬁcer, TSMC
Senior Vice President, Business Development, TSMC
Senior Vice President, Mainstream Technology Business, TSMC
Senior Vice President, Chartered Semiconductor Manufacturing Ltd.

Master, Business Administration, National Taiwan University, Taiwan
Senior Vice President, Chief Financial Ofﬁcer/ Spokesperson, TSMC
Senior Director, Accounting, TSMC
Vice President & CFO, TI-Acer Semiconductor Manufacturing Corp.

Ph.D., Solid State Physics and Surface Chemistry, University of California, Berkeley, U.S.
Vice President, Research and Development, TSMC
Vice President, Manufacturing Technology Operations, TSMC
Vice President, Advanced Technology Business, TSMC
Vice President, Operations II, TSMC
Director, Advanced Technology Development and CTM Plant Manager, Intel Corp.

Bachelor, Engineering Technology, United States Military Academy at West Point, U.S.
Chief Executive Ofﬁcer, TSMC North America
President of TSMC North America
Vice President of TSMC North America Account Management

Master, Electrical Engineering, National Cheng Kung University, Taiwan
Vice President, Product Development Operations, TSMC
Vice President, Advanced Technology and Business, TSMC
Senior Director, Product Engineering and Services, TSMC

Ph.D., Electrical Engineering, University of California, Los Angeles, U.S.
Vice President, Technology Development, TSMC 
TSMC Senior Director, R&D Platform I Division, TSMC

Bachelor, Science, National Changhua University of Education, Taiwan
Vice President, Mainstream Fabs and Manufacturing Technology Operations, TSMC
Senior Director, Mainstream Fabs Operations, TSMC

Master, Chemical Engineering, National Cheng Kung University, Taiwan
Vice President, 300mm Fabs Operations, TSMC
Senior Director, 300mm fabs Operations, TSMC

Director and/or Supervisor, TSMC subsidiaries

None

None

None

None

None

None

None

Director, TSMC subsidiary

None

None

None

None

None

None

None

None

None

Director

Wayne Yeh

brother in law

None

None

None

Director, TSMC subsidiaries

None

None

None

Ph.D., Electrical Engineering, Syracuse University, U.S.
Vice President, Design and Technology Platform, TSMC
Senior Director, Design and Technology Platform, TSMC

Director, TSMC subsidiaries 
Director, TSMC afﬁliate 
President, TSMC subsidiaries

None

None

None

Master of Comparative Law, School of Law, University of Iowa 
Attorney-at-law, Taiwan
Associate General Counsel, TSMC
Senior Associate, Taiwan International Patent and Law Ofﬁce (TIPLO)

EMBA, International Business Management, National Taiwan University
Director of Human Resources, TSMC
Senior Vice President of Global Human Resources, Trend Micro Inc.

Ph.D., Electrical Engineering, National Chiao Tung University, Taiwan
Vice President, Technology Development, TSMC
Vice President, Fab 14B Operations, TSMC
Senior Director, Fab 14B Operations, TSMC

Director and/or Supervisor, TSMC subsidiaries 

None

None

None

None

None

None

None

Director, TSMC subsidiary 
Director, TSMC afﬁliate

None

None

None

PhD, Materials Engineering, Georgia Institute of Technology, USA
Senior Director of Integrated Interconnect & Packaging Division in R&D, TSMC

None

None

None

None

(Continued)

27

Shares Held by  
Spouse & Minors

Shares Held in the  
Name of Others

Shares

%

Shares

%

Education and Selected Past Positions

Selected Current Positions at Other Companies

Title 
Name
(Note 1)

Vice President and TSMC Fellow
More-than-Moore Technologies
Alexander Kalnitsky 

Vice President
Business Development
Kevin Zhang

Vice President and TSMC Fellow
Operations/ Product Development
T.S. Chang

Vice President
Research and Development/  
Platform Development 
Michael Wu

Vice President
Research and Development/ Pathﬁnding
Min Cao

Vice President
Research and Development/ 
Corporate Research
H.-S. Philip Wong (Note 4)

Vice President
Operations/ Advanced Packaging 
Technology and Service 
Marvin Liao

Vice President
Operations/ Fab Operations 
Y.H. Liaw (Note 5)

Vice President
Research and Development/ Advanced 
Tool and Module Development
Simon Jang (Note 6)

Vice President and Chief Financial Ofﬁcer/ 
Spokesperson
Finance 
Wendell Huang (Note 7)

Gender

Nationality

On-board Date
(Note 2)

Male

U.S.

06/15/2009

Male

U.S.

11/01/2016

Shares Held

Shares

-

-

%

-

-

Male

R.O.C.

02/06/1995

173,781

0.00%

-

-

-

-

-

-

Male

R.O.C.

12/09/1996

478,501

0.00%

194,943

0.00%

Male

U.S.

07/29/2002

363,152

0.00%

4,470

0.00%

Male

U.S.

07/02/2018

-

-

Male

R.O.C.

06/06/2002

50,485

0.00%

Male

R.O.C.

08/03/1988

370,000

0.00%

-

-

-

-

-

-

Male

R.O.C.

09/01/1993

350,695

0.00%

663

0.00%

Male

R.O.C.

05/03/1999

1,651,418

0.01%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

220,000

0.00%

430,000

0.00%

-

-

-

-

PhD, Electrical Engineering, Carleton University, Canada
Senior Director of More-than-Moore Technologies Division in R&D, TSMC

PhD, Electrical Engineering, Duke University, USA
Vice President, Design and Technology Platform, TSMC
Vice President, Technology and Manufacturing Group, Intel Corp.

PhD, Electrical Engineering, National Tsing Hua University
Vice President, Fab 12B Operations, TSMC
Senior Director, Fab 12B Operations, TSMC

PhD, Electrical Engineering, University of Wisconsin-Madison, USA
Senior Director of N3 Platform Development Division in R&D, TSMC

PhD, Physics, Stanford University, USA
Senior Director of Pathﬁnding Division in R&D, TSMC

PhD, Electrical Engineering, Lehigh University, U.S.
Willard R. and Inez Kerr Bell Professor in the School of Engineering, Stanford University
Senior Manager, IBM Research

PhD, Materials Science, University of Texas-Arlington, U.S.
Senior Director, Backend Technology and Service Operations, TSMC
Vice President, Chartered Semiconductor Manufacturing Ltd.

Master of Chemical Engineering, National Tsing Hua University
Vice President, Fab 15B Operations, TSMC
Senior Director, Fab 15B Operations, TSMC

PhD, Materials Science & Engineering, Massachusetts Institute of Technology, U.S.
Senior Director of Advanced Tool and Module Development Division in R&D, TSMC

Master, Business Administration, Cornell University, U.S.
Deputy Chief Financial Ofﬁcer, TSMC
Senior Director, Finance Division, TSMC
Vice President, Corporate Finance, ING Barings
Vice President, Corporate Finance, Chase Manhattan Bank
Vice President, Corporate Finance, Bankers Trust Company

None

None

None

None

None

None

None

None

None

Managers Who are Spouses or within Second-degree 
Relative of Consanguinity to Each Other (Note 3)

Title

None

Name

None

Relation

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

1. Deputy Director
2. Manager

1. Sharon Jang
2. Jimmy Hu

1. sister
2. brother in law

Director and/or Supervisor, TSMC subsidiaries
President, TSMC subsidiaries
Director, TSMC afﬁliate

None

None

None

Note 1: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019.
Note 2: On-board date means the ofﬁcial date joining TSMC. 
Note 3: President (or someone with an equivalent job responsibility, i.e. the highest ranking manager of the company) and Chairman are not (1) the same person, (2) in a marital relationship with each 

other, or (3) within one degree of consanguinity.

Note 4: Vice President Dr. Philip Wong resigned and became a special consultant to TSMC, effective April 1, 2020.
Note 5: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019.
Note 6: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019.
Note 7: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019.

28

29

(A+B+C+D) as a % of  
Net Income (Note 8)

From TSMC

From All 
Consolidated 
Entities

Compensation Received from  
Non-consolidated Afﬁliates or 
Parent Company

2.5.2 Compensation Paid to CEO and Vice Presidents (Note 1)
Unit: NT$ 

Salary (A)

Severance Pay and Pensions (B) 
(Note 6)

Bonuses and Allowances (C) 
(Note 7)

Employees’ Proﬁt Sharing Bonus (D)

Title

Chief Executive Ofﬁcer

Name

C.C. Wei

Vice President, Chief Financial Ofﬁcer/ Spokesperson

Wendell Huang (Note 2)

From TSMC

10,200,000 

1,324,400 

From All 
Consolidated 
Entities

10,200,000 

1,324,400 

From TSMC

224,400 

29,137 

From All 
Consolidated 
Entities

224,400 

29,137 

From TSMC

From All 
Consolidated 
Entities

From TSMC

From All Consolidated Entities

Cash

Stock (Fair 
Market Value)

Cash

Stock (Fair 
Market Value)

143,446,880 

143,446,880 

139,552,560 

8,282,931 

8,282,931 

7,293,712 

-

-

139,552,560

7,293,712

-

-

0.0850%

0.0049%

0.0850%

0.0049%

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Vice President 

Vice President

Vice President

Lora Ho

Wei-Jen Lo 

Rick Cassidy 

Y.P. Chin 

Y.J. Mii

J.K. Lin

J.K. Wang

N.S. Tsai (Note 3)

Irene Sun (Note 3)

Cliff Hou

Vice President and General Counsel/ Corporate Governance Ofﬁcer

Sylvia Fang

Vice President 

Vice President

Vice President

Connie Ma 

Y.L. Wang

Doug Yu

Vice President and TSMC Fellow

Alexander Kalnitsky

Vice President

Vice President and TSMC Fellow

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Total

Kevin Zhang

T.S. Chang

Michael Wu

Min Cao

H.-S. Philip Wong 

Marvin Liao

Y.H. Liaw (Note 4)

Simon Jang (Note 5)

84,228,682

99,426,496

1,852,476

2,207,813

544,484,140

628,671,638

505,078,355

-

505,078,355

-

0.3289%

0.3578%

95,753,082

110,950,896

2,106,013

2,461,350

696,213,951

780,401,449

651,924,628

-

651,924,628

-

0.4188%

 0.4477%

-

-

-

-

Note 1: Compensation policy, standards/packages, procedures, the linkage to operating performance and future risk exposure: The total compensation paid to the executive ofﬁcers is decided based 

on their job responsibility, contribution, company performance and projected future risks the Company will face. It is reviewed by the Compensation Committee then submitted to the Board of 
Directors for approval.

Note 2: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019.
Note 3: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. 
Note 4: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019.
Note 5: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019.
Note 6: Pensions funded according to applicable law. In accordance with TSMC Procedure of Retirement, the pension payment to Dr. N.S. Tsai and Dr. Irene Sun amounts to NT$28,084,800.
Note 7: The above-mentioned ﬁgures include the expense for the employees' cash bonuses distributed in May, August, November 2019 & February 2020, Company cars and gasoline reimbursement.
Note 8: Total compensation paid to the executive ofﬁcers from TSMC in 2018 accounted for 0.4097% of 2018 net income. Total compensation paid to the executive ofﬁcers from all consolidated entities 

in 2018 accounted for 0.4379% of 2018 net income.

Compensation Paid to CEO and Vice Presidents

NT$0 ~ NT$999,999

NT$1,000,000 ~ NT$1,999,999

NT$2,000,000 ~ NT$3,499,999

NT$3,500,000 ~ NT$4,999,999

NT$5,000,000 ~ NT$9,999,999

From TSMC

Rick Cassidy

None

None

None

None

NT$10,000,000 ~ NT$14,999,999

N.S. Tsai

2019

From All Consolidated Entities and Non-consolidated Afﬁliates

None

None

None

None

None

N.S. Tsai

NT$15,000,000 ~ NT$29,999,999

Wendell Huang, Irene Sun, Simon Jang

Wendell Huang, Irene Sun, Simon Jang

NT$30,000,000 ~ NT$49,999,999

Connie Ma, Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, 
Michael Wu, Min Cao, H.-S. Philip Wong, Marvin Liao, Y.H. Liaw

Connie Ma, Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, 
Michael Wu, Min Cao, H.-S. Philip Wong, Marvin Liao, Y.H. Liaw

NT$50,000,000 ~ NT$99,999,999

Lora Ho, Y.P. Chin, Y.J. Mii, J.K. Lin, J.K. Wang, Cliff Hou, Sylvia Fang,  
Kevin Zhang

Lora Ho, Rick Cassidy, Y.P. Chin, Y.J. Mii, J.K. Lin, J.K. Wang, Cliff Hou,  
Sylvia Fang, Kevin Zhang

Over NT$100,000,000

C.C. Wei, Wei-Jen Lo

Total

25

C.C. Wei, Wei-Jen Lo

25

30

31

2.5.3 Employees’ Proﬁt Sharing Bonus Paid to Management Team
Unit: NT$ 

Title

Chief Executive Ofﬁcer

Name

C.C. Wei 

Vice President, Chief Financial Ofﬁcer/ Spokesperson

Wendell Huang (Note 1)

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Vice President 

Vice President

Vice President

Vice President and General Counsel/ Corporate Governance Ofﬁcer

Vice President 

Vice President

Vice President

Vice President and TSMC Fellow

Vice President

Vice President and TSMC Fellow

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Total 

Lora Ho

Wei-Jen Lo 

Rick Cassidy 

Y.P. Chin 

Y.J. Mii

J.K. Lin

J.K. Wang

N.S. Tsai (Note 2)

Irene Sun (Note 2)

Cliff Hou

Sylvia Fang

Connie Ma 

Y.L. Wang

Doug Yu

Alexander Kalnitsky

Kevin Zhang

T.S. Chang

Michael Wu

Min Cao

H.-S. Philip Wong 

Marvin Liao

Y.H. Liaw (Note 3)

Simon Jang (Note 4)

Note 1: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019.
Note 2: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. 
Note 3: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019.
Note 4: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019.

Stock 
(Fair Market Value)

-

-

-

-

Cash

139,552,560 

7,293,712 

Total

Total Employees’ Proﬁt Sharing Bonus Paid 
to Management Team as a % of Net Income

139,552,560 

7,293,712 

0.0404%

0.0021%

505,078,355

505,078,355

0.1463%

651,924,628

651,924,628

0.1888%

32

33

Corporate Governance

3.1 Overview

3

TSMC advocates and acts upon the principles of operational transparency and respect for shareholder rights. We believe that the basis 
for successful corporate governance is a sound and effective Board of Directors. In line with this principle, the TSMC Board delegates 
various responsibilities and authority to two Board Committees, Audit Committee and Compensation Committee. Each Committee has a 
written charter approved by the Board. Each Committee’s chairperson regularly reports to the Board on the activities and actions of the 
relevant committee.

2019 Corporate Governance Awards and Ratings

Organization

Committee of 100

Awards

Founder Dr. Morris Chang was honored with Lifetime Achievement Awards

FT-ODX (Financial Times Outstanding Directors Exchange)

Our Independent Director Sir Peter L. Bonﬁeld received 2019 Outstanding Directors Awards

Dow Jones Sustainability Indices (DJSI)

Dow Jones Sustainability World Index for the 19th consecutive year
Dow Jones Sustainability Emerging Markets Index

MSCI ESG Indexes

FTSE4Good Indexes

Nikkei Asian Review

Taiwan Stock Exchange

FORTUNE

Institutional Investor Magazine

Forbes

MSCI ACWI ESG Leaders Index component
MSCI ACWI SRI Index component

FTSE4Good Emerging Index component
FTSE4Good TIP Taiwan ESG Index component

Asia300 Power Performers

Top 5% in Corporate Governance Evaluation of Listed Companies for the 5th consecutive year
TWSE Corporate Governance 100 Index component

2019 World's Most Admired Companies 
Fortune Global 500

Most Honored Company (Technology/Semiconductors) – All-Asia
Best Corporate Governance (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia
Best ESG/SRI Metrics (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia

World's Best Employers 
Top 100 Digital Companies

CommonWealth Magazine

Corporate Social Responsibility Award – Large cap –1st Place

Taiwan Institute of Sustainable Energy

The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates
Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing Industry – Platinum Award

3.2 Board of Directors

Board Structure
TSMC’s Board of Directors consists of nine distinguished members with a great breadth of experience as world-class business leaders 
or professionals. We deeply rely on them for their diverse knowledge, personal perspectives, and solid business judgment. Five of those 
nine members are Independent Directors: former British Telecommunications Chief Executive Ofﬁcer, Sir Peter L. Bonﬁeld; Co-Founder, 
Chairman Emeritus of the Acer Group, Mr. Stan Shih; former Chairman of National Performing Arts Center and former Advisor of 
Executive Yuan, R.O.C., Ms. Kok-Choo Chen; former Chairman of Applied Materials, Inc., Mr. Michael R. Splinter; and former Chief 

35

Executive Ofﬁcer of Xilinx, Inc., Mr. Moshe N. Gavrielov. The 
number of Independent Directors exceeds 50% of the total 
number of Directors. There will be an election for one additional 
Independent Director at the 2020 Annual Shareholders’ 
Meeting. The Board approved the nomination of Mr. Yancey Hai 
(currently Chairman of Delta Electronics Inc.) as a candidate for 
Independent Director at its meeting in the ﬁrst quarter of 2020.

TSMC’s Board is comprised of a diverse group of professionals 
from different backgrounds in industries, academia, law, etc. 
These professionals include citizens from Taiwan, Europe and 
the U.S. with world-class business operating experience, two of 
whom are female.

Board Responsibilities
Inheriting the spirit of TSMC’s Founder, Dr. Morris Chang’s 
philosophy on corporate governance, under the leadership 
of Chairman Dr. Mark Liu and CEO & Vice Chairman Dr. C.C. 
Wei, TSMC’s Board of Directors takes a serious and forthright 
approach to its duties and is a dedicated, competent and 
independent Board.

The Board’s primary duty is to supervise the Company’s 
compliance with relevant laws and regulations, ﬁnancial 
transparency, timely disclosure of material information, and 
maintaining of the highest integrity. TSMC’s Board of Directors 
strives to perform these responsibilities through its Audit 
Committee and the Compensation Committee, the hiring of 
a ﬁnancial expert consultant for the Audit Committee, and 
coordination with our Internal Audit department.

The second duty of the Board of Directors is to evaluate the 
management’s performance and to appoint and dismiss ofﬁcers 
of the Company when necessary. TSMC’s management has 
maintained a healthy and functional communication with the 
Board of Directors, has been devoted in executing guidance of 
the Board, and is dedicated in running the business operations, 
all to achieve the best interests for TSMC shareholders.

The third duty of the Board of Directors is to resolve important, 
concrete matters, such as capital appropriations, investment 
activities, dividends, etc.

The fourth duty of the Board of Directors is to provide guidance 
to the management team of the Company. Quarterly, TSMC’s 
management reports to the Board on a variety of subjects. The 
management also reviews the Company’s business strategies 
with the Board and updates TSMC’s Board on the progress of 
those strategies, obtaining Board guidance as appropriate.

Nomination and Election of Directors
TSMC envisions the membership of its esteemed Board of 
Directors to be composed of highly ethical professionals with 
the necessary knowledge, experience and understanding from 
diverse backgrounds. In 2019, TSMC established “Guidelines 
for Nomination of Directors”, which describes the procedures 
and criteria for the nomination, qualiﬁcation and evaluation of 

candidates for Directors. In addition, TSMC envisions its Board 
to be composed of a majority of independent directors, with 
the independence of each independent director candidate 
considered and assessed under relevant laws. 

Directors shall be elected pursuant to the candidate nomination 
system speciﬁed in Article 192-1 of the R.O.C. Company Law. 
The tenure of ofﬁce for Directors shall be three years. The 
independence of each independent director candidate is also 
considered and assessed under relevant law such as the Taiwan 
“Regulations Governing Appointment of Independent Directors 
and Compliance Matters for Public Companies”. Under R.O.C. 
law, in which TSMC was incorporated, any shareholders holding 
one percent or more of our total outstanding common shares 
may nominate their own candidate to stand for election as 
a Board member. This democratic mechanism allows our 
shareholders to become involved in the selection and nomination 
process of Board candidates. The ﬁnal slate of candidates 
is put to the shareholders for voting at the relevant annual 
shareholders’ meeting.

There are no limits on the number of terms that a director may 
serve. We believe the Company beneﬁts from the contributions 
of directors who have over their years of dedicated service 
acquired unique insights into the operations and ﬁnancial 
developments of the Company. The Company reviews the 
appropriateness of each director’s continued service to ensure 
there are new viewpoints available to the Board.

Directors’ Compensation
According to TSMC’s Articles of Incorporation, the Board of 
Directors is authorized to determine the salary for the Chairman, 
Vice Chairman and Directors, taking into account the extent 
and value of the services provided for the management of the 
Corporation and the standards of the industry within the R.O.C. 
and overseas.

TSMC’s Articles of Incorporation also state that not more 
than 0.3 percent of our annual proﬁts may be distributed 
as compensation to our directors. In addition, directors 
who also serve as executive ofﬁcers of the Company are not 
entitled to receive any director compensation. According to 
TSMC’s Compensation Committee Charter, the distribution of 
compensation to directors shall be made in accordance with 
TSMC’s “Rules for Distribution of Compensation to Directors” 
based on the following principles: (1) directors who also 
serve as executive ofﬁcers of the Company are not entitled to 
receive compensation; (2) the compensation for independent 
directors may be higher than other directors, as all independent 
directors also serve as members of the Audit Committee 
and Compensation Committee and thus participate in the 
discussions as well as resolutions of related committee meetings 
in accordance with the charter of each committee; and (3) the 
compensation for overseas independent directors may be higher 
than domestic independent directors, as they require additional 
time to attend quarterly meetings in Taiwan.

Directors’ Professional Qualiﬁcations and Independence Analysis
According to the relevant requirements set by Taiwan’s Securities and Futures Bureau, the professional qualiﬁcations and independence 
status of the Company’s Board members are listed in the table below.

Meet the Following Professional Qualiﬁcation Requirements, 
Together with at Least Five Years Work Experience

Criteria (Note)

An Instructor or 
Higher Position in 
a Department of 
Commerce, Law, 
Finance, Accounting, 
or Other Academic 
Department Related 
to the Business Needs 
of the Company in 
a Public or Private 
Junior College, 
College or University

A Judge, Public 
Prosecutor, Attorney, 
Certiﬁed Public 
Accountant, or 
Other Professional or 
Technical Specialists 
Who Has Passed a 
National Examination 
and Been Awarded 
a Certiﬁcate in a 
Profession Necessary 
for the Business of 
the Company 

Have Work 
Experience in the 
Area of Commerce, 
Law, Finance, or 
Accounting, or 
Otherwise Necessary 
for the Business of 
the Company 

1

2

3

4

5

6

7

8

9

10

11

12

Number of Other
Taiwanese Public
Companies
Concurrently
Serving as an
Independent
Director

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

0

0

0

1

0

0

0

0

0

Criteria

Name

Mark Liu
Chairman

C.C. Wei
Vice Chairman

Mei-ling Chen
Director

F.C. Tseng
Director

Sir Peter L. Bonﬁeld
Independent Director

Stan Shih
Independent Director

Kok-Choo Chen
Independent Director

Michael R. Splinter
Independent Director

Moshe N. Gavrielov
Independent Director

Note: Directors, during the two years before being elected and during the term of ofﬁce, meet any of the following situations, please tick the appropriate corresponding boxes:

1.  Not an employee of the company or any of its afﬁliates;
2.  Not a director or supervisor of the company or any of its afﬁliates.;
3.  Not a natural-person shareholder who holds shares, together with those held by the person’s spouse, minor children, or held by the person under others’ names, in an aggregate amount of one 

percent or more of the total number of issued shares of the company or ranks as one of its top ten shareholders;

4.  Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of any of the ofﬁcer in the preceding 1 subparagraph, or of any of the above 

persons in the preceding subparagraphs 2 and 3;

5.  Not a director, supervisor, or employee of a corporate/institutional shareholder that directly holds ﬁve percent or more of the total number of issued shares of the company, ranks as of its top ﬁve 

shareholders, or has representative director(s) serving on the company’s board based on Article 27 of the Company Law.

6.  Not a director, supervisor, or employee of a company of which the majority of board seats or voting shares is controlled by a company that also controls the same of the company;
7.  Not a director, supervisor, or employee of a company of which the chairman or CEO (or equivalent) themselves or their spouse also serve as the company’s chairman or CEO (or equivalent);
8.  Not a director, supervisor, ofﬁcer, or shareholder holding ﬁve percent or more of the shares of a speciﬁed company or institution that has a ﬁnancial or business relationship with the company;
9.  Other than serving as a compensation committee member of the company, not a professional individual who, or an owner, partner, director, supervisor, or ofﬁcer of a sole proprietorship, 

partnership, company, or institution that, provides commercial, legal, ﬁnancial, accounting services or consultation to the company or to any afﬁliate of the company, or a spouse thereof, and 
the service provided is an “audit service” or a “non-audit service which total compensation within the recent two years exceeds NTD500,000”;

10.  Not having a marital relationship, or a relative within the second degree of kinship to any other director of the company;
11.  Not been a person of any conditions deﬁned in Article 30 of the Company Law; and
12.  Not a governmental, juridical person or its representative as deﬁned in Aticle 27 of the Company Law.

36

37

          
TSMC’s Audit Committee is empowered by its Charter to conduct 
any study or investigation it deems appropriate to fulﬁll its 
responsibilities. It has direct access to TSMC’s internal auditors, 
the Company’s independent auditors, and all employees of the 
Company. The Committee is authorized to retain and oversee 
special legal, accounting, or other consultants as it deems 
appropriate to fulﬁll its mandate. The Audit Committee Charter is 
available on TSMC’s corporate website.

3.2.2 Compensation Committee

The Compensation Committee assists the Board in discharging 
its responsibilities related to TSMC’s compensation and beneﬁts 
policies, plans and programs, and in the evaluation and 
compensation of TSMC’s directors of the Board and executives.

The members of the Compensation Committee are appointed 
by the Board as required by R.O.C. law. According to TSMC’s 
Compensation Committee Charter, the Committee shall consist 
of no fewer than three independent directors of the Board. 
The Compensation Committee is comprised of all independent 
directors, and the Board appointed Mr. Yancey Hai as a member 
of the Compensation Committee on February 11, 2020. The 
Chairman of the Board and the Chief Executive Ofﬁcer are invited 
by the Committee to attend all meetings and are excused from 
the Committee’s discussion of their own compensation.

TSMC’s Compensation Committee is authorized by its Charter 
to retain an independent consultant to assist in the evaluation 
of CEO, or executive ofﬁcer compensation. The Compensation 
Committee Charter is available on TSMC’s corporate website.

3.2.1 Audit Committee

The Audit Committee assists the Board in fulﬁlling its oversight of 
the quality and integrity of the accounting, auditing, reporting, 
and ﬁnancial control practices of the Company.

The Audit Committee is responsible to review the following 
major matters:
• Financial reports; 
• Auditing and accounting policies and procedures; 
• Internal control systems and including related policies and 

procedures; 

• Material asset or derivatives transactions; 
• Material lending funds, endorsements or guarantees; 
• Offering or issuance of any equity-type securities; 
• Derivatives and cash investments; 
• Legal compliance; 
• Related-party transactions and potential conﬂicts of interests 

involving executive ofﬁcers and directors; 

• Ombudsman reports; 
• Fraud prevention and investigation reports; 
• Corporate IT security; 
• Corporate risk management; 
• Performance, independence, qualiﬁcation of independent 

auditor; 

• Hiring or dismissal of an attesting CPA, or the compensation 

given thereto; 

• Appointment or discharge of ﬁnancial, accounting, or internal 

auditing ofﬁcers; 

• Assessment of Committee Charter and fulﬁllment of Audit 

Committee duties; and 

• Assessment of the Committee’s performance, etc.

Under R.O.C. law, the membership of Audit Committee shall 
consist of all independent directors. TSMC’s Audit Committee 
satisﬁes this statutory requirement. The Committee also engaged 
a ﬁnancial expert consultant in accordance with the rules of the 
U.S. Securities and Exchange Commission. The Audit Committee 
annually conducts self-evaluation to assess the Committee’s 
performance and identify areas for further attention.

Compensation Committee Members’ Professional Qualiﬁcations and Independence Analysis
According to the relevant requirements set by Taiwan’s Securities and Futures Bureau, the professional qualiﬁcations and independence 
status of the Company’s Compensation Committee members are listed in the table below.

Meet the Following Professional Qualiﬁcation Requirements, Together with 
at Least Five Years Work Experience

Criteria (Note 1)

An Instructor or Higher 
Position in a Department 
of Commerce, Law, 
Finance, Accounting, 
or Other Academic 
Department Related 
to the Business Needs 
of the Company in a 
Public or Private Junior 
College, College or 
University 

A Judge, Public 
Prosecutor, Attorney, 
Certiﬁed Public 
Accountant, or Other 
Professional or Technical 
Specialists Who Has 
Passed a National 
Examination and Been 
Awarded a Certiﬁcate in 
a Profession Necessary 
for the Business of the 
Company 

Have Work 
Experience in the 
Area of Commerce, 
Law, Finance, 
or Accounting, 
or Otherwise 
Necessary for the 
Business of the 
Company 

1

2

3

4

5

6

7

8

9

10

Number of Other 
Taiwanese Public 
Companies 
Concurrently 
Serving as a 
Compensation 
Committee 
Member

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

0

0

0

0

0

0

Criteria

Name
Title

Michael R. Splinter
Independent Director

Sir Peter L. Bonﬁeld
Independent Director

Stan Shih
Independent Director

Kok-Choo Chen
Independent Director

Moshe N. Gavrielov
Independent Director

Yancey Hai
Independent Member
(Note 2)

Note 1: Compensation Committee Members, during the two years before being elected or during the term of ofﬁce, meet any of the following situations, please tick the appropriate corresponding boxes:

1.  Not an employee of the company or any of its afﬁliates;
2.  Not a director or supervisor of the company or any of its afﬁliates.;
3.  Not a natural-person shareholder who holds shares, together with those held by the person’s spouse, minor children, or held by the person under others’ names, in an aggregate amount of 

one percent or more of the total number of issued shares of the company or ranks as one of its top ten shareholders;

4.  Not a spouse, relative within the second degree of kinship, or lineal relative within the third degree of kinship, of any of the ofﬁcer in the preceding 1 subparagraph, or of any of the above 

persons in the preceding subparagraphs 2 and 3;

5.  Not a director, supervisor, or employee of a corporate/institutional shareholder that directly holds ﬁve percent or more of the total number of issued shares of the company, ranks as of its top 

ﬁve shareholders, or has representative director(s) serving on the company’s board based on Article 27 of the Company Law.

6.  Not a director, supervisor, or employee of a company of which the majority of board seats or voting shares is controlled by a company that also controls the same of the company;
7.  Not a director, supervisor, or employee of a company of which the chairman or CEO (or equivalent) themselves or their spouse also serve as the company’s chairman or CEO (or equivalent);
8.  Not a director, supervisor, ofﬁcer, or shareholder holding ﬁve percent or more of the shares of a speciﬁed company or institution that has a ﬁnancial or business relationship with the company;
9.  Other than serving as a compensation committee member of the company, not a professional individual who, or an owner, partner, director, supervisor, or ofﬁcer of a sole proprietorship, 

partnership, company, or institution that, provides commercial, legal, ﬁnancial, accounting services or consultation to the company or to any afﬁliate of the company, or a spouse thereof, and 
the service provided is an “audit service” or a “non-audit service which total compensation within the recent two years exceeds NTD500,000”;

10.   Not been a person of any conditions deﬁned in Article 30 of the Company Law.

Note 2: The Board appointed Mr. Yancey Hai as a member of the Compensation Committee on February 11, 2020.

3.2.3 Corporate Governance Ofﬁcer

In 2019, the Board of Directors appointed Ms. Sylvia Fang, the Vice President of Legal and General Counsel of TSMC, as the Corporate 
Governance Ofﬁcer responsible for corporate governance matters, including handling of matters relating to Board, Audit Committee, 
Compensation Committee and Shareholders’ meetings in compliance with law, assistance in onboarding and continuing education of 
directors, provision of information required for performance of duties by directors, and assistance in directors’ compliance of law, etc.

For details on performance of duties by the Corporate Governance Ofﬁcer, please refer to “3. Corporate Governance” on page 35-55 of 
this Annual Report.

38

39

          
3.2.4 Director and Committees Members’ Attendance

Each Director is expected to attend every Board meeting and the committees meeting on which he or she serves. In 2019, the average 
Board Meeting attendance rate was 96% and the attendance rate for the Audit Committee and Compensation Committee’s Meetings 
were 96% and 90% respectively.

Board of Directors Meeting Status
TSMC’s Chairman of the Board of Directors convened four regular meetings and one special meeting in 2019. The directors’ attendance 
status is as follows.

Attendance in Person

By Proxy

Attendance Rate in Person (%)

Notes

Title

Chairman

Vice Chairman

Director

Director

Name

Mark Liu

C.C. Wei

National Development Fund, Executive Yuan
　 Representative: Mei-ling Chen

F.C. Tseng

Independent Director

Sir Peter L. Bonﬁeld

Independent Director

Stan Shih

Independent Director

Kok-Choo Chen

Independent Director

Michael R. Splinter

Independent Director

Moshe N. Gavrielov

Annotations:
A. (1) Securities and Exchange Act §14-3 resolutions:

Meeting Dates

Resolution

5

5

4

5

4

5

5

5

3

0

0

1

0

1

0

0

0

0

100%

None

100%

None

80%

None

100%

None

80%

None

100%

None

100%

None

100%

None

100%

New ofﬁce assumed (Elected to ﬁll the 
vacancy on June 5)

Any Independent Director 
Had a Dissenting Opinion or 
Qualiﬁed Opinion

None

2019 1st Regular 
Meeting
February 18 & 19

2019 2nd Regular Meeting
May 13 & 14

2019 3rd Regular Meeting
August 12 & 13

2019 4th Regular Meeting
November 11 & 12

• approving amendments to TSMC’s “Procedures for Acquisition or Disposal of Assets”
• approving amendments to TSMC’s “Procedures for Financial Derivatives Transactions”

• approving amendments to TSMC’s internal control related policies and procedures

• approving the promotion of Mr. Wendell Huang as Vice President, Chief Financial Ofﬁcer and Spokesperson of 
TSMC
• approving the appointment of Ms. Lora Ho as transitional Controller of TSMC

• approving the proposed 2020 service fees and out-of-pocket expenses for Deloitte & Touche, TSMC’s independent 
auditor
• approving the appointment of Ms. Mingli Weng as Controller of TSMC

(2) There were no other written or otherwise recorded resolutions on which an independent director had a dissenting opinion or qualiﬁed opinion in 2019.

B. Recusals of Directors due to conﬂicts of interests in 2019: Directors recused themselves from the discussion and voting of their compensation resolution.
C. Performance evaluation of the Board of Directors: TSMC will establish and implement processes to evaluate Board performance in 2020.
D. Measures taken to strengthen the functionality of the Board:

- Five of the nine current Directors are Independent Directors. The number of Independent Directors exceeds 50% of the total number of Directors. TSMC’s Directors are composed of diverse backgrounds, 
including professional backgrounds in different industries, academic and legal, etc.; nationalities in different countries in Taiwan, Europe and the U.S.; world-class business operating experience; and two 
Directors are female. 
- The Chairman of the Board of Directors is not executive ofﬁcer of the Company.
- In 2019, TSMC Board of Directors established “Guidelines for Nomination of Directors”, which describes the procedures and criteria for the nomination, qualiﬁcation and evaluation of candidates for Directors.
- In 2019, TSMC Board of Directors appointed Ms. Sylvia Fang, the Vice President of Legal and General Counsel of TSMC, as the Corporate Governance Ofﬁcer responsible for corporate governance matters.

Audit Committee Meeting Status
Sir Peter L. Bonﬁeld, Chairman of the Audit Committee, convened four regular meetings and one special meeting in 2019. The 
Committee members and consultant’s attendance status is shown in the following table. In addition to these meetings, the Committee 
members and Financial Expert Consultant participated in four telephone conferences to discuss the Company’s Annual Report to be 
ﬁled with the Taiwan and U.S. authorities and investor conference materials with management.

Title

Chair

Member

Member

Member

Member

Name

Sir Peter L. Bonﬁeld

Stan Shih

Kok-Choo Chen

Michael R. Splinter

Moshe N. Gavrielov

Financial Expert Consultant

J.C. Lobbezoo

Annotations:
A. (1) Resolutions related to Securities and Exchange Act §14-5:

Meeting Dates

Resolution

Attendance in 
Person

By Proxy

Attendance Rate 
in Person (%)

Telephone
Conferences

Attendance Rate 
of Telephone 
Conferences (%)

Notes

4

5

5

5

3

5

1

0

0

0

0

0

80%

100%

100%

100%

100%

100%

4

4

4

4

2

4

100%

None

100%

None

100%

None

100%

None

100%

New ofﬁce assumed (Note)

100%

None

Any Independent Director Had a 
Dissenting Opinion or Qualiﬁed Opinion

None

2019 1st Regular Meeting
February 18

2019 2nd Regular Meeting
May 13

2019 1st Special Meeting
June 5

2019 3rd Regular Meeting
August 12

2019 4th Regular Meeting
November 11

2020 1st Regular Meeting
February 10

• approving the 2018 annual ﬁnancial statements
• approving 2018 Statement of Internal Control System
• approving amendments to TSMC’s “Procedures for Acquisition or Disposal of Assets”
• approving amendments to TSMC’s “Procedures for Financial Derivatives Transactions”
• reviewing the ﬁrst quarter ﬁnancial statements
• approving amendments to TSMC’s internal control related policies and procedures
• reviewing the ﬁrst quarter business report and earnings distribution proposal

• approving appointment of Mr. Wendell Huang as CFO
• approving appointment of Ms. Lora Ho as transitional Controller
• reviewing the second quarter ﬁnancial statements
• reviewing the second quarter business report and earnings distribution proposal
• approving appointment of Ms. Mingli Weng as Controller
• reviewing the third quarter ﬁnancial statements
• reviewing the third quarter business report and earnings distribution proposal
• approving the proposed 2020 service fees and out-of-pocket expenses for TSMC’s independent auditor
• approving the 2019 annual ﬁnancial statements
• reviewing of 2019 business report and 2019 fourth quarter earnings distribution proposal
• approving amendments to TSMC’s “Procedures for Lending Funds to Other Parties”
• approving the proposed additional 2020 service fees to Deloitte & Touche for TSMC’s subsidiaries VisEra Tech
• reviewing Company’s ability to prepare ﬁnancial statements independently as required by regulatory authority
• approving 2019 Statement of Internal Control System

(2) There was no other resolutions which was not approved by the Audit Committee but was approved by two thirds or more of all directors in 2019.

B. There were no recusals of independent directors due to conﬂicts of interests in 2019.
C. Descriptions of the communications between the independent directors, the internal auditors, and the independent auditors in 2019 (which should include the material items, channels, and results of the audits 

on the corporate ﬁnance and/or operations, etc.):
(1) The internal auditors have sent the audit reports to the members of the Audit Committee periodically, and presented the ﬁndings of all audit reports in the quarterly meetings of the 
Audit Committee. The head of Internal Audit will immediately report to the members of the Audit Committee any material matters. During 2019, the head of Internal Audit did not 
report any such material matters. The communication channel between the Audit Committee and the internal auditor functioned well.

(2) The Company’s independent auditors have presented the ﬁndings of their quarterly review or audits on the Company’s ﬁnancial results. Under applicable laws and regulations, 
the independent auditors are also required to immediately communicate to the Audit Committee any material matters that they have discovered. During 2019, the Company’s 
independent auditors did not report any irregularity. The communication channel between the Audit Committee and the independent auditors functioned well.

The communications between the independent directors, the internal auditors, and the independent auditors are listed in the table below.

Meeting Dates

2019 1st Regular Meeting
February 18

Communications between the Independent Directors and 
the Internal Auditors

Communications between the Independent Directors and the Independent 
Auditors

• reviewing the Internal Auditor’s report (closed door)
• reviewing report on SOX 404 self-testing results for the year 2018
• reviewing and approving 2018 Statement of Internal Control System

• reviewing any audit problems or difﬁculties and management’s response in connection 
with 2018 annual ﬁnancial statements (closed door)
• reviewing regulatory developments
• reviewing external auditor relationship (i.e. qualiﬁcation, performance and independence) 

2019 2nd Regular Meeting
May 13

• reviewing the Internal Auditor’s report (closed door)
• reviewing and approving amendments to TSMC’s internal control 
related policies and procedures

2019 3rd Regular Meeting
August 12

• reviewing the Internal Auditor’s report (closed door)
• reviewing 2019 Supplier Survey Result

2019 4th Regular Meeting
November 11

• reviewing the Internal Auditor’s report (closed door)
• reviewing and approving the 2020 internal audit plan

2020 1st Regular Meeting
February 10

• reviewing the Internal Auditor’s report (closed door)
• reviewing report on SOX 404 self-testing results for the year 2019
• reviewing and approving 2019 Statement of Internal Control System

• reviewing any review problems or difﬁculties and management’s response in connection 
with 2019 ﬁrst quarter ﬁnancial statements (closed door)
• reviewing regulatory developments
• reviewing the result of CPA evaluation questionnaire
• reviewing any review problems or difﬁculties and management’s response in connection 
with 2019 second quarter ﬁnancial statements (closed door)
• reviewing regulatory developments
• reviewing any review problems or difﬁculties and management’s response in connection 
with 2019 third quarter ﬁnancial statements (closed door)
• reviewing regulatory developments
• reviewing any audit problems or difﬁculties and management’s response in connection 
with 2019 annual ﬁnancial statements (closed door)
• reviewing regulatory developments
• reviewing external auditor relationship (i.e. qualiﬁcation, performance and independence)

Result: all of above matters were reviewed and/or approved by the Audit Committee whereupon independent directors raised no objection.

Note: Mr. Moshe N. Gavrielov was elected to ﬁll the vacancy as TSMC’s independent director and became member of the Compensation Committee on June 5, 2019.

40

41

Compensation Committee Meeting Status
Mr. Michael R. Splinter, Chairman of the Compensation Committee, convened four regular meetings in 2019. The Committee members’ 
attendance status is as follows:

Title

Chair

Member

Member

Member

Member

Member

Name

Attendance in Person

By Proxy

Attendance Rate in Person (%)

Notes

Michael R. Splinter

Sir Peter L. Bonﬁeld

Stan Shih

Kok-Choo Chen

Moshe N. Gavrielov

Yancey Hai

4

3

4

4

3

-

0

1

0

0

1

-

100%

None

75%

None

100%

None

100%

None

75%

None

-

New ofﬁce assumed (Note)

Annotations:
A. In 2019, the Compensation Committee conducted four regular meetings in February, May, August as well as November. The discussion items are as follows:

- Report the matters related to employee compensation
- Total amount of quarterly employee proﬁt sharing bonus
- Total amount of annual employee proﬁt sharing
- The amount of quarterly proﬁt sharing bonus for executive ofﬁcers, CEO and Chairman
- The annual compensation of Directors and executive ofﬁcers, and the disclosure of the same in annual report 
All of above matters were reviewed and/or approved by the Compensation Committee.

B. There was no recommendation of the Compensation Committee which was not adopted or was modiﬁed by the Board of Directors in 2019.
C. There were no written or otherwise recorded resolutions on which a member of the Compensation Committee had a dissenting opinion or qualiﬁed opinion.

Note: The Board appointed Mr. Yancey Hai as a member of the Compensation Committee on February 11, 2020.

3.3 Major Decisions of Shareholders’ Meeting and Board Meetings

3.3.2 Major Resolutions of Board Meetings

During 2019 and as of the date of this Annual Report, major resolutions approved at Board meetings are summarized below:
(1) Regular Board Meeting of February 18 & 19, 2019:

• approving 2018 business report and ﬁnancial statements;
• approving distribution of 2018 proﬁts, and cash dividends, employee cash bonus and employee proﬁt sharing;
• approving capital appropriations of approximately US$3,728.9 million for purposes including: 1. Installation of advanced 
technology capacity; 2. Conversion of logic capacity to specialty technology capacity; 3. Second quarter 2019 R&D capital 
investments and sustaining capital expenditures;

• approving capital appropriation of approximately US$4.91million to increase the budget for capitalized leased assets in the ﬁrst half of 2019;
• convening the 2019 Annual Shareholders’ Meeting, at which shareholders held a by-election for one independent director; and
• approving the promotion of Mr. Y.H. Liaw as Vice President.

(2) Regular Board Meeting of May 13 & 14, 2019:

• approving capital appropriations of approximately US$3,979.8 million for purposes including: 1. Upgrading and expanding 

advanced technology capacity; 2. Conversion of certain logic capacity to specialty technology; 3. Third quarter 2019 R&D capital 
investments and sustaining capital expenditures; and

• approving capital appropriation of approximately US$115.1 million for capitalized leased assets in the second half of 2019.

(3) Special Board Meeting of June 5, 2019:

• approving a NT$2 per share cash dividend for the ﬁrst quarter of 2019, and the dividend will be paid in the fourth quarter of 
2019. All shareholders of TSMC common shares will receive a NT$8 per share cash dividend in July 2019, and a NT$2 cash 
dividend per share in the fourth quarter, for a total of NT$10 cash dividend per share; and

• setting June 30, 2019 as the record date for common stock shareholders entitled to participate in distribution of 2018 proﬁts in 

the form of cash dividend. 

3.3.1 Major Resolutions of Shareholders’ Meeting and Implementation Status

(4) Regular Board Meeting of August 12 & 13, 2019:

TSMC held 2019 Annual Shareholders’ Meeting in Hsinchu, Taiwan on June 5, 2019. At the meeting, shareholders present in person or 
by proxy approved the following resolutions:
(1) The 2018 Business Report and Financial Statements. Consolidated revenue totaled NT$1,031.47 billion and net income was 

NT$351.13 billion, with diluted earnings per share of NT$13.54;

(2) The distribution of a NT$8 cash dividend per common share;
(3) The revisions to the Articles of Incorporation; 
(4) The revisions to the following TSMC policies:

• Procedures for Acquisition or Disposal of Assets;
• Procedures for Financial Derivatives Transactions; and
(5) Election of a new Independent Director to ﬁll the vacancy.

Implementation Status
All the resolutions of the Shareholders’ Meeting have been fully implemented in accordance with the resolutions.

Mr. Moshe N. Gavrielov was elected as the Independent Director. His tenure is from June 5, 2019 to June 4, 2021.

42

• approving a NT$2.5 per share cash dividend for the second quarter of 2019, and set December 25, 2019 as the record date for 

common stock shareholders entitled to participate in this cash dividend distribution;

• approving capital appropriations of approximately US$6,502.3 million for purposes including: 1. Construction of fab facilities; 2. 
Installation, expansion and upgrade of advanced technology capacity; 3. Installation of specialty technology capacity; 4. fourth 
quarter 2019 R&D capital investments and sustaining capital expenditures;

• approving the promotion of Mr. Wendell Huang as Vice President, Chief Financial Ofﬁcer and Spokesperson, effective September 1, 2019; and
• approving the promotion of Mr. S.M. Jang as Vice President.

(5) Regular Board Meeting of November 11 & 12, 2019:

• approving a NT$2.5 per share cash dividend for the third quarter of 2019, and set March 25, 2020 as the record date for 

common stock shareholders entitled to participate in this cash dividend distribution;

• approving capital appropriations of approximately US$6,618.4 million for purposes including: 1. Fab construction, and installation 

of fab facility systems; 2. Installation of advanced technology capacity, and upgrade of advanced packaging capacity; 3. 
Installation of specialty technology capacity; 4. ﬁrst quarter 2020 R&D capital investments and sustaining capital expenditures;

• approving capital appropriation of approximately US$106.1 million for capitalized leased assets in the ﬁrst half of 2020;
• approving an investment to establish a wholly-owned subsidiary in Japan to expand our design service center for providing 

engineering services support to customers; and

• approving the appointment of Ms. Mingli Weng as controller of TSMC, effective November 13, 2019.

(6) Board Meeting of February 10 & 11, 2020:

• approving 2019 business report and ﬁnancial statements;
•  approving a NT$2.5 per share cash dividend for the fourth quarter of 2019, and set June 24, 2020 as the record date for common 

stock shareholders entitled to participate in this cash dividend distribution;

•  approving distribution of employees’ cash bonus and proﬁt sharing bonus for 2019;
•  approving capital appropriations of approximately US$6,742.1 million for purposes including: 1. Fab construction, and installation 
of fab facility systems; 2. Installation and upgrade of advanced technology capacity; 3. Installation of specialty technology capacity; 4. 
Installation of advanced packaging capacity; 5. Second quarter 2020 R&D capital investments and sustaining capital expenditures;
•  approving the issuance of no more than approximately US$2.01 billion in unsecured corporate bonds in Taiwan to ﬁnance TSMC’s 

capacity expansion and/or pollution prevention related expenditures; and

•  convening the 2020 Annual Shareholders’ Meeting, at which shareholders will hold an election for one additional independent director.

3.3.3 Major Issues of Record or Written Statements Made by Any Director Dissenting to Important Resolutions 

Passed by the Board of Directors during 2019 and as of the Date of this Annual Report: None.

43

3.4 Taiwan Corporate Governance Implementation as Required by Taiwan Financial Supervisory 

Non-
implementation
and Its Reason(s)

Same as explanation

None

None

Commission

Assessment Item

Implementation Status

Yes

No

Explanation

1. Does Company follow “Taiwan Corporate Governance Implementation” to 

V

establish and disclose its corporate governance practices?

2. Shareholding Structure & Shareholders’ Rights

(1) Does Company have Internal Operation Procedures for handling 
shareholders’ suggestions, concerns, disputes and litigation 
matters. If yes, has these procedures been implemented 
accordingly?

(2) Does Company possess a list of major shareholders and 

beneﬁcial owners of these major shareholders?

(3) Has the Company built and executed a risk management system 

and “ﬁrewall” between the Company and its afﬁliates?

(4) Has the Company established internal rules prohibiting insider 

trading on undisclosed information? 

3. Composition and Responsibilities of the Board of Directors

(1) Has the Company established a diversiﬁcation policy for 
the composition of its Board of Directors and has it been 
implemented accordingly? 

(2) Other than the Compensation Committee and the Audit 

Committee which are required by law, does the Company plan 
to set up other Board committees? 

(3) Has the Company established methodology for evaluating 

the performance of its Board of Directors, on an annual basis, 
reported the results of performance to the Board of Directors, 
and use the results as reference for directors’ remuneration and 
renewal? 

V 

V 

V 

V

V

V

V

(4) Does the Company regularly evaluate its external auditors’ 

V

independence?

TSMC has always followed excellent corporate governance practices, provided 
the utmost in operational transparency and safeguarded shareholders’ equity. 
Although the Company does not have a formal code of practice for corporate 
governance, however TSMC has always been highly regarded as the industry leader 
in implementing comprehensive corporate governance practices. In addition, 
the Company also has a world-class Board of Directors. The Company believes 
that corporate governance is based on integrity, professional management and 
implementation. TSMC has been proving its excellent corporate governance in 
its operating performance and continued winning of domestic and international 
awards on best corporate governance company.

(1) TSMC has designated appropriate departments, such as Investor Relations 

Division, the SEC Compliance Department, Legal Department, etc., to handle 
shareholder suggestions, concerns, disputes or litigation matters. 

(2) TSMC tracks the shareholdings of directors, ofﬁcers, and top ten shareholders. 

(3) TSMC has set up internal rules in the Company’s Internal Control System and 

Afﬁliated Corporations Management.

(4) TSMC has established its “Insider Trading Policy” that applies to all employees, 
ofﬁcers and members of the Board of Directors of the Company and to any 
other person having a duty of trust or conﬁdence, with respect to transactions 
in the Company’s securities. This policy prohibits any insider trading and the 
Company regularly provides internal training on this issue.

(1) In 2019, TSMC established “Guidelines for Nomination of Directors”, 

which describes the procedures and criteria for the nomination, 
qualiﬁcation and evaluation of candidates for Directors. The members 
of TSMC Board of Directors are nominated via a rigorous selection 
process. It not only considers diverse backgrounds, professional 
competence and experience, but also attaches great importance to 
his/her personal reputation on ethics and leadership. Presently, the 
Company’s Board of Directors consists of nine members who possess 
world-class managerial and/or professional experiences. We rely on 
each directors’ knowledge, personal insight and business judgment. 
TSMC’s Board is comprised of a diverse group of professionals 
from different backgrounds in industries, academia, law, etc. These 
professionals include citizens from Taiwan, Europe and the U.S. 
with world-class business operating experience, two of whom are 
female. With ﬁve independent directors, over half of our Board is 
independent.

(2) Audit Committee (founded in 2002); 

Compensation Committee (founded in 2003); 
CSR Executive Committee (founded in 2019): is formed by the 
Company’s management team and chaired by Chairman Mark Liu; 
CSR Committee (founded in 2011): is formed by the Company’s 
executive team and reports to the Board of Directors.

(3) As TSMC’s corporate governance concept, the Board of Director’s 
primary responsibility is to supervise, evaluate the management’s 
performance and dismiss ofﬁcers of the Company when necessary, 
resolve the important, concrete matters and provide guidance 
to the management team. TSMC’s Board of Directors consists of 
distinguished members with a great breadth of experience as world-
class business leaders or professionals and adhere high ethical 
standards and commitment to the Company. Each quarter’s Board 
Meeting is last for two days. Company’s resolutions are determined 
in board meeting, also business strategy and future orientation 
are discussed in the meeting, in order to create best interest for 
shareholders. Based on TSMC’s operating performance and local/
international awards of best corporate governance, it certainly proves 
the Company’s excellent performance of Board of Directors. Also, 
TSMC’s audit committee performs self-evaluation and discusses future 
issues of concern by questionnaire on annual basis.

(4) The Audit Committee annually evaluates the independence of external 
auditors and reports the same to the Board of Directors. Please refer 
to “3.9.4 Evaluation of the External Auditor’s Independence” on page 
55 of this Annual Report.

Assessment Item

4. Does the Company appoint competent and appropriate corporate 

governance personnel and corporate governance ofﬁcer to be in charge 
of corporate governance affairs (including but not limited to furnishing 
information required for business execution by directors, assisting directors’ 
compliance of law, handling matters related to board meetings and 
shareholders’ meetings according to law, and recording minutes of board 
meetings and shareholders’ meetings)?

5. Has the Company established a means of communicating with its Stakeholders 
(including but not limited to shareholders, employees, customers, suppliers, 
etc.) or created a Stakeholders Section on its Company website?  
Does the Company respond to stakeholders’ questions on corporate 
responsibilities?

6. Has the Company appointed a professional registrar for its Shareholders’ 

Meetings?

7. Information Disclosure

(1) Has the Company established a corporate website to disclose 
information regarding its ﬁnancials, business and corporate 
governance status?  

Implementation Status

Yes

No

Explanation

V

V

V

V

In 2019, the Board of Directors appointed the Vice President of Legal and General 
Counsel of TSMC as the Corporate Governance Ofﬁcer. TSMC’s Corporate & 
Compliance Legal Division, which directly reports to the General Counsel, is in 
charge of assisting in related affairs, including handling of matters relating to 
Board, Audit Committee, Compensation Committee and Shareholders’ meetings 
in compliance with law, assistance in onboarding and continuing education of 
directors, provision of information required for performance of duties by directors, 
and assistance in directors' compliance of law, etc.

Depending on the situation, the Company’s Investor Relations Division, 
Public Relations Department, SEC Compliance Department, Human Resources 
Organization, Customer Service Department and Procurement Department will 
communicate with stakeholders. We also have publicly disclosed the contact 
information of our corporate spokesperson and relevant departments. Also, we 
have a stakeholder section on our corporate website to address our corporate social 
responsibilities and any other issues. For details, please refer to “7. Corporate Social 
Responsibility” on page 113-133 of this Annual Report and “Materiality Analysis 
and Stakeholder Communication” of TSMC’s CSR Report.

We have appointed China Trust as registrar for our Shareholders’ Meetings.

(1) TSMC discloses its ﬁnancials business and corporate governance status on its 
website at https://www.tsmc.com (in Chinese and English). TSMC’s American 
Depositary Receipt (ADR) is listed on the New York Stock Exchange (NYSE). As a 
foreign issuer, TSMC must comply with NYSE’s rules. We have been operating 
in accordance with NYSE listing standards, and have been disclosing the major 
differences between our corporate governance practices and U.S. corporate 
governance practices. Please see https://www.tsmc.com/download/ir/NYSE_
Section_303A.pdf.

Non-
implementation
and Its Reason(s)

None

None

None

None

(2) Does the Company use other information disclosure channels 

V

(2) TSMC has designated appropriate departments (e.g. the Investor Relations 

(e.g. maintaining an English-language website, designating staff 
to handle information collection and disclosure, appointing 
spokespersons, webcasting investors conference etc.)? 

(3) Does the Company announce and report the annual ﬁnancial 
statements within two months after the end of the ﬁscal year, 
and announce and report the ﬁrst, second, and third quarter 
ﬁnancial statements as well as the operating status of each 
month before the prescribed deadline?

8. Has the Company disclosed other information to facilitate a better 

understanding of its corporate governance practices (e.g. including but 
not limited to employee rights, employee wellness, investor relations, 
supplier relations, rights of stakeholders, directors’ training records, the 
implementation of risk management policies and risk evaluation measures, 
the implementation of customer relations policies, and purchasing insurance 
for directors)?

V

V

Division, Public Relations Department, the SEC Compliance Department, etc.) to 
handle the collection and disclosure of information as required by the relevant 
laws and regulations of Taiwan and other jurisdictions. 
TSMC has designated spokespersons as required by relevant regulations. 
TSMC webcasts live investor conferences.

(3) TSMC follows relevant laws and regulations to announce and report the annual 
ﬁnancial statements within two months after the end of the ﬁscal year, and 
announce and report the ﬁrst, second, and third quarter ﬁnancial statements 
as well as the operating status of each month before the prescribed deadline. 
Please see https://emops.twse.com.tw/server-java/t58query.

(1) For employee rights and employee wellness, please refer to “5.5 Human Capital” 

None

on page 82-86 of this Annual Report.

(2) For investor relations, supplier relations and rights of stakeholders, please refer 
to “7. Corporate Social Responsibility” on page 113-133 of this Annual Report.

(3) For Directors’ training records, please refer to “Continuing Education/Training of 

Directors in 2019” on page 46 of this Annual Report.

(4) For Risk Management Policies and Risk Evaluation, please refer to “6.3 Risk 

Management” on page 100-111 of this Annual Report.

(5) For Customer Relations Policies, please refer to “5.4 Customer Trust” on page 

80-82 of this Annual Report.

(6) TSMC maintains D&O Insurance for its directors and ofﬁcers.

9. The improvement status for the result of Corporate Governance Evaluation announced by Taiwan Stock Exchange  

TSMC was ranked in top 5% in Corporate Governance Evaluation in 2018 and 2019. The implementation status regarding below three non-scoring items:
(1) Appointment of Corporate Governance Ofﬁcer: The Board of Directors appointed the Vice President of Legal and General Counsel of TSMC, as the Corporate Governance Ofﬁcer in 
May 2019, responsible for corporate governance matters, including handling of matters relating to Board, Audit Committee, Compensation Committee and Shareholders’ meetings 
in compliance with law, assistance in onboarding and continuing education of directors, provision of information required for performance of duties by directors, and assistance in 
directors’ compliance of law, etc.

(2) Performance evaluation of the Board of Directors: TSMC will establish and implement processes to evaluate Board performance in 2020.

(3) D&O Insurance and Report to the Board: TSMC maintains D&O Insurance for its directors and reported to the Board in February 2019. 

44

45

(Continued)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing Education/Training of Directors in 2019
The major training methods of Directors include:
• At quarterly Board meetings, TSMC management presents updates on the Company’s business, regulatory developments and other 

information;

• The Company arranges speeches on politics, economics, regulatory compliance, etc.;
• At quarterly Audit Committee meetings, TSMC’s General Counsel and the Company’s independent auditors provide regulatory update 

reports; and

• Directors participate in externally-provided training courses as needed.
In addition, from time to time, Directors are invited by other parties to give speeches on corporate governance and related topics.

Name

Date

Host by

Training/Speech Title

Mark Liu (Note)

01/18

National Taiwan University

TSMC - NTU Research Symposium

06/13
06/14

McKinsey & Company

T-30 Seminar - Disruption 2.0: A&B (AI & Blockchain)

09/18

SEMI Taiwan

11/01

TSMC
University of Tokyo

SEMICON Taiwan 2019 - Technology Think Tank Summit
Speech: The Taiwan Semiconductor Industry’s Next 60 Years

Research Symposium

Duration

1 hour

2 days

1 hour

1 hour

F.C. Tseng

03/20

Taiwan Corporate Governance Association

Corporate Governance and Legal Compliance - Starting from Anti-Corruption and Economic Crime

1.5 hours

05/08

08/01

08/07

Cyber Insurance and Corporate Governance

U.S.-China Trade Negotiations and Export Control Management

Recent Securities and Exchange Act and Tax Act Updates

Sir Peter L. Bonﬁeld

08/19

NASDAQ

Review of Changes in Governance

Stan Shih

03/20

Taiwan Corporate Governance Association

Corporate Governance and Legal Compliance - Starting from Anti-Corruption and Economic Crime

05/08

08/07

12/25

Cyber Insurance and Corporate Governance

Recent Securities and Exchange Act and Tax Act Updates

IFRS Transformation and the Adaptive Strategies of the Insurance Industry

09/04

Taiwan Insurance Institute

Anti-Money Laundering and Counter-Terrorism Financing Regulatory Analysis

Kok-Choo Chen

04/12

Taiwan Corporate Governance Association

The Last Defense Line of Corporate Governance - Directors and Supervisors Liability Insurance

Michael R. Splinter

08/19

NASDAQ

Review of Changes in Governance

Moshe N. Gavrielov

06/13
06/14

McKinsey & Company

T-30 Seminar - Disruption 2.0: A&B (AI & Blockchain)

Note: Selected speeches on corporate governance and related topics.

Continuing Education/Training of Corporate Governance Ofﬁcer in 2019

Name/Title

Date

Host by

Training/Speech Title

3 hours

3 hours

1.5 hours

4 hours

1.5 hours

3 hours

1.5 hours

3 hours

2.5 hours

3 hours

4 hours

2 days

Duration

8 hours

Sylvia Fang
Vice President and General 
Counsel / Corporate 
Governance Ofﬁcer

05/22

07/10

Intellectual Property Ofﬁce
Taiwan Trade Secret Protection Association

Ministry of Justice
Intellectual Property Ofﬁce
Bureau of Foreign Trade, Ministry of Economic Affairs
Taiwan Trade Secret Protection Association
Taiwan Law Society
National Chiao Tung University

2019 Cross-Strait Trade Secrets Investigation and Litigation Practice Forum

Trade Secrets Protection - Legislation, Practice and Enforcement

8 hours

09/09

09/27

11/02
11/03

Taiwan Hsinchu District Prosecutors Ofﬁce
Hsinchu City Government

Forum on Anti-Corruption and Integrity of Hsinchu Science Park in 2019
Speech: Trade Secrets and Business Integrity

Technology Transfer and Law Center, Industrial Technology 
Research Institute

2019 International IP Strategy Forum

Beijing Anti-Infringement and Anti-Counterfeit Alliance
Intellectual Property Research Institute of Xiamen University
Taiwan Trade Secret Protection Association

2019 Cross-Strait Trade Secret Protection Symposium

1.5 hours

6.5 hours

2 days

3.5 Code of Ethics and Business Conduct

Ethics at TSMC
“Integrity” is TSMC’s most important core value. TSMC strictly adheres to the highest standards of integrity and promotes good 
ethical behavior to sustain the hard-earned trust and conﬁdence of its shareholders, customers, suppliers, employees and the general 
public – constantly and vigilantly promoting integrity, fairness, and transparency in all that we say and do. We have zero tolerance for 
corruption, refrain from bribery, fraud, waste of corporate assets, and prohibit the advancement of personal interests at the expense of 
or in conﬂict with TSMC. At the heart of our corporate governance culture is the “TSMC Ethics and Business Conduct Policy” (“Ethics 
Code”). The Ethics Code requires that each employee bear a heavy personal responsibility to preserve and to protect TSMC’s ethical 
values and reputation. At the same time, we have formulated the “TSMC’s Supplier Code of Conduct” as well to ensure our suppliers 
understand and follow the Ethics Code and together fulﬁll our corporate social responsibilities.

Major Ethics Code Obligations
• Do not advance personal interests at the expense of or in conﬂict with the Company;
• Refrain from corruption, bribery, unfair competition, fraud, extortion, collusion, embezzlement, and waste or abuse of corporate 

assets;

• Avoid any efforts improperly to inﬂuence the decisions of anyone, including government ofﬁcials, agencies, as well as TSMC’s 

customers and suppliers;

• Do not undertake any practices detrimental to TSMC, to the environment, or to society;
• Procure all of our raw materials from socially responsible sources;
• Protect proprietary information of TSMC and our customers; and
• Abide by the letter of all applicable laws, rules and regulations.

Intellectual Property Protection: In order to build and sustain an environment of innovation, technology leadership, and sustainable 
proﬁtable growth, the Ethics Code requires that TSMC promotes business relationships founded upon an unwavering respect for the 
intellectual property rights, proprietary information and trade secrets of TSMC, our customers, and others.

Public Disclosures: TSMC’s ofﬁcers, especially our CEO, CFO, and General Counsel, with oversight from our Board, are responsible for 
the full, fair, accurate, timely, and understandable ﬁnancial accounting and ﬁnancial disclosure in reports and documents ﬁled by the 
Company with securities authorities and in all TSMC public communications and disclosures. TSMC has a variety of measures in place to 
ensure compliance with these disclosure obligations. 

Any modiﬁcation to the Ethics Code requires the approval of our Audit Committee to ensure our ethics compliance program is 
independently reviewed against corporate best practices.

Ethics Code Implementation
High Standard Ethical Culture: Our ethics program is implemented in four ways by all of TSMC’s employees, ofﬁcers and Board 
members. First, TSMC’s management sets the “tone from the top” by acting in accordance with the Ethics Code so that they may be an 
example to all stakeholders. Second, working-level managers are responsible for ensuring their staff’s understanding of and compliance 
with applicable rules and regulations. Third, TSMC encourages an environment of open communications in discussing any questions 
related to the Ethics Code. Any employee may consult his or her direct supervisors, Human Resources or Legal to obtain timely advice. 
Lastly, TSMC requires all employees to stay vigilant and report any noncompliance by anyone to their supervisors, the function head of 
Human Resources, the responsible corporate senior management appointed by CEO that oversees the Ombudsman system, or to the 
Chairman of the Company’s Audit Committee directly.

Self-Assessment of All Departments and Employees: Self-assessment of all departments and employees is an important part of our ethics 
compliance program. All departments and subsidiaries of TSMC are required to conduct Control Self-Assessment (CSA) tests annually 
to review employees’ awareness of the Ethics Code. The CSA results are reviewed to track the results of our compliance program. In 
addition, all employees must disclose any matters that cause, or may cause, actual or potential conﬂict of interest. In addition to this 
proactive disclosure requirement, employees with speciﬁc job grades or job responsibilities must annually declare any relationships 
that may constitute a conﬂict of interest, which enables TSMC to take necessary arrangements and report the results to the Audit 
Committee.

46

47

Internal Auditing: The Internal Auditor of TSMC plays a critical role in ensuring the Company’s compliance with the Ethics Code and 
relevant rules and regulations. To ensure that our ﬁnancial, managerial, and operating information is accurate, reliable, and timely 
and that our employees’ actions are in compliance with applicable policies, standards, procedures, laws and regulations, our Internal 
Auditor conducts audits of various control points within the Company in accordance with its annual audit plan approved by the Board 
of Directors and subsequently reports its audit ﬁndings and remedial issues to the Board and management on a regular basis.

Training and Promotion: To promote awareness to our employees of their responsibilities under the Ethics Code, we publish our Ethics 
Code and related policies and documents on our intranet and, provide training courses, posters, and emails. In addition, we provide 
an introductory training course on the Ethics Code which is available to all employees online, as well as face-to-face training courses 
delving into more speciﬁc ethics-related topics for targeted employees. In 2019, there were about 47,500 attendances that completed 
ethics-related training courses at TSMC and its subsidiaries.

In addition to our internal compliance efforts, we expect and assist our business partners such as customers and suppliers, and any 
other entities with whom we deal (include consultants or third party agents who act for or on behalf of TSMC) to recognize and 
understand TSMC’s ethical standards to fulﬁll our responsibilities as a corporate citizen. For instance, we require all of our suppliers 
to declare in writing that they will respect and comply with TSMC’s ethical standards and culture. TSMC is a full member of the 
Responsible Business Alliance (“RBA”, formerly the (Electronic Industry Citizenship Coalition, EICC)), dedicated to electronics supply 
chain sustainability. In addition to adopting the RBA Code of Conduct at all of its facilities, TSMC applied the RBA’s standards to 
enhance our audit program of our suppliers and relevant business partners. We provide training and communicate our ethical culture 
to our suppliers through live seminars to prevent any unethical conduct and detect any sign of Ethics Code violations. In 2019, 
we held both a sustainable supply chain experience exchange and our annual Responsible Supply Chain Forum to share/exchange 
practical experiences on topics such as the Ethics Code, labor rights, environmental protection, and occupational safety. In total, 709 
attendees from 481 suppliers participated in these activities. We also exchange views on appropriate business conduct and TSMC’s 
ethical standards with our customers as part of customer audit programs.

Reporting Channels and Whistleblower Protection
To ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides 
multiple channels for reporting business conduct concerns. First of all, our Audit Committee approved and we have implemented the 
“Complaint Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures for Ombudsman System” that allow 
employees or any whistleblowers with relevant evidence to report any ﬁnancial, legal, or ethical irregularities anonymously through 
either the Ombudsman or directly to the Audit Committee. TSMC maintains additional internal reporting channels for our employees. 
To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any 
suspected noncompliance with law or relevant TSMC policy.

TSMC treats any complaint and the investigation thereof in a conﬁdential and sensitive manner, and strictly prohibits any form of 
retaliation against any individual who in good faith reports or helps with the investigation of any complaint.

Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers 
and suppliers from time to time. Below is a summary of the Number of Reported Incidents.

Year

Total reported cases

　Ethics-related cases

　Cases investigated and veriﬁed as ethics violations 

Sexual Harassment Investigation Committees Formed

Cases investigated and veriﬁed as violations

FY 2016

FY 2017

FY 2018

FY2019

116

16

2

5

5

113

20

4

7

3

150

14

1

3

3

205 (Note 1)

26

2 (Note 2)

4

4 (Note 3)

Note 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee’s individual interest or private matters), and 26 cases related to ethical matters.
Note 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee 

was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and 
the employee was terminated.

Note 3: After the investigation by TSMC’s Sexual Harassment Investigation Committee, four employees involved in conﬁrmed cases of sexual harassment received severe discipline from the Company.

48

Ethics Code Violation Disciplinary Action
We do not tolerate any violation of the Ethics Code and treat every possible violation incident seriously. Any violator of the Ethics 
Code (or relevant regulations) will be severely disciplined to the full extent of our policies and the law, up to and including immediate 
dismissal, termination of business relationship, and judicial prosecution as appropriate.

3.5.1 Taiwan Corporate Conduct and Ethics Implementation as Required by the Taiwan Financial Supervisory 

Causes for the 
Difference

None

Commission

Assessment Item

Implementation Status

Yes

No

Summary

1. Establishment of Corporate Conduct and Ethics Policy and 

Implementation Measures
(1) Does the company have a clear ethical corporate 

management policy approved by its Board of Directors, 
and bylaws and publicly available documents addressing 
its corporate conduct and ethics policy and measures, and 
commitment regarding implementation of such policy from 
the Board of Directors and the top management team? 

(2) Whether the company has established an assessment 
mechanism for the risk of unethical conduct; regularly 
analyzes and evaluates within a business context, the 
business activities with a higher risk of unethical conduct; 
has formulated a program to prevent unethical conduct 
with a scope no less than the activities prescribed in 
paragraph 2, Article 7 of the Ethical Corporate Management 
Best Practice Principles for TWSE/GTSM Listed Companies? 

V

V

(1) Integrity is the most important core value of TSMC’s culture. TSMC is committed 
to acting ethically in all aspects of our business. We have established TSMC Code 
of Ethics and Business Conduct (the “Ethics Code”) to require that each employee 
bears a heavy personal responsibility to uphold TSMC’s ethics value. For more 
details on the Ethics Code and the measures that TSMC Board of Directors (the 
“Board”) and the management team take to ensure compliance of the Ethics Code 
please refer to TSMC’s Annual Report and the Corporate Social Responsibility 
Report. 

(2) At the heart of our corporate governance culture is the Ethics Code that applies 
to TSMC and its subsidiaries, and this Ethics Code requires that each employee 
bears a heavy personal responsibility to preserve and to protect TSMC’s ethical 
values and reputation and to comply with various applicable laws and regulations. 
Speciﬁc requirements under the Ethics Code could be found in our Annual Report. 
In addition, to educate and remind our employees of their responsibilities under 
the Ethics Code, we publish our Ethics Code, relevant policies and documents on 
our intranet and promote its awareness through training courses, posters, and 
internal news articles. Furthermore, to ensure that our conduct meets relevant 
legal requirements and the highest ethical standards under the Ethics Code, TSMC 
provides multiple channels for reporting business conduct concerns. Please refer to 
Assessment Item 3 for details.  
We do not tolerate any violation of the Ethics Code and treat every possible 
violation incident seriously. Any violator of the Ethics Code (or relevant regulations) 
will be severely punished to the full extent of our policies and the law, including 
immediate dismissal in accordance with TSMC Employee Recognition, Disciplinary 
and Ombudsman Procedure, termination of business relationship, and judicial 
prosecution as appropriate.

(3) Whether the company has established relevant policies that 
are duly enforced to prevent unethical conduct, provided 
implementation procedures, guidelines, consequences of 
violation and complaint procedures, and periodically reviews 
and revises such policies?

V

(3) Under the framework of the Ethics Code, TSMC has established a regulatory 

compliance program that includes policies, guidelines and procedures in other 
policy areas, including: Anti-corruption, Anti-harassment, Anti-discrimination, 
Anti-trust (unfair competition), Environment, Export Control, Financial Reporting, 
Insider Trading, Intellectual Property, Proprietary Information Protection (“PIP“), 
Personal Data Protection, Record Retention and Disposal, as well as procuring 
certain raw materials from socially responsible sources (“Conﬂict-free Minerals“). 
The above-mentioned policies are crucial in facilitating overall compliance with 
the Ethics Code. TSMC, its employees and its subsidiaries are expected to fully 
understand and comply with all laws and regulations that govern our businesses, 
as well as relevant policies, guidelines and procedures, and make ethical decisions 
in every circumstance. The Internal Auditor of TSMC also plays a critical role in 
ensuring the Company’s compliance with the Ethics Code and relevant rules and 
regulations. To ensure that our ﬁnancial, managerial, and operating information 
is accurate, reliable, and timely and that our employee’s actions are in compliance 
with applicable policies, standards, procedures, laws and regulations, our 
Internal Auditor conducts audits of various control points within the Company 
in accordance with its annual audit plan approved by the Board of Directors and 
subsequently reports its audit ﬁndings and remedial issues to the Board and 
Management on a regular basis.

(Continued)

49

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Implementation Status

Yes

No

Summary

Causes for the 
Difference

None

Assessment Item

Implementation Status

Yes

No

Summary

Causes for the 
Difference

5. If the company has established corporate governance policies based on Ethical Corporate Management Best Practice Principles for TWSE/GTSM Listed Companies, please describe any discrepancy between the 

V

(1) We expect and assist our customers, suppliers, business partners, and any other 

policies and their implementation. 

Assessment Item

2. Ethic Management Practice

(1) Whether the company has assessed the ethics records 
of whom it has business relationship with and include 
business conduct and ethics related clauses in the business 
contracts? 

(2) Whether the company has set up a unit which is dedicated 
to promoting the company’s ethical standards and regularly 
(at least once a year) reports directly to the Board of 
Directors on its ethical corporate management policy and 
relevant matters, and program to prevent unethical conduct 
and monitor its implementation? 

(3) Whether the company has established policies to prevent 
conﬂict of interests, provide appropriate communication 
and complaint channels and implement such policies 
properly? 

(4) To implement relevant policies on ethical conducts, has 

the company established effective accounting and internal 
control systems, audit plans based on the assessment of 
unethical conduct, and have its ethical conduct program 
audited by internal auditors or CPA periodically? 

V

V

V

(5) Does the company provide internal and external ethical 

V

conduct training programs on a regular basis?

entities with whom we deal (such as consultant or third party agents who act for 
or on behalf of TSMC) to understand and act in accordance with TSMC’s ethical 
standards. For instance, as for our suppliers, we require all of them to declare 
in writing that they will not engage in any fraud or any unethical conduct when 
dealing with us or our ofﬁcers and employees. In addition to periodic audit, we 
provide training and communicate our ethical culture to our suppliers through live 
seminars to prevent any unethical conduct. We exchange views on appropriate 
business conduct and TSMC’s ethical standards with our customers as part of 
customer audit programs.

(2) TSMC’s Board of Directors strives to perform the responsibilities of supervising the 
corporate conduct and ethics compliance practice through the Audit Committee 
and the Compensation Committee, the hiring of a ﬁnancial expert consultant for 
the Audit Committee, and coordination with the Internal Audit department. The 
General Counsel and the Corporate & Compliance Legal Division (which directly 
reports to the General Counsel) promotes, with other divisions, the Company’s 
ethical standards, and the General Counsel reports quarterly to the Board on the 
implementation status. In addition, both the responsible senior manager appointed 
by the CEO to oversee the Ombudsmen system and Internal Auditors update the 
Board on ethical standards and compliance issues on a regular basis. Moreover, 
TSMC’s ofﬁcers, especially our CEO, CFO, and General Counsel, with oversight from 
our Board, are responsible for the full, fair, accurate, timely, and understandable 
ﬁnancial accounting and ﬁnancial disclosure in reports and documents ﬁled by the 
Company with securities authorities and in all TSMC public communications and 
disclosures.

(3) TSMC requires newly hired employees to declare any conﬂict of interest situation 
as appropriate. In addition, all employees must disclose any matters that have, 
or may have, the appearance of undermining the Ethics Code (such as any actual 
or potential conﬂict of interest). Furthermore, key employees and senior ofﬁcers 
must periodically declare their compliance status with the Ethics Code according to 
relevant procedures.

(4) TSMC continues maintaining the integrity of its ﬁnancial reporting processes and 

controls and establishes appropriate internal control systems for preventing higher 
potential unethical conduct, and the Internal Auditors formulate annual audit 
plans based on the results of the risk assessment and subsequently reports its audit 
ﬁndings and remedial issues to the Board and Management on a regular basis. In 
addition, all departments and subsidiaries of TSMC are also required to conduct 
Control Self-Assessment (CSA) tests annually to review the effectiveness of the 
internal control system.

(5) Training is a major component of our compliance program, conducted throughout 
the year to refresh TSMC’s employees’ commitment to ethical conduct, and to get 
updated information on laws and regulations related to their daily operations. As 
for our suppliers, we communicate our ethical culture to our business partners 
through live seminars to ensure their fully understanding of our commit to ethical 
conduct.

3. Implementation of Complaint Procedures 

(1) Does the company establish speciﬁc complaint and reward 

V

(1) TSMC’s Audit Committee approved and TSMC has implemented the “Complaint 

procedures, set up conveniently accessible complaint 
channels, and designate responsible individuals to handle 
the complaint received? 

(2) Whether the company has established standard operation 
procedures for investigating the complaints received, 
follow-up measures after investigation are completed, and 
ensuring such complaints are handled in a conﬁdential 
manner?

(3) Does the company adopt proper measures to prevent a 

complainant from retaliation for his/her ﬁling a complaint?

4. Information Disclosure 

Does the company disclose its guidelines on business ethics as well as 
information about implementation of such guidelines on its website and 
Market Observation Post System (“MOPS”)?

V

V

V

Policy and Procedures for Certain Accounting and Legal Matters” and “Procedures 
for Ombudsman System” that allow employees or any whistleblowers with relevant 
evidence to report any ﬁnancial, legal, or ethical irregularities anonymously through 
either the Ombudsman or directly to the Audit Committee. TSMC also requires all 
employees to stay vigilant and whistle-blow any noncompliance by anyone to their 
supervisors, the function head of Human Resources, the responsible corporate 
Vice President that oversees the Ombudsmen system, or to the Chairman of the 
Company’s Audit Committee directly.

(2) TSMC treats any complaint and the investigation thereof in a conﬁdential and 

sensitive manner, as is clearly stated in our bylaws. 

(3) TSMC strictly prohibits any form of retaliation against any individual who in good 
faith reports or helps with the investigation of any complaint, as is clearly stated in 
our bylaws.

Our internal website provides guidelines and informative articles on ethics and 
honorable business conduct (in both Chinese and English) for employees’ easy access. 
In addition, TSMC discloses relevant policies and information in its Annual Report 
(which is also available at the MOPS) and CSR Report (available at: https://www.tsmc.
com).

None

None

(Continued)

TSMC has established the Ethics Code to require that all employees, ofﬁcers and board members comply with the Ethics Code and the other policies and procedures. There is no discrepancy between the Ethics 
Code, including its afﬁliate policies and procedures, and its implementation. For more details, please refer to “3.5 Code of Ethics and Business Conduct” on page 47-51 of this Annual Report.

6. Other important information to facilitate better understanding of the company’s corporate conduct and ethics compliance practices (e.g., review the company’s corporate conduct and ethics policy). 

For details on the implementation of TSMC’s Corporate Conduct and Ethics, please refer to “3.5 Code of Ethics and Business Conduct” on page 47-51 of this Annual Report.

3.6 Regulatory Compliance 

TSMC’s compliance systems are comprised of a series of legislation monitoring, developing and implementation of effective compliance 
policies and programs, training, and maintaining open reporting channels.

Legislative Monitoring
TSMC operates in many countries. To comply with governing legislation, applicable laws, regulations and regulatory expectations, we 
closely monitor domestic and foreign government policies and regulatory developments that could materially impact TSMC’s business 
and ﬁnancial operations. Our Legal organization periodically updates our relevant internal departments, management and the Audit 
Committee of applicable regulatory changes so that internal teams ensure compliance with new regulatory requirements in a timely 
manner. We are also a proactive advocate for legislative and regulatory reform, and our comments and recommendations on legal 
reforms to the government have been accepted constructively. TSMC is increasingly dedicated to identifying potential regulatory issues 
and will continue to be involved in advocating public policy changes that foster a positive and fair business environment.

Policy and Compliance Program Development and Implementation
Under the framework of the Ethics Code, TSMC has established a regulatory compliance program that includes policies, guidelines and 
procedures in different compliance areas, including: Anti-corruption, Anti-harassment, Anti-discrimination, Employment Regulations, 
Antitrust (unfair competition), Environment, Export Control, Financial Reporting, Insider Trading, Intellectual Property, Proprietary 
Information Protection (“PIP”), Personal Data Protection, Record Retention and Disposal, as well as procuring certain raw materials from 
socially responsible sources (“Conﬂict-free Minerals”). It is our belief that these policies are crucial in strengthening overall compliance 
with the Ethics Code and compliance program. TSMC, its employees and its subsidiaries are expected to fully understand and comply 
with all laws and regulations that govern our businesses, as well as relevant policies, guidelines and procedures, and make ethical 
decisions in every circumstance.

Compliance Awareness Training
Training is a major component of our regulatory compliance program, conducted throughout the year to refresh TSMC’s employees’ 
commitment to ethical conduct, and to get updated information on laws and regulations related to their daily operations. Highlights of 
our training include:
• Awareness promotion emails to employees, posters at our facilities, and news articles, compliance guidelines, tips and FAQs which 

our employees can access through our intranet;

• Live seminars focusing on speciﬁc topics such as Anti-Corruption, PIP, Intellectual Property, Personal Data Protection, Export Control 
Management and Antitrust. Training is made mandatory for those employees whose jobs are especially relevant to a particular topic 
to ensure sufﬁcient awareness of relevant laws and internal policies;

• On-line learning programs updated frequently to provide most up-to-date information and timely and ﬂexible access for employees to 
understand the law and key compliance issues, covering topics of Anti-Corruption, Antitrust, Anti-harassment, Insider Trading, Export 
Control Management, PIP, and Personal Data Protection among others;

• External training, in Taiwan and abroad, for TSMC’s Legal team to receive current developments of new laws and regulations, and 
for its lawyers to comply with applicable continuing legal education requirements. External experts are also invited to give in-house 
lectures on key issues.

50

51

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reporting Channels
TSMC provides multiple channels for reporting business conduct 
concerns to ensure that our conduct meets relevant legal 
requirements and the highest ethical standards under the Ethics 
Code. For more details about the reporting channels, please refer 
to “3.5 Code of Ethics and Business Conduct” on page 47-51 of 
this Annual Report.

Major Accomplishments
In 2019, TSMC achieved several major accomplishments in 
regulatory compliance. Externally, in addition to fulﬁlling the 
company’s obligations toward regulatory compliance matters, 
TSMC exercised its civic duties as a responsible corporate citizen 
by providing feedback on current regulations and regulations 
in legislation, with the intent to improve Taiwan’s industrial 
investment environment, enhance economic development, and 
help align domestic laws with international law. Furthermore, 
TSMC continues to focus on the topics related to the Company 
Law, the Securities and Exchange Act, intellectual property 
protection and environment protection. In addition, TSMC 
advised government agencies on recent revisions to trade secrets 
and environmental protection regulations.

Internally, TSMC provides multiple courses about legal and 
regulatory compliance, including anti-corruption, anti-trust, anti-
harassment, insider trading, export control, and protection of 
conﬁdential and personal information. These courses are taught 
by both internal and external experts and law professionals. The 
important achievements are as follows:
• Ethics and Compliance: (1) providing an annual compulsory 
ethics and compliance online course covering various 
important regulatory compliance topics – a total of about 
47,500 employees completed this training course – and all 
of the production staff are included in this course for the ﬁrst 
time in 2019; (2) focusing on the production lines supervisors 
in Taiwan’s fabs, 22 seed lecturers were trained, and through 
face-to-face courses, the guidelines of avoiding conﬂict of 
interest was promoted – a total of 1,134 production lines 
supervisors participated.

• Export Compliance: TSMC’s export management system 

(EMS) and policy have been in place for a number of years, 
and are continuously maintained to ensure compliance with 
all applicable regulations covering the export of information, 
technologies, products, materials and equipment. Our EMS 
was certiﬁed in September 2012 by the Bureau of Foreign 
Trade, the Taiwan regulator, as a qualiﬁed ICP (Internal 
Compliance Program) exporter. In 2018, TSMC successfully 

extended the validity period of its ICP certiﬁcate to October 
2021. In addition, TSMC implements “No ECCN, No Shipment” 
control and customers are required to provide end use and 
export control classiﬁcation number (ECCN) of their products, 
among other required information, for TSMC to apply 
for applicable export licenses. To further enhance relevant 
employees’ awareness on the export control requirements, in 
2019 we provided more than 30 face-to-face communication 
sessions to employees in relevant functions.

• Supplier Management: TSMC held both a sustainable supply 

chain experience exchange and our annual Responsible Supply 
Chain Forums to share and exchange practical experiences 
on topics such as Ethics Code, labor rights, environmental 
protection and occupational safety. In total, 709 attendees 
from 481 suppliers were participated in these activities.
• Conﬂict-Free Supply Chain: As a recognized global leader in 

the hi-tech supply chain, we acknowledge our corporate social 
responsibility to strive to procure conﬂict-free minerals in an 
effort to recognize humanitarian and ethical social principles 
that protect the dignity of all persons. Meanwhile, we have 
implemented a series of compliance safeguards in accordance 
with industry leading practices. In 2019, TSMC has made 
continued progress to ensure a conﬂict-free supply chain, 
and our conﬂict-free minerals compliance program has also 
been highly ranked by several independent third party rating 
agencies.

• Personal Data Protection: Because of the importance of 

personal data protection, TSMC periodically reviews the Rules 
of Privacy and Personal Data Protection and external and 
internal privacy policies to identify the needs to update such 
documents. Based on current personal data protection laws 
and risks, TSMC updated its Privacy and Cookies Policy online 
for its websites and privacy notice to relevant employees. In 
addition, following results of a personal data risk assessment, 
relevant divisions (such as Information Technology Security) 
have also established more enhanced control measures for 
their business needs.

• Antitrust Compliance: Based on annual antitrust risk 

assessment results, TSMC identiﬁed functions with potential 
higher risk from an antitrust perspective. To enhance targeted 
functions’ employee awareness of the importance of 
competition and antitrust laws and issues in daily operation, 
TSMC established antitrust training plans and conducted 
several antitrust trainings for global sales personnel and 
employees at those relevant departments.

3.7 Internal Control System Execution Status

3.7.1 Statement of Internal Control System

Taiwan Semiconductor Manufacturing Company Limited

Statement of Internal Control System

February 11, 2020

Based on the ﬁndings of a self-assessment, Taiwan Semiconductor Manufacturing Company Limited (TSMC) states the 
following with regard to its internal control system during the year 2019:

1.  TSMC’s Board of Directors and management are responsible for establishing, implementing, and maintaining an 

adequate internal control system. Our internal control is a process designed to provide reasonable assurance over the 
effectiveness and efﬁciency of our operations (including proﬁtability, performance and safeguarding of assets), reliability, 
timeliness, transparency of our reporting, and compliance with applicable rulings, laws and regulations.

2.  An internal control system has inherent limitations. No matter how perfectly designed, an effective internal control system 
can provide only reasonable assurance of accomplishing its stated objectives. Moreover, the effectiveness of an internal 
control system may be subject to changes due to extenuating circumstances beyond our control. Nevertheless, our 
internal control system contains self-monitoring mechanisms, and TSMC takes immediate remedial actions in response to 
any identiﬁed deﬁciencies.

3.  TSMC evaluates the design and operating effectiveness of its internal control system based on the criteria provided 
in the Regulations Governing the Establishment of Internal Control Systems by Public Companies (herein below, the 
“Regulations”). The criteria adopted by the Regulations identify ﬁve key components of managerial internal control: (1) 
control environment, (2) risk assessment, (3) control activities, (4) information and communication, and (5) monitoring 
activities.

4.  TSMC has evaluated the design and operating effectiveness of its internal control system according to the aforesaid 

Regulations.

5.  Based on the ﬁndings of such evaluation, TSMC believes that, on December 31, 2019, it has maintained, in all material 
respects, an effective internal control system (that includes the supervision and management of our subsidiaries), to 
provide reasonable assurance over our operational effectiveness and efﬁciency, reliability, timeliness, transparency of 
reporting, and compliance with applicable rulings, laws and regulations.

6.  This Statement is an integral part of TSMC’s annual report and prospectus, and will be made public. Any falsehood, 

concealment, or other illegality in the content made public will entail legal liability under Articles 20, 32, 171, and 174 of 
the Securities and Exchange Law.

7.  This Statement was passed by the Board of Directors in their meeting held on February 11, 2020, with none of the nine 

attending directors expressing dissenting opinions, and the remainder all afﬁrming the content of this Statement.

Taiwan Semiconductor Manufacturing Company Limited

Mark Liu  
Chairman 

C. C. Wei 
Chief Executive Ofﬁcer

52

53

3.7.2 If CPA Was Engaged to Conduct a Special Audit of Internal Control System, Provide Its Audit Report: None.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.8 Status of Personnel Responsible for the Company’s Financial and Business Operation

3.9.2 TSMC did not replace its independent auditor during 2018, 2019, and as of February 29, 2020.

3.8.1 Resignation or Dismissal of Chairman, President, and Heads of Accounting, Finance, Internal Audit, Corporate 

3.9.3 TSMC’s Chairman, Directors, Chief Executive Ofﬁcer, Chief Financial Ofﬁcer, and Managers in Charge of Its 

Governance Ofﬁcer and R&D during 2019 and as of the Date of this Annual Report:

As of 02/29/2020

Finance and Accounting Operations Did Not Hold Any Positions within TSMC’s Independent Audit Firm or Its 

Title
Name

Head of Accounting
Jessica Chou

Senior Vice President,
Chief Financial Ofﬁcer/ Spokesperson
Lora Ho

On-board Date (Note 1)

Date of Resignation or 
Dismissal

Summary of Resignation or Dismissal

2005/11/08

2019/06/10

Retired

2003/09/08

2019/08/31

Transferred to TSMC’s Europe & Asia Sales Head

Note: On-board date means the ofﬁcial date of presiding the position.

3.8.2 Certiﬁcation of Employees Whose Jobs are Related to the Release of the Company’s Financial Information

Afﬁliates in the Most Recent Year.

3.9.4 Evaluation of the External Auditor’s Independence

The Audit Committee annually monitors the independence of TSMC’s external auditor by conducting the following evaluation standards 
and reports the same to the Board of Directors: 
1.  The auditor’s independence declaration 
2.  The Audit Committee pre-approves all audit and non-audit services conducted by the auditor to ensure that the non-audit services 

do not inﬂuence the results of the audit

3.  Ensure the audit partner rotates every ﬁve years
4.  Annually evaluate the independence of the external auditor based on the results of the auditor survey regarding its ﬁnancial interests, 

Certiﬁcation

Certiﬁed Public Accountants (CPA)

US Certiﬁed Public Accountants (US CPA)

The Chartered Institute of Management Accountants (CIMA)

Certiﬁed Internal Auditor (CIA)

Chartered Financial Analyst (CFA)

Certiﬁed Management Accountant (CMA)

Financial Risk Manager (FRM)

Certiﬁcation in Control Self-Assessment (CCSA)

Certiﬁcation in Risk Management Assurance (CRMA)

Certiﬁed Information Systems Auditor (CISA)

Chief Fraud Examiner (CFE)

BS7799/ISO 27001 Lead Auditor

Number of Employees

Internal Audit

Finance

commercial relations, employment relations, and etc.

3.10 Material Information Management Procedure

4

4

- 

14

- 

- 

- 

3

5

5

2

2

39

13

1

6

1

1

2

- 

- 

- 

-

- 

TSMC has established relevant procedures for managing and disclosing material information. The responsible departments regularly 
remind all ofﬁcers and employees about the need to comply with these procedures and other applicable regulations when they become 
aware of any potential material information and the possible need to publicly disclose such information. To ensure that our employees, 
managers and board directors are aware of and comply with these relevant regulations, TSMC has also established our “Insider Trading 
Policy”. To reduce the risk of insider trading, on-line training programs and live seminars are conducted periodically. In addition, 
employees can familiarize themselves with relevant internal policies and training articles by easily accessing TSMC’s Legal Organization 
intranet website.

3.9 Information Regarding TSMC’s Independent Auditor

3.9.1 Audit Fees

The Audit Committee approves all fees payable to TSMC’s independent auditor and recommends the same to the Board of Directors 
for further approval. The Board of Directors has authorized the Audit Committee to approve any increase not exceeding 10% of the 
approved fees.

Unit: NT$ thousands

Accounting Firm

Name of CPA

Audit Fee

System 
Design

Company
Registration

Human
Resource

Others (Note)

Subtotal

CPA’s Audit Period

Remark

Non-audit Fee

Deloitte & Touche

Mei-Yen Chiang,
Yu-Feng Huang,
and others

63,920

-

-

-

83

83

01/01/2019 - 12/31/2019

-

Note : Fees mainly related to research tool for accounting standards and regulations.

54

55

Capital and Shares

4.1 Capital and Shares

4.1.1 Capitalization
Unit: Shares/NT$ 

Authorized Share Capital

Capital Stock

Month/
Year

Issue Price 
(Per Share)

Shares

Amount

Shares

Amount Sources of Capital

Remark

Capital Increase 
by Assets Other 
than Cash

07/2015

10

28,050,000,000

280,500,000,000

25,930,380,458

259,303,804,580 Exercise of Employee Stock 

None

Options: NT$7,180,220

4.1.2 Capital and Shares
Unit: Shares 

Type of Stock

Issued Shares

Authorized Share Capital

Listed

Non-listed

Total

Unissued 
Shares

4

As of 02/29/2020

Date of Approval & 
Approval Document No.

07/13/2015 Zhu Shang  
Tzu No. 1040020526



As of 02/29/2020 

Total

Common Stock

25,930,380,458

-

25,930,380,458

2,119,619,542

28,050,000,000

Shelf Registration: None.

4.1.3 Composition of Shareholders
Common Shares 

Type of Shareholders

Number of Shareholders

Shareholding

Holding Percentage

Government 
Agencies

Financial 
Institutions

Other Juridical 
Persons

 As of 12/25/2019 (record date)

Domestic Natural 
Persons

Total

Foreign 
Institutions 
and Natural 
Persons

5

161

1,427

4,641 

350,139 

356,373 

1,653,710,183 

725,454,157

1,179,372,052 

20,351,638,123

2,020,205,943

25,930,380,458 

6.38%

2.80%

4.55%

78.48%

7.79%

100.00%

57

Distribution Proﬁle of Share Ownership
Common Shares 

Shareholder Ownership (Unit: Share)

Number of Shareholders

1-999

1,000-5,000

5,001-10,000

10,001-15,000

15,001-20,000

20,001-30,000

30,001-40,000

40,001-50,000

50,001-100,000

100,001-200,000

200,001-400,000

400,001-600,000

600,001-800,000

800,001-1,000,000

Over 1,000,001

Total

151,730 

151,188 

23,804 

8,996 

4,311 

4,616 

2,246 

1,449 

2,799 

1,698 

1,110 

469 

307 

186 

1,464 

356,373

Preferred Shares: None.

4.1.4 Major Shareholders
Common Shares 

Shareholders

ADR-Taiwan Semiconductor Manufacturing Company, Ltd.

National Development Fund, Executive Yuan

Government of Singapore 

JPMorgan Chase Bank N.A., Taipei Branch in custody for Vanguard Total International Stock Index Fund, a 
series of Vanguard Star Funds

Norges Bank

New Labor Pension Fund

Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds

iShares Core MSCI Emerging Markets ETF

JPMorgan Chase Bank N.A. Taipei Branch in custody for EuroPaciﬁc Growth Fund 

Invesco Oppenheimer Developing Markets Fund

Ownership

31,645,048 

299,198,263 

172,583,766 

109,918,663 

76,003,106 

112,808,380 

78,049,090 

65,268,164 

195,609,524 

235,303,512 

310,013,271 

229,159,754 

211,417,333 

165,621,997 

23,637,780,587 

25,930,380,458 

As of 12/25/2019 (record date)

Ownership Percentage

0.12%

1.15%

0.67%

0.42%

0.29%

0.44%

0.30%

0.25%

0.75%

0.91%

1.20%

0.88%

0.82%

0.64%

91.16%

100.00%

Total Shares Owned

Ownership Percentage

As of 12/25/2019 (record date)

5,325,610,353 

1,653,709,980 

759,304,376

388,270,768 

364,952,088

239,351,255

228,786,845

216,832,000

214,458,329

207,328,429

20.54%

6.38%

2.93%

1.50%

1.41%

0.92%

0.88%

0.84%

0.83%

0.80%

58

4.1.5 Net Change in Shareholding by Directors, Management and Shareholders with 10% Shareholdings or More
Unit: Shares

Title
Name

Chairman
Mark Liu

Chief Executive Ofﬁcer & Vice Chairman
C.C. Wei 

Director 
F.C. Tseng

Director 
National Development Fund, Executive Yuan
Representative: Mei-ling Chen

Independent Director
Sir Peter L. Bonﬁeld

Independent Director
Stan Shih 

Independent Director
Kok-Choo Chen

Independent Director
Michael R. Splinter

Independent Director
Moshe N. Gavrielov (Note 1)

Senior Vice President
Lora Ho

Senior Vice President 
Wei-Jen Lo

Senior Vice President
Rick Cassidy

Senior Vice President 
Y.P. Chin

Senior Vice President
Y.J. Mii

Senior Vice President
J.K. Lin

Senior Vice President
J.K. Wang

Vice President 
N.S. Tsai (Note 2)

Vice President
Irene Sun (Note 2)

Vice President
Cliff Hou

Vice President and General Counsel/ Corporate Governance Ofﬁcer
Sylvia Fang 

2019

01/01/2019 - 02/29/2020

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

-

-

-

-

-

-

-

-

-

-

-

(3,000)

-

(2,000)

-

-

-

-

-

11,994

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(220,000)

-

100,000

-

-

-

-

-

-

-

-

-

-

20,000

-

-

-

-

-

-

-

-

1,825

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Continued)

59

 
 
Title
Name

Vice President
Connie Ma

Vice President
Y.L. Wang 

Vice President
Doug Yu 

Vice President and TSMC Fellow
Alexander Kalnitsky

Vice President
Kevin Zhang

Vice President and TSMC Fellow
T.S. Chang

Vice President
Michael Wu

Vice President
Min Cao

Vice President
H.-S. Philip Wong

Vice President
Marvin Liao

Vice President
Y.H. Liaw (Note 3)

Vice President
Simon Jang (Note 4)

Vice President, Chief Financial Ofﬁcer / Spokesperson 
Wendell Huang (Note 5)

2019

01/01/2019 - 02/29/2020

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

22,000

-

-

-

-

-

-

-

-

-

-

-

95

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(27,000)

-

-

-

-

-

-

35

-

-

-

-

-

-

-

-

-

-

-

-

-

Note 1: Mr. Moshe N. Gavrielov was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 5, 2019. His shareholding was disclosed starting from that date.

Note 2: Vice President Dr. N.S. Tsai retired, effective May 1, 2019. Vice President Dr. Irene Sun retired, effective September 30, 2019. Their shareholdings were not disclosed after that date.

Note 3: Mr. Y.H. Liaw was promoted to Vice President, effective February 19, 2019. His shareholding was disclosed starting from that date.

Note 4: Dr. Simon Jang was promoted to Vice President, effective August 13, 2019. His shareholding was disclosed starting from that date.

Note 5: Mr. Wendell Huang was promoted to Vice President, effective September 1, 2019. His shareholding was disclosed starting from that date.

4.1.6 Stock Trade with Related Party

Reason of the Transfer

Transfer Date

Transferee

Relation with the 
Transferee

Shares

Transfer Price

Name

Wei-Jen Lo

4.1.8 Related Party Relationship among TSMC’s 10 Largest Shareholders
Common Shares 

Name 

Shares Held

Shares Held by Spouse & 
Minors

Shares Held in the Name 
of Others

As of 12/25/2019 (record date)

Name and Relationship 
between TSMC’s 
Shareholders

Shares

%

Shares

ADR-Taiwan Semiconductor Manufacturing Company, Ltd.

5,325,610,353

20.54%

National Development Fund, Executive Yuan
　Representative: Mei-ling Chen

Government of Singapore 

JPMorgan Chase Bank N.A., Taipei Branch in custody for 
Vanguard Total International Stock Index Fund, a series of 
Vanguard Star Funds

Norges Bank

New Labor Pension Fund

Vanguard Emerging Markets Stock Index Fund, a series of 
Vanguard International Equity Index Funds

iShares Core MSCI Emerging Markets ETF

JPMorgan Chase Bank N.A. Taipei Branch in custody for 
EuroPaciﬁc Growth Fund

1,653,709,980 

6.38%

-

759,304,376

388,270,768

364,952,088

239,351,255

228,786,845

216,832,000

214,458,329

-

2.93%

1.50%

1.41%

0.92%

0.88%

0.84%

0.83%

Invesco Oppenheimer Developing Markets Fund

207,328,429 

0.80%

N/A

N/A

-

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

%

N/A

N/A

-

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Shares

%

Name

Relationship

N/A

N/A

-

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

None

None

-

None

N/A

N/A

N/A

N/A

N/A

N/A

N/A

None

None

None

None

None

None

None

N/A

None

None

None

None

None

None

None

None

None

None

None

None

Ownership by TSMC (1)

Ownership by Directors, Managers and 
Directly/Indirectly Owned Subsidiaries (2)

Total Ownership 
(1) + (2)

Shares

%

Shares

%

Shares

%

As of 12/31/2019

4.1.9 Long-term Investment Ownership

Long-term Investment (Note 1)

Equity Method:

TSMC Partners, Ltd.

TSMC Global Ltd.

TSMC North America

TSMC Europe B.V.

TSMC Japan Limited

TSMC Korea Limited

988,268,244 

100%

11,284

11,000,000 

200 

6,000 

80,000 

100%

100%

100%

100%

100%

-

-

-

-

-

-

-

-

-

-

-

-

- 

- 

-

-

988,268,244 

11,284

11,000,000 

200 

6,000 

80,000 

Not Applicable (Note 2)

Not Applicable (Note 2)

100%

100%

100%

100%

100%

100%

100%

100%

253,120,000

86.94%

313,603 

38.79%

739,799,575

111,281,925

45.14%

41.01%

46,687,859 

34.84%

Not Applicable (Note 2)

Not Applicable (Note 2)

98.00%

98.00%

Vanguard International Semiconductor Corp. 

464,223,493 

28.32%

275,576,082

16.82% (Note 3)

Xintec Inc.

Global UniChip Corporation

111,281,925 

41.01%

46,687,859 

34.84%

-

-

VentureTech Alliance Fund II, L.P.

Not Applicable (Note 2)

98.00%

Not Applicable (Note 2)

VentureTech Alliance Fund III, L.P.

Not Applicable (Note 2)

98.00%

Not Applicable (Note 2)

-

-

- 

-

Note 1: On 01/10/2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established.
Note 2: Not applicable. These ﬁrms do not issue shares. TSMC’s investments are measured as a percentage of ownership.
Note 3: TSMC’s Director, National Development Fund of Executive Yuan, held 16.72% while other Directors and Management held 0.10%.

Gifting

10/30/2019

Wei-Li Lo

Brother

3,000

-

TSMC China Company Limited

Not Applicable (Note 2)

100%

Not Applicable (Note 2)

4.1.7 Stock Pledge with Related Party: None.

TSMC Nanjing Company Limited 

Not Applicable (Note 2)

100%

Not Applicable (Note 2)

VisEra Technologies Company Ltd. 

253,120,000

86.94%

Systems on Silicon Manufacturing Co. Pte. Ltd.

313,603 

38.79%

-

- 

60

61

 
4.1.10 Share Information

TSMC’s earnings per share in 2019 decreased 1.7% from 2018 to NT$13.32 per share. The following table details TSMC’s market price, 
net worth, earnings, and dividends per common share, as well as other data regarding return on investment.

Market Price, Net Worth, Earnings, and Dividends Per Common Share
Unit: NT$, except for weighted average shares and return on investment ratios

2019

01/01/2020 - 02/29/2020

Second quarter of 2019

August 13, 2019

Third quarter of 2019

Fourth quarter of 2019

November 12, 2019

February 11, 2020

2018 Yearly and 2019 Quarterly Earnings Distribution
Unit: NT$

Period

2018

First quarter of 2019

June 5, 2019

June 5, 2019

Approved Date

Payment Date

Cash Dividends Per Share

Total Earnings Distribution 
Amount

July 18, 2019

October 17, 2019

January 16, 2020

April 16, 2020

July 16, 2020

NT$8.0 

NT$2.0

NT$2.5

NT$2.5

NT$2.5

207,443,043,664

51,860,760,916

64,825,951,145

64,825,951,145

64,825,951,145

Item

Market Price Per Share (Note 1)

Highest Market Price 

Lowest Market Price 

Average Market Price 

Net Worth Per Share

Before Distribution 

After Distribution 

Earnings Per Share

Weighted Average Shares (thousand shares) 

Diluted Earnings Per Share 

Dividends Per Share

Cash Dividends 

Accumulated Undistributed Dividend

Return on Investment

Price/Earnings Ratio (Note 2) 

Price/Dividend Ratio (Note 3) 

Cash Dividend Yield (Note 4)

2018

266.00 

212.00 

237.45 

64.67 

56.67 

25,930,380 

13.54 

8.00

- 

17.54 

29.68 

3.4%

345.00 

208.00 

261.73 

62.53 

60.03 (Note 5)

25,930,380 

13.32

9.50 (Note 5)

- 

19.65

27.55 (Note 5)

3.6% (Note 5)

346.00

315.00

329.71

- 

- 

- 

- 

- 

- 

- 

- 

- 

Note 1: Referred to TWSE website
Note 2: Price/Earnings Ratio = Average Market Price/ Diluted Earnings Per Share
Note 3: Price/Dividend Ratio = Average Market Price/Cash Dividends Per Share
Note 4: Cash Dividend Yield = Cash Dividends Per Share/Average Market Price
Note 5: Including the dividends amount for fourth quarter of 2019, which were approved by Board of Directors on February 11, 2020

4.1.11 Dividend Policy and Distribution of Earnings

Except as otherwise speciﬁed in the Articles of Incorporation or under the R.O.C. law, we will not pay dividends or make other 
distributions to shareholders when there are no earnings. The R.O.C. Company Act also requires that 10% of annual net income (less 
prior years’ losses and outstanding taxes) be set aside as legal reserve until the accumulated legal reserve equals our paid-in capital. 
Our proﬁts may be distributed by way of cash dividend, stock dividend, or a combination of cash and stock. Pursuant to our Articles 
of Incorporations, distributions of proﬁts shall be made preferably by way of cash dividend. In addition, the ratio for stock dividends 
shall not exceed 50% of the total distribution. Distribution of stock dividends is subject to approval by the R.O.C. Financial Supervisory 
Commission.

On February 19, 2019, TSMC’s board of directors adopted a proposal recommending distribution of a 2018 cash dividend of NT$8 
per common share, which was approved by the annual general meeting of shareholders on June 5, 2019. In the same meeting, 
shareholders also approved the amendments to TSMC’s Articles of Incorporation to authorize the Company’s board of directors to 
approve quarterly cash dividends after the close of each quarter, after which the dividend will be distributed within six months. In 
the subsequent board meetings, TSMC’s board of directors approved quarterly cash dividends, of which the respective amounts and 
payment dates are demonstrated in the table below. In the future, TSMC intends to maintain a sustainable quarterly cash dividend, and 
to distribute the cash dividend each year at a level not lower than the year before.

4.1.12 Compensation to Directors and Proﬁt Sharing Bonus to Employees

Based on TSMC’s Articles of Incorporation, before paying dividends or bonuses to shareholders, TSMC shall set aside not more than 
0.3% of its annual proﬁt to directors as compensation and not less than 1% to employees as proﬁt sharing bonus. 

As resolved by TSMC’s Board of Directors on February 11, 2020, a proﬁt sharing bonus to employees was expensed based on a certain 
percentage of 2019 proﬁt; compensation to directors was expensed based on the estimated amount of payment. If the actual amounts 
subsequently paid differ from the above estimated amounts, the differences will be recorded in the year paid as a change in accounting 
estimate.

2019 Directors’ Compensation and Employees’ Proﬁt Sharing Bonus 

Directors’ Compensation (Cash)

Employee’s Proﬁt Sharing Bonus (Cash)

Board Resolution (02/11/2020)

Amount (NT$ thousands)

360,404

23,165,745

Note: NT$23,165,745 thousand employees’ cash bonus was already distributed following each quarter of 2019. The above employees’ proﬁt sharing bonus will be distributed in July, 2020.

2018 Directors’ Compensation and Employees’ Proﬁt Sharing Bonus

Directors’ Compensation (Cash)

Employees’ Proﬁt Sharing Bonus (Cash)

Board Resolution (02/19/2019)

Actual Result (Note)

Amount (NT$ thousands)

Amount (NT$ thousands)

349,271

23,570,040 

349,271 

23,537,898 

Note: The above directors’ compensation and employees’ proﬁt sharing bonus were expensed under the Company’s 2018 statement of comprehensive income and were approved by the Board of 

Directors at its meeting on February 19, 2019. However, due to employee turnover, the employees’ proﬁt sharing bonus in the amount of NT$32,142 thousand was undistributed, and related 
expense was reversed in 2019.

4.1.13 Impact to 2020 Business Performance and EPS Resulting from Stock Dividend Distribution: Not applicable.

4.1.14 Buyback of Common Stock: None.

62

63

4.2 Issuance of Corporate Bonds 

4.2.1 Corporate Bonds

NTD Corporate Bonds 

As of 02/29/2020

Domestic Unsecured Bond (101-3)

Domestic Unsecured Bond (101-4)

Domestic Unsecured Bond (102-1)

Domestic Unsecured Bond (102-2)

Domestic Unsecured Bond (102-4)

Issuance

Issuing Date

Denomination

Offering Price

Total Amount

Coupon

10/09/2012

NT$10,000,000

Par

NT$4,400,000,000

1.53% p.a.

Tenor and Maturity Date

Tenor: 10 years
Maturity: 10/09/2022

01/04/2013

NT$10,000,000

Par

NT$23,600,000,000

Tranche A: 1.23% p.a.
Tranche B: 1.35% p.a.
Tranche C: 1.49% p.a.

Tranche A: 5 years
Maturity: 01/04/2018
Tranche B: 7 years
Maturity: 01/04/2020
Tranche C: 10 years
Maturity: 01/04/2023

02/06/2013

NT$10,000,000

Par

NT$21,400,000,000

Tranche A: 1.23% p.a.
Tranche B: 1.38% p.a.
Tranche C: 1.50% p.a.

Tranche A: 5 years
Maturity: 02/06/2018
Tranche B: 7 years
Maturity: 02/06/2020
Tranche C: 10 years
Maturity: 02/06/2023

07/16/2013

NT$10,000,000

Par

NT$13,700,000,000

Tranche A: 1.50% p.a.
Tranche B: 1.70% p.a.

Tranche A: 7 years
Maturity: 07/16/2020
Tranche B: 10 years
Maturity: 07/16/2023

09/25/2013

NT$10,000,000

Par

NT$15,000,000,000

Tranche A: 1.35% p.a.
Tranche B: 1.45% p.a.
Tranche C: 1.60% p.a.
Tranche D: 1.85% p.a.
Tranche E: 2.05% p.a.
Tranche F: 2.10% p.a.

Tranche A: 3 years
Maturity: 09/25/2016
Tranche B: 4 years
Maturity: 09/25/2017 
Tranche C: 5.5 years
Maturity: 03/25/2019 
Tranche D: 7.5 years
Maturity: 03/25/2021 
Tranche E: 9.5 years
Maturity: 03/25/2023 
Tranche F: 10 years
Maturity: 09/25/2023

NT$10,600,000,000

Outstanding 

Credit Rating

Trustee

Guarantor

Underwriter

Legal Counsel

Auditor

Repayment

Redemption or Early Repayment Clause

NT$4,400,000,000

NT$3,000,000,000

NT$3,600,000,000

NT$13,700,000,000

twAAA 
(Taiwan Ratings Corporation, 11/29/2012)

twAAA 
(Taiwan Ratings Corporation, 12/18/2012)

twAAA 
(Taiwan Ratings Corporation, 05/16/2013)

twAAA 
(Taiwan Ratings Corporation, 08/06/2013)

twAAA 
(Taiwan Ratings Corporation, 09/04/2012)

Taipei Fubon Commercial Bank

None

Not Applicable

Modern Law Ofﬁce

Deloitte & Touche

Bullet

None

None

None

Covenants

Other 
Rights of 
Bondholders

Conversion Right

Amount of Converted or 
Exchanged Common Shares, 
ADRs or Other Securities

Not Applicable

Dilution Effect and Other Adverse Effects on 
Existing Shareholders

Custodian

None

None

4.2.2 Convertible Bond: None.

4.2.3 Exchangeable Bond: None.

4.2.4 Shelf Registration: None.

4.2.5 Bond with Warrants: None.

64

65

 
4.3 Preferred Shares

4.3.1 Preferred Shares: None.

4.3.2 Preferred Shares with Warrants: None.

4.4 Issuance of American Depositary Shares

Issuing Date

10/08/1997

11/20/1998

01/12/1999 - 
01/14/1999

07/15/1999

08/23/1999 - 
09/09/1999

02/22/2000 - 
03/08/2000

04/17/2000

06/07/2000 - 
06/15/2000

05/14/2001 - 
06/11/2001

06/12/2001

11/27/2001

02/07/2002 - 
02/08/2002

11/21/2002 - 
12/19/2002

07/14/2003 - 
07/21/2003

11/14/2003

08/10/2005 - 
09/08/2005

05/23/2007

Total Amount (US$)

594,720,000

184,554,440

35,500,000

296,499,641

158,897,089 

379,134,599 

224,640,000

1,167,873,850

240,999,660

297,649,640

320,600,000

1,001,650,000

160,097,914 

908,514,880 

1,077,000,000 

1,402,036,500 

2,563,200,000 

Offering Price Per ADS 
(US$)

24.78

15.26

17.75

24.516

28.964

57.79

56.16

35.75

20.63

20.63

16.03

16.75

8.73

10.40 

10.77

8.6

10.68

Units Issued

24,000,000

12,094,000

2,000,000

12,094,000

5,486,000

6,560,000

4,000,000

32,667,800

11,682,000

14,428,000

20,000,000

59,800,000

18,348,000

87,357,200 

100,000,000 

163,027,500 

240,000,000 

Common Shares 
Represented

Underlying Securities

120,000,000

60,470,000

10,000,000

60,470,000

27,430,000

32,800,000

20,000,000

163,339,000

58,410,000

72,140,000

100,000,000

299,000,000

91,740,000

436,786,000 

500,000,000 

815,137,500 

1,200,000,000 

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders 
(Pursuant to ADR 
Conversion Sale 
Program)

TSMC Common 
Shares from Selling 
Shareholders 
(Pursuant to ADR 
Conversion Sale 
Program)

TSMC Common 
Shares from Selling 
Shareholders

Cash Offering 
and TSMC 
Common Shares 
from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders (Pursuant 
to ADR Conversion Sale 
Program)

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders 
(Pursuant to ADR 
Conversion Sale 
Program)

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

TSMC Common 
Shares from Selling 
Shareholders

(Note 4)

(Note 3)

Apportionment of 
Expenses for Issuance 
and Maintenance 

(Note 3)

Issuance and Listing

NYSE

Rights and Obligations 
of ADS Holders

Same as those of Common Share Holders

Trustee

Not Applicable

Depositary Bank

Citibank, N.A. – New York

Custodian Bank (Note 1)

Citibank, N.A. – Taipei Branch

As of February 29, 2020, total number of outstanding ADSs was 1,065,090,813

See Deposit Agreement and Custody Agreement for Details

ADSs Outstanding 
(Note 2)

Terms and Conditions 
in the Deposit 
Agreement and 
Custody Agreement

Closing Price Per 
ADS (US$; source: 
Bloomberg)

2019

01/01/2020 - 
02/29/2020

High

Low

Average

High

Low

Average

58.81

32.79

42.74

60.32

53.29

57.28

Note 1: Citibank, N.A., Taipei Branch changed its name to “Citibank Taiwan Limited” in 2009.
Note 2: TSMC has in aggregate issued 813,544,500 ADSs since 1997, which, if taking into consideration stock dividends distributed over the period, would amount to 1,147,835,205 ADSs. Stock 

dividends distributed in 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008 and 2009 were 45%, 23%, 28%, 40%, 10%, 8%, 14.08668%, 4.99971%, 2.99903%, 0.49991%, 
0.50417% and 0.49998%, respectively. As of February 29, 2020, total number of outstanding ADSs was 1,065,090,813 after 82,744,392 were redeemed.

Note 3: All fees and expenses such as underwriting fees, legal fees, listing fees and other expenses related to issuance of ADSs were paid by the selling shareholders, while maintenance expenses such as 

annual listing fees and accountant fees were borne by TSMC.

Note 4: All fees and expenses such as underwriting fees, legal fees, listing fees and other expenses related to issuance of ADSs were paid proportionately by TSMC and the selling shareholders, while 

maintenance expenses such as annual listing fees and accountant fees were borne by TSMC.

66

67

4.5 Status of Employee Stock Option Plan 

4.5.1 Issuance of Employee Stock Options: None.

4.5.2 Employee Stock Options Granted to Management Team and to Top 10 Employees: None.

4.6 Status of Employee Restricted Stock

4.6.1 Status of Employee Restricted Stock: None.

4.6.2 Employee Restricted Stock Granted to Management Team and to Top 10 Employees: None.

4.7 Status of New Share Issuance in Connection with Mergers and Acquisitions: None.

4.8 Financing Plans and Implementation: Not applicable.

68

69

Operational Highlights

5.1 Business Activities

5.1.1 Business Scope

5

As the founder and leader of the dedicated semiconductor foundry segment, TSMC provides a full range of integrated semiconductor 
foundry services, including the most advanced process technologies, leading specialty technologies, the most comprehensive design 
ecosystem support, excellent manufacturing productivity and quality, advanced mask and packaging services, and so on, to meet a 
growing variety of customer needs. The Company strives to provide the best overall value to its customers and views customer success 
as TSMC success. As a result, TSMC has gained customer trust from around the world and has experienced strong growth and success 
of its own.

5.1.2 Customer Applications

TSMC manufactured 10,761 different products for 499 customers in 2019. These chips were used across a broad spectrum of electronic 
applications, including computers and peripherals, information appliances, wired and wireless communication systems, servers and 
data centers, automotive and industrial equipment, consumer electronics such as digital TVs, game consoles, digital cameras, IoT and 
wearables, and many other devices and applications.

The rapid ongoing evolution of end products prompts customers to pursue differentiation using TSMC’s innovative technologies and 
services and, at the same time, spurs TSMC’s own development of technology. As always, success depends on leading rather than 
following industry trends.

5.1.3 Consolidated Shipments and Net Revenue in 2019 and 2018

Unit: Shipments (thousand 12-inch equivalent wafers) / Net Revenue (NT$ thousands)

Wafer

Others (Note 2)

Total

Domestic (Note 1)

Export

Domestic (Note 1)

Export

Domestic (Note 1)

Export

2019

2018

Shipments

Net Revenue (Note 3)

Shipments

Net Revenue (Note 3)

1,678 

8,390 

N/A 

N/A 

1,678 

8,390 

91,259,259 

836,058,092 

8,835,783 

133,832,314 

100,095,042 

969,890,406 

1,575 

9,177 

N/A 

N/A 

1,575 

9,177 

81,718,513 

829,577,851 

8,398,094 

111,779,099 

90,116,607 

941,356,950 

Note 1: Domestic means sales to Taiwan.
Note 2: Others mainly include revenue associated with packaging and testing services, mask making, design services, and royalties.
Note 3: Commencing in 2018, the Company began to break down the net revenue by product based on a new method which associates most estimated sales returns and allowances with individual sales 

transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a 
more relevant breakdown than the previous one.

5.1.4 Production in 2019 and 2018

Unit: Capacity / Output (million 12-inch equivalent wafers) / Amount (NT$ millions)

Year

2019

2018

Wafers

Capacity

12 - 13

12 - 13

Output

9 - 10 

10 - 11 

Amount 

 448,292 

 478,269 

71

5.2 Technology Leadership

5.2.1 R&D Organization and Investment

In 2019 TSMC continued to invest in research and development, 
with total R&D expenditures amounting to 8.5% of revenue, a 
level that equals or exceeds the R&D investment of many other 
leading high-tech companies.

Faced with the increasingly difﬁcult challenge to continue 
extending Moore’s Law, which calls for the doubling of 
semiconductor computing power every two years, TSMC has 
focused its R&D efforts on offering customers ﬁrst-to-market, 
leading-edge technologies and design solutions that contribute 
to their product success. In 2019, following the transfer to 
manufacturing of the 7nm+ technology and the successful risk 
production of 5nm technology, the Company’s R&D organization 
continued to fuel the pipeline of technological innovation 
needed to maintain industry leadership. While TSMC’s 3nm 
technology, the sixth generation of technology platform to make 
use of 3D transistors, continues full development, the Company 
has initiated the development of 2nm technology, a pioneering 
effort within the semiconductor industry, and at the same time, 
is progressing in research and exploratory studies for nodes 
beyond 2nm.

In addition to CMOS logic, TSMC conducts R&D on a wide 
range of other semiconductor technologies that provide the 
functionalities required by customers for mobile SoC and other 
applications. Highlights in 2019 include: 

•  process validation for System-on-Integrated Chips (TSMC-
SoIC®), an innovative wafer-level package technology; 

•  high-volume production of Gen-4 Integrated Fan-Out Package 

on Package (InFO-PoP) for mobile processor packaging; 

•  successful qualiﬁcation of Gen-5 InFO-PoP advanced packaging 
technology for mobile applications and Gen-2 Integrated Fan-
Out on Substrate (InFO_oS) for HPC applications; 

•  development of 40nm BCD (Bipolar-CMOS-DMOS) technology 
– unique in the industry – offering leading-edge 20-24V 
HV devices with full compatibility to 40nm ultra-low-power 
platform and integration of RRAM, in turn, enabling low 
power, high integration and small footprint for high-speed 
communication interface in mobile applications; 

•  technical qualiﬁcation of 28nm eFlash which is for high 

performance mobile computing and high performance low-
leakage platforms, is achieved for automobile electronics and 
micro controller units (MCU); and

• development of the latest generation CMOS image sensors of 
sub-micron pixel for mobile applications and embedded 3D 
metal-insulator-metal (MiM) high-density capacitors for global 
shutter and high dynamic-range sensor applications.

In 2019, TSMC maintained strong partnerships with many world-
class research institutions, including SRC in the U.S. and IMEC in 
Belgium. TSMC also continued to expand research collaboration 
with leading universities throughout the world for two grand 
purposes; the advancement of semiconductor technologies and 
the nurturing of talent for the future.

R&D Expenditures

Amount: NT$ thousands

9
6
5
,
5
9
8
,
5
8

6
4
7
,
8
1
4
,
1
9

,

4
6
7
7
7
7
6
1

,

2018

2019

01/01/2020 - 
02/29/2020

5.2.2 R&D Accomplishments in 2019

Highlights
• 5nm Technology
Even though the semiconductor industry is approaching the 
physical limits of silicon, 5nm technology still follows Moore’s 
Law and delivers substantial density improvement with better 
performance at the same or lower power consumption with 
comparable performance. In 2019, TSMC continued full 
development of 5nm focusing on manufacturing baseline 
process setup, yield learning, transistor and interconnect R/C 
performance improvement and reliability evaluation. The SRAM 
and logic yield results met the required expectations and TSMC 
achieved its goal of risk production in 2019.

• 3nm Technology
3nm technology offers substantial density improvement 
and power reduction with the same chip performance as 
5nm technology. Development activities in 2019 focused 
on manufacturing baseline process setup, yield learning, 
transistor and interconnect R/C performance improvement 
and reliability evaluation. TSMC plans to continue full 
development of 3nm in 2020.

• 2nm Technology
In 2019, in a pioneering role in the semiconductor industry, 
TSMC launched research and development of 2nm technology.

• Lithography Technology
The focus for R&D lithography in 2019 was on 5nm technology 
transfer, 3nm technology development and preparation of 2nm 
to move beyond development. 5nm technology was smoothly 
transferred and R&D is working with the fab to resolve the 
remaining EUV production issues. As for 3nm development, EUV 
(extreme ultraviolet) lithography showed promising imaging 
capability with expected wafer yield. R&D is working on EUV to 
reduce mask defects in scanner, and overlay errors while lowering 
overall cost. In 2020, TSMC will focus intensely on improving 
EUV quality and cost in 2nm technology and beyond.

In 2019, the Company’s EUV program made continuous 
improvement in light-source power and stability, enabling faster 
learning rates and process development for advanced nodes. 
Additional progress was made with resist process, pellicle, 
and related mask blanks, as EUV moves closer to full scale 
manufacturing readiness.

• Mask Technology
Mask technology is an integral part of advanced lithography. In 
2019, R&D successfully completed 5nm node mask technology 
transfer and smoothly implemented more complicated and 
advanced EUV mask technology in 3nm node. Solid progress was 
made on production yield, cycle time and the reduction of blank 
defects to meet high-volume manufacturing requirements.

Integrated Interconnect and Packaging
TSMC has pushed the system performance envelope beyond 
Moore’s Law by continuously upgrading wafer level system 
integration (WLSI) technologies in both interconnect pitch 
density and system sizes. WLSI encompasses innovative 
technologies with frontend 3D integration, system-on-
integrated-chip (TSMC-SoIC®) and backend 3D integration, 
including Integrated Fan-Out (InFO) and Chip on Wafer on 
Substrate (CoWoS®). Armed with TSMC’s most advanced node 
wafers/chips and mix-and-match frontend 3D and backend 3D 
system integration, customers can build differentiated products 
on TSMC’s unique wafer-to-package turnkey services.

• 3D IC and TSMC-SoIC® (System-on-Integrated Chips)
System-on-Integrated Chips (TSMC-SoIC®) is an innovative 
wafer-level package technology that can holistically integrate 
multiple chiplets into a single SoC chip with a smaller footprint 
and thinner proﬁle. Through this technology, advanced SoC chips 
(made by 7nm, 5nm, or even 3nm nodes) can be integrated 
with multi-tier, multi-functional chips for the embodiment of 
high speed, high bandwidth, low power, high pitch density, 
and minimal footprint heterogeneous 3D IC integration. 
Unlike conventional package technology, TSMC-SoIC® applies 
an essential copper-to-copper bonding structure along with 

through-silicon-via (TSV) to enable the most advanced 3D IC 
technologies. Currently, TSMC has accomplished the process 
validation for TSMC-SoIC® and developed micron-level bonding-
pitch processes with promising electrical yield and reliability 
data. This shows TSMC’s readiness and the capability of TSMC-
SoIC®-based production for any potential customers. In brief, 
the TSMC-SoIC® technology provides the opportunity not 
only to sustain Moore’s Law, but also to achieve a signiﬁcant 
breakthrough in SoC performance.

• Si Interposer and CoWoS® (Chip on Wafer on 

Substrate)

Demand for CoWoS® remained strong throughout 2019 as a 
result of rapid growth in the HPC and AI markets. The unique 
requirements for this product category include the integration 
of logic chips with the most computing power and memory 
chips with greatest capacity and bandwidth – exactly where 
CoWoS® excels. To meet the increasing production demand, 
advanced backend fabs AP3 and AP5 joined forces with AP1, the 
original CoWoS® fab, to provide the needed CoWoS® capacity 
for our customers. On the technology front, CoWoS® Gen-4 
was developed to further boost overall performance at the 
package level by expanding the Si interposer dimensions. The 
CoWoS® Gen-4 features an interposer area up to 1,700 mm2, 
which is large enough to accommodate one full-reticle size SoC 
chip and up to six 3D high bandwidth memory (HBM) stacks. 
CoWoS® Gen-5 with an interposer area up to 2,400 mm2 is 
currently being developed with new chip architectures in mind, 
such as chiplets, TSMC-SoIC® and HBM3 (third generation high 
bandwidth memory).

• Advanced Fan-Out and InFO (Integrated Fan-Out)
In 2019, TSMC continued to lead in high-volume manufacturing 
of InFO-PoP Gen-4 packaging for mobile applications processors 
and Integrated Fan-Out on Substrate (InFO_oS) HPC chip 
partition applications. InFO-PoP Gen-5 and InFO_oS Gen-2 
were also successfully qualiﬁed for mobile and HPC applications 
respectively. InFO-PoP Gen-5 qualiﬁcation meant a smaller 
package size with more pin counts and better power integrity. 
InFO_oS Gen-2 provided more chip partition integration 
with larger package size and higher bandwidth. Continuous 
development of multi-die heterogeneous integration with ﬁner-
pitch die-to-die interconnection has led to new InFO without 
substrate for consumer applications. New generation IPD 
(integrated passive device) technology, which provides higher 
density capacitors and low ESL (effective series inductance) 
for electrical performance boost, passed qualiﬁcation on 
InFO-PoP. This enhanced InFO-PoP will beneﬁt both AI and 5G 
mobile applications. New high volume manufacturing of IPD is 
scheduled to begin in 2020.

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• Advanced Interconnect
To strengthen customers’ competitiveness, TSMC provides 
advanced interconnect technologies to boost chip performance 
through architecture innovation and new material development. 
The innovative power distribution network (PDN) scheme aims 
to reduce high IR-drop and RC-delay in traditional schemes and 
improve pattern density with better routing resources. New 
materials include both metals and dielectrics. The development 
focuses on robust low-k and lower effective dielectric constant 
structures. In addition to metal barrier engineering, the Company 
is performing research in single metallic elements, binary and 
ternary alloys as well.

Corporate Research
Innovation in transistor architectures and materials continues 
to drive higher performance and reduced power consumption 
in advanced logic technologies. TSMC is at the forefront of 
2D and carbon nanotube (CNT) transistor research. At the 
2019 Symposia on VLSI Technology, TSMC published a ﬁrst 
demonstration of 40nm channel length top-gate WS2 (tungsten 
disulﬁde) pFET (p-channel ﬁeld-effect transistor) using channel 
area-selective chemical vapor deposition (CVD) growth on SiOx /Si 
substrate. Without the 2D layer transfer, this CVD direct growth 
is suitable for volume manufacturing. At the 2019 International 
Electron Device Meeting, TSMC also successfully demonstrated 
the ﬁrst heterogeneous integration of advanced 28nm Si logic 
circuits with low-cost and high-mobility CNT transistors in the 
backend of line (BEOL) with a BEOL-compatible low temperature. 
TSMC continues to look for emerging high density, non-volatile 
memory hardware accelerators for AI and HP computing. The 
Company’s research is well positioned to pave the way for 
continued density scaling, performance enhancement and power 
reduction to deliver advanced logic technologies for mobile and 
HPC applications.

Specialty Technologies
TSMC offers a broad mix of technologies to address a wide range 
of applications:

• Mixed Signal / Radio Frequency (MS/RF)
In 2019, TSMC developed a 5nm silicon and EM simulation-
based LC tank design solution to facilitate high-speed SerDes 
(serializer/deserializer) circuit design with various metal scheme 
options and layout speciﬁcations to shorten design turnaround 
time. To meet customers’ growing demand for high speed, low 
latency and massive IoT applications in the 5G network roadmap, 
TSMC provided 16nm and 28nm RF devices by boosting ft /fmax 
for transceiver design and 40nm special process by enhancing 
breakdown voltage under the same beneﬁt from lower Ron-Coff 
for better power handling in RF switch applications.

• Power IC / Bipolar-CMOS-DMOS (BCD)
In 2019, TSMC developed 40nm BCD technology with 20-24V 
HV devices on a 40nm ultra-low-power platform with low-
voltage devices and full logic process compatibility. This also 
successfully integrated RRAM (Resistive Random Access Memory) 
for the ﬁrst time to enable low power, high integration in a small 
footprint for high-speed communication interface on mobile 
applications. TSMC will continue to develop 28V and 12-16V HV 
devices to cover more power management IC applications.

• Panel Drivers
In 2019, TSMC completed dual platforms in advanced high-
voltage display driver IC technologies. Both wafer-on-wafer 
stacking (WoW 28HPC/40HV) and 28HV technologies passed 
process and reliability qualiﬁcation. WoW stacking has 
completed customers’ product yield and qualiﬁcation with 60% 
active power reduction from 40HV. Several customers have 
early IP veriﬁcation in 28HV technology. These technologies 
are leading-edge for small panel 4K resolution, OLED (organic 
light-emitting diode) and 120Hz display driver ICs. In addition, 
OLED on Si for AR/VR applications showed excellent illumination 
uniformity in 80HV technology. In 2020, TSMC plans to enhance 
the performance for OLED TDDI (touch with display driver 
integration) applications on 28HV and 8V transistors on WoW 
stacking. 

• Micro-Electromechanical Systems (MEMS)
In 2019, TSMC’s modular MEMS technology was qualiﬁed 
for mass production of high-resolution accelerometers and 
gyroscopes. Future plans include the development of next-
generation high-sensitivity thin microphone, total solutions for 
MEMS optical image stabilization (OIS) systems in 12-inch wafer 
and BioMEMS applications.

• GaN
The ﬁrst generation of 650V and 100V enhanced GaN high 
electron mobility transistors (E-HEMT) went into production 
in 2019. The second generation of 650V and 100V E-HEMT 
demonstrated 50% FOM (ﬁgure of merit) improvement 
and passed engineering qualiﬁcation. In addition, TSMC 
developed 100V D-HEMT devices, which passed engineering 
qualiﬁcation and will go into risk production in 2020.

• Complementary Metal-Oxide-Semiconductor (CMOS) 

Image Sensor

In 2019, TSMC had several achievements in CMOS image sensor 
technology. Two major accomplishments were: the completion 
of the development of a newest-generation miniaturized sub-
micron pixel, which brought about a 12.5% pixel size reduction 
from the previous generation, an increase in the pixel’s readout 

speed and a reduction of read noise for mobile applications; and 
the successful development of 3D metal-insulator-metal (MiM) 
high-density capacitors embedded inside an image sensor array 
for global shutter and high dynamic-range sensor applications.

needs. TSMC and its EDA partners have created numerous 
deliverables from 0.13µm to 5nm that have successfully 
supported customer tape-outs.

• Embedded Flash / Emerging Memory
TSMC reached several major milestones in embedded non-
volatile memory (NVM) technologies in 2019. At the 40nm 
node, the Company successfully mass-produced NOR-based cell 
technology with split-gate cell to support consumer electronics 
such as IoT, smartcards, MCUs and numerous automotive 
electronics applications. At 28nm node, the Company’s 
embedded ﬂash development for HP mobile computing and 
HP low-leakage platforms achieved technical qualiﬁcation for 
automotive electronics and MCUs. TSMC also offered RRAM 
technology to be embedded in NVM (non-volatile memory) 
technologies as a low-cost solution for the price-sensitive IoT 
market. 40nm node also achieved technical qualiﬁcation as 
customer product qualiﬁcations continued. The Company expects 
the 28nm node to enter production in 2020. Development 
in 22nm node is on track and expected to pass technical 
qualiﬁcation in 2020. TSMC is also developing 22nm embedded 
MRAM technology, which has achieved technical qualiﬁcation 
to enter production. Furthermore, TSMC is developing 16nm 
embedded MRAM for next generation embedded memory 
MCUs, automotive devices, IoT and AI to serve many new 
applications.

5.2.3 Technology Platform

TSMC provides customers with advanced technology platforms 
that include the comprehensive design infrastructure required 
to optimize design productivity and cycle times. These include: 
design ﬂows for electronic design automation (EDA); silicon-
proven libraries and IP building blocks; and simulation and 
veriﬁcation design kits, i.e., process design kits (PDKs) and 
technology ﬁles.

For TSMC’s latest advanced technologies of 5nm, 6nm, 7nm, 
7nm+, 12nm, 22nm and 3D IC design enablement platform, 
EDA tools, features and IP solutions are readily available for 
customers to adopt to meet their product requirements at 
various design stages. The Company also extends its IP quality 
program (TSMC 9000) to allow IP audits to be performed either 
at TSMC or at TSMC-certiﬁed laboratories. To help customers 
plan new product tape-outs incorporating library/IP from the 
Company’s Open Innovation Platform® (OIP) ecosystem, the 
OIP ecosystem features a portal to connect customers to 42 
IP solution providers. Overall, TSMC and its IP partners have 
accumulated a portfolio of more than 26,000 IP titles, from 
0.35µm to 5nm, with major IP types to meet customer design 

5.2.4 Design Enablement

TSMC’s technology platforms provide a solid foundation to 
facilitate the design process. Customers can design using the 
Company’s internally developed IP and tools or use tools available 
from TSMC’s OIP partners.

Tech Files and PDKs
EDA tool certiﬁcation is an essential element for IP and customer 
designs to ensure that features meet TSMC process technology 
requirements, with certiﬁcation results that can be found on 
TSMC-OnlineTM. There are corresponding tech ﬁles and process 
development kits (PDKs) available for customers to download 
and design together with certiﬁed EDA tools. TSMC provides 
a broad range of PDKs for digital logic, mixed-signal, radio 
frequency (RF), high-voltage driver, CMOS image sensor (CIS) 
and embedded ﬂash technologies across a range of nodes from 
0.5µm to 5nm. In addition, the Company provides tech ﬁles for 
design rule checking (DRC), layout veriﬁcation of schematic (LVS), 
resistance-capacitance (RC) extraction, automatic place and route, 
and a layout editor to ensure process technology information is 
accurately represented in EDA tools. By 2019, TSMC had provided 
customers more than different 10,600 tech ﬁles and 360 PDKs 
via TSMC-OnlineTM. There are more than 100,000 customer 
downloads of these ﬁles every year.

Library and IP
Silicon intellectual property (IP) is the basic building block of 
integrated circuit designs. Various IP types are available to support 
different customer design applications including foundation 
IP, analog IP, embedded memory IP, interface IP and soft IP. To 
support 3D IC customer needs, TSMC also starts to offer 3D IC 
IP in 2019. TSMC and its alliance partners offer customers a rich 
portfolio of reusable IPs, which are essential building blocks for 
many circuit designs. In 2019, the Company expanded its library 
and silicon IP portfolio to contain more than 26,000 items, a 30% 
increase over 2018.

Design Methodology and Flow
Reference ﬂows are built on top of certiﬁed EDA tools to provide 
additional design ﬂow methodology innovations that can help 
boost productivity. In 2019, TSMC addressed critical design 
challenges associated with new 6nm and 3D IC technologies for 
digital and SoC applications by announcing the availability of 
reference ﬂows through OIP collaboration that feature FinFET-
speciﬁc design solutions and TSMC-SoIC® (System-on-Integrated Chips) 
methodologies for performance, power and area optimization.

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75

5.2.5 Intellectual Property

TSMC has an active worldwide patent strategy and places on 
equivalent emphasis on both quality and quantity as the core 
principle of TSMC patent management. In terms of patent ﬁlings, 
TSMC has accumulated more than 55,000 patent applications 
worldwide as of end of 2019, including near 6,500 applications 
ﬁled in 2019 which made TSMC ranked in top 10 global US 
patent applicants, and No. 1 among patent applicants in Taiwan 
for four consecutive years. In terms of patent grants, TSMC has 
obtained exceeding 39,000 patent worldwide accumulated 
as of end of 2019, including 3,600 global patents (more than 
2,300 U.S. patents included) received in 2019. In terms of patent 
quality, the allowance rate of TSMC’s U.S. applications reached 
99% and TSMC ranked No. 1 in patent allowance rate among 
global top 20 U.S. Patent Assignees in 2019. At least once a year, 
the General Counsel updates to the Board of Directors the status 
of the intellectual property management scheme. Going forward, 
TSMC will continue to implement a uniﬁed strategic plan for 
intellectual capital management, combining with strategic 
considerations and close alignment with the business objectives, 
to drive the timely creation, management and use of intellectual 
property. 

TSMC has established a process to generate company value 
from intellectual property by aligning intellectual property 
strategy with R&D, business operation objectives, marketing, and 
corporate development strategies. Intellectual property rights 
protect the company’s freedom to operate, enhance competitive 
position, and provide leverage to participate in many proﬁt-
generating activities. 

TSMC has worked continuously to improve the quality of 
intellectual property portfolio and to reduce the maintenance 
costs. TSMC will continue to invest in intellectual property 
portfolio and intellectual property management system to ensure 
the company’s technology leadership and receive maximum 
business value from intellectual property rights.

Back in 2013, TSMC established research centers at four top 
universities in Taiwan – National Chiao Tung University, National 
Taiwan University, National Cheng Kung University and National 
Tsing Hua University. More than 1,000 high-caliber students with 
backgrounds in the disciplines of electronics, physics, materials, 
chemistry, chemical engineering and mechanical engineering 
participated in semiconductor-related research centers. Also in 
2019, the Company jointly launched TSMC-NTHU Semiconductor 
Program for the purpose of enhancing the quality and quantity 
of domestic semiconductor students and attracting more 
outstanding students to a career in the semiconductor industry. 
Meanwhile, semiconductor programs from other universities are 
expected to open for student enrollment in 2020 to narrow the 
gap between industries and academics and strengthen the quality 
and competitiveness of the talent pool in the industry. In addition, 
TSMC also conducts strategic research projects at top overseas 
universities, such as Stanford, MIT, UC Berkeley and so on. The 
focus is on innovative capabilities in transistors, interconnect, 
patterning, modeling and specialty technologies.

TSMC University Shuttle Program
The TSMC University Shuttle Program was established to provide 
professors at leading research universities worldwide with access 
to the advanced silicon process technologies needed to develop 
innovative circuit design concepts. This program links motivated 
professors and graduate students with enthusiastic managers 
at TSMC in order to promote excellence in the development 
of advanced silicon design technologies and to nurture new 
generations of engineering talents in the semiconductor 
ﬁeld. The program provides access to TSMC silicon process 
technologies for digital and analog/mixed-signal circuits, RF 
designs and micro-electromechanical system designs. Participants 
include major university research groups worldwide. TSMC and 
the University Shuttle Program participants achieve “win-win” 
collaboration through the program, which allows graduate 
students to implement exciting new designs and achieve silicon 
proof points for innovations in various end-applications.

5.2.6 TSMC University Collaboration Programs

5.2.7 Future R&D Plans

In recent years TSMC has signiﬁcantly expanded its collaboration 
with prestigious universities in Taiwan. The mission of joint 
research is twofold: to encourage and prepare competent 
graduate students for the semiconductor industry and to inspire 
university professors to conduct leading-edge semiconductor 
research, including but not limited to novel devices, process 
and materials technologies, semiconductor manufacturing and 
engineering, and specialty technologies for electronic applications. 

To maintain and strengthen TSMC’s technology leadership, 
the Company plans to continue investing heavily in R&D. For 
advanced CMOS logic, the Company’s 3nm and 2nm CMOS 
nodes continue to progress in the pipeline. In addition, the 
Company’s reinforced exploratory R&D work is focused on 
beyond-2nm node and on areas such as 3D transistors, new 
memory and low-R interconnect, which are on track to establish 
a solid foundation to feed into technology platforms. For 3D IC 
advanced packaging, TSMC is developing innovations for energy-

efﬁcient sub-system integration and scaling to provide further 
augmentation to CMOS logic applications. The Company has 
intensiﬁed its focus on new specialty technologies such as RF and 
3D intelligent sensors targeting 5G and smart IoT applications. 
The corporate research function, established in 2017, continues 
to focus on novel materials, processes, devices, nanowires and 
memories for the long-term, beyond eight to ten years. The 
Company also continues to collaborate with external research 
bodies from academia and industry consortia alike with the 
goal of extending Moore’s Law and paving the way to future 
cost-effective technologies and manufacturing solutions for its 
customers.

With a highly competent and dedicated R&D team and its 
unwavering commitment to innovation, TSMC is conﬁdent 
in its ability to deliver the best and most cost-effective SoC 
technologies to its customers and to drive future business 
growth and proﬁtability for years to come.

Summary of TSMC’s Major Future R&D Projects

Project Name

Description

Risk Production
(Estimated 
Target 
Schedule)

3nm logic technology 
platform and applications 

6th generation 3D CMOS technology 
platform for SoC

2021

Beyond-3nm logic 
technology platform and 
applications 

3D IC

3D CMOS technology platform for SoC

2023

Cost-effective solution with better form 
factor and performance for System-in-
Package (SiP)

2018 - 2021

Next-generation 
lithography

EUV lithography and related patterning 
technology to extend Moore’s Law

2018 - 2021

Long-term research

Specialty SoC technology (including new 
NVM, MEMS, RF, analog) and transistors 
for 8 - 10 year out horizon

2018 – 2026

The projects above account for roughly 70% of the total R&D budget for 2020. Total R&D budget is 
estimated to be around 9% of 2020 revenue.

5.3 Manufacturing Excellence

5.3.1 GIGAFAB® Facilities

Maintaining dependable capacity is a key part of TSMC’s 
manufacturing strategy. The Company currently operates 
three 12-inch GIGAFAB® facilities – Fabs 12, 14 and 15. The 
combined capacity of the three facilities exceeded eight million 
12-inch equivalent wafers in 2019. Production within these 
three facilities supports 0.13µm, 90nm, 65nm, 40nm, 28nm, 

20nm, 16nm, 10nm, and 7nm process technologies, including 
each technology’s sub-nodes. Fab 18 expects to start volume 
production using 5nm processes in early 2020 and will be 
TSMC’s fourth 12-inch GIGAFAB® facility. An additional portion 
of the capacity is reserved for R&D work on leading-edge 
manufacturing technologies, which currently supports the 
technology development of the 3nm, 2nm node and beyond. 

The three GIGAFAB® facilities are coordinated by a centralized 
fab manufacturing management system known as super 
manufacturing platform (SMP) to provide customers with more 
consistent quality and reliability, improved ﬂexibility to cope with 
demand ﬂuctuations, faster yield learning and time-to-volume, 
and lower-cost product requaliﬁcation.

5.3.2 Engineering Performance Optimization

As advanced technology continues to evolve and the geometry 
keeps shrinking, the need for tighter process control and quality 
requirement becomes extremely challenging for manufacturing. 
TSMC’s unique manufacturing infrastructure is tailored to 
handle a diversiﬁed product portfolio, which uses strict process 
control to attain tightened specs and meet higher product 
quality, performance and reliability requirements. To achieve 
excellence in both quality and manufacturing, TSMC’s process 
control systems have been integrated with numerous intelligent 
functions to assist self-diagnosis, self-learning and self-reacting. 
These, in turn, have demonstrated remarkable results in yield 
enhancement, quality assurance, workﬂow improvement, fault 
detection, cost reduction and shortening of the R&D cycle.

TSMC has developed systems for precise fault detection 
and classiﬁcation, intelligent advanced equipment control 
and intelligent advanced process control to monitor the 
manufacturing process in a timely manner and adjust conditions 
precisely. To achieve quality-ﬁrst and ensure highly efﬁcient and 
effective production, the Company has developed precision 
equipment matching and yield mining to minimize process 
variations and potential defects and excursion. 

With the advent of the 5G era’s stricter quality requirements 
for mobile, high performance computing, automotive and 
the Internet of Things, TSMC has further established big data, 
machine learning and artiﬁcial intelligence architecture to 
systematically integrate foundry know-how and data science 
methodology in order to develop knowledge-based engineering 
analysis and realize engineering performance optimization.

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5.3.3 Agile and Intelligent Operations

The Company’s sophisticated, agile and intelligent operating systems continue to drive manufacturing excellence. TSMC has integrated 
artiﬁcial intelligence, machine learning, expert systems, and advanced algorithms to build up an intelligent manufacturing environment. 
Intelligent manufacturing technologies are widely applied in scheduling and dispatching, employee productivity, equipment productivity, 
process and equipment control, quality defense, and robotic control in order to optimize quality, productivity, efﬁciency, and ﬂexibility 
while maximizing cost effectiveness and accelerating overall innovation. TSMC has also integrated new applications such as intelligent 
mobile devices, IoT, and mobile robots, and combined with intelligent automated material handling systems (AMHS) to consolidate 
wafer manufacturing data collection and analysis, utilize manufacturing resource efﬁciently, and maximize manufacturing effectiveness. 
As a result, the system provides fast ramp-up, short cycle time, stable manufacturing, on-time delivery, and total quality satisfaction and 
offers as well great ﬂexibility to quickly support customers’ urgent pull-in requests when needed.

5.3.4 Raw Materials and Supply Chain Management

In 2019, TSMC continued to review and resolve supply issues, quality issues and potential supply chain risks through the collaboration 
of teams formed by fab operations, quality control and business organizations. TSMC also worked with suppliers to further advance 
material and process innovation, improve quality and create recycling savings with beneﬁts from win-win solutions.

Raw Materials Supply

Major Materials

Major Suppliers

Market Status

Procurement Strategy

Raw Wafers

FST
GlobalWafers
SEH
Siltronic
SUMCO

These 5 suppliers together provide over 90% of 
the world’s raw wafer supply.

• TSMC’s suppliers of silicon wafers are required to pass stringent quality 
certiﬁcation procedures.
• TSMC procures wafers from multiple sources to ensure adequate supplies for 
volume manufacturing and to appropriately manage supply risk.
• Raw wafer quality enhancement programs are in place to support TSMC’s 
technology advancement.
• TSMC regularly reviews the quality, delivery, cost, sustainability and service 
performance of its wafer suppliers. The results of these reviews are incorporated 
into subsequent purchasing decisions.
• A periodic audit of each wafer supplier’s quality assurance system ensures that 
TSMC can maintain the highest quality in its own products. 
• TSMC takes various approaches with suppliers to better manage the cost and 
supply.

• Most suppliers have relocated some of their operations closer to TSMC’s major 
manufacturing facilities, thereby signiﬁcantly improving procurement logistics.
• All supplied products are regularly reviewed to ensure that TSMC’s speciﬁcations 
are met and product quality is satisfactory.
• TSMC encourages and engages with chemical suppliers to implement innovative 
green solutions for waste reduction.

These 13 companies are the major worldwide 
suppliers of chemicals.

Chemicals

Lithographic Materials

Gases

Air Liquide
BASF
DuPont
Entegris
Fujiﬁlm Electronic Materials
Kanto PPC
Kuang Ming
Merck
RASA
Shiny
Tokuyama
Versum
Wah Lee

3M
Fujiﬁlm Electronic Materials
JSR
Nissan
Shin-Etsu Chemical
Sumitomo Chemical
T.O.K.

Air Liquide
Air Products
Central Glass
Entegris
Linde LienHwa
Praxair
SK Materials
Taiwan Material Technology
Taiyo Nippon Sanso
Versum

These 7 companies are the major worldwide 
suppliers of lithographic materials.

• TSMC works closely with suppliers to develop materials that meet all application 
and cost requirements.
• TSMC and suppliers periodically conduct programs to improve their quality, 
delivery, sustainability and green policy, and to ensure continuous progress of 
TSMC’s supply chain.
• Some major suppliers have relocated or plan to replicate their manufacturing 
sites closer to TSMC’s major manufacturing facilities, thereby signiﬁcantly 
improving procurement logistics and reducing supply risks.

These 10 companies are the major worldwide 
suppliers of specialty gases.

• The majority of these suppliers have facilities in multiple geographic locations, 
which minimizes supply risk for TSMC.
• TSMC conducts periodic audits to ensure that they meet TSMC’s standards.

(Continued)

Major Materials

Major Suppliers

Market Status

Procurement Strategy

Slurry, Pad, Disk

3M
AGC
Cabot Microelectronics
DuPont
Fujibo
Fujiﬁlm Electronic Materials
Fujimi

These 7 companies are the major worldwide 
suppliers  of  CMP  (Chemical  Mechanical 
Polishing) materials.

• TSMC works closely with suppliers to develop materials that meet all application 
and cost requirements.
• TSMC and suppliers periodically conduct programs to improve their quality, 
delivery, sustainability and green policy, and to ensure continuous progress of 
TSMC’s supply chain.
• Most suppliers have relocated or plan to replicate some of their manufacturing 
sites closer to TSMC’s major manufacturing facilities, thereby signiﬁcantly 
improving procurement logistics and reducing supply risks.

Suppliers Accounting for at Least 10% of Annual Consolidated Net Procurement
Unit: NT$ thousands

Supplier

Company A

Company B

Company C 

Others

Total Net Procurement

2019

2018

Procurement 
Amount 

As % of 2019 Total 
Net Procurement

Relation to TSMC

Procurement 
Amount 

As % of 2018 Total 
Net Procurement

Relation to TSMC

11,275,564

10,322,266

5,735,862

31,826,777

59,160,469

19%

None

17%

None

10%

None

54%

100%

-

-

10,233,843

11,047,359

6,800,865

35,324,987

63,407,054

16%

None

17%

None

11%

None

56%

100%

-

-

• Reason for Increase or Decrease: No signiﬁcant change.

5.3.5 Quality and Reliability

TSMC strives to provide excellence in semiconductor manufacturing services to all its customers worldwide. The Company is dedicated 
to quality in every facet of its business and maintains a culture of continuous improvement to assure customer satisfaction. TSMC 
implements expedient containment programs to shield customers from any product defects until each has been eliminated.

In the technology development stage, the Q&R organization helps customers design in superior product reliability. In 2019, Q&R 
worked with R&D in advanced logic, specialty and advanced packaging technologies throughout development and qualiﬁcation stages 
continuously to ensure meeting requirements for device characteristics, process yield and product reliability.

For advanced logic technology, in 2019 Q&R successfully qualiﬁed the 5nm FinFET, the second generation process with EUV lithography, 
to ensure its competitiveness in mobile and high performance computing applications, with plans to move into mass production 
in 2020. For specialty technologies, Q&R completed technology qualiﬁcation of 22nm ULL (ultra-low leakage) embedded MRAM 
(magnetic random access memory). Regarding CIS (CMOS image sensor) technology, Q&R qualiﬁed 45nm NIR (near infrared) CIS with 
ASIC (application speciﬁc integrated circuit) wafer on wafer stack. For CoWoS® (Chip on Wafer on Substrate) packaging technologies, 
the Company established a new manufacturing site in 2019 that doubled capacity from 2018. To ensure that the new site could 
provide products with the same quality and reliability, Q&R completed the process and equipment matching and qualiﬁcation among 
different sites. In addition, integrated fan-out (InFO) assembly technology for mobile applications moved into its fourth generation 
of manufacturing. Moreover, InFO_oS, 1.5x reticle InFO size on substrate, was qualiﬁed with products in production for networking 
applications. 

To continuously achieve product defect reduction, enhance process controls, make early detection of abnormalities and prevent quality 
problems that affect customers, Q&R collaborates with other operational entities to establish real-time defense systems using advanced 
statistical methods and quality tools. Since 2017, Q&R and Fabs have worked together on enhancements for automotive product quality 
improvement, including design rule implementation and migration to Automotive Quality System 2.0. This covers process capability 
requirement tightening for in-line and wafer acceptance testing in fabs and maverick wafers/lots handling. Q&R also provides dedicated 
resources for ﬁeld/line return analysis and timely physical failure analysis (PFA) for process improvement to meet automotive customers’ 
stringent DPPM (defective parts per million) requirements. In 2019, quality control for automotive products was deployed to 7nm and 
12nm process technologies for the preparation of automotive electronic business in 2020. 

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To enhance employee problem-solving capabilities and develop 
related quality systems and methodologies, Q&R held several 
company-wide symposia and training programs on total 
quality excellence (TQE), design of experiment (DOE), statistical 
process control (SPC) and metrology in 2019. These included 
the promotion and training of deep machine learning, which 
was successfully applied to automatic classiﬁcation of wafer 
defects and advanced spectral analysis to detect differences 
among processes and equipment so that corrective actions 
could be initiated. In 2020, Q&R will continue the development 
of employee capabilities by promoting and using new 
methodologies to enhance TSMC competitiveness. 

For material and supplier management, in 2019 Q&R and the 
material management organization collaborated to enhance the 
inspection capability for incoming material quality and supplier 
management. A material quality improvement task force was 
formed to work with suppliers. Material quality checks were 
added to critical control points of the production line. Q&R also 
required suppliers to apply statistical process methods to strictly 
control the stability of their own process quality and enhance 
upstream raw material analysis. Q&R requested that supply chain 
factories seek ISO 9001 certiﬁcation, implement process change 
management and evaluation, and undertake quality audits. In 
2019, Q&R collaborated with SEMI (Semiconductor Equipment 
and Materials International) to hold the Strategic Materials 
Conference (SMC) in Taiwan for the ﬁrst time. This conference, 
which had previously been held only in the U.S. and Europe, 
helped motivate and elevate the competitiveness of the local 
supply chain. 

TSMC fully supports continuous improvement programs to 
strengthen the work culture, improve product quality and 
production efﬁciency, reduce production costs, and improve 
customer satisfaction. These programs encourage colleagues to 
strive for excellence, drive cross-departmental observation and 
learning, and enhance their innovative and problem-solving abilities 
– all traits that greatly contribute to achieving a win-win outcome of 
honing TSMC’s competitive edge and building customer satisfaction. 
In addition to internal cross-organizational learning and exchange, 
TSMC participates with other industries in the Taiwan Continuous 
Improvement Competition in order to promote the development of 
other local industries by sharing its experience, and to enhance the 
problem-solving and innovation ability of its colleagues by observing 
the improvement methods of other industries. In 2019, TSMC’s 
outstanding performance was recognized with six gold awards and 
one silver award; at the same time, Q&R coached domestic material 
suppliers to participate in the competition and they won a total of 
three gold, six silver, and four bronze awards.

Thanks to qualiﬁcation in technology development, real-time 
defense systems and innovative applications in semiconductor 
manufacturing services, as well as its continuous quality 
improvement culture, TSMC had no major product recalls in 
2019. Meanwhile, a third party audit veriﬁed the effectiveness 
of TSMC’s quality management systems in compliance with 
IATF 16949: 2016 and IECQ QC 080000: 2017 certiﬁcates 
requirements. Periodic customer feedback indicates that products 
shipped from TSMC have consistently met or exceeded all ﬁeld 
quality and reliability requirements. In these ways, TSMC assists 
customers in time-to-market delivery and competitiveness 
enhancement with excellent and reliable products for the 
four major growth markets: mobile communication, high 
performance computing (HPC), Internet of Things (IoT), and 
automotive electronics.

5.4 Customer Trust

5.4.1 Customers

TSMC’s worldwide customers have a variety of products that 
deliver excellent performances across semiconductor industry. 
Customers include fabless semiconductor companies, system 
companies, and integrated device manufacturers such as 
Advanced Micro Devices, Inc., Broadcom Limited, Hisilicon 
Technologies Co. Ltd., Intel Corporation, MediaTek Inc., NVIDIA 
Corporation, NXP Semiconductors N.V., Qualcomm Inc., Sony 
Corporation, XILINX Inc., and many more.

Customer Service
TSMC has been dedicated to provide the best client services, 
and we strongly believe that a good client service is critical 
to customer satisfaction, and is key for customer retention, 
customer relationship enhancement, and new customer 
engagement. TSMC has established a devoted customer service 
team which strives to provide world-class services in supporting 
clients in mask making, wafer manufacturing, and backend 
services, thereby creating the best customer experiences, 
gaining customer trust, and sustaining corporate revenue and 
proﬁtability.

To improve customer interaction on a real-time basis, TSMC-
OnlineTM offers a suite of web-based applications that allows 
us to play an active role in collaborations with clients in design, 
engineering and logistics. Customers thus have 24-7 access to 
critical information, and are able to create customized reports. 
Within TSMC-OnlineTM, design collaboration lies upon data 
availability and accessibility, and provides clients with accurate 
and the most updated information at each stage of design 
process. Engineering collaboration includes engineering lots, 

wafer yields and wafer acceptance test analysis, as well as quality and reliability data. Logistics collaboration includes information of 
wafer fabrication, backend process, and shipments in client orders.

Customer Satisfaction
To ensure customer satisfaction, and to make sure we fully apprehend customer needs, TSMC appoints third party consulting ﬁrms 
to conduct customer satisfaction survey (ACSS) with majority of our existing customers through either web survey or interview on an 
annual basis.

In addition to the survey, customer service team also conduct quarterly business reviews (QBRs) with our customers to make sure we 
receive customers’ feedbacks on a regular basis. Through surveys and feedback reviews, TSMC is able to closely interact with customers, 
provides better services, and enhances quality of collaborations.

Customer feedback is routinely reviewed, analyzed and then used to develop appropriate improvement plans, all in all becoming 
an integral part of the customer satisfaction process. TSMC uses the results derived from the survey as important basis for future 
developments, and we ﬁrmly believe that customer satisfaction leads to healthy customer relationships and business growths.

Customers Accounting for at Least 10% of Annual Consolidated Net Revenue
Unit: NT$ thousands

2019

2018

Net Revenue (Note)

As % of 2019 Total 
Net Revenue

Relation to TSMC

Net Revenue (Note)

As % of 2018 Total 
Net Revenue

Relation to TSMC

247,213,291

152,876,885

669,895,272

23%

None

14%

None

63%

100%

-

-

224,690,695

83,885,616

722,897,246

1,031,473,557

22%

None

8%

None

70%

100%

-

-

Total Net Revenue

1,069,985,448

Customer

Customer A

Customer B

Others

Note: Commencing in 2018, the Company began to break down the net revenue by customer based on a new method which associates most estimated sales returns and allowances with individual sales 
transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more 
relevant breakdown than the previous one.

• Reason for Increase or Decrease: The changes of sales amount and percentage were mainly due to customer product demand 

change.

5.4.2 Open Innovation Platform® (OIP) Initiative

Innovation has always been an exciting and challenging proposition. Competition among semiconductor companies continues to 
intensify in the face of increasing industry consolidation and the commoditization of technology at more mature, conventional levels. 
Companies must ﬁnd ways to keep innovating in order to survive and prosper. One way to promote innovation is through active 
collaboration with external partners. At TSMC this is known as “Open Innovation®.” It is an “outside in” approach to complement 
traditional “inside out” methods. TSMC has chosen this path to innovation via its Open Innovation Platform® (OIP) initiative, which is a 
key part of the TSMC Grand Alliance.

The OIP initiative is a comprehensive design technology infrastructure that encompasses all critical IC implementation areas to 
lower design barriers and improve ﬁrst-time silicon success. OIP promotes the speedy implementation of innovation amongst the 
semiconductor design community and its ecosystem partners using TSMC’s IP, design implementation, process technology and backend 
services.

Crucial to OIP are ecosystem interfaces and collaborative components initiated and supported by TSMC to empower innovation 
throughout the supply chain and, in turn, drive the creation and sharing of new revenue and proﬁts. TSMC’s active accuracy assurance 
(AAA) initiative is key to OIP, providing the accuracy and quality required by the ecosystem interfaces and collaborative components.

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TSMC’s Open Innovation® model brings together the creative 
thinking of customers and partners under the common goal of 
shortening each of the following: design time, time-to-volume, 
time-to-market and, ultimately, time-to-revenue. The model 
features:

•  the foundry segment’s earliest and most comprehensive 
electronic design automation (EDA) certiﬁcation program, 
delivering timely design tool enhancement required by new 
process technologies

•  the foundry segment’s largest, most comprehensive and most 
robust silicon-proven IP (intellectual properties) and library 
portfolio, and

•  comprehensive design ecosystem alliance programs covering 
market-leading EDA, library, IPs, and design service partners.

TSMC’s OIP alliance consists of 22 EDA partners, six cloud 
partners, 42 IP partners, 19 design center alliance (DCA) partners, 
and eight value chain aggregator (VCA) partners. TSMC and its 
partners work together proactively and engage much earlier and 
deeper than ever before in order to address mounting design 
challenges at advanced technology nodes. Through this early and 
intensive collaboration effort, TSMC’s OIP is able to deliver the 
needed design infrastructure with timely enhancement of EDA 
tools, early availability of critical IPs and quality design services 
when customers need them. Taking full advantage of the process 
technologies once they reach production-ready maturity is critical 
to customers’ success. 

TSMC’s OIP partner management portal facilitates 
communication with its ecosystem partners for efﬁcient business 
productivity. Designed with a highly intuitive interface, this portal 
can be accessed via a direct link from TSMC-OnlineTM.

In September and October, TSMC held its 2019 Open Innovation 
Platform® (OIP) Ecosystem Forum in Santa Clara, California and in 
Beijing, respectively. This annual event demonstrates how TSMC 
and its ecosystem partners jointly develop design solutions on 
top of TSMC’s advanced technologies through OIP collaboration. 
At the forum, TSMC made key presentations on EDA and 
IP ecosystem readiness of 5nm, as well as on continuous 
development of solutions to enhance power, performance and 
area (PPA) on existing production technology nodes from 7nm 
to 6nm, from 16nm to 12nm and from 28nm to 22nm. TSMC’s 
comprehensive radio frequency (RF) design platform is developed 
to support emerging 5G design applications. In addition, the 

availability of various 3D integration technologies forms a 
complete 3D IC design ecosystem that helps unleash customers’ 
product innovation. The readiness of the aforementioned design 
ecosystem solutions will help customers successfully pursue 
opportunities in mobile, high performance computing, the 
Internet of Things and automotive markets.

5.5 Human Capital

Human capital is TSMC’s most treasured asset. In this area 
regard, the Company’s main role is to provide jobs with 
challenging, meaningful work in a safe environment with 
excellent compensation and beneﬁts. TSMC goes beyond this, 
however, by actively encouraging employees to nurture and 
enjoy a healthy family life, develop outside interests, expand 
social participation, and, in general, live a happy life. 

TSMC abides by local laws and participates in the Responsible 
Business Alliance (RBA) as a full member. The Company refrains 
from forcing employees to do unwilling labor service, listens 
to the employees, keeps communication channels open, and 
respects the right of all workers to form and join trade unions of 
their own choosing as well as to refrain from such activities as 
they choose.

5.5.1 TSMC Human Rights Policy

TSMC abides by local laws and regulations in all countries and 
regions where we operate, and upholds the human rights of 
workers, including regular, contract and temporary employees, 
and interns. We treat all workers with dignity and respect as 
understood by the international human rights standards such 
as The International Bill of Human Rights, The International 
Labour Organization’s Declaration on Fundamental Principles 
and Rights at Work, and Ten Principles of the United Nations 
Global Compact. We also align our actions with the Responsible 
Business Alliance Code of Conduct. And TSMC’s Supplier Code of 
Conduct requires our suppliers to follow the same standards. 

5.5.2 Workforce Structure

At the end of 2019, TSMC had 51,297 employees worldwide, 
including 5,364 managers, 24,416 professionals, 4,357 
assistants and 17,160 technicians. The following table 
summarizes the makeup of TSMC’s workforce as of the end of 
February, 2020:

Job

Total

Gender

Managers

Professionals

Assistant 
Engineer/Clerical

Technician

Male (%)

Female (%)

Ph.D.

Master's

Education

Bachelor's

Other Higher 
Education

12/31/2018

12/31/2019

02/29/2020

5,294

22,285

4,109

17,064

48,752

61.3%

38.7%

4.7%

42.6%

25.9%

11.1%

5,364

24,416

4,357

17,160

51,297

62.2%

37.8%

4.5%

44.7%

25.3%

10.6%

5,428

24,809

4,394

17,414

52,045

62.3%

37.7%

4.5%

44.9%

25.5%

10.6%

High School

15.7%

14.8%

14.5%

Average Years of Age 

Average Years of Service 

36.4

9.1

36.6

9.3

36.6

9.3

5.5.3 Recruitment 

Key elements of TSMC’s success and growth depend on the 
Company’s employees, who share a common vision and values. 
In order to strengthen growth momentum, the Company is 
dedicated to recruiting top-notch professionals in all positions. 
TSMC is an equal opportunity employer and operates on the 
principles of open and fair recruitment. The hiring principles are 
integrity and ability, and the Company evaluates all candidates 
according to their qualiﬁcations as related to the requirement 
of each position without regard to race, gender, age, religion, 
nationality or political afﬁliation. 

To promote continuous growth, in 2019 TSMC recruited more 
than 5,000 employees, including over 3,900 managers and 
professionals, as well as over 1,100 assistants and technicians.

5.5.4 People Development 

Employee development is an integral and critical factor for 
the growth of any company, and at TSMC it is goal oriented, 
disciplined and planned. The Company is committed to 
expanding and fulﬁlling employee potential by providing 
meaningful work in a world-class workplace. TSMC is also 

committed to cultivating a consistent and diverse learning 
environment. To this end, the Company has initiated the TSMC 
Employee Training and Education Procedure to ensure the 
Company’s and the individuals’ development objectives can be 
achieved through the integration of internal and external training 
resources and with internal rotation opportunities. 

To help employees reach their potential, TSMC is committed to 
on-the-job training and systematic job rotation. In addition, TSMC 
provides various resources and channels to encourage employees 
to learn on their own to further raise their performance and 
achieve their potential. TSMC integrates internal and external 
resources and designs diversiﬁed development programs based 
on business objectives, the nature of the individual’s job, work 
performance and career development path. The Company 
provides employees with a diverse network of learning resources, 
including on-the-job training, classroom training, e-learning, 
coaching, mentoring and job rotation; it also creates an 
educational atmosphere through learning activities in response to 
organization development requirements and employee capability 
enhancement goals.

The Company provides employees with a wide range of onsite 
general, professional and managerial training programs. In 
addition to engaging external experts as trainers, hundreds of 
TSMC employees are trained to be qualiﬁed instructors to share 
their valuable knowledge in internal educational courses. 

TSMC provides the following training programs:
• New employee –basic training and job orientation. In addition, 
the newcomers’ managers and a well-established buddy system 
are in place to support new hires in their assimilation process 
regarding both corporate culture and work requirements.
• General – as required by government regulations and/or 

the Company policies, as well as on general subjects for all 
employees or employees in various job functions. Topics include 
industry-speciﬁc safety, workplace health and safety, quality, fab 
emergency response and personal effectiveness management.
• Professional/functional – technical and professional training 
required by different functions within the Company. TSMC 
offers training courses on equipment engineering, process 
engineering, accounting, information technology and so forth.
• Management – management development programs tailored 

to the needs of managers at all levels based on their managerial 
capabilities and responsibilities, including new, experienced, and 
senior managers; optional courses also available.

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• Direct labor – for production-line employees to acquire the 
knowledge, skills and approaches they need to perform their 
jobs well and to pass certiﬁcation for operating equipment. 
Includes direct labor skill training, technician “Train the Trainer” 
training, and manufacturing leadership training.
• Customized – programs tailored to the needs of the 

organization and/or the employee’s development plan.

The same philosophy applies to TSMC’s compensation programs 
in overseas subsidiaries. In addition to providing employees with 
a locally competitive base salary, the Company grants annual 
bonuses as a part of total compensation. The annual bonuses 
are granted in line with local regulations, market practices, and 
the overall operating performance of each subsidiary, to promote 
employee commitment and development.

In 2019, TSMC conducted 1,115 internal training sessions and 
provided over 740 thousand hours of training and a total of 
more than 700 thousand attendees participated. On average, 
each employee attended over 14 hours of training and TSMC 
spent over NT$59 million on the education and development of 
employees.

5.5.6 Employee Engagement

The Company encourages employees to maintain a healthy and 
well-balanced life while pursuing their career goals effectively. TSMC 
continuously facilitates employee communication and provides 
employee caring, beneﬁt, rewards and recognition programs.

Apart from internal training resources, TSMC employees are also 
subsidized when pursuing external short-term courses, for-credit 
classes and degrees.

5.5.5 Compensation

TSMC employees are entitled to a comprehensive compensation 
and beneﬁts program above the industry average. TSMC 
provides a diversiﬁed compensation program that is competitive 
externally, fair internally, and adapted locally. TSMC adheres 
to the philosophy of sharing wealth with employees in order 
to attract, retain, develop, motivate and reward talented, 
performing employees. Thanks to solid business results over 
the past 30 years, the actual total compensation received by 
employees has been above the industry’s average.

TSMC’s compensation program includes a monthly salary, 
employee cash bonuses based on quarterly business results, and 
an employee proﬁt sharing bonus based on annual proﬁts.

The purpose of the employee cash bonus and proﬁt sharing 
bonus programs is to reward employee contributions 
appropriately, to encourage employees to work consistently 
toward ensuring TSMC success, and to align employees’ interests 
with those of TSMC’s shareholders so as to achieve wins for the 
Company, shareholders and employees. The Company determines 
the amount of the cash bonus and proﬁt sharing bonus based 
on operating results and industry practice in the Republic of 
China. The amount and distribution of the employee bonuses are 
recommended by the Compensation Committee to the Board 
of Directors for approval. Individual rewards are based on each 
employee’s job responsibility, contribution and performance.

Employee Communication
TSMC values two-way communication and is committed 
to keeping communication channels open and transparent 
for management, subordinates and peers. The Company is 
committed to ensuring that employees are able to communicate 
openly and share ideas and concerns with management 
regarding work conditions and management practices without 
fear of discrimination, reprisal, intimidation or harassment.

TSMC makes continuous efforts to listen to the voice of 
employees and to facilitate mutual and timely employee 
communication, based on multiple channels and platforms, 
which in turn fosters harmonious labor relations and creates a 
win-win situation for the Company and employees. 

The Company supports a host of two-way communication 
channels, including:
• Communication meetings for various levels of managers and 

employees; for example, the Chairman’s/CEO’s communication 
meeting, and communication meetings in individual functions/
divisions.

• Quarterly labor-management meetings to provide business 

updates and invite employees to discuss labor conditions and 
welfare activities. 

• Aperiodic employee satisfaction surveys to selected employees, 

with follow-up actions based on survey ﬁndings.

• The Core Value survey taken biennially to understand the 
Company’s implementation of core values and employees’ 
commitment and engagement.

• myTSMC employee portal, an internal website featuring the 
Founder’s, Chairman’s, and CEO’s talks, corporate messages, 
executive interviews, and other activities of interest to 
employees.

• eSilicon Garden, a website hosting TSMC’s internal electronic publications and providing real-time updates on major activities of the 

Company, as well as inspirational content featuring outstanding teams and individuals.

•  Two reporting channels for complaints regarding managerial, ﬁnancial, auditing, ethics and business conduct issues:

– The whistleblower reporting system administered by the audit committee 
– The ombudsman system administered by a senior manager appointed by the CEO

• The Employee Opinion Box, which provides an opportunity to submit suggestions or opinions regarding work and the overall work 

environment.

• The Fab Caring Circle in each fab, which addresses issues related to employees’ work and personal life; the system is dedicated mainly 

to the Company’s direct labors.

• Sexual harassment investigation committee, a channel dedicated to ensuring a work environment free from the threat of sexual 

harassment; the committee consists of three directors, one from human resources, one from legal affairs, and the third from other 
organizations.

TSMC Internal Communication Structure

Face-to-Face Meeting

• Chairman’s / CEO’s Communication 

Meeting

• Labor-Management Meeting
• Communication Meetings in Individual 

Functions / Divisions

• Functional Activity

Managers of All 
Levels

Employees

Employee Portal
Employee Survey
HR Area Service Team
eSilicon Garden

Human 
Resources

Board of Directors 
and
Management 
Team

Employee Voice Channels

• Ombudsman System
• Employee Opinion Box
• Whistleblower Procedures
• Fab Caring Circle
• Sexual Harassment Investigation Committee
• SMS
• Counseling Service

System /
Committee Chair

TSMC has many internal communication channels, a major reason why the relationship between management and employees has been 
quite harmonious. The Company respects the right of all workers to form and join trade unions of their own choosing as well as the 
right to refrain from such activities. No employees have pursued this avenue or issued a request to form a union so far.

In 2019 and in 2020 as of the date of this annual report, there have been no losses resulting from labor disputes. However, the 
Company was issued a ﬁne for NT$70,000 following a labor inspection result dated 11/25/2019 due to overtime applications not being 
timely processed (Labor Standards Act Article 32) and working hours exceeding the permitted limit (Labor Standards Act Article 24). 
The Company has reviewed the working hour management process and strengthened communication to employees to better manage 
overtime application.

84

85

Apart from corporate-wide awards, TSMC encourages employees 
to participate in external talent activities and competitions. In 
2019, distinguished TSMC employees continued to be recognized 
through a host of awards, such as the Model Labor Award of 
each Science Park, and national awards including the Outstanding 
Engineer Award, the Excellent Young Engineers Award, and the 
National Manager Excellence Award.

5.5.7 Retention

Overall employee satisfaction with the Company was measured 
in the biennial TSMC core values survey last taken in 2018. In this 
survey, 98% of participants said they were willing to commit fully 
in their work to make TSMC an even more successful company; 
while 96% concurred with the statement that they are willing 
to contribute their talents to TSMC and grow together with the 
Company for the next ﬁve years.

In 2019, the Company recorded a manageable turnover rate of 
4.9%. Although a bit lower than a healthy outﬂow often deﬁned 
as 5% to 10%, the Company is still in continuous growth mode 
resulting in 5,000 new staff hired in 2019, accounting for 9.9% 
of all employees and helping the organization stay energized.

5.5.8 Retirement Policy

TSMC’s retirement policy is set according to the labor standard 
laws and labor pension practices of various respective regions. 
Thanks to the Company’s sound ﬁnancial condition, it is able 
to ensure solid pension contributions and payments, which 
encourages employees to make long-term career plans and 
further deepens their commitment to TSMC.

5.6 Material Contracts

TSMC is not currently party to any material contract, other than 
contracts entered into in the ordinary course of its business. The 
Company’s “Signiﬁcant Contingent Liabilities and Unrecognized 
Commitments” are disclosed in Annual Report section (II), 
Financial Statements, pages 72-73.

Employee Beneﬁt Programs
• Convenient onsite services and amenities: cafeterias, laundry 
services, convenience stores, bakery, juice bar, coffee shop, 
travel agent and bank services, as well as commuting assistance 
are available to employees in the fabs.

• Comprehensive health management services, including programs 
for weight control, in-fab clinic and dentist services, smoking 
cessation, massage, cancer screening and blood donation, as 
well as mental and health seminars to raise personal health 
awareness. Other programs include post health-exam follow-
up activities, prevention of cerebrovascular disease, ergonomic 
hazards management, and maternal care and protection. 
Employee assistance programs include ﬁve free annual 
counseling hours for mental health and ﬁnancial/legal issues. 

• Diverse employee welfare programs: in 2019, including 

63 hobby clubs organized by employee, 42 presentations 
covering various topics, 10 art events, sports day and family 
day. In addition, marriage bonuses, condolence allowances, 
emergency subsidies and holiday bonuses are also available to 
address employees’ needs.

• Excellent sports and leisure space: a variety of workout facilities 
available to improve employee wellness. Also discounted price 
to various events are made available to both employees and 
their families to enhance the sense of identity. 

• Safe and convenient preschool service: childcare service to 
fulﬁll employees’ need of child care in four fabs in Hsinchu, 
Taichung, and Tainan.

Diverse Employee Recognition
TSMC sponsors various internal award programs to recognize 
employees for outstanding achievements, both individual 
and at a team level. With these award programs, TSMC aims 
to encourage continued employee development, which also 
enhances the Company’s competitive advantage.

The award programs include:
• TSMC Academy: recognizes outstanding scientists and 

engineers whose individual technical capabilities have made 
signiﬁcant contributions.

• TSMC Excellent Labor Award: recognizes technicians whose 

outstanding performances have made signiﬁcant contributions.

• Total Quality Excellence at each fab: recognizes employees’ 

continuous efforts in creating value.

• Service Award: recognition and appreciation of senior 

employees and their long-term commitment and dedication.

• Excellent Instructor Award: praises the outstanding 

performance and contribution of internal instructors in training 
courses for employees.

• Function-wide awards dedicated to innovation, such as the Idea 
Forum and TQE awards, which recognize employee initiative 
and continuous implementation of innovative practices.

86

87



Financial Highlights and Analysis

6.1 Financial Highlights

6.1.1 Condensed Balance Sheet

Condensed Balance Sheet from 2015 to 2019 (Consolidated) 
Unit: NT$ thousands

6

Item

Current Assets

Year

2015

2016

2017

2018

2019

746,743,991 

817,729,126 

857,203,110 

951,679,721 

822,613,914 

Long-term Investments (Note 1)

34,993,583 

46,153,916 

41,569,074 

29,304,796 

30,172,039 

Property, Plant and Equipment

853,470,392 

997,777,687 

1,062,542,322 

1,072,050,279 

1,352,377,405 

Right-of-use Assets

Intangible Assets 

Other Assets (Note 2)

Total Assets

Current Liabilities

    Before Distribution 

    After Distribution

Noncurrent Liabilities

Total Liabilities

    Before Distribution 

    After Distribution

Equity Attributable to Shareholders of the Parent

    Capital Stock

    Capital Surplus

Retained Earnings

    Before Distribution 

    After Distribution

Others

Equity Attributable to Shareholders of the Parent

    Before Distribution 

    After Distribution

Noncontrolling Interests

Total Equity

    Before Distribution 

    After Distribution

0

14,065,880 

8,244,452 

0

14,614,846 

10,179,727 

0

14,175,140 

16,371,997 

0

17,002,137 

20,091,105 

17,232,402 

20,653,028 

21,756,244 

1,657,518,298 

1,886,455,302 

1,991,861,643 

2,090,128,038 

2,264,805,032 

212,228,594 

367,810,877 

222,655,225 

434,883,819 

590,466,102 

318,239,273 

499,751,936 

178,164,903 

496,404,176 

677,916,839 

358,706,680 

566,149,724 

110,395,320 

469,102,000 

676,545,044 

340,542,586 

590,735,701 

547,985,630 

655,561,652 (Note 3)

72,089,056 

51,973,905 

412,631,642 

642,709,606 

620,074,686 

707,535,557 (Note 3)

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

56,300,215 

56,272,304 

56,309,536 

56,315,932 

56,339,709 

894,293,586 

1,072,008,169 

1,233,362,010 

1,376,647,841 

1,333,334,979 

738,711,303 

890,495,506 

1,025,918,966 

1,169,204,797 

1,268,509,028 (Note 3)

11,774,113 

1,663,983 

(26,917,818)

(15,449,913)

(27,568,369)

1,221,671,719 

1,389,248,261 

1,522,057,533 

1,676,817,665 

1,621,410,124 

1,066,089,436 

1,207,735,598 

1,314,614,489 

1,469,374,621 

1,556,584,173 (Note 3)

962,760 

802,865 

702,110 

678,731 

685,302 

1,222,634,479 

1,390,051,126 

1,522,759,643 

1,677,496,396 

1,622,095,426 

1,067,052,196 

1,208,538,463 

1,315,316,599 

1,470,053,352 

1,557,269,475 (Note 3)

Note 1: Long-term investments as of December 31, 2015, 2016 and 2017 include noncurrent available-for-sale ﬁnancial assets, held-to-maturity ﬁnancial assets, ﬁnancial assets carried at cost and 

investments accounted for using equity method. Starting from 2018, upon initial application of IFRS 9 "Financial Instruments", the category includes noncurrent ﬁnancial assets at fair value through 
other comprehensive income, noncurrent ﬁnancial assets at amortized cost, and investments accounted for using equity method.

Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets.
Note 3: The amount approved by Board of Directors on February 11, 2020.

89

　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
Condensed Balance Sheet from 2015 to 2019 (Unconsolidated)
Unit: NT$ thousands

Year

2015

2016

2017

2018

2019

443,781,164 

397,290,976 

436,769,337 

464,401,415 

469,966,106 

550,524,494 

355,118,125 

559,380,999 

6.1.2 Condensed Statement of Comprehensive Income

Condensed Statement of Comprehensive Income from 2015 to 2019 (Consolidated)
Unit: NT$ thousands (Except EPS: NT$)

Item

Net Revenue

Gross Proﬁt

Year

2015

2016

2017

2018

2019

843,497,368 

947,938,344 

977,447,241 

1,031,473,557 

1,069,985,448 

410,394,893 

474,832,098 

494,826,402 

497,874,253 

492,701,896 

426,913,080 

326,330,737 

831,784,912 

0

9,391,418 

5,265,368 

979,401,337 

1,016,355,970 

1,025,286,941 

1,310,900,634 

Income from Operations

320,047,775 

377,957,778 

385,559,223 

383,623,524 

372,701,090 

0

10,047,991 

6,816,676 

0

9,870,127 

11,992,542 

0

12,429,930 

17,253,537 

15,030,020 

16,271,444 

18,774,850 

Non-operating Income and Expenses

30,381,136 

8,001,602 

10,573,807 

13,886,739 

17,144,246 

Income before Income Tax

Net Income

350,428,911 

385,959,380 

396,133,030 

397,510,263 

389,845,336 

306,556,167 

334,338,236 

343,146,848 

351,184,406 

345,343,809 

1,599,685,515 

1,837,338,144 

1,939,389,391 

2,075,461,008 

2,275,476,072 

Other Comprehensive Income for the Year, Net of Income Tax

(14,714,182) 

(11,067,189)

(28,821,631)

9,836,976 

(11,823,562)

194,299,278 

349,881,561 

183,714,518 

378,013,796 

533,596,079 

308,177,214 

489,689,877 

139,912,669 

448,089,883 

629,602,546 

308,383,240 

515,826,284 

108,948,618 

417,331,858 

624,774,902 

328,060,518 

605,540,547 

Net Income (Loss) Attributable to:

Total Comprehensive Income for the Year

291,841,985 

323,271,047 

314,325,217 

361,021,382 

333,520,247 

535,503,562 

670,366,498 (Note 3)

70,582,825 

48,525,401 

398,643,343 

654,065,948 

606,086,387 

718,891,899 (Note 3)

    Shareholders of the Parent

    Noncontrolling Interests

Total Comprehensive Income (Loss) Attributable to:

    Shareholders of the Parent

    Noncontrolling Interests

Basic/Diluted Earnings Per Share (Note)

306,573,837 

334,247,180 

343,111,476 

351,130,884 

345,263,668 

(17,670)

91,056 

35,372 

53,522 

80,141 

291,867,757 

323,186,736 

314,294,993 

360,965,015 

333,440,460 

(25,772)

11.82 

84,311 

12.89 

30,224 

13.23 

56,367 

13.54 

79,787 

13.32 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

Note: Based on weighted average shares outstanding in each year.

56,300,215 

56,272,304 

56,309,536 

56,315,932 

56,339,709 

894,293,586 

1,072,008,169 

1,233,362,010 

1,376,647,841 

1,333,334,979 

738,711,303 

890,495,506 

1,025,918,966 

1,169,204,797 

1,268,509,028 (Note 3)

11,774,113 

1,663,983 

(26,917,818)

(15,449,913)

(27,568,369)

Condensed Statement of Comprehensive Income from 2015 to 2019 (Unconsolidated)
Unit: NT$ thousands (Except EPS: NT$)

Item

Net Revenue

Gross Proﬁt

Year

2015

2016

2017

2018

2019

837,046,888 

936,387,291 

969,136,109 

1,023,925,713 

1,059,646,793 

397,708,840 

461,808,296 

478,937,691 

492,955,501 

480,143,141 

1,221,671,719 

1,389,248,261 

1,522,057,533 

1,676,817,665 

1,621,410,124 

Income from Operations

313,408,698 

369,730,533 

374,690,117 

384,027,838 

365,923,992 

1,066,089,436 

1,207,735,598 

1,314,614,489 

1,469,374,621 

1,556,584,173 (Note 3)

Non-operating Income and Expenses

36,579,970 

15,458,427 

18,626,059 

12,170,315 

22,821,227 

Item

Current Assets

Long-term Investments (Note 1)

Property, Plant and Equipment

Right-of-use Assets

Intangible Assets 

Other Assets (Note 2)

Total Assets

Current Liabilities

    Before Distribution 

    After Distribution

Noncurrent Liabilities

Total Liabilities

    Before Distribution 

    After Distribution

Equity

    Capital Stock

    Capital Surplus

Retained Earnings

    Before Distribution 

    After Distribution

Others

Total Equity

    Before Distribution 

    After Distribution

Note 1: Long-term investments as of December 31, 2015, 2016 and 2017 include held-to-maturity ﬁnancial assets, ﬁnancial assets carried at cost and investments accounted for using equity method. 

Starting from 2018, upon initial application of IFRS 9 "Financial Instruments", the category includes noncurrent ﬁnancial assets at fair value through other comprehensive income and investments 
accounted for using equity method.

Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets. 
Note 3: The amount approved by Board of Directors on February 11, 2020.

Income before Income Tax

Net Income

349,988,668 

385,188,960 

393,316,176 

396,198,153 

388,745,219 

306,573,837 

334,247,180 

343,111,476 

351,130,884 

345,263,668 

Other Comprehensive Income for the Year, Net of Income Tax

(14,706,080)

(11,060,444)

(28,816,483)

9,834,131 

(11,823,208)

Total Comprehensive Income for the Year

291,867,757 

323,186,736 

314,294,993 

360,965,015 

333,440,460 

Basic/Diluted Earnings Per Share (Note)

11.82 

12.89 

13.23 

13.54 

13.32 

Note: Based on weighted average shares outstanding in each year.

90

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6.1.3 Financial Analysis

Financial Analysis from 2015 to 2019 (Consolidated)

Financial Analysis from 2015 to 2019 (Unconsolidated) 

Capital Structure 
Analysis

Debts Ratio (%)

Long-term Fund to Property, Plant and Equipment (%)

Liquidity Analysis

Current Ratio (%)

Operating 
Performance 
Analysis

Quick Ratio (%)

Times Interest Earned (Times)

Average Collection Turnover (Times)

Days Sales Outstanding

Average Inventory Turnover (Times)

Average Inventory Turnover Days

Average Payment Turnover (Times)

Property, Plant and Equipment Turnover (Times)

Total Assets Turnover (Times)

Proﬁtability Analysis

Return on Total Assets (%)

Return on Equity Attributable to Shareholders of the Parent (%)

Operating Income to Paid-in Capital Ratio (%)

Pre-tax Income to Paid-in Capital Ratio (%)

Net Margin (%)

Basic Earnings Per Share (NT$)

Diluted Earnings Per Share (NT$)

Cash Flow

Cash Flow Ratio (%)

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Leverage

Operating Leverage 

Industry Speciﬁc 
Key Performance 
Indicator

Financial Leverage

Billing Utilization Rate (%) (Note)

Advanced Technologies (16-nanometer and below) Percentage 
of Wafer Sales (%) 

Sales Growth (%)

Net Income Growth (%)

2015

26.24

169.34

351.86

319.58

110.84

8.37

43.61

6.49

56.24

20.10

1.01

0.54

19.62

27.04

123.43

135.14

36.34

11.82

11.82

249.67

103.82

13.76

2.26

1.01

93 

5

10.58

16.18

2016

26.31

157.17

256.95

241.34

117.74

8.78

41.57

8.18

44.62

20.11

1.02

0.53

19.03

25.60

145.76

148.84

35.27

12.89

12.89

169.63

108.57

11.51

2.15

1.01

92 

21

12.38

9.03

2017

23.55

153.70

238.97

217.94

119.95

7.74

47.16

7.88

46.32

16.82

0.95

0.50

17.84

23.57

148.69

152.77

35.11

13.23

13.23

163.17

112.41

11.08

2.16

1.01

91 

32

3.11

2.65

2018

19.74

163.20

279.46

248.76

131.28

8.19

44.57

6.02

60.63

16.56

0.97

0.51

17.34

21.95

147.94

153.30

34.05

13.54

13.54

168.54

113.11

9.06

2.28

1.01

87 

41

5.53

2.34

2019

28.38

123.79

139.25

124.92

120.92

7.95

45.91

6.20

58.87

15.48

0.88

0.49

15.99

20.94

143.73

150.34

32.28

13.32

13.32

104.13

106.60

8.45

2.41

1.01

81

50

3.73

-1.67

Analysis of deviation of 2019 vs. 2018 over 20%:
1.Debts ratio increased by 44%, current ratio decreased by 50%, quick ratio decreased by 50% and cash ﬂow ratio decreased by 38% mainly due to increase in short-term loans, payables to contractors and 
equipment suppliers and cash dividends payable.
2. Long-term fund to property, plant and equipment decreased by 24% mainly due to increase in advanced technology equipment.

Note: Capacity includes wafers committed by Vanguard and SSMC.

* Glossary
1. Capital Structure Analysis

4. Proﬁtability Analysis

(1) Debt Ratio = Total Liabilities / Total Assets
(2) Long-term Fund to Property, Plant and Equipment Ratio = (Shareholders’ Equity + Noncurrent 

(1) Return on Total Assets = (Net Income + Interest Expenses * (1 - Effective Tax Rate)) / Average Total Assets

(2) Return on Equity Attributable to Shareholders of the Parent = Net Income Attributable to Shareholders of 

Liabilities) / Net Property, Plant and Equipment

2. Liquidity Analysis

(1) Current Ratio = Current Assets / Current Liabilities

(2) Quick Ratio = (Current Assets - Inventories - Prepaid Expenses) / Current Liabilities

(3) Times Interest Earned = Earnings before Interest and Taxes / Interest Expenses

3. Operating Performance Analysis

(1) Average Collection Turnover = Net Sales / Average Trade Receivables

(2) Days Sales Outstanding = 365 / Average Collection Turnover

(3) Average Inventory Turnover = Cost of Sales / Average Inventory

(4) Average Inventory Turnover Days = 365 / Average Inventory Turnover

(5) Average Payment Turnover = Cost of Sales / Average Trade Payables

(6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment

the Parent / Average Equity Attributable to Shareholders of the Parent

(3) Operating Income to Paid-in Capital Ratio = Operating Income / Paid-in Capital

(4) Pre-tax Income to Paid-in Capital Ratio = Income before Tax / Paid-in Capital

(5) Net Margin = Net Income / Net Sales

(6) Earnings Per Share = (Net Income Attributable to Shareholders of the Parent - Preferred Stock Dividend) / 

Weighted Average Number of Shares Outstanding

5. Cash Flow

(1) Cash Flow Ratio = Net Cash Provided by Operating Activities / Current Liabilities

(2) Cash Flow Adequacy Ratio = Five-year Sum of Cash from Operations / Five-year Sum of Capital 

Expenditures, Inventory Additions, and Cash Dividend

(3) Cash Flow Reinvestment Ratio = (Cash Provided by Operating Activities - Cash Dividends) / (Gross Property, 

Plant and Equipment + Long-term Investments + Other Noncurrent Assets + Working Capital)

(7) Total Assets Turnover = Net Sales / Average Total Assets

6. Leverage

(1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations

(2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses)

Capital Structure 
Analysis

Debt Ratio (%)

Long-term Fund to Property, Plant and Equipment Ratio (%)

Liquidity Analysis

Current Ratio (%)

Operating 
Performance 
Analysis

Quick Ratio (%)

Times Interest Earned (Times)

Average Collection Turnover (Times)

Days Sales Outstanding

Average Inventory Turnover (Times)

Average Inventory Turnover Days

Average Payment Turnover (Times)

Property, Plant and Equipment Turnover (Times)

Total Assets Turnover (Times)

Proﬁtability Analysis

Return on Total Assets (%)

Return on Equity (%)

Operating Income to Paid-in Capital Ratio (%)

Pre-tax Income to Paid-in Capital Ratio (%)

Net Margin (%)

Basic Earnings Per Share (NT$)

Diluted Earnings Per Share (NT$)

Cash Flow

Cash Flow Ratio (%)

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Leverage

Operating Leverage 

Financial Leverage

2015

23.63

168.96

219.72

186.00

144.41

8.58

42.54

6.87

53.11

19.73

1.03

0.55

20.42

27.04

120.87

134.97

36.63

11.82

11.82

264.94

102.35

13.85

2.31

1.01

2016

24.39

156.13

144.00

128.65

146.73

8.89

41.07

8.56

42.63

19.04

1.03

0.54

19.58

25.60

142.59

148.55

35.70

12.89

12.89

172.81

107.06

11.74

2.19

1.01

2017

21.52

160.48

141.63

118.68

144.04

7.86

46.44

8.39

43.49

16.39

0.97

0.51

18.29

23.57

144.50

151.68

35.40

13.23

13.23

184.45

99.42

10.98

2.22

1.01

2018

19.21

170.43

143.26

113.07

137.46

8.45

43.21

6.31

57.89

16.22

1.00

0.51

17.62

21.95

148.10

152.79

34.29

13.54

13.54

173.17

113.52

9.23

2.28

1.01

2019

28.74

127.39

58.64

45.81

122.80

8.32

43.88

6.65

54.91

15.10

0.91

0.49

16.00

20.94

141.12

149.92

32.58

13.32

13.32

98.00

106.59

8.23

2.46

1.01

Analysis of deviation of 2019 vs. 2018 over 20%:
1.Debts ratio increased by 50%, current ratio decreased by 59%, quick ratio decreased by 59% and cash ﬂow ratio decreased by 43% mainly due to increase in short-term loans, payables to contractors and 
equipment suppliers and cash dividends payable.
2. Long-term fund to property, plant and equipment decreased by 25% mainly due to an increase in advanced technology equipment.

* Glossary
1. Capital Structure Analysis

(1) Debt Ratio = Total Liabilities / Total Assets
(2) Long-term Fund to Property, Plant and Equipment Ratio = (Shareholders’ Equity + Noncurrent 

Liabilities) / Net Property, Plant and Equipment

2. Liquidity Analysis

(1) Current Ratio = Current Assets / Current Liabilities

(2) Quick Ratio = (Current Assets - Inventories - Prepaid Expenses) / Current Liabilities

(3) Times Interest Earned = Earnings before Interest and Taxes / Interest Expenses

3. Operating Performance Analysis

(1) Average Collection Turnover = Net Sales / Average Trade Receivables

(2) Days Sales Outstanding = 365 / Average Collection Turnover

(3) Average Inventory Turnover = Cost of Sales / Average Inventory

(4) Average Inventory Turnover Days = 365 / Average Inventory Turnover

(5) Average Payment Turnover = Cost of Sales / Average Trade Payables

4. Proﬁtability Analysis

(1) Return on Total Assets = (Net Income + Interest Expenses * (1 - Effective Tax Rate)) / Average Total Assets
(2) Return on Equity = Net Income / Average Shareholders’ Equity
(3) Operating Income to Paid-in Capital Ratio = Operating Income / Paid-in Capital

(4) Pre-tax Income to Paid-in Capital Ratio = Income before Tax / Paid-in Capital

(5) Net Margin = Net Income / Net Sales

(6) Earnings Per Share = (Net Income - Preferred Stock Dividend) / Weighted Average Number of Shares 

Outstanding

5. Cash Flow

(1) Cash Flow Ratio = Net Cash Provided by Operating Activities / Current Liabilities

(2) Cash Flow Adequacy Ratio = Five-year Sum of Cash from Operations / Five-year Sum of Capital 

Expenditures, Inventory Additions, and Cash Dividend

(3) Cash Flow Reinvestment Ratio = (Cash Provided by Operating Activities - Cash Dividends) / (Gross Property, 

Plant and Equipment + Long-term Investments + Other Noncurrent Assets + Working Capital)

(6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment

6. Leverage

(7) Total Assets Turnover = Net Sales / Average Total Assets

(1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations

(2) Financial Leverage = Income from Operations / (Income from Operations - Interest Expenses)

92

93

6.1.4 Auditors’ Opinions from 2015 to 2019

6.2 Financial Status and Operating Results

Year 

2015

2016

2017

2018

2019

CPA

Yih-Hsin Kao, Hung-Wen Huang

Yih-Hsin Kao, Yu-Feng Huang

Yih-Hsin Kao, Yu-Feng Huang

Audit Opinion

An Unqualiﬁed Opinion

An Unmodiﬁed Opinion (Note)

An Unmodiﬁed Opinion (Note)

Mei Yen Chiang, Yu-Feng Huang

An Unmodiﬁed Opinion (Note)

Mei Yen Chiang, Yu-Feng Huang

An Unmodiﬁed Opinion (Note)

Note: Starting in 2016, the new auditing standard of the Republic of China requires “An Unqualiﬁed Opinion” be replaced by “An Unmodiﬁed Opinion”.

Deloitte & Touche
20F, No. 100, Songren Rd., Xinyi Dist., Taipei, Taiwan, R.O.C.
Tel: 886-2-2725-9988

6.1.5 Audit Committee’s Review Report

The Board of Directors has prepared the Company’s 2019 Business Report, Financial Statements, and proposal for allocation of quarterly 
earnings. The CPA ﬁrm of Deloitte & Touche was retained to audit TSMC’s Financial Statements and has issued an audit report relating 
to the Financial Statements. The Business Report, Financial Statements, and quarterly earnings allocation proposal have been reviewed 
and determined to be correct and accurate by the Audit Committee members of Taiwan Semiconductor Manufacturing Company 
Limited. According to relevant requirements of the Securities and Exchange Act and the Company Law, we hereby submit this report. 

6.2.1 Financial Status

Consolidated
Unit: NT$ thousands

Item

Current Assets

Long-term Investments (Note 1)

Property, Plant and Equipment

Right-of-use Assets

Intangible Assets

Other Assets (Note 2)

Total Assets

Current Liabilities

Noncurrent Liabilities

Total Liabilities

Capital Stock

Capital Surplus

Retained Earnings

Others

2019

 822,613,914 

 30,172,039 

2018

951,679,721 

29,304,796 

 1,352,377,405 

1,072,050,279 

 17,232,402 

 20,653,028 

 21,756,244 

0

17,002,137 

20,091,105 

 2,264,805,032 

2,090,128,038 

 590,735,701 

 51,973,905 

 642,709,606 

 259,303,805 

 56,339,709 

340,542,586 

72,089,056 

412,631,642 

259,303,805 

56,315,932 

 1,333,334,979 

1,376,647,841 

(27,568,369)

(15,449,913)

Taiwan Semiconductor Manufacturing Company Limited

Chairman of the Audit Committee: Sir Peter L. Bonﬁeld 

Equity Attributable to Shareholders of the Parent

 1,621,410,124 

1,676,817,665 

Total Equity

 1,622,095,426 

1,677,496,396 

Difference

(129,065,807)

867,243 

280,327,126 

17,232,402 

3,650,891 

1,665,139 

174,676,994 

250,193,115 

(20,115,151)

230,077,964 

0 

23,777 

(43,312,862)

(12,118,456)

(55,407,541)

(55,400,970)

%

-14%

3%

26%

NM

21%

8%

8%

73%

-28%

56%

0%

0%

-3%

78%

-3%

-3%

February 11, 2020

6.1.6 Financial Difﬁculties

The Company should disclose the ﬁnancial impact to the Company if the Company and its afﬁliated companies have incurred any 
ﬁnancial or cash ﬂow difﬁculties in 2019 and as of the date of this Annual Report: None

6.1.7 Consolidated Financial Statements and Independent Auditors’ Report along with Parent Company Only 

Financial Statements and Independent Auditors’ Report

Please refer to Annual Report section (II), Financial Statements.

Note 1: Long-term investments consist of noncurrent ﬁnancial assets at fair value through other comprehensive income, noncurrent ﬁnancial assets at amortized cost, and investments accounted for using 

equity method. 

Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets.

• Analysis of Deviation over 20%
Increase in property, plant and equipment: The increase was mainly due to increase in advanced technology equipment.
Increase in intangible assets: The increase was mainly due to increase in technology license and software.
Increase in current liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment 
suppliers and cash dividends payable.
Decrease in noncurrent liabilities: The decrease was mainly due to reclassiﬁcation of bonds payable due in 1 year to current liabilities, 
partially offset by increase in lease liabilities.
Increase in total liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers 
and cash dividends payable.
Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign 
operations in 2019.
• Major Impact on Financial Position
The above deviations had no major impact on TSMC’s ﬁnancial position.
• Future Plan on Financial Position: Not applicable.

94

95

Unconsolidated
Unit: NT$ thousands

Item

Current Assets

Long-term Investments (Note 1)

Property, Plant and Equipment

Right-of-use Assets

Intangible Assets

Other Assets (Note 2)

Total Assets

Current Liabilities

Noncurrent Liabilities

Total Liabilities

Capital Stock

Capital Surplus

Retained Earnings

Others

Total Equity

2019

 355,118,125 

 559,380,999 

2018

469,966,106 

550,524,494 

 1,310,900,634 

1,025,286,941 

 15,030,020 

 16,271,444 

 18,774,850 

0

12,429,930 

17,253,537 

 2,275,476,072 

2,075,461,008 

 605,540,547 

 48,525,401 

 654,065,948 

 259,303,805 

 56,339,709 

328,060,518 

70,582,825 

398,643,343 

259,303,805 

56,315,932 

 1,333,334,979 

1,376,647,841 

(27,568,369)

(15,449,913)

 1,621,410,124 

1,676,817,665 

Difference

(114,847,981)

8,856,505 

285,613,693 

15,030,020 

3,841,514 

1,521,313 

200,015,064 

277,480,029 

(22,057,424)

255,422,605 

0 

23,777 

(43,312,862)

(12,118,456)

(55,407,541)

%

-24%

2%

28%

NM

31%

9%

10%

85%

-31%

64%

0%

0%

-3%

78%

-3%

Note 1: Long-term investments consist of noncurrent ﬁnancial assets at fair value through other comprehensive income and investments accounted for using equity method.
Note 2: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets.

• Analysis of Deviation over 20%
Decrease in current assets: The decrease was mainly due to decrease in cash and cash equivalents.
Increase in property, plant and equipment: The increase was mainly due to increase in advanced technology equipment.
Increase in intangible assets: The increase was mainly due to increase in technology license and software.
Increase in current liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment 
suppliers and cash dividends payable.
Decrease in noncurrent liabilities: The decrease was mainly due to reclassiﬁcation of bonds payable due in 1 year to current liabilities, 
partially offset by increase in lease liabilities.
Increase in total liabilities: The increase was mainly due to increase in short-term loans, payables to contractors and equipment suppliers 
and cash dividends payable.
Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign 
operations in 2019.
• Major Impact on Financial Position
The above deviations had no major impact on TSMC’s ﬁnancial position.
• Future Plan on Financial Position: Not applicable.

6.2.2 Financial Performance

Consolidated
Unit: NT$ thousands

Item

Net Revenue

Cost of Revenue

Gross Proﬁt before Realized (Unrealized) Gross Proﬁt on Sales to Associates

Realized (Unrealized) Gross Proﬁt on Sales to Associates

Gross Proﬁt

Operating Expenses

Other Operating Income and Expenses, Net

Income from Operations

Non-operating Income and Expenses

Income before Income Tax

Income Tax Expenses

Net Income

Other Comprehensive Income (Loss), Net of Income Tax

Total Comprehensive Income for the Year

Total Net Income Attributable to Shareholders of the Parent

Total Comprehensive Income Attributable to Shareholders of the Parent

2019

2018

Difference

1,069,985,448 

1,031,473,557 

577,286,947 

492,698,501 

3,395 

492,701,896 

119,504,582 

(496,224)

372,701,090 

17,144,246 

389,845,336 

44,501,527 

345,343,809 

(11,823,562)

333,520,247 

345,263,668 

333,440,460 

533,487,516 

497,986,041 

(111,788)

497,874,253 

112,149,280 

(2,101,449)

383,623,524 

13,886,739 

397,510,263 

46,325,857 

351,184,406 

9,836,976 

361,021,382 

351,130,884 

360,965,015 

38,511,891 

43,799,431 

(5,287,540)

115,183 

(5,172,357)

7,355,302 

1,605,225 

(10,922,434)

3,257,507 

(7,664,927)

(1,824,330)

(5,840,597)

(21,660,538)

(27,501,135)

(5,867,216)

(27,524,555)

%

4%

8%

-1%

NM

-1%

7%

76%

-3%

23%

-2%

-4%

-2%

-220%

-8%

-2%

-8%

• Analysis of Deviation over 20%
Increase in realized (unrealized) gross proﬁt on sales to associates: The increase was mainly due to lower sales to investees in the fourth 
quarter of 2019.
Increase in other operating income and expenses, net: The increase was mainly due to reversal of impairment losses on property, plant 
and equipment in 2019.
Increase in non-operating income and expenses: The increase was mainly due to higher interest income in 2019.
Decrease in other comprehensive income (loss), net of income tax: The decrease was mainly due to increase in currency exchange loss 
arising from translation of foreign operations in 2019.
• Sales Volume Forecast and Related Information
For additional details, please refer to “1. Letter to Shareholders”.
• Major Impact on Financial Performance
The above deviations had no major impact on TSMC’s ﬁnancial performance.
• Future Plan on Financial Performance: Not applicable.

96

97

Unconsolidated
Unit: NT$ thousands

Item

Net Revenue

Cost of Revenue

2019

2018

Difference

1,059,646,793 

1,023,925,713 

579,507,047 

530,861,166 

35,721,080 

48,645,881 

Gross Proﬁt before Realized (Unrealized) Gross Proﬁt on Sales to Subsidiaries and Associates

480,139,746 

493,064,547 

(12,924,801)

Realized (Unrealized) Gross Proﬁt on Sales to Subsidiaries and Associates

3,395 

(109,046)

112,441 

Gross Proﬁt

Operating Expenses

Other Operating Income and Expenses, Net

Income from Operations

Non-operating Income and Expenses

Income before Income Tax

Income Tax Expenses

Net Income

480,143,141 

492,955,501 

(12,812,360)

114,067,919 

107,259,429 

(151,230)

(1,668,234)

6,808,490 

1,517,004 

365,923,992 

384,027,838 

(18,103,846)

22,821,227 

12,170,315 

10,650,912 

388,745,219 

396,198,153 

43,481,551 

45,067,269 

345,263,668 

351,130,884 

(7,452,934)

(1,585,718)

(5,867,216)

Other Comprehensive Income (Loss), Net of Income Tax

(11,823,208)

9,834,131 

(21,657,339)

Total Comprehensive Income for the Year

333,440,460 

360,965,015 

(27,524,555)

%

3%

9%

-3%

NM

-3%

6%

91%

-5%

88%

-2%

-4%

-2%

-220%

-8%

• Analysis of Deviation over 20%
Increase in realized (unrealized) gross proﬁt on sales to subsidiaries and associates: The increase was mainly due to lower sales to 
investees in the fourth quarter of 2019.
Increase in other operating income and expenses, net: The increase was mainly due to reversal of impairment losses on property, plant 
and equipment in 2019.
Increase in non-operating income and expenses: The increase was mainly due to higher share of proﬁts of subsidiaries and associates in 
2019.
Decrease in other comprehensive income (loss), net of income tax: The decrease was mainly due to increase in currency exchange loss 
arising from translation of foreign operations in 2019.
• Sales Volume Forecast and Related Information
For additional details, please refer to “1. Letter to Shareholders”.
• Major Impact on Financial Performance
The above deviations had no major impact on TSMC’s ﬁnancial performance.
• Future Plan on Financial Performance: Not applicable.

6.2.3 Cash Flow

Consolidated
Unit: NT$ thousands

Cash Balance 
12/31/2018

Net Cash Provided by 
Operating Activities 
in 2019

Net Cash Used in 
Investing Activities  
in 2019

Net Cash Used in 
Financing Activities 
in 2019

Effect of Exchange Rate 
Changes on Cash and 
Cash Equivalents in 2019

Cash Balance 
12/31/2019

Remedy for Liquidity Shortfall

Investment 
Plan

Financing 
Plan

577,814,601 

615,138,744 

(458,801,647)

(269,638,166)

(9,114,196)

 455,399,336 

None

None

• Analysis of Cash Flow
NT$615.1 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses.
NT$458.8 billion net cash used in investing activities: primarily for capital expenditures.
NT$269.6 billion net cash used in ﬁnancing activities: primarily for cash dividend payment and repayment of corporate bonds.
• Remedial Actions for Liquidity Shortfall
As a result of positive operating cash ﬂows and cash on-hand, remedial actions are not required.
• Cash Flow Projection for Next Year: Not applicable.

Unconsolidated
Unit: NT$ thousands

Cash Balance 
12/31/2018

Net Cash Provided by 
Operating Activities in 2019

Net Cash Used in Investing 
Activities in 2019

Net Cash Used in Financing 
Activities in 2019

Cash Balance 
12/31/2019

Remedy for Liquidity Shortfall

Investment 
Plan

Financing 
Plan

 240,202,525 

 593,432,071 

(451,460,013)

(240,723,885)

 141,450,698 

None

None

• Analysis of Cash Flow
NT$593.4 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization expenses.
NT$451.5 billion net cash used in investing activities: primarily for capital expenditures.
NT$240.7 billion net cash used in ﬁnancing activities: primarily for cash dividend payment and repayment of corporate bonds.
• Remedial Actions for Liquidity Shortfall
As a result of positive operating cash ﬂows and cash on-hand, remedial actions are not required.
• Cash Flow Projection for Next Year: Not applicable.

6.2.4 Recent Years Major Capital Expenditures and Impact on Financial and Business

Unit: NT$ thousands

 Plan

Actual or Planned Source of Capital

Total Amount for 2019 and 2018

Actual Use of Capital

2019

2018

Production Facilities, R&D and Production Equipment 

Cash ﬂow generated from operations

 768,726,829 

 456,424,278 

 312,302,551 

Others

Total

Cash ﬂow generated from operations

 7,277,202 

 3,997,872 

 3,279,330 

 776,004,031 

 460,422,150 

 315,581,881 

Based on capital expenditures listed above, TSMC’s annual production capacity increased by approximately 0.2 million 12-inch equivalent 
wafers in 2019.

6.2.5 Long-term Investment Policy and Results

TSMC’s long-term investments accounted for using equity method were all made for strategic purposes. However, when an investment 
is no longer of strategic value, it will be considered a ﬁnancial investment. In 2019, the gains from these investments amounted to 
NT$2,844,222 thousand on a consolidated basis, decreasing from previous year mainly due to a decrease in product demand. In the 
future, TSMC’s long-term investments accounted for using equity method will continue to focus on strategic purposes through prudent 
assessments.

98

99

6.3 Risk Management

Enterprise Risk Management Framework

6.3.1 Risk Management Organization Chart

6.3.2 Strategic Risks

The Board of Directors plays a key role in helping the Company 
identify and manage economic risks. The risk management 
organization periodically briefs the Audit Committee on the 
ever-changing risk environment facing TSMC, the focus of the 
Company’s enterprise risk management, and risk assessment and 
mitigation efforts. The Audit Committee’s Chairperson also reports 
on the risk environment and risk mitigation actions to be taken.

TSMC and its subsidiaries are committed to proactively and cost 
effectively integrating and managing strategic, operational, 
ﬁnancial and hazardous risks that represent potential negative 
consequences to operations and ﬁnancial results. TSMC operates 
an enterprise risk management (ERM) program based on both its 
corporate vision and its long-term, sustainable responsibility to 
both industry and society. ERM seeks to provide the appropriate 
management of risks on behalf of all stakeholders. The Company 
maintains a risk map that considers likelihood and impact severity, 
and is used to identify and prioritize risk controls and implement 
various controls and risk treatment strategies in response to risks 
as they are identiﬁed.

Scope of Risk Management
Strategic Perspective
• Regulatory change and compliance
• Government policies
• Changes in technology and industry
• Technology development and competition
• Demand and capacity expansion

Operational Perspective
• Sales and purchasing concentration
• Information security
• Intellectual property rights
• Recruitment of qualiﬁed personnel
• Corporate image

Financial Perspective
• Interest rate, foreign exchange, inﬂation, deﬂation and taxation
• External ﬁnancing
• High-risk and/or highly leveraged investments; ﬁnancial 

derivative transactions
• Strategic investments

Hazardous Events
• Earthquakes and natural hazards
• Fire or chemical spills
• Climate change
• Utility supply

100

Risk Identiﬁcation & Assessment
• RM Steering Committee and Audit Committee review and approve 
implementation of risk management strategy and prioritization of risk 
controls
• RM Executive Council adopts risk map which considers likelihood and 
severity of risk events to assess risks

Risk Control & Mitigation
• Cross-function risk communication to determine cost-effective risk controls
• RM Executive Council is responsible for risk control implementation
• Risk controls reviewed in annual control self assessment

Risk Response
• Crisis management and response plans
• Scenario-based crisis response drills
• Business continuity plans

Risk Monitoring & Reporting
• Risk Management organization reports to RM Steering Committee 
and Audit Committee on the focus of enterprise risk management, risk 
assessment, and mitigation efforts

To mitigate the operational impacts of crisis events, ERM conducts 
pre-crisis risk assessment and identiﬁes feasible strategies for crisis 
prevention. Response procedures and recovery plans are compiled 
corresponding to different scenarios. For speciﬁc severe crisis events 
involving multiple TSMC manufacturing sites, the cross-functional 
central crisis command center composed of operations and 
support functions is responsible for internal coordination to speed 
up response time and proactively communicate with stakeholders. 
To raise risk awareness and strengthen the risk management 
culture in TSMC, RM task forces have been formed. Enhanced risk 
assessment and crisis response exercises have also been conducted 
for potentially critical events such as ﬁre, earthquake, IT service 
disruption, IT security breach, supply chain disruption, major yield 
loss and utility supply disruption. In order to continuously mitigate 
corporate risks, crisis response exercises are used to test the 
integrity and effectiveness of ERM.

To reduce supply chain disruption risks, TSMC has created a task 
force comprised of members from fab operations, materials 
management, risk management and quality systems management 
to work with suppliers to develop business continuity plans and 
enhance supply chain resilience. Partly as a result of these efforts, 
there were no interruptions in TSMC’s supply chain in 2019.

As production capacity continues to expand with more advanced 
technology, TSMC has initiated and implemented seismic 
protection engineering design, risk treatment practices and green 
manufacturing projects in all new fabs.

TSMC’s risk management organization reports annually to the 
Audit Committee on the risk environment TSMC faces, enterprise 
risk management, risk assessment and mitigation efforts. The Audit 
Committee Chairperson also reports to the Board on these discussion 
and actions.

Organization Functions

Board of Directors/
Audit Committee

RM Steering 
Committee

Materials Management
and Risk Management

RM Executive 
Council

RM Task Force

RM Program

RM Steering Committee
• Consists of functional heads (with internal audit head sitting in 

as an observer)

• Reports to the Audit Committee
• Reviews risk control progress
• Identiﬁes and approves prioritization of risk controls

RM Executive Council
• Consists of representatives from each function
• Determines and implements cost-effective risk controls
• Improves risk management transparency and how risks are 

managed

RM Program
• Supports RM task forces to enhance effective risk control
• Coordinates and facilitates RM Executive Council on risk 

management activities

• Consolidates ERM reports and updates provided to the RM 

Steering Committee

RM Task Force
• Identiﬁes potential scenarios and business impact
• Determines risk mitigation actions to respond to the scenarios
• Compiles crisis management procedures and conducts 

exercises

Risks Associated with Changes in Technology and 
Industry
• Industry Developments
The electronics industries and semiconductor markets are cyclical 
and subject to signiﬁcant and often rapid ﬂuctuations in product 
demand, which could impact TSMC’s semiconductor foundry 
business. Variations in order levels from customers may result in 
volatility in the Company’s revenue and earnings.

From time to time, the electronics and semiconductor industries 
have experienced signiﬁcant, occasionally prolonged periods 
of downturns and overcapacity. Because TSMC is, and will 
continue to be, dependent on the requirements of electronics 
and semiconductor companies for TSMC’s services, periods 
of downturns and overcapacity in the general electronics and 
semiconductor industries could lead to reduced demand for 
overall semiconductor foundry services, including TSMC’s services. 
If TSMC cannot take appropriate actions such as reducing its 
costs to sufﬁciently offset declines in demand, the Company’s 
revenue, margin, and earnings will likely suffer during periods of 
downturns and overcapacity.

• Changes in Technology
The semiconductor industry and its technologies are constantly 
changing. TSMC competes by developing process technologies 
using increasingly advanced nodes and on manufacturing 
products with more functions. The Company also competes 
by developing new derivative technologies. If TSMC does not 
anticipate these changes in technologies and rapidly develop 
new and innovative technologies, or the Company’s competitors 
unforeseeably gain sudden access to additional technologies, 
TSMC may not be able to provide foundry services on competitive 
terms. In addition, TSMC’s customers have signiﬁcantly decreased 
the time in which their products or services are launched into the 
market. If TSMC is unable to meet these shorter product time-to-
market, the Company risks losing these customers. These factors 
have also been intensiﬁed by the shift of the global technology 
market to consumer driven products such as smartphones, and 
increasing concentration of customers and competition (all 
further discussed among these risk factors). Also, the uncertainty 
and instability inherent in advanced technologies also impose 
challenges for achieving expected product quality and product 
yield. If TSMC fails to maintain quality, the Company may result in 
loss of revenue and additional costs, as well as loss of business or 
customer trust. For example, in January 2019, TSMC discovered 
the yield problems in 12- and 16-nanometer wafers caused by 
a batch of photoresist, which resulted in delayed delivery of 
products and had a negative effect on the Company’s margin 
and operating margin in the ﬁrst quarter on 2019. The Company 

101

has strengthened inline wafer inspection and tightened control 
of incoming material to deal with the increasing complexity of 
leading-edge technologies. If TSMC is unable to innovate new 
technologies that meet the demand of its customers or overcome 
the above factors, the Company may become less competitive 
and our revenue may decline signiﬁcantly. 

Regarding the response measures for the above-mentioned risks, 
please refer to “2.2.4 TSMC Position, Differentiation and Strategy” 
on pages 14-15 of this annual report.

Risks Associated with Decrease in Demand and Average 
Selling Price
A vast majority of our revenue is derived from customers who 
use our products in smartphones, high performance computing 
(HPC), Internet of Things (IoT), automotive electronics, and digital 
consumer electronics (DCE). Any deterioration in or a slowdown 
in the growth of such end markets resulting in a substantial 
decrease in the demand for overall global semiconductor foundry 
services, including our products and services, could adversely 
affect our revenue. Further, semiconductor manufacturing 
facilities require substantial investment to construct and are 
largely ﬁxed cost assets once they are in operation. Because we 
own most of our manufacturing capacities, a signiﬁcant portion 
of our operating costs is ﬁxed. In general, these costs do not 
decline when customer demand or our capacity utilization rates 
drop, and thus declines in customer demand, among other 
factors, may signiﬁcantly decrease our margins. Conversely, as 
product demand rises and factory utilization increases, the ﬁxed 
costs are spread over increased output, which can improve our 
margins. In addition, the historical and current trend of declining 
average selling prices (or “ASP”) of end use applications places 
downward pressure on the prices of the components that go into 
such applications. If the ASP of end use applications continues 
decreasing, the pricing pressure on components produced by us 
may lead to a reduction of our revenue, margin and earnings.

Risks Associated with Competition
The markets for TSMC’s foundry services are highly competitive. 
TSMC competes with other foundry service providers, as well as 
with a number of integrated device manufacturers. Some of these 
companies may have access to more advanced technologies than 
TSMC. Other companies may have greater ﬁnancial and other 
resources than TSMC, such as the possibility of receiving direct or 
indirect government subsidy, economic stimulus funds, or other 
incentives that may be unavailable to TSMC. For example, Chinese 
companies are expected to be key players for new semiconductor 
fab development and fab equipment spending in part due to 
various incentives provided by the Chinese government.

Furthermore, the Company’s competitors may, from time to 
time, also decide to undertake aggressive pricing initiatives in 
one or several technology nodes. These competitive activities 
may decrease TSMC’s customer base, or its ASP, or both. If 
TSMC is unable to compete effectively with these new and 
aggressive competitors on technology, manufacturing capacity, 
product quality and customer satisfaction, it risks losing 
customers to these new contenders.

Risks Associated with Changes in the Government 
Policies and Regulatory Environment
TSMC management closely monitors all domestic and foreign 
governmental policies and regulations that might impact 
TSMC’s business and ﬁnancial operations. During 2019 and as 
of the date of this Annual Report, there were no governmental 
policies or regulatory changes would materially impact TSMC’s 
operations or ﬁnancial condition.

6.3.3 Operational Risks

Risks Associated with Capacity Expansion
TSMC performs long-term market demand forecast for its 
products and services to manage its overall capacity. Because 
market conditions are dynamic, TSMC’s market demand 
forecast may change signiﬁcantly at any time. During periods 
of decreased demand, certain manufacturing lines or tools 
in some of the Company’s manufacturing facilities may be 
suspended or shut down temporarily. However, if subsequent 
demand increases rapidly in a short period of time, TSMC may 
not be able to restore the capacity in a timely manner to take 
advantage of the upturn.

According to the market demand forecasts, TSMC has recently 
been adding capacity to meet market needs for its products 
and services. Expansion of the Company’s capacity will increase 
its costs. For example, the Company will need to purchase 
additional equipment, hire additional personnel and train 
personnel to operate the new equipment. If TSMC does not 
increase its net revenue accordingly, its ﬁnancial performance 
may be adversely affected by these increased costs.

In order to mitigate the risk associated with capacity expansion, 
TSMC continuously watches for changes in market conditions 
and works closely with its customers. When market demand 
is not as expected, the Company tries to adjust its capacity 
plans in a timely manner to reduce the impact on its ﬁnancial 
performance.

Risks Associated with Sales Concentration
Over the years, TSMC’s customer proﬁle and the nature of the 
Company’s customers’ businesses have changed dramatically. 
While the Company generates revenue from hundreds of 
customers worldwide, TSMC’s ten largest customers in 2017, 
2018, and 2019 accounted for approximately 66%, 68% and 
71% of TSMC’s net revenue in the respective year. TSMC’s 
largest customer in 2017, 2018, and 2019 accounted for 23%, 
22% and 23% of the Company’s net revenue in the respective 
year. TSMC’s second largest customer for each particular year 
accounted for less than 10% of the Company’s net revenue in 
2017 as well as 2018 and 14% of the Company’s net revenue in 
2019. 

A more concentrated customer base will subject TSMC’s revenue 
to seasonal demand ﬂuctuations from our large customers, and 
cause different seasonal patterns of the Company’s business. 
This customer concentration results in part from the changing 
dynamics of the electronics industry with the structural shift 
to mobile devices and applications and software that provide 
the content for such devices. There are only a limited number 
of customers who are successfully exploiting this new business 
model paradigm.

Also, in order to respond to the new business model paradigm, 
TSMC has seen the changes of nature in the Company’s business 
models. For example, there is a growing trend toward the system 
companies developing their own designs and working directly 
with semiconductor foundries which makes their products and 
services more marketable in a changing consumer market. Also, 
since the global semiconductor industry is becoming increasingly 
competitive, some of TSMC’s customers have engaged in 
industry consolidations in order to remain competitive. Such 
consolidations have taken the form of mergers and acquisitions. 
If more of TSMC’s major customers consolidate, this will further 
decrease the overall number of the Company’s customer pool. In 
addition, regulatory restrictions such as export control directed 
at TSMC’s major customers could impact the Company’s ability 
to supply products and services to those customers, reduce those 
customers’ demand for TSMC’s products and services and impact 
their business operations. The loss of, or signiﬁcant curtailment 
of purchases by, one or more of the Company’s top customers, 
including curtailments due to increased competitive pressures, 
industry consolidation, changes in applicable regulatory 
restrictions, product designs, manufacturing sourcing policies 
or practices of these customers, or the timing of customer 
or distributor inventory adjustments, or change in its major 
customers’ business models may adversely affect TSMC’s results 
of operations and ﬁnancial condition.

Risks Associated with Purchasing Concentration
• Raw Materials
TSMC’s production operations require that it obtains adequate 
supplies of raw materials, such as silicon wafers, gases, 
chemicals and photoresist, on a timely basis and at commercially 
reasonable prices. In the past, shortages in the supply of some 
materials, whether by speciﬁc vendors or by the semiconductor 
industry generally, have resulted in occasional industry-wide 
price adjustments and delivery delays. Moreover, major natural 
disasters, trade barriers and political or economic turmoil 
occurring within the country of origin of such raw materials may 
also signiﬁcantly disrupt the availability of such raw materials 
or increase their prices. Also, since TSMC procures some of its 
raw materials from sole-sourced suppliers, there is a risk that 
the Company’s needs for such raw materials may not be met or 
that back-up supplies may not be readily available. In addition, 
recent trade tensions could result in increased prices or even 
unavailability of raw materials due to tariffs, export control or 
other non-tariff barriers. TSMC’s revenue and earnings could 
decline if the Company is unable to obtain adequate supplies 
of the necessary raw materials in a timely manner or if there 
are signiﬁcant increases in the costs of raw materials. To reduce 
the supply chain risk and to manage the cost effectively, TSMC 
commits resources toward developing new supply sources. In 
addition, the Company continually encourages its suppliers 
to reduce their supply chain risk by decentralizing production 
plants and to improve their cost competitiveness by moving their 
production facilities to Taiwan from higher-cost areas. 

Given that qualiﬁed backup suppliers are hard to obtain, 
TSMC engages early and extensively with primary suppliers on 
managing quality and capacity issues to be prepared for any 
unexpected need to ramp up or curtail production when the 
Company lacks sufﬁcient time to re-tune its production process. 
For leading technology nodes, TSMC not only adopts world-class 
processes and facilities but also requires world-class materials. 
To streamline supply chain risk management, the Company has 
increased supplier site audits and meetings to extend supply 
chain best practices to its upstream suppliers. In addition, 
in response to the rapid increase or decrease in production 
capacity of new products, TSMC has continued to improve its 
inventory monitoring system to achieve more accurate demand 
forecasts and ensure that the supply chain maintains sufﬁcient 
inventory levels. The Company has established a supply chain 
risk assessment to ensure critical suppliers meet standards in 
labor, ethics, ESH (Environmental, Safety and Health) and BCP 
(Business Continuity Plan). Onsite audits are conducted regularly 
to empower these suppliers to take responsibility for their supply 

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chain as any regulatory violations or adverse environmental 
impact event, or failure to meet sustainability requirements 
could result in business reduction or termination.

• Equipment
The Company’s operations and ongoing expansion plans 
depend on its ability to obtain an appropriate amount of 
equipment and related services from a limited number of 
suppliers in a market that is characterized from time to time 
by limited supply and long delivery cycles. During such times, 
supplier-speciﬁc or industry-wide lead times for delivery can 
be as long as six months or more. To better manage its supply 
chain, the Company has implemented various business models 
and risk management contingencies with suppliers to shorten 
the procurement lead times. Further, the growing complexities, 
especially in advanced lithographic technologies may delay the 
timely availability of the equipment and parts needed to exploit 
time-sensitive business opportunities and also increase the 
market price for such equipment and parts. If TSMC is unable 
to obtain equipment in a timely manner to fulﬁll its customers’ 
demand on technology and production capacity, or at a 
reasonable cost, its ﬁnancial condition and results of operations 
could be negatively impacted.

Risks Associated with IT Security
TSMC has established a comprehensive internet and computing 
security network, it cannot guarantee that its computing 
systems which control or maintain vital corporate functions, 
such as its manufacturing operations and enterprise accounting, 
would be completely immune to crippling cyber attacks by any 
third party to gain unauthorized access to its internal network 
systems, to sabotage its operations and goodwill or otherwise. 
In the event of a serious cyber attack, TSMC’s systems may lose 
important corporate data or its production lines may be shut 
down pending the resolution of such attack. While TSMC seeks 
to continuously review and assess its cybersecurity policies and 
procedures to ensure their adequacy and effectiveness, the 
Company cannot guarantee that it will not be susceptible to 
new and emerging risks and attacks in the evolving landscape 
of cybersecurity threats. These cyber attacks may also attempt to 
steal TSMC trade secrets and other sensitive information, such as 
proprietary information of its customers and other stakeholders 
and personal information of its employees. 

Malicious hackers may also try to introduce computer viruses, 
corrupted software or ransomware into TSMC network systems 
to disrupt our operations, blackmail us to regain control of its 
computing systems, or spy on it for sensitive information. These 

attacks may result in us having to pay damages for its delayed or 
disrupted orders or incur signiﬁcant expenses in implementing 
remedial and improvement measures to enhance its cybersecurity 
network, and may also expose us to signiﬁcant legal liabilities 
arising from or related to legal proceedings or regulatory 
investigations associated with, among other things, leakage 
of employee, customer or third party information, which the 
company has an obligation to keep conﬁdential. 

TSMC experienced and may be subject to attack onward by 
malicious software contained in the equipment TSMC purchase 
and install. The cyber security risk management and solution 
enhancement actions have been taken continuously, such as 
building up an automated virus-scan system to prevent fab 
from installing virus infected tools, strengthening of ﬁrewall and 
network control to prevent computer viruses from spreading 
among tools and fabs, installation of proper anti-virus solutions 
for different computers, development and deployment of 
security monitor application to monitor and alert computer 
security issues, enhancement of computer vulnerability scan and 
patch updating, improving phishing email detection, employee 
awareness testing, external security risk assessments, and the 
establishment of an integrated and automatic security operation 
platform. While these ongoing enhancements further improved 
the cyber security defense solutions, there can be no assurance 
that the company is immune to malicious software attacks.

In addition, TSMC employs certain third party service providers 
for the Company and its afﬁliates worldwide with whom the 
Company needs to share highly sensitive and conﬁdential 
information to enable them to provide the relevant services. 
Despite that the Company requires the third party service 
providers to comply with the conﬁdentiality and/or internet 
security requirements in its service agreements with them, 
there is no assurance that each of them will strictly fulﬁll such 
obligations, or at all. The on-site network systems of and the 
off-site cloud computing networks, such as servers maintained 
by such service providers and/or its contractors, are also 
subject to risks associated with cyber attacks. If TSMC or its 
service providers are not able to timely resolve the respective 
technical difﬁculties caused by cyber attacks, or ensure the 
integrity and availability of its data (and data belonging to 
its customers and other third parties) or control of its or 
its service providers’ computing systems, the Company’s 
commitments to its customers and other stakeholders may 
be materially impaired and its results of operations, ﬁnancial 
condition, prospects and reputation may also be materially 
and adversely affected as a result.

Risks Associated with Intellectual Property Rights
The Company’s ability to compete successfully and to achieve 
future growth depends in part on the continued strength of 
its intellectual property portfolio. While we actively enforce 
and protect our intellectual property rights, there can be no 
assurance that its efforts will be adequate to prevent the 
misappropriation or improper use of its proprietary technologies, 
software, trade secrets or know-how. Also, the Company cannot 
assure you that, as its business or business models expand 
into new areas, it will be able to develop independently the 
technologies, patents, software, trade secrets or know-how 
necessary to conduct its business or that it can do so without 
unknowingly infringing the intellectual property rights of others. 
As a result, TSMC may have to rely on, to a certain degree, 
licensed technologies and patent licenses from others. To the 
extent that the Company relies on licenses from others, there can 
be no assurance that it will be able to obtain any or all of the 
necessary licenses in the future on terms it considers reasonable 
or at all. The lack of necessary licenses could expose TSMC to 
claims for damages and/or injunctions from third parties, as well 
as claims for indemniﬁcation by its customers in instances where 
it has contractually agreed to indemnify its customers against 
damages resulting from infringement claims.

TSMC has received, from time-to-time, communications 
from third parties asserting that TSMC’s technologies, 
its manufacturing processes, or the design IPs of the 
semiconductors made by TSMC or the use of those 
semiconductors by its customers may infringe their patents or 
other intellectual property rights. These assertions have at times 
resulted in litigation. Because of the nature of the industry and 
its market position, the Company may continue to receive such 
communications in the future. The Company continues to face 
a number of assertions made and lawsuits initiated by litigious, 
well-funded, non-practicing entities who are aggressive in their 
monetary demand and in seeking court-issued injunctions. This 
Company also encounters, from time-to-time, assertions and 
litigations initiated by semiconductor companies seeking to 
disrupt its business such as the patent infringement lawsuits 
in August 2019 ﬁled by GlobalFoundries (“GF”) attempting to 
restrict its and its customers’ activities in the United States and 
Germany. The Company responded with counter-lawsuits against 
GF for patent infringement in September 2019 targeting its 
manufacturing activities in the U.S., Germany, and Singapore. 
Shortly after, the Company reached an agreement with GF in 
October 2019 to dismiss all litigation between the parties, as 
well as those that involve any of its customers. Such lawsuits 

and assertions may increase TSMC’s cost of doing business 
and may potentially be extremely disruptive if these asserting 
entities succeed in blocking the trade of products made and 
services offered by TSMC. Also, as the Company expended its 
manufacturing operations into certain non-R.O.C jurisdictions, 
it has faced increasing challenges to manage risks of intellectual 
property misappropriation. Despite our efforts to adopt 
robust measures to mitigate the risk of intellectual property 
misappropriation in such new jurisdictions, we cannot guarantee 
that the protection measures we adopted will be sufﬁcient to 
prevent us from potential infringements by others, or at all.

If TSMC fails to obtain or maintain certain technologies or 
intellectual property licenses or fails to prevent our intellectual 
property from being misappropriated and, if litigation relating 
to alleged intellectual property matters occurs, it could: (1) 
prevent the Company from manufacturing particular products 
or selling particular services or applying particular technologies; 
and (2) reduce our ability to compete effectively against entities 
beneﬁting from our misappropriated intellectual property, which 
could reduce its opportunities to generate revenue.

TSMC has taken related measures to minimize potential loss of 
shareholder value arising from intellectual property claims and 
litigation ﬁled against the Company. These measures include: 
strategically obtaining licenses from certain semiconductor 
and other technology companies as needed; timely securing 
intellectual property rights for defensive and/or offensive 
protection of TSMC technology and business; and aggressively 
defending against baseless litigation. 

Risks Associated with Litigious and Non-litigious 
Matters
As is the case with many companies in the semiconductor 
industry, TSMC has received from time-to-time communications 
from third parties asserting that its technologies, its 
manufacturing processes, or the design of the semiconductors 
made by TSMC or the use of those semiconductors by its 
customers may infringe upon their patents or other intellectual 
property rights. These assertions have at times resulted in 
litigation by or against the Company and settlement payments by 
the Company. Irrespective of the validity of these claims, TSMC 
could incur signiﬁcant costs in the defense thereof or could 
suffer adverse effects on its operations. TSMC is also subject to 
antitrust compliance requirements and scrutiny by governmental 
regulators in multiple jurisdictions. Any adverse results of such 
proceeding or other similar proceedings that may arise in 

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those jurisdictions could harm TSMC’s business and distract 
its management, and thereby have a material adverse effect 
on its results of operations or prospects, and subject TSMC to 
potential signiﬁcant legal liability.

Currently, TSMC’s material legal proceedings are as follows:

In February 2019, Innovative Foundry Technologies LLC (“IFT”) 
ﬁled a complaint in the U.S. District Court for the District 
of Delaware alleging that TSMC and TSMC Technology Inc. 
infringe ﬁve U.S. patents. IFT also ﬁled a complaint in the 
U.S. International Trade Commission (the “ITC”) alleging that 
TSMC, TSMC North America, TSMC Technology Inc., and other 
companies infringe the same patents. The ITC instituted an 
investigation in March 2019. Both parties agreed to end the 
dispute and the ITC terminated the investigation in October 
2019. The pending litigation in the U.S. District Court for the 
District of Delaware was dismissed at the same time.

On September 28, 2017, TSMC was contacted by the European 
Commission (the “Commission”), which has asked us for 
information and documents concerning alleged anti-competitive 
practices in relation to semiconductor sales. We are cooperating 
with the Commission to provide the requested information and 
documents. In light of the fact that this proceeding is still in its 
preliminary stage, it is premature to predict how the case will 
proceed, the outcome of the proceeding or its impact.

Other than the matters described above, as of the date of 
this Annual Report, TSMC is not currently a party to any other 
material legal proceedings. 

Risks Associated with Mergers and Acquisitions
In 2019 and as of the date of this annual report, TSMC did not 
conduct any merger and acquisition.

Risks Associated with Recruiting Quality Personnel
TSMC’s growth relies on the continued services and contributions 
of its management team, skilled technical and professional 
personnel. The Company’s business could suffer from the inability 
to fulﬁll personnel needs with high quality professionals in a 
timely fashion caused by the loss of personnel or related changes 
in market demand for its products and services. Since there is 
ﬁerce competition for talent recruitment, the Company cannot 
ensure timely fulﬁllment of its personnel demand.

Future R&D Plans and Expected R&D Spending
For additional details, see “5.2.7 Future R&D Plans” on page 76 
of this annual report.

Changes in Corporate Reputation and Impact on 
Company’s Crisis Management
TSMC has established an excellent corporate reputation around 
the world based on its core values of integrity, commitment, 
innovation and customer trust. The Company’s positive image 
also reﬂects outstanding operations, rigorous corporate 
governance and dedication to social responsibility by serving as a 
good corporate citizen. TSMC continues to pursue innovation in 
the economic, environmental and social dimensions of CSR.

In 2019, TSMC was honored with numerous awards for 
achievements in operations, corporate governance, patents, 
proﬁt growth, investor relations, environmental protection, 
corporate sustainability and other ﬁelds. These included: the 
Taiwan Institute for Sustainable Energy 2019 Taiwan Corporate 
Sustainability Awards’ Most Prestigious Sustainability Award, 
Platinum Medal For Sustainability Report, Sustainable Water 
Management Award, Climate Leader Award, and Circular 
Economy Leadership Award; First Place in CommonWealth 
Magazine’s Excellence in Corporate Social Responsibility Award 
for Large-Cap companies; ranked top 5% in the Taiwan Stock 
Exchange corporate governance evaluation; member of the 
Fortune Magazine’s 2019 World’s Most Admired Companies 
and the 2019 Global 500; the R.O.C. Ministry of Economic 
Affairs Industrial Development Bureau’s Green Factory Label 
and Energy Conservation Benchmark Award ; the R.O.C. 
Environmental Protection Administration’s Enterprise Green 
Procurement Award; First Place in the Greenpeace ranking of 
ten leading Taiwanese electronics companies; and membership 
of the Corporate Knights 100 Most Sustainable Corporations 
for 2019. In addition, TSMC was selected as a part of the Dow 
Jones Sustainability Indices for the 19th consecutive year, further 
strengthening the Company’s corporate culture and reputation.

TSMC adheres to its vision of uplifting society, and applies 
technology and innovation to help humanity overcome 
many challenges. As TSMC strives to excel in corporate social 
responsibility, the Company also encourages employees to 
make innovative breakthroughs in how they think about things 

and do things, as well as nurture their empathy and broaden 
their horizons. In 2019, TSMC established the Corporate Social 
Responsibility Executive Committee, led by Chairman Dr. Mark 
Liu with senior vice president Lora Ho serving as the executive 
secretary, to work with senior management in a variety of 
functions to set the Company’s future CSR strategy. The CSR 
Executive Committee acts in tandem with the existing CSR 
Committee to consolidate the Company’s resources, drive and 
implement actions and cultivate CSR culture. TSMC pursues 
corporate sustainability and contribution to society and seeks 
to build further on its positive corporate reputation.

With its global reputation in mind, TSMC employs numerous 
preventative measures to address potential risks from 
earthquakes, ﬁres, IT service disruption, yield loss, information 
security, supply chain disruption, environmental events, and 
utility supply disruption. TSMC sets crisis response and recovery 
measures according to possible crisis events and maintains 
a “TSMC crisis command center control instruction” as well 
as a “TSMC emergency response procedure” to establish its 
emergency response command structure. 

TSMC holds regular monthly meetings of the Environment, 
Safety and Health Committee, which coordinates relevant 
departments in each fab to conduct regular emergency 
response drills and continuously improve their notiﬁcation 
and operational procedures to ensure clear channels of 
communication to stakeholders in crisis management, with the 
public relations department serving as the designated gateway 
for external communications.

In the event of an emergency, all departments immediately 
deploy emergency response measures to eliminate or minimize 
impact on personnel safety, the surrounding environment, 
company property and manufacturing operations. Responders 
also alert the public relations department at the earliest 
stages of response to ensure timely, clear and consistent 
communication regarding the situation.

Risks Associated with Change in Management
During 2019 and as of the date of this Annual Report, there 
were no such risks for TSMC.

6.3.4 Financial Risks

Economic Risks
• Interest Rate Fluctuation
TSMC is exposed to interest rate risks primarily related to its 
investment portfolio and outstanding debt. Changes in interest 
rates affect the interest earned on the Company’s cash and cash 
equivalents, and ﬁxed income securities, the fair value of those 
securities, as well as interest paid on its debt. 

The objective of TSMC’s investment policy is to achieve a return 
that will allow the Company to preserve principal and support 
liquidity requirements. The policy generally requires securities to 
be investment grade and limits the amount of credit exposure to 
any one issuer. TSMC’s cash and cash equivalents as well as ﬁxed 
income investments in both ﬁxed- and ﬂoating-rate securities 
carry a degree of interest rate risk. The majority of TSMC’s ﬁxed 
income investments are ﬁxed-rate securities and classiﬁed as 
ﬁnancial assets at fair value through other comprehensive income, 
and may have their fair value adversely affected due to a rise in 
interest rates, while cash and cash equivalents as well as ﬂoating-
rate securities may generate less interest income than predicted if 
interest rates fall. 

TSMC has entered, and may enter in the future, into interest rate 
futures to partially hedge the interest rate risk on its ﬁxed income 
investments. However, these hedges can offset only a small 
portion of the ﬁnancial impact from movement in interest rates.

As it relates to TSMC’s outstanding debt, all of the Company’s 
short-term debt are ﬂoating-rate, hence a rise in interest rates 
may incur higher interest expense than predicted; all of its long-
term debt are ﬁxed-rate and measured at amortized cost. As 
such, changes in interest rates would not affect the future cash 
ﬂows and the fair value.

Certain of TSMC’s ﬁxed income investments and short-term 
debt are primarily based on the London Interbank Offered Rate 
(“LIBOR”), which is expected to be replaced by other benchmark 
rate after 2021. TSMC cannot predict the consequences and 
timing of these developments, and if such transition may cause a 
reduction in its interest income and/or an increase in its interest 
expense.

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• Foreign Exchange Volatility
The majority of TSMC’s sales are denominated in U.S. dollar 
and over one-half of its capital expenditures are denominated 
in currencies other than NT dollar, primarily in U.S. dollar, 
Japanese yen, and Euro. As a result, any signiﬁcant ﬂuctuations 
to its disadvantage in exchange rate of NT dollar against such 
currencies, in particular a weakening of U.S. dollar against NT 
dollar, would have an adverse impact on the Company’s revenue 
and operating proﬁt as expressed in NT dollar. For example, 
every one percent depreciation of the U.S. dollar against the 
NT dollar would result in approximately 0.4 percentage point 
decrease in TSMC’s operating margin based on TSMC’s 2019 
results. 

While the Company is subject to tax laws and regulations 
in various jurisdictions in which it operates or conducts 
business, TSMC’s principal operations are in the R.O.C. and it 
is exposed primarily to taxes levied by the R.O.C. government. 
Any unfavorable changes of tax laws and regulations in this 
jurisdiction could increase TSMC’s effective tax rate and have an 
adverse effect on its operating results.

In order to control tax risk, the Company closely monitors all 
domestic and foreign governmental policies and regulations 
that might impact its ﬁnancial operations. TSMC has established 
risk management procedures to collect information, analyze 
potential tax implications, and develop countermeasures.

Conversely, if the U.S. dollar appreciates signiﬁcantly versus other 
major currencies, the demand for the products and services of 
TSMC’s customers and for TSMC’s goods and services will likely 
decrease, which will negatively affect the Company’s revenue. 

TSMC uses foreign currency derivatives contracts, such as 
currency forwards or currency swaps, to protect against currency 
exchange rate risks associated with non-NT dollar-denominated 
assets and liabilities and certain forecasted transactions. The 
Company also utilizes U.S. dollar-denominated debt to partially 
offset currency risk arising from U.S. dollar-denominated 
receivables for balance sheet hedges. These hedges reduce, but 
do not entirely eliminate, the effect of foreign currency exchange 
rate movements on its assets and liabilities.

Fluctuations in the exchange rate between the U.S. dollar and 
the NT dollar may affect the U.S. dollar value of the Company’s 
common shares and the market price of the Company’s 
American Depositary Shares (ADSs) and of any cash dividends 
paid in NT dollar on TSMC’s common shares represented by 
ADSs.

• Inﬂation
In 2019 and as of the date of this annual report, inﬂation did not 
have a material impact on TSMC’s operations, or the business 
operations of its customers and suppliers.

• Amendments to Tax Regulations or Implementation of 

New Tax Laws

Any amendments to existing tax regulations or the 
implementation of any new tax laws in the jurisdictions in which 
TSMC operates its business may have an adverse effect on its 
net income.

Risks Associated with External Financing
In times of market instability, sufﬁcient external ﬁnancing 
may not be available to the Company on a timely basis, on 
commercially reasonable terms to the Company, or at all. If 
sufﬁcient external ﬁnancing is not available, when TSMC needs 
such ﬁnancing to meet its capital requirements, it may be forced 
to curtail its expansion, modify plans or delay the deployment of 
new or expanded services until it obtains such ﬁnancing.

Risks Associated with High-Risk/Highly Leveraged 
Investments; Lending, Endorsements, and Guarantees 
for Other Parties; and Financial Derivative Transactions
In 2019 and as of the date of this annual report, TSMC did not 
make high-risk or highly leveraged ﬁnancial investments. 

Since 2014, TSMC has provided a guarantee no more than 
US$83.21 million to TSMC North America, a wholly-owned 
subsidiary of TSMC, for its obligation to an ofﬁce leasing 
contract. Since 2020, TSMC Japan Limited has provided a 
guarantee no more than JPY1,320 million to TSMC Design 
Technology Japan, Inc., a wholly-owned subsidiary of TSMC, for 
its obligation to an ofﬁce leasing contract.

As of February 29, 2020, there were RMB 4.8 billion and 
US$86 million in intercompany loans between the Company’s 
subsidiaries, and US$1 billion in intercompany loans between the 
Company and its subsidiary, which were all in compliance with 
relevant rules and regulations.

All ﬁnancial transactions of a derivative nature that TSMC entered 
into in 2019 were strictly for hedging and not for any trading or 
speculative purposes. For more transaction information and risk 
assessment, please refer to Note 7, Note 10, and Note 32 of the 
annual report section (II), Financial Statements.

To control various types of ﬁnancial transactions, the Company 
has established internal policies and procedures based on sound 
ﬁnancial and business practices, all in compliance with the 
relevant rules and regulations issued by the Taiwan Securities 
and Futures Bureau. TSMC policies and procedures include 
“Procedures for Financial Derivatives Transactions,” “Procedures 
for Lending Funds to Other Parties,” “Procedures for Acquisition 
or Disposal of Assets,” and “Procedures for Endorsement and 
Guarantee.”

Risks Associated with Impairment Charges
Under Taiwan-IFRSs, TSMC is required to evaluate its tangible 
assets, right-of-use assets and intangible assets for impairment 
whenever triggering events or changes in circumstances indicate 
that the asset may be impaired. If certain criteria are met, TSMC 
is required to record an impairment charge. TSMC is unable 
to estimate the extent or timing of any impairment charge 
for future years. Any impairment charge required may have a 
material adverse effect on the Company’s net income.

The determination of an impairment charge at any given time 
is based signiﬁcantly on the projected results of operations 
over several years subsequent to that time. Consequently, an 
impairment charge is more likely to occur during a period 
when the Company’s operating results are otherwise already 
depressed. See “Note 5.” CRITICAL ACCOUNTING JUDGMENTS 
AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY” in 
Annual Report section (II), Financial Statements for a discussion 
of how TSMC assesses if an impairment charge is required and, if 
so, how the amount is determined.

6.3.5 Hazardous Risks and Utility Supply Interruption 

or Shortage Risks

The frequency and severity of disruptive events, including 
damaging earthquakes, natural disasters and severe weather 
has been increasing in part due to climate change or systemic 
regional geological changes. TSMC has manufacturing and 
other operations in locations subject to natural disasters, such 
as ﬂooding, earthquakes, tsunamis, typhoons and droughts 
that may cause interruptions or shortages in the supply of 
utilities, such as water and electricity, which in turn could disrupt 
operations. In addition, TSMC’s suppliers and customers also 
have operations in such locations. For example, most of TSMC’s 
production facilities, as well as those of many of its suppliers 
and customers and upstream providers of complementary 
semiconductor manufacturing services, are located in Taiwan 
and Japan, areas susceptible to earthquakes, tsunamis, ﬂooding, 

typhoons, and droughts from time to time that may cause 
shortages in electricity or water or interruptions to the Company’s 
operations.

Thus, if one or more natural disasters that result in a prolonged 
disruption to TSMC’s operations or those of its customers or 
suppliers, or if any of its fabs or vendor facilities were to be 
damaged or cease operations as a result of an explosion or ﬁre, it 
could reduce the Company’s manufacturing capacity and cause 
the loss of important customers and thereby have an adverse and 
material impact on its operational and ﬁnancial performance.

TSMC has occasionally suffered power outages in Taiwan caused 
by difﬁculties encountered by its electricity supplier, the Taiwan 
Power Company, or other power consumers on the same power 
grid. Some of these have resulted in interruptions to TSMC 
operations. Such shortages or interruptions in electricity supply 
could further be exacerbated by changes in the energy policy of 
the government, which intends to make Taiwan a nuclear-free 
country by 2025. If the Company is unable to secure reliable and 
uninterrupted supply of electricity to power its manufacturing 
fabs within Taiwan, its ability to ﬁll customers’ orders would be 
severely jeopardized. 

The recent COVID-19 pandemic may materially adversely 
affect TSMC business and results of operations in several ways, 
including but not limited to: (1) interruption of the operations 
of global semiconductor supply chains and those of TSMC’s 
suppliers, including those in Asia, Europe and North America; 
(2) downward pressure on TSMC global customer demand; and 
(3) potential production delays for TSMC products due to forced 
factory or ofﬁce closures or partial operation. The Company has 
instituted various measures, including disinfection routines, self-
quarantine, mandatory hygienic practices and segregated work 
teams. However, given the uncertainty surrounding the COVID-19 
pandemic, the Company cannot predict that such measures 
will limit the spread of the virus in the Company’s workplace 
or whether its operations would be materially disrupted by the 
pandemic. As of the date of this annual report, TSMC’s current 
business and results of operations have not been materially affected 
by the pandemic. However, depending on unfolding developments 
of the pandemic, the Company could face various risks, including 
those identiﬁed here and others. As the pandemic is still ongoing 
and may worsen, there is signiﬁcant uncertainty surrounding 
its developments and impacts, including whether the current 
epidemic or continued spread of COVID-19 will cause an economic 
slowdown or a global recession, and TSMC cannot predict at this 
time the impact it will have on its business or results of operations. 

108

109

The recent COVID-19 pandemic has caused TSMC to modify 
its business practices, including but not limited to health 
management of employees, customers and suppliers, 
management of production inventory, and supply chain risk 
management. TSMC has formed an “Epidemic Prevention 
Committee” to identify, implement and monitor such actions as 
required by the dynamic exigencies arising from the pandemic. 
There is no certainty that such measures and others will be 
sufﬁcient to mitigate the risks posed by COVID-19, and TSMC’s 
ability to perform critical functions could be materially adversely 
affected.

TSMC maintains a comprehensive risk management system 
dedicated to the safety of people, the conservation of 
natural resources and the protection of property. In order 
to cope effectively with emergencies and natural disasters, 
management at each facility has developed comprehensive 
plans and procedures that focus on risk prevention, emergency 
response, crisis management and business continuity. All 
TSMC manufacturing fabs have been ISO 14001 certiﬁed 
(environmental management system) and ISO 45001 or 
OHSAS 18001 certiﬁed (occupational health and safety 
management system). All manufacturing fabs in Taiwan have 
also been TOSHMS (Taiwan Occupational Safety and Health 
Management System) certiﬁed. New fabs will also attain the 
above certiﬁcations within 18 months after acquiring factory 
registration certiﬁcation.

TSMC has further strengthened its business continuity plans, 
which include periodic risk assessment, risk mitigation, and 
implementation through the establishment of emergency 
taskforces when necessary, combined with the preparation of 
a thorough analysis of an emergency, its impact, alternative 
actions, and solutions for each possible scenario together with 
appropriate precautionary and/or recovery measures. Each 
taskforce is given the responsibility of ensuring TSMC’s ability 
to minimize personal injury, business disruption and ﬁnancial 
impact under the circumstances. TSMC periodically reviews its 
business continuity plans and revise it according to exercise 
results and implementation.

In response to the impact of the earthquake that occurred in 
Taiwan, TSMC continued to improve its earthquake emergency 
response, tool anchorage and seismic isolation facilities, and 
readiness for tool salvage and production recovery. These 
improvements have also been integrated into new fab design. 
TSMC business continuity procedures were further enhanced 
through the compliance with ISO 22301.

TSMC and many of its suppliers use combustible and toxic 
materials in their manufacturing processes and are therefore 
subject to risks that cannot be completely eliminated arising 
from explosion, ﬁre, or environmental inﬂuences. Although 
the Company maintains many overlapping risk prevention and 
protection systems, as well as ﬁre and casualty insurance, TSMC’s 
risk management and insurance coverage may not always be 
sufﬁcient to cover all of the Company’s potential losses. If any 
of TSMC’s fabs or vendor facilities were to be damaged or cease 
operations as a result of an explosion, ﬁre or environmental 
causes, it could reduce the Company’s manufacturing capacity 
leading to the loss of important sales and customers and as a 
negative impact on TSMC’s ﬁnancial performance. In addition 
to periodic ﬁre-protection inspections and ﬁreﬁghting drills, the 
Company has also carried out a corporate-wide ﬁre risk mitigation 
project focused on managerial and hardware improvements.

6.3.6 Risks Regarding Non-Compliance with Export 

Control, Environmental and Climate Related 

Laws, Regulations and Accords, and Failure to 

Timely Obtain Requisite Approvals Necessary for 

Conducting Business

Because TSMC engages in manufacturing activities in 
multiple jurisdictions and conducts business with customers 
located worldwide, such activities are subject to a myriad of 
governmental regulations. For example, the manufacturing, 
assembling and testing of TSMC’s products require the 
use of metals, chemicals and materials that are subject 
to environmental, climate-related, health and safety, and 
humanitarian conﬂict-free sourcing laws, regulations and 
guidelines issued worldwide.

The Company’s failure to comply with any such laws or 
regulations, as amended from time to time, and its failure to 
comply with any information and document sharing requests 
from the relevant authorities in a timely manner could result in:

• signiﬁcant penalties and legal liabilities, such as the denial 
of import or export permits or third party private lawsuits, 
criminal or administrative proceedings;

• the temporary or permanent suspension of production of the 

affected products;

• unfavorable alterations in TSMC manufacturing, fabrication 

and assembly and test processes;

• challenges from customers that place TSMC at a signiﬁcant 
competitive disadvantage, such as loss of actual or potential 
sales contracts in case the Company is unable to satisfy the 
applicable legal standard or customer requirement;

One or more of TSMC’s existing shareholders may, from time to 
time, dispose of signiﬁcant numbers of TSMC common shares or 
ADSs. For example, the National Development Fund, Executive 
Yuan, R.O.C., which owned 6.38% of TSMC’s outstanding shares 
as of February 29, 2020, had from time to time in the past sold 
TSMC shares in the form of ADSs in several transactions.

As of the date of this annual report, no single shareholder owns 
10% or more of TSMC’s total outstanding shares.

Risks of Trade Policies
As TSMC’s revenue is primarily derived from sales to major 
economies in the world (please refer to “2.2.4 TSMC Position, 
Differentiation and Strategy” on page 14 of this annual report), 
any changes in the trade policies (such as the increase of tariffs 
on certain products, the implementation of import and export 
controls, and the adoption of other trade barriers) of such major 
economies can affect the sales of TSMC or its customers and 
thereby affect TSMC’s operating results. TSMC continues to 
monitor the recent shifts in trade policies and measures among 
the relevant major economies and will take corresponding 
responsive actions in accordance with subsequent developments.

Other Material Risks
In 2019 and as of the date of this annual report, TSMC’s 
management was not aware of any other risk that could impart 
a potentially material impact on the ﬁnancial status of the 
Company.

• restrictions on TSMC operations or sales;
• loss of tax beneﬁts, including termination of current tax 
incentives, disqualiﬁcation of tax credit application and 
repayment of the tax beneﬁts that the Company is not entitled 
to; and

• damages to TSMC’s goodwill and reputation.

Complying with applicable laws and regulations, such as 
environmental and climate related laws and regulations, could 
also require TSMC, among other things, to do the following: 
(1) purchase, use or install remedial equipment; (2) implement 
remedial programs such as climate change mitigation programs; 
(3) modify product designs and manufacturing processes, or 
incur other signiﬁcant expenses such as obtaining substitute raw 
materials or chemicals that may cost more or be less available for 
the Company’s operations.

TSMC’s inability to timely obtain approvals necessary for the 
conduct of its business could impair its operational and ﬁnancial 
results. For example, if the Company is unable to timely obtain 
environmental related approvals needed to undertake the 
development and construction of a new fab or expansion 
project, then such inability may delay, limit, or increase the 
cost of its expansion plans that could also in turn adversely 
affect its business and operational results. In light of increased 
public interest in environmental issues, TSMC’s operations and 
expansion plans may be adversely affected or delayed responding 
to public concern and social environmental pressures even if the 
Company complies with all applicable laws and regulations.

TSMC believes that climate change should be regarded as a 
signiﬁcant corporate risk that must be controlled to improve 
competitiveness. For TSMC’s climate change related risks 
and control measures, see the Climate Change and Energy 
Management section under 7.2.1 Environmental Protection on 
page 119 of this annual report.

6.3.7 Other Risks

Potential Impact and Risks Associated with Sales of 
Signiﬁcant Numbers of Shares by TSMC’s Directors, 
and/or Major Shareholders Who Own 10% or More of 
TSMC’s Total Outstanding Shares
The value of TSMC shareholders’ investment may be reduced 
by possible future sales of TSMC shares owned by major 
shareholders.

110

111

Corporate Social Responsibility

7.1 Overview

7

As the world’s largest dedicated semiconductor foundry, TSMC has not only strived for the highest achievements in its core business of dedicated 
IC foundry services but has also actively sought to fulﬁll its corporate social responsibility (CSR). In this regard, TSMC focuses on three primary 
missions: integrity, strengthening environmental protection and caring for the disadvantaged. And in so doing the Company collaborates with all 
stakeholders – employees, shareholders, customers, suppliers, and community – to drive continuous positive change for society.

Guidance for the Implementation of CSR
Following its vision of uplifting society, TSMC Corporate Social Responsibility Policy is the Company’s overall guide for sustainable 
development. The CSR matrix clearly deﬁnes the scope of the Company’s responsibilities. The horizontal axis shows the seven areas 
where TSMC aims to set a benchmark for sustainability: morality, business ethics, economy, rule of law, sustainability, work/life balance 
and happiness, and philanthropy. On the vertical axis are actions that TSMC has taken to implement its responsibilities.

TSMC CSR Matrix

TSMC

Integrity 

Law Compliance 

Anti-Corruption
Anti-Bribery
Anti-Cronyism

Environmental Protection
Climate Control
Energy Conservation 

Corporate Governance 

Provide Well-Paying Jobs 

Good Shareholder Return 

Employees’ Work-Life Balance 

Encourage Innovation 

Good Work Environment 

TSMC Charity Foundation 

TSMC Education and Culture Foundation 

Society

Morality

Business Ethics

Economy

Rule of Law

Sustainability

Work/Life 
Balance 
Happiness

Philanthropy

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

CSR Management
In compliance with the vision and missions of TSMC Corporate Social Responsibility Policy, in 2019 TSMC further established the 
Corporate Social Responsibility Executive Committee as the highest-level CSR decision-making center within the Company to align more 
closely with international sustainability trends. TSMC’s Chairman chairs the CSR Executive Committee, and the Chairperson of the CSR 
Committee serves as Executive Secretary. Together with senior executives from a wide variety of functions, they survey the Company’s 
core operating capabilities, set the medium- to long-term strategic direction for CSR, and draft the blueprint to link the Company’s 
core competencies with the UN sustainable development goals (SDGs). The existing CSR Committee serves as a cross-departmental 
communication platform. Through quarterly meetings and issue-based discussions by cross-organizational teams, the committee 
members jointly set the Company’s CSR strategies and key issues for the year, draft CSR-related budgets for their organizations and 
coordinate resource deployment, as well as plan and carry out annual projects. The Committee achieves sustainability objectives of 
interest to all stakeholders and ensures CSR strategies are implemented effectively in the Company’s daily operations.

113

The Chairperson of the CSR Committee reports annually to the Board of Directors on implementation results of the prior year and the 
work planned for the upcoming year. In 2019, TSMC focused on strengthening green manufacturing performance to develop various 
resource renewal technologies, apply circular economy, and undertake renewable energy adoption. To build a sustainable supply chain, 
the Company performed supplier risk assessments and implemented a signed supplier code of conduct. To have a positive social impact, 
the TSMC Education and Culture Foundation and the TSMC Charity Foundation also actively support and promote youth development, 
culture and art, and care for the disadvantaged.

The Company’s CSR plans for 2020 focus on further promotion of green manufacturing by driving circular economics and renewable 
energy adoption and by building a responsible green supply chain through strengthening human rights, environmental protection 
and sustainable development among upstream and downstream suppliers. TSMC spares no effort to perform its corporate social 
responsibility and aspires to be an uplifting force for the society.

Stakeholder Engagement
TSMC respects shareholder rights. In order to understand the level of stakeholder interest in sustainability issues, TSMC uses multiple 
systematic channels to communicate with stakeholders, including the “Contact Us” section of the corporate website, the CSR website 
and the CSR mailbox, as well as the Irregular Business Conduct Reporting System. TSMC has conducted three studies focused on 
identiﬁcation, prioritization and validation with regard to these issues.

In 2019, the TSMC Corporate Social Responsibility mailbox received 371 valid emails on subjects ranging from corporate governance, 
innovation and services, to supply chain, green manufacturing, workplace, and social issues. Submissions were primarily regarding 
requests for visits, inquiries on operations, opinion and feedback from the public, and proposals for donations and collaborations. 
TSMC responded through direct action from related departments and timely replies from the public relations department, supporting 
communication with the public as well as positive development in society.

Stakeholders and Communication Channels in 2019

Stakeholders

Employees

Shareholders/Investors

Customers

Suppliers

Communication Channels

• Communications and working meetings throughout all levels and all units of the Company
• Corporate intranet, internal emails and other announcement channels (such as promotion posters at facilities)
• Human resources representatives
• Employee training and classroom courses
• Regular and ad-hoc communication meetings, such as Manager Development Consulting Committee, Operations Engineer Training Committee, 
Manufacturing Department Technical Committee, etc.
• Employee voice channels, such as Immediate Response System, Employee Opinion Box, Wellness Center, wellness website, each function’s PIP committee, 
Employee PIP Opinion Dedicated Line, etc.
• Ombudsman System
• Audit Committee Whistleblower System
• EWC event questionnaire survey
• The biennial “Employee Opinion Survey on Company Core Values”
• Annual general meeting of shareholders
• Quarterly earnings conference call
• Investor conferences and face-to-face meetings
• Telephone calls and emails
• Annual reports, CSR reports, 20-F ﬁlings to US SEC, material announcements to Taiwan Stock Exchange, and corporate press releases on the Company's 
website

• Customer satisfaction survey
• Customer meetings
• Customer audits
• Business and technology assessment
• Email responses to the issues that customers are concerned 
• Supplier meetings
• Supplier onsite audits
• Supply Chain Management Forum
• Supply Chain ESH Forum
• Supplier Ethics and Code of Conduct Promotion
• On-site consult and audit
• Advanced Process Material Workshop
• Supplier self-assessment questionnaire and Supplier Survey on Ethics

Stakeholders

Government

Society

Communication Channels

• Ofﬁcial correspondence and visits
• Industry experience and advice sharing
• Meetings (such as communication meetings, public hearings, forums, seminars or social gatherings)
• Communication with government authorities through industry organizations, including the Association of Science Park Industries, Taiwan Semiconductor 
Industry Association, World Semiconductor Council, and Chinese National Federation of Industries

• Arts events in the communities
• Sponsorship of youth development events
• Sponsorship of charity projects and emergency aid
• Sponsorship of non-proﬁt organizations to support educational projects
• Professorship endowments and student scholarships at universities
• Project collaboration and visits
• Support of non-proﬁt organizations and institutions via monetary and in-kind donation, as well as providing necessary manpower for a good cause
• Regular visits to National Museum of Science, Hsinchu Veterans Home, St. Teresa Children Center, Jacana Ecology Education Park, remote schools and TSMC 
ecological parks to provide volunteer services
• Annual volunteer activities in collaboration with TSMC fabs and divisions
• TSMC corporate social responsibility website, newsletters and mailbox
• “Sending Love” charity platform

Responsibilities of TSMC CSR Committee Members

Committee Members

Responsibilities

Legal

Corporate Governance, Code of Conduct, Legal Compliance (including fair competition, privacy and personal information, and protection for 
whistle-blowers), Intellectual Property, Protection of Conﬁdential Information

Customer Service

Customer service and satisfaction, customer trust, customer conﬁdentiality, RBA and its code of conduct

Materials Management

Materials and supply chain risk management, supplier management, conﬂict minerals, RBA and its code of conduct

Quality and Reliability

Product quality and reliability, product recall mechanism

Research and Development

Innovation management, green products

Risk Management

Risk management, crisis management, emergency response and action plan

Finance

Financial disclosure, dividend policy, tax strategy

Stakeholders

Employees
Government
Society (Note)

Customers

Suppliers

Customers
Suppliers

Employees
Customers
Suppliers

Employees
Investors
Customers
Suppliers
Government
Society

Employees 
Investors 
Customers 
Suppliers
Government

Investor Relations

Resolving issues of stakeholder concern, establishing trusting long-term relationships, effective two-way communication, annual report production

Investors

Operations

Operational eco-efﬁciency, pollution prevention, water resource risk management, green manufacturing

Environment, Safety and Health

Environmental policy and management system, climate change mitigation and adaption, pollution prevention, energy consumption efﬁciency, 
carbon emissions and carbon rights management, product environmental responsibility, response mechanism for environmental issues, 
environmental spending, green supply chain, policy and management systems for occupational health and safety, workplace health and safety, 
occupational disease prevention and health promotion, communication of ESH regulations

Human Resources

Talent attraction and retention, proprietary information protection, employees’ physical and mental well-being and work-life balance, labor-
management relations and employee engagement, labor rights, training and development, mobility, RBA and its code of conduct

TSMC Education and Culture 
Foundation, TSMC Charity 
Foundation

Philanthropy, community relations

Customers 
Investors 
Suppliers

Employees 
Investors 
Customers 
Suppliers
Government 
Society

Employees

Society

Society

(Continued)

Note: Society includes community, non-governmental organizations, non-proﬁt organizations and the public.

Public Relations

Stakeholder engagement, mechanism for reﬂecting issues of social concern, media relations

114

115

TSMC believes that technological progress and corporate growth are only meaningful in a sustainable society and environment. As the 
only semiconductor company chosen for the Dow Jones Sustainability World Indices over the past 19 consecutive years, TSMC is clearly 
committed to “responsible operations,” and actively creates sustainable values in the economy, the environment and society for its 
stakeholders.

As the world’s largest dedicated IC foundry, TSMC is aware that customer trust is enhanced if the Company follows the law and values 
corporate governance. Investors will be more willing to invest in the Company over the long-term if the Company maintains solid 
ﬁnancial performance and a sustainable dividend policy. Through a reciprocal commitment between the Company and its employees, 
TSMC carries out its core values -Integrity, Commitment, Innovation, and Customer Trust, and exerts its inﬂuence as an industry leader 
in encouraging suppliers to devote more resources to better operations, greener factories and a more responsible supply chain. TSMC 
combines the strengths that drive society forward and hopes to build a future of common good together with the engagement of all 
stakeholders.

2019 CSR Awards, Recognitions and Ratings

Category

Overall CSR

Organization

Awards and Recognitions

Dow Jones Sustainability Indices (DJSI)

• Dow Jones Sustainability World Index for the 19th consecutive year
• Dow Jones Sustainability Emerging Markets Index

MSCI ESG Indexes

ISS ESG

Corporate Knights

CommonWealth Magazine

Taiwan Institute of Sustainable Energy

Economy, Governance

Institutional Investor Magazine

• MSCI ACWI ESG Leaders Index component 
• MSCI ESG Research – AA Ratings
• MSCI ACWI SRI Index component

• “Prime” rated by ISS ESG Corporate Rating

• Global 100 Most Sustainable Corporations
• Corporate Social Responsibility Award – Large cap –1st Place

• The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates
• Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing – Platinum Award
• Industry Sustainable Water Management Awards  
• Climate Leadership Awards 
• Circular Economy Leadership Award

• Most Honored Company (Technology/Semiconductors) – All-Asia 
• Best ESG/SRI Metrics (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia
• Best Corporate Governance (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia 
• Best CEO (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia
• Best CEO (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia
• Best CFO (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia
• Best CFO (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia
• Best Investor Relations Program (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia
• Best Investor Relations Program (Technology/Semiconductor) – 1st Place (buy-side) – All-Asia
• Best Investor Relations Professional (Technology/Semiconductor) – 1st Place (buy-side and sell-side) – All-Asia

IFI Claims

Forbes

FORTUNE

Nikkei Asian Review

• 2019 Top 50 US Patent Assignees

• Top Regarded Companies 
• Asia's Best over a Billion 
• Top 100 Digital Companies 
• Global 2000

• Fortune Global 500

• Asia 300 Power Performers

Germany Federal Ofﬁce for Information Security

• Common Criteria, ISO/IEC 15408- EAL6 Site Certiﬁcation – Fab 14B

Business Today

Taiwan Stock Exchange

R.O.C. Ministry of Economic Affairs Intellectual Property Ofﬁce

PricewaterhouseCoopers

Ministry of Finance

Corporate Synergy Development Center

• Top 1,000 Enterprises in Taiwan, Hong Kong and Mainland China
• Top 5% in Corporate Governance Evaluation of Listed Companies for the 5th consecutive year
• Ranked No. 1 in Top 100 Patent Applicants in Taiwan for the 4th consecutive year
• Global Top 100 Companies by market capitalization for the 7th consecutive year

• Outstanding Business Entity Award

• Taiwan Continuous Improvement Award – Gold Tower Award – Advanced Packaging Technology and Service, 
Intelligent Manufacturing Center, Fab 14A, Fab 10 Fab 8
• Taiwan Continuous Improvement Award – Silver Tower Award – Fab12A
• Taiwan Continuous Improvement Award – Best Improvement Innovation Award – Fab 14A, Fab 10

(Continued)

Category

Organization

Awards and Recognitions

Environment, Safety and 
Health

U.S. Green Building Council Leadership in Energy and 
Environmental Design (LEED) certiﬁcation

• “Gold” class certiﬁcation – Fab 16 P1 Manufacturing Facility

R.O.C. Ministry of the Interior “Ecology, Energy Saving, Waste 
Reduction and Health (EEWH)” certiﬁcation

• "Diamond" class of green building certiﬁcation – Fab 15 P6 Manufacturing Facility

R.O.C. Ministry of Economic Affairs

• Excellence in Carbon Reduction Award – Fab 5, Fab 15A

R.O.C. Sports Administration, Ministry of Education

• Taiwan iSports – Certiﬁcate of Corporate Wellness

Society

FORTUNE

Cheers

Forbes

R.O.C. Ministry of Culture

• 2019 World's Most Admired Companies

• Top 10 Most Admired Companies to Young Generations

• World's Best Employers
• The 14th Arts and Business Awards – Gold Award

7.2 Environmental, Safety and Health (ESH) Management

TSMC believes its environmental, safety and health practices must not only meet legal requirements, but should also align to 
internationally recognized practices. TSMC’s ESH policies aim to achieve “zero incident” and “environmental sustainability”, and to make 
TSMC a world-class company in environmental, safety and health management. The Company’s strategies for attaining these goals are 
to comply with regulations, promote safety and health, strengthen recycling and pollution prevention, manage ESH risks, instill an ESH 
culture, establish a green supply chain, and fulﬁll its related corporate social responsibilities.

All TSMC manufacturing facilities have received ISO 14001: 2015 certiﬁcation for environmental management systems and OHSAS 
18001: 2007 certiﬁcation for occupational safety and health management systems. All fabs in Taiwan have been TOSHMS (Taiwan 
Occupational Safety and Health Management System) certiﬁed since 2009. The International Organization for Standardization (ISO) 
released the ﬁnal version of ISO 45001:2018 to replace OHSAS 18001 in March 2018. All TSMC fabs in Taiwan received ISO 45001: 
2018 certiﬁcation in August 2019. All TSMC subsidiaries plan to obtain certiﬁcation in 2020.

TSMC strives for continuous improvement and actively seeks to enhance climate-change management, pollution prevention and control, 
power and resource conservation, waste reduction and recycling, safety and health management, ﬁre and explosion prevention as well 
as to minimize the impact of earthquake damage, so as to reduce overall environmental, safety and health risks.

In order to meet regulatory and customer requirements for the management of hazardous materials, TSMC has adopted the IECQ 
QC 080000 Hazardous Substance Process Management (HSPM) System. All TSMC manufacturing facilities have been QC 080000 
certiﬁed since 2007. By practicing QC 080000, TSMC ensures that its products comply with International regulatory and customer 
requirements, including the European Union’s “Restriction of Hazardous Substances (RoHS) Directive,” the EU’s “Registration, 
Evaluation, Authorization and Restriction of Chemicals (REACH),” the “Montreal Protocol on Substances that Deplete the Ozone 
Layer” (the “halogen-free in electronic products” initiative), Perﬂuorooctane Sulfonates (PFOS), Perﬂuorooctanoic Acid (PFOA) and 
its related substances restriction standards. In addition, TSMC has started a project for reducing usage of hazardous substance 
N-methylpyrrolidinone (NMP) since 2016. In 2019, the project reduced NMP usage by 38%, and we will keep promoting further 
reduction.

Since 2011, TSMC has adopted the ISO 50001 Energy Management System for the continuous improvement in energy conservation. In 
2019, all TSMC fabs in Taiwan received ISO 50001 Energy Management System certiﬁcation, and we expect TSMC overseas subsidiaries 
to receive the certiﬁcation by 2020.

116

117

Aiming to establish the healthiest workplace, in 2017 TSMC formed a corporate-level health promotion committee led by managers 
with vice president level. The committee members include site directors, managers of safety and health department, and representatives 
from wellness, HR and legal affairs divisions. We also have invited external experts to discuss the potential risks of occupational diseases 
in the semiconductor manufacturing process, and have developed prevention plans for such diseases. To mitigate health risks to 
employees, suppliers and contractors in the workplace, TSMC has adopted rigorous safety and health control measures to prevent 
occupational injuries and diseases and promote employee safety, physical and mental health.

7.2.1 Environmental Protection

Climate Change and Energy Management
• Task Force on Climate-related Financial Disclosures (TCFD)

Given that climate change could potentially affect operations and pose ﬁnancial risk, in 2018 TSMC began adopting the 
recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) released by the Financial Stability Board (FSB) to 
identify risk and opportunities, and we established metrics and target management based on the identiﬁcation results.

To mitigate the supply chain risk and fulﬁll corporate social responsibility, TSMC not only follows ESH best practices internally but also 
strives to improve ESH performance of the Company’s suppliers and contractors through audits and counselling.

Management structure of TSMC climate-related risk and opportunity

TSMC uses priority work management and self-management to govern works performed by contractors. The Company requires 
contractors performing level-one high-risk operations to complete certiﬁcation for technicians and to establish their own ISO 45001 or 
OHSAS 18001 safety and health management system. The promotion of self-management aims at improving sense of responsibility 
of TSMC’s contractors, with the goal of promoting safety awareness and technical improvement for all contractors in the industry. 
For onsite contractor personnel, TSMC standardizes the training courses for safety and health, while increasing the frequency of 
such courses, to improve training effectiveness and safety awareness. To ensure our safety protocols are accurately delivered to our 
contractors on a timely manner, TSMC has established a digital platform for mutual communications, so that on-site operational risks 
can be mitigated. 

TSMC collaborates with suppliers to improve the sustainability of the Company’s supply chain regarding ESH-related issues, such as 
environmental protection, compliance of safety and hygiene codes, hazardous substance management, ﬁre protection, and mitigation 
of natural disaster. The Company not only performs ESH audits at its suppliers’ manufacturing sites, but also proactively assists them to 
improve ESH performance.

In addition, TSMC also monitors potential climate-change related risks in the supply chain. The Company requests that suppliers 
conduct carbon emissions inventory and encourages them to implement measures to save energy, reduce carbon emissions, conserve 
water and reduce waste. 

In recent years, TSMC suppliers’ performances in pollution control and safety management have made good progress in procedure 
establishment and implementation. To take a step further, the Company gives greater attention to occupational hygiene issues directly 
related to labor health. Since 2017, TSMC and the Ministry of Labor Occupational Safety and Health Administration (OHSA) have 
jointly launched the “Semiconductor Supply Chain Safety and Health Promotion Project.” TSMC invited suppliers to participate in the 
project. As engaged by OSHA, a professional team has taken on the responsibility of providing consultation through document review 
and onsite inspection to participating suppliers on management procedures and hardware setup in order to improve the working 
environment and labor health management.

Category

Governance

Management Actions 

• Board of Directors periodically reviews climate change risk, opportunity and green manufacturing

- The senior vice president of materials management and risk management makes annual reports to the Board of Directors on corporate risk and control measures 
including climate change risks
- Corporate Social Responsibility (CSR) Executive Committee briefs the Board of Directors on green manufacturing targets and status of achievement semi-annually

• CSR Executive Committee led by Chairman is the Company's top organization that deals with climate change management. The committee oversees TSMC 
climate change strategy and targets every half year and responds the Sustainable Development Goals through aggressive actions
• The CSR committee follows the strategy and targets to review mitigation of climate change quarterly and briefs to the Board of Directors on results of climate 
change-related measures directly

• The Energy and Carbon Reduction Committee is the organization for the implement and management on climate change risk and opportunity in TSMC. It is 
co-led by the senior vice presidents of Fab operations and senior vice presidents of materials management and risk management. This committee develops 
management plans, reviews the execution status and discusses future plans on a quarterly basis

Strategy

• Adopting Recommendations of the Task Force on Climate related Financial Disclosures to discuss and identify Climate risk and opportunity, which is divided into 
short term (less than 3 years), medium term (3 to 5 years), and long term (greater than 5 years) based on internal target management periods

• Focusing the identiﬁed major risks and opportunities to evaluate potentials impact of Company operation, strategy and ﬁnance

• Adopting the 2°C scenario deﬁned by Intergovernmental Panel on Climate Change (IPCC) to analyze climate resilience of production lines
• Adopting the scenario of Science Based Targets (SBT) to evaluate the ﬁnancial impact to company and develop responding countermeasures in response to 
international carbon reduction trend

Risk Management

• Using the TCFD framework to identify climate change risks and hosting workshops to reach a consensus approved by senior management, also bring into 
mechanism of climate change management

• Following the risk identiﬁcation and ranking on climate change to develop relevant responding projects

• Bringing identiﬁcation and evaluation result of climate-related risk into enterprise risk management (ERM) for integration and creating action plans

Metrics and targets

• Deﬁning the performance index of unit product of total greenhouse gas emissions, procurement amount of renewable energy and accumulated energy 
consumption and production interruption time and managing the responding actions of climate change

• Conducting inventory of scope 1, 2 and 3 emission data annually according to ISO 14064-1 and evaluating the risks of scope 1, 2 and 3 and risk reduction 
strategies after passing external veriﬁcation

• TSMC sets up the targets of risk and opportunity in the year of 2030 according to the performance index on climate change. CSR committee and Energy and 
Carbon Reduction Committee review implementation actions and performance of climate change targets

118

119

Financial Impact Analysis of Climate Risks and Opportunities

Climate Risks

Potential Financial Impact

Climate Opportunities

Potential Financial Impact

2019 Actions

GHG emissions cap and 
carbon trading system

Restriction on capacity expansion, 
increase in operation costs

GHG voluntary reduction 
commitments

Unstable utility supply

Increased cost of installation for 
carbon reduction facilities and 
operating costs

Impact on production, increase in 
operating costs

Participation in renewable 
energy plans
Participation in carbon 
trading market

Win public recognition / 
cooperation

Early purchases of renewable 
energy, successfully increasing 
production capacity

• Look for and purchase more renewable energy in Taiwan 
continuously
• Purchased 910 GWh in renewable energy, renewable energy 
certiﬁcates (REC), and carbon credit

Accumulate carbon credits in 
preparation for future production 
expansion

• Applied for Fluorinated-Greenhouse Gas and Dinitrogen 
Monoxide reduction offset project reward

Construct green buildings 

Lower utility costs

• Applied and received 4 green building certiﬁcations

Increase efﬁciency of water 
consumption and water 
recycling

Strengthen climate resilience, 
lower the impact of disasters on 
production

• Built new fabs (Fab 18 Pahse 2, Fab 15 Phase 7B, and Fab 6 Phase 2) 
while maintaining a water recycling rate higher than 85% design 

Cost of developing low 
carbon energy saving 
products

Impact on the Company's 
image

Increased cost of developing low-
carbon energy saving products

Develop or increase energy-
saving products or services

Satisfy customer demands for 
energy saving products, increase in 
revenue

• Invest in the development of energy-saving products

Unable to satisfy the expectations 
of stakeholders, impacting the 
Company's reputation or image

Increase investors' 
willingness to make long-
term investments

Stabilize stakeholder structure, 
lower the risk of substantial 
ﬂuctuations in stock prices

• Boost green production

Typhoon, Flood

Drought

Production is affected, causing 
ﬁnancial losses and a decrease in 
revenue

Increase resilience against 
natural disasters

Strengthen climate resilience, lower 
risk of operations disruption, and 
reduce potential losses

• Raised the building base of Fab 18 Phase2 two meters higher

• Fab 18 Phase2 is committed to using and developing 
renewable water
• Established a comprehensive water monitoring system

Rising Temperatures 

Increase in energy consumption, 
cost, and carbon emissions

Driving low-carbon green 
manufacturing

Save energy and cut cost

• Conserved 300 GWh of electricity through energy-saving projects

Greenhouse Gas (GHG) Emission Reduction and Energy Management
TSMC actively participates in the World Semiconductor Council (WSC) in its efforts to establish a global voluntary PFC (perﬂuorinated 
compounds) emissions reduction goal for the decade of 2011 to 2020, and has incorporated past experience to develop best practices. 
The implementation of best practices has been adopted by the WSC as a major element of the 2020 goal. In 2013, in accordance with 
the “EPA Early Actions for Carbon Credit of Greenhouse Gases Reduction” regulation, TSMC applied for the recognition of greenhouse 
gas reduction from 2005 to 2011, and received 5.28 million tons of carbon dioxide credits in 2015. Those carbon credits can be used 
to offset greenhouse gas emissions of new manufacturing facilities regulated by Environmental Impact Assessment (EIA) Act, which can 
support the Company’s sustainable operations and mitigate climate-change risk.

Since 2005, TSMC has completed the GHG (Greenhouse Gas) inventory program and taken a complete inventory of its GHG emissions 
to gain ISO 14064 certiﬁcation. The inventory shows that the major direct GHG emissions are PFCs, which are widely used in the 
semiconductor manufacturing process. The primary indirect GHG emission is electricity consumption. The analysis of the inventory data 
is not only to meet domestic regulatory reporting requirements but also to serve as a baseline reference for TSMC’s strategy to reduce 
GHG emissions.

In response to the commitment of global climate summit “Paris Agreement” and the Republic of China’s “Greenhouse Gas Reduction 
and Management Act” promulgated in 2015, TSMC initiated a cross-functional platform for corporate carbon management in 2016. 
The three areas of focus of this platform are legal compliance, carbon emission reduction, and carbon credit acquisition. In addition to 
participating in ofﬁcial regulatory consultation and communications meetings, TSMC also sets short, medium and long-term reduction 
targets through the energy and carbon reduction committee led by vice presidents which are carried out by energy and carbon 
reduction teams of individual fabs, as the Company continues to strengthen climate mitigation and adaption. Because more than 75% 
of TSMC’s GHG emissions come from electricity consumption, TSMC always emphasizes energy conservation and carbon reduction 
initiatives. TSMC has not only implemented energy-conserving designs in its manufacturing fabs and ofﬁces but has also continuously 
improved the energy efﬁciency of its facilities during operation. These efforts simultaneously reduce both carbon dioxide gas emissions 
and costs. TSMC has accumulated 1.2 billion kilowatt hours (kWh) power conservation since 2016.

From 2015 to 2017, TSMC actively participated in the Republic 
of China Ministry of Economic Affairs’ voluntary green power 
purchasing program for three consecutive years and became 
the largest purchaser in Taiwan, purchasing 400 million kilowatt 
hours (kWh) of green power. Although the Taiwan Power 
Company has stopped selling green power since 2018, TSMC 
still aggressively negotiates the purchase of renewable energy 
with renewable energy suppliers in Taiwan. Targeting a long-term 
commitment of 100% renewable energy for the Company, TSMC 
is ﬁrst committed to achieving a target of 25% renewable energy 
for fabs and 100% renewable energy for non-fab facilities by 
2030. Since 2018, the overseas manufacturing fabs and ofﬁces 
have purchased renewable energy, REC and carbon credits to 
offset all carbon emissions caused by power consumption. All 
TSMC overseas sites achieved zero carbon emission of electricity 
consumption in 2019 again. Although development of renewable 
energy in Taiwan is at budding stage, TSMC established a 
renewable energy task force and continued to communicate 
with government closely through Association of Science Park 
Industries and Taiwan Semiconductor Industry Association. We 
gave some recommendations to government and hoped that the 
collaboration could speed up renewable energy development in 
Taiwan for instance, our recommendations included expanding 
the development of offshore wind power and increasing supply 
of renewable energy trading platform. TSMC also continued to 
ﬁnd renewable energy. There are around 700MW of renewable 
energy under business negotiation currently. The renewable 
energy will be provided to TSMC gradually after related business 
process being completed. This is a clear manifestation of the 
Company’s active support of the United Nations Sustainable 
Development Goals (SDGs).

Air and Water Pollution Control
The Company has installed effective air and water pollution 
control equipment in each wafer fab to meet regulatory 
emissions standards. In addition, TSMC maintains backup 
pollution control systems, including emergency power supplies, 
to lower the risk of pollutant emissions in the event of equipment 
failure. The Company centrally monitors the operations of its 
air and water pollution control equipment around the clock 
and treats system effectiveness as an important tracking item to 
ensure the quality of emitted air and discharged water.

To make the most effective use of Taiwan’s limited water 
resources, all TSMC fabs strive to increase water reclamation 
rates by adjusting the water usage of manufacturing equipment 
and improving wastewater reclamation systems. All fabs meet 
or exceed the process water reclamation rate standard of the 
Science Park Administration. Some fabs are able to reclaim more 
than 90% of process water, outperforming most semiconductor 
fabs around the world. TSMC also makes every effort to reduce 
non-manufacturing-related water consumption, including 

water used in air conditioning systems, sanitary facilities, 
cleaning and landscaping activities and kitchens. TSMC uses an 
intranet website to collect and measure water recycling volumes 
company-wide.

Since water resources are inherently local, TSMC shares its water 
saving experiences with other semiconductor companies through 
the Association of Science-Based Industrial Park to promote 
water conservation in order to achieve the Science Park’s goals 
and ensure a long-term balance of supply and demand. In 
addition, TSMC has committed to using partially reclaimed 
water in newly constructed fabs in the future in order to further 
reuse water resource and support the government policy and 
promotion for reclaimed water.

To continue enhancing water resource management, TSMC 
has adopted and followed the AWS Standard, the world’s only 
sustainable water management standard. Early in 2019, Fab 
6 and Fab 14 Phase 5/6/7 served as demonstration factories 
receiving AWS certiﬁcation in December 2019 and making TSMC 
the ﬁrst semiconductor enterprise to receive AWS platinum level 
certiﬁcation in the world.

Waste Management and Recycling
The Company has a designated unit responsible for waste 
recycling and disposal. To meet the goal of sustainable resource 
utilization, TSMC’s priorities are: process waste reduction, 
onsite regeneration and reuse, and offsite recycling. The last 
option consists of treatment or disposal. To achieve raw material 
reduction, resource recycling and the goal of zero waste, for 
example, the Company built an in-house waste sulfuric acid pre-
treatment system, as electronic grade sulfuric acid can be used 
as a waste water treatment agent after the wafer fabrication 
process. In order to track waste ﬂow and ensure that all waste 
is treated or recycled legally and properly, TSMC carefully selects 
waste disposal and recycling contractors. All recycling contractors 
must report their recycled product sales monthly. The Company 
performs regular onsite audits to check factory status and review 
the reported data with actual reuse and recycling data to assure 
that the recycled product is ﬂowing downstream properly. TSMC 
checks their licenses and on-site operational statuses, and also 
takes proactive steps to strengthen vendor auditing effectiveness. 
For example, all waste transportation contractors have been 
asked and agreed to join the GPS Satellite Fleet so that the 
cleanup transportation routes and abnormal stays for all trucks 
can be traced. In addition, all waste recycling and treatment 
vendors have installed closed-circuit TV systems at operating 
sites to monitor and audit waste handling. Meanwhile, TSMC 
also conducts an ongoing survey of recycled product tracking, 
actions taken to ensure lawful and proper waste recycling and 
treatment.

120

121

In 2019, TSMC’s fabs in Taiwan achieved a 95% waste recycling rate for the tenth consecutive year, with a landﬁll rate below 1%, also 
for the tenth consecutive year. In 2017, TSMC amended its articles of incorporation to add four business items for chemical materials to 
ensure waste ﬂow and reduce risks of improper waste disposal by commissioned agencies. TSMC also set up onsite resource activation 
facilities to convert waste resources produced from processing activities into products to be used onsite or to sell to other factories. As 
a result, TSMC has become a leader in waste resources regeneration. In 2019, the Company extended its capacity to regenerate used 
copper sulfate into copper tubes and took the further step of collaborating with raw material suppliers to produce electronic grade 
copper anodes using copper tubes regenerated in the TSMC manufacturing process. In addition, in order to achieve the target of 
reclaiming all ammonia, TSMC built the ﬁrst ammonium sulfate drying system, which converted biologically toxic ammonia wastewater 
into industrial grade ammonium sulfate as valuable recycled products for sale.

Environmental Accounting
The purpose of TSMC’s environmental accounting system is to identify and calculate environmental costs for internal management. 
At the same time, the Company can also evaluate the savings or economic beneﬁts of environmental protection programs so as 
to promote economically-effective programs. While environmental expenses are expected to continue growing, environmental 
accounting can help TSMC manage these costs more effectively. TSMC’s environmental accounting measures various environmental 
costs, establishes independent environmental account codes, and provides the data to all units for use in annual budgeting. The 
Company’s economic beneﬁt evaluation calculates cost savings for reduction of energy, water or waste and beneﬁts from waste 
recycling in accordance with its environmental protection programs.

The environmental beneﬁts disclosed in this report include real income from projects such as waste recycling and savings from major 
environmental projects. In 2019, the total beneﬁts of environmental protection programs of TSMC fabs including waste recycling were 
more than NT$1,496 million.

2019 Environmental Cost of TSMC Fabs in Taiwan
Unit: NT$ thousands

Classiﬁcation

Description

1. Direct Costs for Reducing Environmental Impact

(1) Pollution Control 

Fees for air pollution control, water pollution control, and others

(2) Resource Conservation 

Costs for resource (e.g. water) conservation

(3) Industrial Waste Disposal and Recycling

Costs for waste treatment (including recycling, incineration and landﬁll)

2. Indirect Cost for Reducing Environmental Impact 

(Environmental Managerial Costs)

(1) Cost of training (2) Environmental management system and certiﬁcation expenditures (3) 
Environmental impact measurement and monitoring fees (4) Environmental protection product costs 
(5) Environmental protection organization fees

3. Other Environmental Costs

Total

(1) Costs for soil decontamination and natural environment remediation (2) Environmental damage 
insurance fees and environmental taxes and expenses (3) Costs related to environmental settlement, 
compensations, penalties and lawsuits

Expense

Investment

5,592,000

-

1,994,000

285,000

9,810,000

1,653,000

-

323,000

-

-

7,871,000

11,786,000

2019 Environmental Efﬁciency of TSMC Fabs in Taiwan
Unit: NT$ thousands

Category

Description

1. Cost Savings of Environmental Protection Projects

Energy savings

Water savings

Waste reduction

2. Real Income from Industrial Waste Recycling

Recycling of used chemicals, wafers, sputter targets, batteries, lamps, packaging materials, paper cardboard, metals, plastics, and 
other waste

Total

122

Efﬁciency

752,500

40,875

309,000

394,600

1,496,975

Green Building and Green Factory 
Since 2006, TSMC has adopted standards from both the Taiwan 
Green Building and the evaluation of the U.S. Green Building 
Council – Leadership in Energy and Environmental Design (LEED) 
for new fab and ofﬁce building designs to achieve better energy 
and resource efﬁciency than conventional designs. TSMC has also 
continued to upgrade existing ofﬁce buildings to comply with 
the LEED standard each year. From 2008 to 2019, 32 of TSMC’s 
fabs and ofﬁce buildings have achieved LEED certiﬁcations – 
three platinum and 29 gold. Meanwhile, TSMC also received 
ﬁve Taiwan Intelligent Building diamond-class certiﬁcations and 
23 Taiwan EEWH (ecology, energy saving, waste reduction and 
health) certiﬁcations – 20 diamond, two gold and one silver.

TSMC believes that more manufacturing companies should 
convert their facilities into green factories to improve the 
environment and lower construction costs. Therefore, the 
Company shares its practical experience with industry for free, 
government and academia. As of the end of 2019, 14,557 
visitors from more than 353 different industrial, government, 
academic and general community groups had contacted TSMC 
to have communication for the Company’s green building 
technology and practical experience. Since 2009, TSMC has 
led the industry in support of the Taiwan government’s Green 
Factory Label standard, which includes the Clean Production 
evaluation system and Factory Green Building evaluation system. 
TSMC received Taiwan’s ﬁrst Green Factory Label and 12 labels 
in total as of the end of 2019, and was the most awarded 
company in Taiwan.

Environmental Audit Results in Violation of 
Environmental Regulations
In 2019 and as of the date of this annual report, the Company 
has had no violations of environmental regulations recorded by 
governmental authorities.

7.2.2 Sustainable Products

TSMC collaborates with its upstream material and equipment 
suppliers, design ecosystem partners and downstream assembly 
and testing service providers to minimize environmental impact. 
Reducing the resources and energy consumed for each unit 
of production allows the Company to provide customers 
with more advanced, power efﬁcient and ecologically sound 
products, such as ultra-low power chips for narrowband IoT, 
low Vdd (low operating voltage) chips for wearables and IoT 

devices, low-power chips for mobile devices, high-efﬁciency LED 
driver chips for ﬂat panel display backlighting, indoor/outdoor 
solid state LED lighting, Energy Star certiﬁed low standby AC-
DC adaptors chips, high-efﬁciency DC brushless motor chips, 
electric vehicle chips and low-power server chips. By leveraging 
TSMC’s superior energy-efﬁcient technologies, these chips 
support sustainable city infrastructure, greener vehicles, smart 
grids, more energy efﬁcient servers and data centers and other 
applications. In addition to helping customers design low-power, 
high performance products to reduce resource consumption over 
the product’s life cycle, TSMC’s green manufacturing practices 
provide further green value to customers and other stakeholders.

TSMC-manufactured ICs are used in a broad variety 
of applications in various segments of the computer, 
communications, consumer, industrial, electric vehicle, server 
and data center, and other electronics markets. Through TSMC’s 
manufacturing technologies, customers’ designs are realized 
and their products are incorporated into people’s lives. These 
chips, therefore, make signiﬁcant contributions to the progress 
of modern society. TSMC works hard to achieve proﬁtable 
growth while providing products that add environmental and 
social value. Listed below are several examples of how TSMC-
manufactured products make signiﬁcant contributions to the 
environment and society.

Environmental Contribution by TSMC Foundry Services
1.  Continue to Drive Technology to Lower Power 

Consumption and Save Resources

• To improve sustainability, TSMC continues to drive the 

development of advanced semiconductor process technologies 
to support customer designs that result in the most advanced, 
energy-saving and environmentally friendly products. In 
each new technology generation, circuitry line widths shrink, 
making transistors smaller and reducing product power 
consumption for completing the same tasks or achieving the 
same level of performance.

• As TSMC quickly ramped up its 16nm and newer generation 
technologies, combined wafer revenue contribution grew 
signiﬁcantly from 4% in 2015 to 50% in 2019. TSMC’s 
objective is to continue R&D investment and to increase wafer 
revenue contribution in 16nm and beyond technologies, 
helping the Company achieve both proﬁtable growth and 
sustainability.

123

TSMC Wafer Revenue Contribution from 16nm and 

2.  Provide Customers Leading Power Management IC 

Beyond Technologies

2015

4%

2016

21%

2017

31%

2018

41%

2019

50%

Chip Die Size Cross-Technology Comparison
Die size shrinks as line width shrinks

Process with the Highest Efﬁciency

• TSMC’s leading manufacturing technology helps customers 

design and produce green products. Power management ICs, 
the key components that supply and regulate power to all 
other IC components within electronic devices, are the most 
notable green IC products. TSMC helps customers produce 
industry-leading power management chips with more stable 
and efﬁcient power supplies and lower energy consumption.
• In 2019, more than 2.9 million 8-inch equivalent wafers using 
TSMC’s HV/Power technologies were shipped to customers. 
Power management ICs manufactured by TSMC are widely 
used in computer, communication, consumer, electric vehicle, 
server and data center, and other systems around the globe.

HV/Power Technologies Shipments
Unit: 8-inch equivalent wafer

2015

2016

2017

2018

2019

>2,000K

>2,100K

>2,500K

>2,600K

>2,900K

1

0.48

0.25

0.11

0.063

0.047

0.035

3.  Drive Industry-leading, Comprehensive Ultra-low 

55nm

40nm

28nm

16FFC/ 
12FFC

10nm

7nm

5nm

Power (ULP) Technology Platform

Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power 

consumption, was re-aligned.

Chip Total Power Consumption Cross-Technology 
Comparison
More power saved as line width shrinks

• To meet low-power consumption requirements for the 
wearable and IoT markets, TSMC continues to invest in 
expanding and enhancing its ultra-low power processes. TSMC 
provides industry’s leading and most comprehensive ultra-
low power (ULP) technology platform to support innovations 
for a wide range of IoT applications that demand increased 
computing in smart edge devices, including smart speakers, 
smart cameras, wearables, and various smart appliances. 
TSMC’s industry-leading offerings, including 55nm ULP, 40nm 
ULP, 28nm ULP, 22nm ULP/ULL (ultra-low leakage), have 
been widely adopted by various IoT customers. TSMC further 
extends its low Vdd (low operating voltage) offerings for 
extremely low power applications. In 2019, TSMC continued 
to develop 12nm ULL technology to enable more advanced IoT 
products, including IoT WiFi and BLE (Bluetooth low energy) 
connectivity products.

4.  Develop Greener Manufacturing to Lower Energy 

1

0.6

0.3

0.07

0.056

0.034

0.022

Consumption

N55LP 
(1.2V)

N40LP 
(1.1V)

N28HPM 
(0.9V)

16FFC/ 
12FFC 
(0.8V)

10nm 
(0.75V)

7nm 
(0.75V)

5nm 
(0.75V)

Note: The logic chip/SRAM/IO (input/output) ratio, which affects die size and power 

consumption, was re-aligned.

• TSMC continues to develop more advanced and efﬁcient 
technologies to reduce energy/resource consumption and 
pollution per unit during the manufacturing process, as well 

as power consumption and pollution during product use. 
In each new technology generation, circuitry line widths 
shrink, making chips smaller for the same circuit designs 
and lowering the energy and raw materials consumed 
for per chip in manufacturing. In addition, the Company 
continuously provides process simpliﬁcation and new design 
methodology based on its manufacturing excellence to 
help customers reduce design and process waste so as to 
produce more advanced, energy-saving and environmentally-
friendly products. For total energy savings and beneﬁts 
realized in 2019 through TSMC’s green manufacturing, see 
Environmental Accounting on page 122 in this annual report.

Social Contribution by TSMC Foundry Services
1.  Unleash Customers’ Mobile and Wireless Chip 

Innovations that Enhance Mobility and Convenience
• The rapid growth of smartphones and tablets in recent years 
reﬂects strong demand for mobile devices, which accelerates 
innovations for IC products such as baseband, RF transceivers, 
application processors (AP), wireless local area networks 
(WLAN), CMOS image sensors, near ﬁeld communication 
(NFC), Bluetooth, and global positioning systems (GPS) 
among others. While these mobile devices offer remarkable 
convenience to human lives, TSMC contributes signiﬁcant 
value to these devices in the following ways: (1) new TSMC 
process technologies help chips achieve faster computing 
speed in smaller sizes, leading to smaller form factors for 
these electronic devices. In addition, TSMC SoC technology 
integrates more functions into one chip, reducing the total 
number of chips in electronic devices, again resulting in a 
smaller system form factor; (2) new TSMC process technologies 
also help chips reduce power consumption, allowing mobile 
devices to be used for a longer period of time; and (3) 
TSMC helps spread the growth of more convenient wireless 
connectivity such as 3G/4G/5G and WLAN/Bluetooth, meaning 
people can communicate more efﬁciently and “work anytime 
and anywhere,” signiﬁcantly increasing the mobility of modern 
society. In 2019, smartphone products represented about 49% 
of TSMC wafer revenue.

TSMC Wafer Revenue Contribution from Smartphone 
Products

2017

52%

2018

45%

2019

49%

2.  Unleash Customers’ CIS and MEMS (micro-

electromechanical systems) Innovations that Enhance 
Human Health and Safety

• To make all machines smarter, safer and more user and 

environmentally friendly, sensors are a must. Optical, acoustic, 
motion, and environment sensors are mostly made with either 
CIS or MEMS technologies. TSMC continues to put substantial 
effort into developing new CIS and MEMS technologies 
to enable customers to innovate new products for new 
applications. For CIS, TSMC and customers have extended 
applications from traditional RGB (red, green, blue) sensing 
to 3D depth sensing, optical ﬁngerprint, and NIR machine 
vision, etc. For MEMS, TSMC and customers have extended 
applications from traditional motion sensing to microphone, 
bio-sensing, medical ultrasound actuators and more. TSMC 
CIS and MEMS technologies have made consumer electronics, 
mobile communication, automotive electronics, industrial, 
and medical devices smaller, faster, and more energy efﬁcient, 
greatly enhancing human convenience, health and safety. 
For instance, TSMC customers’ CIS and MEMS products are 
used in a number of advanced medical treatments as well 
as in preventative health care applications. Examples include 
early warning systems to minimize the injury from falls for the 
elderly, systems to detect physiological changes, car safety 
systems and other applications that signiﬁcantly improve 
human health and safety.

7.2.3 Safety and Health

Safety and Health Management
TSMC’s safety and health management is compliant with local 
and international standards and adheres to the management 
approach of “Plan, Do, Check, Act” to prevent accidents, 
promote employee safety and health, and protect Company 
assets. All TSMC fabs in Taiwan have also received TOSHMS 
(Taiwan Occupational Safety and Health Management System) 
certiﬁcation since 2009. In 2018, the International Organization 
for Standardization released ISO 45001:2018, replacing OHSAS 
18001, with major changes in the expansion of the scope, 
support and participation of the leadership, collection and 
planning of internal and external issues, expectation and demand 
of stakeholders, evaluation of risk inspection, communication 
and consultation of non-managers, application of performance 
indicator, and evaluation of corrective and preventive action. 
Meanwhile, ISO 45001 ensures the spirit of the system can 

124

125

be effectively implemented at the management level through 
internal audit, automatic check, and security patrol. All fabs in 
Taiwan received ISO 45001 certiﬁcation for occupational health 
and safety in 2019 and subsidiaries will begin the certiﬁcation 
process in 2020.

Besides accident prevention, TSMC has established emergency 
response procedures to protect employees and contractors if a 
disaster should occur, as well as to prevent and/or reduce the 
negative impact on the community and the environment. TSMC 
communicates regularly with suppliers to ensure that potential 
risk in the operation of production equipment is minimized and 
that safety control procedures are followed rigorously during 
installation. The Company places stringent controls on high-risk 
operations and also evaluates the seismic tolerance of its facilities 
and equipment to reduce the risk of earthquake damage.

For epidemics, TSMC has established corporate-level prevention 
committees and procedures for emergency response to 
outbreaks of infectious diseases.

Working Environment and Employee Safety and Health 
Protection
The Company’s ESH policy is focused on establishing a safe 
working environment, preventing occupational injury and 
illness, keeping employees healthy, enhancing every employee’s 
awareness and sense of accountability to ESH, and building an 
ESH culture. TSMC safety and health management operations 
apply to the following:

• Equipment Safety and Health Management 
In addition to meeting regulatory requirements and internal 
standards, as well as mitigating ESH-related risks when building 
or upgrading facilities, TSMC also maintains procedures 
governing new equipment and raw materials, requires safety 
approvals for bringing new tools online, updates safety rules, 
and implements seismic protection and other safety measures.

TSMC requires that all new tools meet SEMI-S8 requirements 
and that appropriate supplementary control measures be taken 
to reduce ergonomic risk. Moreover, the Company endeavors 
to automate 300mm front-opening uniﬁed pod (FOUP) 
transportation to prevent accumulative physical damage caused 
by repetitive manual handling of 300mm FOUPs. TSMC 300mm 
fabs have completed automatic transportation control.

• Environmental, Safety and Health Evaluation of New 

Tools and New Chemical Substances 

As a technology leader in the global semiconductor industry, 
TSMC operates increasingly diversiﬁed process tools and 
introduces new chemicals in the R&D stage. Before using new 
tools or new chemicals, they are reviewed carefully by the new 
tools and new chemical review committee. The purpose is to 
ensure that new tools are compliant with the semiconductor 
industry’s safety standards (such as SEMI S2) and that new 
chemicals’ environmental, safety and health concerns can be 
well controlled, including engineering controls, application of 
personal protection equipment, and operational safety training 
during storage, transportation, usage and disposal.

• General Safety Management, Training and Audit
All TSMC manufacturing facilities hold environmental, safety 
and health committee meetings on a monthly basis. TSMC 
has adopted multiple preventive measures such as controls 
on high-risk work, contractor management, chemical safety 
management, personal protective equipment requirements, and 
safety audit management. In addition, the Company maintains 
detailed disaster response procedures and performs regular drills 
designed to minimize damage to employees and property, as 
well as the impact on society and the environment in the event 
of a disaster.

• Working Environment Hazardous Factors Management 
TSMC conducts workplace hazard assessments to provide a 
comfortable and safe workplace to employees. The Company 
also educates and requires employees to use personal protective 
equipment (PPE) to prevent hazardous exposures. 

The Company performs semi-annual workplace environment 
assessments of physical and chemical hazards, including CO2 
concentration, illumination, noise, and hazardous chemical 
substances regulated by local laws. In addition, TSMC has 
performed exposure assessments and has used hierarchy 
management control for chemicals with potential health 
hazards. If abnormal measurements occur, events happen, or 
an exposure assessment indicates there is an adverse health 
effect for employees, ESH professionals immediately conduct 
onsite observation and interventions to reduce the exposure to 
acceptable levels.

• Health Promotion Program
In order to establish the healthiest possible workplace and 
prevent from occurrence of occupational disease, TSMC formed 
a corporate-level committee to execute health promotion 
programs covering three scopes:
(1) Exposure and health risk assessment: develop an exposure 
assessment system to identify high health risk employees.

(2) Hazardous training and notiﬁcation: use standardized 
training materials for employees and contractors in all 
TSMC fabs. Inform them of the health risks and prevention 
measures at the workplace before working or providing any 
services there.

(3) Strengthen management of high health concerned chemicals: 
inform suppliers that all materials they provide to TSMC must 
comply with applicable laws including clear disclosure of any 
hazardous substances. Sampling raw materials used in the 
manufacturing process to conﬁrm that they do not contain 
any carcinogenic, mutagenic or toxic-reproductive materials 
as claimed in supplier’s safety data sheet (SDS).

• Emergency Response
The planning and execution of an effective emergency response 
should identify potential high-risk events via risk assessment and 
be prepared for various scenarios. It should focus on continuous 
improvement and practice drills covering all potentially serious 
events. TSMC’s emergency response plans include procedures 
for rapid-response crisis management and disaster recovery to 
potential incidents. 

All TSMC fabs conduct major annual emergency response 
exercises and evacuation drills. TSMC’s onsite service contractors 
are also required to participate in emergency response planning 
and exercises to ensure cooperation in handling accidents and 
to effectively minimize any damage caused by disasters. At least 
every two years, each fab director invites fab management and 
support functions to participate in crisis management drills for 
potentially high-risk events such as earthquake, ﬁre and ﬂood 
(Tainan site). Since 2018, TSMC has conducted complex accident 
emergency response drills, which include simultaneous scenarios 
for earthquake, ﬁre and chemical spill. In 2019, we completed 
108 scenarios to ensure rapid response to emergencies so that 
losses can be minimized in occasions of real disasters. 

In addition to the regular emergency response drills held 
by engineering and facilities departments each quarter, the 
Company’s laboratory, canteen, dormitory, and shuttle bus 
personnel also hold emergency response drills to prepare for 
events such as earthquakes, chemical spills, ammonia release, 
ﬁres and trafﬁc accidents.

• Emerging Infectious Disease Response
TSMC has a dedicated corporate ESH organization to monitor 
emerging infectious diseases around the world, to assess 
any potential impact on the workplace, and to provide an 
appropriate strategic response plan. In previous outbreaks (such 
as SARS in 2003, the H1N1 inﬂuenza outbreak in 2009, MERS 
in 2015) and the current threat, COVID-19. TSMC abided by 
CDC’s (Taiwan Centers for Disease Control) rules and convened 
the corporate inﬂuenza response committee to develop the 
Company’s strategies. These strategies included educating 
employees in prevention and response, publishing guidelines 
for managers, establishing guidelines for employee sick leave 
due to ﬂu, and installing alcohol-based hand sanitizers at 
appropriate locations. The Committee also monitors the 
status of employee leave due to illness and, at the same time, 
develops a continuity plan to address manpower shortages and 
minimize business impact.

• Employee Physical and Mental Health Enhancement
TSMC believes that employees’ physical and mental health is not 
only fundamental to maintaining normal business operations 
but is also part of a corporation’s responsibility. To protect 
and promote employee physical and mental health, TSMC 
fosters collaboration among the onsite industrial safety and 
environmental protection department, onsite medical personnel of 
the health center, and physicians of occupational medicine. TSMC 
strives to reduce cerebral and cardiovascular disease that might 
be induced or aggravated by overwork, night work or shift work. 
The Company conducts maternal health protection programs 
and prevention of cumulative trauma disorders as well. TSMC 
devotes signiﬁcant resources to mental health awareness and 
related activities, which not only protect employees from hazards 
at work but also proactively promote employee health in general. 
In 2019, through planned personal health management, (1) 617 
female employees participated in the maternal health program, 
the completion rate was 100%. 615 of them were at the ﬁrst 
degree risk (there was no harm to the mother, infant, and baby). 
Two employees were classiﬁed as second degree risk (possible 
harm to the mother, infant, and baby) at the ﬁrst assessment; 
after proper adjustments to their works, they were reclassiﬁed 
as the ﬁrst degree after doctor’s re-assessment. (2) By analyzing 
historical cerebral and cardiovascular cases of our employees, we 
modiﬁed disease assessment criteria with contracted doctors, 
and, combining internal annual health examination reports, as 
well as working hour’s information, we were able to identify 
1,330 employees that have middle to high risk for cerebral 
and cardiovascular diseases. These employees were provided 
with health education and medical assistance. Also, alone with 
their managers, they would receive suggested working hours 

126

127

information in order to reduce disease risk. (3) 116 employees 
were in a high risk group for cumulative trauma disorders. 
Among them, one could have job-related risks. The Company has 
adjusted their job conditions to avoid possible risks. (4) As obesity 
has been considered as a precursor of diabetes, hyperlipidemia 
and hypertension, for seven consecutive years, TSMC has held 
weight-control program, which has been extended to 6 months 
from 3 months in 2019 in order to assist employees to cultivate 
their habits. A total of 1,250 employees have joined the program, 
and 450 of them stayed until the end, with total weight loss of 
3,028 kilograms. Employees who had joined the program showed 
improvements in weight, waist circumference, cholesterol levels, 
blood sugar, blood pressure, and liver function. (5) We also 
conducted a lecture of “Medication Safety of Chinese Medicine” 
with total 112 participants.

7.2.4 Supplier Management

Management Aspect
As a means of enhancing supply chain management, TSMC 
is committed to communicating with and encouraging its 
suppliers (including contractors) to improve their quality, 
cost effectiveness, delivery performance, and continuous 
improvement on environmental protection, safety and health. 
Through regular communication with senior managers, site 
audits and experience sharing, the Company collaborates 
with major suppliers and contractors to enhance partnerships 
and ensure continual improvement for better performance 
and increased joint contributions to society. As noted above, 
contractors performing high-risk activities must lay out clearly-
deﬁned safety precautions and preventative measures. In 
addition, contractors working on high-risk engineering projects 
must establish ISO 45001 or OHSAS 18001 systems and the 
workers must successfully complete work-related skill training. 
All contractors performing high-risk activities must get the 
certiﬁcation of ISO 45001 before the end of 2021.

Supply Chain Sustainability
TSMC works with suppliers in several ﬁelds of sustainable 
development, such as greening the supply chain, carbon 
management for climate change, mitigation of ﬁre risk, ESH 
management and business continuity plans in the event of a 
natural disaster. 

Since becoming a full member of the Responsible Business 
Alliance (RBA) in 2015, TSMC has completed implementation 
of the RBA code of conduct throughout the Company by 
performing self-assessments at its facilities worldwide and 
reviewing policies and procedures in the areas of labor, health 
and safety, environment, ethics and management systems. 

To enhance supply chain sustainability and streamline risk 
management, the Company is committed to collaborating 
with its suppliers to maintain full compliance with Taiwan’s 
environment, safety, health and ﬁre protection regulations. TSMC 
developed a supplier’s code of conduct, which afﬁrmed basic 
labor rights and standards for health, safety, environment, ethics 
and management systems. TSMC works with suppliers to inspect 
the risk and impact on the economy, the environment, and 
society and to make continuous improvement. The Company has 
lifted suppliers’ performance of sustainability through experience 
sharing and training and hopes to establish a world-class 
semiconductor supply chain that exceeds international standards 
and serves as a global benchmark.

TSMC is subject to the U.S. Securities & Exchange Commission 
(SEC) disclosure rule on conﬂict minerals released under Rule 
13p-1 of the U.S. Securities Exchange Act of 1934. As a 
recognized global leader in the high-tech supply chain, the 
Company acknowledges its corporate social responsibility to 
strive to procure conﬂict-free minerals in an effort to recognize 
humanitarian and ethical social principles that protect the dignity 
of all people. To this end, TSMC has implemented a series of 
compliance safeguards in accordance with leading industry 
practices such as adopting the due diligence framework in the 
OECD’s Model Supply Chain Policy for a Responsible Global 
Supply Chain of Minerals from Conﬂict-Affected and High Risk 
Areas issued in 2011.

TSMC is one of the strongest supporters of the Responsible 
Business Alliance and the Global e-Sustainability Initiative (GeSI), 
which will help the Company’s suppliers source conﬂict-free 
minerals through their jointly developed Responsible Minerals 
Initiative (RMI). Since 2011, TSMC has asked its suppliers to 
disclose information and make timely updates on smelters and 
mines. The Company encourages suppliers to source minerals 
from facilities or smelters that have received a “conﬂict-free” 
designation by a recognized industry group (such as the RBA) 
and also requires those who have not received such designation 
to become compliant with Responsible Minerals Initiative or an 
equivalent third party audit program. TSMC requires the use of 
tantalum, tin, tungsten and gold in its products that are conﬂict-
free. 

TSMC will continue to conduct the supplier survey annually and 
require suppliers to improve and expand their disclosure to fulﬁll 
regulatory and customer requirements. For further information, 
see the Company’s Form SD ﬁled with the U.S. SEC. (https://
www.tsmc.com/english/investorRelations/sec_ﬁlings.htm)

7.3 TSMC Education and Culture Foundation

The TSMC Education and Culture Foundation believes in that 
education cultivates talents of the future while the talents 
determine the future of a nation. Therefore, in 2019 the 
Foundation provided more than NTD 96 million for multiple 
educational projects to help people develop various talents. Such 
projects will empower youth, create an educational platform and 
promote ﬁne arts and literature. The Foundation aims to nurture 
and cultivate more talents of the future and provide motivational 
power for the common good of society.

Supporting the Younger Generation, Creating 
Sustainable Built Environments
The TSMC Education and Culture Foundation has long supported 
young people in the community. Since 2016, the Foundation 
has organized “TSMC Youth Dream Building Project,” which 
helps young people realize their dreams and provides various 
resources such as professional skills training and publicity. With 
these efforts, the Foundation hopes to guide the young to 
explore their own potentials and boldly pursue their dreams. 
At the same time, having set up the “topical project,” “TSMC 
Youth Dream Building Project” encourages young students to 
push the envelope, broaden the horizons of their dreams, and 
become more aware of social issues. The topic for 2019 “TSMC 
Youth Dream Building Project” is “Formulating a Waste-less 
City,” guiding students to focus on environmental issues such 
as wasted resources. Nearly 100 teams from universities and 
colleges in the Taoyuan, Hsinchu and Maoli area and in the 
greater Tainan area enrolled in the competition, contending 
for the NTD 3 million prize money. In the competition, a great 
number of the teams proposed solutions to the environmental 
issues with innovation, energy and courage. 

Apart from “TSMC Youth Dream Building Project,” the 
Foundation also participated in the ATCC Case Competition for 
the ﬁrst time. In 2019 competition attracted 540 teams from 
various colleges, whose innovative proposals encompassed 
solutions to social issues at all levels. Throughout the three 
months of the entire ATCC Case Competition process, the 
Foundation accompanied the youth each step of the way by 
offering opportunities for the students to visit TSMC corporate 
headquarters, organizing workshops, and introducing business 
mentors to the students – all to inspire creativity through a 
concerted effort. One of the Foundation’s sponsored teams, 
Team Package Plus, led by Allen Yeh from the graduate school 
of the Department of International Business, National Chengchi 
University, won second place in the national competition for 
innovative, environmentally-friendly packaging and unique 

business model to reduce the environmental impact made by 
the online shopping trend. Allen Yeh went even further to found 
a social enterprise to drive further positive social change by 
implementing their innovation and ideals.

Paying Attention to the Development in Education and 
Building an Education Platform
In response to the implementation of the new 12-year 
Curriculum for Basic Education (2019 National Curriculum 
Guidance) in Taiwan, the Foundation initiated a “New 
Curriculum: Safeguards to Protect Technology” report on the 
topic in collaboration with the United Daily News Group. This 
new series of reports investigates the impact brought on by 
the new curriculum. At the same time, the company offered an 
industrial perspective, thereby stimulating a dialogue between 
the educational system and the tech industries. Such a dialogue 
draws the public’s attention and generates more discussions on 
this issue.

In addition to its emphasis on the development of educational 
system, the Foundation organizes events in the humanities 
and the sciences, builds a platform for exchanging ideas and 
provides students extracurricular opportunities to develop 
diverse interests, thereby broadening their horizons and 
exploring their potential. For the humanities, the Foundation 
has been holding TSMC Youth Literature Award since 2004 
and TSMC Youth Calligraphy and Seal-Carving Competition 
since 2008 respectively. The two awards continue to encourage 
young people to demonstrate creativity in both literature and 
calligraphy and have become important cradles for nurturing 
domestic arts and literary talents. The number of applicants 
competing in the novella category of the year’s TSMC Literature 
Award, with its global reach on the Chinese-writing scene, has 
hit a record high in 2019 as a total of 150 pieces of manuscripts 
were submitted in competition for the NTD one million prize 
money.

When it comes to science education, the Foundation has long 
funded the three major science camps for gifted and talented 
students in Taiwan: Wu Chien-Shiung Science Camp, Wu Ta-
You Science Camp, and Madame Curie Chemistry Camp. These 
science camps have long nurtured talented youth in basic 
sciences for the nation. In 2019 “TSMC Cup – Competition of 
Scientiﬁc Short Talk” set the agenda on “gene editing“. The 
competition hopes to trigger high school students’ interests in 
sciences through media such as popular science books and ﬁlms. 
It also encourages cross-disciplinary collaboration, publicizes and 
deepens the understanding of sciences among the public.

128

129

Furthermore, the Foundation has long cared for the educationally 
underprivileged. In 2019 the Foundation increased the number 
of low income student scholarships, as grants for National 
Cheng Kung University, National Sun Yat-sen University and 
National Chung Cheng University were added to the original 
National Tsing Hua University and National Central University 
grants. The scholarships open doors to the higher education 
for more students from low-income families. At the same 
time, the Foundation continues to work on the “Hope Reading 
Project” with CommonWealth Foundation. The cooperation with 
Junyi Academy, Teach for Taiwan Foundation (TFT) and BoYo 
Social Welfare Foundation works to eliminate the educational 
discrepancy between cities and rural areas through book 
donation, online courses and increased good teaching resources.

Host Fine-Art Events, Promote a Beautiful and  
Good Society
The Foundation is dedicated to promoting arts and culture and 
continues to host beautiful artistic and cultural events, create a 
stage for outstanding Taiwanese arts groups, and elevate the 
spiritual life of community residents. The Foundation cherishes 
the sophistication and beauty of traditional performing arts, 
thereby sponsoring the tour of Pai Hsien-yung’s new Kunqu 
Classic series, performing pieces such as The Story of Golden 
Lotus and The Jade Hairpin. The Foundation has even brought 
the traditional art form of Kunqu to the campuses, inviting 150 
National Hsinchu Senior High School students and 300 college 
students in the greater Taichung area to the performance. 
In doing so, the traditional theater can reach out to more 
young students and a wider public. More people can begin to 
appreciate the beauty of traditional theater.

The theme of 2019 TSMC Hsin-Chu Arts Festival, the annual 
high point of arts and cultural event in the Hsinchu community, 
is “Listening to the Muse.” For the exhibition, the Foundation 
organized an exquisite and special exhibition on the legacy 
of the three past poet masters: Yu Kwang-chung, Luo Fu 
and Chou Meng-tieh. In this exhibition, manuscripts and 
items bequeathed by the poets demonstrate the joy of poetic 
beauty to the public. In addition, the TSMC Hsin-Chu Arts 
Festival features 61 ﬁrst-class programs, such as a piano recital 
by the maestro Krystian Zimerman, a recital by Japanese 
virtuoso pianist Nobuyuki Tsujii, who is blind from birth, a 

tour of children’s plays tailored-made for children in rural area, 
GuoGuang Opera Company’ masterpiece, The Painting of 18 
Lohans, a celebration for the company’s 20th anniversary. The 
TSMC Hsin-Chu Arts Festival opens the door for more than 
42,000 people in the community to experience the arts.

7.4 TSMC Charity Foundation

Since its establishment in 2017, the TMSC Charity Foundation 
has continually focused on extending the charitable 
programs and projects of its four main pillars of charity: 
disadvantaged care, solitary elderly care, ﬁlial piety promotion, 
and environmental protection. Under the leadership of its 
chairperson, Ms. Sophie Chang, the Foundation stands at the 
front lines, is attentive to social issues and events, and strives to 
close the wealth disparity in society through enhancement of 
educational energies in rural areas and provision of emergency 
assistance, thereby giving disadvantaged families and children 
from rural areas more opportunities to turn their lives around. 
The Foundation has also established a social welfare platform 
that gathers love from all corners of society, powers social 
revolution through charitable works, and works collaboratively to 
improve society. 

The TMSC Charity Foundation continued to expand its scope of 
service in a variety of charitable endeavors in 2019 and initiated 
many new projects related to social welfare including the 
following: 

• Disadvantaged Care: The Foundation focused on the two 
main care initiatives of “rural education” and “support for the 
disadvantaged,” provided all types of assistance (including 
volunteer services, building repairs, online educational 
materials, off-grade foods, and other resources) to educational 
institutions and children in rural areas, worked to ensure that 
disadvantaged groups had equal opportunities to obtain 
education, and continued to visit and provide ﬁnancial aid and 
daily supplies to high-risk disadvantaged families. 

In 2019, the Foundation supplied tablets and educational 
courses to 21 locations and organized 11 teacher 
empowerment training sessions to increase the energy of 
different educational institutions, hoping to enhance the 
way disadvantaged children are educated, improve the 

to donate off-grade foods to institutes who collaborated 
with the TSMC Charity Foundation in providing care for 
the disadvantaged, thus achieving its food waste reduction 
and environmental conservation goals. The Foundation has 
previously collaborated with food companies such as Chi Mei 
Frozen Food, Hunya Foods, Laurel Corporation, Lian Hwa 
Foods Corporation, Hsin Tung Yang Corporation, and Shih 
Chen Foods. TSMC’s ecology volunteers continued to provide 
ecology tours at the Hsinchu 12B fab plant, the Taichung 
15 fab plant, the Tainan 14 fab plant, and the Tainan Jacana 
Ecology Education Park, while TSMC’s professional energy-
saving volunteers assisted schools of all levels in conducting 
energy-saving assessments and improvements, with service 
locations covering Taipei, Hsinchu, Taichung, Tainan and 
Kaohsiung.

7.5 TSMC i-Charity

Launched in 2014, the TSMC i-Charity platform is an internal 
interactive website that TSMC employees can use to propose 
care programs, share program results, provide responses and 
suggestions, and take advantage of timely online funding 
activities to give back to society. 

In 2019, charitable contributions surpassed NTD 20 million, and 
a total of 18,000 people participated in the “Junyi Academy”, 
“Teach for Taiwan”,” Music education development program for 
the Taoshan Primary School Choir”,,and ”Sending Love initiative 
for the St. Camillus Center for Intellectual Disability” programs.

The TSMC i-Charity platform accumulated more than NTD 110 
million in charitable donations from 2014 to 2019. TSMC will 
continue to fulﬁll its commitments to society and encourage its 
employees to care for and contribute to society in different ways.

quality of the education they receive, and also provide 
resources such as building repairs and off-grade food. The 
Foundation’s “Sending Love” program continued to be active, 
and Foundation staff conducted on-site visits to identify 
disadvantaged cases in the most need of ﬁnancial support. 
The living conditions of these disadvantaged families were 
improved through charitable donations from both inside and 
outside TSMC. As of 2019, the Foundation has assisted a total 
of 128 families.

• Solitary Elderly Care: The Foundation enhanced the 

health and welfare of elderly people living on their own by 
collaborating with its Networking of Love partners to connect 
social welfare groups and medical institutions providing care to 
lonely seniors. In 2019, the Foundation helped to launch new 
intelligent medical systems at the Chiu Lin Yuan senior daycare 
center and the Zhubei Nursing Home to enhance medical 
quality and efﬁcacy. Current Networking of Love partners 
include Taipei Veterans General Hospital, Miaoli General 
Hospital, Old Five Old Foundation, Feng Yuan Hospital, China 
Medical University Hospital, Lin Tseng Lien Welfare and Charity 
Foundation, Taiwan Puli Care Association, Sin-Lau Hospital, 
Tainan Hospital, Jianan Psychiatric Center, Mennonite Christian 
Hospital and the Mennonite Social Welfare Foundation, and 
Fooyin University. 

• Filial Piety Promotion: The Foundation promotes and 

spreads the Eastern cultural value of ﬁlial piety as part of its 
efforts to reduce social risks and problems arising from ageing 
societies by raising generational awareness of ﬁlial piety. In 
2019, the Foundation’s ﬁliality volunteers continued to visit 
elementary schools and spread concepts relating to ﬁlial piety. 
The TSMC Charity Foundation participated in the hosting of 
six parent-child ﬁliality workshops, where parents and their 
children were brought closer together through interactive 
activities, which in turn helped to initiate cross-generational 
dialogue and embedded the spirit of ﬁlial piety in the hearts of 
participants.

• Environmental Protection: The Foundation promoted 

environmental education and knowledge in order to nurture 
the abilities of its employees to predict, prevent, and adapt to 
climate change. The Foundation continued its “Cherish Food 
Program” in 2019 and worked with many food companies 

130

131

7.6 Social Responsibility Implementation Status as Required by the Taiwan Financial Supervisory 

Commission

Assessment Item

Implementation Status

Yes

No

Summary 

Non-implementation 
and Its Reason(s)

Please refer to “7. Corporate Social Responsibility” on pages 113-133 of this 
annual report.

None

Please refer to “7. Corporate Social Responsibility” on pages 113-133 of this 
annual report.

None

Please refer to “7.2.1 Environmental Protection” on pages 119-123 of this 
annual report.

None

1. Does the Company follow materiality principle to conduct risk assessment for 
environmental, social and corporate governance topics related to company 
operation, and establish risk management related policy or strategy?

2. Does the Company have a dedicated (or ad-hoc) CSR organization with Board of 
Directors authorization for senior management, which reports to the Board of 
Directors?

3. Environmental Topic

(1)  Has the Company set an environmental management system designed to 

industry characteristics?

V

V

V

(2)  Is the Company committed to improving resource efﬁciency and to the use of 

renewable materials with low environmental impact?

(3)  Does the Company evaluate current and future climate change potential risks 

and opportunities and take measures related to climate related topics?

(4)  Does the Company collect data for greenhouse gas emissions, water usage 
and waste quantity in the past two years, and set energy conservation, 
greenhouse gas emissions reduction, water usage reduction and other waste 
management policies?

4. Social Topic

V

(1) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual 

None

(1)  Does the Company set policies and procedures in compliance with regulations 

Report.

and internationally recognized human rights principles? 

(2)  Has the Company established appropriately managed employee welfare 
measures (include salary and compensation, leave and others), and link 
operational performance or achievements with employee salary and 
compensation? 

(2) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual 

Report.

(3) Please refer to “7.2.3 Safety and Health” on pages 125-128 of this 

Annual Report.

(3) Does the Company provide employees with a safe and healthy working 

(4) Please refer to “5.5 Human Capital” on pages 82-87 of this Annual 

environment, with regular safety and health training?

Report.

(4)  Has the Company established effective career development training plans?

(5) Not applicable as TSMC is not an end product manufacturer.

(5) Does the Company’s product and service comply with related regulations 
and international rules for customers’ health and safety, privacy, sales, 
labelling and set polices to protect consumers’ rights and consumer appeal 
procedures?

(6) Does the Company set supplier management policy and request suppliers to 
comply with related standards on the topics of environmental, occupational 
safety and health or labor right, and their implementation status?

(6) Please refer to “Supplier Management” on page 128 of this annual 

report.

5. Does the Company refer to international reporting rules or guidelines to publish 
CSR Report to disclose non-ﬁnancial information of the Company? Has the said 
Report acquire 3rd certiﬁcation party veriﬁcation or statement of assurance?

V

TSMC has published a “Corporate Social Responsibility Report” since 2008, 
and acquired 3rd certiﬁcation party veriﬁcation or statement of assurance, 
and discloses this on the Company’s website (https://www.tsmc.com/
english/csr/index.htm).

None

6. If the company has established its corporate social responsibility code of practice according to “Listed Companies Corporate Social Responsibility Code of Practice,” please describe the operational status and 

differences. 
TSMC follows the Corporate Social Responsibility Policy set by the Chairman, Dr. Mark Liu. For corporate social responsibility operational status, please refer to “7. Corporate Social Responsibility” on pages 113-
133 of this annual report and corporate social responsibility related information in our website: https://www.tsmc.com/english/csr/index.htm

7. Other important information to facilitate better understanding of the company’s implementation of corporate social responsibility:  

Please refer to TSMC’s website for its corporate social responsibility implementation status: https://www.tsmc.com/english/csr/index.htm

132

133



Subsidiary Information and 
Other Special Notes

8.1 Subsidiaries

8.1.1 TSMC Subsidiaries Chart (Note 1)

TSMC North America
Shareholding: 100%

TSMC Europe B.V.
Shareholding: 100%

TSMC Japan Limited
Shareholding: 100%

TSMC Korea Limited
Shareholding: 100%

TSMC Partners, Ltd.
Shareholding: 100%

TSMC Global Ltd.
Shareholding: 100%

TSMC China Company Limited
Shareholding: 100%

TSMC Nanjing Company Limited
Shareholding: 100%

VisEra Technologies Company Ltd.
Shareholding: 87%

VentureTech Alliance Fund II, L.P.
Shareholding: 98%

Taiwan
Semiconductor
Manufacturing
Company Limited

TSMC Development, Inc.
Shareholding: 100%

WaferTech, LLC
Shareholding: 100%

TSMC Technology, Inc.
Shareholding: 100%

TSMC Design Technology Canada Inc.
Shareholding: 100%

InveStar Semiconductor Development
Fund, Inc. (Note 2)
Shareholding: 97%

InveStar Semiconductor Development
Fund, Inc. (II) LDC. (Note 2)
Shareholding: 97%

VentureTech Alliance Fund III, L.P.
Shareholding: 98%

Growth Fund Limited
Shareholding: 100%

Note 1: TSMC SolarEurope GmbH has completed the liquidation procedures in March 2019. 

On January 10, 2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established.

Note 2: The subsidiary is under liquidation procedures.

8

As of 12/31/2019

135

8.1.2 Business Scope of TSMC and Its Subsidiaries

8.1.4 Shareholders in Common of TSMC and Its Subsidiaries with Deemed Control and Subordination: None.

TSMC and its subsidiaries strive to provide the best foundry services. Subsidiaries in North America, Europe, Japan, China and South 
Korea are dedicated to serving TSMC customers on a timely basis or providing wafer capacity for customers worldwide. Among the 
subsidiaries of TSMC, WaferTech in the United States and TSMC China provide additional 8-inch wafer capacity while TSMC Nanjing 
provides 12-inch wafer capacity. Other subsidiaries support the Company’s core foundry business with related services such as design 
service and investment in start-up companies involved in design, manufacturing, and other related businesses in the semiconductor 
industry.

8.1.3 TSMC Subsidiaries

Unit: NT$ (USD, EUR, JPY, KRW, RMB, CAD) thousands 

As of 12/31/2019

Company (Note 1)

Date of Incorporation

Place of Registration

Capital Stock

Business Activities

TSMC North America

Jan. 18, 1988

San Jose, California, U.S.

US$

11,000 

Selling and marketing of integrated circuits and semiconductor 
devices

TSMC Europe B.V.

TSMC Japan Limited

TSMC Korea Limited

Mar. 04, 1994

Amsterdam, The Netherlands

EUR

100 

Customer service and supporting activities 

Sep. 10, 1997

Yokohama, Japan 

May 02, 2006

Seoul, Korea

JPY

KRW

RMB

300,000 

Customer service and supporting activities

400,000 

Customer service and supporting activities

4,502,080 

Manufacturing, selling, testing, and computer-aided design of 
integrated circuits and other semiconductor devices 

TSMC China Company Limited

Aug. 04, 2003

Shanghai, China

TSMC Nanjing Company Limited 

May 16, 2016

Nanjing, China

RMB

6,650,119

Manufacturing, selling, testing, and computer-aided design of 
integrated circuits and other semiconductor devices 

TSMC Technology, Inc.

Feb. 20, 1996

Delaware, U.S. 

InveStar Semiconductor Development Fund, Inc. 
(Note 2)

InveStar Semiconductor Development Fund, Inc. 
(II) LDC. (Note 2)

Sep. 10, 1996

Cayman Islands

Aug. 25, 2000

Cayman Islands

TSMC Development, Inc.

Feb. 16, 1996

Delaware, U.S. 

WaferTech, LLC

Jun. 03, 1996

Delaware, U.S.

TSMC Partners, Ltd.

Mar. 26, 1998

British Virgin Islands

TSMC Design Technology Canada Inc.

May 28, 2007

Ontario, Canada

TSMC Global Ltd.

Jul. 13, 2006

British Virgin Islands

VentureTech Alliance Fund II, L.P.

Feb. 27, 2004

Cayman Islands

VentureTech Alliance Fund III, L.P.

Mar. 25, 2006

Cayman Islands

Growth Fund Limited

May 30, 2007

Cayman Islands

VisEra Technologies Company Ltd.

Dec. 01, 2003

Hsinchu, Taiwan

US$

US$

US$

US$

US$

US$

CAD

US$

US$

US$

US$

NT$

0.001 

Engineering support activities

489

Investing in new start-up technology companies

0

Investing in new start-up technology companies

0.001 

Investing in companies involved in the manufacturing related 
business in the semiconductor industry

0

Manufacturing, selling, and testing of integrated circuits and 
other semiconductor devices

988,268 

Investing in companies involved in the design, manufacture, and 
other related business in the semiconductor industry and other 
investment activities

2,434 

Engineering support activities

11,284,000

Investment activities

3,487

Investing in new start-up technology companies

96,519

Investing in new start-up technology companies

2,504

Investing in new start-up technology companies

2,911,531

Engaged in manufacturing electronic spare parts and in 
researching, developing, designing, manufacturing, selling, 
packaging and testing of color ﬁlter

Note 1: On January 10, 2020, TSMC Design Technology Japan, Inc. was established in Yokohama, Japan with capital stock of JPY 150,000 thousands. It is engaged in engineering support activities.
Note 2: InveStar Semiconductor Development Fund, Inc. and InveStar Semiconductor Development Fund, Inc. (II) LDC. are under liquidation procedures.

8.1.5 Rosters of Directors, Supervisors, and Presidents of TSMC’s Subsidiaries

Unit: NT$ (USD), except shareholding 

Company (Note 1)

Title

Name

Shareholding

As of 12/31/2019

Shares (Investment Amount)

% (Investment Holding %) 

TSMC North America

TSMC Europe B.V

TSMC Japan Limited

TSMC Korea Limited

TSMC China Company Limited

TSMC Nanjing Company Limited

TSMC Technology, Inc.

Director
Director
President

Director
Director
President

Director
Director
President

Director
Director
Director

Chairman
Director
Director
Supervisor
President

Chairman
Director
Director
Director
Supervisor
Supervisor
President

Chairman
Director
President

Sylvia Fang
Rick Cassidy
David Keller 

Wendell Huang
Maria Marced
Maria Marced

Sylvia Fang
Makoto Onodera
Makoto Onodera

C.C. Pan
Chih-Chun Tsai
Wendell Huang

F.C. Tseng
J.K. Wang
L.C. Tu
Lora Ho
L.C. Tu 

Lora Ho
J.K. Wang
Cliff Hou
Roger Luo
Wendell Huang
Sylvia Fang
Roger Luo

Wendell Huang
Cliff Hou
Cliff Hou

InveStar Semiconductor Development Fund, Inc.  
(Note 2)

Director

Wendell Huang

InveStar Semiconductor Development Fund, Inc. (II) LDC 
(Note 2)

Director

Wendell Huang

TSMC Development, Inc.

WaferTech, LLC

Chairman
Director
President

Director
Director
President

Wendell Huang
Sylvia Fang
Wendell Huang

Y.L. Wang
Wendell Huang
Tsung-Chia Kuo

- 
- 
- 
TSMC holds 11,000,000 shares 

- 
- 
- 
TSMC holds 200 shares

- 
- 
- 
- 
TSMC holds 6,000 shares 

 - 
- 
- 
TSMC holds 80,000 shares 

- 
- 
- 
- 
- 
(TSMC’s investment US$596,000,000)

- 
- 
- 
- 
-
- 
- 
(TSMC’s investment US$1,000,000,000)

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

- 
TSMC Partners, Ltd. holds 582,523 shares

- 
TSMC Partners, Ltd. holds 9,298,625 shares

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

- 
- 
- 
TSMC Development, Inc. holds 293,636,833 shares

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
- 
(100%)

- 
- 
- 
- 
-
- 
- 
(100%)

- 
- 
- 
100%

- 
97.09%

- 
97.09%

- 
- 
- 
100%

- 
- 
- 
100%

(Continued)

136

137

Company (Note 1)

Title

Name

Shares (Investment Amount)

% (Investment Holding %) 

8.3 Special Notes

Shareholding

8.2 Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries: None.

TSMC Partners, Ltd.

TSMC Design Technology Canada Inc.

TSMC Global Ltd.

VentureTech Alliance Fund II, L.P.

VentureTech Alliance Fund III, L.P.

Growth Fund Limited

VisEra Technologies Company Ltd.

Director
Director
President

Director
Director
Director
President

Wendell Huang
Sylvia Fang
Wendell Huang

Cliff Hou
Cormac Michael O’Connell
Sylvia Fang
Cliff Hou

Director
Director

Wendell Huang
Sylvia Fang

None

None

None

Chairman
Director
Director
Supervisor
President

None

None

None

Robert Kuan
C.S. Yoo
George Liu
Wendell Huang
S.C. Hsin

- 
- 
- 
TSMC holds 988,268,244 shares 

- 
- 
- 
- 
TSMC Partners, Ltd. holds 2,300,000 shares 

-
-
TSMC holds 11,284 shares

(TSMC’s investment US$3,189,066)

(TSMC’s investment US$94,589,012)

(VentureTech Alliance Fund III, L.P.’s investment US$2,503,768)

54,600 shares
-
-
-
-
TSMC holds 253,120,000 shares

- 
- 
- 
100%

- 
- 
- 
- 
100%

- 
- 
100%

(98.00%)

(98.00%)

(100%) 

0.02%
-
-
-
-
86.94%

Note 1: On January 10, 2020, TSMC Design Technology Japan, Inc., a 100% owned subsidiary of TSMC, was established. Dr. Cliff Hou and Mr. Wendell Huang are the directors of TSMC Design Technology 

Japan, Inc.

Note 2: InveStar Semiconductor Development Fund, Inc. and InveStar Semiconductor Development Fund, Inc. (II) LDC. are under liquidation procedures.

8.1.6 Operational Highlights of TSMC Subsidiaries

Unit: NT$ thousands, except EPS (NT$) 

Company

 Capital Stock

 Assets

 Liabilities

 Net Worth

 Net Revenues

as of 12/31/2019

Income 
(Loss) from 
Operation

Net Income 
(Loss)

Basic Earnings 
(Loss) Per Share

8.3.1 Private Placement Securities in 2019 and as of the Date of this Annual Report: None.

8.3.2 The Listing of Penalties, Major Deﬁcits, and State of Any Efforts to Make Improvements, Arising from Any 

Legal Penalties Imposed by Regulatory Authorities on the Company or Its Employees, or any Company 

Punishment toward Employees for Violating Internal Control Rules, Where Such Penalties or Punishments 
May Have Material Impacts on Shareholders’ Interests or Securities Prices, in 2019 and as of the Date of this 
Annual Report: None. 

8.3.3 Any Events in 2019 and as of the Date of this Annual Report that Had Material Impacts on Shareholders’ 

Interests or Securities Prices as Stated in Item 3 Paragraph 2 of Article 36 of Securities and Exchange Law of 

Taiwan: None.

8.3.4 Other Necessary Supplement: None.

TSMC North America

TSMC Europe B.V.

TSMC Japan Limited

TSMC Korea Limited

TSMC Partners, Ltd.

TSMC Global Ltd.

WaferTech, LLC

329,868 

93,975,628 

89,405,802 

4,569,825 

642,456,504 

267,363 

416,366 

37.85 

761,257 

298,777 

3,365 

82,530 

10,400 

211,952 

45,163 

462,479 

142,620 

40,727 

495,777 

231,708 

20,050 

53,410 

37,621 

188,106.27 

9,358 

1,847 

3,254 

2,196 

542.33 

27.45 

29,567,197 

1,470,591 

1,470,305 

1,338,673 

133,867,259.80 

53,455,518 

2,215,060 

2,208,823 

2,202,709 

2.23 

69,332 

4,435 

0 

0 

29,636,188 

53,455,518 

338,384,592 

404,432,559 

6,695,289 

397,737,270 

12,300,693 

11,592,365 

11,592,187 

1,027,311.89 

0 

5,332,211 

618,940 

4,713,271 

6,841,533 

1,003,240 

843,483 

TSMC Development, Inc.

0.03 

29,567,197 

TSMC China Company Limited

19,380,554 

60,103,992 

2,745,525 

57,358,467 

16,218,476 

3,255,953 

4,037,216 

TSMC Nanjing Company Limited

28,627,434 

49,441,326 

28,032,476 

21,408,850 

18,312,861 

1,340,599 

1,289,672 

VisEra Technologies Company Ltd.

2,911,531 

6,322,477 

1,137,005 

5,185,472 

3,395,724 

TSMC Technology, Inc.

0.03 

1,316,214 

645,676 

670,538 

2,444,373 

TSMC Design Technology Canada Inc.

55,979 

276,637 

37,495 

239,141 

323,548 

InveStar Semiconductor Development 
Fund, Inc.

InveStar Semiconductor Development 
Fund, Inc. (II) LDC.

VentureTech Alliance Fund II, L.P.

VentureTech Alliance Fund III, L.P.

Growth Fund Limited

14,663 

0 

104,577 

2,894,424 

75,083 

0 

0 

70,253 

212,437 

124,648 

0 

0 

0 

0 

0 

0 

0 

70,253 

212,437 

124,648 

0 

0 

2,205 

5,015 

0 

718,693 

116,339 

29,413 

10 

0 

(2,899)

1,191 

(1,351)

2.87 

NA

NA

2.11

613,841 

100,661 

10,066,067.10 

30,494 

10 

0 

(3,409)

1,191 

(1,351)

13.26 

0.02 

0.00 

NA

NA

NA

138

139

Contact Information

Taiwan

Corporate Headquarters & Fab 12A
8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 30078, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5637000

Fab 15A
1, Keya Rd. 6, Central Taiwan Science Park, Taichung 42882, Taiwan, R.O.C.
Tel: +886-4-27026688   Fax: +886-4-25607548

R&D Center & Fab 12B
168, Park Ave. 2, Hsinchu Science Park, Hsinchu 30075, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-6687827

Fab 15B
1, Xinke Rd., Central Taiwan Science Park, Taichung 40763, Taiwan, R.O.C.
Tel: +886-4-27026688   Fax: +886-4-24630372

Fab 2, Fab 5
121, Park Ave. 3, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5781546

Fab 18
8, Beiyuan Rd. 2, Tainan Science Park, Tainan 74543, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5050363

Fab 3
9, Creation Rd. 1, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5781548

Advanced Backend Fab 1
6, Creation Rd. 2, Hsinchu Science Park, Hsinchu 30077, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5773628

Fab 6
1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5052057

Advanced Backend Fab 2
1-1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5051262

Fab 8
25, Li-Hsin Rd., Hsinchu Science Park, Hsinchu 30078, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5662051

Advanced Backend Fab 3
101, Longyuan 6th Rd., Longtan Dist., Taoyuan City 32542, Taiwan R.O.C.
Tel: +886-3-5636688   Fax: +886-3-4804250

Fab 14A
1-1, Nan-Ke North Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5051262

Advanced Backend Fab 5
5, Keya W. Rd., Central Taiwan Science Park, Taichung 42882, Taiwan, R.O.C.
Tel: +886-4-27026688   Fax: +886-4-25609631

Fab 14B
17, Nan-Ke 9th Rd., Tainan Science Park, Tainan 74144, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5055217

VisEra Technologies Company Limited
12, Dusing Rd. 1, Hsinchu Science Park, Hsinchu City 30078, Taiwan R.O.C.
Tel: +886-3-6668788   Fax: +886-3-6662858

Asia

Europe / North America

TSMC China Company Limited
4000, Wen Xiang Road, Songjiang, Shanghai, China
Postcode: 201616
Tel: +86-21-57768000   Fax: +86-21-57762525

TSMC Design Technology Japan, Inc.
10F, Minatomirai Grand Central Tower, 4-6-2, Minatomirai, Nishi-ku, 
Yokohama, Kanagawa 220-0012, Japan
Tel: +81-45-6820470   Fax: +81-45-6820673

TSMC Nanjing Company Limited
16, Zifeng Road, Pukou Economic Development Zone, Nanjing
Jiangsu Province, China
Postcode: 211806
Tel: +86-25-57668000   Fax: +86-25-57712395

TSMC Japan Limited
21F, Queen’s Tower C, 2-3-5, Minatomirai, Nishi-ku 
Yokohama, Kanagawa, 220-6221, Japan
Tel: +81-45-6820470   Fax: +81-45-6820673

TSMC Korea Limited
15F, AnnJay Tower, 208, Teheran-ro, Gangnam-gu 
Seoul 06220, Korea
Tel: +82-2-20511688

TSMC Europe B.V.
World Trade Center, Zuidplein 60, 1077 XV Amsterdam, The Netherlands
Tel: +31-20-3059900

TSMC Design Technology Canada Inc.
535 Legget Dr., Suite 600, Kanata, ON K2K 3B8, Canada
Tel: +613-576-1990   Fax: +613-576-1999

TSMC North America
2851 Junction Avenue, San Jose, CA 95134, U.S.A.
Tel: +1-408-3828000   Fax: +1-408-3828008

TSMC Technology, Inc
2851 Junction Avenue, San Jose, CA 95134, U.S.A
Tel: +1-408-3828000

WaferTech L.L.C.
5509 N.W. Parker Street, Camas, WA 98607-9299 U.S.A.
Tel: +1-360-8173000   Fax: +1-360-8173590

TSMC Spokesperson
Name: Wendell Huang
Title: Vice President & CFO
Tel: +886-3-5636688   Fax: +886-3-5637000
Email: press@tsmc.com

TSMC Deputy Spokesperson
Name: Nina Kao
Title: Head of PR Department
Tel: +886-3-5636688   Fax: +886-3-5637000
Email: press@tsmc.com

Auditors
Company: Deloitte & Touche
Auditors: Mei-Yen Chiang, Yu-Feng Huang
Address: 20F, No. 100, Songren Rd., Xinyi Dist.,Taipei 11073, Taiwan, R.O.C.
Tel: +886-2-27259988   Fax: +886-2-40516888
Website: http://www.deloitte.com.tw

Common Share Transfer Agent and Registrar
Company: The Transfer Agency Department of CTBC Bank
Address: 5F, 83, Sec. 1, Chung-Ching S. Rd., Taipei 100004, Taiwan, R.O.C.
Tel: +886-2-66365566   Fax: +886-2-23116723
Website: http://www.ctbcbank.com

ADR Depositary Bank
Company: Citibank, N.A.
Depositary Receipts Services
Address: 388 Greenwich Street, New York, NY 10013, U.S.A.
Website: http://www.citi.com/dr
Tel: +1-877-2484237 (toll free)   Tel: +1-781-5754555 (out of US)
Fax: +1-201-3243284
E-mail: citibank@shareholders-online.com

TSMC’s depositary receipts of the common shares are listed on New York 
Stock Exchange (NYSE) under the symbol TSM. The information relating to 
TSM is available at http://www.nyse.com and http://mops.twse.com.tw

“TSMC”, “tsmc”, “Open Innovation Platform”, “Open Innovation”, “GIGAFAB”,  “CoWoS” and “TSMC-SoIC” are some of our registered and/or pending trademarks used by us in various jurisdictions, 
including Taiwan. All rights reserved.

Copyright © 2019 by Taiwan Semiconductor Manufacturing Company, Ltd. All rights reserved.

TSE: 2330

NYSE: TSM

TSMC Annual Report 2019 (II)
Financial Statements

Taiwan Stock Exchange Market Observation Post System: http://mops.twse.com.tw

TSMC annual report is available at https://www.tsmc.com/english/investorRelations/annual_reports.htm

Printed on March 12, 2020

Contents

Consolidated Financial Statements for the 

Years Ended December 31, 2019 and 2018 and 

Independent Auditors’ Report

Parent Company Only Financial Statements for 

the Years Ended December 31, 2019 and 2018 and  

Independent Auditors’ Report 

1

105

Taiwan Semiconductor Manufacturing 
Company Limited and Subsidiaries 

Consolidated Financial Statements for the 
Years Ended December 31, 2019 and 2018 and   
Independent Auditors’ Report 

- 1 -

 
 
 
 
- 2 -

REPRESENTATION LETTER 

The  entities  that  are  required  to  be  included  in  the  combined  financial  statements  of  Taiwan 

Semiconductor Manufacturing Company Limited as of and for the year ended December 31, 2019, 

under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports 

and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the 

consolidated financial statements prepared in conformity with the International Financial Reporting 

Standard  10,  “Consolidated  Financial  Statements.”    In  addition,  the  information  required  to  be 

disclosed in the combined financial statements is included in the consolidated financial statements. 

Consequently,  Taiwan  Semiconductor  Manufacturing  Company  Limited  and  Subsidiaries  do  not 

prepare a separate set of combined financial statements. 

Very truly yours, 

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 

By 

MARK LIU  
Chairman 

February 11, 2020 

- 3 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 4 -

- 5 -

- 6 -

- 7 -

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

ASSETS 

CURRENT ASSETS 

Cash and cash equivalents (Note 6) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at amortized cost (Note 9) 
Hedging financial assets (Note 10) 
Notes and accounts receivable, net (Note 11) 
Receivables from related parties (Note 33) 
Other receivables from related parties (Note 33) 
Inventories (Notes 5 and 12) 
Other financial assets (Note 34) 
Other current assets   

Total current assets 

NONCURRENT ASSETS 

Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at amortized cost (Note 9) 
Investments accounted for using equity method (Note 13) 
Property, plant and equipment (Notes 5 and 14) 
Right-of-use assets (Notes 5 and 15) 
Intangible assets (Notes 5 and 16) 
Deferred income tax assets (Notes 5 and 27) 
Refundable deposits   
Other noncurrent assets   

Total noncurrent assets 

TOTAL 

LIABILITIES AND EQUITY 

CURRENT LIABILITIES 

Short-term loans (Notes 17 and 30) 
Financial liabilities at fair value through profit or loss (Note 7) 
Hedging financial liabilities (Note 10) 
Accounts payable   
Payables to related parties (Note 33) 
Salary and bonus payable   
Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 29) 
Payables to contractors and equipment suppliers   
Cash dividends payable (Note 21) 
Income tax payable (Notes 5 and 27) 
Long-term liabilities - current portion (Notes 18 and 30) 
Accrued expenses and other current liabilities (Notes 5, 15, 20, 22 and 30) 

Total current liabilities 

NONCURRENT LIABILITIES 

Bonds payable (Notes 18 and 30) 
Deferred income tax liabilities (Notes 5 and 27) 
Lease liabilities (Notes 5, 15 and 30) 
Net defined benefit liability (Note 19) 
Guarantee deposits (Notes 20 and 30) 
Others 

Total noncurrent liabilities 

Total liabilities 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Capital stock (Note 21) 
Capital surplus (Note 21) 
Retained earnings (Note 21) 

Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Unappropriated earnings 

Others (Note 21) 

December 31, 2019 
Amount 

  % 

December 31, 2018 
Amount 

  % 

    $  455,399,336 
326,839 
127,396,577 
299,884 
25,884 
138,908,589 
862,070 
51,653 
82,981,196 
11,041,091 
5,320,795 

      20 
- 
6 
- 
- 
6 
- 
- 
4 
- 
- 

    $  577,814,601 
3,504,590 
99,561,740 
14,277,615 
23,497 
128,613,391 
584,412 
65,028 
103,230,976 
18,597,448 
5,406,423 

      28 
- 
5 
1 
- 
6 
- 
- 
5 
1 
- 

822,613,914 

      36 

951,679,721 

      46 

4,124,337 
7,348,914 
18,698,788 
      1,352,377,405 
17,232,402 
20,653,028 
17,928,358 
2,084,968 
1,742,918 

- 
- 
1 
      60 
1 
1 
1 
- 
- 

3,910,681 
7,528,277 
17,865,838 
      1,072,050,279 
- 
17,002,137 
16,806,387 
1,700,071 
1,584,647 

- 
- 
1 
      51 
- 
1 
1 
- 
- 

      1,442,191,118 

      64 

      1,138,448,317 

      54 

    $ 2,264,805,032 

      100 

    $ 2,090,128,038 

      100 

    $  118,522,290 
982,349 
1,798 
38,771,066 
1,434,900 
16,272,353 
23,648,903 
140,810,703 
129,651,902 
32,466,156 
31,800,000 
56,373,281 

    $ 

5 
- 
- 
2 
- 
1 
1 
6 
6 
1 
1 
3 

88,754,640 
40,825 
155,832 
32,980,933 
1,376,499 
14,471,372 
23,981,154 
43,133,659 
- 
38,987,053 
34,900,000 
61,760,619 

4 
- 
- 
2 
- 
1 
1 
2 
- 
2 
2 
3 

590,735,701 

      26 

340,542,586 

      17 

25,100,000 
344,393 
15,041,833 
9,182,496 
176,904 
2,128,279 

51,973,905 

1 
- 
1 
- 
- 
- 

2 

56,900,000 
233,284 
- 
9,651,405 
3,353,378 
1,950,989 

72,089,056 

3 
- 
- 
- 
- 
- 

3 

642,709,606 

      28 

412,631,642 

      20 

259,303,805 
56,339,709 

      11 
3 

259,303,805 
56,315,932 

      12 
3 

311,146,899 
10,675,106 
      1,011,512,974 
      1,333,334,979 

      14 
- 
      45 
      59 

276,033,811 
26,907,527 
      1,073,706,503 
      1,376,647,841 

(27,568,369)       

(1)       

(15,449,913)       

      13 
1 
      52 
      66 
(1) 

Equity attributable to shareholders of the parent 

      1,621,410,124 

      72 

      1,676,817,665 

      80 

NON - CONTROLLING INTERESTS 

Total equity 

TOTAL   

685,302 

- 

678,731 

- 

      1,622,095,426 

      72 

      1,677,496,396 

      80 

    $ 2,264,805,032 

      100 

    $ 2,090,128,038 

      100 

The accompanying notes are an integral part of the consolidated financial statements. 

- 8 -

 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2019 

2018 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 22, 33 and 39) 

    $1,069,985,448       100 

    $1,031,473,557       100 

COST OF REVENUE (Notes 5, 12, 29, 33 and 37) 

      577,286,947        54 

      533,487,516        52 

GROSS PROFIT BEFORE REALIZED 

(UNREALIZED) GROSS PROFIT ON SALES TO 
ASSOCIATES 

REALIZED (UNREALIZED) GROSS PROFIT ON 

SALES TO ASSOCIATES 

      492,698,501        46 

      497,986,041        48 

3,395       

- 

(111,788)      

- 

GROSS PROFIT 

      492,701,896        46 

      497,874,253        48 

OPERATING EXPENSES (Notes 5, 29 and 33) 

Research and development 
General and administrative 
Marketing 

91,418,746       
21,737,210       
6,348,626       

8 
2 
1 

85,895,569       
20,265,883       
5,987,828       

8 
2 
1 

Total operating expenses 

      119,504,582        11 

      112,149,280        11 

OTHER OPERATING INCOME AND EXPENSES, 

NET (Notes 14, 15, 23 and 29) 

(496,224)      

- 

(2,101,449)      

- 

INCOME FROM OPERATIONS (Note 39) 

      372,701,090        35 

      383,623,524        37 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of associates 
Other income (Note 24) 
Foreign exchange gain, net (Note 36) 
Finance costs (Note 25) 
Other gains and losses, net (Note 26) 

2,844,222       
16,606,669       
2,095,217       
(3,250,847)      
(1,151,015)      

Total non-operating income and expenses 

17,144,246       

- 
1 
- 
- 
- 

1 

3,057,781       
14,852,814       
2,438,171       
(3,051,223)      
(3,410,804)      

13,886,739       

- 
2 
- 
- 
- 

2 

INCOME BEFORE INCOME TAX 

      389,845,336        36 

      397,510,263        39 

INCOME TAX EXPENSE (Notes 5 and 27) 

44,501,527       

4 

46,325,857       

5 

NET INCOME 

      345,343,809        32 

      351,184,406        34 
(Continued) 

- 9 -

 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
       
 
 
     
       
 
     
       
 
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
     
     
     
     
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

OTHER COMPREHENSIVE INCOME (LOSS) 

(Notes 5, 19, 21 and 27) 
Items that will not be reclassified subsequently to 

profit or loss: 
Remeasurement of defined benefit obligation 
Unrealized gain/(loss) on investments in equity 

instruments at fair value through other 
comprehensive income 

Gain (loss) on hedging instruments 
Share of other comprehensive loss of associates 
Income tax benefit (expense) related to items that 

will not be reclassified subsequently 

Items that may be reclassified subsequently to profit 

or loss: 
Exchange differences arising on translation of 

foreign operations 

Unrealized gain/(loss) on investments in debt 
instruments at fair value through other 
comprehensive income 

Share of other comprehensive income (loss) of 

associates 

2019 

2018 

Amount 

  % 

Amount 

  % 

    $ 

253,895       

- 

    $ 

(861,162)      

- 

334,327       
(109,592)      
(18,271)      

(20,992)      
439,367       

- 
- 
- 

- 
- 

(3,309,089)      
40,975       
(14,217)      

195,729       
(3,947,764)      

- 
- 
- 

- 
- 

(14,689,107)      

(1)       

14,562,386       

1 

2,566,373       

- 

(870,906)      

(140,195)      
(12,262,929)      

- 
(1)       

93,260       
13,784,740       

- 

- 
1 

Other comprehensive income (loss) for the year, 

net of income tax 

(11,823,562)      

(1)       

9,836,976       

1 

TOTAL COMPREHENSIVE INCOME FOR THE 

YEAR 

    $  333,520,247        31 

    $  361,021,382        35 

NET INCOME ATTRIBUTABLE TO: 

Shareholders of the parent 
Non-controlling interests 

TOTAL COMPREHENSIVE INCOME 

ATTRIBUTABLE TO: 
Shareholders of the parent 
Non-controlling interests 

    $  345,263,668        32 
- 

80,141       

    $  351,130,884        34 
- 

53,522       

    $  345,343,809        32 

    $  351,184,406        34 

    $  333,440,460        31 
- 

79,787       

    $  360,965,015        35 
- 

56,367       

    $  333,520,247        31 

    $  361,021,382        35 
(Continued) 

- 10 -

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
     
     
 
     
     
     
       
 
     
       
 
     
     
     
     
     
 
     
 
     
       
 
     
       
 
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2019 
Income Attributable to 
Shareholders of 
the Parent 

2018 
Income Attributable to   
Shareholders of 
the Parent 

EARNINGS PER SHARE (NT$, Note 28) 

Basic earnings per share 
Diluted earnings per share 

 $ 
 $ 

13.32 
13.32 

 $ 
 $ 

13.54 
13.54 

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

Depreciation expense 
Amortization expense 
Expected credit losses recognized (reversal) on investments in debt 

    $  389,845,336 

    $  397,510,263 

      281,411,832 
5,472,409 

      288,124,897 
4,421,405 

2019 

2018 

instruments 
Finance costs 
Share of profits of associates 
Interest income 
Share-based compensation 
Loss on disposal or retirement of property, plant and equipment, net       
Loss (gain) on disposal of intangible assets, net 
Impairment loss (reversal of impairment loss) on property, plant and 

equipment 

Loss on financial instruments at fair value through profit or loss, net       
Loss (gain) on disposal of investments in debt instruments at fair 

value through other comprehensive income, net 

Loss from disposal of subsidiaries 
Unrealized (realized) gross profit on sales to associates 
Loss (gain) on foreign exchange, net 
Dividend income 
Loss (gain) arising from fair value hedges, net 
Gain on lease modification 

Changes in operating assets and liabilities: 

Financial instruments at fair value through profit or loss 
Notes and accounts receivable, net 
Receivables from related parties 
Other receivables from related parties 
Inventories 
Other financial assets 
Other current assets 
Other noncurrent assets 
Accounts payable 
Payables to related parties 
Salary and bonus payable 
Accrued profit sharing bonus to employees and compensation to 

directors and supervisors 

Accrued expenses and other current liabilities 
Net defined benefit liability 
Cash generated from operations 
Income taxes paid 

Net cash generated by operating activities 

- 13 -

1,714 
3,250,847 
(2,844,222)       
(16,189,374)       
2,818 
949,965 
2,377 

(2,383) 
3,051,223 
(3,057,781) 
(14,694,456) 
- 
1,005,644 
(436) 

(301,384)       
955,723 

423,468 
358,156 

(537,835)       
4,598 
(3,395)       
(5,228,218)       
(417,295)       
(13,091)       
(2,075)       

989,138 
- 
111,788 
2,916,659 
(158,358) 
2,386 
- 

848,750 
(18,119,552)       
(277,658)       
13,375 
20,249,780 
3,383,500 

(76,263)       
- 
5,860,068 
58,401 
1,800,981 

480,109 
(13,271,268) 
599,712 
106,030 
(29,369,975) 
(4,601,295) 
(513,051) 
152,555 
4,540,583 
(279,857) 
216,501 

(332,251)       
(2,372,032)       
(215,014)       

562,019 
(20,226,384) 
(60,461) 
      619,336,831 
(45,382,523) 

      667,182,815 

(52,044,071)       

      615,138,744 

      573,954,308 
(Continued) 

 
 
 
 
 
 
 
 
 
   
   
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2019 

2018 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisitions of: 

Financial instruments at fair value through profit or loss 
Financial assets at fair value through other comprehensive income 
Financial assets at amortized cost 
Property, plant and equipment 
Intangible assets 

Proceeds from disposal or redemption of: 

Financial instruments at fair value through profit or loss - debt 

instruments 

Financial assets at fair value through other comprehensive income 
Financial assets at amortized cost 
Property, plant and equipment   
Intangible assets 

Proceeds from return of capital of investments in equity instruments at 

fair value through other comprehensive income 

Derecognition of hedging financial instruments 
Interest received 
Proceeds from government grants - property, plant and equipment 
Proceeds from government grants - land use right and others 
Other dividends received 
Dividends received from investments accounted for using equity 

method 

Refundable deposits paid 
Refundable deposits refunded 

(124,748)      $ 

    $ 
      (257,558,240)       
(313,958)       

(310,478) 
(96,412,786) 
(2,294,098) 
      (460,422,150)        (315,581,881) 
(7,100,306) 

(9,329,869)       

2,418,153 
      230,444,486 
14,349,190 
287,318 
- 

1,107 
(436,606)       

16,874,985 
2,565,338 
850,623 
320,242 

487,216 
86,639,322 
2,032,442 
181,450 
492 

127,878 
250,538 
14,660,388 
- 
- 
158,358 

1,718,954 
(1,465,766)       
1,019,294 

3,262,910 
(2,227,541) 
1,857,188 

Net cash used in investing activities 

      (458,801,647)        (314,268,908) 

31,804,302 
(34,900,000)       
(2,930,589)       
(3,597,145)       
62,203 
(701,269)       

23,922,975 
(58,024,900) 
- 
(3,233,331) 
1,668,887 
(1,948,106) 
      (259,303,805)        (207,443,044) 
10,141 
(77,413) 

4,006 
(75,869)       

     (269,638,166)       (245,124,791) 
(Continued) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Increase in short-term loans 
Repayment of bonds 
Repayment of the principal portion of lease liabilities 
Interest paid 
Guarantee deposits received 
Guarantee deposits refunded 
Cash dividends 
Donation from shareholders 
Decrease in non-controlling interests 

Net cash used in financing activities 

- 14 -

 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
 
   
   
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2019 

2018 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 

EQUIVALENTS 

    $ 

(9,114,196)      $ 

9,862,296 

NET INCREASE (DECREASE) IN CASH AND CASH 

EQUIVALENTS 

      (122,415,265)       

24,422,905 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

      577,814,601 

      553,391,696 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $  455,399,336 

    $  577,814,601 

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

- 15 -

 
 
 
 
 
 
 
 
 
     
 
     
 
 
     
 
     
 
 
     
 
     
 
 
     
 
     
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

  1.  GENERAL 

Taiwan Semiconductor Manufacturing Company Limited (TSMC), a Republic of China (R.O.C.) corporation, 
was incorporated on February 21, 1987. TSMC is a dedicated foundry in the semiconductor industry which 
engages  mainly in the  manufacturing, selling, packaging, testing  and  computer-aided design  of  integrated 
circuits and other semiconductor devices and the manufacturing of masks. 

On September 5, 1994, TSMC’s shares were listed on the Taiwan Stock Exchange (TWSE). On October 8, 
1997, TSMC listed some  of its shares  of stock on the New York Stock Exchange (NYSE) in the form  of 
American Depositary Shares (ADSs). 

The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science 
Park, Taiwan. The principal operating activities of TSMC’s subsidiaries are described in Note 4. 

  2.  THE AUTHORIZATION OF FINANCIAL STATEMENTS 

The accompanying consolidated financial statements were approved and authorized for issue by the Board of 
Directors on February 11, 2020. 

  3.  APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING 

STANDARDS   

a.  Initial application of the amendments to the Regulations Governing the Preparation of Financial Reports 
by  Securities  Issuers  and  the  International  Financial  Reporting  Standards  (IFRS),  International 
Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, 
“IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC) 

Except for the  following, the initial  application of  the  amendments to the  Regulations  Governing the 
Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed and issued into effect by 
the FSC did not have a significant effect on TSMC and its subsidiaries’ (collectively as the “Company”) 
accounting policies: 

1)  IFRS 16 “Leases” 

IFRS  16  sets  out  the  accounting  standards  for  leases  that  supersedes  IAS  17  “Leases”,  IFRIC  4 
“Determining whether an Arrangement contains a Lease”, and a number of related interpretations. 
Refer to Note 4 for information relating to the relevant accounting policies. 

Definition of a lease 

The Company applies the guidance of IFRS 16 in determining whether contracts are, or contain, a 
lease only to contracts entered into (or changed) on or after January 1, 2019. Contracts identified as 
containing a lease under IAS 17 and IFRIC 4 are not reassessed and are accounted for in accordance 
with the transitional provisions under IFRS 16. 

- 16 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company as lessee 

Except for payments for short-term leases which are recognized as expenses on a straight-line basis, 
the  Company  recognizes  right-of-use  assets  and lease liabilities  for  all leases  on the  consolidated 
balance sheets. On the consolidated statements of comprehensive income, the Company presents the 
depreciation expense charged on right-of-use assets separately from the interest expense accrued on 
lease  liabilities,  which  is  computed  using  the  effective  interest  method.  On  the  consolidated 
statements of cash flows, cash payments for both the principal portion and the interest portion of lease 
liabilities are classified within financing activities. 

The Company applies IFRS 16 retrospectively with the cumulative effect of the initial application 
recognized at the date of initial application but does not restate comparative information. 

Leases  agreements  classified  as  operating  leases  under  IAS  17,  except  for  short-term  leases,  are 
measured  at  the  present  value  of  the  remaining  lease  payments,  discounted  using  the  lessee’s 
incremental borrowing rate on January 1, 2019. Right-of-use assets are measured at an amount equal 
to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments. Right-of-use 
assets are subject to impairment testing under IAS 36. 

The Company  applied the  following  practical expedients to  measure right-of-use  assets  and lease 
liabilities on January 1, 2019: 

a)  The  Company  applied  a  single  discount  rate  to  a  portfolio  of  leases  with  reasonably  similar 

characteristics to measure lease liabilities. 

b)  The Company accounted for those leases for which the lease term ends on or before December 

31, 2019 as short-term leases. 

c)  Except for lease payments, the Company excluded incremental costs of obtaining the lease from 

right-of-use assets on January 1, 2019. 

d)  The Company determined lease terms (e.g. lease periods) based on the projected status on January 

1, 2019, to measure lease liabilities. 

The weighted average lessee’s incremental borrowing rate  used by the Company to calculate lease 
liabilities recognized  on January  1, 2019 is  1.46%. The  reconciliation between the lease liabilities 
recognized and the future minimum lease payments of non-cancellable operating lease on December 
31, 2018 is presented as follows: 

The future minimum lease payments of non-cancellable operating lease on 

December 31, 2018 

Less: Recognition exemption for short-term leases 

Undiscounted gross amounts on January 1, 2019 

Discounted using the incremental borrowing rate on January 1, 2019 
Add: Adjustments as a result of a different treatment of extension and purchase 

options 

Lease liabilities recognized on January 1, 2019 

     $  20,849,585 
(3,189,821) 

    $  17,659,764 

     $  16,465,599 

3,438,016 

    $  19,903,615 

- 17 -

 
 
 
 
 
 
 
 
 
 
 
 
      
 
   
 
   
      
 
   
 
The Company as lessor 

Except for sublease transactions, the Company does not make any adjustments for leases in which it 
is a lessor, and accounts for those leases under IFRS 16 starting from January 1, 2019. On the basis 
of the remaining contractual terms and conditions on January 1, 2019, all of the Company’s subleases 
are classified as operating leases. 

Impact on assets, liabilities and equity on January 1, 2019 

Carrying 
Amount as of 
December 31, 
2018 

Adjustments 
Arising from 
Initial 
Application 

Adjusted 
Carrying 
Amount as of 
January 1, 2019 

Other current assets     
Right-of-use assets 
Other noncurrent assets     

Total effect on assets 

     $  5,406,423 
- 
1,584,647 

Accrued expenses and other current 

liabilities 

Lease liabilities - noncurrent   
Other noncurrent liabilities   

       61,760,619 
- 
1,950,989 

     $ 
       20,082,875 

(118,242)       $  5,288,181 
       20,082,875 
1,507,476 

(77,171)        

     $  19,887,462 

     $  2,627,334 
       17,269,317 

       64,387,953 
       17,269,317 
1,941,800 

(9,189)        

Total effect on liabilities 

Total effect on equity 

     $  19,887,462 

     $ 

- 

b.  Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers for 
application starting from 2020 and the IFRSs issued by International Accounting Standards Board (IASB) 
and endorsed by the FSC with effective date starting 2020 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IFRS 3 “Definition of a Business” 
Amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark 

January 1, 2020 (Note 1) 
January 1, 2020 (Note 2) 

Reform” 

Amendments to IAS 1 and IAS 8 “Definition of Material” 

January 1, 2020 (Note 3) 

Note 1:  The Company shall apply these amendments to business combinations for which the acquisition 
date is on or after the beginning of the first annual reporting period beginning on or after January 
1, 2020 and to asset acquisitions that occur on or after the beginning of that period. 

Note 2:  The  Company  shall  apply  these  amendments  retrospectively  for  annual  reporting  periods 

beginning on or after January 1, 2020. 

Note 3:  The  Company  shall  apply  these  amendments  prospectively  for  annual  reporting  periods 

beginning on or after January 1, 2020. 

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c.  The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

 To be determined by IASB 

between an Investor and its Associate or Joint Venture” 

Amendments to IAS 1 “Classification of Liabilities as Current or Non-

January 1, 2022 

current” 

As  of  the  date  the  accompanying  consolidated  financial  statements  were  authorized  for  issue,  the 
Company continues in evaluating the impact on its financial position and financial performance as a result 
of  the  initial  adoption  of  the  aforementioned  standards  or  interpretations.  The  related  impact  will  be 
disclosed when the Company completes the evaluation. 

  4.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

For the convenience of readers, the accompanying consolidated financial statements have been translated into 
English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between 
the English version and the original Chinese version or any difference in the interpretation of the two versions, 
the Chinese-language consolidated financial statements shall prevail. 

Statement of Compliance 

The accompanying consolidated financial statements have been prepared in conformity with the Regulations 
Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed by the FSC 
with the effective dates (collectively, “Taiwan-IFRSs”). 

Basis of Preparation   

The accompanying consolidated financial statements have been prepared on the historical cost basis except 
for  financial  instruments  that  are  measured  at  fair  values,  as  explained  in  the  accounting  policies  below. 
Historical cost is generally based on the fair value of the consideration given in exchange for the assets. 

Basis of Consolidation   

The basis for the consolidated financial statements 

The consolidated financial statements incorporate the financial statements of TSMC and entities controlled 
by TSMC (its subsidiaries).   

Income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of 
comprehensive  income  from  the  effective  date  of  acquisition  and  up  to  the  effective  date  of  disposal,  as 
appropriate. Total comprehensive income of subsidiaries is attributed to the shareholders of the parent and to 
the non-controlling interests even if this results in the non-controlling interests having a deficit balance. 

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting 
policies into line with those used by the Company. 

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 

Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control 
over  the  subsidiaries  are  accounted  for  as  equity  transactions.  The  carrying  amounts  of  the  Company’s 
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the 
subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the 

- 19 -

 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
fair value of the consideration paid or received is recognized directly in equity and attributed to shareholders 
of the parent. 

When the Company loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated 
as the difference between: 

a. 

the aggregate of the fair value of consideration received and the fair value of any retained interest at the 
date when control is lost; and 

b.  the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any 

non-controlling interest. 

The Company  shall account  for  all  amounts  recognized in  other  comprehensive income in relation to the 
subsidiary on the same basis as would be required if the Company had directly disposed of the related assets 
and liabilities. 

The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded 
as the cost on initial recognition of an investment in an associate. 

The subsidiaries in the consolidated financial statements 

The detail information of the subsidiaries at the end of reporting period was as follows: 

Establishment 
and Operating 
Location 

Percentage of Ownership 

December 31,   
2019 

December 31, 
2018 

Note 

Name of Investor 

Name of Investee 

Main Businesses and Products 

TSMC 

  TSMC North America 

  Selling and marketing of integrated 
circuits and other semiconductor 
devices 

  TSMC Europe B.V. (TSMC 

  Customer service and supporting 

Europe) 

  TSMC Japan Limited (TSMC 

Japan) 

activities 
Customer service and supporting 
activities 

San Jose, California, 
U.S.A. 

Amsterdam, the 
Netherlands 
Yokohama, Japan 

  TSMC Korea Limited (TSMC 

  Customer service and supporting 

Seoul, Korea 

Korea) 

activities 

  TSMC Partners, Ltd. (TSMC 

Investing in companies involved in the 

Partners) 

design, manufacture, and other 
related business in the semiconductor 
industry and other investment 
activities 

Tortola, British 
Virgin Islands 

  TSMC Global, Ltd. (TSMC 

Investment activities 

Global) 

  TSMC China Company 

  Manufacturing, selling, testing and 

Tortola, British 
Virgin Islands 
  Shanghai, China 

Limited (TSMC China) 

computer-aided design of integrated 
circuits and other semiconductor 
devices 

  TSMC Nanjing Company 

  Manufacturing, selling, testing and 

  Nanjing, China 

100% 

100% 

Limited (TSMC Nanjing) 

  VisEra Technologies Company 

Ltd. (VisEra Tech) 

computer-aided design of integrated 
circuits and other semiconductor 
devices 

  Engaged in manufacturing electronic 
spare parts and in researching, 
developing, designing, 
manufacturing, selling, packaging 
and testing of color filter 

  Hsin-Chu, Taiwan 

87% 

87% 

  VentureTech Alliance Fund II, 

Investing in new start- up technology 

  Cayman Islands 

L.P. (VTAF II) 

companies 

  VentureTech Alliance Fund III, 

Investing in new start- up technology 

  Cayman Islands 

L.P. (VTAF III) 

companies 

TSMC Partners 

  TSMC Solar Europe GmbH 

  TSMC Development, Inc. 
(TSMC Development) 

  TSMC Technology, Inc. 
(TSMC Technology) 
  TSMC Design Technology 

Canada Inc. (TSMC Canada) 

InveStar Semiconductor 

Development Fund, Inc. 
(ISDF) 

InveStar Semiconductor 

Development Fund, Inc. (II) 
LDC. (ISDF II) 

TSMC Development 

  WaferTech, LLC (WaferTech) 

  Selling of solar related products and 
providing customer service 

Investing in companies involved in the 
manufacturing related business in the 
semiconductor industry 
  Engineering support activities 

  Hamburg, Germany 

  Delaware, U.S.A. 

  Delaware, U.S.A. 

  Engineering support activities 

  Ontario, Canada 

Investing in new start- up technology 

  Cayman Islands 

companies 

Investing in new start- up technology 

  Cayman Islands 

97% 

97% 

a) , d) 

companies 

  Manufacturing, selling and testing of 
integrated circuits and other 
semiconductor devices 

  Washington, U.S.A. 

100% 

100% 

VTAF III 

  Growth Fund Limited (Growth 

Investing in new start- up technology 

  Cayman Islands 

100% 

100% 

Fund) 

companies 

- 20 -

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

98% 

98% 

- 

100% 

100% 

100% 

97% 

98% 

98% 

100% 

100% 

100% 

100% 

97% 

- 

a) 

a) 

a) 

a) 

- 

- 

b) 

- 

a) 

a) 

a) , c) 

- 

a) 

a) 

a) , d) 

- 

a) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note a:  This is an immaterial subsidiary for which the consolidated financial statements are not audited by the Company’s independent auditors. 

Note b:  Under the  investment agreement entered  into with the  municipal  government of Nanjing, China, the Company will  make an  investment  in Nanjing  in  the amount of approximately US$3 

billion to establish a subsidiary operating a 300mm wafer fab with the capacity of 20,000 12- inch wafers per month, and a design service center. 

Note c:  TSMC Solar Europe GmbH has completed the liquidation procedures in March 2019. 

Note d:  The subsidiary is under liquidation procedures. 

Foreign Currencies 

The financial statements of each individual consolidated entity were expressed in the currency which reflected 
its primary economic environment (functional currency). The functional currency of TSMC and presentation 
currency  of  the  consolidated  financial  statements  are  both  New  Taiwan  Dollars  (NT$).  In  preparing  the 
consolidated financial statements, the operating results and financial positions of each consolidated entity are 
translated into NT$. 

In preparing the financial statements of each individual consolidated entity, transactions in currencies other 
than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing 
at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign 
currencies are retranslated at the rates prevailing at that date. Such exchange differences are recognized in 
profit or loss in the year in which they arise. Non-monetary items measured at fair value that are denominated 
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. 
Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the 
year except for exchange differences arising on the retranslation of non-monetary items in respect of which 
gains  and  losses  are  recognized  directly  in  other  comprehensive  income,  in  which  case,  the  exchange 
differences  are  also  recognized  directly  in  other  comprehensive  income.  Non-monetary  items  that  are 
measured in terms of historical cost in foreign currencies are not retranslated. 

For the purposes of presenting consolidated financial statements, the assets and liabilities of the Company’s 
foreign operations are translated into NT$ using exchange rates prevailing at the end of each reporting period. 
Income and expense items are translated at the average exchange rates for the period. Exchange differences 
arising, if any, are recognized in other comprehensive income and accumulated in equity (attributed to non-
controlling interests as appropriate). 

Classification of Current and Noncurrent Assets and Liabilities 

Current  assets  are  assets  held  for  trading  purposes  and  assets  expected  to  be  converted  to  cash,  sold  or 
consumed within one year from the end of the reporting period. Current liabilities are obligations incurred 
for trading  purposes  and  obligations expected to be  settled  within  one  year  from the  end  of the reporting 
period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. 

Cash Equivalents 

Cash equivalents,  for the purpose  of  meeting  short-term  cash  commitments,  consist  of highly liquid time 
deposits and investments that are readily convertible to known amounts of cash and which are subject to an 
insignificant risk of changes in value. 

Financial Instruments 

Financial  assets  and liabilities  shall  be  recognized  when the Company  becomes  a  party to the  contractual 
provisions of the instruments. 

Financial  assets  and  liabilities  are  initially  recognized  at  fair  values.  Transaction  costs  that  are  directly 
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets 
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the 
financial  assets  or  financial  liabilities,  as  appropriate,  on  initial  recognition.  Transaction  costs  directly 
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are 
recognized immediately in profit or loss.   

- 21 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Assets 

The  classification  of  financial  assets  depends  on  the  nature  and  purpose  of  the  financial  assets  and  is 
determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized 
and derecognized on a trade date or settlement date basis for which financial assets were classified in the 
same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require 
delivery of assets within the time frame established by regulation or convention in the marketplace. 

a.  Category of financial assets and measurement   

Financial assets are classified into the following categories:  financial assets at FVTPL, investments in 
debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost.   

1)  Financial asset at FVTPL 

For certain financial assets which include debt instruments that do not meet the criteria of amortized 
cost or FVTOCI, it is mandatorily required to measure them at FVTPL. Any gain or loss arising from 
remeasurement  is  recognized  in  profit  or  loss.  The  net  gain  or  loss  recognized  in  profit  or  loss 
incorporates any interest earned on the financial asset.   

2)  Investments in debt instruments at FVTOCI 

Debt instruments with contractual terms specifying that cash flows are solely payments of principal 
and interest  on the principal  amount  outstanding, together  with  objective of  collecting  contractual 
cash flows and selling the financial assets, are measured at FVTOCI. 

Interest income calculated using the effective interest method, foreign exchange gains and losses and 
impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit or 
loss.  Other  changes  in  the  carrying  amount  of  these  debt  instruments  are  recognized  in  other 
comprehensive  income  and  will  be  reclassified  to  profit  or  loss  when  these  debt  instruments  are 
disposed.   

3)  Investments in equity instruments at FVTOCI 

On initial  recognition, the  Company  may  irrevocably  designate investments  in equity investments 
that is not held for trading as at FVTOCI. 

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and 
losses arising from changes in fair value recognized in other comprehensive income and accumulated 
in other equity. 

Dividends  on these investments in equity instruments  at  FVTOCI  are  recognized  in  profit  or loss 
when the Company’s right to receive the dividends is established, unless the Company’s rights clearly 
represent a recovery of part of the cost of the investment.   

4)  Measured at amortized cost 

Cash  and  cash equivalents, debt instrument investments,  notes  and  accounts  receivable (including 
related parties), other receivables and refundable deposits are measured at amortized cost. 

Debt instruments with contractual terms specifying that cash flows are solely payments of principal 
and interest on the principal amount outstanding, together with objective of holding financial assets 
in order to collect contractual cash flows, are measured at amortized cost. 

- 22 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsequent  to  initial  recognition,  financial  assets  measured  at  amortized  cost  are  measured  at 
amortized cost, which equals to carrying amount determined by the effective interest method less any 
impairment loss. 

b.  Impairment of financial assets 

At the end of each reporting period, a loss allowance for expected credit loss is recognized for financial 
assets at amortized cost (including accounts receivable) and for investments in debt instruments that are 
measured at FVTOCI.   

The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit 
losses. For financial assets at amortized cost and investments in debt instruments that are measured at 
FVTOCI,  when  the  credit  risk  on the financial instrument  has  not increased  significantly since initial 
recognition,  a loss  allowance is recognized  at  an  amount equal  to expected  credit loss  resulting  from 
possible default events of a financial instrument within 12 months after the reporting date. If, on the other 
hand,  there  has  been  a  significant  increase  in  credit  risk  since  initial  recognition,  a  loss  allowance  is 
recognized at an amount equal to expected credit loss resulting from all possible default events over the 
expected life of a financial instrument. 

The  Company  recognizes  an  impairment  loss  in  profit  or  loss  for  all  financial  instruments  with  a 
corresponding  adjustment  to  their  carrying  amount  through  a  loss  allowance  account,  except  for 
investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized 
in other comprehensive income and does not reduce the carrying amount of the financial asset. 

c.  Derecognition of financial assets 

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the 
financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards 
of ownership of the financial asset to another entity.   

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s 
carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. 
On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset’s 
carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss 
that had been recognized in  other  comprehensive income is recognized in  profit  or loss.  However, on 
derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss that had 
been  recognized  in  other  comprehensive  income  is  transferred  directly  to  retained  earnings,  without 
recycling through profit or loss. 

Financial Liabilities and Equity Instruments 

Classification as debt or equity 

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity 
in accordance with the substance of the contractual  arrangements and the definitions of a financial liability 
and an equity instrument. 

Equity instruments 

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting 
all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net 
of direct issue costs. 

- 23 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial liabilities 

Financial liabilities are subsequently measured either at amortized cost using effective interest method or at 
FVTPL. 

Financial liabilities are classified as at fair value through profit or loss when the financial liability is either 
held for trading or is designated as at fair value through profit or loss.   

Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising 
on remeasurement recognized in profit or loss. 

Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently 
measured at amortized cost at the end of each reporting period. 

Derecognition of financial liabilities 

The  Company  derecognizes  financial  liabilities  when,  and  only  when,  the  Company’s  obligations  are 
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability 
derecognized and the consideration paid and payable is recognized in profit or loss. 

Derivative Financial Instruments 

Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are 
entered into  and are subsequently  remeasured to their  fair  value  at the end of each  reporting period. The 
resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is 
designated and effective as a hedging instrument, in which event the timing of the recognition in profit or 
loss depends on the nature of the hedge relationship. 

Hedge Accounting 

a.  Fair value hedge 

The Company designates certain hedging instruments, such as interest rate futures contracts, to partially 
hedge against the fair value change caused by interest rates fluctuation in the Company’s fixed income 
investments. Changes in the fair value of hedging instrument that are designated and qualify as fair value 
hedges are recognized in profit or loss immediately, together with any changes in the fair value of the 
hedged items that are attributable to the hedged risk. 

b.  Cash flow hedge 

The Company designates certain hedging instruments, such as forward exchange contracts and foreign 
currency  deposits,  to  partially  hedge  its  foreign  exchange  rate  risks  associated  with  certain  highly 
probable forecast transactions (capital expenditures). The effective portion of changes in the fair value of 
hedging  instruments  is  recognized  in  other  comprehensive  income.  When  the  forecast  transactions 
actually take place, the associated gains or losses that were recognized in other comprehensive income 
are removed from equity and included in the initial cost of the hedged items. The gains or losses from 
hedging instruments relating to the ineffective portion are recognized immediately in profit or loss. 

The Company prospectively discontinues hedge accounting only when the hedging relationship ceases to 
meet the qualifying criteria; for instance when the hedging instrument expires or is sold, terminated or 
exercised.   

Inventories 

Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost 
and adjusted to approximate weighted-average cost  at the end of the reporting period. Net realizable value 

- 24 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
represents the estimated selling price of inventories less all estimated costs of completion and costs necessary 
to make the sale. 

Investments Accounted for Using Equity Method 

Investments accounted for using the equity method are investments in associates. 

An associate is an entity over which the Company has significant influence and that is neither a subsidiary 
nor  a joint venture. Significant influence is the  power to participate in the  financial  and operating  policy 
decisions of the investee but is not control or joint control over those policies. 

The operating results and assets and liabilities of associates are incorporated in these consolidated financial 
statements using the equity method of accounting. Under the equity method, an investment in an associate is 
initially  recognized  in  the  consolidated  statements  of  financial  position  at  cost  and  adjusted  thereafter  to 
recognize the Company’s share of profit or loss and other comprehensive income of the associate  as well as 
the distribution received. The Company also recognizes its share in the changes in the equities of associates. 

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, 
liabilities  and  contingent  liabilities  of  an  associate  recognized  at  the  date  of  acquisition  is  recognized  as 
goodwill,  which is included  within the  carrying amount  of the investment.  Any excess of the Company’s 
share  of  the  net  fair  value  of  the  identifiable  assets,  liabilities  and  contingent  liabilities  over  the  cost  of 
acquisition, after reassessment, is recognized immediately in profit or loss. 

When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment 
as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) 
with  its  carrying  amount.  Any  impairment  loss  recognized  forms  part  of  the  carrying  amount  of  the 
investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of 
the investment subsequently increases. 

The Company discontinues the use of the equity method from the date when  the Company ceases to have 
significant influence over an associate. When the Company retains an interest in the former associate, the 
Company measures the retained interest at fair value at that date. The difference between the carrying amount 
of the associate at the date the equity method was discontinued, and the fair value of any retained interest and 
any proceeds from disposing of a part interest in the associate is included in the determination of the gain or 
loss on disposal of the associate. In addition, the Company shall account for all amounts recognized in other 
comprehensive income in relation to that associate on the same basis as would be required if the associate 
had directly disposed of the related assets or liabilities. If the Company’s ownership interest in an associate 
is  reduced  as  a  result  of  disposal,  but  the  investment  continues  to  be  an  associate,  the  Company  should 
reclassify to profit  or loss  only  a  proportionate  amount  of the  gain  or loss  previously recognized in other 
comprehensive income. 

When the Company subscribes to additional shares in an associate at a percentage different from its existing 
ownership  percentage,  the  resulting  carrying  amount  of  the  investment  differs  from  the  amount  of  the 
Company’s proportionate interest in the net assets of the associate. The Company records such a difference 
as an adjustment to investments with the corresponding amount charged or credited to capital surplus. If the 
Company’s ownership interest is reduced due to the additional subscription to the shares of associate by other 
investors,  the  proportionate  amount  of  the  gains  or  losses  previously  recognized  in  other  comprehensive 
income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required 
if the associate had directly disposed of the related assets or liabilities. 

When a consolidated entity transacts with an associate, profits and losses resulting from the transactions with 
the associate are recognized in the Company’s consolidated financial statements only to the extent of interests 
in the associate that are not owned by the Company. 

- 25 -

 
 
 
 
 
 
 
 
 
     
 
 
 
 
Property, Plant and Equipment 

Property,  plant  and  equipment  are  measured  at  cost  less  accumulated  depreciation  and  accumulated 
impairment.  Costs  include  any  incremental  costs  that  are  directly  attributable  to  the  construction  or 
acquisition of the item of property, plant and equipment. 

Property, plant and equipment in the course of construction for production, supply or administrative purposes 
are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories 
of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, 
on the same basis as other identical categories of property, plant and equipment, commences when the assets 
are available for their intended use. 

Depreciation is recognized so as to write off the cost of the assets less their residual values over their useful 
lives, and it is computed using the straight-line method mainly over the following estimated useful lives: land 
improvements - 20 years; buildings (assets used by the Company and assets subject to operating leases) - 10 
to 20 years; machinery and equipment - 5 years; and office equipment - 5 years. The estimated useful lives, 
residual values and depreciation method are reviewed at the end of each reporting period, with the effect of 
any changes in estimates accounted for on a prospective basis. Land is not depreciated. 

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits 
are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement 
of an item of property, plant and equipment is determined as the difference between the sales proceeds and 
the carrying amount of the asset and is recognized in profit or loss. 

Leases 

2019 

For a contract that contains a lease component and non-lease component, the Company may elect to account 
for the lease and non-lease components as a single lease component. 

The Company as lessor 

Rental income from operating lease is recognized on a straight-line basis over the term of the lease. 

The Company as lessee 

Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment 
and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use 
assets and lease liabilities for all leases at the commencement date of the lease. 

Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of 
lease liabilities adjusted for lease payments made at or before the commencement date, plus an estimate of 
costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated 
depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease 
term modifications or other related factors. Right-of-use assets are presented separately in the consolidated 
balance sheets. 

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier 
of the end of the useful lives of the right-of-use assets or the end of the lease terms.  If the lease transfers 
ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use 
assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use 
assets from the commencement dates to the end of the useful lives of the underlying assets. 

- 26 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease liabilities  are  measured  at the  present  value of the lease  payments.  Lease  payments  comprise fixed 
payments, variable lease payments which depend on an index or a rate  and the exercise price of a purchase 
option if the Company is reasonably certain to exercise that option. The lease payments are discounted using 
the lessee’s incremental borrowing rates. 

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest 
expense recognized over the lease terms. When there is a change in a lease term, a change in future lease 
payments resulting from a change in an index or a rate used to determine those payments, or a change in the 
assessment of an option to purchase an underlying asset, the Company remeasures the lease liabilities with a 
corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the 
consolidated balance sheets. 

Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods 
in which they are incurred. 

2018 

Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and 
rewards of ownership to the lessee. All other leases are classified as operating leases. 

The Company as lessor 

Rental income from operating leases is recognized on a straight-line basis over the term of the lease. 

The Company as lessee 

Operating lease payments are recognized as an expense on a straight-line basis over the lease term. 

Intangible Assets 

Goodwill 

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of 
the business less accumulated impairment losses, if any. 

Other intangible assets 

Other  separately  acquired  intangible  assets  with  finite  useful  lives  are  carried  at  cost  less  accumul ated 
amortization and accumulated impairment losses. Amortization is recognized using the straight-line method 
over the following estimated useful lives: Technology license fees - the estimated life of the technology or 
the term of the technology transfer contract; software and system design costs - 3 years or contract period; 
patent and others - the economic life or contract period. The estimated useful life and amortization method 
are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted 
for on a prospective basis. 

Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets 

Goodwill 

Goodwill is not amortized and instead is tested for impairment annually, or more frequently when there is an 
indication that the cash generating unit may be impaired. For the purpose of impairment testing, goodwill is 
allocated to each of the Company’s cash-generating units or groups of cash-generating units that are expected 
to benefit from the synergies of the combination. If the recoverable amount of a cash-generating unit is less 
than  its  carrying  amount,  the  difference  is  allocated  first  to  reduce  the  carrying  amount  of  any  goodwill 
allocated to such cash generating unit and then to the other assets of the cash generating unit pro rata based 
on  the  carrying  amount  of  each  asset  in  the  cash  generating  unit.  Any  impairment  loss  for  goodwill  is 

- 27 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent 
periods. 

Tangible assets, right-of-use assets and other intangible assets 

At the end of each reporting period, the Company reviews the carrying amounts of its tangible  assets (property, 
plant  and  equipment),  right-of-use  assets  and  other  intangible  assets  to  determine  whether  there  is  any 
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible 
to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of 
the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can 
be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are 
allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis 
can be identified. 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, 
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current  market  assessments  of  the  time  value  of  money  and  the  risks  specific  to  the  asset  for  which  the 
estimates of future cash flows have not been adjusted. 

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, 
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment 
loss is recognized immediately in profit or loss. 

When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit 
is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognized for 
the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately 
in profit or loss. 

Guarantee Deposit 

Guarantee deposit mainly consists of cash received under deposit agreements with customers to ensure they 
have access to the Company’s specified capacity; and as guarantee of accounts receivable to ensure payment 
from customers. Cash  received from  customers is  recorded  as  guarantee deposit upon  receipt.  Guarantee 
deposits are refunded to customers when terms and conditions set forth in the deposit agreements have been 
satisfied. 

Revenue Recognition 

The Company recognizes revenue when performance obligations are satisfied. The performance obligations 
are satisfied when customers obtain control of the promised goods which is generally when the goods are 
delivered to the customers’ specified locations. 

Revenue from sale of goods is measured at the fair value of the consideration received or receivable. Revenue 
is reduced for estimated customer returns, rebates and other similar allowances. Estimated sales returns and 
other  allowances  is  generally  made  and  adjusted  based  on  historical  experience  and  the  consideration  of 
varying contractual terms to recognize refund liabilities, which is classified under accrued expenses and other 
current liabilities. 

In principle, payment term granted to customers is due 30 days from the invoice date or 30 days from the end 
of the month of when the invoice is issued. Due to the short term nature of the receivables from sale of goods 
with the immaterial discounted effect, the Company measures them at the original invoice amounts without 
discounting. 

- 28 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Benefits 

Short-term employee benefits 

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount 
of the benefits expected to be paid in exchange for service rendered by employees. 

Retirement benefits 

For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense 
when the employees have rendered service entitling them to the contribution. For defined benefit retirement 
benefit plans, the cost of providing benefit is recognized based on actuarial calculations.   

Defined  benefit  costs  (including  service  cost,  net  interest  and  remeasurement)  under  the  defined  benefit 
retirement  benefit  plans  are  determined  using  the  Projected  Unit  Credit  Method.  Service  cost  (including 
current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee 
benefits expense in the period  they occur.  Remeasurement,  comprising  actuarial  gains  and losses  and the 
return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which 
they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained 
earnings and will not be reclassified to profit or loss.   

Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan. 

Taxation 

Income tax expense represents the sum of the tax currently payable and deferred tax. 

Current tax 

Income  tax  on  unappropriated  earnings  (excluding  earnings  from  foreign  consolidated  subsidiaries)  is 
expensed in the year the shareholders approved the appropriation of earnings which is the year subsequent to 
the year the earnings are generated. 

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.  

Deferred tax 

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in 
the  consolidated  financial  statements  and the  corresponding  tax  bases  used in the  computation of taxable 
profit. Deferred tax liabilities  are  generally  recognized for  all taxable temporary  differences. Deferred tax 
assets are generally recognized for all deductible temporary differences, net operating loss carryforwards and 
tax credits for research and development expenses to the extent that it is probable that taxable profits will be 
available against which those deductible temporary differences can be utilized.   

Deferred  tax  liabilities  are  recognized  for  taxable  temporary  differences  associated  with  investments  in 
subsidiaries  and  associates,  except  where  the  Company  is  able  to  control  the  reversal  of  the  temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred 
tax assets arising from deductible temporary differences associated with such investments are only recognized 
to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits 
of the temporary differences and they are expected to reverse in the foreseeable future. 

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the 
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the 
deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed 
at the end of each  reporting  period  and recognized to the extent that it is probable that sufficient  taxable 
profits will be available to allow all or part of the deferred tax asset to be recovered. 

- 29 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which 
the liability is settled  or the  asset is realized,  based on tax rates (and tax laws) that  have  been enacted  or 
substantively enacted by the end of the reporting period. The  measurement of  deferred tax liabilities  and 
assets reflects the tax consequences that would follow from the manner in which the Company expects, at the 
end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.  

Current and deferred tax for the year 

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized 
in  other  comprehensive income  or directly in equity,  in  which  case, the  current  and  deferred  tax  are  also 
recognized in other comprehensive income or directly in equity, respectively. 

Government Grants 

Government grants are not recognized until there is reasonable assurance that the Company will comply with 
the conditions attaching to them and that the grants will be received. 

Government grants whose primary condition is that the Company should purchase, construct or otherwise 
acquire  noncurrent  assets  (mainly  including  land  use  right  and  depreciable  assets)  are  recognized  as  a 
deduction  from  the  carrying  amount  of  the  related  assets  and  recognized  as  a  reduced  depreciation  or 
amortization charge in profit or loss over the contract period or useful lives of the related assets. Government 
grants  that  are  receivables  as  compensation  for  expenses  already  incurred  are  deducted  from  incurred 
expenses in the period in which they become receivables. 

  5.  CRITICAL  ACCOUNTING  JUDGMENTS  AND  KEY  SOURCES  OF  ESTIMATION  AND 

UNCERTAINTY 

In the application of the aforementioned Company’s accounting policies, the Company is required to make 
judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily 
apparent from other sources. The estimates and associated assumptions are based on historical experience 
and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The  estimates  and  underlying  assumptions  are  reviewed  on  an  ongoing  basis.  Revisions  to  accounting 
estimates are recognized in the year in which the estimate is revised if the revision affects only that  year, or 
in the year of the revision and future years if the revision affects both current and future years. 

Critical Accounting Judgments 

Revenue Recognition 

The Company recognizes revenue when the conditions described in Note 4 are satisfied. 

Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment 
under Installation and Construction in Progress (EUI/CIP) 

As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the 
assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are 
available  for  their  intended  use  involves  subjective  judgements  and  assumptions  about  the  conditions 
necessary for the assets to be capable of operating in the intended manner. 

Judgments on Lease Terms   

In  determining  a lease term, the  Company  considers  all  facts  and  circumstances that  create  an economic 
incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances 

- 30 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
from  the  commencement  date  until  the  exercise  date  of  the  option.  Main  factors  considered  include 
contractual terms and conditions covered by the optional periods, and the importance of the underlying asset 
to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are 
within the control of the Company occurs. 

Key Sources of Estimation and Uncertainty 

Estimation of Sales Returns and Allowances 

Sales  returns  and  other  allowance  is  estimated  and  recorded  based  on  historical  experience  and  in 
consideration of different contractual terms. The amount is deducted from revenue in the same period the 
related revenue is recorded. The Company periodically reviews the reasonableness of the estimates.  

Valuation of Inventory 

Inventories are stated at the lower of cost or net realizable value, and the Company uses estimate to determine 
the net realizable value of inventory at the end of each reporting period. 

The  Company  estimates  the  net  realizable  value  of  inventory  for  normal  waste,  obsolescence  and 
unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable 
value.    The  net  realizable  value  of  the  inventory  is  determined  mainly  based  on  assumptions  of  future 
demand within a specific time horizon. 

Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets Other than Goodwill 

In the process  of evaluating the potential impairment  of tangible  assets, right-of-use  assets  and intangible 
assets other than goodwill, the Company determines the independent cash flows, useful lives, expected future 
revenue  and  expenses  related  to  the  specific  asset  groups  with  the  consideration  of  the  nature  of 
semiconductor industry. Any change in these estimates based on changed economic conditions or business 
strategies could result in significant impairment charges or reversal in future years. 

Realization of Deferred Income Tax Assets 

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available 
against which those deferred tax assets can be utilized. Assessment of the realization of the deferred tax assets 
requires subjective judgment and estimate, including the future revenue growth and profitability, tax holidays, 
the  amount of tax  credits  can  be  utilized  and  feasible tax  planning  strategies.  Any  changes in the  global 
economic  environment,  the  industry  trends  and  relevant  laws  and  regulations  could  result  in  significant 
adjustments to the deferred tax assets. 

Determination of Lessees’ Incremental Borrowing Rates 

In  determining  a  lessee’s  incremental  borrowing  rate  used  in  discounting  lease  payments,  the  Company 
mainly takes into account the market risk-free rates, the estimated lessee’s credit spreads and secured status 
in a similar economic environment. 

  6.  CASH AND CASH EQUIVALENTS 

Cash and deposits in banks 
Government bonds 
Commercial paper 
Repurchase agreements collateralized by corporate bonds 

December 31, 
2019 

December 31, 
2018 

    $  452,734,378 
2,188,149 
476,809 
- 

    $  575,825,502 
- 
759,499 
1,229,600 

    $  455,399,336 

    $  577,814,601 

- 31 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
 
   
   
          
Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of 
cash and were subject to an insignificant risk of changes in value. 

  7.  FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 

Financial assets 

Mandatorily measured at FVTPL 
Forward exchange contracts 
Convertible bonds 
Agency mortgage-backed securities 

Financial liabilities 

Held for trading 

Forward exchange contracts 

December 31, 
2019 

December 31, 
2018 

     $ 

162,155 
123,759 
40,925 

     $ 

85,303 
- 
       3,419,287 

     $ 

326,839 

     $  3,504,590 

     $ 

982,349 

     $ 

40,825 

The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign 
exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, 
the Company did not apply hedge accounting treatment for these forward exchange contracts. 

Outstanding forward exchange contracts consisted of the following: 

Maturity Date 

Contract Amount 
(In Thousands) 

December 31, 2019 

Sell NT$/Buy EUR 
Sell NT$/Buy JPY 
Sell US$/Buy JPY 
Sell US$/Buy RMB 
Sell US$/Buy NT$ 
Sell JPY/Buy US$ 

December 31, 2018 

Sell NT$/Buy EUR 
Sell NT$/Buy JPY 
Sell US$/Buy EUR 
Sell US$/Buy JPY 
Sell US$/Buy RMB 
Sell US$/Buy NT$ 
Sell RMB/Buy US$ 

January 2020 to June 2020 
January 2020 to March 2020 
January 2020 
January 2020 
January 2020 to March 2020 
January 2020 to February 2020 

  NT$84,690,438/EUR2,509,000 
  NT$23,737,589/JPY85,600,000 
US$6,209/JPY678,000 

  US$497,000/RMB3,493,919 

US$26,000/NT$786,989 
JPY57,471,581/US$526,368 

January 2019 to March 2019 
January 2019 to March 2019 
January 2019 
January 2019 
January 2019 
January 2019 to February 2019 
January 2019 

  NT$18,545,854/EUR527,000 
  NT$4,757,858/JPY17,200,000 
US$495/EUR434 

  US$175,591/JPY19,389,014 
  US$318,000/RMB2,188,747 
  US$127,000/NT$3,908,635 
RMB667,539/US$97,000 

- 32 -

 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
      
      
      
 
   
   
         
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
 
 
 
 
 
 
 
 
 
 
   
   
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
  8.  FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 

Investments in debt instruments at FVTOCI 

Agency bonds/Agency mortgage-backed securities 
Corporate bonds 
Government bonds 
Asset-backed securities 
Commercial paper 

Investments in equity instruments at FVTOCI 
Non-publicly traded equity investments 
Publicly traded stocks 

Current 
Noncurrent 

December 31, 
2019 

December 31, 
2018 

    $  51,966,460 
51,790,045 
12,824,223 
10,815,849 
- 
      127,396,577 

    $  31,288,762 
40,753,582 
11,151,359 
15,670,295 
107,590 
98,971,588 

4,124,337 
- 
4,124,337 

3,910,681 
590,152 
4,500,833 

    $  131,520,914 

    $  103,472,421 

    $  127,396,577 
4,124,337 

    $  99,561,740 
3,910,681 

    $  131,520,914 

    $  103,472,421 

These  investments  in  equity  instruments  are  held  for  medium  to  long-term  purposes  and  therefore  are 
accounted for as FVTOCI. 

For the years ended December 31, 2019 and 2018, as the Company adjusted its investment portfolio or the 
non-publicly  traded  investee  was  merged,  equity  investments  designated  at  FVTOCI  were  divested  for 
NT$873,470 thousand and NT$840,605 thousand, respectively. The related other equity-unrealized gain/loss 
on financial  assets  at FVTOCI  of NT$156,770 thousand  and NT$1,193,056 thousand  were transferred to 
increase and decrease retained earnings, respectively. 

For dividends from equity investments designated as at FVTOCI recognized, please refer to Note 24. All the 
dividends are from investments held at the end of the reporting period. 

As of December 31, 2019 and 2018, the cumulative loss allowance for expected credit loss of NT$35,596 
thousand  and  NT$29,723  thousand  are  recognized  under  investments  in  debt  instruments  at  FVTOCI, 
respectively.  Refer to Note 32 for information relating to their credit risk management and expected credit 
loss. 

  9.  FINANCIAL ASSETS AT AMORTIZED COST 

Corporate bonds 
Commercial paper 
Less: Allowance for impairment loss 

Current 
Noncurrent 

- 33 -

December 31, 
2019 

December 31, 
2018 

     $  7,651,727 
- 
(2,929)        

     $  19,519,941 
2,294,098 
(8,147) 

     $  7,648,798 

     $  21,805,892 

     $ 

299,884 
7,348,914 

     $  14,277,615 
7,528,277 

     $  7,648,798 

     $  21,805,892 

 
 
 
 
 
 
 
 
 
 
 
   
   
     
     
     
     
     
     
     
     
         
     
   
   
     
     
     
     
         
     
     
 
   
   
                 
 
   
   
     
     
 
   
   
                 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
 
   
   
         
 
   
   
      
      
 
   
   
         
Refer to Note 32 for information relating to credit risk management and expected credit loss for financial 
assets at amortized cost. 

10.  HEDGING FINANCIAL INSTRUMENTS 

Financial assets- current 

Fair value hedges   

Interest rate futures contracts   

Cash flow hedges   

Forward exchange contracts 

Financial liabilities- current 

Fair value hedges   

Interest rate futures contracts   

Cash flow hedges   

Forward exchange contracts 

Fair value hedge 

December 31, 
2019 

December 31, 
2018 

 $  22,380 

 $ 

- 

3,504 

23,497 

    $ 

25,884 

    $ 

23,497 

 $ 

- 

 $  153,891 

1,798 

1,941 

 $ 

1,798 

 $  155,832 

The Company entered into interest rate futures contracts, which are used to partially hedge against the fair 
value changes caused by interest rates fluctuation in the Company’s fixed income investments. The hedge 
ratio is adjusted in response to the changes in the financial market and capped at 100%. 

On  the  basis  of  economic  relationships,  the  Company  expects  that  the  value  of  the  interest  rate  futures 
contracts  and  the  value  of  the  hedged  financial  assets  will  change  in  opposite  directions  in  response  to 
movements in interest rates. 

The  main  source  of  hedge  ineffectiveness  in  these  hedging  relationships  is  the  credit  risk  of  the  hedged 
financial assets, which is not reflected in the fair value of the interest rate futures contracts. No other sources 
of ineffectiveness emerged from these hedging relationships. Amount of hedge ineffectiveness recognized in 
profit or loss is classified under other gains and losses. 

The following tables summarize the information relating to the hedges of interest rate risk. 

December 31, 2019 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

US treasury bonds interest rate futures contracts  

US$122,200 

March 2020 

- 34 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
   
   
   
   
   
   
   
   
   
  
   
  
 
   
   
         
 
   
   
   
   
 
   
   
   
   
   
   
   
   
   
  
   
  
 
   
   
         
   
   
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

   $  7,364,727 

   $ 

(22,380) 

December 31, 2018 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

US treasury bonds interest rate futures contracts  

US$330,300 

March 2019 

Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

$ 23,229,530 

   $ 

(13,508) 

The effect for the years ended December 31, 2019 and 2018 is detailed below: 

Hedging Instruments/Hedged Items 

Increase 
(Decrease) in Value Used for 
Calculating Hedge Ineffectiveness 
Years Ended December 31 

2019 

2018 

Hedging Instruments 

US treasury bonds interest rate futures contracts 

 $ (164,740) 

 $  11,460 

Hedged Items 

Financial assets at FVTOCI 

Cash flow hedge 

   177,831 

(13,846) 

 $  13,091 

 $ 

(2,386) 

The  Company  entered  into  forward  exchange  contracts  and  foreign  currency  deposits  to  partially  hedge 
foreign  exchange  rate  risks  associated  with  certain  highly  probable  forecast  transactions  (capital 
expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 
100%. The forward exchange contracts have maturities of 12 months or less. 

On the basis of economic relationships, the Company expects that the value of forward exchange contracts  
and  foreign  currency  deposits  and  the  value  of  hedged  transactions  will  change  in  opposite  directions  in 
response to movements in foreign exchange rates. 

The  main  source  of  hedge  ineffectiveness  in  these  hedging  relationships  is  driven  by  the  effect  of  the 
counterparty’s own credit risk on the fair value of forward exchange contracts and foreign currency deposits. 
No other sources of ineffectiveness emerged from these hedging relationships. For the years ended December 
31,  2019  and 2018,  refer to Note  21(d) for  gain or loss  arising from  changes in the  fair value of  hedging 
instruments and the amount transferred to initial carrying amount of hedged items. 

- 35 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
  
 
   
   
         
   
   
 
 
 
 
 
 
 
The following tables summarize the information relating to the hedges for foreign currency risk. 

December 31, 2019 

Hedging Instruments 

Forward exchange contracts 

December 31, 2018 

Hedging Instruments 

Forward exchange contracts 

Contract Amount 
(In Thousands) 

  Maturity 

Balance in 
Other Equity 
(Continuing 
Hedges) 

NT$1,342,392 
/EUR40,000 

  January 2020 

 $  (3,820) 

Contract Amount 
(In Thousands) 

  Maturity 

Balance in 
Other Equity 
(Continuing 
Hedges) 

NT$ 3,917,657 
/EUR 112,000 

  February 2019 to 
April 2019 

 $  23,601 

The effect for the years ended December 31, 2019 and 2018 is detailed below: 

Hedging Instruments/Hedged Items 

Hedging Instruments 

Forward exchange contracts 
Foreign currency deposits 

Increase 
(Decrease) in Value Used for 
Calculating Hedge 
Ineffectiveness 
Years Ended December 31 

2019 

2018 

 $ (109,592) 
-  

 $  34,563 
6,412  

 $ (109,592) 

 $  40,975 

Hedged Items 

Forecast transaction (capital expenditures) 

 $  109,592 

 $  (40,975) 

11.  NOTES AND ACCOUNTS RECEIVABLE, NET 

December 31, 
2019 

December 31, 
2018 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

    $  135,978,049      $  125,025,575 
(7,253) 
      135,652,724        125,018,322 
3,595,069 

3,255,865       

(325,325)      

    $  138,908,589      $  128,613,391 

- 36 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
  
   
  
 
   
   
         
   
   
 
   
   
   
 
   
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
         
     
 
   
   
         
 
 
 
The  Company  signed  a  contract  with  the  bank  to  sell  certain  accounts  receivable  without  recourse  and 
transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within 
a business model whose objective is achieved by both collecting contractual cash flows and selling financial 
assets. 

In principle, the payment term granted to customers is due 30 days from the invoice date or 30 days from the 
end of the month when the invoice is issued. Aside from recognizing impairment loss  for credit-impaired 
accounts  receivable,  the  Company  recognizes  loss  allowance  based  on  the  expected  credit  loss  ratio  of 
customers  by  different  risk  levels  with  consideration  of  factors  of  historical  loss  ratios  and  customers’ 
financial conditions, competitiveness  and business outlook. For accounts receivable past due over 90 days 
without collaterals or guarantees, the Company recognizes loss allowance at full amount. 

Aging analysis of notes and accounts receivable 

Not past due 
Past due   

Past due within 30 days 
Past due 31-60 days 
Past due 61-120 days 
Past due over 121 days 

Less: Loss allowance 

  December 31, 
2019 

  December 31, 

2018 

    $  126,134,762 

    $  113,126,484 

13,082,080 
12,794 
1,033 
3,245 
(325,325)       

15,006,461 
472,833 
9,451 
5,415 
(7,253) 

    $  138,908,589 

    $  128,613,391 

All of the Company’s accounts receivable classified as at FVTOCI were not past due. 

Movements of the loss allowance for accounts receivable 

Balance, beginning of year 
Provision (Reversal) 
Effect of exchange rate changes 

Balance, end of year 

Years Ended December 31 

2019 

2018 

7,253 
 $ 
   318,290 
(218) 

 $  226,968 
   (219,714) 
(1) 

 $  325,325 

 $ 

7,253 

For the  years ended December  31,  2019  and 2018, the  changes in loss  allowance  were mainly due to  the 
variations in the expected credit loss ratios and the balance of accounts receivable of different risk levels. 

12.  INVENTORIES 

Finished goods 
Work in process 
Raw materials 
Supplies and spare parts 

December 31, 
2019 

December 31, 
2018 

    $ 

8,924,541 
51,969,105 
16,552,275 
5,535,275 

     $  11,329,802 
       72,071,861 
       15,233,877 
4,595,436 

    $  82,981,196 

     $ 103,230,976 

- 37 -

 
 
 
 
 
 
 
   
   
   
   
   
     
   
     
   
     
   
     
     
 
   
   
         
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
  
   
  
 
   
   
   
   
 
 
 
 
 
 
 
 
   
   
     
     
     
      
 
   
   
         
 
Reversal of write-down of inventories resulting from the increase in net realizable value and write-down of 
inventories to net realizable value were included in the cost of revenue, as illustrated below: 

Years Ended December 31 

2019 

2018 

Inventory losses (reversal of write-down of inventories) 

     $ (1,983,048) 

     $  1,259,472 

The aforementioned  inventory losses (reversal of write-down of inventories) exclude wafer contamination 
losses and computer virus outbreak losses. Please refer to related losses in Note 37. 

13.  INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 

Associates consisted of the following: 

Name of Associate 

Principal Activities 

Place of   
Incorporation and 
Operation 

Carrying Amount 

  % of Ownership and Voting Rights Held 
by the Company 

December 31, 
2019 

December 31, 
2018 

December 31, 
2019 

December 31, 
2018 

Vanguard International 

  Manufacturing, selling, packaging, 

  Hsinchu, Taiwan 

    $ 

9,027,572 

    $ 

9,006,126 

28% 

28% 

Semiconductor Corporation 
(VIS) 

Systems on Silicon 

Manufacturing Company Pte 
Ltd. (SSMC) 
Xintec Inc. (Xintec) 

Global Unichip Corporation 

(GUC) 

Mutual-Pak 

testing and computer-aided design of 
integrated circuits and other 
semiconductor devices and the 
manufacturing and design service of 
masks 

  Manufacturing and selling of integrated 
circuits and other semiconductor 
devices 

  Wafer level chip size packaging and 
wafer level post passivation 
interconnection service 
  Researching, developing, 

manufacturing, testing and 
marketing of integrated circuits 
  Manufacturing of electronic parts, 
wholesaling and retailing of 
electronic materials, and 
researching, developing and testing 
of RFID 

  Singapore 

6,502,174 

5,772,815 

  Taoyuan, Taiwan 

1,846,145 

1,764,607 

  Hsinchu, Taiwan 

1,284,377 

1,299,423 

  New Taipei, Taiwan 

38,520 

22,867 

 39% 

 41% 

35% 

 28% 

39% 

41% 

35% 

39% 

    $  18,698,788 

    $  17,865,838 

As of December 31, 2019 and 2018, no investments in associates are individually material to the Company.   
Please refer to the consolidated statements of comprehensive income for  recognition of share of both profit 
(loss) and other comprehensive income (loss) of associates that are not individually material. 

The  market  prices  of  the  investments  accounted  for  using  the  equity  method  in  publicly  traded  stocks 
calculated by the closing price at the end of the reporting period are summarized as follows. The closing price 
represents the quoted price in active markets, the level 1 fair value measurement. 

Name of Associate 

VIS 
GUC 
Xintec 

December 31, 
2019 

December 31, 
2018 

     $  36,812,923 
     $  11,251,774 
     $  8,958,195 

     $  27,621,298 
     $  9,617,699 
     $  3,783,585 

- 38 -

 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
     
 
     
 
 
 
 
     
 
     
 
 
 
 
     
       
 
 
 
 
 
     
 
 
 
                             
       
 
 
 
                             
 
 
 
 
 
 
 
 
 
 
   
 
   
 
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
14.  PROPERTY, PLANT AND EQUIPMENT 

2019 

Assets used by the Company 
Assets subject to operating leases 

a.  Assets used by the Company 

December 31, 
2019 

  $ 1,352,313,861 
63,544 

  $ 1,352,377,405 

Land and Land 
Improvements 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Cost 

Balance at January 1, 2019 
Additions 
Disposals or retirements 
Transfers from right-of-use 

assets 

Effect of disposal of 

subsidiary 

Effect of exchange rate 

changes 

     $ 

4,011,353 
- 
- 

   $  418,151,675 
21,448,528 

(158,970 )   

   $ 2,728,760,127 
179,798,420 
(17,381,538 )   

   $ 

48,382,279 
7,415,036 
(1,043,398 )        

     $  172,910,989 
355,621,089 
- 

   $ 3,372,216,423 
564,283,073 
(18,583,906 ) 

- 

- 

- 

- 

619,779 

- 

- 

(508 ) 

- 

- 

619,779 

(508 ) 

(19,555 )   

(1,366,170 )   

(5,173,820 )   

(142,045 )        

(236,992 )   

(6,938,582 ) 

Balance at December 31, 2019       $ 

3,991,798 

   $  438,075,063 

   $ 2,886,622,968 

   $ 

54,611,364 

     $  528,295,086 

   $ 3,911,596,279 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2019 
Additions   
Disposals or retirements 
Transfers from right-of-use 

assets 

Reversal of impairment 
Effect of disposal of 

subsidiary 

Effect of exchange rate 

changes 

     $ 

550,575 
1,633 
- 

   $  217,899,243 
26,026,642 

(144,402 )   

   $ 2,049,278,908 
246,724,229 
(12,880,817 )   

   $ 

     $ 

32,525,129 
6,012,497 
(1,042,131 )        

- 
- 

- 

- 
- 

- 

20,659 
(301,384 )   

- 
- 

- 

(508 ) 

(13,518 )   

(722,093 )   

(4,575,652 )   

(76,592 )        

Balance at December 31, 2019       $ 

538,690 

   $  243,059,390 

   $ 2,278,265,943 

   $ 

37,418,395 

     $ 

- 
- 
- 

- 
- 

- 

- 

- 

   $ 2,300,253,855 
278,765,001 
(14,067,350 ) 

20,659 
(301,384 ) 

(508 ) 

(5,387,855 ) 

   $ 2,559,282,418 

Carrying amounts at 

December 31, 2019 

     $ 

3,453,108 

   $  195,015,673 

   $  608,357,025 

   $ 

17,192,969 

     $  528,295,086 

   $ 1,352,313,861 

The significant part of the Company’s buildings includes main  plants, mechanical and electrical power 
equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 
20 years, 10 years and 10 years, respectively. 

In  the  first  quarter  of  2019,  the  Company  recognized  a  reversal  of  impairment  loss  of  NT$301,384 
thousand due to redeployment of certain idle machinery and equipment. Such reversal of impairment loss 
was recognized in other operating income and expenses. 

- 39 -

 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
      
 
    
 
    
 
    
      
 
    
      
 
 
    
    
 
    
      
 
 
 
 
 
    
 
    
      
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
    
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
      
 
    
 
    
 
    
      
 
    
      
 
    
    
    
 
    
      
 
    
 
    
 
    
 
    
 
    
      
 
    
 
    
    
      
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
 
    
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
b.  Assets subject to operating leases 

Cost 

Balance at January 1, 2019 

Balance at December 31, 2019 

Accumulated depreciation 

Balance at January 1, 2019 
Additions   

Balance at December 31, 2019 

Carrying amounts at December 31, 2019 

Buildings 

 $  562,610 

 $  562,610 

 $  474,899 
24,167 

 $  499,066 

 $  63,544 

Operating leases relate to leases of buildings with lease terms between 1 to 5 years. The lessees do not 
have purchase options to acquire the assets at the expiry of the lease periods. 

The maturity analysis of operating lease payments receivable for the buildings is as follows: 

December 31, 
2019 

$  18,450 
   16,992 
   16,992 

 $  52,434 

Land and Land 
Improvements 

Buildings 

Machinery and 
Equipment 

  Office Equipment   

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Year 1 
Year 2 
Year 3 

2018 

Cost 

Balance at January 1, 2018 
Additions 
Disposals or retirements 
Effect of exchange rate changes 

   $ 

3,983,243 
- 
- 
28,110 

   $  379,134,613 
40,396,404 

   $ 2,487,752,265 
247,042,281 

   $ 

(410,891 )   
(405,841 )   

(5,972,482 )   
(61,937 )   

42,391,516 
6,773,376 
(790,793 )   
8,180 

   $  167,353,490 

5,812,340     

- 

(254,841 )   

   $ 3,080,615,127 
300,024,401 
(7,174,166 ) 
(686,329 ) 

Balance at December 31, 2018 

   $ 

4,011,353 

   $  418,714,285 

   $ 2,728,760,127 

   $ 

48,382,279 

   $  172,910,989 

   $ 3,372,779,033 

Accumulated depreciation and   
    impairment 

Balance at January 1, 2018 
Additions   
Disposals or retirements 
Impairment 
Effect of exchange rate changes 

   $ 

510,498 
20,900 
- 
- 
19,177 

   $  194,446,521 
24,293,366 

   $ 1,795,448,842 
258,195,315 

   $ 

(398,955 )   

- 

33,210     

(4,773,589 )   
423,468 
(15,128 )   

   $ 

27,666,944 
5,615,316 
(789,993 )   

- 
32,862 

- 
- 
- 
- 
-     

   $ 2,018,072,805 
288,124,897 
(5,962,537 ) 
423,468 
70,121   

Balance at December 31, 2018 

   $ 

550,575 

   $  218,374,142 

   $ 2,049,278,908 

   $ 

32,525,129 

   $ 

- 

   $ 2,300,728,754 

Carrying amounts at December 31, 

2018 

   $ 

3,460,778 

   $  200,340,143 

   $  679,481,219 

   $ 

15,857,150 

   $  172,910,989 

   $ 1,072,050,279 

The  significant  part  of  the  Company’s  buildings  includes  main  plants,  mechanical  and  electrical  power 
equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 
years, 10 years and 10 years, respectively. 

- 40 -

 
 
 
 
 
 
 
 
   
 
 
   
 
 
 
   
 
 
   
   
 
   
   
   
   
 
   
   
   
   
 
   
   
   
   
   
   
  
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
   
 
 
   
   
   
   
   
   
 
   
   
  
         
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
    
 
    
 
 
    
    
    
 
    
 
    
 
    
    
    
 
    
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
 
    
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2018, the Company recognized an impairment loss of NT$423,468 thousand 
for certain machinery and equipment that was assessed to have no future use, and the recoverable amount of 
certain machinery and equipment was nil. Such impairment loss was recognized in other operating income 
and expenses. 

15.  LEASE ARRANGEMENTS   

2019 

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Machinery and equipment 
Office equipment 

Additions to right-of-use assets 

Depreciation of right-of-use assets 

Land 
Buildings 
Machinery and equipment 
Office equipment 

Income from subleasing right-of-use assets (classified under 

other operating income and expenses, net) 

b.  Lease liabilities   

Carrying amounts 

December 31, 
2019 

    $  14,064,036 
2,351,809 
775,809 
40,748 

     $  17,232,402 

Year Ended 
December 31, 
2019 

    $  1,032,985 

Year Ended 
December 31, 
2019 

     $ 

957,065 
458,772 
       1,184,374 
22,453 

     $  2,622,664 

     $ 

55,026 

December 31, 
2019 

Current portion (classified under accrued expenses and other current liabilities) 
Noncurrent portion   

     $  2,275,084 
       15,041,833 

     $  17,316,917 

- 41 -

 
 
 
 
 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
      
   
      
   
      
 
   
   
         
   
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
   
 
 
     
 
 
 
 
      
 
 
 
 
      
 
 
 
   
         
 
 
 
 
 
   
 
 
  
 
 
 
 
   
   
 
   
 
   
         
Ranges of discount rates for lease liabilities are as follows: 

Land 
Buildings 
Machinery and equipment 
Office equipment 

c.  Material terms of right-of-use assets 

December 31, 
2019 

  0.67%-2.14% 
  0.67%-3.88% 

3.24% 

  0.64%-3.88% 

The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 to 
36 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted 
every  2  years  on  the  basis  of  changes  in  announced  land  value  prices.  The  Company  does  not  have 
purchase options to acquire the leasehold land and buildings at the end of the lease terms. 

The Company leases  machinery  and equipment for  use in  operation  with  lease terms of  2  years. The 
Company has purchase  options  to  acquire leasehold  machinery  and equipment  at  the end  of the lease 
terms. 

d.  Subleases of right-of-use assets 

The Company subleases its right-of-use assets for buildings under operating leases with lease terms of 1 
to 5 years.   

The maturity analysis of lease payments receivable under operating subleases is as follows: 

Year 1 
Year 2 

e.  Other lease information 

Expenses relating to short-term leases   
Expenses relating to low-value asset leases 
Expenses relating to variable lease payments not included in the 

measurement of lease liabilities 

Total cash outflow for leases 

- 42 -

December 31, 
2019 

  $ 

58,569 
1,885 

  $ 

60,454 

Year Ended 
December 31, 
2019 

     $  5,007,057 
492 
     $ 

   $ 

195,062 

Year Ended 
December 31, 
2019 

     $  7,724,421 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
   
 
 
   
 
   
 
 
 
 
   
 
 
  
         
   
 
 
 
 
   
 
 
   
   
   
   
   
 
 
 
 
 
 
 
   
   
      
 
 
 
2018 

The Company’s major operating leases are arrangements on several parcels of land, machinery and equipment 
and office premises. 

The Company expensed the lease payments as follows: 

Minimum lease payments 

Future minimum lease payments under non-cancellable operating leases are as follows: 

Not later than 1 year 
Later than 1 year and not later than 5 years 
Later than 5 years 

Year Ended 
December 31, 
2018 

   $  4,243,091 

December 31, 
2018 

     $  5,824,119 
5,834,884 
9,190,582 

     $  20,849,585 

16.  INTANGIBLE ASSETS 

Cost 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Balance at January 1, 2019 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

5,795,488 
- 
- 
(102,112) 

     $  10,974,458 
4,879,562 
- 
931 

     $ 

     $  29,594,483 
3,710,381 
(260,904)        
(19,950)        

7,656,524 
647,755 
- 
(1,283) 

     $  54,020,953 
9,237,698 
(260,904) 
(122,414) 

Balance at December 31, 2019 

     $ 

5,693,376 

     $  15,854,951 

     $  33,024,010 

     $ 

8,302,996 

     $  62,875,333 

Accumulated amortization and   
    impairment 

Balance at January 1, 2019 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

Balance at December 31, 2019 

     $ 

- 
- 
- 
- 

- 

     $ 

8,756,005 
1,066,834 
- 
931 

     $ 

     $  23,023,498 
3,747,343 
(258,527)        
(10,247)        

5,239,313 
658,232 
- 
(1,077) 

     $  37,018,816 
5,472,409 
(258,527) 
(10,393) 

     $ 

9,823,770 

     $  26,502,067 

     $ 

5,896,468 

     $  42,222,305 

Carrying amounts at December 31, 2019 

     $ 

5,693,376 

     $ 

6,031,181 

     $ 

6,521,943 

     $ 

2,406,528 

     $  20,653,028 
(Continued) 

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Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2018 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

5,648,702 
- 
- 
146,786 

     $  10,443,257 
533,669 
- 
(2,468)        

     $  25,186,218 
4,601,885 
(186,671)        
(6,949)        

     $ 

5,716,146 
1,969,439 
(31,183) 
2,122  

     $  46,994,323 
7,104,993 
(217,854) 
139,491 

Balance at December 31, 2018 

     $ 

5,795,488 

     $  10,974,458 

     $  29,594,483 

     $ 

7,656,524 

     $  54,020,953 

Accumulated amortization and   
    impairment 

Balance at January 1, 2018 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

Balance at December 31, 2018 

     $ 

- 
- 
- 
- 

- 

     $ 

7,694,857 
1,063,616 
- 
(2,468)        

     $  20,376,693 
2,835,265 
(186,615)        
(1,845)        

     $ 

4,747,633 
522,524 
(31,183) 
339  

     $  32,819,183 
4,421,405 
(217,798) 
(3,974) 

     $ 

8,756,005 

     $  23,023,498 

     $ 

5,239,313 

     $  37,018,816 

Carrying amounts at December 31, 2018 

     $ 

5,795,488 

     $ 

2,218,453 

     $ 

6,570,985 

     $ 

2,417,211 

     $  17,002,137 
(Concluded) 

The Company’s goodwill has been tested for impairment at the end of the annual reporting  period and the 
recoverable amount is determined based on the value in use. The value in use was calculated based on the 
cash flow forecast from the financial budgets covering the future five-year period, and the Company used 
annual  discount  rates  of  8.0%  and  9.0%  in  its  test  of  impairment  as  of  December  31,  2019  and  2018, 
respectively, to reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2019 and 2018, the Company did not recognize any impairment loss on 
goodwill. 

17.  SHORT-TERM LOANS 

Unsecured loans 

Amount 

Original loan content 
US$ (in thousands) 
EUR (in thousands) 
Annual interest rate 
Maturity date 

18.  BONDS PAYABLE 

Domestic unsecured bonds 
Less: Current portion 

December 31, 
2019 

December 31, 
2018 

     $ 118,522,290 

     $  88,754,640 

     $  2,370,000 
1,410,000 
  0.01%-2.22% 
  Due by May 
2020 

     $  2,610,000 
242,000 
  0.01%-3.22% 
  Due by January 

2019 

December 31, 
2019 

December 31, 
2018 

    $  56,900,000 

(31,800,000)       

    $  91,800,000 
(34,900,000) 

    $  25,100,000 

    $  56,900,000 

- 44 -

 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
      
      
      
      
      
      
      
      
      
      
      
      
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
      
 
      
 
      
 
      
 
      
 
      
 
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
   
   
   
   
      
      
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

100-1 

100-2 

101-1 

101-2 

101-3 

101-4 

102-1 

102-2 

102-3 

102-4 

B 

B 

B 

B 

- 

A 

B 

C 

A 

B 

C 

A 
B 
B 

C 

D 

E 

F 

  September 2011 to 
September 2018 

  January 2012 to 
January 2019 
  August 2012 to 
August 2019 
  September 2012 to 
September 2019 

  October 2012 to 
October 2022 
  January 2013 to 
January 2018 
  January 2013 to 
January 2020 
  January 2013 to 
January 2023 
  February 2013 to 
February 2018 
  February 2013 to 
February 2020 
  February 2013 to 
February 2023 

    $  7,500,000 

1.63% 

  Bullet repayment; 
interest payable 
annually 

7,000,000 

1.46% 

  The same as above 

9,000,000 

1.40% 

  The same as above 

9,000,000 

1.39% 

  The same as above 

4,400,000 

1.53% 

  The same as above 

      10,600,000 

1.23% 

  The same as above 

       10,000,000 

1.35% 

  The same as above 

3,000,000 

1.49% 

  The same as above 

6,200,000 

1.23% 

  The same as above 

      11,600,000 

1.38% 

  The same as above 

3,600,000 

1.50% 

  The same as above 

  July 2013 to July 2020        10,200,000 
3,500,000 
  July 2013 to July 2023       
8,500,000 
  August 2013 to 
August 2019 
  September 2013 to 
March 2019 

1,400,000 

1.50% 
1.70% 
1.52% 

1.60% 

  The same as above 
  The same as above 
  The same as above 

  Bullet repayment; 
interest payable 
annually (interest 
for the six months 
prior to maturity 
will accrue on the 
basis of actual days 
and be repayable at 
maturity) 

  September 2013 to 
March 2021 
  September 2013 to 
March 2023 
  September 2013 to 
September 2023 

2,600,000 

1.85% 

  The same as above 

5,400,000 

2.05% 

  The same as above 

2,600,000 

2.10% 

  Bullet repayment; 
interest payable 
annually 

- 45 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
     
 
 
     
 
 
     
 
 
 
 
 
 
 
 
     
 
 
     
 
 
 
 
 
 
     
 
 
 
 
 
 
 
     
 
 
    
 
 
 
     
 
 
 
     
 
 
 
     
 
 
 
 
The major terms of overseas unsecured bonds are as follows:   

Issuance Period 

Total Amount 
(US$   
in Thousands) 

  Coupon Rate 

Repayment and Interest 
Payment 

April 2013 to April 2018 

    US$1,150,000 

1.625% 

Bullet repayment; interest payable 

semi-annually 

19.  RETIREMENT BENEFIT PLANS 

a.  Defined contribution plans 

The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant 
to the Act, TSMC and VisEra Tech  have made monthly contributions equal to 6% of each employee’s 
monthly  salary  to  employees’  pension  accounts.  Furthermore,  TSMC  North  America,  TSMC  China, 
TSMC Nanjing, TSMC Europe, TSMC Canada and TSMC Technology also make monthly contributions 
at  certain  percentages  of  the  basic  salary  of  their  employees.  Accordingly,  the  Company  recognized 
expenses of NT$2,609,733 thousand and NT$2,568,945 thousand for the years ended December 31, 2019 
and 2018, respectively. 

b.  Defined benefit plans 

TSMC has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on 
an employee’s length of service and average monthly salary for the six-month period prior to retirement. 
The Company contributes an amount equal to 2% of salaries paid each month to their respective pension 
funds  (the  Funds),  which  are  administered  by  the  Labor  Pension  Fund  Supervisory  Committee  (the 
Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, 
the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate 
to pay retirement benefits for employees who conform to retirement requirements in the next year, the 
Company is required to fund the difference in one appropriation that should be made before the end of 
March of the next year. The Funds are operated and managed by the government’s designated authorities; 
as such, the Company does not have any right to intervene in the investments of the Funds. 

Amounts recognized in respect of these defined benefit plans were as follows: 

Current service cost 
Net interest expense 
Components of defined benefit costs recognized in profit or loss 
Remeasurement on the net defined benefit liability: 

Return on plan assets (excluding amounts included in net 

interest expense) 

Actuarial loss (gain) arising from experience adjustments 
Actuarial gain arising from changes in demographic 

assumptions 

Actuarial loss arising from changes in financial assumptions 

Components of defined benefit costs recognized in other 

Years Ended December 31 

2019 

2018 

     $ 

     $ 

135,645 
123,951 
259,596 

137,758 
144,108 
281,866 

(124,344) 
(438,009) 

(233,239) 
541,697 

(71,288) 
334,630 

- 
597,820 

comprehensive income 

(253,895) 

861,162 

Total 

     $ 

5,701 

     $  1,143,028 

- 46 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
   
   
      
      
      
      
      
      
      
      
      
      
 
   
   
 
 
 
The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the 
following categories: 

Cost of revenue 
Research and development expenses 
General and administrative expenses 
Marketing expenses 

Years Ended December 31 

2019 

2018 

 $  157,845 
72,686 
25,063 
4,002 

 $  177,772 
79,143 
20,591 
4,360 

 $  259,596 

 $  281,866 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2019 

December 31, 
2018 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  13,484,090 

(4,301,594)        

     $  13,662,684 
(4,011,279) 

Net defined benefit liability 

     $  9,182,496 

     $  9,651,405 

Movements in the present value of the defined benefit obligation were as follows: 

Balance, beginning of year 
Current service cost 
Interest expense 
Remeasurement: 

Years Ended December 31 

2019 

2018 

     $  13,662,684 
135,645 
175,401 

     $  12,774,593 
137,758 
207,804 

Actuarial loss (gain) arising from experience adjustments 
Actuarial gain arising from changes in demographic 

assumptions 

Actuarial loss arising from changes in financial assumptions 

Benefits paid from plan assets   
Benefits paid directly by the Company 

(438,009)        

334,630 

(233,239)        
541,697 
(344,131)        
(15,958)        

- 
597,820 
(274,326) 
(115,595) 

Balance, end of year 

     $  13,484,090 

     $  13,662,684 

Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Years Ended December 31 

2019 

2018 

     $  4,011,279 
51,450 

     $  3,923,889 
63,696 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

124,344 
458,652 
(344,131) 

71,288 
226,732 
(274,326) 

Balance, end of year 

     $  4,301,594 

     $  4,011,279 

- 47 -

 
 
 
 
 
 
 
 
 
   
   
   
   
   
  
   
  
   
  
   
  
   
  
   
  
 
   
   
         
   
   
 
 
 
 
 
 
   
   
      
 
   
   
 
 
 
 
 
 
 
 
   
   
      
      
      
      
      
 
      
 
      
      
      
      
      
      
 
   
   
 
 
 
 
 
 
 
 
   
   
      
      
   
   
      
      
      
      
      
      
 
   
   
 
The fair value of the plan assets by major categories at the end of reporting period was as follows:  

Cash 
Equity instruments 
Debt instruments 

December 31, 
2019 

December 31, 
2018 

  $  713,204 
       2,313,828 
       1,274,562 

     $ 
756,126 
       2,148,040 
       1,107,113 

     $  4,301,594 

     $  4,011,279 

The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified 
actuaries. The principal assumptions of the actuarial valuation were as follows: 

Discount rate 
Future salary increase rate 

Measurement Date 

December 31, 
2019 

December 31, 
2018 

0.90% 
3.00% 

1.30% 
3.00% 

Through the defined  benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to 
the following risks: 

1)  Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The 
investment is  conducted  at the discretion  of the  government’s designated  authorities or under the 
mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets 
shall not be less than the average interest rate on a two-year time deposit published by the local banks 
and the government is responsible for any shortfall in the event that the rate of return is less than the 
required rate of return. 

2)  Interest risk:  A decrease in the government bond interest rate will increase the present value of the 
defined benefit obligation; however, this will be partially offset by an increase in the return on the 
debt investments of the plan assets. 

Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a 
decrease of 0.5% in the discount rate and all other assumptions were held constant, the present value 
of the defined benefit obligation would increase by NT$724,963 thousand and NT$921,750 thousand 
as of December 31, 2019 and 2018, respectively. 

3)  Salary risk: The present value of the defined benefit obligation is calculated by reference to the future 
salaries of plan participants. As such, an increase in the salary of the plan participants will increase 
the present value of the defined benefit obligation. 

Assuming the expected salary rate increases by 0.5% at the end of the reporting period and all other 
assumptions were held constant, the present value of the defined benefit obligation would increase by 
NT$706,502 thousand and NT$901,629 thousand as of December 31, 2019 and 2018, respectively. 

The sensitivity analysis presented above may not be representative of the actual change in the defined 
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another 
as some of the assumptions may be correlated.   

- 48 -

 
 
 
 
 
 
 
   
   
   
 
   
   
         
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Furthermore,  in  presenting  the  above  sensitivity  analysis,  the  present  value  of  the  defined  benefit 
obligation has been calculated using the projected unit credit method at the end of the reporting period, 
which is the same as that applied in calculating the defined benefit obligation liability. 

The Company expects to make contributions of NT$230,864 thousand to the defined benefit plans in the 
next  year  starting  from  December  31,  2019.  The  weighted  average  duration  of  the  defined  benefit 
obligation is 10 years. 

20.  GUARANTEE DEPOSITS 

Capacity guarantee 
Receivables guarantee 
Others 

Current portion (classified under accrued expenses and other current 

liabilities) 

Noncurrent portion   

December 31, 
2019 

December 31, 
2018 

     $  1,499,400 
- 
230,481 

     $  9,289,628 
653,686 
245,731 

     $  1,729,881 

     $  10,189,045 

   $  1,552,977 
176,904 

   $  6,835,667 
3,353,378 

     $  1,729,881 

     $  10,189,045 

Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. 

21.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2019 

December 31, 
2018 

28,050,000 
    $  280,500,000 
25,930,380 
    $  259,303,805 

28,050,000 
    $  280,500,000 
25,930,380 
    $  259,303,805 

A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive 
dividends. 

The  authorized  shares  include  500,000  thousand  shares  allocated  for  the  exercise  of  employee  stock 
options. 

As of December 31, 2019, 1,065,122 thousand ADSs of TSMC were traded on the NYSE. The number 
of common shares represented by the ADSs was 5,325,610 thousand shares (one ADS represents five 
common shares). 

- 49 -

 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
 
   
   
         
 
   
   
 
 
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
   
   
     
     
     
     
 
 
 
 
 
 
b.  Capital surplus 

Additional paid-in capital 
From merger 
From convertible bonds 
From share of changes in equities of subsidiaries 
From share of changes in equities of associates   
Donations 

December 31, 
2019 

December 31, 
2018 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,234 
33,336 

     $  24,184,939 
       22,804,510 
8,892,847 
121,473 
282,820 
29,343 

     $  56,339,709 

     $  56,315,932 

Under the relevant laws, the capital surplus generated from donations and the excess of the issuance price 
over the par value of capital stock (including the stock issued for new capital, mergers and convertible 
bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus 
may be distributed as cash dividends or stock dividends up to a certain percentage of TSMC’s paid-in 
capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend 
of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from 
issuance of restricted shares for employees, such capital surplus may not be used for any purpose.  

c.  Retained earnings and dividend policy 

The amendments to TSMC’s Articles of Incorporation had been approved by TSMC’s shareholders in its 
meeting held on June 5, 2019, which stipulate that earnings distribution may be made on a quarterly basis 
after the close of each quarter. Distribution of earnings by way of cash dividends should be approved by 
TSMC’s Board of Directors and reported to TSMC’s shareholders in its meeting. 

TSMC’s  amended  Articles  of  Incorporation  provide  that,  when  allocating  earnings,  TSMC  shall  first 
estimate and reserve the taxes to be paid, offset its losses, set aside a legal capital reserve at 10% of the 
remaining earnings (until the accumulated legal capital reserve equals TSMC’s paid-in capital), then set 
aside  a special  capital  reserve in  accordance  with  relevant laws  or  regulations  or  as  requested  by the 
authorities in charge. Any balance left over shall be allocated according to relevant laws and the TSMC’s 
Articles of Incorporation. 

TSMC’s Articles of Incorporation also provide that profits of TSMC may be distributed by way of cash 
dividend and/or stock dividend. However, distribution of earnings shall be made preferably by way of 
cash dividend. Distribution of earnings may also be made by way of stock dividend, provided that the 
ratio for stock dividend shall not exceed 50% of the total distribution. 

The reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion 
in excess of 25% of the paid-in capital if the Company incurs no loss. 

Pursuant to existing regulations, the Company is required to set aside additional special capital reserve 
equivalent  to  the  net  debit  balance  of  the  other  components  of  stockholders’  equity,  such  as  the 
accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair 
value  through  other  comprehensive  income  financial  assets,  unrealized  valuation  gain  or  loss  from 
available-for-sale financial assets, gain or loss from changes in fair value of hedging instruments in cash 
flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special 
reserve appropriated may be reversed to the extent that the net debit balance reverses. 

- 50 -

 
 
 
 
 
 
 
   
   
      
      
      
      
      
      
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
 
The  appropriations  of  2018  and  2017  earnings  have  been  approved  by  TSMC’s  shareholders  in  its 
meetings held on June 5, 2019 and June 5, 2018, respectively. The appropriations and cash dividends per 
share were as follows: 

  Appropriation of Earnings 
  For Fiscal 
  Year 2017 

For Fiscal 
  Year 2018 

  Cash Dividends Per Share 

(NT$) 

  For Fiscal 
  Year 2018 

  For Fiscal 
  Year 2017 

Legal capital reserve 
Special capital reserve 
Cash dividends to shareholders    $207,443,044 

    $  34,311,148 
  $  35,113,088 
    $ (11,459,458)      $  26,907,527 
    $ 207,443,044 

$8.0 

  $8.0 

The appropriations of 2019 earnings for each quarter have been approved by TSMC’s Board of Directors 
in its meeting. The appropriations and cash dividends per share were as follows: 

Resolution Date of TSMC’s   
    Board of Directors in its 
    meeting 

  Fourth Quarter 
of 2019 
February 11,   
2020 

  $ 
Special capital reserve 
  $ 
Cash dividends to shareholders 
Cash dividends per share (NT$)    $ 

16,893,073 
64,825,951 
2.5 

d.  Others 

Changes in others were as follows: 

  Third Quarter    Second Quarter    First Quarter 
of 2019 
August 13,   
2019 

of 2019 
November 12, 
2019 

of 2019 
June 5,   
2019 

3,289,166      $ 

    $ 
    $  64,825,951      $  64,825,951 
2.5 
2.5      $ 
    $ 

(3,338,190)      $ 

(4,723,939) 
    $  51,860,761 
2.0 
    $ 

Year Ended December 31, 2019 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

Balance, beginning of year 
Exchange differences arising on translation of 

    $ (12,042,347) 

    $  (3,429,324)      $ 

23,601 

    $ 

(1,843)      $ (15,449,913) 

foreign operations 

    (14,693,561) 

- 

Unrealized gain (loss) on financial assets at 

-  

    (14,693,561) 

- 
- 

- 

- 

- 

4,598 

- 

- 

334,537 
3,097,329 

(162,118)       

(537,835)       

6,879 

- 

- 

- 

- 

- 
- 

- 

- 

- 

- 

(109,592) 

82,276 

FVTOCI 
Equity instruments 
Debt instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Cumulative unrealized gain (loss) of debt 

instruments transferred to profit or loss due 
to disposal 

Loss allowance adjustments from debt 

instruments   

Other comprehensive income transferred to 

profit or loss due to disposal of subsidiary 

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 

Share of other comprehensive income (loss) 

of associates 

Share of unearned stock-based employee 

compensation of associates 

Income tax effect 

(140,090) 

(11,903) 

(105) 

- 
- 

- 
9,476 

- 
- 

1,653 
- 

Balance, end of year 

    $ (26,871,400) 

    $ 

(692,959)      $ 

(3,820) 

    $ 

(190)      $ (27,568,369) 

- 51 -

- 
- 

- 

- 

- 

- 

-  

-  

-  

334,537 
3,097,329 

(162,118) 

(537,835) 

6,879 

4,598 

(109,592) 

82,276 

(152,098) 

1,653 
9,476 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
     
     
     
     
 
   
     
     
     
 
   
     
     
     
 
   
     
     
     
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
 
 
 
Year Ended December 31, 2018 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee   
Compensation 

Total 

Balance, beginning of year 
Exchange differences arising on translation of 

    $ (26,697,680) 

    $ 

(524,915)      $ 

4,226 

    $ 

(10,290)      $ (27,228,659) 

foreign operations 

    14,562,073  

-  

Unrealized gain (loss) on financial assets at 

FVTOCI 
Equity instruments 
Debt instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Cumulative unrealized gain (loss) of debt 

instruments transferred to profit or loss due 
to disposal 

Loss allowance adjustments from debt 

instruments   

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 

Share of other comprehensive income (loss) 

of associates 

Share of unearned stock-based employee 

compensation of associates 

Income tax effect 

- 
- 

- 

- 

- 

-  

-  

93,260  

-  
- 

(3,311,621)       
(1,858,054)       

1,193,056 

989,138 

(1,990)       

-  

- 
- 

- 

- 

- 

-  

-  

(6,766) 

-  
91,828 

40,975  

(22,162) 

- 

-  
562 

-  

    14,562,073  

- 
- 

- 

- 

- 

-  

-  

-  

8,447 
- 

(3,311,621) 
(1,858,054) 

1,193,056 

989,138 

(1,990) 

40,975  

(22,162) 

86,494  

8,447 
92,390 

Balance, end of year 

    $ (12,042,347) 

    $  (3,429,324)      $ 

23,601  

    $ 

(1,843)      $ (15,449,913) 

The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of 
its subsidiaries and associates. 

22.  NET REVENUE 

a.  Disaggregation of revenue from contracts with customers 

      Product 

Wafer 
Others 

      Geography 

Taiwan 
United States 
China 
Europe, the Middle East and Africa 
Japan 
Others 

Years Ended December 31 

2019 

2018 

    $  927,317,351      $  911,296,364 
120,177,193 

142,668,097       

    $ 1,069,985,448      $ 1,031,473,557 

Years Ended December 31 

2019 

2018 

    $ 

84,255,256      $ 
634,713,043       
208,101,401       
67,568,157       
57,468,605       
17,878,986       

78,260,773 
632,821,464 
175,794,228 
71,068,438 
58,125,879 
15,402,775 

    $ 1,069,985,448      $ 1,031,473,557 

The  Company  categorized  the  net  revenue  mainly  based  on  the  countries  where  the  customers  are 
headquartered. 

- 52 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
     
     
 
   
     
     
     
     
 
   
     
     
     
     
 
   
     
     
       
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
      Platform 

Smartphone 
High Performance Computing 
Internet of Things 
Automotive 
Digital Consumer Electronics 
Others 

      Resolution 

7-nanometer 
10-nanometer 
16-nanometer 
20-nanometer 
28-nanometer   
40/45-nanometer 
65-nanometer 
90-nanometer 
0.11/0.13 micron 
0.15/0.18 micron 
0.25 micron and above 

Wafer revenue 

Years Ended December 31 

2019 

2018 

    $  523,612,863     $  466,452,280 
341,910,195 
65,091,314 
51,709,787 
58,470,179 
47,839,802 

315,822,311      
86,342,707      
47,914,518      
53,733,395      
42,559,654      

    $ 1,069,985,448     $ 1,031,473,557 

Years Ended December 31 

2019 

2018 

9,535,831       

23,266,355       

    $  249,548,139      $  81,680,746 
96,989,486 
      186,700,858        187,370,567 
23,618,466 
      149,578,719        178,440,396 
93,366,285        101,801,017 
69,250,008       
76,122,259 
25,624,251       
36,652,061 
22,947,287       
20,677,658 
77,564,492       
81,182,646 
19,935,126       
26,761,062 

    $  927,317,351      $  911,296,364 

Starting the first quarter of 2019, the Company reported its net revenue breakdown by platform, instead 
of by application. The Company believes this change better represents the Company’s results. 

Commencing in 2018, the Company began to break down the net revenue by product, by geography, by 
resolution and by customer based on a new method which associates most estimated sales returns and 
allowances with individual sales transactions, as opposed to the previous method which  allocated sales 
returns  and  allowances  based  on  the  aforementioned  gross  revenue.  The  Company  believes  the  new 
method provides a more relevant breakdown than the previous one. 

b.  Contract balances 

December 31, 
2019 

December 31, 
2018 

January 1, 
2018 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  6,784,323 

     $  4,684,024 

   $  32,434,829 

The changes in  the  contract liability  balances primarily result from  the timing difference between the 
satisfaction of performance obligation and the customer’s payment. 

The Company recognized revenue from the beginning balance of contract liability, which amounted to 
NT$3,876,603 thousand and NT$31,769,970 thousand for the years ended December 31, 2019 and 2018, 
respectively. 

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c.  Refund liabilities 

Estimated sales returns and other allowances is made and adjusted based on historical experience and the 
consideration  of  varying  contractual  terms,  which  amounted  to  NT$36,211,421  thousand  and 
NT$55,405,973 thousand for the years ended December 31, 2019 and 2018, respectively. As of December 
31,  2019  and  2018,  the  aforementioned  refund  liabilities  amounted  to  NT$19,620,159  thousand  and 
NT$22,672,634 thousand (classified under accrued expenses and other current liabilities), respectively. 

23.  OTHER OPERATING INCOME AND EXPENSES, NET 

Loss on disposal or retirement of property, plant and equipment, net 
Reversal of impairment loss (impairment loss) on property, plant and 

     $ 

(949,965) 

     $ (1,005,644) 

Years Ended December 31 

2019 

2018 

301,384 
152,357 

(423,468) 
(672,337) 

     $ 

(496,224) 

     $ (2,101,449) 

Years Ended December 31 

2019 

2018 

     $  11,454,032 
339,480 
3,476,192 
919,670 
       16,189,374 
417,295 

     $  10,310,738 
382,673 
3,078,604 
922,441 
       14,694,456 
158,358 

     $  16,606,669 

     $  14,852,814 

Years Ended December 31 

2019 

2018 

     $  1,869,335 
       1,139,935 
240,927 
650 

     $  1,417,287 
       1,633,775 
- 
161 

     $  3,250,847 

     $  3,051,223 

equipment 

Others 

24.  OTHER INCOME 

Interest income 
Bank deposits 
Financial assets at FVTPL 
Financial assets at FVTOCI   
Financial assets at amortized cost 

Dividend income 

25.  FINANCE COSTS 

Interest expense 
Bank loans 
Corporate bonds 
Lease liabilities 
Others 

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26.  OTHER GAINS AND LOSSES, NET 

Gain (loss) on disposal of financial assets, net 
Investments in debt instruments at FVTOCI 

Loss on disposal of subsidiaries 
Loss on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 

Gain (loss) arising from fair value hedges, net 
The reversal (accrual) of expected credit loss of financial assets 

Investments in debt instruments at FVTOCI 
Financial assets at amortized cost 

Other gains (losses), net 

27.  INCOME TAX   

a.  Income tax expense recognized in profit or loss 

Income tax expense consisted of the following: 

Current income tax expense   

Current tax expense recognized in the current year 
Income tax adjustments on prior years 
Other income tax adjustments 

Deferred income tax benefit 
Effect of tax rate changes 
The origination and reversal of temporary differences 

Years Ended December 31 

2019 

2018 

     $ 

537,835 

     $ 
(4,598)        

(989,138) 
- 

       (2,360,699)         (2,293,895) 
(2,386) 

13,091 

(6,879)        
5,165 
665,070 

1,990 
393 
(127,768) 

     $ (1,151,015)       $ (3,410,804) 

Years Ended December 31 

2019 

2018 

    $  45,411,178 
196,882 
(41,465) 
      45,566,595 

    $  51,710,319 
(989,984) 
152,884 
      50,873,219 

- 
(1,065,068) 
(1,065,068) 

(1,474,808) 
(3,072,554) 
(4,547,362) 

Income tax expense recognized in profit or loss 

    $  44,501,527 

    $  46,325,857 

A reconciliation of income before income tax and income tax expense recognized in profit or loss was as 
follows: 

Years Ended December 31 

2019 

2018 

Income before tax 

    $  389,845,336 

    $  397,510,263 

Income tax expense at the statutory rate 
Tax effect of adjusting items: 

Nondeductible (deductible) items in determining taxable 

income   

Tax-exempt income 

Additional income tax under the Alternative Minimum Tax Act 
Additional income tax on unappropriated earnings 

    $  79,053,188 

    $  80,865,915 

(4,180,168)       
(39,808,121)       
10,367,916 
5,903,794 

2,539,966 
(54,543,521) 
21,455,854 
7,420,479 
(Continued) 

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Effect of tax rate changes on deferred income tax 
The origination and reversal of temporary differences 
Income tax credits 

Income tax adjustments on prior years 
Other income tax adjustments 

Years Ended December 31 

2019 

2018 

    $ 

- 

    $ 

(1,065,068)       
(5,925,431)       
44,346,110 
196,882 
(41,465)       

(1,474,808) 
(3,072,554) 
(6,028,374) 
47,162,957 
(989,984) 
152,884 

Income tax expense recognized in profit or loss 

    $  44,501,527 

    $  46,325,857 
(Concluded) 

Under  the  amendment  to  the  R.O.C  Statute  of  Industrial  Innovation  in  2019,  the  amounts  of 
unappropriated  earnings  in  2018  and  thereafter  used  for  building  or  purchasing  specific  assets  or 
technologies can qualify for deduction when computing the income tax on unappropriated earnings. 

In 2018, the Income Tax Law in the R.O.C. was amended and, starting from 2018, the corporate income 
tax rate was adjusted from 17% to 20%. In addition, the tax rate for 2018 unappropriated earnings was 
reduced from 10% to 5%. 

For other jurisdictions, taxes are calculated using the applicable tax rate for each individual jurisdiction.  

b.  Income tax expense recognized in other comprehensive income 

Deferred income tax benefit (expense) 

Related to remeasurement of defined benefit obligation 
Related to unrealized gain/loss on investments in equity 

instruments at FVTOCI 

Related to gain/loss on cash flow hedges 

Years Ended December 31 

2019 

2018 

 $  (30,468) 

 $  103,339 

9,476 
- 

91,828 
562 

 $  (20,992) 

 $  195,729 

c.  Deferred income tax balance 

The analysis of deferred income tax assets and liabilities was as follows: 

December 31, 
2019 

December 31, 
2018 

     $  13,547,220 
2,150,352 
1,016,248 
469,430 
323,093 
65,740 
356,275 

     $  11,839,221 
2,594,003 
1,084,874 
750,995 
271,711 
56,191 
209,392 

     $  17,928,358 

     $  16,806,387 
(Continued) 

Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories 
Deferred compensation cost 
Investments in equity instruments at FVTOCI 
Others   

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Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

December 31, 
2019 

December 31, 
2018 

     $ 

(333,606)       $ 
(10,787)        

(61,677) 
(171,607) 

     $ 

(344,393)       $ 

(233,284) 
(Concluded) 

Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories 
Deferred compensation cost 
Investments in equity instruments 

at FVTOCI 

Others 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

Year Ended December 31, 2019 

Recognized in 

Balance, 
Beginning of 
Year 

Profit or Loss 

Other 
Comprehensive 
Income 

Effect of 
Exchange Rate 
Changes 

Balance, End of 
Year 

  $ 

  $  11,839,221 
2,594,003 
1,084,874 
750,995 
271,711 

56,191 
209,392 

  $ 

1,727,762 
(443,194 ) 
(38,158 ) 
(280,734 ) 
59,365 

73 
151,063 

  $ 

- 
- 
(30,468 ) 
- 
- 

9,476 
- 

(19,763 ) 
(457 ) 
- 
(831 ) 
(7,983 ) 

    $  13,547,220 
2,150,352 
1,016,248 
469,430 
323,093 

- 
(4,180 ) 

65,740 
356,275 

  $  16,806,387 

  $ 

1,176,177 

  $ 

(20,992 ) 

  $ 

(33,214 ) 

    $  17,928,358 

  $ 

(61,677 ) 
(171,607 ) 

  $ 

(271,929 ) 
160,820 

  $ 

  $ 

(233,284 ) 

  $ 

(111,109 ) 

    $ 

- 
- 

- 

  $ 

  $ 

- 
- 

- 

    $ 

(333,606 ) 
(10,787 ) 

    $ 

(344,393 ) 

Year Ended December 31, 2018 

Recognized in 

Balance, 
Beginning of 
Year 

Profit or Loss 

Other 
Comprehensive 
Income 

Effect of 
Exchange Rate 
Changes 

Balance, End of 
Year 

Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories 
Deferred compensation cost 
Investments in equity instruments 

  $ 

at FVTOCI 

Others 

8,401,266 
1,637,713 
975,324 
629,442 
266,521 

- 
195,197 

  $ 

  $ 

3,430,421 
954,976   
6,211 
120,644   

(4,718 )    

- 
7,106   

  $ 

- 
- 
103,339   
- 
- 

56,191 
- 

7,534   
1,314   
- 
909   
9,908   

    $  11,839,221 
2,594,003 
1,084,874 
750,995 
271,711 

- 
7,089 

56,191 
209,392 

  $  12,105,463 

  $ 

4,514,640 

  $ 

159,530 

  $ 

26,754 

    $  16,806,387 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Investments in equity instruments 

at FVTOCI 

Others 

     $ 

(169,480 ) 

  $ 

107,803   

  $ 

- 

  $ 

(95,421 ) 
(37,304 ) 

-   
(75,081 ) 

95,421 
(59,222 ) 

  $ 

(302,205 ) 

  $ 

32,722 

    $ 

36,199 

  $ 

- 

- 
- 

- 

    $ 

(61,677 ) 

- 
(171,607 ) 

    $ 

(233,284 ) 

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d.  The deductible temporary differences for which no deferred income tax assets have been recognized   

As of December 31, 2019 and 2018, the aggregate deductible temporary differences for which no deferred 
income  tax  assets  have  been  recognized  amounted  to  NT$33,445,504  thousand  and  NT$20,060,918 
thousand, respectively. 

e.  Unused tax-exemption information   

As of December 31, 2019, the profits generated from the following projects of TSMC are exempt from 
income tax for a five-year period: 

  Tax-exemption Period 

Construction and expansion of 2009 by TSMC 

2018 to 2022 

f.  The information of unrecognized deferred income tax liabilities associated with investments 

As  of  December  31,  2019  and  2018,  the  aggregate  taxable  temporary  differences  associated  with 
investments 
to 
income 
NT$131,085,673 thousand and NT$112,893,001 thousand, respectively. 

in  subsidiaries  not  recognized  as  deferred 

liabilities  amounted 

tax 

g.  Income tax examination 

The tax authorities have examined income tax returns of TSMC through 2017. All investment tax credit 
adjustments assessed by the tax authorities have been recognized accordingly. 

28.  EARNINGS PER SHARE 

Basic EPS 
Diluted EPS 

EPS is computed as follows: 

Years Ended December 31 

2019 

2018 

 $  13.32 
 $  13.32 

 $  13.54 
 $  13.54 

  Number of 

Shares 
(Denominator) 
(In Thousands) 

Amounts 
(Numerator) 

EPS (NT$) 

Year Ended December 31, 2019 

Basic/Diluted EPS 

Net income available to common shareholders 

of the parent 

  $  345,263,668 

       25,930,380 

 $  13.32 

Year Ended December 31, 2018 

Basic/Diluted EPS 

Net income available to common shareholders 

of the parent 

  $  351,130,884 

25,930,380 

 $  13.54 

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29.  ADDITIONAL INFORMATION OF EXPENSES BY NATURE   

Years Ended December 31 

2019 

2018 

a.  Depreciation of property, plant and equipment and right-of-use 

assets 

Recognized in cost of revenue 
Recognized in operating expenses 
Recognized in other operating income and expenses 

    $  256,530,964      $  264,804,741 
23,292,299 
27,857 

24,856,701       
24,167       

b.  Amortization of intangible assets 

Recognized in cost of revenue 
Recognized in operating expenses 

    $  281,411,832      $  288,124,897 

    $ 

3,069,901      $ 
2,402,508       

2,073,480 
2,347,925 

    $ 

5,472,409      $ 

4,421,405 

c.  Research and development costs expensed as incurred 

    $  91,418,746      $  85,895,569 

d.  Employee benefits expenses 

Post-employment benefits   

Defined contribution plans 
Defined benefit plans 

Other employee benefits 

    $ 

2,609,733      $ 
259,596       
2,869,329       

2,568,945 
281,866 
2,850,811 
      107,115,281        105,364,132 

Employee benefits expense summarized by function 

Recognized in cost of revenue 
Recognized in operating expenses 

    $  109,984,610      $  108,214,943 

    $  64,701,955      $  63,597,704 
44,617,239 

45,282,655       

    $  109,984,610      $  108,214,943 

According to TSMC’s Articles of Incorporation, TSMC shall allocate compensation to directors and profit 
sharing bonus to employees of TSMC not more than 0.3% and not less than 1% of annual profits during the 
period, respectively. 

TSMC accrued profit sharing bonus to employees based on a percentage of net income before income tax, 
profit  sharing  bonus  to  employees  and  compensation  to  directors  during  the  period,  which  amounted  to   
NT$23,165,745 thousand and NT$23,570,040 thousand for the years ended December 31, 2019 and 2018, 
respectively; compensation to directors was expensed based on estimated amount payable. If there is a change 
in  the  proposed  amounts  after  the  annual  consolidated  financial  statements  are  authorized  for  issue,  the 
differences are recorded as a change in accounting estimate. 

TSMC’s profit sharing bonus to employees and compensation to directors in the amounts of NT$23,165,745 
thousand and NT$360,404 thousand in cash for 2019, respectively, profit sharing bonus to employees and 
compensation to directors in the amounts of NT$23,570,040 thousand and NT$349,272 thousand in cash for 
2018, respectively, and profit sharing bonus to employees and compensation to directors in the amounts of 
NT$23,019,082 thousand and NT$368,919 thousand in cash for 2017, respectively, had been approved by 
the  Board  of Directors of TSMC  held  on February  11,  2020, February  19,  2019  and February  13,  2018, 

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respectively.  There  is  no  significant  difference  between  the  aforementioned  approved  amounts  and  the 
amounts charged against earnings of 2019, 2018 and 2017, respectively. 

The information about the appropriations of TSMC’s profit sharing bonus to employees and compensation 
to directors is available at the Market Observation Post System website. 

30.  CASH FLOW INFORMATION 

a.  Non-cash transactions 

Years Ended December 31 

2019 

2018 

Additions of property, plant and equipment 
Changes in other financial assets 
Exchange of assets 
Changes in payables to contractors and equipment suppliers 
Transferred to initial carrying amount of hedged items 

    $  564,283,073      $  300,024,401 
1,555,387 
-  
13,979,931  
22,162  

472,504       
(3,287,138)      
      (100,964,013)      
(82,276)      

Payments for acquisition of property, plant and equipment 

    $  460,422,150      $  315,581,881 

Acquisition of financial assets at FVTOCI 
Changes in other financial assets 
Changes in accrued expenses and other current liabilities 

    $  257,824,493      $  100,759,582 
(23,775) 
-        
(4,323,021) 
(266,253)      

Payments for acquisition of financial assets at FVTOCI 

    $  257,558,240      $  96,412,786 

Disposal of financial assets at FVTOCI 
Changes in other financial assets 

    $  229,525,134      $  90,545,153 
(3,905,831) 

919,352       

Proceeds from disposal of financial assets at FVTOCI 

    $  230,444,486      $  86,639,322 

b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 
2019 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2019 

Non-cash changes 

Short-term loans 
Guarantee deposits 
Lease liabilities 
Bonds payable 

    $  88,754,640      $  31,804,302 

    $ 

(2,036,652 )     $ 

10,189,045       
19,903,615       
91,800,000       

(639,066 )       
(3,174,032 )       
(34,900,000 )       

4,474       
(73,290 )      
-       

    $ 

- 
- 
419,697 
- 

(7,824,572 )      
240,927       
-       

-      $ 118,522,290 
1,729,881 
17,316,917 
56,900,000 

Total 

    $ 210,647,300      $ 

(6,908,796 )      $ 

(2,105,468 )     $ 

419,697 

    $ 

(7,583,645 )     $ 194,469,088 

Balance as of 
January 1, 2018 

Financing Cash 
Flow 

Non-cash changes 

Foreign 
Exchange 
Movement 

Other Changes 
(Note) 

Balance as of 
December 31, 
2018 

Short-term loans 
Guarantee deposits 
Bonds payable 

    $ 

63,766,850 
16,080,619 
150,201,122 

    $ 

23,922,975 

    $ 
(279,219)       
(58,024,900)       

    $ 

1,064,815 
423,545 
(382,878)       

- 

    $ 
(6,035,900)       
6,656 

88,754,640 
10,189,045 
91,800,000 

Total 

    $  230,048,591 

    $ 

(34,381,144)      $ 

1,105,482 

    $ 

(6,029,244)      $  190,743,685 

Note:  Other changes include guarantee deposits refunded to customers by offsetting related accounts receivable, financial cost 

of lease liabilities and amortization of bonds payable. 

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31.  CAPITAL MANAGEMENT 

The Company requires significant amounts of capital to build and expand its production facilities and acquire 
additional  equipment.  In  consideration  of  the  industry  dynamics,  the  Company  manages  its  capital  in  a 
manner to ensure that it has sufficient and necessary financial resources to  fund its working capital needs, 
capital asset purchases, research and development activities, dividend payments, debt service requirements 
and other business requirements associated with its existing operations over the next 12 months. 

32.  FINANCIAL INSTRUMENTS 

a.  Categories of financial instruments 

Financial assets 

FVTPL (Note 1) 
FVTOCI (Note 2) 
Hedging financial assets 
Amortized cost (Note 3) 

Financial liabilities 
FVTPL (Note 4) 
Hedging financial liabilities 
Amortized cost (Note 5) 

December 31, 
2019 

December 31, 
2018 

326,839 
    $ 
      134,776,779 
25,884 
      612,740,640 

3,504,590 
    $ 
      107,067,490 
23,497 
      745,585,774 

    $  747,870,142 

    $  856,181,351 

    $ 

982,349 
1,798 
      533,581,640 

    $ 

40,825 
155,832 
      318,475,704 

    $  534,565,787 

    $  318,672,361 

Note 1:  Financial assets mandatorily measured at FVTPL. 

Note 2:  Including notes and accounts receivable (net), equity and debt investments. 

Note 3:  Including  cash  and  cash  equivalents,  financial  assets  at  amortized  cost,  notes  and  accounts 

receivable (including related parties), other receivables and refundable deposits. 

Note 4:  Held for trading.   

Note 5:  Including short-term loans, accounts payable (including related parties), payables to contractors 
and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, 
bonds payable and guarantee deposits. 

b.  Financial risk management objectives 

The Company seeks to ensure that sufficient cost-efficient funding is readily available when needed. The 
Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk 
and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may 
have on its financial performance. 

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The plans for material treasury activities are reviewed by Audit Committees and/or Board of Directors in 
accordance  with  procedures  required  by  relevant  regulations  or  internal  controls.  During  the 
implementation  of  such  plans,  the  corporate  treasury  function  must  comply  with  certain  treasury 
procedures  that  provide  guiding  principles  for  overall  financial  risk  management  and  segregation  of 
duties. 

c.  Market risk   

The Company is exposed to the financial market risks, primarily changes in foreign currency exchange 
rates, interest rates and equity investment prices. A portion of these risks is hedged. 

Foreign currency risk 

The majority of the Company’s revenue is denominated in U.S. dollar  and over one-half of its capital 
expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen 
and Euro.  As  a  result,  any  significant  fluctuations  to its disadvantage in exchanges  rate of NT  dollar 
against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse 
impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency 
derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange 
rate  risks  associated  with  non-NT  dollar-denominated  assets  and  liabilities  and  certain  forecasted 
transactions. The Company utilizes U.S. dollar denominated debt to partially offset currency risk arising 
from U.S. dollar  denominated  receivables for  balance sheet hedges. These hedges  reduce,  but do not 
entirely eliminate, the financial impact on the Company caused by the effect of foreign currency exchange 
rate movements on the assets and liabilities. 

Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the 
years ended December 31, 2019 and 2018, a hypothetical adverse foreign currency exchange rate change 
of  10%  would  have  decreased  its  net income  by NT$2,137,338 thousand  and NT$506,369 thousand, 
respectively, and decreased its other comprehensive income by NT$107,690 thousand and NT$315,571 
thousand, respectively, after taking into account hedges and offsetting positions. 

Interest rate risk 

The Company is exposed to interest rate risks primarily related to its investment portfolio and bank loans. 
Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents as well 
as fixed income securities and the fair value of those securities as well as the interest paid on its bank 
loans. Because all of the Company’s bonds issued are fixed-rate and measured at amortized cost, changes 
in interest rates would not affect the cash flows and the fair value. 

The Company’s cash and cash equivalents as well as fixed income investments in both fixed- and floating-
rate  securities  carry  a  degree  of  interest  rate  risk.  The  majority  of  the  Company’s  fixed  income 
investments are fixed-rate securities and classified as FVTOCI, and may have their fair value adversely 
affected due to a rise in interest rates, while cash and cash equivalents as well as floating-rate securities 
may generate less interest income than predicted if interest rates fall. The Company has entered, and may 
enter in the future, into interest rate futures to partially hedge the fair value change in its fixed income 
investments.  However,  these  hedges  can  offset  only  a  small  portion  of  the  financial  impact  from 
movements in interest rates. 

Based on a sensitivity analysis performed on fixed income investments at the end of the reporting period, 
an interest rate increase of 100 basis points (1.00%) across all maturities would have decreased the fair 
value by NT$3,517,424 thousand and NT$2,697,715 thousand for the  years ended December 31, 2019 
and  2018,  respectively.  The  decreases  were  composed  of  NT$3,516,604  thousand  decrease  and 
NT$2,449,954 thousand decrease in other comprehensive income, and NT$820 thousand decrease and 
NT$247,761  thousand  decrease  in  net  income  for  the  years  ended  December  31,  2019  and  2018, 
respectively. 

- 62 -

 
 
 
 
 
 
 
 
 
 
 
 
 
As for the Company’s bank loans, all of them are floating-rate loans. A rise in interest rates may incur 
higher interest expense than predicted. 

Other price risk 

The Company is exposed to equity price risk arising from financial assets at FVTOCI.   

Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting 
period for the years ended December 31, 2019 and 2018, the other  comprehensive income would have 
decreased by NT$401,879 thousand and NT$427,101 thousand, respectively. 

d.  Credit risk management 

Credit  risk  refers to the  risk that  a  counterparty  will default on its  contractual  obligations  resulting in 
financial  losses  to  the  Company.  The  Company  is  exposed  to  credit  risks  from  operating  activities, 
primarily trade receivables, and from investing activities, primarily deposits, fixed-income investments 
and other financial instruments with banks. Credit risk is managed separately for business related and 
financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk 
exposure is equal to the carrying amount of financial assets. 

Business related credit risk 

The  Company’s trade  receivables  are from its  customers  worldwide. The  majority  of  the Company’s 
outstanding  trade  receivables  are  not  covered  by  collaterals  or  guarantees.  While  the  Company  has 
procedures to monitor and manage credit risk exposure on trade receivables, there is no  assurance such 
procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during 
periods when economic conditions worsen. 

As of December 31, 2019 and 2018, the Company’s ten largest customers accounted for 79% of accounts 
receivable  in  both  years.  The  Company  considers  the  concentration  of  credit  risk  for  the  remaining 
accounts receivable not material. 

Financial credit risk 

The Company mitigates its financial credit risk by selecting counterparties with investment-grade credit 
ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and 
reviews the limit applied to counterparties and adjusts the limit according to market conditions and the 
credit standing of the counterparties. 

The risk management of expected credit loss for financial assets at amortized cost and investments in debt 
instruments at FVTOCI is as follows: 

The Company only invests in debt instruments that are rated  as investment grade or higher. The credit 
rating information is supplied by external rating agencies. The Company assesses whether there has been 
a significant increase in credit risk since initial recognition by reviewing changes in external credit ratings, 
financial market conditions and material information of the bond issuers. 

- 63 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the 
probability of default and loss given default provided by external credit rating agencies. The current credit 
risk assessment policies are as follows: 

Category 

Description 

Basis for Recognizing 
Expected Credit Loss 

  Expected 

Credit Loss 
Ratio 

Performing 

  Credit rating on trade date and 

  12 months expected credit 

0-0.1% 

valuation date: 

loss 

Doubtful 

In default 

Write-off 

(1) Within investment grade 
(2) Between BB+ and BB- 
  Credit rating on trade date and 

valuation date: 

(1) From investment grade to non-

investment grade   

(2) From BB+~BB- to B+~CCC- 
  Credit rating CC or below 

  There is evidence indicating that the 
debtor is in severe financial 
difficulty and the Company has no 
realistic prospect of recovery   

  Lifetime expected credit 

loss-not credit impaired 

  Lifetime expected credit 
loss-credit impaired 
  Amount is written off 

- 

- 

- 

For the years ended December 31, 2019 and 2018, the expected credit loss increases NT$655 thousand 
and  decreases  NT$1,040  thousand,  respectively.  The  changes  are  mainly  due  to  investment  portfolio 
adjustment. 

e.  Liquidity risk management 

The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its 
business operations  over the  next  12 months. The Company  manages its liquidity  risk by  maintaining 
adequate cash and cash equivalent, debt investment at FVTPL, financial assets at FVTOCI-current, and 
financial assets amortized at cost-current. 

The  table  below  summarizes  the  maturity  profile  of  the  Company’s  financial  liabilities  based  on 
contractual undiscounted payments, including principal and interest. 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than   
5 Years 

Total 

December 31, 2019 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

     $  118,562,641 

     $ 

parties) 

Payables to contractors and 
equipment suppliers 

40,205,966 

       140,810,703 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

45,760,898 
32,338,853 

- 
7,777,715 

- 
18,203,601 

- 

- 

- 

- 
- 

     $  118,562,641 

40,205,966 

       140,810,703 

45,760,898 
58,320,169 

Accrued expenses and other current 

liabilities 
Bonds payable 
Lease liabilities (including those 

classified under accrued expenses 
and other current liabilities) 

Guarantee deposits (including those 
classified under accrued expenses 
and other current liabilities)   

2,475,177 

2,782,860 

2,484,478 

10,947,730 

18,690,245 

1,552,977 
       381,707,215 

121,047 
10,681,622 

55,501 
20,743,580 

356 
10,948,086 

1,729,881 
       424,080,503 
(Continued) 

- 64 -

 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
 
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
         
      
      
      
 
Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than   
5 Years 

Total 

     $  141,450,762 
       (141,128,914) 
321,848 

     $ 

     $ 

- 
- 
- 

     $ 

- 
- 
- 

- 
- 
- 

     $  141,450,762 
       (141,128,914) 
321,848 

    $  382,029,063 

     $  10,681,622 

     $  20,743,580 

     $  10,948,086 

    $  424,402,351 
(Concluded) 

Additional information about the maturity analysis for lease liabilities: 

Less than 5 
Years 

5-10 Years 

10-15 Years 

15-20 Years 

More Than   
20 Years 

Lease liabilities 

     $ 

7,742,515       $ 

5,581,116       $ 

3,691,272       $ 

1,600,962       $ 

74,380 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than   
5 Years 

Total 

December 31, 2018 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

     $  88,810,737 

     $ 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

liabilities 
Bonds payable 
Guarantee deposits (including those 
classified under accrued expenses 
and other current liabilities)   

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

34,357,432 

43,133,659 

50,240,928 
36,039,935 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

- 
35,340,742 

- 
22,979,426 

6,835,667 
       259,418,358 

2,891,663 
38,232,405 

461,715 
23,441,141 

49,302,325 
(49,393,679) 
(91,354) 

- 
- 
- 

- 
- 
- 

     $  259,327,004 

     $  38,232,405 

     $  23,441,141 

     $ 

- 

- 

- 

- 
- 

- 
- 

- 
- 
- 

- 

     $  88,810,737 

34,357,432 

43,133,659 

50,240,928 
94,360,103 

10,189,045 
       321,091,904 

49,302,325 
(49,393,679) 
(91,354) 

     $  321,000,550 

f.  Fair value of financial instruments 

1)  Fair value measurements recognized in the consolidated balance sheets 

Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value 
is observable: 

  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

  Level 2 fair value measurements are those derived from inputs other than quoted prices included 
within  Level  1  that  are  observable  for  the  asset  or  liability,  either  directly  (i.e.  as  prices)  or 
indirectly (i.e. derived from prices); and 

  Level 3 fair value measurements are those derived from valuation techniques that include inputs 
for the asset or liability that are not based on observable market data (unobservable inputs).  

The timing of transfers between levels within the fair value hierarchy is at the end of reporting period. 

- 65 -

 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
      
      
      
         
      
      
      
      
      
 
   
   
   
   
   
                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
 
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
 
      
      
      
 
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
 
      
      
      
      
      
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
2)  Fair value of financial instruments that are measured at fair value on a recurring basis 

Fair value hierarchy 

The following table presents the Company’s financial assets and liabilities measured at fair value on 
a recurring basis: 

Level 1 

Level 2 

Level 3 

Total 

December 31, 2019 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   
Convertible bonds 
Agency mortgage-backed 

securities   

Financial assets at FVTOCI 

Investments in debt instruments 

Agency bonds/Agency 

mortgage-backed securities 

Corporate bonds 
Government bonds 
Asset-backed securities 

Investments in equity instruments     

Non-publicly traded equity 

investments 

Notes and accounts receivable, net    

Hedging financial assets 

Fair value hedges 

 $ 

 $ 

- 
- 

- 

- 

 $ 

162,155 
- 

 $ 

- 
123,759 

 $ 

162,155 
123,759 

40,925 

- 

40,925 

 $ 

203,080 

 $ 

123,759 

 $ 

326,839 

 $ 

- 
- 
   12,678,086 
- 

 $  51,966,460 
 51,790,045 
146,137 
   10,815,849 

 $ 

- 
- 
- 
- 

 $  51,966,460 
   51,790,045 
   12,824,223 
   10,815,849 

- 
- 

39,196 
3,255,865 

4,085,141 
- 

4,124,337 
3,255,865 

 $  12,678,086 

 $ 118,013,552 

 $  4,085,141 

 $ 134,776,779 

Interest rate futures contracts 

 $ 

22,380 

 $ 

- 

 $ 

Cash flow hedges 

Forward exchange contracts 

- 

3,504 

 $ 

22,380 

 $ 

3,504 

 $ 

- 

- 

- 

 $ 

22,380 

3,504 

 $ 

25,884 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

- 

 $ 

982,349 

 $ 

- 

 $ 

982,349 

Hedging financial liabilities 

Cash flow hedges 

Forward exchange contracts 

 $ 

- 

 $ 

1,798 

 $ 

- 

 $ 

1,798 

- 66 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
   
   
  
   
  
   
  
   
  
 
 
  
 
 
  
 
 
  
 
 
  
 
   
   
   
   
         
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
 
 
   
   
 
 
   
  
   
   
  
   
   
   
  
   
  
   
   
  
   
   
  
   
   
   
   
 
 
  
   
  
   
  
   
  
  
   
  
   
  
   
  
 
   
   
   
   
         
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  
   
  
   
  
   
  
 
   
   
   
   
         
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
 
 
 
 
Level 1 

Level 2 

Level 3 

Total 

December 31, 2018 

 $ 

 $ 

- 
- 

- 

 $  3,419,287 
85,303 

 $  3,504,590 

 $ 

 $ 

 $ 

- 

    $  40,753,582 

 $ 

- 
- 
   11,006,167 
- 

   31,288,762 
   15,670,295 
145,192 
107,590 

- 
- 

- 

- 

- 
- 
- 
- 

 $  3,419,287 
85,303 

 $  3,504,590 

 $  40,753,582 

   31,288,762 
   15,670,295 
   11,151,359 
107,590 

- 
590,152 
- 

- 
- 
3,595,069 

3,910,681 
- 
- 

3,910,681 
590,152 
3,595,069 

 $  11,596,319 

 $  91,560,490 

 $  3,910,681 

 $ 107,067,490 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 

Agency mortgage-backed 

securities   

Forward exchange contracts   

Financial assets at FVTOCI 

Investments in debt instruments 

Corporate bonds 
Agency bonds/Agency 

mortgage-backed securities 

Asset-backed securities 
Government bonds 
Commercial paper 

Investments in equity instruments     

Non-publicly traded equity 

investments 

Publicly traded stocks 

Notes and accounts receivable, net    

Hedging financial assets 

Cash flow hedges 

Forward exchange contracts 

 $ 

- 

 $ 

23,497 

 $ 

- 

 $ 

23,497 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

- 

 $ 

40,825 

 $ 

- 

 $ 

40,825 

Hedging financial liabilities 

Fair value hedges 

Interest rate futures contracts 

 $ 

153,891 

 $ 

- 

 $ 

Cash flow hedges 

Forward exchange contracts 

- 

1,941 

 $ 

153,891 

 $ 

1,941 

 $ 

- 

- 

- 

 $ 

153,891 

1,941 

 $ 

155,832 

Reconciliation of Level 3 fair value measurements of financial assets 

The  financial  assets  measured  at  Level  3  fair  value  were  financial  assets  at  FVTPL  and  equity 
investments classified as financial assets at FVTOCI. Reconciliations for the years ended December 
31, 2019 and 2018 were as follows: 

Years Ended December 31 

2019 

2018 

Balance, beginning of year 
Additions 
Recognized in other comprehensive income 
Disposals and proceeds from return of capital of investments        
Transfers out of level 3 (Note) 
Effect of exchange rate changes 

     $  3,910,681 
372,315 
129,497 
(76,532) 
(43,610) 
(83,451) 

     $  5,841,384 
212,488 
       (2,141,421) 
(175,731) 
- 
173,961 

Balance, end of year 

     $  4,208,900 

     $  3,910,681 

- 67 -

 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
 
 
   
   
   
   
  
   
  
   
  
   
  
 
   
   
   
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
 
 
  
   
   
  
 
 
   
  
   
   
  
   
   
   
  
   
  
   
   
  
   
  
   
  
   
  
   
   
   
 
 
  
   
  
   
  
   
  
   
  
   
  
   
  
   
  
  
   
  
   
  
   
  
 
   
   
   
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  
   
  
   
  
   
  
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
   
   
      
      
      
      
      
      
      
      
 
   
   
Note: The transfer from level 3 to level 2 is because observable market data became available for the 

equity investments. 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows:  

  The  fair  values  of  corporate  bonds,  agency  bonds,  agency  mortgage-backed  securities,  asset-
backed  securities,  government  bonds,  commercial  papers  and  non-publicly  traded  equity 
investments are determined by quoted market prices provided by third party pricing services. 
  Forward  exchange  contracts  are  measured  using  forward  exchange  rates  and  the  discounted 

curves that are derived from quoted market prices. 

  The fair  value  of  accounts  receivables  classified  as  at FVTOCI  are determined  by the present 
value of future cash flows based on the discount rate that reflects the credit risk of counterparties. 

Valuation techniques and assumptions used in Level 3 fair value measurement 

The fair values of non-publicly traded equity investments are mainly determined by using the asset 
approach, income approach and market approach. 

The asset approach takes into account the net asset value measured at the fair value by independent 
parties.  On  December  31,  2019  and  2018,  the  Company  uses  unobservable  inputs  derived  from 
discount  for  lack  of  marketability  by  10%.  When  other  inputs  remain  equal,  the  fair  value  will 
decrease  by  NT$34,843  thousand  and  NT$31,420  thousand  if  discounts  for  lack  of  marketability 
increase by 1%. 

The income approach utilizes discounted cash flows to determine the present value of the expected 
future economic benefits that will be derived from the investment. On December 31, 2019 and 2018, 
the  Company  uses  unobservable  inputs,  which  include  expected  returns,  discount  rate  of  10%, 
discount for lack of marketability of 10%, and discounts for lack of control of 10%.   

For the remaining few investments, the market approach is used to arrive at their fair values, for which 
the recent financing activities of investees, the market transaction prices of the similar companies and 
market conditions are considered. 

In addition, the fair values of convertible bonds are determined by the present value of future cash 
flow based on a discount rate reflecting issuer’s credit spread and market conditions, combined with 
the fair value of conversion option estimated by the option pricing model considering recent financing 
activities of the investee and market transaction prices of the similar companies. 

3)  Fair value of financial instruments that are not measured at fair value 

Except  as  detailed  in  the  following  table,  the  Company  considers  that  the  carrying  amounts  of 
financial  instruments  in  the  consolidated  financial  statements  that  are  not  measured  at  fair  value 
approximate their fair values. 

- 68 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value hierarchy 

The table below sets out the fair value hierarchy for the Company’s assets and liabilities which are 
not required to measure at fair value: 

Financial assets 

Financial assets at amortized costs 

Corporate bonds 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

Financial assets 

Financial assets at amortized costs 

Corporate bonds 
Commercial paper 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2019 

Carrying 
Amount 

Level 2 
Fair Value 

    $  7,648,798 

     $  7,718,731 

     $  56,900,000 

     $  57,739,115 

December 31, 2018 

Carrying 
Amount 

Level 2 
Fair Value 

    $  19,511,794 
2,294,098 

    $  19,554,553 
2,296,188 

     $  21,805,892 

     $  21,850,741 

     $  91,800,000 

     $  93,171,255 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The  fair  value  of  corporate  bonds  is  determined  by  quoted  market  prices provided  by third  party 
pricing services.   

The fair value of commercial paper is determined by the present value of future cash flows based on 
the discounted curves that are derived from the quoted market prices. 

The fair value of the Company’s bonds payable is determined by quoted market prices provided by 
third party pricing services. 

- 69 -

 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
 
   
 
 
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
      
      
 
   
   
 
 
   
 
 
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
33.  RELATED PARTY TRANSACTIONS 

Intercompany  balances  and transactions between TSMC  and its subsidiaries,  which  are  related  parties  of 
TSMC, have been eliminated upon consolidation; therefore those items are not disclosed i n this note. The 
following is a summary of significant transactions between the Company and other related parties: 

a.  Related party name and categories 

Related Party Name 

Related Party Categories 

GUC 
VIS 
SSMC 
Xintec 
TSMC Education and Culture Foundation 
TSMC Charity Foundation 

  Associates 
  Associates 
  Associates 
  Associates 
  Other related parties 
  Other related parties 

b.  Net revenue 

Item 

  Related Party Categories 

Net revenue from sale of goods    Associates 

  Other related parties 

Years Ended December 31 

2019 

2018 

     $  6,253,895 
- 

     $  8,980,079 
330 

     $  6,253,895 

     $  8,980,409 

Net revenue from royalties 

  Associates 

     $ 

183,583 

     $ 

362,259 

c.  Purchases 

Related Party Categories 

Associates 

d.  Receivables from related parties 

Years Ended December 31 

2019 

2018 

     $  6,301,417 

     $  8,809,533 

  December 31, 
2019 

December 31, 
2018 

Item 

  Related Party Name/Categories     

Receivables from related   

parties 

  GUC 
  Xintec 

     $ 

741,898 
120,172 

     $ 

481,934 
102,478 

     $ 

862,070 

     $ 

584,412 
(Continued) 

- 70 -

 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
   
   
 
      
      
 
   
   
   
 
           
 
   
   
   
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
      
      
 
   
   
   
 
           
 
 
 
Item 

  Related Party Name/Categories     

  December 31, 
2019 

December 31, 
2018 

Other receivables from related      SSMC 

parties 

  VIS 
  Other associates 

e.  Payables to related parties 

     $ 

     $ 

46,506 
3,920 
1,227 

53,780 
10,423 
825 

     $ 

51,653 

     $ 

65,028 
(Concluded) 

  December 31, 
2019 

December 31, 
2018 

Item 

  Related Party Name/Categories   

Payables to related parties 

  Xintec 
  SSMC 
  VIS 
  Others 

f.  Others 

     $ 

     $ 

736,860 
487,944 
153,977 
56,119 

649,812 
362,564 
357,080 
7,043 

     $  1,434,900 

     $  1,376,499 

Years Ended December 31 

2019 

2018 

Item 

  Related Party Categories 

Manufacturing expenses 

  Associates 

     $  2,822,989 

     $  2,974,581 

Research and development 

  Associates 

expenses 

     $ 

163,425 

$ 

83,145 

General and administrative 

  Other related parties 

expenses 

$ 

120,000 

$ 

120,756 

The sales prices and payment terms to related parties were not significantly different from those of sales 
to third parties. For other related party transactions, price and terms were determined in accordance with 
mutual agreements. 

The Company leased factory and office from associates. The lease terms and prices were both determined 
in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related 
expenses were both classified under manufacturing expenses. 

- 71 -

 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
      
      
 
      
      
 
   
   
   
 
           
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
   
   
 
      
      
 
      
      
 
      
      
 
   
   
   
 
           
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
      
 
   
   
   
      
      
 
 
 
 
g.  Compensation of key management personnel 

The compensation to directors and other key management personnel for the years ended December 31, 
2019 and 2018 were as follows: 

Short-term employee benefits 
Post-employment benefits 

Years Ended December 31 

2019 

2018 

     $  1,922,191 
2,686 

     $  2,004,881 
3,383 

     $  1,924,877 

     $  2,008,264 

The  compensation  to  directors  and  other  key  management  personnel  were  determined  by  the 
Compensation Committee of TSMC in accordance with the individual performance and the market trends. 

34.  PLEDGED ASSETS 

The  Company  provided  certificate  of  deposits  recorded  in  other  financial  assets  as  collateral  mainly  for 
building lease agreements.  As  of December  31,  2019  and 2018,  the  aforementioned  other  financial  assets 
amounted to NT$114,467 thousand and NT$124,244 thousand, respectively. 

35.  SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS 

Significant  contingent  liabilities  and  unrecognized  commitments  of  the  Company  as  of  the  end  of  the 
reporting period, excluding those disclosed in other notes, were as follows: 

a.  Under  a  technical  cooperation  agreement  with  Industrial  Technology  Research  Institute,  the  R.O.C. 
Government or its designee approved by TSMC can use up to 35% of TSMC’s capacity provided TSMC’s 
outstanding commitments to its customers are not prejudiced. The term of this agreement is for five years 
beginning from January 1, 1987 and is automatically renewed for successive periods of five years unless 
otherwise terminated by either party with one year prior notice. As of December 31, 2019, the R.O.C. 
Government did not invoke such right. 

b.  Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 
1999,  the  parties  formed  a  joint  venture  company,  SSMC,  which  is  an  integrated  circuit  foundry  in 
Singapore. TSMC’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips spun-
off  its  semiconductor  subsidiary  which  was  renamed  as  NXP  B.V.  Further,  TSMC  and  NXP  B.V. 
purchased  all  the  SSMC  shares  owned  by  EDB  Investments  Pte  Ltd.  pro  rata  according  to  the 
Shareholders Agreement on November 15, 2006. After the purchase, TSMC and NXP B.V. currently own 
approximately 39% and 61% of the SSMC shares, respectively. TSMC and NXP B.V. are required, in 
the aggregate, to purchase at least 70% of SSMC’s capacity, but TSMC alone is not required to purchase 
more than 28% of the capacity. If any party defaults on the commitment and the capacity utilization of 
SSMC falls below a specific percentage of its capacity, the defaulting party is required to compensate 
SSMC for all related unavoidable costs. There was no default from the aforementioned commitment as 
of December 31, 2019. 

c.  In February 2019, Innovative Foundry Technologies LLC (“IFT”) filed a complaint in the U.S. District 
Court for the District of Delaware alleging that TSMC and TSMC Technology Inc. infringe five U.S. 
patents. IFT also filed a complaint in the U.S. International Trade Commission (the “ITC”) alleging that 
TSMC, TSMC North America, TSMC Technology Inc., and other companies infringe the same patents. 
The ITC instituted an investigation in March 2019.    Both parties agreed to end the dispute and the ITC 
terminated the investigation in October 2019. The pending litigation in the U.S. District Court for the 
District of Delaware was dismissed at the same time. 

- 72 -

 
 
 
 
 
 
 
 
 
 
   
   
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
 
d.  On September 28, 2017, TSMC was contacted by the European Commission (the “Commission”), which 
has asked us for information and documents concerning alleged anti-competitive practices in relation to 
semiconductor sales. We are cooperating with the Commission to provide the requested information and 
documents. In light of the fact that this proceeding is still in its preliminary stage, it is premature to predict 
how the case will proceed, the outcome of the proceeding or its impact. 

e.  TSMC  entered  into  long-term  purchase  agreements  of  material  with  multiple  suppliers.  The  relative 

minimum purchase quantity and price are specified in the agreements. 

f.  TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and 

price are specified in the agreement. 

g.  TSMC entered into long-term energy purchase agreements with multiple suppliers. The relative purchase 

period, quantity and price are specified in the agreements. 

h.  Amounts available under unused letters of credit as of December 31, 2019 and 2018 were NT$59,976 

thousand and NT$70,702 thousand, respectively. 

36.  EXCHANGE RATE INFORMATION OF FOREIGN-CURRENCY FINANCIAL ASSETS AND 

LIABILITIES 

The  following information  was summarized  according to the  foreign  currencies  other than the  functional 
currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the 
functional currency. The significant financial assets and liabilities denominated in foreign currencies were as 
follows:   

Foreign 
Currencies 
(In Thousands)   

Exchange Rate   
(Note 1) 

Carrying 
Amount 
(In Thousands) 

December 31, 2019 

Financial assets 

Monetary items 

USD 
USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

    $ 

4,725,056 
455,984 
3,638 
72,369,239 

    29.988 

    33.653 
  0.2751 

6.966(Note 2)       

    $  141,694,967 
13,674,047 
122,418 
19,908,778 

6,018,287 
2,551,824 
      101,455,514 

    29.988 
    33.653 
  0.2751 

      180,476,401 
85,876,547 
27,910,412 
(Continued) 

- 73 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
 
     
     
     
     
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
 
 
 
 
December 31, 2018 

Financial assets 

Monetary items 

USD 
USD 
EUR 
JPY 

Non-monetary items 

HKD 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

Foreign 
Currencies 
(In Thousands)   

Exchange Rate   
(Note 1) 

Carrying 
Amount 
(In Thousands) 

    $ 

4,618,566 
343,132 
7,561 
490,635 

    30.740 
      6.866 (Note 2)      
      35.22 
    0.2783 

    $  141,974,734 
10,547,875 
266,307 
136,544 

144,567 

        3.93 

568,150 

4,323,763 
477,776 
35,084,436 

    30.740 
      35.22 
    0.2783 

      132,912,486 
16,827,260 
9,763,999 
(Concluded) 

Note 1:  Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign 

currency could be exchanged. 

Note 2:  The exchange rate represents the number of RMB for which one U.S. dollar could be exchanged. 

Please refer to the consolidated statements of comprehensive income for the total of realized and unrealized 
foreign exchange gain and loss for the years ended December 31, 2019 and 2018, respectively. Since there 
were  varieties  of  foreign  currency  transactions  and  functional  currencies  within  the  subsidiaries  of  the 
Company, the Company was unable to disclose foreign exchange gain (loss) towards each foreign currency 
with significant impact. 

37.  SIGNIFICANT OPERATION LOSSES 

On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a 
batch of unqualified photoresist materials. After investigation, the Company immediately stopped using the 
unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in 
cost of revenue for the three months ended March 31, 2019. 

The  Company  experienced  a  computer  virus  outbreak  on  August  3,  2018,  which  affected  a  number  of 
computer systems and fab tools, and consequently impacted wafer production in Taiwan. All the impacted 
tools have been recovered by August 6, 2018. The Company recognized a loss of NT$2,596,046 thousand 
related to this incident for the three months ended September 30, 2018, which was included in cost of revenue. 

38.  ADDITIONAL DISCLOSURES 

Following are the additional disclosures required by the Securities and Futures Bureau for TSMC: 

a.  Financings provided: Please see Table 1 attached; 

b.  Endorsement/guarantee provided: Please see Table 2 attached; 

- 74 -

 
 
 
 
 
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
     
   
   
   
     
     
 
   
 
 
   
   
 
    
 
   
 
 
   
   
 
 
   
     
     
     
     
     
 
 
 
 
 
 
 
 
 
 
 
 
c.  Marketable securities  held (excluding  investments in subsidiaries  and  associates): Please see Table 3 

attached;   

d.  Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of 

the paid-in capital: Please see Table 4 attached; 

e.  Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in 

capital: Please see Table 5 attached; 

f.  Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in 

capital: None; 

g.  Total purchases from or sales to related parties of at least NT$100 million or 20% of the paid-in capital: 

Please see Table 6 attached; 

h.  Receivables  from  related parties  amounting to  at least NT$100  million or  20% of the paid-in  capital: 

Please see Table 7 attached; 

i. 

Information about the derivative financial instruments transaction: Please see Notes 7 and 10; 

j.  Others: The  business  relationship  between the parent  and the subsidiaries  and significant transactions 

between them: Please see Table 8 attached;   

k.  Names, locations, and related information of investees over which TSMC exercises significant influence 

(excluding information on investment in mainland China): Please see Table 9 attached; 

l. 

Information on investment in mainland China 

1)  The name  of the investee in  mainland China, the main  businesses  and  products, its issued  capital, 
method of investment, information on inflow or outflow of capital, percentage of ownership, income 
(losses)  of  the  investee,  share  of  profits/losses  of  investee,  ending  balance,  amount  received  as 
dividends from the investee, and the limitation on investee: Please see Table 10 attached. 

2)  Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized 
gain or loss, and other related information which is helpful to understand the impact of investment in 
mainland China on financial reports: Please see Table 8 attached. 

39.  OPERATING SEGMENTS INFORMATION 

a.  Operating segments, segment revenue and operating results 

TSMC’s  chief operating  decision  makers periodically review operating  results,  focusing on  operating 
income  generated  by  foundry  segment.  Operating  results  are  used  for  resource  allocation  and/or 
performance assessment. As a result, the Company has only one operating segment, the foundry segment. 
The foundry segment engages  mainly in the  manufacturing, selling,  packaging, testing  and  computer-
aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. 

The  basis  for  the  measurement  of  income  from  operations  is  the  same  as  that  for  the  preparation  of 
financial statements. Please refer to the consolidated statements of comprehensive income for the related 
segment revenue and operating results. 

- 75 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b.  Geographic and major customers information were as follows: 

1)  Geographic information 

Noncurrent Assets 

Taiwan 
United States 
China 
Europe, the Middle East and Africa 
Japan 
Others 

  December 31, 
2019 

  December 31, 
2018 

   $1,344,352,664     $1,039,471,321 
7,569,797 
43,574,538 
8,269 
13,138 
- 

8,850,099 
38,586,614 
186,238 
27,074 
3,064 

   $1,392,005,753     $1,090,637,063 

Noncurrent  assets include property, plant  and equipment,  right-of-use  assets,  intangible assets  and 
other noncurrent assets. 

2)  Major customers representing at least 10% of net revenue 

Years Ended December 31 

2019 

2018 

Amount 

  % 

Amount 

  % 

Customer A 
Customer B 

    $  247,213,291 
      152,876,885 

      23 
      14 

    $  224,690,695 
83,885,616 

      22 
8 

- 76 -

 
 
 
 
 
 
 
 
   
   
     
     
     
     
     
     
     
     
     
     
 
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
     
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  N

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing 
Company Limited 

Parent Company Only Financial Statements for the 
Years Ended December 31, 2019 and 2018 and   
Independent Auditors’ Report 

- 105 -

 
 
- 106 -

assets to be capable of operating in the intended manner. Changes in these assumptions could have a significant 
impact on when depreciation is recognized. 

Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures 
to evaluate the reasonableness of the Company’s judgements and assumptions required a high degree of auditor 
judgement. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP 
is identified as a key audit matter. 

Our  audit  procedures  related  to  the  evaluation  of  when  to  commence  depreciation  of  EUI/CIP  included  the 
following, among others: 

1.  We read the Company’s policy and understand the criteria used to determine when to commence depreciation.  

2.  We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP. 

3.  We sampled EUI/CIP at year end and performed the following for each selection: 

a.  Evaluated whether the selection did not meet the criteria specified by the Company for commencement 

of depreciation. 

b.  Observed the assets and evaluated their status at year end. 

4.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for 

commencement of depreciation during the year. 

5.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for 

commencement of depreciation subsequent to year end. 

Responsibilities  of  Management  and  Those  Charged  with  Governance  for  the  Parent  Company  Only 
Financial Statements 

Management  is  responsible  for  the  preparation  and  fair  presentation  of  the  parent  company  only  financial 
statements  in  accordance  with  the  Regulations  Governing  the  Preparation  of  Financial  Reports  by  Securities 
Issuers, and for such internal control as management determines is necessary to enable the preparation of parent 
company only financial statements that are free from material misstatement, whether due to fraud or error. 

In  preparing  the  parent  company  only  financial  statements,  management  is  responsible  for  assessing  the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and 
using the going concern basis of accounting unless management either intends to liquidate the Company or to 
cease operations, or has no realistic alternative but to do so. 

Those charged with governance (including members of the Audit Committee) are responsible for overseeing the 
Company’s financial reporting process. 

Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements 

Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors ’ report that 
includes  our  opinion.  Reasonable  assurance  is  a  high  level  of  assurance,  but  is  not  a  guarantee  that  an  audit 
conducted in  accordance  with the  auditing  standards  generally  accepted in the Republic  of China  will  always 
detect  a  material misstatement  when it exists. Misstatements  can  arise  from  fraud or error  and  are  considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions 
of users taken on the basis of these parent company only financial statements. 

- 107 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As part of an audit in accordance with the auditing standards generally accepted in the Republic of China, we 
exercise professional judgment and maintain professional skepticism throughout the audit. We also: 

1.  Identify and assess the risks of material misstatement of the parent company only financial statements, whether 
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 
that  is  sufficient  and  appropriate  to  provide  a  basis  for  our  opinion.  The  risk  of  not  detecting  a  material 
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the override of internal control. 

2.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 
Company’s internal control. 

3.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and 

related disclosures made by management. 

4.  Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based 
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may 
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material 
uncertainty exists, we are required  to draw attention in our auditors’ report to the related disclosures in the 
parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our 
conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future 
events or conditions may cause the Company to cease to continue as a going concern. 

5.  Evaluate  the  overall  presentation,  structure  and  content  of  the  parent  company  only  financial  statements, 
including the disclosures, and whether the parent company only financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 

6.  Obtain sufficient  appropriate  audit evidence  regarding the financial information of the entities  or business 
activities within the Company to express an opinion on the parent company only financial statements. We are 
responsible for the direction, supervision and performance of the group audit. We remain solely responsible 
for our audit opinion. 

We communicate with those charged  with  governance regarding,  among other matters, the  planned  scope and 
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we 
identify during our audit. 

We also  provide those charged  with  governance  with a  statement that we  have  complied  with  relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, related safeguards. 

From the matters communicated with those charged with governance, we determine those matters that were of 
most significance in the audit of the parent company only financial statements for the year ended December 31, 
2019  and  are therefore the  key  audit  matters. We describe  these matters in  our  auditors’ report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine 
that  a  matter should  not be communicated in  our  report  because the  adverse  consequences of  doing so  would 
reasonably be expected to outweigh the public interest benefits of such communication. 

- 108 -

 
 
 
 
 
 
 
 
 
 
 
 
- 109 -

Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

ASSETS 

CURRENT ASSETS 

Cash and cash equivalents (Note 6) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at fair value through other comprehensive income   
Financial assets at amortized cost   
Hedging financial assets (Note 8) 
Notes and accounts receivable, net (Note 9) 
Receivables from related parties (Note 31) 
Other receivables from related parties (Note 31) 
Inventories (Notes 5 and 10) 
Other financial assets 
Other current assets   

Total current assets 

NONCURRENT ASSETS 

Financial assets at fair value through other comprehensive income   
Investments accounted for using equity method (Note11) 
Property, plant and equipment (Notes 5 and 12) 
Right-of-use assets (Notes 5 and 13) 
Intangible assets (Notes 5 and 14) 
Deferred income tax assets (Notes 5 and 25) 
Refundable deposits and others 

Total noncurrent assets 

TOTAL 

LIABILITIES AND EQUITY 

CURRENT LIABILITIES 

Short-term loans (Notes 15 and 28) 
Financial liabilities at fair value through profit or loss (Note 7) 
Hedging financial liabilities (Note 8) 
Accounts payable   
Payables to related parties (Note 31) 
Salary and bonus payable 
Accrued profit sharing bonus to employees and compensation to directors (Note 27) 
Payables to contractors and equipment suppliers   
Cash dividends payable (Note 19) 
Income tax payable (Notes 5 and 25) 
Long-term liabilities - current portion (Notes 16 and 28) 
Accrued expenses and other current liabilities (Notes 5, 13, 18, 20, 28 and 31) 

Total current liabilities 

NONCURRENT LIABILITIES 

Bonds payable (Notes 16 and 28) 
Deferred income tax liabilities (Notes 5 and 25) 
Lease liabilities (Notes 5, 13 and 28) 
Net defined benefit liability (Note 17) 
Guarantee deposits (Notes 18 and 28) 
Others 

Total noncurrent liabilities 

Total liabilities 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Capital stock (Note 19) 
Capital surplus (Note 19) 
Retained earnings (Note 19) 

Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Unappropriated earnings 

Others (Note 19) 

Total equity 

TOTAL   

The accompanying notes are an integral part of the parent company only financial statements. 

- 110 -

December 31, 2019 
Amount 

  % 

December 31, 2018 
Amount 

  % 

    $  141,450,698 
27,481 
- 
- 
3,504 
49,124,933 
82,194,501 
968,123 
76,263,851 
358,245 
4,726,789 

6 
- 
- 
- 
- 
2 
4 
- 
4 
- 
- 

    $  240,202,525 
54,115 
568,150 
2,294,098 
23,497 
36,685,389 
86,452,584 
1,234,662 
98,088,160 
178,008 
4,184,918 

      12 
- 
- 
- 
- 
2 
4 
- 
5 
- 
- 

355,118,125 

      16 

469,966,106 

      23 

877,110 
558,503,889 
      1,310,900,634 
15,030,020 
16,271,444 
16,728,622 
2,046,228 

- 
      24 
      57 
1 
1 
1 
- 

963,610 
549,560,884 
      1,025,286,941 
- 
12,429,930 
15,586,674 
1,666,863 

- 
      26 
      49 
- 
1 
1 
- 

      1,920,357,947 

      84 

      1,605,494,902 

      77 

    $ 2,275,476,072 

      100 

    $ 2,075,461,008 

      100 

    $  148,510,290 
982,302 
1,798 
36,029,135 
5,716,635 
14,215,161 
23,526,149 
139,754,491 
129,651,902 
32,241,052 
31,800,000 
43,111,632 

    $ 

7 
- 
- 
2 
- 
1 
1 
6 
6 
1 
1 
2 

91,982,340 
30,232 
1,941 
30,472,292 
4,546,752 
12,442,707 
23,919,312 
41,279,910 
- 
38,706,990 
34,900,000 
49,778,042 

4 
- 
- 
2 
- 
1 
1 
2 
- 
2 
2 
2 

605,540,547 

      27 

328,060,518 

      16 

25,100,000 
333,606 
13,300,263 
9,182,496 
170,446 
438,590 

48,525,401 

1 
- 
1 
- 
- 
- 

2 

56,900,000 
233,284 
- 
9,651,405 
3,346,648 
451,488 

70,582,825 

3 
- 
- 
1 
- 
- 

4 

654,065,948 

      29 

398,643,343 

      20 

259,303,805 
56,339,709 

      11 
2 

259,303,805 
56,315,932 

      12 
3 

311,146,899 
10,675,106 
      1,011,512,974 
      1,333,334,979 

      14 
- 
      45 
      59 

276,033,811 
26,907,527 
      1,073,706,503 
      1,376,647,841 

(27,568,369)       

(1)       

(15,449,913)       

      13 
1 
      52 
      66 
(1) 

      1,621,410,124 

      71 

      1,676,817,665 

      80 

    $ 2,275,476,072 

      100 

    $ 2,075,461,008 

      100 

 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2019 

2018 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 20 and 31) 

    $1,059,646,793       100 

    $1,023,925,713       100 

COST OF REVENUE (Notes 5, 10, 27, 31 and 34) 

      579,507,047        55 

      530,861,166        52 

GROSS PROFIT BEFORE REALIZED 

(UNREALIZED) GROSS PROFIT ON SALES TO 
SUBSIDIARIES AND ASSOCIATES   

REALIZED (UNREALIZED) GROSS PROFIT ON 

      480,139,746        45 

      493,064,547        48 

SALES TO SUBSIDIARIES AND ASSOCIATES   

3,395       

- 

(109,046)      

- 

GROSS PROFIT 

      480,143,141        45 

      492,955,501        48 

OPERATING EXPENSES (Notes 5, 27 and 31) 

Research and development 
General and administrative 
Marketing 

90,482,815       
20,353,327       
3,231,777       

8 
2 
- 

84,944,461       
19,113,298       
3,201,670       

8 
2 
- 

Total operating expenses 

      114,067,919        10 

      107,259,429        10 

OTHER OPERATING INCOME AND EXPENSES, 

NET (Notes 12, 13, 21 and 27) 

(151,230)      

- 

(1,668,234)      

- 

INCOME FROM OPERATIONS 

      365,923,992        35 

      384,027,838        38 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of subsidiaries and associates (Note 

11) 

Other income (Note 22) 
Foreign exchange gain, net (Note 33) 
Finance costs (Note 23) 
Other gains and losses (Note 24) 

22,906,788       
2,180,251       
1,994,370       
(3,191,609)      
(1,068,573)      

Total non-operating income and expenses 

22,821,227       

2 
- 
- 
- 
- 

2 

12,509,959       
2,005,107       
1,927,029       
(2,903,454)      
(1,368,326)      

12,170,315       

1 
- 
- 
- 
- 

1 

INCOME BEFORE INCOME TAX 

      388,745,219        37 

      396,198,153        39 

INCOME TAX EXPENSE (Notes 5 and 25) 

43,481,551       

4 

45,067,269       

5 

NET INCOME 

      345,263,668        33 

      351,130,884        34 

(Continued) 

- 111 -

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
     
 
     
 
     
       
 
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
     
     
     
     
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

OTHER COMPREHENSIVE INCOME (LOSS) 

(Notes 5, 17, 19 and 25) 
Items that will not be reclassified subsequently to 

profit or loss: 
Remeasurement of defined benefit obligation 
Unrealized gain/(loss) on investments in equity 

instruments at fair value through other 
comprehensive income 

Gain (loss) on hedging instruments 
Share of other comprehensive income (loss) of 

subsidiaries and associates 

Income tax benefit (expense) related to items that 

will not be reclassified subsequently 

Items that may be reclassified subsequently to profit 

or loss: 
Exchange differences arising on translation of 

2019 

2018 

Amount 

  % 

Amount 

  % 

    $ 

253,895       

- 

    $ 

(861,162)      

- 

121,740       
(109,592)      

194,524       

(20,992)      
439,575       

- 
- 

- 

- 
- 

(1,189,957)      
40,975       

(2,135,880)      

195,729       
(3,950,295)      

- 
- 

- 

- 
- 

1 

- 
1 

foreign operations 

(14,698,117)      

(2)       

14,578,483       

Share of other comprehensive income (loss) of 

subsidiaries and associates 

2,435,334       
(12,262,783)      

- 
(2)       

(794,057)      
13,784,426       

Other comprehensive income (loss) for the year, 

net of income tax 

(11,823,208)      

(2)       

9,834,131       

1 

TOTAL COMPREHENSIVE INCOME FOR THE 

YEAR 

    $  333,440,460        31 

    $  360,965,015        35 

EARNINGS PER SHARE (NT$, Note 26) 

Basic earnings per share 
Diluted earnings per share 

    $ 
    $ 

13.32     
13.32     

    $ 
    $ 

13.54     
13.54     

The accompanying notes are an integral part of the parent company only financial statements.  

(Concluded) 

- 112 -

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
     
     
     
     
     
     
     
     
 
     
     
     
       
 
     
       
 
     
     
     
 
     
 
     
       
 
     
       
 
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

2019 

2018 

    $  388,745,219 

    $  396,198,153 

Depreciation expense 
Amortization expense 
Finance costs 
Share of profits of subsidiaries and associates 
Interest income 
Loss on disposal or retirement of property, plant and equipment, net       
Gain on disposal of intangible assets, net 
Impairment loss (reversal of impairment loss) on property, plant and 

      267,464,543 
5,338,886 
3,191,609 

      274,340,540 
4,352,847 
2,903,454 
(12,509,959) 
(1,847,202) 
557,598 
(5,933) 

(22,906,788)       
(2,002,877)       
582,289 

(6,183)       

equipment 

Loss (gain) on financial instruments at fair value through profit or 

loss, net 

Gain on disposal of investments accounted for using equity method, 

net 

Unrealized (realized) gross profit on sales to subsidiaries and 

associates 

Gain (loss) on foreign exchange, net 
Dividend income 
Gain on lease modification 

Changes in operating assets and liabilities: 

Financial instruments at fair value through profit or loss 
Notes and accounts receivable, net 
Receivables from related parties 
Other receivables from related parties 
Inventories 
Other financial assets 
Other current assets 
Accounts payable 
Payables to related parties 
Salary and bonus payable 
Accrued profit sharing bonus to employees and compensation to 

directors 

Accrued expenses and other current liabilities 
Net defined benefit liability 
Cash generated from operations 
Income taxes paid 

(301,384)       

423,468 

18,291 

(17,729) 

(15,200)       

  - 

(3,395)       
(6,289,978)       
(177,374)       
(2,555)       

109,046 
2,732,445 
(157,905) 
- 

964,207 
(20,264,116)       

4,258,083 
442,439 
21,824,309 

(211,869)       
(515,166)       
5,626,778 
1,169,883 
1,772,454 

301,714 
(15,821,089) 
5,689,253 
216,794 
(27,790,715) 
(26,762) 
(1,685,193) 
4,839,526 
(282,912) 
159,386 

(393,163)       
(3,618,263)       
(215,014)       

531,310 
(21,092,059) 
(60,461) 
      612,057,615 
(43,956,272) 

      644,475,665 

(51,043,594)       

Net cash generated by operating activities 

      593,432,071 

      568,101,343 

(Continued) 

- 114 -

 
 
 
 
 
 
 
 
 
   
   
   
   
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
   
   
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2019 

2018 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisitions of: 

Financial assets at amortized cost 
Property, plant and equipment 
Intangible assets 

Proceeds from disposal or redemption of: 

- 

    $ 
(2,294,098) 
      (450,287,869)        (298,099,157) 
(6,885,163) 

(9,252,712)       

    $ 

Financial assets at fair value through other comprehensive income 
Property, plant and equipment   
Intangible assets 

Proceeds from return of capital of financial assets carried at cost 
Proceeds from return of capital of investments in equity instruments at 

fair value through other comprehensive income 

Derecognition of hedging financial instruments 
Interest received 
Other dividends received 
Dividends received from investments accounted for using equity 

method 

Refundable deposits paid 
Refundable deposits refunded 

775,282 
1,118,338 
- 
2,300,000 

1,107 
(93,536)       

2,016,735 
177,374 

651,971 
4,707,118 
15,881 
- 

3,456 
57,954 
1,815,330 
157,905 

2,225,194 
(1,447,188)       
1,007,262 

3,769,150 
(2,218,292) 
1,762,043 

Net cash used in investing activities 

      (451,460,013)        (296,555,902) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Increase in short-term loans 
Repayment of bonds 
Repayment of the principal portion of lease liabilities 
Interest paid 
Guarantee deposits received 
Guarantee deposits refunded 
Cash dividends 
Payment of partial acquisition of interests in subsidiaries   
Proceeds from partial disposal of interests in subsidiaries 
Donation from shareholders 

59,615,602 
(34,900,000)       
(2,630,308)       
(3,536,180)       
23,063 
(4,061)       

27,154,770 
(24,300,000) 
- 
(2,957,663) 
1,625,526 
(120,717) 
      (259,303,805)        (207,443,044) 
(64,633,400) 
144,676 
10,095 

(10,602)       
18,500 
3,906        

Net cash used in financing activities 

      (240,723,885)        (270,519,757) 

NET INCREASE (DECREASE) IN CASH AND CASH 

EQUIVALENTS 

(98,751,827)       

1,025,684 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

      240,202,525 

      239,176,841 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $  141,450,698 

    $  240,202,525 

The accompanying notes are an integral part of the parent company only financial statements. 

(Concluded) 

- 115 -

 
 
 
 
 
 
 
 
 
   
   
     
 
     
 
     
 
     
 
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
 
   
   
 
   
   
     
 
     
 
     
 
 
     
 
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 
(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

  1.  GENERAL 

Taiwan Semiconductor Manufacturing Company Limited (the “Company” or “TSMC”), a Republic of China 
(R.O.C.) corporation, was incorporated on February 21, 1987. The Company is a dedicated foundry in the 
semiconductor  industry  which  engages  mainly  in  the  manufacturing,  selling,  packaging,  testing  and 
computer-aided  design  of  integrated  circuits  and  other  semiconductor  devices  and  the  manufacturing  of 
masks.   

On  September  5,  1994,  the  Company’s  shares  were  listed  on  the  Taiwan  Stock  Exchange  (TWSE).  On 
October 8, 1997, the Company listed some of its shares of stock on the New York Stock Exchange (NYSE) 
in the form of American Depositary Shares (ADSs).   

The address of its registered office and principal place of business is No. 8, Li-Hsin Rd. 6, Hsinchu Science 
Park, Taiwan. 

  2.  THE AUTHORIZATION OF FINANCIAL STATEMENTS 

The accompanying parent company only financial statements were approved and authorized for issue by the 
Board of Directors on February 11, 2020. 

  3.  APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING 

STANDARDS 

a.  Initial application of the amendments to the Regulations Governing the Preparation of Financial Reports 
by  Securities  Issuers  and  the  International  Financial  Reporting  Standards  (IFRS),  International 
Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, 
“IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC)   

Except for the  following, the initial  application of the  amendments to the  Regulations  Governing the 
Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed and issued into effect by 
the FSC did not have a significant effect on the Company’s accounting policies: 

1)  IFRS 16 “Leases” 

IFRS  16  sets  out  the  accounting  standards  for  leases  that  supersedes  IAS  17  “Leases”,  IFRIC  4 
“Determining whether an Arrangement contains a Lease”, and a number of related interpretations.  
Refer to Note 4 for information relating to the relevant accounting policies. 

Definition of a lease 

The Company applies the guidance of IFRS 16 in determining whether contracts are, or contain, a 
lease only to contracts entered into (or changed) on or after January 1, 2019. Contracts identified as 
containing a lease under IAS 17 and IFRIC 4 are not reassessed and are accounted for in accordance 
with the transitional provisions under IFRS 16. 

- 116 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company as lessee 

Except for payments for short-term leases which are recognized as expenses on a straight-line basis, 
the Company recognizes right-of-use assets and lease liabilities for all leases on the parent company 
only balance sheets. On the parent company only statements of comprehensive income, the Company 
presents the depreciation expense charged on right-of-use assets separately from the interest expense 
accrued  on lease liabilities,  which is  computed using the effective interest  method.  On the  parent 
company only statements of cash flows, cash payments for both the principal portion and the interest 
portion of lease liabilities are classified within financing activities. 

The Company applies IFRS 16 retrospectively with the cumulative effect of the initial application 
recognized at the date of initial application but does not restate comparative information. 

Leases  agreements  classified  as  operating  leases  under  IAS  17,  except  for  short-term  leases,  are 
measured  at  the  present  value  of  the  remaining  lease  payments,  discounted  using  the  lessee’s 
incremental borrowing rate on January 1, 2019. Right-of-use assets are measured at an amount equal 
to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments. Right-of-use 
assets are subject to impairment testing under IAS 36. 

The Company  applied the  following  practical expedients to  measure  right-of-use  assets  and lease 
liabilities on January 1, 2019: 

a)  The  Company  applied  a  single  discount  rate  to  a  portfolio  of  leases  with  reasonably  similar 

characteristics to measure lease liabilities. 

b)  The Company accounted for those leases for which the lease term ends on or before December 

31, 2019 as short-term leases. 

c)  Except for lease payments, the Company excluded incremental costs of obtaining the lease from 

right-of-use assets on January 1, 2019. 

d)  The Company determined lease terms (e.g. lease periods) based on the projected status on January 

1, 2019, to measure lease liabilities. 

The weighted average lessee’s incremental borrowing rate  used by the Company to calculate lease 
liabilities recognized  on January  1, 2019 is 1.25%. The  reconciliation between the lease liabilities 
recognized and the future minimum lease payments of non-cancellable operating lease on December 
31, 2018 is presented as follows: 

The future minimum lease payments of non-cancellable operating lease on 

December 31, 2018 

Less: Recognition exemption for short-term leases 

Undiscounted gross amounts on January 1, 2019 

Discounted using the incremental borrowing rate on January 1, 2019 
Add: Adjustments as a result of a different treatment of extension and purchase 

options 

Lease liabilities recognized on January 1, 2019 

   $  18,721,881 
(3,163,562) 

     $  15,558,319 

     $  14,652,188 

3,106,390 

     $  17,758,578 

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The Company as lessor 

Except for sublease transactions, the Company does not make any adjustments for leases in which it 
is a lessor, and accounts for those leases under IFRS 16 starting from January 1, 2019. On the basis 
of the remaining contractual terms and conditions on January 1, 2019, all of the Company’s subleases 
are classified as operating leases. 

Impact on assets, liabilities and equity on January 1, 2019 

Carrying 
Amount as of 
December 31, 
2018 

Adjustments 
Arising from 
Initial 
Application 

Adjusted 
Carrying 
Amount as of 
January 1, 2019 

Other current assets 
Right-of-use assets 
Refundable deposits and others 

    $ 

4,184,918 
- 
1,666,863 

     $ 
       17,831,257 

(6,783)      $ 

4,178,135 
       17,831,257 
1,665,897 

(966)        

Total effect on assets 

     $  17,823,508 

Accrued expenses and other current 

liabilities 

Lease liabilities - noncurrent   
Other noncurrent liabilities   

Total effect on liabilities 

Total effect on equity 

       49,778,042 
- 
451,488 

     $  2,347,167 
       15,411,411 
64,930 

       52,125,209 
       15,411,411 
516,418 

     $  17,823,508 

     $ 

- 

b.  Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers for 
application starting from 2020 and the IFRSs issued by International Accounting Standards Board (IASB) 
and endorsed by the FSC with effective date starting 2020 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IFRS 3 “Definition of a Business” 
Amendments to IFRS 9, IAS 39 and IFRS 7 “Interest Rate Benchmark 

January 1, 2020 (Note 1) 
January 1, 2020 (Note 2) 

Reform” 

Amendments to IAS 1 and IAS 8 “Definition of Material” 

January 1, 2020 (Note 3) 

Note 1:  The Company shall apply these amendments to business combinations for which the acquisition 
date is on or after the beginning of the first annual reporting period beginning on or after January 
1, 2020 and to asset acquisitions that occur on or after the beginning of that period. 

Note 2:  The  Company  shall  apply  these  amendments  retrospectively  for  annual  reporting  periods 

beginning on or after January 1, 2020. 

Note 3:  The  Company  shall  apply  these  amendments  prospectively  for  annual  reporting  periods 

beginning on or after January 1, 2020. 

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c.  The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

 To be determined by IASB 

between an Investor and its Associate or Joint Venture” 

Amendments to IAS 1 “Classification of Liabilities as Current or Non-

January 1, 2022 

current” 

As of the date the accompanying parent company only financial statements were authorized for issue, the 
Company continues in evaluating the impact on its financial position and financial performance as a result 
of  the  initial  adoption  of  the  aforementioned  standards  or  interpretations.  The  related  impact  will  be 
disclosed when the Company completes the evaluation. 

  4.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

For  the  convenience  of  readers,  the  accompanying  parent  company  only  financial  statements  have  been 
translated into English  from the original Chinese  version  prepared  and  used in the R.O.C. If  there is  any 
conflict between the English version and the original Chinese version or any difference in the interpretation 
of the two versions, the Chinese-language parent company only financial statements shall prevail. 

Statement of Compliance 

The  accompanying parent  company  only  financial  statements  have been prepared in  conformity  with the 
Regulations Governing the Preparation of Financial Reports by Securities Issuers (the “Accounting Standards 
Used in Preparation of the Parent Company Only Financial Statements”). 

Basis of Preparation   

The accompanying parent company only financial statements have been prepared on the historical cost basis 
except for financial instruments that are measured at fair values, as explained in the accounting policies below. 
Historical cost is generally based on the fair value of the consideration given in exchange for the assets. 

When preparing the parent company  only  financial statements, the Company  account for subsidiaries  and 
associates by using the equity method. In order to agree with the amount of net income, other comprehensive 
income  and  equity  attributable  to  shareholders  of  the  parent  in  the  consolidated  financial  statements,  the 
differences of the accounting treatment between the parent company only basis and the consolidated basis 
are  adjusted  under  the  heading  of  investments  accounted  for  using  equity  method,  share  of  profits  of 
subsidiaries and associates  and share of other comprehensive income of subsidiaries and associates in the 
parent company only financial statements. 

Foreign Currencies 

In preparing the parent company only financial statements, transactions in currencies other than the entity’s 
functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the 
transactions.  At  the  end  of  each  reporting  period,  monetary  items  denominated  in  foreign  currencies  are 
retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in 
the  year in  which they  arise. Non-monetary items measured  at  fair value that  are  denominated  in  foreign 
currencies are retranslated at the rates prevailing at the date when the fair value  was determined. Exchange 
differences arising on the retranslation of non-monetary items are included in profit or loss for the year except 
for exchange differences arising on the retranslation of non-monetary items in respect of which gains and 
losses are recognized directly in other comprehensive income, in which case, the exchange differences are 
also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of 
historical cost in foreign currencies are not retranslated. 

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For the  purposes of presenting  parent  company only  financial statements, the  assets  and liabilities of the 
Company’s foreign  operations  are translated into NT$  using exchange rates prevailing  at the end of each 
reporting  period.  Income  and  expense  items  are  translated  at  the  average  exchange  rates  for  the  period. 
Exchange  differences  arising,  if  any,  are  recognized  in  other  comprehensive  income  and  accumulated  in 
equity. 

Classification of Current and Noncurrent Assets and Liabilities 

Current  assets  are  assets  held  for  trading  purposes  and  assets  expected  to  be  converted  to  cash,  sold  or 
consumed within one year from the end of the reporting period. Current liabilities are obligations incurred 
for trading  purposes  and  obligations expected to be  settled  within  one  year  from the  end  of the reporting 
period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. 

Cash Equivalents 

Cash equivalents,  for the purpose  of  meeting  short-term  cash  commitments,  consist  of highly liquid time 
deposits and investments that are readily convertible to known amounts of cash and which  are subject to an 
insignificant risk of changes in value. 

Financial Instruments 

Financial  assets  and liabilities  shall  be  recognized  when the Company  becomes  a  party to the  contractual 
provisions of the instruments. 

Financial  assets  and  liabilities  are  initially  recognized  at  fair  values.  Transaction  costs  that  are  directly 
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets 
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the 
financial  assets  or  financial  liabilities,  as  appropriate,  on  initial  recognition.  Transaction  costs  directly 
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are 
recognized immediately in profit or loss. 

Financial Assets 

The  classification  of  financial  assets  depends  on  the  nature  and  purpose  of  the  financial  assets  and  is 
determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized 
and derecognized on  a trade date or settlement date basis for which financial assets were classified in the 
same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require 
delivery of assets within the time frame established by regulation or convention in the marketplace. 

a.  Category of financial assets and measurement   

Financial assets are classified into the following categories:  financial assets at FVTPL, investments in 
debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost.   

1)  Financial asset at FVTPL 

For certain financial assets which include debt instruments that do not meet the criteria of amortized 
cost or FVTOCI, it is mandatorily required to measure them at FVTPL. Any gain or loss arising from 
remeasurement  is  recognized  in  profit  or  loss.  The  net  gain  or  loss  recognized  in  profit  or  loss 
incorporates any interest earned on the financial asset.   

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2)  Investments in debt instruments at FVTOCI 

Debt instruments with contractual terms specifying that cash flows are solely payments of principal 
and interest  on the principal  amount  outstanding, together  with objective of  collecting  contractual 
cash flows and selling the financial assets, are measured at FVTOCI. 

Interest income calculated using the effective interest method, foreign exchange gains and losses and 
impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit or 
loss.  Other  changes  in  the  carrying  amount  of  these  debt  instruments  are  recognized  in  other 
comprehensive  income  and  will  be  reclassified  to  profit  or  loss  when  these  debt  instruments  are 
disposed.   

3)  Investments in equity instruments at FVTOCI 

On initial  recognition, the  Company  may irrevocably designate investments in equity investments 
that is not held for trading as at FVTOCI. 

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and 
losses arising from changes in fair value recognized in other comprehensive income and accumulated 
in other equity. 

Dividends  on these investments in equity  instruments  at  FVTOCI  are  recognized in  profit  or loss 
when the Company’s right to receive the dividends is established, unless the Company’s rights clearly 
represent a recovery of part of the cost of the investment.   

4)  Measured at amortized cost 

Cash  and  cash equivalents, debt instrument investments,  notes  and  accounts  receivable (including 
related parties), other receivables and refundable deposits are measured at amortized cost. 

Debt instruments with contractual terms specifying that cash flows are solely payments of principal 
and interest on the principal amount outstanding, together with objective of holding financial assets 
in order to collect contractual cash flows, are measured at amortized cost. 

Subsequent  to  initial  recognition,  financial  assets  measured  at  amortized  cost  are  measured  at 
amortized cost, which equals to carrying amount determined by the effective interest method less any 
impairment loss. 

b.  Impairment of financial assets 

At the end of each reporting period, a loss allowance for expected credit loss is recognized for financial 
assets at amortized cost (including accounts receivable) and for investments in debt instruments that are 
measured at FVTOCI.   

The loss allowance for accounts receivable is measured at an amount equal to lifetime expected credit 
losses. For financial assets at amortized cost and investments in debt instruments that are measured at 
FVTOCI,  when the  credit  risk  on the financial instrument  has  not increased significantly since initial 
recognition,  a loss  allowance is recognized  at  an  amount equal to expected  credit loss  resulting  from 
possible default events of a financial instrument within 12 months after the reporting date. If, on the other 
hand,  there  has  been  a  significant  increase  in  credit  risk  since  initial  recognition,  a  loss  allowance  is 
recognized at an amount equal to expected credit loss resulting from all possible default events over the 
expected life of a financial instrument. 

The  Company  recognizes  an  impairment  loss  in  profit  or  loss  for  all  financial  instruments  with  a 
corresponding  adjustment  to  their  carrying  amount  through  a  loss  allowance  account,  except  for 
investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized 

- 121 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
in other comprehensive income and does not reduce the carrying amount of the financial asset. 

c.  Derecognition of financial assets 

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the 
financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards 
of ownership of the financial asset to another entity.   

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s 
carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. 
On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset’s 
carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss 
that had been recognized in  other  comprehensive income is recognized in  profit  or loss.  However, on 
derecognition of an investment in an equity instrument at FVTOCI, the cumulative gain or loss that had 
been  recognized  in  other  comprehensive  income  is  transferred  directly  to  retained  earnings,  without 
recycling through profit or loss. 

Financial Liabilities and Equity Instruments 

Classification as debt or equity 

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity 
in accordance with the substance of the contractual arrangements and the definitions of a financial liability 
and an equity instrument. 

Equity instruments 

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting 
all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net 
of direct issue costs. 

Financial liabilities 

Financial liabilities are subsequently measured either at amortized cost using effective interest method or at 
FVTPL. 

Financial liabilities are classified as at fair value through profit or loss when the financial liability is either 
held for trading or is designated as at fair value through profit or loss.   

Financial liabilities at fair value through profit or loss are stated at fair value, with any gains or losses arising 
on remeasurement recognized in profit or loss. 

Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently 
measured at amortized cost at the end of each reporting period. 

Derecognition of financial liabilities 

The  Company  derecognizes  financial  liabilities  when,  and  only  when,  the  Company’s  obligations  are 
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability 
derecognized and the consideration paid and payable is recognized in profit or loss. 

Derivative Financial Instruments 

Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are 
entered into  and  are subsequently  remeasured to their  fair  value  at the end of each  reporting period. The 
resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is 

- 122 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
designated and effective as a hedging instrument, in which event the timing of the recognition in profit or 
loss depends on the nature of the hedge relationship. 

Hedge Accounting 

Cash flow hedge 

The  Company  designates  certain  hedging  instruments,  such  as  forward  exchange  contracts  and  foreign 
currency deposits, to partially hedge its foreign exchange rate risks associated with certain highly probable  
forecast transactions (capital expenditures). The effective  portion of  changes in the fair  value  of hedging 
instruments is recognized in other comprehensive income. When the forecast transactions actually take place, 
the associated gains or losses that were recognized in other comprehensive income are removed from equity 
and included in the initial cost of the hedged items. The gains or losses from hedging instruments relating to 
the ineffective portion are recognized immediately in profit or loss.   

The Company  prospectively  discontinues  hedge  accounting only  when the  hedging relationship  ceases to 
meet  the  qualifying  criteria;  for  instance  when  the  hedging  instrument  expires  or  is  sold,  terminated  or 
exercised.   

Inventories 

Inventories are stated at the lower of cost or net realizable value. Inventories are recorded at standard cost 
and adjusted to approximate weighted-average cost  at the end of the reporting period. Net realizable value 
represents the estimated selling price of inventories less all estimated costs of completion and costs necessary 
to make the sale. 

Investments Accounted for Using Equity Method 

Investments accounted for using the equity method include investments in subsidiaries and associates.   

Investment in subsidiaries 

A subsidiary is an entity that is controlled by the Company. 

Under the equity method, an investment in a subsidiary is initially recognized at cost and adjusted thereafter 
to recognize the Company’s share of profit or loss and other comprehensive income of the subsidiary as well 
as the distribution received. The Company also recognized its share in the changes in the equity of subsidiaries. 

Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control 
over the subsidiaries are accounted for as equity transactions. Any difference between the carrying amount 
of the subsidiary and the fair value of the consideration paid or received is recognized directly in equity. 

When  the  Company  loses  control  of  a  subsidiary,  any  retained  investment  of  the  former  subsidiary  is 
measured at the fair value at that date. A gain or loss is recognized in profit or loss and calculated as the 
difference  between (a) the aggregate  of the fair  value of  consideration  received  and  the  fair value  of  any 
retained interest at the date when control is lost; and (b) the previous carrying amount of the investments in 
such  subsidiary.  In  addition,  the  Company  shall  account  for  all  amounts  previously  recognized  in  other 
comprehensive income in relation to the subsidiary on the same basis as would be required if the subsidiary 
had directly disposed of the related assets and liabilities. 

When the Company transacts with its subsidiaries, profits and losses resulting from the transactions with the 
subsidiaries are recognized in the Company’s parent company only financial statements only to the extent of 
interests in the subsidiaries that are not owned by the Company. 

- 123 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in associates 

An associate is an entity over which the Company has significant influence and that is neither a subsidiary 
nor  a joint venture. Significant influence is the  power to participate in  the financial  and operating  policy 
decisions of the investee but is not control or joint control over those policies. 

The operating results and assets and liabilities of associates are incorporated in these  parent company only 
financial statements using the equity method of accounting. Under the equity method, an investment in  an 
associate  is  initially  recognized  in  the  statement  of  financial  position  at  cost  and  adjusted  thereafter  to 
recognize the Company’s share of profit or loss and other comprehensive income of the associate  as well as 
the distribution received. The Company also recognizes its share in the changes in the equities of associates. 

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, 
liabilities  and  contingent  liabilities  of  an  associate  recognized  at  the  date  of  acquisition  is  recognized  as 
goodwill,  which is included  within the  carrying  amount  of  the investment.  Any excess of the Company’s 
share  of  the  net  fair  value  of  the  identifiable  assets,  liabilities  and  contingent  liabilities  over  the  cost  of 
acquisition, after reassessment, is recognized immediately in profit or loss. 

When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment 
as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) 
with its carrying amount. Any impairment loss recognized forms part of the carrying amount of the investment. 
Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment 
subsequently increases. 

The Company discontinues the use of the equity method from the date when the Company ceases to have 
significant influence over an associate. When the Company retains an interest in the former associate, the 
Company measures the retained interest at fair value at that date. The difference between the carrying amount 
of the associate at the date the equity method was discontinued, and the fair value of any retained interest and 
any proceeds from disposing of a part interest in the associate is included in the determination of the gain or 
loss on disposal of the associate. In addition, the Company shall account for all amounts recognized in other 
comprehensive income in relation to that associate on the same basis as would be required if the associate 
had directly disposed of the related assets or liabilities. If the Company’s ownership interest in an associate 
is  reduced  as  a  result  of  disposal,  but  the  investment  continues  to  be  an  associate,  the  Company  should 
reclassify to profit  or loss  only  a  proportionate  amount  of  the  gain  or loss  previously recognized in other 
comprehensive income. 

When the Company subscribes to additional shares in an associate at a percentage different from its existing 
ownership  percentage,  the  resulting  carrying  amount  of  the  investment  differs  from  the  amount  of  the 
Company’s proportionate interest in the net assets of the associate. The Company records such a difference 
as an adjustment to investments with the corresponding amount charged or credited to capital surplus. If the 
Company’s ownership interest is reduced due to the additional subscription to the shares of associate by other 
investors,  the  proportionate  amount  of  the  gains  or  losses  previously  recognized  in  other  comprehensive 
income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required 
if the associate had directly disposed of the related assets or liabilities.   

When the Company transacts with an associate, profits and losses resulting from the transactions with the 
associate are recognized in the Company’s parent company only financial statements only to the extent of 
interests in the associate that are not owned by the Company. 

- 124 -

 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment 

Property,  plant  and  equipment  are  measured  at  cost  less  accumulated  depreciation  and  accumulated 
impairment.  Costs  include  any  incremental  costs  that  are  directly  attributable  to  the  construction  or 
acquisition of the item of property, plant and equipment. 

Property, plant and equipment in the course of construction for production, supply or administrative purposes 
are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories 
of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, 
on the same basis as other identical categories of property, plant and equipment, commences when the assets 
are available for their intended use. 

Depreciation is recognized so as to write off the cost of the assets less their residual values ove r their useful 
lives, and it is  computed  using the  straight-line  method  mainly  over the  following estimated useful lives:   
buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery and 
equipment  -  5  years;  and  office  equipment  -  5  years.  The  estimated  useful  lives,  residual  values  and 
depreciation  method  are  reviewed  at  the  end  of  each  reporting  period,  with  the  effect  of  any  changes  in 
estimates accounted for on a prospective basis. Land is not depreciated. 

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits 
are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement 
of an item of property, plant and equipment is determined as the difference between the sales proceeds and 
the carrying amount of the asset and is recognized in profit or loss. 

Leases 

2019 

For a contract that contains a lease component and non-lease component, the Company may elect to account 
for the lease and non-lease components as a single lease component. 

The Company as lessor 

Rental income from operating lease is recognized on a straight-line basis over the term of the lease. 

The Company as lessee 

Except  for  short-term  leases  (leases  of  machinery  and  equipment  and  others)  which  are  recognized  as 
expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases 
at the commencement date of the lease. 

Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of 
lease liabilities adjusted for lease payments made at or before the commencement date, plus an estimate of 
costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated 
depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease 
term modifications or other related factors. Right-of-use assets are presented separately in the parent company 
only balance sheets. 

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier 
of the end of the useful lives of the right-of-use assets or the end of the lease terms.  If the lease transfers 
ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use 
assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use 
assets from the commencement dates to the end of the useful lives of the underlying assets. 

- 125 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lease liabilities  are  measured  at the  present  value of the lease  payments.  Lease  payments  comprise fixed 
payments, variable lease payments which depend on an index or a rate  and the exercise price of a purchase 
option if the Company is reasonably certain to exercise that option. The lease payments are discounted using 
the lessee’s incremental borrowing rates. 

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest 
expense recognized over the lease terms. When there is a change in a lease term, a change in future lease 
payments resulting from a change in an index or a rate used to determine those payments, or a change in the 
assessment of an option to purchase an underlying asset, the Company remeasures the lease liabilities with a 
corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the 
parent company only balance sheets. 

Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in 
which they are incurred. 

2018 

Leases are classified as finance lease whenever the terms of the lease transfer substantially all the risks and 
rewards of ownership to the lessee. All other leases are classified as operating leases. 

The Company as lessor 

Rental income from operating leases is recognized on a straight-line basis over the term of the lease. 

The Company as lessee 

Operating lease payments are recognized as an expense on a straight-line basis over the lease term. 

Intangible Assets 

Goodwill 

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of 
the business less accumulated impairment losses, if any. 

Other intangible assets 

Other  separately  acquired  intangible  assets  with  finite  useful  lives  are  carried  at  cost  less  accumulated 
amortization and accumulated impairment losses. Amortization is recognized using the straight-line method 
over the following estimated useful lives:    Technology license fees - the estimated life of the technology or 
the term of the technology transfer contract; software and system design costs - 3 years or contract period; 
patent and others - the economic life or contract period. The estimated useful life and amortization method 
are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted 
for on a prospective basis. 

Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets 

Goodwill 

Goodwill is not amortized and instead is tested for impairment annually, or more frequently when there is an 
indication that the cash generating unit may be impaired. For the purpose of impairment testing, goodwill is 
allocated to each of the Company’s cash generating units or groups of cash-generating units that are expected 
to benefit. If the recoverable amount of a cash generating unit is less than its carrying amount, the difference 
is allocated first to reduce the carrying amount of any goodwill allocated to  such cash-generating unit and 
then to the other assets of the cash generating unit pro rata based on the carrying amount of each asset in the 

- 126 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
cash generating unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment 
loss recognized for goodwill is not reversed in subsequent periods. 

Tangible assets, right-of-use assets and other intangible assets 

At the end of each reporting period, the Company reviews the carrying amounts of its tangible assets (property, 
plant  and  equipment),  right-of-use  assets  and  other  intangible  assets  to  determine  whether  there  is  any 
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible 
to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of 
the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can 
be identified,  corporate  assets  are also  allocated to individual  cash-generating  units,  or  otherwise they  are 
allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis 
can be identified. 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, 
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current  market  assessments  of  the  time  value  of  money  and  the  risks  specific  to  the  asset  for  which  the 
estimates of future cash flows have not been adjusted. 

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, 
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment 
loss is recognized immediately in profit or loss. 

When an impairment loss subsequently reverses, the carrying amount of the asset or a cash -generating unit 
is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognized for 
the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately 
in profit or loss. 

Guarantee Deposit 

Guarantee deposit mainly consists of cash received under deposit agreements with customers to ensure they 
have  access to the  Company’s  specified  capacity. Cash  received  from  customers is recorded  as  guarantee 
deposit upon receipt. Guarantee deposits are refunded to customers when terms and conditions set forth in 
the deposit agreements have been satisfied. 

Revenue Recognition 

The Company recognizes revenue when performance obligations are satisfied. The performance obligations 
are satisfied when customers obtain control of the promised goods which is generally when the goods are 
delivered to the customers’ specified locations. 

Revenue from sale of goods is measured at the fair value of the consideration received or receivable. Revenue 
is reduced for estimated customer returns, rebates and other similar allowances. Estimated sales returns and 
other  allowances  is  generally  made  and  adjusted  based  on  historical  experience  and  the  consideration  of 
varying contractual terms to recognize refund liabilities, which is classified under accrued expenses and other 
current liabilities. 

In principle, payment term granted to customers is due 30 days from the invoice date or 30 days from the end 
of the month of when the invoice is issued. Due to the short term nature of the receivables from sale of goods 
with the immaterial discounted effect, the Company measures them at the original invoice amounts without 
discounting. 

- 127 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Benefits 

Short-term employee benefits 

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount 
of the benefits expected to be paid in exchange for service rendered by employees. 

Retirement benefits 

For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense 
when the employees have rendered service entitling them to the contribution. For defined benefit retirement 
benefit plans, the cost of providing benefit is recognized based on actuarial calculations.   

Defined  benefit  costs  (including  service  cost,  net  interest  and  remeasurement)  under  the  defined  benefit 
retirement  benefit  plans  are  determined  using  the  Projected  Unit  Credit  Method.  Service  cost  (including 
current service cost), and net interest on the net defined benefit liability (asset) are recognized as em ployee 
benefits expense in the period  they  occur.  Remeasurement,  comprising  actuarial  gains  and losses  and the 
return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which 
they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained 
earnings and will not be reclassified to profit or loss.   

Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan.   

Taxation 

Income tax expense represents the sum of the tax currently payable and deferred tax. 

Current tax 

Income tax on unappropriated earnings is expensed in the year the shareholders approved the appropriation 
of earnings which is the year subsequent to the year the earnings are generated. 

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.  

Deferred tax 

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in 
the parent company only financial statements and the corresponding tax bases used in the computation of 
taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred 
tax assets are generally recognized for all deductible temporary differences, net operating loss carryforwards 
and tax credits for research and development expenses to the extent that it is probable that taxable profits will 
be available against which those deductible temporary differences can be utilized.   

Deferred  tax  liabilities  are  recognized  for  taxable  temporary  differences  associated  with  investments  in 
subsidiaries  and  associates,  except  where  the  Company  is  able  to  control  the  reversal  of  the  temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred 
tax assets arising from deductible temporary differences associated with such investments are only recognized 
to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits 
of the temporary differences and they are expected to reverse in the foreseeable future. 

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the 
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the 
deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed 
at the end of each  reporting  period  and  recognized to the extent that it is  probable that sufficient  taxable 
profits will be available to allow all or part of the deferred tax asset to be recovered. 

- 128 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which 
the liability is settled  or the  asset  is realized,  based on tax rates (and tax  laws) that  have  been enacted  or 
substantively enacted by the end of the reporting  period. The  measurement of deferred tax liabilities  and 
assets reflects the tax consequences that would follow from the manner in which the Company expects, at the 
end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.  

Current and deferred tax for the year 

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized 
in  other  comprehensive income  or directly in equity, in  which  case, the  current  and  deferred  tax  are  also 
recognized in other comprehensive income or directly in equity, respectively. 

  5.  CRITICAL  ACCOUNTING  JUDGMENTS  AND  KEY  SOURCES  OF  ESTIMATION  AND 

UNCERTAINTY 

In the application of the aforementioned Company’s accounting policies, the Company is required to make 
judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily 
apparent from other sources. The estimates and associated assumptions are based on historical experience 
and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The  estimates  and  underlying  assumptions  are  reviewed  on  an  ongoing  basis.  Revisions  to  accounting 
estimates are recognized in the year in which the estimate is revised if the revision affects only that  year, or 
in the year of the revision and future years if the revision affects both current and future years. 

Critical Accounting Judgments 

Revenue Recognition 

The Company recognizes revenue when the conditions described in Note 4 are satisfied. 

Commencement of Depreciation Related to Property, Plant and Equipment Classified as Equipment 
under Installation and Construction in Progress (EUI/CIP) 

As described in Note 4, commencement of depreciation related to EUI/CIP involves determining when the 
assets are available for their intended use. The criteria the Company uses to determine whether EUI/CIP are 
available  for  their  intended  use  involves  subjective  judgements  and  assumptions  about  the  conditions 
necessary for the assets to be capable of operating in the intended manner. 

Judgments on Lease Terms   

In determining  a lease term, the  Company  considers  all  facts  and  circumstances that create an economic 
incentive to exercise or not to exercise an option, including any expected changes in facts and circumstances 
from  the  commencement  date  until  the  exercise  date  of  the  option.  Main  factors  considered  include 
contractual terms and conditions covered by the optional periods, and the importance of the underlying asset 
to the lessee’s operations, etc. The lease term is reassessed if a significant change in circumstances that are 
within the control of the Company occurs. 

Key Sources of Estimation and Uncertainty 

Estimation of Sales Returns and Allowances 

Sales  returns  and  other  allowance  is  estimated  and  recorded  based  on  historical  experience  and  in 
consideration of different contractual terms. The amount is deducted from revenue in the same period the 
related revenue is recorded. The Company periodically reviews the reasonableness of the estimates. 

- 129 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation of Inventory 

Inventories are stated at the lower of cost or net realizable value, and the Company uses estimate to determine 
the net realizable value of inventory at the end of each reporting period. 

The  Company  estimates  the  net  realizable  value  of  inventory  for  normal  waste,  obsolescence  and 
unmarketable items at the end of reporting period and then writes down the cost of inventories to net realizable 
value. The net realizable value of the inventory is determined mainly based on assumptions of future demand 
within a specific time horizon. 

Impairment of Tangible Assets, Right-of-use Assets and Intangible Assets Other than Goodwill 

In the process  of evaluating the potential impairment  of  tangible  assets, right-of-use  assets  and intangible 
assets other than goodwill, the Company determines the independent cash flows, useful lives, expected future 
revenue  and  expenses  related  to  the  specific  asset  groups  with  the  consideration  of  the  nature  of 
semiconductor industry. Any change in these estimates based on changed economic conditions or business 
strategies could result in significant impairment charges or reversal in future years. 

Realization of Deferred Income Tax Assets 

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available 
against which those deferred tax assets can be utilized. Assessment of the realization of the deferred tax assets 
requires subjective judgment and estimate, including the future revenue growth and profitability, tax holidays, 
the  amount of tax  credits  can  be  utilized  and feasible tax  planning  strategies.  Any  changes in the  global 
economic  environment,  the  industry  trends  and  relevant  laws  and  regulations  could  result  in  significant 
adjustments to the deferred tax assets. 

Determination of Lessees’ Incremental Borrowing Rates 

In  determining  a  lessee’s  incremental  borrowing  rate  used  in  discounting  lease  payments,  the  Company 
mainly takes into account the market risk-free rates, the estimated lessee’s credit spreads and secured status 
in a similar economic environment. 

  6.  CASH AND CASH EQUIVALENTS 

December 31, 
2019 

December 31, 
2018 

Cash and deposits in banks   
Repurchase agreements collateralized by corporate bonds   
Commercial paper   

    $  141,450,698 
- 
- 

    $  238,473,857 
1,229,600 
499,068 

    $  141,450,698 

    $  240,202,525 

Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of 
cash and were subject to an insignificant risk of changes in value. 

- 130 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
     
     
     
     
 
   
   
         
 
 
 
  7.  FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 

Financial assets 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial liabilities 

Held for trading 

Forward exchange contracts   

December 31, 
2019 

December 31, 
2018 

 $  27,481 

 $  54,115 

 $  982,302 

 $  30,232 

The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign 
exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, 
the Company did not apply hedge accounting treatment for these forward exchange contracts. 

Outstanding forward exchange contracts consisted of the following: 

Maturity Date 

Contract Amount 
(In Thousands) 

December 31, 2019 

Sell NT$/Buy EUR 
Sell NT$/Buy JPY 
Sell JPY/Buy US$ 

December 31, 2018 

Sell NT$/Buy EUR 
Sell NT$/Buy JPY 
Sell US$/Buy JPY 
Sell US$/Buy NT$ 

January 2020 to June 2020   
January 2020 to March 2020 
January 2020 to February 2020 

  NT$84,690,438/EUR2,509,000 
  NT$23,737,589/JPY85,600,000 
JPY57,471,581/US$526,368 

January 2019 to March 2019   
January 2019 to March 2019 
January 2019   
January 2019   

  NT$18,545,854/EUR527,000 
  NT$4,757,858/JPY17,200,000 
  US$162,834/JPY17,976,014 
  US$110,000/NT$3,386,459 

  8.  HEDGING FINANCIAL INSTRUMENTS 

Financial assets- current 

Cash flow hedges   

Forward exchange contracts 

Financial liabilities- current 

Cash flow hedges   

Forward exchange contracts 

December 31, 
2019 

December 31, 
2018 

 $  3,504 

$  23,497 

 $  1,798 

$ 

1,941 

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The  Company  entered  into  forward  exchange  contracts  and  foreign  currency  deposits  to  partially  hedge 
foreign  exchange  rate  risks  associated  with  certain  highly  probable  forecast  transactions  (capital 
expenditures). The hedge ratio is adjusted in response to the changes in the financial market and capped at 
100%. The forward exchange contracts have maturities of 12 months or less.   

On the basis of economic relationships, the Company expects that the value of forward exchange contracts  
and  foreign  currency  deposits  and  the  value  of  hedged  transactions  will  change  in  opposite  directions  in 
response to movements in foreign exchange rates.   

The  main  source  of  hedge  ineffectiveness  in  these  hedging  relationships  is  driven  by  the  effect  of  the 
counterparty’s own credit risk on the fair value of forward exchange contracts and foreign currency deposits. 
No other sources of ineffectiveness emerged from these hedging relationships. For the years ended December 
31,  2019  and 2018,  refer to Note  19(d) for  gain or loss  arising from  changes in the fair value of  hedging 
instruments and the amount transferred to initial carrying amount of hedged items. 

The following tables summarize the information relating to the hedges for foreign currency risk.   

December 31, 2019 

Hedging Instruments 

Contract Amount 
(In Thousands) 

  Maturity 

Balance in 
Other Equity 
(Continuing 
Hedges) 

Forward exchange contracts 

  NT$1,342,392/EUR40,000 

January 2020 

$ 

(3,820 ) 

December 31, 2018 

Hedging Instruments 

Contract Amount 
(In Thousands) 

  Maturity 

Balance in 
Other Equity 
(Continuing 
Hedges) 

Forward exchange contracts 

  NT$3,917,657/EUR112,000      February 2019 to 

$ 

23,601 

April 2019 

The effect for the years ended December 31, 2019 and 2018 is detailed below: 

Hedging Instruments/Hedged Items 

Hedging Instruments 

Forward exchange contracts 
Foreign currency deposits 

Increase 
(Decrease) in Value Used for 
Calculating Hedge 
Ineffectiveness 
Years Ended December 31 

2019 

2018 

 $(109,592) 

- 

 $  34,563 
6,412 

 $(109,592) 

 $  40,975 

Hedged Items 

Forecast transaction (capital expenditures) 

 $ 109,592 

 $ (40,975) 

- 132 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
   
   
   
   
  
   
  
 
   
   
         
   
   
 
   
   
   
   
   
   
 
 
  9.  NOTES AND ACCOUNTS RECEIVABLE, NET 

December 31, 
2019 

December 31, 
2018 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

     $  46,188,113 

(319,045)        

       45,869,068 
3,255,865 

     $  33,097,452 
(7,132) 
       33,090,320 
3,595,069 

     $  49,124,933 

     $  36,685,389  

The  Company  signed  a  contract  with  the  bank  to  sell  certain  accounts  receivable  without  recourse  and 
transaction cost required. These accounts receivable are classified as at FVTOCI because they are held within 
a business model whose objective is achieved by both collecting contractual cash flows and selling financial 
assets. 

In principle, the payment term granted to customers is due 30 days from the invoice date or 30 days from the 
end of the month when the invoice is issued. Aside from recognizing impairment loss for credit-impaired 
accounts  receivable,  the  Company  recognizes  loss  allowance  based  on  the  expected  credit  loss  ratio  of 
customers  by  different  risk  levels  with  consideration  of  factors  of  historical  loss  ratios  and  customers’ 
financial conditions, competitiveness  and business outlook. For accounts receivable past due over 90 days 
without collaterals or guarantees, the Company recognizes loss allowance at full amount. 

Aging analysis of notes and accounts receivable 

Not past due 
Past due   

Past due within 30 days 
Past due 31-60 days 
Past due 61-120 days 
Past due over 121 days 

Less: Loss allowance 

  December 31, 

2019 

December 31, 
2018 

     $  43,374,378 

     $  29,258,313 

6,054,771 
10,864 
720 
3,245 
(319,045)        

6,956,366 
464,879 
7,548 
5,415 
(7,132) 

     $  49,124,933 

     $  36,685,389 

All of the Company’s accounts receivable classified as at FVTOCI were not past due. 

Movements of the loss allowance for accounts receivable 

Balance, beginning of year 
Provision (Reversal) 

Balance, end of year 

Years Ended December 31 

2019 

2018 

7,132 
 $ 
   311,913 

 $  224,352 
   (217,220) 

 $  319,045 

 $ 

7,132 

For the  years ended December  31, 2018  and 2019,  the  changes in loss  allowance  were  mainly due to the 
variations in the expected credit loss ratios and the balance of accounts receivable of different risk levels. 

- 133 -

 
 
 
 
 
 
 
   
   
   
   
      
         
      
      
 
   
   
         
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
      
      
      
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
 
   
   
   
   
 
 
 
10.  INVENTORIES 

Finished goods 
Work in process 
Raw materials 
Supplies and spare parts 

December 31, 
2019 

December 31, 
2018 

     $  8,533,179 
       49,268,466 
       15,046,116 
3,416,090 

     $  10,920,351 
       70,405,998 
       14,110,534 
2,651,277 

     $  76,263,851 

     $  98,088,160 

Reversal of write-down of inventories resulting from the increase in net  realizable value and write-down of 
inventories to net realizable value were included in the cost of revenue, as illustrated below: 

Inventory losses (reversal of write-down of inventories) 

     $ (2,071,888)       $  1,098,915 

The aforementioned inventory losses (reversal of write-down of inventories) exclude wafer contamination 
losses and computer virus outbreak losses. Please refer to related losses in Note 34. 

Years Ended December 31 

2019 

2018 

11.  INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 

Investments accounted for using the equity method consisted of the following: 

Subsidiaries 
Associates 

a.  Investments in subsidiaries 

Subsidiaries consisted of the following: 

Subsidiaries 

Principal Activities 

TSMC Global Ltd. 
(TSMC Global) 

TSMC China 

Company Limited 
(TSMC China) 

TSMC Partners, Ltd. 
(TSMC Partners) 

  Investment activities 

  Manufacturing, selling, testing 

and computer-aided design of 
integrated circuits and other 
semiconductor devices 
  Investing in companies involved 

in the design, manufacture, and 
other related business in the 
semiconductor industry and 
other investment activities 

Place of   
Incorporation 
and Operation 

  Tortola, British 

Virgin Islands 
  Shanghai, China 

  Tortola, British 

Virgin Islands 

December 31, 
2019 

December 31, 
2018 

    $  539,843,621 
18,660,268 

    $  531,717,913 
17,842,971 

    $  558,503,889 

    $  549,560,884 

Carrying Amount 

  % of Ownership and Voting 
Rights Held by the Company 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2019 

2018 

   $  397,737,270 

   $  393,577,931 

57,289,154 

55,466,911 

2019 

100% 

100% 

2018 

100% 

100% 

53,388,267 

52,339,094 

100% 

100% 

TSMC Nanjing 

Company Limited 
(TSMC Nanjing) 

  Manufacturing, selling, testing 
and computer-aided design of 
integrated circuits and other 
semiconductor devices 
TSMC North America    Selling and marketing of 

integrated circuits and other 
semiconductor devices 

  Nanjing, China 

21,364,939 

20,601,413 

100% 

100% 

4,569,825 

4,269,393 

100% 

100% 

(Continued) 

  San Jose, 

California, 
U.S.A. 

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Subsidiaries 

Principal Activities 

Place of   
Incorporation 
and Operation 

Carrying Amount 

  % of Ownership and Voting 
Rights Held by the Company 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2019 

2018 

VisEra Technologies 
Company Ltd. 
(VisEra Tech) 

TSMC Europe B.V. 
(TSMC Europe) 
VentureTech Alliance 

Fund III, L.P. 
(VTAF III) 

TSMC Japan Limited 
(TSMC Japan) 
VentureTech Alliance 

Fund II, L.P. 
(VTAF II) 

TSMC Korea Limited 
(TSMC Korea) 
TSMC Solar Europe 

GmbH 

  Engaged in manufacturing 

  Hsinchu, Taiwan 

   $ 

4,541,741 

   $ 

4,531,929 

electronic spare parts and in 
researching, developing, 
designing, manufacturing, 
selling, packaging and testing 
of color filter 

  Customer service and supporting 

activities 

  Investing in new start-up 
technology companies 

  Amsterdam, the 
Netherlands 

  Cayman Islands 

  Customer service and supporting 

  Yokohama, Japan 

activities 

  Investing in new start-up 
technology companies 

  Cayman Islands 

462,479 

231,504 

142,620 

75,095 

445,828 

194,660 

141,136 

128,758 

  Customer service and supporting 

  Seoul, Korea 

40,727 

40,966 

100% 

activities 

  Selling of solar related products 

  Hamburg, 

and providing customer service 

Germany 

- 

(20,106 ) 

- 

2019 

87% 

100% 

98% 

100% 

98% 

2018 

87% 

100% 

98% 

100% 

98% 

100% 

100% 

   $  539,843,621 

   $  531,717,913 

(Concluded) 

To lower the hedging cost, in 2018, the Company increased its investment in TSMC Global for the amount 
of  NT$62,272,080  thousand.  This  project  was  approved  by  the  Investment  Commission,  Ministry  of 
Economic Affairs, R.O.C. (MOEA). 

In  2018,  the  Company  increased  its  investment  in  TSMC  Nanjing  for  the  amount  of  NT$2,361,320 
thousand. This project was approved by the Investment Commission, MOEA. 

TSMC Solar Europe GmbH has completed the liquidation procedures in March 2019. 

b.  Investments in associates 

Associates consisted of the following: 

Name of Associate 

Principal Activities 

Place of   
Incorporation 
and Operation 

Carrying Amount 

  % of Ownership and Voting 
Rights Held by the Company 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2019 

2018 

2019 

2018 

Vanguard International 

  Manufacturing, selling, 

  Hsinchu, Taiwan 

   $ 

9,027,572 

   $ 

9,006,126 

28% 

28% 

Semiconductor 
Corporation (VIS) 

Systems on Silicon 
Manufacturing 
Company Pte Ltd. 
(SSMC) 

Xintec Inc. (Xintec) 

packaging, testing and 
computer-aided design of 
integrated circuits and other 
semiconductor devices and the 
manufacturing and design 
service of masks 

  Manufacturing and selling of 

  Singapore 

6,502,174 

5,772,815 

39% 

39% 

integrated circuits and other 
semiconductor devices 

  Wafer level chip size packaging 

  Taoyuan, Taiwan 

1,846,145 

1,764,607 

41% 

41% 

and wafer level post 
passivation interconnection 
service 

Global Unichip 

  Researching, developing, 

  Hsinchu, Taiwan 

1,284,377 

1,299,423 

35% 

35% 

Corporation (GUC) 

manufacturing, testing and 
marketing of integrated circuits 

   $  18,660,268 

   $  17,842,971 

As  of  December  31,  2019  and  2018,  no  investments  in  associates  are  individually  material  to  the 
Company. Please refer to the parent company only statements of comprehensive income for recognition 
of share of both profit (loss) and other comprehensive income (loss) of associates that are not individually 
material. 

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The market  prices of the investments  accounted  for  using  the equity  method in  publicly  traded stocks 
calculated by the closing price at the end of the reporting period are summarized as follows. The closing 
price represents the quoted price in active markets, the level 1 fair value measurement. 

Name of Associate 

VIS 
GUC 
Xintec 

12.  PROPERTY, PLANT AND EQUIPMENT 

2019 

Assets used by the Company 
Assets subject to operating leases 

a.  Assets used by the Company 

December 31, 
2019 

December 31, 
2018 

     $  36,812,923 
     $  11,251,774 
     $  8,958,195 

     $  27,621,298 
     $  9,617,699 
     $  3,783,585 

December 31, 
2019 

  $ 1,310,882,220 
18,414 

  $ 1,310,900,634 

Land 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Cost 

Balance at January 1, 2019 
Additions 
Disposals or retirements 
Transfers from right-of-use 

assets 

     $ 

3,212,000 
- 
- 

   $  381,150,802 
20,149,613 

(158,970 )   

   $ 2,585,629,465 
173,199,951 
(21,635,299 )   

   $ 

43,722,686 
6,908,814 
(986,625 )        

     $  171,277,329 
355,119,486 
- 

   $ 3,184,992,282 
555,377,864 
(22,780,894 ) 

- 

- 

619,779 

- 

- 

619,779 

Balance at December 31, 2019       $ 

3,212,000 

   $  401,141,445 

   $ 2,737,813,896 

   $ 

49,644,875 

     $  526,396,815 

   $ 3,718,209,031 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2019 
Additions   
Disposals or retirements 
Transfers from right-of-use 

assets 

Reversal of impairment 

     $ 

Balance at December 31, 2019       $ 

- 
- 
- 

- 
- 

- 

   $  198,301,715 
24,077,824 

(144,402 )   

   $ 1,931,489,635 
235,731,567 
(16,206,228 )   

   $ 

     $ 

29,950,916 
5,392,188 
(985,679 )        

- 
- 

20,659 
(301,384 )   

- 
- 

   $  222,235,137 

   $ 2,150,734,249 

   $ 

34,357,425 

     $ 

- 
- 
- 

- 
- 

- 

   $ 2,159,742,266 
265,201,579 
(17,336,309 ) 

20,659 
(301,384 ) 

   $ 2,407,326,811 

Carrying amounts at 

December 31, 2019 

     $ 

3,212,000 

   $  178,906,308 

   $  587,079,647 

   $ 

15,287,450 

     $  526,396,815 

   $ 1,310,882,220 

The significant part of the Company’s buildings includes main plants, mechanical and electrical power 
equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 
20 years, 10 years and 10 years, respectively. 

In  the  first  quarter  of  2019,  the  Company  recognized  a  reversal  of  impairment  loss  of  NT$301,384 
thousand due to redeployment of certain idle machinery and equipment. Such reversal of impairment loss 
was recognized in other operating income and expenses. 

- 136 -

 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
      
 
    
 
    
 
    
      
 
    
      
 
 
    
    
 
    
      
 
 
 
 
 
    
 
    
      
 
    
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
      
 
    
 
    
 
    
      
 
    
      
 
    
    
    
 
    
      
 
    
 
    
 
    
 
    
 
    
      
 
    
 
    
    
      
 
    
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
b.  Assets subject to operating leases 

Cost 

Balance at January 1, 2019 

Balance at December 31, 2019 

Accumulated depreciation 

Balance at January 1, 2019 
Additions   

Balance at December 31, 2019 

Carrying amounts at December 31, 2019 

Buildings 

 $  494,582 

 $  494,582 

 $  457,657 
18,511 

 $  476,168 

 $  18,414 

Operating leases relate to leases of buildings with lease terms between 1 to 2 years. The lessees do not 
have purchase options to acquire the assets at the expiry of the lease periods. 

The maturity analysis of operating lease payments receivable for the buildings is as follows: 

December 31, 
2019 

 $  1,458 

Land 

Buildings 

Machinery and 
Equipment 

  Office Equipment   

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Year 1 

2018 

Cost 

Balance at January 1, 2018 
Additions 
Disposals or retirements 

   $ 

3,212,000 
- 
- 

   $  357,391,050 
24,665,225 

(410,891 )   

   $ 2,369,226,722 
231,468,189 
(15,065,446 )   

   $ 

39,403,217 
5,036,411 
(716,942 )   

   $  144,776,878 

26,500,451     

- 

   $ 2,914,009,867 
287,670,276 
(16,193,279 ) 

Balance at December 31, 2018 

   $ 

3,212,000 

   $  381,645,384 

   $ 2,585,629,465 

   $ 

43,722,686 

   $  171,277,329 

   $ 3,185,486,864 

Accumulated depreciation and   
    impairment 

Balance at January 1, 2018 
Additions   
Disposals or retirements 
Impairment 

   $ 

Balance at December 31, 2018 

   $ 

Carrying amounts at December 31, 

- 
- 
- 
- 

- 

   $  176,623,784 
22,534,543 

(398,955 )   

- 

   $ 

   $ 1,695,482,201 
246,686,584 
(11,102,618 )   
423,468 

   $ 

25,547,912 
5,119,413 
(716,409 )   

- 

- 
-     
- 
- 

   $ 1,897,653,897 
274,340,540 
(12,217,982 ) 
423,468   

   $  198,759,372 

   $ 1,931,489,635 

   $ 

29,950,916 

   $ 

- 

   $ 2,160,199,923 

2018 

   $ 

3,212,000 

   $  182,886,012 

   $  654,139,830 

   $ 

13,771,770 

   $  171,277,329 

   $ 1,025,286,941 

The  significant  part  of  the  Company’s  buildings  includes  main  plants,  mechanical  and  electrical  power 
equipment and clean rooms, and the related depreciation is calculated using the estimated useful lives of 20 
years, 10 years and 10 years, respectively. 

For the year ended December 31, 2018, the Company recognized an impairment loss of NT$423,468 thousand 
for certain machinery and equipment that was assessed to have no future use, and the recoverable amount of 
certain machinery and equipment was nil. Such impairment loss was recognized in other operating income 
and expenses. 

- 137 -

 
 
 
 
 
 
 
 
   
 
 
   
 
 
 
   
 
 
   
   
 
   
   
   
   
 
   
   
   
   
 
   
   
   
   
   
   
  
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
   
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
    
 
    
 
    
    
    
    
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
    
 
    
 
    
    
    
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13.  LEASE ARRANGEMENTS   

2019 

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Machinery and equipment 
Office equipment 

Additions to right-of-use assets 

Depreciation of right-of-use assets 

Land 
Buildings 
Machinery and equipment 
Office equipment 

Income from subleasing right-of-use assets (classified under 

other operating income and expenses, net) 

b.  Lease liabilities 

Carrying amounts 

December 31,   
2019 

    $  13,830,199 
402,836 
775,809 
21,176 

     $  15,030,020 

Year Ended 
December 31, 
2019 

 $  639,879 

Year Ended 
December 31, 
2019 

     $ 

944,052 
105,873 
       1,184,374 
10,154 

     $  2,244,453 

     $ 

44,796 

December 31,   
2019 

Current portion (classified under accrued expenses and other current liabilities) 
Noncurrent portion   

     $  1,843,556 
       13,300,263 

     $  15,143,819 

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Ranges of discount rates for lease liabilities are as follows: 

Land 
Buildings 
Machinery and equipment 
Office equipment 

c.  Material terms of right-of-use assets 

December 31,   
2019 

  0.67%-0.94% 
  0.67%-0.71% 

3.24% 

  0.64%-0.71% 

The Company leases land and buildings mainly for the use of plants and offices with lease terms of 2 to 
22 years. The lease contracts for land located in the R.O.C. specify that lease payments will be adjusted 
every  2  years  on  the  basis  of  changes  in  announced  land  value  prices.  The  Company  does  not  have 
purchase options to acquire the leasehold land and buildings at the end of the lease terms. 

The Company leases  machinery  and equipment for  use  in  operation  with lease terms of  2  years. The 
Company has purchase  options  to  acquire leasehold machinery  and equipment  at the end  of the lease 
terms. 

d.  Subleases of right-of-use assets 

The Company subleases its right-of-use assets for buildings under operating leases with lease terms of 1 
year.   

The maturity analysis of lease payments receivable under operating subleases is as follows: 

Year 1 

e.  Other lease information 

Expenses relating to short-term leases   
Expenses relating to variable lease payments not included in the 

measurement of lease liabilities 

Total cash outflow for leases 

December 31,   
2019 

 $  50,862 

Year Ended 
December 31, 
2019 

     $  4,991,637 

   $ 

158,375 

Year Ended 
December 31, 
2019 

     $  7,324,585 

- 139 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
   
 
 
   
 
 
 
 
 
   
 
 
   
   
   
   
 
 
 
 
 
 
 
   
   
      
 
2018 

The  Company’s  major  operating  leases  are  arrangements  on  several  parcels  of  land  and  machinery  and 
equipment. 

The Company expensed the lease payments as follows: 

Minimum lease payments 

Future minimum lease payments under non-cancellable operating leases are as follows: 

Not later than 1 year 
Later than 1 year and not later than 5 years 
Later than 5 years 

14.  INTANGIBLE ASSETS 

  Year Ended 
December 31, 
2018 

     $  3,773,364 

December 31, 
2018 

     $  5,510,729 
4,957,770 
8,253,382 

     $  18,721,881 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2019 
Additions   
Disposals or retirements 

      $ 

1,567,756 
- 
- 

      $  10,921,844 
4,879,562 
- 

      $  29,140,011 
3,639,706 
(260,904 )         

      $ 

7,607,537 
663,509 
- 

      $  49,237,148 
9,182,777 
(260,904 ) 

Balance at December 31, 2019 

      $ 

1,567,756 

      $  15,801,406 

      $  32,518,813 

      $ 

8,271,046 

      $  58,159,021 

Accumulated amortization and   
    impairment 

Balance at January 1, 2019 
Additions   
Disposals or retirements 

      $ 

Balance at December 31, 2019 

      $ 

- 
- 
- 

- 

      $ 

8,703,391 
1,066,834 
- 

      $  22,863,319 
3,610,902 
(258,527 )         

      $ 

5,240,508 
661,150 
- 

      $  36,807,218 
5,338,886 
(258,527 ) 

      $ 

9,770,225 

      $  26,215,694 

      $ 

5,901,658 

      $  41,887,577 

Carrying amounts at December 31, 2019 

      $ 

1,567,756 

      $ 

6,031,181 

      $ 

6,303,119 

      $ 

2,369,388 

      $  16,271,444 

Cost 

Balance at January 1, 2018 
Additions   
Disposals or retirements 

      $ 

1,567,756 
- 
- 

      $  10,388,175 
533,669 
- 

      $  24,963,709 
4,361,894 
(185,592 )         

      $ 

5,590,392 
2,017,145 
- 

      $  42,510,032 
6,912,708 
(185,592 ) 

Balance at December 31, 2018 

      $ 

1,567,756 

      $  10,921,844 

      $  29,140,011 

      $ 

7,607,537 

      $  49,237,148 

Accumulated amortization and   
    impairment 

Balance at January 1, 2018 
Additions   
Disposals or retirements 

      $ 

Balance at December 31, 2018 

      $ 

- 
- 
- 

- 

      $ 

7,639,775 
1,063,616 
- 

      $  20,282,457 
2,766,396 
(185,534 )         

      $ 

4,717,673 
522,835 

      $  32,639,905 
4,352,847 
(185,534 ) 

-           

      $ 

8,703,391 

      $  22,863,319 

      $ 

5,240,508 

      $  36,807,218 

Carrying amounts at December 31, 2018 

      $ 

1,567,756 

      $ 

2,218,453 

      $ 

6,276,692 

      $ 

2,367,029 

      $  12,429,930 

- 140 -

 
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
   
   
   
   
      
   
      
 
   
   
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
       
       
       
       
       
       
       
       
       
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
       
       
       
       
       
       
       
       
       
 
      
 
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
       
       
       
       
       
       
       
       
       
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
       
       
       
       
       
       
       
       
 
      
 
   
   
   
   
 
   
   
   
   
   
The Company’s goodwill has been tested for impairment at the end of the annual  reporting period and the 
recoverable amount is determined based on the value in use. The value in use was calculated based on the 
cash flow forecast from the financial budgets covering the future five-year period, and the Company used 
annual  discount  rates  of  8.0%  and  9.0%  in  its  test  of  impairment  as  of  December  31,  2019  and  2018, 
respectively, to reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2019 and 2018, the Company did not recognize any impairment loss on 
goodwill. 

15.  SHORT-TERM LOANS 

Unsecured loans 
Related parties unsecured loans 

Original loan content 
US$ (in thousands) 
EUR(in thousands) 
Annual interest rate 
Maturity date 

December 31, 
2019 

December 31, 
2018 

     $ 118,522,290 
       29,988,000 

     $  88,754,640 
3,227,700 

     $ 148,510,290 

     $  91,982,340 

     $  3,370,000 
1,410,000 

0%-2.22% 

  Due by July   

2020 

     $  2,715,000 
242,000 
  0.01%-3.22% 
Due by April   
2019 

The borrowing rates from loans between the  Company and related parties should be determined by mutual 
consent as the loan are repayable on related parties’ demand. 

16.  BONDS PAYABLE 

Domestic unsecured bonds 
Less: Current portion 

December 31, 
2019 

December 31, 
2018 

     $  56,900,000 
     $  91,800,000 
       (31,800,000)         (34,900,000) 

     $  25,100,000 

     $  56,900,000 

The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

100-1 

100-2 

101-1 

101-2 

B 

B 

B 

B 

  September 2011 to 
September 2018 

  January 2012 to 
January 2019 
  August 2012 to 
August 2019 
  September 2012 to 
September 2019 

    $  7,500,000 

1.63% 

  Bullet repayment; 
interest payable 
annually 

7,000,000 

1.46% 

  The same as above 

9,000,000 

1.40% 

  The same as above 

9,000,000 

1.39% 

  The same as above 

(Continued) 

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Issuance 

  Tranche 

Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

101-3 

101-4 

102-1 

102-2 

102-3 

102-4 

- 

A 

B 

C 

A 

B 

C 

A 
B 
B 

C 

D 

E 

F 

  October 2012 to 
October 2022 

  January 2013 to 
January 2018 
  January 2013 to 
January 2020 
  January 2013 to 
January 2023 
  February 2013 to 
February 2018 
  February 2013 to 
February 2020 
  February 2013 to 
February 2023 

    $  4,400,000 

1.53% 

  Bullet repayment; 
interest payable 
annually 

      10,600,000 

1.23% 

  The same as above 

      10,000,000 

1.35% 

  The same as above 

3,000,000 

1.49% 

  The same as above 

6,200,000 

1.23% 

  The same as above   

      11,600,000 

1.38% 

  The same as above 

3,600,000 

1.50% 

  The same as above 

  July 2013 to July 2020        10,200,000 
3,500,000 
  July 2013 to July 2023       
8,500,000 
  August 2013 to 
August 2019 
  September 2013 to 
March 2019 

1,400,000 

1.50% 
1.70% 
1.52% 

1.60% 

  The same as above 
  The same as above 
  The same as above 

  Bullet repayment; 
interest payable 
annually (interest 
for the six months 
prior to maturity 
will accrue on the 
basis of actual days 
and be repayable at 
maturity) 

  September 2013 to 
March 2021 
  September 2013 to 
March 2023 
  September 2013 to 
September 2023 

2,600,000 

1.85% 

  The same as above 

5,400,000 

2.05% 

  The same as above 

2,600,000 

2.10% 

  Bullet repayment; 
interest payable 
annually 

(Concluded) 

17.  RETIREMENT BENEFIT PLANS 

a.  Defined contribution plans 

The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant 
to the Act, the Company has made monthly contributions equal to 6% of each employee’s monthly salary 
to  employees’  pension  accounts.  Accordingly,  the  Company  recognized  expenses  of  NT$2,063,508 
thousand and NT$2,028,928 thousand for the years ended December 31, 2019 and 2018, respectively. 

- 142 -

 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
     
 
 
 
 
 
 
     
 
 
 
 
 
 
 
     
 
 
     
 
 
 
     
 
 
 
     
 
 
 
     
 
 
 
 
 
 
b.  Defined benefit plans 

The Company  has defined  benefit plans under  the  R.O.C. Labor Standards  Law that provide benefits 
based on an employee’s length of service and average monthly salary for the six-month period prior to 
retirement.  The  Company  contributes  an  amount  equal  to  2%  of  salaries  paid  each  month  to  their 
respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory 
Committee (the Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the 
end of each year, the Company assesses the balance in the  Funds. If the amount of the balance in the 
Funds is inadequate to pay retirement benefits for employees who conform to retirement requirements in 
the next year, the Company is required to fund the difference in one appropriation that should be made 
before the end of March  of the next  year. The Funds  are  operated  and  managed by the  government’s 
designated authorities; as such, the Company does not have any right to intervene in the investments of 
the Funds. 

Amounts recognized in respect of these defined benefit plans were as follows: 

Current service cost 
Net interest expense 
Components of defined benefit costs recognized in profit or loss 
Remeasurement on the net defined benefit liability: 

Return on plan assets (excluding amounts included in net 

interest expense) 

Actuarial loss (gain) arising from experience adjustments 
Actuarial gain arising from changes in demographic 

assumptions 

Actuarial loss arising from changes in financial assumptions 

Components of defined benefit costs recognized in other 

comprehensive income 

Total 

Years Ended December 31 

2019 

2018 

     $ 

     $ 

135,645 
123,951 
259,596 

137,758 
144,108 
281,866 

(124,344) 
(438,009) 

(233,239) 
541,697 

(71,288) 
334,630 

- 
597,820 

(253,895) 

861,162  

     $ 

5,701 

     $  1,143,028 

The pension costs of the aforementioned defined benefit plans were recognized in profit or loss by the 
following categories: 

Cost of revenue 
Research and development expenses 
General and administrative expenses 
Marketing expenses 

Years Ended December 31 

2019 

2018 

 $  157,845 
72,686 
25,063 
4,002 

 $  177,772 
79,143 
20,591 
4,360 

 $  259,596 

 $  281,866 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2019 

December 31, 
2018 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  13,484,090 

(4,301,594)        

    $  13,662,684 
(4,011,279) 

Net defined benefit liability 

     $  9,182,496 

     $  9,651,405 

- 143 -

 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
   
   
      
        
      
      
      
      
      
      
      
      
 
   
      
 
 
 
 
 
 
 
 
   
   
   
   
   
  
   
  
   
  
   
  
   
  
   
  
 
   
   
         
   
   
 
 
 
 
 
 
   
   
      
 
   
  
Movements in the present value of the defined benefit obligation were as follows: 

Balance, beginning of year 
Current service cost 
Interest expense   
Remeasurement: 

Years Ended December 31 

2019 

2018 

     $  13,662,684 
135,645 
175,401 

     $  12,774,593 
137,758 
207,804 

Actuarial loss (gain) arising from experience adjustments 
Actuarial gain arising from changes in demographic 

assumptions 

Actuarial loss arising from changes in financial assumptions 

Benefits paid from plan assets   
Benefits paid directly by the Company 

(438,009)        

334,630 

(233,239)        
541,697 
(344,131)        
(15,958)        

- 
597,820 
(274,326) 
(115,595) 

Balance, end of year 

     $  13,484,090 

     $  13,662,684 

Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Years Ended December 31 

2019 

2018 

     $  4,011,279 
51,450 

     $  3,923,889 
63,696 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

124,344 
458,652 
(344,131) 

71,288  
226,732 
(274,326) 

Balance, end of year 

     $  4,301,594 

     $  4,011,279 

The fair value of the plan assets by major categories at the end of reporting period was as follows: 

Cash 
Equity instruments 
Debt instruments 

  December 31, 
2019 

December 31, 
2018 

     $ 
713,204 
       2,313,828 
       1,274,562 

     $ 
756,126 
       2,148,040 
       1,107,113 

     $  4,301,594 

     $  4,011,279 

The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified 
actuaries. The principal assumptions of the actuarial valuation were as follows: 

Measurement Date 

December 31, 
2019 

December 31, 
2018 

0.90% 
3.00% 

1.30% 
3.00% 

Discount rate 
Future salary increase rate 

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Through the defined benefit plans under the  R.O.C. Labor Standards Law, the Company is exposed to 
the following risks: 

1)  Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The 
investment is  conducted at the discretion  of the  government’s designated  authorities or under the 
mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets 
shall not be less than the average interest rate on a two-year time deposit published by the local banks 
and the government is responsible for any shortfall in the event that the rate of return is less than the 
required rate of return. 

2)  Interest risk: A decrease in the government bond interest rate will increase the present value of the 
defined benefit obligation; however, this will be partially offset by an increase in the return on the 
debt investments of the plan assets. 

Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to  a 
decrease of 0.5% in the discount rate and all other assumptions were held constant, the present value 
of the defined benefit obligation would increase by NT$724,963 thousand and NT$921,750 thousand 
as of December 31, 2019 and 2018, respectively. 

3)  Salary risk: The present value of the defined benefit obligation is calculated by reference to the future 
salaries of plan participants. As such, an increase in the salary of the plan participants will increase 
the present value of the defined benefit obligation. 

Assuming the expected salary rate increases by 0.5% at the end of the reporting period and all other 
assumptions were held constant, the present value of the defined benefit obligation would increase by 
NT$706,502 thousand and NT$901,629 thousand as of December 31, 2019 and 2018, respectively. 

The sensitivity analysis presented above may not be representative of the actual change in the defined 
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another 
as some of the assumptions may be correlated.   

Furthermore,  in  presenting  the  above  sensitivity  analysis,  the  present  value  of  the  defined  benefit 
obligation has been calculated using the projected unit credit method at the end of the reporting period, 
which is the same as that applied in calculating the defined benefit obligation liability. 

The Company expects to make contributions of NT$230,864 thousand to the defined benefit plans in the 
next  year  starting  from  December  31,  2019.  The  weighted  average  duration  of  the  defined  benefit 
obligation is 10 years. 

18.  GUARANTEE DEPOSITS 

Capacity guarantee 
Others 

Current portion (classified under accrued expenses and other current 

liabilities) 

Noncurrent portion   

December 31, 
2019 

December 31, 
2018 

     $  1,499,400 
191,352 

     $  9,289,628 
205,020 

     $  1,690,752 

     $  9,494,648 

   $  1,520,306 
170,446 

     $  6,148,000 
3,346,648 

     $  1,690,752 

     $  9,494,648 

Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. 

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19.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2019 

December 31, 
2018 

28,050,000 
    $  280,500,000 
25,930,380 
    $  259,303,805 

28,050,000 
    $  280,500,000 
25,930,380 
    $  259,303,805 

A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive 
dividends. 

The  authorized  shares  include  500,000  thousand  shares  allocated  for  the  exercise  of  employee  stock 
options. 

As of December 31, 2019, 1,065,122 thousand ADSs of the Company were traded on the NYSE. The 
number of common shares represented by the ADSs was 5,325,610 thousand shares (one ADS represents 
five common shares). 

b.  Capital surplus 

Additional paid-in capital 
From merger 
From convertible bonds 
From share of changes in equities of subsidiaries 
From share of changes in equities of associates 
Donations 

December 31, 
2019 

December 31, 
2018 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,234 
33,336 

     $  24,184,939 
       22,804,510 
8,892,847 
121,473 
282,820 
29,343 

     $  56,339,709 

     $  56,315,932 

Under the relevant laws, the capital surplus generated from donations and the excess of the issuance price 
over the par value of capital stock (including the stock issued for new capital, mergers and convertible 
bonds) may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus 
may be distributed as cash dividends or stock dividends up to a certain percentage of the Company’s paid-
in capital. The capital surplus from share of changes in equities of subsidiaries and associates and dividend 
of a claim extinguished by a prescription may be used to offset a deficit; however, when generated from 
issuance of restricted shares for employees, such capital surplus may not be used for any purpose. 

c.  Retained earnings and dividend policy 

The  amendments  to  the  Company’s  Articles  of  Incorporation  had  been  approved  by  the  Company’s 
shareholders in its meeting held on June 5, 2019, which stipulate that earnings distribution may be made 
on a quarterly basis after the close of each quarter. Distribution of earnings by way of cash dividends 
should be approved by the Company’s Board of Directors and reported to the Company’s shareholders 
in its meeting. 

The Company’s amended Articles of Incorporation provide that, when allocating earnings, the Company 
shall first estimate and reserve the taxes to be paid,  offset its losses, set aside  a legal capital reserve at 
10% of the remaining earnings (until the accumulated legal capital reserve equals the Company’s paid-in 

- 146 -

 
 
 
 
 
 
 
 
 
   
   
     
     
     
     
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
      
      
      
      
 
      
      
         
 
 
 
 
capital), then set  aside  a special  capital  reserve in  accordance  with  relevant laws or  regulations  or  as 
requested by the authorities in charge. Any balance left over shall be allocated according to relevant laws 
and the Company’s Articles of Incorporation. 

The Company’s Articles of Incorporation also provide that profits of the Company may be distributed by 
way of cash dividend and/or stock dividend. However, distribution of earnings shall be made preferably 
by way of cash dividend. Distribution of earnings may also be made by way of stock dividend, provided 
that the ratio for stock dividend shall not exceed 50% of the total distribution. 

The reserve may be used to offset a deficit, or be distributed as dividends in cash or stocks for the portion 
in excess of 25% of the paid-in capital if the Company incurs no loss. 

Pursuant to existing regulations, the Company is required to set aside additional special capital reserve 
equivalent  to  the  net  debit  balance  of  the  other  components  of  stockholders’  equity,  such  as  the 
accumulated balance of foreign currency translation reserve, unrealized valuation gain or loss from fair 
value  through  other  comprehensive  income  financial  assets,  unrealized  valuation  gain  or  loss  from 
available-for-sale financial assets, gain or loss from changes in fair value of hedging instruments in cash 
flow hedges, etc. For the subsequent decrease in the deduction amount to stockholders’ equity, any special 
reserve appropriated may be reversed to the extent that the net debit balance reverses. 

The appropriations of 2018 and 2017 earnings have been approved by the Company’s shareholders in its 
meetings held on June 5, 2019 and June 5, 2018, respectively. The appropriations and cash dividends per 
share were as follows: 

  Appropriation of Earnings 
  For Fiscal 
  Year 2017 

For Fiscal 
  Year 2018 

  Cash Dividends Per Share 

(NT$) 

  For Fiscal 
  Year 2018 

  For Fiscal 
  Year 2017 

Legal capital reserve 
Special capital reserve 
Cash dividends to shareholders      $ 207,443,044 

    $  35,113,088 
    $  34,311,148 
    $ (11,459,458)      $  26,907,527 
    $ 207,443,044 

$8.0 

  $8.0 

The appropriations of 2019 earnings for each quarter have been approved by the Company’s Board of 
Directors in its meeting. The appropriations and cash dividends per share were as follows: 

Resolution date of TSMC’s   
    Board of Directors in its 
    meeting 

  Fourth Quarter 
of 2019 
February 11, 
2020 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share(NT$) 

  $ 
  $ 
  $ 

16,893,073 
64,825,951 
2.5 

  Third Quarter    Second Quarter    First Quarter 
of 2019 
August 13,   
2019 

of 2019 
November 12, 
2019 

of 2019 
June 5,   
2019 

3,289,166      $ 

    $ 
    $  64,825,951      $  64,825,951 
2.5 
2.5      $ 
    $ 

(3,338,190)      $ 

(4,723,939) 
    $  51,860,761 
2.0 
    $ 

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d.  Others 

Changes in others were as follows: 

Year Ended December 31, 2019 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

    $ (12,042,347) 

    $  (3,429,324)      $ 

23,601 

    $ 

(1,843)      $ (15,449,913) 

    (14,698,117) 

- 

- 

- 

- 

- 

121,740 

(162,118) 

- 

- 

(130,936) 

2,767,267 

- 

- 

- 

(109,592) 

82,276 

(105) 

- 

- 

- 

-  

-  

-  

    (14,698,117) 

121,740 

(162,118) 

(109,592) 

82,276 

2,636,226 

- 
- 

- 
9,476 

- 
- 

1,653 
- 

1,653 
9,476 

Balance, beginning of year   
Exchange differences arising on translation of 

foreign operations 

Unrealized gain (loss) on financial assets at 

FVTOCI 
Equity instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 

Share of other comprehensive income (loss) 

of subsidiaries and associates 

Share of unearned stock-based employee 
compensation of subsidiaries and 
associates 
Income tax effect 

Balance, end of year 

    $ (26,871,400) 

    $ 

(692,959)      $ 

(3,820) 

    $ 

(190)      $ (27,568,369) 

Year Ended December 31, 2018 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

    $ (26,697,680) 

    $ 

(524,915)      $ 

4,226  

    $ 

(10,290)      $ (27,228,659) 

    14,578,483  

- 

- 

- 

- 

- 

(1,189,957)       

1,193,056 

- 

- 

76,850 

(2,999,336) 

- 
- 

- 
91,828 

- 

- 

- 

40,975 

(22,162) 

- 

- 
562  

- 

- 

- 

-  

-  

-  

    14,578,483 

(1,189,957) 

1,193,056 

40,975 

(22,162) 

(2,922,486) 

8,447 
- 

8,447 
92,390 

Balance, beginning of year   
Exchange differences arising on translation of 

foreign operations 

Unrealized gain (loss) on financial assets at 

FVTOCI 
Equity instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 

Share of other comprehensive income (loss) 

of subsidiaries and associates 

Share of unearned stock-based employee 
compensation of subsidiaries and 
associates 
Income tax effect 

Balance, end of year 

    $ (12,042,347) 

    $  (3,429,324)      $ 

23,601 

    $ 

(1,843)      $ (15,449,913) 

The  aforementioned  other  equity  includes  the  changes  in  other  equities  of  the  Company  and  the 
Company’s share of its subsidiaries and associates. 

- 148 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
 
 
 
20.  NET REVENUE 

a.  Disaggregation of revenue from contracts with customers 

      Product 

Wafer 
Others 

      Geography 

Taiwan 
United States 
China 
Europe, the Middle East and Africa 
Japan 
Others 

Years Ended December 31 

2019 

2018 

    $  921,095,318      $  906,992,422 
116,933,291 

138,551,475       

    $ 1,059,646,793      $ 1,023,925,713 

Years Ended December 31 

2019 

2018 

    $ 

84,255,256      $ 
628,365,912       
208,101,401       
67,568,157       
57,468,605       
13,887,462       

78,260,773 
626,493,249 
175,794,228 
71,068,438 
58,125,879 
14,183,146 

    $ 1,059,646,793      $ 1,023,925,713 

The  Company  categorized  the  net  revenue  mainly  based  on  the  countries  where  the  customers  are 
headquartered. 

      Platform 

Smartphone 
High Performance Computing 
Internet of Things 
Automotive 
Digital Consumer Electronics 
Others 

      Resolution 

7-nanometer 
10-nanometer 
16-nanometer   
20-nanometer 
28-nanometer   
40/45-nanometer 
65-nanometer 
90-nanometer 
0.11/0.13 micron 
0.15/0.18 micron 
0.25 micron and above 

Wafer revenue 

- 149 -

Years Ended December 31 

2019 

2018 

    $  518,553,492     $  462,957,802 
339,165,302 
64,622,380 
51,477,572 
58,168,903 
47,533,754 

312,770,702      
85,508,427      
47,451,547      
53,214,200      
42,148,425      

    $ 1,059,646,793     $ 1,023,925,713 

Years Ended December 31 

2019 

2018 

    $  245,690,772 
22,860,307 
      191,214,471 
9,357,161 
      147,286,987 
92,227,266 
68,263,047 
25,296,617 
22,639,549 
76,565,220 
19,693,921 

    $  81,146,571 
96,600,008 
      186,415,724 
23,412,787 
      177,484,309 
      101,481,881 
75,734,952 
36,543,823 
20,638,247 
80,886,264 
26,647,856 

    $  921,095,318 

    $  906,992,422 

 
 
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
   
   
 
Starting the first quarter of 2019, the Company reported its net revenue breakdown by platform, instead 
of by application. The Company believes this change better represents the Company’s results. 

b.  Contract balances 

December 31, 
2019 

December 31, 
2018 

January 1, 
2018 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  4,095,915 

     $  2,740,649  

   $  31,078,331 

The changes in the  contract  liability  balances  primarily result from the timing difference between the 
satisfaction of performance obligation and the customer’s payment. 

The Company recognized revenue from the beginning balance of contract liability, which amounted to 
NT$2,192,221 thousand and NT$30,742,181 thousand for the years ended December 31, 2019 and 2018, 
respectively. 

c.  Refund liabilities 

Estimated sales returns and other allowances is made and adjusted based on historical experience and the 
consideration  of  varying  contractual  terms,  which  amounted  to  NT$33,893,735  thousand  and 
NT$53,382,673 thousand for the years ended December 31, 2019 and 2018, respectively. As of December 
31,  2019  and  2018,  the  aforementioned  refund  liabilities  amounted  to  NT$17,673,937  thousand  and 
NT$21,199,032 thousand (classified under accrued expenses and other current liabilities), respectively. 

21.  OTHER OPERATING INCOME AND EXPENSES, NET 

Loss on disposal or retirement of property, plant and equipment, net 
Reversal of impairment loss (impairment loss) on property, plant and 

     $ 

(582,289) 

     $ 

(557,598)  

Years Ended December 31 

2019 

2018 

equipment 

Others 

22.  OTHER INCOME 

Interest income 
Bank deposits 
Financial assets at amortized cost 

Dividend income 

301,384 
129,675 

(423,468) 
(687,168) 

     $ 

(151,230) 

     $ (1,668,234) 

Years Ended December 31 

2019 

2018 

     $  1,998,705 
4,172 
       2,002,877 
177,374 

     $  1,845,471 
1,731 
       1,847,202 
157,905 

     $  2,180,251 

     $  2,005,107 

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23.  FINANCE COSTS 

Interest expense 
Bank loans 
Corporate bonds 
Lease liabilities 
Related parties 
Others 

24.  OTHER GAINS AND LOSSES, NET 

Loss on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 

Gain on disposal of investments accounted for using equity method, 

net 

Other gains (losses), net 

25.  INCOME TAX   

a.  Income tax expense recognized in profit or loss 

Income tax expense consisted of the following: 

Current income tax expense 

Current tax expense recognized in the current year 
Income tax adjustments on prior years   
Other income tax adjustments   

Deferred income tax benefit 
Effect of tax rate changes 
The origination and reversal of temporary differences 

Years Ended December 31 

2019 

2018 

     $  1,869,335 
       1,139,935 
181,390 
454 
495 

     $  1,417,287 
       1,485,486 
- 
681 
- 

     $  3,191,609 

     $  2,903,454 

Years Ended December 31 

2019 

2018 

     $ (1,361,538) 

     $ (1,498,856) 

15,200 
277,765 

- 
130,530 

     $ (1,068,573) 

     $ (1,368,326) 

Years Ended December 31 

2019 

2018 

     $  44,184,422 
224,691 
135,056 
44,544,169 

     $  50,511,247 
(963,356) 
149,771 
49,697,662 

- 

(1,062,618)        
(1,062,618)        

(1,466,706) 
(3,163,687) 
(4,630,393) 

Income tax expense recognized in profit or loss 

     $  43,481,551 

     $  45,067,269 

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A reconciliation of income before income tax and income tax expense recognized in profit or loss was as 
follows: 

Years Ended December 31 

2019 

2018 

Income before tax   

    $  388,745,219 

    $  396,198,153 

Income tax expense at the statutory rate   
Tax effect of adjusting items: 

Nondeductible (deductible) items in determining taxable 

income 

Tax-exempt income 

Additional income tax under the Alternative Minimum Tax Act 
Additional income tax on unappropriated earnings 
Effect of tax rate changes on deferred income tax 
The origination and reversal of temporary differences 
Income tax credits 

Income tax adjustments on prior years 
Other income tax adjustments 

    $  77,749,044 

    $  79,239,631 

(4,124,417)       
(39,808,121)       
10,367,916 
5,903,794 
- 

(1,062,618)       
(5,903,794)       
43,121,804 
224,691 
135,056 

2,636,232  
(54,234,074) 
21,455,854 
7,420,479 
(1,466,706) 
(3,163,687) 
(6,006,875) 
45,880,854 
(963,356) 
149,771 

Income tax expense recognized in profit or loss 

    $  43,481,551 

    $  45,067,269 

Under  the  amendment  to  the  R.O.C  Statute  of  Industrial  Innovation  in  2019,  the  amounts  of 
unappropriated  earnings  in  2018  and  thereafter  used  for  building  or  purchasing  specific  assets  or 
technologies can qualify for deduction when computing the income tax on unappropriated earnings. 

In 2018, the Income Tax Law in the R.O.C. was amended and, starting from 2018, the corporate income 
tax rate was adjusted from 17% to 20%. In addition, the tax rate for 2018 unappropriated earnings was 
reduced from 10% to 5%. 

b.  Income tax expense recognized in other comprehensive income 

Deferred income tax benefit (expense) 

Related to remeasurement of defined benefit obligation 
Related to unrealized gain/loss on investments in equity 

instruments at FVTOCI 

Related to gain/loss on cash flow hedges 

Years Ended December 31 

2019 

2018 

 $  (30,468) 

 $  103,339 

9,476 
- 

91,828 
562 

 $  (20,992) 

 $  195,729 

- 152 -

 
 
 
 
 
 
 
 
 
   
   
 
   
   
   
   
     
     
     
     
     
     
     
     
     
     
         
     
     
     
     
     
     
 
   
   
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
 
 
  
   
  
   
  
   
  
 
   
   
         
   
   
 
c.  Deferred income tax balance 

The analysis of deferred income tax assets and liabilities was as follows: 

Deferred income tax assets 
Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories 
Investments in equity instruments at FVTOCI 
Others 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains   
Others 

December 31, 
2019 

December 31, 
2018 

     $  12,927,764 
2,120,873 
1,016,248 
437,327 
65,667 
160,743 

     $  11,177,890 
2,543,884 
1,084,874 
723,835 
56,191 
- 

     $  16,728,622 

     $  15,586,674 

     $ 

(333,606)       $ 
- 

(61,677) 
(171,607) 

     $ 

(333,606)       $ 

(233,284) 

Year Ended December 31, 2019 
Recognized in 

Balance,   
  Beginning of 

Year 

  Profit or Loss 

Other   
  Comprehensive   
Income 

Balance,   
  End of Year 

Deferred income tax assets 
Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories       
Investments in equity 

     $  11,177,890 
2,543,884 
1,084,874 
723,835 

instruments at FVTOCI 

     $ 

     $  1,749,874 
(423,011) 
(38,158) 
(286,508) 

- 
- 
(30,468) 
- 

     $  12,927,764 
2,120,873 
1,016,248 
437,327 

Others 

56,191 

- 

9,476 

65,667 

- 

160,743 

- 

160,743 

     $  15,586,674 

     $  1,162,940 

     $ 

(20,992) 

     $  16,728,622 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

     $ 

(61,677) 
(171,607) 

     $ 

(271,929) 
171,607 

     $ 

     $ 

(233,284) 

     $ 

(100,322) 

     $ 

- 
- 

- 

     $ 

(333,606) 
- 

     $ 

(333,606) 

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Year Ended December 31, 2018 
Recognized in 

Balance,   
  Beginning of 

Year 

  Profit or Loss 

Other   
  Comprehensive   
Income 

Balance,   
  End of Year 

Deferred income tax assets 
Temporary differences 

Depreciation 
Refund liability 
Net defined benefit liability 
Unrealized loss on inventories       
Investments in equity 

     $  7,668,535 
1,580,979 
975,324 
604,635 

instruments at FVTOCI 

     $ 

     $  3,509,355 
962,905  
6,211 
119,200  

- 
- 
103,339  
- 

     $  11,177,890 
2,543,884 
1,084,874 
723,835 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Investments in equity 

instruments at FVTOCI 

Others 

- 

-  

56,191 

56,191 

     $  10,829,473 

     $  4,597,671  

     $ 

159,530  

     $  15,586,674 

     $ 

(169,480) 

     $ 

107,803  

     $ 

- 

     $ 

(61,677) 

(95,421) 
(37,304) 

- 
(75,081) 

95,421  
(59,222) 

-  
(171,607) 

     $ 

(302,205) 

     $ 

32,722  

     $ 

36,199  

     $ 

(233,284) 

d.  The deductible temporary differences for which no deferred income tax assets have been recognized 

As of December 31, 2019 and 2018, the aggregate deductible temporary differences for which no deferred 
income  tax  assets  have  been  recognized  amounted  to  NT$33,445,504  thousand  and  NT$20,060,918 
thousand, respectively. 

e.  Unused tax-exemption information 

As of December 31, 2019, the profits generated from the following projects of the Company are exempt 
from income tax for a five-year period: 

Construction and expansion of 2009 

  Tax-exemption Period 

2018 to 2022 

f.  The information of unrecognized deferred income tax liabilities associated with investments 

As  of  December  31,  2019  and  2018,  the  aggregate  taxable  temporary  differences  associated  with 
to 
income 
investments 
NT$131,085,673 thousand and NT$112,893,001 thousand, respectively. 

in  subsidiaries  not  recognized  as  deferred 

liabilities  amounted 

tax 

g.  Income tax examination 

The tax authorities have examined income tax returns of the Company through 2017. All investment tax 
credit adjustments assessed by the tax authorities have been recognized accordingly. 

- 154 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
 
    
 
    
 
    
 
 
      
 
   
   
   
   
 
 
   
   
   
   
   
   
   
   
   
   
   
   
 
    
 
    
 
    
 
    
      
      
      
      
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26.  EARNINGS PER SHARE 

Basic EPS 
Diluted EPS 

EPS is computed as follows: 

Years Ended December 31 

2019 

2018 

$  13.32 
$  13.32 

$  13.54 
$  13.54 

  Number of 

Shares 
(Denominator) 
(In Thousands) 

Amounts 
(Numerator) 

EPS (NT$) 

Year Ended December 31, 2019 

Basic/Diluted EPS 

Net income available to common shareholders       $  345,263,668 

25,930,380 

  $13.32 

Year Ended December 31, 2018 

Basic/Diluted EPS 

Net income available to common shareholders       $  351,130,884 

25,930,380 

$13.54 

27.  ADDITIONAL INFORMATION OF EXPENSES BY NATURE 

Years Ended December 31 

2019 

2018 

a.  Depreciation of property, plant and equipment and right-of-use   

assets 

Recognized in cost of revenue 
Recognized in operating expenses 
Recognized in other operating income and expenses 

     $ 243,160,463 
       24,285,569 
18,511 

     $ 251,292,565 
       23,020,118 
27,857 

b.  Amortization of intangible assets 

Recognized in cost of revenue 
Recognized in operating expenses 

     $ 267,464,543 

     $ 274,340,540 

     $  2,971,336 
2,367,550 

     $  2,018,702 
2,334,145 

     $  5,338,886 

     $  4,352,847 

c.  Research and development costs expensed as incurred 

     $  90,482,815 

     $  84,944,461 

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d.  Employee benefits expenses 

Post-employment benefits 

Defined contribution plans 
Defined benefit plans 

Other employee benefits 

Employee benefits expense summarized by function 

Recognized in cost of revenue 
Recognized in operating expenses 

Years Ended December 31 

2019 

2018 

     $  2,063,508 
259,596 
2,323,104 
       94,236,265 

     $  2,028,928 
281,866 
2,310,794 
       93,694,021 

     $  96,559,369 

     $  96,004,815 

     $  58,502,618 
       38,056,751 

     $  57,733,597 
       38,271,218 

     $  96,559,369 

     $  96,004,815 

According to the Company’s Articles of Incorporation, the Company shall allocate compensation to directors 
and profit sharing bonus to employees of the Company not more than 0.3% and not less than 1% of annual 
profits during the period, respectively. 

The Company accrued profit sharing bonus to employees based on a percentage of net income before income 
tax, profit sharing bonus to employees and compensation to  directors during the period, which amounted to 
NT$23,165,745 thousand and NT$23,570,040 thousand for the years ended December 31,  2019 and 2018, 
respectively; compensation to directors was expensed based on estimated amount payable. If there is a change 
in the proposed amounts after the annual parent company only financial statements are authorized for issue, 
the differences are recorded as a change in accounting estimate. 

The  Company’s  profit  sharing  bonus  to  employees  and  compensation  to  directors  in  the  amounts  of 
NT$23,165,745 thousand and NT$360,404, thousand in cash for 2019, respectively, profit sharing bonus to 
employees  and  compensation  to  directors  in  the  amounts  of  NT$23,570,040  thousand  and  NT$349,272 
thousand in cash for 2018, respectively, and profit sharing bonus to employees and compensation to directors 
in the amounts of NT$23,019,082 thousand and NT$368,919 thousand in cash for 2017, respectively, had 
been approved by the Board of Directors of the Company held on February 11, 2020, February 19, 2019 and 
February 13, 2018, respectively. There is no  significant difference  between the  aforementioned  approved 
amounts and the amounts charged against earnings of 2019, 2018 and 2017, respectively. 

The  information  about  the  appropriations  of  the  Company’s  profit  sharing  bonus  to  employees  and 
compensation to directors is available at the Market Observation Post System website. 

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28.  CASH FLOW INFORMATION 

a.  Non-cash transactions 

Additions of property, plant and equipment 
Exchange of assets 
Changes in payables to contractors and equipment suppliers 
Transferred to initial carrying amount of hedged items 

Years Ended December 31 

2019 

2018 

    $  555,377,864 

(3,287,138)       
      (101,720,581)       
(82,276)       

    $  287,670,276 
-  
10,406,719  
22,162 

Payments for acquisition of property, plant and equipment 

    $  450,287,869 

    $  298,099,157 

Years Ended December 31 

2019 

2018 

Disposal of property, plant and equipment 
Changes in other receivables from related parties 
Changes in other financial assets 

     $  1,286,373 
(175,900) 
7,865 

     $  3,039,237 
       1,692,416  
(24,535) 

Proceeds from disposal of property, plant and equipment 

     $  1,118,338 

     $  4,707,118 

b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 2019 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2019 

Non-cash changes 

Short-term loans 
Guarantee deposits 
Lease liabilities 
Bonds payable 

   $ 

91,982,340 
9,494,648 
17,758,578 
91,800,000 

   $ 

59,615,602 
19,002 
(2,811,698 )   
(34,900,000 )   

   $ 

(3,087,652 )   

   $ 

1,674 
(17,489 )   

- 

   $ 

- 
- 
33,038 
- 

- 

(7,824,572 )   
181,390 
- 

   $  148,510,290 
1,690,752 
15,143,819 
56,900,000 

Total 

   $  211,035,566 

   $ 

21,922,906 

   $ 

(3,103,467 )   

   $ 

33,038 

   $ 

(7,643,182 )   

   $  222,244,861 

Balance as of 
January 1, 2018 

Financing Cash 
Flow 

Non-cash changes 

Foreign 
Exchange 
Movement 

Other Changes 
(Note) 

Balance as of 
December 31, 
2018 

Short-term loans 
Guarantee deposits 
Bonds payable 

    $ 

    $ 

63,766,850 
13,629,122 
116,100,000 

27,154,770 
    $ 
1,504,809        
(24,300,000)       

1,060,720 
396,617 

    $ 

    $ 
(6,035,900)       

- 

-        

- 

91,982,340 
9,494,648 
91,800,000 

Total 

Note: 

    $  193,495,972 

    $ 

4,359,579       $ 

1,457,337 

    $ 

(6,035,900)      $  193,276,988 

Other changes include guarantee deposits refunded to customers by offsetting related accounts receivable and financial 
cost of lease liabilities. 

29.  CAPITAL MANAGEMENT 

The Company requires significant amounts of capital to build and expand its production facilities and acquire 
additional  equipment.  In  consideration  of  the  industry  dynamics,  the  Company  manages  its  capital  in  a 
manner to ensure that it has sufficient and necessary financial resources to fund its working capital needs, 
capital asset purchases, research and development activities, dividend payments, debt service requirements 
and other business requirements associated with its existing operations over the next 12 months. 

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30.  FINANCIAL INSTRUMENTS 

a.  Categories of financial instruments 

Financial assets 

FVTPL (Note 1) 
FVTOCI (Note 2) 
Hedging financial assets 
Amortized cost (Note 3) 

Financial liabilities 
FVTPL (Note 4) 
Hedging financial liabilities 
Amortized cost (Note 5) 

  December 31, 
2019 

December 31, 
2018 

    $ 

27,481 
4,132,975 
3,504 
      272,886,863 

    $ 

54,115 
5,126,829 
23,497 
      365,119,060 

    $  277,050,823 

    $  370,323,501 

    $ 

982,302 
1,798 
      553,905,061 

    $ 

30,232 
1,941 
      310,265,696 

    $  554,889,161 

    $  310,297,869 

Note 1:  Financial assets mandatorily measured at FVTPL. 

Note 2:  Including notes and accounts receivable (net) and equity investments. 

Note 3:  Including  cash  and  cash  equivalents,  financial  assets  at  amortized  cost,  notes  and  accounts 

receivable (including related parties), other receivables and refundable deposits. 

Note 4:  Held for trading.   

Note 5:  Including short-term loans, accounts payable (including related parties), payables to contractors 
and equipment suppliers, cash dividends payable, accrued expenses and other current liabilities, 
bonds payable and guarantee deposits. 

b.  Financial risk management objectives 

The Company seeks to ensure that sufficient cost-efficient funding is readily available when needed. The 
Company manages its exposure to foreign currency risk, interest rate risk, equity price risk, credit risk 
and liquidity risk with the objective to reduce the potentially adverse effects the market uncertainties may 
have on its financial performance. 

The plans for material treasury activities are reviewed by Audit Committees and/or Board of Directors in 
accordance  with  procedures  required  by  relevant  regulations  or  internal  controls.  During  the 
implementation  of  such  plans,  the  corporate  treasury  function  must  comply  with  certain  treasury 
procedures  that  provide  guiding  principles  for  overall  financial  risk  management  and  segregation  of 
duties. 

c.  Market risk   

The Company is exposed to the financial market risks, primarily changes in foreign currency exchange 
rates, interest rates and equity investment prices. A portion of these risks is hedged. 

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Foreign currency risk 

The majority of the Company’s revenue is denominated in U.S. dollar and over one-half of its capital 
expenditures are denominated in currencies other than NT dollar, primarily in U.S. dollar, Japanese yen 
and Euro.  As  a  result,  any  significant  fluctuations to its  disadvantage in exchanges  rate of NT  dollar 
against such currencies, in particular a weakening of U.S. dollar against NT dollar, would have an adverse 
impact on the revenue and operating profit as expressed in NT dollar. The Company uses foreign currency 
derivative contracts, such as currency forwards or currency swaps, to protect against currency exchange 
rate  risks  associated  with  non-NT  dollar-denominated  assets  and  liabilities  and  certain  forecasted 
transactions. The Company utilizes U.S. dollar denominated debt to partially offset currency risk arising 
from U.S. dollar denominated  receivables for  balance sheet hedges. These hedges  re duce,  but do not 
entirely eliminate, the financial impact on the Company caused by the effect of foreign currency exchange 
rate movements on the assets and liabilities. 

Based on a sensitivity analysis performed on the Company’s total monetary assets and liabilities for the 
years ended December 31, 2019 and 2018, a hypothetical adverse foreign currency exchange rate change 
of  10%  would  have  decreased  its  net  income  by  NT$2,112,450  thousand  and  NT$489,326  thousand, 
respectively, and decreased its other comprehensive income by NT$107,690 thousand and NT$315,571 
thousand, respectively, after taking into account hedges and offsetting positions. 

Interest rate risk 

The  Company  is  exposed  to  interest  rate  risks  primarily  related  to  its  bank  deposits  and  bank  loans. 
Changes in interest rates affect the interest earned on the Company’s bank deposits, as well as the interest 
paid  on  its  bank  loans.  Because  all  of  the  Company’s  bonds  issued  are  fixed-rate  and  measured  at 
amortized cost, changes in interest rates would not affect the cash flows and the fair value. 

Other price risk 

The Company is exposed to equity price risk arising from financial assets at FVTOCI. 

Assuming a hypothetical decrease of 10% in prices of the equity investments at the end of the reporting 
period for the  years ended December 31, 2019 and 2018, the other comprehensive income would have 
decreased by NT$77,156 thousand and NT$130,193 thousand, respectively. 

d.  Credit risk management 

Credit  risk  refers to the  risk that  a  counterparty  will default on its  contractual  obligations  resulting in 
financial  losses  to  the  Company.  The  Company  is  exposed  to  credit  risks  from  operating  activities, 
primarily trade receivables, and from investing activities, primarily deposits, fixed-income investments 
and other financial instruments with banks. Credit risk is managed separately for business related and 
financial related exposures. As of the end of the reporting period, the Company’s maximum credit risk 
exposure is equal to the carrying amount of financial assets. 

Business related credit risk 

The  Company’s trade  receivables  are from its customers  worldwide. The majority  of  the Company’s 
outstanding  trade  receivables  are  not  covered  by  collaterals  or  guarantees.  While  the  Company  has 
procedures to monitor and manage credit risk exposure on trade receivables, there is no assurance such 
procedures will effectively eliminate losses resulting from its credit risk. This risk is heightened during 
periods when economic conditions worsen. 

As of December 31, 2019 and 2018, the Company’s ten largest customers accounted for 83% and 76% 
of  accounts  receivable,  respectively.  The  Company  considers  the  concentration  of  credit  risk  for  the 
remaining accounts receivable not material. 

- 159 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial credit risk 

The Company mitigates its financial credit risk by selecting counterparties with investment-grade credit 
ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and 
reviews the limit applied to counterparties and adjusts the limit according to market conditions and the 
credit standing of the counterparties. 

The risk management of expected credit loss for financial assets at amortized cost is as follows:  

The Company only invests in debt instruments that are rated  as investment grade or higher. The credit 
rating information is supplied by external rating agencies. The Company assesses whether there has been 
a significant increase in credit risk since initial recognition by reviewing changes in external credit ratings, 
financial market conditions and material information of the bond issuers. 

The Company assesses the 12-month expected credit loss and lifetime expected credit loss based on the 
probability of default and loss given default provided by external credit rating agencies. The current credit 
risk assessment policies are as follows: 

Category 

Description 

Basis for Recognizing 
Expected Credit Loss 

  Expected 

Credit Loss 
Ratio 

Performing 

  Credit rating on trade date and 

  12 months expected credit 

0% 

valuation date: 

loss 

Doubtful 

In default 

Write-off 

(1) Within investment grade 
(2) Between BB+ and BB- 
  Credit rating on trade date and 

valuation date: 

(1) From investment grade to non-

investment grade   

(2) From BB+~BB- to B+~CCC- 
  Credit rating CC or below 

  There is evidence indicating that the 
debtor is in severe financial 
difficulty and the Company has no 
realistic prospect of recovery   

  Lifetime expected credit 

loss-not credit impaired 

  Lifetime expected credit 
loss-credit impaired 
  Amount is written off 

- 

- 

- 

For the years ended December 31, 2019 and 2018, no expected credit loss was recognized. 

e.  Liquidity risk management 

The objective of liquidity risk management is to ensure the Company has sufficient liquidity to fund its 
business operations  over the next 12 months. The Company  manages its liquidity  risk by  maintaining 
adequate cash and cash equivalent. 

- 160 -

 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
The  table  below  summarizes  the  maturity  profile  of  the  Company’s  financial  liabilities  based  on 
contractual undiscounted payments, including principal and interest. 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than 
5 Years 

Total 

December 31, 2019 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

liabilities   
Bonds payable 
Lease liabilities (including those 

classified under accrued expenses 
and other current liabilities) 

Guarantee deposits (including those 
classified under accrued expenses 
and other current liabilities) 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

     $  148,550,641 

     $ 

41,745,770 

       139,754,491 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

35,651,856 
32,338,853 

- 
7,777,715 

- 
18,203,601 

- 

- 

- 

- 
- 

     $  148,550,641 

41,745,770 

       139,754,491 

35,651,856 
58,320,169 

1,976,891 

2,170,171 

2,063,855 

9,981,523 

16,192,440 

1,520,306 
       401,538,808 

114,945 
10,062,831 

55,501 
20,322,957 

- 
9,981,523 

1,690,752 
       441,906,119 

       125,580,851 
       (125,114,784) 
466,067 

- 
- 
- 

- 
- 
- 

- 
- 
- 

       125,580,851 
       (125,114,784) 
466,067 

     $  402,004,875 

     $  10,062,831 

     $  20,322,957 

     $ 

9,981,523 

     $  442,372,186 

Additional information about the maturity analysis for lease liabilities: 

Less than 5 
Years 

5-10 Years 

10-15 Years 

15-20 Years 

More Than 
20 Years 

Lease liabilities 

     $ 

6,210,917       $ 

4,679,991       $ 

3,626,190       $ 

1,600,962       $ 

74,380 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than 
5 Years 

Total 

December 31, 2018 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

liabilities   
Bonds payable 
Guarantee deposits (including those 
classified under accrued expenses 
and other current liabilities) 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

     $  92,039,118 

     $ 

35,019,044 

41,279,910 

40,888,712 
36,039,935 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

- 
35,340,742 

- 
22,979,426 

6,148,000 
       251,414,719 

2,884,933 
38,225,675 

461,715 
23,441,141 

35,608,273 
(35,681,524) 
(73,251) 

- 
- 
- 

- 
- 
- 

     $  251,341,468 

     $  38,225,675 

     $  23,441,141 

     $ 

- 

- 

- 

- 
- 

- 
- 

- 
- 
- 

- 

     $  92,039,118 

35,019,044 

41,279,910 

40,888,712 
94,360,103 

9,494,648 
       313,081,535 

35,608,273 
(35,681,524) 
(73,251) 

     $  313,008,284 

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f.  Fair value of financial instruments 

1)  Fair value measurements recognized in the parent company only balance sheets 

Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value 
is observable: 

  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

  Level 2 fair value measurements are those derived from inputs other than quoted prices included 
within  Level  1  that  are  observable  for  the  asset  or  liability,  either  directly  (i.e.  as  prices)  or 
indirectly (i.e. derived from prices); and 

  Level 3 fair value measurements are those derived from valuation techniques that include inputs 
for the asset or liability that are not based on observable market data (unobservable inputs). 

2)  Fair value of financial instruments that are measured at fair value on a recurring basis 

Fair value hierarchy 

The following table presents the Company’s financial assets and liabilities measured at fair value on 
a recurring basis: 

Level 1 

Level 2 

Level 3 

Total 

December 31, 2019 

 $ 

- 

 $ 

27,481 

 $ 

- 

 $ 

27,481 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in equity instruments     

Non-publicly traded equity 

investments 

Notes and accounts receivable, net    

 $ 

 $ 

Hedging financial assets 

Cash flow hedges 

Forward exchange contracts 

 $ 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

Hedging financial liabilities 

Cash flow hedges 

Forward exchange contracts 

 $ 

- 
- 

- 

- 

- 

- 

 $ 

- 
3,255,865 

 $ 

877,110 
- 

 $ 

877,110 
3,255,865 

 $  3,255,865 

 $ 

877,110 

 $  4,132,975 

 $ 

3,504 

 $ 

 $ 

982,302 

 $ 

 $ 

1,798 

 $ 

- 

- 

- 

 $ 

3,504 

 $ 

982,302 

 $ 

1,798 

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Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts 

Financial assets at FVTOCI 

Investments in equity instruments     

Non-publicly traded equity 

investments 

Publicly traded stocks 

Notes and accounts receivable, net    

Level 1 

Level 2 

Level 3 

Total 

December 31, 2018 

 $ 

- 

 $ 

54,115 

 $ 

- 

 $ 

54,115 

 $ 

- 
568,150 
- 

 $ 

- 
- 
3,595,069 

 $ 

963,610 
- 
- 

 $ 

963,610 
568,150 
3,595,069 

 $ 

568,150 

 $  3,595,069 

 $ 

963,610 

 $  5,126,829 

Hedging financial assets 

Cash flow hedges 

Forward exchange contracts 

 $ 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

Hedging financial liabilities 

Cash flow hedges 

Forward exchange contracts 

 $ 

- 

- 

- 

 $ 

23,497 

 $ 

 $ 

30,232 

 $ 

 $ 

1,941 

 $ 

- 

- 

- 

 $ 

23,497 

 $ 

30,232 

 $ 

1,941 

Reconciliation of Level 3 fair value measurements of financial assets 

The financial assets measured at Level 3 fair value were equity investments classified as financial 
assets at FVTOCI. Reconciliations for the years ended December 31, 2019 and 2018 were as follows: 

Years Ended December 31 

2019 

2018 

Balance, beginning of year 
Recognized in other comprehensive income 
Disposals and proceeds from return of capital of investments        

     $ 

963,610 
(85,393) 
(1,107) 

     $ 

983,590 
(16,524) 
(3,456) 

Balance, end of year 

     $ 

877,110 

     $ 

963,610 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows: 

  Forward  exchange  contracts  are  measured  using  forward  exchange  rates  and  the  discounted 

curves that are derived from quoted market prices.   

  The fair  value  of  accounts  receivables classified  as  at  FVTOCI  are determined  by the present 
value of future cash flows based on the discount rate that reflects the credit risk of counterparties.  

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Valuation techniques and assumptions used in Level 3 fair value measurement 

The fair values of non-publicly traded equity investments are mainly determined by using the asset 
approach and market approach.   

The asset approach takes into account the net asset value measured at the fair value by independent 
parties. 

The  market  approach  takes  into  account  the  recent  financing  activities  of  investees,  the  market 
transaction prices of the similar companies and market conditions. 

3)  Fair value of financial instruments that are not measured at fair value 

Except  as  detailed  in  the  following  table,  the  Company  considers  that  the  carrying  amounts  of 
financial instruments in the parent company only  financial statements that are not measured at fair 
value approximate their fair values. 

Fair value hierarchy 

The table below sets out the fair value hierarchy for the Company’s assets and liabilities which are 
not required to measure at fair value: 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

Financial assets 

Financial assets at amortized costs 

Commercial paper 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2019 

Carrying 
Amount 

Level 2 
Fair Value 

     $  56,900,000 

     $  57,739,115 

December 31, 2018 

Carrying 
Amount 

Level 2 
Fair Value 

    $  2,294,098 

     $  2,296,188 

     $  91,800,000 

     $  93,171,255 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair value of commercial paper is determined by the present value of future cash flows based on 
the discounted curves that are derived from the quoted market prices. 

The fair value of the Company’s bonds payable is determined by quoted market prices provided by 
third party pricing services.   

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31.  RELATED PARTY TRANSACTIONS 

The significant transactions between the Company and its related parties, other than those disclosed in other 
notes, are summarized as follows: 

a.  Related party name and categories 

Related Party Name 

Related Party Categories 

  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 

TSMC Global 
TSMC China 
TSMC Nanjing 
VisEra Tech 
TSMC North America 
TSMC Europe 
TSMC Japan 
TSMC Korea 
TSMC Solar Europe GmbH 
TSMC Design Technology Canada Inc. (TSMC Canada)    Indirect Subsidiaries 
  Indirect Subsidiaries 
TSMC Technology, Inc. (TSMC Technology) 
  Indirect Subsidiaries 
WaferTech, LLC (WaferTech) 
  Associates 
GUC 
  Associates 
VIS 
  Associates 
SSMC 
  Associates 
Xintec 
  Other related parties 
TSMC Education and Culture Foundation 
  Other related parties 
TSMC Charity Foundation 

b.  Net revenue 

Years Ended December 31 

2019 

2018 

Item 

  Related Party Name/Categories    

Net revenue from sale of goods    TSMC North America 

  Associates 
  Other subsidiaries 
  Other related parties 

    $  636,441,507 
4,052,853 
149,560 
- 

    $  650,432,820 
6,762,827 
150,407 
330 

    $  640,643,920 

    $  657,346,384 

Net revenue from royalties 

  Associates 
  Subsidiaries 

    $ 

183,583 
64,710 

    $ 

362,259 
568 

    $ 

248,293 

    $ 

362,827 

- 165 -

 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
   
 
 
 
   
   
   
   
 
   
   
   
 
     
     
 
     
     
 
     
     
 
   
   
   
 
           
 
   
   
   
 
     
     
 
   
   
   
 
                   
 
c.  Purchases 

Related Party Categories 

Subsidiaries 
Associates 

d.  Receivables from related parties 

Years Ended December 31 

2019 

2018 

     $  40,419,311 
6,301,417 

     $  34,136,678 
8,809,394 

     $  46,720,728 

     $  42,946,072 

  December 31, 
2019 

December 31, 
2018 

Item 

  Related Party Name/Categories    

Receivables from related   

parties 

  TSMC North America 
  Associates 
  Other subsidiaries 

     $  81,732,281 
458,292 
3,928 

     $  86,057,097 
375,184 
20,303 

     $  82,194,501 

     $  86,452,584 

Other receivables from related      TSMC North America 

     $ 

parties 

  TSMC Nanjing 
  Associates 
  Other subsidiaries 

802,726 
101,559 
50,450 
13,388 

     $  1,035,465 
89,334  
64,203 
45,660 

e.  Payables to related parties 

     $ 

968,123 

     $  1,234,662 

  December 31, 
2019 

December 31, 
2018 

Item 

  Related Party Name/Categories    

Payables to related parties 

  TSMC China 
  TSMC Nanjing 
  WaferTech 
  Xintec 
  SSMC 
  VIS 
  Other subsidiaries 
  Other associates 
  Other related parties 

     $  1,538,971 
       1,266,002 
       1,097,625 
736,747 
487,944 
153,977 
379,250 
41,119 
15,000 

     $  1,299,072  
414,401  
       1,092,785  
649,812  
362,564  
357,080  
363,995  
7,043 
- 

     $  5,716,635 

     $  4,546,752 

- 166 -

 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
 
 
   
 
 
   
   
   
   
 
   
   
   
      
      
 
      
      
 
   
   
   
 
           
 
   
   
   
      
      
 
      
      
 
      
      
 
   
   
   
 
           
 
 
 
   
 
 
   
   
   
   
 
   
   
   
 
      
 
 
      
      
 
      
      
 
      
      
 
      
      
 
      
      
 
      
      
 
   
   
   
 
           
 
f.  Accrued expenses and other current liabilities 

  December 31, 
2019 

December 31, 
2018 

Item 

  Related Party Name/Categories    

Accrued expenses and other   

current liabilities 

  TSMC Nanjing 
  Other subsidiaries 

 $ 

- 
2,722 

 $  199,638  
681 

 $ 

2,722 

 $  200,319 

Proceeds 
Years Ended December 31 

2019 

2018 

     $  1,096,516 
44,095 

     $  2,839,622  
25,380  

     $  1,140,611 

     $  2,865,002  

Gains 
Years Ended December 31 

2019 

2018 

 $  332,955 
67,151 

 $  386,239 
64,964 

 $  400,106 

 $  451,203 

Deferred Gains (Losses) from 
Disposal of Property, Plant and 
Equipment 

  December 31, 

2019 

December 31, 
2018 

 $  (30,731) 
   129,915 

 $  234,810 
   152,970 

 $  99,184 

 $  387,780 

g.  Disposal of property, plant and equipment 

Related Party Name/Categories 

TSMC Nanjing 
Other subsidiaries 

Related Party Name/Categories 

TSMC Nanjing 
Other subsidiaries 

Related Party Name/Categories 

TSMC Nanjing 
Other subsidiaries 

- 167 -

 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
  
   
  
 
   
   
   
 
           
   
   
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
   
  
   
  
 
   
   
         
   
   
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
   
   
 
   
   
         
   
   
 
h.  Others   

Years Ended December 31 

2019 

2018 

Item 

  Related Party Name/Categories    

Manufacturing expenses 

  Associates 
  Subsidiaries 

     $  2,816,089 
35,825 

     $  2,876,216 
35,603 

Research and development 

expenses 

  Subsidiaries 
  Associates 

     $  2,821,204 
163,425 

     $  2,407,068 
83,145 

     $  2,851,914 

     $  2,911,819 

     $  2,984,629 

     $  2,490,213 

Marketing expenses -   

commission 

  TSMC Europe 
  Other subsidiaries 

     $ 

439,147 
419,920 

     $ 

463,093 
402,973 

     $ 

859,067 

     $ 

866,066 

General and administrative 

expenses 

  Other related parties 
  Subsidiaries 

     $ 

120,000 
3,423 

     $ 

120,756 
3,426 

     $ 

123,423 

     $ 

124,182 

The sales prices and payment terms to related parties were not significantly different from those of sales 
to third parties. For other related party transactions, price and terms were determined in accordance with 
mutual agreements. 

The Company leased factory and office from associates. The lease terms and prices were both determined 
in accordance with mutual agreements. The rental expenses were paid to associates monthly; the related 
expenses were both classified under manufacturing expenses. 

The Company deferred the disposal gain or loss derived from sales of property, plant and equipment to 
related parties using equity method, and then recognized such gain or loss over the depreciable lives of 
the disposed assets.   

i.  Compensation of key management personnel 

The compensation to directors and other key management personnel  for the years ended December 31, 
2019 and 2018 were as follows: 

Short-term employee benefits 
Post-employment benefits 

Years Ended December 31 

2019 

2018 

     $  1,822,806 
2,330 

     $  1,906,266 
3,041 

     $  1,825,136 

     $  1,909,307 

The  compensation  to  directors  and  other  key  management  personnel  were  determined  by  the 
Compensation Committee of the Company in accordance with the individual performance and the market 
trends. 

- 168 -

 
 
 
 
 
 
 
 
   
 
 
 
   
   
   
   
 
   
   
   
 
      
      
 
   
   
   
 
           
 
   
   
   
      
      
 
   
   
   
 
           
 
   
   
   
      
      
 
   
   
   
 
           
 
   
   
   
      
      
 
   
   
   
 
           
 
 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
 
   
   
 
 
32.  SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS 

Significant  contingent  liabilities  and  unrecognized  commitments  of  the  Company  as  of  the  end  of  the 
reporting period, excluding those disclosed in other notes, were as follows: 

a.  Under  a  technical  cooperation  agreement  with  Industrial  Technology  Research  Institute,  the  R.O.C. 
Government or its designee approved by the Company can use up to 35% of the Company’s capacity 
provided the Company’s outstanding commitments to its customers are not prejudiced. The term of this 
agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive 
periods  of  five  years  unless  otherwise  terminated  by  either  party  with  one  year  prior  notice.  As  of 
December 31, 2019, the R.O.C. Government did not invoke such right. 

b.  Under a Shareholders Agreement entered into with Philips and EDB Investments Pte Ltd. on March 30, 
1999,  the  parties  formed  a  joint  venture  company,  SSMC,  which  is  an  integrated  circuit  foundry  in 
Singapore. The Company’s equity interest in SSMC was 32%. Nevertheless, in September 2006, Philips 
spun-off its semiconductor subsidiary which was renamed as NXP B.V. Further, the Company and NXP 
B.V.  purchased  all  the  SSMC  shares  owned  by  EDB  Investments  Pte  Ltd.  pro  rata  according  to  the 
Shareholders  Agreement  on  November  15,  2006.  After  the  purchase,  the  Company  and  NXP  B.V. 
currently own approximately 39% and 61% of the SSMC shares, respectively. The Company and NXP 
B.V. are required, in the aggregate, to purchase at least 70% of SSMC’s capacity, but the Company alone 
is not required to purchase more than 28% of the capacity. If any party defaults on the commitment and 
the capacity utilization of SSMC falls below a specific percentage of its capacity, the defaulting party is 
required  to  compensate  SSMC  for  all  related  unavoidable  costs.  There  was  no  default  from  the 
aforementioned commitment as of December 31, 2019. 

c.  In February 2019, Innovative Foundry Technologies LLC (“IFT”) filed a complaint in the U.S. District 
Court for the District of Delaware alleging that the Company and TSMC Technology Inc. infringe five 
U.S. patents. IFT also filed a complaint in the U.S. International Trade Commission (the “ITC”) alleging 
that the Company, TSMC North  America, TSMC Technology Inc.,  and other  companies infringe  the 
same patents. The ITC instituted an investigation in March 2019. Both parties agreed to end the dispute 
and the ITC terminated the investigation in  October 2019. The pending litigation in  the U.S. District 
Court for the District of Delaware was dismissed at the same time. 

d.  On September 28, 2017, the Company was contacted by the European Commission (the “Commission”), 
which  has  asked  us  for  information  and  documents  concerning  alleged  anti-competitive  practices  in 
relation  to  semiconductor  sales.  We  are  cooperating  with  the  Commission  to  provide  the  requested 
information and documents. In light of the fact that this proceeding is still in its preliminary stage, it is 
premature to predict how the case will proceed, the outcome of the proceeding or its impact. 

e.  The  Company  entered  into  long-term  purchase  agreements  of  material  with  multiple  suppliers.  The 

relative minimum purchase quantity and price are specified in the agreements. 

f.  The Company entered into a long-term purchase agreement of equipment. The relative purchase quantity 

and price are specified in the agreement. 

g.  The Company entered into long-term energy purchase agreements with multiple suppliers. The relative 

purchase period, quantity and price are specified in the agreements. 

h.  As of December 31, 2019, the Company provided endorsement guarantees of NT$2,495,400 thousand to 
its subsidiary, TSMC North America, in respect of providing endorsement guarantees for office leasing 
contract. 

- 169 -

 
 
 
 
 
 
 
 
 
 
 
 
 
33.  EXCHANGE  RATE  INFORMATION  OF  FOREIGN-CURRENCY  FINANCIAL  ASSETS  AND 

LIABILITIES 

The  following information  was summarized  according to the  foreign  currencies  other than the  functional 
currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the 
functional currency. The significant financial assets and liabilities denominated in foreign currencies were as 
follows: 

Foreign 
Currencies 
(In Thousands)   

Exchange Rate 
(Note) 

Carrying 
Amount 
(In Thousands) 

December 31, 2019 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

December 31, 2018 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Non-monetary items 

HKD 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

    $ 

4,515,031 
2,867 
71,980,350 

29.988 
33.653 
0.2751 

    $  135,396,753 
96,495 
19,801,794 

5,874,701 
2,550,377 
      100,338,589 

29.988 
33.653 
0.2751 

      176,170,537 
85,827,831 
27,603,146 

4,527,578 
2,171 
235,512 

30.740 
35.22 
0.2783 

      139,177,748 
76,462 
65,543 

144,567 

3.93 

568,150 

4,147,398 
471,127 
33,416,236 

30.740 
35.22 
0.2783 

      127,491,021 
16,593,099 
9,299,738 

Note:  Exchange  rate  represents  the  number  of  N.T.  dollars  for  which  one  foreign  currency  could  be 

exchanged. 

Please refer to the parent company only statements of comprehensive income for the total  of realized and 
unrealized foreign exchange gain and loss for the years ended December 31, 2019 and 2018, respectively. 
Since there  were varieties  of foreign  currency transactions  of the Company, the Company  was  unable to 
disclose foreign exchange gain (loss) towards each foreign currency with significant impact. 

- 170 -

 
 
 
 
 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
     
     
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
     
     
     
     
     
     
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
 
     
 
     
     
 
     
   
 
 
   
     
 
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
 
     
 
     
     
 
     
 
 
 
 
34.  SIGNIFICANT OPERATION LOSSES 

On January 19, 2019, the Company discovered a wafer contamination issue in a fab in Taiwan caused by a 
batch of unqualified photoresist materials. After investigation, the Company immediately stopped using the 
unqualified materials. An estimated loss of NT$3,400,000 thousand related to this event was recognized in 
cost of revenue for the three months ended March 31, 2019. 

The  Company  experienced  a  computer  virus  outbreak  on  August  3,  2018,  which  affected  a  number  of 
computer systems and fab tools, and consequently impacted wafer production in Taiwan. All the impacted 
tools have been recovered by August 6,  2018. The Company recognized a loss of NT$2,596,046 thousand 
related to this incident for the three months ended September 30, 2018, which was included in cost of revenue. 

35.  ADDITIONAL DISCLOSURES 

Following are the additional disclosures required by the Securities and Futures Bureau for the Company: 

a.  Financings provided: Please see Table 1 attached; 

b.  Endorsement/guarantee provided: Please see Table 2 attached; 

c.  Marketable  securities  held  (excluding  investments  in  subsidiaries  and  associates):  Please  see  Table  3 

attached;   

d.  Marketable securities acquired and disposed of at costs or prices of at least NT$300 million or 20% of 

the paid-in capital: Please see Table 4 attached; 

e.  Acquisition of individual real estate properties at costs of at least NT$300 million or 20% of the paid-in 

capital: Please see Table 5 attached; 

f.  Disposal of individual real estate properties at prices of at least NT$300 million or 20% of the paid-in 

capital: None; 

g.  Total purchases from or sales to related parties of at least NT$100 million or 20% of the pai d-in capital: 

Please see Table 6 attached; 

h.  Receivables  from  related parties  amounting to  at least NT$100  million  or  20%  of  the paid-in  capital: 

Please see Table 7 attached; 

i. 

Information about the derivative financial instruments transaction:    Please see Notes 7 and 8; 

j.  Names, locations,  and  related information  of investees  over  which  the Company exercises significant 

influence (excluding information on investment in mainland China): Please see Table 8 attached; 

k.  Information on investment in mainland China 

1)  The name  of the investee in  mainland  China, the main  businesses  and  products, its issued  capital, 
method of investment, information on inflow or outflow of capital, percentage of ownership, income 
(losses)  of  the  investee,  share  of  profits/losses  of  investee,  ending  balance,  amount  received  as 
dividends from the investee, and the limitation on investee: Please see Table 9 attached. 

- 171 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2)  Significant direct or indirect transactions with the investee, its prices and terms of payment, unrealized 
gain or loss, and other related information which is helpful to understand the impact of investment in 
mainland China on financial reports: Please see Note 31.   

36.  OPERATING SEGMENTS INFORMATION 

The Company has provided the operating segments disclosure in the consolidated financial statements.   

- 172 -

 
 
 
 
 
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THE CONTENTS  OF STATEMENTS OF MAJOR   
ACCOUNTING ITEMS 

ITEM 

STATEMENT INDEX 

MAJOR ACCOUNTING ITEMS IN ASSETS, LIABILITIES AND 

EQUITY   
STATEMENT OF CASH AND CASH EQUIVALENTS   
STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, 

NET   

STATEMENT OF RECEIVABLES FROM RELATED 

PARTIES   

STATEMENT OF INVENTORIES   
STATEMENT OF CHANGES IN INVESTMENTS 
ACCOUNTED FOR USING EQUITY METHOD 

STATEMENT OF CHANGES IN PROPERTY, PLANT AND 

EQUIPMENT 

STATEMENT OF CHANGES IN ACCUMULATED 

DEPRECIATION AND ACCUMULATED IMPAIRMENT 
OF PROPERTY, PLANT AND EQUIPMENT   

STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS 
STATEMENT OF CHANGES IN INTANGIBLE ASSETS 
STATEMENT OF GUARANTEE DEPOSITS 
STATEMENT OF DEFERRED INCOME TAX ASSETS / 

LIABILITIES 

STATEMENT OF SHORT-TERM LOANS   
STATEMENT OF ACCOUNTS PAYABLES 
STATEMENT OF PAYABLES TO RELATED PARTIES   
STATEMENT OF PAYABLES TO CONTRACTORS AND 

EQUIPMENT SUPPLIERS   

STATEMENT OF LEASE LIABILITIES 
STATEMENT OF ACCRUED EXPENSES AND OTHER 

CURRENT LIABILITIES   

STATEMENT OF BONDS PAYABLE   

MAJOR ACCOUNTING ITEMS IN PROFIT OR LOSS 

STATEMENT OF NET REVENUE 
STATEMENT OF COST OF REVENUE 
STATEMENT OF OPERATING EXPENSES   
STATEMENT OF FINANCE COSTS 
STATEMENT OF LABOR, DEPRECIATION AND 

AMORTIZATION BY FUNCTION 

1 
2 

3 

4 
5 

Note 12 

Note 12 

6 
Note 14 
Note 18 
Note 25 

7 
8 
9 
10 

11 
12 

13 

14 
15 
16 
Note 23 
17 

- 200 -

 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
STATEMENT 1 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF CASH AND CASH EQUIVALENTS   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

Item 

Description 

Amount 

Cash 

Petty cash 
Cash in banks 

Checking accounts and demand deposits 
Foreign currency deposits 

Time deposits 

    $ 

460 

5,497,624 
12,584,607 

      123,368,007 

  Including US$385,487 thousand @29.988, 
JPY3,439,861 thousand @0.2751 and 
EUR2,327 thousand @33.653   

  From 2019.10.01 to 2020.10.14, interest 
rates at 0.19%-2.40%, including 
NT$115,277,800 thousand and 
US$269,781 thousand @29.988 

Total 

    $  141,450,698 

- 201 -

 
 
 
 
 
 
 
 
 
 
   
   
   
     
 
   
   
     
 
   
     
     
 
   
     
 
   
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Client Name 

Client A 

Client B 

Client C 

Client D 

Others (Note) 

Less: Loss allowance 

Total 

STATEMENT 2 

Amount 

   $  20,435,306 

4,419,372 

3,914,138 

3,375,702 

     17,299,460 

     49,443,978 

(319,045) 

   $  49,124,933 

Note:  The amount of individual client included in others does not exceed 5% of the account balance.  

- 202 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF RECEIVABLES FROM RELATED PARTIES   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Client Name 

TSMC North America 

Others (Note) 

Total 

STATEMENT 3 

Amount 

   $  81,732,281 

462,220 

   $  82,194,501 

Note:  The amount of individual client included in others does not exceed 5% of the account balance. 

- 203 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF INVENTORIES     
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

STATEMENT 4 

Item 

Finished goods 

Work in process 

Raw materials 

Supplies and spare parts 

Total 

Amount 

Cost 

Net Realizable 
Value 

  $ 

8,533,179 

    $  25,069,823 

49,268,466 

      236,694,719 

15,046,116 

14,064,902 

3,416,090 

3,591,225 

  $  76,263,851 

    $  279,420,669 

- 204 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
     
 
 
   
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
 
 
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STATEMENT 8 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCOUNTS PAYABLES   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Accounts payables was NT$36,029,135 thousands. The amount of individual vendor does not exceed 5% of the 
account balance. 

- 208 -

 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO RELATED PARTIES   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Vendor Name 

TSMC China 

TSMC Nanjing 

WaferTech 

Xintec 

SSMC 

Others (Note) 

Total 

STATEMENT 9 

Amount 

   $  1,538,971 

     1,266,002 

     1,097,625 

736,747 

487,944 

589,346 

   $  5,716,635 

Note:  The amount of individual vendor in others does not exceed 5% of the account balance. 

- 209 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
    
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

STATEMENT 10 

Vendor Name 

Vendor A 

Vendor B 

Vendor C 

Vendor D 

Vendor E 

Others (Note) 

Total 

Amount 

    $  30,277,721 

23,758,769 

12,331,155 

10,909,698   

8,523,195 

53,953,953 

    $  139,754,491 

Note:  The amount of individual vendor included in others does not exceed 5% of the account balance. 

- 210 -

 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
     
 
   
   
   
     
 
   
   
   
     
 
   
   
   
     
 
   
   
   
     
 
   
   
   
 
 
STATEMENT 11 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF LEASE LIABILITIES   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Item 

Description 

Lease Term 

  Discount 
Rate (%) 

Balance,   
End of Year 

Land   

  Mainly for the use of plants 

  2 to 22 years    0.67-0.94   

   $  13,882,035 

and offices 

Buildings 

  Mainly for the use of offices 

2 to 6 years 

  0.67-0.71   

397,849 

Machinery and equipment    For operation use 

2 years 

3.24 

842,185 

Office equipment 

  For operation use 

1 to 3 years 

  0.64-0.71   

21,750 

Less: Current portion 

Noncurrent portion 

     15,143,819 

(1,843,556) 

   $  13,300,263 

- 211 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES   
DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Item 

Refund liability 

Contract liabilities 

Utilities 

Others (Note) 

Total 

Note:  The amount of each item in others does not exceed 5% of the account balance. 

STATEMENT 12 

Amount 

   $  17,673,937 

4,095,915 

2,758,347 

     18,583,433 

   $  43,111,632 

- 212 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
 
 
 
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STATEMENT 14 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NET REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

Item 

Wafer 
Other 

Net revenue 

Note:  12-inch equivalent wafers. 

Shipments   
(Piece) (Note) 

10,050,665 

Amount 

     $  921,095,318 
138,551,475 

       $ 1,059,646,793 

- 214 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
 
 
     
   
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF COST OF REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Item 

Raw materials used 

Balance, beginning of year 
Raw material purchased 
Raw materials, end of year 
Transferred to manufacturing or operating expenses   
Others 

Subtotal 

Direct labor 
Manufacturing expenses 
Manufacturing cost 
Work in process, beginning of year 
Work in process, end of year 
Transferred to manufacturing or operating expenses 
Cost of finished goods 
Finished goods, beginning of year 
Finished goods purchased 
Finished goods, end of year 
Transferred to manufacturing or operating expenses 
Scrapped 

Subtotal 

Others 

Total 

STATEMENT 15 

Amount 

  $  14,110,534 
46,165,054 
(15,046,116) 
(8,192,083) 
(247,853) 
36,789,536 
13,679,542 
    473,793,547 
    524,262,625 
70,405,998 
(49,268,466) 
(24,537,651) 
    520,862,506 
10,920,351 
49,626,845 
(8,533,179) 
(12,000,597) 
(308,304) 
    560,567,622 
18,939,425 

  $  579,507,047 

- 215 -

 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
   
   
 
   
 
   
 
   
 
 
 
   
 
   
 
   
 
 
   
 
   
 
   
 
   
 
   
 
 
   
 
 
   
 
 
 
STATEMENT 16 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF OPERATING EXPENSES   
FOR THE YEAR ENDED DECEMBER 31, 2019 
(In Thousands of New Taiwan Dollars) 

Item 

Research and 
Development 
Expenses 

General and 
Administrative 
Expenses 

Selling 
Expenses 

Payroll and related expense 

     $  28,605,548 

     $  7,310,041 

     $  2,141,162 

Depreciation expense 

       23,129,545 

1,113,860 

42,164 

Consumables 

       22,820,487 

363,967 

Repair and maintenance expense 

4,429,076 

1,228,740 

619 

441 

Service fee 

19,426 

2,101,536 

14,681 

Management fees of the Science Park Administration 

Patents 

Commission 

Others (Note) 

Total 

- 

- 

- 

1,928,907 

1,726,083 

- 

- 

- 

859,045 

       11,478,733 

4,580,193 

173,665 

     $  90,482,815 

     $  20,353,327 

     $  3,231,777 

Note:  The amount of each item in others does not exceed 5% of the account balance.   

- 216 -

 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
 
 
 
 
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Taiwan Semiconductor  
Manufacturing Company, Ltd.

8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 30078, Taiwan, R. O. C.
Tel: 886-3-5636688    Fax: 886-3-5637000
https://www.tsmc.com

Taiwan Semiconductor Manufacturing Company, Ltd.

Mark Liu, Chairman