Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
(In Thousands of New Taiwan Dollars)
| 2012 | 2011 | ||
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income attributable to shareholders of the parent | $166,158,802 | $134,201,279 | |
| Net income (loss) attributable to minority interests | (195,113) | 251,981 | |
| Adjustments to reconcile net income to net cash provided by | |||
| operating activities: | |||
| Depreciation and amortization | 131,349,289 | 107,681,521 | |
| Unrealized gross profit from affiliates | 25,029 | 74,029 | |
| Amortization of premium/discount of financial assets | 4,850 | 24,711 | |
| Stock option compensation cost | 6,219 | - | |
| Impairment loss of financial assets | 4,231,602 | 265,515 | |
| Gain on disposal of available-for-sale financial assets, net | (399,598) | (212,442) | |
| Gain on disposal of financial assets carried at cost, net | (141,491) | (20,772) | |
| Equity in earnings of equity method investees, net | (2,028,611) | (897,611) | |
| Cash dividends received from equity method investees | 2,088,472 | 2,848,141 | |
| Gain on disposal of property, plant and equipment and other assets, net | (103) | (3,286) | |
| Settlement income from receiving equity securities | (886) | (158,779) | |
| Impairment loss on idle assets | 444,505 | 98,009 | |
| Deferred income tax | 573,234 | (491,122) | |
| Changes in operating assets and liabilities: | |||
| Financial assets and liabilities at fair value through profit or loss | (22,311) | (13,734) | |
| Receivables from related parties | (168,047) | 123,265 | |
| Notes and accounts receivable | (11,936,558) | 3,627,110 | |
| Allowance for doubtful receivables | (10,633) | (12,844) | |
| Allowance for sales returns and others | 975,853 | (2,478,001) | |
| Other receivables from related parties | (63,258) | 2,294 | |
| Other financial assets | 122,322 | 376,342 | |
| Inventories | (12,989,916) | 2,611,297 | |
| Prepaid expenses and other current assets | (626,405) | (403,762) | |
| Accounts payable | 1,395,907 | (1,968,820) | |
| Payables to related parties | (605,182) | 462,578 | |
| Income tax payable | 4,979,470 | 3,490,268 | |
| Salary and bonus payable | 1,386,797 | (275,565) | |
| Accrued profit sharing to employees and bonus to directors and
supervisors |
2,105,298 |
(1,925,594) |
|
| Accrued expenses and other current liabilities | 2,337,647 | 212,128 | |
| Accrued pension cost | 66,617 |
98,915 |
|
| Net cash provided by operating activities | 289,063,801 |
247,587,051 |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisitions of: | |||
| Property, plant and equipment | (246,137,361) | (213,962,521) | |
| Available-for-sale financial assets | (31,525,876) | (35,088,394) | |
| Held-to-maturity financial assets | - | (584,280) | |
| Financial assets carried at cost | (56,512) | (403,908) | |
| Proceeds from disposal or redemption of: | |||
| Available-for-sale financial assets | 964,367 | 59,305,023 | |
| Held-to-maturity financial assets | 2,711,440 | 4,789,000 | |
| Financial assets carried at cost | 353,656 | 226,226 | |
| Property, plant and equipment and other assets | 157,484 | 698,055 | |
| Increase in deferred charges | (1,782,299) | (1,715,892) | |
| Decrease in refundable deposits | 2,092,151 | 4,149,543 | |
| Decrease in other assets | 26,688 |
63,723 |
|
| Net cash used in investing activities | (273,196,262) |
(182,523,425) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Increase (decrease) in short-term loans | 8,788,401 | (5,287,416) | |
| Cash dividends | (77,748,668) | (77,730,236) | |
| Proceeds from long-term bank loans | 50,000 | 2,250,000 | |
| Repayment of long-term bank loans | (212,500) | (1,142,968) | |
| Proceeds from issuance of bonds | 62,000,000 | 18,000,000 | |
| Repayment of bonds | (4,500,000) | - | |
| Decrease in obligations under capital leases | (108,863) | - | |
| Decrease in other long-term payables | (2,367,866) | (3,633,052) | |
| Decrease in guarantee deposits | (240,093) | (342,242) | |
| Proceeds from exercise of employee stock options | 242,488 | 217,697 | |
| Acquisition of treasury stock | - | (71,598) | |
| Increase (decrease) in minority interests | 286,200 |
(118,226) |
|
| Net cash used in financing activities | (13,810,901) |
(67,858,041) |
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 2,056,638 | (2,794,415) | |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (2,118,327) | (147,682) | |
| EFFECT OF CHANGES IN CONSOLIDATED ENTITIES | - | (1,472,581) | |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 143,472,277 |
147,886,955 |
|
| CASH AND CASH EQUIVALENTS, END OF YEAR | $143,410,588 |
$143,472,277 |
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Interest paid | $736,607 | $540,611 | |
| Capitalized interest | (6,442) |
(9,093) |
|
| Interest paid (excluding capitalized interest) | $730,165 |
$531,518 |
|
| Income tax paid | $11,312,039 |
$7,677,085 |
|
| INVESTING ACTIVITIES AFFECTING BOTH CASH AND NON-CASH ITEMS | |||
| Acquisition of property, plant and equipment | $257,689,153 | $207,175,565 | |
| Decrease (increase) in payables to contractors and equipment suppliers |
(11,551,723) |
6,846,682 |
|
| Nonmonetary exchange trade-out price | (69) | (3,164) | |
| Increase in other liabilities | - |
(56,562) |
|
| Cash paid | $246,137,361 |
$213,962,521 |
|
| Disposal of property, plant and equipment and other assets | $157,553 | $543,219 | |
| Decrease in other financial assets | - | 158,000 | |
| Nonmonetary exchange trade-out price | (69) |
(3,164) |
|
| Cash received | $157,484 |
$698,055 |
|
| Acquisition of deferred charges | $2,253,722 | $1,715,892 | |
| Increase in accounts payable | (303,584) | - | |
| Increase in payables to related parties | (25,274) | - | |
| Increase in other long-term payables | (142,565) |
- |
|
| Cash paid | $1,782,299 |
$1,715,892 |
|
| NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Idle assets reclassified from property, plant and equipment | $444,505 |
$98,009 |
|
| Current portion of other long-term payables
(under accrued expenses and other current liabilities) |
$913,485 |
$3,399,855 |
|
| Current portion of bonds payable | $- |
$4,500,000 |
|
| Current portion of long-term bank loans | $128,125 |
$62,500 |
|