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1934 Act Registration
No. 1-14700
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2021
(Commission File Number:
001-14700)
 
 
Taiwan Semiconductor Manufacturing Company Ltd.
(Translation of Registrant’s Name Into English)
 
 
No. 8,
Li-Hsin
Rd. 6,
Hsinchu Science Park,
Taiwan, R.O.C.
(Address of Principal Executive Offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
Form
20-F ☒            Form
40-F ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in papers as permitted by Regulation
S-T
Rule 101(b)(1):  ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in papers as permitted by Regulation
S-T
Rule 101(b)(7):  ☐
 
 
 

INCORPORATION BY REFERENCE
Exhibit 99.1 and Exhibit 99.2 to this current report on Form
6-K
are incorporated by reference into the registration statement on Form
F-3
and related prospectus supplement to be filed by Taiwan Semiconductor Manufacturing Company Limited and TSMC Arizona Corporation with the Securities and Exchange Commission on or around the date hereof.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 18, 2021
 
Taiwan Semiconductor Manufacturing Company Ltd.
By
 
/s/ Wendell
Jen-Chau
Huang
 
Wendell
Jen-Chau
Huang
 
Vice President & Chief Financial Officer
 
2

EXHIBITS
 
Exhibit Number
  
Exhibit Description
99.1
  
99.2
  
EX-101.INS
  
Inline XBRL Taxonomy Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
EX-101.SCH
  
Inline XBRL Taxonomy Extension Schema Document
EX-101.CAL
  
Inline XBRL Taxonomy Calculation Linkbase Document
EX-101.DEF
  
Inline XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB
  
Inline XBRL Taxonomy Label Linkbase Document
EX-101.PRE
  
Inline XBRL Taxonomy Presentation Linkbase Document
EX-104
  
Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
 
3

Exhibit 99.1

OPERATING AND FINANCIAL REVIEW AND PROSPECTS FOR THE SIX MONTHS ENDED JUNE 30, 2021

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Exhibit includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of U.S. securities laws. The terms “anticipates,” “expects,” “may,” “will,” “could,” “should” and other similar expressions identify forward-looking statements. All statements other than statements of historical facts are forward-looking statements. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements appear in a number of places throughout this Exhibit and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this Exhibit. Important factors that could cause those differences include, but are not limited to: general local and global economic conditions; the political stability of our local region; outlook of the major and emerging end markets for our products, such as smartphones, high performance computing, internet of things, automotive electronics and digital consumer electronics; the volatility of the semiconductor and electronics industry; our ability to develop new technologies successfully and remain a technological leader; the increased competition from other companies and our ability to retain and increase our market share; overcapacity in the semiconductor industry; our reliance on certain major customers; the reliability of our information technology systems and resilience to any cyberattacks; our ability to maintain control over expansion and facility modifications; our ability to generate growth and profitability; our ability to hire and retain qualified personnel; our ability to acquire required equipment and supplies necessary to meet business needs; our ability to protect our technologies, intellectual property rights and third-party licenses; disruptive events, such as earthquakes or droughts; the COVID-19 pandemic; power and other utility shortages; construction issues as we expand our capacity; and fluctuations in foreign currency rates, in particular, any material appreciation of the NT dollar against the U.S. dollar, and our ability to manage such risks.

You should not place undue reliance on these forward-looking statements.

Forward-looking statements include, but are not limited to, statements regarding our strategy and future plans, future business condition and financial results, our capital expenditure plans, our capacity management plans, expectations as to the commercial production using 3-nanometer and more advanced technologies, technological upgrades, investment in research and development, future market demand, future regulatory or other developments in our industry, business expansion plans or new investments as well as business acquisitions and financing plans.

The forward-looking statements made in this Exhibit relate only to events or information as of the date on which the statements are made in this Exhibit. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this Exhibit completely in conjunction with our Annual Reports on Form 20-F and other documents filed with or furnished to the SEC and with the understanding that our actual future results may be materially different from what we expect.

 

1


CERTAIN DEFINED TERMS AND CONVENTIONS

Unless the context otherwise requires, reference to:

 

   

“Obligor Group” are to TSMC Arizona Corporation and Taiwan Semiconductor Manufacturing Company Limited collectively;

 

   

“we,” “us,” “our,” “Company,” “Group” or “TSMC” in this report are to Taiwan Semiconductor Manufacturing Company Limited and its consolidated subsidiaries;

 

   

“R.O.C.” and “Taiwan” are references to the Republic of China, and all references to the “Government” refer to the government of the R.O.C.;

 

   

“NT$” and “NT dollar” are to the lawful currency of the R.O.C; and

 

   

“U.S. dollar” or “US$” are to the lawful currency of the United States of America.

Unless otherwise noted, for the convenience of the reader, certain NT dollar amounts have been translated into U.S. dollars at the rate of NT$27.91 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2021.

SELECTED FINANCIAL INFORMATION AND OPERATING DATA

The selected consolidated statements of profit or loss and other comprehensive income data and other consolidated financial data for the six months ended June 30, 2020 and 2021, and the selected consolidated statements of financial position as of June 30, 2021, set forth below, are derived from our unaudited condensed consolidated interim financial statements included herein, and should be read in conjunction with, and are qualified in their entirety by reference to, these unaudited condensed consolidated interim financial statements, including the notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) issued by the International Accounting Standards Board (IASB) (collectively, “IFRSs”) and reviewed by our independent auditors.

 

     Six months ended June 30,  
     2020     2021  
     NT$     NT$     US$  
     (in millions, except for earnings per share
and per ADS)
 

Consolidated Statements of Profit or Loss and Other Comprehensive Income Data:

      

Net revenue

     621,296       734,555       26,319  

Cost of revenue

     (295,819     (358,546     (12,847

Gross profit before realized (unrealized) gross profit on sales to associates

     325,477       376,009       13,472  

Realized (unrealized) gross profit on sales to associates

     (77     27       1  

Gross profit

     325,400       376,036       13,473  

Operating expenses

     (65,844     (79,695     (2,855

Other operating income and expenses, net

     60       (136     (5

Income from operations

     259,616       296,205       10,613  

Non-operating income and expenses, net

     8,959       8,235       295  

Income before income tax

     268,575       304,440       10,908  

 

2


     Six months ended June 30,  
     2020     2021  
     NT$     NT$     US$  
     (in millions, except for earnings per share
and per ADS)
 

Income tax expense

     (31,208     (27,297     (978

Net income

     237,367       277,143       9,930  

Other comprehensive loss for the period, net of income tax

     (9,235     (4,235     (152

Total comprehensive income for the period

     228,132       272,908       9,778  

Net income attributable to shareholders of the parent

     237,225       276,980       9,924  

Net income attributable to non-controlling interests

     142       163       6  

Total comprehensive income attributable to shareholders of the parent

     227,988       272,746       9,772  

Total comprehensive income attributable to non-controlling interests

     144       162       6  

Basic/Diluted earnings per share

     9.15       10.68       0.38  

Basic/Diluted earnings per ADS equivalent

     45.74       53.41       1.91  

Basic/Diluted weighted average shares outstanding

     25,930       25,930       25,930  

 

     As of June 30, 2021  
     NT$      US$  
     (in millions, except for cash
dividend per common share)
 

Consolidated Statements of Financial Position Data:

  

Current assets

     1,241,104        44,468  

Property, plant and equipment

     1,722,679        61,723  

Right-of-use assets

     32,619        1,169  

Intangible assets

     26,535        951  

Deferred income tax assets

     36,181        1,296  

Total assets

     3,092,689        110,809  

Current liabilities

     659,558        23,632  

Lease liabilities

     21,031        753  

Long-term bonds payable

     410,465        14,707  

Total liabilities

     1,110,654        39,794  

Capital stock

     259,304        9,291  

Equity attributable to shareholders of the parent

     1,979,871        70,938  

Non-controlling interests

     2,164        77  

Cash dividend paid per common share

     5.0        0.2  

 

3


     Six months ended June 30,  
     2020     2021  
     NT$     NT$     US$  
     (in millions, except for percentages and
operating data)
 

Other Consolidated Financial Data:

      

Gross margin

     52.4%       51.2%       51.2%  

Operating margin

     41.8%       40.3%       40.3%  

Net margin

     38.2%       37.7%       37.7%  

Capital expenditures

     319,258       415,000       14,869  

Depreciation and amortization

     139,430       204,705       7,334  

Cash generated by operating activities

     373,364       415,255       14,878  

Cash used in investing activities

     (318,743     (414,003     (14,833

Cash generated by (used in) financing activities

     (34,845     89,649       3,212  

Effect of exchange rate changes

     (7,561     (3,090     (111

Net increase in cash

     12,215       87,811       3,146  

Operating Data:

      

Wafer (12-inch equivalent) shipment(1)

     5,911       6,808       6,808  

 

(1)

In thousands.

 

4


RESULTS OF OPERATIONS

The following table sets forth, for the periods indicated, certain financial data from our consolidated statements of profit or loss and other comprehensive income, expressed in each case as a percentage of net revenue:

 

     For the six months
ended June 30,
 
     2020      2021  

Net revenue

     100.0%        100.0%  

Cost of revenue

     (47.6)%        (48.8)%  

Gross profit

     52.4%        51.2%  

Operating expenses

     

Research and development

     (8.0)%        (8.4)%  

General and administrative

     (2.1)%        (2.0)%  

Marketing

     (0.5)%        (0.5)%  

Total operating expenses

     (10.6)%        (10.9)%  

Other operating income and expenses, net

     0.0%        0.0%  

Income from operations

     41.8%        40.3%  

Income before income tax

     43.2%        41.4%  

Income tax expense

     (5.0)%        (3.7)%  

Net income

     38.2%        37.7%  

Other comprehensive loss for the period, net of income tax

     (1.5)%        (0.5)%  

Total comprehensive income for the period

     36.7%        37.2%  

Net income attributable to shareholders of the parent

     38.2%        37.7%  

Net income attributable to non-controlling interests

     0.0%        0.0%  

Net Revenue and Gross Margin

 

     For the six months ended June 30,  
     2020     2021     % Change in
NT$ from 2020
 
     NT$     NT$     US$        
     (in millions, except percentages)  

Net revenue

     621,296       734,555       26,319       18.2%  

Cost of revenue

     (295,819     (358,546     (12,847     21.2%  
  

 

 

   

 

 

   

 

 

   

Gross profit before realized (unrealized) gross profit on sales to associates

     325,477       376,009       13,472       15.5%  

Realized (unrealized) gross profit on sales to associates

     (77     27       1       —    
  

 

 

   

 

 

   

 

 

   

Gross profit

     325,400       376,036       13,473       15.6%  
  

 

 

   

 

 

   

 

 

   

Gross margin percentage

     52.4%       51.2%       51.2%       —    

 

5


Net Revenue

Our net revenue increased by 18.2% in the six months ended June 30, 2021, compared to the same period in 2020, which was mainly attributed to a 15.2% increase in wafer shipments and an 11.7% increase in average selling price due to higher advanced technology (7-nanometer and below) revenue weighting, partially offset by a 7.1% appreciation of the NT dollar against the U.S. dollar.

Gross Margin

Our gross margin fluctuates with the level of capacity utilization, price change, cost improvement, product mix and exchange rates, among other factors. Furthermore, our gross margin would be negatively impacted in the period when a new technology is introduced.

In the six months ended June 30, 2021, our gross margin decreased to 51.2% of net revenue from 52.4% in the same period in 2020, mainly ascribed to an unfavorable impact of the NT dollar’s appreciation against the U.S. dollar, partially offset by higher capacity utilization.

Operating Expenses

 

     For the six months ended June 30,  
     2020      2021     % Change in
NT$ from 2020
 
     NT$      NT$     US$        
     (in millions, except percentages)  

Research and development

     49,862        61,630       2,208       23.6%  

General and administrative

     12,798        14,351       514       12.1%  

Marketing

     3,184        3,714       133       16.6%  
  

 

 

    

 

 

   

 

 

   

Total operating expenses

     65,844        79,695       2,855       21.0%  
  

 

 

    

 

 

   

 

 

   

Percentage of net revenue

     10.6%        10.9%       10.9%       —    

Other operating income and expenses, net

     60        (136     (5     (326.7)%  

Income from operations

     259,616        296,205       10,613       14.1%  
  

 

 

    

 

 

   

 

 

   

Operating margin

     41.8%        40.3%       40.3%       —    

Operating expenses increased by NT$13,851 million in the six months ended June 30, 2021, or 21.0%, compared to the same period in 2020.

Research and Development Expenses

We remain strongly committed to being the leader in advanced process technologies development. We believe that continuing investment in process technologies is essential for us to remain competitive in the markets we serve.

Research and development expenses increased by NT$11,768 million in the six months ended June 30, 2021, or 23.6%, from the same period in 2020. The increases were mainly attributed to a higher level of research activities for 2-nanometer, 3-nanometer and 4-nanometer process technologies, as we continued to advance to smaller processing nodes, partially offset by a lower level of research activities for 5-nanometer and 7-nanometer. We plan to continue our investment in technology research and development in 2021.

 

6


General and Administrative and Marketing Expenses

General and administrative and marketing expenses in the six months ended June 30, 2021, increased by NT$2,083 million, or 13.0%, compared to the same period in 2020, mainly reflecting a structural pay raise and higher employee profit sharing expenses due to higher net income.

Other Operating Income and Expenses

We recorded a net loss of NT$136 million from other operating income and expenses in the six months ended June 30, 2021, compared to a net gain of NT$60 million in the same period in 2020, primarily attributed to an impairment loss on property, plant and equipment of NT$274 million and higher depreciation of assets subject to operating leases of NT$123 million, partially offset by higher rental income of NT$247 million.

Non-Operating Income and Expenses

 

     For the six months ended June 30,  
     2020     2021     % Change
in NT$
from 2020
 
     NT$     NT$     US$        
     (in millions, except percentages)  

Share of profits of associates

     1,434       2,424       87       69.0%  

Interest income

     5,468       2,890       103       (47.1)%  

Other income

     344       657       24       91.0%  

Foreign exchange gain, net

     3,155       6,124       219       94.1%  

Finance costs

     (940     (1,907     (68     102.9%  

Other gains and losses, net

     (502     (1,953     (70     289.0%  
  

 

 

   

 

 

   

 

 

   

Net non-operating income

     8,959       8,235       295       (8.1)%  
  

 

 

   

 

 

   

 

 

   

Net non-operating income in the six months ended June 30, 2021, decreased by NT$724 million, or 8.1%, from NT$8,959 million in the same period in 2020, mainly due to lower interest income of NT$2,578 million and higher finance costs of NT$967 million compared to the same period in 2020. The decrease was partially offset by higher foreign exchange gain of NT$2,969 million compared to the same period in 2020.

 

7


Income Tax Expense

 

     For the six months ended June 30,  
     2020     2021     %
Change
in NT$
from
2020
 
     NT$     NT$     US$        
     (in millions, except percentages)  

Income tax expense

     (31,208     (27,297     (978     (12.5)%  
  

 

 

   

 

 

   

 

 

   

Net income

     237,367       277,143       9,930       16.8%  
  

 

 

   

 

 

   

 

 

   

Net income attributable to shareholders of the parent

     237,225       276,980       9,924       16.8%  
  

 

 

   

 

 

   

 

 

   

Net margin attributable to shareholders of the parent

     38.2%       37.7%       37.7%       —    

Income tax expenses decreased by NT$3,911 million in the six months ended June 30, 2021, or 12.5%, from the same period in 2020. The decrease was mainly due to the adjustment of surtax imposed on prior year’s unappropriated earnings in 2021, attributed to the deduction of capital expenditures from the unappropriated earnings.

Summary Financial Information of the Obligor Group

Basis of preparation

The following summarized financial information is presented for the Obligor Group on a combined basis after elimination of intercompany transactions between entities in the combined group and amounts related to investments in any subsidiary that is a non-guarantor.

This information is not intended to present the financial position or results of operations of the combined group of companies in accordance with U.S. GAAP.

Translations for financial data as of and for the year ended December 31, 2020 in this subsection, were made at the rate of NT$28.08 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2020.

 

8


Statement of Income for Obligor Group

 

     For the year ended
December 31, 2020
     For the six months ended
June 30, 2021
 
     NT$      US$      NT$      US$  
     (in millions)  

Net sales – external

     490,354        17,463        246,790        8,843  

Net sales – to subsidiaries outside of the Obligor Group

     824,439        29,360        482,744        17,296  

Total net sales

     1,314,793        46,823        729,534        26,139  

Gross profit

     682,004        24,288        361,889        12,966  

Income from continuing operations

     543,465        19,354        285,046        10,213  

Net income

     510,744        18,189        276,989        9,924  

Net income attributable to Obligor Group

     510,744        18,189        276,989        9,924  

Balance Sheet for Obligor Group

 

     As of December 31, 2020      As of June 30, 2021  
     NT$      US$      NT$      US$  
     (in millions)  

Assets

        

Current assets – external

     477,878        17,019        520,070        18,634  

Current assets – due from subsidiaries outside of the Obligor Group

     103,193        3,675        124,287        4,453  

Total current assets

     581,071        20,694        644,357        23,087  

Non-current assets – external

     1,607,298        57,240        1,787,537        64,047  

Non-current assets – due from subsidiaries outside of the Obligor Group

     545,009        19,409        552,826        19,807  

Total non-current assets

     2,152,307        76,649        2,340,363        83,854  

Total assets

     2,733,378        97,343        2,984,720        106,941  

Liabilities

           

Current liabilities – external

     602,920        21,471        632,598        22,666  

Current liabilities – due from subsidiaries outside the Obligor Group

     92,329        3,288        108,574        3,890  

Total current liabilities

     695,249        24,759        741,172        26,556  

Non-current liabilities – external

     203,318        7,241        263,677        9,447  

Non-current liabilities – due from subsidiaries outside of the Obligor Group

     —          —          —          —    

Total non-current liabilities

     203,318        7,241        263,677        9,447  

Total liabilities

     898,567        32,000        1,004,849        36,003  

 

9


Liquidity and Capital Resources

Our sources of liquidity include cash flow from operations, cash and cash equivalents, current portion of marketable financial assets and issuances of corporate bonds.

Our primary source of liquidity is cash flow from operations. Cash flow from operations for the six months ended June 30, 2021, was NT$415,255 million (US$14,878 million), reflecting an increase of NT$41,891 million compared to the same period in 2020.

Our cash, cash equivalents and current portion of marketable financial assets increased to NT$870,835 million (US$31,202 million) as of June 30, 2021, compared to NT$605,016 million as of June 30, 2020. The current portion of marketable financial assets primarily consisted of fixed income securities. During the six months ended June 30, 2021, we issued NT dollar-denominated corporate bonds totaling NT$60,000 million (US$2,150 million) and U.S. dollar denominated corporate bonds of US$3,500 million.

We believe that our cash generated from operations, cash and cash equivalents, current portion of marketable financial assets, and ability to access capital markets will be sufficient to fund our working capital needs, capital expenditures, debt repayments, dividend payments and other business requirements associated with existing operations over the next 12 months.

 

     For the six months ended June 30,  
     2020     2021  
     NT$     NT$     US$  
     (in millions)  

Net cash generated by operating activities

     373,364       415,255       14,878  

Net cash used in investing activities

     (318,743     (414,003     (14,833

Net cash generated by (used in) financing activities

     (34,845     89,649       3,212  

Effect of exchange rate changes on cash and cash equivalents

     (7,561     (3,090     (111

Net increase in cash and cash equivalents

     12,215       87,811       3,146  

Cash and cash equivalents increased by NT$87,811 million in the six months ended June 30, 2021.

Operating Activities

In the six months ended June 30, 2021, we generated NT$415,255 million (US$14,878 million) net cash from operating activities, as compared to NT$373,364 million in the same period in 2020. The net cash generated from operating activities was primarily from NT$304,440 million in income before tax and NT$204,705 million in non-cash depreciation and amortization expenses, partially offset by income tax payments, changes in working capital and others of NT$93,890 million. The increase in depreciation and amortization expenses in the six months ended June 30, 2021 was mainly attributed to continuing investment in production capacity for advanced technologies. In the six months ended June 30, 2020, net cash generated from operating activities was primarily from NT$268,575 million in income before income tax and NT$139,430 million in non-cash depreciation and amortization expenses, partially offset by income tax payments, changes in working capital and others of NT$34,641 million.

 

10


Investing Activities

In the six months ended June 30, 2021, net cash used in investing activities was NT$414,003 million (US$14,833 million), as compared to NT$318,743 million in the same period in 2020. The primary use of cash in investing activities in the six months ended June 30, 2021 was for capital expenditures of NT$415,000 million.

In the six months ended June 30, 2020, net cash used in investing activities was primarily for capital expenditures of NT$319,258 million.

Financing Activities

In the six months ended June 30, 2021, net cash generated in financing activities was NT$89,649 million (US$3,212 million), as compared to net cash used in financing activities of NT$34,845 million in the same period in 2020. The net cash generated in financing activities in the six months ended June 30, 2021 was mainly from proceeds from issuance of corporate bonds and increases in short-term loans, partially offset by cash dividend payments.

In the six months ended June 30, 2020, net cash used in financing activities was primarily for cash dividend payments and repayments of corporate bonds, partially offset by proceeds from issuance of corporate bonds and increases in short-term loans.

 

11

2021-022021-09Bullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annuallyBullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annuallyBullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annuallyBullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annuallyBullet repayment (callable at any time, in whole or in part, at the relevant redemption price according to relevant agreements); interest payable semi-annually2021-012021-032021-012021-032021-072021-092021-072021-09Bullet repayment; interest payable annuallyBullet repayment; interest payable annuallyBullet repayment; interest payable annuallyBullet repayment; interest payable annuallyBullet repayment; interest payable annuallyBullet repayment; interest payable annuallyBullet repayment; interest payable annually
Exhibit 99.2
Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2021
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
    
Page
 
Condensed Consolidated Financial Statements of Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
  
    
F-1
 
     F-2  
     F-3  
     F-5  
     F-7  
     F-8  
     F-10  
 
F - 1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of
Taiwan Semiconductor Manufacturing Company Limited
Results of Review of Interim Financial Information
We have reviewed the accompanying condensed consolidated statements of financial position of Taiwan Semiconductor Manufacturing Company Limited (a Republic of China corporation) and subsidiaries (the “Company”) as of June 30, 2021, the related condensed consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for six months ended June 30, 2020 and 2021, and the related notes (collectively referred to as the “condensed consolidated interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial information for it to be in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2020, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated April 16, 2021, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.
Basis for Review Results
This condensed consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Deloitte & Touche
Taipei, Taiwan
Republic of China
October 18, 2021
 
F - 2

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In Millions of New Taiwan Dollars or U.S. Dollars)
 
 
    
Notes
  
December 31, 2020
    
June 30, 2021
 
         
NT$
    
NT$
    
US$
 
                       
(Note 3)
 
ASSETS
                               
CURRENT ASSETS
                               
Cash and cash equivalents
   7    $ 660,170.6      $ 747,982.1      $ 26,799.8  
Financial assets at fair value through profit or loss
   8      2,259.4        58.3        2.1  
Financial assets at fair value through other comprehensive income
   9      122,448.5        122,794.5        4,399.7  
Financial assets at amortized cost
   10      6,598.0                
Hedging financial assets
   11      0.1        0.3         
Notes and accounts receivable, net
   12      145,480.3        177,475.5        6,358.9  
Receivables from related parties
   31      558.1        784.4        28.1  
Other receivables from related parties
   31      50.6        1,711.7        61.3  
Inventories
   13      137,353.4        170,438.7        6,106.7  
Other financial assets
   32      10,676.1        12,450.1        446.1  
Other current assets
          6,590.2        7,408.4        265.4  
         
 
 
    
 
 
    
 
 
 
         
Total current assets
          1,092,185.3                    1,241,104.0                      44,468.1  
         
 
 
    
 
 
    
 
 
 
         
NONCURRENT ASSETS
                               
Financial assets at fair value through other comprehensive income
   9      4,514.9        5,390.0        193.1  
Financial assets at amortized cost
   10      4,372.2        4,336.6        155.4  
Investments accounted for using equity method
   14      18,730.2        19,210.5        688.3  
Property, plant and equipment
   15      1,555,589.1        1,722,679.1        61,722.7  
Right-of-use
assets
   16      27,728.5        32,619.3        1,168.7  
Intangible assets
   17      25,768.1        26,535.1        950.7  
Deferred income tax assets
   5      25,958.2        36,180.4        1,296.3  
Refundable deposits
          1,343.0        2,513.1        90.0  
Other noncurrent assets
          4,411.0        2,120.7        76.0  
         
 
 
    
 
 
    
 
 
 
Total noncurrent assets
          1,668,415.2        1,851,584.8        66,341.2  
         
 
 
    
 
 
    
 
 
 
         
TOTAL
        $ 2,760,600.5      $ 3,092,688.8      $ 110,809.3  
         
 
 
    
 
 
    
 
 
 
 
(Continued)
F - 3

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In Millions of New Taiwan Dollars or U.S. Dollars)
 
 
 
  
Notes
  
December 31, 2020
 
  
June 30, 2021
 
 
  
 
  
NT$
 
  
NT$
 
  
US$
 
 
  
 
  
 
 
  
 
 
  
(Note 3)
 
LIABILITIES AND EQUITY
  
 
  
     
  
     
  
     
CURRENT LIABILITIES
  
 
  
     
  
     
  
     
Short-term loans
   18, 29    $ 88,559.0      $ 139,380.9      $ 4,993.9  
Financial liabilities at fair value through profit or loss
   8      94.1        1,828.3        65.5  
Hedging financial liabilities
   11      1.2        10.2        0.4  
Accounts payable
          38,987.3        39,725.8        1,423.4  
Payables to related parties
   31      2,107.7        1,504.2        53.9  
Salary and bonus payable
          20,071.2        17,148.9        614.4  
Accrued profit sharing bonus to employees and compensation to directors and supervisors
   28      35,681.0        52,328.9        1,874.9  
Payables to contractors and equipment suppliers
          157,805.0        107,146.1        3,839.0  
Cash dividends payable
   21      129,652.0        136,134.5        4,877.6  
Income tax payable
   5      68,656.7        51,832.0        1,857.1  
Long-term liabilities - current portion
   19      2,600.0                
Accrued expenses and other current liabilities
   16, 22, 29, 31      87,683.2        112,518.5        4,031.5  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
         
Total current liabilities
          631,898.4                    659,558.3                      23,631.6  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
         
NONCURRENT LIABILITIES
                               
Bonds payable
   19, 29      254,105.1        410,464.9        14,706.7  
Long-term bank loans
   20, 29      1,967.6        3,171.3        113.6  
Deferred income tax liabilities
   5      1,729.9        2,142.8        76.8  
Lease liabilities
   16, 29      20,560.6        21,030.4        753.5  
Net defined benefit liability
   5      11,914.1        11,285.5        404.3  
Guarantee deposits
          265.6        392.4        14.1  
Others
          2,395.4        2,608.3        93.5  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
         
Total noncurrent liabilities
          292,938.3        451,095.6        16,162.5  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
         
Total liabilities
          924,836.7        1,110,653.9        39,794.1  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
         
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE
PARENT
                               
Capital stock
   21      259,303.8        259,303.8        9,290.7  
         
 
 
    
 
 
    
 
 
 
Capital surplus
   21      56,347.2        64,753.8        2,320.1  
 
  
 
  
 
 
 
  
 
 
 
  
 
 
 
Retained earnings
   21                           
Appropriated as legal capital reserve
          311,147.0        311,147.0        11,148.2  
Appropriated as special capital reserve
          42,259.1        48,392.8        1,733.9  
Unappropriated earnings
          1,220,434.0        1,354,867.5        48,544.2  
         
 
 
    
 
 
    
 
 
 
            1,573,840.1        1,714,407.3        61,426.3  
         
 
 
    
 
 
    
 
 
 
Others
   21      (54,679.8      (58,594.0      (2,099.4
         
 
 
    
 
 
    
 
 
 
         
Equity attributable to shareholders of the parent
          1,834,811.3        1,979,870.9        70,937.7  
         
NON - CONTROLLING INTERESTS
          952.5        2,164.0        77.5  
         
 
 
    
 
 
    
 
 
 
Total equity
          1,835,763.8        1,982,034.9        71,015.2  
         
 
 
    
 
 
    
 
 
 
         
TOTAL
        $ 2,760,600.5      $ 3,092,688.8      $ 110,809.3  
         
 
 
    
 
 
    
 
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
  
(Concluded)
F - 4

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars or U.S. Dollars, Except Earnings Per Share that are in New Taiwan or U.S. Dollars)
 
 
    
Six Months Ended June 30
 
    
Notes
  
2020
    
2021
 
         
NT$
    
NT$
    
US$
 
                       
(Note 3)
 
NET REVENUE
   22, 31, 34    $ 621,295.5      $ 734,555.4      $ 26,318.7  
COST OF REVENUE
   13, 28, 31      295,818.5        358,546.1        12,846.5  
         
 
 
    
 
 
    
 
 
 
         
GROSS PROFIT BEFORE REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO
ASSOCIATES
          325,477.0        376,009.3        13,472.2  
         
REALIZED (UNREALIZED) GROSS PROFIT ON SALES TO ASSOCIATES
          (76.7      26.9        1.0  
         
 
 
    
 
 
    
 
 
 
         
GROSS PROFIT
          325,400.3        376,036.2        13,473.2  
         
 
 
    
 
 
    
 
 
 
         
OPERATING EXPENSES
   28, 31                           
Research and development
          49,861.9        61,629.7        2,208.1  
General and administrative
          12,797.5        14,350.8        514.2  
Marketing
          3,184.3        3,714.7        133.1  
         
 
 
    
 
 
    
 
 
 
         
Total operating expenses
          65,843.7        79,695.2        2,855.4  
         
 
 
    
 
 
    
 
 
 
         
OTHER OPERATING INCOME AND EXPENSES, NET
   15, 16, 28      59.6        (135.6      (4.9
         
 
 
    
 
 
    
 
 
 
         
INCOME FROM OPERATIONS
   34      259,616.2        296,205.4        10,612.9  
         
 
 
    
 
 
    
 
 
 
         
NON-OPERATING
INCOME AND EXPENSES
                               
Share of profits of associates
          1,434.4        2,423.5        86.8  
Interest Income
   23      5,467.4        2,889.6        103.5  
Other income
          343.9        657.2        23.6  
Foreign exchange gain, net
          3,155.1        6,123.9        219.4  
Finance costs
   24      (939.7      (1,906.5      (68.3
Other gains and losses, net
   25      (501.8      (1,953.2      (70.0
         
 
 
    
 
 
    
 
 
 
         
Total
non-operating
income and expenses
          8,959.3        8,234.5        295.0  
         
 
 
    
 
 
    
 
 
 
         
INCOME BEFORE INCOME TAX
          268,575.5        304,439.9        10,907.9  
INCOME TAX EXPENSE
   5, 26      31,208.1        27,297.0        978.0  
         
 
 
    
 
 
    
 
 
 
         
NET INCOME
          237,367.4        277,142.9        9,929.9  
         
 
 
    
 
 
    
 
 
 
         
OTHER COMPREHENSIVE INCOME (LOSS)
   21, 26                           
Items that will not be reclassified subsequently to profit or loss:
                               
Unrealized gain/(loss) on investments in equity instruments at fair value through other comprehensive income
          (21.7      817.3        29.3  
Loss on hedging instruments
          (42.8      (41.4      (1.5
Share of other comprehensive income (loss) of associates
          (3.5      4.5        0.2  
Income tax benefit (expense) related to items that will not be reclassified subsequently
          0.4        (55.8      (2.0
         
 
 
    
 
 
    
 
 
 
         
            (67.6      724.6        26.0  
         
 
 
    
 
 
    
 
 
 
 
(Continued)
F - 5

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In Millions of New Taiwan Dollars or U.S. Dollars, Except Earnings Per Share that are in New Taiwan or U.S. Dollars)
 
 
      
Six Months Ended June 30
 
    
Notes
    
2020
    
2021
 
           
NT$
    
NT$
    
US$
 
                         
(Note 3)
 
Items that may be reclassified subsequently to profit or loss:
                                   
Exchange differences arising on translation of foreign operations
            $ (11,690.2    $ (3,095.3    $ (110.9
Unrealized gain/(loss) on investments in debt instruments at fair value through other comprehensive income
              2,698.4        (1,790.2      (64.2
Share of other comprehensive loss of associates
              (176.3      (73.6      (2.6
             
 
 
    
 
 
    
 
 
 
         
                (9,168.1      (4,959.1      (177.7
             
 
 
    
 
 
    
 
 
 
         
Other comprehensive loss for the period, net of income tax
              (9,235.7      (4,234.5      (151.7
             
 
 
    
 
 
    
 
 
 
         
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
            $ 228,131.7      $ 272,908.4      $ 9,778.2  
             
 
 
    
 
 
    
 
 
 
         
NET INCOME ATTRIBUTABLE TO:
                                   
Shareholders of the parent
            $ 237,224.6      $ 276,980.5      $ 9,924.1  
Non-controlling
interests
              142.8        162.4        5.8  
             
 
 
    
 
 
    
 
 
 
         
              $ 237,367.4      $ 277,142.9      $ 9,929.9  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
                                   
Shareholders of the parent
            $ 227,988.3      $ 272,746.1      $ 9,772.3  
Non-controlling
interests
              143.4        162.3        5.9  
             
 
 
    
 
 
    
 
 
 
         
              $         228,131.7      $         272,908.4      $ 9,778.2  
             
 
 
    
 
 
    
 
 
 
         
EARNINGS PER SHARE
     27                                     
Basic earnings per share
            $ 9.15      $ 10.68      $ 0.38  
             
 
 
    
 
 
    
 
 
 
Diluted earnings per share
            $ 9.15      $ 10.68      $ 0.38  
             
 
 
    
 
 
    
 
 
 
         
EARNINGS PER EQUIVALENT ADS
                                   
Basic earnings per share
            $ 45.74      $ 53.41      $ 1.91  
             
 
 
    
 
 
    
 
 
 
Diluted earnings per share
            $ 45.74      $         53.41      $         1.91  
             
 
 
    
 
 
    
 
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
  
(Concluded)
F - 6

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In Millions of New Taiwan Dollars)
 
 
   
Equity Attributable to Shareholders of the Parent
             
                                             
Others
                   
   
 
 
Capital Stock - Common Stock
   
Capital Surplus
   
 
 
Retained Earnings
   
Foreign
Currency
Translation
Reserve
   
Unrealized
Gain (Loss) on
Financial
Assets at Fair
Value Through
Other
Comprehensive
Income
   
Gain (Loss) on
Hedging
Instruments
   
Unearned
Stock-Based
Employee
Compensation
   
Total
   
Total
   
Non-controlling
Interests
   
Total Equity
 
   
Shares
(In Millions)
   
Amount
   
Legal Capital
Reserve
   
Special Capital
Reserve
   
Unappropriated
Earnings
   
Total
 
BALANCE, JANUARY 1, 2020
    25,930.3     $ 259,303.8     $ 56,339.7     $ 311,147.0     $ 10,675.1     $ 1,003,808.3     $ 1,325,630.4     $ (26,871.4   $ (692.9   $ (3.8   $ (0.2   $ (27,568.3   $ 1,613,705.6     $ 681.7     $ 1,614,387.3  
Appropriations of earnings
                                                                                                                       
Special capital reserve
                            14,198.2       (14,198.2                                                      
Cash dividends to shareholders
                                  (129,651.9     (129,651.9                                   (129,651.9           (129,651.9
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
                            14,198.2       (143,850.1     (129,651.9                                   (129,651.9           (129,651.9
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income for the six months ended June 30, 2020
                                  237,224.6       237,224.6                                     237,224.6       142.8       237,367.4  
Other comprehensive income (loss) for the six months ended June 30, 2020
                                              (11,866.4     2,672.9       (42.8           (9,236.3     (9,236.3     0.6       (9,235.7
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) for the six months ended June 30, 2020
                                  237,224.6       237,224.6       (11,866.4     2,672.9       (42.8           (9,236.3     227,988.3       143.4       228,131.7  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Basis adjustment for loss on hedging instruments
                                                          46.6             46.6       46.6             46.6  
Adjustments to share of changes in equities of associates
                0.3                                                 0.2       0.2       0.5             0.5  
Increase in
non-controlling
interests
                                                                                  3.0       3.0  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE, JUNE 30, 2020
    25,930.3     $ 259,303.8     $ 56,340.0     $ 311,147.0     $ 24,873.3     $ 1,097,182.8     $ 1,433,203.1     $ (38,737.8   $ 1,980.0     $     $     $ (36,757.8   $ 1,712,089.1     $ 828.1     $ 1,712,917.2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE, JANUARY 1, 2021
    25,930.3     $ 259,303.8     $ 56,347.2     $ 311,147.0     $ 42,259.1     $ 1,220,434.0     $ 1,573,840.1     $ (57,001.6   $ 2,321.8     $     $     $ (54,679.8   $ 1,834,811.3     $ 952.5     $ 1,835,763.8  
Appropriations of earnings
                                                                                                                       
Special capital reserve
                            6,133.7       (6,133.7                                                      
Cash dividends to shareholders
                                  (136,134.5     (136,134.5                                   (136,134.5           (136,134.5
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
                            6,133.7       (142,268.2     (136,134.5                                   (136,134.5           (136,134.5
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income for the six months ended June 30, 2021
                                  276,980.5       276,980.5                                     276,980.5       162.4       277,142.9  
Other comprehensive loss for the six months ended June 30, 2021
                                              (3,168.9     (1,024.1     (41.4           (4,234.4     (4,234.4     (0.1     (4,234.5
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) for the six months ended June 30, 2021
                                  276,980.5       276,980.5       (3,168.9     (1,024.1     (41.4           (4,234.4     272,746.1       162.3       272,908.4  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Disposal of investments in equity instruments at fair value through other comprehensive income
                                  (278.8     (278.8           278.8                   278.8                    
Basis adjustment for gain on hedging instruments
                                                          41.4             41.4       41.4             41.4  
Adjustments to share of changes in equities of associates
                0.3                                                             0.3             0.3  
From difference between the consideration received and the carrying amount of the subsidiaries’ net assets during actual disposal
                8,406.3                                                             8,406.3       1,045.5       9,451.8  
Increase in
non-controlling
interests
                                                                                  3.5       3.5  
Effect of acquisition of subsidiary
                                                                                  0.2       0.2  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE, JUNE 30, 2021
    25,930.3     $ 259,303.8     $ 64,753.8     $ 311,147.0     $ 48,392.8     $ 1,354,867.5     $ 1,714,407.3     $ (60,170.5   $ 1,576.5     $     $     $ (58,594.0   $ 1,979,870.9     $ 2,164.0     $ 1,982,034.9  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
BALANCE, JUNE 30, 2021 (IN MILLIONS OF US$ - Note 3)
          $ 9,290.7     $ 2,320.1     $ 11,148.2     $ 1,733.9     $ 48,544.2     $ 61,426.3     $ (2,155.9   $ 56.5     $     $     $ (2,099.4   $ 70,937.7     $ 77.5     $ 71,015.2  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of the condensed consolidated financial statements.
 
F - 7

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars or U.S. Dollars)
 
 
    
Six Months Ended June 30
 
    
2020
   
2021
 
    
NT$
   
NT$
   
US$
 
                
(Note 3)
 
CASH FLOWS FROM OPERATING ACTIVITIES
                        
Income before income tax
   $ 268,575.5     $ 304,439.9     $ 10,907.9  
Adjustments for:
                        
Depreciation expense
     136,065.3       200,697.1       7,190.9  
Amortization expense
     3,364.4       4,008.4       143.6  
Expected credit losses recognized (reversal) on investments in debt instruments
     0.2       (3.3     (0.1
Finance costs
     939.7       1,906.5       68.3  
Share of profits of associates
     (1,434.4     (2,423.5     (86.8
Interest income
     (5,467.4     (2,889.6     (103.5
Discounts on short-term loans
           (283.7     (10.2
Share-based compensation
     3.0       3.4       0.1  
Loss (gain) on disposal or retirement of property, plant and equipment, net
     (6.3     10.6       0.4  
Loss on disposal of intangible assets, net
           1.2        
Impairment loss on property, plant and equipment
           274.4       9.8  
Loss on financial instruments at fair value through profit or loss, net
     3.4              
Gain on disposal of investments in debt instruments at fair value through other comprehensive income, net
     (926.9     (169.3     (6.1
Unrealized (realized) gross profit on sales to associates
     76.7       (26.9     (1.0
Gain on foreign exchange, net
     (2,916.9     (7,684.2     (275.3
Dividend income
     (341.8     (348.1     (12.5
Changes in operating assets and liabilities:
                        
Financial instruments at fair value through profit or loss
     (53.7     3,895.6       139.6  
Notes and accounts receivable, net
     (11,310.4     (31,995.2     (1,146.4
Receivables from related parties
     (29.6     (226.3     (8.1
Other receivables from related parties
     (10.8     (36.2     (1.3
Inventories
     (2,806.9     (33,085.3     (1,185.4
Other financial assets
     1,618.1       (4,302.5     (154.3
Other current assets
     (1,363.4     (835.5     (29.9
Accounts payable
     (478.9     738.5       26.5  
Payables to related parties
     (1.9     (603.5     (21.6
Salary and bonus payable
     (1,524.6     (2,922.3     (104.7
Accrued profit sharing bonus to employees and compensation to directors and supervisors
     16,379.6       16,647.9       596.5  
Accrued expenses and other current liabilities
     8,356.8       25,071.0       898.3  
Net defined benefit liability
     (801.3     (628.6     (22.5
    
 
 
   
 
 
   
 
 
 
Cash generated from operations
     405,907.5       469,230.5       16,812.2  
Income taxes paid
     (32,543.1     (53,975.3     (1,933.9
    
 
 
   
 
 
   
 
 
 
       
Net cash generated by operating activities
     373,364.4       415,255.2       14,878.3  
    
 
 
   
 
 
   
 
 
 
 
(Continued)
F - 8

Taiwan Semiconductor Manufacturing Company Limited and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions of New Taiwan Dollars or U.S. Dollars)
 
 
    
Six Months Ended June 30
 
    
2020
   
2021
 
    
NT$
   
NT$
   
US$
 
                
(Note 3)
 
CASH FLOWS FROM INVESTING ACTIVITIES
                        
Acquisitions of:
                        
Financial assets at fair value through other comprehensive income
   $ (123,362.6   $ (151,585.4   $ (5,431.2
Financial assets at amortized cost
     (1,366.4            
Property, plant and equipment
     (319,258.1     (414,999.8     (14,869.2
Intangible assets
     (8,487.6     (4,123.6     (147.7
Proceeds from disposal or redemption of:
                        
Financial assets at fair value through other comprehensive income
     126,228.0       148,593.5       5,324.0  
Financial assets at amortized cost
           6,581.2       235.8  
Property, plant and equipment
     182.0       116.9       4.2  
Proceeds from return of capital of investments in equity instruments at fair value through other comprehensive income
           62.8       2.3  
Derecognition of hedging financial instruments
     (339.2     143.7       5.1  
Interest received
     5,959.2       3,040.1       108.9  
Proceeds from government grants - property, plant and equipment
     475.7              
Proceeds from government grants - others
     20.1              
Other dividends received
     406.3       318.7       11.4  
Dividends received from investments accounted for using equity method
     233.4       233.4       8.4  
Increase in prepayments for leases
           (1,200.0     (43.0
Refundable deposits paid
     (120.6     (1,553.7     (55.7
Refundable deposits refunded
     686.4       369.8       13.2