Page 106 - TSMC 2020 Annual Report

Financial Analysis from 2016 to 2020 (Unconsolidated)
2016 2017
2018
2019
2020 Capital Structure Analysis Liquidity Analysis Operating Performance Analysis Profitability Analysis Cash Flow
Leverage
Debt Ratio (%)
Long-term Fund to Property Plant and Equipment Ratio (%)
Current Ratio (%)
Quick Ratio (%)
Times 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)
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
Ratio (%)
Cash Flow
Adequacy Ratio (%)
Cash Flow
Reinvestment Ratio (%)
Operating Leverage
Financial Leverage
24 39 156 13 144 00 128 65 146 73
8
8
89 41 07 8
56 42 63 19
04 1 03 0 54 19
58 25 60 142 59 148 55 35 70 12 89 12 89 172 81 107 06 11 74 2 19
1 1 01 21 52 160 48 141 63 118 68 144 04 7
86 46 44 8
39 43 49 16 39 0 97 0 51 18
29 23 57 144 50 151 68 35 40 13 23 13 23 184 45 99 42 10 98 2 2 2 22 1 1 01 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 28 74 127 39 58 64 45 81 122 80 8
32 43 88 6 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 1 01 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 39 39 19
97 19
97 114 56 99 88 10 93 2 04 1 00 Analysis of of deviation of of 2020 vs 2019
over 20%:
1 Current ratio increased by 46% mainly due to to increase increase in in in in in cash cash and and cash cash equivalents and and inventories 2 Quick ratio increased by 44% mainly due to increase increase in in in in cash cash and cash cash equivalents 3 Times interest interest earned increased by 169% mainly due to increase increase in in in in in in in in pre-tax income and decrease in in in in in in in in interest interest expenses 4 4 Return on on total assets increased increased increased increased increased by by by by by 30% return on on equity increased increased increased increased increased by by by by by 43% net margin increased increased increased increased increased by by by by by 21% basic earnings earnings per per share share increased increased increased increased increased by by by by by 50% 50% and diluted earnings earnings per per share share increased increased increased increased increased by by by by by 50% 50% mainly due 104
to increase in in in net income 5 Operating income income to paid-in capital ratio increased by 49% as as as a a a a a a a a a a result of increase increase in in in in in in in in operating income income 6 Pre-tax income income to paid-in capital ratio increased by 50% as as as a a a a a a a a a a result of increase increase in in in in in in pre-tax income income 7
Cash flow reinvestment ratio increased by by 33% as as as as as a a a a a a a a a result of increase increase in in in in in cash provided by by operating activities * Glossary
1 1 Capital Structure Analysis (1) Debt Ratio = Total Total Liabilities / Total Total Assets (2) Long-term Fund to Property Property Plant Plant and and Equipment Equipment Ratio Ratio = = (Shareholders’ Equity +
Noncurrent Liabilities) / Net Property Property Plant Plant and and Equipment Equipment 2 Liquidity Analysis (1) Current Current Current Current Ratio Ratio = = Current Current Current Current Assets Assets / Current Current Current Current Liabilities (2) Quick Ratio Ratio = = = (Current Assets Assets - - Inventories - - Prepaid Expenses) / / / Current Current Current Current Current Liabilities Liabilities (3) Times Interest Interest Interest Earned = = Earnings before Interest Interest Interest and Taxes / / Interest Interest Interest Expenses Expenses 3 Operating Performance Analysis (1) Average Average Average Collection Collection Turnover Turnover = = Net Sales Sales / / Average Average Average Trade Receivables
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 Income Income / Average Average Shareholders’ Equity Equity (3) Operating Operating Income Income Income Income Income to to Paid-in Paid-in Paid-in Paid-in Capital Capital Capital Capital Ratio Ratio = = = Operating Operating Income Income Income Income Income / / / Paid-in Paid-in Paid-in Paid-in Capital Capital Capital Capital (4) Pre-tax Income Income Income Income Income to to Paid-in Paid-in Paid-in Paid-in Capital Capital Capital Capital Ratio Ratio = = = Income Income Income Income Income before Tax / / / Paid-in Paid-in Paid-in Paid-in Capital Capital Capital Capital (5) Net Net Net Net Margin = = Net Net Net Net Income Income Income / Net Net Net Net Sales (6) Earnings Per Share Share = = (Net Income Income - Preferred Stock Dividend) / / Weighted Average Number
of Shares Outstanding
Cash Cash Flow
Flow
(1) Cash Cash Cash Cash Cash Flow
Flow
Flow
Ratio Ratio = = Net Cash Cash Cash Cash Cash Provided by Operating Activities / / Current Liabilities (2) Cash Cash Cash Cash Cash Flow
Flow
Adequacy Ratio Ratio = = Five-year Five-year Sum Sum of of Cash Cash Cash Cash Cash from Operations / / Five-year Five-year Sum Sum of of Capital Expenditures Inventory Additions and Cash Cash Cash Cash Cash Dividend (3) Cash Cash Cash Cash Flow
Reinvestment Ratio = (Cash Provided by Operating Activities - - Cash Cash Cash Cash Dividends) / (Gross Property Plant and Equipment +
+
+
Long-term Investments +
+
+
Other Noncurrent Assets +
Working Capital)
Leverage
(1) Operating Leverage
Leverage
Leverage
= = (Net Sales - - Variable Cost) / / Income Income Income from from from Operations Operations Operations (2) Financial Leverage
Leverage
= = Income Income Income from from from Operations Operations Operations / / (Income from from from Operations Operations Operations - - Interest Expenses) (2) (3) (4) (5) (6) (7)
Days Sales Sales Sales Outstanding
= = = 365 / / / Average Average Average Average Average Collection Collection Turnover Turnover Turnover Average Average Average Average Average Inventory Inventory Inventory Inventory Turnover Turnover Turnover Turnover = = = Cost of Sales Sales / / / Average Average Average Average Average Inventory Inventory Inventory Inventory Average Average Average Average Average Average Inventory Inventory Inventory Inventory Turnover Turnover Turnover Turnover Days = = = 365 / / / Average Average Average Average Average Average Inventory Inventory Inventory Inventory Turnover Turnover Turnover Turnover Average Average Average Average Average Payment Turnover Turnover Turnover Turnover = = = Cost of Sales Sales / / / Average Average Average Average Average Trade Payables
Property Property Plant Plant and and Equipment Equipment Turnover Turnover = = Net Net Sales Sales / / Average Average Average Net Net Property Property Plant Plant and and Equipment Total Total Assets Assets Turnover = Net Sales / Average Total Total Assets Assets