T.S.M.C. — Investor Presentation 2018

Sep 19, 2018

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台灣苯乙烯工業股份有限公司
Taiwan Styrene Monomer Co.
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Taiwan Styrene Monomer Co. Investor Conference

2018.09.19

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Disclaimer

This report discloses forecast on operation and revenue. The actual result might be different from today’s forecast as the company could not control the uncontrollable factors the forecast was based on.

These uncontrollable factors could come from all directions including the change of supply and demand, price adjustment, competition, global economy, supply chains and exchange rates and many other unpredictable factors.

TSMC is not responsible for updating the contents in this report shall any changes occur or would TSMC send out notifications or reminders for the same. This report does not solicit investments and should not be used as investment guide; TSMC is not responsible for any loss or damage incurred due to this report.

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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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Agenda

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Corporate Profile
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Market Review & Outlook
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Financial Review
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Q & A
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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Company Highlight

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Listed on Consolidated
Founded Paid In Capital
TWSE Revenue (2017)
Nov. 16, 1979 Aug., 1987 173.3 M USD 484.3 M USD
Managing Group Employee Taipei HQ Office
8F.-1, No.6, Sec. 1, Roosevelt Rd., Taipei
+886-2-2396-6007
Chairman : YC Wu
201
GM : CD Wu (by May 31, 2018)
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Kaohsiung Plant Linyuan Industrial Park No.7, Gongye 1st Rd., Kaohsiung +886-7-641-4511

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TSMC Group
Petrochemical Materials Electronics Environmental Investment Hospitality
& Construction Development
Engineering
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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Quality Policy

Taiwan Styrene Monomer Corporation

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Technology
Enhance professional technologies
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Services
Provide comprehensive services
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M

C

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Consistency
Ensure quality consistency
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Major Products

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|||||
|---|---|---|---|
|Capacities|2017 Sales by|
|Products|Applications|(tons/year)|Products|
|The major source material for polystyrene (PS),|
|acrylonitrile butadiene styrene (ABS), styrene-|340,000|
|butadiene rubber (SBR) and other polymers.|
|95.4%|
|The specialty chemical mainly used as a desorbent|
|for producing Para-xylene in Parex process and Fluxy|7,000|
|1.8%|
|process.|
|The by-product of the styrene production process,|
|Toluene|
|8,700|
|mainly used as an organic solvent.|
|1.3%|
|Ethyl-|The intermediate product of the styrene production|
|380,000|
|benzene|process, used as the solvent of polystyrene.|
|0.1%|

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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

SM Production Materials and Products

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ABS
Acrylonitrile Butadiene Styrene
EPS
Expanded Polystyrene
HIPS
Benzene High Impact Polystyrene
Ethyl- PS
乙苯
benzene Polystyrene
Ethylene SBR
Styrene-Butadiene Rubber
TPE
Thermoplastics Elastomer
Others
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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

SM Downstream Products and Applications

	Name	Acronym	Products and Applications	Products and Applications
Traditional materials	Acrylonitrile Butadiene Styrene	ABS	auto parts, household appliances, computer case, acrylic board, toys, motorcycle case, luggage case
	Expanded Polystyrene	EPS	packaging, insulation, construction, artwork and floating materials, partition board, ice box, cake box
	High Impact Polystyrene	HIPS	keyboard, mouse, computer case, disposable tableware
	Polystyrene	PS	CD/DVD box, ballpoint pen, X'mas light
	Styrene-Butadiene Rubber	SBR (SSBR)	rubber/color soles, tire
	Thermoplastics Elastomer	TPE	auto, electronic & household appliances
	Unsaturated Polyester Resins	UPR	thermoset composite applications, button
	Emulsion Styrene- Butadiene Rubber	E-SBR	mats, rubber goods and others
Innovative materials	MPPE	Modified polypheylene ether	Excellent mechanical and physical properties, low density, easy processing, good dimensional stability. Appropriate for use in manufacturing office equipment, household appliances, medical equipment, computers and other cabinet, chassis and precision components. To be as packaging materials for organic electrolyte in lithium-ion battery

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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

TSMC Clients

The major SM clients are domestic PS, ABS and SBR manufacturers which includes home appliance, mechanical, automobile, electronic and packaging industries. As for PDEB, the clients are chemical plants across the world.

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Exxon Mobil Ruhr Oel GmbH Indian Oil Corporation TonenGeneral
USA Germany India Japan
Exxon Mobil OJSC NAFTAN ANPZ S-Oil
Nederland Belarus Kazakhstan S. Korea
FuHaichuang Petrochemical Co
China
Formosa Chemicals & Fiber
Chinese Petroleum Co.
Turkey
Taiwan Chi Mei
Petkim Petrokimya
Taita Chemical
Iran Taiwan Synthetic Rubber Corp.
Bandar Imam Petrochemical Co.
LCY Chemical Industry
Esfahan Petrochemical Co.
Eternal Materials
Kuwait
Kuwait Paraxylene Malaysia
Sultanate of Oman Indonesia Petroliam Nasional Berhad
Aromatics Oman Pertamina
United Arab Emirates Saudi Arabia Thailand Singapore
AquaChem SABIC Esso Jurong Aromatics Co.
SATORP Thai Paraxylene Exxon Mobil
PTT Global Chemical
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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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Corporate Profile

Company and Production History

M1 plant debottleneck accomplished, SM capacity raised to 140 K tons.

SM1 & SM2 plants debottleneck accomplished. SM total capacity reached 340 K tons.

SM Production

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SM2 plant established, SM total production capacity reached 240 K tons

SM1 plant established, SM production capacity reached 100 K tons. K tons/yr. 300 200 100 0

PDEB2 line established. 3.5 K tons capacity built total capacity of 7.0 K tons achieved

PDEB Production

K tons/yr. PDEB1 line established. PDEB plant debottleneck accomplished 8 1.5 K tons capacity built PDEB capacity raised to 3.5 K tons. 6 4 2 0 Basic design for SM1 process improvement accomplished

Cogeneration plant in operation Energy & Carbon Reduction Project

Overall production cost reduction reengineering project accomplished Multi-function distillation energy-saving projects accomplished

Energy Saving

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Plant set up Paid-in capital increased to ~ 4.6 Bn NTD Paid-in capital increased to ~ 4.8 Bn NTD Paid-in capital increased to ~ 5.3 Bn M NTD Paid-in capital increased to ~ 5.6 Bn NTD

Capital

Capital increased to ~5.2 Bn NTD Capital relief to ~5.0 Bn NTD Board of Directors resolved to buy back common stocks for the cancellation of shares

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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Quality, Safety and Environment Systems

Since 1995

ISO-9000 quality management system implemented in 1995 and certified in Nov. of the same year.

Since 1997 Since 1998 ISO-14001 Environmental Joined TRCA (Taiwan Responsibility Care Management System Association) since 1998 and pledge the implemented and certified in health & safety for employees, clients, Dec. 1997. public and environment.

Since 2009 Since 2009 Since 2014 Since 2016 OHSAS-18001 CNS-15506 ISO-14064-1 (CNS Implementation of TOSHMS Occupational Health Occupational Health & 14064-1) Organization (Taiwan Occupational Safety &Safety Management Safety management Quantification & & Health Management) Systems implemented and systems implemented Reporting of Green according to Ministry of Labor certified in Dec. 2009. and certified in Dec. House Gases System and certified for 2009. implemented and Performance Recognition of certified in Jan. 2014. the Occupational Safety and Health Management Systems.

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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Operational Strategy and Strategy Development

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Multiple sources of raw materials and
flexible distribution
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Development of high value of new products
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Taiwan Styrene Monomer Co.
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1 Corporate Profile

Performance of Environmental Protection

Sox/Nox Emissions of Cogeneration Units (Coal Fired) in Kaohsiung City

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Sox
TSMC
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Company
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Nox
TSMC Company
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Source : Environmental Protection Bureau, Kaohsiung City Government

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

Retrospect and Prospect of SM Market

1. 2017 World Styrene Demand and Supply

2. Outlook of World Styrene Demand Growth for 2018~2021

3. Styrene Demand and Supply for Taiwan

4. Impact of Anti-Dumping Duty (ADD) by China

5. Overview of Production and Sales for TSMC

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

2017 Global SM Supply & Demand

SM Demand by its downstream products

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Others
TPE
8%
SBL 2%
5%
SBR PS
4% 36%
UPR
5%
SAN
2%
ABS
17%
EPS
21%
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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

2017 Global SM Supply & Demand

SM Demand by Region

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Taiwan SE. Asia
7% 4% N. America
Japan 14%
5%
S. Korea
9%
S. America
3%
W. Europe
15%
Central Euro.
2%
China Russia
34% 2%
Middle East
India
Others Africa 3%
2%
0.2% 0.2%
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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

Global SM Supply & Demand

0 10 20 30 40 50 Million Metric tons		Demand Total Capacity Operating rate 50% 60% 70% 80% 90% 100% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Production Operating rate

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

World SM Demand Year-On-Year Growth

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2.50
2.00
1.50
1.00
0.50
0.00
-0.50
-1.00
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
N. America W. Europe Middle East Others NE. Asia SE. Asia Global Demand
Million Metric tons
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2 Market Review & Outlook

Regional SM Net Trade

-5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 Million Metric tons
	N. America W. Europe Middle East Others SE. Asia NE. Asia 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

2017 SM Supply & Demand

2017 SM Supply & Demand	2017 SM Supply & Demand	2017 SM Supply & Demand	2017 SM Supply & Demand
Unit : K Metric Tons
Region/Company	Demand	Production	Net Trade
NE Asia	15,765	13,506	2,259
China	9,804	6,499	3,305
S. Korea	2,568	3,048	-480
Japan	1,440	2,025	-585
Taiwan	1,953	1,935	18
SE Asia	1,308	1,779	-471
N. America	3,909	5,121	-1,212
S. America	812	504	308
W. Europe	4,357	4,374	-17
Central Europe	497	236	261
Russia	454	599	-145
Middle East	956	2,755	-1,799
India	662	0	662
Africa	54	0	54
Others	101	0	101
Total	28,875	28,875	0
Source : IHS

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

China SM Supply & Demand

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12.0 80.0%
70.0%
10.0
60.0%
8.0
50.0%
6.0 40.0%
30.0%
4.0
20.0%
2.0
10.0%
0.0 0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Production Domestic Demand Total Capacity Operating rate
Operating rate
Million metric tons
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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

Outlook of World SM Demand Growth for 2018~2021

 According to IHS, the global GDP growth rate is forecasted 3.7~3.9% for 2018~2021.

• Under above condition, the annual growth rate of world styrene demand would be 2.2~2.3%.

• The major growth of SM demand is in Mainland China. Its annual growth rate would be 3.5~3.9%. (The growth rate is 4.5% in 2017)

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2 Market Review & Outlook

Taiwan SM Supply & Demand

2008~2017 Taiwan SM Supply & Demand

Unit : Metric Ton

Year	Production	Demand	Net Trade
2008	1,679,391	1,534,171	145,220
2009	1,906,015	1,777,333	128,682
2010	1,921,722	1,995,012	- 73,290
2011	1,692,832	1,791,740	- 98,908
2012	1,790,376	1,822,088	- 31,712
2013	2,044,325	1,924,233	120,092
2014	1,974,323	1,794,666	179,657
2015	2,020,355	1,863,540	156,815
2016	2,117,966	1,885,985	231,981
2017	1,823,222	1,912,993	- 89,771
Average	1,897,053	1,830,176	66,877

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

Styrene Demand and Supply for Taiwan Market

• Taiwan styrene market is basically net export.

• However, in 2017, it only produced 1,823,222 tons but the demand reached to 1,912,993 tons.

 It’s due to the production reduction caused by the mechanical problem of Formosa’s SM plant. The SM export was greatly decreased to 244,740 tons last year (517,353 tons in 2016). Therefore, Taiwan became net import of 89,771 tons in 2017, in comparison with net export of 231,981 tons in 2016. (Taiwan imported 334,511 tons SM in 2017 and 285,372 tons in 2016).

• From 2018 on, China taxes 3.8%~4.2% ADD on Taiwan’s SM import. Thus Formosa turns its partial SM sales volume to domestic instead of exporting to China. In consequence, the quantity of SM import is foreseen to be greatly decreased since this year.

• Currently Taiwan’s SM downstream customers maintain ~ 20,000 tons SM import per month.

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Taiwan Styrene Monomer Co.
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2 Market Review & Outlook

Impact of Anti-Dumping Duty (ADD) by China

 Impact to USA/South Korea/Taiwan

 TSMC’s SM is for domestic market only. Therefore, it has no impact to TSMC directly. However, the ADD actually widens SM spread for NE Asia based on the observation of 2018 1H sales.

• Q3 is the traditional peak season for SM, thus TSMC is optimistic about the market. As for Q4, it is conservative due to the uncertain impact from China-US trade war.

 Impact of SM New Capacity Expansion in China

• Many new SM plants are built along with refinery/cracker addition projects. Thus the source of raw material for these SM plants will not be the concern, and their products will be more competitive.

• The SM expansion will gradually led to reduction of its import quantity in China.

• If all new SM plants expand and produce according to their schedules, the NE Asia SM market will eventually be turned into net export region. And certain elimination through competition will be inevitable.

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2 Market Review & Outlook

ADD Imposed on SM by China

Country	Company	Capacity (KMT)		Levy	Levy	Difference
				Initial decision(%)	Final decision(%)
Taiwan	FC & FC	1,320		5.0	3.8	-1.2
	GPPC	370		5.0	4.2	-0.8
	TSMC	340		5.0	4.2	-0.8
S. Korea	Lotte Chemical	580		8.4	7.5	-0.9
	LG Chemical	670		8.0	6.6	-1.4
	SKGC	350		8.0	6.6	-1.4
	Hanwha Total	1,050		7.8	6.2	-1.6
	YNCC	290		7.8	6.2	-1.6
	Others(SKC)	405		8.4	7.5	-0.9
USA	LyondellBasell	1,259		9.2	13.9	4.7
	Americas Styrenics	953		9.6	13.9	4.3
	Styrolution	1,271		9.6	13.9	4.3
	Westlake	261		10.7	13.7	3.0
	Others(Cosmar)	1,150		10.7	55.7	45.0
* Starting from June 23, 2018, with a period of 5 years

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2 Market Review & Outlook

Production and Sales

SM Production vs Sales Volume

2017 Sales by Products

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Ton
400,000 Ethyl-benzene Hydrogen
0.1% 0.5%
Toluene Steam
350,000 1.3% 0.9%
PDEB
1.8%
300,000
250,000
200,000
150,000
100,000
95.4%
50,000
Styrene Monomer
0
2012 2013 2014 2015 2016 2017 Year
production sales
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3 Financial Review

TSMC Consolidated Income Statement

TSMC Consolidated Income Statement	TSMC Consolidated Income Statement	TSMC Consolidated Income Statement	TSMC Consolidated Income Statement	TSMC Consolidated Income Statement
Unit：M NTD
	2016	2017	2017 1H	2018 1H
Revenue	14,073	14,751	7,100	8,076
Cost	11,859	13,062	6,303	6,908
Grossprofit	2,215	1,689	797	1,168
Grossprofit rate	16%	12%	11%	14%
Operating expenses	415	406	208	249
Netprofit	1,800	1,283	589	920
Netprofit rate	13%	9%	8%	11%
Non-operating income	(134)	(37)	73	20
Profit before tax	1,666	1,246	662	940
Tax	(337)	(262)	(144)	(226)
Netprofit of the term	1,329	985	518	714
Profit rate	9%	7%	7%	9%
Net Income Attributed to
- Stockholders of the company	1,411	1,056	538	738
- Non-controlling Interest	(83)	(71)	(20)	(23)
EPS(NTD)	2.67	2.00	1.02	1.40

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3 Financial Review

TSMC Consolidated Financial Analysis

	2015	2016	2017	2018 1H
Debts ratio (%)	44.64	35.95	30.69	33.26
Current ratio (%)	134.92	158.92	176.39	144.97
Quick ratio (%)	103.78	112.51	112.99	97.64
Average collection turnover (times)	19.17	16.01	12.45	11.59
Average collection days	19.04	22.79	29.31	31.49
Average inventory turnover (times)	18.30	17.62	21.18	20.52
Average inventory turnover days	19.94	20.71	17.23	17.79
Return on total equity (%)	9.37	18.80	13.02	19.11
0 5 10 15 20 25

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25
20
15
10
5
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ROE (%)
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3 Financial Review

TSMC EPS & Dividend

		2013	2014	2015	2016	2017
	EPS (NTD)	2.05	(0.07)	1.31	2.67	2.00
	Cash dividend (NTD)	0.50	-	1.00	2.20	1.60
	Stock Dividend from Retained Earnings (NTD)	0.50	-	-	-	-

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3
2.5
2
1.5
1
0.5
0
-0.5
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EPS

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4

Q & A

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台灣苯乙烯工業股份有限公司
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Taiwan Styrene Monomer Co.
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台灣苯乙烯工業股份有限公司 Taiwan Styrene Monomer Co.