TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Consolidated Condensed Balance Sheet

(1)
(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars ("USD"))

December 31, 2024 (Unaudited) September 30, 2024 (Unaudited) December 31, 2023 (Audited) QoQ YoY
ASSETS USD NTD % NTD % NTD % Amount % Amount %
Current Assets
Cash and Cash Equivalents $ 64,930 $ 2,127,627 31.8 $ 1,886,781 30.6 $ 1,465,428 26.5 $ 240,846 12.8 $ 662,199 45.2
Investments in Marketable Financial Instruments 8,984 294,392 4.4 280,819 4.6 222,217 4.0 13,573 4.8 72,175 32.5
Accounts Receivable 8,304 272,088 4.1 249,974 4.1 201,938 3.7 22,114 8.8 70,150 34.7
Inventories 8,785 287,869 4.3 292,884 4.7 250,997 4.5 (5,015) (1.7) 36,872 14.7
Other Current Assets 3,246 106,376 1.6 63,456 1.0 53,453 1.0 42,920 67.6 52,923 99.0
Total Current Assets 94,249 3,088,352 46.2 2,773,914 45.0 2,194,033 39.7 314,438 11.3 894,319 40.8

Non-current Assets
Long-term Investments 4,548 149,040 2.2 127,332 2.1 129,442 2.3 21,708 17.0 19,598 15.1
Property, Plant and Equipment 98,724 3,234,980 48.3 3,071,599 49.8 3,064,475 55.4 163,381 5.3 170,505 5.6
Right-of-use, Intangible and Other Non-current Assets 6,701 219,566 3.3 192,813 3.1 144,421 2.6 26,753 13.9 75,145 52.0
Total Non-current Assets 109,973 3,603,586 53.8 3,391,744 55.0 3,338,338 60.3 211,842 6.2 265,248 7.9

Total Assets $ 204,222 $ 6,691,938 100.0 $ 6,165,658 100.0 $ 5,532,371 100.0 $ 526,280 8.5 $ 1,159,567 21.0

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Accounts Payable $ 2,265 $ 74,227 1.1 $ 70,820 1.1 $ 57,293 1.0 $ 3,407 4.8 $ 16,934 29.6
Payables to Contractors and Equipment Suppliers 5,879 192,635 2.9 125,132 2.0 171,485 3.1 67,503 53.9 21,150 12.3
Cash Dividends Payable 6,726 220,419 3.3 207,456 3.4 168,558 3.0 12,963 6.2 51,861 30.8
Accrued Expenses and Other Current Liabilities 21,893 717,386 10.7 618,186 10.0 506,954 9.2 99,200 16.0 210,432 41.5
Current Portion of Bonds Payable and Bank Loans 1,827 59,858 0.9 58,805 1.0 9,293 0.2 1,053 1.8 50,565 544.1
Total Current Liabilities 38,590 1,264,525 18.9 1,080,399 17.5 913,583 16.5 184,126 17.0 350,942 38.4

Non-current Liabilities
Bonds Payable 28,278 926,604 13.8 909,704 14.8 913,900 16.5 16,900 1.9 12,704 1.4
Other Non-current Liabilities 5,409 177,233 2.7 153,633 2.5 221,625 4.0 23,600 15.4 (44,392) (20.0)
Total Non-current Liabilities 33,687 1,103,837 16.5 1,063,337 17.3 1,135,525 20.5 40,500 3.8 (31,688) (2.8)

Total Liabilities 72,277 2,368,362 35.4 2,143,736 34.8 2,049,108 37.0 224,626 10.5 319,254 15.6

Equity Attributable to Shareholders of the Parent

Capital Stock at Par Value 7,914 259,327 3.9 259,327 4.2 259,321 4.7 - - 6 -
Capital Surplus 2,236 73,261 1.1 72,390 1.2 69,876 1.3 871 1.2 3,385 4.8
Legal Capital Reserve 9,495 311,147 4.6 311,147 5.0 311,147 5.6 - - - -
Unappropriated Earnings 110,050 3,606,105 53.9 3,346,232 54.3 2,846,884 51.4 259,873 7.8 759,221 26.7
Others 1,181 38,705 0.6 923 - (28,314) (0.5) 37,782 4,093.4 67,019 NM
Equity Attributable to Shareholders of the Parent 130,876 4,288,545 64.1 3,990,019 64.7 3,458,914 62.5 298,526 7.5 829,631 24.0
Noncontrolling Interests 1,069 35,031 0.5 31,903 0.5 24,349 0.5 3,128 9.8 10,682 43.9
Total Shareholders' Equity 131,945 4,323,576 64.6 4,021,922 65.2 3,483,263 63.0 301,654 7.5 840,313 24.1

Total Liabilities & Shareholders' Equity $ 204,222 $ 6,691,938 100.0 $ 6,165,658 100.0 $ 5,532,371 100.0 $ 526,280 8.5 $ 1,159,567 21.0

Note :
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the rate of NT$32.768 as of December 31, 2024.
 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income (Unaudited)
For the Three Months Ended December 31, 2024, September 30, 2024, December 31, 2023
(1)
(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars ("USD")
Except for Per Share Amounts and Shares Outstanding)

4Q 2024 3Q 2024 4Q 2023 QoQ YoY

USD NTD % NTD % NTD % NTD % NTD %
Net Revenue $ 26,884 $ 868,461 100.0 $ 759,692 100.0 $ 625,529 100.0 $ 108,769 14.3 $ 242,932 38.8
Cost of Revenue (11,023) (356,082) (41.0) (320,347) (42.2) (293,761) (47.0) (35,735) 11.2 (62,321) 21.2
Gross Profit 15,861 512,379 59.0 439,345 57.8 331,768 53.0 73,034 16.6 180,611 54.4
Operating Expenses
Research and Development Expenses (1,772) (57,232) (6.6) (52,783) (6.9) (50,410) (8.0) (4,449) 8.4 (6,822) 13.5
Sales, General and Administrative Expenses (901) (29,108) (3.4) (26,295) (3.5) (21,211) (3.4) (2,813) 10.7 (7,897) 37.2
Total Operating Expenses (2,673) (86,340) (10.0) (79,078) (10.4) (71,621) (11.4) (7,262) 9.2 (14,719) 20.6
Other Operating Income and Expenses (10) (326) - 499 0.1 58 - (825) (165.3) (384) (662.1)
Income from Operations 13,178 425,713 49.0 360,766 47.5 260,205 41.6 64,947 18.0 165,508 63.6
Non-operating Income and Expenses
Share of Profits of Associates 40 1,289 0.2 1,561 0.2 1,315 0.2 (272) (17.4) (26) (2.0)
Net Interest Income (Expenses) 673 21,750 2.5 19,966 2.6 14,490 2.3 1,784 8.9 7,260 50.1
Other Gains and Losses 2 46 - 1,894 0.3 2,271 0.4 (1,848) (97.6) (2,225) (98.0)
Total Non-operating Income and Expenses 715 23,085 2.7 23,421 3.1 18,076 2.9 (336) (1.4) 5,009 27.7
Income Before Income Tax 13,893 448,798 51.7 384,187 50.6 278,281 44.5 64,611 16.8 170,517 61.3
Income Tax Expenses (2,301) (74,329) (8.6) (59,107) (7.8) (39,974) (6.4) (15,222) 25.8 (34,355) 85.9
Net Income 11,592 374,469 43.1 325,080 42.8 238,307 38.1 49,389 15.2 136,162 57.1

Other Comprehensive Income (Losses) 1,173 37,903 4.4 (21,056) (2.8) (37,227) (6.0) 58,959 NM 75,130 NM

Comprehensive Income $ 12,765 $ 412,372 47.5 $ 304,024 40.0 $ 201,080 32.1 $ 108,348 35.6 $ 211,292 105.1

Net Income (Losses) Attributable to:

Shareholders of the Parent $ 11,599 $ 374,680 43.1 $ 325,258 42.8 $ 238,712 38.2 $ 49,422 15.2 $ 135,968 57.0
Noncontrolling Interests (7) (211) - (178) - (405) (0.1) (33) (18.5) 194 47.9
$ 11,592 $ 374,469 43.1 $ 325,080 42.8 $ 238,307 38.1 $ 49,389 15.2 $ 136,162 57.1

Earnings per Share - Diluted $ 0.45 $ 14.45 $ 12.54 $ 9.21 $ 1.91 15.2 $ 5.24 57.0
Earnings per ADR - Diluted (2) $ 2.24 $ 72.25 $ 62.72 $ 46.03 $ 9.53 15.2 $ 26.22 57.0

Weighted Average Outstanding Shares - Diluted ('M) 25,929 25,928 25,929

Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NT$32.304 for the fourth quarter of 2024.
(2) 1 ADR equals 5 ordinary shares.
 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
(1)
(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars ("USD")
Except for Per Share Amounts and Shares Outstanding)

For the Years Ended December 31

2024 (Unaudited) 2023 (Audited) YoY
USD NTD % NTD % NTD %
Net Revenue $ 90,083 $ 2,894,308 100.0 $ 2,161,736 100.0 $ 732,572 33.9

Cost of Revenue (39,526) (1,269,954) (43.9) (986,625) (45.6) (283,329) 28.7

Gross Profit 50,557 1,624,354 56.1 1,175,111 54.4 449,243 38.2

Operating Expenses
Research and Development Expenses (6,355) (204,182) (7.1) (182,370) (8.5) (21,812) 12.0
Sales, General and Administrative Expenses (3,016) (96,889) (3.3) (71,464) (3.3) (25,425) 35.6
Total Operating Expenses (9,371) (301,071) (10.4) (253,834) (11.8) (47,237) 18.6

Other Operating Income and Expenses (38) (1,230) - 189 - (1,419) (750.8)

Income from Operations 41,148 1,322,053 45.7 921,466 42.6 400,587 43.5

Non-operating Income and Expenses

Share of Profits of Associates 152 4,880 0.2 4,655 0.2 225 4.8
Net Interest Income (Expenses) 2,388 76,718 2.6 48,294 2.3 28,424 58.9
Other Gains and Losses 68 2,188 0.1 4,756 0.2 (2,568) (54.0)
Total Non-operating Income and Expenses 2,608 83,786 2.9 57,705 2.7 26,081 45.2

Income before Income Tax 43,756 1,405,839 48.6 979,171 45.3 426,668 43.6

Income Tax Expenses (7,265) (233,407) (8.1) (141,403) (6.5) (92,004) 65.1

Net Income 36,491 1,172,432 40.5 837,768 38.8 334,664 39.9

Other Comprehensive Income (Losses) 2,228 71,585 2.5 (8,814) (0.5) 80,399 NM

Comprehensive Income $ 38,719 $ 1,244,017 43.0 $ 828,954 38.3 $ 415,063 50.1

Net Income (Losses) Attributable to:

Shareholders of the Parent $ 36,517 $ 1,173,268 40.5 $ 838,498 38.8 $ 334,770 39.9
Noncontrolling interests (26) (836) - (730) - (106) (14.5)
$ 36,491 $ 1,172,432 40.5 $ 837,768 38.8 $ 334,664 39.9

Earnings per Share - Diluted $ 1.41 $ 45.25 $ 32.34 $ 12.91 39.9

Earnings per ADR - Diluted (2) $ 7.04 $ 226.24 $ 161.69 $ 64.55 39.9

Weighted Average Outstanding Shares - Diluted ('M) 25,930 25,929

Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NT$32.129 for the year ended December 31, 2024.
(2) 1 ADR equals 5 ordinary shares.
 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Cash Flow Statements (Unaudited)
For the Year Ended December 31, 2024 and for the Three Months Ended December 31, 2024, September 30, 2024 and December 31, 2023
(1)
(Expressed in Millions of New Taiwan Dollars ("NTD") and U.S. Dollars ("USD"))

2024 4Q 2024 3Q 2024 4Q 2023

USD NTD NTD NTD NTD
Cash Flows from Operating Activities:
Income Before Income Tax $ 43,756 $ 1,405,839 $ 448,798 $ 384,187 $ 278,281
Depreciation & Amortization 20,629 662,796 170,378 168,229 150,648
Share of Profits of Associates (152) (4,880) (1,289) (1,561) (1,315)
Income Taxes Paid (5,715) (183,639) (1,190) (93,295) (37,567)
Changes in Working Capital & Others (1,679) (53,939) 3,508 (65,567) 4,782
Net Cash Generated by Operating Activities 56,839 1,826,177 620,205 391,993 394,829

Cash Flows from Investing Activities:

Interest Received 2,379 76,434 18,473 21,356 14,872
Cash Dividend Received 109 3,507 207 2,405 58
Acquisitions of:
Property, Plant and Equipment (29,755) (956,007) (361,949) (207,079) (170,160)
Marketable Financial Instruments (7,489) (240,623) (77,351) (54,209) (55,485)
Proceeds from Disposal or Redemption of:
Property, Plant and Equipment 28 895 256 146 312
Marketable Financial Instruments 5,790 186,035 56,885 34,426 52,334
Others 2,020 64,916 51,560 7,446 25,750
Net Cash Used In Investing Activities (26,918) (864,843) (311,919) (195,509) (132,319)

Cash Flows from Financing Activities:

Decrease in Hedging Financial Liabilities - Bank Loans (825) (26,496) - - -
Proceeds from Issuance of Bonds 1,068 34,300 - - 9,800
Repayment of Bonds (218) (7,000) (1,750) (5,250) -
Proceeds from Long-term Bank Loans 962 30,897 7,455 17,064 -
Repayment of Long-term Bank Loans (72) (2,296) (636) (604) (513)
Interest Paid (584) (18,751) (5,946) (4,385) (5,995)
Cash Dividends Paid for Common Stock (11,300) (363,055) (103,734) (90,763) (77,796)
Repurchase of Treasury Stock (96) (3,089) - - -
Others 286 9,189 3,879 299 (863)
Net Cash Used in Financing Activities (10,779) (346,301) (100,732) (83,639) (75,367)

Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,468 47,166 33,292 (25,191) (33,522)

Net Increase in Cash and Cash Equivalents 20,610 662,199 240,846 87,654 153,621

Cash and Cash Equivalents at Beginning of Period 45,611 1,465,428 1,886,781 1,799,127 1,311,807

Cash and Cash Equivalents at End of Period $ 66,221 $ 2,127,627 $ 2,127,627 $ 1,886,781 $ 1,465,428

Note:
(1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NT$32.129 for the year ended December 31, 2024.