Page 126 - TSMC 2022 Annual Report

Financial Analysis from 2018 to 2022 (Unconsolidated)
2018 2019
2020
2021
2022 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
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
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
01 153 79
97
62
14 20 2 11 1 00
33
39
144 83
124 39
100 95
277 57 11 28
32
35 4 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 1 81
1 00
Analysis of of deviation of of 2022 vs 2021
over 20%:
1 Quick ratio increased by 20% mainly due to increase increase in in in in cash cash and cash cash equivalents 2 Return on Total Assets increased by 33% mainly due to increase increase in in in in in net income 3
3
Return on Equity increased by 34% mainly due to increase increase in in in in in net income 4 Operating Income to to Paid-in Capital Ratio increased by 73% mainly due to to increase increase in in in in in in in in operating income 5
Pre-tax Income to to Paid-in Capital Ratio increased by 73% mainly due to to increase increase in in in in in in pre-tax income 6 Basic Earnings Earnings Per Per Share Share and Diluted Earnings Earnings Per Per Share Share increased by 70% mainly due to increase increase in in in in in in in net income 7 Cash Flow
Reinvestment Ratio increased by by 28% as as as as as a a a a a a a a a a result of increase increase in in in in in cash generated by by operating activities 124 * 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 Collection Turnover = Net Sales / Average Average Trade Receivables(including Accounts
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 (2) Return on Equity Equity = = Net Income Income Income / 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)
Receivable Receivable Receivable and and Notes Receivable Receivable Receivable originated from operation)
Days Sales Sales Outstanding
= = 365 / / Average Average Average Collection 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 Payment Turnover Turnover Turnover = = Cost of Sales / / Average Average Average Average Trade Payables(including Accounts
Payable Payable Payable and and Notes Payable originated from operation)
Property Property Plant Plant and and and Equipment Equipment Turnover Turnover = = Net Net Net Sales Sales / / Average Average Net Net Net Property Property Plant Plant and and and Equipment Equipment Total Total Assets Assets Turnover Turnover = = Net Net Sales Sales / / Average Average Total Total Assets Assets