TSMC

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Dear Shareholders,

2020 Financial Performance

2020 was a devastating year for the entire world due to the COVID-19 pandemic, and our thoughts and hearts go out to all those 
who have been affected. With the spread of COVID-19, millions of lives were lost, many cities entered lock down, and the world 
experienced massive economic and societal disruptions. However, semiconductor industry demand remained resilient, as trends such 
as work-from-home and distance learning emerged to help to accelerate the digital transformation. At TSMC, our top priority is to 
protect the health and safety of our employees, and ensure our global fab operations continue delivering to customers. While we 
have been successful so far, we will remain vigilant and continue our utmost efforts to weather this pandemic.

For TSMC, although 2020 was a year of extraordinary challenges, it was also a year of significant growth and progress. Facing 
upheaval brought by the global COVID-19 pandemic as well as geopolitical tensions, we worked dynamically with our customers, 
and doubled down our commitment to technology leadership, manufacturing excellence, and customer trust. In 2020, we delivered 
an eleventh consecutive year of record revenue, thanks to strong demand coming to our industry-leading 5-nanometer (N5) and 
7-nanometer (N7) technologies. Our revenue increased 31.4% year-over-year in US dollar terms, as compared to about 10% 
year-over-year growth for the semiconductor industry.

We continued to focus on the fundamentals of our business in 2020 by enriching our R&D infrastructures, enlarging our talent 
pipeline, strengthening our information protection and cybersecurity, and accelerating our technology differentiation.

In 2020, fueled by the industry megatrends of 5G and high performance computing (HPC) applications, both driving semiconductor 
content enrichment, we increased our 2020 capital spending to US$17.2 billion. As TSMC enters another period of higher growth, 
we will continue to invest to capture the opportunities that will follow.

In 2020, we successfully ramped our industry-leading N5 technology, to enable our customers’ innovations for both smartphone 
and HPC applications. As the foundry industry’s most advanced solution with the best performance, power and area (PPA), N5 
further expands our customer product portfolio and increases our addressable markets. 

In its third year of ramp, our 7-nanometer family, which includes N7, N7+ and N6, continued to see very strong demand across a 
wide spectrum of products from smartphone, HPC, Internet of Things (IoT) and Automotive applications. 

Our 3-nanometer technology will be another full node stride from our N5, and offer the most advanced foundry technology in both 
PPA and transistor technology when it is introduced.

In 2020, TSMC introduced 3DFabricTM, an umbrella of the company’s fast-growing portfolio of 3DIC system integration solutions 
under one family of technologies. Our differentiated chiplet and heterogeneous integration technologies drive better power 
efficiency, greater compute density, and smaller form factor benefits for our customers, while shortening their time-to-market. We 
are working with several product leaders on 3DFabricTM to enable chiplet architectures.

Highlights of TSMC’s accomplishments in 2020:
● Total wafer shipments were 12.4 million 12-inch equivalent wafers as compared to 10.1 million 12-inch equivalent wafers in 

2019.

● Advanced technologies (16-nanometer and beyond) accounted for 58 percent of total wafer revenue, up from 50 percent in 2019.
● We deployed 281 distinct process technologies, and manufactured 11,617 products for 510 customers.
● TSMC produced 24 percent of the world semiconductor excluding memory output value in 2020, as compared to 21 percent in 

the previous year.

Consolidated revenue reached NT$1,339.255 billion, an increase of 25.2 percent over NT$1,069.99 billion in 2019. Net income was 
NT$517.89 billion and diluted earnings per share were NT$19.97. Both increased 50.0 percent from the 2019 level of NT$345.26 
billion net income and NT$13.32 diluted EPS. 

TSMC generated net income of US$17.60 billion on consolidated revenue of US$45.51 billion, which increased 57.5 percent and 
31.4 percent respectively from the 2019 level of US$11.18 billion net income and US$34.63 billion consolidated revenue. 

Gross profit margin was 53.1 percent compared with 46.0 percent in 2019, while operating profit margin was 42.3 percent 
compared with 34.8 percent a year earlier. Net profit margin was 38.7 percent, an increase of 6.4 percentage points from 2019’s 
32.3 percent.

In 2020, total cash dividend payments to shareholders sustained at NT$10 per share.

Technological Developments

In 2020, we continued to increase our investment in R&D to US$3.72 billion to unleash our customers’ innovations and extend our 
technology leadership.

Our 3-nanometer will offer up to 70% logic density gain, up to 15% performance gain and up to 30% power reduction as 
compared with N5. N3 technology development is on track with good progress. N3 will offer complete platform support for both 
mobile and HPC applications. Volume production is targeted in second half of 2022.

Our 5-nanometer (N5) technology successfully entered volume production in the second quarter of 2020 and experienced a strong 
ramp in the second half. We plan to offer continuous enhancements, such as N4, to extend the leadership of our 5-nanometer 
family. N4 is a straightforward migration from N5 with compatible design rules, while providing further performance, power and 
density enhancements for the next wave 5-nanometer products. N4 volume production is scheduled in 2022.

In its third year, 7-nanometer technology continued to see one of TSMC’s fastest ramp ups in volume production, shipping more 
than one billion good dies in this process for hundreds of products from dozens of customers. Our N7+ also entered its second year 
of ramp using EUV lithography technology, while N6, which provides a clear migration path for next wave 7-nanometer products, 
entered volume production at the end of 2020. N6 will further extend our 7-nanometer family well into the future.

Our 16nm/12nm family has received over 650 customer product tape-outs across smartphone, HPC, storage and consumer 
electronics applications. We also unveiled our N12eTM process, bringing TSMC’s world-class FinFET transistor technology to 
AI-enabled IoT devices, by providing both powerful computing performance and outstanding power efficiency. 

The value of our technology platforms are evolving to include logic wafer scaling, design-technology co-optimization, and 3DIC. 
We have developed a comprehensive 3DIC technology roadmap to enhance system-level performance and drive greater energy 
efficiency. These technologies include chip stacking solutions such as SoIC (System on Integrated Chip), as well as advanced 
packaging solutions such as InFO (Integrated Fan-Out) and CoWoS® (Chip on Wafer on Substrate). TSMC’s CoWoS® continued to 
integrate with larger interposer size for heterogeneous integration. We are also working with customers on TSMC-SoICTM, which is 
expected to be first adopted by HPC applications where bandwidth performance, power efficiency, and form factors are aggressively 
pursued.

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TSMC’s ecosystem, the Open Innovation Platform®, empowers our 510 distinct customers to design in a safe and secure cloud 
environment, to unleash their innovations with fast time-to-market. We also worked with our ecosystem partners to expand our 
libraries and silicon IP portfolio to over 35,000 items in 2020. More than 12,000 technology files and over 450 process design kits, 
from 0.5-micron to 3-nanometer, are available to customers via TSMC-Online. We saw more than 100,000 customer downloads in 
2020.

Corporate Social Responsibility

The foundation of TSMC’s corporate social responsibility is a sound corporate governance built upon our core values that balances 
the interests of all stakeholders. Guided by the UN Sustainable Development Goals, our Corporate Social Responsibility Executive 
Committee has set our CSR focuses to be on driving green manufacturing, building a responsible supply chain, creating an inclusive 
workplace, developing STEM talent, and caring for the underprivileged.

Joining in the global effort to combat COVID-19, TSMC leveraged our expertise in technology, global procurement and supply chain 
management with a budget of US$20 million to aid communities near TSMC sites with urgent needs in Taiwan, Mainland China, 
Japan, Europe and the United States. This included donations of personal protection equipment and ventilators to hospitals, public 
health agencies, and related parties; providing relief to vulnerable communities with immediate food, shelter, and medical aid; and 
collaborating with leading institutes on COVID-19 diagnostics, vaccines and therapeutics development.

As a responsible corporate citizen, TSMC is dedicated to fighting climate change and protecting the environment of the world 
that we share. By 2030, we target to supply 25% of power consumed by our fabs, and 100% of power consumed for non-fab 
facilities, using renewable energy. In 2020, we signed the largest renewables corporate power purchasing agreement in the world, 
and committed to renewable energy purchase agreements totaling 1.3 gigawatts. We have further committed to supplying 100% 
of TSMC’s power from renewable energy and generating zero indirect carbon emissions from electricity consumption by 2050, 
enabling us to become the first semiconductor company to join the RE100 renewable energy initiative in 2020.

Corporate Developments

In May 2020, TSMC announced its intention to build and operate an advanced semiconductor fab in the United States, in the state 
of Arizona. This fab will start with 5-nanometer technology at 20,000 wafers per month capacity. Production is targeted to begin in 
2024. A U.S. fab will enable TSMC to expand our technology ecosystem, better serve our customers and partners, and extend our 
reach for global talents.

Honors and Awards

TSMC received recognition for achievements in innovation, corporate governance, sustainability, investor relations and overall 
excellence in management from organizations including Forbes, Fortune Magazine, CommonWealth Magazine, Business 
Today, RobecoSAM (S&P Global), RE100 and the Taiwan Stock Exchange. TSMC also received the prestigious 2021 IEEE 
Corporate Innovation Award, honoring the Company’s leadership in developing 7-nanometer foundry technology and enabling 
the innovations of IC designers everywhere. 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 20 consecutive years. TSMC also received 
recognition as one of Wall Street Journal’s “100 Most Sustainably Managed Companies” and Corporate Knight’s 2020 “Global 100 
Most Sustainable Corporations”. Meanwhile, we remained a major component in both various MSCI ESG and FTSE4Good indices. In 
investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine.

Outlook

The challenges of the COVID-19 pandemic have only renewed TSMC’s dedication to enabling innovations that improve peoples’ 
lives. Digital technology has helped us weather the disruptions of the COVID-19 pandemic by allowing people to work, learn, and 
play in the safety of their homes, and also by maintaining our bonds with distant loved ones during difficult times. Beyond that, it 
has accelerated a digital transformation of society, with technology becoming increasingly essential in people’s lives.

Capacity Plan

Wafer Sales Plan

2%

2019

2020

6%

4%

2021

12-13

12-13

13-14

2019

2020

2021

50%

42%

50%

58%

30-40%

60-70%

Annual Growth Rate

Capacity: million 12-inch equivalent wafers

> 16nm  

≤ 16nm

2021 wafer shipment is expected to be 13-14 million 
12-inch equivalent wafers.

As we enter the 5G era, the performance of digital 
computing for AI and 5G is insatiable. A smarter and 
more intelligent world will require massive increases 
in computation performance and greater need for 
energy efficient computing, fueling strong demand 
for advanced semiconductor technologies. With our 
leadership in advanced process technologies, our 
broad portfolio of specialty technologies and 3DIC 
solutions, our unparalleled manufacturing capabilities, 
and deep collaborative relationships with customers, 
we are well positioned to capture the growth from 
these megatrends in the years ahead. 

While macroeconomic uncertainties may linger, 
we will continue to work on the fundamentals 
of our business to further extend our technology 
differentiation. We will adhere to our dedicated 
foundry business model, and collaborate with all the 
IC innovators to unleash innovation. We will continue 
to conduct our business with integrity, sell our value, 
and treat all customers fairly. We will sharpen our 
Trinity of Strengths of technology leadership, manufacturing excellence, and customer trust, so that we may continue to fulfill our 
mission to be the trusted technology and capacity provider of the global logic IC industry for years to come.

We remain dedicated to world-class governance, sustainability, and good returns to our shareholders. We thank you for the 
trust and commitment you have placed in TSMC. We are excited about our future, and look forward to a long and prosperous 
relationship together.

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Mark Liu 
Chairman

C.C. Wei
Chief Executive Officer

       
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2.1 An Introduction to TSMC

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 focus 
on its customers’ success. TSMC’s foundry business model has 
enabled the rise of the global fabless industry, and since its 
inception TSMC has been the world’s leading semiconductor 
foundry. The Company manufactured 11,617 different 
products using 281 distinct technologies for 510 different 
customers in 2020. 

TSMC-made semiconductors serve a global customer base that 
is large and diverse and includes a wide range of applications. 
These products are used in a variety of end markets including 
mobile devices, high performance computing, automotive 
electronics and the Internet of Things (IoT). Such strong 
diversification helps to smooth fluctuations in demand, which 
in turn allows TSMC to 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 2020. These facilities include four 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.

In May 2020, TSMC announced its intention to build and 
operate an advanced semiconductor fab in the United States, 
in order to better support customers and partners there as well 
as to attract global talents. This facility, to be built in Arizona, 
will utilize TSMC’s 5-nanometer technology for semiconductor 
wafer fabrication and will have a capacity of 20,000 
semiconductor wafers per month. Construction is planned to 
start in 2021 with production targeted for 2024. 

TSMC provides customer support, account management 
and engineering services through offices in North America, 
Europe, Japan, China, and South Korea. At the end of 2020, 
the Company and its subsidiaries employed more than 56,000 
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 Market/Business Summary

2.2.1 TSMC Achievements

In 2020, TSMC maintained its leading position in the foundry 
segment of the global semiconductor industry by producing 
24% of the world semiconductor excluding memory output 
value, increasing from 21% in 2019, as the Company’s 
growth was fueled by the industry megatrends of 5G and high 
performance computing (HPC)-related applications.

The Company’s strong market position stems in great part 
from its leadership in advanced process technologies. In 
2020, 58% of TSMC’s wafer revenue came from advanced 
manufacturing processes – defined as geometries of 16nm and 
smaller – up from 50% in 2019.

TSMC offers the foundry segment’s broadest technology 
portfolio and continues to invest in advanced technologies, 
specialty technologies, and advanced packaging and silicon 
stacking technologies, to provide customers more added value. 

In addition to its leadership in advanced process and specialty 
technologies, in 2020 TSMC introduced 3DFabricTM, a 
comprehensive family of 3D silicon stacking and advanced 
packaging technologies to complement its process technology 
offerings. 3DFabricTM provides the Company’s customers 
greater chip design flexibility to unleash innovation and 
is another differentiating competitive advantage for the 
Company. 

In 2020, the Company developed or introduced the following:

Logic Technology
● 3nm fin field-effect transistor (FinFET) (N3) technology 

development is on track with good progress. This 
world-leading technology is optimized for both mobile and 
high performance computing applications, and is expected 
to receive multiple customer product tape-outs in 2021. 
In addition, volume production is expected to start in the 
second half of 2022.

● 4nm FinFET (N4) technology is an enhanced version of 5nm 
FinFET (N5) technology, with compatible design rules while 
providing further enhancement in performance, power and 
density for the next wave of 5-nanometer products. The 

development of N4 is on schedule with good progress, and 
volume production is expected to start in 2022.

● 5nm FinFET (N5) technology is currently TSMC’s most 
advanced technology that leads the world in volume 
production. Products using this technology from various 
customers entered volume production in 2020 for 
applications including mobile and high performance 
computing products. 

● 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. TSMC received 
multiple customer tape-outs by the end of 2020 and expects 
to start N5P technology volume production in 2021. 
● 6nm FinFET (N6) technology successfully entered risk 

production in the first quarter of 2020 as planned. 6nm uses 
extreme ultraviolet (EUV) lithography technology to replace 
conventional immersion layers for better yield and shorter 
cycle time. The design rules of N6 technology are completely 
compatible with its 7nm FinFET (N7) predecessor and this 
technology offers a new standard cell with nearly 18% logic 
density improvement. TSMC has received more than 20 N6 
product tape-outs. Due to the easy porting capability from 
N7 design, many customers’ products already entered volume 
production in 2020, while meeting customers’ expectations 
for both product quality and yield. It is expected the majority 
of N7 technology customers will migrate to N6 technology in 
coming years.

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

terms of time to volume production, and provides optimized 
manufacturing processes for both mobile computing 
applications and high performance computing components. 
Following its volume production in April 2018, this 
technology produced more than one billion fully functional 
and defect-free chips in total in August 2020, for well 
over 100 customer products. TSMC’s large-scale capacity 
advantage and efficient manufacturing capability mean more 
than merely producing a large amount of chips quickly. 
These also help improve quality and reliability, and facilitate 
technology advancement. In addition, 7nm FinFET plus (N7+) 
has been in volume production since 2019, which was the 
first commercially available EUV foundry process technology 
in the world. Its success has paved the way for N6, N5, and 
future advanced technologies.

● 16nm/12nm technology family received a total of over 

650 customer product tape-outs by the end of 2020 for 
different product applications including mobile phone, high 
performance computing, storage and consumer electronics. 
12nm FinFET compact plus (12FFC+) technology shares 

the same design rules as 12nm FinFET compact (12FFC) 
technology to help customers migrate to 12FFC+ technology 
quickly. Compared to 12FFC technology, this technology 
provides about an additional 5% speed improvement or 10% 
power reduction. 12FFC+ technology entered risk production 
in 2019 and started volume production in 2020 as planned. 
In addition, TSMC introduced N12eTM technology in 2020, 
bringing TSMC’s world-class FinFET transistor technology 
to AI-enabled Internet of Things and other high efficiency, 
high performance edge devices. N12eTM technology 
leverages TSMC’s 12FFC+ baseline and IP ecosystem and 
offers industry-leading low operating voltage (low Vdd), and 
excellent low leakage performance of ultra-low-leakage (ULL) 
SRAM (static random access memory), and new ultra-low 
leakage devices.

● 22nm ultra-low leakage (22ULL) technology began volume 
production in 2019 to support IoT and wearable devices 
applications. In addition, 22ULL low Vdd solutions were 
ready in 2019. Compared to 40ULP and 55ULP technologies, 
22ULL technology offers new ULL device, ULL SRAM, and 
low Vdd solutions to significantly lower power consumption. 
Moreover, new enhanced analog devices were available 
in 2020 to further enrich the 22ULL platform to support 
customers for broader applications.

● 22nm ULP (22ULP) technology was developed based on 
TSMC’s industry-leading 28nm technology and received 
a total of more than 60 product tape-outs by the end of 
2020. 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 350 customer 
product tape-outs by the end of 2020. 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) technology received a total of over 150 
product tape-outs by the end of 2020. This technology 
supports 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 solution for IoT and wearable 
devices. Newly enhanced analog devices are available, which 
enrich the 40ULP platform to support customers for broader 
analog design needs in the future.

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● 55nm ultra-low power (55ULP) technology received a total 
of over 90 customer product tape-outs by the end of 2020. 
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 enable customers’ SoC designs.

Specialty Technology
● N7 technology 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 2020. In addition, TSMC continues to 
develop more 5nm automotive foundation IPs, which are 
expected to complete AEC-Q100 Grade-2 qualification in 
2022.

● The N6 radio frequency (N6 RF) technology development 

started in 2020. This technology is built upon the N6 
logic technology platform and adds high performance RF 
transistors and passive devices that can support more power 
and area efficient circuit designs. This new RF technology 
will enable future generations of wireless local area network 
(WLAN) and fifth-generation (5G) RF transceiver integrated 
circuits. The design kit for this technology is expected to be 
completed in 2021.

● 16FFC RF technology led the foundry to start production 
of the 5G mobile network chips for customers in 2018. 
This technology has been extended to the next generation 
wireless local area network (WLAN) WiFi 6/6E, 5G sub-6GHz 
RF transceivers and millimeter wave (mmWave) applications. 
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 >300 GHz, but also completed 
the development of the world’s first and best FinFET device 
with >400 GHz fmax (max oscillation frequency). These high 
performance RF transistors can be used in diverse applications 
such as mmWave automotive radar to reduce chip power 
consumption and die size as well as to enable SoC designs. In 
2020, TSMC entered the 2nd year of high volume production 
of 16FFC RF products for our customers.

● 22ULL analog technology platform was established in 2020. 
This platform is fully logic compatible and offers low-noise 
2.5-volt input/output (IO) transistors and low temperature-
coefficient-of-resistance (TCR) TaN (Tantalum nitride) thin 
film resistors to support customers’ differentiated analog 
designs. In addition, TSMC provides customers with random 
telegraph signal (RTS) noise guidelines as RTS has become 
an increasingly challenging issue, particularly in low power 
analog circuit design.

● 22ULL RF technology received more than 20 customer 

product tape-outs in 2020, covering applications such as 4G 

transceiver and wireless connectivity to IoT. This technology 
can support wireless LAN power amplifier devices and 
ultra-low leakage devices, in addition to magnetic random 
access memory (MRAM) and resistive random access memory 
(RRAM).

● 22ULL embedded RRAM technology IPs completed reliability 
qualification in 2020. Following 40ULP embedded RRAM 
technology, this technology is TSMC’s second generation 
RRAM solution with balanced cost and reliability. 
This technology is fully complementary-metal-oxide-
semiconductor (CMOS) logic compatible for process design 
kits (PDKs) and IP re-use for various applications including 
wireless MCU, IoT and wearable devices.

● 22ULL embedded MRAM technology IPs completed reliability 

qualification in 2020, with >100K cycle endurance and 
reflow capability. This technology demonstrated automotive 
Grade-1 capability and started volume production for 
customer wearable products in 2020. This technology is fully 
complementary-metal-oxide-semiconductor logic compatible 
for process design kit (PDK) and IP re-use for applications 
including wireless MCU, IoT and wearable devices.

● 28HPC+ RF technology led the foundry segment to deliver 
the first RF process design kit 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. Customers’ 
5G mmWave RF, automotive radar and wireless connectivity 
products using this technology entered volume production in 
2020.

● 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 2021.

● 28nm high voltage (HV) (28HV) technology, built upon the 
success of TSMC’s leading 28HPC+ technology, offers a 
superior low power advantage based on a low Vdd at 0.9 
volt. In addition, it features the world’s first high bandwidth 
128Mb static random access memory (SRAM). 28HV 
technology is an optimal solution for the next generation of 
high-end organic light-emitting diode (OLED) display drivers. 
The 28HV shuttle service has been offered to customers from 
2021.

● 40ULP eFlash technology received a total of over 60 product 

tape-outs by the end of 2020, including MCUs, wireless 
MCUs and security elements. In addition, 40ULP eFlash 
technology offers a low Vdd option, which provides a low 
energy consumption solution for IoT devices and wearable 
connected devices.

● 40ULP analog technology platform was established in 
2020. This platform is fully logic compatible and offers 
analog-friendly low flicker noise and low mismatch 
transistors. In addition, to further enhance TSMC’s analog 
offerings, a low TCR silicon chromium (SiCr) thin film 
resistor and a RTS noise guideline are being developed and 
expected to complete in 2021. For analog and mixed-signal 
applications, 40ULP analog platform supports customers’ 
needs for optimal logic performance and density, low power 
consumption, and superior analog device enhancements with 
a cost-effective advantage.

● 12-inch 40nm Bipolar-CMOS-DMOS (BCD) Plus technology 

passed qualification in 2020. The Company has helped 
customers complete new tape-outs and this technology is 
expected to start volume production in 2021. As resistive 
random access memory (RRAM) can be integrated, this 
technology can support customers’ designs for special 
applications requiring heavy firmware, such as wireless 
charger chips, to enhance product performance and offer 
better cost advantages. 

● 0.13µm Silicon on Isolator (0.13SOI) technology on 8-inch 
wafers successfully entered volume production in 2020 for 
customer products of sub-6GHz RF front-end module (RF 
FEM), including smartphones and wireless local area networks 
(WLANs), following the delivery of the first RF process design 
kit in 2019. TSMC’s 0.13SOI technology provides high cutoff 
frequency (fT) and low on resistance-off capacitance (Ron-Coff) 
to support low noise amplifier (LNA) and RF switch product 
designs.

● 12-inch 0.13µm Bipolar-CMOS-DMOS (BCD) plus technology 
completed phase-1 continual improvement process (CIP) in 
2020 and significantly improved the specific on resistance 
(Rsp) of some power devices by more than 20%. The 
corresponding process design kit was available, and phase-2 
CIP is expected to be completed in 2021. 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 technology passed AEC-Q100 
qualification in 2020. Compared to the second generation 
BCD technology, this technology provides better cost 
competitiveness.

● Gallium nitride (GaN) on silicon technology was further 

● CMOS Image Sensor (CIS) technology was further refined 
to support the strong demand in advanced smartphone 
cameras. In early 2020, TSMC helped customers lead the 
market in rolling out 0.8µm pixel products. Pixel size was 
further reduced to 0.7µm within nine months with timely 
volume production. The smaller pixel size enables 30% higher 
resolution for CIS with the same chip size.

● TSMC successfully manufactured single photon avalanche 

diode (SPAD) 3D sensing products for customers with 0.13µm 
Bipolar-CMOS-DMOS technology and 45nm stacked CIS 
technology in 2020 to capture the growth opportunity of 3D 
sensing market. In addition, for stacked CIS technology, TSMC 
further launched 22ULL technology and speeds up 12FFC 
technology development to support the requirement for 
higher performance and lower power consumption for image 
signal processors (ISP). In the meantime, TSMC established an 
R&D pilot line of 28nm CIS technology to support customers 
in developing more advanced CIS devices in the future.

● TSMC successfully used CMOS MEMS (micro electro- 
mechanical systems) technology in 2020 to support 
customers in delivering monolithic ultrasonic scanners. This 
single-chip device helps customers realize portable ultrasonic 
scanners at affordable low prices. Thus, many more people 
can have an easier access to ultrasonic scanners to improve 
health and living.

3DFabricTM - TSMC 3D Silicon Stacking and Advanced 
Packaging Technologies
● In 2020 TSMC introduced 3DFabricTM, a comprehensive 
family of 3D silicon stacking and advanced packaging 
technologies, which are comprised of frontend TSMC-SoICTM 
3D silicon stacking and backend 3D interconnect technologies 
which include CoWoS® (chip on wafer on substrate) and InFO 
(integrated fan-out), providing customers flexible solutions for 
integration of chiplets.

● TSMC-SoICTM (System on Integrated Chip) technology 

features both wafer-on-wafer (WoW) and chip-on-wafer 
(CoW) processes. This allows the stacking of both similar 
and dissimilar dies, greatly improving system performance 
while reducing a product’s form factor. Continuing to 
develop CoW process technology, in 2020 TSMC successfully 
demonstrated WoW technology with good electrical results 
on heterogeneous integration of memory on logic and deep 
trench capacitor (DTC) on logic applications.

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 2021.

● Successfully developed InFO-PoP (Integrated Fan-Out 

Package-on-Package) technology, which integrates 5nm 
SoC (System-on-Chip) and DRAM (dynamic random access 
memory) for advanced mobile device applications. This 
technology helped deliver customer products to market in 
high volume in 2020.

012

013

● InFO_oS (Integrated Fan-out Wafer on substrate) technology 

extended its support to 90mmX90mm package size to 
integrate up to a total of nine SoC chips per module in 2020.
● In addition to conventional silicon interposer technology (Chip 
on Wafer on Substrate with Silicon Interposer, CoWoS®-S) 
which has been in volume production, TSMC extended 
the interconnect technology to redistribution layer (RDL) 
interposers (Chip on Wafer on Substrate with Redistribution 
Layer Interposer, CoWoS®-R) and local silicon interconnect 
interposers (Chip on Wafer on Substrate with Local Silicon 
Interconnect Interposer, CoWoS®-L) in 2020 and is engaging 
with customers in technology qualification and evaluation.

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

packaging on 5nm silicon successfully entered production 
in 2020 for both advanced mobile and high performance 
computing applications.

2.2.2 Market Overview

TSMC estimates that the worldwide semiconductor market 
excluding memory reached US$359 billion in revenue in 
2020, representing a 10% increase from 2019. In the foundry 
segment of the semiconductor industry, total revenue rose to 
US$80 billion in 2020, a robust growth of 20% over 2019.

2.2.3 Industry Outlook, Opportunities and Threats

Foundry Industry Demand and Supply Outlook
For 2020, TSMC’s strong growth in the foundry segment 
was driven by increased market demand for 5G smartphones 
and high-performance computing (HPC) products such as 
PCs, tablets, game consoles, servers, and 5G base station, 
which were further boosted by increasing “shelter at home” 
and “work from home” during the COVID-19 pandemic. 
Meanwhile, to cope with high market demand and supply 
uncertainties, the electronics supply chain took on higher 
inventory levels, which also contributed to foundry and 
TSMC growth. For 2021, TSMC forecasts further increases in 
demand for overall electronics device, driven by the ongoing 
5G smartphone ramp-up and continued strength in HPCs, 
supporting the acceleration of digital transformation, resulting 
in the total semiconductor market excluding memory to have 
a low-teens growth. Over the longer term, fueled by increasing 
semiconductor content in electronic devices, continued market 
share gains by fabless companies, increases in integrated device 
manufacturer (IDM) outsourcing, and expanding in-house 
application-specific integrated circuits (ASIC) from systems 
companies, the Company expects foundry segment revenue 
to outpace the mid-single-digit compound annual growth 

rate projected for the overall semiconductor market excluding 
memory from 2020 through 2025.

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, HPCs, Internet of 
Things, automotive, and digital consumer electronics (DCE). 

● Smartphones
Smartphone unit shipments, which were down a modest 
2% in 2019, declined again in 2020 by 9%, reflecting their 
already high penetration in many developed countries and 
China, as well as the impact of the COVID-19 pandemic on 
consumer purchasing power. With 5G commercialization 
continuing to accelerate, new 5G smartphones will likely 
shorten the overall replacement cycle. As a result, TSMC 
projects a high-single-digit growth for the smartphone market 
in 2021. Over the longer term, the migration to 5G, together 
with improved performance, longer battery life, biosensors and 
more AI features, will all continue to propel smartphone sales 
going forward.

Low-power integrated circuit (IC) technology is an 
essential requirement among handset manufacturers, and 
system-on-chip (SoC) design is the preferred solution given 
its optimized cost, power, and form factor (IC footprint 
and thickness) potential. TSMC is the acknowledged leader 
in process technology for manufacturing system-on-chip. 
Spurred by the appetite for higher performance to run artificial 
intelligence (AI) applications, various complex software 
computation and higher resolution video, the migration to 
advanced process technologies will continue to accelerate.

● High Performance Computing (HPC)
The HPC platform includes PCs, tablets, game consoles, servers, 
and base stations, etc. Major HPC unit shipments grew by 
11% in 2020, mainly driven by the COVID-19 “stay at home 
economy” and rapid 5G base station deployment.

The HPC market is projected to have a high-single-digit 
unit growth in 2021, following its strong growth in 2020. 
Several factors are expected to drive demand in the HPC 
platform, including ongoing 5G base station deployment, 
rising data center AI server demand, and next generation 
game console ramping. 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)
The Internet of Things platform includes various types of 
connected devices, such as smart wearables, smart speakers, 
and surveillance systems. Boosted by pandemic-driven demand, 
IoT unit shipments grew 17% in 2020, with Bluetooth 
earphones, smart wearables, and smart health devices as the 
major growth drivers.

Looking ahead to 2021, IoT unit shipments will grow about 
30%, thanks to the continued momentum of Bluetooth 
earphones, smart watches and smart speakers. In addition, 
the pandemic is changing consumers’ life and working styles, 
further triggering more applications for disease management 
and prevention. By adding more AI functions, IoT devices will 
drive demand for more powerful yet lower power-consuming 
controllers, connectivity ICs and sensors. TSMC offers 
high-performance yet low-power process technologies to meet 
industry trends and help customers succeed in the marketplace.

● Automotive
Worldwide car unit sales fell 14% in 2020 as global economies 
were softened by the COVID-19 pandemic. Car unit sales are 
projected to rebound, however, in 2021 with growth in the 
low-teens driven by expected recovery in global economies and 
the automotive market in particular.

Moving forward, TSMC expects semiconductor content 
requirement, driven by electric vehicles (EVs), advanced driver 
assistance systems (ADAS) and infotainment systems, to fuel 
the demand for processors, sensors, analog and power ICs. 
TSMC offers a wide variety of process technologies to help 
customers compete and succeed in the automotive market.

● Digital Consumer Electronics (DCE)
DCE unit shipments fell 7% in 2020. Sales of TVs and set-top 
boxes exceeded expectation thanks to the “stay at home 
economy”, but other consumer products such as digital 
cameras continued to decline due to stagnant demand and 
cannibalization by smartphones.

A slight rebound in the overall DCE market is expected in 2021 
as certain sub-segments such as 4K and smart TVs continue 
to show positive growth. In addition, AI functions such as 
picture quality improvement and voice control are increasingly 
incorporated in TVs. With a 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 and 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 in maintaining 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.

2.2.4 TSMC Position, Differentiation and Strategy

Position
TSMC is a worldwide semiconductor foundry leader for 
advanced, specialty and advanced packaging technologies. 
In 2020, TSMC produced 24% of the world semiconductor 
excluding memory output value, increasing from 21% in 2019. 
Net revenue by geography, based mainly on the country in 
which customers are headquartered, was: 62% from North 
America; 11% from the Asia Pacific region, excluding China 
and Japan; 17% from China; 5% from Europe, the Middle East 
and Africa; and 5% from Japan. Net revenue by platform was: 
48% from the smartphone; 33% from the high performance 
computing (HPC); 8% from the Internet of Things (IoT); and 
3% from automotive. In addition, 4% came 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 customer 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 capabilities, 
TSMC extends its leadership through its Open Innovation 
Platform® and Grand Alliance initiatives. The Open Innovation 
Platform® initiative quickens the pace of innovation in the 

014

015

 
 
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 improve 
competitiveness.

The foundation for customer trust is a commitment TSMC 
made when it opened for business in 1987 to never compete 
with its customers. In keeping this commitment, TSMC has 
never designed, manufactured or marketed any integrated 
circuits under its own name, 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. For the five major markets, namely smartphones, 
high performance computing, the Internet of Things, 
automotive electronics, and digital consumer electronics and in 
response to the fact that focus of customer demand is shifting 
from process-technology-centric to product-application-centric, 
TSMC has constructed five 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:

Smartphones: TSMC offers customers leading process 
technologies such as 5nm FinFET (N5), 6nm FinFET (N6), 
7nm FinFET Plus (N7+), and 7nm FinFET (N7) 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 6nm FinFET, 12nm FinFET compact 

plus (12FFC+), 12nm FinFET compact (12FFC), 16nm FinFET 
compact plus (16FFC+), 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-end, mid-end and entry-level product applications, 
the Company offers the most competitive, leading-edge 
specialty technologies to deliver specialty companion chips 
for customers’ logic application processors, including RF, 
embedded flash memory, emerging memory technologies, 
power management, sensors, and display chips as well 
as advanced 3DFabricTM packaging technologies such as 
industry-leading Integrated Fan-Out (InFO) technology.

High Performance Computing: Driven by data explosion 
and application innovation, high performance computing 
has become one of the key growth drivers for TSMC’s 
business. TSMC provides customers, both fabless IC design 
companies and system companies, with leading-edge process 
technologies such as 5nm FinFET, 6nm FinFET, 7nm FinFET and 
12nm/16nm FinFET, as well as comprehensive IPs including 
high-speed interconnect IPs to meet customers’ product 
requirements for transferring and processing vast amounts 
of data anywhere and anytime. Based on advanced process 
nodes, a variety of high performance computing products 
have been launched, such as central processing units (CPUs), 
graphics processor units (GPUs), field programmable gate 
arrays (FPGAs), server processors, accelerator, high-speed 
networking chips, etc. Those products can be used in current 
and future 5G, AI, cloud, and data centers. TSMC also offers 
multiple advanced 3DFabricTM packaging technologies, such 
as CoWoS®, InFO, and TSMC-SoICTM, to enable homogeneous 
and heterogeneous chip integration to meet customers’ 
requirements for high performance, high compute density 
and efficiency, low latency and high integration. TSMC will 
continue to optimize its high performance computing platform 
and strengthen collaboration with customers to help customers 
capture market growth in high performance computing 
markets.

Internet of Things: TSMC provides leading, comprehensive and 
highly integrated ultra-low power (ULP) technology platforms 
to enable innovations for artificial intelligence (AI) of things 
(AIoT, AI+IoT) applications. The Company’s offerings include 

TSMC will continue to make these technologies more cost 
competitive through die size shrink for customers’ digital 
intensive chip designs and to lower power consumption for 
more cost-effective packaging.

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.

● 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 smartphones, 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, 3DFabricTM advanced 
packaging and silicon stacking technologies, and testing 
services, and so on, all of which deliver more value to 
customers through optimized solutions.

FinFET-based 12-nanometer technology – N12eTM featuring 
energy efficiency with high performance that results in more 
computing power and AI inferencing, 22nm ULP/Ultra-low 
leakage (ULL), 28nm ULP, 40nm ULP, and 55nm ULP, which 
have been widely adopted by various edge AI system-on-a-chip 
(SoC), battery-powered applications. TSMC has also extended 
its low Vdd (low operating voltage) offerings with wide-range 
operating voltage SPICE (simulation program with integrated 
circuit emphasis) models for extreme low-power applications. 
TSMC also offers competitive and comprehensive specialty 
technologies in RF, enhanced analog devices, embedded flash 
memory, emerging memory, sensors and display chips, as well 
as multiple 3DFabricTM advanced packaging technologies, 
including leading InFO technology to support the fast-growing 
demand in AIoT edge computing and wireless connectivity.

Automotive Electronics: TSMC’s Automotive Electronics 
Platform provides a comprehensive spectrum of technologies 
and services to support the three megatrends – safer, smarter 
and greener – in the automotive industry. The Company is 
also an 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.

Digital Consumer Electronics (DCE) Platform: TSMC provides 
customers with leading and comprehensive technologies to 
deliver AI-enabled smart devices for DCE applications, including 
smart digital TV (DTV), set-top box (STB), AI-embedded 
smart camera and associated wireless local area network 
(WLAN), power IC, timing controller (T-CON) and so on. The 
Company’s leading 7nm FinFET compact (7FFC), 16FFC/12FFC, 
22ULP/22ULL and 28HPC+ technologies have been widely 
adopted by leading global makers for 8K/4K DTV, 4K streaming 
STB, digital single-lens reflex (DSLR) devices, and so on. 

016

017

2.3 Organization

2.3.1 Organization Chart

Audit Committee

Compensation 
Committee

Shareholders’ Meeting

Board of Directors
Chairman
Vice Chairman

CEO Office

Corporate 
Governance Officer

Internal Audit

Operations
Research and Development 
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

As of 02/28/2021

2.3.2 Major Corporate Functions

Operations
● Includes managing all fabs in Taiwan and overseas; 
manufacturing technology development; product 
engineering, advanced packaging technology development, 
production and service integration

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

Research and Development
● Advanced technology development, exploratory research, 

and design and technology platform development, specialty 
technology development

Europe and Asia Sales
● Customer business, technical marketing, and regional market 
development in Europe and Asia (China, Japan, South Korea 
and Taiwan); immediate and comprehensive technical 
support, as well as customer service including customers in 
North America

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

business operations for customers in North America

Business Development
● Identification of market trends and new applications that 
shape the technology roadmap and portfolios for the 
Company; also provides key support in strengthening 
customer relationships along with Company branding 
management

Corporate Planning Organization
● Planning for operational resources, as well as for production 
and demand; integration of business processes, corporate 
pricing, market analysis and forecasting

Corporate Strategy Office
● Corporate strategy formation and implementation

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; implementing 
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

Legal
● Corporate legal affairs including regulatory compliance, 

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

Human Resources
● Personnel management, organizational development, physical 

security management, employee services and wellness 
management

018

019

2.4 Board Members

2.4.1 Information Regarding Board Members

As of 02/28/2021

Gender

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Shares Held When Elected

Shares Currently Held

Shares

%

Shares

%

Male

U.S.

06/05/2018

06/04/2021

06/08/2017         

12,913,114

0.05%

12,913,114

0.05%

Shares Currently Held by 
Spouse & Minors 

Shares

-

%

-

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

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, U.S.

None

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, U.S.

CEO, TSMC

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

05/13/1997

34,472,675

0.13%

34,472,675

0.13%

132,855

0.00%

Title/Name

Chairman
Mark Liu

Vice Chairman
C.C. Wei

Director
F.C. Tseng

Director 
National Development Fund, Executive Yuan  
(Note 1)

Representative:
Ming-Hsin Kung

Male

R.O.C.

06/05/2018

06/04/2021

12/10/1986

1,653,709,980

6.38%

1,653,709,980

6.38%

07/24/2020 
(Note 2)

779
(Note 2)

0.00%

779

0.00%

-

-

-

-

Former Senior Vice President, Chartered Semiconductor Manufacturing Ltd., Singapore
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

Bachelor Degree in Electrical Engineering, National Cheng Kung University
Master Degree in Electrical Engineering, National Chiao Tung University
Ph.D. in Electrical Engineering, National Cheng Kung 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 Independent Director, Chairman of Audit Committee & Compensation Committee member, Acer Inc.
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 non-public company)
- Global UniChip Corp.
Vice Chairman, Vanguard International Semiconductor 

Corp.

B.A., Statistics, Fu Jen Catholic University
M.A., Economics, National Taiwan University
Ph.D., Economics, National Chung Hsing University

Director, Taiwania Capital Management Corp. 

(Representative of the National Development Fund)

Former Minister without Portfolio, Executive Yuan
Former Deputy Minister, Ministry of Economic Affairs
Former Deputy Minister, National Development Council
Former Member, National Stabilization Fund Management Committee, Executive Yuan
Former Consultant, Ministry of Economic Affairs
Former Advisory Committee Member, Mainland Affairs Council, Executive Yuan
Former Vice President, Taiwan Institute of Economic Research
Former Research Fellow, Taiwan Institute of Economic Research
Former Research Fellow, Science and Technology Advisory Group, Executive Yuan
Former Deputy Executive Secretary, Industrial Development Advisory Council, Ministry of Economic Affairs

Former Adjunct Assistant Professor, Tamkang University

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

(Continued)

020

021

Title/Name

Independent Director
Sir Peter L. Bonfield

Independent Director
Stan Shih

Gender

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Male

UK

06/05/2018

06/04/2021

05/07/2002

Shares Held When Elected

Shares Currently Held

Shares

-

%

-

Shares

-

%

-

Shares Currently Held by 
Spouse & Minors 

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%

Independent Director
Kok-Choo Chen

Female

R.O.C.

06/05/2018

06/04/2021

06/09/2011

-

-

-

-

-

-

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

Bachelor and Honours Degrees in Engineering, Loughborough University
Fellow of the Royal Academy of Engineering

Former Chairman and CEO, ICL Plc, UK
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.
Former Senior Advisor, Hampton Group, London
Former 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 Director, Digitimes Inc.
Former Chairman, National Culture and Arts Foundation, R.O.C.

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

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, R.O.C., 1975-1988
Partner, Chen & Associates Law Offices, R.O.C., 1988-1992
Vice President, Echo Publishing, R.O.C., 1992-1995
President, National Culture and Arts Foundation, R.O.C., 1995-1997
Senior Vice-President and General Counsel, TSMC, 1997-2001
Founder and Executive Director, 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 (located in Taipei)
Director, Republic of China Female Cancer Foundation

Selected Current Positions at TSMC and 
Other Companies

Chairman, NXP Semiconductors N.V., the Netherlands
Non-Executive Director, Imagination Technologies 

Group Ltd., UK (a non-public company)

Advisory Board Member, The Longreach Group Ltd., 

HK

Senior Advisor, Alix Partners LLP, London
Board Mentor, Chairman Mentors International (CMi) 

Ltd., London (a non-public company)

Chairman, CT Ambi Investment and Consulting Inc. (a 

non-public company)

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

company)

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

None

(Continued)

022

023

Title/Name

Independent Director
Michael R. Splinter

Gender

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Male

U.S.

06/05/2018

06/04/2021

06/09/2015

Independent Director
Moshe N. Gavrielov

Male

U.S.

06/05/2019

06/04/2021

06/05/2019

Independent Director
Yancey Hai
(Note 3)

Male

R.O.C.

06/09/2020

06/04/2021

06/09/2020

Shares Held When Elected

Shares Currently Held

Shares

-

-

-

%

-

-

-

Shares

-

-

-

%

-

-

-

Shares Currently Held by 
Spouse & Minors 

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
Former 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

Selected Current Positions at TSMC and 
Other Companies

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

Executive Chairman, Wind River Systems, Inc., U.S. 

(a non-public company)

Independent Director, SiMa Technologies, Inc., U.S. 

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

(a non-public company)

Equipment Corp.

Director, Foretellix, Ltd., Israel (a non-public company)

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

Inc., U.S. 

Former President and CEO, Xilinx, Inc., U.S. 
Former Director, Xilinx, Inc., U.S. 

Director, San Jose Institute of Contemporary Art

-

M.A., International Business Management, University of Texas at Dallas

Former Country Manager, GE Capital Taiwan 
Former Vice Chairman and CEO, Delta Electronics, Inc.

Chairman and Chair of Strategic Steering Committee, 

Delta Electronics, Inc. (Delta)
Director of Delta’s subsidiaries:
-  Delta Electronics Power (Dongguan) Co., Ltd. (a 

non-public company)

-  Delta Electronics (Shanghai) Co., Ltd. (a non-public 

company)

- Delta Networks, Inc. (a non-public company)
-  Delta Electronics Capital Company (a non-public 

company)

- Cyntec Co., Ltd. (a non-public company)
Independent Director, USI Corporation
Director, CTCI Corporation

Remarks:
1. No member of the Board of Directors held TSMC shares by nominee arrangement.
2. Managers or Directors who are spouses or within second-degree relative of consanguinity to the directors: None.
3. 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 the Institutional Shareholder

Institutional Shareholder

National Development Fund, Executive Yuan

Major Shareholders (Top 10 Shareholders) of the Institutional Shareholder

Not Applicable

Note 2: Mr. Ming-Hsin Kung was appointed as the representative of National Development Fund on July 24, 2020.
Note 3: Mr. Yancey Hai was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 9, 2020.

024

025

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

Unit: NT$ 

Title/Name

Chairman
Mark Liu

Vice Chairman
C.C. Wei

Director
F.C. Tseng

Director
National Development Fund, Executive 
Yuan
Representative: Ming-Hsin Kung (Note 2)

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 

Independent Director 
Yancey Hai 
(Note 3)

Total

Director’s Remuneration

Base Compensation (A)

Severance Pay and 
Pensions (B)
(Note 4)

Compensation to 
Directors (C)

Allowances (D) (Note 5)

(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 5)

Severance Pay and 
Pensions (F) (Note 4)

Profit Sharing (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

From TSMC

From All Consolidated Entities

Cash 

Stock (Fair 
Market Value)

Cash 

Stock (Fair 
Market Value)

13,263,733

13,263,733

 188,946

 188,946

408,158,960

408,158,960

  1,339,256

1,339,256

 0.0817%

0.0817%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

218,583,985

218,583,985

 188,946

 188,946

204,079,480

10,560,000

10,560,000

 1,309,298

1,309,298

 0.0023%

 0.0023%

10,560,000

10,560,000

15,558,488

15,558,488

13,200,000

13,200,000

13,200,000

13,200,000

  15,558,488

15,558,488

  15,558,488

15,558,488

7,397,802

7,397,802

-

-

-

-

-

-

-

-

-

-

-

-

-

-

 0.0020%

0.0020%

 0.0030%

0.0030%

 0.0025%

0.0025%

 0.0025%

0.0025%

 0.0030%

0.0030%

 0.0030%

0.0030%

0.0014%

0.0014%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,263,733

13,263,733

 188,946

 188,946

509,752,226

509,752,226

2,648,554

2,648,554

 0.1015%

0.1015%

218,583,985

218,583,985

 188,946

 188,946

204,079,480

-

-

-

-

-

-

-

-

-

-

-

-

204,079,480

-

-

-

-

-

-

-

-

204,079,480

-

-

-

-

-

-

-

-

-

-

-

(A+B+C+D+E+F+G) as a % 
of Net Income (Note 6)

From TSMC

From All 
Consolidated 
Entities

 0.0817%

0.0817%

0.0816%

0.0816%

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

-

-

0.0023%

 0.0023%

7,900,018

0.0020%

0.0020%

 0.0030%

0.0030%

 0.0025%

0.0025%

 0.0025%

0.0025%

 0.0030%

0.0030%

 0.0030%

0.0030%

0.0014%

0.0014%

-

-

-

-

-

-

-

 0.1832%

0.1832%

 7,900,018

* 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 2020 financial  
statements: Advisor Fee to Dr. F.C. Tseng NT$14,976,345.

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

● 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.

● 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. Ming-Hsin Kung was appointed as the representative of National Development Fund on July 24, 2020.
Note 3:  Mr. Yancey Hai was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 9, 2020.
Note 4: Pensions funded according to applicable law.
Note 5:  The above-mentioned figures include expenses for Company cars and related reimbursements, but do not include compensation paid to Company drivers (totaled NT$3,810,232).
Note 6:  Total remuneration paid to the directors from TSMC and from all consolidated entities in2019, including their employee compensation, both accounted for 0.1940% of 2019 net income.

026

027

Gender

Nationality

On-board Date
(Note 2)

Shares Held

Shares Held by Spouse & 
Minors

Shares Held in the Name 
of Others

Education and Selected Past Positions

Shares

%

Shares

%

Shares

2.5 Management Team

2.5.1 Information Regarding Management Team

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 

Male

R.O.C.

07/01/2004

1,441,127 

0.01%

Male

R.O.C.

02/01/1998

7,179,207 

0.03%

261 

0.00%

Female

R.O.C.

06/01/1999

4,570,080

0.02%

2,230,268 

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

12,648,251

0.05%

1,019,961

0.00%

Male

R.O.C.

02/11/1987

2,583,947

0.01%

160,844

0.00%

Male

R.O.C.

12/15/1997

376,104

0.00%

60,802 

0.00%

 Male

U.S.

11/01/2016

68,000

0.00%

-

-

%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

180,000 

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

235,000 

0.00%

Male

R.O.C.

02/06/1995

173,781

0.00%

-

-

-

-

-

-

-

-

-

-

-

-

Senior Vice President/CEO & President, TSMC AZ
Corporate Strategy Office/TSMC AZ
Rick Cassidy

Senior Vice President 
Operations 
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
Corporate Planning Organization
J.K. Wang

Senior Vice President
Europe and Asia Sales
Cliff Hou (Note 4)

Senior Vice President
Business Development
Kevin Zhang (Note 5)

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

Vice President 
Human Resources
Connie Ma

Vice President
Operations/Fab Operations I
Y.L. Wang

Vice President and TSMC Distinguished Fellow
Pathfinding for System Integration
Doug Yu (Note 6)

Vice President and TSMC Fellow
Operations/Advanced Technology and Mask 
Engineering
T.S. Chang

028

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, Technology Development, TSMC
Vice President, Manufacturing Technology, 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, TSMC North America
Vice President, TSMC North America

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

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

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

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

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

Ph.D., Electrical Engineering, Duke University, U.S.
Vice President, Design and Technology Platform, TSMC
Vice President, Technology and Manufacturing Group, Intel Corp.

Master, Comparative Law, School of Law, University of Iowa, U.S. 
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, Human Resources, TSMC
Senior Vice President, Global Human Resources, Trend Micro Inc.

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

Ph.D., Materials Engineering, Georgia Institute of Technology, U.S.
Vice President, Integrated Interconnect & Packaging, TSMC
Senior Director, Integrated Interconnect & Packaging Division, TSMC

Ph.D., Electrical Engineering, National Tsing Hua University, Taiwan
Vice President, Product Development, TSMC
Vice President, Fab 12B, TSMC
Senior Director, Fab 12B, TSMC

Selected Current Positions at Other 
Companies

None

As of 02/28/2021

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

Title

None

Name

None

Relation

None

Director and/or Supervisor, TSMC subsidiaries

None

None

None

None

None

None

None

Director, TSMC subsidiary
President and CEO, TSMC subsidiary

None

None

None

Director, TSMC subsidiaries

None

None

None

None

None

None

Director

Wayne Yeh

Brother in law

None

None

None

None

None

None

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

None

None

None

None

None

Director and/or Supervisor, TSMC subsidiaries 

None

None

Director, TSMC subsidiary 

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

(Continued)

029

Title 
Name
(Note 1)

Gender

Nationality

On-board Date
(Note 2)

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

Shares

%

Shares

%

Shares

Male

R.O.C.

12/09/1996

483,501

0.00%

194,943

0.00%

Male

U.S.

07/29/2002

363,152

0.00%

4,470

0.00%

-

-

%

-

-

Male

R.O.C.

06/06/2002

65,485

0.00%

Male

R.O.C.

08/03/1988

370,000

0.00%

-

-

-

-

235,000

0.00%

430,000

0.00%

Male

R.O.C.

09/01/1993

350,695

0.00%

663

0.00%

Male

R.O.C.

05/03/1999

1,651,617

0.01%

-

-

-

-

-

-

Male

R.O.C.

06/16/1988

1,703,690

0.01%

219,924

0.00%

851,908

0.00%

Male

U.S.

05/22/2017

5,000

0.00%

Male

U.S.

03/21/2016

Male

U.S.

01/04/2021

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Vice President
Research and Development/Platform Development 
Michael Wu

Vice President
Research and Development/Pathfinding
Min Cao

Vice President
Operations/Advanced Packaging Technology and 
Service 
Marvin Liao

Vice President
Operations/Fab Operations II
Y.H. Liaw 

Vice President
Research and Development/Advanced Tool and 
Module Development
Simon Jang

Vice President and Chief Financial Officer/ 
Spokesperson
Finance 
Wendell Huang

Vice President
Research and Development/More than Moore 
Technologies
C.S. Yoo (Note 7)

Vice President
Quality and Reliability
Jun He (Note 8)

Vice President
Research and Development/Platform Development 
Geoffrey Yeap (Note 9)

Vice President and Chief Information Officer 
Information Technology and Materials Management 
& Risk Management/Corporate Information 
Technology
Chris Horng-Dar Lin (Note 10)

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

Title

None

None

None

Name

None

None

None

Relation

None

None

None

Ph.D., Electrical Engineering, University of Wisconsin-Madison, U.S.
Senior Director, Platform Development, TSMC 

Ph.D., Physics, Stanford University, U.S.
Senior Director, Pathfinding Division, TSMC

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

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

None

None

None

Director, TSMC subsidiary 
Director, TSMC affiliate

None

None

None

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

None

1. Deputy Director
2. Manager

1. Sharon Jang
2. Jimmy Hu

1. Sister
2. Brother in law

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

Ph.D., Chemical Engineering, Worcester Polytech. Institute, U.S.
Senior Director, Office of Strategy Customer Program, TSMC
Senior Director, E-Beam Operation Division, TSMC

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

None

None

None

Director, TSMC subsidiary (Note 7)

None

None

None

Ph.D., Materials Science and Engineering, University of California, Santa Barbara, U.S.
Senior Director, Quality and Reliability, TSMC
Senior Director, Head of Quality and Reliability for Technology & Manufacturing Group, 

Intel Corp.

Ph.D., Electrical and Computer Engineering, University of Texas-Austin, U.S.
Senior Director, Platform Development, TSMC
Senior Director, Advanced Technology, TSMC
Vice President, Engineering, Silicon Technology, Qualcomm

Ph.D., Electrical Engineering and Computer Science, University of California, Berkeley, U.S.
Vice President, Information Technology, Mozilla
Director, Enterprise Platform Infrastructure, Facebook

None

None

None

None

None

None

None

None

None

None

None

None

Note 1: Vice President Dr. Philip Wong resigned and became a special consultant to TSMC, effective April 1, 2020. Vice President Dr. Alexander Kalnitsky retired, effective December 29, 2020.
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: Dr. Cliff Hou was promoted to Senior Vice President, effective May 12, 2020.
Note 5: Dr. Kevin Zhang was promoted to Senior Vice President, effective August 11, 2020.
Note 6: Dr. Doug Yu was promoted to TSMC Distinguished Fellow, effective December 18, 2020.
Note 7: Dr. C.S. Yoo was promoted to Vice President, effective November 10, 2020; Vice President C.S. Yoo was no longer the Director of VisEra Technologies Company Ltd. since March 4, 2021.
Note 8: Dr. Jun He was promoted to Vice President, effective November 10, 2020.
Note 9: Dr. Geoffrey Yeap was promoted to Vice President, effective February 9, 2021.
Note 10: Dr. Chris Horng-Dar Lin was promoted to Vice President and Chief Information Officer, effective February 9, 2021.

030

031

2.5.2 Compensation Paid to CEO and Vice Presidents (Note 1)

Unit: NT$ 

Title

Chief Executive Officer

Name

C.C. Wei

Vice President, Chief Financial Officer/Spokesperson

Wendell Huang

Salary (A)

Severance Pay and Pensions (B)  
(Note 5)

From TSMC

10,497,000

4,126,559

From All 
Consolidated 
Entities

10,497,000  

4,126,559

From TSMC

188,946

74,279

From All 
Consolidated 
Entities

188,946

74,279

Bonuses and Allowances (C)  
(Note 6)

From TSMC

From All 
Consolidated 
Entities

Profit Sharing (D)

From TSMC

From All Consolidated Entities

Cash

Stock (Fair 
Market Value)

Cash

Stock (Fair 
Market Value)

(A+B+C+D) 
as a % of Net Income (Note 7)

From TSMC

From All 
Consolidated 
Entities

Compensation Received 
from Non-consolidated 
Affiliates or Parent 
Company

208,086,985

208,086,985

204,079,480

25,698,511

25,698,511

24,598,870

-

-

204,079,480

24,598,870

-

-

0.0816%

0.0105%

0.0816%

0.0105%

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Lora Ho

Wei-Jen Lo 

Rick Cassidy 

Y.P. Chin 

Y.J. Mii

J.K. Lin

J.K. Wang

Cliff Hou

Kevin Zhang

Vice President and General Counsel/Corporate Governance Officer

Sylvia Fang

Vice President 

Vice President

Vice President and TSMC Distinguished Fellow

Vice President and TSMC Fellow

Vice President and TSMC Fellow

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President and Chief Information Officer

Connie Ma 

Y.L. Wang

Doug Yu

Alexander Kalnitsky 
(Note 2)

T.S. Chang

Michael Wu

Min Cao

H.-S. Philip Wong 
(Note 2)

Marvin Liao

Y.H. Liaw

Simon Jang

C.S. Yoo (Note 3)

Jun He (Note 3)

Geoffrey Yeap (Note 4)

Chris Horng-Dar Lin 
(Note 4)

83,190,377

98,595,937

1,498,583

1,881,651

753,768,216

837,226,277

724,312,204

-

724,312,204

-

0.3018%

0.3209%

Total

97,813,936

113,219,496

1,761,808

2,144,876

987,553,712

1,071,011,773

952,990,554

-

952,990,554

-

0.3939%

0.4131%

-

-

-

-

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 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:  Vice President and TSMC Fellow Dr. Alexander Kalnitsky retired, effective December 29, 2020. Vice President Dr. H.-S. Philip Wong resigned and became a special consultant to TSMC, effective 

April 1, 2020.

Note 3: Dr. C.S. Yoo and Dr. Jun He were promoted to Vice President, effective November 10, 2020. These amounts did not include compensation for the period before their promotion. 
Note 4:  Dr. Geoffrey Yeap and Dr. Chris Horng-Dar Lin were promoted to Vice President, effective February 9, 2021. Therefore, their 2020 compensation data are not disclosed.
Note 5:  Pensions funded according to applicable law. In accordance with TSMC Procedure of Retirement, the pension payment to Dr. Alexander Kalnitsky amounts to NT$10,016,160.
Note 6:  The above-mentioned figures include the expense for the business performance bonuses distributed in May, August, November 2020 & February 2021, and Company cars and gasoline 

reimbursements.

Note 7:  Total compensation paid to the executive officers from TSMC in 2019 accounted for 0.4188% of 2019 net income. Total compensation paid to the executive officers from all consolidated entities 

in 2019 accounted for 0.4477% of 2019 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

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

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

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

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

From TSMC

Rick Cassidy

None

None

None

C.S. Yoo, Jun He

H.-S. Philip Wong

None

None

2020

From All Consolidated Entities and Non-consolidated Affiliates

None

None

None

None

C.S. Yoo, Jun He

H.-S. Philip Wong

None

None

Wendell Huang, J.K. Wang, Cliff Hou, Kevin Zhang, Sylvia Fang, Connie Ma, 
Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, Michael Wu, Min Cao, 
Marvin Liao, Y.H. Liaw, Simon Jang

Wendell Huang, Rick Cassidy, J.K. Wang, Cliff Hou, Kevin Zhang, Sylvia Fang, 
Connie Ma, Y.L. Wang, Doug Yu, Alexander Kalnitsky, T.S. Chang, 
Michael Wu, Min Cao, Marvin Liao, Y.H. Liaw, Simon Jang

Over NT$100,000,000

C.C. Wei, Lora Ho, Wei-Jen Lo, Y.P. Chin, Y.J. Mii, J.K. Lin

C.C. Wei, Lora Ho, Wei-Jen Lo, Y.P. Chin, Y.J. Mii, J.K. Lin

Total

25

25

032

033

2.5.3 Employees’ Profit Sharing Paid to Management Team

Unit: NT$

Title

Chief Executive Officer

Vice President, Chief Financial Officer/Spokesperson

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Vice President and General Counsel/Corporate Governance Officer

Vice President 

Vice President

Vice President and TSMC Distinguished Fellow

Vice President and TSMC Fellow

Vice President and TSMC Fellow

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President and Chief Information Officer

Total 

Name

C.C. Wei 

Wendell Huang

Lora Ho

Wei-Jen Lo 

Rick Cassidy 

Y.P. Chin 

Y.J. Mii

J.K. Lin

J.K. Wang

Cliff Hou

Kevin Zhang

Sylvia Fang

Connie Ma 

Y.L. Wang

Doug Yu

Alexander Kalnitsky (Note 1)

T.S. Chang

Michael Wu

Min Cao

H.-S. Philip Wong (Note 1)

Marvin Liao

Y.H. Liaw

Simon Jang

C.S. Yoo (Note 2)

Jun He (Note 2)

Geoffrey Yeap (Note 3)

Chris Horng-Dar Lin (Note 3)

Note 1:  Vice President and TSMC Fellow Dr. Alexander Kalnitsky retired, effective December 29, 2020. Vice President Dr. H.-S. Philip Wong resigned and became a special consultant to TSMC, effective 

April 1, 2020.

Note 2: Dr. C.S. Yoo and Dr. Jun He were promoted to Vice President, effective November 10, 2020. These amounts did not include compensation for the period before their promotion.
Note 3: Dr. Geoffrey Yeap and Dr. Chris Horng-Dar Lin were promoted to Vice President, effective February 9, 2021. Therefore, their 2020 compensation data are not disclosed.

Stock  
(Fair Market Value)

-

-

-

-

Cash

204,079,480

24,598,870

Total

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

204,079,480

24,598,870

0.0394%

0.0047%

724,312,204

724,312,204

0.1399%

952,990,554

952,990,554

0.1840%

034

035

036
036

037
037

3.1 Overview

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.

2020 Corporate Governance Awards and Ratings

Organization

Dow Jones Sustainability Indices (DJSI)

RobecoSAM (S&P Global)

MSCI ESG Indexes

Sustainalytics

FTSE4Good Index

Wall Street Journal

Corporate Knights

Awards

Dow Jones Sustainability World Index for the 20th consecutive year
Dow Jones Sustainability Emerging Markets Index

The Sustainability Yearbook Award 2020 – Gold Class

MSCI ACWI ESG Leaders Index component 
MSCI ACWI SRI Index component
MSCI Emerging Markets ESG Leaders Index

“Top Rated” within the Semiconductor Industry

FTSE4Good Emerging Index component
FTSE4Good All-World Index component
FTSE4Good TIP Taiwan ESG Index component

The 100 Most Sustainably Managed Companies in the World

Global 100 Most Sustainable Corporations

Institute of Electrical and Electronics Engineers (IEEE)

2021 IEEE Corporate Innovation Award

Institutional Investor Magazine

FORTUNE

Forbes

Taiwan Stock Exchange

CommonWealth Magazine

Taiwan Institute of Sustainable Energy

3.2 Board of Directors

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

2020 World’s Most Admired Companies
Fortune Global 500

World’s Best Employers

Top 5% in Corporate Governance Evaluation of Listed Companies for the 6th consecutive year

Corporate Social Responsibility Award – Large cap – 1st Place

The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates – for the 5th consecutive year
Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing Industry – Platinum Award

Board Structure
TSMC’s Board of Directors consists of ten 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. Six of 
those ten 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; former 
Chief Executive Officer of Xilinx, Inc., Mr. Moshe N. Gavrielov; and currently Chairman of Delta Electronics Inc., Mr. Yancey Hai. 
Independent Directors constitute 60% of the Board.

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, one of whom is 
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 (including CSR/ESG programs). 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. 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.

038

039

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)

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

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 

1

2

3

4

5

6

7

8

9

10

11

12

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

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ

ˇ

ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

0

0

0

0

0

0

0

0

0

1

  Criteria

Name 

Mark Liu
Chairman

C.C. Wei
Vice Chairman

Ming-Hsin Kung
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

Yancey Hai
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 Article 27 of the Company Law.

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 six independent 
directors. 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 information 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 

● Self-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.

040

041

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)

  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 Director

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

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 

1

2

3

4

5

6

7

8

9

10

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

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ ˇ

0

0

0

0

0

0

Note: 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.

3.2.3 Corporate Governance Officer

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 
36-59 of this Annual Report.

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 2020, 
the average Board Meeting attendance rate was 97.5% and the attendance rate for the Audit Committee and Compensation 
Committee’s Meetings were both 100%.

Board of Directors Meeting Status
TSMC’s Chairman of the Board of Directors convened four regular meetings in 2020. The directors’ attendance status is as follows.

Title

Chairman

Vice Chairman

Director

Director

Independent Director

Independent Director

Independent Director

Independent Director

Independent Director

Independent Director

Name

Mark Liu

C.C. Wei

National Development Fund, Executive Yuan
Representative: Ming-Hsin Kung

F.C. Tseng

Sir Peter L. Bonfield

Stan Shih

Kok-Choo Chen

Michael R. Splinter

Moshe N. Gavrielov

Yancey Hai

Attendance in 
Person

By Proxy

Attendance Rate 
in Person (%)

Notes

4

4

3

4

4

4

4

4

4

2

0

0

1

0

0

0

0

0

0

0

100%

None

100%

None

75%

Mr. Ming-Hsin Kung was appointed 
as the representative of National 
Development Fund on July 24, 
2020.

100%

None

100%

None

100%

None

100%

None

100%

None

100%

None

100%

New office assumed (additionally 
elected on June 9, 2020)

Annotations:
A.  (1)  Matters listed in the Securities and Exchange Act §14-3: The Securities and Exchange Act §14-3 is not be applicable because the Company has established the Audit Committee. For relevant information, 

please refer to the “Audit Committee Meeting Status” in this Annual Report.

(2) There were no other written or otherwise recorded resolutions on which an independent director had a dissenting opinion or qualified opinion in 2020.

B. Recusals of Directors due to conflicts of interests in 2020: Directors recused themselves from the discussion and voting of their compensation resolution.
C. Measures taken to strengthen the functionality of the Board:

-  Mr. Yancey Hai was elected as an additional independent director at TSMC’s 2020 Annual Shareholders’ Meeting. The makeup of Independent Directors on the Board increased from 50% to 60%. 
-  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 one Director is female.

- The Chairman of the Board of Directors is not executive officer of the Company.
-  TSMC established “Guidelines for Nomination of Directors”, which describes the procedures and criteria for the nomination, qualification and evaluation of candidates for Directors.
- 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.

042

043

Audit Committee Meeting Status
Sir Peter L. Bonfield, Chairman of the Audit Committee, convened four regular meetings and one special meeting in 2020. 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 three 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

Name

Attendance in 
Person

By Proxy

Attendance Rate in 
Person (%)

Telephone
Conferences

Attendance Rate of 
Telephone 
Conferences (%)

Notes

None

None

None

None

None

New office assumed 
(Note)

100%

100%

100%

100%

100%

100%

100%

None

Resolution of the Audit Committee and 
the Company’s response to the Audit 
Committee’s Opinion

The members of the Audit Committee 
unanimously approved all the resolutions, and the 
Board of Directors approved all such resolutions 
recommended by the Audit Committee.

Chair

Member

Member

Member

Member

Member

Sir Peter L. Bonfield

Stan Shih

Kok-Choo Chen

Michael R. Splinter

Moshe N. Gavrielov

Yancey Hai

Financial Expert 
Consultant

J.C. Lobbezoo

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

Board Meeting Dates

Resolution

5

5

5

5

5

2

5

0

0

0

0

0

0

0

100%

100%

100%

100%

100%

100%

100%

3

3

3

3

3

2

3

2020 1st Regular Meeting
February 10 & 11

2020 2nd Regular Meeting
May 11 & 12

2020 3rd Regular Meeting
August 10 & 11

2020 4th Regular Meeting
November 9 & 10

● approving the 2019 annual financial statements
● approving of 2019 business report
● approving of 2019 fourth quarter earnings distribution
● approving amendments to TSMC’s “Procedures for Lending Funds to Other Parties”
● approving 2019 Statement of Internal Control System

● approving 2020 the first quarter financial statements
● approving 2020 the first quarter business report
● approving 2020 the first quarter earnings distribution
● approving amendments to TSMC’s internal control related policies and procedures

● approving 2020 the second quarter financial statements
● approving 2020 the second quarter business report
● approving 2020 the second quarter earnings distribution 

● approving 2020 the third quarter financial statements
● approving 2020 the third quarter business report
● approving 2020 the third quarter earnings distribution
● approving Mr. Suner Lin as the new co-signing partner for TSMC starting from 2021
● approving the proposed 2021 service fees and out-of-pocket expenses for TSMC’s independent auditor

(2) There were no other resolutions which was not approved by the Audit Committee but was approved by two thirds or more of all directors in 2020.

B.  There were no recusals of independent directors due to conflicts of interests in 2020.
C.  Descriptions of the communications between the independent directors, the internal auditors, and the independent auditors in 2020 (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 2020, 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 2020, 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.

Audit Committee Meeting 
Dates

Communications between the Independent Directors 
and the Internal Auditors

Communications between the Independent Directors and the Independent 
Auditors

2020 1st Regular Meeting
February 10

2020 2nd Regular Meeting
May 11

2020 3rd Regular Meeting
August 10

2020 4th Regular Meeting
November 9

● reviewing report on SOX 404 self-testing results for the year 2019 
(Closed Door Session)
● reviewing the Internal Auditor’s report (Closed Door Session)
● reviewing and approving 2019 Statement of Internal Control 
System (Closed Door Session)

● approving the amendments to 2020 internal audit plan (Closed 
Door Session)
● reviewing the Internal Auditor’s report (Closed Door Session)
● reviewing and approving amendments to TSMC’s internal control 
related policies and procedures (Closed Door Session)

● reviewing the Internal Auditor’s report (Closed Door Session)

● reviewing any audit problems or difficulties and management’s response in connection 
with 2019 annual financial statements (Closed Door Session)
● reviewing regulatory developments
● reviewing external auditor relationship (i.e. qualification, performance and independence) 

● reviewing any review problems or difficulties and management’s response in connection 
with 2020 first quarter financial statements (Closed Door Session)
● reviewing regulatory developments
● reviewing the result of CPA evaluation questionnaire

● reviewing any review problems or difficulties and management’s response in connection 
with 2020 second quarter financial statements (Closed Door Session)
● reviewing regulatory developments

● reviewing the Internal Auditor’s report (Closed Door Session)
● reviewing and approving the 2021 internal audit plan (Closed 
Door Session)

● reviewing any review problems or difficulties and management’s response in connection 
with 2020 third quarter financial statements (Closed Door Session)
● reviewing regulatory developments

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

Note: Mr. Yancey Hai was elected as TSMC’s independent director and became member of the Compensation Committee on June 9, 2020.

Compensation Committee Meeting Status
Mr. Michael R. Splinter, Chairman of the Compensation Committee, convened four regular meetings in 2020. The Committee 
members’ attendance status is as follows:

Title

Chair

Member

Member

Member

Member

Member

Name

Michael R. Splinter

Sir Peter L. Bonfield

Stan Shih

Kok-Choo Chen

Moshe N. Gavrielov

Yancey Hai

Attendance in Person

By Proxy

Attendance Rate in Person (%)

Notes

4

4

4

4

4

3

0

0

0

0

0

0

100%

None

100%

None

100%

None

100%

None

100%

None

100%

New office assumed 
(Note)

Annotations:
A. In 2020, the Compensation Committee conducted four regular meetings in February 10, May 11, August 10 as well as November 9. The discussion items are as follows:

● Report the matters related to employee compensation
● Total amount of quarterly business performance bonus
● Total amount of annual profit sharing
● The amount of quarterly business performance bonus for executive officers, CEO and Chairman
● The annual compensation of Directors and executive officers, and the disclosure of the same in annual report 
● Corporate officer shareholding guideline
● Compensation structure adjustment proposal of TSMC Taiwan
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 2020.
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.

Board of Directors’ Performance Evaluation Implementation Status

Evaluation Cycles

Evaluation Period

Evaluation Scope

Evaluation Method

Evaluation Aspects

From January 1, 2020 to 
December 31, 2020

The Company 
conducts the 
board performance 
evaluation once 
a year.

The scope includes the 
Board of Directors as a 
whole, the individual 
directors, and the Audit 
Committee.

Methods include internal 
assessment of the Board 
and self-assessments by 
each board member.

The Board of Directors are assessed on the following five aspects:
1. Involvement in the Company’s operation
2. Enhancement of the quality of the board’s decision-making
3. Makeup and structure of the board
4. Election of board members and continuing knowledge development
5. Internal controls

The individual directors are assessed on the following six aspects:
1. Understanding of the Company’s goals and mission
2. Awareness of director’s duties
3. Involvement in the Company’s operations
4. Internal relationship and communication
5. Director’s professionalism and continuing knowledge development
6. Internal controls

The Audit Committee is assessed on the following five aspects:
1. Involvement in the Company’s operation
2. Awareness of the audit committee’s duties
3. Enhancement of the quality of the audit committee’s decision-making
4. Makeup of the audit committee and election of its members
5. Internal controls

The Company completed self-assessments of Board performance in 2020 and reported the results to the Board of Directors at its 
first quarter meeting in 2021 for review and improvement. The weighted average score for the overall performance of the board 
of directors is 4.85 out of 5, that included an average score of 4.8 on a particular assessment item “The board has sufficient 
discussions over the company’s involvement in the implementation of CSR/ESG programs”. The weighted average score for 
the performance of the individual directors is 4.91 out of 5. As demonstrated, the overall board’s operation has been effective. 
Members of the Audit Committee’s self-assessment results also 100% satisfied with the evaluation criteria.

3.3 Major Decisions of Shareholders’ Meeting and Board Meetings

3.3.1 Major Resolutions of Shareholders’ Meeting and Implementation Status

TSMC held 2020 Annual Shareholders’ Meeting in Hsinchu, Taiwan on June 9, 2020. At the meeting, shareholders present in 
person or by proxy approved the following resolutions:
(1)  The 2019 Business Report and Financial Statements. Consolidated revenue totaled NT$1,069.99 billion and net income was 

NT$345.26 billion, with diluted earnings per share of NT$13.32;

044

045

(2)  The revisions to the Procedures for Lending Funds to Other 

Parties; and

(3)  Election of one additional Independent Director.

Implementation Status
All the resolutions of the Shareholders’ Meeting have been fully 
implemented in accordance with the resolutions. Mr. Yancey 
Hai was elected as the Independent Director. His tenure is from 
June 9, 2020 to June 4, 2021.

3.3.2 Major Resolutions of Board Meetings

During 2020 and as of the date of this Annual Report, major 
resolutions approved at Board meetings are summarized 
below:
(1) Board Meeting of February 10 & 11, 2020:

● approving 2019 business report and financial statements;
● approving the distribution of 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 NT$60 billion 
(approximately US$2.01 billion) 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 held an election for one additional 
independent director.

(2) Regular Board Meeting of May 11 & 12, 2020:

● approving change of location for TSMC’s 2020 Annual 

Shareholders’ Meeting in response to COVID-19 
pandemic;

● approving the distribution of a NT$2.5 per share cash 

dividend for the first quarter of 2020, and set September 
23, 2020 as the record date for common stock 
shareholders entitled to participate in this cash dividend 
distribution;

● approving capital appropriations of approximately 
US$5,704.0 million for purposes including: 1. Fab 
construction, and installation of fab facility systems; 2. 
Installation and upgrade of advanced technology capacity; 

046

3. Installation of specialty technology capacity; 4. Third 
quarter 2020 R&D capital investments and sustaining 
capital expenditures;

● approving capital appropriation of approximately 

US$64.75 million for capitalized leased assets in the 
second half of 2020;

● approving the issuance of no more than NT$60 billion 
(approximately US$2.03 billion) unsecured corporate 
bonds in Taiwan to finance TSMC’s capacity expansion 
and/or pollution prevention related expenditures; and
● approving the promotion of Dr. Cliff Hou as Senior Vice 

President.

(3) Regular Board Meeting of August 10 & 11, 2020:

● approving the distribution of a NT$2.5 per share cash 

dividend for the second quarter of 2020, and set 
December 23, 2020 as the record date for common stock 
shareholders entitled to participate in this cash dividend 
distribution;

● approving an investment to establish a wholly-owned subsidiary in Arizona, United States of America, with a paid-in capital of 

US$3.5 billion; and

● approving the promotions of Dr. C.S. Yoo and Dr. Jun He as Vice Presidents.

(5) Regular Board Meeting of February 8 & 9, 2021:

● approving the 2020 Business Report and Financial Statements;
● approving the distribution of a NT$2.5 per share cash dividend for the fourth quarter of 2020, and set June 23, 2021 as the 

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

● approving distribution of employees’ business performance bonus and profit sharing for 2020;
● approving capital appropriations of approximately US$11,794.8 million for purposes including: 1. Fab construction, and 

installation of fab facility systems; 2. Installation and upgrade of advanced technology capacity; 3. Installation of mature and 
specialty technology capacity; 4. Installation and upgrade of advanced packaging capacity; 5. Second quarter 2021 R&D capital 
investments and sustaining capital expenditures;

● approving the establishment of a wholly-owned subsidiary in Japan to expand our 3DIC material research, with a paid-in capital 

of not more than ¥18.6 billion (approximately US$186 million);

● approving the issuance of unsecured corporate bonds in the domestic market for an amount not to exceed NT$120 billion 

(approximately US$4.4 billion), and the provision of a guarantee to TSMC Global, a wholly-owned foreign subsidiary of TSMC, 
for its issuance of US dollar-denominated senior unsecured corporate bonds for an amount not to exceed US$4.5 billion, to 
finance TSMC’s capacity expansion and/or pollution prevention related expenditures;

● approving capital appropriations of approximately 

● approving the sale of up to 39,501,000 common shares of VisEra Technologies Company Ltd. at a price of NT$240 per share 

US$5,271.6 million for purposes including: 1. Installation 
and expansion of advanced technology capacity; 2. 
Installation of specialty technology capacity; 3. Installation 
of advanced packaging capacity; 4. Fab construction, 
installation of fab facility systems, and capitalized leased 
assets; 5. Fourth quarter 2020 R&D capital investments 
and sustaining capital expenditures;

● approving the issuance of US dollar-denominated 

unsecured corporate bonds for an amount not to exceed 
US$1 billion, and approved the provision of a guarantee 
to TSMC Global, a wholly-owned foreign subsidiary of 
TSMC, for its issuance of US dollar-denominated senior 
unsecured corporate bonds for an amount not to exceed 
US$3 billion, to finance TSMC’s capacity expansion; and
● approving the promotion of Dr. Kevin Zhang as Senior 

Vice President.

(4) Regular Board Meeting of November 9 & 10, 2020:

● approving the distribution of a NT$2.5 per share cash 

dividend for the third quarter of 2020, and set March 23, 
2021 as the record date for common stock shareholders 
entitled to participate in this cash dividend distribution;

● approving capital appropriations of approximately 

US$15.1 billion for purposes including: 1. Installation 
and expansion of advanced technology capacity; 2. 
Installation of specialty technology capacity; 3. Installation 
and upgrading of advanced packaging capacity; 4. Fab 
construction, installation of fab facility systems, and 
capitalized leased assets; 5. First quarter 2021 R&D capital 
investments and sustaining capital expenditures;
● approving capital appropriation of approximately 

US$124.7 million to build up a Zero Waste Manufacturing 
Center at the Central Taiwan Science Park;

to facilitate VisEra’s IPO in Taiwan.

● convening the 2021 Annual Shareholders’ Meeting, at which shareholders will hold an election for TSMC’s 10-member Board 

of Directors, including 6 independent directors;

● approving the promotion of Dr. Geoffrey Yeap as Vice President; and
● approving the appointment of Dr. Chris Horng-Dar Lin as Vice President and Chief Information Officer of Corporate Information 

Technology.

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 2020 and as of the Date of this Annual Report: None.

3.4  Taiwan Corporate Governance Implementation as Required by the Taiwan Financial Supervisory 

Commission

Assessment Item

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

establish and disclose its corporate governance practices?

Yes

No

V

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?

V

V

V

V

Non-
implementation
and Its Reason(s)

Same as explanation

Implementation Status

Explanation

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 an 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, Public Relations Department, Shareholders Services & 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.

None

(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.

(Continued)

047

Assessment Item

Implementation Status

Yes

No

Explanation

3. Composition and Responsibilities of the Board of Directors

(1)  Has the Company established a diversification policy for the composition 

V

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

(1)  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 ten 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, 
one of whom is female. Our Board has six independent directors who 
constitute 60% of the Board.

(2)  Audit Committee (founded in 2002); Compensation Committee (founded in 

2003); 
ESG Steering Committee (founded in 2019): is formed by the Company’s 
management team and chaired by Chairman Mark Liu;
ESG 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.

TSMC implemented Board performance evaluations in 2020. Through self-
assessment surveys via questionnaire, performance evaluation will be annually 
completed by the Board as a whole, by individual directors and by the Audit 
Committee.

The Board of Directors are assessed on the following five aspects:
1. Involvement in the Company’s operation
2. Enhancement of the quality of the board’s decision-making
3. Makeup and structure of the board
4. Election of board members and continuing knowledge development
5. Internal controls

The individual directors are assessed on the following six aspects:
1. Understanding of the Company’s goals and mission
2. Awareness of director’s duties
3. Involvement in the Company’s operations
4. Internal relationship and communication
5. Director’s professionalism and continuing knowledge development
6. Internal controls

The Audit Committee is assessed on the following five aspects:
1. Involvement in the Company’s operation
2. Awareness of the audit committee’s duties
3. Enhancement of the quality of the audit committee’s decision-making
4. Makeup of the audit committee and election of its members
5. Internal controls

The Company completed self-assessments of Board performance in 2020 
and reported the results to the Board of Directors at its first quarter meeting 
in 2021 for review and improvement. The weighted average score for the 
overall performance of the board of directors is 4.85 out of 5, that included an 
average score of 4.8 on a particular assessment item “The board has sufficient 
discussions over the company’s involvement in the implementation of CSR/ESG 
programs”. The weighted average score for the performance of the individual 
directors is 4.91 out of 5. As demonstrated, the overall board’s operation has 
been effective. Members of the Audit Committee’s self-assessment results also 
100% satisfied with the evaluation criteria. 

Non-
implementation
and Its Reason(s)

None

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? 

(2)  Does the Company use other information disclosure channels (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

V

V

V

V

V

Implementation Status

Yes

No

Explanation

Non-
implementation
and Its Reason(s)

None

None

None

None

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, Shareholders Services & 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 124-145 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 http://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.

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

Division, Public Relations Department, Shareholders Services & 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 provides live audio webcasts and replays of investor conferences on its 
website.

(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 refer to Market Observation Post System for the 
aforementioned disclosure.

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

None

Capital” on page 92-97 of this Annual Report.

(2)  For investor relations, supplier relations and rights of stakeholders, please refer 
to “7. Corporate Social Responsibility” on page 124-145 of this Annual Report.

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

of Directors in 2020” on page 50 of this Annual Report.

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

Management” on page 111-123 of this Annual Report.

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

90-92 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 over the years. The improvement status in 2020 is as follows:
(1)  Performance evaluation of the Board of Directors: TSMC has conducted Board performance evaluations on an annual basis since 2020.
(2)  CSR Report: TSMC’s CSR Report has been reported to the Board of Directors in increasing regularity from once a year, to once every six months.

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

V

(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 59 of this Annual 
Report.

(Continued)

048

049

Continuing Education/Training of Directors in 2020
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

Mark Liu (Note)

F.C. Tseng

Sir Peter L. Bonfield

Stan Shih

Michael R. Splinter

Yancey Hai

Date

06/25

08/26

09/23

12/15

12/21

03/18

07/30

09/29

09/29

09/22

03/18

05/06

06/23

08/05

11/03

11/21

12/22

04/02

04/29

07/29

Host by

Training/Speech Title

College of Engineering, University of California, Berkeley

Virtual Berkeley Engineering Summer Dean’s Society Event:  Rising to the 
Challenge: Berkeley Engineers Respond to COVID-19 (Video Conference)

Taiwan Semiconductor Industry Association (TSIA)

2020 World Semiconductor Council (WSC)

SEMI Taiwan

Hsinchu Science Park Bureau (HSPB)

SEMICON Taiwan 2020 – Master Forum
Speech: The Future of IC Innovation

Embracing Legacy to Create a Better Future – 40th Hsinchu Science Park 40th 
Anniversary International Forums
Speech: Welcoming the Hsinchu Science Park’s next 40 years of success

Executive Yuan

11th National Science and Technology Conference: Creating the Future

Taiwan Corporate Governance Association

Corporate Sustainability Management

Securities and Futures Institute

The Global Macroeconomic Impacts of COVID-19

Taiwan Corporate Governance Association

Recent Directors and Officers Liability Insurance Updates and Case Study

Taiwan Corporate Governance Association

The Battle of Corporate Control and Case Study

NASDAQ

Virtual Seminar – NASDAQ ESG Summit – Policies

Taiwan Corporate Governance Association

Corporate Sustainability Management

Taiwan Corporate Governance Association

Hostile Merge and Corporate Governance

Taiwan Insurance Institute

Analyze the Principle of Equal Treatment

Taiwan Corporate Governance Association

New Order of U.S. – The Impact and Countermeasures of Investments in U.S. and 
Export Control Regulations 

Duration

1 hour

2 hours

4 hours

3 hours

3 hours

1.5 hours

3 hours

1.5 hours

1.5 hours

3 hours

1.5 hours

1.5 hours

1 hour

1.5 hours

Taiwan Corporate Governance Association

Corporate Sustainability Management and the Development Trend of ESG

1.5 hours

Taiwan Academy of Banking and Finance (TABF)

The General Guidance of Anticorruption and Whistleblower Protection

Taiwan Corporate Governance Association

The Influence of IFRS17 on Insurance Industry Management Strategy

National Association of Corporate Directors (NACD)

Directorship Essential

1 hour

3 hours

4 hours

30 hours

3 hours

04/07~05/15

National Association of Corporate Directors (NACD)

Cyber Security Risk Oversight Program

Taiwan Corporate Governance Association

Corporate Strategy Development Direction

Taiwan Corporate Governance Association

The Opportunity and Challenge of Mobile 5G – Starting from Telecommunication

3 hours

Note: Selected speeches on corporate governance and related topics.

Continuing Education Training of Corporate Governance Officer in 2020

Name

Vice President and 
General Counsel/
Corporate Governance 
Officer
Sylvia Fang

Date

02/14

10/20

11/27

Host by

Training/Speech Title

Deloitte Touche Tohmatsu Limited
Center for Law, Technology and Ethics, College National 
Taiwan University of Law 
Department of Intellectual Property and Technology 
Transfer, Academia Sinica
Institute for Information Industry
Technology Transfer and Law Center, Industrial 
Technology Research Institute
Chinese National Federation of Industries

Lee and Li, Attorneys-at-Law

2020 Legal Tech and Innovation Services Forum

Discussion on Commercial Case Adjudication Act and Countermeasures (Hsinchu 
Session)

Taiwan Trade Secret Protection Association

2020 Cross-Strait Trade Secret Protection Virtual Symposium

Duration

7 hours

3 hours

8 hours

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 improper efforts 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, our customers and 

suppliers; 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.

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 

050

051

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.

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.

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 terms 
of training courses, TSMC not only provides annual online course on the Ethics Code and requires all employees to complete the 
training, as well as face-to-face training courses delving into more specific ethics-related topics for targeted employees. In 2020, 
there were about 50,482 attendances that completed ethics-related training courses at TSMC and its subsidiaries. TSMC not only 
provides annual online courses on professional ethics and requires colleagues to complete the training.

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 
2020, 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, 518 attendees from 337 suppliers participated in these activities. We also exchange views on appropriate business conduct 
and TSMC’s ethical standards and implementation status 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

FY2016

FY2017

FY2018

FY2019

116
16
2

5
5

113
20
4

7
3

150
14
1

3
3

205
26
2

4
4

FY2020

246 (Note 1)
22   　　　
6 (Note 2)

4   　　　
2 (Note 3)

Note 1:  Among them, 155 cases were related to employee relations, 69 cases were categorized as others (e.g. asking personal questions or private matters), and 22 cases were related to ethics.
Note 2:  One incident involved an employee who committed multiple serious violations of the Ethics Code by borrowing money from vendors and defrauding peers in the name of purchasing discounted 
vouchers. The employee was dismissed. One incident involved an employee who grossly violated Company regulations by over-claiming a large amount of materials for unnecessary replacement 
in order to obtain. The employee was dismissed. For each the remaining four incidents, the Company took progressive disciplinary actions, taking into account the nature and severity of the 
misconduct: one incident involved an employee who violated Company policy by improperly leaking a project’s base price to a certain vendor. Although the act did not bring harm to the 
company, impartiality and professionalism were compromised as a result; one incident involved an employee who failed to disclose a situation in which he/she had interest that conflicts with the 
company, in violation of the Ethics Code; one incident involved an employee who violated the Ethics Code by mismanaging vendor/supplier relationships; one incident involved an employee who 
violated Company procurement process by making a payment request with mismatched justification.

Note 3:  These two employees who violated Company sexual prevention policy were disciplined by the company, and one was dismissed. Meanwhile, Company leveraged the two violations to strengthen 
the promotion of how to use social media properly in 2020 TMSC annual sexual harassment prevention so as to raise employees’ awareness since these two incidents were involved in misuse of 
social media.

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

Causes for the 
Difference

None

Commission

Assessment Item

Yes

No

Summary

Implementation Status

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? 

V

(2)  Whether the company has established an assessment mechanism for 

V

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?

(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)

052

053

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?

(5)  Does the company provide internal and external ethical conduct training 

programs on a regular basis?

3. Implementation of Complaint Procedures 

(1)  Does the company establish specific complaint and reward 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)?

Yes

No

Summary

Implementation Status

Causes for the 
Difference

None

V

V

V

V

V

V

V

V

V

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

(1)  TSMC’s Audit Committee approved and TSMC has 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 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), CSR/ESG Report and includes TSMC Ethics and 
Business Conduct Policy on its external website (available at: http://www.tsmc.com).

None

None

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 

policies and their implementation. 

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 51-54 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 51-54 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 one of the major component of our regulatory 
compliance program. To get updated information on laws and 
regulations related to their daily operations and to strengthen 
TSMC’s employees’ commitment to ethical conduct through 
regular promotion and training courses. Highlights of our 
training include:

● Multiple types for training and promotion: TSMC enriches 
employees’ information sources for regulatory compliance 
through various promotion activities. 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;

● Focused face-to-face training courses for different business 
attributes: face-to-face 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;

● Various online courses available to employees at any 

time: 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;

● Continuous training of the Legal team: TSMC’s Legal team 
actively participate in external professional courses held in 
Taiwan or abroad to receive current developments of new 
laws and regulations and track the latest developments in 
various professional legal fields, 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.

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 51-54 of this Annual Report.

054

055

 
 
● Supplier Management: TSMC shares and exchanges practical 

experiences with suppliers with sales offices in Taiwan by 
holding both a sustainable supply chain experience exchange 
and  annual Responsible Supply Chain Forums on topics 
such as Ethics Code, labor rights, environmental protection 
and occupational safety. In total, 518 attendees from 347 
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, requesting 
suppliers to fill in the “Conflict Minerals Reporting Template” 
and sign the “TSMC Conflict-Free Minerals Declaration” every 
year. TSMC will continuously make progress to ensure a 
conflict-free supply chain.

● 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 conducts an annual training on 
privacy and personal data protection to enhance employees’ 
awareness and compliance. In addition, a personal data 
protection committee composed of Legal, Human Resources, 
and IT divisions convene on an annual basis to assist the 
implementation of and monitoring compliance with the rules.

● 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 during daily 
operations, TSMC established antitrust training programs and 
conducted several antitrust trainings, via either face-to-face 
onsite training sessions or on-line learning programs, for 
global sales personnel and employees in relevant departments 
at Taiwan, United States, Europe, Japan, Korea and mainland 
China areas – a total of 841 employees completed the on-line 
program as requested.

Major Accomplishments
In 2020, 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 corporate 
governance, 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: providing an “Annual Ethics and 
Compliance Training Course” (mandatory 0.5 hour online 
course) covering various important regulatory compliance 
topics – a total of about 50,482 employees completed this 
training course – with all production staffs were starting from 
2019.

● Export Compliance: TSMC’s export management system 
(EMS) and policy have been in place for a number of 
years. It aims to ensure that TSMC and its subsidiaries are 
in compliance with all applicable regulations covering the 
export of information, technologies, products, materials and 
equipment. TSMC’s 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 of the export control 
requirements, in 2020 TSMC altogether provided more than 
20 face-to-face communication sessions and on-line learning 
program to employees in relevant functions - a total of 1,272 
employees completed these sessions or the programs as 
requested.  

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 09, 2021

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 2020:
1.  TSMC’s Board of Directors and management are responsible for establishing, implementing, and maintaining an adequate 
internal control system. Internal control system is designed to provide reasonable assurance over the effectiveness and 
efficiency of our operations (including profitability, performance and safeguarding of assets), reliability, timeliness, 
transparency and regulatory compliance 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. Each component 
also includes several items which can be found in the Regulations.

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, 2020, 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 and regulatory 
compliance 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 09, 2021, with none of the ten 

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

056

057

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

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

Governance Officer and R&D during 2020 and as of the Date of this Annual Report: None.

3.9.2 CPA’s information

(1) Former CPAs

Date of Change

Approved by BOD on November 10, 2020

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

Reasons and Explanation of Changes

In compliance with regulatory requirements on rotation, the co-signing partner Yu-Feng Huang will be replaced by Shang-Chih Lin starting from 
2021. The engagement partner will remain to be Mei-Yen Chiang.

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)

Certificate in Financial Management (CFM)

Certification in Control Self-Assessment (CCSA)

Certification in Risk Management Assurance (CRMA)

Certified Information Systems Auditor (CISA)

Certified Fraud Examiner (CFE)

BS7799/ISO 27001 Lead Auditor

Number of Employees

Internal Audit

2

2

- 

12

- 

- 

- 

-

3

3

5

1

2

Finance

44

11

1

5

2

2

1

1

- 

- 

- 

-

-

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.

State Whether the Appointment is Terminated or 
Rejected by the Consignor or CPAs

Status

Client

CPA

Consignor

Appointment terminated automatically

Not available

Not available

Appointment rejected (discontinued)

Not available

Not available

The Opinions Other than Unmodified Opinion 
Issued in the Last Two Years and the Reasons for 
the Said Opinions

Is There Any Disagreement in Opinion with the 
Issuer

None

Yes

Supplementary Disclosure (Disclosures Specified in 
Article 10.6.1.4~7 of the Standards)

No

Explanation

None

(2) Successor CPAs

Accounting Firm

CPA

Date of Engagement

Accounting principle or practice

Disclosure of financial statements

Auditing scope or procedures

Others

ˇ

Deloitte & Touche

Mei-Yen Chiang and Shang-Chih Lin

Approved by BOD on November 10, 2020

Prior to the Formal Engagement, Any Inquiry or Consultation on the Accounting 
Treatment or Accounting Principles for Specific Transactions, and the Type of Audit 
Opinion that Might be Rendered on the Financial Report

Written Opinions from the Successor CPAs that are Different from the Former CPA’s 
Opinions

None

None

CPA’s Audit Period 

Remark

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

(3) The reply of former CPAs on Article 10.6.1 and Article 10.6.2.3 of the Standards: None.

Unit: NT$ thousands

Accounting 
Firm

Name of CPA

Audit 
Fee

Non-audit Fee

System 
Design

Company
Registration

Human
Resource

Others 
(Note)

Subtotal

Deloitte & Touche

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

60,253

-

-

-

10,063

10,063

01/01/2020 - 12/31/2020

-

Note: The fees were mainly related to the bond offering that was borne by the underwriter.

Finance and Accounting Operations Did Not Hold Any Positions within TSMC’s Independent Audit Firm or Its 
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, commercial relations, employment relations, and etc.

3.10 Material Information Management Procedure

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.

058

059

060
060

061
061

4.1 Capital and Shares

4.1.1 Capitalization

Unit: Share/NT$

Face Value Per Share

Authorized Share Capital

Capital Stock

Shares

Amount

Shares

Amount

Remark

As of 02/28/2021

10

28,050,000,000

280,500,000,000

25,930,380,458

259,303,804,580

No change in Authorized Share Capital and Capital Stock 
during 2020 and as of 02/28/2021

4.1.2 Capital and Shares
Unit: Share

Type of Stock

Common Stock

Shelf Registration: None.

4.1.3 Composition of Shareholders
Common Share

Authorized Share Capital

Listed Shares

25,930,380,458

Unissued Shares

2,119,619,542

Type of Shareholders

Number of Shareholders

Government 
Agencies

Financial 
Institutions

Other Juridical 
Persons

Foreign Institutions 
and Natural Persons

Domestic Natural 
Persons

5

170

2,217

5,455

601,562

As of 02/28/2021

Total

28,050,000,000

As of 12/23/2020 (Note)

Total

609,409 

Shareholding

1,654,461,110 

809,081,441

1,257,529,349 

19,795,784,323

2,413,524,235

25,930,380,458 

Shareholding Percentage

6.38%

3.12%

4.85%

76.34%

9.31%

100.00%

Note: Record date for the second quarter 2020 cash dividend distribution.

Distribution of Shareholding

Common Share

Shareholding Range

Number of Shareholders

Shareholding

Shareholding Percentage

As of 12/23/2020 (Note)

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

287,233

254,248

32,167

11,344

5,559

5,597

2,708

1,697

3,306

1,808

1,200

506

309

199

1,528

609,409

44,716,170

480,113,158

235,488,920

139,824,302

98,468,155

137,709,204

94,147,114

76,648,811

230,904,152

251,198,641

335,329,150

246,212,952

213,011,618

177,845,047

23,168,763,064

25,930,380,458

0.17%

1.85%

0.91%

0.54%

0.38%

0.53%

0.36%

0.30%

0.89%

0.97%

1.29%

0.95%

0.82%

0.69%

89.35%

100.00%

Note: Record date for the second quarter 2020 cash dividend distribution.

Preferred Share: None.

4.1.4 Major Shareholders
Common Share

Shareholders

ADR-Taiwan Semiconductor Manufacturing Company, Ltd.

National Development Fund, Executive Yuan

Citibank (Taiwan) Ltd. in custody for Government of Singapore 

Citibank (Taiwan) Ltd. in custody for Norges Bank

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

New Labor Pension Fund

Fubon Life Insurance Co., Ltd

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

JPMorgan Chase Bank N.A., Taipei Branch in custody for Invesco Oppenheimer Developing Markets Fund 

JPMorgan Chase Bank N.A., Taipei Branch in custody for New Perspective Fund

Note: Record date for the second quarter 2020 cash dividend distribution.

Shareholding

Shareholding Percentage

As of 12/23/2020 (Note)

5,321,819,398

1,653,709,980 

664,026,441

400,245,488

345,882,748

279,045,255

246,007,308

214,909,785

210,336,429

207,355,941

20.52%

6.38%

2.56%

1.54%

1.33%

1.08%

0.95%

0.83%

0.81%

0.80%

062

063

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

Unit: Share

Title
Name

Chairman
Mark Liu

Chief Executive Officer & Vice Chairman
C.C. Wei 

Director 
F.C. Tseng

Director 
National Development Fund, Executive Yuan
Representative: Ming-Hsin Kung

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 

Independent Director
Yancey Hai (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

Senior Vice President
Cliff Hou 

Senior Vice President
Kevin Zhang

Vice President and General Counsel/Corporate Governance 
Officer
Sylvia Fang 

Vice President
Connie Ma 

Vice President
Y.L. Wang 

2020

01/01/2021 - 02/28/2021

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

59,000

(1,300,000)

-

-

-

-

-

30,000

10,648

43,000

-

41,000

-

-

-

-

-

-

-

-

-

(100,000)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

130,233 (Note 5)

-

930

25,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,000,000

-

-

-

-

-

-

-

-

-

-

-

(Continued)

Title
Name

Vice President and TSMC Distinguished Fellow
Doug Yu 

Vice President and TSMC Fellow
Alexander Kalnitsky (Note 2)

Vice President and TSMC Fellow
T.S. Chang

Vice President
Michael Wu

Vice President
Min Cao

Vice President
H.-S. Philip Wong (Note 2)

Vice President
Marvin Liao

Vice President
Y.H. Liaw

Vice President
Simon Jang

Vice President, Chief Financial Officer/Spokesperson 
Wendell Huang

Vice President
C.S. Yoo (Note 3)

Vice President
Jun He (Note 3)

Vice President
Geoffrey Yeap (Note 4)

Vice President and Chief Information Officer
Chris Horng-Dar Lin (Note 4)

2020

01/01/2021 - 02/28/2021

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

Net Change in 
Shareholding

Net Change in Shares 
Pledged 

-

-

(27,000)

5,000

-

-

10,000

-

-

214

-

1,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,000

-

-

-

-

-

5,000

-

-

20

-

4,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Note 1: Mr. Yancey Hai was elected as TSMC’s independent director at TSMC’s Annual Shareholders’ Meeting on June 9, 2020. His shareholding was disclosed starting from that date.
Note 2:  Vice President Alexander Kalnitsky retired, effective December 29, 2020. Vice President Dr. Philip Wong resigned and became a special consultant to TSMC, effective April 1, 2020. Their 

shareholdings will not be disclosed after that date.

Note 3: Dr. C.S. Yoo and Dr. Jun He were promoted to Vice President, effective November 10, 2020. Their shareholdings were disclosed starting from that date.
Note 4: Dr. Geoffrey Yeap and Dr. Chris Horng-Dar Lin were promoted to Vice President, effective February 9, 2021. Their shareholdings were disclosed starting from that date.
Note 5: The increased shareholding was acquired from a relative rather than a purchase from market.

064

065

4.1.6 Stock Trade with Related Party

4.1.9 Long-term Investment Ownership

Name

Reason of the Transfer

Transfer Date

Transferee

Relation with the 
Transferee

Shares

Transfer Price

Kok-Choo Chen

Inheritance

11/13/2020

Heungtat Ng

Spouse

5,120

-

4.1.7 Stock Pledge with Related Party: None.

4.1.8 Related Party Relationship among TSMC’s 10 Largest Shareholders

Common Share

Name 

Shares Held

Shares Held by Spouse & 
Minors 

Shares Held in the Name 
of Others 

Shares

%

Shares

ADR-Taiwan Semiconductor Manufacturing Company, Ltd.

5,321,819,398

20.52%

National Development Fund, Executive Yuan

1,653,709,980 

　Representative: Ming-Hsin Kung

Citibank (Taiwan) Ltd. in custody for Government of 
Singapore 

Citibank (Taiwan) Ltd. in custody for Norges Bank

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

New Labor Pension Fund

Fubon Life Insurance Co., Ltd

Chairman: Richard M. Tsai

779

664,026,441

400,245,488

345,882,748

279,045,255

246,007,308

6.38%

0.00%

2.56%

1.54%

1.33%

1.08%

0.95%

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

JPMorgan Chase Bank N.A., Taipei Branch in custody for 
Invesco Oppenheimer Developing Markets Fund

JPMorgan Chase Bank N.A., Taipei Branch in custody for 
New Perspective Fund

214,909,785

0.83%

210,336,429

0.81%

207,355,941

0.80%

Note: Record date for the second quarter 2020 cash dividend distribution.

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

Not Available

N/A

N/A

N/A

Shares

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

As of 12/23/2020 (Note)

Name and Relationship 
between TSMC’s 
Shareholders

Name

Relationship

None

None

None

None

None

None

None

None

None

None

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 12/31/2020 (Note 5)

Long-term Investment

Equity Method:

TSMC Partners, Ltd.

TSMC Global Ltd.

TSMC North America

TSMC Europe B.V.

TSMC Japan Limited

988,268,244 

11,284

11,000,000 

200 

6,000 

100%

100%

100%

100%

100%

100%

100%

-

-

-

-

-

-

-

TSMC Design Technology Japan, Inc.

11,000 (Note 1)

TSMC Korea Limited

80,000 

TSMC China Company Limited

Not Applicable (Note 2)

100%

Not Applicable (Note 2)

TSMC Nanjing Company Limited 

Not Applicable (Note 2)

100%

Not Applicable (Note 2)

TSMC Arizona Corporation

30,001

100%

VisEra Technologies Company Ltd. 

253,120,000 (Note 3)

86.94% (Note 3)

Systems on Silicon Manufacturing Co. Pte. Ltd.

Vanguard International Semiconductor Corp. 

Xintec Inc.

Global UniChip Corporation

313,603 

464,223,493 

111,281,925 

46,687,859 

38.79%

28.32%

41.01%

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)

275,614,145

16.82% (Note 4)

-

-

-

-

-

-

-

- 

- 

-

-

-

- 

- 

- 

-

988,268,244 

11,284

11,000,000 

200 

6,000 

11,000 (Note 1)

80,000 

Not Applicable (Note 2)

Not Applicable (Note 2)

30,001

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

253,120,000 (Note 3)

86.94% (Note 3)

313,603 

739,837,638

111,281,925

46,687,859

Not Applicable (Note 2)

Not Applicable (Note 2)

38.79%

45.14%

41.01%

34.84%

98.00%

98.00%

Note 1: In February 2021, TSMC had a capital injection in TSMC Design Technology Japan, Inc. Total shares held by TSMC increased to 15,000 shares accordingly.
Note 2: Not applicable. These firms do not issue shares. TSMC’s investments are measured as a percentage of ownership.
Note 3:  On February 9, 2021, TSMC’s Board of Directors approved the sale of up to 39,501,000 common shares of VisEra Technologies Company Ltd. After such share disposal, shares owned by TSMC 

will decrease to 213,619,000 shares and TSMC’s ownership in VisEra will be reduced to 73.37%.

Note 4: TSMC’s Director, National Development Fund of Executive Yuan, held 16.72% while other Directors and Management held 0.10%.
Note 5:  On November 10, 2020, TSMC’s Board of Directors approved the investment in a new venture capital fund, Emerging Fund L.P. The fund was established in January 2021. On February 9, 2021, 

TSMC’s Board of Directors approved to establish a wholly-owned subsidiary in Japan to expand the Company’s 3DIC material research. 

066

067

4.1.10 Share Information

2020 Quarterly Earnings Distribution

TSMC’s earnings per share in 2020 increased 50.0% from 2019 to NT$19.97 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

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)

2019

345.00 

208.00 

261.73 

62.53 

60.03 

25,930,380 

13.32 

9.50 

- 

19.65 

27.55 

 3.6%

2020

01/01/2021 - 02/28/2021

530.00 

248.00 

378.65 

71.33 

 68.83 (Note 5)  

25,930,380 

19.97

10.00 (Note 5)  

- 

18.96

37.86 (Note 5)  

  2.6% (Note 5)  

673.00

536.00

614.21

- 

- 

- 

- 

- 

- 

- 

- 

- 

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 2020, which were approved by Board of Directors on February 9, 2021.

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, TSMC will not pay dividends or make other 
distributions to shareholders when there are no earnings. The Company’s profits may be distributed by way of cash dividend, stock 
dividend, or a combination of cash and stock. Pursuant to the Company’s Articles of Incorporation, 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.

In the Annual Shareholders’ Meeting on June 5, 2019, the Company’s shareholders 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 the Company’s Board of Directors approves quarterly cash dividends, TSMC will distribute the dividend within six months. The 
respective amounts and payment dates of 2020 quarterly cash dividends are demonstrated in the table below. TSMC intends to 
maintain a sustainable cash dividend on both an annual and quarterly basis.

Unit: NT$

Period

First quarter of 2020

Second quarter of 2020

Third quarter of 2020

Fourth quarter of 2020

Approved Date

Payment Date

Cash Dividends Per Share

05/12/2020

08/11/2020

11/10/2020

02/09/2021

10/15/2020

01/14/2021

04/15/2021

07/15/2021

NT$2.5

NT$2.5

NT$2.5

NT$2.5

Total Earnings Distribution 
Amount

64,825,951,145

64,825,951,145

64,825,951,145

64,825,951,145

4.1.12 Compensation to Directors and Profit Sharing 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 a profit sharing.

As resolved by TSMC’s Board of Directors on February 9, 2021, a profit sharing to employees was expensed based on a certain 
percentage of 2020 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.

2020 Directors’ Compensation and Employees’ Profit Sharing

Directors’ Compensation (Cash)

Employee’s Profit Sharing (Cash)

Board Resolution (02/09/2021)

Amount (NT$ thousands)

 509,753

34,753,184 

Note: NT$34,753,184 thousand business performance bonus was already distributed following each quarter of 2020. The above employees’ profit sharing will be distributed in July, 2021.

2019 Directors’ Compensation and Employees’ Profit Sharing

Directors’ Compensation (Cash)

Employees’ Profit Sharing (Cash)

Board Resolution (02/11/2020)

Actual Result (Note)

Amount (NT$ thousands)

Amount (NT$ thousands)

360,404

23,165,745

360,404

23,034,200

Note:  The above directors’ compensation and employees’ profit sharing were expensed under the Company’s 2019 statement of comprehensive income and were approved by the Board of Directors at its 

meeting on February 11, 2020. However, due to employee turnover, the employees’ profit sharing in the amount of NT$131,545 thousand was undistributed, and related expense was reversed in 
2020.

4.1.13  Impact to 2021 Business Performance and EPS Resulting from Stock Dividend Distribution: Not applicable.

4.1.14 Buyback of Common Stock: None.

068

069

4.2 Issuance of Corporate Bonds 

4.2.1 Corporate Bonds

NTD Corporate Bonds

As of 02/28/2021

Issuance

Issue Date

Denomination

Offering Price

Total Amount

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)

Domestic Unsecured Bond 
(109-1)

Domestic Unsecured Bond 
(109-2)

Domestic Unsecured Bond 
(109-3)

Domestic Unsecured Bond 
(109-4)

Domestic Unsecured Bond 
(109-5)

Domestic Unsecured Bond 
(109-6, Green Bond)

Domestic Unsecured Bond 
(109-7)

10/09/2012

01/04/2013

02/06/2013

07/16/2013

09/25/2013

03/23/2020

04/15/2020

05/29/2020

07/14/2020

09/03/2020

12/02/2020

12/29/2020

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

NT$10,000,000

Par

Par

Par

Par

Par

Par

Par

Par

Par

Par

Par

Par

NT$4,400,000,000

NT$23,600,000,000

NT$21,400,000,000

NT$13,700,000,000

NT$15,000,000,000

NT$24,000,000,000 

NT$21,600,000,000

NT$14,400,000,000

NT$13,900,000,000

NT$15,600,000,000

NT$12,000,000,000

NT$18,500,000,000

Coupon (Per Annum)

1.53% 

Tranche A: 1.23%
Tranche B: 1.35% 
Tranche C: 1.49% 

Tranche A: 1.23% 
Tranche B: 1.38% 
Tranche C: 1.50% 

Tranche A: 1.50% 
Tranche B: 1.70% 

Tenure and Maturity Date

Tenure: 10 years
Maturity: 10/09/2022

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

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

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

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

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

Tranche A: 0.58%  
Tranche B: 0.62% 
Tranche C: 0.64%

Tranche A: 0.52% 
Tranche B: 0.58% 
Tranche C: 0.60%

Tranche A: 0.55% 
Tranche B: 0.60% 
Tranche C: 0.64%

Tranche A: 0.58% 
Tranche B: 0.65% 
Tranche C: 0.67%

Tranche A: 0.50% 
Tranche B: 0.58% 
Tranche C: 0.60%

Tranche A: 0.40% 
Tranche B: 0.44% 
Tranche C: 0.48%

Tranche A: 0.36% 
Tranche B: 0.41%
Tranche C: 0.45% 

Tranche A: 5 years 
Maturity: 03/23/2025 
Tranche B: 7 years 
Maturity: 03/23/2027 
Tranche C: 10 years 
Maturity: 03/23/2030

Tranche A: 5 years 
Maturity: 04/15/2025 
Tranche B: 7 years 
Maturity: 04/15/2027 
Tranche C: 10 years 
Maturity: 04/15/2030

Tranche A: 5 years 
Maturity: 05/29/2025 
Tranche B: 7 years 
Maturity: 05/29/2027 
Tranche C: 10 years 
Maturity: 05/29/2030

Tranche A: 5 years 
Maturity: 07/14/2025 
Tranche B: 7 years 
Maturity: 07/14/2027 
Tranche C: 10 years 
Maturity: 07/14/2030

Tranche A: 5 years 
Maturity: 09/03/2025 
Tranche B: 7 years 
Maturity: 09/03/2027 
Tranche C: 10 years 
Maturity: 09/03/2030

Tranche A: 5 years 
Maturity: 12/02/2025 
Tranche B: 7 years 
Maturity: 12/02/2027 
Tranche C: 10 years 
Maturity: 12/02/2030

Tranche A: 5 years 
Maturity: 12/29/2025 
Tranche B: 7 years 
Maturity: 12/29/2027 
Tranche C: 10 years 
Maturity: 12/29/2030

Bullet

Bullet

Bullet

Bullet

Bullet

Bullet

Bullet

Bullet

Two equal installments in last 
two years

Two equal installments in last 
two years

Two equal installments in last 
two years

Two equal installments in last 
two years

NT$4,400,000,000

NT$3,000,000,000

NT$3,600,000,000

NT$3,500,000,000

NT$10,600,000,000

NT$24,000,000,000 

NT$21,600,000,000

NT$14,400,000,000

NT$13,900,000,000

NT$15,600,000,000

NT$12,000,000,000

NT$18,500,000,000

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

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)

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Yuanta Securities Co., Ltd

MasterLink Securities Co., Ltd Hua Nan Securities Co., Ltd

Capital Securities Co., Ltd

KGI Securities Co., Ltd

Capital Securities Co., Ltd

KGI Securities Co., Ltd

Taipei Fubon Commercial Bank Co., Ltd.

None

True Honesty International Law Offices

Deloitte & Touche

None

None

None

Not Applicable

None

None

Repayment

Outstanding 

Credit Rating

Underwriter

Trustee

Guarantor

Legal Counsel

Auditor

Redemption or Early Repayment Clause

Covenants

Other Rights of 
Bondholders

Conversion Right

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

Dilution Effect and Other Adverse Effects on 
Existing Shareholders

None 

Custodian

None 

Not Applicable

Taipei Fubon Commercial Bank Co., Ltd

None 

Modern Law Office

Deloitte & Touche 

None 

None 

None 

Not Applicable 

070

071

US-dollar Domestic Unsecured Bond (109-1)

Senior Unsecured Notes (Note)

As of 02/28/2021

USD Corporate Bonds 

Issuance

Issue Date

Denomination

Listing

Offering Price

09/22/2020

US$1,000,000

Taipei Exchange

Par

Total Amount

US$1,000,000,000

Coupon (Per Annum)

2.70% 

Tenure and Maturity Date

40 years 
Maturity: 09/22/2060

09/28/2020

US$200,000 and integral multiples of US$1,000 in excess thereof

Singapore Exchange

2025 Notes: 99.907%
2027 Notes: 99.603%
2030 Notes: 99.083%

US$3,000,000,000

2025 Notes: 0.75%  
2027 Notes: 1.00%  
2030 Notes: 1.375% 

2025 Notes: 5 years 
Maturity: 09/28/2025 
2027 Notes: 7 years 
Maturity: 09/28/2027 
2030 Notes: 10 years 
Maturity: 09/28/2030

Bullet

US$3,000,000,000

Aa3 (Moody’s Investors Service, 09/21/2020)
AA- (Standard & Poor’s Rating Services, 09/21/2020)

Goldman Sachs International as lead underwriter

Repayment

Outstanding 

Credit Rating

Underwriter

Trustee

Guarantor

Legal Counsel

Bullet

US$1,000,000,000

Not Applicable

Goldman Sachs (Asia) L.L.C., Taipei Branch
KGI Securities Co. Ltd. (lead underwriter)

Mega International Commercial Bank Co., Ltd.

Citicorp International Limited

None

TSMC

True Honesty International Law Offices

Sullivan & Cromwell (Hong Kong) LLP
Harney Westwood & Riegels
Lee and Li, Attorneys-at-Law

Deloitte & Touche

Auditor

Deloitte & Touche

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.

4.3 Preferred Shares

4.3.1 Preferred Shares: None.

4.3.2 Preferred Shares with Warrants: None.

Redemption or Early Repayment Clause

Callable on the 5th anniversary of the issue date and every anniversary 
thereafter

Issuer may, at its option, redeem the Notes, at any time, in whole or in part 
at the relevant redemption price according to relevant agreements

Covenants

Other 
Rights of 
Bondholders

Conversion Right

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

None

None

Not Applicable

Dilution Effect and Other Adverse Effects 
on Existing Shareholders

Custodian

None

None

None

None

Not Applicable

None

None

Note: Issued by TSMC Global Ltd., a wholly-owned subsidiary of TSMC, and unconditionally and irrevocably guaranteed by TSMC.

072

073

4.4 Issuance of American Depositary Shares

Issue 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

05/17/2001 - 
06/11/2001

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$ million)

595

Offering Price Per ADS 
(US$)

24.78

185

15.26

36

17.75

296

159

24.516

28.964

379

57.79

225

56.16

1,168

35.75

539

20.63

321

16.03

1,002

16.75

160

8.73

909

10.40 

1,077

10.77

1,402

8.60

2,563

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

26,110,000

20,000,000

59,800,000

18,348,000

87,357,200 

100,000,000 

163,027,500 

240,000,000 

Cash Offering and 
TSMC Common 
Shares from Selling 
Shareholders

(Note 4)

TSMC Common Shares from Selling Shareholders

(Note 3)

Common Shares 
Represented

Each unit of ADS represents five TSMC Common Shares.

Underlying Securities

TSMC Common Shares from Selling Shareholders

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

Citibank, N.A. – Taipei Branch

As of February 28, 2021, total number of outstanding ADSs was 1,064,315,074.

See Deposit Agreement and Custody Agreement for Details

Custodian Bank 
(Note 1)

ADSs Outstanding 
(Note 2)

Terms and Conditions 
in the Deposit 
Agreement and 
Custody Agreement

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

01/01/2020 -
12/31/2020

01/01/2021 - 
02/28/2021

High

Low

Average

High

Low

Average

109.04

43.89

69.74

140.05

111.70

127.83

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 28, 2021, total number of outstanding ADSs was 1,064,315,074 after 83,520,131 were redeemed.

Note 3: All fees and expenses related to issuance of ADSs were paid by the selling shareholders, while maintenance expenses were borne by TSMC.
Note 4: All fees and expenses related to issuance of ADSs were paid proportionately by TSMC and the selling shareholders, while maintenance expenses were borne by TSMC.

074

075

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 Funding Plans and Implementation

The funds raised by TSMC through issuances of domestic corporate bonds are used in accordance with respective funding plans and 
actual needs. As of the end of the fourth quarter of 2020, the implementation of uncompleted funding plans was as follow:

Projects

Unsecured Corporate Bond (109-6, Green 
Bond)

Gross Proceeds

NT$12 billion

Use of Proceeds

Implementation Status

Green buildings and environmental 
protection related expenditures

Unsecured Corporate Bond (109-7)

NT$18.5 billion

Purchase/expansion of facilities and 
equipment

US-dollar Domestic Unsecured Corporate 
Bond (109-1)

US$1 billion

Purchase/expansion of facilities and 
equipment

As of the end of the fourth quarter of 2020, the actual 
implementation rate was 9.12% (calculated based on 
actual payment requests), as compared to the planned 
implementation rate of 13.92%. The funds were used for the 
originally planned projects and there was no major difference 
between the expected benefits and the actual situation.

The plan was originally scheduled to be implemented in the 
first quarter of 2021. As of the end of the fourth quarter of 
2020, the actual implementation rate was 64.37% due to 
spending earlier than schedule. The funds were used for the 
originally planned projects and there was no major difference 
between the expected benefits and the actual situation.

The plan was originally scheduled to be implemented in the 
first quarter of 2021. As of the end of the fourth quarter of 
2020, the actual implementation rate was 42.50% due to 
spending earlier than schedule. The funds were used for the 
originally planned projects and there was no major difference 
between the expected benefits and the actual situation.

076

077

078
078

079
079
079

5.1 Business Activities

5.1.1 Business Scope

As the founder and a 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 technologies, and 
3DFabricTM advanced packaging and silicon stacking technologies, 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’s own 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 11,617 different products for 510 customers in 2020. 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, as well as consumer electronics such as digital TVs, game consoles, 
digital cameras, AI-enabled IoT and wearables, and many other devices and applications.

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

2019

Shipments

Net Revenue 

 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 

Amount 

 643,051 

 448,292 

5.1.3 Consolidated Shipments and Net Revenue in 2020 and 2019

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

Wafer

Domestic (Note 1)

Export

Others (Note 2)

Domestic (Note 1)

Total

Export

Domestic (Note 1)

Export

2020

Shipments

 2,038 

 10,360 

 N/A 

 N/A 

 2,038 

 10,360 

Net Revenue 

 113,838,353 

 1,064,617,920 

 12,452,935 

 148,345,603 

 126,291,288 

 1,212,963,523 

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.

5.1.4 Production in 2020 and 2019

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

Wafers

Capacity

12 - 13

12 - 13

Output

 12-13 

 9-10 

Year

2020

2019

080

5.2 Technology Leadership

5.2.1 R&D Organization and Investment

In 2020, TSMC continued to invest in research and 
development, with total R&D expenditures amounting to 8.2% 
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 2020, following the transfer to 
manufacturing 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 platform to 
make use of 3D transistors, continues full development with 
major customers completed IP design and started silicon 
validation, the Company has proceeded into full development 
of 2nm technology, which is the leading edge technology 
in the semiconductor industry today. At the same time, the 
Company’s research and pathfinding pushed forward with 
exploratory studies for nodes beyond 2nm.

In addition to complementary-metal-oxide-semiconductor 
(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 2020 include: 

● Accomplished process validation of system-on-integrated-chip 

(SoIC) for both chip-on-wafer (CoW) and wafer-on-wafer 
(WoW) stacking using micron-level bonding-pitch processes 
with promising electrical yield and reliability results

● Developed the fifth generation (Gen-5) chip on wafer on 

substrate (CoWoS®) with record-breaking Si interposer area 
up to 2,400mm2, which is equivalent to the size of three full 
reticles. Qualification completion is targeted in the first half 
of 2021

● Entered high-volume manufacturing of integrated fan-out 

package-on-package (InFO-PoP) Gen-5 packaging for mobile 
application processors and successfully qualified InFO-PoP 
Gen-6 for mobile applications with enhanced thermal 
performance

● Developed integrated fan-out on substrate (InFO-oS) Gen-3, 
which provides more chip partition integration with larger 
package size and higher bandwidth

● Expanded 12-inch Bipolar-CMOS-DMOS (BCD) technology 
portfolio on 90nm, 55nm and 22nm, targeting a variety of 
fast-growing applications of mobile power management ICs 
with various levels of integration

● Achieved technical qualification of 28nm eFlash for 

automobile electronics and micro controller units (MCU) 
applications

● Began production of 28nm resistive random access memory 

(RRAM) as a low-cost solution for the price sensitive IoT 
market and 22nm magnetic random access memory (MRAM) 
for next generation embedded memory MCUs, automotive 
devices, IoT and AI applications

● Entered volume production of CMOS image sensors with 

shrunk sub-micron pixel size and sensors meeting automotive 
grade reliability compliance

In 2020, TSMC maintained strong partnerships with many 
world-class research institutions, including SRC in the U.S. 
and IMEC in Belgium. The Company 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 human talent 
for the future.

R&D Expenditures 

Amount: NT$ thousands

9
8
0
,
6
8
4
,
9
0
1

6
4
7
,
8
1
4
,
1
9

2019 

2020 

9
0
9
,
1
2
5
,
9
1

01/01/2021~
02/28/2021

081

 
 
 
 
5.2.2 R&D Accomplishments in 2020

Highlights
● 3nm Technology
In 2020, TSMC focused on the manufacturing baseline 
process setup, yield learning, transistor and interconnect R/C 
performance improvement, and reliability evaluation of 3nm 
technology, which offers significant density improvement 
with better performance at same power or lower power 
consumption at comparable performance compared to 5nm 
technology. During the year, major customers completed IP 
design and started silicon validation. TSMC plans to complete 
3nm technology qualification for risk production in 2021.

● 2nm Technology
In 2020, following initial research and pathfinding, 
TSMC proceeded into the development stage of 2nm 
technology, focusing on testkey and test vehicle design and 
implementation, mask making and Si pilot runs.

● Lithography Technology
The focus for R&D lithography in 2020 was on 3nm and 
2nm technology development and preparation of technology 
development of next-generation nodes and beyond. In 3nm 
technology development, EUV (extreme ultraviolet) lithography 
showed good imaging capability with expected wafer yield. 
TSMC R&D is working on reduction of mask defects in EUV 
scanner and overlay errors while lowering overall cost. In 
2021, TSMC will focus intensely on improving EUV quality and 
reducing costs in 2nm technology and beyond.

In 2020, 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. EUV technology has been 
adopted for full scale manufacturing.

● Mask Technology
Mask technology is very crucial in advanced lithography. In 
2020, the R&D organization successfully completed 3nm node 
mask technology development, which largely implemented 
complicated and advanced EUV mask technology. Continuous 
advancement of EUV mask technology was made to meet 
mask requirements for 2nm node lithography.

Integrated Interconnect and Packaging
Wafer level system integration (WLSI) technologies have 
evolved quickly with various platforms mixed and matched 
in increasingly complex application scenarios. All such 

technologies come under the umbrella of wafer level 
integration, which TSMC has named 3DFabricTM for its 
enablement of fine pitch chip-to-chip connection and a unified 
fabrication philosophy leveraging existing wafer processes. 
Under 3DFabricTM, all processes with chips that are embedded 
before interconnection are called Integrated Fan-Out (InFO), 
while all processes that start with making re-distribution 
interconnection (RDL) followed by chip placement onto 
pre-made RDL are called CoWoS®. This new nomenclature 
more accurately reflects the nature of the processes involved 
and points to their future technology paths. Along with 
their siblings, SoIC, system-on-wafer (SoW), and system-
on-integrated-substrate (SoIS), they form a universal WLSI 
technology family that will lead the industry in meeting the 
future scaling needs as required by increasingly challenging 
and more diversified computing systems integration.

● 3DIC and TSMC-SoICTM
TSMC-SoICTM is an innovative wafer-level frontend 3DIC 
chip stacking platform with outstanding bonding density, 
interconnect bandwidth, power efficiency, and thin profile. 
It extends Moore’s Law through system-level scaling with 
sustainable performance gains and cost benefits. A SoIC 
integrated chip can be subsequently assembled using 
conventional packages or using TSMC’s new 3DFabricTM 
technologies, such as CoWoS or InFO, for next generation 
HPC, AI and mobile applications. Currently, TSMC has 
achieved process validation for both CoW and WoW stacking 
using micron-level bonding-pitch processes with promising 
electrical yield and reliability results. TSMC will keep pursuing 
the scaling of SoIC technologies to align with the Company’s 
other advanced Si technologies for further improved transistor 
density, system power, performance, and area (PPA), and cost 
competitiveness.

● Chip-Last CoWoS® 
CoWoS® with Si interposer is the leading 2.5D technology for 
high-end HPC and AI product applications. The technology 
features a large Si interposer with sub-micron routing layers 
and iCap (integrated capacitors), so that various chiplets such 
as SoC and high bandwidth memory (HBM) can be placed on 
it. The CoWoS® Gen-5 now under development has displayed 
a record-breaking Si interposer area up to 2,400mm2, which is 
equivalent in size to three full reticles. Qualification completion 
is targeted in the first half of 2021.

● Chip-First InFO 
In 2020, TSMC continued its industry leadership in 
high-volume manufacturing of InFO-PoP Gen-5 packaging for 

mobile applications and InFO-oS Gen-2 for HPC chip-partition 
applications. InFO-PoP Gen-6 was also successfully qualified 
for mobile applications and displayed enhanced thermal 
performance. InFO-oS Gen-3, which provides more 
chip-partition integration with larger package size and higher 
bandwidth, was developed on schedule. To meet demand of 
HPC applications, TSMC developed ultra-high bandwidth InFO 
Local Silicon Interconnect (InFO_LSI) technology, in which 
SoC chiplets are integrated into a 3D InFO package through 
ultra-high density local Si interconnects (LSI). InFO without 
substrate, which uses multi-die heterogeneous integration 
and finer-pitch die-to-die interconnection, was successfully 
qualified for consumer applications. The newest generation IPD 
(integrated passive device) technology, which provides higher 
density capacitors and low ESL (effective series inductance) 
for improved electrical performance, passed qualification on 
InFO-PoP. This enhanced InFO-PoP will benefit both AI and 5G 
mobile applications. High volume manufacturing of the newest 
IPD is scheduled to begin in 2021.

● Advanced Interconnect
TSMC provides innovative technologies to enable 
small-dimensional interconnect and boost chip performance.  
In 2020, a brand-new hybrid interconnect was proposed as a 
future interconnect architecture. At small geometries, this new 
architecture shows promising potential to resolve Cu gap-fill 
difficulty and significantly reduce both interconnect resistance 
and capacitance. Developing innovative solutions such as these 
helps TSMC maintain its global technology leadership.

Corporate Research
Innovation in devices and materials continues to drive higher 
performance and reduced power consumption in advanced 
logic technologies. In 2020, TSMC stayed at the forefront 
of 2D and carbon nanotube (CNT) transistor research. 
TSMC successfully demonstrated a process to synthesize 
one-atomic-layer thick, single-crystal, hexagonal boron nitride 
(hBN) on full 2-inch wafers, a significant achievement as hBN 
has been shown to be an ideal passivation layer for 2D device 
channels. This outstanding fundamental research result was 
published in the March 2020 issue of Nature, one of the 
world’s leading science journals.

At the 2020 Symposia on VLSI Technology, TSMC 
demonstrated the highest nFET current for 2D-FETs at a drain 
voltage of 1V, with CVD MoS2 monolayer channel. And at 
the 2020 International Electron Device Meeting, the Company 
introduced a novel interfacial layer dielectric (ILX), which could 
nucleate on CNT a continuous sub-0.5nm thickness film, which 
allows growth of high-k gate dielectric (hafnium oxide) on CNT 

by conventional ALD. Enabled by this novel ILX, top-gate CNT 
transistors with gate length down to 15nm were demonstrated 
with nearly ideal gate control.

TSMC continues to search and explore emerging high-density, 
non-volatile memory hardware accelerators for AI and HPC 
applications. The Company’s corporate research is well 
positioned to pave the way for continued node-to-node density 
scaling, performance enhancement, and power reduction as it 
has done in the past.

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

● Mixed Signal/Radio Frequency (MS/RF) 
In 2020, TSMC developed a 3nm silicon proof and EM 
simulation-based LC tank design to facilitate high-speed SerDes 
(serializer/deserializer) circuit design with various metal scheme 
options and layout specifications with shortened design 
turnaround time. 2020 marked the first year that the end-users 
began enjoying the benefit of high speed, low latency and 
massive IoT in the 5G network roadmap. To improve the 
cost–benefit ratio of 5G, TSMC provided various 7nm and 
6nm RF devices for customer transceiver designs. To boost 
performance in RF switching, TSMC developed a 40nm special 
process for 5G RF FEM (frontend module) design in sub-6 GHz 
applications. To accommodate higher frequencies, TSMC also 
developed a N28HPC+ process for enhancing power amplifier 
performance in 5G mmWave FEM designs.

● Power IC/Bipolar-CMOS-DMOS (BCD) 
TSMC expanded the 12-inch BCD technology portfolio on 
90nm, 55nm and 22nm in 2020, targeting a variety of 
fast-growing applications for mobile power management 
ICs with various levels of integration. This included dedicated 
optimized 5V power switches to handle increasing power 
demands driven by Li-ion batteries. 90nm BCD technology 
covers wide spectrum of applications from 5V to 35V and will 
be continuously expanded in 2021.

● Panel Drivers 
In 2020, TSMC developed wafer-on-wafer stacking (WoW 
28HPC/40HV) with stable product yield comparable to 
28HPC+ with 60% active power reduction. In addition, 28HV 
monolithic technology completed customer IP verification, 
qualification and 128Mb SRAM yield verification. These 
technologies are leading-edge for small panel 4K resolution, 
OLED (organic light-emitting diode) and 120Hz display driver 
ICs. Furthermore, TSMC completed OLED on Si product 

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qualification and moved to mass production for AR/VR 
applications with excellent yield and illumination uniformity.  
In 2021, TSMC plans to offer an improved version of this 
technology and deploy 8V transistors for WoW stacking 
efficiency that will mean enhanced performance and cost 
reduction for OLED TDDI (touch with display driver integration) 
applications on 28HV.

● Micro-Electromechanical Systems (MEMS) 
TSMC’s modular MEMS technology was qualified for 
mass production of high-resolution accelerometers and 
gyroscopes in 2020. Future plans include the development 
of next-generation high-sensitivity thin microphones, total 
solutions for MEMS optical image stabilization (OIS) systems in 
12-inch wafer, and BioMEMS applications.

● Gallium Nitride (GaN)
TSMC started mass production of the first generation of 650V 
and 100V enhanced GaN high electron mobility transistors 
(E-HEMT), which quickly ramped to full capacity in 2020. The 
Company continues to expand production capacity to meet 
customer demand. Production of the second generation of 
650V and 100V power E-HEMT, which demonstrated 50% 
FOM (figure of merit) improvement, is planned for 2021. In 
addition, TSMC has completed the device development of 
100V depleted GaN high electron mobility transistor (D-HEMT), 
with excellent performance, and passed engineering verification 
of several 5G base station module design companies. D-HEMT 
is targeted to start risk production in 2021.

● Embedded Flash/Emerging Memory 
TSMC reached several major milestones in embedded 
non-volatile memory (NVM) technologies in 2020. At the 
40nm node, the Company successfully mass-produced 
NOR-based cell technology with split-gate cell to support 
consumer electronics and numerous automotive electronics 
applications. At the 28nm node, the Company’s embedded 
flash development for HP mobile computing and HP 
low-leakage platforms maintained a stable high yield and 
achieved technical qualification for consumer electronics grade 
and automotive electronics grade-1 uses, and was scheduled 
for technical qualification in automotive electronics highest 
grade-0 in 2021. TSMC also offered RRAM as a low-cost 
embedded NVM solution for the price sensitive IoT market. The 
Company’s 40nm node also achieved technical qualification as 
customer product qualifications continued. While the 28nm 
node entered mass production, the 22nm node completed 
technical qualification in 2020.

TSMC took major strides in embedded MRAM technology in 
2020. At the 22nm node, the Company achieved technical 
qualification to successfully mass-produce MRAM and received 
the Flash Memory Summit 2020’s Best of Show award for 
the most innovative AI application. TSMC expects MRAM in 
22nm node to achieve technical qualification for automotive 
electronics applications in 2021. At the 16nm node, yield was 
stably high and technical qualification is expected in 2021, 
preparing for the next generation of embedded memory in 
MCUs, and many automotive, IoT and AI device applications.

● Complementary Metal-Oxide-Semiconductor (CMOS) 

5.2.3 Technology Platform

Image Sensors 

In 2020, TSMC made several technical innovations in CMOS 
image sensor technology. The top four accomplishments were: 
(1) pixel size scaling demonstrating 15% shrinkage from the 
previous year with mass production for mobile, high-resolution 
imaging applications now underway; (2) technology transfer 
and start of mass production of automotive grade, ultra-wide 
dynamic-range image sensors with high reliability standard; 
(3) start of risk production phase of Germanium time-of-flight 
(TOF) sensors, which provide higher 3D object accuracy and 
use longer wavelength optical sources, resulting in lower 
system power consumption compared to silicon-type sensors – 
suitable for mobile devices and machine vision applications; (4) 
successful development of phase-II 3D metal-insulator-metal 
(MiM) high-density pixel-embedded capacitors with three 
times higher capacitance density than the previous generation 
for global shutter and high dynamic-range image sensor 
applications.

TSMC provides customers with advanced technology platforms 
that include the comprehensive infrastructure needed 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.

EDA tools, features and IP solutions are readily available for 
customers to adopt to meet their product requirements at 
various design stages for TSMC’s latest advanced technologies 
including 3nm, 5nm, 6nm, 7nm, 7nm+, 12nm, 22nm and 
3DIC design enablement platforms. 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 the 
solution providers from 18 EDA partners, six Cloud partners, 

39 IP partners, 20 design center alliance (DCA) and eight value 
chain aggregator (VCA) partners. Overall, TSMC and its EDA 
partners have created numerous deliverables from 0.5µm to 
3nm and have accumulated more than 12,000 techfiles and 
450 PDKs, and a portfolio of more than 35,000 IP titles to 
meet customer design needs.

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 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 3nm. 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 2020, 
TSMC had provided customers more than different 12,000 
different tech files and 450 PDKs via TSMC-OnlineTM. There are 
more than 100,000 customer downloads of these tech files 
and PDKs 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. TSMC and its alliance partners offer customers 
a rich portfolio of reusable IPs, which are building blocks for 
many circuit designs. To support 3DIC customer needs, TSMC 
introduced 3DIC IP in 2019. In 2020, the Company expanded 
its library and silicon IP portfolio to contain more than 35,000 
items, a 35% increase over 2019.

Design Methodology and Flow
Design reference flows are built on top of certified EDA tools 
to provide additional design flow methodology innovations 

that can help boost productivity. In 2020, TSMC addressed 
critical design challenges associated with new 3nm technology 
through OIP collaboration and announced the availability of 
3nm design reference flows for mobile and HPC platforms. 
In addition to process technology advancements, the 
Company continued to develop 3DIC technologies and in 
2020 introduced TSMC 3DFabricTM, a comprehensive family 
consisting of both frontend 3D chip stacking and backend 
advanced packaging technologies. For frontend 3D chip 
stacking, the Company offers TSMC-SoICTM design reference 
flow; for backend advanced packaging, TSMC updated its 
InFO and CoWoS® design reference flows to improve design 
productivity. These design reference flows feature 3nm 
FinFET-specific and 3DIC design solutions to optimize PPA.

5.2.5 Intellectual Property 

TSMC has established a process to generate 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 enable many profit-generating 
activities.

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 62,000 
patent applications worldwide as of end of 2020, including 
6,900 applications filed in 2020 TSMC ranked historical high 
No.3 among global US patent applicants, and No.1 among 
patent applicants in Taiwan for five consecutive years. In 
terms of patent grants, TSMC has obtained exceeding 45,000 
patent worldwide accumulated as of end of 2020, including 
4,500 global patents received (more than 2,800 U.S. patents 
included, ranking No.6 among U.S. Patentees) in 2020. 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 10 U.S. Patent Assignees in 
2020. 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.

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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 interest from intellectual property rights.

5.2.6 TSMC University Collaboration Programs

In recent years TSMC has significantly expanded its 
collaboration with prestigious universities in Taiwan. The 
mission of this 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. Back in 2013, TSMC 
established research centers at four top universities in Taiwan 
– National Yang Ming Chiao Tung University, National Taiwan 
University, National Cheng Kung University and National Tsing 
Hua University. More than a thousand high-caliber students 
with backgrounds in the disciplines of electronics, physics, 
materials, chemistry, chemical engineering, and mechanical 
engineering participated in semiconductor-related research 
centers. 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. In 2020, more schools such as 
National Taiwan University, National Cheng Kung University, 
National Yang Ming Chiao Tung University, National Taipei 
University of Technology, and National Taiwan University of 
Science and Technology joined the cooperation to launch the 
Semiconductor Program for student enrollment to narrow 
the gap between industry and academia, and to bolster the 
quality and competitiveness of the talent pool in the industry. 
In addition, TSMC 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, materials, modeling, and design 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. Despite 

the COVID-19 pandemic in 2020 that caused the majority of 
university campuses to close, TSMC continued the University 
Shuttle Program that 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 University 
Shuttle Program provides access to TSMC silicon process 
technologies for digital and analog/mixed-signal circuits, RF 
designs and micro-electromechanical system designs. TSMC’s 
Virtual Design Environment (VDE) has received a great deal of 
positive feedback from customers, and in 2020 the Company 
further applied VDE to University Shuttle Program to achieve 
win-win collaboration, enabling elite graduate students to 
realize and demonstrate their innovations in the form of 
exciting new end products of various design applications.

5.2.7 Future R&D Plans

To maintain and strengthen its technology leadership, the 
Company plans to continue investing heavily in R&D. For 
advanced CMOS logic, TSMC’s 3nm and 2nm CMOS nodes 
are progressing nicely through 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 many technology 
platforms. For 3DIC advanced packaging, TSMC is developing 
innovations for energy-efficient sub-system integration and 
scaling to provide further augmentation of CMOS logic 
applications. The Company has intensified its focus on new 
specialty technologies such as RF and 3D intelligent sensors, 
aiming at 5G and smart IoT applications. The corporate 
research function, established in 2017, continues to focus on 
novel materials, processes, devices, nanowires, and memory 
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 competitive 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 

3DIC

Next-generation 
lithography

Long-term research

3D CMOS technology platform for SoC

2023

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

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

Specialty SoC technology (including new 
NVM, MEMS, RF, analog) and transistors 
with 8 to 10 years horizon

2018 - 2021

2018 - 2021

2018 - 2026

The projects above account for roughly 70% of the total R&D budget for 2021. Total R&D budget is 
estimated to be around 8% of 2021 revenue.

5.3 Manufacturing Excellence

5.3.1 GIGAFAB® Facilities

Maintaining reliable capacity is a key part of TSMC’s 
manufacturing strategy. The Company currently operates four 
12-inch GIGAFAB® facilities – Fab 12, 14, 15 and 18. The 
combined capacity of the four facilities exceeded nine million 
12-inch wafers in 2020. Fab 12, 14 and 15 support 0.13µm, 
90nm, 65nm, 40nm, 28nm, 20nm, 16nm, 10nm, and 7nm 
process technologies, including each technology’s sub-nodes. 
5nm is currently accelerating into mass production at Fab 18. 
Besides, an additional portion of the capacity is built at Fab 12 
for R&D work on leading-edge manufacturing technologies, 
which currently supports the technology development of 3nm 
and 2nm nodes and beyond.

The GIGAFAB® facilities are coordinated by a centralized 
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 
production, as well as lower-cost product requalification.

5.3.2 Engineering Performance Optimization

As advanced technology continues to evolve and IC geometry 
keeps shrinking, the need for tighter process and quality 
control 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. Through Intelligent Detection, Smart Diagnosis, and 
Cognitive Action, the Company has demonstrated remarkable 
results in yield enhancement, quality assurance, workflow 
improvement, fault detection, cost reduction and shortening of 
the R&D cycle.

In the meantime, 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 and machine learning architecture to 
systematically integrate foundry know-how and data science 
methodology and develop knowledge-based engineering 
analysis with optimized engineering performance.

5.3.3 Agile and Intelligent Operations

The Company’s sophisticated, agile and intelligent operating 
systems continue to drive manufacturing excellence. TSMC 
has integrated intelligence of processes, machine tuning, 
manufacturing know-how, and Artificial Intelligence 
(AI) technologies to create 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 achieving real-time 
information analysis, improving forecast capability, 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. It also offers great 
flexibility to quickly support customers’ urgent pull-in requests 
when needed.

5.3.4 Digital Transformation

To meet the needs of advanced technologies, fast capacity 
ramping, and quality assurance in the future, TSMC 
has accelerated its corporate digital transformation by 
comprehensively introducing the technologies of big data, AI, 
and HPC. As a result, the Company has achieved breakthroughs 
on intelligent tool, process AI control, AI scheduling and 

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transportation, AI EDA (engineering data analysis), AR (augmented reality) and MR (mixed reality) for remote collaboration, all of 
which have enhanced the Company’s manufacturing advantages.

5.3.5 Raw Materials and Supply Chain Management

In 2020, TSMC continued to review and resolve supply issues and quality issues as well as 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

Chemicals

Lithographic 
Materials

Gases

Slurry, Pad, Disk

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

3M
AGC
Cabot Microelectronics
DuPont
Fujibo
Fujifilm Electronic Materials
Fujimi

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.

These 13 companies are the major worldwide suppliers of 
chemicals.

● 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 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.

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 

Company D

Others

Total Net Procurement

2020

2019

Procurement 
Amount 

As % of 2020 Total 
Net Procurement

Relation to TSMC

Procurement 
Amount 

As % of 2019 Total 
Net Procurement

Relation to TSMC

 13,144,243 

 11,010,731 

 6,445,912 

 6,211,819 

 29,747,951 

 66,560,656 

20%

None

17%

None

10%

None

9%

None

44%

100%

-

-

 10,322,266 

 11,275,564 

 4,423,006 

 5,735,862 

 27,403,771 

 59,160,469 

17%

None

19%

None

7%

None

10%

None

47%

100%

-

-

● Reason for Increase or Decrease: The changes of procurement amount and percentage were mainly due to customer product 

demand change.

5.3.6 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 containment and preventive actions to shield customers from being affected by product defects.

In the technology development stage, the Quality &Reliability organization (Q&R) helps customers design in superior product 
reliability. In 2020, Q&R worked with R&D in advanced logic, specialty and advanced packaging technologies throughout 
development and qualification stages continuously to ensure meeting commitments to customers for device characteristics, process 
yield and product reliability.

For advanced logic technology, Q&R successfully certified product quality and reliability for 5nm FinFET, a second generation 
process with EUV lithography, which enabled the first 5nm product in the world to reach mass production in 2020. For specialty 
technologies, Q&R successfully completed IP qualification of 22nm ULL (ultra-low leakage) embedded MRAM (magnetic random 
access memory). In support of HPC mobile computing and HPC low-leakage process platforms, Q&R qualified 28nm embedded 
flash consumer grade and automotive grade 1. In addition, TSMC’s advanced packaging solutions enable system integration with 
wafer level process, by integration of frontend wafer process and backend chip packaging. In 2020, Q&R successfully qualified fifth 
generation InFO solutions with finer interconnect line width and spacing and CoWoS® with larger interposer size for heterogeneous 
integration, and then began high volume production for both mobile and HPC products.

To continuously reduce product defects, 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, the Company’s 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 the handling of 
maverick wafers and lots. 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.

To stimulate employee problem-solving 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), 
metrology and deep machine learning, and quality audit in 2020. 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. Furthermore, deep machine learning was 
also used to analyze the correlation between raw materials and TSMC process parameters for the first time and to successfully block 

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problematic raw materials. In 2021, Q&R will continue the 
development of employee capabilities by promoting quality 
methods and professional trainings and applying deep machine 
learning to enhance TSMC competitiveness.

For raw material and supplier management, Q&R and the 
material management organization collaborate to enhance the 
inspection capability for incoming material quality and supplier 
management. A raw material quality improvement task force 
works with suppliers, and raw material quality checks have 
been added to critical control points of the production line. 
Q&R has 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 
requests that supply chain factories seek ISO 9001 certification, 
implement process change management and evaluation, 
and undertake quality audits. In 2020, Q&R set up a new 
laboratory dedicated to advanced material analysis to enhance 
the capability of raw material inspection and speed up the 
root cause investigation for abnormal material events. In the 
meantime, Q&R is developing a raw materials’ fingerprinting 
database to further enhance TSMC’s control and analysis 
capability for any raw material’s basic characteristics.

Q&R is committed to “green manufacturing” and “responsible 
supply chain” practices and collaborates with the corporate 
ESH organization to ask suppliers to document that their 
materials comply with international regulation for carcinogenic, 
mutagenic and reprotoxic (CMR) substances and to classify all 
risky materials and carry out sampling tests. In 2020, Q&R had 
100% inspection capability for CMR substances and shared 
the inspection methods and skills with major material suppliers 
to enhance monitoring of hazardous substances and control 
capability in supply chain. Furthermore, Q&R also works with 
operational entities for the recycling and reuse of chemical 
acids and successfully achieved several impurity reductions 
in recycling chemical acids during 2020. In 2021, Q&R will 
continue sharing its technical knowledge to assist chemical 
suppliers for developing further recycling and reuse projects 
to achieve TSMC’s quality requirements and the sustainable 
goal of friendly environment. Q&R is also committed to 
the continual improvement of local supply chains and 
developing local talents. In 2020, Q&R again collaborated with 
Semiconductor Equipment and Materials International (SEMI) 
to hold the second Strategic Materials Conference (SMC) in 
Taiwan to motivate talented domestic personnel and to 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 
in the Taiwan Continuous Improvement Competition 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 2020, TSMC’s 
outstanding performance was recognized with five gold 
awards, one silver award and one “best improvement and 
innovation” award. At the same time, Q&R coached domestic 
material suppliers to participate in the competition for local 
suppliers’ quality culture and capability enhancement and they 
won a total of four gold, five silver, and five bronze awards. 
In 2021, Q&R will encourage far backend material suppliers to 
participate in the competition to promote the quality culture of 
continual improvement.

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 
2020. 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 helps customers improve time-to-market delivery 
and competitiveness with excellent, reliable products for 
the four major growth markets the Company serves: mobile 
communications, 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 performance across the semiconductor 
industry. Customers include fabless semiconductor companies, 
system companies, and integrated device manufacturers such 

as Advanced Micro Devices, Inc., Broadcom Inc., Intel Corporation, MediaTek Inc., NVIDIA Corporation, NXP Semiconductors N.V., 
OmniVision Technology, Inc., Qualcomm Incorporated, STMicroelectronics N.V., Xilinx, Inc., and many more.

Customer Service
TSMC is committed to providing the best customer services and strongly believes that customer service is critical to customer 
satisfaction and customer relationship, which are keys for customer retention, customer relationship enhancement, and attracting 
new customers. TSMC has established a dedicated customer service team that strives to provide world-class services in supporting 
customers in product design, mask making, wafer manufacturing, and backend services, thereby leading to customer satisfaction, 
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 
provide more proactive customer service and support in design, engineering and logistics. Customers thus have 24-7 access to 
critical information and are able to create customized reports. TSMC-OnlineTM facilitates design collaboration by maintaining 
data availability and accessibility and providing customers with accurate up-to-date 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 processes, and shipments in client orders.

Customer Satisfaction
To ensure customer satisfaction, and to make sure we fully comprehend customer needs, TSMC appoints third-party consulting 
firms to conduct annual customer satisfaction surveys (ACSS) with majority of existing customers either via on-line surveys or 
interviews. In addition to the survey, customer service team also conducts quarterly business reviews (QBRs) with customers to 
collect their feedback on a regular basis. 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. Through surveys and feedback reviews, 
TSMC is able to closely interact with customers, provide better services, and enhance the quality of customer collaboration.

Customers Accounting for at Least 10% of Annual Consolidated Net Revenue

Unit: NT$ thousands

Customer

Customer A

Customer B

Others

2020

2019

Net Revenue 

As % of 2020 Total 
Net Revenue

Relation to TSMC

Net Revenue 

As % of 2019 Total 
Net Revenue

Relation to TSMC

336,775,511

167,390,758

835,088,542

25%

None

12%

None

63%

100%

-

-

247,213,291

152,876,885

669,895,272

1,069,985,448

23%

None

14%

None

63%

100%

-

-

Total Net Revenue

1,339,254,811

● 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® 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.

090

091

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.

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 18 EDA partners, six Cloud 
partners, 39 IP partners, 20 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.

TSMC held its online OIP Ecosystem Forum in August 2020. 
This annual event demonstrates how TSMC and its ecosystem 
partners jointly develop design solutions on top of TSMC’s 
advanced technologies through OIP collaboration. It was 
also a good opportunity to maintain contact with customers 
and ecosystem partners during the COVID-19 pandemic. At 
the forum, TSMC made key presentations on 3nm design 
solutions ready for design power, performance, and area (PPA) 
exploration for smartphone and HPC applications, as well as 
on 5nm, 6nm and 7nm design solutions and ecosystem that 
have already been applied to actual customer chip production. 
Other presentation highlights included: N12eTM, featuring 
further speed/power enhancement with design solutions to 
support AI-enabled IoT products; comprehensive automotive 
design solutions and ecosystems, already developed for 16nm 
and 7nm and soon to be extended to 5nm; and 3DFabricTM 
design ecosystem solutions that currently available to support 
chip, package, and system integration implementation and 
verification for improved system performance. The availability 
of the aforementioned design ecosystem solutions will help 
customers successfully pursue opportunities in mobile, high 
performance computing, the IoT and automotive markets.

5.5 Human Capital

Human capital is TSMC’s most treasured asset. In this regard, 
the Company’s main role is to provide jobs with meaningful 
contents 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 personal interests, expand social participation, 
and, in general, live a happy life.

5.5.1 Human Rights Policy

TSMC believes that respecting human rights and promoting 
a decent work environment are important throughout the 
Company and its supply chain. TSMC abides by local laws and 
regulations in all countries and regions where we operate, 
and upholds the human rights of all workers, including 
regular, contract and temporary employees, and interns. 
We also require our suppliers to act in the same fashion, 
as addressing human rights issue in complex supply chains 
is a shared responsibility. We support the UN Universal 
Declaration of Human Rights (UDHR), and are committed to 
treating all workers with dignity and respect as understood 
by international human rights standards, including The 
International Bill of Human Rights, The International Labour 
Organization’s (ILO) Declaration on Fundamental Principles 
and Rights at Work, The UN Guiding Principles on Business 
and Human Rights (UNGPs), The OECD Guidelines for 

Multinational Enterprises and The Ten Principles of The United 
Nations Global Compact (UNGC). We also align our actions 
with the Responsible Business Alliance (RBA) Code of Conduct. 
The guiding principles for TSMC’s Human Right Policy are as 
follows, and TSMC’s Supplier Code of Conduct requires all of 
our suppliers to follow the same standards.

Guiding Principles
● Embed respect for economic, social, cultural, civil, and 

political rights, as well as the right to development, in the 
way we operate

● Provide a safe and secure work environment that is free of 

harassment

● Eliminate unlawful discrimination and ensure equality in the 

workplace

● Zero tolerance for child labor
● Forbid forced labor
● Commit to responsible sourcing of minerals
● Protect labor rights of vulnerable groups or marginalized 
groups such as indigenous peoples, women, migrant 
workers, contracted labor and persons with disabilities

● Comply with all applicable wage laws and regulations, and 

legal limits to working hours

● Provide fair living wage and pay in full and on time with pay 

slips to state legitimate deductions

● Enable a communication-friendly environment and maintain 

an open-style management system

● Support the physical and psychological well-being of 
employees, and the balance between work and life
● Make diverse open dialogue channels available for 

stakeholders such as suppliers, business partners, and others 
to report concerns or suspected violations to the Company, 
including ways to report anonymously

● Monitor and assess relevant risks, practices, and impacts 

regularly to respond to evolving situations and stakeholders’ 
needs

In addition, TSMC 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.

5.5.2 Workforce Structure

At the end of 2020, TSMC had 56,831 employees worldwide, 
including 5,857 managers, 27,767 professionals, 4,832 
assistants and 18,375 technicians. The following table 
summarizes the makeup of TSMC’s workforce as of the end of 
February, 2021:

12/31/2019

12/31/2020

02/28/2021

5,364

24,416

5,857

27,767

5,969

28,393

4,357

4,832

4,903

17,160

51,297

62.2%

37.8%

4.5%

44.7%

25.3%

10.6%

14.8%

36.6

9.3

18,375

56,831

62.9%

37.1%

4.4%

46.7%

25.7%

9.8%

13.3%

36.4

9.1

18,558

57,823

63.1%

36.9%

4.4%

47.0%

25.9%

9.6%

13.1%

36.4

9.1

Job

Total

Gender

Education

Managers

Professionals

Assistant 
Engineer/Clerical

Technician

Male

Female

Ph.D.

Master’s

Bachelor’s

Other Higher 
Education

High School

Average Years of Age 

Average Years of Service 

5.5.3 Recruitment

Key elements of TSMC’s success and growth depend on 
a common vision and values shared by the Company’s 
employees. To strengthen growth momentum, the Company is 
committed 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 2020 TSMC recruited more 
than 8,000 employees, including over 5,600 managers and 
professionals, as well as over 2,500 assistants and technicians.

5.5.4 People Development

Employee development is an integral and critical factor for the 
growth of any company. The continuous growth of TSMC is 
also inseparable from employees’ development. - 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 

092

093

bonus and profit sharing 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.

TSMC 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

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 improve 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 organizational 
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 and skillset 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 basic subjects for all 
employees or employees in various job functions. Topics 
include industry-specific safety, workplace health and 
safety, ethics and regulatory compliance, sexual harassment 
prevention, 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.

● English enhancement program – including online English 

webinars, English one-on-one consulting services, business 
English workshops, and the English learning zone to 
strengthen employees’ English capability that supports 
TSMC’s global business goals.

● 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.

● 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, “Train the Trainer” training, 
and manufacturing leadership training.

● Personal effective training – addresses topics related to 

professional skillsets including presentation skills, innovation, 
self-encouragement, and teamwork, etc.

● Customized – programs tailored to the needs of the 

organization and/or the employee’s development plan.

In 2020, TSMC conducted over 1,300 internal training sessions 
and provided over 920 thousand hours of training and a total 
of more than 1 million attendees participated. On average, 
each employee attended over 16 hours of training and TSMC 
spent over NT$95 million on the education and development 
of employees.

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

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

TSMC believes that the long-term ownership of company 
shares by corporate officers help align their interests with the 
interests of TSMC’s shareholders, therefore, TSMC formulated 
Corporate Officer Shareholding Guidelines in 2020. The 
required value for Chairman, CEO, and other corporate officers’ 
holding of TSMC shares shall be certain times of their annual 
base salary. Officers shall keep the required value for the entire 
period of employment.

5.5.5 Compensation

5.5.6 Employee Engagement

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 years, the actual total 
compensation received by employees has been above the 
industry’s average.

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

The purpose of the business performance bonus and profit 
sharing 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 business performance 

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.

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.

● Quarterly labor-management meetings to provide business 

updates and invite employees to discuss labor conditions and 
welfare activities

● Periodic employee satisfaction surveys to selected employees, 

with follow-up actions based on survey findings

● A 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 laborers

● 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 appointed by the CEO, one from human resources, 
one from legal affairs, and the third from other organizations

094

095

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
•Whistleblower Procedures
•Ombudsman System
•Employee Opinion Box
•Fab Caring Circle
•Sexual Harassment Investigation Committee
•SMS
•Caring-dedicated Line

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 labor 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.

During 2020 and as of the date of this Annual Report, TSMC has no incurred any labor-dispute related losses. However, the 
Company was fined following labor inspection results as follows: NT$90,000 issued on 06/17/2020 for overtime applications not 
being timely processed (Labor Standards Act Article 24 Paragraph 1) and continuous working days exceeding the permitted limit 
(Labor Standards Act Article 36 Paragraph 1); NT$90,000 issued on 06/01/2020 for management negligence when a pregnant 
female employee work past ten p.m. (Labor Standards Act Article 49 Paragraph 5); NT$20,000 issued on 01/06/2021 due to clerical 
errors resulting in wages not being paid in full directly to an employee (Labor Standards Act Article 22 Paragraph 2). The Company 
has reviewed its working hours management and related administrative process, and strengthened its communication of these 
matters to managers and employees.

Employee Benefit Programs
● Convenient onsite services and amenities: such as in-fab cafeterias, convenience stores, and other services
● Comprehensive health management services, including in-fab clinic services, post health-exam follow-up activities, and employee 

assistance programs

● Diverse employee welfare programs: leisure and art events, encouraging employees to participate in hobby clubs; vibrant sports 

center and onsite preschool service to meet employees’ needs for child care; also festival bonuses and emergency subsidies are also 
available to address employees’ needs

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: recognizes and shows 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, TQE awards and CSR Award, which recognize 
employee initiative and continuous implementation of 
innovative practices

Apart from company-wide awards, TSMC encourages 
employees to participate in external talent activities and 
competitions. In 2020, distinguished TSMC employees 
continued to be recognized through a host of awards, such 
as the National Model Labor Award, the Excellent Young 
Engineers Award, Outstanding Engineer Award, Taiwan 
Continuous Improvement Awards, 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 2020. 
In this survey, 95% 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 2020, the Company recorded a manageable turnover rate of 
5.3% which complies with the healthy turnover rate recognized 
by the company.

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 a party to any material contracts, 
other than those 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, page 71.

096

097

098
098

099
099

6.1 Financial Highlights

6.1.1 Condensed Balance Sheet

Condensed Balance Sheet from 2016 to 2020 (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

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

Year

2016

2017

2018

2019

2020

817,729,126 

857,203,110 

951,679,721 

822,613,914 

1,092,185,308 

46,153,916 

41,569,074 

29,304,796 

30,172,039 

27,728,208 

997,777,687 

1,062,542,322 

1,072,050,279 

1,352,377,405 

1,555,589,120 

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 

27,728,382 

25,768,179 

31,712,208 

1,886,455,302 

1,991,861,643 

2,090,128,038 

2,264,805,032 

2,760,711,405 

318,239,273 

499,751,936 

358,706,680 

566,149,724 

340,542,586 

547,985,630 

590,735,701 

655,561,652 

178,164,903 

110,395,320 

72,089,056 

51,973,905 

496,404,176 

677,916,839 

469,102,000 

676,545,044 

412,631,642 

620,074,686 

642,709,606 

707,535,557 

617,151,048 

681,976,999
(Note 3)

292,938,358 

910,089,406 

974,915,357
(Note 3)

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

56,272,304 

56,309,536 

56,315,932 

56,339,709 

56,347,243 

1,072,008,169 

1,233,362,010 

1,376,647,841 

1,333,334,979 

1,588,686,081 

890,495,506 

1,025,918,966 

1,169,204,797 

1,268,509,028 

1,663,983 

(26,917,818)

(15,449,913)

(27,568,369)

1,523,860,130
(Note 3)

(54,679,873)

1,389,248,261 

1,522,057,533 

1,676,817,665 

1,621,410,124 

1,849,657,256 

1,207,735,598 

1,314,614,489 

1,469,374,621 

1,556,584,173 

1,784,831,305
(Note 3)

802,865 

702,110 

678,731 

685,302 

964,743 

1,390,051,126 

1,522,759,643 

1,677,496,396 

1,622,095,426 

1,850,621,999 

1,208,538,463 

1,315,316,599 

1,470,053,352 

1,557,269,475 

1,785,796,048
(Note 3)

Note 1:  Long-term investments as of December 31, 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 9, 2021.

Condensed Balance Sheet from 2016 to 2020 (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

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

Year

2016

2017

2018

2019

2020

443,781,164 

397,290,976 

436,769,337 

464,401,415 

469,966,106 

550,524,494 

355,118,125 

559,380,999 

580,949,248 

565,432,338 

979,401,337 

1,016,355,970 

1,025,286,941 

1,310,900,634 

1,511,784,556 

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 

25,184,827 

21,733,597 

28,420,547 

1,837,338,144 

1,939,389,391 

2,075,461,008 

2,275,476,072 

2,733,505,113 

308,177,214 

489,689,877 

308,383,240 

515,826,284 

328,060,518 

605,540,547 

535,503,562 

      670,366,498 

139,912,669 

108,948,618 

70,582,825 

48,525,401 

448,089,883 

629,602,546 

417,331,858 

624,774,902 

398,643,343 

606,086,387 

654,065,948 

718,891,899 

680,529,735 

745,355,686
(Note 3)

203,318,122 

883,847,857 

948,673,808
(Note 3)

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

56,272,304 

56,309,536 

56,315,932 

56,339,709 

56,347,243 

1,072,008,169 

1,233,362,010 

1,376,647,841 

1,333,334,979 

1,588,686,081 

890,495,506 

1,025,918,966 

1,169,204,797 

1,268,509,028 

1,663,983 

(26,917,818)

(15,449,913)

(27,568,369)

1,523,860,130
(Note 3)

(54,679,873)

1,389,248,261 

1,522,057,533 

1,676,817,665 

1,621,410,124 

1,849,657,256 

1,207,735,598 

1,314,614,489 

1,469,374,621 

1,556,584,173 

1,784,831,305
(Note 3)

Note 1:  Long-term investments as of December 31, 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 9, 2021.

100

101

　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
6.1.2 Condensed Statement of Comprehensive Income

6.1.3 Financial Analysis

Condensed Statement of Comprehensive Income from 2016 to 2020 (Consolidated)

Financial Analysis from 2016 to 2020 (Consolidated)

334,247,180

343,111,476

351,130,884

345,263,668

517,885,387

91,056

35,372

53,522

80,141

272,695

Profitability Analysis

Return on Total Assets (%)

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

Unit: NT$ thousands (Except EPS: NT$)

Item

Net Revenue

Gross Profit

Income from Operations

Non-operating Income and Expenses

Income before Income Tax

Net Income

Year

2016

2017

2018

2019

2020

947,938,344

474,832,098

377,957,778

8,001,602

385,959,380

334,338,236

977,447,241

1,031,473,557

1,069,985,448

1,339,254,811

494,826,402

385,559,223

10,573,807

396,133,030

343,146,848

497,874,253

383,623,524

13,886,739

397,510,263

351,184,406

492,701,896

372,701,090

17,144,246

389,845,336

345,343,809

711,130,120

566,783,698

17,993,482

584,777,180

518,158,082

Other Comprehensive Income (Loss) for the Year, Net of Income Tax

(11,067,189)

(28,821,631)

9,836,976

(11,823,562)

(30,321,802)

Total Comprehensive Income for the Year

323,271,047

314,325,217

361,021,382

333,520,247

487,836,280

Net Income Attributable to:

Shareholders of the Parent

Noncontrolling Interests

Total Comprehensive Income Attributable to:

Shareholders of the Parent

Noncontrolling Interests

Basic/Diluted Earnings Per Share (Note)

323,186,736

314,294,993

360,965,015

333,440,460

487,563,478

84,311

12.89

30,224

13.23

56,367

13.54

79,787

13.32

272,802

19.97

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

Condensed Statement of Comprehensive Income from 2016 to 2020 (Unconsolidated)

Unit: NT$ thousands (Except EPS: NT$)

Item

Net Revenue

Gross Profit

Income from Operations

Non-operating Income and Expenses

Income before Income Tax

Net Income

Year

2016

2017

2018

2019

2020

936,387,291

461,808,296

369,730,533

15,458,427

385,188,960

334,247,180

969,136,109

1,023,925,713

1,059,646,793

1,314,793,013

478,937,691

374,690,117

18,626,059

393,316,176

343,111,476

492,955,501

384,027,838

12,170,315

396,198,153

351,130,884

480,143,141

365,923,992

22,821,227

388,745,219

345,263,668

682,004,023

543,465,507

39,153,435

582,618,942

517,885,387

Other Comprehensive Income (Loss) for the Year, Net of Income Tax

(11,060,444)

(28,816,483)

9,834,131

(11,823,208)

(30,321,909)

Total Comprehensive Income for the Year

323,186,736

314,294,993

360,965,015

333,440,460

487,563,478

Basic/Diluted Earnings Per Share (Note)

12.89

13.23

13.54

13.32

19.97

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

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)

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 (%)

Leverage

Industry Specific Key 
Performance Indicator

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Operating Leverage

Financial Leverage

Billing Utilization Rate (%) (Note)

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

Sales Growth (%)

Net Income Growth (%)

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

2020

32.97

137.80

176.97

154.35

281.95

9.35

39.04

5.70

64.04

15.45

0.92

0.53

20.69

29.84

218.58

225.52

38.69

19.97

19.97

133.30

100.74

11.24

1.97

1.00

94

58

25.17

50.00

Analysis of deviation of 2020 vs. 2019 over 20%:
1. Current ratio increased by 27% mainly due to increase in cash and cash equivalents and inventories.
2. Quick ratio increased by 24% mainly due to increase in cash and cash equivalents.
3. Times interest earned increased by 133% mainly due to increase in pre-tax income and decrease in interest expenses.
4.  Return on total assets increased by 29%, return on equity attributable to shareholders of the parent increased by 43%, basic earnings per share increased by 50% and diluted earnings per share increased by 50% 

mainly due to increase in net income attributable to shareholders of the parent.

5. Operating income to paid-in capital ratio increased by 52% as a result of increase in operating income.
6. Pre-tax income to paid-in capital ratio increased by 50% as a result of increase in pre-tax income.
7. Cash flow ratio increased by 28% and cash flow reinvestment ratio increased by 33% as a result of increase in cash provided by operating activities.

Note: Capacity includes wafers committed by Vanguard and SSMC.

* 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

4. Profitability Analysis

(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 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

3. Operating Performance Analysis

5. Cash Flow

(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

(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)

102

103

　
　
　
　
　
　
　
　
　
　
　
Financial Analysis from 2016 to 2020 (Unconsolidated)

6.1.4 Auditors’ Opinions from 2016 to 2020

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 (%)

Leverage

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Operating Leverage 

Financial Leverage

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

2020

32.33

135.80

85.37

65.93

330.85

9.80

37.24

6.13

59.58

14.89

0.93

0.52

20.74

29.84

209.59

224.69

39.39

19.97

19.97

114.56

99.88

10.93

2.04

1.00

Analysis of deviation of 2020 vs. 2019 over 20%:
1. Current ratio increased by 46% mainly due to increase in cash and cash equivalents and inventories.
2. Quick ratio increased by 44% mainly due to increase in cash and cash equivalents.
3. Times interest earned increased by 169% mainly due to increase in pre-tax income and decrease in interest expenses.
4.  Return on total assets increased by 30%, return on equity increased by 43%, net margin increased by 21%, basic earnings per share increased by 50% and diluted earnings per share increased by 50% mainly due 

to increase in net income.

5. Operating income to paid-in capital ratio increased by 49% as a result of increase in operating income.
6. Pre-tax income to paid-in capital ratio increased by 50% as a result of increase in pre-tax income.
7. Cash flow reinvestment ratio increased by 33% as a result of increase in cash provided by operating activities.

* 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
(6)  Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and 

Equipment

(7) Total Assets Turnover = Net Sales / Average Total Assets

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. Leverage

(1) Operating Leverage = (Net Sales - Variable Cost) / Income from Operations
(2)  Financial Leverage = Income from Operations / (Income from Operations - Interest 

Expenses)

Year 

2016

2017

2018

2019

2020

CPA

Yih-Hsin Kao, Yu-Feng Huang

Yih-Hsin Kao, Yu-Feng Huang

Mei Yen Chiang, Yu-Feng Huang

Mei Yen Chiang, Yu-Feng Huang

Mei Yen Chiang, Yu-Feng Huang

Audit Opinion

An Unmodified Opinion 

An Unmodified Opinion

An Unmodified Opinion

An Unmodified Opinion

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 2020 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. 

Taiwan Semiconductor Manufacturing Company Limited   

Chairman of the Audit Committee: Sir Peter L. Bonfield 

February 9, 2021

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 2020 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.

104

105

6.2 Financial Status and Operating Results

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

Equity Attributable to Shareholders of the Parent

Total Equity

2020

1,092,185,308

27,728,208

1,555,589,120

27,728,382

25,768,179

31,712,208

2019

822,613,914

30,172,039

1,352,377,405

17,232,402

20,653,028

21,756,244

2,760,711,405

2,264,805,032

617,151,048

292,938,358

910,089,406

259,303,805

56,347,243

1,588,686,081

(54,679,873)

1,849,657,256

1,850,621,999

590,735,701

51,973,905

642,709,606

259,303,805

56,339,709

1,333,334,979

(27,568,369)

1,621,410,124

1,622,095,426

Difference

269,571,394

(2,443,831)

203,211,715

10,495,980

5,115,151

9,955,964

495,906,373

26,415,347

240,964,453

267,379,800

0

7,534

255,351,102

(27,111,504)

228,247,132

228,526,573

%

33%

-8%

15%

61%

25%

46%

22%

4%

464%

42%

0%

0%

19%

-98%

14%

14%

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 current assets: The increase was mainly due to increase in cash and cash equivalents and inventories.
Increase in right-of-use assets: The increase was mainly due to increase in leases of land.
Increase in intangible assets: The increase was mainly due to increase in technology license and patent.
Increase in other assets: The increase in other assets was mainly due to increase in deferred income tax assets and other noncurrent 
assets.
Increase in total assets: The increase in total assets was mainly due to increase in current assets and property, plant and equipment.
Increase in noncurrent liabilities: The increase was mainly due to issuance of corporate bonds in 2020.
Increase in total liabilities: The increase was mainly due to increase in noncurrent liabilities.
Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign 
operations in 2020.
● Major Impact on Financial Position
The above deviations had no major impact on TSMC’s financial position.
● Future Plan on Financial Position: Not applicable.

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

2020

580,949,248

565,432,338

2019

355,118,125

559,380,999

1,511,784,556

1,310,900,634

25,184,827

21,733,597

28,420,547

15,030,020

16,271,444

18,774,850

2,733,505,113

2,275,476,072

680,529,735

203,318,122

883,847,857

259,303,805

56,347,243

1,588,686,081

(54,679,873)

1,849,657,256

605,540,547

48,525,401

654,065,948

259,303,805

56,339,709

1,333,334,979

(27,568,369)

1,621,410,124

Difference

225,831,123

6,051,339

200,883,922

10,154,807

5,462,153

9,645,697

458,029,041

74,989,188

154,792,721

229,781,909

0

7,534

255,351,102

(27,111,504)

228,247,132

%

64%

1%

15%

68%

34%

51%

20%

12%

319%

35%

0%

0%

19%

-98%

14%

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%
Increase in current assets: The increase was mainly due to increase in cash and cash equivalents and inventories.
Increase in right-of-use assets: The increase was mainly due to increase in leases of land.
Increase in intangible assets: The increase was mainly due to increase in technology license and patent.
Increase in other assets: The increase in other assets was mainly due to increase in deferred income tax assets and other noncurrent 
assets.
Increase in total assets: The increase in total assets was mainly due to increase in current assets and property, plant and equipment.
Increase in noncurrent liabilities: The increase was mainly due to issuance of corporate bonds in 2020.
Increase in total liabilities: The increase was mainly due to increase in noncurrent liabilities.
Decrease in other equity: The decrease was mainly due to increase in currency exchange loss arising from translation of foreign 
operations in 2020.
● Major Impact on Financial Position
The above deviations had no major impact on TSMC’s financial position.
● Future Plan on Financial Position: Not applicable.

106

107

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 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

2020

2019

1,339,254,811 

1,069,985,448 

628,108,309 

711,146,502 

(16,382)

711,130,120 

145,056,549 

710,127 

566,783,698 

17,993,482 

584,777,180 

66,619,098 

518,158,082 

(30,321,802)

487,836,280 

517,885,387 

487,563,478 

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 

Difference

269,269,363 

50,821,362 

218,448,001 

(19,777)

218,428,224 

25,551,967 

1,206,351 

194,082,608 

849,236 

194,931,844 

22,117,571 

172,814,273 

(18,498,240)

154,316,033 

172,621,719 

154,123,018 

%

25%

9%

44%

-583%

44%

21%

NM

52%

5%

50%

50%

50%

-156%

46%

50%

46%

● Analysis of Deviation over 20%
Increase in net revenue: The increase was mainly attributed to rise in average selling price due to higher advanced technology 
revenue weighting and increase in wafer shipments during 2020, partially offset by the unfavorable impact of change in foreign 
exchange rate.
Increase in gross profit before realized (unrealized) gross profit on sales to associates and gross profit: The increase was mainly 
due to higher capacity utilization and continuing cost improvement in 2020, partially offset by an unfavorable exchange rate and 
dilution from 5-nanometer products.
Decrease in realized (unrealized) gross profit on sales to associates: The decrease was mainly due to higher sales to investees in the 
fourth quarter of 2020.
Increase in operating expenses: The increase was mainly due to higher research and development expenditures for advanced 
technology.
Increase in other operating income and expenses, net: The increase was mainly due to a net gain on disposal of property, plant and 
equipment in 2020 compared to a net loss on disposal of property, plant and equipment in 2019.
Increase in income from operations: The increase was mainly due to gross profit increased at a higher rate than the increase in 
operating expenses.
Increase in income before income tax: The increase was mainly due to higher income from operations.
Increase in income tax expenses, net income and total net income attributable to shareholders of the parent: The increase was 
mainly due to higher income before income tax in 2020.
Increase in other comprehensive loss, net of income tax: The increase was mainly due to increase in currency exchange loss arising 
from translation of foreign operations in 2020.
Increase in total comprehensive income for the year and total comprehensive income attributable to shareholders of the parent: The 
increase was mainly due to higher net income in 2020.
● 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.

Unconsolidated

Unit: NT$ thousands

Item

Net Revenue  

Cost of Revenue  

Gross Profit before Realized (Unrealized) Gross Profit on Sales 
to Subsidiaries and Associates

Realized (Unrealized) Gross Profit on Sales to Subsidiaries and 
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 Loss, Net of Income Tax

Total Comprehensive Income for the Year

2020

2019

1,314,793,013 

1,059,646,793 

632,772,608 

682,020,405 

579,507,047 

480,139,746 

Difference

255,146,220 

53,265,561 

201,880,659 

(16,382)

3,395 

(19,777)

682,004,023 

139,285,510 

746,994 

543,465,507 

39,153,435 

582,618,942 

64,733,555 

517,885,387 

(30,321,909)

487,563,478 

480,143,141 

114,067,919 

(151,230)

365,923,992 

22,821,227 

388,745,219 

43,481,551 

345,263,668 

(11,823,208)

333,440,460 

201,860,882 

25,217,591 

898,224 

177,541,515 

16,332,208 

193,873,723 

21,252,004 

172,621,719 

(18,498,701)

154,123,018 

%

24%

9%

42%

-583%

42%

22%

NM

49%

72%

50%

49%

50%

-156%

46%

● Analysis of Deviation over 20%
Increase in net revenue: The increase was mainly attributed to rise in average selling price due to higher advanced technology 
revenue weighting and increase in wafer shipments during 2020, partially offset by the unfavorable impact of change in foreign 
exchange rate.
Increase in gross profit before realized (unrealized) gross profit on sales to subsidiaries and associates and gross profit: The increase 
was mainly due to higher capacity utilization and continuing cost improvement in 2020, partially offset by an unfavorable exchange 
rate and dilution from 5-nanometer products.
Decrease in realized (unrealized) gross profit on sales to subsidiaries and associates: The decrease was mainly due to higher sales to 
investees in the fourth quarter of 2020.
Increase in operating expenses: The increase was mainly due to higher research and development expenditures for advanced 
technology.
Increase in other operating income and expenses, net: The increase was mainly due to a net gain on disposal of property, plant and 
equipment in 2020 compared to a net loss on disposal of property, plant and equipment in 2019.
Increase in income from operations: The increase was mainly due to gross profit increased at a higher rate than the increase in 
operating expenses.
Increase in non-operating income and expenses: The increase was mainly due to higher share of profits of subsidiaries and 
associates in 2020.
Increase in income before income tax: The increase was mainly due to higher income from operations.
Increase in income tax expenses and net income: The increase was mainly due to higher income before income tax in 2020.
Increase in other comprehensive loss, net of income tax: The increase was mainly due to increase in currency exchange loss arising 
from translation of foreign operations in 2020.
Increase in total comprehensive income for the year: The increase was mainly due to higher net income in 2020.
● 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.

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109

6.2.3 Cash Flow

Consolidated

Unit: NT$ thousands

Cash Balance 
12/31/2019

Net Cash Provided 
by Operating 
Activities in 2020

Net Cash Used in 
Investing Activities  
in 2020

Net Cash Used in 
Financing Activities 
in 2020

Effect of Exchange 
Rate Changes on 
Cash and Cash 
Equivalents in 
2020

Remedy for Liquidity Shortfall

Cash Balance 
12/31/2020

Investment Plan

Financing Plan

 455,399,336 

 822,666,212 

(505,781,714)

(88,615,087)

(23,498,100)

 660,170,647 

None

None

● Analysis of Cash Flow
NT$822.7 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization 
expenses.
NT$505.8 billion net cash used in investing activities: primarily for capital expenditures.
NT$88.6 billion net cash used in financing activities: mainly for cash dividend payment, repayment of corporate bonds and decrease 
in short-term loans, partially offset by issuance 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 
12/31/2019

Net Cash Provided by 
Operating Activities in 
2020

Net Cash Used in 
Investing Activities in 
2020

Net Cash Used in 
Financing Activities in 
2020

Cash Balance 
12/31/2020

Remedy for Liquidity Shortfall

Investment Plan

Financing Plan

 141,450,698 

 779,610,148 

(503,670,089)

(114,225,040)

 303,165,717 

None

None

● Analysis of Cash Flow
NT$779.6 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization 
expenses.
NT$503.7 billion net cash used in investing activities: primarily for capital expenditures.
NT$114.2 billion net cash used in financing activities: mainly for cash dividend payment, partially offset by issuance 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

Production Facilities, R&D and Production Equipment 

Cash flow generated from operations and issuance of 
corporate bonds

Total Amount for 2020 
and 2019

Actual Use of Capital

2020

2019

 952,577,255 

 496,152,977 

 456,424,278 

Others

Total

Cash flow generated from operations

 15,083,617 

 11,085,745 

 3,997,872 

 967,660,872 

 507,238,722 

 460,422,150 

Based on capital expenditures listed above, TSMC’s annual production capacity increased by approximately 0.7 million 12-inch 
equivalent wafers in 2020.

6.2.5 Long-term Equity Investment Policy and Results

TSMC’s long-term equity investments accounted for using 
equity method were all made for strategic purposes. In 2020, 
the gains from these investments amounted to NT$3,592,818 
thousand on a consolidated basis, increasing from the previous 
year mainly due to increases in product demand and the mass 
production of new products. In the future, TSMC’s long-term 
equity investments accounted for using equity method will 
continue to focus on strategic purposes through prudent 
assessments.

6.3 Risk Management

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 key points 
of the Company’s enterprise risk management, and risk 
assessment and mitigation efforts. The Audit Committee’s 
Chairperson also reports to the Board of Directors 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 assesses likelihood and impact severity of risk events on 
the Company’s operation, and is used to identify and prioritize 
risk controls and implement various controls and 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

Enterprise Risk Management Framework

Risk Identification and 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 assesses 

likelihood and impact of risk events on operations

Risk Control and Mitigation
●  Cross-function risk communication to determine 

cost-effective risk controls

●  RM Executive Council is responsible for risk control 

implementation

●  Risk controls implementation reviewed in annual control 

self-assessment

Risk Response
●  Crisis management and response plans
●  Scenario-based crisis response drills
●  Business continuity plans

Risk Monitoring and 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 established 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 

110

111

functions is responsible for giving directions and internal 
coordination to speed up response time and proactively 
communicate with stakeholders. To raise risk awareness and 
strengthen risk management culture in TSMC, RM task forces 
have been formed to enhance risk assessment and conduct 
crisis response exercises for potential 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 of ERM and effectiveness 
of risk controls.

To mitigate 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 2020.

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 during the design phase of 
all new fabs.

Organization Functions
RM Steering Committee
● Consists of functional heads (with internal audit head sitting 

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 controls
● Coordinates and facilitates RM Executive Council on risk 

management activities

● Consolidates ERM reports and provides updates to the RM 

Steering Committee

RM Task Force
● Identifies potential scenarios and business impact
● Determines risk mitigation actions in accordance with risk 

scenarios

● Establishes crisis management procedures and conducts 

6.3.1 Risk Management Organization Chart

exercises

TSMC’s risk management organization reports annually to the 
Audit Committee on the risk environment TSMC faces, the key 
points of enterprise risk management, and risk assessment 
and mitigation efforts. The Audit Committee Chairperson also 
reports to the Board on these discussions and actions.

Board of Directors/
Audit Committee

RM Steering Committee

Materials Management
and Risk Management

RM Executive Council

RM Program

RM Task Force

6.3.2 Strategic Risks

Risks Associated with Changes in Technology and 
Industry
● Industry Developments  
The electronics industries and semiconductor market 
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, and 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 its 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, it 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 competition 
and concentration of customers (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, it may result in loss of revenue and additional cost, 
as well as loss of business or customer trust. For example, 
in January 2019, the Company discovered yield problems in 
12-nanometer and 16-nanometer wafers caused by a batch of 
photoresist, which resulted in delayed delivery of products and 
had a negative effect on TSMC’s gross margin and operating 
margin in the first quarter of 2019. To reduce future risks of 
such incidences, the Company has since 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, it may become less competitive and its 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 15-17 of this annual report.

Risks Associated with Decrease in Demand and Average 
Selling Price
A vast majority of the Company’s revenue is derived from 
customers who use TSMC 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 TSMC products and services, could adversely affect 
the Company’s revenue. Further, semiconductor manufacturing 
facilities require substantial investment to construct and are 
largely fixed-cost assets once they are in operation. Because 
the Company owns most of its 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 TSMC may lead to a reduction of its revenue, margin and 
earnings.

Risks Associated with Competition
The markets for TSMC’s foundry services are highly competitive. 
The Company competes with other foundry service providers, 
as well as 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 subsidies, 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 
government policies and regulations that might impact its 
business and financial condition. During 2020 and as of 
the date of this Annual Report, there were no government 
policies or regulatory changes would materially impact TSMC’s 
operations or financial condition.

112

113

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. Based 
on market demand forecasts, TSMC has continued to add 
capacity to meet market needs for its products and services. 
Currently, TSMC’s capacity expansion plans include installing 
and increasing production capacity, mainly for 5-nanometer 
and 3-nanometer nodes, expanding its production facilities 
in the Southern Taiwan Science Park and building a 300mm 
wafer fab in Arizona.

Implementing these capacity expansion plans will increase 
its costs, and the increases may be substantial. For example, 
the Company would need to build new facilities, purchase 
additional equipment and hire 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 addition, market conditions are dynamic and 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 over a short period 
of time, TSMC may not be able to restore the capacity in 
a timely manner to take advantage of the upturn. In such 
circumstances, its financial performance and competitiveness 
may be adversely affected.

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’ business have changed dramatically. 
While the Company generates revenue from hundreds of 
customers worldwide, TSMC’s ten largest customers in 2018, 
2019 and 2020 accounted for approximately 68%, 71% and 
74% of TSMC’s net revenue in the respective year. TSMC’s 
largest customer in 2018, 2019 and 2020 accounted for 
approximately 22%, 23% and 25% 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 its net 
revenue in 2018, 14% and 12% of its net revenue in 2019 and 
2020, respectively.

A more concentrated customer base will subject TSMC’s 
revenue to seasonal demand fluctuations from the Company’s 
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, TSMC has seen the changes of nature in the Company’s 
customers’ business models in response to this new business 
model paradigm. 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 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 obtain 
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 find, 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 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 time. Further, 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. Additionally, 
ongoing trade tensions or protectionist measures could result 
in increased prices for, or even unavailability of, key equipment, 
including as a result of necessary export licenses being delayed 
or denied, additional export control measures, and other tariff 
or non-tariff barriers. 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
Even though 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 cyberattacks by any third party attempting to 
gain unauthorized access to its internal network systems, to 
sabotage its operations and goodwill or otherwise. In the event 
of a serious cyberattack, 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. Hackers behind these cyberattacks 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’s network 
systems to disrupt our operations, blackmail the Company 
to regain control of our computing systems, or spy on it 
for sensitive information. These attacks may result in TSMC 

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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 the Company 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.

In the past, TSMC experienced and may in the future be subject 
to attack by malicious software contained in the equipment the 
Company purchases and installs. TSMC has implemented and 
continually updated rigorous cybersecurity measures to prevent 
and minimize harm caused by such attacks. These measures 
include advanced virus scanning tools to prevent a fab from 
installing virus-infected tools, strengthening firewall and 
network controls to prevent computer viruses from spreading 
among tools and fabs, and the installation of anti-virus and 
advanced malware detection solutions across our computer 
devices. In addition, TSMC has deployed secure PCs and 
laptops, developed a public cloud security policy, introduced 
new technology for data protection, and improved email 
phishing detection. TSMC also established an integrated and 
automatic security operation platform, and it regularly perform 
employee awareness testing and conduct external security 
risk assessments. While these ongoing enhancements further 
improve Company’s cybersecurity defense solutions, there can 
be no assurance that the Company is immune to cyberattacks.

In addition, TSMC employs certain third-party service providers 
for the Company and its affiliates worldwide with whom it 
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 
cyberattacks. If TSMC or its service providers are not able to 
timely resolve the respective technical difficulties caused by 
such cyberattacks, 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, including non-practicing entities 
and semiconductor companies, 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. Because of the nature 
of the industry, its market position, and the expansion 
of its manufacturing operations in foreign jurisdictions, 
the Company may receive an increased number of such 
communications in the future. The assertions made and 
lawsuits initiated by litigious, well-funded, non-practicing 
entities are particularly aggressive in their monetary demand 
and in seeking court-issued injunctions. 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, with the Company’s expansion of its 
manufacturing operations into certain non-R.O.C. jurisdictions, 
it has faced increased challenges in managing 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.

We cooperated continuously with the Commission to provide 
the requested information and documents. The Commission 
subsequently decided to close the investigation in May 2020.

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 originating within and outside 
of TSMC 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, we have 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 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:

On September 28, 2017, TSMC was contacted by the 
European Commission (the “Commission”), which asked 
us for information and documents concerning alleged 
anti-competitive practices in relation to semiconductor sales. 

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 2020 and as of the date of this annual report, TSMC did not 
conduct any merger or acquisition.

Risks Associated with Recruiting Quality Personnel
TSMC 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, illegal talent poaching, 
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.

In order to reduce the risk of talent recruitment, TSMC 
encourages job rotation and implements on-the-job training 
and certification system. In this way, employees can learn 
and enhance their work efficiency in the actual work field. 
Moreover, TSMC creates multiple recruitment channels and 
continues to hire top-notch talents from Taiwan and overseas. 
TSMC recruits diversified and various special professional 
talents, and at the same time strengthen industry-academic 
cooperation. Grasp outstanding talents earlier can help TSMC 
recruit them in the future.

Future R&D Plans and Expected R&D Spending
For additional details, see “5.2.7 Future R&D Plans” on page 
86-87 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.

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In 2020, 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 2020 Taiwan Corporate 
Sustainability Awards’ Most Prestigious Sustainability Award, 
Platinum Medal For Sustainability Report, Sustainable Water 
Management Award, Climate Leader Award, and Supply 
Chain Management 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 
Fortune Magazine’s 2020 World’s Most Admired Companies 
and the 2020 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; Membership in the Corporate Knights 
100 Most Sustainable Corporations for 2020; ranked No.1 in 
the 2020 Carbon Clean 200 list by Corporate Knights and As 
You Sow; Membership in the Wall Street Journal’s 100 Most 
Sustainably Managed Companies; and named Most Impactful 
Pioneer in the 2020 RE100 Leadership Awards. In addition, 
TSMC was selected as a part of the Dow Jones Sustainability 
Indices for the 20th consecutive year.

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 2020, the Corporate Social Responsibility 
Executive Committee, led by Chairman Dr. Mark Liu, held the 
first “TSMC CSR AWARD,” taking tangible action to encourage 
all employees to propose ideas for sustainability in the five 
strategic directions of corporate social responsibility, including 
green manufacturing, building a responsible supply chain, 
creating an inclusive workplace, talent development, and 
caring for the underprivileged. The award further motivates 
TSMC colleagues to think innovatively about their work, 
implement corporate social responsibility, and build further on 
the Company’s 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, pandemics, 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 
also holds regular exercises for crisis scenarios to ensure that 
crisis response procedures are comprehensive.

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 2020 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 the 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 
the Company to invest in securities with 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, which are 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. At the same time, if interest rates fall, 
cash and cash equivalents as well as floating-rate securities may 
generate less interest income than expected.

denominated assets and liabilities and certain forecasted 
transactions. These hedges reduce, but do not entirely 
eliminate, the effect of foreign currency exchange rate 
movements on its assets and liabilities.

TSMC has entered and may in the future enter 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 movements in 
interest rates.

All of the Company’s short-term debt is floating-rate, hence a 
rise in interest rates may result in higher interest expense than 
expected. The majority of its long-term debt is fixed-rate and 
measured at amortized cost and as such, changes in interest 
rates would not affect the future cash flows and the carrying 
amount.

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 
rates after 2021. TSMC cannot predict the consequences and 
timing of these developments, or whether such a transition 
might cause a reduction in its interest income and/or an 
increase in its interest expense.

● Foreign Exchange Volatility
Substantially all of TSMC’s sales are denominated in U.S. dollars 
and over half of its capital expenditures are denominated in 
currencies other than NT dollars, primarily in U.S. dollars, Euros, 
and Japanese yen. As a result, any significant fluctuations to 
its disadvantage in the exchange rate of the NT dollar against 
such currencies, in particular a weakening of the U.S. dollar 
against the NT dollar, would have an adverse impact on the 
Company’s revenue and operating profit as expressed in NT 
dollars. For example, every one percent depreciation of the U.S. 
dollar against the NT dollar would result in an approximately 
0.4 percentage point decrease in the Company’s operating 
margin based on its 2020 results.

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 derivative contracts, such as 
currency forwards or currency swaps, to protect against 
currency exchange rate risks associated with non-NT-dollar-

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 2020 and as of the date of this annual report, inflation had 
no 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.

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.

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, the Company 
may be forced to curtail its expansion, modify plans or delay 
the deployment of new or expanded services until it obtains 
such financing.

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Risks Associated with High-Risk/Highly Leveraged 
Investments; Lending, Endorsements, and Guarantees 
for Other Parties; and Financial Derivative Transactions
In 2020 and as of the date of this annual report, TSMC made 
no high-risk or highly leveraged financial investments.

In 2020 and as of the date of this annual report, TSMC 
has provided guarantees to TSMC Global, a wholly-owned 
subsidiary of TSMC, for its issuances of US dollar-denominated 
senior unsecured bonds in amounts not to exceed US$7.5 
billion in total. Among which, US$3 billion senior unsecured 
bonds were already issued in September 2020. Since 2014, 
TSMC has provided a guarantee of 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 of 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 28, 2021, there were RMB 4.8 billion 
outstanding intercompany loans between TSMC’s subsidiaries, 
and US$3.1 billion outstanding intercompany loans between 
TSMC and its subsidiary. All intercompany loans were in 
compliance with relevant rules and regulations.

All derivative financial transactions entered in 2020 by TSMC 
were strictly for hedging and not for 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 manage risks of various financial transactions, TSMC has 
established internal control 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’s 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 not able 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 mainly based 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, other natural disasters and severe 
weather, have 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. For example, in 2021, Taiwan has 
faced one of the worst droughts in decades. Government 
restrictions on supply and usage of water by industrial 
companies such as TSMC in response to such severe weather 
events could also disrupt our 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 or surges 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.

If such events were to occur over prolonged periods of 
time, TSMC’s operations and financial performance may be 
materially adversely affected.

Future expansions of TSMC’s operations in the R.O.C. could be 
limited by shortages in water and electricity, and the limited 
availability of commercial-use land.

The ongoing 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 TSMC’s supply chains for equipment, parts and 
materials in terms of manufacturing, logistics, and manpower 
arrangements for tool installation; (2) significant fluctuation 
in TSMC customers’ demands for certain products, leading 
to uncertainties for TSMC’s capacity planning and also for 
meeting customers’ demand, which may harm TSMC’s 
business with customers and subject TSMC to risks of legal 
disputes; and (3) potential production delays for TSMC’s 
products due to forced factory or office closures or partial 
operation.

The Company has implemented various measures to address 
the abovementioned risks, including but not limited to, 
health management of TSMC’s employees, management 
of production inventory, supply chain risk management, 
and capacity management for demand changes. TSMC has 
formed an “Epidemic Prevention Committee” to identify, 
implement and monitor such actions as required by the 
dynamic exigencies arising from 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, 
partially due to such trends as work-from-home and distance 
learning emerged to help accelerate the digital transformation. 
However, there is no certainty that the measures the Company 
has taken will be sufficient to mitigate the risks posed by 
COVID-19, and TSMC’s ability to perform critical functions 

and to meet customers’ needs 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 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, 

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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 Change 
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 its 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 in alterations in TSMC’s manufacturing, 

fabrication and assembly and test processes;

● challenges from its 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;

● restrictions on TSMC’s 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 its 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 131-132 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.

As of the date of this annual report, no single shareholder 
owned 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 15-17 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.

In May 2020 and again in August 2020, the U.S. tightened its 
export control measures against Huawei Technology Co. Ltd. 
and its affiliates (collectively, “Huawei”), including an expanded 
license requirement for providing Huawei with items subject 
to the U.S. export control jurisdiction. To comply with relevant 
laws and regulations, we have discontinued shipment of 
products to Huawei since September 15, 2020. On the other 
hand, measures adopted by an affected country to counteract 
impacts of another country’s actions or regulations could 
lead to significant legal liability to multinational corporations 
including our own. For example, in January 2021, China 
adopted a blocking statute that, among other matters, entitles 
Chinese entities incurring damages from a multinational’s 
compliance with foreign laws to seek civil remedies.

As of the date of this annual report, our current results of 
operations have not been materially affected. Nevertheless, 
depending on future developments of global trade tensions, 
such relevant regulations, rules, or measures may have an 
adverse impact on our business and operations, and we may 
incur significant legal liability and financial losses as a result.

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 2020 and as of the date of this annual report, TSMC’s 
management was not aware of any other risk that could have 
a potentially material impact on the financial status of the 
Company.

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124

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7.1 Overview

The Company’s four core values of integrity, commitment, innovation, and customer trust remain as the core values of TSMC’s 
culture. As the world’s leading semiconductor foundry and a trusted technology and capacity provider, TSMC seeks, in addition 
to continued success in its business endeavors, to fulfill its ESG (Environmental, Social and Governance) management. For TSMC 
these responsibilities fall into three primary missions: acting with integrity, strengthening environmental protection and caring 
for the disadvantaged. For each of these missions the Company has established concrete, measurable long-term goals, as well as 
corresponding action plans to review and correct periodically, consistently creating value for all stakeholders.

Guidance for the Implementation of ESG
TSMC’s “ESG Policy” is the overarching guiding principle for sustainable development. The “ESG Matrix” set by the Company’s 
founder Dr. Morris Chang, clearly defines the scope of TSMC’s ESG responsibility. The horizontal axis shows the seven areas where 
TSMC strives to demonstrate its ESG commitment: 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 fulfill these responsibilities.

TSMC ESG 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

ESG Management
In compliance with the vision and missions of TSMC’s ESG Policy, the ESG Steering Committee serves as the highest-level ESG 
decision-making center within the Company and is committed to aligning TSMC more closely with international sustainability 
trends. TSMC’s Chairman chairs the ESG Steering Committee, and the Chairperson of the ESG 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 ESG, and draft the blueprint to link the Company’s core competencies with the 
UN sustainable development goals (SDGs).

The Company’s ESG 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 ESG strategies, identify 
key issues for the year, draft ESG-related budgets for their organizations and coordinate resource deployment, as well as plan and 
carry out annual projects. The Committee pursues sustainability objectives of interest to all stakeholders and ensures ESG strategies 
are implemented effectively in the Company’s daily operations.

126

The Chairperson of the ESG Committee reports quarterly to the Board of Directors on implementation results and the work planned 
in the future. In 2020, TSMC focused on strengthening renewable energy adoption, driving in-house reuse rate of resources to 
realize circular economics, applying circular economy, and launching the TSMC Urban Greenery Project. To build a sustainable 
supply chain, the Company implemented a signed supplier code of conduct, performed supplier risk assessments and launched 
Supply Online 360, a Global responsible supply chain management platform, to extend TSMC’s high operational standards. The 
Company also created an inclusive workplace by piloting a “Psychological Safety” program to enable open communication and 
develop semiconductor talent and support through STEM (science, technology, engineering and mathematics) education. 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.

Stakeholder Engagement
TSMC respects all stakeholder rights. To understand the level of interest in sustainability issues, TSMC uses multiple systematic channels 
to communicate with stakeholders, including the “Contact Us” section of the corporate website, the ESG website and the ESG 
mailbox, the Irregular Business Conduct Reporting System, as well as the new Supply Chain Worker Grievance Channel, established in 
2020. TSMC has conducted three studies focused on identification, prioritization and validation with regard to these issues.

In 2020, the TSMC ESG mailbox received 445 valid emails on subjects ranging from corporate governance, innovation and services, 
to supply chain management, green manufacturing, inclusive workplace, and social investments. Submissions were primarily 
regarding requests for inquiries on operations, proposals for donations and collaborations, opinion and feedback from the public 
and visits. 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 2020

Stakeholders

Employees

Shareholders/Investors

Customers

Suppliers/Contractors

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, Proprietary Information Protection (PIP) Committee, etc.
● Employee voice channels, such as Immediate Response System, Employee Opinion Box, Wellness Center, wellness website, 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
● Face-to-face meetings, video conference call and telephone conference call
● 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
● Supply Chain Security Association Meetings
● Supply Chain Management Forum
● Responsible Supply Chain Forum
● Environmental, Safety, and Health Training Program–Experience Sharing Workshops
● Supplier Ethics and Code of Conduct Promotion
● On-site consult and audit
● Supply Online 360 – Global responsible supply chain management platform
● Supplier self-assessment questionnaire and Supplier Survey on Ethics
● Supply Chain Worker Grievance Channel

Government

● Official correspondence and visits
● Industry experience and advice sharing, and keynote speeches
● Meetings (such as communication meetings, public hearings, forums, seminars or social gatherings)
● Communication platforms of the industry associations and NGOs

(Continued)

127

Stakeholders

Society

Communication Channels

● 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 ESG website, newsletters, mailbox and Facebook page
● TSMC Education and Culture Foundation and TSMC Charity Foundation websites
● “Sending Love” charity platform

Responsibilities of ESG Steering Committee and ESG 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

Stakeholders

Employees
Government
Society (Note)

Customer Service

Customers’ Service and Satisfaction, Customer Trust, Customer Confidentiality, RBA and its Code of Conduct

Customers

Information Technology and Materials & Risk 
Management

Information Security, Materials and Supply Chain Risk Management, Supplier Management, Conflict Minerals, RBA and 
its Code of Conduct; Risk Management, Crisis Management, Emergency Response and Action Plan

Quality and Reliability

Product Quality and Reliability, Product Recall Mechanism

Research and Development

Innovation Management, Green Products

Employees
Shareholders/Investors
Customers
Suppliers/Contractors
Government
Society

Customers
Suppliers/Contractors

Employees
Customers
Suppliers/Contractors

Business Development

Shaping an Energy-efficient Technology Roadmap, Building Alliance with Customers to Foster Smarter, Greener Product 
Innovations, Establishing & Promoting TSMC as a Responsible Technology Thought Leader, and Sharing its Experiences 
and Achievements

Employees
Customers
Society

Finance

Financial Disclosure, Dividend Policy, Tax Strategy

Investor Relations

Operations

Resolving Issues of Stakeholder Concern, Establishing Trusting Long-term Relationships, Effective Two-way 
Communication, Annual Report Production

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

Employees
Shareholders/Investors
Customers
Suppliers/Contractors
Government

Shareholders/Investors

Customers
Shareholders/Investors
Suppliers/Contractors

Employees
Shareholders/Investors
Customers
Suppliers/Contractors
Government
Society

Human Resources

Talent Attraction and Retention, 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

Employees

TSMC Education and Culture Foundation 
TSMC Charity Foundation

Philanthropy, Community Relations

Public Relations

Stakeholder Engagement, Mechanism for Reflecting Issues of Social Concern, Media Relations

Note: Society includes community, non-governmental organizations, non-profit organizations and the public.

Society

Society

TSMC believes that companies exist to bring positive change to the world. The Company knows that the future is filled with 
challenges but it will always stay true to its cornerstones of – integrity and responsible operations. TSMC has chosen nine major 
United Nations’ Sustainable Development Goals (SDGs), drafted 2030 long-term goals, and implemented sustainable approaches 
accordingly. With Goal 17 of the SDG – global partnerships – at the core, TSMC collaborates with stakeholders inside and outside 
the Company as well as with business partners along the value chain. Through participation, cooperation, and dialogue, TSMC 
actively creates sustainable values in the governance/economy, the environment and society for its stakeholders, and has become 
the only semiconductor company chosen for the Dow Jones Sustainability World Indices over the past 20 consecutive years.

2020 ESG Awards and Ratings

Category

Overall ESG

Organization

Awards and Ratings

Dow Jones Sustainability Indices (DJSI)

● Dow Jones Sustainability World Index for the 20th consecutive year
● Dow Jones Sustainability Emerging Markets Index

RobecoSAM (S&P Global)

● The Sustainability Yearbook Award 2020 – Gold Class

MSCI ESG Indexes

Sustainalytics

FTSE4Good Index

RE100

Wall Street Journal

Corporate Knights

● MSCI ACWI ESG Leaders Index component
● MSCI ESG Research – AAA Ratings
● MSCI ACWI SRI Index component
● MSCI ACWI Islamic Index component
● MSCI Emerging Markets ESG Leaders Index

● “Top Rated” within the Semiconductor Industry

● FTSE4Good Emerging Index component
● FTSE4Good All-World Index component
● FTSE4Good TIP Taiwan ESG Index component

● RE100 Leadership Awards 2020 – Most Impactful Pioneer

● The 100 Most Sustainably Managed Companies in the World

● Global 100 Most Sustainable Corporations

World Benchmarking Alliance (WBA)

● SDG 2000 – The 2,000 Most Influential Companies

CommonWealth Magazine

● Corporate Social Responsibility Award – Large cap – 1st Place

Taiwan Institute of Sustainable Energy

Economy, Governance

Institutional Investor Magazine

● The Most Prestigious Sustainability Awards – Top Ten Domestic Corporates – for the 5th consecutive year
● Taiwan Top 50 Corporate Responsibility Report Awards – IT & IC Manufacturing – Platinum Award
● English Report – Platinum Award
● Sustainable Water Management Awards
● Climate Leadership Awards
● Supply Chain Management Awards

● Most Honored Company (Technology/Semiconductors) – All-Asia
● Best ESG (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia
● Best CEO (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia
● Best CFO (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia
● Best Investor Relations Program (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia 
● Best Investor Relations Professional (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia
● Best Investor Relations Team (Technology/Semiconductors) – 1st Place (buy-side and sell-side) – All-Asia

IFI Claims

● 2020 Top 50 US Patent Assignees

Institute of Electrical and Electronics Engineers 
(IEEE)

● 2021 IEEE Corporate Innovation Award

Forbes

FORTUNE

Brand Finance

Asiamoney

Business Today

Taiwan Stock Exchange

PricewaterhouseCoopers

R.O.C. Ministry of Economic Affairs Intellectual 
Property Office

Corporate Synergy Development Center

● Global 2000

● 2020 World’s Most Admired Companies
● Fortune Global 500

● Tech 100 2020

● Most Outstanding Company in Taiwan – Semiconductors & Semiconductor Equipment Sector

● Top 1,000 Enterprises in Taiwan, Hong Kong and Mainland China

● Top 5% in Corporate Governance Evaluation of Listed Companies for the 6th consecutive year

● Global Top 100 Companies by market capitalization for the 8th consecutive year

● Ranked No. 1 in Taiwan patent applications for the 5th consecutive year

● Taiwan Continuous Improvement Award – Gold Tower Award – Advanced Packaging Technology and Service, 
Intelligent Manufacturing Center, Fab 14A, Fab 15B
● Taiwan Continuous Improvement Award – Silver Tower Award – Fab 3
● Taiwan Continuous Improvement Award – Best Improvement Innovation Award – Advanced Packaging Technology 
and Service

Environment, Safety and Health

Corporate Knights & As You Sow

● 2020 Carbon Clean 200TM  List – 1st Place

CDP

● Climate Change – A-
● Water Security – A

Alliance for Water Stewardship（AWS）

● “Platinum” class certification – Fab 15A, Fab 15B

U.S. Green Building Council Leadership in Energy 
and Environmental Design (LEED) certification

● “Gold” class certification – Fab 15 P7, Fab 18 P1 Manufacturing Facility

R.O.C. Industrial Development Bureau, Ministry of 
Economic Affairs

● Excellence in Voluntary Carbon Offsets Award – Fab 14B, Fab 15A
● Green Factory – Fab 14 P7

Society

Cheers

Forbes

● Top 10 Most Admired Companies to Young Generations

● World’s Best Employers

128

129

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 
with internationally recognized best practices. The Company’s 
ESH policies aim to achieve “zero incident” and “environmental 
sustainability” and to make TSMC a world-class organization 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 ISO 45001: 2018 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 latest 
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 obtained 
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. Through the establishment 
of 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 started a project for reducing usage of 
hazardous substance N-methylpyrrolidinone (NMP) in 2016. 
NMP unit product usage has been reduced 59% by 2020 
comparing to 2016, and the project will continue promoting 
for 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 all TSMC overseas subsidiaries scheduled to receive the 
certification in 2019 have had their certifications postponed to 
2021 due to the impact of COVID-19 pandemic.

Aiming to establish the healthiest possible workplace, in 2017 
TSMC formed a corporate-level health promotion committee 
led by managers at the vice president level. The committee 
members include site directors, managers of safety and health 
department, and representatives from wellness, HR and legal 
affairs divisions. External experts have also been invited to 
discuss the potential risks of occupational diseases in the 
semiconductor manufacturing process and 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 focused on preventing 
occupational injuries and diseases and promoting employee 
safety, physical and mental health.

To mitigate the supply chain risk and fulfill corporate social 
responsibility, TSMC not only follows ESH best practices 
internally but also strives to improve the ESH performance of its 
suppliers and contractors through audits and counseling.

TSMC uses priority work management and self-management 
to govern services provided by contractors. The Company 
requires contractors performing level-one high-risk operations 
to complete certification for technicians and to establish their 
own ISO 45001 safety and health management system. The 
promotion of self-management aims at improving sense of 
responsibility, with the goal of promoting safety awareness and 
technical improvement for all contractors in the industry. For 
onsite contractor personnel, TSMC has standardized courses on 
safety and health and increased the frequency of such courses 
to improve training effectiveness and safety awareness. To 
ensure the Company’s safety protocols are accurately delivered 
to contractors on a timely basis, TSMC has established a digital 
platform for mutual communication so that onsite 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 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 have made excellent progress in procedure establishment and implementation for pollution control 
and safety management. To take it a step further, the Company has given greater attention to occupational hygiene issues directly 
related to labor health. In 2017, TSMC and the Ministry of Labor Occupational Safety and Health Administration (OHSA) jointly 
launched the “Semiconductor Supply Chain Safety and Health Promotion Project”. TSMC also 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.

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 adopted recommendations 
of the Task Force on Climate-related Financial Disclosures (TCFD) released by the Financial Stability Board (FSB) to identify risk and 
opportunities, and further established metrics and target management based on the identification results.

Management Structure of TSMC Climate-related Risk and Opportunity

Category

Governance

Management Strategy and Actions

Board of Directors periodically reviews climate change related risk and opportunity
● ESG Steering Committee led by Chairman is the Company’s top organization that deals with climate change management. The chairperson of ESG Committee serves as the 
Executive Secretary. ESG Steering Committee reviews TSMC’s climate change strategies and goals every six months and reports to the Board of Directors. (The Corporate 
Social Responsibility Executive Committee has been renamed as ESG Steering Committee in 2021. The frequency of regular meetings has been increased from semi-annual to 
quarterly.)
● The Energy and Carbon Reduction Committee led by the senior vice presidents of Fab operations is the organization that deals with action implementation of climate change 
risk and opportunity in TSMC. This committee develops management plans, reviews the execution status and discusses future plans on a quarterly basis.

Strategy

Identify short, medium and long term climate risks and opportunities through cross-departmental discussion

Assess the potential operational and financial impact of significant climate risks and opportunities to the company

Conduct situational analysis, evaluate SBT and net-zero emission

Risk Management

Use of the TCFD framework to establish TSMC’s climate risk identification process

Follow the risk identification and ranking on climate change to develop relevant responding projects

Integrate climate risk identification and assessment into the Enterprise Risk Management (ERM) process

Metrics and Targets

Set management metrics related to climate change

Examine the impact on company operations and assess the risks and mitigation strategies for scope 1, 2 and 3 through annual inventory of ISO 14064-1 and disclosure of 
greenhouse gas emissions

Develop climate change management objectives and review achievement progress and actual performance

130

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Financial Impact Analysis of Climate Risks and Opportunities

Climate Risks

Potential Financial Impact

Climate Opportunities

Potential Financial Impact

2020 Actions

GHG emissions cap and 
carbon tax/carbon fee

Restriction on capacity expansion, 
increase in operation costs

● Participation in renewable energy plans
● Participation in carbon trading market

Early purchases of renewable 
energy, successfully increasing 
production capacity

Trend of net zero emission

● Increased cost of installation and 
operation for carbon reduction 
facilities
● Increased cost of purchasing 
carbon offset products

Win public recognition and Carbon emission 
offset cooperation

Accumulate carbon credits in 
preparation for future Carbon 
emission offset

Develop low-carbon product service to 
upgrade product energy efficiency

Satisfy customers’ needs of 
energy-saving products and 
increase revenue

● TSMC’s power purchasing agreements for 
renewable energy totaled 1.3 GW (Gigawatts)
● Purchased 1,230 GWh in renewable energy, 
renewable energy certificates (REC), and carbon 
credit to offset 100% of the electricity carbon 
emissions of our overseas subsidiaries, global 
offices and offices.

● Passed the application for Fluorinated-
Greenhouse Gas and Nitrous Oxide reduction 
offset project reward
● TSMC Global Offices used Carbon Credit to 
achieve Net Zero Emission

● Involved the production of 5nm energy saving 
production

Use reclaimed water

Smooth construction of advanced 
production lines

● Started the construction of TSMC reclaimed water 
plant in Southern Taiwan Science Park

Construct green buildings

Lower utility costs

● Applied and received 2 green building 
certifications

Commitment of EIA 
(Environmental Impact 
Assessment)

Uncertainty of 
development of new 
energy saving technology

Impact on the Company’s 
reputation

Flood

Drought

Increasing of premium of 
natural disaster

Rising temperatures 

The expansion of advanced 
technologies would be hampered 
by the lack of success in obtaining 
renewable energy and reclaimed 
water

Raising of electricity consumption 
of advance technology production 
line leads to increase of 
production cost

Unable to satisfy the expectations 
of stakeholders, impacting the 
Company’s reputation 

Production affected, causing 
financial losses and a decrease 
in revenue

Increase in operation cost

Increase company’s reputation

Upgrade the performance of 
stakeholders’ sustainability ranking

Increase resilience against natural disasters

Strengthen climate resilience, 
lower risk of operations disruption, 
and reduce potential losses

● Leads the industry as the only semiconductor 
company chosen for the Dow Jones Sustainability 
Indices (DJSI) for 20 consecutive years
● TSMC ranked as one of CDP Change Climate and 
Water Security Leaders

● Raised the building base of Fab 18 Phase 2 two 
meters higher
● Fab 18 Phase 3 is committed to using and 
developing reclaimed water
● Established a comprehensive water monitoring 
system

● Conserved 500 GWh of electricity through 
energy-saving projects

Increase in electricity consumption, 
cost, and carbon emissions

Drive low-carbon green manufacturing

Save energy and cut cost

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. Since 2005, TSMC participated the international organization “Carbon Disclosure Program, CDP” 
to publicly disclose climate change related information every year. In 2020, TSMC was recognized by CDP as A- and A leadership 
level for climate change and water security respectively.

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 senior vice presidents 
which are carried out by energy and carbon reduction teams of individual fabs. 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 1.7 billion kilowatt 
hours (kWh) power conservation since 2016.

From 2015 to 2017, TSMC voluntarily participated in the 
Republic of China Ministry of Economic Affairs’ green power 
purchasing program for three consecutive years and became 
the largest buyer in Taiwan, purchasing 400 million kilowatt 
hours of green power. Although the Taiwan Power Company 
stopped selling green power in 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 2020 again. TSMC also 
used carbon credits to offset Carbon emissions of natural gas 
consumption in kitchens, achieving the milestone of net zero 
emission for TSMC global offices. Although development 
of renewable energy in Taiwan is in an early stage, TSMC 
established a renewable energy task force and continued to 
communicate closely with government through the Association 
of Science Park Industries and Taiwan Semiconductor 
Industry Association. The Company made recommendations 
to the government in the hope that the collaboration could 
speed up renewable energy development in Taiwan. The 
recommendations included expanding the development of 
offshore wind power and increasing supply of renewable 
energy trading platform. TSMC also continued to find 
renewable energy. By the end of 2020, the total installation 
capacity of renewable energy contracted reached 1.3GW 
(Gigawatts). 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).

TSMC became the first semiconductor company to join RE100 
(Global Renewable Energy Initiative) in July 2020 and pledged 
that power consumption of all the Company’s manufacturing 
plants and offices will be 100% supplied from renewable 
energy by 2050. TSMC was further awarded the first RE100 
Leadership Award - the Most Impactful Pioneer in September 

2020 for being the first to purchase large amounts of 
renewable electricity in Taiwan and taking practical action to 
support green energy.

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, wall 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 resources and support government 
policy and promotion for reclaimed water.

To continue enhancing water resources 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 began serving as demonstration 
factories and received AWS certification by the end of the year, 
making TSMC the first semiconductor enterprise to receive 
AWS platinum level certification in the world. In 2020, Fab 15A 
and Fab 15B, located in Central Taiwan Science Park, passed 
third party verification audit and obtained AWS platinum level 
certification simultaneously.

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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.

In 2020, TSMC’s fabs in Taiwan achieved a 95% waste recycling rate for the sixth consecutive year, with a landfill rate below 1% 
for the eleventh 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. In 2020, the Company not only achieved zero outsourcing treatment of copper-containing liquid waste 
and cobalt-containing liquid waste, and zero purchasing of 50% concentration industrial-grade sulfuric acid but also extended its 
ammonium sulfate drying system, which converts biologically toxic ammonia wastewater into industrial grade ammonium sulfate as 
valuable recycled products for sale. As a result, TSMC has become a leader in waste resources regeneration.

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 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 2020, the total benefits of environmental protection programs of TSMC fabs including waste recycling 
exceeded NT$2,430 million.

2020 Environmental Cost of TSMC Fabs in Taiwan

Unit: NT$ thousands

Classification

1. Direct Costs for Reducing Environmental Impact

Description

Expense

Investment

(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)

3. Other Environmental 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

(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

Total

134

6,450,052

-

2,859,093

349,441

10,345,060

1,933,610

-

318,302

127

-

9,658,713

12,596,972

2020 Environmental Efficiency of TSMC Fabs in Taiwan

Unit: NT$ thousands

Category

Description

1.  Cost Savings of Environmental Protection 

Energy savings

Projects

Water savings

Waste reduction

2.  Economic Efficiency for Industrial Waste 

Recycling

Total

Recycling of used chemicals, wafers, sputter targets, batteries, lamps, packaging materials, paper cardboard, metals, 
plastics, and other waste

Efficiency

1,250,000

24,087

632,100

524,100

2,430,287

Green Building and Green Factory
Since 2006, TSMC has adopted standards from both the Taiwan Green Building and 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 2020, 34 of TSMC’s fabs and office buildings achieved LEED certifications – 3 platinum and 31 gold. 
Meanwhile, TSMC also received 5 Taiwan Intelligent Building diamond-class certifications and 23 Taiwan EEWH (ecology, energy 
saving, waste reduction and health) certifications – 20 diamond, 2 gold and 1 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 freely shares its practical experience with industry, government and 
academia. As of the end of 2020, 15,250 visitors from more than 370 different industrial, government, academic and general 
community groups had contacted TSMC to learn about the Company’s green building technology and practical experience. Since 
2009, TSMC has been a leading supporter of the Taiwan government’s Green Factory Label standard, which includes the Clean 
Production and Factory Green Building evaluation systems. TSMC received Taiwan’s first Green Factory Label and 13 labels in total as 
of the end of 2020, and is the most awarded company in Taiwan.

Environmental Audit Results in Violation of Environmental Regulations
During 2020 and as of the date of this Annual Report, TSMC has no incurred any environmental pollution related losses. However, 
the Company was given two fines totaling NT$127,000 for violating environmental regulations: NT$100,000 issued on 01/06/2021 
for failing to take effective air pollutant control measures at our construction site (Section 2 of Article 23 of the Air Pollution 
Control Act) – the Company took immediate corrective action after the audit by the competent authority; NT$27,000 issued on 
01/28/2021for construction site work failing to conform with the Run-off Wastewater Reduction Plan approved by competent 
authority (Article 18 of the Water Pollution Control Act; Article 10 of Water Pollution Control Measures and Test Reporting 
Management Regulations) – the Company updated the Run-off Wastewater Reduction Plan after the audit by the competent 
authority and enhanced related management measures.

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 

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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 Reduce 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 58% in 2020. 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.

TSMC Wafer Revenue Contribution from 16nm and Beyond Technologies

2015

4%

2016

21%

2017

31%

2018

41%

2019

50%

2020

58%

Chip Die Size Cross-Technology Comparison  
Die size reduces as line width shrinks

1

0.48

0.25

0.11

0.063

0.047

0.035

  55nm 

40nm 

28nm  16FFC/12FFC  10nm 

7nm 

5nm

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 is saved as line width shrinks

0.034

0.022

1

0.6

0.3

0.07

0.056

  N55LP 
(1.2V) 

N40LP 
(1.1V) 

N28HPM 

10nm 
16FFC/ 
(0.9V)  12FFC (0.8V)  (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.

2.  Provide Customers Leading Power Management IC 

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 2020, the Company shipped more than 3.8 million 8-inch 
equivalent wafers using TSMC’s HV/Power technologies to 
customers. Power management ICs manufactured by TSMC 
for customers 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

2016

2017

2018

2019

2020

>2,100K

>2,500K

>2,600K

>2,900K

>3,800K

3.  Drive Industry-leading, Comprehensive Ultra-low Power 

(ULP) Technology Platform

● To meet low-power consumption requirements for IoT 

markets, such as wearable and smart home products, TSMC 
continues to invest in expanding and enhancing its ultra-low 
power processes. The Company 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 include FinFET-based 12-nanometer technology - 
N12eTM featuring energy efficiency with high performance 
that results in more computing power and AI inferencing, 
22nm ULP/Ultra-low leakage (ULL), 28nm ULP, 40nm 
ULP, and 55nm ULP, which have been widely adopted by 
various edge AI system-on-a-chip (SoC), battery-powered 
applications. TSMC has also extended its low Vdd offerings 
with wide-range operating voltage SPICE (simulation program 
with integrated circuit emphasis) models for extreme 
low-power applications.

4.  Develop Greener Manufacturing to Lower Energy 

Consumption

● 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 2020 through TSMC’s green manufacturing, see 
Environmental Accounting on page 134-135 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 (CIS), near field 
communication (NFC), Bluetooth, and global positioning 
systems (GPS) among others. These mobile devices offer 
remarkable convenience in daily living, and TSMC contributes 
significant value to these devices in the following ways: (1) 
new TSMC process technologies help chips achieve faster 
computing speeds 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 
2020, smartphone products represented about 48% of TSMC 
revenue. 

TSMC Revenue Contribution from Smartphone Products

2017

52%

2018

45%

2019

49%

2020

48%

2.  Unleash Customers’ Innovations in CIS and MEMS 

that Enhance Human Health and Safety; Create Green 
Products

● To make 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 (micro-electromechanical systems) technologies. 
TSMC continues to put substantial effort into developing 
more advanced CIS and MEMS technologies to enable 
customers to create 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, 
microspeaker, medical ultrasound actuators and more. TSMC 
customers’ sensing devices are used in consumer electronics, 
mobile communication, automotive electronics, industrial, 
and medical devices, and so on. They are increasingly smaller, 
faster, more accurate and more energy efficient, greatly 
enhancing human convenience, health and safety, and 
contributing to sustainability. 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. One remarkable example is that TSMC helps our 
customer deliver an innovative handheld, single-probe, 
whole-body ultrasound system in 2020. This product is a 
particularly useful tool during the global COVID-19 pandemic 
due to its fast and sharp lung imaging capabilities, portability 
and ease of cleaning, as infection control has become 
increasingly important. Moreover, advanced sensors can make 
equipment smarter by monitoring the working environment 
and conditions so that it can operate in a more energy 
efficient way.

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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 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 be effectively implemented 
at the management level through management review, 
internal audit, automatic check, and security patrol to find 
safety concerns and opportunities for improvement. All fabs in 
Taiwan received ISO 45001 certification for occupational health 
and safety in 2019 and all TSMC subsidiaries obtained the 
certification 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 expanding 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, 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 intervention to reduce the exposure to 
acceptable levels.

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 business continuity 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 spills. In 2019, the Company completed 108 scenarios 
to ensure rapid response to emergencies so that losses can be 
minimized in the event of a real disaster. In 2020, TSMC took 
lead in the industry to introduce the “All-Hazard” approach 
recommended by the Federal Emergency Management Agency 
(FEMA) to conduct disaster prevention exercises.

● Health Promotion Program
In order to establish the healthiest possible workplace and 
reduce the incidence of occupational disease, TSMC formed 
a corporate-level committee to execute health promotion 
programs covering three key areas:
(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 chemicals with significant 

health risks: inform suppliers that all materials they provide 
to TSMC must comply with applicable laws including clear 
disclosure of any hazardous substances. Perform sampling 
of 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 drills covering all potentially 
serious events. TSMC’s emergency response plans include 
procedures for rapid-response crisis management and disaster 
recovery for all potential incidents.

In response to the COVID-19 pandemic, TSMC added tabletop 
exercises to disaster prevention training in an effort to 
minimize the risks of group infections that may arise as a 
result of full-scale exercises. The inclusion of tabletop exercises 
also aids in the verification of full-scale exercise procedures to 
make disaster response more comprehensive, thus effectively 
mitigating the impact of various types of disasters on business 
continuity in the future. As of October 2020, 75 sessions of 
tabletop exercises had been completed in addition to 195 
full-scale exercises.

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, H1N1 influenza in 2009, and MERS 
in 2015, as well as with the current COVID-19 threat, TSMC 
followed the Taiwan CDC’s (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 

138

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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 2020, 
through planned personal health management, (1) 599 female 
employees participated in the maternal health program, the 
completion rate was 100%. 598 of them were at the first 
degree risk (there was no harm to the mother, infant, and 
baby). One employee was classified as second degree risk 
(possible harm to the mother, infant, and baby) at the first 
assessment; after proper adjustments to her works, she was 
reclassified as the first degree after doctor’s re-assessment. (2) 
By analyzing historical cerebral and cardiovascular cases of our 
employees, TSMC modified disease assessment criteria with 
contracted doctors, and, combining internal annual health 
examination reports, as well as working hour’s information, 
was able to identify 2,678 employees that have middle to high 
risk for cerebral and cardiovascular diseases. These employees 
were provided with health education and medical assistance. 
Also, along with their managers, they received suggested 
working hour recommendations to reduce disease risk. (3) 174 
employees were identified in a high risk group for cumulative 
trauma disorders. Among them, one could have job-related 
risks. The Company has adjusted whose job conditions to avoid 
possible risks. (4) As obesity has been considered as a precursor 
of diabetes, TSMC has held health promotion programs for 
several consecutive years. In 2020, considering the prevention 
of COVID-19 and the tendency of young generation’s 
preference on social and video media, TSMC conducted a 

series of on-line interactive activities, such as (1) 2 sessions of 
“Health Lecture On-line”, 809 attendees in total. (2) 3 health 
education videos about hypertension, hyperlipidemia, and 
diabetes, with a total of 7,266 visits. (3) 3 sessions of on-line 
quiz, with respect to 3 topics of hypertension, hyperlipidemia, 
and diabetes, with a total of 4,618 attendees. (4) 1 session of 
“Selection of Health Diet” of DASH diet, 1,019 participants. 
The feedbacks were positive to make health promotion can be 
continued under epidemic prevention.

7.2.4 Supplier Management

Management Aspect
For better supply chain management, TSMC is committed to 
communicating with and encouraging its suppliers, including 
contractors, to increase their quality, cost effectiveness and 
delivery performance, and make continuous improvement 
in 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 continued improvement of 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 obtain ISO 
45001 certification 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 

environmental, 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 evaluate the risk and impact on the economy, 
the environment, and society and to make continuous 
improvement. The Company has helped boost 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 a strong supporter 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

In 2020, the world was hit hard by the COVID-19 pandemic. 
Starting in March, many venues in Taiwan were shut down 
and the impact of the pandemic could be felt in every 
sector. In times like these, it behoves the TSMC Education 
and Culture Foundation to be the first to donate a hundred 
thermographic cameras to the Ministry of Education to 
be deployed at national examination locations to support 
education and safeguard the health of students with the 
power of technology. Although various programs planned by 
the Foundation were curtailed by COVID-prevention measures, 
in 2020 the Foundation invested over NT$99 million to support 
various educational events, art exhibitions and performances. 
Through continuous donations, the Foundation hopes to help 
reduce educational inequality and bring new ideas to the table 
for cultural enrichment.

Working in Tandem with Educational Partners, Closing 
the Resource Gap between City and Country
Apart from donating one hundred thermographic cameras 
to the Ministry of Education as part of the COVID-prevention 
measures on campus in Taiwan, the TSMC Education and 
Culture Foundation works with its educational partners 
to reduce inequality in educational resources. Together 
the Foundation and its partner Junyi Academy worked to 
develop a series of online courses of adaptive learning titled 
“Critical Thinking Training,” which was a response to the 
implementation of General Guidelines of Curriculum Guidelines 
of 12-Year Basic Education. In addition, the program hosted 
26 teaching workshops where teachers learned how to guide 
students to think logically and improve their communication 
skills. 518 teachers have attended the workshops and more 
than 120,000 people have watched them online.

As well as providing online educational resources to teachers 
and students, the Foundation has long been committed to 
narrowing the gap of educational resources between schools 
in urban and rural areas. In 2020, it partnered with Cheng Zhi 
Education Foundation to assist Emei Junior High School of 
Hsinchu county to transition to be a KIST-inspired school. With 
the injection of new educational blood, the two foundations 
have helped change the lives of many students from schools 
in rural areas. The Foundation also continuously teams up 
with CommonWealth Education Foundation, Teach for 
Taiwan, and the Boyo Social Welfare Foundation. Together the 

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141

Foundation donates quality books and brings good teachers to 
schools in rural areas to narrow the educational gap between 
urban and rural areas. Furthermore, in 2020 the Foundation 
offered grants to 70 students from low-income families at five 
universities: National Tsing Hua University, National Central 
University, National Cheng Kung University, National Sun 
Yat-sen University, and National Chung Cheng University. In 
doing so, the Foundation hopes to assist the students with 
financial aid and encourage them to concentrate on their 
studies.

Nurturing Young Talent, Offering a Stage for Diverse 
Development
To promote popular science education and nurture talents 
for the semiconductor industry, in 1997 TSMC subsidized the 
“World of Semiconductors” exhibition hall at the National 
Museum of Natural Science, being at the vanguard of 
business-supported education of popular science. For the 
exhibition to keep up with the times, the TSMC Education 
and Culture Foundation updated the content of the exhibition 
in 2002 and again in 2011. In 2018, the Foundation 
initiated a third renewal project and a brand new “World of 
Semiconductors” was officially launched in August 2020. 
With the latest upgrade the exhibition hall provides more 
in-depth knowledge on semiconductors, adds interactive 
exhibitions, and increases the exhibition space. Through 
a multi-dimensional experience at the exhibition, visiting 
students and the public can broaden their knowledge of 
semiconductors and the industry. In the meanwhile, in order 
to inspire more female students to take interest in science, 
in 2020 the Foundation organized for the first time a “Trip 
of TSMC Women Scientists,” inviting students from five girls’ 
high schools to visit the exhibition and be given guided tours 
by women engineers at TSMC. These women engineers have 
shared with the young students the trajectory of their learning 
and precious work experience, thereby hoping to encourage 
girls at high schools not to confine themselves to any subjects 
and commit themselves to fields in sciences through in-person 
exchange.

To motivate college students to pursue their dreams and 
encourage young people to commit to environmental 
sustainability, the TSMC Education and Culture Foundation 
organized the fifth “TSMC Youth Dream Building Project” in 
2020. It focuses on the theme of “circular economy” as way 
to advocate the importance of environmental sustainability 

to the public and to the younger generation. This project was 
open not only to the college students in Taoyuan, Hsinchu, 
Maoli and Tainan areas but also to those from Taichung area. 
In total, 102 teams of college students participated in the 
project. The topics of the proposals covered virtually every issue 
in society, ranging from creating a popular science column 
on semiconductors, to a wood reclaiming project, and from 
an anti-drug campaign to food and agriculture education. 
These innovative ideas greatly impressed the panel of judges. 
Moreover, the TSMC Education and Culture Foundation 
continued its support for literary, calligraphic and seal-carving 
by young students through funding two annual competitions, 
i.e. the “TSMC Youth Literature Award” and the “TSMC Youth 
Calligraphy and Seal-Carving Competition,” which are well into 
their 17th and 13th years respectively. Both competitions have 
become the important events in their respective fields. The 
Foundation has also attracted public attention and interest in 
literature and calligraphy via the internet. The “TSMC Youth 
Literature Award” social platform so far has garnered over 
14,000 members and one award-winning piece has been 
shared over 3,000 times.

The TSMC Education and Culture Foundation wishes to offer 
a non-academic platform to young students, where through 
science and humanities competitions and events the students 
can be inspired to develop diverse interests and explore 
wherever their passion takes them.

Advocating Online Arts and Literary Events, Calming the 
Restless Mind
During the second half of 2020, the pandemic situation in 
Taiwan was relatively under control. Thus, the TSMC Education 
and Culture Foundation was able to sponsor a live concert 
in Tainan performed by the renowned cellist Yo-Yo Ma and 
streamed it live globally. With pandemic preventive measures in 
place, the Foundation invited the public to the concert hall to 
experience the soul-soothing power of virtuoso performance. 
At the same time, live streaming allowed audiences all over 
the world to enjoy the musical feast. The Foundation also 
teamed up with the National Symphony Orchestra (of Taiwan) 
to initiate an “Education Program for Youth” project, inviting 
Taiwanese-Australian violinist Ray Chen to give master classes 
at the National Concert Hall. The classes were streamed live 
and broadcasted by Taiwan Public Television Service, thereby 
promoting music education to a wider audience. Over 73,000 
people have viewed the master classes.

The Foundation has long dedicated itself to promoting Chinese 
classic literature. In 2020, it collaborated with National Tsing 
Hua University on a general education course, “Pai Hsien-yung 
Literature Lectures: Dream of the Red Chamber”. The course 
hosted by Mr. Pai Hsien-yung and renowned Honglou meng 
specialists from abroad and in Taiwan to give lectures on 
various aspects of the classic. The course also invited students 
to explore the profoundness of Chinese literature, bringing 
a humanistic perspective to their education. Likewise, the 
Foundation-funded broadcasting program, “Lectures on the 
Classics on Air,” entered its 13th year. The program host, 
Professor Xin Yi Yun, has released an audio book, Putting A 
Xin’s Spin on Lao Tzu, as an approachable way for the public 
to experience the wisdom of Chinese philosophers from the 
classics. In the same vein, the 2020 “TSMC Lecture” again 
invited the distinguished research fellow Wang Ming-ke of 
the Institute of History and Philology of Academia Sinica 
to examine how humans have coped with fear and what 
measures have been taken historically to deal with pandemics. 
The TSMC Education and Culture Foundation has not only 
promoted literary talks within local communities but also 
posted the talks on an online channel available to the public. 
In doing so, the Foundation hopes to go beyond geographic 
borders with technology and let arts and literature comfort the 
restless minds during these difficult times.

7.4 TSMC Charity Foundation

Since its establishment in 2017, the TSMC Charity Foundation 
has focused on developing programs and projects relating 
to its four main pillar initiatives: disadvantaged care, solitary 
elderly care, filial piety promotion, and environmental 
protection. Under the leadership of Chairperson Sophie Chang, 
the Foundation takes a stand for disadvantaged persons, 
focusing on current and potential social issues, and striving to 
close the wealth gap in Taiwan society by enhancing education 
and providing emergency assistance in rural areas. This support 
gives disadvantaged families and children from rural areas 
more opportunities to improve their lives. The Foundation has 
also established a social welfare platform that magnifies voices 
from all corners of society to support social change, powers 
social change through charitable works, and uplift Taiwan 
society.

The Foundation continued to expand its scope of services 
through charitable endeavors in 2020 and initiated many new 
projects related to social welfare including the following:

● Disadvantaged Care: The Foundation focused on the two 

main initiatives for disadvantaged care –“rural education” and 
“support for the disadvantaged”. The Foundation provided 
volunteer services, building repairs, online educational 
materials, off-grade foods, and other assistance to 
educational institutions and children in rural areas, ensuring 
that disadvantaged groups received equal opportunities 
to obtain education. In 2020, the Foundation prioritized 
vocational education, collaborating with various enterprises 
to promote training and reach the goal of “providing 
livelihood/practical skills,” helping students from rural areas 
with vocational training. To help support the basic living 
needs of the underprivileged, the Foundation continued to 
visit and provide financial aid and daily supplies to high-risk 
disadvantaged families, providing valuable support to the 
already existing social welfare system.

In 2020, the Foundation gave support to 62 after-school 
care locations benefiting a total of 4,685 students. With 
the dedication and knowledge of its TSMC volunteers, 
the Foundation created science tutorial videos to promote 
science experiments and education. The Foundation also 
collaborated with National Chiao Tung University to help 
30 elementary schools in Hsinchu City that were lacking 
information resources to align with 2019 Curriculum 
Guidelines, an issue affecting 18,000 students in the city. 
The Foundation’s “Sending Love” programs continued to be 
active, and Foundation staff conducted onsite visits to identify 
disadvantaged families in need of financial support. The living 
conditions of these disadvantaged families were improved 
through charitable donations from both inside and outside 
TSMC. As of 2020, the Foundation has assisted a total of 155 
families.

● Solitary Elderly Care: The Foundation improved the health 

and welfare of solitary elders by collaborating with its 
Networking of Love partners to connect social welfare groups 
and medical institutions providing care to solitary elders. 
In 2020, the Foundation helped launch a new intelligent 
medical system at the Taitung County Sazasa Aborigine 
Health Promotion Site to enhance medical quality and 
efficacy. The Foundation continued to collaborate with TSMC 
Facility Division to provide house repair services at seven 
locations in Eastern Taiwan, ensuring a safe and healthy living 
space for solitary elders. Current Networking of Love partners 
include Taipei Veterans General Hospital, Miaoli General 
Hospital, Old Five Old Foundation, Feng Yuan Hospital, 

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TSMC ecology volunteers continued to provide ecology tours 
at Hsinchu Fab 12B plant, Taichung Fab 15 plant, Tainan 
Fab 14 plant, and the Tainan Jacana Ecology Education Park; 
meanwhile, TSMC professional energy-saving volunteers helped 
educational institutions of all levels with making energy-saving 
assessments and improvements, at 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 2020, charitable contributions surpassed NT$32 million and 
a total of 22,000 people participated in the “Equal Education 
Platform,” “Teach for Taiwan,” “Repair Services Volunteer 
Group Program,” and “Pandemic Prevention Support for 
Firstline Workers” initiatives.

From 2014 until 2020, charitable contributions on the TSMC 
i-Charity platform has in aggregate, exceeded NT$140 million. 
TSMC will continue its commitment to society and encourage 
employees to care for and give back to society in different 
ways.

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, Penghu Hospital 
and Cishan Hospital.

● Filial Piety Promotion: The Foundation promotes the culture 

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 2020, volunteers 
from TSMC Fabs and Divisions helped promote filial piety 
awareness by teaching elementary and junior high school 
students to make lunchboxes and write autobiographies, 
thereby building a bridge for communication between 
generations. The Foundation continues to work with the 
K-12 Education Administration Ministry of Education, hosting 
four parent-child filial piety workshops in New Taipei City, 
Taichung, Yunlin, and Tainan to encourage cross-generational 
dialogue and plant the spirit of filial piety in the hearts of the 
attendees.

● Environmental Protection: We aim to reduce food waste 
through the Cherish Food Program. Through our volunteer 
programs, we promote environmental awareness, help 
schools improve energy savings inside their facilities, and 
also educate and provide information to these schools about 
environmental protection.

In 2020, the Foundation continued its “Cherish Food Program” 
and worked with many food companies to donate off-grade 
foods and 11 freezers to 92 institutes that collaborated with 
the Foundation to provide care for the disadvantaged, reduce 
food waste, and promote environmental conservation. The 
Foundation previously collaborated with food companies 
including Chi Mei Frozen Food, Hunya Foods, Laurel 
Corporation, Lian Hwa Foods Corporation, Hsin Tung Yang 
Corporation, and Dachan Great Wall Group. 

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)

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?

(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

(1)  Does the Company set policies and procedures in compliance with 
regulations 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? 

V

V

V

V

Please refer to “7. Corporate Social Responsibility” on pages 124-145 of this 
annual report.

Please refer to “7. Corporate Social Responsibility” on pages 124-145 of this 
annual report.

Please refer to “7.2.1 Environmental Protection” on pages 131-135 of this 
annual report.

(1)  Please refer to “5.5 Human Capital” on pages 92-97 of this Annual Report.

(2)  Please refer to “5.5 Human Capital” on pages 92-97 of this Annual Report.

None

None

None

None

(3)  Does the Company provide employees with a safe and healthy working 

(3)  Please refer to “7.2.3 Safety and Health” on pages 138-140 of this Annual 

environment, with regular safety and health training?

Report.

(4)  Has the Company established effective career development training 

(4)  Please refer to “5.5 Human Capital” on pages 92-97 of this Annual Report.

plans?

(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?

(5)  Not applicable as TSMC is not an end product manufacturer.

(6)  Does the Company set supplier management policy and request suppliers 

(6)  Please refer to “7.2.4 Supplier Management” on page 140-141 of this 

to comply with related standards on the topics of environmental, 
occupational safety and health or labor right, and their implementation 
status?

annual report.

5.  Does the Company refer to international reporting rules or guidelines to 

V

publish CSR Report to disclose non-financial information of the Company? 
Has the said Report acquire 3rd certification party verification or statement 
of assurance?

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 124-
145 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

144

145

146
146

147
147

8.1 Subsidiaries

8.1.1 TSMC Subsidiaries Chart (Note 1)

As of 12/31/2020

Taiwan 
Semiconductor 
Manufacturing 
Company Limited

TSMC North America
Shareholding: 100%

TSMC Europe B.V.
Shareholding: 100%

TSMC Japan Limited
Shareholding: 100%

TSMC Design Technology Japan, Inc. 
(Note 2)
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%

TSMC Arizona Corporation (Note 3)
Shareholding: 100%

VentureTech Alliance Fund II, L.P.
Shareholding: 98%

TSMC Development, Inc.
Shareholding: 100%

WaferTech, LLC
Shareholding: 100%

TSMC Technology, Inc.
Shareholding: 100%

TSMC Design Technology Canada Inc.
Shareholding: 100%

VentureTech Alliance Fund III, L.P.
Shareholding: 98%

Growth Fund Limited
Shareholding: 100%

Note 1:  InveStar Semiconductor Development Fund, Inc. and InveStar Semiconductor Development Fund, Inc. (II) LDC. have completed the liquidation procedures in 

November 2020.  
Emerging Fund, L.P., a 99.9% owned subsidiary of TSMC, was established in January 2021. 
On February 9, 2021, TSMC’s Board of Directors approved to establish a wholly-owned subsidiary in Japan to expand the Company’s 3DIC material research. 

Note 2: TSMC Design Technology Japan, Inc. was established in January 2020.
Note 3: TSMC Arizona Corporation was established in November 2020.

8.1.2 Business Scope of TSMC and Its Subsidiaries

TSMC and its subsidiaries strive to deliver the best foundry services. WaferTech in the United States and TSMC China provide 8-inch 
wafer capacity, while TSMC Nanjing provides 12-inch wafer capacity. In addition, TSMC Arizona in the United States is currently 
scheduled to provide 12-inch wafer capacity in 2024. TSMC’s subsidiaries in North America, Europe, Japan, China, and South Korea, 
etc. are dedicated to provide timely customer services and engineering support to the worldwide customers and also support the 
Company’s core foundry business with related services as well as invest in start-up companies in the semiconductor industry.

8.1.3 TSMC Subsidiaries

Unit: NT$ (USD, EUR, JPY, KRW, RMB, CAD) thousands 

Company

Date of 
Incorporation

Place of Registration

Capital Stock

Business Activities

As of 12/31/2020 (Note 2)

TSMC North America

Jan. 18, 1988

San Jose, California, U.S.

TSMC Europe B.V.

TSMC Japan Limited

Mar. 04, 1994

Amsterdam, The Netherlands

Sep. 10, 1997

Yokohama, Japan 

TSMC Design Technology Japan, Inc.

Jan. 10, 2020

Yokohama, Japan

TSMC Korea Limited

May 02, 2006

Seoul, Korea

TSMC China Company Limited

Aug. 04, 2003

Shanghai, China

TSMC Nanjing Company Limited 

May 16, 2016

Nanjing, China

TSMC Arizona Corporation

Nov. 10, 2020

Arizona, U.S.

TSMC Technology, Inc.

Feb. 20, 1996

Delaware, U.S. 

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. 18, 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$

EUR

JPY

JPY

KRW

RMB

RMB

US$

US$

US$

US$

US$

CAD

US$

US$

US$

US$

NT$

11,000 

Sales and marketing of integrated circuits and 
semiconductor devices

100 

Customer service and supporting activities

300,000 

Customer service and supporting activities

550,000 (Note 1)

Engineering support activities

400,000 

Customer service and supporting activities

4,502,080 

Manufacturing, sales, testing, and computer-aided design 
of integrated circuits and other semiconductor devices

6,650,119

Manufacturing, sales, testing, and computer-aided design 
of integrated circuits and other semiconductor devices 

0.03

Manufacturing, sales, and testing of integrated circuits and 
other semiconductor devices

0.001

Engineering support activities

0.001

Investing in companies involved in semiconductor 
manufacturing

0

Manufacturing, sales, and testing of integrated circuits and 
other semiconductor devices

988,268 

Investing in companies involved in the semiconductor 
design and manufacturing, and other investment activities

2,434 

Engineering support activities

11,284,000

Investment activities

3,487

Investing in technology start-up companies

96,519

Investing in technology start-up companies

2,504

Investing in technology start-up companies

2,911,531

Engaged in manufacturing electronic spare parts and in 
researching, developing, designing, manufacturing, sales, 
packaging and testing of color filter

Note 1: In February 2021, TSMC had a capital injection in TSMC Design Technology Japan, Inc. Capital stock increased to JPY750 million accordingly.
Note 2:  On November 10, 2020, TSMC’s Board of Directors approved the investment in a new venture capital fund, Emerging Fund L.P. The fund was established in January 2021. On February 9, 2021, 

TSMC’s Board of Directors approved to establish a wholly-owned subsidiary in Japan to expand the Company’s 3DIC material research.

148

149

8.1.4 Shareholders in Common of TSMC and Its Subsidiaries with Deemed Control and Subordination: None.

8.1.5 Rosters of Directors, Supervisors, and Presidents of TSMC’s Subsidiaries

Company

Title

Name

Unit: NT$ (USD), except shareholding 

As of 12/31/2020 (Note 4)  

WaferTech, LLC

Company

Title

Name

Shareholding

Shares (Investment Amount)

% (Investment 
Holding %) 

TSMC North America

TSMC Europe B.V

TSMC Japan Limited

TSMC Design Technology Japan, Inc.

TSMC Korea Limited

TSMC China Company Limited

TSMC Nanjing Company Limited

TSMC Arizona Corporation

TSMC Technology, Inc.

TSMC Development, Inc.

Director
Director
President/CEO

Sylvia Fang
Rick Cassidy
David Keller 

Director
Director
President

Director
Director
President

Director
Director

Director
Director
Director

Chairman
Director
Director
Supervisor
President

Chairman
Director
Director
Director
Supervisor
Supervisor
President

Director
Director
Director
Director
President/CEO

Chairman
Director
President

Chairman
Director
President

Wendell Huang
Maria Marced
Maria Marced

Sylvia Fang
Makoto Onodera
Makoto Onodera

Cliff Hou
Wendell Huang

C.C. Pan
Chih-Chun Tsai
Wendell Huang

F.C. Tseng
Y.P. Chin
Roger Luo
Lora Ho
Roger Luo 

Lora Ho
Y.P. Chin
Cliff Hou
Roger Luo
Wendell Huang
Sylvia Fang
Roger Luo

Cliff Hou 
YL Wang
Sylvia Fang
Wendell Huang
Rick Cassidy

Wendell Huang
Cliff Hou
Cliff Hou

Wendell Huang
Sylvia Fang
Wendell Huang

- 
- 
- 
TSMC holds 11,000,000 shares 

- 
- 
- 
TSMC holds 200 shares

- 
- 
- 
- 
TSMC holds 6,000 shares 

- 
- 
TSMC holds 11,000 shares (Note 1)

- 
- 
- 
TSMC holds 80,000 shares 

- 
- 
- 
- 
- 
(TSMC invests US$596,000,000)

- 
- 
- 
- 
-
- 
- 
(TSMC invests US$1,000,000,000)

- 
- 
-
-
- 
TSMC holds 30,001 shares

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
100%

- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
- 
(100%)

- 
- 
- 
- 
-
- 
- 
(100%)

- 
- 
-
-
- 
100%

- 
- 
- 
100%

- 
- 
- 
100%

(Continued)

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
President

Director
Director
Director
President

Director
Director

None

None

None

Chairman
Director
Director
Director
Director
Supervisor
Supervisor
President
(Note 2)

Y.H. Liaw
Wendell Huang
Tsung-Chia Kuo

Wendell Huang
Sylvia Fang
Wendell Huang

Cliff Hou
Cormac Michael O’Connell
Sylvia Fang
Cliff Hou

Wendell Huang
Sylvia Fang

None

None

None

Robert Kuan
C.S. Yoo
George Liu
Sylvia Fang
Diane Kao
Wendell Huang
Morris Cheng
S.C. Hsin

Shareholding

Shares (Investment Amount)

% (Investment 
Holding %) 

- 
- 
- 
TSMC Development, Inc. holds 293,636,833 shares

- 
- 
- 
TSMC holds 988,268,244 shares 

- 
- 
- 
- 
TSMC Partners, Ltd. holds 2,300,000 shares 

- 
- 
TSMC holds 11,284 shares

(TSMC investst US$3,189,066)

(TSMC invests US$94,589,012)

(VentureTech Alliance Fund III, L.P. invests US$2,503,768)

54,600 shares 
- 
-
-
-
-
-
- 
TSMC holds 253,120,000 shares (Note 3)

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
100%

- 
- 
100%

(98.00%)

(98.00%)

(100%) 

0.02% 
- 
- 
- 
-
-
-
- 
86.94% (Note 3)

Note 1:  In February 2021, TSMC had a capital injection in TSMC Design Technology Japan, Inc. Total shares held by TSMC increased to 15,000 share accordingly.
Note 2:  On March 4, 2021, VisEra Technologies Company Ltd. held its shareholder meeting for election of directors and replacing supervisors with Audit Committee. Newly elected directors are Robert 

Kuan (Chairman), George Liu and Diane Kao, all of whom are TSMC representatives, and Laura Huang, Emma Chang, and P.H. Chang, all of whom are independent directors.

Note 3:  On February 9, 2021, TSMC’s Board of Directors approved the sale of up to 39,501,000 common shares of VisEra Technologies Company Ltd. After such share disposal, shares owned by TSMC 

will decrease to 213,619,000 shares and TSMC’s ownership in VisEra will be reduced to 73.37%.

Note 4:  On November 10, 2020, TSMC’s Board of Directors approved the investment in a new venture capital fund, Emerging Fund L.P. The fund was established in January 2021. On February 9, 2021, 

TSMC’s Board of Directors approved to establish a wholly-owned subsidiary in Japan to expand the Company’s 3DIC material research. 

150

151

8.1.6 Operational Highlights of TSMC Subsidiaries

Unit: NT$ thousands, except EPS (NT$)  

Company  

TSMC North America

TSMC Europe B.V.

TSMC Japan Limited

TSMC Design Technology Japan, Inc.

TSMC Korea Limited  

TSMC Development, Inc.

TSMC Partners, Ltd. 

TSMC Global Ltd.

WaferTech, LLC

As of 12/31/2020

Basic Earning 
(Loss) Per 
Share

Capital 
Stock  

 Assets  

 Liabilities  

 Net Worth  

 Net 
Revenues  

 Income 
(Loss) from 
Operation  

 Net Income 
(Loss)

309,067 

116,836,156 

112,268,097 

4,568,059 

832,423,971 

252,542 

294,316 

26.76 

3,459 

81,870 

150,095 

10,400 

867,873 

263,087 

530,744 

47,088 

330,136 

118,303 

238,478 

4,693 

537,737 

144,784 

292,266 

42,395 

756,339 

247,277 

106,147 

17,292 

85,308 

8,853 

(3,184)

1,595 

60,142 

300,710.37 

3,361 

560.13 

(8,070)

(1,559.27)

1,598 

19.98 

0.03 

29,203,494 

0 

29,203,494 

1,781,868 

1,688,569 

1,626,764 

162,676,449.10 

27,767,373 

52,694,345 

1,487 

52,692,858 

2,284,193 

2,280,068 

2,273,717 

2.30 

317,046,548 

477,801,554 

95,572,515 

382,229,039 

8,077,321 

7,668,030 

7,668,014 

679,547.46 

0 

5,525,632 

623,686 

4,901,946 

7,950,210 

1,707,371 

1,394,261 

TSMC China Company Limited  

19,342,286 

67,219,561 

2,726,842 

64,492,719 

19,894,495 

6,687,777 

7,200,634 

TSMC Nanjing Company Limited  

28,570,908 

58,205,344 

24,617,558 

33,587,786 

26,853,055 

12,030,053 

12,143,866 

VisEra Technologies Company Ltd.

2,911,531 

11,771,768 

4,488,933 

7,282,835 

6,946,349 

2,556,440 

2,090,545 

TSMC Arizona Corporation 

TSMC Technology, Inc.  

TSMC Design Technology Canada Inc.

VentureTech Alliance Fund II, L.P.  

VentureTech Alliance Fund III, L.P.  

Growth Fund Limited

1 

908,497 

65,752 

842,745 

0 

(196)

(196)

0.03 

1,691,248 

921,834 

769,414 

2,946,355 

140,303 

147,271 

14,727,061.80 

53,715 

97,982 

2,711,906 

70,348 

312,543 

77,750 

195,516 

123,940 

55,766 

256,777 

342,213 

0 

0 

0 

77,750 

195,516 

123,940 

1,606 

0 

0 

31,101 

(1,704)

(14,453)

(1,280)

27,379 

(2,066)

(14,453)

(1,280)

11.90 

NA

NA

NA

4.75 

NA

NA

7.18 

(79.29)

8.2 Status of TSMC Common Shares and ADRs Acquired, Disposed of, and Held by Subsidiaries: None.

8.3 Special Notes

8.3.1  Private Placement Securities in 2020 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 2020 and as of the Date of this Annual Report: None.

8.3.3  Any Events in 2020 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.

152

153

Contact Information

Taiwan

Corporate Headquarters & Fab 12A
8, Li-Hsin Rd. 6, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5637000
R&D Center & Fab 12B
168, Park Ave. 2, Hsinchu Science Park, Hsinchu 300-091, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-6687827
Fab 2, Fab 5
121, Park Ave. 3, Hsinchu Science Park, Hsinchu 300-096, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5781546
Fab 3
9, Creation Rd. 1, Hsinchu Science Park, Hsinchu 300-092, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5781548
Fab 6
1, Nan-Ke North Rd., Southern Taiwan Science Park, Tainan 741-014, 
Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5052057
Fab 8
25, Li-Hsin Rd., Hsinchu Science Park, Hsinchu 300-094, Taiwan, R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5662051
Fab 14A
1-1, Nan-Ke North Rd., Southern Taiwan Science Park, 
Tainan 741-014, Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5051262
Fab 14B
17, Nan-Ke 9th Rd., Southern Taiwan Science Park, Tainan 741-014, 
Taiwan, R.O.C. 
Tel: +886-6-5056688   Fax: +886-6-5055217
Fab 15A
1, Keya Rd. 6, Central Taiwan Science Park, Taichung 428-303, Taiwan, 
R. O. C.
Tel: +886-4-27026688   Fax: +886-4-25607548

Fab 15B
1, Xinke Rd., Central Taiwan Science Park, Taichung 407-728, Taiwan, 
R. O. C.
Tel: +886-4-27026688   Fax: +886-4-24630372
Fab 18
8, Beiyuan Rd. 2, Southern Taiwan Science Park, Tainan 745-093, 
Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5050363
Advanced Backend Fab 1
6, Creation Rd. 2, Hsinchu Science Park, Hsinchu 300-093, Taiwan, 
R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5773628
Advanced Backend Fab 2
1-1, Nan-Ke North Rd., Southern Taiwan Science Park, Tainan 741-014, 
Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5051262
Advanced Backend Fab 3
101, Longyuan 6th Rd., Longtan Dist., Taoyuan City 325-002, Taiwan, 
R.O.C.
Tel: +886-3-5636688   Fax: +886-3-4804250
Advanced Backend Fab 5
5, Keya W. Rd., Central Taiwan Science Park, Taichung 428-303, 
Taiwan, R.O.C.
Tel: +886-4-27026688   Fax: +886-4-25609631
VisEra Technologies Company Limited
12, Dusing Rd. 1, Hsinchu Science Park, Hsinchu 300-096, 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 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 Korea Limited
15F, AnnJay Tower, 208, Teheran-ro, Gangnam-gu, Seoul 06220, 
Korea
Tel: +82-2-20511688
TSMC Japan Limited
21F, Queen’s Tower C, 2-3-5, Minatomirai, Nishi-ku, Yokohama, 
Kanagawa, 220-6221, Japan
Tel: +81-45-6820670
TSMC Design Technology Japan, Inc.
10F, Minatomirai Grand Central Tower, 4-6-2, Minatomirai, 
Nishi-ku, Yokohama, Kanagawa, 220-0012, Japan
Tel: +81-45-6644500

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, LLC
5509 N.W. Parker Street, Camas, WA 98607-9299, U.S.A.
Tel: +1-360-8173000   Fax: +1-360-8173009
TSMC Arizona Corporation
2510 W. Dunlap Avenue, #600, Phoenix, AZ 85021, U.S.A.
Tel: +1 602-567-1688

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 110-016, 
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 100-003, 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”, “TSMC-SoIC”, “3DFabric”, “TSMC 3DFabric” and “N12e” are some of TSMC’s registered and/or 
pending trademarks used by the Company in various jurisdictions, including Taiwan. All rights reserved.

Copyright © 2020 by Taiwan Semiconductor Manufacturing Company, Ltd. All rights reserved.

Contents

Consolidated Financial Statements for the 

Years Ended December 31, 2020 and 2019 and 

Independent Auditors’ Report 

Parent Company Only Financial Statements for the 

Years Ended December 31, 2020 and 2019 and 

Independent Auditors’ Report 

1

111

Taiwan Semiconductor Manufacturing 
Company Limited and Subsidiaries 

Consolidated Financial Statements for the 
Years Ended December 31, 2020 and 2019 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, 2020, 

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 9, 2021 

- 3 -

- 3 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 4 -

- 5 -

- 6 -

- 7 -

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 
CONSOLIDATED BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 
CONSOLIDATED BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

ASSETS 
ASSETS 
CURRENT ASSETS 
CURRENT ASSETS 

Cash and cash equivalents (Note 6) 
Financial assets at fair value through profit or loss (Note 7) 
Cash and cash equivalents (Note 6) 
Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at amortized cost (Note 9) 
Financial assets at fair value through other comprehensive income (Note 8) 
Hedging financial assets (Note 10) 
Financial assets at amortized cost (Note 9) 
Notes and accounts receivable, net (Note 11) 
Hedging financial assets (Note 10) 
Receivables from related parties (Note 33) 
Notes and accounts receivable, net (Note 11) 
Other receivables from related parties (Note 33) 
Receivables from related parties (Note 33) 
Inventories (Notes 5 and 12) 
Other receivables from related parties (Note 33) 
Other financial assets (Note 34) 
Inventories (Notes 5 and 12) 
Other current assets   
Other financial assets (Note 34) 
Other current assets   
Total current assets 
Total current assets 

NONCURRENT ASSETS 
NONCURRENT ASSETS 

Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at amortized cost (Note 9) 
Financial assets at fair value through other comprehensive income (Note 8) 
Investments accounted for using equity method (Note 13) 
Financial assets at amortized cost (Note 9) 
Property, plant and equipment (Notes 5 and 14) 
Investments accounted for using equity method (Note 13) 
Right-of-use assets (Notes 5 and 15) 
Property, plant and equipment (Notes 5 and 14) 
Intangible assets (Notes 5 and 16) 
Right-of-use assets (Notes 5 and 15) 
Deferred income tax assets (Notes 5 and 27) 
Intangible assets (Notes 5 and 16) 
Refundable deposits   
Deferred income tax assets (Notes 5 and 27) 
Other noncurrent assets   
Refundable deposits   
Other noncurrent assets   
Total noncurrent assets 
Total noncurrent assets 

TOTAL 
TOTAL 
LIABILITIES AND EQUITY 
LIABILITIES AND EQUITY 
CURRENT LIABILITIES 
CURRENT LIABILITIES 

Short-term loans (Notes 17 and 30) 
Financial liabilities at fair value through profit or loss (Note 7) 
Short-term loans (Notes 17 and 30) 
Hedging financial liabilities (Note 10) 
Financial liabilities at fair value through profit or loss (Note 7) 
Accounts payable   
Hedging financial liabilities (Note 10) 
Payables to related parties (Note 33) 
Accounts payable   
Salary and bonus payable   
Payables to related parties (Note 33) 
Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 29) 
Salary and bonus payable   
Payables to contractors and equipment suppliers   
Accrued profit sharing bonus to employees and compensation to directors and supervisors (Note 29) 
Cash dividends payable (Note 22) 
Payables to contractors and equipment suppliers   
Income tax payable (Notes 5 and 27) 
Cash dividends payable (Note 22) 
Long-term liabilities - current portion (Notes 18 and 30) 
Income tax payable (Notes 5 and 27) 
Accrued expenses and other current liabilities (Notes 5, 15, 21, 23 and 30) 
Long-term liabilities - current portion (Notes 18 and 30) 
Accrued expenses and other current liabilities (Notes 5, 15, 21, 23 and 30) 

Total current liabilities 
Total current liabilities 
NONCURRENT LIABILITIES 
NONCURRENT LIABILITIES 

Bonds payable (Notes 18 and 30) 
Long-term bank loans (Notes 19 and 30) 
Bonds payable (Notes 18 and 30) 
Deferred income tax liabilities (Notes 5 and 27) 
Long-term bank loans (Notes 19 and 30) 
Lease liabilities (Notes 5, 15 and 30) 
Deferred income tax liabilities (Notes 5 and 27) 
Net defined benefit liability (Note 20) 
Lease liabilities (Notes 5, 15 and 30) 
Guarantee deposits (Notes 21 and 30) 
Net defined benefit liability (Note 20) 
Others 
Guarantee deposits (Notes 21 and 30) 
Others 

Total noncurrent liabilities 
Total noncurrent liabilities 
Total liabilities 
Total liabilities 

December 31, 2020 
Amount 
December 31, 2020 
Amount 

      % 
      % 

December 31, 2019 
Amount 
December 31, 2019 
Amount 

      % 
      % 

    $  660,170,647 
2,259,412 
    $  660,170,647 
122,448,453 
2,259,412 
6,597,992 
122,448,453 
47 
6,597,992 
145,480,272 
47 
558,131 
145,480,272 
50,645 
558,131 
137,353,407 
50,645 
10,676,111 
137,353,407 
6,590,191 
10,676,111 
6,590,191 
      1,092,185,308 
      1,092,185,308 

4,514,940 
4,372,207 
4,514,940 
18,841,061 
4,372,207 
      1,555,589,120 
18,841,061 
27,728,382 
      1,555,589,120 
25,768,179 
27,728,382 
25,958,184 
25,768,179 
1,343,001 
25,958,184 
4,411,023 
1,343,001 
4,411,023 
      1,668,526,097 
      1,668,526,097 
    $ 2,760,711,405 
    $ 2,760,711,405 

    $ 
    $ 

88,559,026 
94,128 
88,559,026 
1,169 
94,128 
38,987,284 
1,169 
2,107,718 
38,987,284 
20,071,241 
2,107,718 
35,681,046 
20,071,241 
157,804,961 
35,681,046 
129,651,902 
157,804,961 
53,909,313 
129,651,902 
2,600,000 
53,909,313 
87,683,260 
2,600,000 
87,683,260 
617,151,048 
617,151,048 

254,105,084 
1,967,611 
254,105,084 
1,729,941 
1,967,611 
20,560,649 
1,729,941 
11,914,074 
20,560,649 
265,599 
11,914,074 
2,395,400 
265,599 
2,395,400 
292,938,358 
292,938,358 
910,089,406 
910,089,406 

      24 
- 
      24 
5 
- 
- 
5 
- 
- 
5 
- 
- 
5 
- 
- 
5 
- 
1 
5 
- 
1 
- 
      40 
      40 

- 
- 
- 
1 
- 
      56 
1 
1 
      56 
1 
1 
1 
1 
- 
1 
- 
- 
- 
      60 
      60 
      100 
      100 

3 
- 
3 
- 
- 
1 
- 
- 
1 
1 
- 
1 
1 
6 
1 
5 
6 
2 
5 
- 
2 
3 
- 
3 
      22 
      22 

9 
- 
9 
- 
- 
1 
- 
1 
1 
- 
1 
- 
- 
- 
      11 
      11 
      33 
      33 

    $  455,399,336 
326,839 
    $  455,399,336 
127,396,577 
326,839 
299,884 
127,396,577 
25,884 
299,884 
138,908,589 
25,884 
862,070 
138,908,589 
51,653 
862,070 
82,981,196 
51,653 
11,041,091 
82,981,196 
5,320,795 
11,041,091 
5,320,795 
822,613,914 
822,613,914 

4,124,337 
7,348,914 
4,124,337 
18,698,788 
7,348,914 
      1,352,377,405 
18,698,788 
17,232,402 
      1,352,377,405 
20,653,028 
17,232,402 
17,928,358 
20,653,028 
2,084,968 
17,928,358 
1,742,918 
2,084,968 
1,742,918 
      1,442,191,118 
      1,442,191,118 
    $ 2,264,805,032 
    $ 2,264,805,032 

    $  118,522,290 
982,349 
    $  118,522,290 
1,798 
982,349 
38,771,066 
1,798 
1,434,900 
38,771,066 
16,272,353 
1,434,900 
23,648,903 
16,272,353 
140,810,703 
23,648,903 
129,651,902 
140,810,703 
32,466,156 
129,651,902 
31,800,000 
32,466,156 
56,373,281 
31,800,000 
56,373,281 
590,735,701 
590,735,701 

25,100,000 
- 
25,100,000 
344,393 
- 
15,041,833 
344,393 
9,182,496 
15,041,833 
176,904 
9,182,496 
2,128,279 
176,904 
2,128,279 
51,973,905 
51,973,905 
642,709,606 
642,709,606 

      20 
- 
      20 
6 
- 
- 
6 
- 
- 
6 
- 
- 
6 
- 
- 
4 
- 
- 
4 
- 
- 
- 
      36 
      36 

- 
- 
- 
1 
- 
      60 
1 
1 
      60 
1 
1 
1 
1 
- 
1 
- 
- 
- 
      64 
      64 
      100 
      100 

5 
- 
5 
- 
- 
2 
- 
- 
2 
1 
- 
1 
1 
6 
1 
6 
6 
1 
6 
1 
1 
3 
1 
3 
      26 
      26 

1 
- 
1 
- 
- 
1 
- 
- 
1 
- 
- 
- 
- 
- 
2 
2 
      28 
      28 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Capital stock (Note 22) 
Capital surplus (Note 22) 
Capital stock (Note 22) 
Retained earnings (Note 22) 
Capital surplus (Note 22) 
Retained earnings (Note 22) 

Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Appropriated as legal capital reserve 
Unappropriated earnings 
Appropriated as special capital reserve 
Unappropriated earnings 

Others (Note 22) 
Others (Note 22) 

Equity attributable to shareholders of the parent 
Equity attributable to shareholders of the parent 

NON - CONTROLLING INTERESTS 
NON - CONTROLLING INTERESTS 

Total equity 
Total equity 

TOTAL   
TOTAL   

The accompanying notes are an integral part of the consolidated financial statements. 
The accompanying notes are an integral part of the consolidated financial statements. 

- 8 -
- 8 - 
- 8 - 

259,303,805 
56,347,243 
259,303,805 
56,347,243 
311,146,899 
42,259,146 
311,146,899 
      1,235,280,036 
42,259,146 
      1,588,686,081 
      1,235,280,036 
      1,588,686,081 

9 
2 
9 
2 
      11 
2 
      11 
      45 
2 
      58 
      45 
      58 

259,303,805 
56,339,709 
259,303,805 
56,339,709 
311,146,899 
10,675,106 
311,146,899 
      1,011,512,974 
10,675,106 
      1,333,334,979 
      1,011,512,974 
      1,333,334,979 

(54,679,873)       
(54,679,873)       

(2)       
(2)       

(27,568,369)       
(27,568,369)       

      1,849,657,256 
      1,849,657,256 
964,743 
964,743 
      1,850,621,999 
      1,850,621,999 
    $ 2,760,711,405 
    $ 2,760,711,405 

      67 
      67 
- 
- 
      67 
      67 
      100 
      100 

      1,621,410,124 
      1,621,410,124 
685,302 
685,302 
      1,622,095,426 
      1,622,095,426 
    $ 2,264,805,032 
    $ 2,264,805,032 

      11 
3 
      11 
3 
      14 
- 
      14 
      45 
- 
      59 
      45 
(1) 
      59 
(1) 
      72 
      72 
- 
- 
      72 
      72 
      100 
      100 

 
 
 
 
 
 
 
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
 
 
 
 
 
 
 
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2020 

2019 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 23, 33 and 39) 

    $1,339,254,811       100 

    $1,069,985,448       100 

COST OF REVENUE (Notes 5, 12, 29, 33 and 37) 

      628,108,309        47 

      577,286,947        54 

GROSS PROFIT BEFORE REALIZED 

(UNREALIZED) GROSS PROFIT ON SALES TO 
ASSOCIATES 

REALIZED (UNREALIZED) GROSS PROFIT ON 

SALES TO ASSOCIATES 

      711,146,502        53 

      492,698,501        46 

(16,382)      

- 

3,395       

- 

GROSS PROFIT 

      711,130,120        53 

      492,701,896        46 

OPERATING EXPENSES (Notes 5 , 29 and 33) 

Research and development 
General and administrative 
Marketing 

      109,486,089       
28,457,593       
7,112,867       

8 
2 
1 

91,418,746       
21,737,210       
6,348,626       

8 
2 
1 

Total operating expenses 

      145,056,549        11 

      119,504,582        11 

OTHER OPERATING INCOME AND EXPENSES, 

NET (Notes 14, 15 and 29) 

710,127       

- 

(496,224)      

- 

INCOME FROM OPERATIONS (Note 39) 

      566,783,698        42 

      372,701,090        35 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of associates 
Interest income (Note 24) 
Other income 
Foreign exchange gain (loss), net (Note 36) 
Finance costs (Note 25) 
Other gains and losses, net (Note 26) 

3,592,818       
9,018,400       
660,607       
(3,303,298)      
(2,081,455)      
10,106,410       

Total non-operating income and expenses 

17,993,482       

- 
1 
- 
- 
- 
1 

2 

2,844,222       
16,189,374       
417,295       
2,095,217       
(3,250,847)      
(1,151,015)      

17,144,246       

- 
1 
- 
- 
- 
- 

1 

INCOME BEFORE INCOME TAX 

      584,777,180        44 

      389,845,336        36 

INCOME TAX EXPENSE (Notes 5 and 27) 

66,619,098       

5 

44,501,527       

4 

NET INCOME 

      518,158,082        39 

      345,343,809        32 
(Continued) 

- 9 -

- 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, 20, 22 and 27) 
Items that will not be reclassified subsequently to 

profit or loss: 
Remeasurement of defined benefit obligation 
Unrealized gain 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 on investments in debt 

instruments at fair value through other 
comprehensive income 

Share of other comprehensive loss of associates 

2020 

2019 

Amount 

  % 

Amount 

  % 

    $ 

(3,516,749)      

(1)      $ 

253,895       

- 

423,697       
24,085       
(11,604)      

- 
- 
- 

334,327       
(109,592)      
(18,271)      

422,663       
(2,657,908)      

- 
(1)       

(20,992)      
439,367       

- 
- 
- 

- 
- 

(29,847,196)      

(2)       

(14,689,107)      

(1) 

2,466,711       
(283,409)      
(27,663,894)      

- 
- 
(2)       

2,566,373       
(140,195)      
(12,262,929)      

- 
- 
(1) 

Other comprehensive loss for the year, net of 

income tax 

(30,321,802)      

(3)       

(11,823,562)      

(1) 

TOTAL COMPREHENSIVE INCOME FOR THE 

YEAR 

    $  487,836,280        36 

    $  333,520,247        31 

NET INCOME ATTRIBUTABLE TO: 

Shareholders of the parent 
Non-controlling interests 

TOTAL COMPREHENSIVE INCOME 

ATTRIBUTABLE TO: 
Shareholders of the parent 
Non-controlling interests 

    $  517,885,387        39 
- 

272,695       

    $  345,263,668        32 
- 

80,141       

    $  518,158,082        39 

    $  345,343,809        32 

    $  487,563,478        36 
- 

272,802       

    $  333,440,460        31 
- 

79,787       

    $  487,836,280        36 

    $  333,520,247        31 
(Continued) 

- 10 -

- 10 - 

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
       
 
     
       
 
     
 
     
 
     
       
 
     
     
     
     
     
     
     
     
     
     
     
       
 
     
       
 
     
     
     
     
     
     
     
     
     
       
 
     
       
 
     
     
     
       
 
     
       
 
     
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
       
 
     
       
 
     
     
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
       
 
     
       
 
     
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2020 
Income Attributable to 
Shareholders of 
the Parent 

2019 
Income Attributable to 
Shareholders of 
the Parent 

EARNINGS PER SHARE (NT$, Note 28) 

Basic earnings per share 
Diluted earnings per share 

 $  19.97   
 $  19.97   

 $  13.32   
 $  13.32   

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

- 11 -

- 11 - 

 
 
 
 
 
 
 
 
 
 
 
     
     
       
 
     
       
 
     
       
 
     
       
 
   
   
   
   
 
     
       
 
     
       
 
 
 
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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

-

2

1

-

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

Depreciation expense 
Amortization expense 
Expected credit losses recognized on investments in debt 

instruments 
Finance costs 
Share of profits of associates 
Interest income 
Share-based compensation 
Loss (gain) on disposal or retirement of property, plant and 

equipment, net 

Loss on disposal of intangible assets, net 
Impairment loss (reversal of impairment loss) on property, plant and 

equipment 

Loss (gain) on financial instruments at fair value through profit or 

loss, net 

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 
Gain on foreign exchange, net 
Dividend income 
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 
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 

2020 

2019 

    $  584,777,180 

    $  389,845,336 

      324,538,443 
7,186,248 

      281,411,832 
5,472,409 

3,672 
2,081,455 
(3,592,818)       
(9,018,400)       
6,612 

1,714 
3,250,847 
(2,844,222) 
(16,189,374) 
2,818 

(188,863)       
599 

949,965 
2,377 

10,159 

(301,384) 

(3,005)       

955,723 

(1,439,420)       

- 
16,382 
(1,372,610)       
(637,575)       

- 
(2,828)       

(537,835) 
4,598 
(3,395) 
(5,228,218) 
(417,295) 
(13,091) 
(2,075) 

(2,965,270)       
(8,082,708)       
303,939 
7,588 
(54,372,211)       
1,389,493 
(1,358,129)       
404,607 
672,818 
3,798,888 

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 

12,032,143 
20,617,359 

(785,171)       

      874,028,577 

(51,362,365)       

(332,251) 
(2,372,032) 
(215,014) 
      667,182,815 
(52,044,071) 

Net cash generated by operating activities 

      822,666,212 

      615,138,744 

(Continued) 

- 13 -

- 13 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2020 

2019 

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   

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 

Increase in prepayments for leases   
Refundable deposits paid 
Refundable deposits refunded 

- 

    $ 

    $ 
(124,748) 
      (262,637,496)        (257,558,240) 
(313,958) 
      (507,238,722)        (460,422,150) 
(9,329,869) 

(9,542,387)       

(4,302,770)       

30,049 
      266,931,916 
285,210 
606,732 

2,418,153 
      230,444,486 
14,349,190 
287,318 

51,052 
(308,776)       
9,775,120 
1,044,327 
25,369 
735,081 

1,107 
(436,606) 
16,874,985 
2,565,338 
850,623 
320,242 

2,752,043 
(4,693,416)       
(726,883)       
1,431,837 

1,718,954 
- 
(1,465,766) 
1,019,294 

Net cash used in investing activities 

      (505,781,714)        (458,801,647) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Increase (decrease) in short-term loans 
Proceeds from short-term bills payable 
Repayments of short-term bills payable 
Proceeds from issuance of bonds 
Repayment of bonds 
Proceeds from long-term bank loans 
Payments for transaction costs attributable to the issuance 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 

      236,725,675 

(31,571,567)       
7,485,303 
(7,500,000)       

31,804,302 
- 
- 
- 
(34,900,000) 
- 
- 
(2,930,589) 
(3,597,145) 
62,203 
(701,269) 
      (259,303,805)        (259,303,805) 
4,006 
(75,869) 

(31,800,000)       
2,000,000 
(390,730)       
(2,615,708)       
(1,781,097) 
145,633 
(16,060)       

7,269 
- 

Net cash used in financing activities 

(88,615,087)        (269,638,166) 
(Continued) 

- 14 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2020 

2019 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 

EQUIVALENTS 

    $  (23,498,100)      $ 

(9,114,196) 

NET INCREASE (DECREASE) IN CASH AND CASH 

EQUIVALENTS 

      204,771,311 

      (122,415,265) 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

      455,399,336 

      577,814,601 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $  660,170,647 

    $  455,399,336 

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

- 15 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 
(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 9, 2021. 

  3.  APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING 

STANDARDS   

a.  Initial  application  of  the  amendments  to  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) 

The initial application of the amendments to 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. 

b.  Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers 
for application starting from 2021 and the IFRSs issued by International Accounting Standards Board 
(IASB) and endorsed by the FSC with effective date starting 2021 

New, Revised or Amended Standards and Interpretations 

Effective Date Issued   
by IASB   

Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 “Interest Rate 

January 1, 2021 

Benchmark Reform - Phase 2” 

- 16 -

- 16 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
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   

Annual Improvements to IFRS Standards 2018–2020 
Amendments to IFRS 3 “Reference to the Conceptual Framework” 
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

January 1, 2022 
January 1, 2022   
To be determined by IASB 

between an Investor and its Associate or Joint Venture” 

Amendments  to  IAS  1  “Classification  of  Liabilities  as  Current  or 

January 1, 2023 

Non-current” 

Amendments  to  IAS  16  “Property,  Plant  and  Equipment(cid:289) (cid:302)(cid:289) Proceeds 

January 1, 2022 

before Intended Use” 

Amendments  to  IAS  37  “Onerous  Contracts–Cost  of  Fulfilling  a 

January 1, 2022   

Contract” 

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 and  related  applicable 
period. 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. 

- 17 -

- 17 - 

 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  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: 

Name of Investor 

Name of Investee 

Main Businesses and Products 

Establishment 
and Operating 
Location 

Percentage of Ownership 
December 31, 
2019 

December 31, 
2020 

TSMC 

  TSMC North America 

  Selling and marketing of integrated 
circuits and other semiconductor 
devices 

  San Jose, California, 

100% 

100% 

U.S.A. 

- 

a), b) 

100% 

100% 

100% 

100% 

100% 

100% 

Note 

- 

a) 

a) 

a) 

a) 

- 

- 

d) 

- 

  TSMC Europe B.V. (TSMC 

  Customer service and supporting 

Europe) 

activities 

  TSMC Japan Limited (TSMC 

  Customer service and supporting 

  Amsterdam, the 

Netherlands 
  Yokohama, Japan 

Japan) 

activities 

  TSMC Design Technology 
Japan, Inc. (TSMC JDC) 
  TSMC Korea Limited (TSMC 

  Engineering support activities 

  Yokohama, Japan 

  Customer service and supporting 

  Seoul, Korea 

Korea) 

activities 

  TSMC Partners, Ltd. (TSMC 

Investing in companies involved in the 

  Tortola, British Virgin 

Partners) 

design, manufacture, and other 
related business in the semiconductor 
industry and other investment 
activities 

Islands 

  TSMC Global, Ltd. (TSMC 

Investment activities 

  Tortola, British Virgin 

Global) 

Islands 

  TSMC China Company 

  Manufacturing, selling, testing and 

  Shanghai, China 

Limited (TSMC China) 

computer-aided design of integrated 
circuits and other semiconductor 
devices 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

  TSMC Nanjing Company 

  Manufacturing, selling, testing and 

  Nanjing, China 

100% 

100% 

  Hsin-Chu, Taiwan 

87% 

87% 

Limited (TSMC Nanjing) 

  VisEra Technologies Company 

Ltd. (VisEra Tech) 

  TSMC Arizona Corporation 

(TSMC Arizona) 

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 

  Manufacturing, selling and testing of 
integrated circuits and other 
semiconductor devices 

  Phoenix, Arizona, 

100% 

- 

a), c) 

U.S.A. 

  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 

98% 

98% 

98% 

98% 

a) 

a) 

L.P. (VTAF III) 

companies 

(Continued) 

- 18 -

- 18 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name of Investor 

Name of Investee 

Main Businesses and Products 

TSMC Partners 

  TSMC Development, Inc. 
(TSMC Development) 

  TSMC Technology, Inc. 
(TSMC Technology) 
  TSMC Design Technology 

Canada Inc. (TSMC Canada) 

Investing in companies involved in the 
manufacturing related business in the 
semiconductor industry 
  Engineering support activities 

  Delaware, U.S.A. 

  Engineering support activities 

  Ontario, Canada 

InveStar Semiconductor 

Investing in new start-up technology 

  Cayman Islands 

Development Fund, Inc. 
(ISDF) 

companies 

InveStar Semiconductor 

Investing in new start-up technology 

  Cayman Islands 

Development Fund, Inc. (II) 
LDC. (ISDF II) 

companies 

Establishment 
and Operating 
Location 

Percentage of Ownership 
December 31, 
2019 

December 31, 
2020 

  Delaware, U.S.A. 

100% 

100% 

Note 

- 

a) 

a) 

a) , e) 

100% 

100% 

97% 

100% 

100% 

- 

- 

97% 

a) , e) 

TSMC Development 

  WaferTech, LLC (WaferTech) 

  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 

- 

a) 

(Concluded) 

Note a:  This is an immaterial subsidiary for which the consolidated financial statements are not audited by the Company’s independent auditors. 

Note b:  TSMC JDC has been established in January 2020. 

Note c:  TSMC Arizona has been established in November 2020. 

Note d:  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. The aforementioned 300mm wafer fab has 
reached the capacity of 20,000 12-inch wafers per month. 

Note e: 

ISDF and ISDF II have completed the liquidation procedures in November 2020. 

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. 

- 19 -

- 19 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.   

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. 

- 20 -

- 20 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  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. 

- 21 -

- 21 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
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. 

- 22 -

- 22 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
b.  Cash flow hedge 

The Company designates certain hedging instruments, such as forward exchange contracts, 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 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. 

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. 

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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. 

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  (assets  used  by  the  Company  and  assets subject  to  operating 
leases)  -  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 

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 and initial direct costs 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. 

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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. 

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 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 
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 

- 25 -

- 23 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 

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.   

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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. 

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. 

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- 27 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 

The Company has considered the economic implications of COVID-19 on critical accounting estimates and 
will  continue  evaluating  the  impact  on  its  financial  position  and  financial  performance  as  a  result  of  the 
pandemic. 

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  judgments  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. 

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- 28 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
Repurchase agreements 
Commercial paper 

        (cid:289)

December 31, 
2020 

December 31, 
2019 

    $  653,580,548 
3,716,119 
1,750,443 
1,123,537 

    $  452,734,378 
2,188,149 
- 
476,809 

    $  660,170,647 

    $  455,399,336 

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. 

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- 29 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
 
   
   
 
  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, 
2020 

December 31, 
2019 

     $  2,259,412 
- 
- 

     $ 

162,155 
123,759 
40,925 

     $  2,259,412 

     $ 

326,839 

     $ 

94,128 

     $ 

982,349 

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: 

December 31, 2020 

Sell NT$ 
Sell US$ 

December 31, 2019 

Sell NT$ 
Sell JPY   
Sell US$ 

Maturity Date 

Contract Amount 
(In Thousands) 

January 2021 to March 2021 
January 2021 to March 2021 

NT$ 144,697,981 
US$  1,176,858 

January 2020 to June 2020 

  January 2020 to February 2020 

January 2020 to March 2020 

NT$ 108,428,027 
JPY  57,471,581 
529,209 
US$ 

  8.  FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 

December 31, 
2020 

December 31, 
2019 

    $  56,593,623 
43,977,113 
13,459,503 
8,368,264 
      122,398,503 

    $  51,790,045 
51,966,460 
12,824,223 
10,815,849 
      127,396,577 

(Continued) 

Investments in debt instruments at FVTOCI 

Corporate bonds 
Agency bonds/Agency mortgage-backed securities 
Government bonds 
Asset-backed securities 

- 30 -

- 30 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
      
      
      
      
 
   
   
         
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
 
   
 
 
   
 
 
 
 
 
 
   
   
 
   
   
 
   
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
   
   
     
     
     
     
     
     
         
 
 
Investments in equity instruments at FVTOCI 
Non-publicly traded equity investments 
Publicly traded stocks 

Current 
Noncurrent 

December 31, 
2020 

December 31, 
2019 

    $ 

    $ 

4,514,940 
49,950 
4,564,890 

4,124,337 
- 
4,124,337 

    $  126,963,393 

    $  131,520,914 

    $  122,448,453 
4,514,940 

    $  127,396,577 
4,124,337 

    $  126,963,393 

    $  131,520,914 

(Concluded) 

These  investments  in  equity  instruments  are  held  for  medium  to  long-term  purposes  and  therefore  are 
accounted for as FVTOCI. For dividends recognized from these investments, please refer to consolidated 
statements of cash flows. All the dividends are from investments held at the end of the reporting period. 

For the years ended December 31, 2020 and 2019, as the Company adjusted its investment portfolio, equity 
investments  designated  at  FVTOCI  were  divested  for  NT$8  thousand  and  NT$873,470  thousand, 
respectively. The  related  other  equity-unrealized  gain/loss on financial  assets  at FVTOCI  of  NT$108,996 
thousand  and  NT$156,770  thousand  were  transferred  to  decrease  and  increase  retained  earnings, 
respectively. 

As of December 31, 2020 and 2019, the cumulative loss allowance for expected credit loss of NT$32,480 
thousand  and  NT$35,596  thousand  was  recognized  under  investments  in  debt  instruments  at  FVTOCI, 
respectively.  Refer to Note 32 for information relating to the credit risk management and expected credit 
loss. 

  9.  FINANCIAL ASSETS AT AMORTIZED COST 

December 31, 
2020 

December 31, 
2019 

Corporate bonds 
Less: Allowance for impairment loss 

Current 
Noncurrent 

     $  10,977,298 

(7,099)        

     $  7,651,727 
(2,929) 

     $  10,970,199 

     $  7,648,798 

     $  6,597,992 
4,372,207 

     $ 

299,884 
7,348,914 

     $  10,970,199 

     $  7,648,798 

Refer to Note 32 for information relating to credit risk management and expected credit loss for financial 
assets at amortized cost. 

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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, 
2020 

December 31, 
2019 

 $ 

47 

 $  22,380 

- 

47 

$ 

3,504 

 $  25,884 

 $  1,169 

 $ 

- 

- 

1,798 

 $  1,169 

 $  1,798 

The Company entered into interest rate futures contracts, which are used to partially hedge against the fair 
value changes caused by interest rate 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 during the hedging period. 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, 2020 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

Interest rate futures contracts - US Treasury 

US$88,700 

March 2021 

bonds 

Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

   $  6,198,683 

   $ 

1,122 

- 32 -

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December 31, 2019 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

Interest rate futures contracts - US Treasury 

US$122,200 

March 2020 

bonds 

Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

   $  7,364,727 

   $ 

(22,380) 

The effect for the years ended December 31, 2020 and 2019 is detailed below: 

Hedging Instruments/Hedged Items 

Increase 
(Decrease) in Value Used for 
Calculating Hedge Ineffectiveness 
Years Ended December 31 

2020 

2019 

Hedging Instruments 

Interest rate futures contracts - US Treasury bonds 

 $ (353,611) 

 $ (164,740) 

Hedged Items 

Financial assets at FVTOCI 

Cash flow hedge 

   353,611 

   177,831 

 $ 

- 

 $  13,091 

The  Company  entered  into  forward  exchange  contracts  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 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.  No  other  sources  of 
ineffectiveness  emerged  from  these  hedging  relationships.  For  the  years  ended  December  31,  2020  and 
2019, refer to Note 22(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 

Sell NT$ 1,342,392 

January 2020 

 $  (3,820) 

- 33 -

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The effect for the years ended December 31, 2020 and 2019 is detailed below: 

Hedging Instruments/Hedged Items 

Hedging Instruments 

Forward exchange contracts 

Hedged Items 

Increase 
(Decrease) in Value Used for 
Calculating Hedge 
Ineffectiveness 
Years Ended December 31 

2020 

2019 

 $  24,085 

 $ (109,592) 

Forecast transaction (capital expenditures) 

 $  (24,085) 

 $  109,592 

11.  NOTES AND ACCOUNTS RECEIVABLE, NET 

December 31, 
2020 

December 31, 
2019 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

    $  142,771,597      $  135,978,049 
(325,325) 
      142,524,971        135,652,724 
3,255,865 

2,955,301       

(246,626)      

    $  145,480,272      $  138,908,589 

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, 
2020 

  December 31, 
2019 

    $  140,933,622 

    $  126,134,762 

4,784,425 
8,708 
48 
95 
(246,626)       

13,082,080 
12,794 
1,033 
3,245 
(325,325) 

    $  145,480,272 

    $  138,908,589 

- 34 -

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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 

2020 

2019 

 $  325,325 
(78,474) 
(225) 

 $ 
7,253 
   318,290 
(218) 

 $  246,626 

 $  325,325 

For the years ended December 31, 2020 and 2019, the changes in loss allowance were mainly due to the 
variations in the balance of accounts receivable of different risk levels. 

12.  INVENTORIES 

Finished goods 
Work in process 
Raw materials 
Supplies and spare parts 

December 31, 
2020 

December 31, 
2019 

    $  21,705,625 
91,672,870 
14,715,963 
9,258,949 

     $  8,924,541 
       51,969,105 
       16,552,275 
5,535,275 

    $  137,353,407 

     $  82,981,196 

Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from 
the increase in net realizable value were included in the cost of revenue, as illustrated below: 

Years Ended December 31 

2020 

2019 

Inventory losses (reversal of write-down of inventories) 

     $  3,664,513 

     $ (1,983,048) 

The aforementioned reversal of write-down of inventories for the year ended December 31, 2019 excluded 
wafer contamination 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, 
2020 

December 31, 
2019 

December 31, 
2020 

December 31, 
2019 

Vanguard International 

  Manufacturing, selling, packaging, 

  Hsinchu, Taiwan 

    $ 

9,029,890 

    $ 

9,027,572 

 28% 

 28% 

Semiconductor Corporation 
(VIS) 

testing and computer-aided design of 
integrated circuits and other 
semiconductor devices and the 
manufacturing and design service of 
masks 

Systems on Silicon 

Manufacturing Company Pte 
Ltd. (SSMC) 

  Manufacturing and selling of integrated 
circuits and other semiconductor 
devices 

  Singapore 

5,900,245 

6,502,174 

39% 

39% 

(Continued) 

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Name of Associate 

Principal Activities 

Xintec Inc. (Xintec) 

Global Unichip Corporation 

(GUC) 

Mutual-Pak 

  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 

Place of   
Incorporation and 
Operation 

Carrying Amount 

  % of Ownership and Voting Rights Held 
by the Company 

December 31, 
2020 

December 31, 
2019 

December 31, 
2020 

December 31, 
2019 

  Taoyuan, Taiwan 

    $ 

2,554,123 

    $ 

1,846,145 

  Hsinchu, Taiwan 

1,328,620 

1,284,377 

  New Taipei, Taiwan 

28,183 

38,520 

 41% 

35% 

 28% 

41% 

35% 

28% 

    $  18,841,061 

    $  18,698,788 

(Concluded) 

As of December 31, 2020 and 2019, 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 
Xintec 
GUC 

14.  PROPERTY, PLANT AND EQUIPMENT 

Assets used by the Company 
Assets subject to operating leases 

a.  Assets used by the Company 

December 31, 
2020 

December 31, 
2019 

     $  53,849,925 
     $  20,420,233 
     $  15,827,184 

     $  36,812,923 
     $  8,958,195 
     $  11,251,774 

December 31, 
2020 

December 31, 
2019 

    $ 1,554,585,938      $ 1,352,313,861 
63,544 

1,003,182       

    $ 1,555,589,120      $ 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, 2020 
Additions (deductions) 
Disposals or retirements 
Transfers from assets subject 

to operating leases 

Transfers to assets subject to 

operating leases 
Effect of exchange rate 

changes 

     $ 

3,991,798 
- 
- 

   $  438,075,063 
84,882,543 

   $ 2,886,622,968 
729,943,300 

   $ 

54,611,364 
15,112,949 

     $  528,295,086 

(304,218,044 )   

(41,568 )   

(6,397,279 )   

(734,129 )        

- 

- 

23,142 

- 

- 

(1,199,011 ) 

- 

- 

   $ 3,911,596,279 
525,720,748 
(7,172,976 ) 

23,142   

(1,199,011 ) 

- 

- 

- 

(49,173 )   

(491,706 )   

(1,964,246 )   

(127,536 )        

(111,682 )   

(2,744,343 ) 

Balance at December 31, 2020       $ 

3,942,625 

   $  522,447,474 

   $ 3,607,005,732 

   $ 

68,862,648 

     $  223,965,360 

   $ 4,426,223,839 
(Continued) 

- 36 -

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Land and Land 
Improvements 

Buildings 

Machinery and 
Equipment 

Office 
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Transfers from assets subject 

to operating leases 

Transfers to assets subject to 

operating leases 

Impairment 
Effect of exchange rate 

changes 

     $ 

538,690 
1,479 
- 

   $  243,059,390 
29,209,096 

   $ 2,278,265,943 
285,393,637 

   $ 

(27,990 )   

(6,012,942 )   

     $ 

37,418,395 
7,216,921 
(732,403 )        

- 

- 
- 

8,215 

- 
- 

- 

(202,593 )   
10,159 

- 

- 
- 

(34,040 )   

(449,240 )   

(1,924,235 )   

(100,581 )        

Balance at December 31, 2020       $ 

506,129 

   $  271,799,471 

   $ 2,555,529,969 

   $ 

43,802,332 

     $ 

- 
- 
- 

- 

- 
- 

- 

- 

   $ 2,559,282,418 
321,821,133 
(6,773,335 ) 

8,215   

(202,593 ) 
10,159 

(2,508,096 ) 

   $ 2,871,637,901 

Carrying amounts at 

December 31, 2020 

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 

     $ 

3,436,496 

   $  250,648,003 

   $ 1,051,475,763 

   $ 

25,060,316 

     $  223,965,360 

   $ 1,554,585,938 

     $ 

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 

     $ 

- 
- 
- 

- 
- 

- 

- 

- 

Carrying amounts at 

December 31, 2019 

     $ 

3,453,108 

   $  195,015,673 

   $  608,357,025 

   $ 

17,192,969 

     $  528,295,086 

   $ 2,300,253,855 
278,765,001 
(14,067,350 ) 

20,659 
(301,384 ) 

(508 ) 

(5,387,855 ) 

   $ 2,559,282,418 

   $ 1,352,313,861 
(Concluded) 

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. 

- 37 -

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b.  Assets subject to operating leases 

Cost 

Buildings 

Machinery and 
Equipment 

Total 

Balance at January 1, 2020 
Disposals or retirements 
Transfers to assets used by the Company 
Transfers from assets used by the Company 

 $  562,610 
   (311,939) 
(23,142) 
- 

 $ 

- 
- 
- 
   1,199,011 

 $  562,610 
   (311,939) 
(23,142) 
   1,199,011 

Balance at December 31, 2020 

 $  227,529 

 $1,199,011 

 $1,426,540 

Accumulated depreciation 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Transfers to assets used by the Company 
Transfers from assets used by the Company 

 $  499,066 
16,281 
   (305,766) 
(8,215) 
- 

 $ 

- 
19,399 
- 
- 
   202,593 

 $  499,066 
35,680 
   (305,766) 
(8,215) 
   202,593 

Balance at December 31, 2020 

 $  201,366 

 $  221,992 

 $  423,358 

Carrying amounts at December 31, 2020 

 $  26,163 

 $  977,019 

 $1,003,182 

Cost 

Balance at January 1, 2019 

Balance at December 31, 2019 

Accumulated depreciation 

Balance at January 1, 2019 
Additions   

Balance at December 31, 2019 

 $  562,610 

 $  562,610 

 $  474,899 
24,167 

 $  499,066 

Carrying amounts at December 31, 2019 

 $  63,544 

 $ 

 $ 

 $ 

 $ 

 $ 

- 

- 

- 
- 

- 

- 

 $  562,610 

 $  562,610 

 $  474,899 
24,167 

 $  499,066 

 $  63,544 

Operating leases relate to leases of buildings and leases of machinery and equipment with lease terms 
approximately 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  from  the  buildings  and  machinery  and 
equipment is as follows: 

Year 1 
Year 2 
Year 3 

  December 31, 

2020 

December 31, 
2019 

    $  149,120 
16,992 
- 

    $ 

18,450 
16,992 
16,992 

 $  166,112 

 $  52,434 

- 38 -

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15.  LEASE ARRANGEMENTS   

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Machinery and equipment 
Office equipment 

December 31, 
2020 

December 31, 
2019 

    $  25,141,908 
2,544,742 
- 
41,732 

    $  14,064,036 
2,351,809 
775,809 
40,748 

     $  27,728,382 

     $  17,232,402 

Years Ended December 31 

2020 

2019 

Additions to right-of-use assets 

    $  13,481,172 

    $  1,032,985 

Depreciation of right-of-use assets 

Land 
Buildings 
Machinery and equipment 
Office equipment 

     $  1,312,888 
569,531 
775,809 
23,402 

     $ 

957,065 
458,772 
       1,184,374 
22,453 

     $  2,681,630 

     $  2,622,664 

Income from subleasing right-of-use assets (classified under 

other operating income and expenses, net) 

     $ 

79,624 

     $ 

55,026 

b.  Lease liabilities   

Carrying amounts 

Current portion (classified under accrued expenses and other 

current liabilities) 
Noncurrent portion   

Ranges of discount rates for lease liabilities are as follows: 

Land 
Buildings 
Machinery and equipment 
Office equipment 

- 39 -

- 39 - 

December 31, 
2020 

December 31, 
2019 

     $  1,828,025 
       20,560,649 

     $  2,275,084 
       15,041,833 

     $  22,388,674 

     $  17,316,917 

December 31, 
2020 

December 31, 
2019 

0.48%-2.14% 
0.54%-3.88% 
- 
0.28%-3.88% 

0.67%-2.14% 
0.67%-3.88% 
3.24% 
0.64%-3.88% 

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
      
      
      
      
 
   
   
        
 
 
 
 
 
 
 
   
   
 
   
   
   
   
      
      
      
      
      
 
   
   
        
 
   
   
 
 
 
 
 
 
   
   
   
   
 
   
   
 
   
   
        
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
c.  Material terms of right-of-use assets 

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. As of September 30, 2020, the aforementioned lease contract has been expired. 

d.  Subleases 

The  Company  subleases  the  right  to  use  its  buildings  and  machinery  and  equipment  under  operating 
leases with lease terms of 1 to 6 years.   

The maturity analysis of lease payments receivable under operating subleases is as follows: 

Year 1 
Year 2 

e.  Other lease information 

December 31, 
2020 

December 31, 
2019 

    $  144,099 
- 

  $ 

58,569 
1,885 

    $  144,099 

  $ 

60,454 

Years Ended December 31 

2020 

2019 

Expenses relating to short-term leases   
Expenses relating to low-value asset leases 
Expenses relating to variable lease payments not included in the 

     $  3,153,451 
     $ 
300 

     $  5,007,057 
492 
     $ 

measurement of lease liabilities 

     $ 

256,996 

   $ 

195,062 

Total cash outflow for leases 

16.  INTANGIBLE ASSETS 

Cost 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

Years Ended December 31 

2020 

2019 

     $  6,354,610 

     $  7,724,421 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

5,693,376 
- 
- 
(256,774 )        

     $  15,854,951 
6,308,926 
- 
(2,165 )        

     $  33,024,010 
3,275,757 

     $ 

(60,467 )        
(333 )        

8,302,996 
2,974,784 
- 

     $  62,875,333 
12,559,467 
(60,467 ) 
(259,351 ) 

(79 )        

Balance at December 31, 2020 

     $ 

5,436,602 

      $ 

22,161,712 

      $ 

36,238,967 

      $ 

11,277,701 

      $ 

75,114,982 
(Continued) 

- 40 -

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Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Accumulated amortization and   
    impairment 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

     $ 

- 
- 
- 
- 

9,823,770 
2,404,461 
- 
(2,165 )        

     $  26,502,067 
3,669,257 

     $ 

(59,868 )        
303 

5,896,468 
1,112,530 
- 

     $  42,222,305 
7,186,248 
(59,868 ) 
(1,882 ) 

(20 )        

Balance at December 31, 2020 

     $ 

- 

     $  12,226,066 

     $  30,111,759 

     $ 

7,008,978 

     $  49,346,803 

Carrying amounts at December 31, 2020 

     $ 

5,436,602 

     $ 

9,935,646 

     $ 

6,127,208 

     $ 

4,268,723 

     $  25,768,179 

Cost 

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 

     $ 

     $ 

- 
- 
- 
- 

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 ) 

Balance at December 31, 2019 

     $ 

- 

     $ 

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 

(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% in both years in its test of impairment as of December 31, 2020 and 2019, to 
reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment loss on 
goodwill. 

17.  SHORT-TERM LOANS 

Unsecured loans 

Amount 

Loan content 

US$ (in thousands) 
EUR (in thousands) 
Annual interest rate 
Maturity date 

December 31, 
2020 

December 31, 
2019 

    $  88,559,026 

    $  118,522,290 

    $ 

    $ 

200,000 
2,398,000 

2,370,000 
1,410,000 
  (0.54)%-0.33%    0.01%-2.22% 
  Due by February 

  Due by May 
2020 

2021 

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18.  BONDS PAYABLE 

Domestic unsecured bonds 
Overseas unsecured bonds 
Less: Discounts on bonds payable 
Less: Current portion 

December 31, 
2020 

December 31, 
2019 

    $  173,197,000 
84,291,000 

    $  56,900,000 
- 
- 
(31,800,000) 

(782,916)       
(2,600,000)       

The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

  Issuance Period    Total Amount 

Coupon 
Rate 

Repayment and 
Interest Payment 

    $  254,105,084 

    $  25,100,000 

NT$ unsecured 
    bonds 

100-2 

101-1 

101-2 

101-3 

101-4 

102-1 

102-2 

102-3 

102-4 

B 

B 

B 

- 

B 

C 

B 

C 

A 

B 

B 

C 

  January 2012 to 
January 2019 

  August 2012 to 
August 2019 
  September 2012 
to September 
2019 

  October 2012 to 
October 2022 
  January 2013 to 
January 2020 
  January 2013 to 
January 2023 
  February 2013 to 
February 2020 
  February 2013 to 
February 2023 
  July 2013 to July 

2020 

    $  7,000,000 

  1.46% 

  Bullet repayment; 
interest payable 
annually 

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 

       10,000,000 

  1.35% 

  The same as above 

3,000,000 

  1.49% 

  The same as above 

      11,600,000 

  1.38% 

  The same as above 

3,600,000 

  1.50% 

  The same as above 

      10,200,000 

  1.50% 

  The same as above 

  July 2013 to July 

3,500,000 

  1.70% 

  The same as above 

2023 

  August 2013 to 
August 2019 
  September 2013 
to March 2019 

8,500,000 

  1.52% 

  The same as above 

1,400,000 

  1.60% 

  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) 
(Continued) 

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Issuance 

  Tranche 

  Issuance Period    Total Amount 

Coupon 
Rate 

Repayment and 
Interest Payment 

102-4 

D 

  September 2013 
to March 2021 

    $  2,600,000 

  1.85% 

  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) 

109-1 

109-2 

109-3 

109-4 

109-5 

E 

F 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

  September 2013 
to March 2023 
  September 2013 
to September 
2023 

  March 2020 to 
March 2025 
  March 2020 to 
March 2027 
  March 2020 to 
March 2030 
  April 2020 to 
April 2025 
  April 2020 to 
April 2027 
  April 2020 to 
April 2030 
  May 2020 to May 

2025 

5,400,000 

  2.05% 

  The same as above 

2,600,000 

  2.10% 

  Bullet repayment; 
interest payable 
annually 

3,000,000 

  0.58% 

  The same as above 

      10,500,000 

  0.62% 

  The same as above 

      10,500,000 

  0.64% 

  The same as above 

5,900,000 

  0.52% 

  The same as above 

      10,400,000 

  0.58% 

  The same as above 

5,300,000 

  0.60% 

  The same as above 

4,500,000 

  0.55% 

  The same as above 

  May 2020 to May 

7,500,000 

  0.60% 

  The same as above 

2027 

  May 2020 to May 

2,400,000 

  0.64% 

  The same as above 

2030 

  July 2020 to July 

5,700,000 

  0.58% 

2025 

  Two equal installments 
in last two years; 
interest payable 
annually 

  July 2020 to July 

6,300,000 

  0.65% 

  The same as above 

2027 

  July 2020 to July 

1,900,000 

  0.67% 

  The same as above 

2030 

  September 2020 
to September 
2025 

  September 2020 
to September 
2027 

  September 2020 
to September 
2030 

4,800,000 

  0.50% 

  The same as above 

8,000,000 

  0.58% 

  The same as above 

2,800,000 

  0.60% 

  The same as above 

(Continued) 

- 43 -

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Issuance 

  Tranche 

  Issuance Period    Total Amount 

Coupon 
Rate 

Repayment and 
Interest Payment 

109-6 (green 
bond) 

109-7 

A 

B 

C 

A 

B 

C 

  December 2020 to 
December 2025 

    $  1,600,000 

  0.40% 

  Two equal installments 
in last two years; 
interest payable 
annually 

  December 2020 to 
December 2027 
  December 2020 to 
December 2030 
  December 2020 to 
December 2025 
  December 2020 to 
December 2027 
  December 2020 to 
December 2030 

5,600,000 

  0.44% 

  The same as above 

4,800,000 

  0.48% 

  The same as above 

1,900,000 

  0.36% 

  The same as above 

      10,200,000 

  0.41% 

  The same as above 

6,400,000 

  0.45% 

  The same as above 

(Concluded) 

Issuance 

  Tranche 

  Issuance Period   

Total Amount 
(US$   
in Thousands) 

Coupon 
Rate 

Repayment and 
Interest Payment 

US$ unsecured 
    bonds 

109-1 

- 

  September 2020 
to September 
2060 

    US$  1,000,000    2.70% 

  Bullet repayment 

(callable on the 5th 
anniversary of the 
issue date and every 
anniversary 
thereafter); interest 
payable annually 

The major terms of overseas unsecured bonds are as follows:   

Issuance Period   

Total Amount (US$ 
in Thousands) 

  Coupon Rate   

Repayment and Interest Payment 

September 2020 
to September 
2025 

September 2020 
to September 
2027 

September 2020 
to September 
2030 

     US$ 

1,000,000 

0.75% 

Bullet repayment (callable at any time, in 

whole or in part, at the relevant redemption 
price according to relevant agreements); 
interest payable semi-annually 

750,000   

1.00% 

  The same as above 

1,250,000 

1.375% 

  The same as above 

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19.  LONG-TERM BANK LOANS 

Unsecured loans 
Less: Discounts on government grants 

Loan content 

Annual interest rate 
Maturity date 

December 31, 
2020 

     $  2,000,000 
(32,389) 

     $  1,967,611 

0.4% 

  Due by 

September 
2025 

The long-term bank loans of the Company are with preferential interest rates subsidized by the government, 
and the loan proceeds are used to fund qualifying capital expenditure. 

20.  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$2,809,484 thousand and NT$2,609,733 thousand for the years ended December 31, 2020 
and 2019, 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) 

- 45 -

- 43 - 

Years Ended December 31 

2020 

2019 

     $ 

     $ 

123,311 
81,604 
204,915 

135,645 
123,951 
259,596 

(139,212) 

(124,344) 
(Continued) 

 
 
 
 
 
   
 
 
 
 
 
 
   
   
      
 
   
   
         
   
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
   
   
      
      
Years Ended December 31 

2020 

2019 

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 

     $ 

494,051 

     $ 

(438,009) 

- 
       3,161,910 

(233,239) 
541,697 

comprehensive income 

       3,516,749 

(253,895) 

Total 

     $  3,721,664 

     $ 

5,701 

(Concluded) 

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 

2020 

2019 

 $  126,274 
57,306 
18,248 
3,087 

 $  157,845 
72,686 
25,063 
4,002 

 $  204,915 

 $  259,596 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2020 

December 31, 
2019 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  16,980,277 

(5,066,203)        

     $  13,484,090 
(4,301,594) 

Net defined benefit liability 

     $  11,914,074 

     $  9,182,496 

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 

2020 

2019 

     $  13,484,090 
123,311 
118,808 

     $  13,662,684 
135,645 
175,401 

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 

494,051 

(438,009) 

- 
3,161,910 
(398,986)        
(2,907)        

(233,239) 
541,697 
(344,131) 
(15,958) 

Balance, end of year 

     $  16,980,277 

     $  13,484,090 

- 46 -

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Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Years Ended December 31 

2020 

2019 

     $  4,301,594 
37,204 

     $  4,011,279 
51,450 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

139,212 
987,179 
(398,986) 

124,344 
458,652 
(344,131) 

Balance, end of year 

     $  5,066,203 

     $  4,301,594 

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, 
2020 

December 31, 
2019 

    $ 
632,769 
       2,926,745 
       1,506,689 

     $ 
713,204 
       2,313,828 
       1,274,562 

     $  5,066,203 

     $  4,301,594 

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, 
2020 

December 31, 
2019 

        0.40% 
        3.00%(Note)   

0.90% 
3.00% 

Note: The Company has an additional 20 percent pay raise in 2021. 

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%  (and  not  below  0.0%)  in  the  discount  rate  and  all  other  assumptions  were  held 
constant,  the  present  value  of  the  defined  benefit  obligation  would  increase  by  NT$694,732 
thousand and NT$724,963 thousand as of December 31, 2020 and 2019, respectively. 

- 47 -

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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$835,964  thousand  and  NT$706,502  thousand  as  of  December  31,  2020  and  2019, 
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$229,934 thousand to the defined benefit plans in 
the next year starting from December 31, 2020. The weighted average duration of the defined benefit 
obligation is 9 years. 

21.  GUARANTEE DEPOSITS 

Capacity guarantee 
Others 

Current portion (classified under accrued expenses and other current 

liabilities) 

Noncurrent portion   

December 31, 
2020 

December 31, 
2019 

     $ 

- 
349,999 

     $  1,499,400 
230,481 

     $ 

349,999 

     $  1,729,881 

   $ 

84,400 
265,599 

   $  1,552,977 
176,904 

     $ 

349,999 

     $  1,729,881 

Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. 

22.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2020 

December 31, 
2019 

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. 

- 48 -

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The  authorized  shares  include  500,000  thousand  shares  allocated  for  the  exercise  of  employee  stock 
options. 

As of December 31, 2020, 1,064,364 thousand ADSs of TSMC were traded on the NYSE. The number 
of common shares represented by the ADSs was 5,321,819 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, 
2020 

December 31, 
2019 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,526 
40,578 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,234 
33,336 

     $  56,347,243 

     $  56,339,709 

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, 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 

- 49 -

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stockholders’ equity, any special reserve appropriated may be reversed to the extent that the net debit 
balance reverses. 

The  appropriations  of  2020  and  2019  quarterly  earnings  have  been  approved  by  TSMC’s  Board  of 
Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows: 

Resolution Date of TSMC’s   
    Board of Directors in its 
    meeting 

of 2020 
  February 9,   
2021 

of 2020 

of 2020 

  November 10,      August 11, 

2020 

2020 

of 2020 
May 12, 
2020 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  12,420,727 
    $  64,825,951 
2.5 
    $ 

     $  5,501,351       $  11,884,457       $  (2,694,841) 
     $  64,825,951       $  64,825,951       $  64,825,951 
2.5 
     $ 

2.5       $ 

2.5       $ 

Resolution Date of TSMC’s   
    Board of Directors in its 
    meeting 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

of 2019 
February 11,   
2020 

of 2019 
November 12, 
2019 

of 2019 
August 13,   
2019 

of 2019 
June 5,   
2019 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  16,893,073 
    $  64,825,951 
2.5 
    $ 

3,289,166 
    $ 
    $  64,825,951 
2.5 
    $ 

(3,338,190)      $ 

    $ 
    $  64,825,951 
2.5 
    $ 

(4,723,939) 
    $  51,860,761 
2.0 
    $ 

The special capital reserve for 2020 is to be presented for approval in the TSMC’s shareholders’ meeting 
to be held on June 8, 2021 (expected). 

The appropriation of 2018 earnings has been approved by TSMC’s shareholders in its meeting held on 
June 5, 2019. The appropriation and cash dividends per share were as follows: 

Legal capital reserve 
Special capital reserve 
Cash dividends to shareholders 

d.  Others 

Changes in others were as follows: 

Appropriation 
of Earnings 

  Cash Dividends 
Per Share 
(NT$) 

    $  35,113,088 
    $  (11,459,458)     
    $  207,443,044 

    $ 

8.0 

Year Ended December 31, 2020 

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 

    $ (26,871,400 )      $ 

(692,959 )      $ 

(3,820 )      $ 

(190 )      $ (27,568,369 ) 

foreign operations 

    (29,846,818 ) 

- 

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 

- 
- 

- 

423,212 
3,907,022 

108,687 

- 

- 
- 

- 

-  

    (29,846,818 ) 

- 
- 

- 

423,212 
3,907,022 

108,687 
(Continued) 

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Year Ended December 31, 2020 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

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 

- 

- 

- 

- 

   $ 

(1,439,420 ) 

   $ 

(891 )       

   $ 

- 

- 

- 

- 

24,085 

(20,265 ) 

(283,409 ) 

15,450 

- 
- 

- 
653 

- 

- 
- 

- 

- 

- 

-  

-  

-  

190 
- 

   $ 

(1,439,420 ) 

(891 ) 

24,085 

(20,265 ) 

(267,959 ) 

190 
653 

Balance, end of year 

    $ (57,001,627 )      $  2,321,754 

    $ 

    $ 

- 

    $ (54,679,873 ) 
(Concluded) 

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 ) 

- 
- 

- 

- 

- 

- 

-  

-  

-  

334,537 
3,097,329 

(162,118 ) 

(537,835 ) 

6,879 

4,598 

(109,592 ) 

82,276 

(152,098 ) 

1,653 
9,476 

- 
- 

- 

- 

- 

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 ) 

The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of 
its subsidiaries and associates. 

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23.  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 

2020 

2019 

    $ 1,178,456,273      $  927,317,351 
142,668,097 

160,798,538       

    $ 1,339,254,811      $ 1,069,985,448 

Years Ended December 31 

2020 

2019 

    $  129,082,884      $ 
817,910,976       
233,783,358       
70,213,432       
63,299,176       
24,964,985       

84,255,256 
634,713,043 
208,101,401 
67,568,157 
57,468,605 
17,878,986 

    $ 1,339,254,811      $ 1,069,985,448 

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 

5-nanometer 
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 
(cid:3)
Wafer revenue 

Years Ended December 31 

2020 

2019 

    $  645,303,613      $  523,612,863 
315,822,311 
86,342,707 
47,914,518 
53,733,395 
42,559,654 

439,809,984       
110,355,188       
44,367,562       
54,555,665       
44,862,799       

    $ 1,339,254,811      $ 1,069,985,448 

Years Ended December 31 

2020 

2019 

    $ 

8,450,865       

3,403,151       

90,934,485      $ 
- 
394,836,964        249,548,139 
23,266,355 
197,959,003        186,700,858 
9,535,831 
149,367,729        149,578,719 
103,176,542       
93,366,285 
61,226,671       
69,250,008 
29,380,358       
25,624,251 
33,197,137       
22,947,287 
86,008,475       
77,564,492 
20,514,893       
19,935,126 

    $ 1,178,456,273      $  927,317,351 

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b.  Contract balances 

December 31, 
2020 

December 31, 
2019 

January 1, 
2019 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  13,775,088 

     $  6,784,323 

   $  4,684,024 

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$4,737,915 thousand and NT$3,876,603 thousand for the years ended December 31, 2020 and 2019, 
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$40,453,153  thousand  and 
NT$36,211,421  thousand  for  the  years  ended  December  31,  2020  and  2019,  respectively.  As  of 
December  31,  2020  and  2019,  the  aforementioned  refund  liabilities  amounted  to  NT$33,194,765 
thousand and NT$19,620,159 thousand (classified under accrued expenses and other current liabilities), 
respectively. 

24.  INTEREST INCOME 

Interest income 
Bank deposits 
Financial assets at FVTPL 
Financial assets at FVTOCI   
Financial assets at amortized cost 

25.  FINANCE COSTS 

Interest expense 

Corporate bonds 
Bank loans 
Lease liabilities 
Others 

Years Ended December 31 

2020 

2019 

     $  5,139,149 
2,522 
3,121,856 
754,873 

     $  11,454,032 
339,480 
3,476,192 
919,670 

     $  9,018,400 

     $  16,189,374 

Years Ended December 31 

2020 

2019 

     $  1,337,347 
500,875 
227,752 
15,481 

     $  1,139,935 
       1,869,335 
240,927 
650 

     $  2,081,455 

     $  3,250,847 

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26.  OTHER GAINS AND LOSSES, NET 

Gain on disposal of financial assets, net 

Investments in debt instruments at FVTOCI 

Loss on disposal of subsidiaries 
Gain (loss) on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 
Gain 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, net 

Years Ended December 31 

2020 

2019 

     $  1,439,420 
- 

     $ 

537,835 
(4,598) 

8,244,491 
- 

(2,360,699) 
13,091 

891 
(4,563)        

426,171 

(6,879) 
5,165 
665,070 

     $  10,106,410 

     $  (1,151,015) 

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 

Years Ended December 31 

2020 

2019 

    $  72,705,385 
38,701 
150,204 
      72,894,290 

    $  45,411,178 
196,882 
(41,465) 
      45,566,595 

Deferred income tax benefit 

The origination and reversal of temporary differences 

(6,275,192) 

(1,065,068) 

Income tax expense recognized in profit or loss 

    $  66,619,098 

    $  44,501,527 

A reconciliation of income before income tax and income tax expense recognized in profit or loss was 
as follows: 

Years Ended December 31 

2020 

2019 

Income before tax 

    $  584,777,180 

    $  389,845,336 

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 

    $  118,837,423 

    $  79,053,188 

1,009,758 
(65,988,096)       
18,872,837 

-        

(4,180,168) 
(39,808,121) 
10,367,916 
5,903,794 
(Continued) 

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Years Ended December 31 

2020 

2019 

The origination and reversal of temporary differences 
Income tax credits 

    $ 

(6,275,192)      $ 
(26,537)       

Income tax adjustments on prior years 
Other income tax adjustments 

66,430,193 
38,701 
150,204 

(1,065,068) 
(5,925,431) 
44,346,110 
196,882 
(41,465) 

Income tax expense recognized in profit or loss 

    $  66,619,098 

    $  44,501,527 

(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. 

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 

Years Ended December 31 

2020 

2019 

 $  422,010 

 $  (30,468) 

653 

9,476 

 $  422,663 

 $  (20,992) 

c.  Deferred income tax balance 

The analysis of deferred income tax assets and liabilities was as follows: 

December 31, 
2020 

December 31, 
2019 

     $  19,354,383 
3,755,131 
1,341,960 
858,463 
330,340 
66,393 
251,514 

     $  13,547,220 
2,150,352 
1,016,248 
469,430 
323,093 
65,740 
356,275 

     $  25,958,184 

     $  17,928,358 

(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, 

  December 31, 

2020 

2019 

     $ 

(866,495)       $ 
(863,446)        

(333,606) 
(10,787) 

     $  (1,729,941)       $ 

(344,393) 
(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 

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, 2020 

Recognized in 

Balance, 
Beginning of 
Year 

Profit or Loss 

Other 
Comprehensive 
Income 

Effect of 
Exchange Rate 
Changes 

Balance, End of 
Year 

  $ 

  $  13,547,220 
2,150,352 
1,016,248 
469,430 
323,093 

65,740 
356,275 

  $ 

  $ 

5,823,956 
1,606,140 
(96,298 ) 
391,095 
27,437 

- 
(91,590 ) 

- 
- 
422,010 
- 
- 

653 
- 

(16,793 ) 
(1,361 ) 
- 
(2,062 ) 
(20,190 ) 

    $  19,354,383 
3,755,131 
1,341,960 
858,463 
330,340 

- 
(13,171 ) 

66,393 
251,514 

  $  17,928,358 

  $ 

7,660,740 

  $ 

422,663 

  $ 

(53,577 ) 

    $  25,958,184 

  $ 

(333,606 ) 
(10,787 ) 

  $ 

(532,889 ) 
(852,659 ) 

  $ 

  $ 

(344,393 ) 

  $ 

(1,385,548 ) 

    $ 

- 
- 

- 

  $ 

  $ 

- 
- 

- 

    $ 

(866,495 ) 
(863,446 ) 

    $ 

(1,729,941 ) 

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 ) 

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d.  The deductible temporary differences for which no deferred income tax assets have been recognized   

As  of  December  31,  2020  and  2019,  the  aggregate  deductible  temporary  differences  for  which  no 
deferred  income  tax  assets  have  been  recognized  amounted  to  NT$55,521,034  thousand  and 
NT$33,445,504 thousand, respectively. 

e.  Unused tax-exemption information   

As of December 31, 2020, 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,  2020  and  2019,  the  aggregate  taxable  temporary  differences  associated  with 
investments 
to 
income 
NT$152,827,360 thousand and NT$131,085,673 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 2018. 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 

2020 

2019 

 $  19.97 
 $  19.97 

 $  13.32 
 $  13.32 

  Number of 

Shares 
(Denominator) 
(In Thousands) 

Amounts 
(Numerator) 

EPS (NT$) 

Year Ended December 31, 2020 

Basic/Diluted EPS 

Net income available to common shareholders 

of the parent 

  $  517,885,387 

       25,930,380 

 $  19.97 

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 

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29.  ADDITIONAL INFORMATION OF EXPENSES BY NATURE   

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 

b.  Amortization of intangible assets 

Recognized in cost of revenue 
Recognized in operating expenses 

c.  Employee benefits expenses 

Post-employment benefits   

Defined contribution plans 
Defined benefit plans 

Other employee benefits 

Years Ended December 31 

2020 

2019 

    $  299,311,405      $  256,530,964 
24,856,701 
24,167 

25,191,358       
35,680       

    $  324,538,443      $  281,411,832 

    $ 

4,837,728      $ 
2,348,520       

3,069,901 
2,402,508 

    $ 

7,186,248      $ 

5,472,409 

    $ 

2,809,484      $ 
204,915       
3,014,399       

2,609,733 
259,596 
2,869,329 
      137,803,038        107,115,281 

Employee benefits expense summarized by function 

Recognized in cost of revenue 
Recognized in operating expenses 

    $ 140, 817,437      $  109,984,610 

    $  83,098,994      $  64,701,955 
45,282,655 

57,718,443       

    $  140,817,437      $  109,984,610 

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;  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. Accrued profit sharing bonus to employees is illustrated below: 

Profit sharing bonus to employees 

     $  34,753,184 

     $  23,165,745 

Years Ended December 31 

2020 

2019 

- 58 -

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TSMC’s  profit  sharing  bonus  to  employees  and  compensation  to  directors  for  2020,  2019  and  2018  had 
been approved by the Board of Directors of TSMC, as illustrated below: 

Years Ended December 31 
2019 

2018 

2020 

Resolution Date of TSMC’s Board of 

  February 9,      February 11,      February 19, 

Directors in its meeting 

2021 

2020 

2019 

Profit sharing bonus to employees 
Compensation to directors 

     $  34,753,184 
     $ 
509,753 

     $  23,165,745 
     $ 
360,404 

     $  23,570,040 
349,272 
     $ 

There is no significant difference between the aforementioned approved amounts and the amounts charged 
against earnings of 2020, 2019 and 2018, 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 

2020 

2019 

Additions of financial assets at FVTOCI 
Conversion of convertible bonds into equity securities 
Changes in accrued expenses and other current liabilities 

    $  268,653,527      $  257,824,493 
- 
(266,253) 

(120,548)      
(5,895,483)      

Payments for acquisition of financial assets at FVTOCI 

    $  262,637,496      $  257,558,240 

Disposal of financial assets at FVTOCI 
Changes in other financial assets 

    $  269,011,852      $  229,525,134 
919,352  

(2,079,936)      

Proceeds from disposal of financial assets at FVTOCI 

    $  266,931,916      $  230,444,486 

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 

    $  525,720,748      $  564,283,073 
472,504 
(3,287,138) 
(19,085,925)       (100,964,013) 
(82,276) 

584,782       
(1,148)      

20,265       

Payments for acquisition of property, plant and equipment 

    $  507,238,722      $  460,422,150 

Additions of intangible assets 
Changes in other financial assets 
Changes in account payable 
Changes in accrued expenses and other current liabilities 

    $  12,559,467      $ 
10,457       
191,429      
(3,218,966)      

9,237,698 
22,236 
69,935  
- 

Payments for acquisition of intangible assets 

    $ 

9,542,387      $ 

9,329,869 

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b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 
2020 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2020 

Non-cash changes 

Short-term loans 
Bonds payable 
Long-term bank loans 
Lease liabilities 
Guarantee deposits 

    $  118,522,290      $  (31,571,567 )      $ 
56,900,000        204,534,945       
2,000,000       
(2,819,733 )       
129,573       

-       
17,316,917       
1,729,881       

1,608,303      $ 
(4,758,550 )      
-       
(78,493 )      
1,795       

-      $ 
-       
-       
7,742,231       
-       

-      $  88,559,026 
28,689        256,705,084 
1,967,611 
(32,389 )       
22,388,674 
227,752       
349,999 
(1,511,250 )       

Total 

    $  194,469,088      $  172,273,218      $ 

(3,226,945 )     $ 

7,742,231      $ 

(1,287,198 )      $  369,970,394 

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 
Bonds payable 
Lease liabilities 
Guarantee deposits 

    $  88,754,640      $  31,804,302      $ 
(34,900,000 )       
(3,174,032 )       
(639,066 )       

91,800,000       
19,903,615       
10,189,045       

(2,036,652 )     $ 
-       
(73,290 )      
4,474       

-      $ 
-       
419,697       
-       

-      $  118,522,290 
56,900,000 
-       
17,316,917 
240,927       
1,729,881 
(7,824,572 )       

Total 

    $  210,647,300      $ 

(6,908,796 )      $ 

(2,105,468 )     $ 

419,697      $ 

(7,583,645 )      $  194,469,088 

Note:  Other changes include amortization of bonds payable, amortization of long-term bank loan interest subsidy, financial 
cost of lease liabilities and guarantee deposits refunded to customers by offsetting related accounts receivable. 

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) 

Note 1:  Financial assets mandatorily measured at FVTPL. 

- 60 -

- 58 - 

December 31, 
2020 

December 31, 
2019 

    $ 
2,259,412 
      129,918,694 
47 
      826,293,705 

    $ 
326,839 
      134,776,779 
25,884 
      612,740,640 

    $  958,471,858 

    $  747,870,142 

    $ 

94,128 
1,169 
      748,129,332 

    $ 

982,349 
1,798 
      533,581,640 

    $  748,224,629 

    $  534,565,787 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
     
 
   
   
         
 
   
   
   
   
     
     
 
   
   
         
 
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, long-term bank loans and guarantee deposits. 

b.  Financial risk management objectives 

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 Company 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. These hedges reduce, but do not entirely eliminate, 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, 2020 and 2019, a hypothetical adverse foreign currency exchange rate change 
of  10%  would  have  decreased  its  net  income  by  NT$897,722  thousand  and  NT$2,137,338  thousand, 
respectively, and decreased its other comprehensive income NT$107,690 thousand for the year ended 
December 31, 2019, 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 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 the interest paid on its debt. 

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, which are classified as financial assets at FVTOCI, and may have 
their fair value adversely affected due to a rise in interest rates. At the same time, if interest rate fall, cash 

- 61 -

- 59 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
and cash equivalents as well as floating-rate securities may generate less interest income than expected. 
The Company has  entered and  may in  the future enter 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 movements in interest rates. 

Based on a sensitivity analysis performed on the Company’s fixed income investments at the end of the 
reporting  period,  interest  rates  increase  of  100  basis  points  (1.00%)  across  all  maturities  would  have 
decreased  the  fair  value  by  NT$3,143,569  thousand  and  NT$3,517,424  thousand  for  the  years  ended 
December 31, 2020 and 2019, respectively. The decreases were composed of NT$3,143,569 thousand 
decrease  and  NT$3,516,604  thousand  decrease  in  other  comprehensive  income  for  the  years  ended 
December 31, 2020 and 2019, respectively, and NT$820 thousand decrease in net income for the year 
ended December 31, 2019. 

The majority of the Company’s short-term debt is floating-rate, hence a rise in interest rates may result 
in higher interest expense than predicted. The majority of the Company’s long-term debt is fixed-rate and 
measured at amortized cost and as such, changes in interest rates would not affect the future cash flows 
and the carrying amount. 

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, 2020 and 2019, the other comprehensive income would have 
decreased by NT$446,470 thousand and NT$401,879 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 accounts receivable, 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 accounts receivable are from its customers worldwide. The majority of the Company’s 
outstanding accounts receivable are not covered by collaterals or guarantees. While the Company has 
procedures to monitor and manage credit risk exposure on accounts receivable, 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, 2020 and 2019, 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 objective of the Company’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 

- 62 -

- 60 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
investment  grade  and  limits  the  amount  of  credit  exposure  to  any  one  issuer.  The  Company  assesses 
whether  there  has  been  a  significant  increase  in  credit  risk  in  the  invested  securities(cid:289) since  initial 
recognition  by  reviewing  changes  in  external  credit  ratings,  financial  market  conditions  and  material 
information of the 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 is investment grade on 

  12 months expected credit 

0-0.1% 

Doubtful 

  Credit rating is non-investment grade 

  Lifetime expected credit 

valuation date 

loss 

In default 

  Credit rating is CC or below on 

on valuation date 

Write-off 

valuation date 

  There is evidence indicating that the 
debtor is in severe financial 
difficulty and the Company has no 
realistic prospect of recovery   

loss-not credit impaired 

  Lifetime expected credit 
loss-credit impaired 
  Amount is written off 

- 

- 

- 

For the years ended December 31, 2020 and 2019, the expected credit loss increases NT$1,054 thousand 
and NT$655 thousand, respectively. The changes are mainly due to investment portfolio adjustment and 
changes in credit rating of investment securities. 

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 equivalents, fixed income investments at FVTPL, financial assets at FVTOCI-
current, financial assets at amortized cost-current and sufficient cost-efficient funding. 

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, 2020 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

     $  88,557,526 

     $ 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

41,095,002 

       157,804,961 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

- 

- 

- 

liabilities 
Bonds payable 
Long-term bank loans 

71,995,747 
5,327,971 
8,000 

- 
27,631,589 
847,389 

- 
59,986,812 
1,170,944 

- 
       207,152,135 
- 

     $  88,557,526 

41,095,002 

       157,804,961 

71,995,747 
       300,098,507 
2,026,333 
(Continued) 

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Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than 
5 Years 

Total 

Lease liabilities (including those 

classified under accrued expenses 
and other current liabilities) 

     $ 

2,024,212 

     $ 

3,566,719 

     $ 

3,198,845 

     $  15,067,857 

     $  23,857,633 

Guarantee deposits (including those 
classified under accrued expenses 
and other current liabilities)   

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

December 31, 2019 

Non-derivative financial liabilities 

84,400 
       366,897,819 

113,520 
32,159,217 

151,746 
64,508,347 

333 
       222,220,325 

349,999 
       685,785,708 

       177,764,155 
       (181,457,960 )        
(3,693,805 )        

- 
- 
- 

- 
- 
- 

- 
- 
- 

       177,764,155 
       (181,457,960 ) 
(3,693,805 ) 

    $  363,204,014 

     $  32,159,217 

     $  64,508,347 

     $  222,220,325 

     $  682,091,903 

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)   

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

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 

       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) 

Information about the maturity analysis for lease liabilities more than 5 years: 

5-10 Years 

  10-15 Years 

  15-20 Years 

More Than   
20 Years 

Total 

December 31, 2020 

Lease liabilities 

    $  7,401,969 

    $  5,253,877 

    $  2,255,185 

    $ 

156,826 

    $ 15,067,857 

December 31, 2019 

Lease liabilities 

    $  5,581,116 

    $  3,691,272 

    $  1,600,962 

    $ 

74,380 

    $ 10,947,730 

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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: 

(cid:121)  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

(cid:121)  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 

(cid:121)  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. 

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, 2020 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in debt instruments 

Corporate bonds 
Agency bonds/Agency 

mortgage-backed securities 

Government bonds 
Asset-backed securities 

Investments in equity instruments     

Non-publicly traded equity 

investments 

Publicly traded stocks 

Notes and accounts receivable, net    

Hedging financial assets 

Fair value hedges 

 $ 

- 

 $  2,259,412 

 $ 

- 

 $  2,259,412 

 $ 

- 

 $  56,593,623 

 $ 

- 
   13,279,154 
- 

   43,977,113 
180,349 
8,368,264 

- 

- 
- 
- 

 $  56,593,623 

   43,977,113 
   13,459,503 
8,368,264 

- 
49,950 
- 

- 
- 
2,955,301 

4,514,940 
- 
- 

4,514,940 
49,950 
2,955,301 

 $  13,329,104 

 $ 112,074,650 

 $  4,514,940 

 $ 129,918,694 

Interest rate futures contracts 

 $ 

47 

 $ 

- 

 $ 

- 

 $ 

47 

(Continued) 

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Level 1 

Level 2 

Level 3 

Total 

December 31, 2020 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

- 

 $ 

94,128 

 $ 

- 

 $ 

94,128 

Hedging financial liabilities 

Fair value hedges 

Interest rate futures contracts 

     $ 

1,169 

     $ 

- 

     $ 

- 

     $ 

1,169 

(Concluded) 

The  transfer  from  Level  2  to  Level  1  is  because  quoted  prices  (unadjusted)  in  active  markets 
became available for such equity investment. 

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 

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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, 2020 and 2019 were as follows: 

Years Ended December 31 

2020 

2019 

Balance, beginning of year 
Additions 
Recognized in profit or loss 
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 

     $  4,208,900 
175,202 
(3,821) 
409,014 
(51,060) 
- 
(223,295) 

     $  3,910,681 
372,315 
- 
129,497 
(76,532) 
(43,610) 
(83,451) 

Balance, end of year 

     $  4,514,940 

     $  4,208,900 

Note: The transfer from Level 3 to Level 2 is because observable market data became available for 

such equity investment. 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows: 

(cid:121)  The  fair  values  of  corporate  bonds,  agency  bonds,  agency  mortgage-backed  securities, 
asset-backed securities, government bonds and non-publicly traded equity investments - equity 
investments  trading  on  the  Emerging  Stock  Board  are  determined  by  quoted  market  prices 
provided by third party pricing services. 

(cid:121)  Forward  exchange  contracts  are  measured  using  forward  exchange  rates  and  discount  rates 

derived from quoted market prices. 

(cid:121)  The  fair  value  of  accounts  receivable  classified  as  at  FVTOCI  is  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 (excluding those trading on the Emerging 
Stock Board) 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.  On  December  31,  2020  and  2019,  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$39,006  thousand  and  NT34,843  thousand  if  discounts  for  lack  of  marketability 
increase by 1%. 

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. 

- 67 -

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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. 

Fair value hierarchy 

The table below sets out the fair value hierarchy for the Company’s financial 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 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2020 

Carrying 
Amount 

Level 2 
Fair Value 

   $  10,970,199 

     $  11,053,550 

     $ 256,705,084 

     $ 257,551,196 

December 31, 2019 

Carrying 
Amount 

Level 2 
Fair Value 

   $  7,648,798 

     $  7,718,731 

     $  56,900,000 

     $  57,739,115 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The  fair  values  of  corporate  bonds  and  the  Company’s  bonds  payable  are  determined  by  quoted 
market prices provided by third party pricing services. 

- 68 -

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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 in 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 

Years Ended December 31 

2020 

2019 

Item 

  Related Party Categories 

Net revenue from sale of goods    Associates 

     $  8,129,764 

     $  6,253,895 

Net revenue from royalties 

  Associates 

     $ 

195,111 

     $ 

183,583 

c.  Purchases 

Related Party Categories 

Associates 

d.  Receivables from related parties 

Years Ended December 31 

2020 

2019 

     $  7,606,421 

     $  6,301,417 

  December 31, 
2020 

December 31, 
2019 

Item 

  Related Party Name/Categories     

Receivables from related   

parties 

  GUC 
  Xintec 

Other receivables from related      SSMC 

parties 

  VIS 
  Other associates 

 $  370,643 
   187,488 

 $  741,898 
   120,172 

 $  558,131 

 $  862,070 

 $  45,291 
4,311 
1,043 

 $  46,506 
3,920 
1,227 

 $  50,645 

 $  51,653 

- 69 -

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e.  Payables to related parties 

Item 

  Related Party Name/Categories   

  December 31, 
2020 

December 31, 
2019 

Payables to related parties 

  Xintec 
  SSMC 
  VIS 
  Other associates 

f.  Others 

     $ 

     $  1,358,624 
400,819 
311,406 
36,869 

736,860 
487,944 
153,977 
56,119 

     $  2,107,718 

     $  1,434,900 

Years Ended December 31 

2020 

2019 

Item 

  Related Party Categories 

Manufacturing expenses 

  Associates 

     $  5,439,978 

     $  2,822,989 

Research and development 

  Associates 

   $ 

256,496 

$ 

163,425 

expenses 

General and administrative 

  Other related parties 

$ 

120,000 

$ 

120,000 

expenses 

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. 

g.  Compensation of key management personnel 

The compensation to directors and other key management personnel were as follows: 

Short-term employee benefits 
Post-employment benefits 

Years Ended December 31 

2020 

2019 

     $  2,666,696 
2,334 

     $  1,922,191 
2,686 

     $  2,669,030 

     $  1,924,877 

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. 

- 70 -

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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, 2020 and 2019, the aforementioned other financial assets 
amounted to NT$135,375 thousand and NT$114,467 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, 2020, 
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, 2020. 

c.  On  September  28,  2017,  TSMC  was  contacted  by  the  European  Commission  (the  “Commission”), 
which asked us for information and documents concerning alleged anti-competitive practices in relation 
to  semiconductor  sales.  We  cooperated  continuously  with  the  Commission  to  provide  the  requested 
information and documents. The Commission subsequently decided to close the investigation in May 
2020. 

d.  TSMC  entered into  long-term  purchase  agreements  of  materials  and supplies  with  multiple suppliers. 

The relative minimum purchase quantity and price are specified in the agreements. 

e.  TSMC entered into a long-term purchase agreement of equipment. The relative purchase quantity and 

price are specified in the agreement. 

f.  TSMC  entered  into  long-term  energy  purchase  agreements  with  multiple  suppliers.  The  relative 

purchase period, quantity and price are specified in the agreements. 

g.  Amounts available under unused letters of credit as of December 31, 2020 and 2019 were NT$56,194 

thousand and NT$59,976 thousand, respectively. 

- 71 -

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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, 2020 

Financial assets 

Monetary items 

USD 
USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

December 31, 2019 

Financial assets 

Monetary items 

USD 
USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

    $ 

6,984,545 
785,171 
13,820 
83,593,234 

    28.097 

    34.587 
 0.2729 

6.540(Note 2)       

    $  196,244,748 
22,060,962 
478,002 
22,812,594 

6,966,889 
4,150,215 
      105,112,663 

    28.097 
    34.587 
 0.2729 

      195,748,671 
      143,543,499 
28,685,246 

    $ 

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 

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, 2020 and 2019, 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. 

- 72 -

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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. 

38.  ADDITIONAL DISCLOSURES 

Following are the additional disclosures required by the Securities and Futures Bureau for TSMC: 

a.  Financings provided: See Table 1 attached; 

b.  Endorsement/guarantee provided: See Table 2 attached; 

c.  Marketable securities held (excluding investments in subsidiaries and associates): 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: 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: 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: 

See Table 6 attached; 

h.  Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: 

See Table 7 attached; 

i. 

Information about the derivative financial instruments transaction: See Notes 7 and 10; 

j.  Others: The  business relationship  between the  parent and the  subsidiaries and significant  transactions 

between them: 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): 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: 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: See Table 8 attached. 

- 73 -

- 73 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
m.  Information of major shareholder 

List of all shareholders with ownership of 5 percent or greater showing the names and the number of 
shares and percentage of ownership held by each shareholder: See Table 11 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. 

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, 
2020 

  December 31, 
2019 

   $1,569,080,378     $1,344,352,664 
8,850,099 
38,586,614 
186,238 
27,074 
3,064 

9,455,505 
34,456,406 
174,169 
327,250 
2,996 

   $1,613,496,704     $1,392,005,753 

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 

2020 

2019 

Amount 

  % 

Amount 

  % 

Customer A 
Customer B 

    $  336,775,511 
      167,390,758 

      25 
      12 

    $  247,213,291 
      152,876,885 

      23 
      14 

- 74 -

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- 110 -

Taiwan Semiconductor Manufacturing 
Company Limited 

Parent Company Only Financial Statements for the 
Years Ended December 31, 2020 and 2019 and   
Independent Auditors’ Report 

- 111 -

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 112 -

 
 
 
- 113 -

- 114 -

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, 
2020  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. 

- 115 -

- 115 - 

 
 
 
 
 
 
 
 
 
 
 
 
- 116 -

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) 
Hedging financial assets (Note 8) 
Notes and accounts receivable, net (Note 9) 
Receivables from related parties (Note 30) 
Other receivables from related parties (Note 30) 
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 (Note 11) 
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 24) 
Refundable deposits   
Other noncurrent assets 

Total noncurrent assets 

TOTAL 

LIABILITIES AND EQUITY 

CURRENT LIABILITIES 

Short-term loans (Notes 15 and 27) 
Financial liabilities at fair value through profit or loss (Note 7) 
Hedging financial liabilities (Note 8) 
Accounts payable   
Payables to related parties (Note 30) 
Salary and bonus payable 
Accrued profit sharing bonus to employees and compensation to directors (Note 26) 
Payables to contractors and equipment suppliers   
Cash dividends payable (Note 19) 
Income tax payable (Notes 5 and 24) 
Long-term liabilities - current portion (Notes 16 and 27) 
Accrued expenses and other current liabilities (Notes 5, 13, 18, 20, 27 and 30) 

Total current liabilities 

NONCURRENT LIABILITIES 

Bonds payable (Notes 16 and 27) 
Deferred income tax liabilities (Notes 5 and 24) 
Lease liabilities (Notes 5, 13 and 27) 
Net defined benefit liability (Note 17) 
Guarantee deposits (Notes 18 and 27) 
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. 

- 117 -

- 117 - 

December 31, 2020 
Amount 

  % 

December 31, 2019 
Amount 

  % 

    $  303,165,717 
2,125,825 
- 
34,611,115 
101,781,174 
1,714,334 
130,298,036 
1,425,594 
5,827,453 

      11 
- 
- 
1 
4 
- 
5 
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    $  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 
- 
- 

580,949,248 

      21 

355,118,125 

      16 

834,830 
564,597,508 
      1,511,784,556 
25,184,827 
21,733,597 
24,678,225 
1,249,552 
2,492,770 

- 
      21 
      55 
1 
1 
1 
- 
- 

877,110 
558,503,889 
      1,310,900,634 
15,030,020 
16,271,444 
16,728,622 
2,046,228 
- 

- 
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1 
1 
1 
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      2,152,555,865 

      79 

      1,920,357,947 

      84 

    $ 2,733,505,113 

      100 

    $ 2,275,476,072 

      100 

    $  175,659,726 
93,153 
- 
36,238,637 
7,017,623 
17,478,038 
35,262,937 
156,342,457 
129,651,902 
53,297,025 
2,600,000 
66,888,237 

7 
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- 
1 
- 
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5 
2 
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    $  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 
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6 
6 
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2 

680,529,735 

      25 

605,540,547 

      27 

170,450,745 
1,716,367 
18,480,111 
11,914,074 
259,073 
497,752 

203,318,122 

6 
- 
1 
1 
- 
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8 

25,100,000 
333,606 
13,300,263 
9,182,496 
170,446 
438,590 

48,525,401 

1 
- 
1 
- 
- 
- 

2 

883,847,857 

      33 

654,065,948 

      29 

259,303,805 
56,347,243 

9 
2 

259,303,805 
56,339,709 

      11 
2 

311,146,899 
42,259,146 
      1,235,280,036 
      1,588,686,081 

      11 
2 
      45 
      58 

311,146,899 
10,675,106 
      1,011,512,974 
      1,333,334,979 

(54,679,873)       

(2)       

(27,568,369)       

      14 
- 
      45 
      59 
(1) 

      1,849,657,256 

      67 

      1,621,410,124 

      71 

    $ 2,733,505,113 

      100 

    $ 2,275,476,072 

      100 

 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2020 

2019 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 20 and 30) 

    $1,314,793,013       100 

    $1,059,646,793       100 

COST OF REVENUE (Notes 5, 10, 26, 30 and 33) 

      632,772,608        48 

      579,507,047        55 

GROSS PROFIT BEFORE REALIZED 

(UNREALIZED) GROSS PROFIT ON SALES TO 
SUBSIDIARIES AND ASSOCIATES   

REALIZED (UNREALIZED) GROSS PROFIT ON 

      682,020,405        52 

      480,139,746        45 

SALES TO SUBSIDIARIES AND ASSOCIATES   

(16,382)      

- 

3,395       

- 

GROSS PROFIT 

      682,004,023        52 

      480,143,141        45 

OPERATING EXPENSES (Notes 5, 26, and 30) 

Research and development 
General and administrative 
Marketing 

      108,613,789       
26,312,285       
4,359,436       

8 
2 
1 

90,482,815       
20,353,327       
3,231,777       

8 
2 
- 

Total operating expenses 

      139,285,510        11 

      114,067,919        10 

OTHER OPERATING INCOME AND EXPENSES, 

NET (Notes 12, 13 and 26) 

746,994       

- 

(151,230)      

- 

INCOME FROM OPERATIONS 

      543,465,507        41 

      365,923,992        35 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of subsidiaries and associates (Note 

11) 

Interest income (Note 21) 
Other income 
Foreign exchange gain (loss), net (Note 32) 
Finance costs (Note 22) 
Other gains and losses, net (Note 23) 

34,902,194       
951,877       
209,885       
(1,759,386)      
(1,766,297)      
6,615,162       

Total non-operating income and expenses 

39,153,435       

3 
- 
- 
- 
- 
- 

3 

22,906,788       
2,002,877       
177,374       
1,994,370       
(3,191,609)      
(1,068,573)      

22,821,227       

2 
- 
- 
- 
- 
- 

2 

INCOME BEFORE INCOME TAX 

      582,618,942        44 

      388,745,219        37 

INCOME TAX EXPENSE (Notes 5 and 24) 

64,733,555       

5 

43,481,551       

4 

NET INCOME 

      517,885,387        39 

      345,263,668        33 
(Continued) 

- 118 -

- 118 - 

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
     
       
 
     
       
 
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
     
     
     
     
     
     
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
     
 
     
       
 
     
       
 
 
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, 11, 17, 19 and 24) 
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 gain 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 

2020 

2019 

Amount 

  % 

Amount 

  % 

    $ 

(3,516,749)      

- 

    $ 

253,895       

- 

(41,995)      
24,085       

453,603       

422,663       
(2,658,393)      

- 
- 

- 

- 
- 

121,740       
(109,592)      

194,524       

(20,992)      
439,575       

- 
- 

- 

- 
- 

foreign operations 

(29,853,603)      

(2)       

(14,698,117)      

(2) 

Share of other comprehensive gain of subsidiaries 

and associates 

2,190,087       
(27,663,516)      

- 
(2)       

2,435,334       
(12,262,783)      

- 
(2) 

Other comprehensive loss for the year, net of 

income tax 

(30,321,909)      

(2)       

(11,823,208)      

(2) 

TOTAL COMPREHENSIVE INCOME FOR THE 

YEAR 

    $  487,563,478        37 

    $  333,440,460        31 

EARNINGS PER SHARE (NT$, Note 25) 

Basic earnings per share 
Diluted earnings per share 

    $ 
    $ 

19.97     
19.97     

    $ 
    $ 

13.32     
13.32     

The accompanying notes are an integral part of the parent company only financial statements. 

(Concluded) 

- 119 -

- 119 - 

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
       
 
     
       
 
     
       
 
     
       
 
     
     
     
     
     
     
     
     
 
     
     
     
       
 
     
       
 
     
     
     
 
     
 
     
       
 
     
       
 
     
 
     
       
 
     
       
 
 
     
       
 
     
       
 
     
       
 
     
       
 
 
     
 
     
 
     
 
     
 
 
 
 
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      T

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

-

0

2

1

-

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

Depreciation expense 
Amortization expense 
Finance costs 
Share of profits of subsidiaries and associates 
Interest income 
Loss (gain) on disposal or retirement of property, plant and 

equipment, net 

Gain on disposal of intangible assets, net 
Reversal of impairment loss on property, plant and 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 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 

2020 

2019 

    $  582,618,942 

    $  388,745,219 

      313,379,686 
7,047,694 
1,766,297 
(34,902,194)       
(951,877)       

      267,464,543 
5,338,886 
3,191,609 
(22,906,788) 
(2,002,877) 

(266,581)       
(7,960)       
- 

582,289 
(6,183) 
(301,384) 

(8,289)       

18,291 

- 

(15,200) 

16,382 
(7,747,615)       
(186,854)       
(2,574)       

(3,395) 
(6,289,978) 
(177,374) 
(2,555) 

(2,973,199)       
13,002,568 
(19,586,673)       
(684,360)       
(54,034,185)       
(1,091,188)       
(1,174,789)       
400,931 
1,300,988 
3,262,877 

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 

11,736,788 
19,228,140 

(393,163) 
(3,618,263) 
(215,014) 
      829,357,784         644,475,665 
(51,043,594) 

(49,747,636)       

(785,171)       

Net cash generated by operating activities 

      779,610,148 

      593,432,071 

(Continued) 

- 121 -

- 121 - 

 
 
 
 
 
 
 
 
 
   
   
   
   
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2020 

2019 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisitions of: 

Equity interest in subsidiary 
Property, plant and equipment 
Intangible assets 

Proceeds from disposal or redemption of: 

Financial assets at fair value through other comprehensive income 
Property, plant and equipment   

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 

Increase in prepayments for leases   
Refundable deposits paid 
Refundable deposits refunded 

(937,679)      $ 

    $ 
- 
      (494,310,468)        (450,287,869) 
(9,252,712) 

(9,482,909)       

- 
1,070,855 
- 

285 
19,786 
958,590 
186,854 

775,282 
1,118,338 
2,300,000 

1,107 
(93,536) 
2,016,735 
177,374 

2,752,043 
(4,687,970)       
(667,219)       
1,427,743 

2,225,194 
- 
(1,447,188) 
1,007,262 

Net cash used in investing activities 

      (503,670,089)        (451,460,013) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Increase in short-term loans 
Proceeds from short-term bills payable 
Repayments of short-term bills payable 
Proceeds from issuance of bonds 
Repayment of bonds 
Payments for transaction costs attributable to the issuance 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 

      149,085,000 

31,944,333 
7,485,303 
(7,500,000)       

59,615,602 
- 
- 
- 
(34,900,000) 
- 
(2,630,308) 
(3,536,180) 
23,063 
(4,061) 
      (259,303,805)        (259,303,805) 
(10,602) 
18,500 
3,906 

(31,800,000)       
(155,818)       
(2,168,114)       
(1,729,192)       
144,364 
(13,695)       

(220,480)       

- 
7,064 

Net cash used in financing activities 

      (114,225,040)        (240,723,885) 
(Continued) 

- 122 -

- 122 - 

 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
   
   
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
   
   
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

NET INCREASE (DECREASE) IN CASH AND CASH 

EQUIVALENTS 

    $  161,715,019 

    $  (98,751,827) 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

      141,450,698 

      240,202,525 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $  303,165,717 

    $  141,450,698 

2020 

2019 

The accompanying notes are an integral part of the parent company only financial statements. 

(Concluded) 

- 123 -

- 123 - 

 
 
 
 
 
 
 
 
 
     
 
     
 
 
     
 
     
 
 
     
 
     
 
 
     
 
     
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 
(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 9, 2021. 

  3.  APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING 

STANDARDS 

a.  Initial  application  of  the  amendments  to  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)   

The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did 
not have a significant effect on the Company’s accounting policies. 

b.  Amendments to the Regulations Governing the Preparation of Financial Reports by Securities Issuers 
for application starting from 2021 and the IFRSs issued by International Accounting Standards Board 
(IASB) and endorsed by the FSC with effective date starting 2021 

New, Revised or Amended Standards and Interpretations 

Effective Date Issued   
by IASB   

Amendments to IFRS 9, IAS 39, IFRS 7 and IFRS 16 “Interest Rate 

January 1, 2021 

Benchmark Reform - Phase 2” 

- 124 -

- 124 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
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   

Annual Improvements to IFRS Standards 2018–2020 
Amendments to IFRS 3 “Reference to the Conceptual Framework” 
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

January 1, 2022 
January 1, 2022   
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, 2023 

current” 

Amendments  to  IAS  16  “Property,  Plant  and  Equipment(cid:289) (cid:302)(cid:289) Proceeds 

January 1, 2022 

before Intended Use” 

Amendments  to  IAS  37  “Onerous  Contracts–Cost  of  Fulfilling  a 

January 1, 2022   

Contract” 

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 and related applicable period. 
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 

- 125 -
- 13 - 

 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
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  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 

- 126 -
- 14 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 

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. 

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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. 

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. 

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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 

Cash flow hedge 

The  Company  designates  certain  hedging  instruments,  such  as  forward  exchange  contracts,  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. 

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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. 

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. 

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. 

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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:   
buildings (assets used by the Company and assets subject to operating leases) - 10 to 20 years; machinery 
and  equipment  (assets  used  by  the  Company  and  assets  subject to  operating  leases)  -  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 

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 and initial direct costs 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. 

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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. 

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 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. 

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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. 

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.   

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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 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. 

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. 

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  5.  CRITICAL  ACCOUNTING  JUDGMENTS  AND  KEY  SOURCES  OF  ESTIMATION  AND 

UNCERTAINTY 

The Company has considered the economic implications of COVID-19 on critical accounting estimates and 
will  continue  evaluating  the  impact  on  its  financial  position  and  financial  performance  as  a  result  of  the 
pandemic. 

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  judgments  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. 

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. 

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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   

    $  303,165,717 

    $  141,450,698 

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. 

December 31, 
2020 

December 31, 
2019 

  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, 
2020 

December 31, 
2019 

     $  2,125,825 

     $ 

27,481 

     $ 

93,153 

     $ 

982,302 

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. 

- 136 -
- 24 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
   
 
 
   
 
 
 
   
 
 
   
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding forward exchange contracts consisted of the following: 

Maturity Date 

Contract Amount 
(In Thousands) 

December 31, 2020 

Sell NT$ 

January 2021 to March 2021   

NT$144,697,981 

December 31, 2019 

Sell NT$ 
Sell JPY 

January 2020 to June 2020   
January 2020 to February 2020 

NT$108,428,027 
JPY57,471,581 

  8.  HEDGING FINANCIAL INSTRUMENTS 

Financial assets- current 

Cash flow hedges   

Forward exchange contracts 

Financial liabilities- current 

Cash flow hedges   

Forward exchange contracts 

December 31, 
2020 

December 31, 
2019 

 $ 

- 

 $  3,504 

 $ 

- 

 $  1,798 

The  Company  entered  into  forward  exchange  contracts  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 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.  No  other  sources  of 
ineffectiveness  emerged  from  these  hedging  relationships.  For  the  years  ended  December  31,  2020  and 
2019, 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 

Sell NT$1,342,392 

  January 2020 

 $  (3,820) 

- 137 -

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The effect for the years ended December 31, 2020 and 2019 is detailed below: 

Hedging Instruments/Hedged Items 

Hedging Instruments 

Forward exchange contracts 

Hedged Items 

Increase 
(Decrease) in Value Used for 
Calculating Hedge 
Ineffectiveness 
Years Ended December 31 

2020 

2019 

 $  24,085 

 $ (109,592) 

Forecast transaction (capital expenditures) 

 $  (24,085) 

 $  109,592 

  9.  NOTES AND ACCOUNTS RECEIVABLE, NET 

December 31, 
2020 

December 31, 
2019 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

     $  31,899,524 

(243,710)        

       31,655,814 
2,955,301 

     $  46,188,113 
(319,045) 
       45,869,068 
3,255,865 

     $  34,611,115 

     $  49,124,933 

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, 

2020 

December 31, 
2019 

     $  32,068,195 

     $  43,374,378 

2,780,426 
6,072 
37 
95 
(243,710)        

6,054,771 
10,864 
720 
3,245 
(319,045) 

     $  34,611,115 

     $  49,124,933 

- 138 -

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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 

2020 

2019 

 $  319,045 
(75,335) 

 $ 
7,132 
   311,913 

 $  243,710 

 $  319,045 

For the years ended December 31, 2020 and 2019, the changes in loss allowance were mainly due to the 
variations in the balance of accounts receivable of different risk levels. 

10.  INVENTORIES 

Finished goods 
Work in process 
Raw materials 
Supplies and spare parts 

December 31, 
2020 

December 31, 
2019 

     $  21,338,980 
       88,575,222 
       13,758,417 
6,625,417 

     $  8,533,179 
       49,268,466 
       15,046,116 
3,416,090 

     $ 130,298,036 

     $  76,263,851 

Write-down of inventories to net realizable value and reversal of write-down of inventories resulting from 
the increase in net realizable value were included in the cost of revenue, as illustrated below: 

Inventory losses (reversal of write-down of inventories) 

     $  3,642,829 

     $ (2,071,888) 

The aforementioned reversal of write-down of inventories for the year ended December 31, 2019 excluded 
wafer contamination losses. Please refer to related losses in Note 33. 

Years Ended December 31 

2020 

2019 

11.  INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 

Investments accounted for using the equity method consisted of the following: 

Subsidiaries 
Associates 

December 31, 
2020 

December 31, 
2019 

    $  545,784,630 
18,812,878 

    $  539,843,621 
18,660,268 

    $  564,597,508 

    $  558,503,889 

- 139 -

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a.  Investments in subsidiaries 

Subsidiaries consisted of the following: 

Place of   
Incorporation 
and Operation 

  Tortola, British 

Virgin Islands 
  Shanghai, China 

Carrying Amount 

  % of Ownership and Voting 
Rights Held by the Company 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2020 

2019 

   $  382,229,039 

   $  397,737,270 

64,243,766 

57,289,154 

2020 

100% 

100% 

2019 

100% 

100% 

Subsidiaries 

Principal Activities 

  Investment activities 

  Manufacturing, selling, testing 

and computer-aided design of 
integrated circuits and other 
semiconductor devices 

TSMC Global Ltd. 
(TSMC Global) 

TSMC China 

Company Limited 
(TSMC China) 

TSMC Partners, Ltd. 
(TSMC Partners) 

TSMC Nanjing 

Company Limited 
(TSMC Nanjing) 

VisEra Technologies 

Company Ltd. 
(VisEra Tech) 

  Investing in companies involved 

  Tortola, British 

52,649,936 

53,388,267 

100% 

100% 

Virgin Islands 

  Nanjing, China 

33,573,482 

21,364,939 

100% 

100% 

  Hsinchu, Taiwan 

6,363,099 

4,541,741 

87% 

87% 

in the design, manufacture, and 
other related business in the 
semiconductor industry and 
other investment activities 

  Manufacturing, selling, testing 
and 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 

TSMC North America    Selling and marketing of 

  San Jose, 

4,568,059 

4,569,825 

100% 

100% 

integrated circuits and other 
semiconductor devices 

California, 
U.S.A. 

TSMC Arizona 

Corporation(cid:528)TSMC 
Arizona(cid:529) 

  Manufacturing, selling and testing 
of integrated circuits and other 
semiconductor devices 

  Phoenix, Arizona, 

842,745 

- 

100% 

- 

U.S.A. 

TSMC Europe B.V. 
(TSMC Europe) 
TSMC Design Technology 
Japan, Inc. (TSMC 
JDC) 

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) 

  Customer service and supporting 

  Amsterdam, the 

537,737 

462,479 

activities 

  Engineering support activities 

Netherlands 
  Yokohama, Japan 

292,266 

- 

100% 

100% 

  Investing in new start-up 
technology companies 

  Cayman Islands 

214,881 

231,504 

98% 

  Customer service and supporting 

  Yokohama, Japan 

144,784 

142,620 

activities 

  Investing in new start-up 
technology companies 

  Cayman Islands 

82,441 

75,095 

100% 

98% 

100% 

- 

98% 

100% 

98% 

  Customer service and supporting 

  Seoul, Korea 

42,395 

40,727 

100% 

100% 

activities 

   $  545,784,630 

   $  539,843,621 

The  Company  established  a  subsidiary  in  November  2020  and  invested  in  TSMC  Arizona  for  the 
amount of NT$855,599 thousand.   

The  Company  established  a  subsidiary  in  January  2020  and  continually  increased  its  investment  in 
TSMC JDC for the amount of NT$302,560 thousand.     

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, 

2020 

2019 

2020 

2019 

Vanguard International 

  Manufacturing, selling, 

  Hsinchu, Taiwan 

 $ 

9,029,890 

   $ 

9,027,572 

28% 

28% 

Semiconductor 
Corporation (VIS) 

packaging, testing and 
computer-aided design of 
integrated circuits and other 
semiconductor devices and the 
manufacturing and design 
service of masks 

(Continued) 

- 140 -

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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, 

2020 

2019 

2020 

2019 

Systems on Silicon 
Manufacturing 
Company Pte Ltd. 
(SSMC) 

  Manufacturing and selling of 

  Singapore 

   $ 

5,900,245 

   $ 

6,502,174 

39% 

39% 

integrated circuits and other 
semiconductor devices 

Xintec Inc. (Xintec) 

  Wafer level chip size packaging 

  Taoyuan, Taiwan 

2,554,123 

1,846,145 

41% 

41% 

and wafer level post 
passivation interconnection 
service 

Global Unichip 

  Researching, developing, 

  Hsinchu, Taiwan 

1,328,620 

1,284,377 

35% 

35% 

Corporation (GUC) 

manufacturing, testing and 
marketing of integrated circuits 

   $  18,812,878 

   $  18,660,268 

(Concluded) 

As  of  December  31,  2020  and  2019,  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. 

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 
Xintec 
GUC 

12.  PROPERTY, PLANT AND EQUIPMENT 

Assets used by the Company 
Assets subject to operating leases 

a.  Assets used by the Company 

December 31, 
2020 

December 31, 
2019 

     $  53,849,925 
     $  20,420,233 
     $  15,827,184 

     $  36,812,923 
     $  8,958,195 
     $  11,251,774 

December 31, 
2020 

December 31, 
2019 

    $ 1,510,807,506      $ 1,310,882,220 
18,414 

977,050       

    $ 1,511,784,556      $ 1,310,900,634 

Land 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Cost 

Balance at January 1, 2020 
Additions (deductions) 

     $ 

3,212,000 
- 

   $  401,141,445 
84,352,769 

   $ 2,737,813,896 
720,459,185 

   $ 

49,644,875 
14,343,705 

     $  526,396,815 

(306,254,768 )   

   $ 3,718,209,031 
512,900,891 

Disposals or retirements 
Transfers to assets subject to 

operating leases 

- 

- 

(25,406 )   

(7,962,758 )   

(710,899 )        

- 

(1,199,011) 

- 

- 

- 

(8,699,063 ) 

(1,199,011) 

Balance at December 31, 2020       $ 

3,212,000 

   $  485,468,808 

   $ 3,449,111,312 

   $ 

63,277,681 

     $  220,142,047 

   $ 4,221,211,848 
(Continued) 

- 141 -

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Land 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Accumulated depreciation   
    and impairment 

     $ 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Transfers to assets subject to 

operating leases 

Balance at December 31, 2020       $ 

- 
- 
- 

- 

- 

   $  222,235,137 
27,292,400 

   $ 2,150,734,249 
277,252,114 

   $ 

(13,823 )   

(7,125,781 )   

     $ 

34,357,425 
6,584,391 
(709,177 )        

- 

(202,593) 

- 

   $  249,513,714 

   $ 2,420,657,989 

   $ 

40,232,639 

     $ 

- 
- 
- 

- 

- 

   $ 2,407,326,811 
311,128,905 
(7,848,781 ) 

(202,593) 

   $ 2,710,404,342 

Carrying amounts at 

December 31, 2020 

Cost 

Balance at January 1, 2019 
Additions 
Disposals or retirements 
Transfers from right-of-use 

assets 

     $ 

3,212,000 

   $  235,955,094 

   $ 1,028,453,323 

   $ 

23,045,042 

     $  220,142,047 

   $ 1,510,807,506 

     $ 

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 
(Concluded) 

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. 

b.  Assets subject to operating leases 

Cost 

Buildings 

Machinery and 
Equipment 

Total 

Balance at January 1, 2020 
Disposals or retirements 
Transfers from assets used by the Company 

 $  494,582 
   (311,939) 
- 

 $ 

- 
- 
   1,199,011 

 $  494,582 
   (311,939) 
   1,199,011 

Balance at December 31, 2020 

 $  182,643 

 $1,199,011 

 $1,381,654 

(Continued) 

- 142 -

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Buildings 

Machinery and 
Equipment 

Total 

Accumulated depreciation 

Balance at January 1, 2020 
Additions   
Disposals or retirements 
Transfers from assets used by the Company 

 $  476,168 
12,210 
   (305,766) 
- 

 $ 

- 
19,399 
- 
   202,593 

 $  476,168 
31,609 
   (305,766) 
   202,593 

Balance at December 31, 2020 

 $  182,612 

 $  221,992 

 $  404,604 

Carrying amounts at December 31, 2020 

 $ 

31 

 $  977,019 

 $  977,050 

Cost 

Balance at January 1, 2019 

Balance at December 31, 2019 

Accumulated depreciation 

Balance at January 1, 2019 
Additions   

Balance at December 31, 2019 

 $  494,582 

 $  494,582 

 $  457,657 
18,511 

 $  476,168 

Carrying amounts at December 31, 2019 

 $  18,414 

 $ 

 $ 

 $ 

 $ 

 $ 

- 

- 

- 
- 

- 

- 

 $  494,582 

 $  494,582 

 $  457,657 
18,511 

 $  476,168 

 $  18,414 

(Concluded) 

Operating leases relate to leases of buildings and leases of machinery and equipment with lease terms 
approximately 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  from  the  buildings  and  machinery  and 
equipment is as follows: 

Year 1 

13.  LEASE ARRANGEMENTS   

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Machinery and equipment 
Office equipment 

  December 31, 

2020 

December 31, 
2019 

$ 132,128 

$  1,458 

December 31, 
2020 

December 31, 
2019 

    $  24,874,590 
283,086 
- 
27,151 

    $  13,830,199 
402,836 
775,809 
21,176 

     $  25,184,827 

     $  15,030,020 

- 143 -

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Additions to right-of-use assets 

    $  12,558,794 

    $ 

639,879 

Years Ended December 31 

2020 

2019 

Depreciation of right-of-use assets 

Land 
Buildings 
Machinery and equipment 
Office equipment 

     $  1,298,315 
131,436 
775,809 
13,612 

     $ 

944,052 
105,873 
       1,184,374 
10,154 

     $  2,219,172 

     $  2,244,453 

Income from subleasing right-of-use assets (classified under 

other operating income and expenses, net) 

     $ 

52,317 

     $ 

44,796 

b.  Lease liabilities 

Carrying amounts 

Current portion (classified under accrued expenses and other 

current liabilities) 
Noncurrent portion   

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, 
2020 

December 31, 
2019 

     $  1,379,097 
       18,480,111 

     $  1,843,556 
       13,300,263 

     $  19,859,208 

     $  15,143,819 

December 31, 
2020 

December 31, 
2019 

0.48%-0.94% 
0.54%-0.71% 
- 
0.28%-0.71% 

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. As of September 30, 2020, the aforementioned lease contract has been expired. 

d.  Subleases   

The  Company  subleases  the  right  to  use  its  buildings  and  machinery  and  equipment  under  operating 
leases with lease terms of 1 to 2 years.   

- 144 -

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The maturity analysis of lease payments receivable under operating subleases is as follows: 

Year 1 

e.  Other lease information 

December 31, 
2020 

December 31, 
2019 

    $  142,340 

  $ 

50,862 

Years Ended December 31 

2020 

2019 

Expenses relating to short-term leases   
Expenses relating to low-value asset leases 
Expenses relating to variable lease payments not included in the 

     $  3,171,455 
     $ 
72 

     $  4,991,637 
- 
     $ 

measurement of lease liabilities 

     $ 

212,955 

   $ 

158,375 

Total cash outflow for leases 

     $  5,823,617 

     $  7,324,585 

Years Ended December 31 

2020 

2019 

14.  INTANGIBLE ASSETS 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2020 
Additions   
Disposals or retirements 

      $ 

1,567,756 
- 
- 

      $  15,801,406 
6,308,926 
- 

      $  32,518,813 
3,226,715 

      $ 

(60,467 )         

8,271,046 
2,974,805 
- 

      $  58,159,021 
12,510,446 

(60,467 ) 

Balance at December 31, 2020 

      $ 

1,567,756 

      $  22,110,332 

      $  35,685,061 

      $  11,245,851 

      $  70,609,000 

Accumulated amortization and   
    impairment 

Balance at January 1, 2020 
Additions   
Disposals or retirements 

Balance at December 31, 2020 

Carrying amounts at December 31, 2020 

Cost 

Balance at January 1, 2019 
Additions   
Disposals or retirements 

      $ 

      $ 

      $ 

      $ 

- 
- 
- 

- 

      $ 

9,770,225 
2,404,461 
- 

      $  26,215,694 
3,527,399 

      $ 

(59,868 )         

5,901,658 
1,115,834 
- 

      $  41,887,577 
7,047,694 

(59,868 ) 

      $  12,174,686 

      $  29,683,225 

      $ 

7,017,492 

      $  48,875,403 

1,567,756 

      $ 

9,935,646 

      $ 

6,001,836 

      $ 

4,228,359 

      $  21,733,597 

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 

Carrying amounts 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 

1,567,756 

      $ 

6,031,181 

      $ 

6,303,119 

      $ 

2,369,388 

      $  16,271,444 

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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% in both years in its test of impairment as of December 31, 2020 and 2019, to 
reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment loss on 
goodwill. 

15.  SHORT-TERM LOANS 

Unsecured loans 
Related parties unsecured loans 

Loan content 

US$ (in thousands) 
EUR(in thousands) 
Annual interest rate 
Maturity date 

December 31, 
2020 

December 31, 
2019 

     $  88,559,026 
       87,100,700 

     $ 118,522,290 
       29,988,000 

     $ 175,659,726 

     $ 148,510,290 

     $  3,300,000 
2,398,000 
  (0.54)%-0.33% 
  Due by July   

2022 

     $  3,370,000 
1,410,000 

0%-2.22% 
Due by July   
2020 

The borrowing rates from loans between the Company and related parties are determined by mutual consent. 
And the loan are repayable on related parties’ demand. 

16.  BONDS PAYABLE 

Domestic unsecured bonds 
Less: Discounts on bonds payable 
Less: Current portion 

December 31, 
2020 

December 31, 
2019 

     $ 173,197,000 

     $  56,900,000 
- 
(2,600,000)         (31,800,000) 

(146,255)        

The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

  Issuance Period    Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

     $ 170,450,745 

     $  25,100,000 

NT$ unsecured 
    bonds 

100-2 

101-1 

B 

B 

  January 2012 to 
January 2019 

  August 2012 to 
August 2019 

    $  7,000,000 

1.46% 

  Bullet repayment; 
interest payable 
annually 

9,000,000 

1.40% 

  The same as above 

(Continued) 

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Issuance 

  Tranche 

  Issuance Period    Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

101-2 

101-3 

101-4 

102-1 

102-2 

102-3 

102-4 

109-1 

109-2 

B 

- 

B 

C 

B 

C 

A 

B 

B 

C 

D 

E 

F 

A 

B 

C 

A 

B 

  September 2012 
to September 
2019 

  October 2012 to 
October 2022 
  January 2013 to 
January 2020 
  January 2013 to 
January 2023 
  February 2013 to 
February 2020 
  February 2013 to 
February 2023 
  July 2013 to July 

2020 

    $  9,000,000 

1.39% 

  Bullet repayment; 
interest payable 
annually 

4,400,000 

1.53% 

  The same as above 

      10,000,000 

1.35% 

  The same as above 

3,000,000 

1.49% 

  The same as above 

      11,600,000 

1.38% 

  The same as above 

3,600,000 

1.50% 

  The same as above 

      10,200,000 

1.50% 

  The same as above 

  July 2013 to July 

3,500,000 

1.70% 

  The same as above 

2023 

  August 2013 to 
August 2019 
  September 2013 
to March 2019 

8,500,000 

1.52% 

  The same as above 

1,400,000 

1.60% 

  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 

  March 2020 to 
March 2025 
  March 2020 to 
March 2027 
  March 2020 to 
March 2030 
  April 2020 to 
April 2025 
  April 2020 to 
April 2027 

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 

3,000,000 

0.58% 

  The same as above 

      10,500,000 

0.62% 

  The same as above 

      10,500,000 

0.64% 

  The same as above 

5,900,000 

0.52% 

  The same as above 

      10,400,000 

0.58% 

  The same as above 

(Continued) 

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Issuance 

  Tranche 

  Issuance Period    Total Amount   

Coupon 
Rate 

Repayment and 
Interest Payment 

109-2 

109-3 

109-4 

109-5 

109-6 (green 
bond) 

109-7 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

  April 2020 to 
April 2030 

    $  5,300,000 

0.60% 

  Bullet repayment; 
interest payable 
annually 

  May 2020 to May 

4,500,000 

0.55% 

  The same as above 

2025 

  May 2020 to May 

7,500,000 

0.60% 

  The same as above 

2027 

  May 2020 to May 

2,400,000 

0.64% 

  The same as above 

2030 

  July 2020 to July 

5,700,000 

0.58% 

2025 

  Two equal installments 
in last two years; 
interest payable 
annually 

  July 2020 to July 

6,300,000 

0.65% 

  The same as above 

2027 

  July 2020 to July 

1,900,000 

0.67% 

  The same as above 

2030 

  September 2020 
to September 
2025 

  September 2020 
to September 
2027 

  September 2020 
to September 
2030 

  December 2020 
to December 
2025 

  December 2020 
to December 
2027 

  December 2020 
to December 
2030 

  December 2020 
to December 
2025 

  December 2020 
to December 
2027 

  December 2020 
to December 
2030 

4,800,000 

0.50% 

  The same as above 

8,000,000 

0.58% 

  The same as above 

2,800,000 

0.60% 

  The same as above 

1,600,000 

0.40% 

  The same as above 

5,600,000 

0.44% 

  The same as above 

4,800,000   

0.48% 

  The same as above 

1,900,000 

0.36% 

  The same as above 

      10,200,000 

0.41% 

  The same as above 

6,400,000 

0.45% 

  The same as above 

(Concluded) 

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Issuance 

  Tranche 

  Issuance Period   

Total Amount 
(US$   
in Thousands)   

Coupon 
Rate 

Repayment and 
Interest Payment 

US$ unsecured 
    bonds 

109-1 

- 

  September 2020 
to September 
2060 

17.  RETIREMENT BENEFIT PLANS 

a.  Defined contribution plans 

    US$1,000,000   

2.70% 

  Bullet repayment 

(callable on the 5th 
anniversary of the 
issue date and every 
anniversary 
thereafter); interest 
payable annually 

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$2,309,527 
thousand and NT$2,063,508 thousand for the years ended December 31, 2020 and 2019, respectively. 

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 

Years Ended December 31 

2020 

2019 

     $ 

     $ 

123,311 
81,604 
204,915 

135,645 
123,951 
259,596 

(139,212) 
494,051 

- 
       3,161,910 

(124,344) 
(438,009) 

(233,239) 
541,697 

comprehensive income 

       3,516,749 

(253,895) 

Total 

     $  3,721,664 

     $ 

5,701 

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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 

2020 

2019 

 $  126,274 
57,306 
18,248 
3,087 

 $  157,845 
72,686 
25,063 
4,002 

 $  204,915 

 $  259,596 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2020 

December 31, 
2019 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  16,980,277 

(5,066,203)        

    $  13,484,090 
(4,301,594) 

Net defined benefit liability 

     $  11,914,074 

     $  9,182,496 

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 

2020 

2019 

     $  13,484,090 
123,311 
118,808 

     $  13,662,684 
135,645 
175,401 

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 

494,051 

     $ 

(438,009) 

- 
3,161,910 
(398,986)        
(2,907)        

(233,239) 
541,697 
(344,131) 
(15,958) 

Balance, end of year 

     $  16,980,277 

     $  13,484,090 

Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Years Ended December 31 

2020 

2019 

     $  4,301,594 
37,204 

     $  4,011,279 
51,450 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

139,212 
987,179 
(398,986) 

124,344 
458,652 
(344,131) 

Balance, end of year 

     $  5,066,203 

     $  4,301,594 

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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, 
2020 

December 31, 
2019 

     $ 
632,769 
       2,926,745 
       1,506,689 

     $ 
713,204 
       2,313,828 
       1,274,562 

     $  5,066,203 

     $  4,301,594 

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, 
2020 

December 31, 
2019 

      0.40% 

  3.00% (Note) 

0.90% 
3.00% 

Note: The Company has an additional 20 percent pay raise in 2021. 

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% (and  not  below  0.0%)  in  the  discount  rate  and  all  other  assumptions  were  held 
constant, the present value of the defined benefit obligation would increase by NT$694,732 thousand 
and NT$724,963 thousand as of December 31, 2020 and 2019, 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$835,964 thousand and NT$706,502 thousand as of December 31, 2020 and 2019, 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.   

- 151 -
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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$229,934 thousand to the defined benefit plans  in 
the next year starting from December 31, 2020. The weighted average duration of the  defined benefit 
obligation is 9 years. 

18.  GUARANTEE DEPOSITS 

Capacity guarantee 
Others 

Current portion (classified under accrued expenses and other current 

liabilities) 

Noncurrent portion   

December 31, 
2020 

December 31, 
2019 

     $ 

- 
312,230 

     $  1,499,400 
191,352 

     $ 

312,230 

     $  1,690,752 

   $ 

53,157 
259,073 

     $  1,520,306 
170,446 

     $ 

312,230 

     $  1,690,752 

Some of guarantee deposits were refunded to customers by offsetting related accounts receivable. 

19.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2020 

December 31, 
2019 

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, 2020, 1,064,364 thousand ADSs of the Company were traded on the NYSE. The 
number  of  common  shares  represented  by  the  ADSs  was  5,321,819  thousand  shares  (one  ADS 
represents five common shares). 

- 152 -

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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, 
2020 

December 31, 
2019 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,526 
40,578 

     $  24,184,939 
       22,804,510 
8,892,847 
121,843 
302,234 
33,336 

     $  56,347,243 

     $  56,339,709 

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 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, 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. 

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The appropriations of 2020 and 2019 quarterly earnings have been approved by the Company’s Board of 
Directors in its meeting, respectively. The appropriations and cash dividends per share were as follows: 

Resolution Date of the   
    Company’s Board of   
    Directors in its meeting 

of 2020 
  February 9,   
2021 

of 2020 

of 2020 

  November 10,      August 11, 

2020 

2020 

of 2020 
May 12, 
2020 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  12,420,727 
    $  64,825,951 
2.5 
    $ 

     $  5,501,351       $  11,884,457       $  (2,694,841) 
     $  64,825,951       $  64,825,951       $  64,825,951 
2.5 
     $ 

2.5       $ 

2.5       $ 

Resolution Date of the   
    Company’s Board of   
    Directors in its meeting 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

of 2019 
February 11,   
2020 

of 2019 
November 12, 
2019 

of 2019 
August 13,   
2019 

of 2019 
June 5,   
2019 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  16,893,073 
    $  64,825,951 
2.5 
    $ 

    $ 
3,289,166 
    $  64,825,951 
2.5 
    $ 

(3,338,190)      $ 

    $ 
    $  64,825,951 
2.5 
    $ 

(4,723,939) 
    $  51,860,761 
2.0 
    $ 

The special capital reserve for 2020 is to be presented for approval in the the Company’s shareholders’ 
meeting to be held on June 8, 2021 (expected). 

The appropriation of 2018 earnings has been approved by the Company’s shareholders in its meeting held 
on June 5, 2019. The appropriation and cash dividends per share were as follows: 

Legal capital reserve 
Special capital reserve 
Cash dividends to shareholders 

d.  Others 

Changes in others were as follows: 

Appropriation 
of Earnings 

  Cash Dividends 
Per Share 
(NT$) 

    $  35,113,088 
    $  (11,459,458)     
    $  207,443,044 

    $ 

8.0 

Year Ended December 31, 2020 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

    $ (26,871,400 )      $ 

(692,959 )      $ 

(3,820 )      $ 

(190 )      $ (27,568,369 ) 

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 

    (29,853,603 ) 

- 

- 

- 

- 

- 

(41,995 )       

108,687 

- 

- 

(276,624 ) 

2,947,368 

- 
- 

- 
653 

Balance, end of year 

    $ (57,001,627 )      $  2,321,754 

    $ 

- 154 -
- 42 - 

- 

- 

- 

24,085 

(20,265 ) 

- 

- 
- 

- 

- 

- 

- 

-  

-  

-  

    (29,853,603 ) 

(41,995 ) 

108,687 

24,085 

(20,265 ) 

2,670,744 

190 
- 

190 
653 

    $ 

- 

    $ (54,679,873 ) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
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 ) 

The  aforementioned  other  equity  includes  the  changes  in  other  equities  of  the  Company  and  the 
Company’s share of its subsidiaries and associates. 

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 

2020 

2019 

    $ 1,161,829,728      $  921,095,318 
138,551,475 

152,963,285       

    $ 1,314,793,013      $ 1,059,646,793 

Years Ended December 31 

2020 

2019 

    $  129,082,884      $ 
809,731,866       
233,783,358       
70,213,432       
63,299,176       
8,682,297       

84,255,256 
628,365,912 
208,101,401 
67,568,157 
57,468,605 
13,887,462 

    $ 1,314,793,013      $ 1,059,646,793 

- 155 -
- 43 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
     
     
     
     
     
 
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
 
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 

5-nanometer 
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 
(cid:3)
Wafer revenue 

b.  Contract balances 

Years Ended December 31 

2020 

2019 

    $  632,600,168      $  518,553,492 
312,770,702 
85,508,427 
47,451,547 
53,214,200 
42,148,425 

432,049,509       
108,814,310       
43,735,803       
53,440,805       
44,152,418       

    $ 1,314,793,013      $ 1,059,646,793 

Years Ended December 31 

2020 

2019 

    $  89,433,830 
      388,846,412 
3,341,769 
      195,205,444 
8,298,531 
      147,291,670 
      101,979,651 
60,435,664 
29,036,165 
32,727,855 
84,997,377 
20,235,360 

    $ 
- 
      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 

    $1,161,829,728      $  921,095,318 

December 31, 
2020 

December 31, 
2019 

January 1, 
2019 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  9,365,661 

     $  4,095,915  

   $  2,740,649 

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$3,843,787 thousand and NT$2,192,221 thousand for the years ended December 31, 2020 and 2019, 
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$38,937,425  thousand  and 
NT$33,893,735  thousand  for  the  years  ended  December  31,  2020  and  2019,  respectively.  As  of 
December  31,  2020  and  2019,  the  aforementioned  refund  liabilities  amounted  to  NT$30,995,223 
thousand and NT$17,673,937 thousand (classified under accrued expenses and other current liabilities), 
respectively. 

- 156 -

- 156 - 

 
 
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
   
   
 
 
 
 
 
 
 
   
   
   
 
 
 
 
 
 
21.  INTEREST INCOME 

Interest income 
Bank deposits 
Financial assets at amortized cost 

22.  FINANCE COSTS 

Interest expense 

Corporate bonds 
Bank loans 
Lease liabilities 
Related parties 
Others 

23.  OTHER GAINS AND LOSSES, NET 

Gain (loss) on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 

Gain on disposal of investments accounted for using equity method, 

net 

Other gains, net 

24.  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 

The origination and reversal of temporary differences 

Years Ended December 31 

2020 

2019 

     $ 

951,877 
- 

     $  1,998,705 
4,172 

     $ 

951,877 

     $  2,002,877 

Years Ended December 31 

2020 

2019 

     $  1,082,311 
500,080 
168,854 
- 
15,052 

     $  1,139,935 
       1,869,335 
181,390 
454 
495 

     $  1,766,297 

     $  3,191,609 

Years Ended December 31 

2020 

2019 

     $  6,430,713 

     $ (1,361,538) 

- 
184,449 

15,200 
277,765 

     $  6,615,162 

     $ (1,068,573) 

Years Ended December 31 

2020 

2019 

     $  70,657,349 
70,617 
149,768 
70,877,734 

     $  44,184,422 
224,691 
135,056 
44,544,169 

(6,144,179)        
(6,144,179)        

(1,062,618) 
(1,062,618) 

Income tax expense recognized in profit or loss 

     $  64,733,555 

     $  43,481,551 

- 157 -

- 157 - 

 
 
 
 
 
 
 
 
 
   
   
   
   
      
      
 
      
      
         
 
 
 
 
 
 
 
   
   
      
      
      
      
      
      
      
 
     
     
         
 
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
         
      
      
   
   
      
         
      
 
   
   
A reconciliation of income before income tax and income tax expense recognized in profit or loss was 
as follows: 

Years Ended December 31 

2020 

2019 

Income before tax   

    $  582,618,942 

    $  388,745,219 

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 
The origination and reversal of temporary differences 
Income tax credits 

Income tax adjustments on prior years 
Other income tax adjustments 

    $  116,523,788 

    $  77,749,044 

1,248,820 
(65,988,096)       
18,872,837 
- 

(6,144,179)       

- 
64,513,170 
70,617 
149,768 

(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 

Income tax expense recognized in profit or loss 

    $  64,733,555 

    $  43,481,551 

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. 

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 

Years Ended December 31 

2020 

2019 

 $  422,010 

 $  (30,468) 

653 

9,476 

 $  422,663 

 $  (20,992) 

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 

- 158 -

- 158 - 

December 31, 
2020 

December 31, 
2019 

     $  18,723,852 
3,719,427 
1,341,960 
826,666 
66,320 
- 

     $  12,927,764 
2,120,873 
1,016,248 
437,327 
65,667 
160,743 

     $  24,678,225 

     $  16,728,622 

(Continued) 

 
 
 
 
 
 
 
 
 
   
   
 
   
   
   
   
     
     
     
     
     
     
     
     
     
     
         
     
     
     
     
     
     
 
   
   
 
 
 
 
 
 
 
 
   
   
   
   
   
   
 
 
  
   
  
 
   
   
         
   
   
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
      
      
      
      
      
      
 
   
   
         
Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains   
Others 

December 31, 
2020 

December 31, 
2019 

     $ 

(866,452)       $ 
(849,915)        

(333,606) 
- 

     $  (1,716,367)       $ 

(333,606) 
(Concluded) 

Year Ended December 31, 2020 
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 

     $  12,927,764 
2,120,873 
1,016,248 
437,327 

     $ 

     $  5,796,088 
1,598,554 
(96,298) 
389,339 

- 
- 
422,010 
- 

     $  18,723,852 
3,719,427 
1,341,960 
826,666 

instruments at FVTOCI 

Others 

65,667 
160,743 

- 
(160,743) 

653 
- 

66,320 
- 

     $  16,728,622 

     $  7,526,940 

     $ 

422,663 

     $  24,678,225 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

     $ 

(333,606) 
- 

     $ 

(532,846) 
(849,915) 

     $ 

     $ 

(333,606) 

     $  (1,382,761) 

     $ 

- 
- 

- 

     $ 

(866,452) 
(849,915) 

     $  (1,716,367) 

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 

     $ 

     $  1,749,874 
(423,011) 
(38,158) 
(286,508) 

- 
- 
(30,468) 
- 

     $  12,927,764 
2,120,873 
1,016,248 
437,327 

instruments at FVTOCI 

Others 

56,191 
- 

- 
160,743 

9,476 
- 

65,667 
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) 

- 159 -

- 159 - 

 
 
 
 
 
   
   
   
   
      
 
 
 
 
 
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
 
    
 
    
 
    
      
      
      
      
      
 
   
   
   
   
         
 
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
 
   
   
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
 
    
 
    
 
    
      
      
      
      
      
 
   
   
   
   
         
 
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
 
   
   
   
   
         
 
d.  The deductible temporary differences for which no deferred income tax assets have been recognized 

As  of  December  31,  2020  and  2019,  the  aggregate  deductible  temporary  differences  for  which  no 
deferred  income  tax  assets  have  been  recognized  amounted  to  NT$55,521,034  thousand  and 
NT$33,445,504 thousand, respectively. 

e.  Unused tax-exemption information 

As of December 31, 2020, 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,  2020  and  2019,  the  aggregate  taxable  temporary  differences  associated  with 
investments 
liabilities  amounted  to 
income 
NT$152,827,360 thousand and NT$131,085,673 thousand, respectively. 

in  subsidiaries  not  recognized  as  deferred 

tax 

g.  Income tax examination 

The tax authorities have examined income tax returns of the Company through 2018. All investment tax 
credit adjustments assessed by the tax authorities have been recognized accordingly. 

25.  EARNINGS PER SHARE 

Basic EPS 
Diluted EPS 

EPS is computed as follows: 

Years Ended December 31 

2020 

2019 

$  19.97 
$  19.97 

$  13.32 
$  13.32 

  Number of 

Shares 
(Denominator) 
(In Thousands) 

Amounts 
(Numerator) 

EPS (NT$) 

Year Ended December 31, 2020 

Basic/Diluted EPS 

Net income available to common shareholders       $  517,885,387 

25,930,380 

  $ 19.97 

Year Ended December 31, 2019 

Basic/Diluted EPS 

Net income available to common shareholders       $  345,263,668 

25,930,380 

  $ 13.32 

- 160 -

- 160 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
   
   
   
     
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
   
   
   
     
 
 
 
 
 
26.  ADDITIONAL INFORMATION OF EXPENSES BY NATURE 

Years Ended December 31 

2020 

2019 

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 

     $ 288,762,450 
       24,585,627 
31,609 

     $ 243,160,463 
       24,285,569 
18,511 

b.  Amortization of intangible assets 

Recognized in cost of revenue 
Recognized in operating expenses 

c.  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 

     $ 313,379,686 

     $ 267,464,543 

     $  4,732,478 
2,315,216 

     $  2,971,336 
2,367,550 

     $  7,047,694 

     $  5,338,886 

     $  2,309,527 
204,915 
2,514,442 
       123,287,720 

     $  2,063,508 
259,596 
2,323,104 
       94,236,265 

     $ 125,802,162 

     $  96,559,369 

     $  75,864,049 
       49,938,113 

     $  58,502,618 
       38,056,751 

     $ 125,802,162 

     $  96,559,369 

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; 
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. Accrued profit sharing bonus to employees is 
illustrated below: 

Profit sharing bonus to employees 

     $  34,753,184 

     $  23,165,745 

Years Ended December 31 

2020 

2019 

- 161 -

- 161 - 

 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
   
   
      
      
 
   
   
         
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
   
   
   
   
 
   
   
   
   
      
      
         
      
      
 
   
   
                 
 
   
   
   
   
 
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company’s profit sharing bonus to employees and compensation to directors for 2020, 2019 and 2018 
had been approved by the Board of Directors of the Company, as illustrated below: 

Years Ended December 31 
2019 

2018 

2020 

Resolution Date of the Company’s Board of 

  February 9,      February 11,      February 19, 

Directors in its meeting 

2021 

2020 

2019 

Profit sharing bonus to employees 
Compensation to directors 

     $  34,753,184 
     $ 
509,753 

     $  23,165,745 
     $ 
360,404 

     $  23,570,040 
349,272 
     $ 

There is no significant difference between the aforementioned approved amounts and the amounts charged 
against earnings of 2020, 2019 and 2018, 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. 

27.  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 

2020 

2019 

    $  512,900,891 

(1,148)       

    $  555,377,864 
(3,287,138) 
(18,609,540)        (101,720,581) 
(82,276) 

20,265 

Payments for acquisition of property, plant and equipment 

    $  494,310,468 

    $  450,287,869 

Disposal of property, plant and equipment 
Changes in other receivables from related parties 
Changes in other financial assets 

     $  1,112,923 
(55,271) 
13,203 

     $  1,286,373 
(175,900) 
7,865 

Proceeds from disposal of property, plant and equipment 

     $  1,070,855 

     $  1,118,338 

Additions of intangible assets 
Changes in accounts payable 
Changes in accrued expenses and other current liabilities 

     $ 12,510,446 
191,429 
       (3,218,966) 

     $  9,182,777 
 69,935  
- 

Payments for acquisition of intangible assets 

     $  9,482,909 

     $  9,252,712 

b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 2020 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2020 

Non-cash changes 

Short-term loans 
Bonds payable 
Lease liabilities 
Guarantee deposits 

   $  148,510,290 
56,900,000 
15,143,819 
1,690,752 

   $ 

31,944,333 
117,129,182 

   $ 

(2,324,499 )   
130,669 

   $ 

(4,794,897 )   
(986,845 )   
17,489 
2,059 

- 
- 
6,853,545 
- 

   $ 

- 
8,408 
168,854 
(1,511,250 )   

   $  175,659,726 
173,050,745 
19,859,208 
312,230 

Total 

   $  222,244,861 

   $  146,879,685 

   $ 

(5,762,194 )   

   $ 

6,853,545 

   $ 

(1,333,988 )   

   $  368,881,909 

- 162 -

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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 
Bonds payable 
Lease liabilities 
Guarantee deposits 

   $ 

91,982,340 
91,800,000 
17,758,578 
9,494,648 

   $ 

59,615,602 
(34,900,000 )   
(2,811,698 )   
19,002 

   $ 

(3,087,652 )   

   $ 

- 

(17,489 )   
1,674 

   $ 

- 
- 
33,038 
- 

- 
- 
181,390 
(7,824,572 )   

   $  148,510,290 
56,900,000 
15,143,819 
1,690,752 

Total 

Note: 

   $  211,035,566 

   $ 

21,922,906 

   $ 

(3,103,467 )   

   $ 

33,038 

   $ 

(7,643,182 )   

   $  222,244,861 

Other  changes  include  amortization  of  bonds  payable,  financial  cost  of  lease  liabilities  and  guarantee  deposits 
refunded to customers by offsetting related accounts receivable. 

28.  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. 

29.  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, 
2020 

December 31, 
2019 

    $ 

2,125,825 
3,790,131 
- 
      440,992,185 

    $ 

27,481 
4,132,975 
3,504 
      272,886,863 

    $  446,908,141 

    $  277,050,823 

    $ 

93,153 
- 
      734,363,642 

    $ 

982,302 
1,798 
      553,905,061 

    $  734,456,795 

    $  554,889,161 

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. 

- 163 -

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b.  Financial risk management objectives 

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 Company 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. These hedges reduce, but do not entirely eliminate, 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, 2020 and 2019, a hypothetical adverse foreign currency exchange rate change 
of  10%  would  have  decreased  its  net  income  by  NT$832,231  thousand  and  NT$2,112,450  thousand, 
respectively, and decreased its other comprehensive income by NT$107,690 thousand for the year ended 
December 31, 2019, 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 future cash flows and the carrying amount. 

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, 2020 and 2019, the other comprehensive income would have 
decreased by NT$73,464 thousand and NT$77,156 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 accounts receivable, and from investing activities, primarily deposits, fixed-income investments 
and other financial instruments with banks. Credit risk is managed separately for business related and 

- 164 -
- 52 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 accounts receivable are from its customers worldwide. The majority of the Company’s 
outstanding accounts receivable are not covered by collaterals or  guarantees. While the Company has 
procedures to monitor and manage credit risk exposure on accounts receivable, 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, 2020 and 2019, the Company’s ten largest customers accounted for 67% and 83% 
of  accounts  receivable,  respectively.  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. 

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. 

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, 2020 

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 

     $  175,658,226 

     $ 

43,256,260 

       156,342,457 

     $ 

- 

- 

- 

     $ 

- 

- 

- 

- 

- 

- 

     $  175,658,226 

43,256,260 

       156,342,457 

56,090,322 
4,423,599 

- 
25,822,844 

- 
30,134,920 

- 
       148,299,359 

56,090,322 
       208,680,722 

1,539,173 

2,864,146 

2,763,636 

13,977,371 

21,144,326 

53,157 
       437,363,194 

107,328 
28,794,318 

151,745 
33,050,301 

- 
       162,276,730 

312,230 
       661,484,543 

       144,697,981 
       (148,236,932 )        
(3,538,951 )        

- 
- 
- 

- 
- 
- 

- 
- 
- 

       144,697,981 
       (148,236,932 ) 
(3,538,951 ) 

     $  433,824,243 

     $  28,794,318 

     $  33,050,301 

     $  162,276,730 

     $  657,945,592 

- 165 -
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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 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than 
5 Years 

Total 

     $  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 

Information about the maturity analysis for lease liabilities more than 5 years: 

5-10 Years 

  10-15 Years 

  15-20 Years 

More Than   
20 Years 

Total 

December 31, 2020 

Lease liabilities 

    $  6,498,231 

    $  5,082,504 

    $  2,242,373 

    $ 

154,263 

    $ 13,977,371 

December 31, 2019 

Lease liabilities 

    $  4,679,991 

    $  3,626,190 

    $  1,600,962 

    $ 

74,380 

    $  9,981,523 

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: 

(cid:121)  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

(cid:121)  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 

(cid:121)  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). 

- 166 -

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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 2 

December 31, 2020 
Level 3 

Total 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in equity instruments 

     $  2,125,825 

     $ 

- 

     $  2,125,825 

Non-publicly traded equity investments       $ 

- 
       2,955,301 

     $ 

834,830 
- 

     $ 
834,830 
       2,955,301 

     $  2,955,301 

     $ 

834,830 

     $  3,790,131 

Notes and accounts receivable, net 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

     $ 

93,153 

     $ 

- 

     $ 

93,153 

December 31, 2019 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in equity instruments 

     $ 

27,481 

     $ 

- 

     $ 

27,481 

Non-publicly traded equity investments       $ 

- 
       3,255,865 

     $ 

877,110 
- 

     $ 
877,110 
       3,255,865 

     $  3,255,865 

     $ 

877,110 

     $  4,132,975 

Notes and accounts receivable, net 

Hedging financial assets 

Cash flow hedges 

Forward exchange contracts 

     $ 

3,504 

     $ 

- 

     $ 

3,504 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

     $ 

982,302 

     $ 

- 

     $ 

982,302 

Hedging financial liabilities 

Cash flow hedges 

Forward exchange contracts 

     $ 

1,798 

     $ 

- 

     $ 

1,798 

- 167 -

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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, 2020 and 2019 were as follows: 

Years Ended December 31 

2020 

2019 

Balance, beginning of year 
Recognized in other comprehensive income 
Disposals and proceeds from return of capital of investments        

     $ 

877,110 
(41,995) 
(285) 

     $ 

963,610 
(85,393) 
(1,107) 

Balance, end of year 

     $ 

834,830 

     $ 

877,110 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows: 

(cid:121)  Forward  exchange  contracts  are  measured  using  forward  exchange  rates  and  discount  rates 

derived from quoted market prices.   

(cid:121)  The fair value of accounts receivable classified as at FVTOCI is 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 and market approach.   

The asset approach takes into account the net asset value measured at the fair value by independent 
parties. 

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. 

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 financial assets and liabilities 
which are not required to measure at fair value: 

December 31, 2020 

Carrying 
Amount 

Level 2 
Fair Value 

     $ 173,050,745 

     $ 173,972,033 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

- 168 -
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Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2019 

Carrying 
Amount 

Level 2 
Fair Value 

     $  56,900,000 

     $  57,739,115 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair value of the Company’s bonds payable is determined by quoted market prices provided by 
third party pricing services.   

30.  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 
  Subsidiaries 

TSMC Global 
TSMC China 
TSMC Nanjing 
VisEra Tech 
TSMC Arizona 
TSMC North America 
TSMC Europe 
TSMC Japan 
TSMC Korea 
TSMC JDC 
TSMC Design Technology Canada Inc. (TSMC Canada)    Indirect Subsidiaries 
TSMC Technology, Inc. (TSMC Technology) 
  Indirect Subsidiaries 
WaferTech, LLC (WaferTech) 
  Indirect Subsidiaries 
GUC 
  Associates 
VIS 
  Associates 
SSMC 
  Associates 
Xintec 
  Associates 
TSMC Education and Culture Foundation 
  Other related parties 
TSMC Charity Foundation 
  Other related parties 

b.  Net revenue 

Years Ended December 31 

2020 

2019 

Item 

  Related Party Name/Categories    

Net revenue from sale of goods    TSMC North America 

  Associates 
  Other subsidiaries 

    $  824,139,751 
5,656,748 
85,147 

    $  636,441,507 
4,052,853 
149,560 

    $  829,881,646 

    $  640,643,920 
(Continued) 

- 169 -
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Net revenue from royalties 

  Subsidiaries 
  Associates 

    $ 

214,352 
195,111 

    $ 

64,710 
183,583 

Years Ended December 31 

2020 

2019 

c.  Purchases 

Related Party Categories 

Subsidiaries 
Associates 

d.  Receivables from related parties 

    $ 

409,463 

    $ 

248,293 
(Concluded) 

Years Ended December 31 

2020 

2019 

     $  44,920,702 
7,605,080 

     $  40,419,311 
6,301,417 

     $  52,525,782 

     $  46,720,728 

  December 31, 
2020 

December 31, 
2019 

Item 

  Related Party Name/Categories    

Receivables from related   

parties 

  TSMC North America 
  Associates 
  Other subsidiaries 

     $ 101,467,381 
313,064 
729 

     $  81,732,281 
458,292 
3,928 

Other receivables from related      TSMC North America 

parties 

  TSMC Nanjing 
  Other subsidiaries 
  Associates 

e.  Payables to related parties 

     $ 101,781,174 

     $  82,194,501 

     $ 

     $  1,390,902 
203,209 
71,058 
49,165 

802,726 
101,559 
13,388 
50,450 

     $  1,714,334 

     $ 

968,123 

  December 31, 
2020 

December 31, 
2019 

Item 

  Related Party Name/Categories    

Payables to related parties 

  TSMC Nanjing 
  TSMC China 
  Xintec 
  WaferTech 
  Other subsidiaries 
  Other associates 
  Other related parties 

- 170 -

- 170 - 

     $  1,889,906 
       1,643,070 
       1,358,624 
697,756 
679,227 
749,040 
- 

     $  1,266,002 
       1,538,971 
736,747 
       1,097,625 
379,250 
683,040 
15,000 

     $  7,017,623 

     $  5,716,635 

 
 
 
 
 
 
 
   
 
 
 
   
   
   
 
     
     
 
   
   
   
 
                   
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
 
 
   
 
 
   
   
   
   
 
   
   
   
      
      
 
      
      
 
   
   
   
 
          
 
   
   
   
      
      
 
      
      
 
      
      
 
   
   
   
 
          
 
 
 
   
 
 
   
   
   
   
 
   
   
   
 
 
      
 
      
 
      
      
 
      
      
 
      
      
 
   
   
   
 
          
f.  Accrued expenses and other current liabilities 

  December 31, 
2020 

December 31, 
2019 

Item 

  Related Party Name/Categories    

Accrued expenses and other   

current liabilities 

  TSMC North America 
  Other subsidiaries 

 $  317,011 
1,643 

 $ 

- 
2,722 

g.  Acquisition of property, plant and equipment   

Related Party Categories 

TSMC China 

h.  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 

- 171 -

- 171 - 

 $  318,654 

 $ 

2,722 

Acquisition Price 
Years Ended December 31 

2020 

2019 

 $ 126,162 

 $ 

- 

Proceeds 
Years Ended December 31 

2020 

2019 

     $ 

527,134 
6,115 

     $  1,096,516 
44,095 

     $ 

533,249 

     $  1,140,611 

Gains 
Years Ended December 31 

2020 

2019 

 $  31,494 
49,844 

 $  332,955 
67,151 

 $  81,338 

 $  400,106 

Deferred Gains (Losses) from 
Disposal of Property, Plant and 
Equipment 

  December 31, 
2020 

December 31, 
2019 

 $ 

4,221 
86,186 

 $  (30,731) 
   129,915 

 $  90,407 

 $  99,184 

 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
  
   
  
 
   
   
   
 
          
   
   
 
 
 
 
 
 
 
 
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
 
   
   
        
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
   
  
   
  
 
   
   
        
   
   
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
   
  
   
 
   
   
        
   
   
i.  Others   

Years Ended December 31 

2020 

2019 

Item 

  Related Party Name/Categories    

Manufacturing expenses 

  Associates 
  Subsidiaries 

     $  5,425,878 
29,700 

     $  2,816,089 
35,825 

     $  5,455,578 

     $  2,851,914 

Research and development 

expenses 

  Subsidiaries 
  Associates 

     $  3,409,037 
256,496 

     $  2,821,204 
163,425 

Marketing expenses -   

commission 

  TSMC Europe 
  Other subsidiaries 

     $ 

735,295 
474,553 

     $ 

439,147 
419,920 

     $  3,665,533 

     $  2,984,629 

General and administrative 

expenses 

  Other related parties 
  Subsidiaries 

     $ 

120,000 
3,569 

     $ 

120,000 
3,423 

     $  1,209,848 

     $ 

859,067 

     $ 

123,569 

     $ 

123,423 

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 were as follows: 

Short-term employee benefits 
Post-employment benefits 

Years Ended December 31 

2020 

2019 

     $  2,567,833 
1,951 

     $  1,822,806 
2,330 

     $  2,569,784 

     $  1,825,136 

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. 

- 172 -

- 172 - 

 
 
 
 
 
 
 
 
 
   
 
 
 
   
   
   
   
 
   
   
   
 
      
      
 
   
   
   
 
          
 
   
   
   
      
      
 
   
   
   
 
          
 
   
   
   
      
      
 
   
   
   
 
          
 
   
   
   
      
      
 
   
   
   
 
          
 
 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
 
   
   
 
 
 
31.  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, 2020, 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, 2020. 

c.  On September 28, 2017, the Company was contacted by the European Commission (the “Commission”), 
which asked us for information and documents concerning alleged anti-competitive practices in relation 
to  semiconductor  sales.  We  cooperated  continuously  with  the  Commission  to  provide  the  requested 
information and documents. The Commission subsequently decided to close the investigation in May 
2020. 

d.  The  Company  entered  into  long-term  purchase  agreements  of  materials  and  supplies  with  multiple 

suppliers. The relative minimum purchase quantity and price are specified in the agreements. 

e.  The Company entered into a long-term purchase agreement of equipment. The relative purchase quantity 

and price are specified in the agreement. 

f.  The Company entered into long-term energy purchase agreements with multiple suppliers. The relative 

purchase period, quantity and price are specified in the agreements. 

g.  As of December 31, 2020, the Company provided endorsement guarantees of NT$2,338,044 thousand to 
its subsidiary, TSMC North America, in respect of providing endorsement guarantees for office leasing 
contract. 

h.  As of December 31, 2020, the Company provided a NT$84,291,000 thousand endorsement guarantee for 
its  subsidiary,  TSMC  Global,  in  respect  of  its  issuance  of  US  dollar-denominated  senior  unsecured 
corporate bonds. 

32.  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 

- 173 -
- 61 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2020 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

December 31, 2019 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

    $ 

6,556,606 
10,505 
83,135,801 

28.097 
34.587 
0.2729 

    $  184,220,958 
363,340 
22,687,760 

6,906,646 
4,146,458 
      103,973,930 

28.097 
34.587 
0.2729 

      194,056,024 
      143,413,558 
28,374,485 

    $ 

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 

Note:  Exchange  rate  represents  the  number  of  NT  dollar  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, 2020 and 2019, 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. 

33.  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. 

- 174 -
- 62 - 

 
 
 
 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
     
     
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
     
     
     
     
     
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
     
 
     
     
 
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
 
     
 
     
 
     
 
 
 
 
 
 
 
34.  ADDITIONAL DISCLOSURES 

Following are the additional disclosures required by the Securities and Futures Bureau for the Company: 

a.  Financings provided: See Table 1 attached; 

b.  Endorsement/guarantee provided: See Table 2 attached; 

c.  Marketable securities held (excluding investments in subsidiaries and associates): 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: 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: 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: 

See Table 6 attached; 

h.  Receivables from related parties amounting to at least NT$100 million  or 20% of the paid-in capital: 

See Table 7 attached; 

i. 

Information about the derivative financial instruments transaction: 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): 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: See Table 9 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: See Note 30.   

l. 

Information of major shareholder 

List of all shareholders with ownership of 5 percent or greater showing the names and the number of 
shares and percentage of ownership held by each shareholder: See Table 10 attached. 

35.  OPERATING SEGMENTS INFORMATION 

The Company has provided the operating segments disclosure in the consolidated financial statements.   

- 175 -

- 175 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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 24 

7 
8 
9 
10 

11 
12 

13 

14 
15 
16 
Note 22 
17 

- 210 -

- 210 - 

 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
STATEMENT 1 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF CASH AND CASH EQUIVALENTS   
DECEMBER 31, 2020 
(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 

    $ 

400 

29,250,907 
39,180,918 

      234,733,492 

  Including US$1,058,998 thousand 

@28.097, JPY33,254,815 thousand 
@0.2729 and EUR10,148 thousand 
@34.587 

  From 2020.09.03 to 2021.12.25, interest 
rates at 0.00%-0.80%, including 
NT$205,907,397 thousand, US$550,023 
thousand @28.097 and JPY49,000,000 
thousand @0.2729 

Total 

    $  303,165,717 

- 211 -

- 211 - 

 
 
 
 
 
 
 
 
 
 
   
   
   
     
 
   
   
     
 
   
     
     
 
   
     
 
   
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET   
DECEMBER 31, 2020 
(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 

   $  7,081,325 

3,122,124 

3,032,759 

2,773,917 

     18,844,700 

     34,854,825 

(243,710) 

   $  34,611,115 

Note:  The amount of individual client included in others does not exceed 5% of the account balance. 

- 212 -

- 212 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF RECEIVABLES FROM RELATED PARTIES   
DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars) 

Client Name 

TSMC North America 

Others (Note) 

Total 

STATEMENT 3 

Amount 

   $ 101,467,381 

313,793 

   $ 101,781,174 

Note:  The amount of individual client included in others does not exceed 5% of the account balance. 

- 213 -

- 213 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF INVENTORIES     
DECEMBER 31, 2020 
(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 

  $  21,338,980 

    $  50,098,692 

88,575,222 

      350,472,186 

13,758,417 

12,962,429 

6,625,417 

6,759,866 

  $  130,298,036 

    $  420,293,173 

- 214 -

- 214 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
     
 
 
   
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
 
 
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    T

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT 8 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCOUNTS PAYABLES   
DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars) 

Accounts payables was NT$36,238,637 thousand. The amount of individual vendor does not exceed 5% of the 
account balance. 

- 218 -

- 218 - 

 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO RELATED PARTIES   
DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars) 

Vendor Name 

TSMC Nanjing 

TSMC China 

Xintec 

WaferTech 

TSMC Technology, Inc. 

SSMC 

Others (Note) 

Total 

STATEMENT 9 

Amount 

   $  1,889,906 

     1,643,070 

     1,358,624 

697,756 

444,021 

400,765 

583,481 

   $  7,017,623 

Note:  The amount of individual vendor in others does not exceed 5% of the account balance. 

- 219 -

- 219 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
    
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS   
DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars) 

STATEMENT 10 

Vendor Name 

Vendor A 

Vendor B 

Vendor C 

Vendor D 

Others (Note) 

Total 

Amount 

    $  54,343,056 

20,368,832 

11,972,002 

10,478,183 

59,180,384 

    $  156,342,457 

Note:  The amount of individual vendor included in others does not exceed 5% of the account balance. 

- 220 -

- 220 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
     
 
   
   
   
     
 
   
   
   
     
 
   
   
   
     
 
   
   
   
 
 
STATEMENT 11 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF LEASE LIABILITIES   
DECEMBER 31, 2020 
(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   

0.48-0.94   

   $  19,550,141 

and offices 

Buildings 

  Mainly for the use of offices 

2 to 6 years 

0.54-0.71   

281,676 

Office equipment 

  For operation use 

2 to 3 years 

0.28-0.71   

27,391 

Less: Current portion 

Noncurrent portion 

     19,859,208 

(1,379,097) 

   $  18,480,111 

- 221 -

- 221 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES   
DECEMBER 31, 2020 
(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 

   $  30,995,223 

9,365,661 

3,408,672 

     23,118,681 

   $  66,888,237 

- 222 -

- 222 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
 
 
 
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STATEMENT 14 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NET REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

Item 

Wafer 
Other 

Net revenue 

Note:  12-inch equivalent wafers. 

Shipments   
(Piece) (Note) 

12,330,845 

Amount 

     $ 1,161,829,728 
152,963,285 

       $ 1,314,793,013 

-

4

2

2

-

- 225 -

- 225 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
 
 
     
   
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF COST OF REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2020 
(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 

  $  15,046,116 
52,544,726 
(13,758,417) 
(8,754,326) 
(229,837) 
44,848,262 
16,052,096 
    598,258,250 
    659,158,608 
49,268,466 
(88,575,222) 
(31,212,918) 
    588,638,934 
8,533,179 
55,090,585 
(21,338,980) 
(15,849,741) 
(389,449) 
    614,684,528 
18,088,080 

  $  632,772,608 

- 226 -

- 226 - 

 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
   
   
 
   
 
   
 
   
 
 
 
   
 
   
 
   
 
 
   
 
   
 
   
 
   
 
   
 
 
   
 
 
   
 
 
STATEMENT 16 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF OPERATING EXPENSES   
FOR THE YEAR ENDED DECEMBER 31, 2020 
(In Thousands of New Taiwan Dollars) 

Item 

Research and 
Development 
Expenses 

General and 
Administrative 
Expenses 

Marketing 
Expenses 

Payroll and related expense 

     $  37,368,383 

     $  9,657,107 

     $  2,912,623 

Consumables 

       29,818,550 

241,693 

Depreciation expense 

       23,236,302 

1,312,862 

Repair and maintenance expense 

5,167,078 

1,364,661 

Management fees of the Science Park Administration 

Patents 

Commission 

Others (Note) 

Total 

2,433,954 

2,008,393 

- 

- 

- 

- 

1,209,848 

       13,023,476 

9,293,615 

196,406 

     $ 108,613,789 

     $  26,312,285 

     $  4,359,436 

429 

36,464 

3,666 

- 

- 

Note:  The amount of each item in others does not exceed 5% of the account balance.   

- 227 -

- 227 - 

 
 
 
 
 
 
 
 
 
 
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
      
 
      
 
      
 
      
 
      
      
 
      
 
      
 
      
 
 
 
 
 
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