Page 95 - TSMC 2018 Annual Report

Financial Analysis
from 2014 to 2018 (Unconsolidated) (Note)
Capital Structure Analysis
Liquidity Analysis
Operating Performance Analysis
Profitability Analysis
Cash Flow
Leverage
Analysis
of of deviation of of 2018 vs 2017 over 20%:
Average inventory inventory turnover turnover (Times) decreased by by 25% and and average inventory inventory turnover turnover days increased by by 33% mainly due to to to to an an an increase increase in in in in in in in in raw wafers and and a a a a a a a a a a a a a a higher level of work-in-process inventories driven ramping Note: The financial statements for 2014-2018 were prepared in in accordance with 2013 Taiwan-IFRSs version * Glossary
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 17 113 52 9 23 2 2 28
1 1 01 by 7nm
Long-term Fund to Property Plant and Equipment Ratio (%)
2014 (Adjusted)
2015
2016
2017 2018 Debt Ratio (%)
26 48 23 63 24 39
21 52 156 24 168 96
156 13 160 48 Current Ratio (%)
208 09 219 72
144 00 141 63 Quick Ratio (%)
171 82
186 00 128 65
118 68 Times Times Interest Earned (Times) 120 82
144 41 146 73 144 04
Average Collection Turnover (Times) 8 29 8 8 58 8 8 89 7 86
Days Sales Outstanding
44 02 42
54 41 07 46 44 Average Inventory Turnover (Times) 7 90
6 87 8 56 8 39
Average Inventory Turnover Days Average Payment Turnover (Times) 46 18 53 11 42
63 43 49
18 64
19 73 19 04
16 39
Property Plant and Equipment Turnover (Times) 0 97 1 03
1 03
0 97 Total Assets Turnover (Times) 0 58 0 55
0 54 0 51 Return on Total Assets (%)
20 22 20 42
19 58 18 29 Return on Equity (%)
27 86
27 04
25 60 23 57 Operating Income to Paid-in Capital Ratio (%)
112 09 120 87 142 59
144 50
Pre-tax Income to Paid-in Capital Ratio (%)
116 08 134 97 148 55
151 68 Net Margin (%)
34 85
36 63 35 70 35 40 Basic Earnings Per Share (NT$)
10 18 11 82
12
89 13 23 Diluted Earnings Per Share (NT$)
10 18 11 82
12
89 13 23 Cash Flow
Ratio (%)
230 29 264 94 172 81
184 45 Cash Flow
Adequacy Ratio (%)
90
72
102 35 107 06 99 42
Cash Flow
Reinvestment Ratio (%)
13 30 13 85
11 74 10 98
Operating Leverage
2 19 2 31 2 19 2 2 2 22 Financial Leverage
1 1 01 1 1 01 1 1 01 1 1 01 1 2 3 Capital Structure Analysis
(1) Debt Ratio = Total Total Liabilities / Total Total Assets (2) Long-term Fund to Property Plant and Equipment Ratio = (Shareholders’ Equity + Noncurrent
Liabilities) / Net Property Plant and Equipment Liquidity Analysis
(1) Current Current Current Ratio = Current Current Current Assets / Current Current Current Liabilities (2) Quick Ratio = (Current Assets - - Inventories - - Prepaid Expenses) / Current Current Liabilities (3) Times Interest Interest Interest Earned = Earnings before Interest Interest Interest and Taxes / Interest Interest Interest Expenses Operating Performance Analysis
(1) Average Average Collection Turnover = Net Sales / Average Average Trade Receivables
(2) Days Sales Outstanding
= 365 / Average Collection Turnover (3) Average Average Inventory Inventory Turnover = Cost of Sales / Average Average Inventory Inventory (4) Average Average Inventory Inventory Turnover Turnover Days = 365 / Average Average Inventory Inventory Turnover Turnover (5) Average Average Payment Turnover = Cost of Sales / Average Average Trade Payables
(6) Property Property Plant Plant and and Equipment Equipment Turnover = Net Net Sales / Average Net Net Property Property Plant Plant and and Equipment Equipment (7) Total Total Assets Assets Turnover = Net Sales / Average Total Total Assets Assets 4 5 6 Profitability Analysis
(1) Return on Total Total Assets Assets = (Net Income + Interest Expenses * (1 (1 - Effective Tax Rate)) / Average Total Total Assets Assets (2) Return on Equity Equity = Net Income / Average Shareholders’ Equity Equity (3) Operating Operating Income Income to Paid-in Paid-in Capital Capital Ratio = Operating Operating Income Income / Paid-in Paid-in Capital Capital (4) Pre-tax Income Income to Paid-in Paid-in Capital Capital Ratio = Income Income before Tax / Paid-in Paid-in Capital Capital (5) Net Net Net Margin = Net Net Net Income / Net Net Net Sales (6) Earnings Per Share Share = (Net Income - Preferred Stock Dividend) / Weighted Average Number of Shares
Outstanding
Cash Flow
(1) Cash Cash Flow
Ratio = Net Cash Cash Provided by Operating Activities / Current Liabilities (2) Cash Cash Flow
Adequacy Ratio = Five-year Five-year Sum Sum of of Cash Cash from Operations / Five-year Five-year Sum Sum of of Capital Expenditures Inventory Additions and Cash Dividend (3) Cash Cash Cash Flow
Reinvestment Ratio = (Cash Provided by Operating Activities - Cash Cash Cash Dividends) / (Gross Property Plant and Equipment + + + Long-term Investments + + + Other Noncurrent
Assets + + + Working Capital)
Leverage
(1) Operating Leverage
= (Net Sales - Variable Cost) / Income from Operations (2) Financial Leverage
= Income Income from from Operations Operations / (Income from from Operations Operations - Interest Expenses) 93