TSMC

TSMC Annual 
Report 2022 (1)

Printed on: March 12, 2023

TSE: 2330

NYSE: TSM

Taiwan Stock Exchange Market Observation 

Post System: https://mops.twse.com.tw

TSMC annual report is available at: 

https://investor.tsmc.com/english/annual-reports

Dear Shareholders,

The year 2022 was a landmark year for TSMC. Supported by our strong technology leadership and differentiation, we 
delivered a thirteenth-consecutive year of record revenue, with strong profitable growth. Our 2022 annual revenue increased 
33.5% year-over-year in U.S. dollar terms, while our EPS rose to NT$39.20, nearly tripling over the past three years.

These achievements were earned in the face of considerable economic, human and geopolitical challenges across the world. 
The year started with continued COVID-19 lockdowns, conflict in Ukraine, and geopolitical tensions and trade restrictions 
that severely disrupted global supply chains. Retreat of globalization and free trade fueled inflationary pressure around 
the world, increased macroeconomic uncertainty, and impacted consumer confidence. In the second half of the year, 
pandemic-related demand, such as remote working and remote learning, receded as many parts of the world began to 
re-open, and the semiconductor industry entered an inventory correction mode.

The world also began to focus more intently on the importance of the semiconductor industry, as it suddenly recognized the 
critical role semiconductors play in a modern economy. The rising tensions in geopolitics also accentuated the attention on a 
resilient semiconductor supply chain, and the key role it plays in their economic and national infrastructure security.

For TSMC, we continued to focus on the fundamentals of our business. We enriched our R&D intensity and worked 
diligently on our technology development, especially 2-nanometer, to deliver full node strides in performance and power 
benefits to our customers, while offering the industry’s most advanced transistor scaling. We also increased our productivity 
and fab operations quality, while successfully bringing our industry-leading 3-nanometer to high volume manufacturing 
in 4Q’22. We deepened our service and expanded our capacity to support our customers’ growth, further earning their 
trust, as evidenced by higher scores in our annual customer survey. We enhanced our cybersecurity systems and measures 
continuously, to rigorously protect customers’ IP and our proprietary information. As we entered our third year of digital 
transformation, we accelerated the pace to keep our employees connected and productive in a flexible work environment, 
while protecting them from COVID infection with stringent anti-pandemic measures. 

Despite the recent macroeconomic uncertainties around the world, the fundamental structural growth trajectory in the 
long-term semiconductor demand remains strong, underpinned by the industry’s multi-year megatrends of 5G and High 
Performance Computing (HPC)-related applications. Therefore, we continuously work closely with our customers in a 
disciplined manner to plan our capacity, based on the long-term market demand profile, and investing in leading edge and 
specialty technologies, to support their structural growth.

In the U.S., we are in the process of building two advanced semiconductor fabs in Arizona, with N4 and N3 process 
technology, respectively. We are also building a 12-inch specialty technology fab in Kumamoto, Japan.

These investment decisions are based on our customers’ needs in each region, and a necessary level of government support. 
We believe this is a necessary step to maximize value for our shareholders. 

Our pricing will remain strategic to reflect our value, which also includes the value of geographic manufacturing flexibility. 
At the same time, we will continue to leverage our competitive advantages of large volume, economies of scale and 
manufacturing technology leadership, to continuously drive costs lower. We will also continue to work closely with all the 
regional governments, to secure their support.

Combining such actions, TSMC will have the ability to absorb the higher costs of overseas fabs, while remaining the most 
efficient and cost-effective manufacturer, no matter where we operate. Thus, even as we increase our capacity outside of 
Taiwan, we can continue to earn a sustainable and healthy return, while delivering long-term profitable growth for our 
shareholders.

To address the insatiable demand for energy-efficient computing power, customers rely on TSMC not only for reliable 
capacity, but also a predictable cadence of technology development.

We continued to extend our technology leadership, as our 3-nanometer technology entered volume production in 2022, and 
is the most advanced semiconductor technology in both PPA and transistor technology. 

We are building a strong foundation for the next generation technology to follow. N2 technology development is on track, 
with risk production scheduled in 2024 and volume production in 2025. Our 2-nanometer technology will be the most 
advanced semiconductor technology in the industry in both density and energy efficiency when it is introduced.

Highlights of TSMC’s accomplishments in 2022:
● Total wafer shipments were 15.3 million 12-inch equivalent wafers as compared to 14.2 million 12-inch equivalent wafers 

in 2021.

● Advanced technologies (7-nanometer and beyond) accounted for 53 percent of total wafer revenue, up from 50 percent in 

2021.

As geopolitical tensions have arisen in different parts of the world, our customers also start to value more geographic 
manufacturing flexibility, in addition to technology leadership, manufacturing excellence, low cost and trust of service quality.

● We deployed 288 distinct process technologies, and manufactured 12,698 products for 532 customers.
● TSMC produced 30 percent of the world semiconductor excluding memory output value in 2022, as compared to 26 

Under this environment, based on customers’ request, we are expanding our global manufacturing footprint, to increase 
customer trust, to expand our future growth opportunities, and to reach for global talents.

In Taiwan, our N3 has just entered volume production in Tainan Science Park. We are also preparing for N2 volume 
production starting in 2025, which will be located in Hsinchu and Taichung Science Parks.

percent in the previous year. 

2022 Financial Performance

Consolidated revenue reached NT$2,263.89 billion, an increase of 42.6 percent over NT$1,587.42 billion in 2021. Net 
income was NT$1,016.53 billion and diluted earnings per share were NT$39.20. Both increased 70.4 percent from the 2021 
level of NT$596.54 billion net income and NT$23.01 diluted EPS.

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TSMC generated net income of US$34.07 billion on consolidated revenue of US$75.88 billion, which increased 59.6 percent 
and 33.5 percent respectively from the 2021 level of US$21.35 billion net income and US$56.82 billion consolidated 
revenue. 

Gross profit margin was 59.6 percent as compared with 51.6 percent in 2021, while operating profit margin was 49.5 
percent compared with 40.9 percent a year earlier. Net profit margin was 44.9 percent, an increase of 7.3 percentage points 
from 2021’s 37.6 percent.

In 2022, the Company further raised its total cash dividend payments to NT$11.0 per share, up from NT$10.25 a year ago.

Technological Developments

In 2022, we continued to increase our investment in R&D to US$5.47 billion to extend our technology leadership and 
differentiation. We also work closely with our customers to enable the global pool of innovators, to unleash their innovations 
and create greater value for the semiconductor industry.

In its third year of ramp, our 5-nanometer family of technologies contributed 26% of TSMC’s revenue. We continued to 
enhance our N5 family’s performance, power and density, and N4 started volume production in 2022. We also introduced 
N4P and N4X technologies, targeting next wave 5nm products. N4P technology development is well on track, and volume 
production is scheduled in 2023. N4X is TSMC’s first HPC-focused, workload-intensive technology, with customers’ product 
tape-outs in 2023.

After N3 technology entered volume production in 2022, N3E will further extend our N3 family, with enhanced performance, 
power, and yield. Volume production of N3E is scheduled for 2H’23. We are working on a high level of customer 
engagement at both N3 and N3E, with the number of tape-outs more than 2x that of N5 in its first and second year. We 
expect our N3 family to be another large and long-lasting node for TSMC.

Our 2-nanometer technology will adopt nanosheet transistor structure, and deliver full-node performance and power 
efficiency gains, with 10-15% speed improvement at the same power or 25-30% power improvement at the same speed as 
compared to N3E, to address the increasing need for energy-efficient computing. N2 will provide our customers with the 
best performance, cost and technology maturity, and extend our technology leadership position well into the future.

As TSMC pushes the envelope of transistor scaling, we also continue to expand our TSMC 3DFabricTM design solutions, as 
another dimension to improve system-level performance. TSMC 3DFabricTM consists of both wafer-level 3D and advanced 
packaging technologies. For our 3D technologies, TSMC-SoIC® Chip-on-Wafer (CoW) technology successfully entered 
volume production in 2022, demonstrating significant performance improvement by stacking SRAM chips on logic wafers. 
TSMC-SoIC® Wafer-on-Wafer (WoW) technology demonstrated superb system performance enhancement for HPC products 
in 2022 by stacking 7nm logic wafer on deep trench capacitor wafer. For our advanced packaging technologies, the 
CoWoS®-S technology that integrates multiple system-on-chip (SoC) chips, high bandwidth memory stacks, and a 3-reticle 
size silicon interposer successfully entered volume production for customer HPC products in 2022. For InFO advanced 
packaging technology, TSMC successfully entered volume production of Integrated Fan-Out on Substrate (InFO_oS) that 
integrates multiple SoC chips in a 2-reticle size fan-out package.

To help customers unleash their product innovations with fast time-to-market, TSMC provides customers with comprehensive 
infrastructure needed to optimize design productivity and cycle times. TSMC continues to expand our Open Innovation 
Platform® (OIP), providing over 55,000 items of libraries and silicon IP portfolio, more than 43,000 technology files, and over 
2,900 process design kits, from 0.5-micron to 3-nanometer in 2022. 

Environmental, Social and Governance

As a responsible global corporate citizen, TSMC is focused on driving changes in Green Manufacturing, establishing a 
Responsible Supply Chain, Talent Development, Inclusive Workplace, and Caring for the Underprivileged. In 2022, we 
published our first UN SDGs (United Nations Sustainable Development Goals) Action Report and Materiality Analysis Report 
to enhance the transparency of our sustainability progress.

Green Manufacturing is the cornerstone of our sustainability management. TSMC strives to be a global standard of an 
eco-friendly corporation, and we integrate green management into all aspects of our daily operations, both in Taiwan and 
overseas. In 2022, TSMC’s Reclaimed Water Plant commenced operations in the Southern Taiwan Science Park and began 
water supply of 10,000 metric tons of water per day, with the goal of reaching 36,000 metric tons per day by 2026. At 
TSMC Arizona, we plan to build an Industrial Water Reclamation Plant, which would allow us to reach “Near Zero Liquid 
Discharge.” 

In our supply chain, TSMC is actively working with our suppliers to drive low-carbon emissions management, a key 
component of our roadmap to Net Zero Emissions by 2050. We continue to expand carbon capture opportunities in our 
supply chain management, and encourage our suppliers to set up carbon capture facilities to reduce carbon emissions. 

Talent is critical to the global semiconductor industry’s success. We believe TSMC’s global footprint expansion not only 
enables us to better support our customers, but also gives us more opportunities to reach global talent. To attract 
more talent and create a sustainable recruitment pipeline for the semiconductor industry, TSMC continues to invest in 
semiconductor related research through close collaboration with top universities including National Taiwan University, 
National Tsing Hua University, National Yang Ming Chiao Tung University, National Cheng Kung University, MIT, Stanford 
University, UC Berkeley, Arizona State University, Tokyo University, and other prestigious institutions around the world.

In order to deepen employee awareness and practice of Diversity and Inclusion, TSMC focuses on enhancing employees’ 
awareness of respecting individual differences and its unique values in the workplace. TSMC has designed a course on 
unconscious bias to help employees identify and respond to biases in the right way. Employees can also use intercultural 
assessment tools to evaluate themselves and learn how to work with colleagues from diverse backgrounds in their teams.

The TSMC Education and Culture Foundation and the TSMC Charity Foundation have long been invested in driving positive 
changes towards a better society, by focusing on caring for the disadvantaged and helping youth education. In 2022, the 
TSMC Charity Foundation assisted 6,358 students at 134 rural care institutes and collaborated with TSMC volunteers to 
produce tutorial videos for scientific experiments and science education. TSMC also partnered with SEMI to hold a session at 
2022 SEMICON Taiwan, promoting a matching platform that offered 600 jobs opportunities from 30 different companies to 
rural vocational students.

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Corporate Developments

Capacity Plan

Wafer Sales Plan

In December 2022, TSMC announced that, in addition to TSMC Arizona’s first fab, which is scheduled to begin production 
of N4 process technology in 2024, the Company has also started the construction of a second fab in Arizona to begin 
production of 3nm process technology in 2026. The overall investment for these two facilities will be approximately US$40 
billion. When completed, TSMC Arizona’s two fabs will manufacture over 600,000 wafers per year.

In February 2022, TSMC, Sony Semiconductor Solutions Corporation (SSS) and Denso Corporation jointly announced a joint 
venture of Japan Advanced Semiconductor Manufacturing (JASM). In addition to the previously announced 22/28 nanometer 
process, TSMC will also enhance JASM’s capabilities with 12/16 nanometer FinFET process technology, and increase monthly 
production capacity to 55,000 12-inch wafers. With the additional capacity, the total capital expenditure for JASM’s 
Kumamoto fab is estimated to be approximately US$8.6 billion with strong support from the Japanese government.

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, Asiamoney, The Asset, CommonWealth 
Magazine, Taiwan Stock Exchange, and Taiwan Institute for Sustainable Energy. For innovation, TSMC was recognized as 
3rd in IFI Claims Patent Services’ “2022 Top 50 US Patent Assignees.” TSMC was also recognized by Fortune Magazine as 
“2022 World’s Most Admired Companies.” 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 22 consecutive years. We also received 
MSCI ESG Research’s AAA Rating, CDP’s “2022 CDP Supplier Engagement Leader,” Sustainalytics’ “Company ESG Risk 
Ratings-Low ESG Risk” rating, ISS ESG’s “Prime” status in the ESG Corporate Rating, and Corporate Knight’s “2022 Global 
100 Most Sustainable Corporations.” Meanwhile, we remained a major component in various MSCI ESG and FTSE4Good 
indices. In investor relations, TSMC continued to receive multiple awards from Institutional Investor Magazine.

Outlook

Entering 2023, macroeconomic and geopolitical uncertainties persist. As global COVID-19 pandemic subsides, we have 
entered a more intelligent and connected world. As semiconductors become increasingly essential and ubiquitous to every 
part of our daily lives, semiconductor technology is becoming a foundational technology for the modern digital economy. 
The semiconductor value in the global supply chain continues to increase, creating greater value opportunities for our 
customers, and greater value opportunities for TSMC.

It is more important than ever for TSMC to fulfill our mission to be the trusted technology and capacity provider for the 
global logic IC industry for years to come. We will uphold our Trinity of Strengths of Technology Leadership, Manufacturing 
Excellence, and Customer Trust, to address and capture the strong growth opportunities.

We are increasing our investments in R&D, to continue to extend our overall competitiveness and technology leadership. 
With our leadership in both leading edge process technologies and 3DIC solutions, TSMC’s technology cadence 
remains constant, to deliver the value of our technology platform, and to help our customers to enhance their product 
competitiveness and to grow their markets well into the future.

We continue to focus on optimizing our manufacturing operations to drive greater efficiency and productivity, including 
“digitalization” of our fabs, to support high volume ramp of N3 in 2023 and beyond.

2021

2022

2023

50%

47%

50%

53%

40-50%

50-60%

> 7nm  

≤ 7nm

2023 wafer shipment is expected to be 14-15 million 12-inch 
equivalent wafers.

7%

9%

5%

2021

2022

2023

13-14

15-16

16-17

Annual Growth Rate

Capacity: million 12-inch equivalent wafers

We are increasing our capacity beyond Taiwan to 
expand our future growth potential, to reach for 
global talent, and to further increase our customer 
trust. As we expand our global footprint, and 
recruit people from around the world, our priority 
is to identify, attract and hire talent whose core 
values and principles are aligned with TSMC’s, 
so that we can establish TSMC culture in all our 
employees, no matter where we operate.

We recognize the increasingly important role of 
TSMC in the global semiconductor industry, our 
impact to many of the world’s economies, and 
the responsibilities that come with our position. 
We remain steadfast to our dedicated foundry 
business model, and will continue to work as One 
Team to support all the IC innovators and enable 
their success. We will hold ourselves to rigorous 
standards of corporate governance, and adhere 
to our core values of Integrity, Commitment, 
Innovation and Customer Trust, while pursuing a sustainable future. We are honored to earn your trust in TSMC through the 
challenges of 2022. We are more excited about our future, and are even more firmly committed to earning good returns for 
our shareholders in the years to come.

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 its 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. 
Based on this founding principle, the key to TSMC’s success 
has always been to enable its customers’ success. TSMC’s 
foundry business model has led to the rise of the global 
fabless industry, and, since its inception, TSMC has been one 
of the world’s leading semiconductor foundries. In 2022, the 
Company manufactured 12,698 different products using 288 
distinct technologies for 532 different customers.

TSMC-made semiconductors serve a global customer base 
that is large and diverse entailing a wide range of applications. 
These products are used in a variety of end markets including 
high performance computing, smartphones, the Internet of 
Things (IoT), automotive, and digital consumer electronics. 
Such strong diversification helps to smooth fluctuations in 
demand, which in turn allows TSMC to maintain high 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 15 million 12-inch 
equivalent wafers in 2022. 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 December 2022, TSMC announced that, in addition 
to TSMC Arizona’s first fab, which is scheduled to begin 
production of N4 process technology in 2024, the Company 
has also started the construction of a second fab in Arizona 
to begin production of 3nm process technology in 2026. The 
overall investment for these two facilities will be approximately 
US$40 billion. When completed, TSMC Arizona’s two fabs will 
manufacture over 600,000 wafers per year, with estimated 
end-product value of more than US$40 billion. At the same 
time, the Company continues to execute its plan for a fab in 
Kumamoto, Japan, 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 2022, 
the Company and its subsidiaries employed more than 73,000 
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 2022, TSMC maintained its leading position in the foundry 
segment of the global semiconductor industry by accounting 
for 30% of the worldwide semiconductor market excluding 
memory, an increase from 26% in 2021. TSMC’s growth was 
mainly driven by the continued expansion 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 
2022, 53% of TSMC’s wafer revenue came from advanced 
manufacturing processes – defined as geometries of 7nm and 
smaller – up from 50% in 2021.

TSMC offers comprehensive 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, TSMC offers TSMC 3DFabricTM, a comprehensive 
family of 3D silicon stacking and advanced packaging 
technologies to complement its process technology offerings. 
TSMC 3DFabricTM provides customers greater chip design 
flexibility to unleash innovation and is another differentiating 
competitive advantage for the Company. 

2.2.2 Market Overview

TSMC estimates that the worldwide semiconductor market 
excluding memory reached US$492 billion in revenue in 
2022, representing a 10% increase from 2021. In the foundry 
segment of the semiconductor industry, total revenue rose to 
US$130 billion in 2022, a robust growth of 28% over 2021.

2.2.3 Industry Outlook, Opportunities and Threats

Foundry Industry Demand and Supply Outlook
In 2022, TSMC’s solid growth in the foundry segment was 
fueled by strong, broad based market demand. Industry 
megatrends, such as 5G, artificial intelligence (AI) proliferation, 
and the accelerating digital transformation, drove increased 
demand across all major markets: smartphones, high 
performance computing, Internet of Things, and automotive. 
However, the electronics supply chain was also carrying high 
levels of excess inventory, accumulated over the past two years 
due to supply uncertainties. Hence, in the second half of 2022, 
the electronics supply chain entered an inventory correction 
period, which impacted the foundry segment and TSMC 
growth.

Looking ahead, TSMC expects the inventory correction to 
continue into 2023, primarily in the first half of the year. 
Furthermore, concerns about inflation and slowing economic 
growth will likely have a dampening impact on discretionary 
consumer spending, reducing overall demand for electronic 
devices. Against these two headwinds, TSMC projects 
mid-single-digit decline for the worldwide semiconductor 
market excluding memory in 2023. For the longer term, 
driven by increasing semiconductor content in most electronic 
devices, continued market segment share gains by fabless 
companies, increases in integrated device manufacturer (IDM) 
outsourcing, and the expanding use of in-house application-
specific integrated circuits (ASIC) by systems companies, 
TSMC expects foundry segment revenue to outpace the mid- 
single-digit compound annual growth rate projected for the 
worldwide semiconductor market excluding memory from 
2022 through 2027.

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

● Smartphones
Due to the combined impact of the COVID-19 pandemic, 
the Russo-Ukrainian war and generally higher inflation, 
smartphone unit shipments declined 11% in 2022, reflecting 
a slowdown in the pace of 5G commercialization and thus 
prolonging the replacement of 4G. As this situation is likely 
to persist, TSMC projects a continued low-single-digit decline 
for the smartphone market in 2023. Over the longer term, 

however, the inevitable migration to 5G, together with 
improved performance, longer battery life, biosensors and 
more AI features, will all continue to propel smartphone sales 
going forward.

High performance and power efficient IC technologies are 
essential requirements among handset manufacturers, and 
highly integrated chips and advanced 3D packaging designs 
are the preferred solutions to optimize cost, power and form 
factor (IC footprint and thickness). The migration to advanced 
process technologies will certainly continue spurred by the 
need for higher performance chips to run AI applications and 
various complex software computations as well as higher 
resolution video. TSMC is an acknowledged leader in process 
technology for manufacturing highly integrated chips and 
advanced 3D packaging designs and as such is very well 
positioned to serve the evolving smartphone market.

● High Performance Computing (HPC)
The HPC platform includes PCs, tablets, game consoles, servers, 
base stations and more. Major HPC unit shipments declined 
11% in 2022 due to prolonged high inflation, macro-economic 
uncertainty and inventory overbuilt, all resulting in weak 
demand on the consumer side. Meanwhile, the server and 
data center upgrade cycle remained relatively healthy to 
accommodate rapidly growing data traffic and to fulfill the 
expanding needs of AI applications and continued 5G base 
station deployment. 

Although the trend toward accelerated digitalization 
stimulated by the COVID-19 pandemic has induced a 
structural increase in HPC-related semiconductor demand, the 
economic headwinds cited above will increasingly dampen 
demand on both consumer and enterprise sides and, as a 
result, TSMC projects another year of low teens decline in 
HPC unit shipments in 2023. Longer term, an increasingly 
intelligent and more connected 5G world will fuel massive 
requirements for computation power as well as a great 
need for energy-efficient computing. These require higher 
performance and more power-efficient CPUs, GPUs, NPUs, AI 
accelerators, and related-ASICs, which will drive the overall HPC 
platform towards richer silicon content, more advanced process 
technologies and advanced 3D packaging. These trends are all 
favorable to TSMC given our technology leadership in these 
areas.

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● Internet of Things (IoT)
The IoT platform includes various types of “smart” connected 
devices ranging from wearables, health monitors and 
speakers to home automation devices, city and manufacturing 
automation devices. As the COVID-19 pandemic changed 
individual life and work styles and accelerated the digital 
transformation in enterprises, IoT unit shipments grew 18% 
in 2022, with smart health devices, smart retail, and smart 
manufacturing as the major growth drivers.

While these trends remain strong, TSMC believes demand 
for consumer-related IoT devices will be somewhat tempered 
by high inflation and projects unit shipment growth in the 
low teens in 2023. Overall, as IoT devices take on more AI 
functions, they will require higher performance but lower 
power controllers, connectivity ICs and various types of sensors. 
TSMC offers the industry's most advanced technologies in these 
areas including ultra-low power (ULP) and various specialty 
process technologies to help customers meet demand, fulfill 
ESG requirements and succeed in the marketplace

● Automotive
With generally improving chip availability, worldwide car unit 
sales grew 7% in 2022 but was still held back by supply chain 
disruptions caused by the Russo-Ukrainian war and sporadic 
lockdowns due to the spread of COVID-19 particularly in China. 
The ongoing headwinds of high inflation and macro-economic 
uncertainty are expected to hold global car unit sales to 
low-single-digit growth in 2023 as well.

The entire automotive industry is moving toward “greener, 
safer and smarter,” which will accelerate the adoption of 
electric vehicles (EVs), advanced driver assistance systems 
(ADAS) and smart cockpit/infotainment systems, along with 
new electrical/electronic (E/E) architecture. All these will lead 
to increased demand for AP/MCU/ASIC processors, in-car 
networking, sensors, and power management ICs, thus 
continuously increasing the silicon content per car. TSMC 
offers a wide variety of relevant process technologies to enable 
customers to deliver competitive products in the automotive 
market.

● Digital Consumer Electronics (DCE)
Logistical disruptions such as port congestion led to prolonged 
lead times in the TV supply chain causing major electronics 
retailers to over-order and create excess inventory in 2022. At 
the same time, inflation, rate hikes and the China lockdown 
due to its zero-COVID policy weakened demand for TVs, 
set-top boxes (STB) and other consumer products. As a result, 
the total DCE market fell by 11% in 2022. 

While some high-end areas such as large screen, 120Hz/144Hz 
high frame rate TV, voice AI control and WiFi 6 connectivity will 
continue to show good growth, fears of economic recession 
may stifle overall recovery. As a result, TSMC forecasts a 
low-single-digit decline in global DCE unit shipments in 2023. 
Regardless of the timing of the recovery, TSMC advanced 
technologies will continue to enable DCE customers to create 
and differentiate their innovative products.

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, 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 and support the innovations created in the 
downstream chain.

2.2.4 TSMC Position, Differentiation and Strategy

Position
TSMC is a global semiconductor foundry leader in advanced, 
specialty and advanced packaging technologies. In 2022, TSMC 
accounted for 30% of the worldwide semiconductor market 
excluding memory, an increase from 26% in 2021. Net revenue 
by geography, calculated mainly on the country in which 
customers are headquartered, was: 68% from North America; 
11% from the Asia Pacific region, excluding China and Japan; 
11% from China; 5% from Europe, the Middle East and Africa; 
and 5% from Japan. Net revenue by platform was: 41% from 
high performance computing; 39% from smartphones; 9% 
from the Internet of Things; and 5% from automotive. In 
addition, 3% came from digital consumer electronics, while 
others accounted for the remaining 3%.

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 developing leading-edge technologies 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 customers achieve faster time-to-production.

Well known for industry-leading manufacturing capabilities, 
TSMC extends its leadership through its Open Innovation 
Platform® (OIP) and Grand Alliance initiatives. The OIP initiative 
accelerates the pace of innovation in the semiconductor 
design community and among the Company’s ecosystem 
partners, as well as in its 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 and IP partners, 
along with the partners in the new 3DFabric Alliance, officially 
announced in October 2022, and key equipment and material 
suppliers – all to achieve new, higher levels of collaboration. 
Through this collaboration, the Grand Alliance’s 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, the Company 
has never designed, manufactured or marketed any integrated 
circuits under its own name, but instead has focused all of its 
efforts and resources on becoming the trusted foundry for its 
customers.

Strategy
TSMC is confident that its competitive advantages 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, and digital consumer electronics, and in response 
to the fact that the focus of customer demand is shifting from 
process-technology-centric to product-application-centric, 
the Company has constructed five corresponding technology 
platforms to provide customers with 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 five 
platforms are:

High Performance Computing (HPC): Driven by data explosion 
and application innovation, HPC has become one of the key 
growth drivers for TSMC’s business. TSMC provides customers, 
including both fabless IC design companies and system 
companies, with leading-edge process technologies such as 
3nm FinFET (N3), 4nm FinFET (N4), 5nm FinFET (N5), 6nm 
FinFET (N6), 7nm FinFET (N7), 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. In 
particular, TSMC introduced its first HPC focused technology, 
N4X, representing the ultimate performance and maximum 
clock frequencies in TSMC’s 5-nanometer family. Based on 
advanced process nodes, a variety of HPC products have been 
launched, such as personal computer central processing units 
(CPUs), graphics processor units (GPUs), field programmable 
gate arrays (FPGAs), server processors, accelerators and 
high-speed networking chips, etc. These products can be 
used in current and future 5G/6G infrastructures, AI, cloud, 
and enterprise data centers. The Company also offers multiple 
advanced TSMC 3DFabricTM packaging and silicon stacking 
technologies, such as CoWoS®, InFO, and TSMC-SoIC®, to 
enable homogeneous and heterogeneous chip integration 
to meet customers’ requirements for high performance, high 
compute density and high energy efficiency, low latency and 
high integration. TSMC will continue to optimize its high 
performance computing platform and strengthen collaboration 
with customers to help them capture market growth in HPC 
markets.

Smartphone: For customers’ premium product applications, 
TSMC offers leading logic process technologies such as 
N3, N4 and N5, as well as comprehensive IPs to further 
enhance chip performance, reduce power consumption, and 
decrease chip size. For mainstream product applications, the 
Company offers a broad range of logic process technologies, 
including N6, 7nm FinFET Plus (N7+), N7, 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 and mainstream product applications, the Company 
offers highly 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 

018

019

 
ICs, sensors, and display chips, as well as advanced TSMC 
3DFabricTM packaging technologies, such as industry-leading 
Integrated Fan-Out (InFO) technology.

Internet of Things: TSMC provides leading, comprehensive 
and highly integrated ultra-low power (ULP) technology 
platforms to enable innovation in artificial intelligence of 
things (AIoT) applications. The Company’s offerings include 
the new FinFET-based 12-nanometer technology – N12eTM 
featuring energy efficiency with high performance that 
results in more computing power and AI inferencing, 22nm 
ultra-low leakage (ULL), 28nm ULP, 40nm ULP, and 55nm ULP 
technologies, which have been widely adopted by various edge 
AI system-on-a-chip (SoC), and battery-powered applications. 
TSMC has also extended its low operating voltage (Vdd) 
offerings, providing simulation program with integrated circuit 
emphasis (SPICE) models with a wide-range of operating 
voltages for extreme low-power applications. In addition, the 
Company offers competitive and comprehensive specialty 
technologies in RF, enhanced analog devices, embedded 
flash memory, emerging memory, sensors and display chips, 
power management ICs, as well as multiple TSMC 3DFabricTM 
advanced packaging technologies, including InFO technology 
to support the fast-growing demand in AIoT edge computing 
and wireless connectivity.

Automotive: TSMC offers a comprehensive spectrum of 
technologies and services to support the automotive industry’s 
three megatrends: safer, smarter and greener. The Company 
is also an industry leader in providing a robust automotive IP 
ecosystem, which covers 5nm FinFET, 7nm FinFET, and 16nm 
FinFET technologies, for advanced driver-assistance systems 
(ADAS), advanced in-vehicle infotainment (IVI), as well as zonal 
controllers for new electrical/electronic (E/E) architecture for the 
automotive industry. In addition to its advanced logic platform, 
TSMC offers a broad array of 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. 
The emerging technology of magnetoresistive random access 
memory (MRAM) has demonstrated automotive Grade-1 
capability on 22nm and is under development with good 
progress on 16nm to meet automotive Grade-1 requirements. 
All these technologies are applied to TSMC’s automotive 
process qualification standards based on AEC-Q100 standards 
or meeting customers’ technology specifications.

Digital Consumer Electronics (DCE): TSMC provides 
customers with leading, 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 management ICs (PMIC), timing controller (T-CON) and 
so on. The Company’s leading 7nm FinFET (N7), 16FFC/12FFC, 
22ULP/22ULL and 28HPC+ technologies have been widely 
adopted by leading global makers of 8K/4K DTV, 4K streaming 
STB/over-the-top (OTT), digital single-lens reflex (DSLR) devices, 
and so on. TSMC will continue to make these technologies 
more cost competitive through die size shrink for customers’ 
digital intensive chip designs and to drive lower power 
consumption for more cost-effective packaging.

TSMC continually strengthens its core competitiveness and 
deploys both short- 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 return on investment 
(ROI) and growth objectives.

● Short-Term Semiconductor Business Development Plan
1.  Substantially ramp up the business and sustain advanced 

technology market segment share by continually increasing 
capacity and R&D investments.

2.  Maintain mainstream technology market segment share by 

expanding business to new customers and market segments.

3.  Continue to enhance the competitive advantages of the 
Company’s technology platforms in HPC, smartphones, 
IoT, automotive, and digital consumer electronics 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 
predictable pace to elevate energy-efficient compute.

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

2.3 Organization

2.3.1 Organization Chart

Audit and Risk 
Committee (Note)

Shareholders’ Meeting

Compensation and 
People Development 
Committee (Note)

Board of Directors
Chairman
Vice Chairman

As of 02/28/2023

Nominating, Corporate 
Governance and 
Sustainability 
Committee (Note)

CEO Office

Corporate 
Governance 
Officer

Internal Audit

ESG

Operations
Research and Development
Pathfinding for System Integration
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

Note:  On February 14, 2023, the Board approved the renaming of “Audit Committee” to “Audit and Risk Committee”, and the renaming of “Compensation Committee” to “Compensation and People Development 

Committee”, and the establishment of “Nominating, Corporate Governance and Sustainability Committee”.

020

021

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 

Research and Development
● Advanced technology development, exploratory research, and design and technology platform development, specialty technology 

development

Pathfinding for System Integration
● System Integration Technology Pathfinding

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

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

Risk Management
● Implementation of Enterprise Risk Management, Business Continuity Management and Crisis Management

Corporate Environmental, Safety and Health
● Environmental protection, safety and health management and strategy formulation

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
● Procurement, warehousing, import and export, and logistics support

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

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

ESG
● Identify ESG issues in relation to the Company’s operations and stakeholders’ concern, frame sustainability strategies, goals, action 

plans and track implementation results, continuing to create sustainability value

022

023

2.4 Board Members

2.4.1 Information Regarding Board Members 

Title/Name

Chairman
Mark Liu

Vice Chairman
C.C. Wei

Director
F.C. Tseng

Male
66-70

Male
66-70

Male
76-80

Gender
Age

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Shares Held When Elected

Shares Currently Held

Shares (Note 1)

%

Shares (Note 1)

%

U.S.

07/26/2021

07/25/2024

06/08/2017

12,913,114

0.05%

12,916,216

0.05%

Shares Currently Held by 
Spouse & Minors 

Shares (Note 1)

-

%

-

Selected Education and Professional Qualification
Past Positions
Current Positions at Non-profit Organizations

As of 02/28/2023

Selected Current Positions at TSMC and 
Other Companies

Selected Education and Professional Qualification
Bachelor Degree in Electrical Engineering, National Taiwan University
Master Degree and Ph.D. in Electrical Engineering & Computer Science, University of California, Berkeley, U.S.
Laureate, Industrial Technology Research Institute (ITRI)

None

R.O.C.

07/26/2021

07/25/2024

06/08/2017

7,179,207

0.03%

6,346,207

0.02%

700,261

0.00%

R.O.C.

07/26/2021

07/25/2024

05/13/1997

34,472,675

0.13%

29,472,675

0.11%

5,132,855

0.02%

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

Current Positions at Non-profit Organizations
Chairman, Taiwan Semiconductor Industry Association (TSIA) (Note 2)

Selected Education and Professional Qualification
Bachelor and Master Degrees in Electrical Engineering, National Chiao Tung University
Ph.D. in Electrical Engineering, Yale University, U.S.
Laureate, Industrial Technology Research Institute (ITRI)

Past Positions
Senior Vice President, Technology, Chartered Semiconductor Manufacturing Ltd., Singapore
Senior Vice President, Mainstream Technology Business, TSMC
Senior Vice President, Business Development, TSMC
Executive Vice President and Co-Chief Operating Officer, TSMC
President and Co-CEO, TSMC
Chairman, Taiwan Semiconductor Industry Association (TSIA)

Selected Education and Professional Qualification
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

Past Positions
President, Vanguard International Semiconductor Corp.
President, TSMC
Deputy CEO, TSMC
Vice Chairman, TSMC
Independent Director, Chairman of Audit Committee & Compensation Committee member, Acer Inc.
Director, National Culture and Arts Foundation, R.O.C.

Director 
National Development Fund, Executive Yuan
(Note 3) 

Representative:
Ming-Hsin Kung

07/26/2021

07/25/2024

12/10/1986

1,653,709,980

6.38%

1,653,709,980

6.38%

Male
56-60

R.O.C.

07/24/2020 
(Note 4)

779
(Note 4)

0.00%

779

0.00%

024

-

-

-

-

Current Positions at Non-profit Organizations
Chairman, TSMC Education and Culture Foundation
Director, Cloud Gate Culture and Arts Foundation
Director, Zu-Ming Medical Foundation

Selected Education and Professional Qualification 
B.A., Statistics, Fu Jen Catholic University
M.A., Economics, National Taiwan University
Ph.D., Economics, National Chung Hsing University

Past Positions
Adjunct Assistant Professor, Tamkang University
Deputy Executive Secretary, Industrial Development Advisory Council, Ministry of Economic Affairs
Research Fellow, Science and Technology Advisory Group, Executive Yuan
Research Fellow, Taiwan Institute of Economic Research
Vice President, Taiwan Institute of Economic Research
Advisory Committee Member, Mainland Affairs Council, Executive Yuan
Consultant, Ministry of Economic Affairs
Member, National Stabilization Fund Management Committee, Executive Yuan
Deputy Minister, National Development Council & concurrently Executive Secretary, National Development 

Fund, Executive Yuan 

Deputy Minister, Ministry of Economic Affairs
Minister without Portfolio, Executive Yuan

Current Positions at Non-profit Organizations
Minister without Portfolio, Executive Yuan & concurrently Minister, National Development Council
The Convener of the National Development Fund

CEO, TSMC

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

Corp.

Director, Taiwania Capital Management Corp. (a 
non-public company) (Representative of the 
National Development Fund)

(Continued)

025

Title/Name

Gender
Age

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Independent Director
Sir Peter L. Bonfield

Male
76-80

UK

07/26/2021

07/25/2024

05/07/2002

-

Shares Held When Elected

Shares Currently Held

Shares (Note 1)

%

-

Shares (Note 1)

-

%

-

Shares Currently Held by 
Spouse & Minors 

Shares (Note 1)

-

%

-

Independent Director
Kok-Choo Chen

Female
71-75

R.O.C.

07/26/2021

07/25/2024

06/09/2011

-

-

-

-

-

-

Independent Director
Michael R. Splinter

Male
71-75

U.S.

07/26/2021

07/25/2024

06/09/2015

-

-

-

-

-

-

026

Selected Current Positions at TSMC and 
Other Companies

Chairman, NXP Semiconductors N.V., the Netherlands
Non-Executive Director of:
-  Imagination Technologies Group Ltd., UK (a non-

public company)
- Darktrace Plc, UK

Advisory Board Member, The Longreach Group Ltd., 

HK (a non-public company)

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

Ltd., London (a non-public company)

None

Selected Education and Professional Qualification
Past Positions
Current Positions at Non-profit Organizations

Selected Education and Professional Qualification
Bachelor and Honours Degrees in Engineering, Loughborough University
Fellow of the Royal Academy of Engineering
Knighted, 1996
Awarded Commander of the Order of the British Empire (CBE), 1989
Awarded the Order of the Lion of Finland
Awarded the Gold Medal from the Institute of Management
Awarded the Mountbatten Medal from the National Electronics Council
Awarded the FT ODX Outstanding Director Award, 2019

Past Positions
Chairman and CEO, ICL Plc, UK
CEO and Chairman of the Executive Committee, British Telecommunications Plc
Vice President, the British Quality Foundation
Director, Mentor Graphics Corp., U.S.
Director, Sony Corp., Japan
Director, L.M. Ericsson, Sweden
Chairman, GlobalLogic Inc., U.S. 
Senior Advisor, Hampton Group, London
Chair of Council and Senior Pro-Chancellor, Loughborough University, UK
Board Member, EastWest Institute, New York

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

Professional Experience
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)
Founder and Executive Director, Museum207, Taipei (2017-2022)

Academic Experience
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)

Current Positions at Non-profit Organizations
Director, Republic of China Female Cancer Foundation
Founder and Chairman, Artspace K, Hong Kong (2020-)

Lead Independent Director, NASDAQ, Inc.
Independent Director and Compensation Committee 

Chair, Gogoro Inc., Cayman Islands

Director of:
- Pica8, Inc., U.S. (a non-public company)
- Tigo Energy, Inc., U.S. (a non-public company)
- Kioxia Holdings Corp., Japan (a non-public company)
General Partner of:
- WISC Partners LP, U.S.
-  MRS Business and Technology Advisors, U.S. (a non-

public company)

Selected Education and Professional Qualification 
Bachelor and Master Degrees in Electrical Engineering, University of Wisconsin-Madison
Honorary Ph. D in Engineering, University of Wisconsin-Madison
Awarded 2013 Robert N. Noyce Award by Semiconductor Industry Association
Recognized as NACD (National Association of Corporate Directors) Directorship CertifiedTM, 2020
Member of the National Academy of Engineering, 2017

Past Positions
Executive Vice President of Technology and Manufacturing group, Intel Corp.
Executive Vice President of Sales and Marketing, Intel Corp.
CEO, Applied Materials, Inc.
Chairman, Applied Materials, Inc.
Director, The NASDAQ OMX Group, Inc.
Director, Silicon Valley Leadership Group
Director, Semiconductor Equipment and Materials International (SEMI)
Director, Meyer Burger Technology Ltd., Switzerland
Director, University of Wisconsin Foundation, U.S.
Chairman of the Board, NASDAQ, Inc.
Chairman of the Board, US-Taiwan Business Council

Current Positions at Non-profit Organizations
Chair of Industrial Advisory Committee, National Institute of Standards and Technology, Department of 

Commerce, U.S.

(Continued)

027

Title/Name

Gender
Age

Nationality or 
Place of 
Registration

Date Elected

Term Expires

Date First 
Elected

Independent Director
Moshe N. Gavrielov

Male
66-70

U.S.

07/26/2021

07/25/2024

06/05/2019

Independent Director
Yancey Hai

Male
71-75

R.O.C.
U.S.

07/26/2021

07/25/2024

06/09/2020

Independent Director
L. Rafael Reif

Male
71-75

U.S.

07/26/2021

07/25/2024

07/26/2021

Shares Held When Elected

Shares Currently Held

Shares (Note 1)

-

-

-

%

-

-

-

Shares (Note 1)

-

-

-

%

-

-

-

Shares Currently Held by 
Spouse & Minors 

Shares (Note 1)

-

-

-

%

-

-

-

Selected Education and Professional Qualification
Past Positions
Current Positions at Non-profit Organizations

Selected Current Positions at TSMC and 
Other Companies

Selected Education and Professional Qualification 
Bachelor Degree in Electrical Engineering, Technion - Israel Institute of Technology
Master Degree in Computer Science, Technion - Israel Institute of Technology

Chairman of:
- SiMa Technologies, Inc., U.S. (a non-public company)
- Foretellix, Ltd., Israel (a non-public company)

Chairman, Delta Electronics, Inc. (Delta), 2012-
Chair of ESG Committee, Delta 
Director of Delta’s subsidiaries:
-  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, Audit Committee member, ESG 
Committee member and Convener of Remuneration 
Committee, USI Corporation

Director and Commissioner of ESG & Net Zero 

Committee, CTCI Corporation

Co-Chair of Growth Technical Advisory Board, Applied 

Materials, Inc.

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

Equipment Corp., U.S.

In a variety of executive management positions, LSI Logic Corp. for nearly 10 years, U.S. 
CEO, Verisity, Ltd., U.S.
Executive Vice President and General Manager of the Verification Division, Cadence Design Systems, Inc., U.S.
President and CEO, Xilinx, Inc., U.S.
Director, Xilinx, Inc., U.S.
Executive Chairman, Wind River Systems, Inc., U.S. (2018-2022)

Current Positions at Non-profit Organizations
Director, San Jose Institute of Contemporary Art, U.S.  

Selected Education and Professional Qualification 
M.A., International Business Management, University of Texas at Dallas
Laureate, Industrial Technology Research Institute (ITRI)

Past Positions
Country Manager, GE Capital Taiwan 
Vice Chairman and CEO, Delta Electronics, Inc.
Chair, Strategic Steering Committee, Delta (2012-2021)

Current Positions at Non-profit Organizations
Senior Strategy Consultant, Cloud Computing & IoT Association in Taiwan
Director, Taiwan Business Council for Sustainable Development
Director, Delta Electronic Foundation
Director, Felix Chang Foundation
Director and Finance Committee Member, Chiang Ching-Kuo Foundation for International Scholarly Exchange
Chairman, Taiwan Climate Partnership

Selected Education and Professional Qualification
Ingeniero Eléctrico Degree, Universidad de Carabobo, Valencia, Venezuela
Master Degree and Ph.D. in Electrical Engineering, Stanford University
Honorary Doctor of Laws degree, The Chinese University of Hong Kong (2015)
Honorary Doctorates from Tsinghua University (2016), the Technion (2017), Arizona State University (2018) 

and University of Miami (2022)

Member of Tau Beta Pi, the Engineering Honor Society
Member of the Electrochemical Society 
Fellow of the Institute of Electrical and Electronics Engineers (IEEE)
Member of the American Academy of Arts and Sciences, the National Academy of Engineering and the 

Chinese Academy of Engineering

Fellow of the National Academy of Inventors
Awarded with United States Presidential Young Investigator Award (1984)
Awarded with the Semiconductor Research Corporation’s Aristotle Award (2000)
Awarded the Tribeca Disruptive Innovation Award (2012)
Awarded the Frank E. Taplin, Jr. Public Intellectual Award by the Woodrow Wilson National Fellowship 

Foundation (2015)

Awarded with Engineer of the Year from Great Minds in STEM (2018)
Awarded the Simon Ramo Founders Award by the U.S. National Academy of Engineering (2022)
Inventor or co-inventor on 13 patents, editor or Co-editor of 5 books, and supervisor to 38 doctoral theses

Past Positions
Assistant Professor, Universidad Simón Bolívar, Caracas, Venezuela
Visiting Assistant Professor of Electrical Engineering, Stanford University
Faculty, Massachusetts Institute of Technology (MIT), since 1980
IBM Faculty Fellowship, MIT Center for Materials Science and Engineering
Analog Devices Career Development Professorship, MIT Electrical Engineering
Fariborz Maseeh Professor of Emerging Technology, MIT (2004-2012)
Director of Microsystems Technology Laboratories, MIT
Associate Department Head of Electrical Engineering, MIT
Head of the Department of Electrical Engineering and Computer Science (EECS), MIT
Provost, MIT
Board Director, Schlumberger Limited
President, MIT (2012-2022)

Current Positions at Non-profit Organizations
President Emeritus, MIT, since 2023
Member of Board of Trustees, Carnegie Endowment for International Peace
Director, Council on Foreign Relations, U.S.

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: Does not include shares held in the form of ADSs.
Note 2: Chairman Dr. Mark Liu retired from his current position as the Chairman of Taiwan Semiconductor Industry Association (TSIA) on March 30, 2023.

Note 3: Major Shareholders of the Institutional Shareholder

Institutional Shareholder

National Development Fund, Executive Yuan 

Note 4: Mr. Ming-Hsin Kung was appointed as the representative of National Development Fund on July 24, 2020.

Major Shareholders (Top 10 Shareholders) of the Institutional Shareholder

Not Applicable

028

029

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

Independent Director 
Sir Peter L. Bonfield

Independent Director 
Kok-Choo Chen

Independent Director 
Michael R. Splinter

Independent Director 
Moshe N. Gavrielov 

Independent Director 
Yancey Hai 

Independent Director
L. Rafael Reif

Total

Director’s Remuneration

Base Compensation (A)

Severance Pay and 
Pensions (B)
(Note 2)

Compensation to 
Directors (C)

Allowances (D) (Note 3)

(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 3)

Severance Pay and 
Pensions (F) (Note 2)

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)

50,905,192

50,905,192

214,206 

214,206 

579,536,780 

579,536,780 

1,418,210 

1,418,210 

0.0622%

0.0622%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

353,404,118 

353,404,118 

214,206 

214,206 

   289,768,390 

10,560,000

10,560,000

1,324,440 

1,324,440 

0.0012%

0.0012%

10,560,000

10,560,000

15,767,972

15,767,972

13,200,000

13,200,000

15,767,972

15,767,972

15,767,972

15,767,972

13,200,000

13,200,000

     15,767,972 

    15,767,972 

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.0010%

0.0010%

0.0016%

0.0016%

0.0013%

0.0013%

0.0016%

0.0016%

0.0016%

0.0016%

0.0013%

0.0013%

0.0016%

0.0016%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

50,905,192 

50,905,192 

214,206 

214,206 

690,128,668 

690,128,668 

2,742,650 

2,742,650 

0.0732%

0.0732%

353,404,118 

353,404,118 

214,206 

214,206 

289,768,390 

-

-

-

-

-

-

-

-

-

-

-

-

289,768,390 

-

-

-

-

-

-

-

-

289,768,390 

-

-

-

-

-

-

-

-

-

-

-

(A+B+C+D+E+F+G) as a % 
of Net Income (Note 4)

From TSMC

From All 
Consolidated 
Entities

0.0622%

0.0622%

0.0633%

0.0633%

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

-

-

0.0012%

0.0012%

       16,904,548 

0.0010%

0.0010%

0.0016%

0.0016%

0.0013%

0.0013%

0.0016%

0.0016%

0.0016%

0.0016%

0.0013%

0.0013%

0.0016%

0.0016%

-

-

-

-

-

-

-

0.1365%

0.1365%

16,904,548

* Other than disclosure in the above table, Directors remunerations earned by providing services (e.g. providing consulting services as a non-employee of parent company/all consolidated entities/non-consolidated  
affiliates) to TSMC and all consolidated entities in the 2022 financial statements: Dr. F.C. Tseng for NT$17,750,609.

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: Pensions funded according to applicable law.
Note 3:  The above-mentioned figures include expenses for Company cars and related reimbursements, but do not include compensation paid to Company drivers (totaled NT$5,205,050).
Note 4:  Total remuneration paid to the directors from TSMC and from all consolidated entities in 2021, including their employee compensation, both accounted for 0.1521% of 2021 net income.

030

031

2.5 Management Team

2.5.1 Information Regarding Management Team

Gender

Nationality

On-board Date
(Note 2)

Shares Held

Shares Held by Spouse 
& Minors

Shares Held in the Name 
of Others

Shares
(Note 3)

%

Shares
(Note 3)

%

Shares
(Note 3)

Male

R.O.C.

02/01/1998

6,346,207

0.02%

700,261 

0.00%

Female

R.O.C.

06/01/1999

4,399,342

0.02%

2,059,530

0.01%

Male

R.O.C.

07/01/2004

1,441,127 

0.01%

Male

U.S.

11/14/1997

-

-

-

-

-

-

Male

R.O.C.

01/01/1987

4,920,122 

0.02%

4,191,107

0.02%

Male

R.O.C.

11/14/1994

1,002,419 

0.00%

-

-

Male

R.O.C.

01/01/1987

12,648,251

0.05%

1,047,961

0.00%

Male

R.O.C.

12/15/1997

404,575

0.00%

60,802

0.00%

 Male

U.S.

11/01/2016

105,000

0.00%

-

-

-

-

-

-

-

-

-

-

-

%

-

-

-

-

-

-

-

-

-

Female

R.O.C.

03/20/1995

700,285 

0.00%

67,906 

0.00%

384,000

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

250,000 

0.00%

Male

R.O.C.

02/06/1995

173,781

0.00%

-

-

-

-

Male

R.O.C.

12/09/1996

485,501

0.00%

198,943

0.00%

Male

U.S.

07/29/2002

363,152

0.00%

34,470

0.00%

-

-

-

-

-

-

-

-

-

-

Title 
Name
(Note1)

Chief Executive Officer
C.C. Wei 

Senior Vice President 
Human Resources
Lora Ho

Senior Vice President 
Research and Development
Wei-Jen Lo 

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

Senior Vice President 
Operations 
Y.P. Chin

Senior Vice President
Research and Development
Y.J. Mii

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

Senior Vice President
Europe & Asia Sales and Research & Development/
Corporate Research
Cliff Hou

Senior Vice President
Business Development
Kevin Zhang

Vice President and General Counsel 
Corporate Governance Officer 
Legal 
Sylvia Fang

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

Vice President and TSMC Distinguished Fellow
Pathfinding for System Integration
Douglas Yu 

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

Vice President
Research and Development/Platform Technology
Michael Wu

Vice President
Research and Development/Pathfinding
Min Cao

032

Education and Selected Past Positions

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, Europe and Asia Sales, TSMC
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

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)

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

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

Selected Current Positions at Other 
Companies

None

Managers Who are Spouses or within Second-degree 
Relative of Consanguinity to Each Other (Note 4)

As of 02/28/2023

Title

None

Name

None

Relation

None

Director and/or Supervisor, TSMC subsidiaries

None

None

None

None

None

None

None

President and CEO, TSMC subsidiary (Note 5)

None

None

None

Director, TSMC subsidiaries

None

None

None

None

None

None

None

None

None

None

None

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

None

None

None

None

None

Director and/or Supervisor, TSMC subsidiaries 

None

None

None

None

None

Director, TSMC subsidiary (Note 5)

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

(Continued)

033

Title 
Name
(Note1)

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

Vice President
Quality and Reliability and Operations/Advanced 
Packaging Technology and Service 
Jun He

Vice President
Research and Development/Platform Technology
Geoffrey Yeap 

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

Vice President
Corporate Planning Organization
Jonathan Lee 

Vice President
Operations/Facility
Arthur Chuang

Vice President and TSMC Fellow
Research and Development/Design & Technology 
Platform
L.C. Lu

Vice President
Research and Development/Integrated Interconnect 
& Packaging
K.C. Hsu 

Gender

Nationality

On-board Date
(Note 2)

Shares Held

Shares
(Note 3)

%

Male

R.O.C.

08/03/1988

370,000

0.00%

Shares Held by Spouse 
& Minors

Shares Held in the Name 
of Others

Shares
(Note 3)

-

%

-

Shares
(Note 3)

%

430,000

0.00%

Male

R.O.C.

09/01/1993

351,695

0.00%

663

0.00%

Male

R.O.C.

05/03/1999

1,651,924

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

28,371

0.00%

Male

U.S.

03/21/2016

58,000

0.00%

Male

U.S.

01/04/2021

16,000

0.00%

-

-

-

-

-

-

Male

R.O.C.

05/28/2007

368,604

0.00%

6,000

0.00%

Male

R.O.C.

01/17/1989

2,602,981

0.01%

1,993,040

0.01%

Male

R.O.C.

08/01/2000

175,227

0.00%

15,000

0.00%

Male

R.O.C.

11/01/2021

60,000

0.00%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Note 1: Senior Vice President Mr. J.K. Wang retired, effective May 7, 2022. Vice President Ms. Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022.
Note 2: On-board date means the official date joining TSMC. 
Note 3: Does not include shares held in the form of ADSs.
Note 4:  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 5: Effective April 1, 2023, Mr. Rick Cassidy was appointed as Chairman of the Board of Directors and Mr. Y.L. Wang was appointed as CEO of TSMC Arizona Corporation.
Note 6: Effective April 1, 2023, Mr. Y.H. Liaw was appointed as CEO of Japan Advanced Semiconductor Manufacturing, Inc., in addition to his current position as Representative Director of the Company.

Education and Selected Past Positions

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

Selected Current Positions at Other 
Companies

Director, TSMC subsidiaries 
Director, TSMC affiliate (Note 6)

Managers Who are Spouses or within Second-degree 
Relative of Consanguinity to Each Other (Note 4)

Title

None

Name

None

Relation

None

Ph.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.
Vice President, Europe & Asia Sales, TSMC
Senior Director, Office of Strategy Customer Program, TSMC
Senior Director, E-Beam Operation Division, TSMC

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

Master, Business Administration, City University of New York, Baruch College, U.S.
Senior Director, Strategic Planning Division, TSMC

Ph.D., Civil Engineering, National Taiwan University, Taiwan
Senior Director, Facility Division, TSMC

Ph.D., Computer Science, Yale University, U.S.
Senior Director, Digital IPs Solution Division, TSMC

Master, Technology Management, National Chiao-Tung University, Taiwan
Taiwan Country Manager, Micron Technology Inc.
President, WaferTech, LLC

Director, Supervisor, and/or President, TSMC 

None

None

None

subsidiaries

Director, TSMC affiliate

None

None

None

None

Director, TSMC subsidiaries

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

None

Section Manager

Gavin Chuang

Brother

None

None

None

None

None

None

034

035

Salary (A)

Severance Pay and Pensions (B)  
(Note 3)

From TSMC

14,185,740

5,684,782

From All 
Consolidated 
Entities

14,185,740

5,684,782

From TSMC

214,206

85,841

From All 
Consolidated 
Entities

214,206

85,841

Bonuses and Allowances (C)  
(Note 4)

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 5)

From TSMC

From All 
Consolidated 
Entities

Compensation Received 
from Non-consolidated 
Affiliates or Parent 
Company

339,218,378

339,218,378

289,768,390

59,631,853

59,631,853

50,691,071

-

-

289,768,390

50,691,071

-

-

0.0633%

0.0114%

0.0633%

0.0114%

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

Senior Vice President

Senior Vice President

Senior Vice President/CEO & President of TSMC Arizona

Senior Vice President

Senior Vice President

Senior Vice President/Chief Information Security Officer

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 (Note 2)

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

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President and Chief Information Officer

Vice President

Vice President

Vice President and TSMC Fellow

Vice President

Total

Connie Ma (Note 2)

Y.L. Wang

Douglas Yu

T.S. Chang

Michael Wu

Min Cao

Marvin Liao (Note 2)

Y.H. Liaw

Simon Jang

C.S. Yoo

Jun He

Geoffrey Yeap 

Chris Horng-Dar Lin

Jonathan Lee 

Arthur Chuang

L.C. Lu

K.C. Hsu

139,283,107

156,214,664

2,103,179

2,498,979

1,549,049,735

1,679,252,719

1,311,694,719

-

1,311,694,719

-

0.2953%

0.3098%

159,153,629

176,085,186

2,403,226

2,799,026

1,947,899,966

2,078,102,950

1,652,154,180

-

1,652,154,180

-

0.3700%

0.3846%

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:  Senior Vice President Mr. J.K. Wang retired, effective May 7, 2022. Vice President Ms. Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022. The 

pension payment to Mr. J.K. Wang, Ms. Connie Ma and Dr. Marvin Liao amounts to NT$34,518,105.

Note 3: Pensions funded according to applicable law. 
Note 4: The above-mentioned figures include the expense for the business performance bonuses distributed in May, August, November 2022 & February 2023, and Company cars and gasoline reimbursements.
Note 5:  Total compensation paid to the executive officers from TSMC in 2021 accounted for 0.3788% of 2021 net income. Total compensation paid to the executive officers from all consolidated entities in 2021 

accounted for 0.3987% of 2021 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

From TSMC

Rick Cassidy

None

None

None

None

None

None

2022

From All Consolidated Entities and Non-consolidated Affiliates

None

None

None

None

None

None

None

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

J.K. Wang (Note 2)

J.K. Wang (Note 2)

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

Over NT$100,000,000

Connie Ma (Note 2), Marvin Liao (Note 2), Y.H. Liaw, Simon Jang, C.S. Yoo, 
Jun He, Geoffrey Yeap, Chris Horng-Dar Lin, Jonathan Lee, Arthur Chuang, 
L.C. Lu, K.C. Hsu

Connie Ma (Note 2), Marvin Liao (Note 2), Y.H. Liaw, Simon Jang, C.S. Yoo, 
Jun He, Geoffrey Yeap, Chris Horng-Dar Lin, Jonathan Lee, Arthur Chuang, 
L.C. Lu, K.C. Hsu

C.C. Wei, Wendell Huang, Lora Ho, Wei-Jen Lo, Y.P. Chin, Y.J. Mii, J.K. Lin, 
Cliff Hou, Kevin Zhang, Sylvia Fang, Y.L. Wang, Douglas Yu, T.S. Chang, 
Michael Wu, Min Cao

C.C. Wei, Wendell Huang, Lora Ho, Wei-Jen Lo, Rick Cassidy, Y.P. Chin, Y.J. 
Mii, J.K. Lin, Cliff Hou, Kevin Zhang, Sylvia Fang, Y.L. Wang, Douglas Yu, T.S. 
Chang, Michael Wu, Min Cao

Total

29

29

036

037

-

-

-

-

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/CEO & President of TSMC Arizona

Senior Vice President

Senior Vice President

Senior Vice President/Chief Information Security Officer 

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

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President and Chief Information Officer

Vice President

Vice President

Vice President and TSMC Fellow

Vice President

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 (Note)

Cliff Hou

Kevin Zhang

Sylvia Fang

Connie Ma (Note)

Y.L. Wang

Douglas Yu

T.S. Chang

Michael Wu

Min Cao

Marvin Liao (Note)

Y.H. Liaw

Simon Jang

C.S. Yoo 

Jun He 

Geoffrey Yeap

Chris Horng-Dar Lin

Jonathan Lee

Arthur Chuang

L.C. Lu

K.C. Hsu

Note: Senior Vice President Mr. J.K. Wang retired, effective May 7, 2022. Vice President Ms. Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022.

Stock  
(Fair Market Value)

-

-

-

-

Cash

 289,768,390 

 50,691,071 

Total

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

 289,768,390 

 50,691,071 

0.0285%

0.0050%

1,311,694,719 

1,311,694,719 

0.1290%

 1,652,154,180 

 1,652,154,180 

0.1625%

038

039

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, TSMC Board of 
Directors set up the “Audit Committee” and the “Compensation Committee” in 2002 and 2003 respectively. To continue to make 
our corporate governance more comprehensive, the TSMC Board took a step further in February 2023 to expand and strengthen the 
functions and responsibilities of its committees, including renaming the “Audit Committee” to the “Audit and Risk Committee”, and 
the renaming the “Compensation Committee” to the “Compensation and People Development Committee”. In addition, in order to 
strengthen the selection mechanism for directors, build diversified and professional board, TSMC’s Board of Directors approved the 
establishment of the “Nominating, Corporate Governance and Sustainability Committee” referencing international practices. Each 
Committee supports the Board to fulfill its responsibilities and each Committee’s chairperson regularly reports to the Board on its 
activities and recommendations.

2022 Corporate Governance Awards and Ratings

Organization

Dow Jones Sustainability Indices (DJSI)

MSCI ESG Indexes

Sustainalytics

ISS ESG

FTSE4Good Index

Corporate Knights

Taiwan Stock Exchange

CommonWealth Magazine

Institutional Investor Magazine

Forbes

FORTUNE

Asiamoney

Awards

Dow Jones Sustainability World Index for the 22nd consecutive year
Dow Jones Sustainability Emerging Markets Index

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

Company ESG Risk Ratings: Low ESG Risk – Semiconductor Industry

“Prime” Rated by ISS ESG Corporate Rating

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

2022 Global 100 Most Sustainable Corporations
Semiconductor Company Top 100

Top 5% in Corporate Governance Evaluation of Listed Companies for the 8th consecutive year

Excellence in Corporate Social Responsibility Award – Honorable Legion of Corporate Sustainability
Semiconductor Company Top 100

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

The World’s Top 10 Largest Technology Companies in 2022
World’s Best Employers

2022 World’s Most Admired Companies
Fortune Global 500

2022 Asia’s Outstanding Companies – Semiconductors & Semiconductor Equipment Sector for the 5th consecutive year

Taiwan Institute of Sustainable Energy

IFI Claims Patent Services

Taiwan Top 10 Sustainability Exemplary Awards for the 7th consecutive year

Ranked as 3rd in 2022 Top 50 US Patent Assignees

3.2 Board of Directors

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; 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; 
currently Chairman of Delta Electronics Inc., 
Mr. Yancey Hai; and former President of 
MIT, Mr. L. Rafael Reif.

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. Independent Directors constitute 60% of the Board.

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 appoint and dismiss officers of the Company when necessary, to evaluate the 
management’s performance and to review the succession plan for senior executives. 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 critical matters, such as capital appropriations, investment activities, dividends, 
etc.

042

043

The fourth duty of the Board of Directors is to provide guidance to the Company’s management team and risk management. In 
each quarter, TSMC’s management reports to the Board on various subjects (including ESG programs) and strategies, and spends 
substantial time and effort to communicate with the Board. The Board would comment on the risk and probabilities for success of 
the proposed corporate strategies. The Board also periodically oversees those strategies’ implementation and outcomes, and may 
suggest the management team to make adjustments to the strategic goals and objectives if necessary.

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 as world-class business leaders and understanding from diverse backgrounds. TSMC has 
establishes the “Guidelines for Nomination of Directors” that set out the procedures and criteria for the nomination, qualification 
and evaluation of Director candidates to be nominated by the Board of Directors, and provide that “Nominating, Corporate 
Governance and Sustainability Committee” will propose independent director candidates to the Board of Directors. The 
independence of each independent director candidate is also considered and assessed under relevant laws.

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

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

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

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

Directors’ Professional Qualifications and Independent Directors’ Independence Status

Criteria

Professional Qualification and Experience

Independent Directors’ Independence Status

Name/Title

Mark Liu
Chairman

C.C. Wei
Vice Chairman

Ming-Hsin Kung
Director

F.C. Tseng
Director

Sir Peter L. Bonfield
Independent Director

Kok-Choo Chen
Independent Director

Michael R. Splinter
Independent Director

Moshe N. Gavrielov
Independent Director

Yancey Hai
Independent Director

L. Rafael Reif
Independent Director

Not Applicable

For Directors’ professional qualification and 
experience, please refer to “2.4.1 Information 
Regarding Board Members” on page 24-29 of this 
Annual Report.

None of the Directors has been in or is under any 
circumstances stated in Article 30 of the Company 
Law. (Note 1)

All of the following situations apply to each and every of the Independent Directors: 

1.  Satisfy the requirements of Article 14-2 of “Securities and Exchange Act” and 

“Regulations Governing Appointment of Independent Directors and Compliance 
Matters for Public Companies” (Note 2) issued by Taiwan’s Securities and Futures 
Bureau

2.  Independent Director (or nominee arrangement) as well as his/her spouse and minor 

children do not hold any TSMC common shares

3.  Received no compensation or benefits for providing commercial, legal, financial, 
accounting services or consultation to the Company or to any its affiliates within 
the preceding two years, and the service provided is either an “audit service” or a 
“non-audit service”

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

0

0

0

0

0

0

0

0

1

0

Note 1:  A person shall not act in a management capacity for a company, and if so appointed, must be immediately discharged if they have been:

1.  Convicted for a violation of the Statutes for the Prevention of Organizational Crimes and: has not started serving the sentence; has not completed serving the sentence; or five years have not elapsed since 

completion of serving the sentence, expiration of probation, or pardon;

2.  Convicted for fraud, breach of trust or misappropriation, with imprisonment for a term of more than one year, and: has not started serving the sentence; has not completed serving the sentence; or two years 

have not elapsed since completion of serving the sentence, expiration of probation, or pardon;

3.  Convicted for violation of the Anti-Corruption Act, and: has not started serving the sentence; has not completed serving the sentence; or two years have not elapsed since completion of serving the sentence, 

expiration of probation, or pardon;

4.  Adjudicated bankrupt or adjudicated to commence a liquidation process by a court, and having not been reinstated to his or her rights and privileges;
5.  Sanctioned for unlawful use of credit instruments, and the term of such sanction has not expired yet;
6.  if she/he does not have any or limited legal capacity; or
7.  if she/he has been adjudicated to require legal guardianship and such requirement has not been revoked yet.

Note 2: 1. Not a governmental, juridical person or its representative as defined in Article 27 of the Company Law.

2. Not serving concurrently as an independent director on more than three other Taiwanese public companies in total.
3. During the two years before being elected and during the term of office, meet any of the following situations:

(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; and
(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 NT$500,000”.

044

045

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Board Diversity and Independence
TSMC establishes the “Guidelines for Nomination of Directors” that set out the procedures and criteria for the nomination, 
qualification and evaluation of candidates for Directors. The members of TSMC Board of Directors are nominated via rigorous 
selection processes. It not only considers background diversity, professional competence and experience, but also attaches great 
importance to his/her personal reputation on ethics and leadership. The Company aims to have at least of 50% independent 
directors and at least one female director to serve on the Board. Presently, the ten members of the Board of Directors represent 
diversified perspectives, including a complementary mix of skills, experiences, and backgrounds such as that from the industry, 
academia, and in law. These professionals, including a female board member, are citizens from Taiwan, Europe and the U.S. with 
world-class business operating experiences. The six Independent Directors constitute 60% of the Board, and there is no marital 
or is within the second degree of kinship relationship between or among the Directors. As such, the Board of Directors carries 
independence. The following table demonstrates the implementation of the diversity policy for Board members:

Implementation of the Diversity Policy for Board Members

Title

Name

Gender

Nationality

Age

Employed by TSMC

Business

Technology

Finance/Accounting

Legal

Sales and Marketing

Cybersecurity

Others

Leadership Skill

Strategic Decision-making

Global Market Perspective

Industry Experience

Financial

Operating and 
Manufacturing

Business Development

Risk/Crisis Management

Environmental Sustainability

Social Engagement

Chairman

Vice 
Chairman

Director

Independent Director

Mark Liu

C.C. Wei

F.C. Tseng

Ming-Hsin 
Kung

Sir Peter L. 
Bonfield

Kok-Choo 
Chen

Michael R. 
Splinter

Moshe N. 
Gavrielov

Yancey Hai

L. Rafael Reif

Male

U.S.

66-70

Male

R.O.C.

66-70

Male

R.O.C.

76-80

Male

R.O.C.

56-60

Male

UK

76-80

Female

R.O.C.

71-75

Male

U.S.

71-75

Male

U.S.

66-70

Male

R.O.C./U.S.

71-75

Male

U.S.

71-75

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

Professional Knowledge and Expertise 

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

Skills and Experience

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

V

Innovation/
R&D/
Education/
Training

V

V

V

V

V

V

V

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, as well as risk management 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 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; 
● Self-assessment of the Committee’s performance; and
● Any other matters that shall be reviewed by the Audit Committee Meeting as required by relevant laws and regulations or the 

Audit Committee Charter, or that are deemed to be material by the regulatory authorities.

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.

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.

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 its charter, the 
committee shall consist of no fewer than three independent directors of the Board, whereas the actual 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’s or executive officer’s compensation.

046

047

Information Regarding Compensation Committee Members

Criteria

Name/Title

Michael R. Splinter (Chair)
Independent Director

Sir Peter L. Bonfield
Independent Director

Kok-Choo Chen
Independent Director

Moshe N. Gavrielov
Independent Director

Yancey Hai
Independent Director

L. Rafael Reif
Independent Director

Professional Qualification and Experience

Independent Directors’ Independence Status

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

TSMC’s Compensation Committee is comprised 
of all six independent directors. For members 
professional qualification and experience, please 
refer to “2.4.1 Information Regarding Board 
Members” on page 24-29 of this Annual Report.

All the Compensation Committee members meet any of the following situations:

1.  Satisfy the requirements of Article 14-6 of “Securities and Exchange Act” and 
the requirements of “Regulations Governing the Appointment and Exercise of 
Powers by the Compensation Committee of a Company Whose Stock is Listed on 
the Taiwan Stock Exchange or the Taipei Exchange” (Note) issued by Taiwan’s 
Securities and Futures Bureau 

2.  Independent Director (or nominee arrangement) as well as his/her spouse and 

minor children do not hold any TSMC common shares

3.  Received no compensation or benefits for providing commercial, legal, financial, 
accounting services or consultation to the Company or to any its affiliates within 
the preceding two years, and the service provided is either an “audit service” or 
a “non-audit service”

0

0

0

0

1

0

Note:  During the two years before being elected and during the term of office, meet any of the following situations:

(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; and
(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 NT$500,000”.

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 
40-66 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 2022, 
the average Board Meeting attendance rate was 100% and the attendance rate for the Audit Committee and Compensation 
Committee’s Meetings were 93% and 97% respectively.

Board of Directors Meeting Status
Tenures of the Board of Directors members are from July 26, 2021 to July 25, 2024. Dr. Mark Liu, TSMC’s Chairman of the Board of 
Directors convened four regular meetings and one special meeting in 2022. 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

Ming-Hsin Kung
(Representative of National Development Fund, Executive 
Yuan)

F.C. Tseng

Sir Peter L. Bonfield

Kok-Choo Chen

Michael R. Splinter

Moshe N. Gavrielov

Yancey Hai

L. Rafael Reif

Attendance in 
Person

By Proxy

Attendance Rate 
in Person (%)

Notes

5

5

5

5

5

5

5

5

5

5

0

0

0

0

0

0

0

0

0

0

100%

None

100%

 None

100%

 None

100%

 None

100%

 None

100%

 None

100%

 None

100%

 None

100%

 None

100%

 None

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 an objection or reservation.

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

-  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. Our Board has six independent directors who constitute 60% of the Board.

-  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.

Audit Committee Meeting Status
Tenures of the Audit Committee members are from July 26, 2021 to July 25, 2024. Sir Peter L. Bonfield, Chairman of the Audit 
Committee, convened four regular meetings in 2022. In addition to these meetings, he also convened one special meeting and 
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. The Committee members and consultant’s attendance status is as follows.

Title

Name

Attendance in 
Person

By Proxy

Attendance Rate in 
Person (%)

Telephone
Conferences

Attendance Rate 
of Telephone 
Conferences (%)

Notes

Chair

Member

Member

Member

Member

Member

Financial Expert 
Consultant

Sir Peter L. Bonfield

Kok-Choo Chen

Michael R. Splinter

Moshe N. Gavrielov

Yancey Hai

L. Rafael Reif

Jan C. Lobbezoo

5

5

5

5

5

3

5

0

0

0

0

0

2

0

100%

100%

100%

100%

100%

60%

100%

3

3

2

3

3

2

3

100%

100%

67%

100%

100%

67%

100%

None

None

None

None

None

None

None

(Continued)

048

049

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

Audit Committee Meeting 
Date

Resolution

2022 1st Regular Meeting
February 14

2022 1st Special Meeting 
April 12

2022 2nd Regular Meeting
May 9

2022 3rd Regular Meeting
August 8

● 2021 annual financial statements
● 2021 business report
● 2021 fourth quarter earnings distribution
● Amendments to TSMC’s “Procedures for Acquisition or Disposal of Assets”
● Issuance of total 1,387,000 shares of 2021 employee restricted stock awards
● Issuance of 2022 employee restricted stock awards
● Ratification of the comfort letter service already provided for the 3.5 billion U.S. bond issuance by Deloitte
● Additional 2022 service fees to Deloitte for TSMC Japan 3DIC R&D Center
● 2021 Statement of Internal Control System

● Amendments to the issuance of 2022 employee restricted stock awards

● 2022 first quarter financial statements 
● 2022 first quarter business report
● 2022 first quarter earnings distribution
● Amendments to TSMC’s internal control related policies and procedures

● 2022 second quarter financial statements
● 2022 second quarter business report
● 2022 second quarter earnings distribution
● Ratification of TSMC’s security investments classified as non-current assets
● Ratification of additional 2022 service fees and out-of-pocket expenses to Deloitte for Global Employee Stock Purchase Plan and TSMC Nanjing
● The comfort letter service, and the additional service & service fee for the review of IFRS interim financial statements by Deloitte for the planned U.S. bond issuance

2022 4th Regular Meeting
November 7

● 2022 third quarter financial statements
● 2022 third quarter business report
● 2022 third quarter earnings distribution
● Mr. Jimmy Wu as the new engagement partner of Deloitte for TSMC starting from 2023, and 2023 service fees and out-of-pocket expenses for Deloitte

Independent directors’ objections, reservations or major suggestions: 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.

(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 2022.

B.  There were no recusals of independent directors due to conflicts of interests in 2022.
C.  Descriptions of the communications between the independent directors, the internal auditors, and the independent auditors in 2022 (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 2022, 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 2022, 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 
Date

Communications between the Independent Directors and 
the Internal Auditors

Communications between the Independent Directors and the Independent 
Auditors

● Internal Auditor’s report (Closed Door Session)
● Report on SOX 404 self-testing results for the year 2021 (Closed 
Door Session)
● 2021 Statement of Internal Control System (Closed Door Session)

● External auditor relationship (i.e. qualification, performance and independence) 
● Report of regulatory developments
● Any audit problems or difficulties and management’s response in connection with 2021 
annual financial statements (Closed Door Session)

● Internal Auditor’s report (Closed Door Session)
● Amendments to TSMC’s internal control related policies and 
procedures (Closed Door Session)

● Internal Auditor’s report (Closed Door Session)

● The result of 2021 CPA evaluation questionnaire 
● Report of regulatory developments 
● Any review problems or difficulties and management’s response in connection with 2022 
first quarter financial statements (Closed Door Session)

● Report of regulatory developments 
● Any review problems or difficulties and management’s response in connection with 2022 
second quarter financial statements (Closed Door Session)

● Report of regulatory developments 
● Any review problems or difficulties and management’s response in connection with 2022 
third quarter financial statements (Closed Door Session)

2022 4th Regular Meeting
November 7

● Internal Auditor’s report (Closed Door Session)
● 2023 internal audit plan (Closed Door Session)

2022 1st Regular Meeting
February 14

2022 2nd Regular Meeting
May 9

2022 3rd Regular Meeting
August 8

Compensation Committee Meeting Status
Tenures of the Compensation Committee members are from July 26, 2021 to July 25, 2024. Mr. Michael R. Splinter, Chairman of 
the Compensation Committee, convened four regular meetings and one special meeting in 2022. Committee member attendance is 
as follows.

Title

Chair

Member

Member

Member

Member

Member

Name

Michael R. Splinter

Sir Peter L. Bonfield

Kok-Choo Chen

Moshe N. Gavrielov

Yancey Hai

L. Rafael Reif

Attendance in Person

By Proxy

Attendance Rate in Person (%)

Notes

5

5

5

5

5

4

0

0

0

0

0

1

100%

None 

100%

100%

None

None

100%

None 

100%

None 

80%

None

Annotations:
A.  In 2022, the Compensation Committee conducted four regular meetings on February 14, May 9, August 8 as well as November 7. The Committee also conducted one special meeting on April 12. The discussion 

items were as follows:
- Report on 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 same in the Annual Report
- Grant of Employee restricted stock awards for 2021
- Employee restricted stock awards rules for 2022
- Global Employee Stock Purchase Plan
- Organization and Succession Discussion
All of the above matters were reviewed and/or approved by the Compensation Committee.

B.  The Board of Directors adopted all recommendations of the Compensation Committee without modification.
C.  There were no written or otherwise recorded resolutions on which any member of the Compensation Committee had an objection or reservation opinion.

Board of Directors’ Performance Evaluation Implementation Status

Evaluation Cycle

Evaluation Period

Evaluation Scope

Evaluation Method

Evaluation Aspect

Annual

From January 1, 2022 to December 
31, 2022

● The Board of Directors as a 
whole
● The individual directors 
● The Audit Committee

● Internal assessment of the 
Board 
● 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

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

The Company completed self-assessments of Board performance in 2022 and reported the results to the Board of Directors at its 
first quarter meeting in 2023 for review and improvement. The weighted average score for the overall performance of the Board 
of Directors is 4.76 out of 5, that included an average score of 4.9 on a particular assessment item “The board has sufficient 
discussions over the Company’s involvement in the implementation of ESG programs”. The weighted average score for the 
performance of the individual directors is 4.9 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.

050

051

3.3  Major Decisions of Shareholders’ Meeting and Board Meetings

(4)  Regular Board Meeting of November 7 & 8, 2022:

3.3.1  Major Resolutions of Shareholders’ Meeting and Implementation Status

TSMC held 2022 Annual Shareholders’ Meeting in Hsinchu, Taiwan on June 8, 2022. At the meeting, shareholders present in 
person or by proxy approved the following resolutions:
(1)  The 2021 Business Report and Financial Statements. Consolidated revenue totaled NT$1,587.42 billion and net income was 

NT$596.54 billion, with diluted earnings per share of NT$23.01;

(2)  The revisions to TSMC’s Articles of Incorporation; and
(3)  The issuance of employee restricted stock awards for year 2022.

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

3.3.2  Major Resolutions of Board Meetings

During 2022 and as of the date of this Annual Report, major resolutions approved at Board meetings are summarized below:
(1)  Board Meeting of February 14 & 15, 2022:

● approving the 2021 Business Report and Financial Statements;
● approving the distribution of a NT$2.75 per share cash dividend for the fourth quarter of 2021, and setting June 22, 2022 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 2021;
● approving capital appropriations of approximately US$20,944.17 million for purposes including: 1. Installation and upgrade 

of advanced technology capacity; 2. Installation of mature and specialty technology capacity; 3. Installation of advanced 
packaging capacity; 4. Fab construction, and installation of fab facility systems; 5. Second quarter through fourth quarter 2022 
R&D capital investments and sustaining capital expenditures;

● approving the issuance of unsecured corporate bonds in the domestic market for an amount not to exceed NT$60 billion, and 
the issuance of US dollar-denominated unsecured corporate bonds in Taiwan’s International Bond Market for an amount not 
to exceed US$1 billion, to finance TSMC’s capacity expansion and/or pollution prevention related expenditures;

● approving the issuance of 1,387,000 shares of 2021 employee restricted stock awards (RSAs). In order to offset dilution from 
the increase of outstanding shares due to the above-mentioned issuance, the board approved a share buyback program for 
TSMC to buy back its common shares on the Taiwan Stock Exchange. In addition, approving the issuance of no more than 
2,960,000 common shares of RSAs for the year 2022, which will be submitted to the 2022 Annual Shareholders’ Meeting for 
approval; and

● convening the 2022 Annual Shareholders’ Meeting.

(2)  Regular Board Meeting of May 9 & 10, 2022:

● approving the distribution of a NT$2.75 per share cash dividend for the first quarter of 2022, and setting September 21, 2022 

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

● approving capital appropriations of approximately US$16,757.67 million for purposes including: 1. Installation and upgrade 
of advanced technology capacity; 2. Installation of mature and specialty technology capacity; 3.Installation and upgrade of 
advanced packaging capacity; 4.capitalized leased assets; and

● approving the Global Employee Stock Purchase Plan which applies to all regular employees of TSMC and its wholly owned 

subsidiaries.

(3)  Regular Board Meeting of August 8 & 9, 2022:

● approving the distribution of a NT$2.75 per share cash dividend for the second quarter of 2022, and setting December 21, 

2022 as the record date for common stock shareholders entitled to participate in this cash dividend distribution;

● approving capital appropriations of approximately US$9,234.73 million for purposes including: 1. Installation and expansion of 

advanced technology capacity; 2. Installation of mature and specialty technology capacity; and

● approving the provision of a guarantee to TSMC Arizona, a wholly-owned subsidiary of TSMC, for its issuance of US 

dollar-denominated senior unsecured corporate bonds for an amount not to exceed US$4 billion, to finance TSMC’s capacity 
expansion.

052

● approving the distribution of a NT$2.75 per share cash dividend for the third quarter of 2022, and setting March 22, 2023 as 

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

● approving capital appropriations of approximately US$5,717.19 million for purposes including: 1. Installation and upgrade 
of advanced technology capacity; 2. Installation of specialty technology capacity; 3. Fab construction, and installation of fab 
facility systems; 4. 2023 R&D capital investments and sustaining capital expenditures; 5. 2023 capitalized leased assets.

(5) Regular Board Meeting of February 13 & 14, 2023:

● approving the 2022 Business Report and Financial Statements;
● approving the distribution of a NT$2.75 per share cash dividend for the fourth quarter of 2022, and setting June 21, 2023 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 2022;
● approving capital appropriations of approximately US$6,959.5 million for purposes including: 1. Installation and upgrade 

of advanced technology capacity; 2. Installation of specialty technology capacity; 3. Fab construction, and installation of fab 
facility systems;

● approving the capital injection of not more than US$3.5 billion to TSMC Arizona, a wholly-owned subsidiary of TSMC;
● approving the issuance of unsecured corporate bonds in the domestic market for an amount not to exceed NT$60 billion to 

finance TSMC’s capacity expansion and/or pollution prevention related expenditures;

● approving the issuance of 2,110,000 shares of 2022 employee restricted stock awards (RSAs). In addition, approving the 

issuance of no more than 6,249,000 common shares of RSAs for the year 2023, which will be submitted to the 2023 Annual 
Shareholders’ Meeting for approval; and

● convening the 2023 Annual Shareholders’ Meeting.

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

by the Board of Directors in 2022 and as of the Date of this Annual Report: None.

3.4  Taiwan Corporate Governance Implementation as Required by 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 Division, Shareholders Services & SEC Compliance 
Department, Legal, 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)

053

Assessment Item

3.  Composition and Responsibilities of the Board of Directors

(1)  Has the Board of Directors established a diversity policy, set goals, and  

implemented them 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?

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

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)?

Implementation Status

Yes

No

Explanation

Non-
implementation
and Its Reason(s)

None

V

V

V

V

V

(1)  Please refer to “3.2 Board of Directors – Board Diversity and Independence” on 

page 46 of this Annual Report.

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

in 2003); Nominating, Corporate Governance and Sustainability Committee 
(founded in 2023); 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 quarterly to the Board of Directors on the implementation of plans 
and results.

(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.

Each year, TSMC conducts regular Board performance self-evaluation in form 
of written questionnaires for the Board, individual directors, and 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 2022 and 
reported the results to the Board of Directors at its first quarter meeting in 
2023 for review and improvement. The weighted average score for the overall 
performance of the Board of Directors is 4.76 out of 5, that included an 
average score of 4.9 on a particular assessment item “The board has sufficient 
discussions over the Company’s involvement in the implementation of ESG 
programs”. The weighted average score for the performance of the individual 
directors is 4.9 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.

(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 and Suitability” on page 66 of this 
Annual Report.

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.

None

(Continued)

Assessment Item

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

Implementation Status

Yes

No

Explanation

Non-
implementation
and Its Reason(s)

None

None

None

Depending on the situation, the Company’s Investor Relations Division, Public 
Relations Division, Shareholders Services & SEC Compliance Department, Human 
Resources Organization, Customer Service Department, Procurement Department 
and ESG 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 
sustainability and any other issues. For details, please refer to “7. Environmental, 
Social and Governance (ESG)” on page 148-173 of this Annual Report and 
“Materiality Analysis and Stakeholder Communication” of TSMC’s Sustainability 
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 Division, 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 Spokesperson and Deputy Spokesperson 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 “5.6 Human 

None

Capital” on page 109-116 of this Annual Report.

(2)  For investor relations, supplier relations and rights of stakeholders, please refer 
to “7. Environmental, Social and Governance (ESG)” on page 148-173 of this 
Annual Report.

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

of Directors in 2022” on page 55-56 of this Annual Report.

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

Management” on page 131-146 of this Annual Report.

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

106-108 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 2022 is as follows:
(1)  The TSMC Board set up the “Audit Committee” and the “Compensation Committee” in 2002 and 2003 respectively. In order to make our corporate governance more comprehensive, the TSMC Board took a 
step further in February 2023 to expand and strengthen the functions and responsibilities of its committees, including renaming the “Audit Committee” to the “Audit and Risk Committee”, and the renaming 
the “Compensation Committee” to the “Compensation and People Development Committee”. It also established a “Nominating, Corporate Governance and Sustainability Committee” of the Board of 
Directors.

(2) ESG Quarterly Report: Regularly report to the Board of Directors on a quarterly basis.

Continuing Education/Training of Directors in 2022
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, and regulatory compliance, etc.;
● At quarterly Audit Committee meetings, TSMC’s General Counsel and the Company’s independent auditors provide regulatory 

update reports and legal compliance status; 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.

054

055

Name

Mark Liu (Note)

F.C. Tseng

Michael R. Splinter

Date

03/16

05/19

07/13

11/30

04/28

12/13

06/13

06/15

11/02

Host by

Training/Speech Title

East Asia Economic Caucus (EAEC)

Global Semiconductor Industry Trends and TSMC’s Development in Japan

Taiwan Semiconductor Industry Association (TSIA)

2022 World Semiconductor Council (WSC) Meeting

SEMI

SEMICON West 2022 Hybrid – Global Sustainability Summit

The Third Wednesday Club

Opportunities and Challenges for Taiwan Semiconductor Industry

Taiwan Corporate Governance Association

Making Sustainability the New Normal

Taiwan Corporate Governance Association

The Risk and Opportunities of Climate Change

SolarEdge Technologies

Executive Training – Leadership (Note)

NASDAQ

NASDAQ

Regulation and Governance Trends

Director Knowledge Exchange – Trends in Boardroom (Note)

Moshe N. Gavrielov

09/21-23

McKinsey & Company

T-30 Semiconductor Executive/Board Member Event

Yancey Hai

02/24

07/28

Taiwan Corporate Governance Association

Latest Developments and Legislative Amendment Trends in International  and 
Domestic Tax

Taiwan Corporate Governance Association

Net-zero Emissions, Carbon Neutrality, and Corporate Compliance

Note: Selected speeches on corporate governance and related topics.

Continuing Education/Training of Corporate Governance Officer in 2022

Name

Vice President and 
General Counsel
Corporate Governance 
Officer
Sylvia Fang

Date

04/22

10/19

12/21

Host by

Training/Speech Title

Taiwan Corporate Governance Association

Net-zero Emissions, Carbon Neutrality, and Corporate Compliance

Taiwan Corporate Governance Association

The 18th Corporate Governance Summit Forum – Boosting Board Directors’ 
Competencies for Effective Sustainable Corporate Governance

Taiwan Corporate Governance Association

Introduction of Hostile Takeovers and Regulation Compliance

Duration

0.75 hour

2 hours

0.25 hour

1 hour

3 hours

3 hours

2 hours

4 hours

2 hours

16 hours

3 hours

3 hours

Duration

3 hours

6 hours

3 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, abuse or embezzlement 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.

Specifically, every TSMC employee must adhere to the following:
● Do not advance personal interests at the expense of or in conflict with the Company;
● Refrain from corruption (including collusion with others), bribery, unfair competition, fraud, extortion, 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.

The protection of intellectual properties is also an important part of the Ethics Code. 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.

With regarding to 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 of Ethics Culture: Our ethics program is implemented in four ways by all of TSMC’s Board members, officers, and 
employees. First, the TSMC management team sets the “tone from top” by acting in accordance with the Ethics Code so that they 
will 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 TSMC departments and subsidiaries are required to conduct Control Self-Assessment (CSA) tests 
annually in reviewing employees’ awareness of the Ethics Code, and to evaluate and strengthen the effectiveness of internal control 
related to 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 financial, managerial, and operating information is accurate, reliable, and 
timely and that our employees’ actions are in compliance with applicable policies, standards, procedures, laws and regulations, our 
Internal Auditor conducts audits of various control points within the Company in accordance with its annual audit plan approved by 
the Board of Directors and subsequently reports its audit findings and remedial issues to the Board and management on a regular 
basis.

Training and Promotion: To promote awareness to our employees of their responsibilities under the Ethics Code, we publish our 
Ethics Code and related policies and documents on our intranet and, provide training courses, posters, emails, and other diversified 
ways to advocate the Company’s core values and compliance system. 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 2022, there were 67,922 attendances that completed 
the“Annual Ethics and Compliance Training Course” (mandatory 0.5 hour online course) at TSMC and its subsidiaries, reaching 
99.9% completion rate.

056

057

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 global 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 and online programs to prevent any unethical conduct and detect any sign of Ethics Code violations. 
In 2022, we held a sustainable supply chain ESH forum to share/exchange practical experiences on topics such as the Ethics Code, 
environmental protection, and occupational safety. 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
TSMC has established and published its “Complaint Policy and Procedure for Certain Accounting & Legal Matters” and pledges 
to comply with the relevant regulations in the policy. Open and multiple reporting channels are available for internal and external 
voices to protect the rights and interests of stakeholders and the Company. All reported incidents collected from reporting channels 
inside or outside of TSMC are properly recorded and traced. TSMC also prohibits any form of retaliation by providing proper 
protection for any individual who in good faith reports a suspected violation or participates in an investigation. In 2022, the Ethics 
Committee held a total six meetings to examine major reported incidents under investigation.

TSMC investigates each individual case according to its characteristics through specific divisions, and treats every received case 
seriously, carefully, and effectively to ensure the accuracy of the investigation. The TSMC Ethics Committee will evaluate each case 
to determine whether it is an exceptional case or whether it results from systemic issues of insufficient awareness in ethics. This 
allows TSMC to continue evaluating whether it is necessary to improve its management and internal control procedures. Awareness 
such as emails to employees describing the violations and disciplinary actions in each quarter are conducted to promote employees’ 
awareness and avoid recurrence of similar incidents.

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

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

Causes for the 
Difference

None

Commission

Assessment Item

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 Sustainability 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, emails, 
and other diversified ways to advocate the company’s core values and compliance. 
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. Each 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.

In 2022, TSMC did not receive any reports related to finance, accounting or antitrust matters, nor did we receive any complaints 
concerning breach of customer privacy and loss of customer data, or any material regulatory violations (where a fine exceeds NT$1 
million), including non-monetary sanctions. 

(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?

In 2022, the incidents reported through the Audit Committee Whistleblower System, Ombudsman System, and Irregular Business 
Conduct Reporting System totaled 335. Among them, 217 cases were related to people management/employee relations, 107 cases 
were categorized as others (e.g., asking personal questions or private matters), and 11 cases were related to ethics. Four incidents 
were verified upon investigation and determined for disciplinary action by the Ethics Committee. In 2022, TSMC leveraged the four 
violations to strengthen ethics promotion for all employees in supplier-related activities. Below is a summary 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

FY2018

FY2019

FY2020

FY2021

150
14
1

3
3

205
26
2

4
4

246
22
6

4
2

327
17
4

14
11

FY2022

335   　　　
11   　　　
4 (Note 1)

19   　　　
14 (Note 2)

Note 1:  Of the four verified cases: One incident involved employees who failed to notice the price listed on order was different from the Company’s quotation and one employee received major demerit and one 

employee received warning. One incident involved employees who approached vendors for business without authorization in pursuit of personal interest. The Company took progressive disciplinary actions 
according to the nature and severity of each misconduct, including dismissal for one employee. One incident involved an employee who engaged in inappropriate interactions and received a probation. One 
incident involved an employee who asked vendor to provide services for personal benefit and received warning.

Note 2:  Employees who violated Company sexual prevention policy (the “Policy”) were disciplined by the Company based on the case-by-case nature and severity of the verified misbehaviors. Since these violations 

involved various inappropriate behaviors, the Company leveraged the violations and summarized the Policy to educate employees what kinds of behaviors could be viewed as sexual harassment and the 
consequences in 2022 TMSC annual sexual harassment prevention training so as to raise employees’ awareness.

058

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: Corporate Governance, Securities Laws, Anti-corruption, 
Anti-harassment, Anti-discrimination, Labor Laws, Antitrust (fair competition), 
Environmental Protection, Safety and Health, Export Control, Financial Reporting, 
Insider Trading, Intellectual Property, Proprietary Information Protection, 
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 provided an “Annual Ethics and Compliance Training 
Course”(mandatory 0.5 hour online course) covering various important regulatory 
compliance topics and a total of 67,922 employees (including employees in 
subsidiaries) completed this training course, 99.9% completion rate. 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)

059

Yes

No

Summary

Implementation Status

Causes for the 
Difference

None

Assessment Item

4. Information Disclosure

Yes

No

Summary

Implementation Status

Causes for the 
Difference

None

Assessment Item

2. Ethic Management Practice

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

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

(3)  Whether the company has established policies to prevent conflict of 

interests, provide appropriate communication and complaint channels 
and implement such policies properly?

(4)  To implement relevant policies on ethical conducts, has the company 
established effective accounting and internal control systems, audit 
plans based on the assessment of unethical conduct, and have its ethical 
conduct program audited by internal auditors or CPA periodically?

V

V

V

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, we require all of our suppliers to declare in writing 
that they will respect and comply with TSMC’s ethical standards and culture. 
In addition to periodic audit, we provide training and communicate our ethical 
culture to our suppliers through live seminars or online programs 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, 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, according to the Ethics Code, all employees must 
declare any actual or potential conflict of interest). Furthermore, employees 
with specific job grades or positions need to complete the conflict of interest 
declarations annually.

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

V

(5)  Training is a major component of our compliance program, conducted 

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?

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. Please refer to Assessment Item 1 for more information regarding 
the training courses. As for our suppliers, we communicate our ethical culture to 
our business partners through live seminars or online programs to ensure their 
fully understanding of our commit to ethical conduct. 

None

(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 senior manager 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.

V

V

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

V

retaliation for his/her filing a complaint?

(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.

(Continued)

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

V

TSMC provides the guidelines and informative articles related to ethics and honorable 
business conduct on its internal website (in both Chinese and English) for employees’ 
easy access. In addition, TSMC posts its Annual Report (which is also available at the 
MOPS) and Sustainability Report on its external website (in both Chinese and English, 
available at: http://www.tsmc.com) to disclose TSMC Ethics Code and the information 
about implementation of the Ethics Codes.

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 56-61 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 56-61 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: Corporate Governance, Securities Laws, Anti-corruption, Anti-harassment, 
Anti-discrimination, Labor Laws, Antitrust (fair competition), Environmental Protection, Safety and Health, Export Control, Financial 
Reporting, Insider Trading, Intellectual Property, Proprietary Information Protection, 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 
internal relevant policies, guidelines and procedures, and make ethical decisions in every circumstance.

060

061

Compliance Awareness Training
Training is one of the major components 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 compliance guidelines, news 
articles, tips and FAQs which our employees can access through our intranet.

● Customized face-to-face training courses for different business attributes: Face-to-face seminars focusing on specific topics such as 
Anti-Corruption, Proprietary Information Protection, Intellectual Property, Personal Data Protection, Export Control Management 
and Antitrust (fair competition). 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.

● Export Compliance: TSMC’s export management system (EMS) and policy have been in place for a number of years, and was 

certified by the Bureau of Foreign Trade, the Taiwan regulator, as a qualified Internal Compliance Program (ICP) exporter. It aims 
to ensure that TSMC and its subsidiaries comply with all applicable regulations covering the export of information, technologies, 
products, materials and equipment. 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 2022 TSMC altogether provided 12 face-to-face meeting sessions and a targeted on-line learning program to employees in 
relevant functions.  

● Supplier Management: TSMC shares and exchanges practical experiences with suppliers with sales offices in Taiwan by holding a 
sustainable supply chain ESH forums on topics such as Ethics Code, environmental protection and occupational safety. In total, 
354 attendees from 116 suppliers were participated (including through on-line meeting) in these activities.

● Various on-line courses available to employees at any time: On-line learning programs updated frequently to provide most 

● Conflict-Free Supply Chain: As a recognized global leader in the Hi-tech supply chain, we acknowledge our corporate social 

up-to-date information and timely and flexible access for employees to understand the law and key compliance issues, covering 
topics of Corporate Governance, Securities Laws, Anti-corruption, Anti-harassment, Anti-discrimination, Labor Laws, Antitrust 
(fair competition), Environmental Protection, Safety and Health, Export Control, Financial Reporting, Insider Trading, Intellectual 
Property, Proprietary Information Protection, Personal Data Protection, Record Retention and Disposal, as well as “Conflict-free 
Minerals“ among others. The course contents will be updated with changes in applicable laws or TSMC internal policies to ensure 
the timeliness and accuracy of the course contents.

● 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 56-61 of this Annual Report.

Major Accomplishments
In 2022, 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 shared its practices and experiences on trade secrets, labor rights, regulatory compliance 
system and reporting channel with outside institutions.

Internally, TSMC provides multiple courses about legal and regulatory compliance. The important achievements are as follows:
● Ethics and Compliance: TSMC provided an “Annual Ethics and Compliance Training Course”(mandatory 0.5 hour online course) 
covering various important regulatory compliance topics and a total of 67,922 employees (including employees in subsidiaries) 
completed this training course (reaching 99.9% completion rate) – with all production staffs were starting from 2019.

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, the 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 or on-line training sessions, for global sales personnel at Taiwan, North America, Europe, Asia Pacific, Japan and 
mainland China areas, and employees in other relevant departments. 

● Insider Trading Compliance: To implement insider trading regulatory compliance, TSMC revisited and updated training material 

of the insider trading on-line program (0.5 hour-length course), and designated managers at R&D Organization and oversea fabs 
of Operations Organizations as trainees – a total of 1,950 managers completed this on-line program (97.7% completion rate) as 
requested. Each year going forward, TSMC will designate employees from different departments to take insider trading on-line 
program to strengthen employees’ awareness and compliance with insider trading laws.

062

063

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 in 2022 and as of the Date of this Annual Report: None.

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

Certification

Certified Public Accountants (CPA)

US Certified Public Accountants (US CPA)

Certified Internal Auditor (CIA)

Chartered Financial Analyst (CFA)

Certified Management Accountant (CMA)

Financial Risk Manager (FRM)

Certification in Control Self-Assessment (CCSA)

Certification in Risk Management Assurance (CRMA)

Certified Information Systems Auditor (CISA)

Certified Fraud Examiner (CFE)

Number of Employees

Internal Audit

Finance

2

4

13

- 

- 

- 

2

3

7

2

51

20

3

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.

Unit: NT$ thousands

Accounting Firm

Name of CPA

CPA’s Audit Period

Deloitte & Touche

Mei-Yen Chiang,
Shang-Chih Lin, and others

01/01/2022 – 12/31/2022

Audit Fee
(Note 1)

51,777

Non-audit Fee 
(Note 2)

Total

Remark

27,372

79,149

-

Note 1:  Compared with last year, there is a NT$8,345 thousand decrease, or a 14% year-over-year decrease, in the annual audit fees payment. This is mainly due to a portion of audit fees, NT$14,450 thousand, were 

actually paid in January 2023. If such payment is included, the total audit fees in 2022 will be higher than last year.
Note 2: The fees were mainly related to the bond offering that was borne by the underwriter and audit of annual income tax returns.

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 14, 2023

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 2022:

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, 2022, 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 14, 2023, 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

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

064

065

3.9.2 CPA’s information

(1) Former CPAs

Date of Change

Approved by BOD on November 8, 2022

Reasons and Explanation of Changes

In compliance with regulatory requirements on rotation, the engagement partner Mei-Yen Chiang will be replaced by Shih-Tsung Wu starting 
from 2023. The co-signing partner will remain to be Shang-Chih Lin.

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 (Note)

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

V

Deloitte & Touche

Shih-Tsung Wu and Shang-Chih Lin

Approved by BOD on November 8, 2022

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

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

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

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 and Suitability

The Audit Committee annually monitors the independence and suitability 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 and suitability of the external auditor based on the results of the auditor survey and the 
Audit Quality Indicator (AQI) released by Financial Supervisory Commission (FSC) regarding its financial interests, commercial 
relations, employment relations, etc.

066

067

4.1 Capital and Shares

4.1.1 Capitalization

Unit: Share/NT$

Month/
Year

Face Value 
Per Share

03/2022

05/2022

10

10

Authorized Share Capital

Capital Stock

Remark

Shares

Amount

Shares

Amount

Sources of Capital

Capital Increase by 
Assets Other than Cash

28,050,000,000

280,500,000,000

25,931,767,458

259,317,674,580

28,050,000,000

280,500,000,000

25,930,380,458

259,303,804,580

Employee Restricted Stock 
Awards: NT$13,870,000

Cancellation of Treasury 
Shares: NT$13,870,000

None

None

As of 02/28/2023

Date of Approval 
(Month/Day/Year) & 
Approval Document 
No.

03/08/2022 Chu Shang Tzu 
No.1110006986

05/20/2022 Chu Shang Tzu 
No.1110015483

Note 1:  The Board of Directors approved the issuance of 2,110,000 common shares for 2022 Employee Restricted Stock Awards and set 03/01/2023 as the record date (approved by 03/08/2023 Chu Shang Tzu 

No.1120006788) 

Note 2: On 03/01/2023, based on the vesting conditions, 419,466 shares of 2021 Employee Restricted Stock Awards were reclaimed and will be cancelled subsequently.

4.1.2 Capital and Shares
Unit: Share

Type of Stock

Common Stock

Shelf Registration in Taiwan: 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

Government 
Agencies

Number of Shareholders

6 

Financial 
Institutions

203 

Other Juridical 
Persons

Foreign Institutions 
and Natural Persons

Domestic Natural 
Persons

3,644 

7,485 

1,444,741 

As of 02/28/2023

Total

28,050,000,000

 As of 12/21/2022 (Note)

Total

1,456,079 

Shareholding

1,722,971,846 

795,017,455 

1,604,671,666 

18,433,094,131 

3,374,625,360 

25,930,380,458

Shareholding Percentage

6.64%

3.07%

6.19%

71.09%

13.01%

100.00%

Note: Record date for the second quarter of 2022 cash dividend distribution.

Distribution of Shareholding

Common Share

Shareholding Range

Number of Shareholders

Shareholding

Shareholding Percentage

As of 12/21/2022 (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

884,124 

469,479 

53,438 

17,381 

8,224 

7,728 

3,622 

2,132 

4,088 

2,080 

1,250 

512 

326 

222 

1,473 

1,456,079

163,764,484 

897,922,074 

387,847,516 

214,967,150 

145,806,599 

189,880,539 

126,135,166 

96,349,624 

286,009,594 

289,250,630 

351,844,854 

248,011,587 

225,159,920 

200,142,529 

22,107,288,192 

25,930,380,458

0.63%

3.46%

1.50%

0.83%

0.56%

0.73%

0.49%

0.37%

1.10%

1.12%

1.36%

0.96%

0.87%

0.77%

85.25%

100.00%

Note: Record date for the second quarter of 2022 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

New Labor Pension Fund

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

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

Yuanta/P-shares Taiwan Top 50 ETF

iShares Core MSCI Emerging Markets ETF

Fubon Life Insurance Co., Ltd

Note: Record date for the second quarter of 2022 cash dividend distribution.

Shareholding

Shareholding Percentage

As of 12/21/2022 (Note)

5,319,233,558

1,653,709,980

860,386,401

411,961,838

332,983,055

320,754,748

278,367,605

256,208,079

213,117,000

194,197,221

20.51%

6.38%

3.32%

1.59%

1.28%

1.24%

1.07%

0.99%

0.82%

0.75%

070

071

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

Common Shares

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
Kok-Choo Chen

Independent Director
Michael R. Splinter

Independent Director
Moshe N. Gavrielov 

Independent Director
Yancey Hai

Independent Director
L. Rafael Reif

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 and Chief Information Security Officer
J.K. Lin

Senior Vice President
J.K. Wang (Note)

Senior Vice President
Cliff Hou 

Senior Vice President
Kevin Zhang

Vice President and General Counsel/Corporate Governance 
Officer
Sylvia Fang 

Vice President
Connie Ma (Note)

Vice President
Y.L. Wang 

2022

01/01/2023 - 02/28/2023

Net Change in Shares Held

Net Change in Shares 
Pledged 

Net Change in Shares Held

Net Change in Shares 
Pledged 

1,948

467,000

-

-

-

-

-

-

-

-

-

(170,738)

-

-

(2,000,000)

-

-

-

19,598

35,000

-

57,235

-

-

1,154

1,400,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,000

-

-

1,867

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Continued)

Title
Name

Vice President and TSMC Distinguished Fellow
Douglas Yu

Vice President and TSMC Fellow
T.S. Chang

Vice President
Michael Wu

Vice President
Min Cao

Vice President
Marvin Liao (Note)

Vice President
Y.H. Liaw

Vice President
Simon Jang

Vice President, Chief Financial Officer/Spokesperson
Wendell Huang

Vice President
C.S. Yoo

Vice President
Jun He

Vice President
Geoffrey Yeap

Vice President and Chief Information Officer
Chris Horng-Dar Lin

Vice President
Jonathan Lee 

Vice President
Arthur Chuang

Vice President and TSMC Fellow
L.C. Lu 

Vice President
K.C. Hsu

2022

01/01/2023 - 02/28/2023

Net Change in Shares Held

Net Change in Shares 
Pledged 

Net Change in Shares Held

Net Change in Shares 
Pledged 

-

-

2,000

-

-

-

1,000

164

-

20,000

41,000

10,000

28,690

-

50,000

50,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20

-

371

-

-

6,082

-

-

10,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Note:  Senior Vice President Mr. J.K. Wang retired, effective May 7, 2022. Vice President Ms. Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022. Their 

shareholding is no longer required to disclose.

072

073

4.1.6 Stock Trade with Related Party

4.1.9 Long-term Investment Ownership

Common Shares

Name

Lora Ho

Y.P. Chin

Reason for Transfer

Transfer Date

Transferee

Relation with the 
Transferee

Gifting

Gifting

03/29/2022

04/19/2022

Liu, Tzu-Ying 

Chen Ching-Lan

Children

Spouse

Shares

Transfer Price

170,738

2,000,000

-

-

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 

ADR-Taiwan Semiconductor Manufacturing Company Ltd.

5,319,233,558

20.51%

National Development Fund, Executive Yuan

1,653,709,980 

Shares

%

Shares

Representative: Ming-Hsin Kung

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

Citibank (Taiwan) Ltd. in custody for Norges Bank

New Labor Pension Fund

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

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

Yuanta/P-shares Taiwan Top 50 ETF

iShares Core MSCI Emerging Markets ETF

Fubon Life Insurance Co., Ltd

Chairman: Richard M. Tsai

779

860,386,401

411,961,838

332,983,055

320,754,748

6.38%

0.00%

3.32%

1.59%

1.28%

1.24%

278,367,605

1.07%

256,208,079

213,117,000

194,197,221

0.99%

0.82%

0.75%

N/A

N/A

-

N/A

N/A

N/A

N/A

N/A

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

Not Available

%

N/A

N/A

-

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

As of 12/21/2022 (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 12/31/2022

Long-term Investment

Equity Method:

TSMC Partners, Ltd.

TSMC Global Ltd.

TSMC North America

TSMC Europe B.V.

TSMC Japan Limited

TSMC Korea Limited

TSMC Design Technology Japan, Inc.

TSMC Japan 3DIC R&D Center, Inc.

988,268,244 

11,384

11,000,000 

200 

6,000 

80,000 

15,000

49,000

100%

100%

100%

100%

100%

100%

100%

100%

-

-

-

-

-

-

-

-

TSMC China Company Limited

Not Applicable (Note 1)

100%

Not Applicable (Note 1)

TSMC Nanjing Company Limited 

Not Applicable (Note 1)

100%

Not Applicable (Note 1)

TSMC Arizona Corporation

Japan Advanced Semiconductor Manufacturing, Inc.

VisEra Technologies Company Ltd. 

Systems on Silicon Manufacturing Co. Pte. Ltd.

Vanguard International Semiconductor Corp. 

Xintec Inc.

Global UniChip Corporation

1,270,001

1,019,814 

213,619,000

313,603 

464,223,493 

111,281,925 

46,687,859 

100%

71.37%

67.70%

38.79%

28.32%

41.01%

34.84%

-

-

-

- 

-

-

VentureTech Alliance Fund II, L.P.

Not Applicable (Note 1)

98.00%

Not Applicable (Note 1)

VentureTech Alliance Fund III, L.P.

Not Applicable (Note 1)

98.00%

Not Applicable (Note 1)

Emerging Fund L.P.

Not Applicable (Note 1)

99.90%

Not Applicable (Note 1)

Note 1: Not applicable. These firms do not issue shares. TSMC’s investments are measured as a percentage of ownership.
Note 2:  TSMC’s director, National Development Fund of Executive Yuan, held 16.72% while other directors and management held 0.09%.

275,572,145

16.81% (Note 2)

-

-

-

-

-

-

-

-

- 

- 

-

-

-

-

-

-

- 

-

-

988,268,244 

11,384

11,000,000 

200 

6,000 

80,000 

15,000

49,000

Not Applicable (Note 1)

Not Applicable (Note 1)

1,270,001

1,019,814

213,619,000

313,603 

739,795,638

111,281,925

46,687,859

Not Applicable (Note 1)

Not Applicable (Note 1)

Not Applicable (Note 1)

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

71.37%

67.70%

38.79%

45.14%

41.01%

34.84%

98.00%

98.00%

99.90%

Note: Record date for the second quarter of 2022 cash dividend distribution.

074

075

4.1.10 Share Information

4.1.12 Compensation to Directors and Profit Sharing to Employees

TSMC’s earnings per share in 2022 increased 70.36% from 2021 to NT$39.2 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.

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.

2022

01/01/2023 - 02/28/2023

As resolved by TSMC’s Board of Directors on February 14, 2023, a profit sharing to employees was expensed based on a certain 
percentage of 2022 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.

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

2021

673.00 

536.00 

597.73 

83.62 

80.87 

683.00 

371.00 

516.24 

113.60 

110.85 (Note 5)

Weighted Average Shares (thousand shares) 

      25,930,380 

          25,929,383 

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)

23.01 

11.00 

 - 

25.98 

54.34 

1.8%

39.20

11.00 (Note 5)

 - 

13.17

46.93 (Note 5)

2.1% (Note 5)

 545.00 

 449.50 

 511.05 

- 

- 

- 

- 

- 

- 

- 

- 

- 

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 2022, which were approved by Board of Directors on February 14, 2023.

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.

Pursuant to TSMC’s Articles of Incorporation, the Company’s Board of Directors is authorized 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 2022 quarterly cash dividends are demonstrated in the 
table below. TSMC intends to maintain a sustainable cash dividend on both an annual and quarterly basis.

2022 Quarterly Earnings Distribution

Unit: NT$

Period

First quarter of 2022

Second quarter of 2022

Third quarter of 2022

Fourth quarter of 2022

Approved Date

Payment Date

Cash Dividends Per Share

05/10/2022

08/09/2022

11/08/2022

02/14/2023

10/13/2022

01/12/2023

04/13/2023

07/13/2023

NT$2.75

NT$2.75

NT$2.74982072

NT$2.75 (Note)

Total Earnings Distribution 
Amount

71,308,546,260

71,308,546,260

71,308,546,260

71,308,546,260

Note: To be adjusted by then outstanding shares as of record date for such dividend payment.

2022 Directors’ Compensation and Employees’ Profit Sharing

Directors’ Compensation (Cash)

Employee’s Profit Sharing (Cash)

Board Resolution (02/14/2023)

Amount (NT$ thousands)

690,128

60,702,047

Note:  NT$60,702,047 thousand business performance bonus was already distributed following each quarter of 2022. The above employees’ profit sharing will be distributed in July, 2023.

2021 Directors’ Compensation and Employees’ Profit Sharing

Directors’ Compensation (Cash)

Employees’ Profit Sharing (Cash)

Board Resolution (02/15/2022)

Actual Result (Note)

Amount (NT$ thousands)

Amount (NT$ thousands)

487,537

35,601,449

487,537

35,177,130

Note:  The above directors’ compensation and employees’ profit sharing were expensed under the Company’s 2021 statement of comprehensive income and were approved by the Board of Directors at its meeting on 

February 15, 2022. However, due to employee turnover, the employees’ profit sharing in the amount of NT$424,319 thousand was undistributed, and related expense was reversed in 2022.

4.1.13  Impact to 2023 Business Performance and EPS of Stock Dividend Distribution: Not applicable.

4.1.14 Buyback of Common Stock

TSMC’s Board of Directors approved the issuance of 1,387,000 shares for 2021 employee restricted stock awards (RSAs) at its 
meeting on February 15, 2022. In order to offset dilution from the increase of outstanding shares due to the above-mentioned 
issuance, the Board of Directors approved a share buyback program for TSMC to buy back its common shares on the Taiwan Stock 
Exchange. The shares purchased will be cancelled subsequently. The implementation of the share buyback program was as follows.

(1) Completed Share Buyback Program

Purpose of the share buyback

Scheduled buyback period

Scheduled buyback price range

Type and number of shares bought back

Total monetary amount of shares bought back

As of 02/28/2023

5th Buyback Program

For the shareholders’ interests

02/16/2022 - 04/15/2022

NT$444 to NT$960 per share, while the buyback will still be carried out if the 
stock price falls below the aforementioned range

Common shares: 1,387,000 shares

NT$871,566,000

Number of shares bought back as a percentage of the approved number of shares to be bought back (%)

100%

Number of shares cancelled and/or transferred

Cumulative number of the company’s treasury shares held

Cumulative number of the company’s treasury shares as a percentage of the total number of the 
company’s issued shares (%)

1,387,000 shares

0 share

0.00%

(2) Uncompleted Share Buyback Program: None.

076

077

4.2 Issuance of Corporate Bonds 

4.2.1 Corporate Bonds

NTD Corporate Bonds

As of 02/28/2023

Issuance

Issue Date

Denomination

Offering Price

Total Amount

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)

Domestic Unsecured Bond 
(110-1)

07/16/2013

NT$10,000,000

Par

09/25/2013

03/23/2020

04/15/2020

05/29/2020

07/14/2020

09/03/2020

12/02/2020

12/29/2020

03/30/2021

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

NT$21,100,000,000 

Coupon (Per Annum)

Tranche A: 1.50% 
Tranche B: 1.70% 

Tenure and Maturity Date

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: 0.50% 
Tranche B: 0.55%
Tranche C: 0.60%

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

Tranche A: 5 years
Maturity: 03/30/2026
Tranche B: 7 years
Maturity: 03/30/2028
Tranche C: 10 years
Maturity: 03/30/2031

Repayment

Outstanding 

Credit Rating

Bullet

Two equal installments in last two years

Bullet

NT$3,500,000,000

NT$8,000,000,000

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

NT$21,100,000,000 

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

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

Not Applicable

Underwriter (Lead Underwriter)

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.

Capital Securities Co., Ltd.

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

Taipei Fubon Commercial Bank Co., Ltd.

None

Modern Law Office

Deloitte & Touche

None

None

None

Not Applicable

Dilution Effect and Other Adverse Effects on 
Existing Shareholders

None

Custodian

None

True Honesty International Law Offices

078

(Continued)

079

Issuance

Issue Date

Denomination

Offering Price

Total Amount

Coupon (Per Annum)

Tenure and Maturity Date

Repayment

Outstanding 

Credit Rating

Domestic Unsecured Bond 
(110-2)

Domestic Unsecured Bond 
(110-3)

Domestic Unsecured Bond 
(110-4)

Domestic Unsecured Bond 
(110-6)

Domestic Unsecured Bond 
(110-7)

Domestic Unsecured Bond (111-
1, Green Bond)

Domestic Unsecured Bond 
(111-2)

Domestic Unsecured Bond (111-
3, Green Bond)

Domestic Unsecured Bond (111-
4, Green Bond)

Domestic Unsecured Bond 
(111-5)

Domestic Unsecured Bond (111-
6, Green Bond)

05/03/2021

06/25/2021

08/19/2021

10/05/2021

12/09/2021

01/12/2022

03/29/2022

05/20/2022

07/27/2022

08/25/2022

10/20/2022

NT$10,000,000

Par

NT$19,200,000,000

NT$19,700,000,000

NT$21,600,000,000

NT$16,300,000,000

NT$16,700,000,000

NT$5,400,000,000

NT$14,200,000,000 

NT$6,100,000,000

NT$13,900,000,000

NT$15,600,000,000

NT$10,200,000,000

Tranche A: 0.50%
Tranche B: 0.58%
Tranche C: 0.65%

Tranche A: 0.52%
Tranche B: 0.58%
Tranche C: 0.65%

Tranche A: 5 years
Maturity: 05/03/2026
Tranche B: 7 years
Maturity: 05/03/2028
Tranche C: 10 years
Maturity: 05/03/2031

Tranche A: 5 years
Maturity: 06/25/2026
Tranche B: 7 years
Maturity: 06/25/2028
Tranche C: 10 years
Maturity: 06/25/2031

Bullet

Tranche A: 0.485%
Tranche B: 0.50%
Tranche C: 0.55%
Tranche D: 0.62%

Tranche A: 4 years
Maturity: 08/19/2025
Tranche B: 5 years
Maturity: 08/19/2026
Tranche C: 7 years
Maturity: 08/19/2028
Tranche D: 10 years
Maturity: 08/19/2031

Tranche A: 0.535%
Tranche B: 0.54%
Tranche C: 0.60%
Tranche D: 0.62%

Tranche A: 4.5 years
Maturity: 04/05/2026
Tranche B: 5 years
Maturity: 10/05/2026
Tranche C: 7 years
Maturity: 10/05/2028
Tranche D: 10 years
Maturity: 10/05/2031

Tranche A: 0.65%
Tranche B: 0.675%
Tranche C: 0.72%

Tranche A: 5 years
Maturity: 12/09/2026
Tranche B: 5.5 years
Maturity: 06/09/2027
Tranche C: 7 years
Maturity: 12/09/2028

Tranche A: 0.63%
Tranche B: 0.72%

Tranche A: 5 years
Maturity: 01/12/2027
Tranche B: 7 years
Maturity: 01/12/2029

Tranche A: 0.84% 
Tranche B: 0.85%
Tranche C: 0.90%

Tranche A: 4.5 years
Maturity: 09/29/2026
Tranche B: 5 years
Maturity: 03/29/2027
Tranche C: 7 years
Maturity: 03/29/2029

1.50%

5 years
Maturity: 05/20/2027

Tranche A: 1.60%
Tranche B: 1.70%
Tranche C: 1.75%
Tranche D: 1.95%

Tranche A: 4 years
Maturity: 07/27/2026
Tranche B: 5 years
Maturity: 07/27/2027
Tranche C: 7 years
Maturity: 07/27/2029
Tranche D: 10 years
Maturity: 07/27/2032

Tranche A: 1.65%
Tranche B: 1.65%
Tranche C: 1.65%
Tranche D: 1.82%

Tranche A: 4 years 10 months
Maturity: 06/25/2027
Tranche B: 5 years
Maturity: 08/25/2027
Tranche C: 7 years
Maturity: 08/25/2029
Tranche D: 10 years
Maturity: 08/25/2032

Tranche A: 1.75%
Tranche B: 1.80%
Tranche C: 2.00%

Tranche A: 5 years
Maturity: 10/20/2027
Tranche B: 7 years
Maturity: 10/20/2029
Tranche C: 10 years
Maturity: 10/20/2032

NT$19,200,000,000

NT$19,700,000,000

NT$21,600,000,000

NT$16,300,000,000

NT$16,700,000,000

NT$5,400,000,000

NT$14,200,000,000 

NT$6,100,000,000

NT$13,900,000,000

NT$15,600,000,000

NT$10,200,000,000

Not Applicable

Underwriter (Lead Underwriter)

SinoPac Securities Co., Ltd.

Yuanta Securities Co., Ltd.

KGI Securities Co., Ltd.

Capital Securities Co., Ltd.

Capital Securities Co., Ltd.

Yuanta Securities Co., Ltd.

Capital Securities Co., Ltd.

Capital Securities Co., Ltd.

SinoPac Securities Co., Ltd.

Capital Securities Co., Ltd.

Yuanta Securities Co., Ltd.

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

Taipei Fubon Commercial Bank Co., Ltd.

None

True Honesty International Law Offices

Deloitte & Touche

None

None

None

Not Applicable

Dilution Effect and Other Adverse Effects on 
Existing Shareholders

None

Custodian

None

080

081

Onshore USD Corporate Bonds 

As of 02/28/2023

Offshore USD Corporate Bonds 

As of 02/28/2023

US-dollar Domestic Unsecured Bond (109-1)

US-dollar Domestic Unsecured Bond (110-5)

09/23/2021

3.10%

30 years
Maturity: 09/23/2051

Issuance

Issue Date

Denomination

Listing

Offering Price

Total Amount

09/22/2020

US$1,000,000

Taipei Exchange

Par

US$1,000,000,000

Coupon (Per Annum)

2.70% 

Tenure and Maturity Date

Repayment

Outstanding 

Credit Rating

Underwriter

Trustee

Guarantor

Legal Counsel

Auditor

40 years
Maturity: 09/22/2060

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.

None

True Honesty International Law Offices

Deloitte & Touche

Redemption or Early Repayment Clause

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

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

Issuance

Issue Date

Denomination

Listing

Offering Price

Total Amount

Coupon (Per Annum)

Tenure and Maturity Date

Repayment

Outstanding 

Credit Rating

Senior Unsecured Notes 
(Note 1)

Senior Unsecured Notes 
(Note 1)

Senior Unsecured Notes 
(Note 2)

Senior Unsecured Notes 
(Note 2)

Senior Unsecured Notes 
(Note 1)

09/28/2020

04/23/2021

10/25/2021

04/22/2022

07/22/2022

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%

2026 Notes: 99.759%
2028 Notes: 99.751%
2031 Notes: 99.831%

2026 Notes: 99.976%
2031 Notes: 99.561%
2041 Notes: 98.898%
2051 Notes: 98.658%

2027 Notes: 99.829%
2029 Notes: 99.843%
2032 Notes: 99.742%
2052 Notes: 99.771%

2027 Notes: 99.951%
2032 Notes: 99.124%

US$3,000,000,000

US$3,500,000,000

US$4,500,000,000

US$3,500,000,000

US$1,000,000,000

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

2026 Notes: 1.25% 
2028 Notes: 1.75% 
2031 Notes: 2.25%

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

2026 Notes: 5 years
Maturity: 04/23/2026
2028 Notes: 7 years
Maturity: 04/23/2028
2031 Notes: 10 years
Maturity: 04/23/2031

Bullet

2026 Notes: 1.75% 
2031 Notes: 2.50% 
2041 Notes: 3.125%
2051 Notes: 3.25%

2026 Notes: 5 years
Maturity: 10/25/2026
2031 Notes: 10 years
Maturity: 10/25/2031
2041 Notes: 20 years
Maturity: 10/25/2041
2051 Notes: 30 years
Maturity: 10/25/2051

2027 Notes: 3.875% 
2029 Notes: 4.125% 
2032 Notes: 4.250%
2052 Notes: 4.500% 

2027 Notes: 5 years
Maturity: 04/22/2027
2029 Notes: 7 years
Maturity: 04/22/2029
2032 Notes: 10 years
Maturity: 04/22/2032
2052 Notes: 30 years
Maturity: 04/22/2052

2027 Notes: 4.375% 
2032 Notes: 4.625% 

2027 Notes: 5 years
Maturity: 07/22/2027
2032 Notes: 10 years
Maturity: 07/22/2032

US$3,000,000,000

US$3,500,000,000

US$4,500,000,000

US$3,500,000,000

US$1,000,000,000

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

Aa3 (Moody’s Investors 
Service, 04/19/2021)
AA- (Standard & 
Poor’s Rating Services, 
04/18/2021)

Aa3 (Moody’s Investors 
Service, 10/19/2021)
AA- (Standard & 
Poor’s Rating Services, 
10/18/2021)

Aa3 (Moody’s Investors 
Service, 04/19/2022)
AA- (Standard & 
Poor’s Rating Services, 
04/18/2022)

Underwriter

Goldman Sachs International as lead underwriter

Goldman Sachs & Co. LLC as lead underwriter

Trustee

Guarantor

Legal Counsel

Citicorp International Limited

Citibank, N.A.

TSMC

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

Sullivan & Cromwell (Hong Kong) LLP
Fennemore Craig, P.C.
Lee and Li, Attorneys-at-Law

Aa3 (Moody’s Investors 
Service, 07/19/2022)
AA- (Standard & 
Poor’s Rating Services, 
07/18/2022)

Goldman Sachs 
International as lead 
underwriter

Citicorp International 
Limited

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

Auditor

Deloitte & Touche

Redemption or Early Repayment Clause

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

Note 1: Issued by TSMC Global Ltd., a wholly-owned subsidiary of TSMC, and unconditionally and irrevocably guaranteed by TSMC.
Note 2: Issued by TSMC Arizona Corporation, a wholly-owned subsidiary of TSMC, and unconditionally and irrevocably guaranteed by TSMC.

082

083

4.2.2 Convertible Bond: None.

4.2.3 Exchangeable Bond: None.

4.2.4 Shelf Registration in Taiwan: 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.

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

Custodian Bank 
(Note 1)

ADSs Outstanding 
(Note 2)

Terms and Conditions 
in the Deposit 
Agreement and 
Custody Agreement

Citibank, N.A. – Taipei Branch

As of February 28, 2023, total number of outstanding ADSs was 1,063,805,907

See Deposit Agreement and Custody Agreement for Details

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

01/01/2022 - 
12/31/2022

01/01/2023 - 
02/28/2023

High

Low

Average

High

Low

Average

140.66

60.28

90.96

97.96

74.03

89.44

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, 2023, total number of outstanding ADSs was 1,063,805,907 after 84,029,298 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.

084

085

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

Type of Employee Restricted Stock

Employee Restricted Stock Awards for Year 2021

Effective Registration Date and Total 
Number of Shares

08/06/2021/2,600,000 shares

Issue Date

Number of Restricted Employee Shares 
Issued

Number of Restricted Employee Shares 
Still Available for Issuance

Issued Price

Ratio of the Number of Restricted 
Employee Shares Issued to the Total 
Number of Issued Shares

Vesting Conditions of Restricted Employee 
Shares

03/01/2022

1,387,000 shares

0 shares

None

0.00535%

1.  The RSAs granted to an executive can only be vested if (a) the executive remains employed by the Company on the last date of each vesting period; (b) 

during the vesting period, the executive may not breach any agreement with the Company or violate the Company’s work rules; and (c) certain executive 
performance metrics (a year-end performance rating of at least “S” (Note) or above for the year immediately preceding the expiration of each vesting 
period) and the Company’s business performance metrics are met. (Note: “S” stands for “Successful”)

2.  The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary 
of the grant: 25%; and three-year anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year 
will be calculated based on the achievement of the Company’s business performance metrics, as detailed in the following point.

3.  The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the 
Company’s relative TSR (Note) achievement (see table below) to determine the number of RSAs to be vested; this number will be further subject to a 
modifier to increase or decrease up to 10% based on the Compensation Committee’s evaluation of the Company’s ESG achievements. The number of 
shares so calculated should be rounded down to the nearest integral.

The Company’s TSR Relative to the TSR of S&P 500 IT Index

Ratio of Shares to be Vested

Above the Index by X percentage points

50% + X * 2.5%, with the maximum of 100%

Equal to the Index

50%

Below the Index by X percentage points

50% - X * 2.5%, with the minimum of 0%

Note: TSR: Total Shareholder Return (including capital gains and dividends)

Employee Restricted Stock Awards for Year 2022

07/25/2022/3,065,000 shares

03/01/2023

2,110,000 shares

955,000 shares

None

0.00814%

As of 03/12/2023 (Note)

1.  The RSAs granted to an employee can only be vested if (a) the employee remains employed by the Company or the Company’s subsidiaries on the last date of each vesting period; (b) during the vesting period, 
the employee may not breach any agreement with the Company or the Company’s subsidiaries or violate the Company’s or the Company’s subsidiaries’ work rules; and (c) certain employee performance metrics 
(a year-end performance rating of at least “S” (Note) or above for the year immediately preceding the expiration of each vesting period) and the Company’s business performance metrics are met. (Note: “S” 
stands for “Successful”)

2.  The maximum percentage of granted RSAs that may be vested each year shall be as follows: one-year anniversary of the grant: 50%; two-year anniversary of the grant: 25%; and three-year anniversary of the 

grant: 25%; provided that the actual percentage and number of the RSAs to be vested in each year will be calculated based on the achievement of the Company’s business performance metrics, as detailed in the 
following points. 

3.  For eligible executive officers of the Company: The maximum number of RSAs that may be vested in each year will be set as 110%, among which 100% will be subject to a calculation based on the Company’s 

relative TSR (Note) achievement (see table below) to determine the number of RSAs to be vested; this number will be further subject to a modifier to increase or decrease up to 10% based on the Compensation 
Committee’s evaluation of the Company’s ESG achievements. The number of shares so calculated should be rounded down to the nearest integral.

The Company’s TSR Relative to the TSR of S&P 500 IT Index

Ratio of Shares to be Vested

Above the Index by X percentage points

Equal to the Index

Below the Index by X percentage points

50% + X * 2.5%, with the maximum of 100%

50%

50% - X * 2.5%, with the minimum of 0%

Note: TSR: Total Shareholder Return (including capital gains and dividends)

4.  For eligible employees who are not executive officers of the Company and the Company’s subsidiaries: The number of RSAs to be vested in each year will be calculated in accordance with the below table based 

on the Company’s audited consolidated financial statements for the year prior to the vesting year. The number of shares so calculated should be rounded down to the nearest integral.

Revenue Growth

Gross Margin

Return on Equity (ROE)

Threshold

Target

Weighting

Ratio of Shares to be Vested

10%

50%

20%

15%

53%

25%

One-third

One-third

One-third

< Threshold: 0%
= Threshold: 50%
≧Target: 100%
Between Threshold and Target: as calculated by interpolation 
method

Restriction on Rights in the Restricted 
Employee Shares

1.  Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the executives cannot 

1.  Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for 

request the trustee/custodian to return to them the RSAs for any reasons or by any means.

2.  During each vesting period, no executives granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise 

dispose of, any shares under the unvested RSAs.

3.  Subject to the restrictions mentioned above, the rights of the executives with regard to the unvested RSAs granted under these Rules before the fulfillment 

of the vesting conditions, including but not limited to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the 
subscription right of the new shares issued for any capital increase, are the same as those of holders of common shares of the Company. The relevant 
matters shall be handled in accordance with the RSA trust/custody agreement.

4.  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and any other shareholder rights shall be exercised 

by the engaged trustee/custodian on the executives’ behalf.

5.  During each vesting period, if the Company conducts a capital reduction for cash return, capital reduction for loss offset, or other non-statutory capital 

reduction, the unvested RSAs shall be cancelled proportionally by the ratio of such capital reduction. If the Company conducts a capital reduction for cash 
return, the returned cash shall be deposited in a trust/custody account and shall not be delivered to the executives until the vesting conditions are fulfilled; 
otherwise, the cash will be returned to the Company.

any reasons or by any means.

2.  During each vesting period, no employees granted RSAs may sell, pledge, transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares under the unvested RSAs.
3.  Subject to the restrictions mentioned above, the rights of the employees with regard to the unvested RSAs granted under these Rules before the fulfillment of the vesting conditions, including but not limited 

to the entitlement to any distribution regarding dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any capital increase, are the same as those of holders of common 
shares of the Company. The relevant matters shall be handled in accordance with the RSA trust/custody agreement.

4.  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting rights and any other shareholder rights shall be exercised by the engaged trustee/custodian on the employees’ 

behalf.

5.  During each vesting period, if the Company conducts a capital reduction for cash return, capital reduction for loss offset, or other non-statutory capital reduction, the unvested RSAs shall be cancelled 

proportionally by the ratio of such capital reduction. If the Company conducts a capital reduction for cash return, the returned cash shall be deposited in a trust/custody account and shall not be delivered to the 
employees until the vesting conditions are fulfilled; otherwise, the cash will be returned to the Company.

086

(Continued)

087

Custody of the Restricted Employee 
Shares

Treatment of the Restricted Shares for 
Which the Grantee Fails to Meet the 
Vesting Conditions after Receiving or 
Subscribing to the Shares

1.  Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the executives cannot 

1.  Upon the grant of the RSAs, the RSAs shall be deposited in a trust/custody account. Before the vesting conditions are fulfilled, the employees cannot request the trustee/custodian to return to them the RSAs for 

request the trustee/custodian to return to them the RSAs for any reasons or by any means.

2.  During the period when the granted RSAs are deposited in a trust/custody account, each executive must enter into an agreement authorizing the 

Company to, among others, negotiate, execute, modify, extend, rescind, and terminate the trust/custody agreement with the trustee/custodian, and give 
instructions to deliver, use, and dispose of any of the properties under the trust/custody, on their behalf, with full power and authority.

1.  The Company will reclaim the granted RSAs and cancel the same at no extra cost to the Company, where an executive fails to meet the vesting conditions.
2.  Voluntary Separation, separation with a severance, or involuntary discharge: Any unvested RSAs will be forfeited on the effective date of separation due to 
a voluntary separation, separation with a severance, or involuntary discharge of such executives. The Company will reclaim the RSAs granted to them and 
cancel the same at no extra cost to the Company.

3.  Leave Without Pay: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of executives taking extended leave 
without pay. However, the actual number of shares that may be vested will not only be calculated according to the vesting conditions but also be prorated 
based on the number of months of their service during the year prior to the applicable vesting day. If such executives are on leave without pay on any 
vesting day, it shall be deemed that they fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same 
at no extra cost to the Company.

4.  Retirement: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement. However, the 
actual number of shares that may be vested shall be calculated according to the vesting condition, and the performance rating granted to them shall be 
deemed “S”.

5.  Employment Termination Due to Death or Physical Disability Caused by Occupational Accidents: The unvested RSAs shall be deemed immediately vested in 
the case of death or physical disability due to an occupational accident, where the RSAs vested shall be based on the assumption that the Company’s TSR 
equals to the TSR of S&P 500 IT Index and there is no further adjustment for the Company’s ESG achievements. In the case of death, the respective heir(s) 
may apply for entitlement to those inheritable shares after completing all necessary legal procedures and providing relevant supporting documents. In the 
case of physical disability caused by occupational injury, the vested RSAs will be received by such executives.

6.  Position Transfer: Where any executives apply for transferring to any of the Company’s subsidiaries, affiliates, or other companies, the measures to 

be taken with respect to their unvested RSAs will be the same as those specified in “Voluntary Separation”. Where any executives are assigned by the 
Company to a position in any of the Company’s subsidiaries, affiliates, or other companies, all the rights and obligations in connection with the unvested 
RSAs will not be affected as a result. However, subject to the vesting conditions, such executives shall continue working in the assigned subsidiaries, 
affiliates, or other companies on the vesting dates. Otherwise, they will be considered to fail to meet the vesting conditions, and the Company will 
reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. With respect to the evaluation of the achievement of individual 
performance goals, Chairman and Chief Executive Officer will determine whether the vesting conditions are met by reviewing the evaluation of the 
executives’ performance provided by the assigned subsidiaries, affiliates, or other companies.

7.  Where any executives declare to voluntarily relinquish the granted RSAs with a written statement, the Company will reclaim the RSAs granted to them and 

cancel the same at no extra cost to the Company.

8.  Where any executives, after being granted the RSAs, breach any agreement with the Company employment agreement or violate the Company’s work 

rules, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company.

any reasons or by any means.

2.  During the period when the granted RSAs are deposited in a trust/custody account, each executive must enter into an agreement authorizing the Company to, among others, negotiate, execute, modify, extend, 
rescind, and terminate the trust/custody agreement with the trustee/custodian, and give instructions to deliver, use, and dispose of any of the properties under the trust/custody, on their behalf, with full power 
and authority.

1.  The Company will reclaim the granted RSAs and cancel the same at no extra cost to the Company, where an employee fails to meet the vesting conditions.
2.  Voluntary Separation, separation with a severance, or involuntary discharge: Any unvested RSAs will be forfeited on the effective date of separation due to a voluntary separation, separation with a severance, or 

involuntary discharge of such employees. The Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company.

3.  Leave Without Pay: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of employees taking extended leave without pay. However, the actual number of shares 

that may be vested will not only be calculated according to the vesting conditions but also be prorated based on the number of months of their service during the year prior to the applicable vesting day. If such 
employees are on leave without pay on any vesting day, it shall be deemed that they fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra 
cost to the Company.

4.  Retirement: All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement, provided that the employee complies with both of the following 

conditions after his/her retirement. If any of the following conditions is not met, any unvested RSAs will be forfeited.  Exemption could be made case by case by Chairman and CEO.
-  Not to get any full-time job; and
-  Not to engage in competition with the Company or the Company’s subsidiaries, including without limitation: to join a competitor, to provide any competitive services, to establish any company or business that 

would involve a competitive foundry process or service, or to employ, induce, or attempt to induce any TSMC employee to undertake competitive services.

All the rights and obligations in connection with the unvested RSAs will not be affected as a result of an employee’s retirement. However, the actual number of shares that may be vested shall be calculated 
according to the vesting condition, and the performance rating granted to them shall be deemed “S”.

5.  Employment Termination Due to Death or Physical Disability Caused by Occupational Accidents: The unvested RSAs shall be deemed immediately vested in the case of death or physical disability due to an 

occupational accident. For eligible executive officers of the Company, the RSAs vested shall be based on the assumption that the Company’s TSR equals to the TSR of S&P 500 IT Index and there is no further 
adjustment for the Company’s ESG achievements. For eligible employees who are not executive officers of the Company and the Company’s subsidiaries, the RSAs vested shall be based on the assumption that 
the Company’s Revenue growth, Gross Margin, and ROE are all equal to Threshold. In the case of death, the respective heir(s) may apply for entitlement to those inheritable shares after completing all necessary 
legal procedures and providing relevant supporting documents. In the case of physical disability caused by occupational injury, the vested RSAs will be received by such employees. 

6.  Position Transfer: 

-  Where any employees apply for transferring to any of the Company’s subsidiaries, affiliates, or other companies, the measures to be taken with respect to their unvested RSAs will be the same as “Voluntary 

Separation”.

-  Where any employees are assigned by the Company or the Company’s subsidiaries to a position in any of the Company’s subsidiaries, affiliates, or other companies, all the rights and obligations in connection 

with the unvested RSAs will not be affected as a result. However, subject to the vesting condition, such employees shall continue working in the assigned subsidiaries, affiliates, or other companies on the 
vesting dates. Otherwise, they will be considered to fail to meet the vesting conditions, and the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company. With 
respect to the evaluation of the achievement of individual performance goals, Chairman and Chief Executive Officer will determine whether the vesting conditions are met by reviewing the evaluation of the 
employees’ performance provided by the assigned subsidiaries, affiliates, or other companies.

7.  Where any employees declare to voluntarily relinquish the granted RSAs with a written statement, the Company will reclaim the RSAs granted to them and cancel the same at no extra cost to the Company.
8.  Where any employees, after being granted the RSAs, breach any agreement with the Company employment agreement or violate the Company’s work rules, the Company will reclaim the RSAs granted to them 

9.  Where any executives terminate or revoke their authorization given to the Company regarding the executive’s RSA trust/custody account, the Company will 

and cancel the same at no extra cost to the Company.

reclaim their unvested RSAs and cancel the same at no extra cost to the Company.

9.  Where any employees terminate or revoke their authorization given to the Company regarding the employees’ RSA trust/custody account, the Company will reclaim their unvested RSAs and cancel the same at no 

Number of Restricted Employee Shares 
That Have Been Retired or Bought Back

Number of Restricted Employee Shares 
That Have Vested

419,466 shares

274,034 shares

Number of Unvested Restricted Employee 
Shares

693,500 shares

The Ratio of Number of Unvested 
Restricted Employee Share to the Total 
Number of Issued Shares (%)

0.00267%

extra cost to the Company.

0 share

0 share

2,110,000 shares

0.0081%

The Effect on Shareholders’ Equity

The potential dilution of the Company’s EPS is minimal; therefore, there is no material impact on shareholders’ interest.

The potential dilution of the Company’s EPS is minimal; therefore, there is no material impact on shareholders’ interest.

Note: The printed date of this Annual Report.

088

089

4.6.2 Employee Restricted Stock Granted to Management Team and to Top 10 Employees

Unit: Share 

As of 03/12/2023 (Note 2)

Title

Name

No. of Employee Restricted 
Stock Granted

Employee Restricted Stock 
as a Percentage of Shared 
Issued (Note 3)

          Restrictions Released

Restrictions Unreleased

No. of Shares

Issued Price (NT$) 

Issued Amount 
(NT$ thousands)

Released Shares as a 
Percentage of Shares 
Issued (Note 3)

No. of Shares

Issued Price (NT$) 

Issued Amount 
(NT$ thousands)

Unreleased Shares as a 
Percentage of Shares 
Issued (Note 3)

Management Team and 
Employee

Chief Executive Officer

C.C. Wei 

Vice President, Chief Financial 
Officer/Spokesperson

Wendell Huang

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Senior Vice President

Lora Ho

Wei-Jen Lo

Y.P. Chin

Y.J. Mii

J.K. Lin

Senior Vice President

J.K. Wang (Note 1)

Senior Vice President

Senior Vice President

Vice President and General Counsel/
Corporate Governance Officer

Cliff Hou

Kevin Zhang

Sylvia Fang

Vice President

Vice President

Vice President and TSMC 
Distinguished Fellow

Connie Ma (Note 1) 

Y.L. Wang

Douglas Yu

Vice President and TSMC Fellow

T.S. Chang

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President

Vice President and Chief 
Information Officer

Vice President

Vice President

Michael Wu

Min Cao

Marvin Liao (Note 1)

Y.H. Liaw

Simon Jang

C.S. Yoo

Jun He

Geoffrey Yeap

Chris Horng-Dar Lin

Jonathan Lee

Arthur Chuang

Vice President and TSMC Fellow

L.C. Lu 

Vice President

Employee

K.C. Hsu

Y.C. Huang (Note 1) 

3,497,000

0.01349%

274,034

0

0

0.00106%

2,803,500

0

0

0.01081%

Note 1:  Vice President Mr. J.K. Wang retired, effective May 7, 2022. Vice President Ms. Connie Ma retired, effective November 1, 2022. Vice President Dr. Marvin Liao retired, effective November 11, 2022. Mr. Y.C.  

Huang retired, effective May 1, 2022.

Note 2: The printed date of this Annual Report.
Note 3: The number of shares issued is based on the amended number of total shares approved by Ministry of Economic Affairs on February 28, 2023.

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 2022, the implementation of uncompleted plan was as follows:

Projects

Unsecured Corporate Bond 
(111-6, Green Bond)

Gross Proceeds

NT$10.2 billion

Use of Proceeds

Implementation Status

Green buildings and 
environmental protection 
related expenditures

As of the end of the fourth quarter of 2022, the actual completion rate was 40.00% (calculated based on 
actual payments), as compared to the original plan of 16.76% due to spending earlier than schedule. The 
funds were used in accordance with the original plans and there was no major difference between the 
expected benefits and the actual ones.

090

091

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 leading advanced 
process, specialty technologies, advanced mask technologies, 
TSMC 3DFabricTM advanced packaging and silicon stacking 
technologies, excellent manufacturing productivity and quality, 
as well as comprehensive design ecosystem support, to meet 
a growing variety of customer needs. The Company strives to 
provide unparalleled 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.

In 2022, TSMC developed or introduced the following 
technologies:

Logic Technology
● 2nm (N2) technology development is on track and making 

good progress. N2 technology features TSMC’s first 
generation of nanosheet transistor technology with full-node 
strides in performance and power consumption. Volume 
production is expected in 2025.

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

volume production in the second half of 2022 as planned.
● N3E technology, an enhanced version of N3 technology, will 
continue to provide industry-leading advantages for both 
mobile communication and high-performance computing 
(HPC) applications. Volume production is expected in the 
second half of 2023.

● 4nm FinFET (N4) technology, an enhanced version of 5nm 

FinFET (N5) technology, started volume production in 2022. 

● 4nm FinFET Plus (N4P) technology development is on track 
and making good progress. Customer product tape-outs 
were received in 2022 and volume production is expected in 
2023.

● N4X technology, introduced in 2021, is TSMC’s first 

high performance computing (HPC)-focused technology, 
representing the ultimate performance and maximum clock 
frequencies in TSMC’s 5-nanometer family. It is expected to 
receive customer tape-outs in 2023.

● 5nm FinFET Plus (N5P) technology, a performance-enhanced 
version of 5nm technology (N5), entered its second year of 
volume production in 2022 for customers’ smartphone and 
HPC products.

● 6nm FinFET (N6) technology entered its third year of volume 
production in 2022 and was widely adopted for customers’ 
smartphone, HPC, and consumer electronics products.

● 7nm FinFET (N7) and 7nm FinFET plus (N7+), which 

have been in volume production for customers’ 5G and 
high-performance computing products for several years, 
entered their second year of volume production for 
customers’ consumer electronics and automotive products in 
2022.

● N12eTM technology, which leverages TSMC’s 12nm FinFET 

compact plus (12FFC+) baseline, started volume production 
in 2021. Following this, N12eTM technology introduced 
innovative low-leakage input/output (IO) devices in 2022 and 
is planned to start risk production in 2023.

● 22nm ultra-low leakage (22ULL) technology introduced new 
enhanced low leakage in 2021 and has been applied to IoT 
products since 2022. 

Specialty Technology
● 5nm FinFET Automotive (N5A) technology, an automotive 
qualified version of 5nm technology (N5) with automotive 
design enablement platform, completed technology and 
IP AEC-Q100 qualification and certified by ISO 26262: 
Functional Safety – Road Vehicles Standard in 2022. 
Customer product tape-outs are expected to start in 2023.

● N6 radio frequency (N6 RF) technology received multiple 

customer product tape-outs in 2022. In addition, the second 
generation N6 radio frequency (N6 RF+) technology is under 
development, and its process design kit (PDK) is expected to 
be completed in 2023.

● 12FFC+ RF technology version 1.0 simulation program with 
integrated circuit emphasis (SPICE) model and PDK were 
released in 2022. This technology was developed on the same 
logic process platform as N12eTM technology and targets 
IoT wireless connectivity applications and the second wave 
mobile RF customers.

● 16FFC FinFET compact (16FFC) RF technology received 

multiple customer tape-outs in 2021. The development of its 
enhanced version (Enhancement I/II) was completed in 2022 
to support applications such as 28/39/47GHz mmWave RF 
front-end module and 77GHz/79GHz automotive radar.

● 16FFC embedded magnetoresistive random access memory 

● TSMC-SoIC® Wafer-on-Wafer (WoW) technology 

(MRAM) technology completed reliability qualification 
in 2022, with one million cycles endurance and reflow 
capability. This technology is ready for production and is 
expected to pass AEC-Q100 Grade-1 reliability qualification in 
2023.

● 22ULL and 28ULL embedded resistive random access memory 
(RRAM) technologies, TSMC’s second generation of RRAM 
solutions, featured balanced cost and reliability. Several 
customers qualified products with these technologies and 
started volume production in 2022.

● 40nm Silicon on Insulator (N40SOI) technology on 12-inch 

wafers, which provides industry-leading competitive 
advantages, received multiple customer tape-outs in 2021 
and started volume production in 2022.

● 6-inch gallium nitride (GaN) on silicon technology successfully 
passed customer product quality and reliability qualification. 
In 2022, this technology was widely adopted in power 
supplies for various consumer electronic devices featuring 
high power efficiency and small footprint. 8-inch GaN on 
Silicon technology development is on track and is expected to 
be ready in 2025 to further support automotive applications.

● CMOS image sensor (CIS) technology was enhanced and 
moved to the next generation to further strengthen the 
capabilities of advanced smartphone cameras. In 2022, 
TSMC continually helped customers roll out products with 
the world’s smallest pixel size. In addition, TSMC successfully 
completed technology development of the world’s first 
three-wafer-stacked global shutter image sensor and it is 
ready for production.

demonstrated superb system performance enhancement 
for high performance computing (HPC) products in 2022 
by stacking 7nm logic wafer on deep trench capacitor (DTC) 
wafer.

● Chip on wafer on substrate with silicon interposer 
(CoWoS®-S) technology that integrates multiple 
system-on-chip (SoC) chips, second generation high 
bandwidth memory (HBM2E) stacks, and a 3-reticle size 
silicon interposer that features embedded deep trench 
capacitor (eDTC) successfully started volume production for 
customer HPC products in 2022.

● Chip on wafer on substrate with redistribution layer 

interposer (CoWoS®-R) technology featuring redistribution 
layer (RDL) interposer for better signal integrity for HPC 
applications successfully started risk production in 2022 and 
is expected to start volume production in 2023.

● Integrated Fan-Out on Substrate (InFO_oS) technology 

that integrates multiple SoC chips in a 2-reticle size fan-out 
package on a >90mmx90mm substrate successfully entered 
volume production in 2022.

● Integrated Fan-Out with local silicon interconnect (InFO_LSI) 

technology, which integrates 5nm SoCs with ultra-high 
density die-to-die interconnects for high performance 
computing products, successfully started volume production 
in 2022.

● Fine pitch copper (Cu) bump technology for flip chip 
packaging on 4nm silicon successfully started volume 
production in 2022.

● For silicon photonics technology, TSMC is developing an 

5.1.2 Customer Applications

innovative 3D photonics stack technology – compact universal 
photonics engine (COUPE), which can integrate silicon 
photonics chip and electrical control chip into a single-chip 
photonic engine. This photonics engine can be co-packaged 
with a high performance computing chip to provide low 
power and high speed data transmission. In 2022, several 
test chips were taped out for early evaluation to lay a solid 
foundation for future volume production.

TSMC 3DFabricTM - TSMC Advanced Packaging and 3D 
Silicon Stacking Technologies
● TSMC-SoIC® (System on Integrated Chip) Chip-on-Wafer 

(CoW) technology successfully entered volume production 
in 2022. Stacking SRAM chips on logic wafers through 
CoW technology demonstrates significant performance 
improvement. 

TSMC manufactured 12,698 different products for 532 
customers in 2022. These chips were used across a broad 
spectrum of electronic applications, including computers 
and peripherals, information appliances, wired and wireless 
communication systems, high-performance computing 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.

094

095

5.1.3 Consolidated Shipments and Net Revenue in 2022 and 2021

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

Shipments

Wafer

Domestic (Note 1)

Export

Others (Note 2)

Domestic (Note 1)

Total

Export

Domestic (Note 1)

Export

2022

Shipments

 2,324 

 12,929 

 N/A 

 N/A 

 2,324 

 12,929 

Net Revenue 

 202,075,489 

 1,789,780,458 

 16,668,631 

 255,366,714 

 218,744,120 

 2,045,147,172 

2021

Shipments

 2,562 

 11,617 

 N/A 

 N/A 

 2,562 

 11,617 

Net Revenue 

 172,814,551 

 1,232,485,722 

 13,055,166 

 169,059,598 

 185,869,717 

 1,401,545,320 

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 2022 and 2021

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

Year

2022

2021

5.2 Technology Leadership

5.2.1 R&D Organization and Investment

Wafers

Capacity

15-16

13-14

Output

 15-16 

 14-15 

Amount 

 854,900 

 791,459 

In 2022, TSMC continued to invest in research and development, with total R&D expenditures amounting to 7.2% of revenue, a 
level that equals or exceeds the R&D investment of many other leading high-tech companies.

Faced with the continuous challenge to significantly scale up semiconductor computing power every two years, thereby extending 
Moore’s Law, the Company has focused its R&D efforts on contributing to customers’ product success by offering leading-edge 
technologies and design solutions. In 2022, the Company successfully started risk production of N3E, an enhanced version of 
N3 technology; while the development of 2nm, the leading-edge technology in the semiconductor industry at this time, moved 
into baseline setup and the yield learning stage. Furthermore, the Company’s research efforts continued pushing 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 functionality required by customers for mobile SoC and other applications. Highlights 
in 2022 included: 

● The Company’s integrated interconnect and packaging solution, the 3DFabricTM, showed significant progress by completing 
certification of HBM3 (third generation HBM) on CoWoS-S; qualifying InFO_PoP Gen-8 for mobile applications and enhanced 
thermal performance; and developing on schedule the next-generation InFO_PoP with backside redistribution layers (RDL).  

● In specialty technologies, examples of progress included: improving figure-of-merit of 5V devices of 55nm bipolar-CMOS-DMOS 
(BCD) technology and extended 0.13μm BCD technology to support 55V in automotive applications; qualifying next generation 
monolithic CMOS-MEMS technology with highly reliable 6-axis inertial measurement unit (IMU); starting risk-production of the 
world’s smallest chips of voltage domain global shutter CMOS image sensors with 3-wafer stack technology; and demonstrating 
next generation MRAM with smaller cell size, faster writing speed and more power saving for use in MCU, AR/VR/edge-AI 
applications.

In 2022, 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 major purposes: the advancement of 
semiconductor technologies and the nurturing of human talent 
for the future.

R&D Expenditures 

Amount: NT$ thousands

8
0
2
,
2
6
2
,
3
6
1

5
5
7
,
4
3
7
,
4
2
1

2021 

2022 

6
9
7
,
5
8
9
,
5
2

01/01/2023~
02/28/2023

5.2.2 R&D Accomplishments in 2022

Highlights
● 3nm Technology
In 2022, TSMC established platform support of N3E technology 
for both HPC and SOC applications, started risk production, 
and planned to launch volume production in the second half 
of 2023.

● 2nm Technology
Also in 2022, TSMC’s 2nm technological development focused 
on baseline setup, yield learning, transistor and interconnect 
R/C performance improvement, and reliability evaluation. 
During the year, major customers completed IP design and 
started silicon validation. TSMC also developed low resistance 
RDL and super high performance metal-insulator-metal (MiM) 
capacitors to further boost performance.

● Lithography Technology
The Company’s R&D in lithography in 2022 focused on 
3nm volume production, 2nm technology development, 
and preparation for the next generation. In 2nm, enhanced 
variation control, material quality, and defect reduction 

demonstrated good performance with expected wafer yield. In 
2023, TSMC R&D will continue to pursue extreme ultraviolet 
(EUV) technology development, mask pellicle research, and 
cost reduction for 2nm technology. In the future, TSMC R&D 
will continue to develop leading-edge technology with next 
generation EUV scanners to extend Moore’s Law.

● Mask Technology
In 2022, R&D focused on improving critical dimension, pattern 
fidelity, overlay performance and defect reduction of EUV 
masks yields, exposure durability and wafer productivity by EUV 
photoresist and absorber material improvement, multibeam 
writer fine-tunning, process recipe modification, and 
introducing dry clean and inspection deep learning to meet 
the lithography requirements of the 3nm node. Continuous 
advancement was made for EUV mask technology by 
development of new mask materials and new mask processes 
for nodes at 2nm and beyond.

Integrated Interconnect and Packaging
TSMC has named its fine pitch chip-to-chip connection 
leveraging existing wafer processes 3DFabricTM, which consists 
of both wafer-level frontend and backend technologies. The 
Company’s frontend technologies, or TSMC-SoIC® (System on 
Integrated Chips), enables leading-edge silicon for 3D silicon 
stacking. TSMC’s advanced backend technologies includes 
CoWoS® with chips placed onto pre-made RDLs and InFO 
with chips embedded before interconnection. The Company’s 
3DFabric offers the ultimate flexibility in product design with 
integrated frontend and backend technologies to meet future 
computing systems integration scaling needs.

● 3DIC and TSMC-SoIC®
TSMC-SoIC® 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 corresponding cost 
benefits. SoIC integrated chips can be subsequently assembled 
by using conventional packages or TSMC’s new 3DFabricTM 
technologies, such as CoWoS® or InFO, for next generation 
HPC, AI and mobile applications. Currently, several SoIC 
product tape-outs are under verification. The Company is also 
planning the next generation of SoIC platform with more 
bandwidth improvement at a competitive cost. TSMC will 
continue pursue SoIC technological improvements and to 
co-optimize with the Company’s advanced silicon technologies 
for further gains in transistor density, and system power/
performance/area and cost.

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● CoWoS® 
CoWoS® with Si interposer is the leading 2.5D technology for 
high-end HPC and AI product applications. The technology 
features a Si interposer with sub-micron routing layers and 
integrated capacitors (iCaps) so that various chiplets such as 
SoC and high bandwidth memory (HBM) can be placed on it. 
The new third generation HBM3 was certified on CoWoS-S in 
2022. In parallel, CoWoS-L with multiple local Si interconnects 
(LSIs) embedded in an organic interposer are being developed. 
Compared with CoWoS-S, CoWoS-L dramatically improved the 
size limitation of a Si interposer and enabled more features in 
an interposer to boost overall system performance.

● InFO
In 2022, TSMC continued its industry leadership in 
high-volume manufacturing of InFO_PoP Gen-7 packaging 
for mobile applications. InFO_PoP Gen-8 was also successfully 
qualified for mobile applications and displayed enhanced 
thermal performance. InFO-oS Gen-4 qualified in 2022 and 
offers more chip-partition integration, larger package size and 
higher bandwidth. Based on standard InFO_PoP structure, 
InFO_M_PoP Gen-1, which integrates different functional chips 
suitable for wearable applications, was developed and qualified 
in 2022. The next-generation InFO_PoP is being developed on 
scheduled to provide backside RDL for integrated commodity 
of low power DDR DRAM technology (LPDDR).

● Advanced Interconnect
TSMC provides unique interconnect technologies for 
its customers to design competitive products. In 2022, 
innovations on metallization enabled both line and via 
resistance reduction. In addition, development of novel 
materials also provided capacitance reduction. Those creative 
solutions deliver better chip performance with lower cost.  

Corporate Research
Innovation in low-dimensional devices and materials continues 
to drive higher performance and reduced power consumption 
in advanced logic technologies. In 2022, TSMC stayed at the 
forefront of 2D transistor research. At the 2022 Symposia 
on VLSI Technology and Circuits, TSMC demonstrated a 
novel wafer-scale semi-automated dry transfer process for 
monolayer (1L) chemical vapor deposition (CVD) 2D WS2 
utilizing the weakly coupled interface between semimetal (Bi) 
and 2D WS2. Using this semimetal-assisted transfer process, 
TSMC showcased a record high on current and a record low 
contact resistance for wafer-scale 1L CVD WS2 transistors. At 

the 2022 International Electron Device Meeting (IEDM), TSMC 
successfully integrated Hf-based atomic layer deposition (ALD) 
higher-k dielectrics with CVD-grown monolayer (1L) MoS2 to 
build top-gate 2D nFET with equivalent oxide thickness (EOT) 
of ~1nm with a nearly ideal subthreshold swing of 68 mV/dec. 
Also at the 2022 IEDM, TSMC demonstrated the first successful 
integration of monolayer MoS2 nanosheet (NS) FET in a 
gate-all-around configuration. The successful demonstration 
of MoS2 NS with high performance and of the stacked NS 
modules further clarifies the value proposition in 2D materials 
for transistor scaling. 

TSMC continues to research emerging high-density, 
non-volatile memory devices and hardware accelerators for AI 
and HPC applications. At the 2022 International Solid-State 
Circuits Conference (ISSCC), TSMC demonstrated a 40nm 
phase change memory (PCM) compute-in-memory macro 
with a hybrid SLC and MLC configuration. Combining an 
input-reordering scheme to enhance sparsity, the 2Mb-cell 
design achieved state of the art energy efficiency. At the 
2022 IEDM, TSMC had previously introduced a new approach 
towards forming-free chalcogenide selectors, where extra 
defects were introduced to assist the forming process and 
reduce the forming voltage. Forming-free low voltage selectors 
based on SiNGeCTe (SNGCT) chalcogenide were demonstrated 
along with excellent endurance characteristics over 1010 cycles.

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

● Mixed Signal/Radio Frequency (MS/RF) 
The confinement caused by the COVID-19 pandemic over 
the past two years triggered a growing demand for MS/
RF chips in wireless connectivity, such as applications in 5G 
communications, WiFi7, IoT, and so on. In 2022, TSMC 
continued to enhance RF design-technology co-optimization 
(DTCO) to a systematic methodology by bridging the validation 
between key process knob/device option/layout optimization 
and benchmarking circuit performance, and applied these 
results to RF technology to provide best performance/
power/cost-tradeoffs solutions, such as 6nm/12nm FFC+ 
for transceiver designs, 16nm/28nm HPC+ for 5G mmWave 
frontend module (FEM) designs, and enhanced 40nm special 
process for 5G RF FEM designs.

● Power IC/Bipolar-CMOS-DMOS (BCD) 
TSMC continued to increase its 12-inch BCD technology 
competitiveness in 2022. The figure of merit of 5V devices 
of 55nm BCD technology was enhanced, targeting power 
switches for portable devices. The Company plans to further 
develop 28V and 5-16V for the 40nm BCD 20/24V technology 
platform. The 22nm BCD technology offers 5V to 20V devices 
that are in reliability certification stage and has also extended 
0.13μm BCD technology to support 55V in automotive 
applications.

● Micro-Electromechanical Systems (MEMS) 
In 2022, TSMC implemented qualified piezoelectric micro 
electromechanical systems (MEMS) technology for mass 
production of MEMS speakers with high audio quality and 
fast response. In parallel, TSMC’s capacitive micro-machined 
ultrasonic transducer (CMUT) MEMS technology was qualified 
for medical ultrasound imaging transducer chips with high 
image quality and low cost and entered the mass production 
stage. In addition, TSMC’s next generation monolithic 
CMOS-MEMS technology was qualified in 2022 to produce 
highly reliable 6-axis inertial measurement unit (IMU) for 
automotive safety and autonomous driving. Future plans 
include the development of next-generation high-sensitivity 
piezoelectric microphones, total solutions for high SNR 
automotive 6-axis IMU, and medical single chip ultrasound 
probe applications.

● Gallium Nitride (GaN)
TSMC’s first generation of 650V enhanced GaN high electron 
mobility transistors (E-HEMT) went into mass production 
in 2022. In order to fill customer demand, TSMC tripled its 
production capacity from 2021 levels. Further, to support the 
Company’s leading position in the GaN power transistor field, 
the second generation of 650V and 100V power E-HEMT 
entered the final reliability assessment stage and will start 
production in 2023. For GaN transistors application in the 
automotive electronics market, the third generation 650V 
power E-HEMT development was developed to be delivered in 
2025.

● Complementary Metal-Oxide-Semiconductor (CMOS) 

Image Sensors

In 2022, TSMC made several major technical advances in 
CMOS image sensor technology including: (1) starting risk 
production of a new sub-micron pixel technology with 
16% pixel area reduction for mobile imaging market; (2) 

risk-producing the world’s smallest voltage domain global 
shutter CMOS image sensor chips with 3-wafer stack 
technology for NIR/security camera market; (3) completing the 
technology transfer of silicon direct time-of-flight single photon 
avalanche diode (SPAD) process to a manufacturing fab for 
3D distance sensing applications; and (4) proceeding with risk 
production of stacked CMOS image sensors with N22 logic 
wafers as image signal processing units for high-dynamic range 
automotive imaging applications.

● Embedded Flash/Emerging Memory 
TSMC reached several major milestones in embedded 
non-volatile memory (NVM) technologies in 2022. At the 
28nm node, the Company’s embedded flash development for 
high-performance (HP) mobile computing and HP low-leakage 
platforms maintained a stable high yield consumer electronics 
grade for mass production, achieved the highest automotive 
grade-0 qualification, and are scheduled for product 
qualification in 2023. TSMC also offered RRAM as a low-cost 
embedded NVM solution for the price sensitive IoT market. The 
Company’s 40nm & 28nm nodes entered mass production, 
while the 22nm node was ready for production. 

The Company also enjoyed several major accomplishments in 
embedded MRAM technology, including TSMC’s 16nm node 
for automotive applications, which is expected to achieve 
technical qualification in 2023. TSMC also had demonstrated 
an advancement in next generation memory cells with smaller 
cell size, faster writing speed and more power saving to meet 
the requirements for MCU, AR/VR/edge-AI applications.

5.2.3 Technology Platform

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

For the latest advanced technologies such as 3nm, 4nm, 5nm 
and TSMC 3DFabricTM, the Company provides EDA tools, 
features and IP solutions for adoption at various design stages 
by customers for system innovation to meet their product 
requirements. To help customers plan new product tape-outs 
incorporating library/IP from the Company’s Open Innovation 

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Platform® (OIP) ecosystem, the OIP ecosystem features a 
portal to connect customers to solution providers from 16 
EDA partners, six Cloud partners, 37 IP partners, 23 design 
center alliance (DCA) and eight value chain aggregator (VCA) 
partners, as well as 19 inaugural partners with 3DIC expertise 
for the new 3DFabric Alliance, which was officially announced 
in October 2022 during TSMC’s North American OIP Ecosystem 
Forum in Santa Clara, California.

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, an essential element for IP and customer 
designs to ensure that features meet TSMC process technology 
requirements, can be found on TSMC-OnlineTM. Corresponding 
tech files and PDKs are available for customers to download 
and use 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 that process technology 
information is accurately represented in EDA tools. By 2022, 
TSMC had provided customers more than 43,000 tech files and 
2,900 PDKs.

Library and IP
Silicon intellectual property (IP) is the basic building block of 
IC designs. Various IP types are available to support different 
customer design applications including: foundation, analog/
mixed-signal, embedded memory, interface 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. By 2022, the Company had expanded its library and 
silicon IP portfolio to contain more than 55,000 items, a 37.5% 
increase over 2021.

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 2022, TSMC released N3E 
HPC, mobile and custom design reference flows through OIP 
collaboration and announced the availability for customer 
adoption of design applications in mobile and HPC platforms. 
In addition to process technology advancements, the Company 
released the design reference flows for analog design 
migration, N16 mmWave and N6 RF sub-6G technologies, 
and continued to develop and offer TSMC 3DFabricTM design 
solutions for both 3D chip stacking and 2.5D advanced 
packaging technologies, including solutions to support the 
3DbloxTM standard to unify EDA tool solutions to reduce 
3DIC design complexity, thus helping customers to effectively 
improve productivity in their system-level designs. These design 
reference flows feature FinFET-specific and 3DFabricTM design 
solutions to optimize PPA (performance, power and area).

5.2.5 Intellectual Property 

For a long time, TSMC has been protecting R&D innovation and 
operation development by way of utilizing patents and trade 
secrets as dual tracks under the established comprehensive 
IP management system, encouraging Company’s innovation 
culture, and strengthening Company’s competitive strengths so 
as to fulfill the Company’s ESG vision. TSMC’s General Counsel 
updates the Board of Directors on the status of the intellectual 
property management scheme.

TSMC’s comprehensive patent management system includes: 
Patent management strategies, such as Global patent 
deployment, Exploratory invention mining, Patent portfolio 
expansion, and Patent exploitation and exercise; and Patent 
management rules, such as Tier-based IP evaluation, Patent 
competition rewards, Educational patent promotion, and 
Patent professional training. We have established technological 
patent road maps by way of innovative patent strategy, 
strict management and risk-control measures; analyzed and 
monitored competitors by using intelligent patent maps; 
conducted core technology mining through invention 
workshops; expanded patent families on key technologies; filed 
and maintained patents by tier-based management, further 
enhanced patent protection through quality control on patent 
applications and continued to construct massive global patent 
portfolio with high quality; and, diversified exploitation of 
patent assets. In terms of patent filings, TSMC has accumulated 
more than 85,000 patent applications worldwide as of end 
of 2022, including 8,500+ applications filed in 2022. TSMC 
ranked No.2 among global US patent applicants, and No.1 
among patent applicants in Taiwan. In terms of patent grants, 

TSMC has accumulated 56,000+ patents worldwide as of end 
of 2022, including more than 5,500 global patents received. 
TSMC ranked No.3 among U.S. Patentees, and No.1 among 
patent patentees in Taiwan. In terms of patent quality, the 
allowance rate of TSMC’s U.S. applications approached 100%. 

Turning to trade secret management and strategy, as the 
pioneer of institutionalized trade secret registration systems 
since 2013, TSMC continues to develop and innovate trade 
secret management. The Trade Secret Registration System (TSR) 
keeps daily records of TSMC employees’ wealth of inventions 
and innovations at work and encourages further innovations in 
targeted technical fields with tailored initiatives. For example, 
2021’s promotion of trade secret registration coverage for 
mass production fabs of advanced processes in N3, N5, and 
N7 met with great success, and 100% of all eligible engineers 
involved in such processes completed trade secret registration. 
Then in, 2022, TSMC further encouraged “Manufacturing 
Excellence” in trade secret registrations by ensuring that 
accumulation of the Company’s competitive advantages 
stemming from “technology leadership” and “manufacturing 
excellence” had appropriate documentation in TSR. The wealth 
of innovations contained in TSR also act as valuable sources 
for patent mining. TSR also includes business-related trade 
secrets such as capacity planning and pricing strategies. By 
integrating TSR with the company’s contract management 
system and human resource system, TSMC further bolsters its 
competitiveness. TSMC also identifies and rewards impactful 
and high-quality innovations at its annual Golden Trade 
Secret Award ceremony. With implementations of intelligent 
automation and artificial intelligence, TSMC has created a 
culture that fosters innovation. Between 2013 and 2022, TSMC 
has presented 2,279 trade secrets with the Golden Trade Secret 
Award, and the TSR has exceeded 241,740 registered trade 
secrets as of 2022.

In 2022, TSMC adopted the following innovative measures 
of trade secret management to fulfill its vision of sustainable 
business: (1) Create an “Encourage Green Trade Secret 
Registration, Sharing, and Incentive Guidance” to support 
TSMC employees in registering green trade secrets and engage 
in sharing and dissemination of green innovations with the 
public while complying with company policies on confidential 
information protection, and (2) Establish the “Trade Secret 
Registration System Alumni Association” to selflessly share 
TSMC’s experience in and methodologies of building TSR 
and intelligent management. In doing so, TSMC expands its 
cross-industry promotion of TSR, continually promotes public 

welfare, and increases the awareness and understanding of 
trade secret management and its effectiveness.

TSMC received a AAA (the highest tier) certificate by Taiwan 
Intellectual Property Management System (TIPS) in December 
2021, and the valid period will expire after December 31, 
2024.

TSMC’s IP team works closely with technical teams from R&D 
in early stage to mass production, and actively constructs 
IP portfolio for each key innovative technology, including 
the latest 3nm and 2nm technology nodes, so as to ensure 
Company’s technology leadership in semiconductor field; 
TSMC’s revenue reached historical highs for 13 consecutive 
years, and we utilize patents and trade secrets as dual tracks to 
successfully protect Company’s main business including process 
technologies, designs, manufacturing and sales, and have been 
strategically utilized for defense and cross-license negotiation, 
so as to secure freedom of business operation worldwide.

5.2.6 TSMC University Collaboration Programs

In recent years TSMC has collaborated closely with a number 
of prestigious universities in Taiwan to carry out a variety of 
joint research projects. These collaborations encourage more 
university professors to conduct leading-edge semiconductor 
research in areas such as novel devices, process and materials 
technologies, semiconductor manufacturing and engineering, 
and specialty technologies for electronic applications. At 
the same time, these projects provide hands-on training for 
interested students to prepare for joining the semiconductor 
industry after graduation. 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. In the past nine years, a total of 245 professors 
and more than 3,600 students with backgrounds in the 
disciplines of electronics, physics, materials, chemistry, chemical 
engineering, and mechanical engineering have joined the 
research centers. In 2022, TSMC has also proactively supported 
the establishment of national academies at National Taiwan 
University, National Cheng Kung University, National Tsing 
Hua University, National Yang Ming Chiao Tung University, 
National Sun Yet San University, and National Chung Hsing 
University. In 2019, the Company jointly launched the 
TSMC-NTHU Semiconductor Program to enhance the quality 
and number of domestic semiconductor students and attract 
more outstanding students to a career in the semiconductor 

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industry. In 2022, the list of school partners had grown to nine 
universities, including National Taiwan University, National 
Cheng Kung University, National Yang Ming Chiao Tung 
University, National Taipei University of Technology, National 
Taiwan University of Science and Technology, National Central 
University, National Sun Yet San University, and National 
Chung Hsing University, and had attracted more than 4,000 
students to enroll in the program. In addition, TSMC has 
long conducted strategic research projects at top overseas 
universities such as Stanford, MIT, UC Berkeley and so on, 
focusing on innovative capabilities in transistors, interconnect, 
materials, device simulation and circuit design.

applications. TSMC research continues to develop novel 
materials, processes, devices and memories that may be 
adopted in the long run, ten years and beyond. The Company 
also continues to collaborate with external research bodies 
from academia and industry consortia alike with the goal of 
gaining early awareness and adoption of future cost-effective 
technologies and manufacturing solutions for its customers. 
With a highly competent and dedicated R&D team and 
unwavering commitment to innovation, TSMC is confident 
in its ability to drive future business growth and profitability 
for years to come by delivering competitive semiconductor 
technologies to its customers.

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. In 2022, 
despite the continued spread of COVID-19 and the ongoing 
global chip shortage, 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, 
non-volatile memory design and ultra-low power designs. 
TSMC and the University Shuttle Program participants enjoy 
win-win collaboration through the program, which allows 
graduate students to implement exciting designs and achieve 
silicon proof points for innovation in various end-applications.

5.2.7 Future R&D Plans

To maintain its technology leadership, TSMC plans to continue 
investing heavily in R&D. While TSMC’s 3nm and 2nm 
advanced CMOS logic nodes are progressing through the 
development pipeline, the Company’s reinforced exploratory 
R&D work is focused on beyond-2nm nodes and on areas such 
as 3D transistors, new memories and low-R interconnect, to 
establish a solid foundation to feed into future technology 
platforms. TSMC’s 3DFabricTM advanced packaging R&D is 
developing innovations in subsystem integration to further 
augment advanced CMOS logic applications. The Company 
maintains its intensified focus on new specialty technologies 
such as RF and 3D intelligent sensors for 5G and smart IoT 

Summary of TSMC’s Major Future R&D Projects

Project Name

Description

3nm logic technology platform and 
applications 

2nm and beyond logic technology platform 
and applications 

3DIC

Next-generation lithography

Long-term research

3D CMOS technology platform for SoC

3D CMOS technology platform for SoC

Cost-effective solutions with better form factor 
and performance for 3DIC integration

Next-generation 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

The projects above account for roughly 80% of the total R&D budget for 2023. Total R&D budget is 
estimated to be around 8% of 2023 revenue.

5.3 Manufacturing Excellence

5.3.1 GIGAFAB® Facilities

Maintaining reliable production capacity is a key TSMC 
manufacturing strategy. The Company currently operates 
four 12-inch GIGAFAB® facilities: Fabs 12, 14, 15 and 18. 
The combined capacity of these four facilities exceeded 11 
million 12-inch wafers in 2022, while producing 0.13μm, 
90nm, 65nm, 40nm, 28nm, 16nm, 7nm and 5nm process 
technologies, and their sub-nodes. 3nm technology has 
successfully entered volume production in Fab 18 with good 
yield in the second half of 2022. Capacity has been expanded 
at Fab 12 for R&D work on leading-edge manufacturing 
technologies including current support for the development of 
2nm nodes and beyond.

TSMC GIGAFAB® facilities are coordinated by a centralized 
management system known as super manufacturing 
platform (SMP) to provide customers with consistent quality 

TSMC has also integrated new applications such as intelligent 
mobile devices, IoT, edge computing, and mobile robot, with 
intelligent automated material handling systems (AMHS) to 
consolidate wafer manufacturing data collection and analysis, 
utilize manufacturing resources efficiently, and maximize 
manufacturing effectiveness. TSMC continues to intellectualize 
semiconductor production through AI that processes massive 
amounts of production data to achieve agile and intelligent 
operations. In addition, TSMC has implemented augmented 
reality (AR) technology to improve equipment installation 
efficiency and assist equipment engineers to diagnose remotely 
during the COVID-19 pandemic.

5.3.4 Digital Transformation

To meet the strong, pent-up demand for wafers during 
the ongoing pandemic era, TSMC continues to implement 
technology to transform the “automated fab” into the 
“intelligent fab,” with simultaneous improvement in product 
quality, equipment capacity, and personnel effectiveness. 
Intelligent fabs have integrated the domain knowledge of 
semiconductor manufacturing, kept the system self-learning, 
and expanded the application of AI and machine learning, 
which includes dispatching, equipment tuning, process control, 
equipment diagnosis and maintenance, and quality inspection. 
As a result, today’s engineers have been freed up to focus on 
problem solving. This digital transformation platform breaks 
through the limitations of the physical workplace, combines 
the expertise of those in different locations, and makes 
centralized management of global manufacturing a reality.

5.3.5 Raw Materials and Supply Chain Management

In 2022, TSMC continued to review and resolve, together with 
suppliers, 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.

and reliability, improved flexibility to cope with demand 
fluctuations, and 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 manufacturing process 
and quality control becomes extremely challenging. TSMC has 
tailored its manufacturing infrastructure to handle a diversified 
product portfolio that uses strict process control to meet 
tightened specs and higher product quality, performance 
and reliability requirements. TSMC’s process control systems 
are integrated with numerous intelligent functions to achieve 
excellence in both quality and manufacturing. Through 
intelligent detection, smart diagnosis, and cognitive action, 
the Company produces remarkable yield enhancement, quality 
assurance, workflow improvement, fault detection, cost 
reductions, all while shortening the R&D cycle.

To meet 5G’s stricter quality requirements for mobile, high 
performance computing (HPC), automotive and the Internet 
of Things (IoT), TSMC is implementing artificial intelligence 
(AI) and machine learning technologies, and has developed 
systems for precise fault detection and classification, intelligent 
advanced equipment and process control to ensure the 
consistency of tool matching and process stability. TSMC 
combines intelligent process variation detection with foundry 
know-how to identify potential defects and minimize the 
convergence of process variation through self-diagnosis and 
cognitive action. As the result, each chip can be precisely 
controlled at the nanometer level to produce the highest 
quality wafers for customers.

5.3.3 Agile and Intelligent Operations

The Company’s use of sophisticated, agile and intelligent 
operating systems drives manufacturing excellence. TSMC 
has integrated intelligent process experience, machine 
tuning, manufacturing know-how, and artificial intelligence 
technologies to create an intelligent manufacturing 
environment. Intelligent manufacturing technologies are widely 
applied to enhance lean manufacturing, boost employee and 
equipment productivity, and improve process and equipment 
control, quality control, and robotic control. The end result is 
real-time information analysis, improved forecast capability, 
maximum cost effectiveness, and accelerated innovation. 

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Raw Materials Supply

Major Materials

Major Suppliers

Market Status

Procurement Strategy

Raw Wafers

FST
GlobalWafers
SEH
Siltronic
SK siltron
SUMCO

These 6 suppliers together provide over 90% of the world’s 
raw wafer supply.

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

● Most suppliers have located their new operations closer to TSMC’s major 
manufacturing facilities, thereby significantly improving procurement logistics and 
reducing supply risk
● 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 12 companies are the major worldwide suppliers of 
chemicals.

Chemicals

Lithographic 
Materials

Gases

Slurry, Pad, Disk

Air Liquide
BASF
DuPont
Entegris
Fujifilm Electronic Materials
Kanto PPC
Kuang Ming
Merck
RASA
Shiny
Tokuyama
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
Nippon Sanso Taiwan

3M
AGC
Cabot Microelectronics
DuPont
Fujibo
Fujifilm Electronic Materials
Fujimi

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

These 9 companies are the major worldwide suppliers of 
specialty gases.

● 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 policies, and jointly set improvement programs and monitor 
progress to ensure continuous improvement in TSMC’s supply chain.
● Some major suppliers have relocated or plan to establish new manufacturing sites 
closer to TSMC’s major manufacturing facilities, thereby significantly improving 
procurement logistics and reducing supply risks.

● The majority of these suppliers have facilities in multiple geographic locations, which 
minimizes supply risk for TSMC.
● TSMC conducts periodic audits to ensure that the suppliers 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 jointly set improvement programs and monitor 
progress to ensure continuous improvement in TSMC’s supply chain.
● Most suppliers have relocated or plan to establish new manufacturing sites closer to 
TSMC’s major manufacturing facilities, thereby significantly improving procurement 
logistics and reducing supply risks.

Suppliers Accounting for at Least 10% of Annual Consolidated Net Procurement

Unit: NT$ thousands

Supplier

Company A

Company B

Company C

Others

Total Net Procurement

Procurement Amount 

2022

As % of 2022 Total 
Net Procurement

Relation to TSMC

Procurement Amount

As % of 2021 Total 
Net Procurement

Relation to TSMC

2021

 18,259,301 

 16,120,039 

 N/A 

 56,546,611 

 90,925,951 

20%

18%

None

None

 N/A 

None

62%

100%

-

-

 14,469,081 

 13,352,067 

 7,784,013 

 35,181,148 

 70,786,309 

20%

19%

11%

50%

100%

None

None

None

-

-

● 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 (Q&R)

TSMC strives to provide excellence in semiconductor 
manufacturing services to all its customers worldwide. The 
Company is dedicated to providing outstanding quality in every 
facet of its business and maintains a culture of continuous 
improvement to assure customer satisfaction. TSMC 
implements containment and preventive measures to protect 
customers from potential product defects.

In the technology development stage, the Q&R organization 
helps customers design in superior product reliability. In 
2022, Q&R worked continuously with R&D in advanced 
logic, specialty and advanced packaging technologies 
throughout development and qualification stages to ensure 
meeting commitments to customers with respect to device 
characteristics, process yield and product reliability.

For advanced logic technology, in 2022 Q&R focused on 
certifying technology quality and reliability for risk production 
of 3nm FinFET. For specialty technologies, Q&R successfully 
completed IP qualification of consumer grade 22nm 
embedded RRAM (resistive random access memory). In 
Bipolar-CMOS-DMOS (BCD) technologies, Q&R qualified 40nm 
BCD with 20/24V applications. In addition, TSMC’s advanced 
packaging solutions enabled system improvement of the wafer 
level process by integrating the frontend wafer process and the 
backend chip packaging. In 2022, Q&R achieved qualification 
of the TSMC 3DFabricTM technology platform and successfully 
qualified the first SoIC, WoW and CoWoS® technologies 
for HPC products to provide better system-level integration 
through heterogeneous chip package interaction.

To continuously reduce product defects, enhance process 
controls, facilitate early detection of abnormalities and prevent 
quality problems in general, Q&R collaborates with other 
operational entities to establish real-time defense systems using 
advanced statistical methods and quality tools. Q&R and the 
Company’s fabs have also 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 requirements to 
tighten 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 defective parts per million 
(DPPM) 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) in 2022. Furthermore, several digital 
transformation projects were completed in the areas of raw 
materials management, statistical process control (SPC), 
metrology and laboratory analysis by leveraging machine 
learning and artificial intelligence to achieve TSMC’s goal 
of digital transformation. In these endeavors, Q&R had 
the capability of intelligent quality defense and remote 
management of manufacturing to overcome the impact of the 
COVID-19 pandemic, making seamless quality control across its 
worldwide fab network a reality. In 2023, Q&R will continue to 
enhance employee capabilities by promoting quality methods 
and professional trainings and applying artificial intelligence to 
enhance TSMC competitiveness. 

Q&R is committed to green manufacturing, responsible 
supply chain and sustainable management practices. In 2021, 
Q&R set up a new advanced chemical laboratory to enhance 
continuous quality monitoring of raw materials. This helped 
R&D make significant innovations in materials and it provided 
services to enhance the technologies in the industry supply 
chain. Q&R collaborates with the corporate ESH organization 
to ask suppliers to declare that their materials to ensure 
compliance with international regulation for carcinogenic, 
mutagenic and reprotoxic (CMR) substances and to classify all 
risky materials and carry out test sampling. In 2020, Q&R had 
100% inspection capability for CMR substances and shared 
its inspection methods and capabilities with major material 
suppliers to enhance the monitoring of hazardous substances 
and control capability in the supply chain. Furthermore, in 
2021 Q&R assisted TSMC subsidiaries in setting up inspection 
capability for hazardous substances to enhance corresponding 
monitoring and control capability for industry supply chain. 
In 2022, Q&R continuously provided state-of-the-art material 
analysis and applied best knowledge management methods to 
assist capacity expansion and technology enhancement of new 
raw material production lines or to assist new suppliers with 
the fundamentals to optimize the balance between quality 
and capacity. All the efforts above have supported TSMC in 
navigating through geo-political turmoil to achieve continuous 
growth in 2022.

Q&R also worked with manufacturing teams on recycling and 
reuse of chemical acids and enabled several recycled chemicals 
to achieve the quality level for electronic grade in 2021. In 
2022, Q&R continued sharing its technical knowledge to assist 

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105

chemical suppliers in developing further recycling and reuse 
projects and worked with Company operations to implement 
engineering validation for recycling chemicals to meet TSMC’s 
quality requirements and environmental sustainability. Q&R 
is also committed to the continual improvement of local 
supply chains and developing local talent. In 2022, Q&R again 
collaborated with Semiconductor Equipment and Materials 
International (SEMI) to hold the fourth Strategic Materials 
Conference (SMC) in Taiwan to motivate talented domestic 
personnel and share win-win strategies for technology 
and sustainable development, environmental, social, and 
governance (ESG) objectives both within TSMC and industry 
wide 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 enhance 
customer satisfaction. These programs encourage colleagues 
to strive for excellence, drive cross-departmental observation 
and learning, and enhance their innovative, 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 improvement 
methods of other industries. In 2022, TSMC’s outstanding 
performance was recognized with six gold, four silver and three 
“best improvement and innovation” awards. At the same time, 
Q&R coached domestic material suppliers to participate in the 
competition for local suppliers’ quality culture and capability 
enhancement. In 2022, despite COVID-19 restrictions affecting 
suppliers› resources and willingness, Q&R encouraged 76% of 
TSMC’s material suppliers to participate in the competition to 
promote a quality culture of continuous improvement. In the 
end, 16% of these suppliers were finalists with four gold, three 
silver and four bronze awards. In addition, in order to enable 
new employees to understand and integrate into TSMC’s 
quality culture more quickly, Q&R added quality culture courses 
to the newcomer training program at the beginning of 2022. 
So far, more than 12,000 new employees have completed the 
training.

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 2022. Meanwhile, a third-party audit verified the 
effectiveness of the Company’s quality management systems 
in compliance with IATF 16949: 2016 and IECQ QC 080000: 
2017 requirements. In 2022, TSMC’s four backend fabs also 
continually passed the certification of American National 
Standards Institute ANSI/ESD (Electrostatic Discharge) S20.20 
standard. Regular 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 five 
major growth markets the Company serves: high performance 
computing (HPC), mobile communications, the Internet of 
Things (IoT), automotive and digital consumer electronics.

5.4 Customer Trust

5.4.1 Customers

TSMC’s customers make a wide 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., Amazon Web Services, 
Inc., Broadcom Inc., Intel Corporation, MediaTek Inc., 
NVIDIA Corporation, NXP Semiconductors N.V., Qualcomm 
Incorporated, Renesas Electronics Corporation, Sony 
Semiconductor Solutions Corporation, STMicroelectronics N.V. 
and many more worldwide.

Customer Service
TSMC is committed to providing the best possible service, 
which is critical to customer satisfaction, retention, relationship 
enhancement and attracting new customers. TSMC has 
established a dedicated service team that strives to provide 
world-class services to support customers in product design, 
mask making, wafer manufacturing, and backend services, 
hence TSMC can increase customer satisfaction and win 
customer trust in order to maintain sales and profitability of 
the company. 

To improve customer interaction on a real-time basis, 
TSMC-OnlineTM offers a suite of web-based applications 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 on wafer fabrication, backend processes, and order shipments.

Customer Satisfaction
To ensure customer satisfaction, TSMC must fully comprehend its customers’ needs. To this end, the Company appoints third-party 
consulting firms to conduct annual customer satisfaction surveys (ACSS) with majority of existing customers either via online surveys 
or direct interviews. In addition to the survey, TSMC 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. 

Customer Information Protection
TSMC complies with applicable regulations and international standards in terms of customer information protection and has 
received ISO 27001 international information security certification. Relevant proprietary information protection policies and standard 
work process are established to ensure only authorized personnel can access the engineering and production data of a specific 
customer.

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

Unit: NT$ thousands

Customer

Customer A

Customer B

Others 

Total Net Revenue

2022

2021

Net Revenue 

As % of  2022 Total 
Net Revenue

Relation to TSMC

Net Revenue 

As % of  2021 Total 
Net Revenue

Relation to TSMC

529,649,200

N/A

1,734,242,092

2,263,891,292

23%

None

N/A

None

77%

100%

-

-

405,402,955

153,740,831

1,028,271,251

1,587,415,037

26%

None

10%

None

64%

100%

-

-

● 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  

At TSMC, innovation has always been an exciting challenge. Competition continues to intensify in the face of increasing industry 
consolidation and the commoditization of technology at more mature, conventional levels, and thus semiconductor 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®, an “outside in” approach to complement traditional “inside 
out” methods. TSMC has chosen this path to stimulate innovation via its OIP initiative, which is a key part of the TSMC Grand 
Alliance.

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

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107

assurance (AAA) initiative is key to OIP, providing the 
precision 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 
production, 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.

● Alliances that enable semiconductor designing in the Cloud 
for the benefit of scalability, agility and flexibility to meet 
different customer demand in work models.

● Alliances that provide design services to support customer 
demand regarding resources and capabilities, depending 
upon the various scope and requirements in the 
semiconductor design stages and value chain.

● Alliances to enable customers’ system-level designs for 
integrating multiple chips/chiplets in 3D stacking and 
advanced packaging.

● Participants consisting of 16 EDA partners, six Cloud partners, 
37 IP partners, 23 design center alliance (DCA) partners, eight 
value chain aggregator (VCA) partners and 19 partners in the 
new 3DFabric Alliance. TSMC and partners work together 
proactively and engage much earlier and deeper than ever 
before in order to address the mounting design challenges of 
advanced technology nodes. Through this early and intensive 
collaboration, 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. Hence, this helps achieve design 
technology co-optimization (DTCO) among TSMC process 
technologies, OIP design solutions and customer product 
designs.

● A partner management portal, which facilitates 

communication with ecosystem partners for efficient business 
productivity. Designed with a highly intuitive interface, this 
portal can be accessed via a direct link from TSMC-OnlineTM.

● The in-person OIP Ecosystem Forum held by TSMC in 

October 2022 after the forum had been held online the 
past two years due to COVID-19 pandemic. This annual 
event demonstrates how TSMC and its ecosystem partners 
jointly develop design solutions on top of TSMC’s advanced 
technologies. At the forum, TSMC made key presentations 
on its TSMC FinFlexTM innovation that combines both 
process and design co-optimization for 3nm technology 
that continues the full-node power performance area (PPA) 
scaling trend together with the offering of high-density 
and high-performance libraries and design solutions for 
the support of smartphone and HPC design applications. 
The Company also made presentations on the readiness 
of analog cell that can help boost analog IP yield, with the 
design solutions in 5nm, 4nm and 3nm to enable EDA and 
design flow automation to support analog design migration. 
Other presentation topics included: enhanced automotive 
design enablement platform (ADEP) with design solutions 
and ecosystems readily available in 16nm, 7nm, 5nm and 3D 
chip stacking and 2.5D advanced packaging design solutions 
together with EDA tools that support 3DbloxTM ready to 
facilitate integration of multiple chips/chiplets in customer’s 
system-level designs using TSMC 3DFabricTM technologies, 
which include TSMC-SoIC®, InFO (Integrated FanOut) and 
CoWoS® (Chip on Wafer on Substrate). The availability of 
the aforementioned design ecosystem solutions will help 
customers successfully pursue opportunities in all major 
markets: high performance computing, mobile, the IoT, 
automotive and digital consumer electronics.

5.5 Information Security Management

5.5.1 Information Security Policy and Organization

TSMC is committed to information security and confidentiality 
protection for its customers, shareholders, and partners. To 
this end, the Company has formulated, implemented and 
regularly updated rigorous cybersecurity policies, procedures 
and measures to achieve information security and confidential 
information protection, as reflected in TSMC’s “Information 
Security Declaration.”

Top TSMC executives are involved in planning the direction and 
implementation of this information security strategy with the 
goal of achieving optimum information security management. 
The Company has established a dedicated organization, 
Corporate Information Security (CIS), which is in charge of 
information security policy formulation, implementation, 

risk management, and strengthening information security 
through regular compliance audits. The head of CIS leads and 
collaborates with the security task force, “PIP and Cybersecurity 
Committee”, and “IT Security Committee” to plan and 
implement security management activities and reports to 
the Audit Committee every six months on the performance 
and effectiveness of information security management. The 
Audit Committee Chairperson also reports to the Board of 
Directors on the implementation status of information security 
management. The PIP and Cybersecurity Committee is chaired 
by the Senior Vice President of Information Technology and 
Materials Management & Risk Management; vice presidents 
of legal, human resources, R&D, and operations are also 
members of this Committee, which meets quarterly to review 
and formulate information security policies to ensure TSMC can 
fulfill its goals and commitment in this aspect.

In 2022, TSMC assigned the Senior Vice President of 
Information Technology and Materials Management & Risk 
Management as the Chief Information Security Officer (CISO) in 
charge of information security risk management to review the 
effectiveness of security policy, procedures and cybersecurity 
measures.

Corporate Information Security Organization Structure

Board of Directors

Audit Committee

PIP & Cybersecurity 
Committee

IT Security Committee

5.5.2  Information Security Management Strategy and 

Resources

To achieve TSMC’s information security management goals 
and maintain competitiveness, the corporate information 
security organization actively strengthens security and 
confidential information protection mechanisms. CIS sets 
clear policy, procedures and guidelines and continuously 
enhances the Company’s management systems and 
implements comprehensive risk controls. In addition, CIS 
regularly performs information security risk assessments 
and sets priorities based on the impact and probability of a 
risk, as well as the cost of reducing such risk. CIS uses the 
plan-do-check-act (PDCA) methodology to continuously 
enhance multi-layer information security defenses and establish 
key performance indicators (KPIs) for information security. In 
2022, TSMC invested in excess of NT$1 billion to strengthen 
information security, employing more than 500 employees for 
information security-related activities, with more than 1,000 
external security personnel engaged in the physical aspects of 
information security services.

5.5.3  Information Security Incident Handling and 

Notification

TSMC has established enterprise risk management mechanisms 
and procedures to handle information security incidents. 
The mechanisms and procedures define relevant processes 
and measures for incident notification, designation of 
personnel responsible for handling material information 
security incidents, and assessment of losses suffered as well as 
additional measures needed, evaluation of information security 
risks to the Company’s financial and operations, and proposed 
countermeasures to mitigate these risks. For the year 2022 and 
as of the date of this Annual Report, TSMC has not suffered 
any financial losses nor operational impact due to material 
information security incidents.

Corporate Information 
Security Organization

5.6 Human Capital

Human capital is TSMC’s most treasured asset. The Company 
strives to provide employees with meaningful work content, 
continuous learning, a safe and pleasant work environment 
that is both diverse and inclusive, and high-quality 
compensation and benefits. TSMC goes beyond this, 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.

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5.6.1 Human Rights Policy and Specific Actions

● Make diverse open dialogue channels available for 

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

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 2022, the Company used the Responsible Business Alliance’s 
Self-Assessment Questionnaire (SAQ) to identify the greatest 
risks regarding “labor, health and safety, environment, and 
ethics” matters and to formulate substantive actions and 
managerial response. The SAQ scores of each of TSMC’s 
operating fabs were in the low risk range, defined as 88 points 
or above.

In 2022, TSMC conducted multiple human rights protection 
training courses, including plant safety and health, emergency 
response, first-aid personnel training, friendly workplace, etc. 
The total training hours are 205,342.1 hours, and a total of 
70,008 employees have completed the training, accounting 
for 95.7% of the total number of employees, and the total 
number of participants reached 190,312. Among them, in 
order to implement the human rights policy, TSMC promotes 
the “Understand TSMC Human Rights Policy, create a Friendly 
Workplace, and eliminate Sexual Harassment” course. 63,550 
employees have completed the training, and the passing rate 
of the post-training test is 100%.

TSMC abides by the rights granted to workers by laws and 
regulations, and respects the freedom of collective consultation 
and assembly and association of all employees. The company 
will not interfere or intervene. TSMC holds Silicon Garden 
Meeting, aka Labor-Management meeting on a regular 
basis, listens to employees’ opinions and makes timely and 
appropriate responses through a diversified and comprehensive 
internal communication framework, in order to strengthen the 
good communication between the company’s management 
team and employees and ensure a harmonious employee 
relationship.

TSMC believes that a diverse management and talent structure 
will contribute to the company’s competitive advantage and 
sustainable development. Through the implementation of the 
“Diversity and Inclusion Statement”, TSMC actively establishes 
an open management model, creates an inclusive working 

environment, and encourages different talents to join the 
semiconductor industry, so that the industry can maximize the 
benefits of diverse talent resources.

TSMC has officially established an employee resource group 
(ERG) – “Women@tsmc” in the middle of 2022. It provides 
a platform for female colleagues to support each other, 
strengthens the company’s internal network, and encourages 
women colleagues to realize their potentials. In 2022, the 
“Inclusive Leadership Workshop” was also held to support 
senior executives to understand the connotation of Diversity 
& Inclusion, understand unconscious bias, and promote an 
inclusive and friendly workplace. By the end of 2022, the 
training completion rate of senior executives reached 81%. In 
the same year, the Research and Development organization 
took the lead in formally establishing the “Diversity and 
Inclusion Committee”, turning the company’s goals into 
concrete actions and promoting the innovative value of 
diversity and inclusion.

5.6.3 Workforce Structure

At the end of 2022, TSMC had 73,090 employees worldwide, 
including 7,295 managers, 35,189 professionals, 8,665 
assistants and 21,941 technicians. The following two tables 
summarize the makeup of TSMC’s workforce and the female 
portion of management as of the end of February 2023:

Workforce Structure

Managers

Professionals

Assistant 
Engineer/Clerical

Technicians

Job

Total

Gender

Male

Female 

Ph.D.

Master’s

Bachelor’s

Other Higher 
Education

High School

Average Age

Average Years of Service 

12/31/2021

12/31/2022

02/28/2023

6,635

31,920

6,620

19,977

65,152

64.6%

35.4%

4.1%

47.3%

27.6%

8.9%

7,295

35,189

8,665

21,941

73,090

65.6%

34.4%

3.8%

47.2%

29.3%

8.4%

7,373

35,174

8,767

22,005

73,319

65.6%

34.4%

3.9%

47.0%

29.4%

8.4%

Female Ratio in Management

12/31/2021

12/31/2022

02/28/2023

Female Ratio in Junior Management 

Female Ratio in Senior Management 

Female Ratio in Top Management 

13.4%

12.5%

8.3%

13.6%

13.0%

6.1%

13.6%

13.2%

6.1%

Note:  Junior management positions include first-line managers; top management positions include vice 

presidents and higher as well as CEO.

5.6.4 Recruitment 

A common vision and values shared by the Company’s 
employees are key to TSMC’s growth and success. As for 
recruitment of new employees, the Company is committed 
to finding and hiring top-notch professionals in all positions. 
TSMC is an equal opportunity employer and practices open 
and fair recruitment. The Company evaluates all candidates 
according to their qualifications relative to each position 
without regard to race, gender, age, religion, nationality or 
political affiliation but instead with an emphasis on integrity 
and ability.

TSMC adheres to its core values and continues to move 
forward with a lofty vision. The Company has long attracted 
new blood both in Taiwan and overseas. To ensure the talent it 
needs for the continuous growth, TSMC expanded its recruiting 
channels and employed over 12,000 employees worldwide in 
2022.

5.6.5 Talent Development

Employees are TSMC’s most important asset. In addition to 
creating a diverse and inclusive workplace environment that 
encourages employees to learn and develop their strengths, 
TSMC also attaches great importance to the early and 
continuous development of the capabilities of all employees. 
In this regard, the Company integrates internal and external 
resources, provides challenging, meaningful and interesting 
work in a world-class workplace and creates a continuous, 
diverse learning environment. In addition, the Company 
has initiated the TSMC Employee Training and Education 
Procedures to ensure that the employees and the Company 
can grow together with “goals, plan and discipline” so as to 
become a force to uplift the society. 

12.0%

11.3%

11.3%

36.0

8.6

35.7

8.3

35.9

8.4

TSMC intends to expand global operations and pursue 
sustainable growth, and talent development is crucial to the 
completion of these strategic goals. Therefore, the Company 
selects and cultivates talented employees based on the “TSMC 

5.6.2 Diversity and Inclusion

Education

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台積公司願景

成為全球最先進

及最大的專業積體電路技術

及製造服務業者

公司永續發展

儲備員工未來能力

釋放員工潛能與創新

人才發展策略

建構人才梯隊

促動員工自主學習、

準備員工未來所需的能力、

為公司與社會創造正向影響

Talent Development Model” to support the Company’s sustainability, and follows two strategies for talent development: “Equipping 
Employees with Future Capabilities” – preparing employees with the skills for the future and build a talent pool, and “Unleashing 
Employees’ Potentials and Innovation” encouraging and enabling self-learning and continuous innovation to create positive impact 
to the company and the society. As for the approach of talent development, the Company initiates ability-based learning programs, 
focusing on the core traits of character, perseverance, resilience, initiative, innovation, judgment, broadness of mind and breadth/
depth of knowledge and develop the leadership, professional and general skills according to different positions, professional 
and organization diagnosis needs. Meanwhile, through diverse and versatile learning approach, including experiential learning 
(accounting for 70%), feedback and guidance (accounting for 20%), education and training (accounting for 10%), blended learning 
and future AI adaptive learning, together with training and development programs at all levels, comprehensively and systematically 
plan and develop the capabilities required by all employees. In this way, to cultivate the learning momentum, support employees’ 
and the Company’s continuous growth and breakthrough.

各職級的訓練與
發展計劃

多元且彈性的
學習方式

能力導向的
學習模組

70/20/10法則、混成學習 & 

台積人才發展架構 & 

學習動能培養

系統化學習藍圖

組織發展診斷 

AI自適應學習

TSMC Talent Development Model

TSMC Vision

Company Sustainability 

Be the most advanced and 

largest technology and foundry 

services provider

Equip employees
with future capabilities 

Unleash employees’ 
potential & innovation

Prepare employees with
the skills for the future and build
a talent pool

Enable self-learning and create 
positive impact to the company 
and the society 

Talent Development Strategy 

Ability-based
Learning Program

Diverse & Versatile 
Learning Approach 

Training & Development 
Programs at all levels

TSMC People Development 
Framework & organization 
development diagnosis 

70/20/10 principle, blended 
learning, & AI adaptive learning

Systematic learning roadmap

Learning Momentum
Cultivation

In 2022, TSMC conducted over more than 3,700 classroom training sessions, over more than 8,500 virtual classroom training 
sessions, and provided over 5.07 million hours of training with a total of more than 2.51 million attendees participating. The 
average annual training time per employee increased to 69.5 hours, an increase of 42% over the previous year. TSMC training 
expense reached NT$968 million and the average training cost per employee is about NT$13,000, a 5.6-fold increase from the 
previous year (Note).

5.6.6 Competitive Overall Compensation

In order to develop the most effective compensation strategies, TSMC reviews and selects benchmark companies annually and 
collects market information on compensation data of the whole industry for competitiveness analysis.

Note:  In order to align the definition of training expenses with international market research information (Training Magazine), including total training spending, outside products & services, and training staff payroll, 

starting from 2022, training staff payroll will be included in annual training expenses.

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

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’s success, and to align employee 
interests with those of TSMC’s shareholders so as to achieve 
win-wins for the Company, shareholders and employees 
alike. The Company determines the bonus and profit sharing 
amounts based on operating results and domestic industry 
practice. 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, contributions and 
performance.

A similar approach is used in TSMC’s compensation programs 
at 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. 

In addition to the competitive compensation described 
above, the Company has approved and implemented a global 
employee stock purchase plan in 2022 which is available to all 
regular employees of TSMC and its wholly owned subsidiaries. 
Through this plan, Employees are encouraged to participate in 
the Company’s long-term success.

TSMC believes that long-term ownership of Company shares 
by corporate officers helps align their interests with those 
of all shareholders, and therefore, the Company formulated 
Corporate Officer Shareholding Guidelines in 2020. The 
required holding value of TSMC shares by the chairman, CEO, 
and other corporate officers is proportional to their annual 
base salary: 18 times for the chairman and CEO, nine times for 
other officers in Taiwan facilities and VisEra, and three times 
for overseas officers. Officers shall fulfill the required value 
within three years of appointment and maintain the required 
value for the entire period of employment. Furthermore, to 
attract and retain corporate executives and other critical talent 
and to link their compensation with shareholder interests and 
environmental, social, governance (ESG) achievements, TSMC 
established employee restricted stock awards rules in 2021 and 
2022.

5.6.7 Employee Benefit System Superior to Statute

TSMC offers employee benefits that are superior to the 
applicable statutes. In addition to twelve national holidays per 
year, seven memorial days are also designated as holidays. 
During the COVID-19 pandemic, to reduce the risk of infection 
in public transportation and crowd gatherings, TSMC launched 
a split work and work from home policy. The Company 
provides employees with statuary labor insurance and national 
health insurance as well as comprehensive paid group 
insurance plans. Coverage includes life insurance and insurance 
for accidents, hospital coverage, cancer and critical illness 
and business travel. There are also various employee self-paid 
group insurance plans available at lower prices for employee 
family members. The group insurance coverage is extended 
to employees on approved unpaid leave. To better support 
new hires, TSMC offers one day of annual leave for every two 
months of service in the first year. Employees who need to take 
long leaves of absence for military service or severe injuries can 
also apply for unpaid leave, and then apply for reinstatement 
after the expiration of the period. In addition, TSMC provides 
pensions, financial assistance for emergencies, subsidies for 
marriage, childbirth and funerals, as well as discounts in 
designated shops.

In accordance with local laws and regulations, TSMC provides 
breastfeeding and breast milk collection rooms. To help 
employees balance their personal and work lives, TSMC not 
only offers parental leave but also provides a comprehensive 
leave management system. The Company established the TSMC 
childcare benefit program, to extend maternity leave from eight 
to 12 weeks and paternity leave from five to ten days. It also 
increased the maternity subsidy from NT$1,000 to NT$10,000 
per child. TSMC has set up four on-site kindergartens for 
employees in Taiwan, so that employees can work in a 
peaceful mind. In addition, a holiday STEAM campus has been 
organized to accompany the growth of employee’s children.

All TSMC facilities are equipped with 24-hour health centers, 
where healthcare management professionals and appointed 
onsite physicians provide quality services beyond those required 
legally. The health centers work with hospitals and employee 
assistance program service providers to offer comprehensive 
support for the emotional and physical well-being of 
employees. In addition to annual checkups for all employees, 
in 2022 TSMC began providing employees with five advanced 
checkup items upon completion of every five years of service. 

112

113

The Company encourages employees to exercise regularly by 
subsidizing 59 clubs, improving exercise facilities, and holding 
regular sports events to help employees find peers with similar 
sports interests. Also to help employees balance their work and 
life, TSMC provides:

● 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 centers and onsite preschool services to 
meet employees’ needs for childcare; festival bonuses and 
emergency subsidies if and when needed

Vacation and insurance policies at TSMC’s overseas offices 
are designed in compliance with local regulations. In China, 
North America and Europe, TSMC provides more vacation days 
to employees than legally required. In overseas offices, TSMC 
offers a more comprehensive life and medical insurance than 
required by local regulations and customs.

5.6.8 Diverse Employee Recognition

TSMC sponsors various internal award programs to recognize 
employees for outstanding achievement, 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: recognizes employees’ continuous 

efforts in creating value at each fab

● Service Award: recognizes and shows appreciation of senior 
employees for their long-term commitment and dedication

● Excellent Instructor Award: praises the outstanding 

performance and contribution of internal instructors of 
training courses for employees

Apart from the recognitions above, there are function-wide 
awards dedicated to innovation, such as the Idea Forum, the 
Total Quality Excellence Award and the ESG Award, which 
recognize employee initiative and continuous implementation 
of innovative practices. In addition, TSMC encourages 
employees to participate in external talent activities and 
competitions. In 2022, distinguished TSMC employees 
continued to be recognized through a host of awards, such as 
the Model Labor Award, the Excellent Young Engineers Award, 
the Outstanding Engineer Award, the Taiwan Continuous 
Improvement Awards, the National Manager Excellence Award 
and the National Industrial Awards.

5.6.9 Employee Engagement

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

Employee Communication
TSMC values employee communication and is committed 
to keeping communication channels open and transparent 
between managers and employees, and amongst 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 recrimination, reprisal, intimidation 
or harassment. TSMC makes continuous efforts to listen to 
employees and to facilitate mutual and timely employee 
communication, through multiple channels and platforms, 
which in turn fosters harmonious labor relations. 

TSMC conducted face-to-face CEO dialogue sessions in 
Hsinchu, Taichung, and Tainan, which allowed the employees 
to make suggestions, express their thoughts and get direct 
feedback from the CEO. In addition, the Company also 
enlarged the scope of the labor-management meeting, 
transforming it into the “Silicon Garden Meeting,” which 
helped all employees feel free to put forward their ideas so the 
Company could take appropriate action.

TSMC supports a host of various communication channels 
including:
● Communication meetings for various levels of managers and 
employees, e.g. the executives communication meeting, skip 
levels and communication meetings in individual functions/
divisions

● Quarterly Silicon Garden Meetings, aka Labor-Management meetings to provide business updates and discuss issues of concern 

for employees

● The biennial employee survey on core values taken to understand the Company’s implementation of core values and employees’ 

commitment

● The biennial global employee engagement survey taken to systematically understand the work experience of employees and to 

enhance employees’ engagement and sense of belonging in the Company

● Periodic employee pulse surveys and service satisfaction surveys to selected employees with follow-up actions based on survey 

findings

● myTSMC employee portal, an internal website featuring the Founder’s, Chairman’s and CEO’s talks, corporate messages, executive 

interviews, and other topics of interest to employees

● eSilicon Garden, TSMC’s newsletter providing real-time updates on major activities of the Company as well as inspirational content 

featuring outstanding teams or individuals

● Three channels for reporting complaints regarding managerial, financial, auditing, ethics and business conduct issues:

–  The whistleblower reporting system administered by the Audit Committee 
–  The irregular business conduct reporting system administered by the Ethic 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

● The 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 another organization

Employee Communication Channels

TSMC Internal Communication Structure

Face-to-Face Meeting
•Chairman’s/CEO’s Communication Meeting
• Silicon Garden Meeting (Labor-Management 
Meeting)
• Communication Meetings in Individual 
Functions/Divisions
•Functional Activity

Managers of All 
Levels

Employees

Employee Portal
Employee Survey
HR Area Service Team
eSilicon Garden

Human Resources

Board of Directors and 
Management Team

Employee Voice Channels
•Ombudsman System
•Employee Opinion Box
•Whistleblower Procedures
•Fab Caring Circle
•Ethic Report Channel
•Sexual Harassment Investigation Committee
• Employee Voices for Silicon Garden Meeting 
(Labor-Management Meeting)

System/
Committee Chair

114

115

During 2022 and as of the date of this Annual Report, TSMC 
has not incurred any labor-dispute related losses. However, 
the Company was fined for the following labor inspection 
results: NT$200,000 issued on 06/08/2022 for overtime 
applications not being timely processed (Labor Standards Act 
Article 24 Paragraph 1). NT$250,000 issued on 06/08/2022 
for the extension of working hours combined with the regular 
working hours exceeding permitted limit (Labor Standards Act 
Article 32 Paragraph 2). NT$100,000 issued on 06/08/2022 
for consecutive working days exceeding the permitted limit 
(Labor Standards Act Article 36 Paragraph 1). NT$300,000, 
NT$250,000, and NT$40,000 issued on 09/02/2022 for 
overtime applications not being timely processed, the extension 
of working hours combined with the regular working hours 
exceeding permitted limit, and employees not having a 
break for at least 30 minutes after having worked for four 
consecutive hours (Labor Standards Act Article 24 Paragraph 
1, Article 32 Paragraph 2, and Article 35). NT$350,000 
issued on 10/26/2022 for overtime applications not being 
timely processed (Labor Standards Act Article 24 Paragraph 
1). NT$300,000 issued on 10/26/2022 for the extension of 
working hours combined with the regular working hours 
exceeding permitted limit (Labor Standards Act Article 32 
Paragraph 2). NT$60,000 issued on 10/26/2022 for employees 
not having a break for at least 30 minutes after having worked 
for four consecutive hours (Labor Standards Act Article 35). 
NT$50,000 issued on 12/07/2022 for the extension of working 
hours combined with the regular working hours exceeding 
permitted limit (Labor Standards Act Article 32 Paragraph 2). 
NT$50,000 and NT$50,000 issued on 12/20/2022 for overtime 
applications not being timely processed, and the extension 
of working hours combined with the regular working hours 
exceeding permitted limit (Labor Standards Act Article 24, 
Article 32 Paragraph 2).

The Company has reviewed its working hour management 
process and established indices to remind employees to apply 
for overtime payment on time and for mangers to respond 
to such applications efficiently and in a timely fashion, and to 
be more diligent about employee working hours as well as to 
strengthen communication about these matters and relevant 
policies.

5.6.10 Retention

Overall employee satisfaction with the Company was measured 
in the biennial TSMC core values survey taken in 2022. The 
survey scope included operations in Taiwan, China, North 
America, Europe, Japan, and Korea. (VisEra was not included in 
the survey due to its different industrial background.) A total of 
62,333 respondents represented a high response rate of 91%. 
In this survey, 93% of participants said they were willing to 
commit fully in their work to make TSMC even more successful, 
while 90% concurred with the statement that they were willing 
to contribute their talent and grow together with the Company 
for the next five years.

TSMC’s employee turnover rate was 6.7% in 2022 compared 
to 6.8% in 2021, both within a healthy range of 5% to 10%.

5.6.11 Retirement Policy

TSMC established its statutory defined benefit plan and 
supervisory committee of labor retirement reserve according to 
the Labor Standards Act, and also set up its statutory defined 
contribution plan according to Labor Pension Act, which was 
effective starting July 1, 2005. For each region, TSMC also 
established pension plans according to local standards and 
regulations. The previously mentioned supervisory committee 
not only holds quarterly meetings but also supervises affairs in 
connection with labor’s retirement reserve fund. To meet legal 
requirements for disclosure of financial reporting and ensure 
sufficient funding levels, TSMC makes contributions based 
statutory requirement and also engages an actuarial consulting 
firm to assess the valuation of the defined benefit plan. Please 
refer to page 43-46 of the attached financial report for details. 
Thanks to the Company’s sound financial condition, it is able to 
ensure the future viability employees’ retirement benefits and 
solid pension contributions and payments, which encourages 
employees to make long-term career plans with and further 
deepen their commitment to TSMC.

5.7 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 71-72.

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117

6.1 Financial Highlights

6.1.1 Condensed Balance Sheet

Condensed Balance Sheet from 2018 to 2022 (Consolidated)

Unit: NT$ thousands

Item

Current Assets

Year

2018

2019

2020

2021

2022

951,679,721 

822,613,914 

1,092,185,308 

1,607,072,907 

2,052,896,744 

Long-term Investments 

29,304,796 

30,172,039 

27,728,208 

29,384,701 

68,927,920 

Property, Plant and Equipment

1,072,050,279 

1,352,377,405 

1,555,589,120 

1,975,118,704 

2,693,836,970 

Right-of-use Assets

Intangible Assets 

Other Assets (Note 1)

Total Assets

Current Liabilities

Before Distribution

After Distribution

Noncurrent Liabilities

Total Liabilities

Before Distribution

After Distribution

Equity Attributable to Shareholders of the Parent

Capital Stock

Capital Surplus

Retained Earnings

Before Distribution

After Distribution

Others

Equity Attributable to Shareholders of the Parent

Before Distribution

After Distribution

Noncontrolling Interests

Total Equity

Before Distribution 

After Distribution

0 

17,002,137 

20,091,105 

17,232,402 

20,653,028 

21,756,244 

27,728,382 

25,768,179 

31,712,208 

32,734,537 

26,821,697 

54,370,909 

41,914,136 

25,999,155 

81,203,953 

2,090,128,038 

2,264,805,032 

2,760,711,405 

3,725,503,455 

4,964,778,878 

340,542,586 

547,985,630 

72,089,056 

412,631,642 

620,074,686 

590,735,701 

655,561,652 

51,973,905 

642,709,606 

707,535,557 

617,151,048 

681,976,999 

292,938,358 

739,503,358 

944,226,817 

810,811,904 

1,015,535,363 (Note 2)

815,266,892 

1,060,063,194 

910,089,406 

1,554,770,250 

2,004,290,011 

974,915,357 

1,626,078,796 

2,075,598,557 (Note 2)

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

56,315,932 

56,339,709 

56,347,243 

64,761,602 

69,330,328 

1,376,647,841 

1,333,334,979 

1,588,686,081 

1,906,829,661 

2,637,524,688 

1,169,204,797 

1,268,509,028 

1,523,860,130 

1,835,521,115 

2,566,216,142 (Note 2)

(15,449,913)

(27,568,369)

(54,679,873)

(62,608,515)

(20,505,626)

1,676,817,665 

1,621,410,124 

1,849,657,256 

2,168,286,553 

2,945,653,195 

1,469,374,621 

1,556,584,173 

1,784,831,305 

2,096,978,007 

2,874,344,649 (Note 2)

678,731 

685,302 

964,743 

2,446,652 

14,835,672 

1,677,496,396 

1,622,095,426 

1,850,621,999 

2,170,733,205 

2,960,488,867 

1,470,053,352 

1,557,269,475 

1,785,796,048 

2,099,424,659 

2,889,180,321 (Note 2)

Note 1: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets.
Note 2: The amount was approved by Board of Directors on February 14, 2023.

Condensed Balance Sheet from 2018 to 2022 (Unconsolidated)

Unit: NT$ thousands

Item

Current Assets

Long-term Investments 

Year

2018

2019

2020

2021

2022

469,966,106 

550,524,494 

355,118,125 

559,380,999 

580,949,248 

565,432,338 

783,205,937 

1,118,550,389 

603,640,944 

728,961,910 

Property, Plant and Equipment

1,025,286,941 

1,310,900,634 

1,511,784,556 

1,889,970,529 

2,432,675,050 

Right-of-use Assets

Intangible Assets 

Other Assets (Note 1)

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

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 

30,123,052 

22,910,400 

48,644,283 

39,051,427 

21,456,104 

81,724,184 

2,075,461,008 

2,275,476,072 

2,733,505,113 

3,378,495,145 

4,422,419,064 

328,060,518 

535,503,562 

70,582,825 

398,643,343 

606,086,387 

605,540,547 

680,529,735 

704,833,370 

899,245,600 

 670,366,498 

 745,355,686 

 776,141,916 

970,554,146 (Note 2)

48,525,401 

203,318,122 

505,375,222 

577,520,269 

654,065,948 

718,891,899 

883,847,857 

1,210,208,592 

1,476,765,869 

948,673,808 

1,281,517,138 

1,548,074,415 (Note 2)

259,303,805 

259,303,805 

259,303,805 

259,303,805 

259,303,805 

56,315,932 

56,339,709 

56,347,243 

64,761,602 

69,330,328 

1,376,647,841 

1,333,334,979 

1,588,686,081 

1,906,829,661 

2,637,524,688 

1,169,204,797 

1,268,509,028 

1,523,860,130 

1,835,521,115 

2,566,216,142 (Note 2)

(15,449,913)

(27,568,369)

(54,679,873)

(62,608,515)

(20,505,626)

1,676,817,665 

1,621,410,124 

1,849,657,256 

2,168,286,553 

2,945,653,195 

1,469,374,621 

1,556,584,173 

1,784,831,305 

2,096,978,007 

2,874,344,649 (Note 2)

Note 1: Other assets consist of deferred income tax assets, refundable deposits, and other noncurrent assets.
Note 2: The amount was approved by Board of Directors on February 14, 2023.

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121

6.1.2 Condensed Statement of Comprehensive Income

6.1.3 Financial Analysis

Condensed Statement of Comprehensive Income from 2018 to 2022 (Consolidated)

Financial Analysis from 2018 to 2022 (Consolidated)

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

Item

Net Revenue

Gross Profit

Year

2018

2019

2020

2021

2022

Capital Structure Analysis

Debts Ratio (%)

 1,031,473,557 

 1,069,985,448 

 1,339,254,811 

 1,587,415,037 

 2,263,891,292 

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

 497,874,253 

 492,701,896 

 711,130,120 

 819,537,266 

1,348,354,806 

Liquidity Analysis

Current Ratio (%)

Income from Operations

 383,623,524 

 372,701,090 

 566,783,698 

 649,980,897 

1,121,278,851 

Non-operating Income and Expenses

 13,886,739 

 17,144,246 

 17,993,482 

 13,145,417 

 22,911,867 

Income before Income Tax

Net Income

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

 397,510,263 

 389,845,336 

 584,777,180 

 663,126,314 

1,144,190,718 

 351,184,406 

 345,343,809 

 518,158,082 

 597,073,134 

1,016,900,515 

9,836,976 

(11,823,562)

(30,321,802)

(7,619,456)

42,430,165 

Total Comprehensive Income for the Year

 361,021,382 

 333,520,247 

 487,836,280 

 589,453,678 

1,059,330,680 

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)

 351,130,884 

 345,263,668 

 517,885,387 

 596,540,013 

1,016,530,249 

53,522 

80,141 

272,695 

533,121 

370,266 

360,965,015 

 333,440,460 

 487,563,478 

 588,918,059 

1,059,124,890 

56,367 

13.54 

79,787 

13.32 

272,802 

19.97 

535,619 

23.01 

205,790 

39.20 

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

Condensed Statement of Comprehensive Income from 2018 to 2022 (Unconsolidated)

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

Item

Net Revenue

Gross Profit

Year

2018

2019

2020

2021

2022

 1,023,925,713 

 1,059,646,793 

 1,314,793,013 

 1,574,745,881 

 2,252,320,561 

 492,955,501 

 480,143,141 

 682,004,023 

 788,629,037 

1,300,392,888 

Income from Operations

 384,027,838 

 365,923,992 

 543,465,507 

 629,632,836 

1,090,746,689 

Non-operating Income and Expenses

 12,170,315 

 22,821,227 

 39,153,435 

 30,869,355 

 49,927,127 

Income before Income Tax

Net Income

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

 396,198,153 

 388,745,219 

 582,618,942 

 660,502,191 

1,140,673,816 

 351,130,884 

 345,263,668 

 517,885,387 

 596,540,013 

1,016,530,249 

9,834,131 

(11,823,208)

(30,321,909)

(7,621,954)

42,594,641 

Total Comprehensive Income for the Year

 360,965,015 

 333,440,460 

 487,563,478 

 588,918,059 

 1,059,124,890 

Basic/Diluted Earnings Per Share (Note)

 13.54 

 13.32 

 19.97 

 23.01 

 39.20 

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

Operating Performance 
Analysis

Quick Ratio (%)

Times Interest Earned (Times)

Average Collection Turnover (Times)

Days Sales Outstanding

Average Inventory Turnover (Times)

Average Inventory Turnover Days

Average Payment Turnover (Times)

Property, Plant and Equipment Turnover (Times)

Total Assets Turnover (Times)

Profitability Analysis

Return on Total Assets (%)

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

Operating Income to Paid-in Capital Ratio (%)

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

Net Margin (%)

Basic Earnings Per Share (NT$)

Diluted Earnings Per Share (NT$)

Cash Flow

Cash Flow Ratio (%)

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Leverage

Operating Leverage 

Financial Leverage

Advanced Technologies (7-nanometer and below) Percentage of Wafer Sales (%) 

Sales Growth (%)

Net Income Growth (%)

Analysis of deviation of 2022 vs. 2021 over 20%:
1. Times interest earned decreased by 35% mainly due to increase in interest expenses.
2. Return on Total Assets increased by 27% mainly due to increase in net income.
3. Return on Equity attributable to Shareholders of the Parent increased by 34% mainly due to increase in net income.
4. Operating Income to Paid-in Capital Ratio increased by 73% mainly due to increase in operating income.
5. Pre-tax Income to Paid-in Capital Ratio increased by 73% mainly due to increase in pre-tax income.
6. Basic Earnings Per Share and Diluted Earnings Per Share increased by 70% mainly due to increase in net income.
7. Cash Flow Reinvestment Ratio increased by 27% as a result of increase in cash generated by operating activities.

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

 9 

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

 27 

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

 41 

25.17

50.00

2021

41.73

151.18

217.32

190.61

123.48

9.20

39.67

4.65

78.49

17.10

0.90

0.49

18.56

29.69

250.66

255.73

37.61

23.01

23.01

150.39

97.84

13.56

2.05

1.01

 50 

18.53

15.19

2022

40.37

149.25

217.42

193.65

80.18

10.52

34.70

4.42

82.58

17.40

0.97

0.52

23.64

39.76

432.42

441.25

44.92

39.20

39.20

170.57

101.82

17.25

1.77

1.01

53

42.61

70.40

* 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 (including Accounts 

Receivable and Notes Receivable originated from operation)
(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 (including Accounts Payable 

and Notes Payable originated from operation)

(6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment
(7) Total Assets Turnover = Net Sales / Average Total Assets

(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)

122

123

　
　
Financial Analysis from 2018 to 2022 (Unconsolidated)

6.1.4 Auditors’ Opinions from 2018 to 2022

Capital Structure Analysis

Debt Ratio (%)

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

Liquidity Analysis

Current Ratio (%)

Operating Performance 
Analysis

Quick Ratio (%)

Times Interest Earned (Times)

Average Collection Turnover (Times)

Days Sales Outstanding

Average Inventory Turnover (Times)

Average Inventory Turnover Days

Average Payment Turnover (Times)

Property, Plant and Equipment Turnover (Times)

Total Assets Turnover (Times)

Profitability Analysis

Return on Total Assets (%)

Return on Equity (%)

Operating Income to Paid-in Capital Ratio (%)

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

Net Margin (%)

Basic Earnings Per Share (NT$)

Diluted Earnings Per Share (NT$)

Cash Flow

Cash Flow Ratio (%)

Cash Flow Adequacy Ratio (%)

Cash Flow Reinvestment Ratio (%)

Leverage

Operating Leverage 

Financial Leverage

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

2021

35.82

141.47

111.12

84.33

261.58

9.80

37.23

4.98

73.23

17.06

0.93

0.52

19.59

29.69

242.82

254.72

37.88

23.01

23.01

114.56

153.79

99.88

10.93

2.04

1.00

97.62

14.20

2.11

1.00

2022

33.39

144.83

124.39

100.95

277.57

11.28

32.35

4.84

75.43

17.68

1.04

0.58

26.14

39.76

420.64

439.90

45.13

39.20

39.20

173.41

104.90

18.23

1.81

1.00

Analysis of deviation of 2022 vs. 2021 over 20%:
1. Quick ratio increased by 20% mainly due to increase in cash and cash equivalents.
2. Return on Total Assets increased by 33% mainly due to increase in net income.
3. Return on Equity increased by 34% mainly due to increase in net income.
4. Operating Income to Paid-in Capital Ratio increased by 73% mainly due to increase in operating income.
5. Pre-tax Income to Paid-in Capital Ratio increased by 73% mainly due to increase in pre-tax income.
6. Basic Earnings Per Share and Diluted Earnings Per Share increased by 70% mainly due to increase in net income.
7. Cash Flow Reinvestment Ratio increased by 28% as a result of increase in cash generated 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

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

3. Operating Performance Analysis

(1)  Average Collection Turnover = Net Sales / Average Trade Receivables(including Accounts 

Receivable and Notes Receivable originated from operation)
(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(including Accounts Payable 

and Notes Payable originated from operation)

(6) Property, Plant and Equipment Turnover = Net Sales / Average Net Property, Plant and Equipment
(7) Total Assets Turnover = Net Sales / Average Total Assets

(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 

2018

2019

2020

2021

2022

CPA

Mei Yen Chiang, Yu-Feng Huang

Mei Yen Chiang, Yu-Feng Huang

Mei Yen Chiang, Yu-Feng Huang

Mei Yen Chiang, Shang Chih Lin

Mei Yen Chiang, Shang Chih Lin

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 2022 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 14, 2023

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 2022 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.

124

125

　
　
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

2022

2021

          2,052,896,744 

          1,607,072,907 

               68,927,920 

               29,384,701 

          2,693,836,970 

          1,975,118,704 

               41,914,136 

               32,734,537 

               25,999,155 

               26,821,697 

               81,203,953 

               54,370,909 

Difference

445,823,837 

39,543,219 

718,718,266 

9,179,599 

(822,542)

26,833,044 

          4,964,778,878 

          3,725,503,455 

1,239,275,423 

             944,226,817 

             739,503,358 

          1,060,063,194 

             815,266,892 

          2,004,290,011 

          1,554,770,250 

             259,303,805 

             259,303,805 

               69,330,328 

               64,761,602 

          2,637,524,688 

          1,906,829,661 

(20,505,626)

(62,608,515)

204,723,459 

244,796,302 

449,519,761 

0 

4,568,726 

730,695,027 

42,102,889 

777,366,642 

789,755,662 

%

28%

135%

36%

28%

-3%

49%

33%

28%

30%

29%

0%

7%

38%

67%

36%

36%

Equity Attributable to Shareholders of the Parent

          2,945,653,195 

          2,168,286,553 

Total Equity

          2,960,488,867 

          2,170,733,205 

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.
Increase in Long-term Investments: The increase was mainly due to increase in noncurrent financial assets at amortized costs.
Increase in Property, Plant and Equipment: The increase was mainly due to increase in equipment under installation and 
construction in progress.
Increase in Right-of-use Assets: The increase was mainly due to increase in leases of land.
Increase in Other Assets: The increase in other assets was mainly due to increase in deferred income tax 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 Current Liabilities: The increase was mainly due to increase in accrued expenses and other current liabilities.
Increase in Noncurrent Liabilities: The increase was mainly due to issuance of corporate bonds in 2022.
Increase in Total Liabilities: The increase was mainly due to issuance of corporate bonds and increase in accrued expenses and other 
current liabilities.
Increase in Retained Earnings: The increase was mainly due to net income of 2022, partially offset by distribution of earnings.
Increase in Others Equity: The increase was mainly due to increase in currency exchange gain arising from translation of foreign 
operations in 2022.
Increase in Equity Attributable to Shareholders of the Parent: The increase was mainly due to increase in retained earnings.
Increase in Total Equity: The increase was mainly due to increase in equity attributable to shareholders of the parent.
● 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

2022

 1,118,550,389 

 728,961,910 

2021

 783,205,937 

 603,640,944 

 2,432,675,050 

 1,889,970,529 

 39,051,427 

 21,456,104 

 81,724,184 

 30,123,052 

 22,910,400 

 48,644,283 

Difference

335,344,452 

125,320,966 

542,704,521 

8,928,375 

(1,454,296)

33,079,901 

 4,422,419,064 

 3,378,495,145 

1,043,923,919 

 899,245,600 

 577,520,269 

 704,833,370 

 505,375,222 

 1,476,765,869 

 1,210,208,592 

 259,303,805 

 69,330,328 

 259,303,805 

 64,761,602 

 2,637,524,688 

 1,906,829,661 

(20,505,626)

(62,608,515)

 2,945,653,195 

 2,168,286,553 

194,412,230 

72,145,047 

266,557,277 

0 

4,568,726 

730,695,027 

42,102,889 

777,366,642 

%

43%

21%

29%

30%

-6%

68%

31%

28%

14%

22%

0%

7%

38%

67%

36%

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.
Increase in Long-term Investments: The increase was mainly due to increase in investments accounted for using equity method.
Increase in Property, Plant and Equipment: The increase was mainly due to increase in equipment under installation and 
construction in progress.
Increase in Right-of-use Assets: The increase was mainly due to increase in leases of land.
Increase in Other Assets: The increase in other assets was mainly due to increase in deferred income tax 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 Current Liabilities: The increase was mainly due to increase in accrued expenses and other current liabilities.
Increase in Total Liabilities: The increase was mainly due to issuance of corporate bonds and increase in accrued expenses and other 
current liabilities.
Increase in Retained Earnings: The increase was mainly due to net income of 2022, partially offset by distribution of earnings.
Increase in Others Equity: The increase was mainly due to increase in currency exchange gain arising from translation of foreign 
operations in 2022.
Increase in Total Equity: The increase was mainly due to increase in retained earnings.
● Major Impact on Financial Position
The above deviations had no major impact on TSMC’s financial position.
● Future Plan on Financial Position: Not applicable.

126

127

6.2.2 Financial Performance

Consolidated

Unit: NT$ thousands

Item

Net Revenue  

Cost of Revenue  

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 Gain (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

2022

2,263,891,292 

915,536,486 

1,348,354,806 

226,707,552 

(368,403)

1,121,278,851 

22,911,867 

1,144,190,718 

127,290,203 

1,016,900,515 

42,430,165 

1,059,330,680 

1,016,530,249 

1,059,124,890 

2021

1,587,415,037 

767,877,771 

819,537,266 

169,222,934 

(333,435)

649,980,897 

13,145,417 

663,126,314 

66,053,180 

597,073,134 

(7,619,456)

589,453,678 

596,540,013 

588,918,059 

Difference

676,476,255 

147,658,715 

528,817,540 

57,484,618 

(34,968)

471,297,954 

9,766,450 

481,064,404 

61,237,023 

419,827,381 

50,049,621 

469,877,002 

419,990,236 

470,206,831 

%

43%

19%

65%

34%

-10%

73%

74%

73%

93%

70%

NM

80%

70%

80%

● Analysis of Deviation over 20%
Increase in Net Revenue: The increase was mainly attributed to rise in average selling price, higher wafer shipments and the 
favorable impact of change in foreign exchange rate.
Increase in Gross Profit: The increase was mainly due to the rise in average selling price, the favorable impact of change in foreign 
exchange rate and continuing cost improvement, partially offset by lower capacity utilization.
Increase in Operating Expenses: The increase was mainly due to higher research and development expenditures.
Increase in Income from Operations: The increase was mainly due to higher gross profit.
Increase in Non-operating Income and Expenses: The increase was mainly due to higher interest income in 2022.
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.
Increase in Other Comprehensive Gain (Loss), Net of Income Tax: The increase was mainly due to increase in currency exchange gain 
arising from translation of foreign operations in 2022.
Increase in Total Comprehensive Income for the Year, Total Net Income Attributable to Shareholders of the Parent and Total 
Comprehensive Income Attributable to Shareholders of the Parent: The increase was mainly due to higher net income in 2022.
● 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

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 Gain (Loss), Net of Income Tax

Total Comprehensive Income for the Year

2022

2,252,320,561 

951,927,673 

1,300,392,888 

209,637,924 

(8,275)

1,090,746,689 

49,927,127 

1,140,673,816 

124,143,567 

1,016,530,249 

42,594,641 

1,059,124,890 

2021

1,574,745,881 

786,116,844 

788,629,037 

158,667,757 

(328,444)

629,632,836 

30,869,355 

660,502,191 

63,962,178 

596,540,013 

(7,621,954)

588,918,059 

Difference

677,574,680 

165,810,829 

511,763,851 

50,970,167 

320,169 

461,113,853 

19,057,772 

480,171,625 

60,181,389 

419,990,236 

50,216,595 

470,206,831 

%

43%

21%

65%

32%

97%

73%

62%

73%

94%

70%

NM

80%

● Analysis of Deviation over 20%
Increase in Net Revenue: The increase was mainly attributed to rise in average selling price, higher wafer shipments and the 
favorable impact of change in foreign exchange rate.
Increase in Cost of Revenue: The increase was mainly due to higher sales.
Increase in Gross Profit: The increase was mainly due to the rise in average selling price, the favorable impact of change in foreign 
exchange rate and continuing cost improvement, partially offset by lower capacity utilization.
Increase in Operating Expenses: The increase was mainly due to higher research and development expenditures.
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 2022.
Increase in Income from Operations: The increase was mainly due to higher gross profit.
Increase in Non-operating Income and Expenses: The increase was mainly due to higher share of profits of subsidiaries and 
associates in 2022.
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.
Increase in Other Comprehensive Gain (Loss), Net of Income Tax: The increase was mainly due to increase in currency exchange gain 
arising from translation of foreign operations in 2022.
Increase in Total Comprehensive Income for the Year: The increase was mainly due to higher net income in 2022.
● 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.

128

129

6.2.3 Cash Flow

Consolidated

Unit: NT$ thousands

Cash Balance 
12/31/2021

Net Cash Provided 
by Operating 
Activities in 2022

Net Cash Used in 
Investing Activities 
in 2022

Net Cash Used in 
Financing Activities 
in 2022

Effect of Exchange 
Rate Changes on 
Cash and Cash 
Equivalents in 2022

Cash Balance 
12/31/2022

Remedy for Liquidity Shortfall

Investment Plan

Financing Plan

 1,064,990,192 

 1,610,599,188 

(1,190,928,235)

(200,244,032)

58,396,970 

 1,342,814,083 

None

None

● Analysis of Cash Flow
NT$1,610.6 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization 
expenses.
NT$1,190.9 billion net cash used in investing activities: primarily for capital expenditures.
NT$200.2 billion net cash used in financing activities: mainly for net decrease in short-term loans and payment of cash dividend, 
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 
12/31/2021

Net Cash Provided by 
Operating Activities in 
2022

Net Cash Used in 
Investing Activities in 
2022

Net Cash Used in 
Financing Activities in 
2022

Cash Balance 
12/31/2022

Remedy for Liquidity Shortfall

Investment Plan

Financing Plan

 396,294,241 

 1,559,417,480 

(944,001,551)

(382,834,273)

 628,875,897 

None

None

● Analysis of Cash Flow
NT$1,559.4 billion net cash generated by operating activities: mainly include net income, along with depreciation and amortization 
expenses.
NT$944.0 billion net cash used in investing activities: primarily for capital expenditures.
NT$382.8 billion net cash used in financing activities: mainly for net decrease in short-term loans and 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 
2022 and 2021

Actual Use of Capital  

2022

2021

 1,903,407,434 

 1,072,310,836 

 831,096,598 

Others

Total

Cash flow generated from operations  

 18,460,404 

 10,361,294 

 8,099,110 

 1,921,867,838 

 1,082,672,130 

 839,195,708 

Based on capital expenditures listed above, TSMC’s annual production capacity increased by approximately 1.2 million 12-inch 
equivalent wafers in 2022.

企業風險管理架構

業務策略：技術領先、卓越製造、客戶信任

6.2.5 Long-term Equity Investment Policy and Results

董事會

具
風
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意
識
的
文
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TSMC’s long-term equity investments, accounted for using the equity method, were all made for strategic purposes. In 2022, the 
gains from these investments amounted to NT$7,798,359 thousand on a consolidated basis, up from the previous year mainly due 
to increases in product demand. In the future, TSMC’s long-term equity investments, accounted for using the equity method, will 
continue to focus on strategic purposes through prudent assessments. 

管理團隊(註) 

審計委員會

風險治理

6.3 Risk Management

6.3.1 Risk Management Overview

風險管理政策與程序

風險管理流程

辨   識

評   估

回   應

監   控

審   查

Risk Management Policy and Framework
TSMC adopts a balanced risk-reward approach to risk management to optimize business returns while considering the holistic 
impact on corporate sustainability. TSMC’s “Risk Management Policy” (https://esg.tsmc.com/download/file/riskManagementPolicy_e.
pdf), approved by the Board of Directors and signed off by Chairman, affirms the commitment for proactive and robust risk 
management system in assisting TSMC in making well-considered and risk-based decisions, that fulfills its corporate vision and to 
deliver sustainable value for TSMC and its stakeholders.

關鍵風險指標 / 風險登記冊

風險管理職能與溝通

風險管理工具  

Adhering closely to the ISO 31000: 2018 Risk Management System and the Committee of Sponsoring Organizations of the 
* 包含風險管理指導委員會、風險管理執行委員會、風險管理工作小組、中央危機指揮中心與危機處理小組
Treadway Commission (COSO)’s Enterprise Risk Management – Integrated Framework, TSMC’s Enterprise Risk Management (ERM) 
framework was established to provide a systematic approach to risk management. It outlines the risk governance structure, process, 
tools, competency, communication, and culture to assist the management in making informed decisions, to implement business 
strategies and achieve corporate objectives.

整合式風險管理IT系統

● Enterprise Risk Management Framework

TSMC Enterprise Risk Management Framework

CORPORATE STRATEGY | Technology Leadership, Manufacturing Excellence, Customer Partnership 

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Board

Audit Committee

Management (Note)

Risk Management Policy & Procedures

Identification

Assessment

Response

Monitor

Review

Key Risk Indicator / Risk Register

Risk Management Competency & Communication

Integrated RM IT System

Risk
Governance

Risk
Management
Process

Risk Tools

Note:  comprising of Risk Management Steering Committee, Risk Management Executive Council, Risk Management Taskforces, Central Crisis Command Centre and Crisis Management Team
* Comprising of Risk Management Steering Committee, Risk Management Executive Council, Risk Management Taskforces, 
  Central Crisis Command Centre & Crisis Management Team

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Risk Appetite and Risk Management Scope
TSMC has defined its risk appetite statements, which outline the nature and extent of the risks which TSMC is willing to take in 
pursuit of its business goals. These risk appetite statements are:
● Risk taken should be carefully evaluated, commensurate with rewards and be in line with the Company’s strategic, investment, 

financial and corporate objectives.

● Risk considerations are embedded into business operations and managed within the risk tolerance (risk indicators) of the divisions, 

functions and Company.

● TSMC will not invest or participate in any business activities that exceeds our risk tolerance. The Company does not condone safety 

related breaches or lapses, non-compliance with laws and regulations, as well as acts such as fraud, bribery and corruption.

Adopting the five-step risk management process consisting of the identification, assessment, response, monitor and review of 
risks, risks assessments are performed by key functional units, to form the enterprise-level risk map and mitigation plans, that are 
presented to the Audit Committee. This process is supported by ongoing education and awareness efforts in fostering a risk-aware 
culture and building risk competencies.

● Risk Management Scope

Strategic Risks

● Industry developments
● Changes in technology (including IT security)
● Decrease in demand and average selling price
● Competition
● Changes in the government policies and regulatory environment

Financial Risks

● Economic risks (including interest rate fluctuation, foreign exchange volatility, inflation, and amendments to tax 
regulations or implementation of new tax laws)
● External financing
● High-risk/highly leveraged investments; lending, endorsements, and guarantees for other parties; and financial 
derivative transactions
● Impairment charges 

Other Risks

● Sales of significant numbers of shares by TSMC’s directors, and/or shareholders who own 10% or more of TSMC’s 
total outstanding shares
● Trade policies

Operational Risks

● Natural and man-made disasters
● Capacity expansion
● Construction of new fabs
● Sales concentration
● Purchasing concentration
● Intellectual property rights
● Litigious and non-litigious matters
● Mergers and acquisitions
● Recruiting quality personnel
● Future R&D plans and expected R&D spending
● Change in corporate reputation and impact on the Company’s crisis management
● Change in management
● 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

TSMC recognizes that its systems and processes provide reasonable but not absolute assurance and hence continually improve to 
ensure that its ability to manage and respond to risks and opportunities remain relevant and effective.

Risk Management Organization
Risk management in TSMC involves the reporting and oversight structure involving both Board of Directors and management of 
TSMC that seeks to embed sound risk management practices in business decisions and operations across TSMC. The Board of 
Directors is responsible for the governance of risk and has authorized the Audit Committee to review TSMC’s ERM framework. 
At the management level, the risk management organization is composed of the Risk Management Steering Committee, the Risk 
Management Executive Council, the Risk Management Taskforces and the Risk Management Division.

The Risk Management Division works with each function in applying the ERM framework to assess and mitigate risks throughout 
TSMC by risk monitoring, conducting workshops, and implementing risk related policies and guidelines. Annually, the risk 
management organization reports to the Audit Committee on TSMC’s key risks and mitigation efforts, and the Audit Committee’s 
Chairperson reports to the Board of Directors on the risk profile and risk mitigation measures being taken.

● Risk Management Organization Chart 

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Board of Directors

Audit and Risk Committee

Risk Management Steering 
Committee
(Functional heads, VP level)

Risk Management Executive 
Council
(Members titled as Risk Management 
Champion (RMC), director-level)

Risk Management 
Division

Risk Management Taskforces
(Representatives from each Fab/Division)

Risk management is a shared responsibility of both 
management and employees. All employees are required to be 
competent and accountable for managing risks related to their 
area of responsibility with an emphasis on clear risk ownership. 
The roles and responsibilities of the risk management 
organization are defined as below:

● Risk Management Steering Committee
1. Advises the Board in determining overall risk appetite, 

tolerance, strategy and resources allocation (taking into 
account of the current and prospective macroeconomic, 
technological, regulatory, environmental and social 
developments and trends).

2.  Reviews and oversees the applicability and performances of 

risk management framework, policy and procedures.

3. Provides advice and assurance to the Board by adopting a 
holistic view of the key risks that TSMC is exposed to and 
approves the prioritization of risk mitigations.

4. Sets the tone at the top, provides sponsorship to risk 

management initiatives and activities bringing about the 
desired risk culture, awareness and capabilities of effectively 
and sufficiently managing the key risks and new type of 
risks, including clarifying the risk ownership.

5. Ensures that risk management is incorporated into strategic 
business development and operational planning, day-to-day 
management and decision making.

6. Advises the Board on proposed transactions to address the 

strategic risks and capitalize on opportunities.

● Risk Management Executive Council
1. Identifies potential/emerging risks that may impact TSMC in 
achieving our objectives and/or the continued effectiveness 
and efficiency of our business operations.

2. Conducts risk assessments, defines risk mitigation plans, 
including incident management plans as well as provides 
sponsorship and allocate sufficient resources to enable 
timely and effective mitigations.

3. Leads and drives cross-functional taskforce, meetings, or 
activities to ensure that risks are adequately & effectively 
mitigated, including collaboration with Risk Management 
Division and various parties.

4. Defines key risk indicators (KRIs) to proactively monitor risk 
dynamics to respond in a timely and effective manner.

5. Builds a risk-aware culture and raise risk competency in fab/
division, including but not limited to training/exercises and 
continuous improvements.

6. Defines and facilitates action plans based on root cause 
analysis to prevent reoccurrences of major incidents, 
high-risk events and major findings raised from internal/
external reviews.

7. Reports to Risk Management Steering Committee on 
the progress, effectiveness review, lesson learned and 
implements the decisions made by Risk Management 
Steering Committee.

● Risk Management Taskforces
1. Identifies and assesses potential risks/threats that may 

impact TSMC achieving its business objectives, as well as 
deploying the risk mitigations.

2. Plans and executes risk prevention and mitigations in 

accordance with risk scenarios.

3. Organizes and/or participates in cross-functional meetings, 
in addressing risks that cross multi-disciplines or divisions/
fabs.

4. Participates in the implementation and execution of risk 

management initiatives and activities.

5. Reviews the investigation of major incidents, high-risk events 
and major findings raised from internal/external checks for 
division. Monitor the effectiveness of action plans.

● Risk Management Division
1. Assists the board in establishing, overseeing a proactive 

and effective management system of risk management and 
business continuity management, including risk appetite and 
tolerance, risk strategy and risk management framework, 
policy, and procedures.

2. Strengthens risk culture, awareness, and risk management 
capabilities through continuous training, education and 
awareness programs.

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3. Identifies and analyzes the sources and categories of risks of 

6.3.2 Strategic Risks

the company, and regularly review their applicability. 
4. Facilitates risk management committees, risk owners in 
the implementation of risk management activities and 
initiatives to identify and manage risks, including the review 
of risk mitigation plans, business continuity, crisis and 
incident management plans, review the effectiveness of risk 
management activities through documentary risk report 
reviews, management discussions, meetings, to provide 
reasonable assurance.

5. Coordinates cross-department/functional interaction 

and communication of risk management operations and 
decisions, including implementing the risk management 
decisions of Risk Management Steering Committee.

6. Consults with management, consultants and peers on best 
practices and standards for continuous improvement and 
benchmarking.

7. Prepares reports to stakeholders that may be required from 
time to time by regulators, government agencies, insurers/
brokers and customers, including an annual report on the 
implementation of company’s risk management system.

Crisis Management and Business Continuity 
Management
TSMC is committed to maintaining operational resilience with 
close reference to business continuity management standards 
that enables the Company to respond effectively to business 
disruption. The Company is cognizant of the major risks of 
natural and man-made disasters, including earthquakes, 
flooding, typhoons, droughts, tsunamis, sandstorms, 
wildfires, volcanic eruptions, fire, gas/chemical leakage, 
pandemic, cyber-attacks, sabotage, failure of critical facilities 
and equipment, shortages in the supply of utilities, such as 
water, electricity and natural gas, etc. could disrupt TSMC’s 
operations.

To mitigate the operational impacts of crisis events, the Risk 
Management Division implements pre-crisis risk assessment, 
response procedures and recovery plans. Exercises and drills 
are also conducted to validate our emergency responses, crisis 
management, business continuity plans to enhance operational 
preparedness. In major incidents or crisis events, the Crisis 
Management Guideline guides in the management and 
responses. The Central Crisis Command Centre (C4), headed by 
CEO and comprised of senior executives across key functions, 
provides guidance and decision-making to ensure a constant 
readiness-to-respond capability, including rapid responses and 
communication to key stakeholders.

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 
TSMC’s 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 demand 
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, margins 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 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 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. If TSMC is unable to 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 page 18-20 of this Annual Report.

● IT Security
Even though TSMC has established a comprehensive internet 
and computing security network, the Company 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. 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. Major cyberattacks could also lead 
to loss or divulgence of trade secrets and other sensitive 
information, such as proprietary information of its customers 
and other stakeholders and personal information of its 
employees. 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.

Malicious hackers may also try to introduce computer viruses, 
corrupted software or ransomware into TSMC’s network 
systems to disrupt its operations, blackmail the Company 
to regain control of its computing systems, or spy on it for 
sensitive information. These attacks may result in TSMC 
having to pay damages for its delayed or disrupted orders 
or incur significant expenses in implementing remedial and 
improvement measures to further 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 such breaches.

In the past, TSMC has experienced and may in the future 
be subject to attack by malicious software. TSMC has 
implemented and continually updated rigorous cybersecurity 
measures to prevent and minimize harm caused by such 
attacks. Such measures include advanced virus scanning tools 
to protect fab equipment, strengthening firewall and network 
controls to prevent computer viruses from spreading among 
tools and fabs, installing advanced malware defense solutions 
for critical computers, introducing new solution architecture 
to secure internet access, adopting advanced solutions 
against distributed denial-of-service attacks from the internet, 

introducing new technology for data protection, enhancing 
and certifying office computer security compliance, improving 
email phishing defense and implementing employee awareness 
testing. TSMC also established an integrated and automatic 
security operation platform, enabled the automation of 
cybersecurity event detection and response, enhanced internal 
security assessment automation, conducted external red team 
testing and practiced responses to ransomware attacks. For 
supply chain risks reduction, through collaboration, TSMC 
helped major suppliers improve their security maturity and 
share industry security events and best practices on demand 
and by schedule. Moreover, TSMC has collaborated with 
Semiconductor Equipment and Materials Institute (“SEMI”) to 
set up a Semiconductor Cybersecurity Committee to promote 
security standards (SEMI E187) as well as security assessment 
methodology for improving the resilience of semiconductor 
supply chain. 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 it and its affiliates worldwide with whom it needs to share 
highly sensitive and confidential information to enable them 
to provide the relevant services. While TSMC requires such 
third-party service providers to strictly fulfill the confidentiality 
and/or internet security requirements in its service agreements 
with them, there is no assurance that each of them will comply 
with such obligations. Moreover, such third-party service 
providers may also be susceptible to 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 maintain 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.

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’s products in smartphones, high 
performance computing, IoT, automotive, and digital consumer 
electronics. 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’s products and services, could adversely affect 
the Company’s revenue. Further, semiconductor manufacturing 

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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 its operating costs is fixed. In general, 
these costs do not decline when customer demand or TSMC’s 
capacity utilization rates drop, and thus declines in customer 
demand, among other factors, may significantly decrease 
TSMC’s margins. Conversely, as product demand rises and 
factory utilization increases, the fixed costs are spread over 
increased output, which can improve TSMC’s margins. In 
addition, the historical trend of declining average selling prices 
(“ASP”) of end use applications places downward pressure on 
the prices of the components that go into such applications. 
Decreases in the ASP of end use applications may increase 
pricing pressure on components produced by TSMC, which, in 
turn, may negatively impact the Company’s 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. The governments of the United States, China, Europe, 
South Korea, and Japan provide various incentive programs 
to promote developments of their domestic semiconductor 
industries, such as the Creating Helpful Incentives to Produce 
Semiconductors and Science Act of 2022 (the “U.S. CHIPS 
Act”), which provides financial incentives to incentivize the 
development of U.S. semiconductor industry. Although 
governments in certain of the countries or regions where TSMC 
is currently expanding or planning to expand its production 
capacity have extended or may in the future extend certain 
financial incentives to the Company, there is no assurance 
that TSMC will be able to apply for or receive such financial 
incentives at the levels TSMC expects or at all. Additionally, 
any financial incentives the Company receive may be subject 
to strict conditions, or the grantors could seek to recover 
any funds provided to TSMC, or cancel, reduce or deny 
our requested subsidies or grants in the future. This could 
materially increase TSMC’s operating costs and adversely affect 
its results of operations.

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 such new and 
aggressive competitors on technology, manufacturing capacity, 
product quality and customer satisfaction, it risks losing 
customers to such new contenders.

Risks Associated with Changes in the Government 
Policies and Regulatory Environment
TSMC management closely monitors all domestic and foreign 
governmental policies and regulations that might impact 
TSMC’s business and financial operations. During 2022 and 
as of the date of this Annual Report, the following changes or 
developments in governmental policies and regulations may 
influence the Company’s business operations:

The manufacturing, assembling and testing of TSMC’s 
products require the use of chemicals and materials that are 
subject to environmental, climate related, health and safety 
laws and regulations issued worldwide as well as international 
accords such as the Paris Agreement. Climate change related 
laws or regulations currently are too indefinite for the 
Company to assess the impact on our future financial condition 
with any degree of reasonable certainty. For example, the 
Taiwan “Greenhouse Gas Reduction and Management Act”, 
which became effective on July 1, 2015, was amended 
and was renamed as “Climate Change Response Act”. The 
amendment became effective in February 2023, which set a 
goal of reaching net-zero emissions in Taiwan by 2050 and 
also established a carbon fee system that will collect carbon 
fees on direct and indirect emissions from emitters whose 
emissions reach certain thresholds. The carbon fee system is 
expected to take effect by 2024 and the rate for such fees 
has yet to be determined by the relevant authorities. We may 
be required to pay any incurred carbon fees if our emission 
levels exceed applicable thresholds pursuant to the carbon fee 
system, which could result in increased operating costs for us 
and affect us financially to a certain extent. We expect to see 
more of its relevant regulations promulgated by the regulators 
in the future. Also, the R.O.C. legislative authority is reviewing, 
at all times, various environmental issues to develop laws and 
regulations relating to environmental protection and climate 
related changes. The impact of such laws and regulations, as 
well as of the carbon fee, is indeterminable at the moment.

It is not expected that other governmental policies or 
regulatory changes would materially impact TSMC’s operations 
or financial condition.

6.3.3 Operational Risks

Natural and Man-Made Disaster
TSMC is committed to maintaining operational resilience in 
accordance with business continuity management standards 
that equips it with the capability to respond effectively to 
business disruption. Disruptions caused by natural and 
man-made disasters, including earthquakes, flooding, 
typhoons, droughts, tsunamis, sandstorms, wildfires, volcanic 
eruptions, fire, gas/chemical leakage, pandemic, cyber-attacks, 
sabotage, failure of critical facilities and equipment, shortages 
in the supply of utilities, such as water, electricity and natural 
gas, etc. could interrupt TSMC’s operations.

Most of TSMC’s production facilities, as well as those of 
many of its suppliers, customers and upstream providers of 
complementary semiconductor manufacturing services, are 
located in areas susceptible to natural disasters and may face 
potential shortages of electricity or water, which could cause 
interruptions to TSMC’s operations.

Thus, if one or more natural disasters 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 unforeseen 
disruptive event, it could reduce TSMC’s manufacturing 
capacity and cause the loss of important customers and 
thereby have an adverse, material impact on its operational 
and financial performance.

To cope with possible droughts resulted from severe climate 
change, TSMC implemented manufacturing process water 
saving, as well as building up industrial water recycling 
plants, using household water cooperating with government 
to mitigate water shortage risk. TSMC also implemented 
its business continuity plans, including water conservation 
measures, the use of more alternative water sources, water 
supplied by tank cars, stress tests and various exercises. As a 
result, there was no material impact to TSMC’s business or 
operational performance.

TSMC has occasionally suffered power outages, dips or surges 
caused by difficulties encountered by its electricity supplier 
or other power consumers on the same power grid. Some 
of these have resulted in interruptions to TSMC’s operations. 
Such shortages or interruptions in electricity supply could 
further be exacerbated by changes in the energy policy of 
the governments. If TSMC is unable to secure reliable and 
uninterrupted supply of electricity to power its manufacturing 
fabs, its ability to fill customers’ orders would be jeopardized.

If such events were to occur over prolonged periods of 
time, TSMC’s operations and financial performance may be 
materially adversely affected. Moreover, TSMC’s future capacity 
expansions in Taiwan and elsewhere could be curtailed by 
utility shortages.

The COVID-19 pandemic has had impacts on worldwide 
economic activity. Prolonged impacts of COVID-19 or future 
similar events could adversely affect TSMC’s 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) fluctuation in TSMC customers’ demands for certain 
products, leading to uncertainties for TSMC’s capacity planning 
and also for meeting customer demand, which may harm 
TSMC’s business with its customers and subject TSMC to the 
risk of legal disputes; and (3) potential production delays for 
TSMC’s products due to forced fab or office closures or partial 
operation.

TSMC has formed an “Epidemic Prevention Committee” to 
identify, implement and monitor actions stemming from the 
dynamic exigencies of the pandemic, including but not limited 
to, health management of its employees, splitting operation 
and work from home arrangements, identification and control 
of high risk individuals, rapid investigation of confirmed 
cases, management of production inventory, supply chain 
management, and capacity management for demand changes. 
As of the date of this annual report, TSMC’s current business 
and results of operations have not been materially affected by 
the COVID-19 pandemic, and with the easing of the COVID-19 
pandemic, TSMC does not expect its business and results of 
operations will be directly affected. Nevertheless, the Company 
could still face the post-pandemic downward changes in 
consumers’ demand for electronic products, which in turn lead 
to reduced demand for and place downward pressure on the 
price of TSMC’s products and services.

TSMC has further strengthened its business continuity 
management, which includes periodic risk assessments and 
mitigations, and the establishment of taskforces before 
emergency events. The taskforces define emergency response, 
crisis communication, recovery plans and preventative 
measures based on the thorough analysis of derivative effects 
and alternative solutions to ensure the impacts of people injury, 
business interruption, finance are minimized. TSMC reviews 
periodically its business continuity plans and refines them to 
reflect exercise results and implementation. In response to 

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the impact of the earthquakes that occurs in Taiwan, TSMC 
continues to improve its earthquake emergency response, tool 
anchorage and seismic isolation facilities, and readiness for 
tool salvage and production recovery. These improvements 
have been integrated into new fab design. TSMC’s business 
continuity procedures were further enhanced through the 
compliance with ISO 22301 business continuity management 
system (BCMS).

TSMC maintains a comprehensive risk management system 
dedicated to human safety, 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) and ISO 45001 
certified (occupational health and safety management). 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 and many of its suppliers use flammable 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 
TSMC maintains multiple layers of risk prevention and 
protection, as well as fire and casualty insurance, TSMC’s 
risk management and insurance coverage may not always 
be sufficient to cover all of its potential losses. If any of 
TSMC’s fabs or vendor facilities were to be damaged or cease 
operations as a result of an explosion, fire or environmental 
causes, it could reduce the TSMC’s manufacturing capacity 
leading to the loss of important sales and customers and have 
a negative impact on TSMC’s financial performance. In addition 
to periodic fire-protection inspections and firefighting drills, 
TSMC has also carried out a corporate-wide fire risk mitigation 
project focused on managerial and hardware improvements.

TSMC continues to monitor key disruptive threats to its 
business operations and adapt the plans to ensure operational 
resilience.

Risks Associated with Capacity Expansion
TSMC performs long-term market demand forecasts for its 
products and services to manage its overall capacity. Based 
on its market demand forecasts, the Company has continued 

to add capacity to meet market needs for its products and 
services, including in Taiwan, in Arizona, U.S., in Nanjing, 
China and in Kumamoto, Japan.

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 forecasts 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 
demand subsequently 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 Construction of New Fabs
The Company has multiple expansion projects that are currently 
underway, including the design and construction of new fabs 
worldwide. Global expansion has required and will continue to 
require considerable managerial, financial and other resources. 
The Company expects to face particular challenges in global 
expansion and operations, including but not limited to:
● higher costs associated with construction of new fabs, 

establishing supply chains for various materials in different 
overseas locations, the impact on the Company’s ability to 
sustain its current level of productivity and manufacturing 
efficiency provided by its ecosystem of interconnected 
semiconductor fabs, employees and suppliers in the R.O.C., 
and recruiting and retaining talent in various overseas 
locations;

● labor shortages, interruptions in the supply chains for various 
materials, and construction issues, which could substantially 
delay the completion of the Company’s expansion projects, 
and could further result in substantial additional costs or 
failure to meet its capacity expansion plans;

● disruptions to the Company’s operations caused by natural 
or man-made disasters, including earthquakes, flooding, 
typhoons, droughts, tsunamis, sandstorms, wildfires, volcanic 
eruptions, fire, gas/chemical leakage, pandemic, sabotage, 
failure of critical facilities and equipment and shortages in the 
supply of utilities, such as water and electricity;

● scarcity of industrial-use land, which could limit the 

Company’s future expansion of operations;

● compliance with applicable foreign laws and regulations, and 
the risk of penalties if the Company’s practices are deemed 
not to be in compliance;

● challenges in managing information technology infrastructure 
in multiple locations and across different systems and risks 
of our information technology infrastructure succumbing to 
cyberattacks by third parties worldwide;

● adverse changes relating to government grants or other 

government incentives;

● challenges relating to work culture differences and inherent in 
efficiently managing an increased number of employees over 
large geographic distances;

● limited or insufficient intellectual property protection or 
difficulties enforcing the Company’s rights to intellectual 
property; and

● exposure to different tax jurisdictions and potential adverse 

tax consequences.

If TSMC is unable to overcome the above challenges, the 
Company’s business, financial condition and results of 
operations could be adversely affected.

Risks Associated with Sales Concentration
Over the years, the Company’s customer profile and the 
nature of the Company’s customers’ business have changed 
dramatically. While TSMC generates revenue from hundreds 
of customers worldwide, TSMC’s ten largest customers in 
2020, 2021 and 2022 accounted for approximately, 74%, 
71% and 68% of TSMC’s net revenue in the respective year. 
TSMC’s largest customer in 2020, 2021 and 2022 accounted 
for 25%, 26% and 23% of the Company’s net revenue in the 
respective year. TSMC’s second largest customer in 2020 and 
2021 accounted for 12% and 10% of TSMC’s net revenue in 
the respective year. In 2022, TSMC’s second largest customer 
accounted for less than 10% of TSMC’s net revenue.

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 in the 
Company’s business. This customer concentration results in 
part from the changing dynamics of the electronics industry 

with the structural shift to mobile and high performance 
computing (HPC) 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 its 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 designed semiconductors 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 controls 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 or outsourcing policies or practices 
of these customers, the timing of customer inventory 
adjustments, or changes 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 suppliers 
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, including military conflicts and inflation 
occurring within the country of origin of such raw materials 
may also significantly disrupt the availability of such raw 

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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. 
Importation and domestic production limitations may also limit 
our ability to obtain adequate supplies of raw materials as well 
as materials of the necessary quality. 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 it 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. Further, 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 so as 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, 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 that critical suppliers 
meet various standards in labor, ethics, ESH (environmental, 
safety and health) and BCP (business continuity plan). Onsite 
audits are conducted regularly to encourage 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.

supply and long delivery cycles. To better manage its supply 
chain, the Company evaluates and projects delivery lead times 
to minimize the impact of supply chain risks on operating 
costs. TSMC has also implemented various collaborative 
business models and risk management contingencies with 
suppliers to ensure supply and shorten the procurement lead 
time. However, if TSMC is unable to acquire in a timely manner 
the equipment and parts it needs, it may fail to successfully 
implement capacity expansion plans and exploit time sensitive 
business opportunities. Additionally, ongoing trade tensions 
could result in increased prices for, or even unavailability of, 
key equipment, through delay or denial of necessary export 
licenses, adoption of additional export control measures and 
other tariff or non-tariff barriers. If TSMC is unable to obtain 
equipment in a timely fashion to fulfill its customers’ demand 
for technology and production capacity, or unable to do so 
at a reasonable cost, its financial condition and results of 
operations could be negatively impacted.

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 the Company 
actively enforces and protects 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, the Company 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 the Company 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.

● Equipment
The Company’s operations and ongoing expansion plans 
depend on its ability to obtain an appropriate amount of 
equipment and related services available from a limited number 
of suppliers. TSMC may encounter the situation of limited 

The Company 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 outside of Taiwan, 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 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.

If the Company 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.

The Company has taken related measures to minimize potential 
loss of shareholder value arising from intellectual property 
claims and litigation filed against it. 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, the Company has received from time to time 
communications from third parties asserting that its 
technologies, its manufacturing processes, or the design 
of the semiconductors made by TSMC or the use of those 
semiconductors by its customers may infringe upon their 

patents or other intellectual property rights. These assertions 
have at times resulted in litigation by or against the Company 
and settlement payments by the Company. Irrespective of the 
validity of these claims, the Company could incur significant 
costs in the defense thereof or could suffer adverse effects 
on its operations. The Company 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 the Company to 
potential significant legal liability.

Currently, TSMC’s material legal proceeding is as follows:
In September 2022, Daedalus Prime LLC (“Daedalus”) filed 
complaints in the U.S. International Trade Commission 
(“ITC”) and the U.S. District Court for the Eastern District of 
Texas alleging that TSMC, TSMC North America, and other 
companies infringe four U.S. patents. The ITC instituted 
an investigation in October 2022. The outcome cannot be 
determined and we cannot make a reliable estimate of the 
contingent liability at this time.

Other than the matter 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 2022 and as of the date of this Annual Report, TSMC had 
not conducted any merger or acquisition.

Risks Associated with Recruiting Quality Personnel
TSMC relies on the continued service and contribution 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, talent shortages, illegal talent poaching, 
immigration controls, 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 challenges, 
TSMC encourages job rotation and employs an on-the-job 
training and certification system. In this way, employees can 
learn and enhance their work efficiency and effectiveness in the 
actual workplace. Moreover, TSMC creates multiple recruitment 

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channels and continues to hire various top-notch, talented 
professionals from Taiwan and overseas. At the same time, the 
Company continues to expand industry-academic cooperation 
to meet outstanding talented individuals at an early phase in 
order to 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 
102 of this Annual Report.

Changes in Corporate Reputation and Impact on the 
Company’s Crisis Management
TSMC has established an excellent reputation 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 sustainable responsibility by serving as a good corporate 
citizen. TSMC continues to pursue innovation in economic, 
environmental and social dimensions.

In 2022, TSMC was honored with numerous awards for 
achievements in various areas including operations, corporate 
governance, patents, profit growth, investor relations, 
environmental protection, corporate sustainability, and other 
fields. The Company was selected as a part of the Dow Jones 
Sustainability World Index for the 22nd consecutive year and 
received the following awards: the inaugural Honorable 
Legion of Corporate Sustainability Top 100 launched by 
CommonWealth Magazine the Excellence in Corporate Social 
Responsibility Award; the Taiwan Institute for Sustainable 
Energy 2022 Taiwan Corporate Sustainability Awards’ First 
Place in Taiwan Top Ten Sustainability Exemplary Awards 
– the Corporate Sustainability Report Award – the Climate 
Leadership Award, the Circular Economy Leadership Award, 
the Supply Chain Management Award, the Sustainable 
Water Management Award, the Growth Through Innovation 
Leadership Award, and the Information Security Leadership 
Award. TSMC ranked in the top 5% in the Taiwan Stock 
Exchange corporate governance evaluation. The Company 
was named a member of: Fortune Magazine’s 2022 World’s 
Most Admired Companies and the Fortune Global 500; the 
Corporate Knights Global 100 Most Sustainable Corporations 
for 2022; and of the 2022 Carbon Clean 200TM list by 
Corporate Knights and As You Sow. In addition, TSMC was 
selected as part of the Morgan Stanley Capital International All 
Country World Index (MSCI ACWI) ESG Leaders Index.

To promote sustainability, TSMC’s ESG Steering Committee, 
led by Chairman Dr. Mark Liu, presented the third TSMC ESG 
Award in 2022, honoring internal organizations and divisions 
for tangible achievements in the Company’s five ESG strategic 
directions: Drive Green Manufacturing, Build a Responsible 
Supply Chain, Create a Diverse and Inclusive Workplace, 
Develop Talent, and Care For The Disadvantaged. At the 
same time, this award presentation encouraged all employees 
to propose new ideas for sustainability to be assessed for 
feasibility and potential incorporation in the Company’s 
implementation plans. Compared with 1,257 sustainability 
proposals in the second year, the third annual ESG Award 
received 1,880 innovative ideas, adding new energy to the 
Company’s culture of sustainability.

Mindful of its global reputation, 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 practices  crisis 
management and implements recovery measures to deal 
with possible crisis events and maintains a crisis command 
center for control guideline and prepares emergency response 
procedures” to ensure timely and prompt responses during 
a crisis. TSMC also performs regular exercises for crisis 
scenarios to ensure that crisis management procedures are 
comprehensive. and validated. In 2022, TSMC received a rating 
of “Low ESG Risk” from the Sustainalytics ESG Risk Ratings.

TSMC’s environment, safety and health committee holds 
monthly meetings to coordinate with relevant departments 
in each fab to conduct emergency response drills and 
continuously improve their notification and operational 
procedures to ensure clear channels of communication 
to stakeholders if a crisis arises, with the public relations 
division 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 
the impact on personnel safety, the surrounding environment, 
and company property and manufacturing operations. 
Responders also alert the public relations division at the earliest 
stages to ensure timely, clear and consistent communication 
regarding the situation.

Risks Associated with Change in Management
In 2022 and as of the date of this Annual Report, there were 
no such risks for TSMC.

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 equipment that is subject to export control laws and 
regulations, as well as metals, chemicals, and materials that are 
subject to environmental, climate-related, health and safety, 
and humanitarian forced labor prohibition and 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, or 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;

● the temporary or permanent inability to procure or use 

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 managed 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 156-157 of this Annual Report.

certain production critical chemicals or materials;

6.3.4 Financial Risks

● unfavorable 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 paying 
any incurred carbon fees if the Company’s emission levels 
exceed applicable thresholds, and obtaining renewable energy 
sources, renewable energy certificates or carbon credits, 

Economic Risks
Any future systemic political, economic or financial crisis or 
market volatility, including but not limited to interest rate 
and foreign exchange rate fluctuations, inflation or deflation 
and changes in economic, fiscal and monetary policies in 
major economies, could cause revenue or profits for the 
semiconductor industry as a whole to decline dramatically, 
and if the economic conditions or financial conditions of the 
Company’s customers were to deteriorate, the demand for its 
products and services may decrease and additional accounting 
related allowances may be required, which could reduce our 
operating income and net income. For example, starting in 
March 2023, the capital and credit markets have experienced 
volatility and disruption as a result of the failures of Silicon 
Valley Bank and Signature Bank as well as UBS’ announced 
acquisition of Credit Suisse. Concerns about the soundness 
of the banking system may cause small- and medium-sized 
banks to tighten their lending to preserve liquidity, which in 
turn could weigh on economic growth. If such levels of market 
volatility and disruption continue or escalate into systematic 
financial crisis or global economic downturn, it could result 
in a number of adverse follow-on effects on TSMC, including 
decreased customer demand, delays in the payment of account 
receivables to us, and insolvency of suppliers or customers.

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● Interest Rate Fluctuation
TSMC is exposed to interest rate risks primarily in relation 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 investment grade securities 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.

TSMC has entered and may in the future enter into interest 
rate derivatives to partially hedge interest rate risk on its fixed 
income investments and anticipated debt issuance. However, 
these hedges can offset only a limited portion of the financial 
impact from movements in interest rates.

The majority of TSMC’s long-term debt is fixed-rate and 
measured at amortized cost and, as such, changes in interest 
rates would not affect future cash flows or the carrying 
amount.

Certain of TSMC’s fixed income investments are primarily based 
on the London Interbank Offered Rate (LIBOR), which will be 
replaced by alternative benchmark rates after June 30, 2023. 
The transition from LIBOR to alternative benchmark rates might 
result in a reduction in TSMC’s interest income.

● 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 the NT dollar, 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 2022 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 its 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-
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.

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) as well as any 
cash dividends paid in NT dollar on TSMC’s common shares 
represented by ADSs.

● Inflation
TSMC is subject to the effects of inflation through increases 
in the cost of raw materials used to produce our products, 
wage expenses and employee benefits, and costs in relation 
to construction of fabs. Although TSMC does not believe that 
inflation has had a material impact on its financial position 
or results of operations to date, a high inflation in the future 
may have an adverse effect on the Company’s ability to 
maintain current levels of profit margin if the selling prices of 
its products and services do not increase with these increased 
costs.

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. The R.O.C. 
Controlled Foreign Company (“CFC”) rules enacted in 2016 

have been implemented since January 1, 2023, pursuant to 
which, certain profits retained at a CFC located in a low-tax 
jurisdiction would be taxable at its parent company in Taiwan. 
On the other hand, effective from January 1, 2023, the 
R.O.C. Statute for Industrial Innovation was amended such 
that eligible companies that develop innovative technologies 
domestically and possess leading position in global supply 
chain may claim investment tax credit of 25% on qualified R&D 
expenditure and 5% on procurement of machinery/equipment 
for advanced processes over a fiscal year. The Company 
anticipates that it will be eligible for these new incentives 
pursuant to the R.O.C. Statute for Industrial Innovation. 
Additionally, changes in the tax laws of foreign jurisdictions 
could arise as a result of the base erosion and profit shifting 
(BEPS) project that was undertaken by the Organization for 
Economic Cooperation and Development (OECD). These 
changes may increase tax uncertainty and have an adverse 
effect on TSMC’s 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.

Risks Associated with High-Risk/Highly Leveraged 
Investments; Lending, Endorsements, and Guarantees 
for Other Parties; and Financial Derivative Transactions
In 2022 and as of the date of this annual report, TSMC made 
no high-risk or highly leveraged financial investments. All 
financial derivative transactions engaged by TSMC were strictly 
for hedging and not for trading or speculative purposes. All 
guarantees and intercompany loans provided by TSMC and 
TSMC’s subsidiaries were solely for TSMC and/or TSMC’s 
wholly-owned subsidiaries. All guarantees and intercompany 
loans were in compliance with relevant rules and regulations.

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 R.O.C. Financial 
Supervisory Commission. 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 Other Risks

Potential Impact and Risks Associated with Sales of 
Significant Numbers of Shares by TSMC’s Directors, and/
or 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 18-20 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.

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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 2022 and as of the date of this Annual Report, TSMC’s 
management was not aware of any other risk that could 
potentially have a material impact on the financial status of the 
Company.

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. Since February 
2022, there have been expansive measures, including sanctions 
and export controls, imposed by several countries and regions 
against Russia, including certain individuals and entities, in 
connection with the military conflict in Ukraine. In October 
2022, the U.S. adopted additional export controls over China 
on advanced computing integrated circuits (“ICs”), computer 
commodities that contain such ICs, and certain semiconductor 
manufacturing items, as well as controls on transactions 
involving items for supercomputer and semiconductor 
manufacturing end-uses. The new controls add new license 
requirements for items destined to a semiconductor fabrication 
facility in China that fabricates ICs meeting specified advanced 
node parameters as well as U.S. persons’ activities supporting 
such facility or semiconductor manufacturing like TSMC, 
will be decided on a case-by-case basis. In the same month, 
we secured a one-year general authorization from the U.S. 
government, which allows us to maintain the Company’s 
fab’s operations in Nanjing, China. However, there is no 
assurance that we will be able to continue securing such 
general authorization on a timely basis or at all. On the other 
hand, measures adopted by an affected country to counteract 
the impact 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.

Imposition of trade barriers, including protectionist measures, 
sanctions and import and export controls, could increase our 
manufacturing costs, limit our access to certain supplies, make 
our pricing less competitive, and impact the sales of TSMC or 
its customers. In 2022 and 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.

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7.1 Overview

As a long-term trusted technology and capacity provider of the global logic IC industry, TSMC is dedicated to environmental, social 
and governance (ESG) issues. The Company collaborates with all stakeholders – employees, shareholders/investors, customers, 
suppliers/contractors, government/industry associations and society – to create sustainability value by pursuing three primary 
missions: acting with integrity, strengthening environmental protection, and caring for the disadvantaged.

Guidance for the Implementation of ESG
In keeping with its vision of Uplifting Society, TSMC’s ESG policy is the overarching guiding principle for sustainable development. 
The ESG Matrix, set by TSMC’s founder Dr. Morris Chang, clearly defines the scope of the Company’s ESG responsibility. Echoing the 
goal of “Bettering the Society,” TSMC strives to demonstrate its ESG commitment in seven areas including morality, business ethics, 
economy, rule of law, sustainability, work-life balance and happiness, and philanthropy. Actions that TSMC has taken to fulfill these 
commitments are integrity, law compliance, anti-corruption/anti-bribery/anti-cronyism, environmental protection/climate control/
energy conservation, corporate governance, providing well-paying jobs, good shareholder return, employees’ work-life balance, 
encouraging innovation and good work environment. TSMC also devotes to social participations through TSMC Charity Foundation 
and TSMC Education and Culture Foundation.

The Board of Directors supervises and guides the Company’s sustainability management, strategies, and goals. The ESG Committee 
Chairperson reports quarterly to the Board of Directors on the implementation of plans and results. In 2022, TSMC focused 
primarily on green manufacturing and supply chain management (including net zero emission, renewable energy access and use, 
and low-carbon value chain management), workplace diversity & inclusion and talent development (including employee resource 
groups, diversity and inclusion practices for R&D talents, Science, Technology, Engineering, and Mathematics (STEM) programs for 
high school girls), sustainability disclosures in sustainability report, theme reports such as TCFD Repot, UN SDGs Action Report and 
Materiality Analysis Report, sustainable culture advocacy (i.e., TSMC ESG awards), empowerment projects in remote areas and 2021 
ESG spending updates, etc.

Stakeholder Engagement
TSMC respects all stakeholders’ rights and interests in sustainability issues. The Company thus deploys multiple communication 
venues including a dedicated ESG website, ESG mailbox, Investor mailbox, Employee Feedback Channels, Irregular Business Conduct 
Reporting System, and the Supply Chain Worker Grievance Channel, etc. Through identification, prioritization and validation, TSMC 
manages and addresses stakeholders’ concerns.

Stakeholders and Communication Channels in 2022

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
The ESG Steering Committee is chaired by TSMC’s Chairman, while the Chairperson of the ESG committee serves as Executive 
Secretary, and senior executives from a wide variety of functions – all work together to examine ESG material issues in relation to 
the Company’s operations, set the short-, medium- and long-term strategic directions that link to the UN Sustainable Development 
Goals (SDGs).

The ESG Committee functions to coordinate and integrate resources, and facilitate the communications among different divisions, 
implementing the resolutions of the Company’s ESG Steering Committee. The ESG Department, on behalf of the ESG Committee, 
works together with cross-organizational representatives to identify key sustainability issues in relation to the Company’s operations 
and stakeholders’ concern. Task forces are formed based on various issues to frame adaptive strategies, goals and action plans. The 
committee holds quarterly meetings to track progress and ensure the strategies are implemented effectively in daily operations.

Stakeholders

Employees

Shareholders/Investors

Customers

Suppliers/Contractors

Government

Society

Communication Channels

● Corporate intranet (myTSMC), internal emails, and other announcement channels (such as promotion posters at facilities), TSMC Newsletter eSilicon Garden
● Human resources team
● Employee training
● Communication meetings for various levels of managers and employees; e.g. the executives communication meeting, skip levels and communication meetings in 
individual functions/divisions
● Employee suggestion channels, such as the Fab Caring Circle, Employee Opinion Box, Wellness Center, wellness website, employee PIP & IT Security mailbox and hot 
line, etc.
● Ombudsman system, whistleblower reporting system, irregular business conduct reporting system, and sexual harassment investigation committee
● Employee Opinion Survey on Company Core Values, Employee Engagement Survey, employee pulse surveys and service satisfaction surveys, and employee welfare 
committee event questionnaire survey
● Silicon Garden Meetings (labor-management meetings)

● 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, Sustainability 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
● 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 (SAQ)
● Supplier ethics survey
● Supply Chain Worker Grievance Channel

● 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

● 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
● Volunteer activities and services
● TSMC ESG website, newsletters, mailbox and social media (Facebook and LinkedIn page)
● TSMC Education and Culture Foundation and TSMC Charity Foundation websites
● “Sending Love” charity platform

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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

Customer Service

Customers’ service and satisfaction, customer trust, customer confidentiality, Responsible Business Alliance and its code of 
conduct

Information Technology and Materials & 
Risk Management

Information security, materials and supply chain risk management, supplier management, conflict minerals, Responsible Business 
Alliance 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

Stakeholders

Employees
Government/Industry 
Associations
Society (Note)

Customers
Government/Industry 
Associations

Employees
Shareholders/Investors
Customers
Suppliers/Contractors
Government/Industry 
Associations
Society

Customers
Suppliers/Contractors

Employees
Customers
Suppliers/Contractors
Government/Industry 
Associations

Business Development

Shaping an energy-efficient technology roadmap; building alliance with customers to foster smarter and 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

Resolving issues of stakeholder concern, establishing trusting long-term relationships, effective two-way communication, annual 
report production

Operations

Operational eco-efficiency, pollution prevention, water resource risk management, green manufacturing

Environment, Safety and Health

TSMC Environmental Policy and management system, climate change mitigation and adaption, pollution prevention, energy 
consumption efficiency, carbon emissions and carbon rights management, product environmental responsibility, response 
mechanism for environmental issues, environmental spending, green supply chain, policy and management systems for 
occupational health and safety, workplace health and safety, occupational disease prevention and health promotion, 
communication of ESH regulations

Human Resources

Diversity and inclusion, talent attraction and retention, talent development, human rights

TSMC Education and Culture Foundation

Cultivate young generation, educational collaboration, promote arts and culture

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.

Employees
Shareholders/Investors 
Customers 
Suppliers/Contractors
Government/Industry 
Associations

Shareholders/Investors

Customers 
Shareholders/Investors 
Suppliers/Contractors

Employees 
Shareholders/Investors 
Customers 
Suppliers/Contractors
Government/Industry 
Associations
Society

Employees 
Government/Industry 
Associations
Society

Society

Society

Society

Being dedicated in driving positive change, TSMC has issued an annual non-financial annual report for the 24th consecutive year 
and incorporated stakeholders’ feedback into daily operations. The TSMC Sustainability Report (formerly the Corporate Social 
Responsibility Report) aligns with the global sustainability standards and identifies ESG material issues in accordance with Global 
Reporting Initiative (GRI). Integrating Enterprise Risk Management (ERM) with ESG management, TSMC demonstrates how the 
Company evaluates ESG risk trends and impacts, mitigates accordingly through innovative thinking and practices, and operates 
sustainably at TSMC Taiwan Facilities (headquarters, wafer fabs, back-end packaging fabs, and testing fabs located in Taiwan), 
TSMC China, TSMC Nanjing, TSMC Arizona, Japan Advanced Semiconductor Manufacturing, Inc., WaferTech, VisEra and other 
subsidiaries. In addition to GRI, the report also adopts TCFD Recommendations, Sustainability Accounting Standards Board (SASB) 
reporting standards, AA1000 Accountability Principle and is assured by DNV GL Business Assurance Co. Ltd. in accordance with DNV 
VeriSustainTM protocol, GRI standards, SASB indicators, and TCFD framework.

TSMC is the only semiconductor company selected for the Dow Jones Sustainability World Indices for the past 22 consecutive years. 
As a responsible corporate citizen with a strong sense of purpose, TSMC adopts nine UN SDGs based on the Company’s five ESG 
directions, Drive Green Manufacturing, Build a Responsible Supply Chain, Create a Diverse and Inclusive Workplace, Develop Talent, 
and Care for the Disadvantaged, sets 2030 long-term goals, and implements approaches accordingly. Anchored in the concept of 
SDG 17 Partnerships for the Goals, TSMC collaborates with internal and external stakeholders to create sustainable value in ESG 
aspects through mutual dialogue, cooperation and participation.

2022 ESG Awards and Ratings

Category

Overall ESG

Organization

Awards and Ratings

Dow Jones Sustainability Indices (DJSI)

● Dow Jones Sustainability World Index for the 22nd consecutive year
● Dow Jones Sustainability Emerging Markets Index

MSCI ESG Indexes

Sustainalytics

ISS ESG

FTSE4Good Index

● 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

● Company ESG Risk Ratings: Low ESG Risk – Semiconductor Industry

● “Prime” Rated by ISS ESG Corporate Rating

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

Corporate Knights

● 2022 Global 100 Most Sustainable Corporations

World Benchmarking Alliance (WBA)

● SDG 2000 – The 2,000 Most Influential Companies

RobecoSAM (S&P Global)

● The Sustainability Yearbook Award 2022 – Bronze Class 

CommonWealth Magazine

● Excellence in Corporate Social Responsibility Award – Honorable Legion of Corporate Sustainability Top 100

Taiwan Institute for Sustainable Energy 

● Taiwan Top 10 Sustainability Exemplary Awards for the 7th consecutive year
● Corporate Sustainability Report Awards
● Circular Economy Leadership Awards
● Information Security Leadership Awards
● Supply Chain Leadership Awards
● Growth Through Innovation Leadership Awards
● Sustainable Water Management Leadership Awards
● Climate Leadership Awards
● English Report – Gold Award (Global Corporate Sustainability Award, GCSA)

Morningstar

● The Best Sustainable Companies to Own in 2022

(Continued)

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Category

Organization

Awards and Ratings

Economy and Governance

Institutional Investor Magazine

● Most Honored Company (Technology/Semiconductors) – All-Asia 
● Best Overall 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 Patent Services

● Ranked as 3rd in 2022 Top 50 US Patent Assignees

Forbes

● The World’s Top 10 Largest Technology Companies in 2022
● Global 2000

PricewaterhouseCoopers (PwC)

● FutureBrand Index component

FORTUNE

Brand Finance

Asiamoney

Business Today

Taiwan Stock Exchange

PricewaterhouseCoopers

● 2022 World’s Most Admired Companies
● Fortune Global 500

● Tech 100 2022

● 2022 Asia’s Outstanding Companies – Semiconductors & Semiconductor Equipment Sector for the 5th consecutive 
year

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

● Top 5% in Corporate Governance Evaluation of Listed Companies for the 8th consecutive year

● Global Top 100 Companies by Market Capitalization for the 10th consecutive year

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

● Ranked No.1 in Taiwan Patent Applications for the 7th consecutive year
● Ranked No.1 in Taiwan Patent Grants for the 3rd consecutive year

Germany Federal Office for Information Security

● Common Criteria, ISO/IEC 15408- EAL6 Site Certification – Fab 15A

Corporate Synergy Development Center

● Taiwan Continuous Improvement Award – Gold Tower Award – Fab 2 & Fab 5, Fab 8, Fab 14A, Fab 15B, APTS
● Taiwan Continuous Improvement Award – Silver Tower Award – Fab 15B, APTS, Q&R, ACCT
● Taiwan Continuous Improvement Award – Best Improvement Innovation Award – Fab 2 & Fab 5, Fab 15B, APTS

Clarivate

● 2022 Top 100 Global Innovators

CommonWealth Magazine

● Top 100 Semiconductor Enterprises

LexisNexis

The Asset

● Innovation Momentum 2022: The Global Top 100

● The Asset Triple A Country Awards for Sustainable Finance 2022: Best corporate bond

Environment, Safety and Health

Corporate Knights & As You Sow

● 2022 Carbon Clean 200TM List

CDP

● 2022 CDP Supplier Engagement Leader
● Water Security A Ratings
● Climate Change A- Ratings

Alliance for Water Stewardship (AWS)

● “Platinum” Class Certification with the Highest Score for the 3rd consecutive year

U.S. Green Building Council 

● Leadership in Energy and Environmental Design (LEED) – “Gold” Class Certification – Fab 18 P4 & P5 Manufacturing 
Facility, Advanced Backend 2C

Environmental Protection Administration, Executive 
Yuan, R.O.C.

● National Enterprise Environmental Protection Award

Society

Forbes

● 2022 World’s Best Employers

Occupational Safety and Health Administration, 
Ministry of Labor, R.O.C.

● National Occupational Safety and Health Award – Enterprise Benchmarking Award
● Occupational Safety and Health Sustainability Report Award

7.2  Environmental, Safety and Health (ESH) Management

TSMC believes its environmental, safety and health practices must not only meet legal requirements but should also align with 
internationally recognized best practices. The Company’s ESH policies aim to achieve “zero incidents” 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 and its subsidiaries’ manufacturing facilities have received ISO 14001: 2015 certification for environmental management 
systems and ISO 45001: 2018 certification for occupational safety and health management systems. TSMC and its subsidiaries’ fabs 
in Taiwan have each been certified by the Taiwan Occupational Safety and Health Management System (TOSHMS). All the above 
certifications are maintained valid. Per TSMC policy, all new facilities are required to attain the aforementioned certifications within 

18 months of receiving their facility license. In 2022, all TSMC 
fabs in Taiwan completed the renewal of ISO 14001, ISO 
45001, and TOSHMS certificates with three year validity. At 
the same time, three new fabs, Fab 12 Phase 8, Fab 18B and 
Advanced Backend Fab 6, also passed third-party verification 
and obtained certificates.

To reduce overall environmental, safety and health risks, 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, and fire and 
explosion prevention as well as to minimize the impact of 
earthquake damage.

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 Fabs have been QC 080000 certified 
and maintained validity 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 related substances restriction standards. In 
addition, in 2016 TSMC started a project to minimize usage of 
the hazardous substance N-methylpyrrolidinone (NMP) and as 
a result by the end of 2022 NMP use in the Company’s Taiwan 
fabs had been reduced by 97.2% compared to 2016, and 
achieved 2022’s 95% reduction goal. TSMC will continue to 
further reduce NMP usage in its subsidiary fabs.

In 2011, TSMC began implementing the ISO 50001 energy 
management system for continuous improvement in energy 
conservation. As of 2022, all TSMC and its subsidiaries’ 
manufacturing facilities had received ISO 50001 Energy 
Management System certification except for one. The 
Company’s WaferTech subsidiary in the U.S. was originally 
scheduled to receive this certification in 2021 but it has been 
postponed to 2023 due to the impact of the 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 to meet on an 

ad-hoc basis depending on occupational disease cases or 
other issues. 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 minimize 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 counselling.

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 emphasis on self-management nurtures the 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 manage the sustainability 
of the supply chain, including formulating supplier 
sustainability standards, drawing up audit plans, performing 
audits and tracking improvements, coaching and training, 
and re-coaching for suppliers with poor performance. 
Strengthening the professional capabilities of suppliers in 
environmental protection, safety and health, fire response, 
and carbon inventory were key focuses in 2022, as the 
Company held the environmental protection, safety and health 
workshops (56 participants from 50 suppliers), fire emergency 
response workshops (58 participants from 50 suppliers), 
and product carbon footprint inventory workshop (24 
participants from 20 suppliers). In addition, for the past seven 
years suppliers have been invited to observe TSMC’s annual 
emergency response drills (166 participants from 161 suppliers) 

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and the Company’s environmental, safety and health sustainability forum focused on successful case sharing (354 participants from 
116 suppliers). TSMC also conducts environmental, safety and health audits at suppliers’ manufacturing sites and actively assists 
suppliers in improving their ESH performance. Finally, the Company requests that suppliers conduct a carbon emissions inventory 
and encourages them to implement measures to save energy, reduce carbon emissions, conserve water and reduce waste. 

7.2.1 Environmental Protection

Climate Change and Energy Management
● Task Force on Climate-related Financial Disclosures (TCFD)
In view of the potential financial risks of climate change on operations, in 2018 TSMC adopted TCFD recommendations released by 
the Financial Stability Board (FSB) to identify risks and opportunities and further establish metrics and target management based on 
the results identified.

Climate Risks

Potential Financial Impact

Climate Opportunities

Potential Financial Impact

2022 Actions

Construct green buildings

Lower utility costs

Received six green building certifications

Uncertainty of 
Development of New 
Energy Saving Technology

Rising electricity consumption in 
advanced technology production 
lines increases production costs

Impact on the Company’s 
Reputation

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

Improve the Company’s reputation

Upgrade TSMC performance 
in stakeholders’ sustainability 
ranking

Drought (TSMC Operation)

Drought (Supply Chain)

Production negatively affected, 
causing financial losses and a 
decrease in revenue

Increase resilience and ability to cope 
with natural disasters

Flooding (TSMC Operation)

Flooding (Supply Chain)

Strengthen resilience in coping 
with climate change impact, 
lower risk of operations 
disruption, and reduce potential 
losses

● Led the industry as the only semiconductor company 
chosen for the Dow Jones Sustainability Indices (DJSI) for 
the 22nd consecutive year
● Ranked as CDP A- list on climate and A list on water 
security (Leadership)

● Raised the building base of Fab 18 Phase 6 and Phase 7 
two meters higher
● Fab 18 Phase 6 and Phase 7 committed to using and 
developing reclaimed water
● Required suppliers to assess drought and flooding risk in 
operating facilities and implement related risk reduction 
actions
● Implemented drills based on drought emergency 
procedures 

Management Structure of TSMC Climate-related Risks and Opportunities

Rising Temperatures 

Increase in electricity consumption, 
cost, and carbon emissions

Strive for low-carbon, green 
manufacturing

Save energy and cut costs

Conserved 700 GWh of electricity through energy-saving 
projects

Category

Governance

Management Strategy and Actions

Board of Directors periodically reviews climate change related risks and opportunities
● ESG steering committee led by the Chairman is the Company’s top organization dealing with climate change management. The chairperson of ESG committee serves as the 
executive secretary. The ESG steering committee reviews TSMC’s climate change strategies and goals every quarter and reports to the Board of Directors.
● The energy and carbon reduction committee, led by the vice president of fab operations, deals with action implementation on climate change risks and opportunities at 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

Use scenario analysis to assess the potential operational and financial impact of significant climate risks and opportunities to the Company

Promote low carbon manufacturing to approach net zero emissions and strengthen climate resilience

Enhance suppliers’ awareness and responsiveness to climate risks through counseling and promote their active carbon reduction efforts

Risk Management

Use 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

Develop carbon emission reduction targets for TSMC and its suppliers and regularly review the progress on achieving the targets

Financial Impact Analysis of Climate Risks and Opportunities

Climate Risks

Potential Financial Impact

Climate Opportunities

Potential Financial Impact

2022 Actions

Greenhouse Gas (GHG) 
Emissions Cap and Carbon 
Tax/Carbon Fee

Restrictions on capacity expansion, 
increases in operation costs

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

Early purchases of renewable 
energy, successfully increasing 
production capacity

Trend to Net Zero Emission

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

Win public recognition and carbon 
emissions offset cooperation

Accumulate carbon credits in 
preparation for future carbon 
emissions offset

Develop low-carbon product services 
to improve product energy efficiency

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

● Power purchasing agreements for renewable energy 
totaled 2.9 GW (Gigawatts)
● Used 2,190 GWh in renewable energy, and increased the 
proportion of renewable energy use to 10.4%
● Achieved 100% of renewable energy used in overseas 
subsidiaries and offices for the fifth consecutive year
● Purchased 350,000 tons of carbon credits to achieve net 
zero emissions from overseas plants

● Received carbon credit for fluorinated-GHG and nitrous 
oxide reduction offset project about 600k ton
● 100% use of carbon neutral natural gas from Chinese 
Petroleum Corporation in TSMC Taiwan fabs
● TSMC global offices used carbon credits to achieve net 
zero emissions

Developed energy saving products for the 5nm, 3nm and 
more advanced manufacturing process

Commitment of 
Environmental Impact 
Assessment (EIA)

The development of advanced 
technologies potentially hampered 
by inability to obtain renewable 
energy and reclaimed water

Use reclaimed water 

Smooth construction of 
advanced production lines

TSMC reclaimed water plant in Southern Taiwan Science 
Park began to operate

(Continued)

Greenhouse Gas (GHG) Emission Reduction and Energy Management
In response to threats presented by extreme weather, TSMC sets strategies and targets, ensures sound execution and strives to build 
a sustainable culture. In 2021, TSMC announced its long-term goal of net zero emissions by 2050, while setting the short-term goal 
of zero growth in emissions by 2025. By actively implementing emission reduction measures, the Company is working to return its 
carbon emissions to 2020 levels by 2030. TSMC remains committed to becoming a global leader in green manufacturing.

TSMC actively participates in the initiatives of the World Semiconductor Council (WSC) and has leveraged its past experience 
to develop best practices to reduce perfluorinated compounds (PFC) emissions, measures that have been fully adopted 
and implemented since 2012. In 2013, in accordance with the “EPA Early Actions for Carbon Credit of Greenhouse Gases 
Reduction” regulation, TSMC applied for recognition of GHG 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 GHG 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 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 the Company’s strategy to reduce 
GHG emissions. Since 2005, TSMC has also participated in the international disclosure and rating agency – CDP to publicly disclose 
climate change information for 18 consecutive years and to continuously review and improve related management practices.

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 carbon management in 
2016. The three areas of focus of this platform are legal compliance, emission reduction, and carbon credit acquisition. In addition 
to participating in official regulatory consultation and communications meetings, the Company also sets short-, medium- and 
long-term reduction targets through the energy and carbon reduction committee led by the fab operations vice president. The 
measures 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, the Company 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 in operating its facilities. These efforts simultaneously reduce carbon dioxide gas emissions and costs. As a result, 
TSMC has conserved 3.1 billion kilowatt hours (kWh) of power since 2016. In February 2023, Taiwan renamed the “Greenhouse 

156

157

Gas Reduction and Management Act” to the “Climate Change Response Act” and amended the provisions. Relevant laws and 
regulations will be formulated in the future. TSMC will continue to pay attention to and evaluate the company’s impact, so as to 
respond early.

From 2015 to 2017, TSMC voluntarily participated in the R.O.C. Ministry of Economic Affairs’ green power purchasing program 
and became the largest buyer in Taiwan, purchasing 400 million kilowatt hours (kWh) of green power. Although the Taiwan 
Power Company stopped selling green power in 2018, TSMC still aggressively negotiates the purchase of renewable energy with 
other suppliers in Taiwan. Targeting a long-term commitment of 100% renewable energy, TSMC has committed to achieving 40% 
renewable energy 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 2022 again. TSMC also used carbon credits to offset carbon emissions of natural gas consumption 
in kitchens, achieving the milestone of net zero emissions for TSMC global offices. Although development of renewable energy 
in Taiwan is in an early stage, TSMC has established a renewable energy task force and continues to communicate closely with 
government through the Association of Science Park Industries and Taiwan Semiconductor Industry Association. The Company has 
made recommendations to the government in the hope that the collaboration would speed up renewable energy development 
in Taiwan. The recommendations include expanding the development of offshore wind power and increasing the supply of the 
renewable energy trading platform. TSMC continues to find renewable energy. By the end of 2022, the total installation capacity 
of renewable energy contracted reached 2.9 GW (Gigawatts). The renewable energy will be provided to TSMC gradually after the 
related business process has been completed. This is a clear manifestation of the Company’s active support of the UN Sustainable 
Development Goals (SDGs).

In 2020 TSMC became the first semiconductor company to join RE100 (the global corporate renewable energy initiative) and 
pledged that power consumption of all the Company’s manufacturing plants and offices will be 100% supplied from renewable 
energy by 2050.

TSMC GHG Emissions in Recent Two Years

Unit: Metric ton CO2 equivalent

Year

2022

Scope

Parent Company

VisEra Technologies Company Ltd.

TSMC China Company Limited

TSMC Nanjing Company Limited

WaferTech, LLC

2021

Parent Company

VisEra Technologies Company Ltd.

TSMC China Company Limited

TSMC Nanjing Company Limited

WaferTech, LLC

Scope 1

Scope 2

Total Emissions 
(Metric Ton CO2e)

Intensity (Metric 
Ton CO2e / K NTD)

Total Emissions 
(Metric Ton CO2e)

Intensity (Metric 
Ton CO2e / K NTD)

Verification Party

Verification Status

1,669,738

5,845

187,181

46,209

109,784

1,808,427

7,282

196,834

29,778

105,346

0.0007

0.0006

0.0066

0.0011

0.0107

0.0011

0.0008

0.0093

0.0011

0.0136

9,540,171

29,683

0

0

0

8,116,439

39,057

0

0

0

0.0042

DNV

0.0033

DNV

0

0

0

DNV

DNV

AWN

0.0052

DNV

0.0043

DNV

0

0

0

DNV

DNV

AWN

Under Verification

Under Verification

Under Verification

Under Verification

Under Verification

Reasonable Assurance

Reasonable Assurance

Reasonable Assurance

Reasonable Assurance

Limited Assurance

Note 1: GHG includes CO2, CH4, N2O, HCFCs, PFCs, SF6, NF3
Note 2:  Scope 1:  Direct emissions, i.e. sources owned or controlled by the Company; according to the 2019 Refinement to the Guidelines for National Greenhouse Gases Inventories of the United Nations; and use the 

Global Warming Potential (GWP) referring to the Intergovernmental Panel on Climate Change (IPCC) AR5 for calculation

Scope 2: Indirect emissions, i.e. those arising from externally purchased electricity, heat or steam. The calculation is according to market-based method.

TSMC GHG Reduction Target and Achievement Status

Strategy

2030 Goal

2022 Target and 
Achievement

Achievement 
Status

Continue to use 
best available 
technology to 
reduce emissions of 
GHG and become 
an industry leader 
in low-carbon 
manufacturing

Reduce GHG emissions 
per unit product 
(metric ton of carbon 
dioxide equivalent 
(MTCO2e)/12-inch 
equivalent wafer mask 
layer) by 30% (Base 
year: 2010)

Reduced GHG emissions 
per unit product 
(metric ton of carbon 
dioxide equivalent 
(MTCO2e)/12-inch 
equivalent wafer mask 
layer) by 6% (Target: 
6%)

Achieved

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 24 
hours a day by rotating staff and treats system effectiveness as 
an important tracking item to ensure the quality of emitted air 
and discharged water.

TSMC uses an intranet website to collect and measure water 
recycling volumes company-wide. To make the most effective 
use of Taiwan’s limited water resources, all TSMC fabs strive 
to increase water reclamation by adjusting the water usage 
of manufacturing equipment and improving wastewater 
reclamation. The long-term target is a 30% decrease by 
2030. By 2022, TSMC’s unit product water consumption 
had decreased by 2.6% from 2010 levels. Challenges in 
2022 included new wafer fab (Fab 18B), which was in the 
process of setting up, so water conservation rate decreased 
as the production line was still in the testing stage and 
production had not yet reached economic scale. Excluding 
the aforementioned new wafer fab, the Company’s water 
consumption per unit of product decreased by 15.6% 
compared with the base year, and the annual target was 
achieved. All TSMC 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. The Company 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 in kitchens. 

Since water resources are restricted by geographical conditions, 
TSMC shares its water saving experience and expertise with 
other semiconductor companies through the Association of 
Science-Based Industrial Park to promote water conservation in 
order to achieve Science Park’s goals and ensure a long-term 
balance of supply and demand. In addition, TSMC has 
committed to further recycling water resources and supporting 
the government policy and promotion of reclaimed water. 
TSMC’s Southern Taiwan Science Park Reclaimed Water Plant 
began operation on September 19, 2022, the first private 
reclaimed water plant in Taiwan. Introducing reclaimed 
water into the manufacturing process is pioneering work in 
the semiconductor industry. TSMC promises to continue to 
increase the utilization of reclaimed water in newly constructed 
fabs in the future.

To further enhance water resources management, TSMC has 
adopted and followed the Alliance for Water Stewardship 
(AWS) standard, the world’s only sustainable water 
management standard. Early in 2022, Fab 12A, Fab 12B, Fab 
5, located in Hsinchu Science Park, and Advanced Backend Fab 
3 in Longtan Science Park passed a third-party verification audit 
and also obtained AWS platinum level certification. TSMC’s 
advanced product fabs in Taiwan’s three major Science Parks 
have all achieved AWS platinum certification. TSMC is the 
world’s first to do so in the semiconductor industry.

TSMC Water Usage in Recent Two Years

Year

2022

2021

Total Water Usage (m3) 
(Note 1)

Unit Product Water Usage 
(L/12-inch wafer-e-layer)

104,681,272

82,674,982

137.3

119.7

TSMC Water Usage Reduction Target and Achievement 
Status

Strategy

2030 Goal

Enforce climate 
change mitigation 
policies, implement 
water conservation 
and water shortage 
adaptation 
measures

Reduce unit water 
consumption (liter/12-
inch equivalent wafer 
mask layer) by 30% 
(Base year: 2010)

2022 Target and 
Achievement

Achievement 
Status

Reduced unit water 
consumption by 2.6% 
(Target: 16%)

Unachieved 
(Note 2)

Note 1: Includes TSMC fabs in Taiwan and Subsidiaries
Note 2:  Excluding the impact of new plants (Fab 18B) not yet optimized, TSMC reduced water 

consumption per unit of product by 15.6%.

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159

 
Waste Management and Recycling
In recent years, as TSMC continued to develop advanced 
processes and expand capacity rapidly both at home in Taiwan 
and overseas, waste production has increased due to the 
complexity of new process development, demand for reliable 
yield rates, and increasing use of raw materials. 

To achieve the goal of sustainable resource utilization, TSMC 
has a designated unit responsible for waste recycling and 
disposal. The priorities are process waste reduction, onsite 
and offsite recycling and regeneration, with incineration and 
landfill as least desirable final options. 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. It also 
set up onsite resource activation facilities to convert waste 
resources produced by processing activities into products to 
be used onsite or to sell to other factories. In 2021, TSMC 
recycled waste copper sulfate, cobalt-containing liquid, waste 
sulfuric acid and waste ammonium sulfate, all of which were 
regenerated into products. The Company also developed the 
system of cryolite synthesis whereby waste hydrogen fluoride 
(HF) is recycled and regenerated into raw material used in 
other industries. As a result, the Company has become a leader 
in waste resources regeneration. In 2022, TSMC became the 
first company in the semiconductor industry to use anaerobic 
digestion technology to reuse organic sludge in order to 
generate green electricity and implement green manufacturing. 
At the same time, TSMC’s fabs in Taiwan achieved a 95% 
waste recycling rate for the eighth consecutive year, with 
a landfill rate below 1% for the thirteenth consecutive 
year. Furthermore, Fab 12 earned the platinum UL 2799 
certification, the highest grade for zero landfill in 2021. All 
TSMC facilities in Taiwan plan to obtain UL 2799 certification 
in 2023.

TSMC Waste Quantity and Outsourced Unit Waste 
Disposal in Recent Two Years (Note 1)

Year

2022

2021

Outsourced 
General Waste 
(ton) (Note 2)

Outsourced 
Hazardous Waste 
(ton) (Note 2)

Outsourced Unit 
Waste Disposal 
(Note 3)
(kg/12-inch 
equivalent wafer 
mask layer)

342,804

335,080

401,215

339,623

0.99

0.99

Note 1:  The data in the table are preliminary results collected by TSMC and have not yet been verified 

by a third party

Note 2: Totals include Taiwan and subsidiary facilities
Note 3: Taiwan facilities

TSMC Waste Reduction Target and Achievement Status

Strategy

2030 Goal

2022 Target and 
Achievement

Achievement 
Status

Promote waste 
reduction by source 
separation and 
require vendors to 
provide low chemical 
consumption 
equipment

Outsourced unit waste 
disposal per wafer 
≦0.50 (kg/12-inch 
equivalent wafer mask 
layer)

Outsourced unit waste 
disposal per wafer 0.99 
(kg/12-inch equivalent 
wafer mask layer) 
(Target: ≦0.99%)

Exceeded

In order to ensure that all waste is treated and recycled 
properly, TSMC closely tracks the recycling and reuse practices 
of its cleanup and disposal vendors. The Company carefully 
selects waste disposal and recycling vendors that have 
certificates and permits, regularly checks the onsite operational 
status, disposal declaration forms, operational records, etc., 
compares with actual reuse and disposal, and takes proactive 
steps to strengthen vendor auditing. For example, all waste 
transportation contractors have agreed to join the GPS Satellite 
Fleet so that the cleanup transportation routes and abnormal 
stays for all trucks can be traced. All waste recycling and 
disposal vendors have installed closed-circuit TV systems at 
operating sites to monitor and audit waste handling. At the 
same time, to further guarantee proper waste handling, TSMC 
built the system of waste intelligent fast track (S.W.I.F.T) and 
completed five different types of waste treatment vendors 
for pilot testing in 2022. TSMC intends to roll out SWIFT 
to all waste treatment vendors in 2025. By using Artificial 
Intelligent technology replacing in-person on-site spot checks, 
the Company increases inspections efficiency by 65 times 
and reduces manual inspection by 13,000 hours each year. 
In addition, TSMC also conducts ongoing surveys of recycled 
product tracking and requires all recycling contractors to report 
their recycled product sales monthly to track waste flow and 
ensure that actions are taken to adhere to lawful and proper 
waste recycling and treatment.

Environmental Accounting
The purpose of TSMC’s environmental accounting system 
is to identify and quantify environmental costs for internal 
management. At the same time, the Company also evaluates 
the savings or economic benefits of environmental protection 
programs so as to continuously promote economically effective 
programs. While environmental expenses are expected to 
continue to rise, 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 energy conservation, water or waste reductions and recycling benefits in accordance 
with its environmental protection programs. The benefits disclosed in this report include real income from projects such as waste 
recycling and savings from major environmental projects. In 2022, the total benefits of environmental protection programs of TSMC 
fabs including waste recycling exceeded NT$3,720 million.

2022 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) Energy Conservation

Costs for electricity consumption saving

(4) GHG Reduction

Include: (1) Process GHG emissions abatement equipment; (2) Premium for 
purchasing renewable energy; (3) Costs for purchasing carbon credits; (4) Other 
costs for direct GHG emissions reduction

(5) Industrial Waste Disposal and Recycling

Costs for waste treatment (including recycling, incineration and landfill)

2.  Indirect Costs for Reducing Environmental 
Impact (Environmental Managerial Costs)

3. Other Environmental Costs

Total

(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

9,210,702

0

0

1,369,799

3,528,155

597,111

9,251,097

4,127,825

1,349,951

6,134,888

0

817,235

0

0

14,705,767

21,680,996

2022 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

1,735,282

41,845

1,102,000

844,000

3,723,127

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. The Company has also continued to upgrade existing office buildings to comply with the LEED standard 
each year. From 2008 to 2022, 40 of TSMC’s fabs and office buildings achieved LEED certifications: three platinum and 37 gold. 
During this time, the Company also received six Taiwan Intelligent Building diamond-class certifications and 28 Taiwan Ecology, 
Energy saving, Waste reduction and Health (EEWH) certifications: 21 diamond, five gold and two silver. Since 2009, the Company 
has been a leading supporter of the Taiwan government’s Green Factory Label standard, including the Clean Production and Factory 
Green Building evaluation systems. TSMC received Taiwan’s first Green Factory Label and 14 labels in total as of the end of 2022 
and is the most awarded company in Taiwan.

Environmental Audit Results in Violation of Environmental Regulations
In 2022 and as of the date of this Annual Report, TSMC has had no environmental regulation violations.

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161

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. These include ultra-low power (ULP) and low 
operating voltage (low Vdd) 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 adaptor chips, high-efficiency DC brushless 
motor chips, electric vehicle chips and low-power server chips. 
By leveraging TSMC’s superior energy-efficient technologies, 
these chips support sustainable city infrastructure, greener 
vehicles, smart grids, more energy efficient servers and 
data centers and other applications. In addition to helping 
customers design low power, high performance products to 
reduce resource consumption over the product’s life cycle, 
TSMC’s green manufacturing practices provide further green 
value to customers and other stakeholders.

TSMC-manufactured ICs are used in a broad variety 
of applications in various segments of the computer, 
communications, consumer, industrial, electric vehicle, server 
and data center, and other electronics markets. Through 
TSMC’s manufacturing technologies, customers’ designs are 
realized and their products are incorporated into people’s 
lives. These chips, therefore, make significant contributions 
to the progress of modern society. TSMC endeavors 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 Contributions by TSMC Foundry Services
1.  Continue to Drive Technology to Reduce Power 

Consumption and Save Resources

● To play its part for sustainability, TSMC continues to drive 

the development of advanced semiconductor process 
technologies to support customers with creating more 
advanced, energy-efficient 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. In addition, 
calculations using the Industry, Science, and Technology 
International Strategy Center’s model reveal that in 2020 
TSMC helped the world conserve 4 kWh of energy for 
each 1 kWh spent in production – a testimony to TSMC’s 
commitment to green manufacturing both internally and 
externally. (Please refer to “Sustainable Products by TSMC 
Facilitates Global Energy Conservation” on page 11 of TSMC’s 
2020 Corporate Social Responsibility Report.)

● As TSMC quickly ramped up its 7nm and newer generation 
technologies, combined wafer revenue contribution grew 
significantly from 9% in 2018 to 53% in 2022. TSMC’s 
objective is to continue R&D investment and increase wafer 
revenue contribution in 7nm and beyond technologies, 
helping the Company achieve both profitable growth and 
sustainability.

TSMC Wafer Revenue Contribution from 7nm and Beyond 

Technologies

2018

9%

2019

27%

2020

41%

2021

50%

2022

53%

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

1

0.48

0.25

0.11

  55nm 

40nm 

28nm 

16FFC/ 
12FFC

0.063

0.047

0.035

0.026

10nm 

7nm 

5nm 

3nm

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

1

0.6

0.3

0.07

0.056

0.034

0.022

0.015

 N55LP  N40LP  N28HPM  16FFC/ 
12FFC 
  (1.2V) 
 (0.8V)

(0.9V) 

(1.1V) 

10nm 
(0.75V)  (0.75V) 

7nm 

5nm 

3nm

(0.75V)  (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 
chips, 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. 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.

3.  Drive Industry-leading, Comprehensive ULP Technology 

Platform

● To meet low-power consumption requirements for IoT 

markets, such as wearable, smart home, and health care 
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 
smart edge devices that demand increased computing 
capabilities, including smart watches, smart speakers, 
smart cameras, hearing aids, pacemakers and various other 
smart appliances. TSMC’s industry-leading ULP offerings 

include FinFET-based 12-nanometer technology, N12eTM, 
featuring energy efficiency with high performance that 
results in more computing power and AI inferencing, 22nm 
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 simulation 
program with integrated circuit emphasis (SPICE) models with 
a wide-range of operating voltages 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 2022 through TSMC’s green manufacturing, see 
Environmental Accounting on page 160-161 in this Annual 
Report.

Social Contributions 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), organic light-emitting diode (OLED) display 
drivers and power management ICs (PMIC) 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 

162

163

 
 
 
 
 
 
 
 
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 productivity and mobility of modern society.

2.  Unleash Customer Innovations in CMOS image sensors 
(CIS) and micro-electromechanical systems (MEMS) that 
enhance human health and safety and 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 
using either CIS or MEMS 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 
near infrared (NIR) machine vision, etc. For MEMS, TSMC 
and customers have extended applications from traditional 
motion sensing to microphone, bio-sensing, micro-speakers, 
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. 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. Moreover, 
by monitoring the working environment and conditions, 
advanced sensors can make equipment smarter so that it can 
operate in a more energy efficient way.

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 
Taiwan Occupational Safety and Health Management System 
(TOSHMS) 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, the 
expectations and demands of stakeholders, the assessment 
of risk inspections, communication and consultation with 
non-managers, the application of performance indicators, and 
the evaluation of corrective and preventive actions. 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 
identify safety concerns and opportunities for improvement. 
All Company fabs in Taiwan received ISO 45001 certification 
for occupational health and safety in 2019 and all TSMC 
subsidiaries obtained the certification in 2020. All the above 
certifications have been maintained. New facilities are required 
to receive aforementioned certifications within 18 months after 
receiving facility license per TSMC’s internal policy.

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 a 
strong ESH culture.

There were a total of 35 occupational injuries at TSMC in 2022, 
involving 35 people, representing approximately 0.04% of the 
total number of employees. The disabling injury frequency rate 
(FR) was 0.27, under the 0.4 target, and the disability injury 
severity rate (SR) was 3, meeting the target of less than 4. In 
response, TSMC is reviewing potential improvement measures, 
such as interlocking devices for machine safety, as well as 
standard safety operation procedures. In addition to regular 
reviews, the caring program for employees has been enhanced 
and managers have been directed to pay closer attention to the 
physical and mental state of employees to ensure their safety 
and health during their work.

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 the transportation of 300mm front-opening 
unified pods (FOUPs) to prevent accumulative physical damage 
caused by repetitive manual handling of this equipment. TSMC 
300mm fabs have all converted to 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 environmental, safety and health concerns about 
new chemicals are addressed and controlled including 
the use of engineering controls and personal protection 
equipment, as well as operational safety training during 
storage, transportation, usage and disposal. A total of 434 
cases of new tools and chemical substances were passed by 
the new tool and new chemical review committee in 2022, 
and they were evaluated and reviewed in accordance with the 
aforementioned standards before entering TSMC.

● 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 injuries to employees and 
damage to property, as well as the impact on society and the 
environment in the event of a disaster.

TSMC Safety-related Training and Promotion in the Recent Two 

Years

Year

2022

2021

Total Number of Employees who have Completed
 Safety-related Training

271,702

289,398

● Working Environment Hazardous Factors Management
TSMC conducts workplace hazard assessments to provide a 
comfortable, safe workplace to employees. The Company also 
educates employees and requires them, when appropriate, 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 as regulated by local laws. In addition, 
TSMC performs exposure assessments and uses 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 

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effect on employees, ESH professionals immediately conduct 
onsite observation and intervention to reduce the risk of 
hazardous factors exposure to acceptable levels.

● 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 carry out 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: request 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 requires identifying potential high-risk events via risk 
assessment and being prepared for various scenarios. It should 
focus on continuous improvements and drills covering all 
potentially serious events. TSMC’s emergency response plans 
include procedures for rapid-response crisis management and 
disaster recovery for potential incidents.  

All TSMC fabs conduct major annual emergency response 
exercises and evacuation drills. TSMC’s onsite service 
contractors are also required to participate in emergency 
response planning and exercises to ensure cooperation in 
handling accidents and to effectively minimize any damage 
caused by disasters. In 2022, the Company held 109 
evacuation drills and 53 fire drills. 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 (at the Tainan site). 
Since 2018, TSMC has conducted complex accident emergency 
response drills, which include simultaneous scenarios for 
earthquake, fire and chemical spills 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.

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 2022, 428 sessions of tabletop 
exercises had been completed in addition to 235 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 
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. In order to protect 
the health of TSMC employees, their families, and work 
partners, employees are encouraged to be fully vaccinated if 
in healthy condition. In addition, TSMC reviews the situation 
from time to time and formulates appropriate preventive 
measures such as daily body temperature checks and updated 
vaccination information before entering Company facilities and 

continues to follow epidemic prevention recommendations 
such as mask wearing, frequent hand washing and social 
distancing.

● Employee Physical and Mental Health Enhancement
TSMC believes that employee physical and mental health is not 
only fundamental to maintaining sound business operations 
but is also an important part of a corporation’s responsibility. 
To preserve and promote the physical and mental health of 
its employees, TSMC fosters collaboration among the onsite 
industrial safety and environmental protection department, 
the onsite medical personnel of the health center, and 
physicians of occupational medicine. TSMC strives to reduce 
cerebral and cardiovascular conditions or injuries that might 
be induced or aggravated by overwork, night work or shift 
work. The Company conducts programs for maternal health 
protection and for prevention of cumulative trauma disorders 
as well. TSMC devotes significant resources to mental health 
awareness, focused not only on hazards at work but also on 
employee health in general. In 2022, through planned personal 
health management, (1) 543 female employees participated 
in the maternal health program, and the completion rate was 
100%. All but one of them were at first degree risk, where 
there was no potential harm to the mother or infant. One 
woman was assessed as second degree risk, with potential 
harm to the mother or infant, but after proper adjustments 
to her work duties, her risk was downgraded to first degree. 
(2) Through analysis of historical cerebral and cardiovascular 
cases of its employees, TSMC has sharpened the disease 
assessment criteria used by contracted doctors, and, in 
combination with internal annual health examination reports 
and work scheduling information, the Company was able to 
identify 4,485 employees with middle to high risk for cerebral 
and cardiovascular diseases. These employees were provided 
with health education and medical assistance. Also, they and 
their managers received recommended changes in working 
hours and shifts to reduce health risks. (3) 201 employees 
were identified as high risk for cumulative trauma disorders, 
including one who might also have job-related risks, and 
the Company adjusted working conditions accordingly to 
reduce potential risks. (4) As obesity has been considered as 
a precursor to hyperglycemia, dyslipidemia, and hypertension 
and insomnia, TSMC has held health promotion programs for 
several consecutive years. In 2022, in light of the COVID-19 
pandemic and catering to the younger generation’s preference 
for social and video media, apart from physical weight loss 
activities (6,458 participants; total weight loss reached 

5,322.9kg),TSMC conducted a series of online interactive 
activities including: three sessions of “Health Lecture Online” 
with 2,876 attendees in total; three health education 
promotion materials about Weight-loss Diets , with a total 
of 25,776 person-times; four sessions of online quizzes on 
the topics of insomnia and improving sleeping,  with a total 
of 16,656 attendees; and one-on-one sleep counseling 93 
attendees in total. The above activities have all received positive 
feedback from employees. In the future, we will continue to 
implement relevant health promotion activities to take care of 
the health of employees.

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 have obtained 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. 

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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 Organization for Economic 
Cooperation and Development (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 conflict-free tantalum, tin, tungsten and 
gold in its products. 

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 2022, the COVID-19 pandemic persisted, affecting every 
sector in Taiwan. During this time, the TSMC Education 
and Culture Foundation (the Foundation) responded by 
infusing more resources into the arts and holding numerous 
educational and cultural events. In addition, the Foundation 
teamed up with educational partners to empower teachers 
in rural areas; invited TSMC employees to accompany 
young college students to pursue their dreams; encouraged 
female high school students to go into Science, Technology, 
Engineering and Math (STEM) fields; sponsored courses 
that pass on traditional theater and micro courses teaching 
Peking opera appreciation; and joined forces with the power 
of science and technology to hold online cultural events. The 
Foundation invested over NT$99 million in 2022 to provide 
resources in three main areas: cultivate the young generation, 
educational collaboration, and promote arts and culture, 
thereby bringing about the positive cycle for the common good 
of the society and for the sustainable development.

Narrowing the Gap in Resources; Supporting Education 
of the Economically Underprivileged
As part of the COVID-19 prevention measures taken in Taiwan, 
instruction at schools of all levels went online. Such a measure, 
while lessening the impact of the reduced in-person teaching, 
also exposed the glaring gap in educational resources between 
urban and rural areas. In response, the Foundation worked 
in tandem with the CommonWealth Magazine Education 
Foundation and the Prof. Hwawei Ko Reading Research Center 
of National Tsing Hua University to launch the “Teaching & 
Learning Project”, which was implemented in 48 primary 
schools in rural areas. This project provides first and second 
grade teachers, free of charge, well-researched teaching 
plans for reading and writing, thereby reducing the teachers’ 
preparation load. Moreover, a complementary online support 
system allowed teachers to discuss various issues with the 
staff at the Prof. Hwawei Ko Reading Research Center, thus 

strengthening and broadening the quality of their instruction. 
In May 2022, testing of the pupils who had attended the 
“Teaching & Learning Project” showed that their literacy skills 
had improved markedly.

In addition to the “Teaching & Learning Project” aimed 
at empowering primary school teachers, the Foundation 
collaborated with Chengzhi Education Foundation to sponsor 
the KIST education scheme at the Emei Junior High School in 
Hsinchu, a program that strives to bring positive change to the 
school. Also, together with Unitas Literary, the Foundation held 
the TSMC Youth Literature Camp, providing junior high school 
students from rural areas the opportunity to appreciate the 
beauty of literature in the setting of youth camps. Moreover, 
the Foundation continued to offer scholarships and computers 
to 98 outstanding students of underprivileged backgrounds at 
five national universities in Taiwan, freeing these students of 
financial burden and offering them the opportunity to study 
at college. The Foundation’s scholarship program truly helps 
students transform their lives.

Nurturing ESG Talent, Empowering Women in STEM 
Fields
In 2022, the Foundation continued to hold the “TSMC 
Udreamer” project, encouraging college students all over 
Taiwan to take the first step in pursuing and realizing their 
dreams. The project’s theme in 2022 was sustainability, 
chosen to encourage young college students to pay attention 
to issues of sustainability and contribute to the common 
good of the society while pursuing their dreams. The 2022 
competition received proposals from 161 teams composed of 
516 college students from all over Taiwan. At the final stage 
of the competition, eight teams of college students won the 
dreamer’s prize of NT$300 million and started a year-long 
dream-building journey. In addition, the Foundation launched 
the “TSMC Udreamer Mentorship” project in 2022, inviting 
TSMC employees to be mentors to the young dreamers by 
offering guidance and moral support. In total, 98 employees 
registered for the project, of which 15 were selected and 
specially trained to assist the dreamer teams to realize their 
dreams. In 2022, the Foundation also joined forces with 
National Museum of Natural Science to hold the “TSMC Female 
Scientists Tour” for the third consecutive year. Since the first 
tour, more than a thousand female high school students have 

participated. The tour consists of a two-day, one-night camp 
with activities such as a visit to the National Museum of Natural 
Science, a forum with female scientists, and a printed circuit 
board (PCB) practice workshop. Through diverse scientific 
activities, the students learn about the design, manufacturing 
and application of semiconductors. In addition to broadening 
their knowledge of popular science, the attendees learn more 
about opportunities for women in STEM fields and their 
unique roles through the forum with female scientists and the 
exchange with the Women@tsmc society. Through the tour, 
the Foundation hopes to encourage more female students to 
go into STEM fields, thereby nurturing more female science 
and technology talent.

Further demonstrating its commitment to promoting science 
education, in 2022 the Foundation continued its partnership 
with Center for the Advancement of Science Education 
of National Taiwan University to hold the “TSMC Cup: 
Competition of Scientific Short Talk”. The two competitions, 
the “Competition of Scientific Innovation Presentation” and 
the “Essay Awards for Introducing Popular Science Books to 
the Public” were held online. During the competition, the 
Foundation organized online classes to enhance the attendees’ 
presentation skills and also invited university professors 
and popular science writers to write columns of sample 
introductory essays to help the students with their writing 
skills. More than 750 attendees participated in the 2022 
competition.

In addition to its dedication to nurturing talent in STEM 
fields, the Foundation also encourages young students to 
create literary works and practice calligraphic arts. The two 
major literary and arts competitions for the senior high school 
students, the “TSMC Youth Literature Award” and the “TSMC 
Youth Calligraphy and Seal-Carving Competition” have been 
held since 2004 and 2008 respectively. During this time 
more than 10,000 people have entered the two competitions 
designed. Apart from encouraging the younger generation to 
create literary works and practice the art of calligraphy through 
the format of competitions, the Foundation aims to elevate the 
public’s appreciation for literature and traditional calligraphic 
and seal-carving art though various types of promotional 
events.

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Passing on the Heritage of Classical Theater; Injecting 
New Blood into Arts and Culture
Peking opera, the treasure of Chinese performing arts, has 
been inscribed on the representative list of the Intangible 
Cultural Heritage of Humanity by UNESCO. In recent times, 
however, Peking opera has all but vanished from the horizon 
of today’s youth. In order to rekindle interest in the heritage 
of this beautiful theatrical culture, the Foundation began the 
“Passing on Traditional Theatre Heritage on Campus” project 
with GuoGuang Opera Company, funding a two-semester 
course at National Tsing Hua University and Tunghai University. 
The content of the course includes knowledge of theater, 
appreciation and analysis of plays, and workshop and stage 
performances. The lectures guided 93 college students to 
personally experience the performance of Peking opera step by 
step and in depth and to appreciate the charm of Peking opera 
aesthetics. In addition to university courses, the Foundation 
also organized four “TSMC Theater Lectures” specifically for 
senior high school students in the Hsinchu area and focused 
on the theme of major maid characters in Peking opera. There 
were professional introduction lectures by Wang An Chi, 
emeritus professor at the Department of Drama and Theatre 
of NTU, by the Taipei Culture Awards winner Zhu An Li and 
by the young actors at GuoGuang Opera Company, who 
demonstrated the use of makeup art, the art of recitation and 
hand gestures as basic techniques of Peking opera. The lecture 
series broadened the younger generation’s artistic horizon 
and helped them appreciate the scenes on stage and behind 
the stage. Furthermore, the Foundation commissioned a radio 
program, “Telling Stories of Peking Opera” at IC: the Sound of 
Hsinchu Science Park, to stimulate public interest in the art of 
Peking opera by presenting various topics about theater and 
interesting stories of the plays.

The theme of the annual TSMC Hsinchu Arts Festival in 2022 
was “Feast of the Gods,” as the Contemporary Legend Theater 
performed “Metamorphosis,” a play adapted from Franz 
Kafka’s novella by the Peking opera maestro Wu Hsing-kuo, 
and a brand new production of a traditional play “Eight 
Gods Crossing the Sea.” In addition to live performances, the 
Arts Festival also combined various formats of arts events in 
different media such as streaming platforms and television, 
including “Like a Rolling Poem – a Documentary on Music 
and Poetry” and “Film & Mythology,” an online film festival. 
The 2022 TSMC Hsinchu Arts Festival organized 42 exquisite 
art exhibitions and cultural events, inviting more than 15,000 
community members to attend. Along with the TSMC 
Hsinchu Arts Festival, the Foundation continued to support 

major performing arts groups in Taiwan by sponsoring the 
production of Mozart’s Die Zauberflöte (The Magic Flute) at 
the National Taichung Theater and conducting and composing 
masterclasses at the National Symphony Orchestra (NSO) 
in hopes of bringing a fresh perspective to Taiwan’s arts 
environment during the pandemic and keeping the arts’ flame 
burning bright. 

7.4 TSMC Charity Foundation

Under the guidance of Chairperson Sophie Chang, the 
TSMC Charity Foundation (the Foundation) strives to address 
social inequalities through volunteer onsite/online services. 
Established in 2017, the Foundation focuses on the four pillars 
of public welfare in its charitable programs and projects: care 
for the disadvantaged, taking care of the elderly, filial piety 
promotion, and protection of the environment. In 2022, the 
Foundation’s focus on assisting the disadvantaged honed in 
on rural empowerment as part of an initiative to correlate with 
social trends in rural education and employment integration. 
In rural areas, the Foundation offers various educational 
development resources to schools and after-schools. As for 
eldercare and care for the socioeconomically disadvantaged, 
the Foundation endeavors to improve their quality of life 
through both economic support and medical services. The 
Foundation continued to operate the “Sending Love” platform 
to strengthen the cooperation among enterprises, local 
governments and universities so as to strengthen local services 
and jointly uplift society.

In 2022, the Foundation demonstrated its dedication to 
investing in public welfare and expanding projects to improve 
its scope of services:

● Rural Empowerment: The Foundation continuously provides 
education and living assistance to institutes in need and to 
children in rural areas, including volunteer services, economic 
support, food supplies and the purchase of digital learning 
equipment and materials. In 2022, the Foundation focused 
on rural students’ employability. By collaborating with 104 
JOB BANK on the “World of Jobs, Road to Employment” 
plan, the Foundation published 104 career exploring videos 
in 2022 to give rural students a broader outlook on future 
careers and encourage them to develop their potential. In 
helping rural students to obtain the skills to work locally, 
two enterprises, Chi Mei Frozen Food Co., Ltd. and Lohas 
Biotech Development Corp., joined this year to give training 
to two vocational high schools and extended job offers to 
14 students. While the expanded plan of job placement was 

released in 2022, the Foundation partnered with SEMI to 
hold a conference session in 2022 SEMICON Taiwan and to 
establish a job-matching platform with 30 TSMC suppliers 
and semiconductor-related enterprises providing 600 jobs for 
rural vocational students.

In 2022, the Foundation assisted 6,358 students at 134 
rural care institutes and collaborated with TSMC volunteers 
to produce tutorial videos of scientific experiments and 
science education. When classes were suspended due to 
the pandemic, the Foundation supplied science learning 
materials to help students study at home and moved physical 
classes online to ensure students could continue their 
studies. The Foundation’s “Sending Love Platform” initiative 
visited and screened disadvantaged individuals in need of 
financial support, and also provided financial assistance 
and daily necessities made possible by internal and external 
donations from TSMC to improve the living conditions of 
highly vulnerable and disadvantaged families. As of 2022, the 
Foundation has supported a total of 250 families.

● Taking Care of the Elderly: The Foundation collaborates 

with Network of Compassion partners to enhance the health 
and welfare of solitary elders by connecting them with social 
welfare groups and medical units. In 2022, the Foundation 
cooperated with National Yang Ming Chiao Tung University 
and Guandau Hospital to establish a smart exercise club for 
the elderly to prevent disability and delay aging through 
exercise. The Foundation continued to collaborate with the 
TSMC facility division to repair 285 houses damaged by the 
earthquake in Hualien, and further ensuring 16 solitary elders 
a safe and healthy living space after the disaster. Current 
Network of Compassion partners include Taipei Municipal 
Gandau Hospital, Taipei Veterans General Hospital, Miao-Li 
Hospital, Old Five Old Foundation, Fongyuan Hospital, China 
Medical University Hospital, Taichung City Private Lin Tseng 
Lien Welfare And Charity Foundation, Taiwan Puli Care 
Association, Sin-Lau Hospital, Tainan Municipal Hospital, 
Jianan Psychiatric Center Department of Health, Mennonite 
Christian Hospital, Mennonite Social Welfare Foundation, 
Fooyin University, Penghu Hospital, and Cishan Hospital.

Education Administration, Ministry of Education to promote 
these concepts and cultural values. This included conducting 
ten filial piety parent-child workshops at elementary schools, 
where TSMC volunteers provide long-term care, as well 
as jointly producing short filial piety films and organizing 
award ceremonies to recognize excellence in teaching plans, 
thus encouraging both teachers and students to initiate 
intergenerational dialogue and to implant a modern spirit of 
filial piety within the hearts of all participants.

● Protecting the Environment: The Foundation helped 

disadvantaged social welfare institutes to increase the use 
of green energy and save power, while also continuing to 
implement the “Cherish Food Program” to reduce resource 
waste. The “Green Energy for the Disadvantaged” project 
was launched in 2021, and by 2022 the Foundation had 
installed solar panels at six social welfare institutes, which can 
supplement these institutes’ operating expenses by selling 
green energy. The LED Lighting Replacement Program helped 
240 schools to reduce electricity costs by at least 30% with 
energy-saving lights. As for the “Cherish Food Program”, the 
Foundation continued to work with many food companies 
to donate out-of-spec foods to 130 disadvantaged social 
welfare institutes to provide the children with after-school 
snacks, thereby reducing food waste. Current collaborators 
include Chi Mei Frozen Food Co., Ltd., Hunya Food Co., Ltd., 
Laurel Corporation, Lian-Hwa Foods Corp., Hsin Tung Yang 
Co., Ltd., Great Wall Group, and Lao Xie Zhen Co., Ltd.

7.5 TSMC i-Charity 

The TSMC i-Charity platform, launched in 2014, is an 
interactive intranet site that employees use to propose charity 
projects, share project results, provide suggestions and 
responses, and conduct timely funding of activities to give back 
to society.

In 2022, a total of 38,857 people donated more than NT$51.3 
million to help repair earthquake-damaged houses in Hualien, 
to support the aboriginal elementary school’s baseball team, 
Junyi Academy, and to aid the Teach for Taiwan program and 
other fundraising projects.

●  Promoting Filial Piety: The Foundation promotes the spirit 
of filial piety in Eastern culture by spreading awareness to 
younger generations so as to alleviate social risks and issues 
related to aging societies. In 2022, the Foundation continued 
to work with the Filial Piety Resource Center of the K-12 

The TSMC i-Charity platform has accumulated more than 
NT$271 million in donations since its inception in 2014. TSMC 
continues to carry out its social commitments and encourages 
its employees to care for and give back to society in various 
ways. 

170

171

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 have a governance structure for sustainability 

V

development and a dedicated (or ad-hoc) sustainable development 
organization with Board of Directors authorization for senior management, 
which is reviewed by the Board of Directors?

For the Company’s governance structure for sustainability development, please 
refer to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 
150-154 of this Annual Report.

None

For the structure, operations, implementation status and frequency of 
reporting to the Board of Directors of the Company’s dedicated organization 
for sustainability development, please refer to “7.1 Environmental, Social and 
Governance (ESG) – Overview” on page 150-154 of this Annual Report.

For progress of the Board of Directors’ supervision of the Company’s 
sustainability development, please refer to “7.1 Environmental, Social and 
Governance (ESG) – Overview” on page 150-154 of this Annual Report.

2.  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? 

V

For the Company’s scope of risk assessment, please refer to “7.1 Environmental, 
Social and Governance (ESG) – Overview” on page 150-154 of this Annual 
Report.

None

3. Environmental Topic

(1)  Has the Company set an environmental management system designed to 

V

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 greenhouse 
gas emissions reduction, water usage reduction and other waste 
management policies?

V

V

V

None

For the principle, process and result of the Company’s materiality analysis of 
ESG related topics and risk management related policy or strategy, please refer 
to “7.1 Environmental, Social and Governance (ESG) – Overview” on page 150-
154 of this Annual Report.

(1)  For the Company’s environmental management system and the regulations 
on which it is based, please refer to “7.2 Environmental, Safety and Health 
(ESH) Management” on page 154-168 and “6.3.3 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” on page 143 of this Annual 
Report.

For the Company’s international certifications and their scope, please refer 
to “7.2 Environmental, Safety and Health (ESH) Management” on page 
154-168 of this Annual Report.

(2)  For the Company’s improvement of resource efficiency and the use of 
renewable materials, please refer to “7.2.1 Environmental Protection –  
Climate Change and Energy Management/Waste Management and 
Recycling” on page 156-157, 160 of this Annual Report.

(3)  For the Company’s evaluation of potential risks and opportunities of current 
and future climate change and measures taken related to climate topics, 
please refer to “7.2.1 Environmental Protection – Climate Change and 
Energy Management” on page 156-157 of this Annual Report.

(4)  For the Company’s statistical data, intensity and data coverage for 

greenhouse gas emissions, water usage and waste quantity in the past two 
years, please refer to “7.2.1 Environmental Protection – Climate Change and 
Energy Management/Greenhouse Gas (GHG) Emission Reduction and Energy 
Management/Air and Water Pollution Control/Waste Management and 
Recycling” on page 156-160 of this Annual Report.

For the Company’s policies on the reduction of greenhouse gas emissions, 
water usage and waste management, please refer to “7.2.1 Environmental 
Protection” on page 156-161 of this Annual Report.

For the Company’s certification status of each data set and its scope, please 
refer to “7.2.1 Environmental Protection – Climate Change and Energy 
Management/Greenhouse Gas (GHG) Emission Reduction and Energy 
Management/Air and Water Pollution Control/Waste Management and 
Recycling” on page 156-160 of this Annual Report.

(Continued)

Assessment Item

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

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

V

environment, with regular safety and health training?

Implementation Status

Yes

No

Summary 

Non-
implementation 
and Its Reason(s)

None

(1)  For the Company’s policies and specific programs in compliance with 

regulations and internationally recognized human rights principles, please 
refer to “5.6.1 Human Rights Policy and Specific Actions” on page 110 of 
this Annual Report.

(2)  For the Company’s employee welfare measures, including salary and 

compensation, diverse and fair workplace, leave, allowance, bonuses, and 
subsidies, please refer to “5.6.6 Competitive Overall Compensation”, “5.6.2 
Diversity and Inclusion”, “5.6.3 Workforce Structure”, and “5.6.7 Employee 
Benefit System Superior to Statute” on page 112, 110-111, 111, 113-114 
of this Annual Report.

(3)  For the Company’s status with respect to providing employees with a safe 
and healthy working environment, with regular safety and health training, 
please refer to “7.2.3 Safety and Health” on page 164-167 of this Annual 
Report.

For the Company’s related certification status and its scope, please refer to 
“7.2.3 Safety and Health” on page 164-167 of this Annual Report.

For a presentation and analysis of the Company’s occupational accidents in 
the current year and the number of employees involved, as well as related 
improvement measures taken, please refer to “7.2.3 Safety and Health” on 
page 164-167 of this Annual Report.

(4)  Has the Company established effective career development training 

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 policies to protect consumers’ or customers’ rights and 
consumer appeal procedures? 

V

V

(4)  For the scope and implementation of the Company’s employee training 

plans, please refer to “5.6.5 Talent Development” on page 111-112 of this 
Annual Report.

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

For the Company’s policy to protect customers’ rights, please refer to “5.4.1 
Customers” on page 107 of this Annual Report.

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

V

(6)  For the Company’s supplier management policy and related compliance 

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

norms, and specific requirements for suppliers in environmental protection, 
occupational safety and health or labor rights, please refer to “7.2.4 
Supplier Management” on page 167-168 and “5.6.1 Human Rights Policy 
and Specific Actions” on page 110 of this Annual Report.

For a description of the implementation of the Company’s supplier 
management policy and related compliance norms, please refer to “7.2.4 
Supplier Management” on page 167-168 of this Annual Report.

5.  Does the Company refer to international reporting rules or guidelines to 
publish Sustainability Report to disclose non-financial information of the 
Company? Has the said Report acquire third party verification or statement 
of assurance? 

V

For the reporting rules and guidelines that the Company follows in disclosing 
non-financial information in the Sustainability Report, please refer to “7.1 
Environmental, Social and Governance (ESG) – Overview” on page 150-154 of 
this Annual Report.

None

For third party verification of the Sustainability Report, please refer to “7.1 
Environmental, Social and Governance (ESG) – Overview” on page 150-154 of 
this Annual Report.

6.  If the Company has established its sustainable development code of practice according to “Listed Companies Sustainable Development Code of Practice,” please describe the operational status and differences.

TSMC follows the ESG Policy set by the Chairman, Dr. Mark Liu. For sustainable development operational status, please refer to “7. Environmental, Social and Governance (ESG)” on page 148-173 of this Annual 
Report and environmental social governance related information on the Company’s website: https://esg.tsmc.com/en/index.html

7.  Other important information to facilitate better understanding of the Company’s implementation of sustainable development:

Please refer to TSMC’s website for its sustainable development implementation status: https://esg.tsmc.com/en/index.html

172

173

8.1 Subsidiaries

8.1.1 TSMC Subsidiaries Chart

As of 12/31/2022

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.
Shareholding: 100%

TSMC Japan 3DIC R&D Center, Inc. 
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: 68%

TSMC Arizona Corporation
Shareholding: 100%

Japan Advanced Semiconductor 
Manufacturing, Inc. 
Shareholding: 71%

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%

Emerging Fund L.P. 
Shareholding: 99.9%

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 and Japan 
Advanced Semiconductor Manufacturing, Inc. in Japan are currently scheduled to provide 12-inch wafer capacity by the end of 
2024. TSMC’s subsidiaries in North America, Europe, Japan, China, South Korea and other regions are dedicated to providing timely 
services and engineering support to customers worldwide and also support the Company’s core foundry business with related 
services as well as investing in start-up companies in the semiconductor industry.

8.1.3 TSMC Subsidiaries

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

As of 12/31/2022

Company

Date of 
Incorporation

Place of Registration

Capital Stock

Business Activities

TSMC North America

Jan. 18, 1988

San Jose, California, U.S.

TSMC Europe B.V.

TSMC Japan Limited

TSMC Korea Limited

Mar. 04, 1994

Amsterdam, The Netherlands

Sep. 10, 1997

Yokohama, Japan 

May 02, 2006

Seoul, Korea

TSMC Design Technology Japan, Inc.

Jan. 10, 2020

Yokohama, Japan

TSMC Japan 3DIC R&D Center, Inc.

Mar. 29, 2021

Yokohama, Japan

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.

Japan Advanced Semiconductor Manufacturing, 
Inc.

Dec. 10, 2021

Kumamoto, Japan

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

Emerging Fund, L.P.

May 30, 2007

Cayman Islands

Jan. 27, 2021

Cayman Islands

VisEra Technologies Company Ltd.

Dec. 01, 2003

Hsinchu, Taiwan

US$

EUR

JPY

KRW

JPY

JPY

RMB

RMB

US$

JPY

US$

US$

US$

US$

CAD

US$

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

400,000 

Customer service and supporting activities

750,000

Engineering support activities

2,450,000

Engineering support 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 

1.27

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

71,444,000

Manufacturing, sales, testing, and computer-aided design 
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

11,384,000

Investment activities

3,487

Investing in technology start-up companies

93,898

Investing in technology start-up companies

2,195

Investing in technology start-up companies

43,109

Investing in technology start-up companies

3,155,341

Research, design, development, manufacturing, sales, 
packaging and test of color filter

176

177

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

Company

Title

Name

Shareholding

Shares (Investment Amount)

% (Investment 
Holding %) 

As of 12/31/2022  

Shareholding

Shares (Investment Amount)

% (Investment 
Holding %) 

Japan Advanced Semiconductor 
Manufacturing, Inc.

Representative Director
Director
Director
Director
Director/President
Supervisor

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

Unit: NT$ (USD), except shareholding 

Company

Title

Name

TSMC North America

TSMC Europe B.V

TSMC Japan Limited

TSMC Korea Limited

TSMC Design Technology Japan, Inc.

TSMC Japan 3DIC R&D Center, Inc.

TSMC China Company Limited

TSMC Nanjing Company Limited

TSMC Arizona Corporation

Director
Director
President/CEO

Director
Director
President

Representative Director
Director
President

Representative Director
Director
Director

Representative Director
Director
Supervisor

Representative Director
Director
Supervisor

Chairman
Director
Director
Supervisor
President

Chairman
Director
Director
Director
Supervisor
Supervisor
President

Director
Director
Director
Director
President/CEO

Sylvia Fang
David Keller
David Keller 

Wendell Huang
Paul de Bot
Maria Marced

Makoto Onodera
Sylvia Fang
Makoto Onodera

C.C. Pan
Ray Wan
Wendell Huang

Cliff Hou
Wendell Huang
Morris Cheng

Jun He
Diane Kao
Morris Cheng

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 
Y.L. Wang
Sylvia Fang
Wendell Huang
Rick Cassidy (Note 1)

- 
- 
- 
TSMC holds 11,000,000 shares 

- 
- 
- 
TSMC holds 200 shares

- 
- 
- 
TSMC holds 6,000 shares 

- 
- 
- 
TSMC holds 80,000 shares 

- 
-
- 
TSMC holds 15,000 shares

- 
-
- 
TSMC holds 49,000 shares

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

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

-
-
-
-
-
TSMC holds 1,270,001 shares (Note 2)

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
100%

- 
-
- 
100%

- 
-
- 
100%

- 
- 
- 
- 
- 
(100%)

- 
- 
- 
- 
-
- 
- 
(100%)

-
-
-
-
-
100%

(Continued)

TSMC Technology, Inc.

TSMC Development, Inc.

WaferTech, LLC

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

Emerging Fund, L.P.

VisEra Technologies Company Ltd.

Chairman
Director
President

Chairman
Director
President

Director
Director
President

Director
Director
President

Director
Director
Director
President

Director
Director

None

None

None

None

Chairman
Director
Director
Independent Director
Independent Director
Independent Director
President

Y.H. Liaw (Note 3)
Diane Kao 
Simon Wang
Yuichi Horita 
Yasuhiro Kono
Morris Cheng

Wendell Huang
Cliff Hou
Cliff Hou

Wendell Huang
Sylvia Fang
Wendell Huang

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

None

Robert Kuan
George Liu
Diane Kao
Laura Huang
Emma Chang
P.H. Chang
Robert Kuan

-
-
-
-
-
-
TSMC holds 1,019,814 shares 

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

- 
- 
- 
TSMC Partners, Ltd. holds 10 shares 

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

- 
- 
- 
TSMC holds 988,268,244 shares 

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

- 
- 
TSMC holds 11,384 shares

(TSMC invests US$3,417,545)

(TSMC invests US$92,020,263)

(VentureTech Alliance Fund III, L.P. invests 
US$2,195,455)

-
-
-
-
-
-
71.37%

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
100%

- 
- 
- 
- 
100%

- 
- 
100%

(98.00%)

(98.00%)

(100%) 

(TSMC invests US$43,065,702)

(99.90%)

164,500 shares
-
- 
- 
-
-
-
TSMC holds 213,619,000 shares

0.05% 
- 
- 
- 
-
-
-
67.70%

Note 1:  Effective April 1, 2023, Mr. Rick Cassidy was appointed as Chairman of the Board of Directors, Mr. Y.L. Wang was appointed as CEO, and Mr. Brian Harrison was appointed as President of TSMC Arizona 

Corporation.

Note 2: TSMC Arizona Corporation completed capital injection in January 2023 and February 2023. TSMC’s shareholding on TSMC Arizona Corporation increased to 3,500,000 shares post the capital injection.
Note 3: Effective April 1, 2023, Mr. Y.H. Liaw was appointed as CEO of Japan Advanced Semiconductor Manufacturing, Inc., in addition to his current position as Representative Director of the company.

178

179

8.1.6 Operational Highlights of TSMC Subsidiaries

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

 Capital 
Stock  

 Assets  

 Liabilities  

 Net Worth  

 Net 
Revenues  

 Income 
(Loss) from 
Operation  

 Net Income 
(Loss)

337,843 

438,305,947 

432,856,192 

5,449,755 

1,542,535,272 

521,282 

62,213 

5.66 

As of 12/31/2022

Basic Earning 
(Loss) Per 
Share

TSMC Japan 3DIC R&D Center, Inc.

571,095 

2,393,877 

1,221,171 

1,172,706 

9,760 

45,946 

1,864 

44,082 

3,284 

69,930 

174,825 

897,884 

274,426 

716,049 

370,191 

139,866 

339,873 

527,693 

134,560 

376,176 

575,274 

274,733 

504,091 

789,529 

12,732 

39,499 

10,845 

31,978 

57,712 

1,183 

(4,926)

(24,631.82)

6,559 

20,303 

27,950 

1,408 

1,093.15 

1,353.56 

859.24 

17.59 

0.03 

36,292,060 

0 

36,292,060 

2,706,125 

2,706,070 

2,620,596 

262,059,641.20 

30,352,683 

63,774,282 

1,625 

63,772,657 

3,144,407 

3,138,758 

3,135,764 

3.17 

0 

7,532,316 

963,073 

6,569,243 

10,308,132 

2,866,991 

2,299,054 

TSMC China Company Limited  

19,891,090 

91,612,383 

4,179,390 

87,432,993 

28,371,992 

12,753,073 

12,411,290 

TSMC Nanjing Company Limited  

29,381,558 

123,716,509 

56,215,073 

67,501,436 

42,299,786 

20,393,288 

20,486,591 

VisEra Technologies Company Ltd.

3,155,341 

25,600,121 

8,709,960 

16,890,161 

9,077,148 

2,068,659 

1,765,796 

7.83 

NA

NA

5.80 

TSMC Arizona Corporation 

39 

278,619,103 

252,979,993 

25,639,110 

16,653,596 

48,687,935 

15,998,955 

32,688,980 

0 

0 

(7,668,981)

(9,430,070)

(12,015.96)

(675,194)

(593,429)

(531.39)

0.03 

2,623,701 

1,630,001 

993,700 

3,641,036 

173,383 

66,998 

6,699,813.50 

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  

Japan Advanced Semiconductor 
Manufacturing, Inc.

TSMC Technology, Inc.  

349,636,792 

642,448,848 

230,456,422 

411,992,426 

11,540,783 

7,308,722 

7,308,722 

642,017.05 

8.3.4 Other Necessary Supplement: None.

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 2022 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 2022 and as of the Date of this Annual Report: None.

8.3.3  Any Events in 2022 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 Act of 
Taiwan: None.

TSMC Design Technology Canada Inc.

55,176 

400,293 

79,234 

321,059 

282,621 

VentureTech Alliance Fund II, L.P.

VentureTech Alliance Fund III, L.P.

Growth Fund Limited

Emerging Fund L.P.

107,105 

2,883,896 

67,429 

66,513 

227,958 

166,549 

1,324,000 

1,762,648 

0 

0 

0 

0 

66,513 

227,958 

166,549 

3,714 

0 

416 

1,762,648 

2,426 

25,693 

1,056 

(6,700)

(560)

(6,917)

31,997 

319 

(6,700)

(609)

(6,917)

13.91 

NA

NA

NA

NA

180

181

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

Asia

TSMC China Company Limited
4000, Wen Xiang Road, Songjiang, Shanghai, China
Postcode: 201616
Tel: +86-21-57768000 
TSMC Nanjing Company Limited
16, Zifeng Road, Pukou Economic Development Zone, Nanjing, 
Jiangsu Province, China
Postcode: 211806
Tel: +86-25-57668000 
TSMC Korea Limited
Rm 2104-2105 west, Hanshin Inter Valley 24 Building, 322, 
Teheran-ro, Gangnam-gu, Seoul 06211, 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: +81-45-682-0670

Fab 15B
1, Xinke Rd., Central Taiwan Science Park, Taichung 428-015, Taiwan, 
R.O.C.
Tel: +886-4-27026688   Fax: +886-4-24630372
Fab 18A
8, Beiyuan Rd. 2, Southern Taiwan Science Park, Tainan 745-093, 
Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886-6-5050363
Fab 18B
8, Beiyuan Rd. 2, Southern Taiwan Science Park, Tainan 745-093, 
Taiwan, R.O.C.
Tel: +886-6-5056688
Advanced Backend Fab 1
6, Creation Rd. 2, Hsinchu Science Park, Hsinchu 300-077, Taiwan, 
R.O.C.
Tel: +886-3-5636688   Fax: +886-3-5773628
Advanced Backend Fab 2
1, Sanbaozhu Rd., Southern Taiwan Science Park, Tainan 741-013, 
Taiwan, R.O.C.
Tel: +886-6-5056688   Fax: +886- 6-5057223
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
Advanced Backend Fab 6
No.1, Kezhuan 1st Rd., Zhunan Township, Miaoli County 350-012, 
Taiwan, R.O.C.
Tel: +886-3-5636688
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

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 Japan 3DIC R&D Center, Inc.
2F, 7D Bldg., West, 16-1 Onogawa, Tsukuba, Ibaraki, 305-8569, 
Japan
Tel: +81-29-893-2968
Japan Advanced Semiconductor Manufacturing, Inc.
6F, Shimotori NS Building 1-3-8 Shimotori, Chuo-ku, Kumamoto-shi, 
Kumamoto 860-0807, Japan

Europe/North America

TSMC Europe B.V.
World Trade Center, Zuidplein 60, 1077 XV Amsterdam,
The Netherlands
Tel: +31-20-3059900
TSMC Design Technology Canada Inc.
1000 Innovation Drive, Suite 400, Kanata, ON K2K 3E7, Canada
Tel: +613-576-1990
TSMC North America
2851 Junction Avenue, San Jose, CA 95134, U.S.A.
Tel: +1-408-3828000   Fax: +1-408-3828008

TSMC Technology, Inc
TTI
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
5088 W. Innovation Circle, Phoenix, AZ 85083, 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 Public Relations Division
Tel: +886-3-5636688   Fax: +886-3-5637000
Email: press@tsmc.com
Auditors
Company: Deloitte & Touche
Auditors: Mei-Yen Chiang, Shang-Chih Lin
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”, “N12e”, “3Dblox” and “TSMC FinFlex” are some of 
TSMC’s registered and/or pending trademarks used by the Company in various jurisdictions, including Taiwan. All rights reserved.

Copyright © 2022 by Taiwan Semiconductor Manufacturing Company, Ltd. All rights reserved.

Contents

Consolidated Financial Statements for the 

Years Ended December 31, 2022 and 2021 and 

Independent Auditors’ Report 

Parent Company Only Financial Statements for the 

Years Ended December 31, 2022 and 2021 and 

Independent Auditors’ Report 

1

111

2022-財報目錄-英.indd   1

2023/3/12   下午11:02

Taiwan Semiconductor Manufacturing 
Company Limited and Subsidiaries 

Consolidated Financial Statements for the 
Years Ended December 31, 2022 and 2021 and   
Independent Auditors’ Report 

- 1 -

 
 
 
 
 
 
- 2 -

- 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, 2022, 

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 14, 2023 

- 3 -

- 3 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 4 -

Key audit matter for the Company’s consolidated financial statements for the year ended December 
31, 2022 is stated as follows: 

Property, plant and equipment (PP&E) – commencement of depreciation related to PP&E classified 
as equipment under installation and construction in progress (EUI/CIP) 

Refer to Notes 4, 5 and 14 to the consolidated financial statements. 

The  Company’s  evaluation  of  when  to  commence  depreciation  of  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. 
Changes in these assumptions could have a significant impact on when depreciation is recognized. 

Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing 
audit  procedures  to  evaluate  the  reasonableness  of  the  Company’s  judgments  and  assumptions 
required  a  high  degree  of  auditor  judgment.  Consequently,  the  validity  of  commencement  of 
depreciation related to PP&E classified as EUI/CIP is identified as a key audit matter. 

Our  audit  procedures  related  to  the  evaluation  of  when  to  commence  depreciation  of  EUI/CIP 
included the following, among others:   

1.  We read the Company’s policy and understood the criteria used to determine when to commence 

depreciation. 

2.  We tested the effectiveness of the controls over the evaluation of when to commence depreciation 

of EUI/CIP. 

3.  We sampled the year-end balance of EUI/CIP and performed the following for each selection: 

a.  Evaluated  whether  the  selection  did  not  meet  the  criteria  specified  by  the  Company  for 

commencement of depreciation. 

b.  Observed the assets and evaluated their status. 

4.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the 

Company for commencement of depreciation during the year. 

5.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the 

Company for commencement of depreciation subsequent to year end. 

Other Matter 

We  have  also  audited  the  parent  company  only  financial  statements  of  Taiwan  Semiconductor 
Manufacturing Company Limited as of and for the years ended December 31, 2022 and 2021 on 
which we have issued an unmodified opinion. 

Responsibilities  of  Management  and  Those  Charged  with  Governance  for  the  Consolidated 
Financial Statements   

Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with the Regulations Governing the Preparation of Financial Reports by 
Securities Issuers and the IFRS, IAS, IFRIC, and SIC endorsed and issued into effect by the Financial 
Supervisory  Commission  of  the  Republic  of  China, and  for  such internal control  as  management 

- 5 -
-  3  - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
determines is necessary to enable the preparation of consolidated financial statements that are free 
from material misstatement, whether due to fraud or error. 

In  preparing  the  consolidated  financial  statements,  management  is  responsible  for  assessing  the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern  and  using  the  going  concern  basis  of  accounting  unless  management  either  intends  to 
liquidate the Company or to cease operations, or has no realistic alternative but to do so. 

Those charged with governance (including members of the Audit Committee) are responsible for 
overseeing the Company’s financial reporting process. 

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements   

Our  objectives  are  to  obtain  reasonable  assurance  about  whether  the  consolidated  financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 
an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but 
is  not  a  guarantee  that  an  audit  conducted  in  accordance  with  the  Standards  on  Auditing  of  the 
Republic of China will always detect a material misstatement when it exists. Misstatements can arise 
from  fraud  or  error  and  are  considered  material  if,  individually  or  in  the  aggregate,  they  could 
reasonably  be  expected  to  influence  the  economic  decisions  of  users  taken  on  the  basis  of  these 
consolidated financial statements. 

As  part  of  an  audit  in  accordance  with  the  Standards  on  Auditing  of  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 consolidated 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 consolidated 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 consolidated financial statements, 
including  the  disclosures,  and  whether  the  consolidated  financial  statements  represent  the 
underlying transactions and events in a manner that achieves fair presentation. 

- 6 -
-  4  - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
- 7 -

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

ASSETS 

CURRENT ASSETS 

Cash and cash equivalents (Note 6) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at amortized cost (Note 9) 
Hedging financial assets (Note 10) 
Notes and accounts receivable, net (Note 11) 
Receivables from related parties (Note 34) 
Other receivables from related parties (Note 34) 
Inventories (Notes 5 and 12) 
Other financial assets (Note 35) 
Other current assets   

Total current assets 

NONCURRENT ASSETS 

Financial assets at fair value through other comprehensive income (Note 8) 
Financial assets at amortized cost (Note 9) 
Investments accounted for using equity method (Note 13) 
Property, plant and equipment (Notes 5 and 14) 
Right-of-use assets (Notes 5 and 15) 
Intangible assets (Notes 5 and 16) 
Deferred income tax assets (Notes 5 and 26) 
Refundable deposits   
Other noncurrent assets   

Total noncurrent assets 

TOTAL 

LIABILITIES AND EQUITY 

CURRENT LIABILITIES 

Short-term loans (Notes 17 and 31) 
Financial liabilities at fair value through profit or loss (Note 7) 
Hedging financial liabilities (Note 10) 
Accounts payable   
Payables to related parties (Note 34) 
Salary and bonus payable   
Accrued profit sharing bonus to employees and compensation to directors (Note 29) 
Payables to contractors and equipment suppliers   
Cash dividends payable (Note 21) 
Income tax payable (Notes 5 and 26) 
Long-term liabilities - current portion (Notes 18, 19 and 31) 
Accrued expenses and other current liabilities (Notes 5, 15, 22, 31 and 34) 

Total current liabilities 

NONCURRENT LIABILITIES 

Bonds payable (Notes 18 and 31) 
Long-term bank loans (Notes 19 and 31) 
Deferred income tax liabilities (Notes 5 and 26) 
Lease liabilities (Notes 5, 15 and 31) 
Net defined benefit liability (Note 20) 
Guarantee deposits 
Others (Note 22) 

Total noncurrent liabilities 

Total liabilities 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Capital stock (Notes 4 and 21) 
Capital surplus (Notes 4, 21 and 28) 
Retained earnings (Notes 4 and 21) 

Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Unappropriated earnings 

Others (Notes 4, 21 and 28) 

December 31, 2022 
  Amount 

  % 

December 31, 2021 
Amount 

  % 

  $ 1,342,814,083        27      $ 1,064,990,192        29 
- 
-       
3 
2       
- 
2       
- 
-       
5 
5       
- 
-       
- 
-       
5 
4       
1 
1       
- 
-       

159,048       
119,519,251       
3,773,571       
13,468       
197,586,109       
715,324       
61,531       
193,102,321       
16,630,611       
10,521,481       

1,070,398       
122,998,543       
94,600,219       
2,329       
229,755,887       
1,583,958       
68,975       
221,149,148       
25,964,428       
12,888,776       

    2,052,896,744        41        1,607,072,907        43 

6,159,200       
35,127,215       
27,641,505       

5,887,892       
1,533,391       
21,963,418       

- 
-       
- 
1       
1 
1       
    2,693,836,970        54        1,975,118,704        53 
1 
1       
1 
1       
1 
1       
- 
-       
- 
-       

32,734,537       
26,821,697       
49,153,886       
2,624,854       
2,592,169       

41,914,136       
25,999,155       
69,185,842       
4,467,022       
7,551,089       

    2,911,882,134        59        2,118,430,548        57 

  $ 4,964,778,878        100      $ 3,725,503,455        100 

  $ 

-       
116,215       
813       
54,879,708       
1,642,637       
36,435,509       
61,748,574       
213,499,613       
142,617,093       
120,801,814       
19,313,889       
293,170,952       

-      $  114,921,333       
681,914       
-       
9,642       
-       
47,285,603       
1       
1,437,186       
-       
23,802,100       
1       
36,524,741       
1       
145,742,148       
4       
142,617,093       
3       
59,647,152       
3       
4,566,667       
-       
162,267,779       
6       

3 
- 
- 
1 
- 
1 
1 
4 
4 
2 
- 
4 

944,226,817        19       

739,503,358        20 

834,336,439        17       
-       
-       
-       
-       
-       
4       

4,760,047       
1,031,383       
29,764,097       
9,321,091       
892,021       
179,958,116       

610,070,652        16 
- 
- 
1 
- 
- 
5 

3,309,131       
1,873,877       
20,764,214       
11,036,879       
686,762       
167,525,377       

    1,060,063,194        21       

815,266,892        22 

    2,004,290,011        40        1,554,770,250        42 

259,303,805       
69,330,328       

5       
1       

259,303,805       
64,761,602       

7 
2 

311,146,899       
3,154,310       

8 
6       
2 
-       
    2,323,223,479        47        1,536,378,550        41 
    2,637,524,688        53        1,906,829,661        51 
(2) 
-       

311,146,899       
59,304,212       

(20,505,626)       

(62,608,515)       

Equity attributable to shareholders of the parent 

    2,945,653,195        59        2,168,286,553        58 

NON - CONTROLLING INTERESTS 

Total equity 

TOTAL   

14,835,672       

1       

2,446,652       

- 

    2,960,488,867        60        2,170,733,205        58 

  $ 4,964,778,878        100      $ 3,725,503,455        100 

The accompanying notes are an integral part of the consolidated financial statements. 

- 8 -
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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2022 

2021 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 22, 34 and 39) 

    $ 2,263,891,292 

      100 

    $ 1,587,415,037 

      100 

COST OF REVENUE (Notes 5, 12, 29 and 34) 

915,536,486 

      40 

767,877,771 

      48 

GROSS PROFIT 

      1,348,354,806 

      60 

819,537,266 

      52 

OPERATING EXPENSES (Notes 5, 29 and 34) 

Research and development 
General and administrative 
Marketing 

163,262,208 
53,524,898 
9,920,446 

7 
2 
1 

124,734,755 
36,929,588 
7,558,591 

8 
2 
1 

Total operating expenses 

226,707,552 

      10 

169,222,934 

      11 

OTHER OPERATING INCOME AND EXPENSES, NET 

(Notes 14 and 29) 

(368,403)       

- 

(333,435)       

- 

INCOME FROM OPERATIONS (Note 39) 

      1,121,278,851 

      50 

649,980,897 

      41 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of associates 
Interest income (Note 23) 
Other income 
Foreign exchange gain, net (Note 37) 
Finance costs (Note 24) 
Other gains and losses, net (Note 25) 

7,798,359 
22,422,209 
947,697 
4,505,784 

(11,749,984)       
(1,012,198)       

Total non-operating income and expenses 

22,911,867 

- 
1 
- 
- 
- 
- 

1 

5,603,084 
5,708,765 
973,141 
13,662,655 
(5,414,218)       
(7,388,010)       

13,145,417 

- 
- 
- 
1 
- 
- 

1 

INCOME BEFORE INCOME TAX 

      1,144,190,718 

      51 

663,126,314 

      42 

INCOME TAX EXPENSE (Notes 5 and 26) 

127,290,203 

6 

66,053,180 

4 

NET INCOME 

      1,016,900,515 

      45 

597,073,134 

      38 

OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 

20, 21 and 26) 
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 

Loss on hedging instruments 
Share of other comprehensive income (loss) of 

associates 

Income tax benefit (expense) related to items that will 

not be reclassified subsequently 

- 9 -

- 9 - 

(823,060)       

- 

242,079 

(263,749)       

- 

154,457 

733,956 

(198,396)       

- 
- 

- 

- 

- 

1,900,797 

(41,416)       

(30,194)       

(85,269)       

1,985,997 

- 

- 
- 

- 

- 

- 

(Continued) 

 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2022 

2021 

Amount 

  % 

Amount 

  % 

Items that may be reclassified subsequently to profit or 

loss: 
Exchange differences arising on translation of foreign 

operations 

    $ 

50,845,614 

2 

    $ 

(6,181,830)       

(1) 

Unrealized loss on investments in debt instruments at 
fair value through other comprehensive income 

Gain on hedging instruments 
Share of other comprehensive income (loss) of 

associates 

Income tax benefit (expense) related to items that may 

be reclassified subsequently 

(10,102,658)       

1,329,231 

550,338 

6,036 

42,628,561 

Other comprehensive income (loss), net of income tax       

42,430,165 

- 
- 

- 

- 

2 

2 

(3,431,791)       
131,535 

(119,997)       

(3,370)       

- 
- 

- 

- 

(9,605,453)       

(1) 

(7,619,456)       

(1) 

TOTAL COMPREHENSIVE INCOME 

    $ 1,059,330,680 

      47 

    $  589,453,678 

      37 

NET INCOME ATTRIBUTABLE TO: 

Shareholders of the parent 
Non-controlling interests 

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE 

TO: 
Shareholders of the parent 
Non-controlling interests 

    $ 1,016,530,249 
370,266 

      45 
- 

    $  596,540,013 
533,121 

      38 
- 

    $ 1,016,900,515 

      45 

    $  597,073,134 

      38 

    $ 1,059,124,890 
205,790 

      47 
- 

    $  588,918,059 
535,619 

      37 
- 

    $ 1,059,330,680 

      47 

    $  589,453,678 

      37 

EARNINGS PER SHARE (NT$, Note 27) 

Basic earnings per share 
Diluted earnings per share 

    $ 
    $ 

39.20 
39.20 

    $ 
    $ 

23.01 
23.01 

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

- 10 -

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Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

Depreciation expense 
Amortization expense 
Expected credit losses recognized (reversal) on investments in debt 

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 or retirement of intangible assets, net 
Impairment loss on property, plant and equipment 
Loss (gain) on disposal of investments in debt instruments at fair value 

through other comprehensive income, net 

Loss (gain) on foreign exchange, net 
Dividend income 
Others 

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 
Other noncurrent liabilities 
Net defined benefit liability 
Cash generated from operations 
Income taxes paid 

2022 

2021 

    $ 1,144,190,718 

    $  663,126,314 

428,498,179 
8,756,094 

414,187,700 
8,207,169 

52,351 
11,749,984 
(7,798,359)       
(22,422,209)       
302,348 
(98,856)       

6,004 
790,740 

(2,735) 
5,414,218 
(5,603,084) 
(5,708,765) 
7,788 
273,627 
1,228 
274,388 

410,076 
10,342,706 

(266,767)       
138,827 

(93,229) 
(16,115,936) 
(362,310) 
(414,219) 

(1,354,359)       
(32,169,853)       
(868,634)       
(7,444)       
(28,046,827)       
(1,680,611)       
(4,450,883)       
7,594,105 
205,451 
12,633,409 
25,223,833 
46,578,784 
101,390,476 

2,649,244 
(52,105,823) 
(157,193) 
(10,886) 
(55,748,914) 
(8,236,897) 
(3,899,043) 
8,298,319 
(670,532) 
3,730,859 
843,695 
84,322,721 
154,085,985 
(635,116) 
      1,195,658,573 
(83,497,851) 

(86,561,247)       

(2,538,848)       

      1,697,160,435 

Net cash generated by operating activities 

      1,610,599,188 

      1,112,160,722 

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 assets at fair value through other comprehensive income 
Financial assets at amortized cost 
Property, plant and equipment   
Intangible assets 

(125,540)       
(54,566,725)       
(183,125,920)       
      (1,082,672,130)       
(6,954,326)       

- 
(255,888,679) 
(3,799,737) 
(839,195,708) 
(9,040,751) 

44,963,367 
62,329,674 
983,358 
12,636 

254,604,537 
9,368,275 
390,364 
- 

(Continued) 

- 12 -

- 12 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

2022 

2021 

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 - others 
Other dividends received 
Dividends received from investments accounted for using equity method 
Increase in prepayments for leases   
Refundable deposits paid 
Refundable deposits refunded 

    $ 

    $ 

2,938 
1,684,430 
18,083,755 
7,046,136 
5,296 
266,767 
2,749,667 
- 

(2,117,041)       
505,423 

115,627 
276,261 
5,990,948 
821,312 
6,605 
362,310 
2,136,426 
(1,200,000) 
(1,997,337) 
683,684 

Net cash used in investing activities 

      (1,190,928,235)       

(836,365,863) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Increase (decrease) in short-term loans 
Proceeds from issuance of bonds 
Repayment of bonds 
Proceeds from long-term bank loans 
Repayment of long-term bank loans 
Payments for transaction costs attributable to the issuance of bonds 
Treasury stock acquired 
Repayment of the principal portion of lease liabilities 
Interest paid 
Guarantee deposits received 
Guarantee deposits refunded 
Cash dividends 
Disposal of ownership interests in subsidiaries (without losing control) 
Donation from shareholders 
Increase (decrease) in non-controlling interests 

(111,959,992)       
198,293,561 

(4,400,000)       
2,670,000 
(166,667)       
(414,307)       
(871,566)       
(2,428,277)       
(12,218,659)       
271,387 
(62,100)       
(285,234,185)       

- 
13,225 
16,263,548 

35,668,397 
364,592,792 
(2,600,000) 
1,510,000 
- 
(737,724) 
- 
(1,985,338) 
(3,833,633) 
469,041 
(36,763) 
(265,786,399) 
9,451,798 
11,282 
(115,015) 

Net cash generated by (used in) financing activities 

(200,244,032)       

136,608,438 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH 

EQUIVALENTS 

58,396,970 

(7,583,752) 

NET INCREASE IN CASH AND CASH EQUIVALENTS 

277,823,891 

404,819,545 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

      1,064,990,192 

660,170,647 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $ 1,342,814,083 

    $ 1,064,990,192 

The accompanying notes are an integral part of the consolidated financial statements. 

(Concluded) 

- 13 -

- 13 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 
(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,  sales,  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 14, 2023. 

  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 accounting policies of TSMC and its subsidiaries (collectively as the 
“Company”). 

b.  The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with 

effective date starting 2023 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IAS 1 “Disclosure of Accounting Policies” 
Amendments to IAS 8 “Definition of Accounting Estimates” 
Amendments to IAS 12 “Deferred Tax related to Assets and 

Liabilities arising from a Single Transaction” 

January 1, 2023 
January 1, 2023 
January 1, 2023 

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c.  The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

 To be determined by IASB 

between an Investor and its Associate or Joint Venture” 

Amendments to IAS 1 “Classification of Liabilities as Current or 
Non-current” and “Non-current Liabilities with Covenants” 

January 1, 2024 

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 from  the 
initial  adoption  of  the  aforementioned  standards  or  interpretations  and  related  applicable  period.  The 
related impact will be disclosed when the Company completes its evaluation. 

  4.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

For the convenience of readers, the accompanying consolidated financial statements have been translated into 
English from the original Chinese version prepared and used in the R.O.C. If there is any conflict between 
the English version and the original Chinese version or any difference in the interpretation of the two versions, 
the Chinese-language consolidated financial statements shall prevail. 

Statement of Compliance 

The  accompanying  consolidated  financial  statements  have  been  prepared  in  conformity  with  the  Regulations 
Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed by the FSC 
with the effective dates (collectively, “Taiwan-IFRSs”). 

Basis of Preparation   

The accompanying consolidated financial statements have been prepared on the historical cost basis except 
for  financial  instruments  that  are  measured  at  fair  values,  as  explained  in  the  accounting  policies  below. 
Historical cost is generally based on the fair value of the consideration given in exchange for the assets. 

Basis of Consolidation   

The basis for the consolidated financial statements 

The consolidated financial statements incorporate the financial statements of TSMC and entities controlled 
by TSMC (its subsidiaries).   

Income and expenses of subsidiaries acquired or disposed of are included in the consolidated statement of 
comprehensive  income  from  the  effective  date  of  acquisition  and  up  to  the  effective  date  of  disposal,  as 
appropriate. Total comprehensive income of subsidiaries is attributed to the shareholders of the parent and to 
the non-controlling interests even if this results in the non-controlling interests having a deficit balance. 

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting 
policies into line with those used by the Company. 

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 

Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control 
over  the  subsidiaries  are  accounted  for  as  equity  transactions.  The  carrying  amounts  of  the  Company’s 
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the 
subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the 

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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, 
2022 

December 31, 
2021 

Note 

TSMC 

  TSMC North America 

  Sales and marketing of integrated 

  San Jose, California, 

100% 

100% 

circuits and other semiconductor 
devices 

U.S.A. 

  TSMC Europe B.V. (TSMC 

  Customer service and supporting 

Europe) 

activities 

  TSMC Japan Limited (TSMC 

  Customer service and supporting 

Japan) 

activities 

  Amsterdam, the 

Netherlands 
  Yokohama, Japan 

  TSMC Design Technology 
Japan, Inc. (TSMC JDC) 

  Engineering support activities 

  Yokohama, Japan 

  TSMC Japan 3DIC R&D 

  Engineering support activities 

  Yokohama, Japan 

Center, Inc. (TSMC 3DIC) 
  TSMC Korea Limited (TSMC 

  Customer service and supporting 

  Seoul, Korea 

Korea) 

activities 

  TSMC Partners, Ltd. (TSMC 

Investing in companies involved in the 

  Tortola, British Virgin 

Partners) 

semiconductor design and 
manufacturing, and other investment 
activities 

Islands 

  TSMC Global, Ltd. (TSMC 

Investment activities 

Global) 

  TSMC China Company 

  Manufacturing, sales, testing and 

  Tortola, British Virgin 

Islands 
  Shanghai, China 

Limited (TSMC China) 

computer-aided design of integrated 
circuits and other semiconductor 
devices 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

  TSMC Nanjing Company 

  Manufacturing, sales, testing and 

  Nanjing, China 

100% 

100% 

Limited (TSMC Nanjing) 

computer-aided design of integrated 
circuits and other semiconductor 
devices 

  VisEra Technologies Company 

  Research, design, development, 

  Hsin-Chu, Taiwan 

68% 

73% 

Ltd. (VisEra Tech) 

manufacturing, sales, packaging and 
test of color filter 

  TSMC Arizona Corporation 

(TSMC Arizona) 

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

  Phoenix, Arizona, 

100% 

100% 

U.S.A. 

- 

a) 

a) 

a) 

a) 

a) 

a) 

- 

- 

- 

b) 

c) 

Japan Advanced 
Semiconductor 
Manufacturing, Inc. (JASM) 

  Manufacturing, sales, testing and 

  Kumamoto, Japan 

71% 

100% 

a), d) 

computer aided design of integrated 
circuits and other semiconductor 
devices 

  VentureTech Alliance Fund II, 

Investing in technology start-up 

  Cayman Islands 

L.P. (VTAF II) 

companies 

  VentureTech Alliance Fund III, 

Investing in technology start-up 

  Cayman Islands 

98% 

98% 

98% 

98% 

L.P. (VTAF III) 

companies 

  Emerging Fund L.P. (Emerging 

Investing in technology start-up 

  Cayman Islands 

99.9% 

99.9% 

Fund) 

companies 

a) 

a) 

a) 

(Continued) 

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Name of Investor 

Name of Investee 

Main Businesses and Products 

Establishment 
and Operating 
Location 

Percentage of Ownership 

December 31, 
2022 

December 31, 
2021 

TSMC Partners 

TSMC Development 

  TSMC Development, Inc. 
(TSMC Development) 
  TSMC Technology, Inc. 
(TSMC Technology) 
  TSMC Design Technology 

Canada Inc. (TSMC Canada) 
  WaferTech, LLC (WaferTech) 

Investing in companies involved in 
semiconductor manufacturing 

  Delaware, U.S.A. 

  Engineering support activities 

  Delaware, U.S.A. 

  Engineering support activities 

  Ontario, Canada 

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

  Washington, U.S.A. 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

VTAF III 

  Growth Fund Limited (Growth 

Investing in technology start-up 

  Cayman Islands 

100% 

100% 

Fund) 

companies 

Note 

- 

a) 

a) 

- 

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:    VisEra has increased its capital in June 2022. After the increase in capital, TSMC’s shareholding in VisEra decreased from 73% to 68%. This transaction was accounted for as an equity 

transaction since the transaction did not change TSMC’s control over VisEra. 

Note c:  Under the terms of the development agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits approximately US$205 million toward various 
public  infrastructure  projects  in  the  area  of  the  proposed  manufacturing  facility,  conditioned  on  TSMC  Arizona’s  achieving  a  minimum  project  scale  with  defined  spending  and 
job-creation thresholds. 

Note d: 

JASM  is  established  in  December  2021  and  has  increased  its  capital  in  January  2022.  After  the  increase  in  capital,  TSMC’s  shareholding  in  JASM  decreased  from  100%  to  81%.  In 
addition, JASM  increased  its capital by  issuing  noncumulative preferred shares and common shares  in April 2022, TSMC’s shareholding  in JASM decreased  from 81% to 71% and the 
proportion of voting right remain 81%. The aforementioned transactions were accounted for as an equity transaction since the transaction did not change TSMC’s control over JASM.   

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. 

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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. 

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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,  commercial  paper,  debt  instrument  investments,  notes  and  accounts 
receivable (including related parties), other receivables, refundable deposits and temporary payments 
(including those classified under other current assets and other noncurrent assets) 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 

- 19 -

- 19 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
been  recognized  in  other  comprehensive  income  is  transferred  directly  to  retained  earnings,  without 
recycling through profit or loss. 

Financial Liabilities and Equity Instruments 

Classification as debt or equity 

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity 
in accordance with the substance of the contractual arrangements and the definitions of a financial liability 
and an equity instrument. 

Equity instruments 

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting 
all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net 
of direct issue costs. 

Financial liabilities 

Financial liabilities are subsequently measured either at amortized cost using effective interest method or at 
FVTPL. 

Financial liabilities are classified as at fair value through profit or loss when the financial liability is either 
held for trading or is designated as at fair value through profit or loss.   

Financial  liabilities  at  fair  value  through  profit  or  loss  are  stated  at  fair  value,  with  any  gains  or  losses 
arising on remeasurement recognized in profit or loss. 

Financial liabilities other than those held for trading purposes and designated as at FVTPL are subsequently 
measured at amortized cost at the end of each reporting period. 

Derecognition of financial liabilities 

The  Company  derecognizes  financial  liabilities  when,  and  only  when,  the  Company’s  obligations  are 
discharged, cancelled or they expire. The difference between the carrying amount of the financial liability 
derecognized and the consideration paid and payable is recognized in profit or loss. 

Derivative Financial Instruments 

Derivative financial instruments are initially recognized at fair value at the date the derivative contracts are 
entered  into and are  subsequently  remeasured to their  fair  value  at  the end  of  each reporting  period. The 
resulting gain or loss is recognized in profit or loss immediately unless the derivative financial instrument is 
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 instruments 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. 

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b.  Cash flow hedge 

The Company designates certain hedging instruments, such as forward contracts, to partially hedge its 
foreign  exchange  rate  risks  or  interest  rate  risks  associated  with  certain  highly  probable  forecast 
transactions (capital expenditures or issuance of debts). The effective portion of changes in the fair value 
of hedging instruments is recognized in other comprehensive income. When forecast transactions actually 
take  place,  the  accumulated  gains  or  losses  that  were  recognized  in  other  comprehensive  income  are 
transferred from equity to the initial cost of the hedged items, or reclassified to finance costs of hedged 
items in the same period or periods during which the hedged expected future cash flows affect profit or 
loss.  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 

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- 21 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
income in relation to that associate shall be reclassified to profit or loss on the same basis as would be required 
if the associate had directly disposed of the related assets or liabilities. 

When a consolidated entity transacts with an associate, profits and losses resulting from the transactions with 
the associate are recognized in the Company’s consolidated financial statements only to the extent of interests 
in the associate that are not owned by the Company. 

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, acquisition 
of the item of property, plant and equipment or borrowing costs eligible for capitalization. 

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. 

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- 22 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 

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. 

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 

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the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can 
be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are 
allocated  to  the  smallest  group  of  cash-generating  units  for  which  a  reasonable  and  consistent  allocation 
basis can be identified. 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, 
the  estimated  future  cash  flows  are  discounted  to  their  present  value  using  a  pre-tax  discount  rate  that 
reflects current market assessments of the time value of money and the risks specific to the asset for which 
the estimates of future cash flows have not been adjusted. 

If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, 
the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment 
loss is recognized immediately in profit or loss. 

When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit 
is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognized for 
the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately 
in profit or loss. 

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.   

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 

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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. 

Treasury Stock   

Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at 
cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury 
stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are 
reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value 
and additional paid-in capital, the difference is charged to capital surplus - treasury stock transactions and to 
retained earnings for any remaining amount. 

Share-based payment arrangements 

a.  Equity-settled share-based payment arrangements 

Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on 
the fair value at the grant date and the Company’s best estimate of the number expected to ultimately 
vest, with a corresponding increase in other equity - unearned employee benefits. 

When restricted shares for employees are issued, other equity - unearned employee benefits is recognized 
on  the  grant  date,  with  a  corresponding  increase  in  capital  surplus  -  restricted  shares  for  employees. 
Dividends paid to employees on restricted shares which do not need to be returned if employees resign 
in  the  vesting  period  are  recognized  as  expenses  upon  the  dividend  declaration  with  a  corresponding 
adjustment in retained earnings. 

At the end of each reporting period, the Company revises its estimate of the number of restricted shares 
for employees that are expected to vest. The impact from such revision is recognized in profit or loss so 
that  the  cumulative  expenses  reflect  the  revised  estimate,  with  a  corresponding  adjustment  to  capital 
surplus - restricted shares for employees. 

b.  Cash-settled share-based payment arrangements 

For cash-settled share-based payments, a liability is recognized for the services acquired, measured at 
the fair value of the liability incurred. At the end of each reporting period until the liability is settled, 
and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value 
recognized in profit or loss. 

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. 

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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. 

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. 

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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. 

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 

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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 
Commercial paper 
Government bonds 
Repurchase agreements 
Corporate bonds 

December 31, 
2022 

December 31, 
2021 

    $ 1,329,291,394      $ 1,058,808,104 
- 
906,743 
5,275,345 
- 

9,566,430       
2,451,570       
1,133,310       
371,379       

    $ 1,342,814,083      $ 1,064,990,192 

Deposits in banks consisted of highly liquid time deposits that were readily convertible to known amounts of 
cash and were subject to an insignificant risk of changes in value. 

  7.  FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 

Financial assets 

Mandatorily measured at FVTPL 
Forward exchange contracts 
Convertible bonds 

Financial liabilities 

Held for trading 

Forward exchange contracts 

December 31, 
2022 

December 31, 
2021 

     $ 

947,546 
122,852 
     $  1,070,398 

     $ 

     $ 

159,048 
- 
159,048 

     $ 

116,215 

     $ 

681,914 

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. 

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Outstanding forward exchange contracts consisted of the following: 

December 31, 2022 

Sell NT$ 
Sell US$ 
Sell RMB 

December 31, 2021 

Sell NT$ 
Sell US$ 

Maturity Date 

Contract Amount 
(In Thousands) 

January 2023 to March 2023 
January 2023 to March 2023 
January 2023 to March 2023 

NT$  79,610,590 
US$ 
752,486 
RMB  1,448,371 

January 2022 to March 2022 
January 2022 to March 2022 

NT$ 132,734,482 
US$  2,009,148 

  8.  FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 

Investments in debt instruments at FVTOCI 

Corporate bonds 
Agency bonds/Agency mortgage-backed securities 
Government bonds 
Asset-backed securities 

Investments in equity instruments at FVTOCI 
Non-publicly traded equity investments 
Publicly traded stocks 

Current 
Noncurrent 

December 31, 
2022 

December 31, 
2021 

    $  66,116,166 
28,399,890 
18,929,924 
9,274,697 
      122,720,677 

    $  57,253,161 
32,070,114 
21,345,794 
8,660,424 
      119,329,493 

6,159,200 
277,866 
6,437,066 

5,887,892 
189,758 
6,077,650 

    $  129,157,743 

    $  125,407,143 

    $  122,998,543 
6,159,200 

    $  119,519,251 
5,887,892 

    $  129,157,743 

    $  125,407,143 

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 of the dividends are mainly from investments held at the end of the reporting 
period. 

For the years ended December 31, 2022 and 2021, as non-publicly traded investees were acquired and the 
Company  adjusted  its  investment  portfolio,  equity  investments  designated  at  FVTOCI  were  divested  for 
NT$561,600 thousand and NT$628,711 thousand, respectively. The related other equity-unrealized gain/loss 
on  financial  assets  at  FVTOCI  of  NT$303,242  thousand  and  NT$185,993  thousand  were  transferred  to 
increase retained earnings, respectively. 

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As of December 31, 2022 and 2021, the cumulative loss allowance for expected credit loss of NT$37,783 
thousand  and  NT$33,209  thousand  was  recognized  under  investments  in  debt  instruments  at  FVTOCI, 
respectively. Refer to Note 33 for information relating to the credit risk management and expected credit loss. 

  9.  FINANCIAL ASSETS AT AMORTIZED COST 

Corporate bonds 
Commercial paper 
Less: Allowance for impairment loss 

Current 
Noncurrent 

December 31, 
2022 

December 31, 
2021 

    $  81,041,056 
48,742,817 

    $ 

(56,439)       

5,310,039 
- 
(3,077) 

    $  129,727,434 

    $ 

5,306,962 

    $  94,600,219 
35,127,215 

    $ 

3,773,571 
1,533,391 

    $  129,727,434 

    $ 

5,306,962 

Refer to Note 33 for information relating to credit risk management and expected credit loss for financial 
assets at amortized cost. 

10.  HEDGING FINANCIAL INSTRUMENTS 

Financial assets- current 

Fair value hedges   

Interest rate futures contracts   

Cash flow hedges   

Forward interest rate contracts 

Financial liabilities- current 

Fair value hedges   

Interest rate futures contracts   

Fair value hedge 

December 31, 
2022 

December 31, 
2021 

 $  2,329 

 $ 

- 

- 

   13,468 

 $  2,329 

 $  13,468 

 $ 

813 

 $  9,642 

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 value of the interest rate futures contracts and the value of the 
hedged financial assets 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, net. 

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The following tables summarize the information relating to the hedges of interest rate risks. 

December 31, 2022 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

Interest rate futures contracts - US Treasury 

US$ 

74,300 

March 2023 

futures 

Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

 $ 

4,008,179 

 $ 

(1,516) 

December 31, 2021 

Hedging Instruments 

Contract Amount 
(US$ in Thousands) 

Maturity 

Interest rate futures contracts - US Treasury 

US$ 

53,900 

March 2022 

futures 

Hedged Items 

  Asset Carrying Amount     

Accumulated Amount of 
Fair Value Hedge 
Adjustments 

Financial assets at FVTOCI 

 $ 

4,079,274 

 $ 

9,642 

The effect for the years ended December 31, 2022 and 2021 is detailed below: 

Hedging Instruments/Hedged Items 

Change in Value Used for 
Calculating Hedge Ineffectiveness 
Years Ended December 31 

2022 

2021 

Hedging Instruments 

Interest rate futures contracts - US Treasury futures 

 $  283,995 

 $  148,817 

Hedged Items 

Financial assets at FVTOCI 

Cash flow hedge 

   (283,995) 

   (148,817) 

 $ 

- 

 $ 

- 

The Company entered into forward contracts to partially hedge foreign exchange rate risks or interest rate 
risks associated with certain highly probable forecast transactions (capital expenditures or issuance of debts). 
The  hedge  ratio  is  adjusted  in  response  to  the  changes  in  the  financial  market  and  capped  at  100%.  The 
forward contracts have maturities of 12 months or less. 

On the basis of economic relationships, the Company expects that the value of forward contracts and the 
value of hedged transactions will change in opposite directions in response to movements in foreign exchange 
rates or interest rates. 

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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 contracts. No other sources of ineffectiveness 
emerged from these hedging relationships during the hedging period. For the years ended December 31, 2022 
and 2021, refer to Note 21(d) for gain or loss arising from changes in the fair value of hedging instruments, 
the amount transferred to initial carrying amount of hedged items and the amount reclassified to finance costs 
of hedged items. 

The following tables summarize the information relating to the hedges of interest rate risks. 

December 31, 2021 

Hedging Instruments 

Contract Amount 
(In Thousands) 

  Maturity 

Balance in 
Other Equity 
(Continuing 
Hedges) 

Forward interest rate contracts 

  US$  328,000 

January 2022 

 $  128,165 

The effect for the years ended December 31, 2022 and 2021 is detailed below: 

Hedging Instruments/Hedged Items 

Change in Value Used for 
Calculating Hedge 
Ineffectiveness 
Years Ended December 31 

2022 

2021 

Hedging Instruments 

Forward exchange contracts (capital expenditures) 
Forward interest rate contracts (issuance of debts) 

- 
     $ 
     $  1,379,119 

     $ 
     $ 

(41,416) 
132,508 

Hedged Items 

Forecast transaction (capital expenditures) 
Forecast transaction (issuance of debts) 

- 
     $ 
     $ (1,379,119) 

     $ 
     $ 

41,416 
(132,508) 

11.  NOTES AND ACCOUNTS RECEIVABLE, NET 

December 31, 
2022 

December 31, 
2021 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

    $  222,761,927 

(331,646)       

      222,430,281 
7,325,606 

    $  193,733,220 
(347,020) 
      193,386,200 
4,199,909 

    $  229,755,887 

    $  197,586,109 

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 

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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 over 31 days 

Less: Loss allowance 

  December 31, 
2022 

  December 31, 

2021 

    $  205,053,142 

    $  191,740,045 

24,516,277 
518,114 
(331,646)       

6,186,814 
6,270 
(347,020) 

    $  229,755,887 

    $  197,586,109 

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 

2022 

2021 

 $  347,020 
(15,449) 
75 

 $  246,626 
   100,408 
(14) 

 $  331,646 

 $  347,020 

For the years ended December 31, 2022 and 2021, 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, 
2022 

December 31, 
2021 

    $  54,818,402 
      125,661,912 
20,389,115 
20,279,719 

    $  32,562,750 
      137,700,402 
11,111,122 
11,728,047 

    $  221,149,148 

    $  193,102,321 

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 during reporting period. The amounts 
are illustrated below: 

Inventory losses 

Years Ended December 31 

2022 

2021 

     $  4,689,112 

     $ 

533,034 

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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, 
2022 

December 31, 
2021 

December 31, 
2022 

December 31, 
2021 

Vanguard International 

  Manufacturing, sales, packaging, 

  Hsinchu, Taiwan 

    $  13,492,653 

    $  10,613,127 

28% 

28% 

Semiconductor Corporation 
(VIS) 

Systems on Silicon 

Manufacturing Company Pte 
Ltd. (SSMC) 
Xintec Inc. (Xintec) 

Global Unichip Corporation 

(GUC) 

Mutual-Pak Technology Co., Ltd. 

(Mutual-Pak) 

testing and computer-aided design of 
integrated circuits and other 
semiconductor devices and the 
manufacturing and design service of 
masks 

  Manufacturing and sales of integrated 
circuits and other semiconductor 
devices 

  Wafer level chip size packaging and 
wafer level post passivation 
interconnection service 
  Researching, developing, 

manufacturing, testing and marketing 
of integrated circuits 

  Manufacturing of electronic parts, 
wholesaling and retailing of 
electronic materials, and researching, 
developing and testing of RFID 

  Singapore 

8,934,731 

6,795,699 

  Taoyuan, Taiwan 

3,528,417 

3,046,961 

  Hsinchu, Taiwan 

1,666,651 

1,484,683 

  New Taipei, Taiwan 

19,053 

22,948 

39% 

41% 

35% 

28% 

39% 

41% 

35% 

28% 

    $  27,641,505 

    $  21,963,418 

As of December 31, 2022 and 2021, 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 associates’ ownership held by the Company in publicly traded stocks calculated by 
the closing price at the end of the reporting period are summarized as follows. The closing price represents 
the quoted price in active markets, the level 1 fair value measurement. 

Name of Associate 

VIS 
GUC 
Xintec 

14.  PROPERTY, PLANT AND EQUIPMENT 

Assets used by the Company 
Assets subject to operating leases 

December 31, 
2022 

December 31, 
2021 

     $  35,977,321 
     $  29,926,918 
     $  10,716,449 

     $  73,347,312 
     $  27,359,085 
     $  15,913,315 

December 31, 
2022 

December 31, 
2021 

    $ 2,693,815,688      $ 1,975,113,974 
4,730 

21,282       

    $ 2,693,836,970      $ 1,975,118,704 

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Assets used by the Company 

Land and Land 
Improvements 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Cost 

Balance at January 1, 2022 
Additions 
Disposals or retirements 
Transfers to assets subject to 

operating leases 

Effect of exchange rate changes 

   $ 

6,488,230 
816,366 
- 

   $  576,597,777 
59,443,801 

(236,765 )   

   $ 3,984,749,236 
330,782,690 
(25,846,536 )   

   $ 

76,154,170 
10,325,337 
(1,709,151 )   

   $  593,155,733 
738,523,914 
- 

   $ 5,237,145,146 
     1,139,892,108 
(27,792,452 ) 

- 
357,221 

- 
1,242,136 

(65,779 ) 
6,322,919 

- 
257,684 

- 
5,162,961 

(65,779 ) 
13,342,921 

Balance at December 31, 2022 

   $ 

7,661,817 

   $  637,046,949 

   $ 4,295,942,530 

   $ 

85,028,040 

   $ 1,336,842,608 

   $ 6,362,521,944 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2022 
Additions   
Disposals or retirements 
Transfers to assets subject to 

operating leases 

Impairment 
Effect of exchange rate changes 

   $ 

499,826 
1,402 
- 

- 
- 
54,933 

   $  306,165,242 
35,982,373 

(225,637 )   

   $ 2,903,539,441 
380,216,160 
(24,706,719 )   

   $ 

   $ 

51,826,663 
9,216,278 
(1,708,639 )   

- 
- 
- 

   $ 3,262,031,172 
425,416,213 
(26,640,995 ) 

- 
- 
1,016,381 

(40,266 )   

- 
5,872,264 

- 
- 
205,814 

- 
790,740 
- 

(40,266 ) 
790,740 
7,149,392 

Balance at December 31, 2022 

   $ 

556,161 

   $  342,938,359 

   $ 3,264,880,880 

   $ 

59,540,116 

   $ 

790,740 

   $ 3,668,706,256 

Carrying amounts at December 31, 

2022 

Cost 

Balance at January 1, 2021 
Additions 
Disposals or retirements 
Transfers from assets subject to 

operating leases 

Transfers to assets subject to 

operating leases 

   $ 

7,105,656 

   $  294,108,590 

   $ 1,031,061,650 

   $ 

25,487,924 

   $ 1,336,051,868 

   $ 2,693,815,688 

   $ 

3,942,625 
2,587,183 
- 

   $  522,447,474 
53,971,271 

(41,143 )   

   $ 3,607,005,732 
401,659,011 
(26,192,191 )   

   $ 

68,862,648 
7,642,962 
(333,385 )   

   $  223,965,360 
369,545,869 
- 

   $ 4,426,223,839 
835,406,296 
(26,566,719 ) 

Effect of exchange rate changes 

(41,578 )   

- 

- 

35,478 

1,443,590 

- 
184,697 

(244,579 ) 
1,077,673 

- 

- 

- 

- 

(18,055 )   

(355,496 )   

1,479,068 

(244,579 ) 
847,241 

Balance at December 31, 2021 

   $ 

6,488,230 

   $  576,597,777 

   $ 3,984,749,236 

   $ 

76,154,170 

   $  593,155,733 

   $ 5,237,145,146 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2021 
Additions   
Disposals or retirements 
Transfers from assets subject to 

operating leases 

Transfers to assets subject to 

operating leases 

Impairment 
Effect of exchange rate changes 

   $ 

506,129 
1,329 
- 

   $  271,799,471 
34,331,645 

(36,527 )   

   $ 2,555,529,969 
368,777,680 
(22,230,098 )   

   $ 

   $ 

43,802,332 
8,373,282 
(332,557 )   

- 

- 
- 

(7,632 )   

15,066 

- 
- 
55,587 

436,816 

(68,279 )   
274,388 
818,965 

- 

- 
- 

(16,394 )   

Balance at December 31, 2021 

   $ 

499,826 

   $  306,165,242 

   $ 2,903,539,441 

   $ 

51,826,663 

   $ 

- 
- 
- 

- 

- 
- 
- 

- 

   $ 2,871,637,901 
411,483,936 
(22,599,182 ) 

451,882 

(68,279 ) 
274,388 
850,526 

   $ 3,262,031,172 

Carrying amounts at December 31, 

2021 

   $ 

5,988,404 

   $  270,432,535 

   $ 1,081,209,795 

   $ 

24,327,507 

   $  593,155,733 

   $ 1,975,113,974 

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 2022 and 2021, the Company recognized an impairment loss of NT$790,740 thousand 
and NT$274,388 thousand for certain machinery and equipment that were assessed to have no future use, and 
the  recoverable  amount  of  the  aforementioned  assets  were  nil.  Such  impairment  loss  was  recognized  in 
other operating income and expenses. 

Information about capitalized interest is set out in Note 24. 

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15.  LEASE ARRANGEMENTS   

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Machinery and equipment 
Office equipment 

December 31, 
2022 

December 31, 
2021 

     $  38,525,856 
3,356,700 
2,965 
28,615 

     $  29,778,636 
2,918,133 
3,474 
34,294 

     $  41,914,136 

     $  32,734,537 

Years Ended December 31 

2022 

2021 

Additions to right-of-use assets 

     $  12,610,664 

     $  7,769,782 

Depreciation of right-of-use assets 

Land 
Buildings 
Machinery and equipment 
Office equipment 

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 

- 36 -

- 36 - 

     $  2,119,828 
928,726 
863 
23,588 

     $  1,825,712 
707,856 
539 
22,091 

     $  3,073,005 

     $  2,556,198 

December 31, 
2022 

December 31, 
2021 

     $  2,603,504 
       29,764,097 

     $  2,176,451 
       20,764,214 

     $  32,367,601 

     $  22,940,665 

December 31, 
2022 

December 31, 
2021 

0.39%-2.30% 
0.39%-5.63% 
0.71% 
0.28%-4.71% 

  0.39%-2.14% 
  0.39%-3.88% 

0.71% 

  0.28%-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. 

d.  Other lease information 

Expenses relating to short-term leases   

     $  4,731,087 

     $  5,250,279 

Total cash outflow for leases 

     $  7,618,290 

     $  7,510,762 

Years Ended December 31 

2022 

2021 

16.  INTANGIBLE ASSETS 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2022 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

5,379,164 
- 
- 
412,657 

     $  23,533,959 
2,253,095 

     $  43,650,957 
5,078,967 

     $  11,497,309 
203,030 
- 
1,553 

     $  84,061,389 
7,535,092 
(96,252 ) 
428,297 

(66,261 )        
12,131 

(29,991 )        

1,956 

Balance at December 31, 2022 

     $ 

5,791,821 

     $  25,759,019 

     $  48,675,794 

     $  11,701,892 

     $  91,928,526 

Accumulated amortization and   
    impairment 

Balance at January 1, 2022 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

- 
- 
- 
- 

     $  14,912,293 
2,793,539 

     $  34,121,578 
4,774,522 

     $ 

(11,351 )        

(66,261 )        

1,956 

8,555 

8,205,821 
1,188,033 
- 
686 

     $  57,239,692 
8,756,094 
(77,612 ) 
11,197 

Balance at December 31, 2022 

     $ 

- 

     $  17,696,437 

     $  38,838,394 

     $ 

9,394,540 

     $  65,929,371 

Carrying amounts at December 31, 2022 

     $ 

5,791,821 

     $ 

8,062,582 

     $ 

9,837,400 

     $ 

2,307,352 

     $  25,999,155 

Cost 

Balance at January 1, 2021 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

5,436,602 
- 
- 
(57,438 )        

     $  22,161,712 
1,372,806 
- 
(559 )        

     $  36,238,967 
7,726,168 
(318,736 )        
4,558 

     $  11,277,701 
219,504 
- 
104 

     $  75,114,982 
9,318,478 
(318,736 ) 
(53,335 ) 

Balance at December 31, 2021 

     $ 

5,379,164 

     $  23,533,959 

     $  43,650,957 

     $  11,497,309 

     $  84,061,389 

Accumulated amortization and   
    impairment 

Balance at January 1, 2021 
Additions   
Disposals or retirements 
Effect of exchange rate changes 

     $ 

- 
- 
- 
- 

     $  12,226,066 
2,686,786 
- 
(559 )        

     $  30,111,759 
4,323,860 
(317,508 )        

     $ 

3,467 

7,008,978 
1,196,523 
- 
320 

     $  49,346,803 
8,207,169 
(317,508 ) 
3,228 

Balance at December 31, 2021 

     $ 

- 

     $  14,912,293 

     $  34,121,578 

     $ 

8,205,821 

     $  57,239,692 

Carrying amounts at December 31, 2021 

     $ 

5,379,164 

     $ 

8,621,666 

     $ 

9,529,379 

     $ 

3,291,488 

     $  26,821,697 

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 

- 37 -

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annual  discount  rates  of  8.7%  and  8.0%  in  its  test  of  impairment  as  of  December  31,  2022  and  2021, 
respectively, to reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2022 and 2021, the Company did not recognize any impairment loss on 
goodwill. 

17.  SHORT-TERM LOANS 

Unsecured loans 

Amount 

Loan content 

EUR (in thousands) 
Annual interest rate 
Maturity date 

18.  BONDS PAYABLE 

Domestic unsecured bonds 
Overseas unsecured bonds 
Less: Discounts on bonds payable 
Less: Current portion 

December 31, 
2021 

    $  114,921,333 

    $ 

3,652,935 
(0.73)%-0% 
  Due by June 2022 

December 31, 
2022 

December 31, 
2021 

    $  379,526,000 
      476,051,500 

(3,141,061)       
(18,100,000)       

    $  312,448,000 
      304,414,000 
(2,391,348) 
(4,400,000) 

The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

    $  834,336,439 

    $  610,070,652 

NT$ unsecured 
    bonds 

101-3 

101-4 

102-1 

102-2 

- 

C 

C 

B 

  October 2012 to 
October 2022 
  January 2013 to 
January 2023 
  February 2013 to 
February 2023 
  July 2013 to July 

2023 

     $  4,400,000 

  1.53% 

  Bullet repayment; interest 

3,000,000 

  1.49% 

payable annually 
  The same as above 

3,600,000 

  1.50% 

  The same as above 

3,500,000 

  1.70% 

  The same as above 

(Continued) 

- 38 -

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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 

109-6 

(Green bond) 

E 

F 

A 

B 

C 

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 

3,000,000 

  0.58% 

payable annually 
  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 

  July 2020 to July 

6,300,000 

  0.65% 

2027 

  Two equal installments in 
last two years; interest 
payable annually 
  The same as above 

  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 

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 

(Continued) 

- 39 -

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Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

109-7 

110-1 

110-2 

110-3 

110-4 

110-6 

110-7 

111-1 

(Green bond) 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

D 

A 

B 

C 

D 

A 

B 

C 

A 

B 

  December 2020 to 
December 2025 

  December 2020 to 
December 2027 
  December 2020 to 
December 2030 

  March 2021 to 
March 2026 
  March 2021 to 
March 2028 
  March 2021 to 
March 2031 
  May 2021 to May 

2026 

     $  1,900,000 

  0.36% 

       10,200,000 

  0.41% 

  Two equal installments in 
last two years; interest 
payable annually 
  The same as above 

6,400,000 

  0.45% 

  The same as above 

4,800,000 

  0.50% 

  Bullet repayment; interest 

       11,400,000 

  0.55% 

payable annually 
  The same as above 

4,900,000 

  0.60% 

  The same as above 

5,200,000 

  0.50% 

  The same as above 

  May 2021 to May 

8,400,000 

  0.58% 

  The same as above 

2028 

  May 2021 to May 

5,600,000 

  0.65% 

  The same as above 

2031 

  June 2021 to June 

6,900,000 

  0.52% 

  The same as above 

2026 

  June 2021 to June 

7,900,000 

  0.58% 

  The same as above 

2028 

  June 2021 to June 

4,900,000 

  0.65% 

  The same as above 

2031 

  August 2021 to 
August 2025 
  August 2021 to 
August 2026 
  August 2021 to 
August 2028 
  August 2021 to 
August 2031 
  October 2021 to 
April 2026 
  October 2021 to 
October 2026 
  October 2021 to 
October 2028 
  October 2021 to 
October 2031 
  December 2021 to 
December 2026 
  December 2021 to 
June 2027 
  December 2021 to 
December 2028 

  January 2022 to 
January 2027 
  January 2022 to 
January 2029 

- 40 -

- 40 - 

4,000,000 

  0.485%    The same as above 

8,000,000 

  0.50% 

  The same as above 

5,400,000 

  0.55% 

  The same as above 

4,200,000 

  0.62% 

  The same as above 

3,200,000 

  0.535%    The same as above 

6,900,000 

  0.54% 

  The same as above 

4,600,000 

  0.60% 

  The same as above 

1,600,000 

  0.62% 

  The same as above 

7,700,000 

  0.65% 

  The same as above 

3,500,000 

  0.675%    The same as above 

5,500,000 

  0.72% 

  The same as above 

2,100,000 

  0.63% 

  The same as above 

3,300,000 

  0.72% 

  The same as above 

(Continued) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
 
      
 
 
 
 
      
 
      
 
 
      
 
 
      
 
      
 
 
      
 
 
      
 
      
 
 
      
 
 
      
 
 
      
 
      
 
 
      
 
 
      
 
 
      
 
      
 
 
      
 
 
      
 
      
 
 
      
 
Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

111-2 

111-3   

(Green bond) 

111-4   

(Green bond) 

111-5   

111-6   

(Green bond) 

A 

B 

C 

- 

A 

B 

C 

D 

A 

B 

C 

D 

A 

B 

C 

  March 2022 to 

     $  3,000,000 

  0.84% 

  Bullet repayment; interest 

September 2026 

  March 2022 to 
March 2027 
  March 2022 to 
March 2029 
  May 2022 to May 

2027 

9,600,000 

  0.85% 

payable annually 
  The same as above 

1,600,000 

  0.90% 

  The same as above 

6,100,000 

  1.50% 

  The same as above 

  July 2022 to July 

1,200,000 

  1.60% 

  The same as above 

2026 

  July 2022 to July 

       10,100,000 

  1.70% 

  The same as above 

2027 

  July 2022 to July 

1,200,000 

  1.75% 

  The same as above 

2029 

  July 2022 to July 

1,400,000 

  1.95% 

  The same as above 

2032 

  August 2022 to 
June 2027 
  August 2022 to 
August 2027 
  August 2022 to 
August 2029 
  August 2022 to 
August 2032 
  October 2022 to 
October 2027 

  October 2022 to 
October 2029 
  October 2022 to 
October 2032 

2,000,000 

  1.65% 

  The same as above 

8,900,000 

  1.65% 

  The same as above 

2,200,000 

  1.65% 

  The same as above 

2,500,000 

  1.82% 

  The same as above 

5,700,000 

  1.75% 

  The same as above 

1,000,000 

  1.80% 

  The same as above 

3,500,000 

  2.00% 

  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 

110-5 

- 

- 

  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 

  September 2021 to 
September 2051 

1,000,000 

  3.10% 

  The same as above 

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The major terms of overseas unsecured bonds are as follows:   

Issuance Period 

September 2020 to 
September 2025 

September 2020 to 
September 2027 
September 2020 to 
September 2030 

April 2021 to April 2026 
April 2021 to April 2028 
April 2021 to April 2031 
October 2021 to October 

2026 

Total Amount 
(US$   
in Thousands) 

Coupon   
Rate 

Repayment and   
Interest Payment 

     US$ 1,000,000 

0.75% 

750,000 

1.00% 

Bullet repayment (callable at any 
time, in whole or in part, at the 
relevant redemption price 
according to relevant 
agreements); interest payable 
semi-annually 
  The same as above 

1,250,000 

1.375% 

  The same as above 

1,100,000 
900,000 
1,500,000 
1,250,000 

1.25% 
1.75% 
2.25% 
1.75% 

  The same as above 
  The same as above 
  The same as above 
  The same as above 

October 2021 to October 

1,250,000 

2.50% 

  The same as above 

2031 

October 2021 to October 

1,000,000 

3.125% 

  The same as above 

2041 

October 2021 to October 

1,000,000 

3.25% 

  The same as above 

2051 

April 2022 to April 2027 
April 2022 to April 2029 
April 2022 to April 2032 
April 2022 to April 2052 
July 2022 to July 2027 
July 2022 to July 2032 

1,000,000   
500,000 
1,000,000   
1,000,000   
400,000   
600,000 

3.875% 
4.125% 
4.25% 
4.50% 
4.375% 
4.625% 

  The same as above 
  The same as above 
  The same as above 
  The same as above 
  The same as above 
  The same as above 

19.  LONG-TERM BANK LOANS 

Unsecured loans 
Less: Discounts on government grants 
Less: Current portion 

Loan content 

Annual interest rate 
Maturity date 

  December 31, 

2022 

December 31, 
2021 

     $  6,013,333 
(39,397) 
       (1,213,889) 

     $  3,510,000 
(34,202) 
(166,667) 

     $  4,760,047 

     $  3,309,131 

  1.03%-1.23% 
  Due by December 

  0.40%-0.90% 
  Due by September 

2027 

2026 

The long-term bank loans of the Company are with preferential interest rates subsidized by the government, 
and the loans are used to fund capital expenditure qualifying for the subsidy. 

- 42 -

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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  Arizona,  TSMC  Europe,  TSMC  Canada,  TSMC  Technology  and  JASM  also 
make monthly contributions at certain percentages of the basic salary of their employees. Accordingly, 
the Company recognized expenses of NT$4,550,387 thousand and NT$3,711,010 thousand for the years 
ended December 31, 2022 and 2021, respectively. 

b.  Defined benefit plans 

TSMC has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on 
an employee’s length of service and average monthly salary for the six-month period prior to retirement. 
The Company contributes an amount equal to 2% of salaries paid each month to their respective pension 
funds  (the  Funds),  which  are  administered  by  the  Labor  Pension  Fund  Supervisory  Committee  (the 
Committee) and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, 
the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate 
to pay retirement benefits for employees who conform to retirement requirements in the next year, the 
Company is required to fund the difference in one appropriation that should be made before the end of 
March of the next year. The Funds are operated and managed by the government’s designated authorities; 
as such, the Company does not have any right to intervene in the investments of the Funds. 

Amounts recognized in respect of these defined benefit plans were as follows: 

Current service cost 
Net interest expense 
Components of defined benefit costs recognized in profit or loss 
Remeasurement on the net defined benefit liability: 

Return on plan assets (excluding amounts included in net 

interest expense) 

Actuarial loss arising from experience adjustments 
Actuarial loss arising from changes in demographic 

assumptions 

Actuarial gain arising from changes in financial assumptions 

Components of defined benefit costs recognized in other 

comprehensive income 

Total 

Years Ended December 31 

2022 

2021 

     $ 

     $ 

134,376 
74,265 
208,641 

145,289 
47,196 
192,485 

(429,948) 
       1,413,760 

- 
(160,752) 

(73,298) 
94,278 

277,454 
(540,513) 

823,060 

(242,079) 

     $  1,031,701 

     $ 

(49,594) 

- 43 -

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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 

2022 

2021 

 $  135,125 
55,632 
15,129 
2,755 

 $  124,548 
52,801 
12,430 
2,706 

 $  208,641 

 $  192,485 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2022 

December 31, 
2021 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  17,483,951 

(8,162,860)        

     $  16,585,442 
(5,548,563) 

Net defined benefit liability 

     $  9,321,091 

     $  11,036,879 

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 

2022 

2021 

     $  16,585,442 
134,376 
120,791 

     $  16,980,277 
145,289 
66,664 

Actuarial loss arising from experience adjustments 
Actuarial loss arising from changes in demographic 

assumptions 

Actuarial gain arising from changes in financial assumptions 

Benefits paid from plan assets   
Benefits paid directly by the Company 

1,413,760 

94,278 

- 

(160,752)        
(585,343)        
(24,323)        

277,454 
(540,513) 
(431,817) 
(6,190) 

Balance, end of year 

     $  17,483,951 

     $  16,585,442 

Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

Years Ended December 31 

2022 

2021 

     $  5,548,563 
46,526 

     $  5,066,203 
19,468 

429,948 
       2,723,166 
(585,343) 

73,298 
821,411 
(431,817) 

Balance, end of year 

     $  8,162,860 

     $  5,548,563 

- 44 -

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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, 
2022 

December 31, 
2021 

     $  1,337,893 
       4,696,909 
       2,128,058 

     $  1,000,961 
       2,951,835 
       1,595,767 

     $  8,162,860 

     $  5,548,563 

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, 
2022 

December 31, 
2021 

1.80% 
4.00% 

0.75% 
3.00% 

Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to 
the following risks: 

1)  Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The 
investment  is  conducted  at  the  discretion  of  the  government’s  designated  authorities  or  under  the 
mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets 
shall not be less than the average interest rate on a two-year time deposit published by the local banks 
and the government is responsible for any shortfall in the event that the rate of return is less than the 
required rate of return. 

2)  Interest risk: A decrease in the government bond interest rate will increase the present value of the 
defined benefit obligation; however, this will be partially offset by an increase in the return on the 
debt investments of the plan assets. 

Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a 
decrease  of  0.5%  (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$766,692 thousand 
and NT$780,460 thousand as of December 31, 2022 and 2021, 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$746,933 thousand and NT$759,527 thousand as of December 31, 2022 and 2021, 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. 

- 45 -

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The Company expects to make contributions of NT$2,832,093 thousand to the defined benefit plans in 
the next year starting from December 31, 2022. The weighted average duration of the defined benefit 
obligation is 9 years. 

21.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2022 

December 31, 
2021 

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. 

On March 1, 2022, the Company issued employee restricted stocks awards (RSAs) for its employees in 
a total of 1,387 thousand shares with a par value of NT$10 each. The aforementioned issuance of new 
shares was approved by the relevant authority and the registration has been completed. Refer to Note 28 
for the information on RSAs. 

On May 10, 2022, TSMC’s Board of Directors resolved to cancel 1,387 thousand treasury shares. Refer 
to Note 21(e) for the information. 

As of the end of reporting period, 1,063,847 thousand ADSs of TSMC were traded on the NYSE. The 
number of common shares represented by the ADSs was 5,319,234 thousand shares (one ADS represents 
five common shares). 

b.  Capital surplus 

The categories of uses and the sources of capital surplus based on regulations were as follows: 

December 31, 
2022 

December 31, 
2021 

May be used to offset a deficit, distributed as cash dividends, or     
    transferred to share capital 

Additional paid-in capital 
From merger 
From convertible bonds 
From difference between the consideration received and the 

carrying amount of the subsidiaries’ net assets during actual 
disposal 

Donations - donated by shareholders 

     $  24,183,645 
       22,803,291 
8,892,371 

     $  24,184,939 
       22,804,510 
8,892,847 

8,406,282 
11,275 

8,406,282 
11,275 
(Continued) 

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December 31, 
2022 

December 31, 
2021 

May only be used to offset a deficit 

From share of changes in equities of subsidiaries 
From share of changes in equities of associates   
Donations - unclaimed dividend 

     $  4,229,892 
311,863 
53,680 

     $ 

113,952 
307,322 
40,475 

May not be used for any purpose 

Employee restricted shares 

438,029 

- 

If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of 
the Company’s paid-in capital each year. 

c.  Retained earnings and dividend policy 

     $  69,330,328 

     $  64,761,602 

(Concluded) 

TSMC’s Articles of Incorporation provide 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.  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 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 legal capital 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. 

The appropriations of 2022, 2021 and 2020 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 2022 

of 2022 

  February 14,      November 8, 

2023 

2022 

of 2022 
August 9, 
2022 

of 2022 
May 10, 
2022 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  17,166,163 
    $  71,308,546 
2.75 
    $ 
- 47 -

    $  (31,910,353)      $  (12,002,798)      $  (15,541,054) 
    $  71,308,546 
    $  71,308,546 
    $  71,308,547 
2.75 
    $ 
2.75 
    $ 
2.75 
    $ 

- 47 - 

 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
      
      
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
Resolution Date of TSMC’s   
    Board of Directors in its 
    meeting 

of 2021 

of 2021 

of 2021 

  February 15,      November 9, 

  August 10, 

2022 

2021 

2021 

of 2021 
June 9, 
2021 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $ 
3,304,303 
    $  71,308,546 
2.75 
    $ 

    $ 
710,169 
    $  71,308,547 
2.75 
    $ 

    $  10,201,220 
    $  71,308,546 
2.75 
    $ 

    $ 
(6,287,050) 
    $  71,308,546 
2.75 
    $ 

Resolution Date of TSMC’s   
    Board of Directors in its 
    meeting 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

of 2020 
February 9,   
2021 

of 2020 
November 10, 
2020 

of 2020 
August 11,   
2020 

of 2020 
May 12,   
2020 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  12,420,727 
    $  64,825,951 
2.5 
    $ 

    $ 
5,501,351 
    $  64,825,951 
2.5 
    $ 

    $  11,884,457 
    $  64,825,951 
2.5 
    $ 

    $ 
(2,694,841) 
    $  64,825,951 
2.5 
    $ 

The special capital reserve for 2022 is to be presented for approval in TSMC’s shareholders’ meeting to 
be held on June 6, 2023 (expected). 

d.  Others 

Changes in others were as follows: 

Year Ended December 31, 2022 

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 

    $ (63,303,361 )      $ 

574,310 

    $ 

120,536 

    $ 

- 

    $ (62,608,515 ) 

foreign operations 

    51,009,722 

- 

Unrealized gain (loss) on financial assets at 

FVTOCI 
Equity instruments 
Debt instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Cumulative unrealized gain (loss) of debt 

instruments transferred to profit or loss due 
to disposal 

Loss allowance adjustments from debt 

instruments   

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 
Issuance of shares 
Share-based payment expenses recognized 
Share of other comprehensive income (loss) 

of associates 
Income tax effect 

- 
- 

- 

- 

- 

- 

- 

(263,380 )       
      (10,513,643 )       

(303,242 ) 

410,076 

909 

- 

- 

- 

- 
- 

- 

- 

- 

1,329,231 

(52,929 ) 

- 
- 

- 

- 

- 

-  

-  

-  

    51,009,722 

(263,380 ) 
      (10,513,643 ) 

(303,242 ) 

410,076 

909 

1,329,231 

(52,929 ) 
(451,899 ) 
266,746 

665,341 
5,957 

550,338 
- 

38,696 

(79 )       

76,307 
6,036 

-  
- 

(451,899 )       
266,746 

Balance, end of year 

    $ (11,743,301 )      $ (10,056,353 )      $  1,479,181 

    $ 

(185,153 )      $ (20,505,626 ) 

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Year Ended December 31, 2021 

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 

    $ (57,001,627 )      $  2,321,754 

    $ 

foreign operations 

(6,181,737 ) 

- 

Unrealized gain (loss) on financial assets at 

    $ 

- 

    $ (54,679,873 ) 

-  

(6,181,737 ) 

FVTOCI 
Equity instruments 
Debt instruments 

Cumulative unrealized gain (loss) of equity 

instruments transferred to retained 
earnings due to disposal 

Cumulative unrealized gain (loss) of debt 

instruments transferred to profit or loss due 
to disposal 

Loss allowance adjustments from debt 

instruments   

Gain (loss) arising on changes in the fair 

value of hedging instruments 

Transferred to initial carrying amount of 

hedged items 

Share of other comprehensive income (loss) 

of associates 
Income tax effect 

1,898,206 
(3,339,796 )       

(187,654 ) 

(93,229 ) 

1,234 

- 
- 

- 

- 

- 

- 

- 

- 

- 

90,119 

48,469 

(119,997 ) 
- 

30,015 
(56,220 )       

(14,682 ) 

(3,370 )       

- 
- 

- 

- 

- 

-  

-  

-  
- 

1,898,206 
(3,339,796 ) 

(187,654 ) 

(93,229 ) 

1,234 

90,119 

48,469 

(104,664 ) 
(59,590 ) 

- 

- 

- 
- 

- 

- 

- 

Balance, end of year 

    $ (63,303,361 )      $ 

574,310 

    $ 

120,536 

    $ 

- 

    $ (62,608,515 ) 

The aforementioned other equity includes the changes in other equities of TSMC and TSMC’s share of 
its subsidiaries and associates. 

e.  Treasury stock 

For TSMC’s shareholders’ interests, TSMC’s Board of Directors approved a share buyback program on 
February  15,  2022  to  repurchase  1,387  thousand  shares.  TSMC  has  completed  this  share  buyback 
program during the first quarter of 2022. On May 10, 2022, TSMC’s Board of Directors resolved to cancel 
the 1,387 thousand shares and set May 10, 2022 as the record date for capital reduction. The registration 
for share cancellation was completed on May 20, 2022.   

22.  NET REVENUE 

a.  Disaggregation of revenue from contracts with customers 

      Product 

Wafer 
Others 

Years Ended December 31 

2022 

2021 

    $ 1,991,855,947      $ 1,405,300,273 
182,114,764 

272,035,345       

    $ 2,263,891,292      $ 1,587,415,037 

- 49 -

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      Geography 

Taiwan 
United States 
China 
Europe, the Middle East and Africa 
Japan 
Others 

Years Ended December 31 

2022 

2021 

    $  210,470,783      $  203,963,760 
      1,493,328,765        1,015,996,424 
164,552,063 
89,010,064 
71,920,856 
41,971,870 

245,168,746       
123,767,140       
119,099,336       
72,056,522       

    $ 2,263,891,292      $ 1,587,415,037 

The  Company  categorized  the  net  revenue  mainly  based  on  the  countries  where  the  customers  are 
headquartered. 

      Platform 

High Performance Computing 
Smartphone 
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 

Wafer revenue 

b.  Contract balances 

Years Ended December 31 

2022 

2021 

    $  932,383,729      $  587,780,144 
695,091,191 
133,005,979 
67,076,353 
55,577,223 
48,884,147 

888,879,250       
196,114,987       
116,380,987       
56,158,772       
73,973,567       

    $ 2,263,891,292      $ 1,587,415,037 

Years Ended December 31 

2022 

2021 

    $  508,689,881      $  262,327,365 
440,383,100 
659,989 
191,058,940 
5,668,752 
153,066,563 
103,413,639 
66,467,903 
32,260,288 
40,558,534 
86,700,287 
22,734,913 

535,153,763       
24,871       
258,544,274       
8,853,291       
206,611,955       
145,546,243       
93,288,614       
40,184,169       
57,992,328       
110,571,222       
26,395,336       

    $ 1,991,855,947      $ 1,405,300,273 

December 31, 
2022 

December 31, 
2021 

January 1, 
2021 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  70,806,617 

     $  39,762,588 

   $  13,775,088 

The changes in the contract liability balances primarily result from the timing difference between the 
satisfaction of performance obligation and the customer’s payment. 

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The Company recognized revenue from the beginning balance of contract liability, which amounted to 
NT$38,433,111 thousand and NT$11,590,400 thousand for the years ended December 31, 2022 and 2021, 
respectively. 

c.  Temporary receipts from customers 

Current portion (classified under accrued expenses and other 

current liabilities) 

Noncurrent portion (classified under other noncurrent liabilities) 

December 31, 
2022 

December 31, 
2021 

  $  107,723,580 

  $  30,612,702 
168,399,207        155,381,485 

    $  276,122,787      $  185,994,187 

The Company’s temporary receipts from customer are payments made by customers to the Company to 
retain  the  Company’s  capacity.  When  the  terms  and  conditions  set  forth  in  the  agreements  are 
subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable 
offsetting, will be determined by mutual consent. 

d.  Refund liabilities 

Estimated sales returns and other allowances is made and adjusted based on historical experience and 
the consideration of varying contractual terms. As of December 31, 2022 and 2021, the aforementioned 
refund liabilities amounted to NT$ 53,078,351 thousand and NT$41,038,041 thousand (classified under 
accrued expenses and other current liabilities), respectively. 

23.  INTEREST INCOME 

Interest income 
Bank deposits 
Financial assets at FVTOCI   
Financial assets at amortized cost 

24.  FINANCE COSTS 

Interest expense 

Corporate bonds 
Lease liabilities 
Bank loans 
Others 

Less: Capitalized interest under property, plant and equipment 

- 51 -

- 51 - 

Years Ended December 31 

2022 

2021 

     $  17,831,257 
2,582,341 
2,008,611 

     $  2,834,838 
2,192,470 
681,457 

     $  22,422,209 

     $  5,708,765 

Years Ended December 31 

2022 

2021 

     $  14,116,112 
267,050 
32,017 
1,673 
(2,666,868)        

     $  5,202,999 
193,324 
17,546 
349 
- 

     $  11,749,984 

     $  5,414,218 

 
 
 
 
 
 
 
 
 
 
 
   
   
 
 
     
 
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
 
   
   
         
 
 
 
 
 
 
 
 
 
   
   
   
   
      
      
      
      
      
      
      
 
   
   
         
 
Information about capitalized interest is as follows: 

Capitalization rate 

25.  OTHER GAINS AND LOSSES, NET 

Gain (loss) on disposal of financial assets, net 
Investments in debt instruments at FVTOCI 

Loss on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 

The reversal (accrual) of expected credit loss of financial assets 

Investments in debt instruments at FVTOCI 
Financial assets at amortized cost 

Other gains, net 

26.  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 
Investment tax credits 

Years Ended 
December 31, 
2022 

 0.56%-3.36% 

Years Ended December 31 

2022 

2021 

     $ 

(410,076)       $ 

93,229 

(622,537)        

(7,973,667) 

(909)        
(51,442)        
72,766 

(1,234) 
3,969 
489,693 

     $  (1,012,198)       $  (7,388,010) 

Years Ended December 31 

2022 

2021 

    $  147,685,403 

(563,555)       
206,136 
      147,327,984 

    $  88,844,915 
207,801 
152,232 
89,204,948 

(24,714,488)       
4,676,707 
(20,037,781)       

(17,530,023) 
(5,621,745) 
(23,151,768) 

Income tax expense recognized in profit or loss 

    $  127,290,203 

    $  66,053,180 

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A reconciliation of income before income tax and income tax expense recognized in profit or loss was 
as follows: 

Years Ended December 31 

2022 

2021 

Income before tax 

    $ 1,144,190,718      $  663,126,314 

Income tax expense at the statutory rate 
Tax effect of adjusting items: 

Nondeductible items in determining taxable income   
Tax-exempt income 

Additional income tax under the Alternative Minimum Tax Act 
The origination and reversal of temporary differences 
Income tax credits 

Income tax adjustments on prior years 
Other income tax adjustments 

    $  231,799,774      $  134,613,312 

12,286,136       
(157,955,934)      
61,578,020       
(24,714,488)      
4,654,114       
127,647,622       
(563,555)      
206,136       

11,261,407 
(89,852,940) 
32,852,688 
(17,530,023) 
(5,651,297) 
65,693,147 
207,801 
152,232 

Income tax expense recognized in profit or loss 

    $  127,290,203      $ 

66,053,180 

For the years ended December 31, 2022 and 2021, the Company applied a tax rate of 20% for entities 
subject to the R.O.C. Income Tax Law; for other jurisdictions, taxes are calculated using the applicable 
tax rate for each individual jurisdiction. 

b.  Deferred income tax balance 

The analysis of deferred income tax assets and liabilities was as follows: 

December 31, 
2022 

December 31, 
2021 

     $  45,299,310 
       12,089,451 
5,782,345 
2,305,328 
1,722,005 
945,038 
361,241 
681,124 

     $  34,720,661 
5,986,173 
- 
898,998 
1,237,086 
5,621,745 
373,983 
315,240 

     $  69,185,842 

     $  49,153,886 

     $ 

- 

     $ 

(1,031,383)        

(706,311) 
(1,167,566) 

     $  (1,031,383)       $  (1,873,877) 

Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Unrealized exchange losses 
Unrealized loss on inventories 
Net defined benefit liability 
Investment tax credits 
Deferred compensation cost 
Others   

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

- 53 -

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Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Unrealized exchange losses 
Unrealized loss on inventories 
Net defined benefit liability 
Investment tax credits 
Deferred compensation cost 
Others 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

Deferred income tax assets 

Temporary differences 

Depreciation 
Refund liability 
Investment tax credits 
Net defined benefit liability 
Unrealized loss on inventories 
Deferred compensation cost 
Others 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

Year Ended December 31, 2022 

Recognized in 

Balance, 
Beginning of 
Year 

Profit or Loss 

Other 
Comprehensive 
Income 

Effect of 
Exchange Rate 
Changes 

Balance, End of 
Year 

      $  34,720,661 
5,986,173 
- 
898,998 
1,237,086 
5,621,745 
373,983 
315,240 

      $ 

      $  10,552,264 
6,100,849 
5,782,345 
1,402,241 
(249,116 )         
(4,676,707 )         
(48,180 )         
334,801 

      $ 

- 
- 
- 
- 
734,035 
- 
- 

(79 )         

26,385 
2,429 
- 
4,089 
- 
- 
35,438 
31,162 

      $  45,299,310 
        12,089,451 
5,782,345 
2,305,328 
1,722,005 
945,038 
361,241 
681,124 

      $  49,153,886 

      $  19,198,497 

      $ 

733,956 

      $ 

99,503 

      $  69,185,842 

      $ 

(706,311 )        $ 
(1,167,566 )         

706,311 
132,973 

      $ 

      $ 

- 
6,036 

- 
      $ 
(2,826 )         

- 
(1,031,383 ) 

      $  (1,873,877 )        $ 

839,284 

      $ 

6,036 

      $ 

(2,826 ) 

      $  (1,031,383 ) 

Year Ended December 31, 2021 

Recognized in 

Balance, 
Beginning of 
Year 

Profit or Loss 

Other 
Comprehensive 
Income 

Effect of 
Exchange Rate 
Changes 

Balance, End of 
Year 

    $  19,354,383 
3,755,131 
- 
1,341,960 
858,463 
330,340 
317,907 

      $  15,365,737 
2,231,450 
5,621,745 

      $ 

(75,825 )         
41,061 
49,113 
59,045 

      $ 

- 
- 
- 
(29,049 )         
- 
- 
(56,220 )         

541 
(408 )         

- 
- 

      $  34,720,661 
5,986,173 
5,621,745 
1,237,086 
898,998 
373,983 
315,240 

(526 )         
(5,470 )         
(5,492 )         

    $  25,958,184 

      $  23,292,326 

      $ 

(85,269 )        $ 

(11,355 )        $  49,153,886 

    $ 

(866,495 )        $ 
(863,446 )         

160,184 
      $ 
(300,742 )         

      $ 
- 
(3,370 )         

- 

      $ 
(8 )         

(706,311 ) 
(1,167,566 ) 

    $  (1,729,941 )        $ 

(140,558 ) 

      $ 

(3,370 )        $ 

(8 ) 

      $  (1,873,877 ) 

c.  The deductible temporary differences for which no deferred income tax assets have been recognized   

As of December 31, 2022 and 2021, the aggregate deductible temporary differences for which no deferred 
income  tax  assets  have  been  recognized  amounted  to  NT$26,790,935  thousand  and  NT$66,431,255 
thousand, respectively. 

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d.  Unused tax-exemption information   

As of the end of reporting period, the profits generated from the following project 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 

e.  The information of unrecognized deferred income tax liabilities associated with investments 

As  of  December  31,  2022  and  2021,  the  aggregate  taxable  temporary  differences  associated  with 
investments 
to 
income 
NT$222,682,649 thousand and NT$177,552,831 thousand, respectively. 

in  subsidiaries  not  recognized  as  deferred 

liabilities  amounted 

tax 

f. 

Income tax examination 

The tax authorities have examined income tax returns of TSMC through 2020. All investment tax credit 
adjustments assessed by the tax authorities have been recognized accordingly. 

27.  EARNINGS PER SHARE 

Basic EPS 
Diluted EPS 

EPS is computed as follows: 

Basic EPS 

Net income available to common shareholders of the parent 
Weighted average number of common shares outstanding used in 

the computation of basic EPS (in thousands) 

Basic EPS (in dollars) 

Diluted EPS 

Years Ended December 31 

2022 

2021 

 $  39.20 
 $  39.20 

 $  23.01 
 $  23.01 

Years Ended December 31 

2022 

2021 

    $ 1,016,530,249      $  596,540,013 

25,929,190       

    $ 

39.20      $ 

25,930,380 
23.01 

Net income available to common shareholders of the parent 
Weighted average number of common shares outstanding used in 

the computation of basic EPS (in thousands) 

Effects of all dilutive potential common shares (in thousands) 
Weighted average number of common shares used in the 

computation of diluted EPS (in thousands) 

Diluted EPS (in dollars) 

    $ 1,016,530,249      $  596,540,013 

25,929,190       
193       

25,930,380 
- 

25,929,383       

    $ 

39.20      $ 

25,930,380 
23.01 

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28.  SHARE-BASED PAYMENT ARRANGEMENTS 

a.  Equity-settled share-based payment- RSAs   

The RSAs in each year are as follows: 

2022 RSAs   

2021 RSAs   

Resolution Date of TSMC’s shareholders 

June 8, 2022 

July 26, 2021 

in its meeting 

Resolution Date of TSMC’s Board of 

February 14, 2023 

February 15, 2022 

Directors in its meeting 

Issuance of stocks (in thousands) 
Eligible employees 

Grant date/Issuance date 

2,110 
  Executive officers and non- 

1,387 
Executive officers 

executive officers 
March 1, 2023 

March 1, 2022 

Vesting conditions of the aforementioned arrangement are as follow: 

1)  The RSAs granted to eligible employees can only be vested if 

the employee remains employed by the Company on the last date of each vesting period; 

 
  during  the  vesting  period, the  employee  may  not  breach  any  agreement  with the  Company  or 

violate the Company’s work rules; and   

  certain employee performance metrics and TSMC’s business performance metrics are met. 

2)  The  maximum  percentage  of  granted  RSAs  that  may  be  vested  each  year  shall  be  as  follows: 
one-year  anniversary  of  the  grant:  50%;  two-year  anniversary  of  the  grant:  25%;  and  three-year 
anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be 
vested in each year will be calculated based on the achievement of TSMC’s business performance 
metrics. 

3)  For eligible executive officers of TSMC: The maximum number of RSAs that may be vested in each 
year  will  be  set  as  110%,  among  which  100%  will  be  subject  to  a  calculation  based  on  TSMC’s 
relative  Total  Shareholder  Return  (”TSR”,  including  capital  gains  and  dividends)  achievement  to 
determine  the  number  of  RSAs  to  be  vested;  this  number  will  be  further  subject  to  a  modifier  to 
increase or decrease up to 10% based on the Compensation Committee’s (rename to Compensation 
and People Development Committee from February 14, 2023) evaluation of TSMC’s Environmental, 
Social,  and  Governance  (”ESG”)  achievements.  The  number  of  shares  so  calculated  should  be 
rounded down to the nearest integral. 

TSMC’s TSR relative to the   
TSR of S&P 500 IT Index 

Above the Index by X percentage points 
Equal to the Index 
Below the Index by X percentage points 

Ratio of Shares to be Vested 

50% + X * 2.5%, with the maximum of 100% 

50% - X * 2.5%, with the minimum of 0% 

50% 

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4)  For eligible employees who are not executive officers of the Company: The number of RSAs to be 
vested in each year will be calculated in accordance with the below table based on TSMC’s audited 
consolidated  financial  statements  for  the  year  prior  to  the  vesting  year.  The  number  of  shares  so 
calculated should be rounded down to the nearest integral. 

Revenue Growth Rate   
Gross Margin 
Return on Equity 

Threshold  Target  Weight 
15% 
53% 
25% 

10% 
50% 
20% 

1/3  ＜  Threshold: 0 % 
1/3  ＝  Threshold: 50% 
1/3  ≧  Target: 100% 

Ratio of Shares to be Vested 

Between threshold and target: as 
calculated by interpolation 
method 

5)  Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled: 

  During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, 
transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares 
under the unvested RSAs. 

  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting 
rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any 
other shareholder rights including but not limited to the entitlement to any distribution regarding 
dividends, bonuses and capital reserve, and the subscription right of the new shares issued for 
any capital increase, are the same as those of holders of common shares of TSMC. 

6)  Details of granted 2021 RSAs are as follows: 

Balance, beginning of year 
Issuance of stocks 

Balance, end of year 

Weighted-average fair value of RSAs (in dollars) 

2021 RSAs 
Number of 
Stocks 
(In Thousands) 

- 
1,387 

1,387 

 $  325.81 

The 2021 RSAs is measured at fair value at grant date by using the binominal tree approach. Relevant 
information is as follows: 

Stock price at grant date (in dollars) 
Expected price volatility 
Expected option life 
Risk-free interest rate 

2021 RSAs 
  March 1, 2022 

    $ 
604 
  25.34%-28.28% 
1-3 years 
0.57% 

Refer to Note 29 for the compensation costs of the 2021 RSAs recognized by TSMC. 

On February 14, 2023, TSMC’s Board of Directors approved the issuance of RSAs for year 2023 of 
no more than 6,249 thousand common shares. The grants will be made free of charge. The actual 
number of shares to be issued will be resolved by the Board of Directors after the RSAs is approved 
at the shareholders’ meeting and by the competent authority. 

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b.  Cash-settled share-based payment arrangements 

The cash-settled share-based payment arrangements in each year are as follows: 

2022 Plan 

2021 Plan 

Resolution Date of TSMC’s Board of 

February 14, 2023 

February 15, 2022 

Directors in its meeting 

Issuance of units (in thousands) (Note) 
Grant date 

400 
March 1, 2023 

236 
March 1, 2022 

Note:  One unit of the right represents a right to the market value of one TSMC’s common share when 

vested. 

The vesting conditions and the ratio of units to be vested for key management personnel of the plan are 
the same as the aforementioned RSAs. 

The fair value of compensation costs for the cash-settled share-based payment was measured by using 
binominal  tree  approach  and  will  be  measured  at  each  reporting  period  until  settlement.  Relevant 
information is as follows: 

Stock price at measurement date (in dollars) 
Expected price volatility 
Expected option life 
Risk-free interest rate 

Years Ended 
December 31, 
2022 
  2021 Plan 

    $ 
   28.80%-32.19% 

451 

1-3 years 
1.09% 

Refer to Note 29 for the compensation costs of the cash-settled share-based payment recognized by TSMC. 
The liabilities under cash-settled share-based payment arrangement amounted to NT$30,757 thousand as 
of the end of reporting period.   

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 

- 58 -

- 58 - 

Years Ended December 31 

2022 

2021 

    $  399,638,755 
28,850,463 
8,961 

    $  386,103,923 
27,936,211 
147,566 

    $  428,498,179 

    $  414,187,700 

    $ 

6,086,246 
2,669,848 

    $ 

5,574,246 
2,632,923 

    $ 

8,756,094 

    $ 

8,207,169 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
     
     
     
     
 
   
   
         
 
   
   
   
   
 
   
   
     
     
 
   
   
         
 
c.  Employee benefits expenses 

Post-employment benefits   

Defined contribution plans 
Defined benefit plans 

Share-based payments 

Equity-settled 
Cash-settled 

Years Ended December 31 

2022 

2021 

    $ 

    $ 

4,550,387 
208,641 
4,759,028 

3,711,010 
192,485 
3,903,495 

302,348 
32,704 
335,052 

7,788 
- 
7,788 

Other employee benefits 

      234,367,880 

      161,035,865 

Employee benefits expense summarized by function 

Recognized in cost of revenue 
Recognized in operating expenses 

    $  239,461,960 

    $  164,947,148 

    $  139,361,369 
      100,100,591 

    $  98,012,833 
66,934,315 

    $  239,461,960 

    $  164,947,148 

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 

     $  60,702,047 

     $  35,601,449 

TSMC’s profit sharing bonus to employees and compensation to directors for 2022, 2021 and 2020 had been 
approved by the Board of Directors of TSMC, as illustrated below: 

Years Ended December 31 

2022 

2021 

Resolution Date of TSMC’s Board of 

Directors in its meeting 

2022 

Years Ended December 31 
2021 
  February 14,      February 15,      February 9,   
2022 

2021 

2020 

2023 

Profit sharing bonus to employees 
Compensation to directors 

     $  60,702,047 
     $ 
690,128 

     $  35,601,449 
     $ 
487,537 

     $  34,753,184 
509,753 
     $ 

- 59 -

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There is no significant difference between the aforementioned approved amounts and the amounts charged 
against earnings of 2022, 2021 and 2020, 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.  GOVERNMENT GRANTS 

Subsidiaries such as JASM and TSMC Nanjing received subsidies from the governments of Japan and China, 
respectively, for local plants setup and operation, which were mainly used to subsidize the purchase costs of 
property,  plant  and  equipment as  well  as  partial costs  and expenses  incurred  from  plant construction and 
production.  For  the  years  ended  December  31,  2022  and  2021,  TSMC  received  a  total  of  NT$7,051,432 
thousand and NT$827,917 thousand as government grants respectively. 

31.  CASH FLOW INFORMATION 

a.  Non-cash transactions 

Years Ended December 31 

2022 

2021 

Additions of financial assets at FVTOCI 
Exchange of equity instruments 
Changes in accrued expenses and other current liabilities 

    $ 

45,126,181      $  253,613,917 
(106,185) 
2,380,947 

-       
9,440,544       

Payments for acquisition of financial assets at FVTOCI 

    $ 

54,566,725      $  255,888,679 

Disposal of financial assets at FVTOCI 
Changes in other financial assets 
Exchange of equity instruments 

    $ 

43,130,926      $  251,201,439 
3,509,283 
(106,185) 

1,832,441       
-       

Proceeds from disposal of financial assets at FVTOCI 

    $ 

44,963,367      $  254,604,537 

Additions of property, plant and equipment 
Changes in other financial assets 
Exchange of assets 
Changes in payables to contractors and equipment suppliers 
Changes in accrued expenses and other current liabilities 
Transferred to initial carrying amount of hedged items 
Capitalized interests 

    $  1,139,892,108      $  835,406,296 
1,933,965 
(3,256,517) 
5,153,380 
- 
(41,416) 
- 

5,730,104       
(275,564)      
(60,638,244)      
630,594       
-       
(2,666,868)      

Payments for acquisition of property, plant and equipment 

    $  1,082,672,130      $  839,195,708 

Additions of intangible assets 
Changes in other financial assets 
Changes in accrued expenses and other current liabilities 

    $ 

7,535,092      $ 
7,584       
(588,350)      

9,318,478 
2,950 
(280,677) 

Payments for acquisition of intangible assets 

    $ 

6,954,326      $ 

9,040,751 

- 60 -

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b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 
2022 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2022 

Non-cash Changes 

Short-term loans 
Bonds payable 
Long-term bank loans 
Lease liabilities 

    $  114,921,333      $ (111,959,992 )     $ 
      614,470,652        193,479,254       
2,503,333       
(2,690,784 )      

3,475,798       
22,940,665       

(2,372,053 )      $ 
44,183,113       
-       
137,196       

-      $ 
-       
-       
11,713,474       

(589,288 )      $ 
- 
303,420        852,436,439 
5,973,936 
32,367,601 

(5,195 )       
267,050       

Total 

    $  755,808,448      $  81,331,811      $  41,948,256      $  11,713,474      $ 

(24,013 )      $  890,777,976 

Balance as of 
January 1, 
2021 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2021 

Non-cash Changes 

Short-term loans 
Bonds payable 
Long-term bank loans 
Lease liabilities 

    $  88,559,026      $  35,668,397      $ 
      256,705,084        361,255,068       
1,510,000       
(2,178,297 )      

1,967,611       
22,388,674       

(8,777,416 )      $ 
(3,646,920 )       
-       
(82,377 )       

-      $ 
-       
-       
2,619,341       

(528,674 )      $  114,921,333 
157,420        614,470,652 
3,475,798 
22,940,665 

(1,813 )       
193,324       

Total 

    $  369,620,395      $  396,255,168      $  (12,506,713 )      $ 

2,619,341      $ 

(179,743 )      $  755,808,448 

Note:  Other changes include discounts on short-term loans, amortization of bonds payable, amortization of long-term bank 

loan interest subsidy and financial cost of lease liabilities. 

32.  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 expenditures, research and development activities, dividend payments, debt service requirements and 
other business requirements associated with its existing operations over the next 12 months. 

33.  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. 

- 61 -

- 61 - 

December 31, 
2022 

December 31, 
2021 

    $ 

1,070,398      $ 

159,048 
129,607,052 
13,468 
      1,727,306,556        1,283,715,674 

136,483,349       
2,329       

    $ 1,864,862,632     $ 1,413,495,242 

    $ 

681,914 
116,215     $ 
9,642 
813       
      1,669,270,659        1,355,957,244 

    $ 1,669,387,687      $ 1,356,648,800 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
     
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
     
 
   
   
         
 
   
   
   
   
     
 
   
   
         
 
 
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,  refundable  deposits  and  temporary 
payments (including those classified under other current assets and other noncurrent assets). 

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, guarantee deposits and other noncurrent liabilities. 

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 the Audit Committees (rename to Audit and 
Risk  Committee  from  February  14,  2023)  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 

Substantially  all  the  Company’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, Japanese yen 
and Euros. As a result, any significant fluctuations to its disadvantage in the 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  dollars.  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, 2022 and 2021, a hypothetical adverse foreign currency exchange rate change 
of 10% would have decreased its net income by NT$1,704,553 thousand and NT$1,435,346 thousand, 
respectively, after taking into account hedges and offsetting positions. 

Interest rate risk 

The  Company  is  exposed  to  interest  rate  risks  primarily  in  relation  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 

- 62 -

- 62 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. The Company has entered and may in the future enter into interest rate derivatives to partially 
hedge  the  interest  rate  risk  on  its  fixed  income  investments  and  anticipated  debt  issuance.  However, 
these hedges can offset only a limited 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 Company’s other comprehensive income by NT$3,831,326 thousand and NT$3,767,071 
thousand for the years ended December 31, 2022 and 2021, respectively. 

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 the Company’s long-term debt is fixed-rate and measured 
at amortized cost and as such, changes in interest rates would not affect future cash flows or 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, 2022 and 2021, the other comprehensive income would have 
decreased by NT$631,530 thousand and NT$595,766 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, 2022 and 2021, the Company’s ten largest customers accounted for 82% and 79% 
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. 

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 
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  since  initial 

- 63 -

- 63 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 

0-0.09% 

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, 2022 and 2021, the expected credit loss increased NT$57,936 thousand 
and decreased NT$3,293 thousand, respectively. The changes were mainly due to increased investment 
amount and adjusted investment portfolio. 

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,  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, 2022 

Non-derivative financial liabilities 

Accounts payable (including related 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

liabilities 
Bonds payable 
Long-term bank loans 
Lease liabilities (including those 

classified under accrued expenses 
and other current liabilities) 
(Note) 

Others 

    $ 

56,522,345 

    $ 

213,499,613 

219,587,908 
34,668,909 
1,278,130 

    $ 

- 

- 

    $ 

- 

- 

- 

- 

    $ 

56,522,345 

213,499,613 

- 
94,869,159 
3,533,152 

- 
320,211,460 
1,360,549 

- 
625,049,539 
- 

219,587,908 
      1,074,799,067 
6,171,831 

2,999,840 
- 
528,556,745 

5,367,809 
166,266,718 
270,036,838 

4,754,007 
10,518,481 
336,844,497 

22,589,117 
783,182 
648,421,838 

35,710,773 
177,568,381 
      1,783,859,918 

(Continued) 

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December 31, 2022 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than   
5 Years 

Total 

    $  103,617,399 

    $ 
(104,600,085 )       
(982,686 )       

    $ 

- 
- 
- 

    $ 

- 
- 
- 

- 
- 
- 

    $  103,617,399 
(104,600,085 ) 
(982,686 ) 

    $  527,574,059 

    $  270,036,838 

    $  336,844,497 

    $  648,421,838 

    $ 1,782,877,232 

December 31, 2021 

Non-derivative financial liabilities 

Short-term loans 
Accounts payable (including related 

    $  114,767,034 

    $ 

parties) 

Payables to contractors and 
equipment suppliers 

Accrued expenses and other current 

liabilities 
Bonds payable 
Long-term bank loans 
Lease liabilities (including those 

classified under accrued expenses 
and other current liabilities) 
(Note) 

Others 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

48,722,789 

145,742,148 

120,240,359 
13,580,628 
183,671 

    $ 

- 

- 

- 

    $ 

- 

- 

- 

- 

- 

- 

- 
42,801,397 
2,217,112 

- 
191,458,126 
1,153,900 

- 
506,504,958 
- 

    $  114,767,034 

48,722,789 

145,742,148 

120,240,359 
754,345,109 
3,554,683 

2,371,568 
- 
445,608,197 

3,896,249 
164,991,929 
213,906,687 

3,385,295 
- 
195,997,321 

14,649,235 
- 
521,154,193 

24,302,347 
164,991,929 
      1,376,666,398 

187,708,035 
(187,631,930 )       
76,105 

- 
- 
- 

- 
- 
- 

- 
- 
- 

187,708,035 
(187,631,930 ) 
76,105 

    $  445,684,302 

    $  213,906,687 

    $  195,997,321 

    $  521,154,193 

    $ 1,376,742,503 

(Concluded) 

Note: 

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, 2022 

Lease liabilities 

     $  10,241,734 

     $ 

7,329,012 

     $ 

4,233,886 

     $ 

784,485 

     $  22,589,117 

December 31, 2021 

Lease liabilities 

     $ 

7,513,939 

     $ 

5,043,067 

     $ 

1,972,740 

     $ 

119,489 

     $  14,649,235 

f.  Fair value of financial instruments 

1)  Fair value measurements recognized in the consolidated balance sheets 

Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value 
is observable: 

  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

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  Level 2 fair value measurements are those derived from inputs other than quoted prices included 
within  Level  1  that  are  observable  for  the  asset  or  liability,  either  directly  (i.e.  as  prices)  or 
indirectly (i.e. derived from prices); and 

  Level 3 fair value measurements are those derived from valuation techniques that include inputs 
for the asset or liability that are not based on observable market data (unobservable inputs). 

The timing of transfers between levels within the fair value hierarchy is at the end of reporting period. 

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, 2022 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   
Convertible bonds 

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 

 $ 

 $ 

- 
- 
- 

 $ 

 $ 

947,546 
- 
947,546 

 $ 

 $ 

- 
122,852 
122,852 

 $ 

947,546 
122,852 
 $  1,070,398 

 $ 

- 

 $  66,116,166 

 $ 

- 
   18,845,577 
- 

   28,399,890 
84,347 
9,274,697 

- 

- 
- 
- 

 $  66,116,166 

   28,399,890 
   18,929,924 
9,274,697 

- 
277,866 
- 

- 
- 
7,325,606 

6,159,200 
- 
- 

6,159,200 
277,866 
7,325,606 

 $  19,123,443 

 $ 111,200,706 

 $  6,159,200 

 $ 136,483,349 

Interest rate futures contracts 

 $ 

2,329 

 $ 

- 

 $ 

- 

 $ 

2,329 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

- 

 $ 

116,215 

 $ 

- 

 $ 

116,215 

Hedging financial liabilities 

Fair value hedges 

Interest rate futures contracts 

 $ 

813 

 $ 

- 

 $ 

- 

 $ 

813 

- 66 -

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Level 1 

Level 2 

Level 3 

Total 

December 31, 2021 

 $ 

- 

 $ 

159,048 

 $ 

- 

 $ 

159,048 

 $ 

- 

 $  57,253,161 

 $ 

- 
   21,267,002 
- 

   32,070,114 
78,792 
8,660,424 

- 

- 
- 
- 

 $  57,253,161 

   32,070,114 
   21,345,794 
8,660,424 

- 
189,758 
- 

- 
- 
4,199,909 

5,887,892 
- 
- 

5,887,892 
189,758 
4,199,909 

 $  21,456,760 

 $ 102,262,400 

 $  5,887,892 

 $ 129,607,052 

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 

Cash flow hedges 

Forward interest rate contracts 

 $ 

- 

 $ 

13,468 

 $ 

- 

 $ 

13,468 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

 $ 

- 

 $ 

681,914 

 $ 

- 

 $ 

681,914 

Hedging financial liabilities 

Fair value hedges 

Interest rate futures contracts 

 $ 

9,642 

 $ 

- 

 $ 

- 

 $ 

9,642 

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 and financial assets at FVTPL. Reconciliations for the years ended December 31, 
2022 and 2021 are as follows: 

Years Ended December 31 

2022 

2021 

Balance, beginning of year 
Additions 
Recognized in other comprehensive income or loss 
Disposals and proceeds from return of capital of investments        
Transfers out of level 3 (Note) 
Effect of exchange rate changes 

     $  5,887,892 
715,612 
(373,263) 
(359,506) 
(139,770) 
551,087 

     $  4,514,940 
319,177 
       1,821,762 
(700,224) 
- 
(67,763) 

Balance, end of year 

     $  6,282,052 

     $  5,887,892 

Note:  The transfer from level 3 to level 1 is because quoted prices (unadjusted) in active markets 

data became available for the equity investments. 

- 67 -

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Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows: 

  The  fair  values  of  corporate  bonds,  agency  bonds,  agency  mortgage-backed  securities, 
asset-backed securities and government bonds are determined by quoted market prices provided 
by third party pricing services. 

  The fair values of forward contracts are measured using forward rates and discount rates derived 

from quoted market prices. 

  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,  2022  and  2021,  the  Company  uses  unobservable  inputs  derived  from 
discount for lack of marketability of 10%. When other inputs remain equal, the fair value will decrease 
by NT$48,704 thousand and NT51,372 thousand, respectively, 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 prior transaction prices. 

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 be measured at fair value: 

Financial assets 

Financial assets at amortized costs 

Corporate bonds 
Commercial paper 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

- 68 -

- 68 - 

December 31, 2022 

Carrying 
Amount 

Level 2 
Fair Value 

   $  80,994,958 
48,732,476 

    $  80,236,142 
48,882,028 

    $  129,727,434 

    $  129,118,170 

    $  852,436,439 

    $  765,301,535 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
    
     
 
  
   
 
   
   
 
   
   
   
   
Financial assets 

Financial assets at amortized costs 

Corporate bonds 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2021 

Carrying 
Amount 

Level 2 
Fair Value 

   $ 

5,306,962 

    $ 

5,317,957 

    $  614,470,652 

    $  613,514,692 

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. 

The fair value of commercial paper is determined by the present value of future cash flows based on 
the discounted curves that are derived from the quoted market prices. 

34.  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 

b.  Net revenue 

  Associates 
  Associates 
  Associates 
  Associates 

Item 

  Related Party Categories 

Net revenue from sale of goods    Associates 

     $  15,351,465 

     $  8,475,908 

Years Ended December 31 

2022 

2021 

- 69 -

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c.  Purchases 

Related Party Categories 

Associates 

d.  Receivables from related parties 

Item 

  Related Party Name 

Receivables from related   

parties 

  GUC 
  Xintec 

Other receivables from related      SSMC 

parties 

  VIS 
  Others 

e.  Payables to related parties 

Item 

  Related Party Name 

Payables to related parties 

  Xintec 
  SSMC   
  VIS 
  Others 

f.  Accrued expenses and other current liabilities 

Years Ended December 31 

2022 

2021 

     $  6,423,913 

     $  7,569,787 

  December 31, 
2022 

December 31, 
2021 

     $  1,471,351 
112,607 

     $ 

597,836 
117,488 

     $  1,583,958 

     $ 

715,324 

     $ 

     $ 

68,277 
669 
29 

50,375 
11,156 
- 

     $ 

68,975 

     $ 

61,531 

  December 31, 
2022 

December 31, 
2021 

     $ 

     $  1,047,452 
385,979 
190,587 
18,619 

725,325 
349,211 
357,151 
5,499 

     $  1,642,637 

     $  1,437,186 

  December 31, 
2022 

December 31, 
2021 

Item 

  Related Party Categories 

Contract liabilities 

  Associates 

     $  1,075,659 

     $ 

726,350 

- 70 -

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g.  Others 

Years Ended December 31 

2022 

2021 

Item 

  Related Party Categories 

Manufacturing expenses 

  Associates 

     $  6,011,522 

     $  5,459,919 

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. 

h.  Compensation of key management personnel 

The compensation to directors and other key management personnel were as follows: 

Short-term employee benefits 
Post-employment benefits 
Share-based payments 

Years Ended December 31 

2022 

2021 

     $  4,369,097 
3,013 
286,227 

     $  2,886,786 
2,900 
- 

     $  4,658,337 

     $  2,889,686 

The  compensation  to  directors  and  other  key  management  personnel  were  determined  by  the 
Compensation Committee (rename to Compensation and People Development Committee from February 
14, 2023) of TSMC in accordance with the individual performance and market trends. 

35.  PLEDGED ASSETS 

The  Company  provided  certificate  of  deposits  recorded  in  other  financial  assets  as  collateral  mainly  for 
building construction, building lease agreements and energy purchase agreements. As of December 31, 2022 
and  2021, the aforementioned  other  financial  assets amounted  to  NT$129,138 thousand  and  NT$210,235 
thousand, respectively. 

36.  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 the end of reporting period, 
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 

- 71 -

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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 the end of reporting period. 

c.  In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade 
Commission (“ITC”) and the U.S. District Court for the Eastern District of Texas alleging that TSMC, 
TSMC  North  America,  and  other  companies  infringe  four  U.S.  patents.  The  ITC  instituted  an 
investigation  in  October  2022.  The  outcome  cannot  be  determined  and  we  cannot  make  a  reliable 
estimate of the contingent liability at this time. 

d.  TSMC entered into long-term purchase agreements of materials and supplies and agreements of waste 
disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified in the 
agreements. 

e.  TSMC entered into a long-term purchase agreement of equipment. The relative fulfillment quantity and 

price are specified in the agreement. 

f.  TSMC  entered  into  long-term  energy  purchase  agreements  with  multiple  suppliers.  The  relative 

fulfillment period, quantity and price are specified in the agreements. 

g.  Amounts available under unused letters of credit as of December 31, 2022 and 2021 were NT$383,974 

thousand and NT$136,710 thousand, respectively. 

h.  The  Company  entrusted  financial  institutions  to  open  performance  guarantee  mainly  for  import  and 
export of goods, lease agreement and energy purchase agreement. As of December 31, 2022 and 2021, 
the  aforementioned  guarantee  amounted  to  NT$7,623,262  thousand  and  NT$4,954,798  thousand, 
respectively. 

37.  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, 2022 

Financial assets 

Monetary items 

USD 
EUR 

    $  15,214,896 
8,375 

    30.713 
    32.838 

    $  467,295,097 
275,006 
(Continued) 

- 72 -

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EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

December 31, 2021 

Financial assets 

Monetary items 

USD 
USD 
EUR 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

Foreign 
Currencies 
(In Thousands)   

Exchange Rate   
(Note 1) 

Carrying 
Amount 
(In Thousands) 

    $ 
29,161 
      133,034,271 

7.432(Note 2)      $ 

 0.2331 

957,587 
31,010,288 

15,190,659 
2,375,378 
      134,608,488 

    30.713 
    32.838 
 0.2331 

      466,550,704 
78,002,647 
31,377,239 

11,445,396 
2,023,233 
14,964 
40,326 
10,921,880 

    27.674 

    31.460 

6.379(Note 3)       

  7.252(Note 2)       
 0.2414 

      316,739,883 
55,990,951 
470,776 
1,268,665 
2,636,542 

11,958,503 
3,539,320 
      112,456,908 

    27.674 
    31.460 
 0.2414 

      330,939,620 
      111,347,020 
27,147,098 
(Concluded) 

Note 1:  Except as otherwise noted, exchange rate represents the number of NT dollar for which one foreign 

currency could be exchanged. 

Note 2:  The exchange rate represents the number of RMB for which one Euro could be exchanged. 

Note 3:  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, 2022 and 2021, 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. 

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;   

- 73 -

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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. 

m.  Information of major shareholders 

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, sales, 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. 

- 74 -

- 74 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 
2022 

  December 31, 
2021 

    $ 2,510,238,722      $ 1,953,007,722 
41,208,723 
41,895,164 
143,916 
1,011,043 
539 

153,137,833       
90,349,673       
140,709       
15,432,491       
1,922       

    $ 2,769,301,350      $ 2,037,267,107 

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 

2022 

2021 

Amount 

  % 

Amount 

  % 

Customer A 
Customer B 

    $  529,649,200 
      23 
      NA (Note)         NA 

    $  405,402,955 
      26 
      153,740,831         10 

Note:  Revenue less than 10% of the Company’s net revenue. 

- 75 -

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Taiwan Semiconductor Manufacturing 

Company Limited 

Parent Company Only Financial Statements for the 

Years Ended December 31, 2022 and 2021 and   

Independent Auditors’ Report

- 110 -

 
 
 
Taiwan Semiconductor Manufacturing 
Company Limited 

Parent Company Only Financial Statements for the 
Years Ended December 31, 2022 and 2021 and   
Independent Auditors’ Report

- 111 -

 
 
 
- 112 -

- 113 -

to be capable of operating in the intended manner. Changes in these assumptions could have a significant impact 
on when depreciation is recognized. 

Given the subjectivity in determining the date to commence depreciation of EUI/CIP, performing audit procedures 
to evaluate the reasonableness of the Company’s judgments and assumptions required a high degree of auditor 
judgment. Consequently, the validity of commencement of depreciation related to PP&E classified as EUI/CIP is 
identified as a key audit matter. 

Our  audit  procedures  related  to  the  evaluation  of  when  to  commence  depreciation  of  EUI/CIP  included  the 
following, among others: 

1.  We read the Company’s policy and understood the criteria used to determine when to commence depreciation. 

2.  We tested the effectiveness of the controls over the evaluation of when to commence depreciation of EUI/CIP. 

3.  We sampled the year-end balance of EUI/CIP and performed the following for each selection: 

a.  Evaluated whether the selection did not meet the criteria specified by the Company for commencement 

of depreciation. 

b.  Observed the assets and evaluated their status. 

4.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for 

commencement of depreciation during the year. 

5.  We sampled and evaluated whether the selection of EUI/CIP met the criteria specified by the Company for 

commencement of depreciation subsequent to year end. 

Responsibilities  of  Management  and  Those  Charged  with  Governance  for  the  Parent  Company  Only 
Financial Statements 

Management  is  responsible  for  the  preparation  and  fair  presentation  of  the  parent  company  only  financial 
statements  in  accordance  with  the  Regulations  Governing  the  Preparation  of  Financial  Reports  by  Securities 
Issuers, and for such internal control as management determines is necessary to enable the preparation of parent 
company only financial statements that are free from material misstatement, whether due to fraud or error. 

In  preparing  the  parent  company  only  financial  statements,  management  is  responsible  for  assessing  the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and 
using the going concern basis of accounting unless management either intends to liquidate the Company or to 
cease operations, or has no realistic alternative but to do so. 

Those charged with governance (including members of the Audit Committee) are responsible for overseeing the 
Company’s financial reporting process. 

Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements 

Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that 
includes  our  opinion.  Reasonable  assurance  is  a  high  level  of  assurance,  but  is  not  a  guarantee  that  an  audit 
conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material 
misstatement  when  it  exists.  Misstatements  can  arise  from  fraud  or  error  and  are  considered  material  if, 
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of these parent company only financial statements. 

- 114 -
-  2  - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As  part  of  an  audit  in  accordance  with  the  Standards  on  Auditing  of  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 and 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, 
2022  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 -
-  3  - 

 
 
 
 
 
 
 
 
 
 
 
- 116 -

Taiwan Semiconductor Manufacturing Company Limited 

Taiwan Semiconductor Manufacturing Company Limited 
Taiwan Semiconductor Manufacturing Company Limited 
PARENT COMPANY ONLY BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 
PARENT COMPANY ONLY BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

PARENT COMPANY ONLY BALANCE SHEETS 
(In Thousands of New Taiwan Dollars) 

ASSETS 

ASSETS 

CURRENT ASSETS 
ASSETS 

CURRENT ASSETS 

CURRENT ASSETS 

Cash and cash equivalents (Note 6) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at amortized cost (Note 8) 
Cash and cash equivalents (Note 6) 
Cash and cash equivalents (Note 6) 
Notes and accounts receivable, net (Note 10) 
Financial assets at fair value through profit or loss (Note 7) 
Financial assets at fair value through profit or loss (Note 7) 
Receivables from related parties (Note 31) 
Financial assets at amortized cost (Note 8) 
Financial assets at amortized cost (Note 8) 
Other receivables from related parties (Note 31) 
Notes and accounts receivable, net (Note 10) 
Notes and accounts receivable, net (Note 10) 
Inventories (Notes 5 and 11) 
Receivables from related parties (Note 31) 
Receivables from related parties (Note 31) 
Other financial assets   
Other receivables from related parties (Note 31) 
Other receivables from related parties (Note 31) 
Other current assets   
Inventories (Notes 5 and 11) 
Inventories (Notes 5 and 11) 
Other financial assets   
Other financial assets   
Total current assets 
Other current assets   
Other current assets   

Total current assets 

NONCURRENT ASSETS 

Total current assets 

NONCURRENT ASSETS 

NONCURRENT ASSETS 

Financial assets at fair value through other comprehensive income   
Investments accounted for using equity method (Note 12) 
Property, plant and equipment (Notes 5 and 13) 
Financial assets at fair value through other comprehensive income   
Financial assets at fair value through other comprehensive income   
Right-of-use assets (Notes 5 and 14) 
Investments accounted for using equity method (Note 12) 
Investments accounted for using equity method (Note 12) 
Intangible assets (Notes 5 and 15) 
Property, plant and equipment (Notes 5 and 13) 
Property, plant and equipment (Notes 5 and 13) 
Deferred income tax assets (Notes 5 and 24) 
Right-of-use assets (Notes 5 and 14) 
Right-of-use assets (Notes 5 and 14) 
Refundable deposits   
Intangible assets (Notes 5 and 15) 
Intangible assets (Notes 5 and 15) 
Other noncurrent assets (Note 31) 
Deferred income tax assets (Notes 5 and 24) 
Deferred income tax assets (Notes 5 and 24) 
Refundable deposits   
Refundable deposits   
Other noncurrent assets (Note 31) 
Other noncurrent assets (Note 31) 

Total noncurrent assets 

TOTAL 
Total noncurrent assets 

Total noncurrent assets 

TOTAL 

LIABILITIES AND EQUITY 
TOTAL 

LIABILITIES AND EQUITY 

CURRENT LIABILITIES 
LIABILITIES AND EQUITY 

CURRENT LIABILITIES 

CURRENT LIABILITIES 

Short-term loans (Notes 16 and 28) 
Financial liabilities at fair value through profit or loss (Note 7) 
Accounts payable   
Short-term loans (Notes 16 and 28) 
Short-term loans (Notes 16 and 28) 
Payables to related parties (Note 31) 
Financial liabilities at fair value through profit or loss (Note 7) 
Financial liabilities at fair value through profit or loss (Note 7) 
Salary and bonus payable 
Accounts payable   
Accounts payable   
Accrued profit sharing bonus to employees and compensation to directors (Note 27) 
Payables to related parties (Note 31) 
Payables to related parties (Note 31) 
Payables to contractors and equipment suppliers   
Salary and bonus payable 
Salary and bonus payable 
Cash dividends payable (Note 19) 
Accrued profit sharing bonus to employees and compensation to directors (Note 27) 
Accrued profit sharing bonus to employees and compensation to directors (Note 27) 
Income tax payable (Notes 5 and 24) 
Payables to contractors and equipment suppliers   
Payables to contractors and equipment suppliers   
Long-term liabilities - current portion (Notes 17 and 28) 
Cash dividends payable (Note 19) 
Cash dividends payable (Note 19) 
Accrued expenses and other current liabilities (Notes 5, 14, 20, 28 and 31) 
Income tax payable (Notes 5 and 24) 
Income tax payable (Notes 5 and 24) 
Long-term liabilities - current portion (Notes 17 and 28) 
Long-term liabilities - current portion (Notes 17 and 28) 
Accrued expenses and other current liabilities (Notes 5, 14, 20, 28 and 31) 
Accrued expenses and other current liabilities (Notes 5, 14, 20, 28 and 31) 

Total current liabilities 

Total current liabilities 

NONCURRENT LIABILITIES 
Total current liabilities 

NONCURRENT LIABILITIES 

NONCURRENT LIABILITIES 

Bonds payable (Notes 17 and 28) 
Deferred income tax liabilities (Notes 5 and 24) 
Lease liabilities (Notes 5, 14 and 28) 
Net defined benefit liability (Note 18) 
Guarantee deposits 
Others (Notes 20 and 31) 

Bonds payable (Notes 17 and 28) 
Deferred income tax liabilities (Notes 5 and 24) 
Lease liabilities (Notes 5, 14 and 28) 
Bonds payable (Notes 17 and 28) 
Net defined benefit liability (Note 18) 
Deferred income tax liabilities (Notes 5 and 24) 
Guarantee deposits 
Lease liabilities (Notes 5, 14 and 28) 
Others (Notes 20 and 31) 
Net defined benefit liability (Note 18) 
Guarantee deposits 
Others (Notes 20 and 31) 

Total noncurrent liabilities 

December 31, 2022 
Amount 

  % 

December 31, 2022 
Amount 
December 31, 2022 
December 31, 2021 
Amount 
Amount 

  % 

  % 

December 31, 2021 
Amount 
December 31, 2021 
Amount 

  % 

  % 

  % 

    $  628,875,897 
552,255 
48,732,476 
41,311,836 
173,044,812 
6,357,925 
208,282,895 
2,801,253 
8,591,040 

      1,118,550,389 

1,014,741 
727,947,169 
      2,432,675,050 
39,051,427 
21,456,104 
67,708,061 
2,095,656 
11,920,467 

      14 
    $  628,875,897 
- 
552,255 
1 
48,732,476 
    $  396,294,241 
      14 
    $  628,875,897 
      14 
1 
41,311,836 
- 
- 
552,255 
145,280 
4 
173,044,812 
- 
48,732,476 
1 
1 
- 
6,357,925 
45,900,297 
1 
1 
41,311,836 
5 
208,282,895 
138,352,374 
4 
173,044,812 
4 
- 
2,801,253 
5,227,425 
- 
- 
6,357,925 
- 
8,591,040 
5 
208,282,895 
5 
185,159,848 
- 
2,801,253 
- 
3,861,859 
      25 
      1,118,550,389 
8,264,613 
- 
8,591,040 
- 

    $  396,294,241 
145,280 
- 
    $  396,294,241 
      12 
45,900,297 
- 
145,280 
138,352,374 
- 
- 
5,227,425 
2 
45,900,297 
185,159,848 
138,352,374 
4 
3,861,859 
- 
5,227,425 
8,264,613 
185,159,848 
5 
3,861,859 
- 
783,205,937 
8,264,613 
- 

      1,118,550,389 
      25 
1,014,741 
727,947,169 
      2,432,675,050 
- 
1,014,741 
39,051,427 
727,947,169 
      16 
21,456,104 
      2,432,675,050 
      55 
67,708,061 
39,051,427 
1 
2,095,656 
21,456,104 
1 
11,920,467 
67,708,061 
2 
- 
2,095,656 
      3,303,868,675 
11,920,467 
- 

783,205,937 
      25 
- 
      16 
      55 
998,400 
- 
1 
602,642,544 
      16 
1 
      1,889,970,529 
      55 
2 
30,123,052 
1 
- 
1 
22,910,400 
- 
2 
47,780,990 
862,893 
- 
      75 
- 
400 

      23 

783,205,937 
998,400 
602,642,544 
      1,889,970,529 
- 
998,400 
30,123,052 
      18 
602,642,544 
22,910,400 
      1,889,970,529 
      56 
47,780,990 
30,123,052 
1 
862,893 
22,910,400 
1 
400 
47,780,990 
1 
862,893 
- 
      2,595,289,208 
400 
- 

      12 

      12 

- 

      23 

- 

      23 

- 

      18 
      56 
      18 
      56 

1 

1 

      77 

- 

      3,303,868,675 

    $ 4,422,419,064 
      3,303,868,675 
      75 

      100 
      2,595,289,208 
      75 

    $ 3,378,495,145 
      77 
      2,595,289,208 

      100 
      77 

    $ 4,422,419,064 

    $ 4,422,419,064 
      100 

      100 
    $ 3,378,495,145 

    $ 3,378,495,145 
      100 

      100 

    $ 

- 
17,468 
48,732,542 
10,051,044 
31,308,620 
61,392,175 
200,046,018 
142,617,093 
120,077,567 
18,100,000 
266,903,073 

899,245,600 

361,130,474 
908,273 
27,593,900 
9,321,091 
885,273 
177,681,258 

    $ 

    $ 

- 
- 
- 
17,468 
1 
48,732,542 
    $  114,921,333 
- 
- 
- 
- 
10,051,044 
636,472 
- 
- 
17,468 
1 
31,308,620 
41,204,422 
1 
1 
48,732,542 
1 
61,392,175 
7,687,673 
- 
- 
10,051,044 
5 
200,046,018 
20,814,434 
1 
1 
31,308,620 
3 
142,617,093 
1 
61,392,175 
36,088,986 
1 
3 
120,077,567 
5 
200,046,018 
136,212,285 
5 
- 
18,100,000 
142,617,093 
3 
3 
142,617,093 
6 
266,903,073 
58,755,245 
3 
3 
120,077,567 
4,400,000 
- 
18,100,000 
- 
      20 
899,245,600 
6 
6 
266,903,073 
141,495,427 

    $  114,921,333 
636,472 
41,204,422 
3 
    $  114,921,333 
7,687,673 
- 
636,472 
20,814,434 
1 
41,204,422 
36,088,986 
- 
7,687,673 
136,212,285 
1 
20,814,434 
142,617,093 
36,088,986 
1 
58,755,245 
136,212,285 
4 
4,400,000 
4 
142,617,093 
141,495,427 
58,755,245 
2 
4,400,000 
- 
704,833,370 
4 
141,495,427 

      20 

899,245,600 
361,130,474 
908,273 
27,593,900 
8 
361,130,474 
9,321,091 
- 
908,273 
885,273 
27,593,900 
1 
177,681,258 
9,321,091 
- 
885,273 
- 
577,520,269 
4 
177,681,258 

704,833,370 
      20 
8 
- 
1 
307,783,409 
8 
- 
- 
1,848,966 
- 
1 
18,742,323 
4 
11,036,879 
- 
680,137 
- 
      13 
4 
165,283,508 

      20 

704,833,370 
307,783,409 
1,848,966 
18,742,323 
9 
307,783,409 
11,036,879 
1,848,966 
- 
680,137 
18,742,323 
1 
165,283,508 
11,036,879 
- 
680,137 
- 
505,375,222 
5 
165,283,508 

      20 

4 

      20 

      15 

5 

Total noncurrent liabilities 

Total liabilities 
Total noncurrent liabilities 

577,520,269 

      1,476,765,869 
577,520,269 
      13 

      33 
505,375,222 
      13 

      1,210,208,592 
      15 
505,375,222 

      35 
      15 

      1,476,765,869 

259,303,805 
69,330,328 

311,146,899 
3,154,310 
      2,323,223,479 
      2,637,524,688 

      35 

      1,476,765,869 
      33 
259,303,805 
69,330,328 
6 
259,303,805 
311,146,899 
69,330,328 
2 
3,154,310 
      2,323,223,479 
311,146,899 
7 
      2,637,524,688 
- 
3,154,310 
(20,505,626)       
      2,323,223,479 
      53 
      2,637,524,688 
      60 
      2,945,653,195 
(20,505,626)       
(1)       

      1,210,208,592 
      33 
6 
2 
259,303,805 
6 
7 
2 
64,761,602 
- 
      53 
311,146,899 
7 
      60 
- 
59,304,212 
(1)       
      1,536,378,550 
      53 
      1,906,829,661 
      60 
      67 

      1,210,208,592 
      35 
259,303,805 
64,761,602 
8 
259,303,805 
311,146,899 
64,761,602 
2 
59,304,212 
      1,536,378,550 
9 
311,146,899 
      1,906,829,661 
2 
59,304,212 
(62,608,515)       
      46 
      1,536,378,550 
      57 
      1,906,829,661 
      2,168,286,553 
(62,608,515)       
(2) 

(1)       
(62,608,515)       

      46 
      57 
      46 
      57 
      65 

(20,505,626)       

      2,945,653,195 

    $ 4,422,419,064 
      2,945,653,195 
      67 

      100 
      2,168,286,553 
      67 

    $ 3,378,495,145 
      65 
      2,168,286,553 

      100 
      65 

    $ 4,422,419,064 

    $ 4,422,419,064 
      100 

      100 
    $ 3,378,495,145 

    $ 3,378,495,145 
      100 

      100 

Total liabilities 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Total liabilities 

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   

Capital stock (Note 19) 
Capital surplus (Note 19) 
Retained earnings (Note 19) 

Capital stock (Note 19) 
Capital surplus (Note 19) 
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT   
Retained earnings (Note 19) 
Capital stock (Note 19) 
Appropriated as legal capital reserve 
Capital surplus (Note 19) 
Appropriated as special capital reserve 
Retained earnings (Note 19) 
Unappropriated earnings 
Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Unappropriated earnings 

Appropriated as legal capital reserve 
Appropriated as special capital reserve 
Unappropriated earnings 

Others (Note 19) 

Others (Note 19) 

Total equity 
Others (Note 19) 

Total equity 

TOTAL   

Total equity 

TOTAL   

TOTAL   

The accompanying notes are an integral part of the parent company only financial statements. 

The accompanying notes are an integral part of the parent company only financial statements. 

The accompanying notes are an integral part of the parent company only financial statements. 

- 117 -

- 117 - 

- 117 - 

- 117 - 

- 

2 

- 

4 

- 

- 

2 

5 

4 

- 

- 

- 

5 

- 

- 

1 

1 

- 

1 

- 

1 

- 

3 

- 

1 

3 

- 

- 

1 

1 

1 

- 

4 

1 

4 

1 

2 

4 

- 

4 

4 

2 

- 

9 

- 

1 

9 

- 

- 

- 

1 

5 

- 

- 

8 

2 

8 

9 

2 

2 

9 

2 

(2) 

(2) 

 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME 
(In Thousands of New Taiwan Dollars, Except Earnings Per Share) 

2022 

2021 

Amount 

  % 

Amount 

  % 

NET REVENUE (Notes 5, 20 and 31) 

    $ 2,252,320,561 

      100 

    $ 1,574,745,881 

      100 

COST OF REVENUE (Notes 5, 11, 27 and 31) 

951,927,673 

      42 

786,116,844 

      50 

GROSS PROFIT 

      1,300,392,888 

      58 

788,629,037 

      50 

OPERATING EXPENSES (Notes 5, 27 and 31) 

Research and development 
General and administrative 
Marketing 

Total operating expenses 

160,813,633 
42,764,642 
6,059,649 

209,637,924 

7 
2 
- 

9 

123,417,275 
30,967,600 
4,282,882 

8 
2 
- 

158,667,757 

      10 

OTHER OPERATING INCOME AND EXPENSES, NET 

(Notes 13 and 27) 

(8,275)       

(1)       

(328,444)       

- 

INCOME FROM OPERATIONS 

      1,090,746,689 

      48 

629,632,836 

      40 

NON-OPERATING INCOME AND EXPENSES 

Share of profits of subsidiaries and associates (Note 12) 
Interest income (Note 21) 
Other income 
Foreign exchange gain, net (Note 33) 
Finance costs (Note 22) 
Other gains and losses, net (Note 23) 

42,415,408 
5,957,864 
887,958 
853,022 
(3,240,406)       
3,053,281 

Total non-operating income and expenses 

49,927,127 

2 
1 
- 
- 
- 
- 

3 

26,837,174 
927,754 
789,810 
14,682,696 
(2,534,721)       
(9,833,358)       

30,869,355 

2 
- 
- 
1 
- 
(1) 

2 

INCOME BEFORE INCOME TAX 

      1,140,673,816 

      51 

660,502,191 

      42 

INCOME TAX EXPENSE (Notes 5 and 24) 

124,143,567 

6 

63,962,178 

4 

NET INCOME 

      1,016,530,249 

      45 

596,540,013 

      38 

OTHER COMPREHENSIVE INCOME (LOSS) (Notes 5, 

12, 18, 19 and 24) 
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 

Loss on hedging instruments 
Share of other comprehensive gain/(loss) of subsidiaries 

and associates 

Income tax benefit (expense) related to items that will 

not be reclassified subsequently 

(823,060)       

18,979        
- 

(127,903)       

733,956 
(198,028)       

- 

- 
- 

- 

- 
- 

242,079 

170,127 
(41,416)       

1,697,885 

(85,269)       

1,983,406 

- 

- 
- 

- 

- 
- 

(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) 

2022 

2021 

Amount 

  % 

Amount 

  % 

Items that may be reclassified subsequently to profit or 

loss: 
Exchange differences arising on translation of foreign 

operations 

    $ 

51,030,928 

2 

    $ 

(6,182,507)       

Share of other comprehensive loss of subsidiaries and 

associates 

Income tax benefit (expense) related to items that may 

be reclassified subsequently 

(8,244,295)       

6,036        

42,792,669 

Other comprehensive income (loss), net of income tax 

42,594,641 

- 

- 
2 

2 

(3,419,483)       

(3,370)       
(9,605,360)       

(7,621,954)       

- 

- 

- 
- 

- 

TOTAL COMPREHENSIVE INCOME 

    $ 1,059,124,890 

      47 

    $  588,918,059 

      38 

EARNINGS PER SHARE (NT$, Note 25) 

Basic earnings per share 
Diluted earnings per share 

    $ 
    $ 

39.20 
39.20 

    $ 
    $ 

23.01 
23.01 

The accompanying notes are an integral part of the parent company only financial statements. 

(Concluded) 

- 119 -

- 119 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
     
 
     
 
     
 
     
 
     
     
     
     
     
 
     
     
     
 
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
   
   
   
   
 
     
 
     
 
     
 
     
 
 
 
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Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 

(In Thousands of New Taiwan Dollars) 

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 

Adjustments for: 

Depreciation expense 

Amortization expense 

Expected credit losses recognized on investments in debt instruments 

Finance costs 

Share of profits of subsidiaries and associates 

Interest income 

Share-based compensation 

Loss (gain) on disposal or retirement of property, plant and equipment, net 

Loss (gain) on disposal or retirement of intangible assets, net 

Impairment loss on property, plant and equipment 

Loss (gain) on foreign exchange, net 

Dividend income 

Others 

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 

-
-

0
0
2
2
1
1
-

-

Inventories 

Other financial assets 

Other current assets 

Other noncurrent assets 

Accounts payable 

Payables to related parties 

Salary and bonus payable 

Other noncurrent liabilities 

Net defined benefit liability 

Cash generated from operations 

Income taxes paid 

Accrued profit sharing bonus to employees and compensation to directors 

Accrued expenses and other current liabilities 

2022 

2021 

    $ 1,140,673,816 

    $  660,502,191 

413,595,082 

8,706,961 

10,341 

3,240,406 

402,931,257 

8,100,730 

2,534,721 

(42,415,408)       

(26,837,174) 

(5,957,864)       

(927,754) 

- 

- 

266,746 

(436,567)       

3,720 

790,740 

9,965,603 

(207,028)       

131,637 

(1,025,979)       

4,588,461 

(34,692,438)       

(1,074,087)       

(23,123,047)       

1,894,328 

(712,233)       

(8,532,751)       

7,528,120 

2,362,846 

10,494,186 

25,303,189 

47,110,082 

86,831,552 

222,387 

(7,332) 

274,388 

(16,975,706) 

(178,979) 

(370,086) 

2,482,448 

(11,289,182) 

(36,571,200) 

(3,503,728) 

(54,861,812) 

(2,371,699) 

(2,445,945) 

- 

4,965,785 

(746,871) 

3,336,396 

826,049 

82,992,551 

154,036,474 

(2,538,848)       

(635,116) 

      1,642,781,566 

      1,165,482,793 

(83,364,086)       

(81,550,608) 

Net cash generated by operating activities 

      1,559,417,480 

      1,083,932,185 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisitions of: 

Financial assets at amortized cost 

Equity interest in subsidiary 

Property, plant and equipment 

Intangible assets 

Proceeds from disposal or redemption of: 

Financial assets at amortized cost 

Property, plant and equipment   

Intangible assets 

Proceeds from return of capital of investments in equity instruments at fair 

value through other comprehensive income 

(97,748,105)       

- 

(157,243) 

(897,574,802)       

(793,327,208) 

(6,679,871)       

(8,998,084) 

- 

- 

- 

462,138 

6,257 

(Continued) 

49,190,000 

1,665,212 

3,750 

2,938 

- 121 - 

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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
   
   
     
     
     
     
     
     
     
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

CASH FLOWS FROM OPERATING ACTIVITIES 

Income before income tax 
Adjustments for: 

Depreciation expense 
Amortization expense 
Expected credit losses recognized on investments in debt instruments 
Finance costs 
Share of profits of subsidiaries and associates 
Interest income 
Share-based compensation 
Loss (gain) on disposal or retirement of property, plant and equipment, net 
Loss (gain) on disposal or retirement of intangible assets, net 
Impairment loss on property, plant and equipment 
Loss (gain) on foreign exchange, net 
Dividend income 
Others 

Changes in operating assets and liabilities: 

Financial instruments at fair value through profit or loss 
Notes and accounts receivable, net 
Receivables from related parties 
Other receivables from related parties 
Inventories 
Other financial assets 
Other current assets 
Other noncurrent assets 
Accounts payable 
Payables to related parties 
Salary and bonus payable 
Accrued profit sharing bonus to employees and compensation to directors 
Accrued expenses and other current liabilities 
Other noncurrent liabilities 
Net defined benefit liability 
Cash generated from operations 
Income taxes paid 

-

0

2

1

-

2022 

2021 

    $ 1,140,673,816 

    $  660,502,191 

413,595,082 
8,706,961 
10,341 
3,240,406 

(42,415,408)       
(5,957,864)       
266,746 
(436,567)       
3,720 
790,740 
9,965,603 
(207,028)       
131,637 

402,931,257 
8,100,730 
- 
2,534,721 
(26,837,174) 
(927,754) 
- 
222,387 
(7,332) 
274,388 
(16,975,706) 
(178,979) 
(370,086) 

(1,025,979)       
4,588,461 

(34,692,438)       
(1,074,087)       
(23,123,047)       

1,894,328 
(712,233)       
(8,532,751)       
7,528,120 
2,362,846 
10,494,186 
25,303,189 
47,110,082 
86,831,552 
(2,538,848)       

2,482,448 
(11,289,182) 
(36,571,200) 
(3,503,728) 
(54,861,812) 
(2,371,699) 
(2,445,945) 
- 
4,965,785 
(746,871) 
3,336,396 
826,049 
82,992,551 
154,036,474 
(635,116) 
      1,165,482,793 
(81,550,608) 

(83,364,086)       

      1,642,781,566 

Net cash generated by operating activities 

      1,559,417,480 

      1,083,932,185 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisitions of: 

Financial assets at amortized cost 
Equity interest in subsidiary 
Property, plant and equipment 
Intangible assets 

Proceeds from disposal or redemption of: 

Financial assets at amortized cost 
Property, plant and equipment   
Intangible assets 

Proceeds from return of capital of investments in equity instruments at fair 

value through other comprehensive income 

(97,748,105)       

- 

(897,574,802)       
(6,679,871)       

- 
(157,243) 
(793,327,208) 
(8,998,084) 

49,190,000 
1,665,212 
3,750 

2,938 

- 
462,138 
- 

6,257 

(Continued) 

- 121 -
- 121 - 

 
 
 
 
 
 
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
   
   
     
     
     
     
     
     
     
     
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

Taiwan Semiconductor Manufacturing Company Limited 

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS 
(In Thousands of New Taiwan Dollars) 

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 

    $ 

2022 

2021 

    $ 

4,889,786 
207,028 
3,248,044 
- 

(1,611,716)       
406,185 

902,872 
178,979 
2,560,790 
(1,200,000) 
(225,347) 
605,714 

Net cash used in investing activities 

(944,001,551)       

(799,191,132) 

CASH FLOWS FROM FINANCING ACTIVITIES 

Decrease in short-term loans 
Proceeds from issuance of bonds 
Repayment of bonds 
Payments for transaction costs attributable to the issuance of bonds 
Treasury stock acquired 
Repayment of the principal portion of lease liabilities 
Interest paid 
Guarantee deposits received 
Guarantee deposits refunded 
Cash dividends 
Disposal of ownership interests in subsidiaries (without losing control) 
Payment of partial acquisition of interests in subsidiaries   
Proceeds from partial disposal of interests in subsidiaries 
Donation from shareholders 

(111,959,992)       

65,400,000 
(4,400,000)       
(69,528)       
(871,566)       
(1,848,257)       
(3,757,985)       
216,589 
(45,643)       
(285,234,185)       

- 

(40,421,374)       
144,505 
13,163 

(50,538,933) 
142,318,000 
(2,600,000) 
(146,157) 
- 
(1,466,130) 
(1,997,383) 
467,964 
(7,234) 
(265,786,399) 
9,451,798 
(21,318,931) 
- 
10,876 

Net cash used in financing activities 

(382,834,273)       

(191,612,529) 

NET INCREASE IN CASH AND CASH EQUIVALENTS 

232,581,656 

93,128,524 

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 

396,294,241 

303,165,717 

CASH AND CASH EQUIVALENTS, END OF YEAR 

    $  628,875,897 

    $  396,294,241 

The accompanying notes are an integral part of the parent company only financial statements. 

(Concluded)

effective date starting 2023 

NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS 

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 

(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, sales, 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 14, 2023. 

  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.  The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with 

New, Revised or Amended Standards and Interpretations 

by IASB   

  Effective Date Issued   

Amendments to IAS 1 “Disclosure of Accounting Policies” 

Amendments to IAS 8 “Definition of Accounting Estimates” 

Amendments to IAS 12 “Deferred Tax related to Assets and 

Liabilities arising from a Single Transaction” 

January 1, 2023 

January 1, 2023 

January 1, 2023 

- 122 -
- 122 - 

- 123 - 

 
 
 
 
 
 
 
 
     
 
     
 
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
 
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 
     
 
     
 
     
 
     
 
     
 
     
     
 
     
 
     
 
     
     
 
     
 
     
 
 
     
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS 
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 
(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, sales, 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 14, 2023. 

  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.  The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with 

effective date starting 2023 

New, Revised or Amended Standards and Interpretations 

  Effective Date Issued   
by IASB   

Amendments to IAS 1 “Disclosure of Accounting Policies” 
Amendments to IAS 8 “Definition of Accounting Estimates” 
Amendments to IAS 12 “Deferred Tax related to Assets and 

Liabilities arising from a Single Transaction” 

January 1, 2023 
January 1, 2023 
January 1, 2023 

- 123 -
- 123 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
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   

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 

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets 

 To be determined by IASB 

equity. 

between an Investor and its Associate or Joint Venture” 

Amendments to IAS 1 “Classification of Liabilities as Current or 
Non-current” and “Non-current Liabilities with Covenants” 

January 1, 2024 

Classification of Current and Noncurrent Assets and Liabilities 

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 from the 
initial  adoption  of  the  aforementioned  standards  or  interpretations  and  related  applicable  period.  The 
related impact will be disclosed when the Company completes its evaluation. 

  4.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

For  the  convenience  of  readers,  the  accompanying  parent  company  only  financial  statements  have  been 
translated into English from the  original Chinese version prepared and used in the R.O.C. If there is any 
conflict between the English version and the original Chinese version or any difference in the interpretation 
of the two versions, the Chinese-language parent company only financial statements shall prevail. 

Statement of Compliance 

The  accompanying  parent  company  only  financial  statements  have  been  prepared  in  conformity  with  the 
Regulations Governing the Preparation of Financial Reports by Securities Issuers (the “Accounting Standards 
Used in Preparation of the Parent Company Only Financial Statements”). 

Basis of Preparation   

The accompanying parent company only financial statements have been prepared on the historical cost basis 
except for financial instruments that are measured at fair values, as explained in the accounting policies below. 
Historical cost is generally based on the fair value of the consideration given in exchange for the assets. 

When preparing the parent company only financial statements, the Company account for  subsidiaries and 
associates by using the equity method. In order to agree with the amount of net income, other comprehensive 
income  and  equity  attributable  to  shareholders  of  the  parent  in  the  consolidated  financial  statements,  the 
differences of the accounting treatment between the parent company only basis and the consolidated basis 
are  adjusted  under  the  heading  of  investments  accounted  for  using  equity  method,  share  of  profits  of 
subsidiaries and associates and share of other comprehensive income of subsidiaries and associates in the 
parent company only financial statements. 

Foreign Currencies 

In preparing the parent company only financial statements, transactions in currencies other than the entity’s 
functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of 
the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are 
retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in 
the year in which they arise.  Non-monetary items  measured at fair value that are denominated in foreign 
currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange 
differences arising on the retranslation of non-monetary items are included in profit or loss for the year except 
for exchange differences arising on the retranslation of non-monetary items in respect of which gains and 
losses are recognized directly in other comprehensive income, in which case, the exchange differences are 
also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of 
historical cost in foreign currencies are not retranslated. 

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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, 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 

Cash Equivalents 

insignificant risk of changes in value. 

Financial Instruments 

Financial assets and liabilities shall be recognized when the Company becomes a party to the contractual 

provisions of the instruments. 

Financial  assets  and  liabilities  are  initially  recognized  at  fair  values.  Transaction  costs  that  are  directly 

attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets 

and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of 

the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly 

attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are 

recognized immediately in profit or loss. 

Financial Assets 

The  classification  of  financial  assets  depends  on  the  nature  and  purpose  of  the  financial  assets  and  is 

determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized 

and derecognized on a trade date or settlement date basis for which financial assets were classified in the 

same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require 

delivery of assets within the time frame established by regulation or convention in the marketplace. 

a.  Category of financial assets and measurement   

Financial assets are classified into the following categories: financial assets at FVTPL, investments in 

debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost.   

1)  Financial asset at FVTPL 

For certain financial assets which include debt instruments that do not meet the criteria of amortized 

cost  or  FVTOCI,  it  is  mandatorily  required  to  measure  them  at  FVTPL.  Any  gain  or  loss  arising 

from remeasurement is recognized in profit or loss. The net gain or loss recognized in profit or loss 

incorporates any interest earned on the financial asset.   

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For  the  purposes  of  presenting  parent  company  only  financial  statements,  the  assets and  liabilities  of  the 
Company’s foreign operations are translated into NT$ using exchange rates prevailing at the end of each 
reporting  period.  Income  and  expense  items  are  translated  at  the  average  exchange  rates  for  the  period. 
Exchange  differences  arising,  if  any,  are  recognized  in  other  comprehensive  income  and  accumulated  in 
equity. 

Classification of Current and Noncurrent Assets and Liabilities 

Current  assets  are  assets  held  for  trading  purposes  and  assets  expected  to  be  converted  to  cash,  sold  or 
consumed within one year from the end of the reporting period. Current liabilities are obligations incurred 
for trading purposes and obligations expected to be settled within one year from the end of the reporting 
period. Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively. 

Cash Equivalents 

Cash  equivalents, for  the  purpose  of  meeting  short-term  cash  commitments,  consist  of  highly  liquid  time 
deposits and investments that are readily convertible to known amounts of cash and which are subject to an 
insignificant risk of changes in value. 

Financial Instruments 

Financial assets and liabilities shall be recognized when the Company becomes a party to the contractual 
provisions of the instruments. 

Financial  assets  and  liabilities  are  initially  recognized  at  fair  values.  Transaction  costs  that  are  directly 
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets 
and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of 
the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly 
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are 
recognized immediately in profit or loss. 

Financial Assets 

The  classification  of  financial  assets  depends  on  the  nature  and  purpose  of  the  financial  assets  and  is 
determined at the time of initial recognition. Regular way purchases or sales of financial assets are recognized 
and derecognized on a trade date or settlement date basis for which financial assets were classified in the 
same way, respectively. Regular way purchases or sales are purchases or sales of financial assets that require 
delivery of assets within the time frame established by regulation or convention in the marketplace. 

a.  Category of financial assets and measurement   

Financial assets are classified into the following categories: financial assets at FVTPL, investments in 
debt instruments and equity instruments at FVTOCI, and financial assets at amortized cost.   

1)  Financial asset at FVTPL 

For certain financial assets which include debt instruments that do not meet the criteria of amortized 
cost  or  FVTOCI,  it  is  mandatorily  required  to  measure  them  at  FVTPL.  Any  gain  or  loss  arising 
from remeasurement is recognized in profit or loss. The net gain or loss recognized in profit or loss 
incorporates any interest earned on the financial asset.   

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2)  Investments in debt instruments at FVTOCI 

Debt instruments with contractual terms specifying that cash flows are solely payments of principal 
and interest on the principal amount outstanding, together with objective of collecting contractual 
cash flows and selling the financial assets, are measured at FVTOCI. 

Interest income calculated using the effective interest method, foreign exchange gains and losses and 
impairment gains or losses on investments in debt instruments at FVTOCI are recognized in profit 
or  loss.  Other  changes  in  the  carrying  amount  of  these  debt  instruments  are  recognized  in  other 
comprehensive  income  and  will  be  reclassified  to  profit  or  loss  when  these  debt  instruments  are 
disposed.   

3)  Investments in equity instruments at FVTOCI 

On initial recognition, the Company  may irrevocably designate investments in equity investments 
that is not held for trading as at FVTOCI. 

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and 
losses arising from changes in fair value recognized in other comprehensive income and accumulated 
in other equity. 

Dividends on these investments  in equity  instruments  at  FVTOCI  are  recognized  in  profit or loss 
when the Company’s right to receive the dividends is established, unless the Company’s rights clearly 
represent a recovery of part of the cost of the investment.   

4)  Measured at amortized cost 

Cash  and  cash  equivalents,  commercial  paper,  debt  instrument  investments,  notes  and  accounts 
receivable (including related parties), other receivables, refundable deposits and temporary payments 
(classified under other current assets and other noncurrent assets) 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. 

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 

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 

and an equity instrument. 

Equity instruments 

of direct issue costs. 

Financial liabilities 

FVTPL. 

Financial liabilities are subsequently measured either at amortized cost using effective interest method or at 

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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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,  commercial  paper,  debt  instrument  investments,  notes  and  accounts 

receivable (including related parties), other receivables, refundable deposits and temporary payments 

(classified under other current assets and other noncurrent assets) 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. 

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 transferred from equity to 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. 

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, acquisition 
of the item of property, plant and equipment or borrowing costs eligible for capitalization. 

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. 

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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. 

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. 

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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. 

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. 

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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.   

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.   

Treasury Stock   

Treasury stock represents the outstanding shares that the Company buys back from market, which is stated at 
cost and shown as a deduction in shareholders’ equity. When the Company retires treasury stock, the treasury 
stock account is reduced and the common stock as well as the capital surplus - additional paid-in capital are 
reversed on a pro rata basis. When the book value of the treasury stock exceeds the sum of the par value and 
additional  paid-in  capital,  the  difference  is  charged  to  capital  surplus  -  treasury  stock  transactions  and  to 
retained earnings for any remaining amount.   

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Share-based payment arrangements 

a.  Equity-settled share-based payment arrangements 

Restricted shares for employees are expensed on a straight-line basis over the vesting period, based on 
the fair value at the grant date and the Company’s best estimate of the number expected to ultimately 
vest, with a corresponding increase in other equity - unearned employee benefits. 

When restricted shares for employees are issued, other equity - unearned employee benefits is recognized 
on  the  grant  date,  with  a  corresponding  increase  in  capital  surplus  -  restricted  shares  for  employees. 
Dividends paid to employees on restricted shares which do not need to be returned if employees resign 
in  the  vesting  period  are  recognized  as  expenses  upon  the  dividend  declaration  with  a  corresponding 
adjustment in retained earnings. 

At the end of each reporting period, the Company revises its estimate of the number of restricted shares 
for employees that are expected to vest. The impact from such revision is recognized in profit or loss so 
that  the  cumulative  expenses  reflect  the  revised  estimate,  with  a  corresponding  adjustment  to  capital 
surplus - restricted shares for employees. 

b.  Cash-settled share-based payment arrangements 

For cash-settled share-based payments, a liability is recognized for the services acquired, measured at the 
fair value of the liability incurred. At the end of each reporting period until the liability is settled, and at 
the  date  of  settlement,  the  fair  value  of  the  liability  is  remeasured,  with  any  changes  in  fair  value 
recognized in profit or loss. 

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 

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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. 

  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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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   
Commercial paper 
Repurchase agreements 

December 31, 
2022 

December 31, 
2021 

    $  618,449,503 
9,566,430 
859,964 

    $  395,463,340 
- 
830,901 

    $  628,875,897 

    $  396,294,241 

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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  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, 
2022 

December 31, 
2021 

 $  552,255 

 $  145,280 

 $  17,468 

 $  636,472 

The Company entered into forward exchange contracts to manage exposures due to fluctuations of foreign 
exchange rates. These forward exchange contracts did not meet the criteria for hedge accounting. Therefore, 
the Company did not apply hedge accounting treatment for these forward exchange contracts. 

Outstanding forward exchange contracts consisted of the following: 

Maturity Date 

Contract Amount 
(In Thousands) 

December 31, 2022 

Sell NT$ 

January 2023 to March 2023   

  NT$ 

79,610,590 

December 31, 2021 

Sell NT$ 

January 2022 to March 2022   

  NT$  132,734,482 

  8.  FINANCIAL ASSETS AT AMORTIZED COST 

Commercial paper 
Less: Allowance for impairment loss 

December 31, 
2022 

     $  48,742,817 
(10,341) 

     $  48,732,476 

Refer to Note 30 for information relating to credit risk management and expected credit loss for financial 
assets at amortized cost. 

  9.  HEDGING FINANCIAL INSTRUMENTS 

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.   

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On the basis of economic relationships, the Company expects that the value of forward exchange contracts 
and  the  value  of  hedged  transactions  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 during the hedging period. For the years ended 
December 31, 2021, 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 effect of hedging foreign currency risk for the years ended December 31, 2021 is detailed below: 

Hedging Instruments/Hedged Items 

Hedging Instruments 

Forward exchange contracts 

Hedged Items 

Forecast transaction (capital expenditures) 

10.  NOTES AND ACCOUNTS RECEIVABLE, NET 

At amortized cost 

Notes and accounts receivable 
Less: Loss allowance 

At FVTOCI 

Change in 
Value Used for 
Calculating 
Hedge 
Ineffectiveness 
Years Ended 
December 31, 
2021 

 $ (41,416) 

 $  41,416 

December 31, 
2022 

December 31, 
2021 

     $  34,316,916 

(330,686)        

       33,986,230 

     $  42,046,293 
(345,905) 
       41,700,388 

7,325,606 

4,199,909 

     $  41,311,836 

     $  45,900,297 

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. 

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Aging analysis of notes and accounts receivable 

Not past due 
Past due   

Past due within 30 days 
Past due over 31 days 

Less: Loss allowance 

  December 31, 

2022 

December 31, 
2021 

     $  40,353,856 

     $  44,056,424 

1,268,778 
19,888 

(330,686)        

2,188,337 
1,441 
(345,905) 

     $  41,311,836 

     $  45,900,297 

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 

2022 

2021 

 $  345,905 
(15,219) 

 $  243,710 
   102,195 

 $  330,686 

 $  345,905 

For the years ended December 31, 2022 and 2021, the changes in loss allowance were mainly due to the 
variations in the balance of accounts receivable of different risk levels. 

11.  INVENTORIES 

Finished goods 
Work in process 
Raw materials 
Supplies and spare parts 

December 31, 
2022 

December 31, 
2021 

    $  52,318,299 
      120,893,772 
19,750,618 
15,320,206 

    $  32,290,346 
      134,097,879 
10,368,446 
8,403,177 

    $  208,282,895 

    $  185,159,848 

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 during reporting period. The amounts 
are illustrated below: 

Inventory losses 

     $  4,613,077 

     $ 

520,096 

Years Ended December 31 

2022 

2021 

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12.  INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD 

Investments accounted for using the equity method consisted of the following: 

Subsidiaries 
Associates 

a.  Investments in subsidiaries 

Subsidiaries consisted of the following: 

December 31, 
2022 

December 31, 
2021 

    $  700,324,717 
27,622,452 

    $  580,702,074 
21,940,470 

    $  727,947,169 

    $  602,642,544 

Subsidiaries 

Principal Activities 

TSMC North America    Selling and marketing of 

TSMC Global Ltd. 
(TSMC Global) 

TSMC China 

Company Limited 
(TSMC China) 

TSMC Nanjing 

Company Limited 
(TSMC Nanjing) 

TSMC Partners, Ltd. 
(TSMC Partners) 

TSMC Arizona 

Corporation (TSMC 
Arizona) 
Japan Advanced 
Semiconductor 
Manufacturing, Inc. 
(JASM) 

VisEra Technologies 
Company Ltd. 
(VisEra Tech) 

Emerging Fund 

L.P.(Emerging 
Fund) 

TSMC Japan 3DIC 
R&D Center, Inc. 
(TSMC 3DIC) 
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) 

  Investing in companies involved 

  Tortola, British 

     63,697,217 

     54,968,185 

100% 

100% 

Place of   
Incorporation 
and Operation 

  Tortola, British 

Virgin Islands 
  Shanghai, China 

Carrying Amount 

Percentage of Ownership 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2022 

2021 

   $ 411,992,426 

   $ 374,639,406 

     87,028,722 

     73,470,628 

2022 

100% 

100% 

2021 

100% 

100% 

  Nanjing, China 

     67,385,300 

     46,159,494 

100% 

100% 

Virgin Islands 

  Phoenix, Arizona, 

     25,639,079 

     16,667,696 

100% 

100% 

U.S.A. 

  Kumamoto, Japan 

     23,330,125 

1,383,554 

71% 

100% 

  Hsinchu, Taiwan 

     11,467,860 

6,521,231 

68% 

73% 

  San Jose, 

California, 
U.S.A. 
  Cayman Islands 

5,449,755 

4,871,149 

100% 

100% 

1,760,885 

286,205 

99.9% 

99.9% 

  Investment activities 

  Manufacturing, selling, testing 

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

and computer-aided design of 
integrated circuits and other 
semiconductor devices 

in the design, manufacture, and 
other related business in the 
semiconductor industry and 
other investment activities 
  Manufacturing, selling and testing 
of integrated circuits and other 
semiconductor devices 

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

manufacturing, sales, 
packaging and test of color 
filter 

integrated circuits and other 
semiconductor devices 
  Investing in technology start-up 

companies 

  Engineering support activities 

  Yokohama, Japan 

1,172,706 

270,513 

100% 

100% 

  Customer service and supporting 

  Amsterdam, the 

527,693 

509,880 

activities 

  Engineering support activities 

Netherlands 
  Yokohama, Japan 

376,176 

368,144 

100% 

100% 

100% 

100% 

  Investing in new start-up 
technology companies 

  Cayman Islands 

246,702 

300,401 

98% 

98% 

  Customer service and supporting 

  Yokohama, Japan 

134,560 

132,411 

activities 

  Investing in new start-up 
technology companies 

  Cayman Islands 

71,429 

112,320 

100% 

98% 

100% 

98% 

  Customer service and supporting 

  Seoul, Korea 

44,082 

40,857 

100% 

100% 

activities 

   $ 700,324,717 

   $ 580,702,074 

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The Company increased its investment in TSMC Arizona for the amount of NT$15,372,500 thousand 
and NT$20,787,702 thousand in both of 2022 and 2021, respectively. Under the terms of the development 
agreement entered into between TSMC Arizona and the City of Phoenix, the City of Phoenix commits 
approximately US$205 million toward various public infrastructure projects in the area of the proposed 
manufacturing facility, conditioned on TSMC Arizona’s achieving a minimum project scale with defined 
spending and job-creation thresholds. 

The Company established a subsidiary, JASM, in December 2021 and invested in JASM for the amount 
of NT$1,416,921 thousand in January 2022. The Company continually increased its investment in JASM 
for the amount of NT$23,150,164 in 2022. After JASM’s capital increase in January 2022, the Company’s 
shareholding in JASM decreased from 100% to 81%. In addition, JASM increased its capital by issuing 
noncumulative preferred shares and common shares in April 2022, the Company’s shareholding in JASM 
decreased  from  81%  to  71%  and  the  proportion  of  voting  right  remain  81%.  The  aforementioned 
transactions  were  accounted  for  as  an  equity  transaction  since  the  transaction  did  not  change  the 
Company’s control over JASM. 

To facilitate VisEra’s IPO in Taiwan in June 2022, 39,501 thousand common shares of VisEra at a price 
of NT$240 were sold by the Company and an increase of NT$8,406,282 thousand in capital surplus was 
recognized. The Company’s shareholding in VisEra decreased from 87% to 73%. In addition, VisEra has 
increased its capital in June 2022. After the increase in capital, the Company’s shareholding in VisEra 
decreased from 73% to 68%. The aforementioned transactions were accounted for as an equity transaction 
since the transaction did not change the Company’s control over VisEra. 

The  Company  established  a  subsidiary  in  January  2021  and,  in  both  of  2022  and  2021,  continually 
increased its investment in Emerging Fund for the amounts of NT$1,033,339 thousand and NT$298,618 
thousand, respectively.     

The  Company  established  a  subsidiary  in  March  2021  and,  in  both  of  2022  and  2021,  continually 
increased  its  investment  in  TSMC  3DIC  for  the  amounts  of  NT$865,370  thousand  and  NT$278,986 
thousand, respectively.     

b.  Investments in associates 

Associates consisted of the following: 

Name of Associate 

Principal Activities 

Vanguard International 

Semiconductor 
Corporation (VIS) 

  Manufacturing, sales, packaging, 
testing and computer-aided 
design of integrated circuits 
and other semiconductor 
devices and the manufacturing 
and design service of masks 

Place of   
Incorporation 
and Operation 

Carrying Amount 

  % of Ownership and Voting 
Rights Held by the Company 

  December 31, 

  December 31, 

  December 31, 

  December 31, 

2022 

2021 

2022 

2021 

  Hsinchu, Taiwan 

   $  13,492,653 

   $  10,613,127 

28% 

28% 

Systems on Silicon 
Manufacturing 
Company Pte Ltd. 
(SSMC) 

  Manufacturing and selling of 

  Singapore 

8,934,731 

6,795,699 

39% 

39% 

integrated circuits and other 
semiconductor devices 

Xintec Inc. (Xintec) 

  Wafer level chip size packaging 

  Taoyuan, Taiwan 

3,528,417 

3,046,961 

41% 

41% 

and wafer level post 
passivation interconnection 
service 

Global Unichip 

  Researching, developing, 

  Hsinchu, Taiwan 

1,666,651 

1,484,683 

35% 

35% 

Corporation (GUC) 

manufacturing, testing and 
marketing of integrated circuits 

   $  27,622,452 

   $  21,940,470 

As  of  December  31,  2022  and  2021,  no  investments  in  associates  are  individually  material  to  the 
Company. Please refer to the parent company only statements of comprehensive income for recognition 
of share of both profit (loss) and other comprehensive income (loss) of associates that are not individually 
material. 

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The market prices of the associates’ ownership held by the Company in publicly traded stocks calculated 
by  the  closing  price  at  the  end  of  the  reporting  period  are  summarized  as  follows.  The  closing  price 
represents the quoted price in active markets, the level 1 fair value measurement. 

Name of Associate 

VIS 
GUC 
Xintec 

13.  PROPERTY, PLANT AND EQUIPMENT 

Assets used by the Company 
Assets subject to operating leases 

Assets used by the Company 

December 31, 
2022 

December 31, 
2021 

     $  35,977,321 
     $  29,926,918 
     $  10,716,449 

     $  73,347,312 
     $  27,359,085 
     $  15,913,315 

December 31, 
2022 

December 31, 
2021 

    $ 2,432,657,698      $ 1,889,970,502 
27 

17,352       

    $ 2,432,675,050      $ 1,889,970,529 

Land 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Cost 

Balance at January 1, 2022 
Additions   
Disposals or retirements 
Transfers to assets subject to 

operating leases 

   $ 

3,212,000 
- 
- 

   $  536,912,374 
51,982,217 

(228,870 )   

   $ 3,814,331,964 
289,897,592 
(30,528,791 )   

   $ 

71,312,061 
9,288,321 
(1,659,656 )   

   $  552,647,944 
604,897,876 
- 

   $ 4,978,416,343 
956,066,006 
(32,417,317 ) 

- 

- 

(65,780 )   

- 

- 

(65,780 ) 

Balance at December 31, 2022 

   $ 

3,212,000 

   $  588,665,721 

   $ 4,073,634,985 

   $ 

78,940,726 

   $ 1,157,545,820 

   $ 5,901,999,252 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2022 
Additions   
Disposals or retirements 
Transfers to assets subject to 

operating leases 

Impairment 

   $ 

Balance at December 31, 2022 

   $ 

Carrying amounts at December 31, 

- 
- 
- 

- 
- 

- 

   $  281,421,525 
33,911,674 

(225,637 )   

   $ 2,758,724,265 
368,684,999 
(29,073,004 )   

   $ 

   $ 

48,300,051 
8,506,391 
(1,659,184 )   

- 
- 
- 

   $ 3,088,445,841 
411,103,064 
(30,957,825 ) 

- 
- 

(40,266 )   

- 

- 
- 

- 
790,740 

(40,266 ) 
790,740 

   $  315,107,562 

   $ 3,098,295,994 

   $ 

55,147,258 

   $ 

790,740 

   $ 3,469,341,554 

2022 

Cost 

Balance at January 1, 2021 
Additions   
Disposals or retirements 
Transfers from assets subject to 

operating leases 

Transfers to assets subject to 

operating leases 

   $ 

3,212,000 

   $  273,558,159 

   $  975,338,991 

   $ 

23,793,468 

   $ 1,156,755,080 

   $ 2,432,657,698 

   $ 

3,212,000 
- 
- 

   $  485,468,808 
51,472,846 

(29,280 )   

   $ 3,449,111,312 
391,166,029 
(27,144,388 )   

   $ 

63,277,681 
8,187,623 
(153,243 )   

   $  220,142,047 
332,505,897 
- 

   $ 4,221,211,848 
783,332,395 
(27,326,911 ) 

- 

- 

- 

- 

1,443,590 

(244,579 )   

- 

- 

- 

- 

1,443,590 

(244,579 ) 

Balance at December 31, 2021 

   $ 

3,212,000 

   $  536,912,374 

   $ 3,814,331,964 

   $ 

71,312,061 

   $  552,647,944 

   $ 4,978,416,343 
(Continued) 

- 141 -

- 141 - 

 
 
 
 
 
   
   
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
 
    
 
    
 
    
 
    
    
 
    
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
 
    
 
    
 
    
 
    
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
    
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
    
 
    
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land 

Buildings 

Machinery and 
Equipment 

Office   
Equipment 

Equipment under 
Installation and 
Construction in 
Progress 

Total 

Accumulated depreciation   
    and impairment 

Balance at January 1, 2021 
Additions   
Disposals or retirements 
Transfers from assets subject to 

operating leases 

Transfers to assets subject to 

operating leases 

Impairment 

   $ 

Balance at December 31, 2021 

   $ 

Carrying amounts at December 31, 

- 
- 
- 

- 

- 
- 

- 

   $  249,513,714 
31,932,475 

(24,664 )   

   $ 2,420,657,989 
360,603,748 
(23,180,397 )   

   $ 

40,232,639 
8,219,832 
(152,420 )   

   $ 

- 

- 
- 

436,816 

(68,279 )   
274,388 

- 

- 
- 

   $  281,421,525 

   $ 2,758,724,265 

   $ 

48,300,051 

   $ 

- 
- 
- 

- 

- 
- 

- 

2021 

   $ 

3,212,000 

   $  255,490,849 

   $ 1,055,607,699 

   $ 

23,012,010 

   $  552,647,944 

   $ 2,710,404,342 
400,756,055 
(23,357,481 ) 

436,816 

(68,279 ) 
274,388 

   $ 3,088,445,841 

   $ 1,889,970,502 
(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 2022 and 2021, the Company recognized an impairment loss of NT$790,740 thousand 
and NT$274,388 thousand for certain machinery and equipment that were assessed to have no future use, and 
the recoverable amount of certain machinery and equipment was nil. Such impairment loss was recognized 
in other operating income and expenses. 

Information about capitalized interest is set out in Note 22. 

14.  LEASE ARRANGEMENTS   

a.  Right-of-use assets 

Carrying amounts 

Land 
Buildings 
Office equipment 

December 31, 
2022 

December 31, 
2021 

     $  38,121,835 
911,108 
18,484 

     $  29,525,788 
574,009 
23,255 

     $  39,051,427 

     $  30,123,052 

Years Ended December 31 

2022 

2021 

Additions to right-of-use assets 

     $  11,808,591 

     $  7,053,815 

Depreciation of right-of-use assets 

Land 
Buildings 
Office equipment 

     $  2,102,934 
365,167 
15,728 

     $  1,810,555 
203,006 
15,092 

     $  2,483,829 

     $  2,028,653 

- 142 -

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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 
Office equipment 

c.  Material terms of right-of-use assets 

December 31, 
2022 

December 31, 
2021 

     $  2,029,362 
       27,593,900 

     $  1,591,153 
       18,742,323 

     $  29,623,262 

     $  20,333,476 

December 31, 
2022 

December 31, 
2021 

0.39%-2.30% 
0.39%-1.76% 
0.28%-1.73% 

  0.39%-0.94% 
  0.39%-0.71% 
  0.28%-0.69% 

The Company leases land and buildings mainly for the use of plants and offices with lease terms of 1 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. 

d.  Other lease information 

Expenses relating to short-term leases   
Total cash outflow for leases 

15.  INTANGIBLE ASSETS 

Years Ended December 31 

2022 

2021 

     $  4,616,518 
     $  7,037,733 

     $  5,250,134 
     $  6,975,064 

Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2022 
Additions   
Disposals or retirements 

     $ 

1,567,756 
- 
- 

     $  23,483,138 
2,253,096 

     $  43,072,450 
4,815,294 

(29,991 )        

(66,261 )        

     $  11,465,356 
202,915 
- 

     $  79,588,700 
7,271,305 
(96,252 ) 

Balance at December 31, 2022 

     $ 

1,567,756 

     $  25,706,243 

     $  47,821,483 

     $  11,668,271 

     $  86,763,753 

Accumulated amortization and   
    impairment 

Balance at January 1, 2022 
Additions   
Disposals or retirements 

Balance at December 31, 2022 

Carrying amounts at December 31, 2022 

     $ 

     $ 

     $ 

- 
- 
- 

- 

     $  14,861,472 
2,793,540 

     $  33,599,582 
4,722,380 

     $ 

(11,351 )        

(66,261 )        

8,217,246 
1,191,041 
- 

     $  56,678,300 
8,706,961 
(77,612 ) 

     $  17,643,661 

     $  38,255,701 

     $ 

9,408,287 

     $  65,307,649 

1,567,756 

     $ 

8,062,582 

     $ 

9,565,782 

     $ 

2,259,984 

     $  21,456,104 

(Continued) 

- 143 -

- 143 - 

 
 
 
 
 
   
   
   
   
 
   
   
 
   
   
         
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
      
      
      
      
      
      
      
      
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
 
   
   
   
   
   
      
      
      
      
      
      
      
      
 
      
 
   
   
   
   
 
   
   
   
   
   
  Goodwill 

Technology 
License Fees 

Software and 
System Design 
Costs 

Patent and 
Others 

Total 

Cost 

Balance at January 1, 2021 
Additions   
Disposals or retirements 

     $ 

1,567,756 
- 
- 

     $  22,110,332 
1,372,806 
- 

     $  35,685,061 
7,686,449 
(299,060 )        

     $  11,245,851 
219,505 
- 

     $  70,609,000 
9,278,760 
(299,060 ) 

Balance at December 31, 2021 

     $ 

1,567,756 

     $  23,483,138 

     $  43,072,450 

     $  11,465,356 

     $  79,588,700 

Accumulated amortization and   
    impairment 

Balance at January 1, 2021 
Additions   
Disposals or retirements 

Balance at December 31, 2021 

Carrying amounts at December 31, 2021 

     $ 

     $ 

     $ 

- 
- 
- 

- 

     $  12,174,686 
2,686,786 
- 

     $  29,683,225 
4,214,190 
(297,833 )        

     $ 

7,017,492 
1,199,754 
- 

     $  48,875,403 
8,100,730 
(297,833 ) 

     $  14,861,472 

     $  33,599,582 

     $ 

8,217,246 

     $  56,678,300 

1,567,756 

     $ 

8,621,666 

     $ 

9,472,868 

     $ 

3,248,110 

     $  22,910,400 

(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  8.7%  and  8.0%  in  its  test  of  impairment  as  of  December  31,  2022  and  2021, 
respectively, to reflect the relevant specific risk in the cash-generating unit. 

For the years ended December 31, 2022 and 2021, the Company did not recognize any impairment loss on 
goodwill. 

16.  SHORT-TERM LOANS 

Unsecured loans 

Loan content 

EUR (in thousands) 
Annual interest rate 
Maturity date 

17.  BONDS PAYABLE 

Domestic unsecured bonds 
Less: Discounts on bonds payable 
Less: Current portion 

December 31, 
2021 

    $  114,921,333 

    $ 

3,652,935 
(0.73)%-0% 
Due by June 

2022 

December 31, 
2022 

December 31, 
2021 

    $  379,526,000 

(295,526)       
(18,100,000)       

    $  312,448,000 
(264,591) 
(4,400,000) 

    $  361,130,474 

    $  307,783,409 

- 144 -

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The major terms of domestic unsecured bonds are as follows: 

Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

NT$ unsecured 
    bonds 

101-3 

101-4 

102-1 

102-2 

102-4 

109-1 

109-2 

109-3 

109-4 

- 

C 

C 

B 

D 

E 

F 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

  October 2012 to 
October 2022 
  January 2013 to 
January 2023 
  February 2013 to 
February 2023 
  July 2013 to July 

2023 

  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 
  April 2020 to 
April 2030 
  May 2020 to May 

2025 

     $  4,400,000 

  1.53% 

  Bullet repayment; interest 

3,000,000 

  1.49% 

payable annually 
  The same as above 

3,600,000 

  1.50% 

  The same as above 

3,500,000 

  1.70% 

  The same as above 

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) 

5,400,000 

  2.05% 

  The same as above 

2,600,000 

  2.10% 

  Bullet repayment; interest 

3,000,000 

  0.58% 

payable annually 
  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 

  July 2020 to July 

6,300,000 

  0.65% 

2027 

  Two equal installments in 
last two years; interest 
payable annually 
  The same as above 

  July 2020 to July 

1,900,000 

  0.67% 

  The same as above 

2030 

(Continued) 

- 145 -

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Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

109-5 

109-6 

(Green bond) 

109-7 

110-1 

110-2 

110-3 

110-4 

110-6 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

A 

B 

C 

D 

A 

B 

  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 

  March 2021 to 
March 2026 
  March 2021 to 
March 2028 
  March 2021 to 
March 2031 
  May 2021 to May 

2026 

     $  4,800,000 

  0.50% 

8,000,000 

  0.58% 

  Two equal installments in 
last two years; interest 
payable annually 
  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 

4,800,000 

  0.50% 

  Bullet repayment; interest 

       11,400,000 

  0.55% 

payable annually 
  The same as above 

4,900,000 

  0.60% 

  The same as above 

5,200,000 

  0.50% 

  The same as above 

  May 2021 to May 

8,400,000 

  0.58% 

  The same as above 

2028 

  May 2021 to May 

5,600,000 

  0.65% 

  The same as above 

2031 

  June 2021 to June 

6,900,000 

  0.52% 

  The same as above 

2026 

  June 2021 to June 

7,900,000 

  0.58% 

  The same as above 

2028 

  June 2021 to June 

4,900,000 

  0.65% 

  The same as above 

2031 

  August 2021 to 
August 2025 
  August 2021 to 
August 2026 
  August 2021 to 
August 2028 
  August 2021 to 
August 2031 
  October 2021 to 
April 2026 
  October 2021 to 
October 2026 

4,000,000 

  0.485%    The same as above 

8,000,000 

  0.50% 

  The same as above 

5,400,000 

  0.55% 

  The same as above 

4,200,000 

  0.62% 

  The same as above 

3,200,000 

  0.535%    The same as above 

6,900,000 

  0.54% 

  The same as above 

(Continued) 

- 146 -

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Issuance 

  Tranche 

  Issuance Period 

  Total Amount   

Coupon 
Rate 

Repayment and   
Interest Payment 

110-6 

110-7 

111-1 

(Green bond) 

111-2 

111-3   

(Green bond) 

111-4   

(Green bond) 

111-5   

111-6   

(Green bond) 

C 

D 

A 

B 

C 

A 

B 

A 

B 

C 

- 

A 

B 

C 

D 

A 

B 

C 

D 

A 

B 

C 

  October 2021 to 
October 2028 
  October 2021 to 
October 2031 
  December 2021 to 
December 2026 
  December 2021 to 
June 2027 
  December 2021 to 
December 2028 

  January 2022 to 
January 2027 
  January 2022 to 
January 2029 
  March 2022 to 

September 2026 

  March 2022 to 
March 2027 
  March 2022 to 
March 2029 
  May 2022 to May 

2027 

     $  4,600,000 

  0.60% 

  Bullet repayment; interest 

1,600,000 

  0.62% 

payable annually 
  The same as above 

7,700,000 

  0.65% 

  The same as above 

3,500,000 

  0.675%    The same as above 

5,500,000 

  0.72% 

  The same as above 

2,100,000 

  0.63% 

  The same as above 

3,300,000 

  0.72% 

  The same as above 

3,000,000 

  0.84% 

  The same as above 

9,600,000 

  0.85% 

  The same as above 

1,600,000 

  0.90% 

  The same as above 

6,100,000 

  1.50% 

  The same as above 

  July 2022 to July 

1,200,000 

  1.60% 

  The same as above 

2026 

  July 2022 to July 

       10,100,000 

  1.70% 

  The same as above 

2027 

  July 2022 to July 

1,200,000 

  1.75% 

  The same as above 

2029 

  July 2022 to July 

1,400,000 

  1.95% 

  The same as above 

2032 

  August 2022 to 
June 2027 
  August 2022 to 
August 2027 
  August 2022 to 
August 2029 
  August 2022 to 
August 2032 
  October 2022 to 
October 2027 

  October 2022 to 
October 2029 
  October 2022 to 
October 2032 

2,000,000 

  1.65% 

  The same as above 

8,900,000 

  1.65% 

  The same as above 

2,200,000 

  1.65% 

  The same as above 

2,500,000 

  1.82% 

  The same as above 

5,700,000 

  1.75% 

  The same as above 

1,000,000 

  1.80% 

  The same as above 

3,500,000 

  2.00% 

  The same as above 

(Concluded) 

- 147 -

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Issuance 

  Tranche 

  Issuance Period 

Total Amount 
(US$   
in Thousands)   

Coupon 
Rate 

Repayment and   
Interest Payment 

US$ unsecured   
    bonds 

109-1 

110-5 

- 

- 

  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 

  September 2021 to 
September 2051 

1,000,000 

  3.10% 

  The same as above 

18.  RETIREMENT BENEFIT PLANS 

a.  Defined contribution plans 

The plan under the R.O.C. Labor Pension Act (the “Act”) is deemed a defined contribution plan. Pursuant 
to the Act, the Company has made monthly contributions equal to 6% of each employee’s monthly salary 
to  employees’  pension  accounts.  Accordingly,  the  Company  recognized  expenses  of  NT$3,663,757 
thousand and NT$3,028,282 thousand for the years ended December 31, 2022 and 2021, 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 

Years Ended December 31 

2022 

2021 

     $ 

     $ 

134,376 
74,265 
208,641 

145,289 
47,196 
192,485 

interest expense) 

Actuarial loss arising from experience adjustments 

(429,948) 
       1,413,760 

(73,298) 
94,278 
(Continued) 

- 148 -

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Actuarial loss arising from changes in demographic 

assumptions 

Actuarial gain arising from changes in financial assumptions 

Components of defined benefit costs recognized in other 

comprehensive income 

Total 

Years Ended December 31 

2022 

2021 

     $ 

- 
(160,752) 

     $ 

277,454 
(540,513) 

823,060 

(242,079) 

     $  1,031,701 

     $ 

(49,594) 
(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 

2022 

2021 

 $  135,125 
55,632 
15,129 
2,755 

 $  124,548 
52,801 
12,430 
2,706 

 $  208,641 

 $  192,485 

The amounts arising from the defined benefit obligation of the Company were as follows: 

December 31, 
2022 

December 31, 
2021 

Present value of defined benefit obligation 
Fair value of plan assets 

     $  17,483,951 

(8,162,860)        

    $  16,585,442 
(5,548,563) 

Net defined benefit liability 

     $  9,321,091 

     $  11,036,879 

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 

2022 

2021 

     $  16,585,442 
134,376 
120,791 

     $  16,980,277 
145,289 
66,664 

Actuarial loss arising from experience adjustments 
Actuarial loss arising from changes in demographic 

assumptions 

Actuarial gain arising from changes in financial assumptions 

Benefits paid from plan assets   
Benefits paid directly by the Company 

1,413,760 

94,278 

- 

(160,752)        
(585,343)        
(24,323)        

277,454 
(540,513) 
(431,817) 
(6,190) 

Balance, end of year 

     $  17,483,951 

     $  16,585,442 

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Movements in the fair value of the plan assets were as follows: 

Balance, beginning of year 
Interest income 
Remeasurement: 

Return on plan assets (excluding amounts included in net 

interest expense) 
Contributions from employer 
Benefits paid from plan assets 

Years Ended December 31 

2022 

2021 

     $  5,548,563 
46,526 

     $  5,066,203 
19,468 

429,948 
       2,723,166 
(585,343) 

73,298 
821,411 
(431,817) 

Balance, end of year 

     $  8,162,860 

     $  5,548,563 

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, 
2022 

December 31, 
2021 

     $  1,337,893 
       4,696,909 
       2,128,058 

     $  1,000,961 
       2,951,835 
       1,595,767 

     $  8,162,860 

     $  5,548,563 

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, 
2022 

December 31, 
2021 

1.80% 
4.00% 

0.75% 
3.00% 

Through the defined benefit plans under the R.O.C. Labor Standards Law, the Company is exposed to 
the following risks: 

1)  Investment risk: The pension funds are invested in equity and debt securities, bank deposits, etc. The 
investment  is  conducted  at  the  discretion  of  the  government’s  designated  authorities  or  under  the 
mandated management. However, under the R.O.C. Labor Standards Law, the rate of return on assets 
shall not be less than the average interest rate on a two-year time deposit published by the local banks 
and the government is responsible for any shortfall in the event that the rate of return is less than the 
required rate of return. 

2)  Interest risk: A decrease in the government bond interest rate will increase the present value of the 
defined benefit obligation; however, this will be partially offset by an increase in the return on the 
debt investments of the plan assets. 

Assuming a hypothetical decrease in interest rate at the end of the reporting period contributed to a 
decrease  of  0.5%  (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$766,692 thousand 
and NT$780,460 thousand as of December 31, 2022 and 2021, respectively. 

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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$746,933 thousand and NT$759,527 thousand as of December 31, 2022 and 2021, 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$2,832,093 thousand to the defined benefit plans in 
the next year starting from December 31, 2022. The weighted average duration of the defined benefit 
obligation is 9 years. 

19.  EQUITY 

a.  Capital stock 

Authorized shares (in thousands) 
Authorized capital 
Issued and paid shares (in thousands) 
Issued capital 

December 31, 
2022 

December 31, 
2021 

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. 

On March 1, 2022, the Company issued employee restricted stocks awards (RSAs) for its employees in a 
total of 1,387 thousand shares with a par value of NT$10 each. The aforementioned issuance of new 
shares was approved by the relevant authority and the registration has been completed. Refer to Note 26 
for the information on RSAs. 

On May 10, 2022, the Company’s Board of Directors resolved to cancel 1,387 thousand treasury shares. 
Refer to Note 19(e) for the information. 

As of the end of reporting period, 1,063,847 thousand ADSs of the Company were traded on the NYSE. 
The  number  of  common  shares  represented  by  the  ADSs  was  5,319,234  thousand  shares  (one  ADS 
represents five common shares). 

- 151 -

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b.  Capital surplus 

The categories of uses and the sources of capital surplus based on regulations were as follows: 

December 31, 
2022 

December 31, 
2021 

May be used to offset a deficit, distributed as   
    cash dividends, or transferred to share   
    capital 

Additional paid-in capital 
From merger 
From convertible bonds 
From difference between the consideration received and the 

carrying amount of the subsidiaries’ net assets during actual 
disposal 

Donations - donated by shareholders 

     $  24,183,645 
       22,803,291 
8,892,371 

     $  24,184,939 
       22,804,510 
8,892,847 

8,406,282 
11,275 

8,406,282 
11,275 

May only be used to offset a deficit 

From share of changes in equities of subsidiaries 
From share of changes in equities of associates 
Donations – unclaimed dividend 

May not be used for any purpose 

4,229,892 
311,863 
53,680 

113,952 
307,322 
40,475 

Employee restricted shares 

438,029 

- 

If such capital surplus is distributed as transferred to share capital, it is limited to a certain percentage of 
the Company’s paid-in capital each year. 

     $  69,330,328 

     $  64,761,602 

c.  Retained earnings and dividend policy 

The Company’s Articles of Incorporation provide 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. 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. 

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The legal capital 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. 

The appropriations of 2022, 2021 and 2020 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 2022 

of 2022 

  February 14,      November 8, 

2023 

2022 

of 2022 
August 9, 
2022 

of 2022 
May 10, 
2022 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $  17,166,163 
    $  71,308,546 
2.75 
    $ 

    $  (31,910,353)      $  (12,002,798)      $  (15,541,054) 
    $  71,308,546 
    $  71,308,546 
    $  71,308,547 
2.75 
    $ 
2.75 
    $ 
2.75 
    $ 

Resolution Date of the   
    Company’s Board of   
    Directors in its meeting 

of 2021 

of 2021 

of 2021 

  February 15,      November 9, 

  August 10, 

2022 

2021 

2021 

of 2021 
June 9, 
2021 

  Fourth Quarter    Third Quarter 

  Second Quarter    First Quarter 

Special capital reserve 
Cash dividends to shareholders 
Cash dividends per share (NT$) 

    $ 
3,304,303 
    $  71,308,546 
2.75 
    $ 

    $ 
710,169 
    $  71,308,547 
2.75 
    $ 

    $  10,201,220 
    $  71,308,546 
2.75 
    $ 

    $ 
(6,287,050) 
    $  71,308,546 
2.75 
    $ 

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 
    $  64,825,951 
2.5 
    $ 

    $  11,884,457 
    $  64,825,951 
2.5 
    $ 

    $ 
(2,694,841) 
    $  64,825,951 
2.5 
    $ 

The  special  capital  reserve  for  2022  is  to  be  presented  for  approval  in  the  Company’s  shareholders’ 
meeting to be held on June 6, 2023 (expected). 

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d.  Others 

Changes in others were as follows: 

Year Ended December 31, 2022 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

    $ (63,303,361 )      $ 

574,310 

    $ 

120,536 

    $ 

- 

    $ (62,608,515 ) 

    51,030,928 

- 

18,979 

(303,242 ) 

- 
- 
- 

(52,929 ) 
- 
- 

- 

    51,030,928 

- 

- 

-   

(451,899 )       
266,746 

18,979 

(303,242 ) 

(52,929 ) 
(451,899 ) 
266,746 

529,132 
- 

    (10,346,321 ) 

(79 )       

1,405,538 
6,036 

-   
- 

(8,411,651 ) 
5,957 

    $ (11,743,301 )      $ (10,056,353 )      $  1,479,181 

    $ 

(185,153 )      $ (20,505,626 ) 

Year Ended December 31, 2021 

Foreign 
Currency 
Translation 
Reserve 

Unrealized 
Gain (Loss) on 
Financial 
Assets at 
FVTOCI 

Gain (Loss) on 
Hedging 
Instruments 

Unearned 
Stock-Based 
Employee 
Compensation 

Total 

    $ (57,001,627 )      $  2,321,754 

    $ 

- 

    $ 

- 

    $ (54,679,873 ) 

(6,182,507 ) 

- 

170,127 

(187,654 ) 

- 

- 

(41,416 ) 

48,469 

- 

- 

- 

-   

-   

-   
- 

(6,182,507 ) 

170,127 

(187,654 ) 

(41,416 ) 

48,469 

(1,679,441 ) 
(56,220 ) 

(119,227 ) 
- 

(1,673,697 ) 

(56,220 )       

113,483 
- 

    $ (63,303,361 )      $ 

574,310 

    $ 

120,536 

    $ 

- 

    $ (62,608,515 ) 

- 

- 

- 
- 
- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

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 

Transferred to initial carrying amount of 

hedged items 
Issuance of shares 
Share-based payment expenses recognized 
Share of other comprehensive income (loss) 

of subsidiaries and associates 

Income tax effect 

Balance, end of year 

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 

Income tax effect 

Balance, end of year 

The  aforementioned  other  equity  includes  the  changes  in  other  equities  of  the  Company  and  the 
Company’s share of its subsidiaries and associates. 

e.  Treasury stock 

For the Company’s shareholders’ interests, the Company’s Board of Directors approved a share buyback 
program on February 15, 2022 to repurchase 1,387 thousand shares. The Company has completed this 
share  buyback  program  during  the  first  quarter  of  2022.  On  May  10,  2022,  the  Company’s  Board  of 
Directors resolved to cancel the 1,387 thousand shares and set May 10, 2022 as the record date for capital 
reduction. The registration for share cancellation was completed on May 20, 2022. 

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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 

2022 

2021 

    $ 1,989,174,117      $ 1,402,118,668 
172,627,213 

263,146,444       

    $ 2,252,320,561      $ 1,574,745,881 

Years Ended December 31 

2022 

2021 

    $  210,470,783      $  203,963,760 
      1,488,848,778        1,011,932,438 
164,552,063 
89,010,064 
71,920,856 
33,366,700 

245,168,746       
123,767,140       
119,099,336       
64,965,778       

    $ 2,252,320,561      $ 1,574,745,881 

The  Company  categorized  the  net  revenue  mainly  based  on  the  countries  where  the  customers  are 
headquartered. 

      Platform 

High Performance Computing 
Smartphone 
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 

Wafer revenue 

- 155 -

- 155 - 

Years Ended December 31 

2022 

2021 

    $  927,459,536      $  582,854,806 
689,533,461 
132,006,238 
66,624,542 
55,190,318 
48,536,516 

884,505,210       
194,878,453       
115,678,391       
56,317,962       
73,481,009       

    $ 2,252,320,561      $ 1,574,745,881 

Years Ended December 31 

2022 

2021 

    $  503,914,841      $  261,623,571 
439,070,618 
656,748 
190,667,571 
5,650,015 
152,807,948 
103,286,953 
66,373,107 
32,234,476 
40,454,036 
86,589,003 
22,704,622 

536,730,486       
24,775       
258,793,242       
8,848,885       
206,578,337       
145,748,015       
93,292,327       
40,280,729       
57,915,290       
110,631,548       
26,415,642       

    $ 1,989,174,117      $ 1,402,118,668 

 
 
 
 
 
 
 
 
   
   
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
 
   
   
         
 
 
 
 
 
 
 
   
   
     
     
     
     
     
 
   
   
         
 
 
 
 
 
 
   
   
     
     
     
     
     
     
     
     
     
     
     
   
   
b.  Contract balances 

December 31, 
2022 

December 31, 
2021 

January 1, 
2021 

Contract liabilities (classified under accrued 
expenses and other current liabilities) 

   $  62,380,554 

     $  33,951,838 

   $  9,365,661 

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$33,365,181 thousand and NT$8,737,297 thousand for the years ended December 31, 2022 and 2021, 
respectively. 

c.  Temporary receipts from customers 

Current portion (classified under accrued expenses and other 

current liabilities) 

Noncurrent portion (classified under other noncurrent liabilities) 

December 31, 
2022 

December 31, 
2021 

  $  107,723,580 

  $  30,612,702 
168,399,207        155,381,485 

    $  276,122,787      $  185,994,187 

The Company’s temporary receipts from customer are payments made by customers to the Company to 
retain  the  Company’s  capacity.  When  the  terms  and  conditions  set  forth  in  the  agreements  are 
subsequently satisfied, the treatment of temporary receipts, either by refund or by accounts receivable 
offsetting, will be determined by mutual consent. 

d.  Refund liabilities 

Estimated sales returns and other allowances is made and adjusted based on historical experience and the 
consideration  of  varying  contractual  terms.  As  of  December  31,  2022  and  2021,  the  aforementioned 
refund liabilities amounted to NT$50,980,669 thousand and NT$39,493,180 thousand (classified under 
accrued expenses and other current liabilities), respectively. 

21.  INTEREST INCOME 

Interest income 
Bank deposits 
Financial assets at amortized cost 

Years Ended December 31 

2022 

2021 

     $  5,644,170 
313,694 

     $ 

927,754 
- 

     $  5,957,864 

     $ 

927,754 

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22.  FINANCE COSTS 

Interest expense 

Years Ended December 31 

2022 

2021 

Corporate bonds 
Lease liabilities 
Bank loans 
Others 
Less: Capitalized interest under property, plant and equipment 

     $  3,888,669 
231,037 
279 
1,228 
(880,807) 

     $  2,368,729 
156,117 
9,854 
21 
- 

     $  3,240,406 

     $  2,534,721 

Information about capitalized interest is as follows: 

Capitalization rate 

23.  OTHER GAINS AND LOSSES, NET 

Gain (loss) on financial instruments at FVTPL, net 

Mandatorily measured at FVTPL 

The accrual of expected credit loss of financial assets 

Financial assets at amortized cost 

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 
Investment tax credits 

Years Ended 
December 31, 
2022 

 0.72%-1.20% 

Years Ended December 31 

2022 

2021 

     $  2,518,506 

     $ (10,091,171) 

(10,341)        
545,116 

- 
257,813 

     $  3,053,281 

     $  (9,833,358) 

Years Ended December 31 

2022 

2021 

    $  144,561,484 

(489,638)       
205,529 
      144,277,375 

    $  86,705,704 
160,565 
151,344 
87,017,613 

(24,810,515)       
4,676,707 
(20,133,808)       

(17,433,690) 
(5,621,745) 
(23,055,435) 

Income tax expense recognized in profit or loss 

    $  124,143,567 

    $  63,962,178 

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A reconciliation of income before income tax and income tax expense recognized in profit or loss was as 
follows: 

Years Ended December 31 

2022 

2021 

Income before tax   

    $  1,140,673,816      $  660,502,191 

Income tax expense at the statutory rate   
Tax effect of adjusting items: 

Nondeductible items in determining taxable income 
Tax-exempt income 

Additional income tax under the Alternative Minimum Tax Act 
The origination and reversal of temporary differences 
Income tax credits 

Income tax adjustments on prior years 
Other income tax adjustments 

    $  228,134,763      $  132,100,438 

12,804,635       
(157,955,934)      
61,578,020       
(24,810,515)      
4,676,707       
124,427,676       
(489,638)      
205,529       

11,605,518 
(89,852,940) 
32,852,688 
(17,433,690) 
(5,621,745) 
63,650,269 
160,565 
151,344 

Income tax expense recognized in profit or loss 

    $  124,143,567      $ 

63,962,178 

For the years ended December 31, 2022 and 2021, the Company applied a tax rate of 20% subject to the 
R.O.C. Income Tax Law. 

b.  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 
Unrealized exchange losses 
Unrealized loss on inventories 
Net defined benefit liability 
Investment tax credits 
Investments in equity instruments at FVTOCI 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains   
Others 

December 31, 
2022 

December 31, 
2021 

     $  44,989,153 
       12,002,094 
5,779,739 
2,260,011 
1,722,005 
945,038 
10,021 

     $  34,146,437 
5,903,698 
- 
861,924 
1,237,086 
5,621,745 
10,100 

     $  67,708,061 

     $  47,780,990 

     $ 

- 

     $ 
(908,273)        

(706,311) 
(1,142,655) 

     $ 

(908,273)       $  (1,848,966) 

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Year Ended December 31, 2022 
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 
Unrealized exchange losses 
Unrealized loss on inventories       
Net defined benefit liability 
Investment tax credits 
Investments in equity 

     $  34,146,437 
5,903,698 
- 
861,924 
1,237,086 
5,621,745 

instruments at FVTOCI 

10,100 

     $ 

     $  10,842,716 
6,098,396 
5,779,739 
1,398,087 
(249,116) 
(4,676,707) 

- 
- 
- 
- 
734,035 
- 

     $  44,989,153 
       12,002,094 
5,779,739 
2,260,011 
1,722,005 
945,038 

- 

(79) 

10,021 

     $  47,780,990 

     $  19,193,115 

     $ 

733,956 

     $  67,708,061 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

     $ 

(706,311) 
(1,142,655) 

     $ 

706,311 
234,382 

     $ 

     $  (1,848,966) 

     $ 

940,693 

     $ 

- 
- 

- 

     $ 

- 
(908,273) 

     $ 

(908,273) 

Year Ended December 31, 2021 
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 
Investment tax credits 
Net defined benefit liability 
Unrealized loss on inventories       
Investments in equity 

     $  18,723,852 
3,719,427 
- 
1,341,960 
826,666 

instruments at FVTOCI 

66,320 

     $ 

     $  15,422,585 
2,184,271 
5,621,745 
(75,825) 
35,258 

- 
- 
- 
(29,049) 
- 

     $  34,146,437 
5,903,698 
5,621,745 
1,237,086 
861,924 

- 

(56,220) 

10,100 

     $  24,678,225 

     $  23,188,034 

     $ 

(85,269) 

     $  47,780,990 

Deferred income tax liabilities 

Temporary differences 

Unrealized exchange gains 
Others 

     $ 

(866,452) 
(849,915) 

     $ 

160,141 
(292,740) 

     $ 

     $  (1,716,367) 

     $ 

(132,599) 

     $ 

- 
- 

- 

     $ 

(706,311) 
(1,142,655) 

     $  (1,848,966) 

c.  The deductible temporary differences for which no deferred income tax assets have been recognized 

As of December 31, 2022 and 2021, the aggregate deductible temporary differences for which no deferred 
income  tax  assets  have  been  recognized  amounted  to  NT$26,790,935  thousand  and  NT$66,431,255 
thousand, respectively. 

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d.  Unused tax-exemption information 

As of the end of reporting period, the profits generated from the following project of the Company are 
exempt from income tax for a five-year period: 

Construction and expansion of 2009 

  Tax-exemption Period 

2018 to 2022 

e.  The information of unrecognized deferred income tax liabilities associated with investments 

As  of  December  31,  2022  and  2021,  the  aggregate  taxable  temporary  differences  associated  with 
investments 
liabilities  amounted  to 
income 
NT$222,682,649 thousand and NT$177,552,831 thousand, respectively. 

in  subsidiaries  not  recognized  as  deferred 

tax 

f.  Income tax examination 

The tax authorities have examined income tax returns of the Company through 2020. 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: 

Basic EPS 

Net income available to common shareholders 
Weighted average number of common shares outstanding used in 

the computation of basic EPS (in thousands) 

Basic EPS (in dollars) 

Diluted EPS 

Years Ended December 31 

2022 

2021 

 $  39.20 
 $  39.20 

 $  23.01 
 $  23.01 

Years Ended December 31 

2022 

2021 

    $ 1,016,530,249      $  596,540,013 

25,929,190       

    $ 

39.20      $ 

25,930,380 
23.01 

Net income available to common shareholders 
Weighted average number of common shares outstanding used in 

the computation of basic EPS (in thousands) 

Effects of all dilutive potential common shares (in thousands) 
Weighted average number of common shares used in the 

computation of diluted EPS (in thousands) 

Diluted EPS (in dollars) 

    $ 1,016,530,249      $  596,540,013 

25,929,190       
193       

25,930,380 
- 

25,929,383       

    $ 

39.20      $ 

25,930,380 
23.01 

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26.  SHARE-BASED PAYMENT ARRANGEMENTS 

a.  Equity-settled share-based payment- RSAs 

The RSAs in each year are as follows:   

Resolution Date of the Company’s 

shareholders in its meeting 

2022 RSAs   

2021 RSAs   

June 8, 2022 

July 26, 2021 

Resolution Date of the Company’s Board 

February 14, 2023 

February 15, 2022 

of Directors in its meeting 
Issuance of stocks (in thousands) 
Eligible employees 

Grant date / Issuance date 

2,110 
  Executive officers and non- 

1,387 
Executive officers 

executive officers 
March 1, 2023 

March 1, 2022 

Vesting conditions of the aforementioned arrangement are as follow: 

1)  The RSAs granted to eligible employees can only be vested if 

 

the  employee  remains  employed  by  the  Company  or  the  subsidiaries  on  the  last  date  of  each 
vesting period; 

  during the vesting period, the employee may not breach any agreement with the Company or the 

subsidiaries or violate the Company’s work rules; and   

  certain  employee  performance  metrics  and  the  Company’s  or  the  subsidiaries’  business 

performance metrics are met. 

2)  The  maximum  percentage  of  granted  RSAs  that  may  be  vested  each  year  shall  be  as  follows: 
one-year  anniversary  of  the  grant:  50%;  two-year  anniversary  of  the  grant:  25%;  and  three-year 
anniversary of the grant: 25%; provided that the actual percentage and number of the RSAs to be 
vested  in  each  year  will  be  calculated  based  on  the  achievement  of  the  Company’s  business 
performance metrics. 

3)  For eligible executive officers of the Company: The maximum number of RSAs that may be vested 
in each year will be set as 110%, among which 100% will be subject to a calculation based on the 
Company’s  relative  Total  Shareholder  Return  (”TSR”,  including  capital  gains  and  dividends) 
achievement to determine the number of RSAs to be vested; this number will be further subject to a 
modifier  to  increase  or  decrease  up  to  10%  based  on  the  Compensation  Committee’s  (rename  to 
Compensation  and  People  Development  Committee  from  February  14,  2023)  evaluation  of  the 
Company’s Environmental, Social, and Governance (”ESG”) achievements. The number of shares so 
calculated should be rounded down to the nearest integral. 

The Company’s TSR relative to the   
TSR of S&P 500 IT Index 

Above the Index by X percentage points 
Equal to the Index 
Below the Index by X percentage points 

Ratio of Shares to be Vested 

50% + X * 2.5%, with the maximum of 100% 

50% - X * 2.5%, with the minimum of 0% 

50% 

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4)  For  eligible  employees  who  are  not  executive  officers  of  the  Company  and  the  subsidiaries:  The 
number of RSAs to be vested in each year will be calculated in accordance with the below table based 
on the Company’s audited consolidated financial statements for the year prior to the vesting year. The 
number of shares so calculated should be rounded down to the nearest integral. 

Revenue Growth Rate   
Gross Margin 
Return on Equity 

Threshold  Target  Weight 
15% 
53% 
25% 

10% 
50% 
20% 

1/3  ＜  Threshold: 0 % 
1/3  ＝  Threshold: 50% 
1/3  ≧  Target: 100% 

Ratio of Shares to be Vested 

Between threshold and target: as 
calculated by interpolation 
method 

5)  Restrictions imposed on the employees’ rights in the RSAs before the vesting conditions are fulfilled: 

  During each vesting period, no employee granted RSAs, except for inheritance, may sell, pledge, 
transfer, give to another person, create any encumbrance on, or otherwise dispose of, any shares 
under the unvested RSAs. 

  Before the vesting conditions are fulfilled, the attendance, proposal rights, speech rights, voting 
rights and etc. shall be exercised by the engaged trustee/custodian on the employee’s behalf. Any 
other shareholder rights including but not limited to the entitlement to any distribution regarding 
dividends, bonuses and capital reserve, and the subscription right of the new shares issued for any 
capital increase, are the same as those of holders of common shares of the Company. 

6)  Details of granted 2021 RSAs are as follows: 

Balance, beginning of year 
Issuance of stocks 

Balance, end of year 

Weighted-average fair value of RSAs (in dollars) 

2021 RSAs 
Number of 
Stocks 
(In Thousands) 

- 
1,387 

1,387 

 $  325.81 

The 2021 RSAs is measured at fair value at grant date by using the binominal tree approach. Relevant 
information is as follows: 

Stock price at grant date (in dollars) 
Expected price volatility 
Expected option life 
Risk-free interest rate 

2021 RSAs 
  March 1, 2022 

    $ 
604 
  25.34%-28.28% 
1-3 years 
0.57% 

Refer to Note 27 for the compensation costs of the 2021 RSAs recognized by the Company. 

On February 14, 2023, the Company’s Board of Directors approved the issuance of RSAs for year 
2023 of no more than 6,249 thousand common shares. The grants will be made free of charge. The 
actual number of shares to be issued will be resolved by the Board of Directors after the RSAs is 
approved at the shareholders' meeting and by the competent authority. 

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b.  Cash-settled share-based payment arrangements 

The cash-settled share-based payment arrangements in each year are as follows: 

2022 Plan 

2021 Plan 

Resolution Date of the Company’s Board 

February 14, 2023 

February 15, 2022 

of Directors in its meeting 

Issuance of units (in thousands) (Note) 
Grant date 

400 
March 1, 2023 

236 
March 1, 2022 

Note:  One unit of the right represents a right to the market value of one the Company’s common share 

when vested. 

The vesting conditions and the ratio of units to be vested for key management personnel of the plan are 
the same as the aforementioned 2021 RSAs. 

The fair value of compensation costs for the cash-settled share-based payment was measured by using 
binominal  tree  approach  and  will  be  measured  at  each  reporting  period  until  settlement.  Relevant 
information is as follows: 

Stock price at measurement date (in dollars) 
Expected price volatility 
Expected option life 
Risk-free interest rate 

Years Ended 
December 31, 
2022 
2021 Plan 

     $ 
     28.80%-32.19% 

451 

1-3 years 
1.09% 

Refer to Note 27 for the compensation costs of the cash-settled share-based payment recognized by the 
Company. The liabilities under cash-settled share-based payment arrangement amounted to NT$30,757 
thousand as of the end of reporting period.   

27.  ADDITIONAL INFORMATION OF EXPENSES BY NATURE 

Years Ended December 31 

2022 

2021 

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 

    $  385,647,215 
27,939,678 
8,189 

    $  375,608,062 
27,176,646 
146,549 

b.  Amortization of intangible assets 

Recognized in cost of revenue 
Recognized in operating expenses 

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- 163 - 

    $  413,595,082 

    $  402,931,257 

    $ 

6,069,729 
2,637,232 

    $ 

5,510,463 
2,590,267 

    $ 

8,706,961 

    $ 

8,100,730 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
      
 
 
 
 
 
 
 
 
 
 
   
   
 
 
 
 
 
   
   
     
     
     
     
 
   
   
         
 
   
   
   
   
 
   
   
     
     
 
   
   
         
c.  Employee benefits expenses 

Post-employment benefits 

Defined contribution plans 
Defined benefit plans 

Share-based payments 

Equity-settled 
Cash-settled 

Years Ended December 31 

2022 

2021 

    $ 

    $ 

3,663,757 
208,641 
3,872,398 

3,028,282 
192,485 
3,220,767 

266,746 
32,704 
299,450 

- 
- 
- 

Other employee benefits 

      209,410,863 

      143,894,842 

Employee benefits expense summarized by function 

Recognized in cost of revenue 
Recognized in operating expenses 

    $  213,582,711 

    $  147,115,609 

    $  128,714,551 
84,868,160 

    $  90,226,056 
56,889,553 

    $  213,582,711 

    $  147,115,609 

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 

     $  60,702,047 

     $  35,601,449 

The Company’s profit sharing bonus to employees and compensation to directors for 2022, 2021 and 2020 
had been approved by the Board of Directors of the Company, as illustrated below: 

Years Ended December 31 

2022 

2021 

Resolution Date of the Company’s Board of 

Directors in its meeting 

2022 

Years Ended December 31 
2021 
  February 14,      February 15,      February 9,   
2022 

2020 

2021 

2023 

Profit sharing bonus to employees 
Compensation to directors 

     $  60,702,047 
     $ 
690,128 

     $  35,601,449 
     $ 
487,537 

     $  34,753,184 
509,753 
     $ 

There is no significant difference between the aforementioned approved amounts and the amounts charged 
against earnings of 2022, 2021 and 2020, respectively. 

The  information  about  the  appropriations  of  the  Company’s  profit  sharing  bonus  to  employees  and 
compensation to directors is available at the Market Observation Post System website. 

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28.  CASH FLOW INFORMATION 

a.  Non-cash transactions 

Additions of property, plant and equipment 
Exchange of assets 
Changes in payables to contractors and equipment suppliers 
Transferred to initial carrying amount of hedged items 
Capitalized interests 

Years Ended December 31 

2022 

2021 

    $  956,066,006 

(275,564)       
(57,334,833)       

    $  783,332,395 
(3,256,517) 
13,292,746 
(41,416) 
- 

- 

(880,807)       

Payments for acquisition of property, plant and equipment 

    $  897,574,802 

    $  793,327,208 

Additions of intangible assets 
Changes in accrued expenses and other current liabilities 

    $ 

7,271,305 
(591,434)       

    $ 

9,278,760 
(280,676) 

Payments for acquisition of intangible assets 

    $ 

6,679,871 

    $ 

8,998,084 

b.  Reconciliation of liabilities arising from financing activities 

Balance as of 
January 1, 2022 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2022 

Non-cash Changes 

Short-term loans 
Bonds payable 
Lease liabilities 

    $  114,921,333 
      312,183,409 
20,333,476 

    $ (111,959,992 ) 
60,930,472 
(2,076,495 ) 

    $ 

(2,372,053 ) 
6,071,821 
- 

    $ 

- 
- 
11,135,244 

    $ 

(589,288 ) 
44,772 
231,037 

    $ 
- 
      379,230,474 
29,623,262 

Total 

    $  447,438,218 

    $  (53,106,015 ) 

    $ 

3,699,768 

    $  11,135,244 

    $ 

(313,479 ) 

    $  408,853,736 

Balance as of 
January 1, 2021 

Financing Cash 
Flow 

Foreign 
Exchange 
Movement 

Leases 
Modifications 

Other Changes 
(Note) 

Balance as of 
December 31, 
2021 

Non-cash Changes 

Short-term loans 
Bonds payable 
Lease liabilities 

    $  175,659,726 
      173,050,745 
19,859,208 

    $  (50,538,933 ) 
      139,571,843 
(1,622,246 ) 

    $ 

(9,670,786 ) 
(466,391 ) 
- 

    $ 

- 
- 
1,940,397 

    $ 

(528,674 ) 
27,212 
156,117 

    $  114,921,333 
      312,183,409 
20,333,476 

Total 

    $  368,569,679 

    $  87,410,664 

    $  (10,137,177 ) 

    $ 

1,940,397 

    $ 

(345,345 ) 

    $  447,438,218 

Note:  Other changes include discounts on short-term loans, amortization of bonds payable and financial cost of lease liabilities. 

29.  CAPITAL MANAGEMENT 

The Company requires significant amounts of capital to build and expand its production facilities and acquire 
additional  equipment.  In  consideration  of  the  industry  dynamics,  the  Company  manages  its  capital  in  a 
manner to ensure that it has sufficient and necessary financial resources to fund its working capital needs, 
capital expenditures, research and development activities, dividend payments, debt service requirements and 
other business requirements associated with its existing operations over the next 12 months. 

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30.  FINANCIAL INSTRUMENTS 

a.  Categories of financial instruments 

Financial assets 

FVTPL (Note 1) 
FVTOCI (Note 2) 
Amortized cost (Note 3) 

Financial liabilities 
FVTPL (Note 4) 
Amortized cost (Note 5) 

  December 31, 
2022 

December 31, 
2021 

    $ 

552,255      $ 
8,340,347       
903,070,406       

145,280 
5,198,309 
586,299,180 

    $  911,963,008      $  591,642,769 

    $ 
636,472 
      1,161,623,982        1,026,450,717 

17,468      $ 

    $ 1,161,641,450      $ 1,027,087,189 

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,  refundable  deposits,  and  temporary 
payments (classified under other current assets and other noncurrent assets). 

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, guarantee deposits and other noncurrent liabilities. 

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 the Audit Committees (rename to Audit and 
Risk  Committee  from  February  14,  2023)  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 

Substantially the Company’s sales is 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, Japanese yen and Euros. 
As a result, any significant fluctuations to its disadvantage in the exchanges rate of NT dollar against such 
currencies, in particular a weakening of U.S. dollar against NT dollars, would have an adverse impact on 

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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, 2022 and 2021, a hypothetical adverse foreign currency exchange rate change 
of 10% would have decreased its net income by NT$1,649,664 thousand and NT$1,196,014 thousand, 
respectively, after taking into account hedges and offsetting positions. 

Interest rate risk 

The Company is exposed to interest rate risks primarily in relation 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 or 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, 2022 and 2021, the other comprehensive income would have 
decreased by NT$89,297 thousand and NT$87,841 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, 2022 and 2021, the Company’s ten largest customers accounted for 69% and 67% 
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. 

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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 

0-0.09% 

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, 2022, the expected credit loss increased NT$10,341 thousand. The 
changes were mainly due to increased investment amount and adjusted investment portfolio. 

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 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, 2022 

Non-derivative financial liabilities 

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) 
(Note) 

Others 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

    $ 

58,783,586 

    $ 

- 

    $ 

- 

    $ 

- 

    $ 

58,783,586 

200,046,018 

202,361,596 
22,247,420 

- 

- 

- 

200,046,018 

- 
39,372,048 

- 
160,243,071 

- 
228,241,509 

202,361,596 
450,104,048 

2,356,314 
- 
485,794,934 

4,358,739 
166,266,719 
209,997,506 

4,163,558 
10,518,481 
174,925,110 

21,795,680 
783,181 
250,820,370 

32,674,291 
177,568,381 
      1,121,537,920 

74,107,091 
(74,837,641 )       
(730,550 )       

- 
- 
- 

- 
- 
- 

- 
- 
- 

74,107,091 
(74,837,641 ) 
(730,550 ) 

    $  485,064,384 

    $  209,997,506 

    $  174,925,110 

    $  250,820,370 

    $ 1,120,807,370 
(Continued) 

- 168 -

- 168 - 

 
 
 
 
 
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
   
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
         
     
     
     
     
 
   
   
   
   
   
   
   
   
   
   
 
   
   
   
   
   
   
   
   
   
   
     
     
     
     
     
     
     
     
     
         
     
     
     
     
 
   
   
   
   
   
                 
 
 
December 31, 2021 

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) 
(Note) 

Others 

Derivative financial instruments 

Forward exchange contracts 

Outflows 
Inflows 

Less Than   
1 Year 

1-3 Years 

3-5 Years 

More Than 
5 Years 

Total 

    $  114,767,034 

    $ 

- 

    $ 

- 

    $ 

- 

    $  114,767,034 

48,892,095 

136,212,285 

105,867,008 
7,705,092 

- 

- 

- 

- 

- 

- 

- 
31,050,325 

- 
87,631,487 

- 
248,960,671 

48,892,095 

136,212,285 

105,867,008 
375,347,575 

1,740,990 
- 
415,184,504 

3,129,411 
164,991,929 
199,171,665 

2,868,048 
- 
90,499,535 

13,739,223 
- 
262,699,894 

21,477,672 
164,991,929 
967,555,598 

132,106,866 
(132,001,910 )       
104,956 

- 
- 
- 

- 
- 
- 

- 
- 
- 

132,106,866 
(132,001,910 ) 
104,956 

    $  415,289,460 

    $  199,171,665 

    $ 

90,499,535 

    $  262,699,894 

    $  967,660,554 
(Concluded) 

Note: 

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, 2022 

Lease liabilities 

     $ 

9,497,599 

     $ 

7,291,192 

     $ 

4,222,404 

     $ 

784,485 

     $  21,795,680 

December 31, 2021 

Lease liabilities 

     $ 

6,665,672 

     $ 

4,994,134 

     $ 

1,959,928 

     $ 

119,489 

     $  13,739,223 

f.  Fair value of financial instruments 

1)  Fair value measurements recognized in the parent company only balance sheets 

Fair value measurements are grouped into Levels 1 to 3 based on the degree to which the fair value 
is observable: 

  Level  1  fair  value  measurements  are  those  derived  from  quoted  prices  (unadjusted)  in  active 

markets for identical assets or liabilities; 

  Level 2 fair value measurements are those derived from inputs other than quoted prices included 
within  Level  1  that  are  observable  for  the  asset  or  liability,  either  directly  (i.e.  as  prices)  or 
indirectly (i.e. derived from prices); and 

  Level 3 fair value measurements are those derived from valuation techniques that include inputs 
for the asset or liability that are not based on observable market data (unobservable inputs). 

- 169 -

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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, 2022 
Level 3 

Total 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in equity instruments 

     $ 

552,255 

     $ 

- 

     $ 

552,255 

Non-publicly traded equity investments       $ 

- 
       7,325,606 

     $  1,014,741 
- 

     $  1,014,741 
       7,325,606 

     $  7,325,606 

     $  1,014,741 

     $  8,340,347 

Notes and accounts receivable, net 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

     $ 

17,468 

     $ 

- 

     $ 

17,468 

Level 2 

December 31, 2021 
Level 3 

Total 

Financial assets at FVTPL 

Mandatorily measured at FVTPL 
Forward exchange contracts   

Financial assets at FVTOCI 

Investments in equity instruments 

     $ 

145,280 

     $ 

- 

     $ 

145,280 

Non-publicly traded equity investments       $ 

- 
       4,199,909 

     $ 

998,400 
- 

     $ 
998,400 
       4,199,909 

     $  4,199,909 

     $ 

998,400 

     $  5,198,309 

Notes and accounts receivable, net 

Financial liabilities at FVTPL 

Held for trading 

Forward exchange contracts 

     $ 

636,472 

     $ 

- 

     $ 

636,472 

- 170 -

- 170 - 

 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
      
 
   
   
   
         
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
      
 
   
   
   
         
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
 
 
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, 2022 and 2021 were as follows: 

Years Ended December 31 

2022 

2021 

Balance, beginning of year 
Recognized in other comprehensive income 
Disposals and proceeds from return of capital of investments        

     $ 

998,400 
18,979 
(2,638) 

     $ 

834,830 
170,127 
(6,557) 

Balance, end of year 

     $  1,014,741 

     $ 

998,400 

Valuation techniques and assumptions used in Level 2 fair value measurement 

The fair values of financial assets and financial liabilities are determined as follows: 

  Forward  exchange  contracts  are  measured  using  forward  exchange  rates  and  discount  rates 

derived from quoted market prices.   

  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 be measured at fair value: 

Financial assets 

Financial assets at amortized costs 

Commercial paper 

- 171 -

- 171 - 

December 31, 2022 

Carrying 
Amount 

Level 2 
Fair Value 

    $  48,732,476 

    $  48,882,028 

(Continued) 

 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

Financial liabilities 

Financial liabilities at amortized costs 

Bonds payable 

December 31, 2022 

Carrying 
Amount 

Level 2 
Fair Value 

    $  379,230,474 

    $  349,956,767 

(Concluded) 

December 31, 2021 

Carrying 
Amount 

Level 2 
Fair Value 

    $  312,183,409 

    $  310,632,379 

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.   

The fair value of commercial paper is determined by the present value of future cash flows based on 
the discounted curves that are derived from the quoted market prices. 

31.  RELATED PARTY TRANSACTIONS 

The significant transactions between the Company and its related parties, other than those disclosed in other 
notes, are summarized as follows: 

a.  Related party name and categories 

Related Party Name 

Related Party Categories 

  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 
  Subsidiaries 

TSMC China 
TSMC Nanjing 
TSMC Arizona 
VisEra Tech 
TSMC North America 
TSMC Europe 
TSMC JDC 
TSMC 3DIC 
JASM 
TSMC Japan 
TSMC Korea 
TSMC Design Technology Canada Inc. (TSMC Canada)    Indirect Subsidiaries 
  Indirect Subsidiaries 
TSMC Technology, Inc. (TSMC Technology) 
  Indirect Subsidiaries 
WaferTech, LLC (WaferTech) 
  Associates 
GUC 
  Associates 
VIS 
  Associates 
SSMC 
  Associates 
Xintec 

- 172 -

- 172 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
 
 
 
 
 
   
b.  Net revenue 

Years Ended December 31 

2022 

2021 

Item 

  Related Party Name/Categories    

Net revenue from sale of goods    TSMC North America 

  Associates 
  Other subsidiaries 

    $ 1,538,849,403      $ 1,040,985,786 
5,898,780 
110,849 

11,356,410       
187,169       

    $ 1,550,392,982      $ 1,046,995,415 

Net revenue from royalties 

  Subsidiaries 
  Associates 

    $ 

13      $ 

266,952       

243 
223,196 

c.  Purchases 

Related Party Categories 

Subsidiaries 
Associates 

d.  Receivables from related parties 

    $ 

266,965      $ 

223,439 

Years Ended December 31 

2022 

2021 

     $  81,923,311 
6,422,831 

     $  56,134,681 
7,569,787 

     $  88,346,142 

     $  63,704,468 

  December 31, 
2022 

December 31, 
2021 

Item 

  Related Party Name/Categories    

Receivables from related   

parties 

  TSMC North America 
  Associates 
  Other subsidiaries 

    $  171,738,863 
1,300,302 
5,647 

    $  137,956,681 
391,647 
4,046 

Other receivables from related      TSMC North America 

    $ 

parties 

  TSMC Nanjing 
  Other subsidiaries 
  Associates 

    $ 

6,184,798 
75,610 
29,030 
68,487 

5,000,563 
59,935 
105,396 
61,531 

    $  173,044,812 

    $  138,352,374 

    $ 

6,357,925 

    $ 

5,227,425 

- 173 -

- 173 - 

 
 
 
 
 
 
 
 
   
 
 
 
   
   
   
   
 
   
   
   
 
     
 
     
 
   
   
   
 
           
 
   
   
   
 
     
 
   
   
   
 
                   
 
 
 
 
 
 
 
 
   
   
   
   
 
   
   
      
      
 
   
   
         
 
 
 
   
 
 
   
   
   
   
 
   
   
   
     
     
 
     
     
 
   
   
   
 
           
 
   
   
   
     
     
 
     
     
 
     
     
 
   
   
   
 
           
 
 
 
e.  Other noncurrent assets 

  December 31, 
2022 

December 31, 
2021 

Item 

  Related Party Name 

Temporary payments 

  JASM 

     $  6,925,782 

     $ 

- 

f.  Payables to related parties 

  December 31, 
2022 

December 31, 
2021 

Item 

  Related Party Name/Categories    

Payables to related parties 

  TSMC Nanjing 
  TSMC China 
  Xintec 
  Other subsidiaries 
  Other associates 

g.  Accrued expenses and other current liabilities 

     $  4,105,919 
2,296,083 
1,047,374 
2,006,484 
595,184 

     $  2,761,080 
1,802,314 
725,261 
1,687,157 
711,861 

     $  10,051,044 

     $  7,687,673 

  December 31, 
2022 

December 31, 
2021 

Item 

  Related Party Name/Categories    

Other payables and other   
current liabilities 

  Subsidiaries 
  Associates 

     $ 

961,365 
111,834 

     $  1,389,861 
726,350 

     $  1,073,199 

     $  2,116,211 

Temporary receipts   

  TSMC North America 

     $  97,634,360 

     $  20,650,062 

h.  Other noncurrent liabilities 

Item 

  Related Party Name 

Temporary receipts   

  TSMC North America 

    $  142,132,113 

   $  127,361,560 

  December 31, 
2022 

December 31, 
2021 

- 174 -

- 174 - 

 
 
 
 
   
 
 
   
   
   
   
   
 
   
   
   
 
 
 
   
 
 
   
   
   
   
 
   
   
   
 
      
      
 
      
      
 
      
      
 
      
      
 
   
   
   
 
           
 
 
 
   
 
 
   
   
   
   
 
   
   
   
      
      
 
   
   
   
 
           
 
   
   
   
 
 
 
   
 
 
   
   
   
   
   
 
   
   
   
 
 
 
i.  Disposal of property, plant and equipment 

Related Party Name/Categories 

TSMC Nanjing 
Other subsidiaries 
Associates 

Related Party Name/Categories 

TSMC Nanjing 
Other subsidiaries 
Associates 

Related Party Name/Categories 

TSMC Nanjing 
WaferTech 
Other subsidiaries 

j.  Others   

Proceeds 
Years Ended December 31 

2022 

2021 

 $  673,945 
   102,099 
100 

 $  102,721 
21,103 
- 

 $  776,144 

 $  123,824 

Gains 
Years Ended December 31 

2022 

2021 

 $  302,234 
50,882 
100 

 $  24,765 
38,931 
- 

 $  353,216 

 $  63,696 

Deferred Gains from Disposal of 
Property, Plant and Equipment 
December 31, 
2021 

  December 31, 
2022 

 $  99,272 
75,440 
36,596 

 $  50,816 
32,116 
35,667 

 $  211,308 

 $  118,599 

Years Ended December 31 

2022 

2021 

Item 

  Related Party Name/Categories    

Manufacturing expenses 

  Associates 
  Subsidiaries 

     $  5,997,687 
21,662 

     $  5,445,819 
20,791 

Research and development 

expenses 

  Subsidiaries 
  Associates 

     $  5,264,358 
258,008 

     $  3,719,115 
252,054 

     $  6,019,349 

     $  5,466,610 

     $  5,522,366 

     $  3,971,169 

(Continued) 

- 175 -

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Years Ended December 31 

2022 

2021 

Marketing expenses -   

commission 

  TSMC Europe 
  Other subsidiaries 

     $ 

541,200 
618,880 

     $ 

465,783 
517,205 

     $  1,160,080 

     $ 

982,988 
(Concluded) 

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.   

k.  Compensation of key management personnel 

The compensation to directors and other key management personnel were as follows: 

Short-term employee benefits 
Post-employment benefits 
Share-based payments 

Years Ended December 31 

2022 

2021 

     $  4,221,962 
2,618 
286,227 

     $  2,768,725 
2,458 
- 

     $  4,510,807 

     $  2,771,183 

The  compensation  to  directors  and  other  key  management  personnel  were  determined  by  the 
Compensation Committee (rename to Compensation and People Development Committee from February 
14, 2023) of the Company in accordance with the individual performance and the market trends. 

32.  SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS 

Significant  contingent  liabilities  and  unrecognized  commitments  of  the  Company  as  of  the  end  of  the 
reporting period, excluding those disclosed in other notes, were as follows: 

a.  Under  a  technical  cooperation  agreement  with  Industrial  Technology  Research  Institute,  the  R.O.C. 
Government or its designee approved by the Company can use up to 35% of the Company’s capacity 
provided the Company’s outstanding commitments to its customers are not prejudiced. The term of this 
agreement is for five years beginning from January 1, 1987 and is automatically renewed for successive 
periods of five years unless otherwise terminated by either party with one year prior notice. As of the end 
of reporting period, the R.O.C. Government did not invoke such right. 

- 176 -

- 176 - 

 
 
 
 
 
 
 
   
 
 
 
   
   
   
      
      
 
   
   
   
 
           
 
 
 
 
 
 
 
 
 
 
 
 
   
   
      
      
      
      
 
   
   
 
 
 
 
 
 
 
 
 
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 the end of reporting period. 

c.  In September 2022, Daedalus Prime LLC (“Daedalus”) filed complaints in the U.S. International Trade 
Commission  (“ITC”)  and  the  U.S.  District  Court  for  the  Eastern  District  of  Texas  alleging  that  the 
Company, TSMC North America, and other companies infringe four U.S. patents. The ITC instituted an 
investigation in October 2022. The outcome cannot be determined and we cannot make a reliable estimate 
of the contingent liability at this time. 

d.  The Company entered into long-term purchase agreements of materials and supplies and agreements of 
waste disposal with multiple suppliers. The relative minimum fulfillment quantity and price are specified 
in the agreements. 

e.  The  Company  entered  into  a  long-term  purchase  agreement  of  equipment.  The  relative  fulfillment 

quantity and price are specified in the agreement. 

f.  The Company entered into long-term energy purchase agreements with multiple suppliers. The relative 

fulfillment period, quantity and price are specified in the agreements. 

g.  As  of  the  end  of  reporting  period,  the  Company  provided  endorsement  guarantees  of  NT$2,555,730 
thousand to its subsidiary, TSMC North America, in respect of providing endorsement guarantees for 
office leasing contract. 

h.  As  of  the  end  of  reporting  period,  the  Company  provided  a  NT$230,347,500  thousand  endorsement 
guarantee for its subsidiary, TSMC Global, in respect of its issuance of US dollar-denominated senior 
unsecured corporate bonds. 

i.  As  of  the  end  of  reporting  period,  the  Company  provided  a  NT$369,551,715  thousand  endorsement 
guarantee for its subsidiary, TSMC Arizona, in respect of its issuance of US dollar-denominated senior 
unsecured corporate bonds and operation needs. 

j.  The  Company  entrusted  financial  institutions  to  open  performance  guarantee  mainly  for  import  and 
export  of  goods,  lease  agreement  and  energy  purchase  agreement.  As  of  December  31,  2022  and 
December  31,  2021,  the  aforementioned  guarantee  amounted  to  NT$7,623,262  thousand  and 
NT$4,954,798 thousand, respectively. 

- 177 -

- 177 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
33.  EXCHANGE  RATE  INFORMATION  OF  FOREIGN-CURRENCY  FINANCIAL  ASSETS  AND 

LIABILITIES 

The following  information  was  summarized  according  to  the  foreign  currencies  other  than  the functional 
currency of the Company. The exchange rates disclosed were used to translate the foreign currencies into the 
functional currency. The significant financial assets and liabilities denominated in foreign currencies were as 
follows: 

Foreign 
Currencies 
(In Thousands)   

Exchange Rate 
(Note) 

Carrying 
Amount 
(In Thousands) 

December 31, 2022 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

December 31, 2021 

Financial assets 

Monetary items 

USD 
EUR 
JPY 

Financial liabilities 

Monetary items 

USD 
EUR 
JPY 

    $  13,953,942 
7,863 
      124,526,582 

30.713 
32.838 
0.2331 

    $  428,567,422 
258,211 
29,027,146 

14,450,017 
2,352,220 
      125,984,842 

30.713 
32.838 
0.2331 

      443,803,373 
77,242,213 
29,367,067 

11,386,512 
14,420 
10,673,383 

27.674 
31.460 
0.2414 

      315,110,347 
453,666 
2,576,555 

11,851,225 
3,494,588 
      109,729,158 

27.674 
31.460 
0.2414 

      327,970,810 
      109,939,747 
26,488,619 

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, 2022 and 2021, 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. 

- 178 -

- 178 - 

 
 
 
 
 
 
 
   
 
 
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
     
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
     
     
     
     
     
     
 
   
   
   
   
   
   
 
   
   
   
   
   
   
 
   
   
   
   
   
   
     
     
     
     
     
     
     
     
 
   
 
 
   
   
 
 
   
 
   
 
 
   
   
 
 
   
     
     
     
     
     
     
 
 
 
 
 
 
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 9; 

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 31. 

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.   

- 179 -

- 179 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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 DEFERRED INCOME TAX ASSETS / 

LIABILITIES 

STATEMENT OF ACCOUNTS PAYABLES 
STATEMENT OF PAYABLES TO RELATED PARTIES   
STATEMENT OF PAYABLES TO CONTRACTORS AND 

EQUIPMENT SUPPLIERS   

STATEMENT OF ACCRUED EXPENSES AND OTHER 

CURRENT LIABILITIES   

STATEMENT OF BONDS PAYABLE   
STATEMENT OF LEASE LIABILITIES 

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 13 

Note 13 

6 
Note 15 
Note 24 

7 
8 
9 

10 

11 
12 

13 
14 
15 
Note 22 
16 

-

2

1

2

-

- 213 -

- 213 - 

 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
 
 
STATEMENT 1 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF CASH AND CASH EQUIVALENTS   
DECEMBER 31, 2022 
(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 

Cash equivalents 

Commercial paper 

    $ 

280 

8,043,873 
      104,742,973 

      505,662,377 

  Including US$2,463,043 thousand 

@30.713, JPY123,900,844 thousand 
@0.2331 and EUR6,524 thousand 
@32.838 

  From 2022.01.12 to 2023.03.30, interest 
rates at 0.76%-4.65%, including 
NT$385,064,635 thousand and 
US$3,926,603 thousand @30.713 

  Expired by 2023.01.16, interest rates at 

9,566,430 

1.455%-1.540% 

Repurchase agreements 

  Expired by 2023.01.12, interest rates at 

859,964 

4.70% 

Total 

    $  628,875,897 

- 214 -

- 214 - 

 
 
 
 
 
 
 
 
 
   
   
   
     
 
   
   
     
 
   
     
   
     
 
     
     
 
   
     
 
   
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NOTES AND ACCOUNTS RECEIVABLE, NET   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Client Name 

Client A 

Client B 

Client C 

Client D 

Client E 

Client F 

Client G 

Others (Note) 

Less: Allowance for doubtful accounts 

Total 

STATEMENT 2 

Amount 

   $  7,847,666 

4,112,546 

2,570,139 

2,264,267 

2,237,477 

2,186,979 

2,108,254 

     18,315,194 

     41,642,522 

(330,686) 

   $  41,311,836 

Note:  The amount of individual client included in others does not exceed 5% of the account balance. 

- 215 -

- 215 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
    
 
 
 
 
    
 
 
 
 
    
 
 
    
 
 
 
 
    
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF RECEIVABLES FROM RELATED PARTIES   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Client Name 

TSMC North America 

Others (Note) 

Total 

STATEMENT 3 

Amount 

   $ 171,738,863 

1,305,949 

   $ 173,044,812 

Note:  The amount of individual client included in others does not exceed 5% of the account balance. 

- 216 -

- 216 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF INVENTORIES     
DECEMBER 31, 2022 
(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 

  $  52,318,299 

    $  187,696,734 

    120,893,772 

      499,205,556 

19,750,618 

19,750,618 

15,320,206 

15,320,206 

  $  208,282,895 

    $  721,973,114 

- 217 -

- 217 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
     
 
 
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
   
     
 
 
   
 
     
 
 
 
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STATEMENT 6 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF CHANGE IN RIGHT-OF-USE ASSETS   
FOR THE YEAR ENDED DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Item 

Land 

Buildings 

Office 
Equipment 

Total 

Cost 

Balance at January 1, 2022 
Additions   
Deductions 

     $  33,561,636 
       10,854,473 

(218,148)        

     $  1,014,324 
941,481 
(239,215)        

     $ 

46,394 
12,637 
(7,180)        

     $  34,622,354 
       11,808,591 
(464,543) 

Balance at December 31, 2022 

     $  44,197,961 

     $  1,716,590 

     $ 

51,851 

     $  45,966,402 

Accumulated depreciation 

Balance at January 1, 2022 
Additions   
Deductions 

     $  4,035,848 
2,102,934 

     $ 

(62,656)        

440,315 
365,167 
- 

     $ 

23,139 
15,728 
(5,500)        

     $  4,499,302 
2,483,829 
(68,156) 

-

8

1

2

-

Balance at December 31, 2022 

     $  6,076,126 

     $ 

805,482 

     $ 

33,367 

     $  6,914,975 

Carrying amounts at December 31, 

2022 

     $  38,121,835 

     $ 

911,108 

     $ 

18,484 

     $  39,051,427 

- 219 -

- 219 - 

 
 
 
 
 
 
 
 
 
 
 
   
   
   
   
      
 
      
 
      
 
      
 
      
      
      
 
   
   
   
   
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
      
      
      
      
      
 
   
   
   
   
 
   
   
   
   
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCOUNTS PAYABLES   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Vendor Name 

Vendor A 

Vendor B 

Others (Note) 

Total 

STATEMENT 7 

Amount 

   $  4,194,602 

2,914,140 

     41,623,800 

   $  48,732,542 

Note:  The amount of individual vendor included in others does not exceed 5% of the account balance. 

- 220 -

- 220 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO RELATED PARTIES   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Vendor Name 

TSMC Nanjing 

TSMC China 

Xintec 

WaferTech 

TSMC Technology 

Others (Note) 

Total 

STATEMENT 8 

Amount 

   $  4,105,919 

2,296,083 

1,047,374 

855,952 

744,620 

1,001,096 

   $  10,051,044 

Note:  The amount of individual vendor in others does not exceed 5% of the account balance. 

- 221 -

- 221 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF PAYABLES TO CONTRACTORS AND EQUIPMENT SUPPLIERS   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

STATEMENT 9 

Vendor Name 

Vendor A 

Vendor B 

Vendor C 

Vendor D 

Vendor E 

Others (Note) 

Total 

Amount 

     $  68,126,719 

       23,307,326 

       12,817,271 

       12,757,447 

       10,621,411 

       72,415,844 

     $ 200,046,018 

Note:  The amount of individual vendor included in others does not exceed 5% of the account balance. 

- 222 -

- 222 - 

 
 
 
 
 
 
 
 
 
 
   
   
   
 
   
   
   
 
   
   
   
 
   
   
   
 
   
   
   
 
   
   
   
 
   
   
   
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Item 

Temporary receipts from customers 

Contract liabilities 

Refund liability 

Others (Note) 

Total 

Note:  The amount of each item in others does not exceed 5% of the account balance. 

STATEMENT 10 

Amount 

  $  107,723,580 

62,380,554 

50,980,669 

45,818,270 

  $  266,903,073 

- 223 -

- 223 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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STATEMENT 12 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF LEASE LIABILITIES   
DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Item 

Description 

Lease Term 

  Discount 
Rate (%) 

Balance,   
End of Year 

Land   

  Mainly for the use of plants 

  1 to 22 years   

0.39-2.30   

   $  28,728,579 

and offices 

Buildings 

  Mainly for the use of offices 

  2 to 12 years   

0.39-1.76   

875,258 

Office equipment 

  For operation use 

3 to 5 years 

0.28-1.73   

19,425 

Less: Current portion 

Noncurrent portion 

     29,623,262 

(2,029,362) 

   $  27,593,900 

- 226 -

- 226 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT 13 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF NET REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars, Unless Specified Otherwise) 

Item 

Wafer 
Other 

Net revenue 

Note:  12-inch equivalent wafers. 

Shipments   
(Piece) (Note) 

15,252,882 

Amount 

     $ 1,989,174,117 
263,146,444 

       $ 2,252,320,561 

- 227 -

- 227 - 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        
 
 
     
   
 
 
 
 
Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF COST OF REVENUE 
FOR THE YEAR ENDED DECEMBER 31, 2022 
(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 14 

Amount 

  $  10,368,446 
76,596,173 
(19,750,618) 
(11,776,664) 
(281,987) 
55,155,350 
23,183,318 
    845,383,788 
    923,722,456 
    134,097,879 
    (120,893,772) 
(54,417,005) 
    882,509,558 
32,290,346 
90,043,394 
(52,318,299) 
(23,135,990) 
(294,302) 
    929,094,707 
22,832,966 

  $  951,927,673 

- 228 -

- 228 - 

 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
   
 
   
   
 
   
 
   
 
   
 
 
 
 
 
   
 
 
   
 
   
 
   
 
   
 
   
 
 
   
 
 
   
 
 
STATEMENT 15 

Taiwan Semiconductor Manufacturing Company Limited 

STATEMENT OF OPERATING EXPENSES   
FOR THE YEAR ENDED DECEMBER 31, 2022 
(In Thousands of New Taiwan Dollars) 

Item 

Research and 
Development 
Expenses 

General and 
Administrative 
Expenses 

Selling 
Expenses 

Payroll and related expense 

    $  61,119,834 

    $  19,188,325 

    $ 

4,560,001 

Consumables 

Depreciation expense 

49,628,294 

657,200 

25,971,756 

1,940,529 

Repair and maintenance expense 

6,645,607 

3,770,902 

Management fees of the Science Park Administration 

Patents 

Commission 

Others (Note) 

Total 

4,162,547 

2,937,121 

- 

- 

- 

- 

1,160,080 

17,448,142 

10,108,018 

308,468 

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    $  42,764,642 

    $ 

6,059,649 

12 

27,393 

3,695 

- 

- 

Note:  The amount of each item in others does not exceed 5% of the account balance.   

- 229 -

- 229 - 

 
 
 
 
 
 
 
 
 
 
   
   
   
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
     
     
     
 
     
 
     
 
     
 
 
 
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