1934 Act Registration No. 1-14700

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

No. 8, Li-Hsin Rd. 6,
Science-Based Industrial Park,
Hsin-Chu, Taiwan
(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 x            Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o           No x

(If  “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:                     .)

 

 

FOR IMMEDIATE RELEASE				3Q07 Quarterly Management Report                   October 25, 2007

CONTACT

Elizabeth Sun / Harrison Hsueh
Julie Wei
Investor Relations Division
TSMC
invest@tsmc.com
886-3-568-2085/ 2088/ 2086

Topics in This Report

•

Revenue Analysis

•

Capacity

•

Profit & Expense Analysis

•

Financial Condition Review

•

Cash Flow & CapEx

•

Recap of Recent Important Events & Announcements

Operating Results Review:

Summary:

(Amounts are on consolidated basis and are in
NT billions except noted otherwise)		3Q07				2Q07				3Q06				QoQ				YoY
EPS (NT$  per common share)			1.15				0.96				1.23				19.2	%			(6.6	%)
(US$  per ADR unit)			0.17				0.15				0.19
Consolidated Net Sales			88.96				74.92				82.48				18.7	%			7.9	%
Gross Profit			40.72				32.18				41.13				26.6	%			(1.0	%)
Gross Margin			45.8	%			43.0	%			49.9	%
Operating Expense			(8.37	)			(7.45	)			(7.50	)			12.4	%			11.6	%
Operating Income			32.35				24.73				33.63				30.8	%			(3.8	%)
Non-Operating Items			1.87				3.29				1.03				(43.3	%)			80.8	%
Net Income			30.37				25.48				32.49				19.2	%			(6.5	%)
Net Profit Margin			34.1	%			34.0	%			39.4	%
Wafer Shipment (kpcs 8 inch-equiv.)			2,226				1,856				1,890				19.9	%			17.8	%

Remarks:

The third quarter diluted earnings per share were NT$1.15, representing a decline of 6.6% over the same period last year and a 19.2% increase sequentially. The consolidated operating results of 3Q07 are summarized below:

Third quarter net sales exceeded our guidance provided on July 26 to reach NT$89 billion, an increase of 7.9% over the year ago quarter and an increase of 18.7% sequentially.

Gross profit for the quarter was NT$41 billion with gross margin of 45.8%, or 2.8 percentage points higher than the 43% gross margin reported in the prior quarter.

Operating expenses were NT$8.4 billion or 9.4% of net sales. The combined result from non-operating income and long-term investments was a gain of NT$1.9 billion.

Consolidated net income attributable to shareholders of the parent company was NT$30.4 billion, down 6.5% from a year ago level and up 19.2% from the previous quarter. Net profit margin was 34.1% for 3Q07.

TSMC
October 25, 2007		Page 2

I. Revenue Analysis

   I. Wafer Sales Analysis

By Application		3Q07				2Q07				3Q06
Computer			32	%			29	%			28	%
Communication			42	%			44	%			45	%
Consumer			17	%			18	%			20	%
Industrial/Others			5	%			6	%			5	%
Memory			4	%			3	%			2	%

By Technology		3Q07				2Q07				3Q06
65nm and below			7	%			3	%			—
90nm			27	%			26	%			24	%
0.11/0.13um			22	%			24	%			25	%
0.15/0.18um			28	%			30	%			33	%
0.25/0.35um			11	%			12	%			13	%
0.50um+			5	%			5	%			5	%

By Customer Type		3Q07				2Q07				3Q06
Fabless/System			66	%			68	%			71	%
IDM			34	%			32	%			29	%

By Geography		3Q07				2Q07				3Q06
North America			74	%			74	%			78	%
Asia Pacific			13	%			13	%			10	%
Europe			10	%			9	%			8	%
Japan			3	%			4	%			4	%

Revenue Analysis:

Due to stronger than expected demand across our three major market segments (communication, computer, and consumer), third quarter revenue exceeded our guidance provided on July 26 to reach NT$89 billion.

Businesses from all three major market segments had double-digit quarter-over-quarter growth in the third quarter. On a sequential basis, revenues from computer, consumer and communication applications increased by 29%, 15% and 12%, respectively.

Revenue from 65nm more than doubled during the quarter to account for 7% of total wafer sales, while revenue from 90nm accounted for 27% of total wafer sales. Revenues from advanced technologies (0.13-micron and below) accounted for 56% of total wafer sales, up three percentage points from the second quarter of 2007.

Revenues from IDM customers accounted for 34% of total wafer sales during the quarter, compared to 32% in the previous quarter.

From a geographic perspective, revenues from North America accounted for 74% of total wafer sales, flat from the previous quarter. Meanwhile, sales from Asia Pacific, Europe and Japan accounted for 13%, 10% and 3% of wafer sales, respectively.

TSMC
October 25, 2007		Page 3

II. Capacity

II. Capacity

		1Q07				2Q07				3Q07				4Q07				2007
Fab / (Wafer size)		(A)				(A)				(A)				(F)				(F)
Fab-2 (6")1			257				257				273				273				1,060
Fab-3 (8")			259				262				267				269				1,057
Fab-5 (8")			144				155				163				166				627
Fab-6 (8")			245				255				274				279				1,053
Fab-8 (8")			239				239				260				265				1,004
Fab-12 (12")2			169				180				198				212				759
Fab-14 (12")2			103				113				154				176				546
WaferTech (8")			104				105				106				106				419
TSMC (Shanghai) (8")			90				94				99				92				375
TSMC total capacity (8" equiv. Kpcs)			1,836				1,913				2,113				2,202				8,064
SSMC (8")			53				55				56				61				226
Total managed capacity (8" equiv. Kpcs)			1,890				1,967				2,169				2,263				8,290

Capacity:

Total TSMC managed capacity was 2,169K 8-inch equivalent wafers in 3Q07, 10% higher than 2Q07. TSMC managed capacity in 4Q07 is expected to increase by 4% sequentially to reach 2,263K 8-inch equivalent wafers.

Total managed capacity for 2007 is expected to reach 8,290K 8-inch equivalent wafers, down slightly from the forecast provided in the previous quarter. On a full year basis, 2007 capacity is expected to increase by 17% from 7,062K 8-inch equivalent wafers in 2006.

III. Profit & Expense Analysis

III — 1. Gross Profit Analysis

(In NT billions)		3Q07				2Q07				3Q06
COGS		48.2				42.7				41.3
Depreciation			18.2				17.9				16.8
Other MFG Cost			30.0				24.8				24.5
Gross Profit			40.7				32.2				41.1
Gross Margin			45.8	%			43.0	%			49.9	%

Gross Profit Analysis:

Gross margin for the third quarter 2007 was 45.8%, up from 43% in the previous quarter. Third quarter gross margin improved by 2.8 percentage points primarily due to increased wafer shipment and a higher level of capacity utilization, offset in part by a decline in pure price.

TSMC
October 25, 2007		Page 4

     III — 2. Operating Expenses *

(In NT billions)		3Q07				2Q07				3Q06
Total Operating Exp.			8.37				7.45				7.50
SG&A			3.68				3.15				3.19
Research & Development			4.69				4.30				4.31

Operating Expenses:

Total operating expenses for 3Q07 were NT$8.4 billion, compared to NT$7.4 billion in the prior quarter. Total operating expenses represented 9.4% of net sales, down slightly from 10% in the second quarter of 2007.

Research and development expenditures increased by NT$390 million quarter-over-quarter, largely due to increased R&D spending on 65nm and 55nm related projects.

SG&A expenses were NT$3.7 billion for the quarter, an increase of NT$535 million quarter-over-quarter, mainly due to higher legal fees.

     III — 3. Non-Operating Items

(In NT millions)		3Q07				2Q07				3Q06
Non-Operating Income/(Exp.)			1,083				2,802				322
Net Interest Income/(Exp.)			1,097				1,338				923
Other Non-Operating			(14	)			1,464				(601	)
L-T Investments			782				488				709
SSMC			405				233				403
Others			377				255				306
Total Non-Operating Items			1,865				3,290				1,031

Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$1.9 billion for third quarter of 2007.

Non operating income was NT$1.1 billion, down from NT$2.8 billion in the previous quarter, primarily due to an accrual of litigation loss related to the TSMC-UniRAM case, lawsuit settlement received from SMIC in the previous quarter, and a reduction in mark-to-market adjustment on certain marketable securities.

Net investment income increased by NT$294 million in the quarter, reflecting improved operating performance at SSMC and increased ownership percentage in Vanguard.

TSMC
October 25, 2007		Page 5

IV. Financial Condition Review

IV — 1. Liquidity Analysis

(Selected Balance Sheet Items)

(In NT billions)		3Q07				2Q07				3Q06
Cash & Marketable Securities			176.4				233.1				164.1
Accounts Receivable — Trade			42.4				37.1				37.7
Inventory			24.5				24.0				20.3
Total Current Assets			250.1				304.6				228.3
Accounts Payable			24.2				28.2				26.2
Current Portion of Bonds Payable			4.5				4.5				2.5
Accrued Cash Dividend & Profit Sharing			0.0				82.1				0.0
Accrued Liabilities and Others			22.2				17.6				16.9
Total Current Liabilities			50.9				132.4				45.6
Current Ratio (x)			4.9				2.3				5.0
Net Working Capital			199.2				172.2				182.7

Liquidity Analysis:

Total cash and marketable securities decreased by NT$57 billion in the third quarter of 2007, as we paid NT$77 billion in cash dividends during the quarter. As a result, TSMC ended the quarter with NT$250 billion in total current assets, compared to NT$305 billion at the end of the previous quarter.

Mainly due to the payment of cash dividends accrued in the previous quarter, total current liabilities decreased by NT$82 billion in third quarter 2007.

Net working capital stood at NT$199 billion at the end of the quarter, with a current ratio of 4.9.

     IV — 2. Receivable/Inventory Days

		3Q07				2Q07				3Q06
Days of Receivable			42				44				43
Days of Inventory			48				52				48

Receivable/Inventory Days Trend:

Days of receivable were 42 days in 3Q07, down from 44 days in the previous quarter.

Days of inventory declined by 4 days to reach 48 days.

     IV — 3. Debt Service

(In NT billions)		3Q07				2Q07				3Q06
Cash & Marketable Securities			176.4				233.1				164.1
Interest-Bearing Debt			26.7				26.3				27.6
Net Cash Reserves			149.7				206.8				136.5

Debt Service:

As a result of the cash dividends paid and free cash flows generated during the quarter, net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt — decreased by NT$57 billion to reach NT$150 billion in 3Q07.

TSMC
October 25, 2007		Page 6

V. Cash Flow & CapEx

V — 1. Cash Flow Analysis

(In NT billions)		3Q07				2Q07				3Q06
Net Income			30.4				25.5				32.5
Depreciation & Amortization			19.9				19.6				18.4
Other Op Sources/(Uses)			0.8				(10.4	)			1.8
Total Op Sources/(Uses)			51.1				34.7				52.7
Capital Expenditure			(24.9	)			(25.3	)			(28.3	)
Marketable Financial Instruments			(2.8	)			15.8				(8.6	)
Other Investing Sources/(Uses)			(6.8	)			(0.7	)			(0.1	)
Net Investing Sources/(Uses)			(34.5	)			(10.2	)			(37.0	)
Cash Dividends			(77.4	)			0.0				(61.7	)
Employee Profit Sharing			(4.6	)			0.0				(3.2	)
Other Financing Sources/(Uses)			(0.0	)			(0.5	)			0.2
Net Financing Sources/(Uses)			(82.0	)			(0.5	)			(64.7	)
Net Cash Position Changes			(65.4	)			24.0				(49.0	)
Exchange Rate Changes & Others			0.3				(0.9	)			0.5
Ending Cash Balance			98.3				163.4				92.9

Summary of Cash Flow:

Cash generated from operating activities totaled NT$51 billion during the quarter, up from NT$35 billion in the second quarter 2007.

TSMC spent NT$25 billion in capital expenditures in 3Q07, bringing total capital expenditures to US$1.9 billion on a year-to-date basis. TSMC also invested an additional NT$5 billion in Vanguard International Semiconductor Corporation during the quarter.

Net cash used in financing activities was NT$82 billion during the quarter, as we paid NT$77 billion in cash dividends and NT$5 billion in cash bonuses to employees.

As a result, TSMC ended the quarter with a cash balance of NT$98 billion.

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$51 billion. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$26 billion in 3Q07.

     V — 3. Capital Expenditures

(In US millions)		3Q07				2Q07				1Q07				YTD
TSMC			732				747				419				1,898
XinTec and GUC			15				13				3				31
TSMC Shanghai & WaferTech			8				4				2				14
Other TSMC Subsidiaries			1				2				0				3
Total TSMC			756				766				424				1,946

Capital Expenditures:

Capital expenditures for TSMC consolidated group totaled US$756 million during the quarter.

For year 2007, total capital expenditures for TSMC consolidated group will be at the low end of our previous guidance to be around US$2.6 billion, which includes the US$82 million acquisition of eight-inch equipment that we announced recently.

TSMC
October 25, 2007		Page 7

VI. Recap of Recent Important Events & Announcements

l		TSMC Signs Contract with Atmel to Purchase Eight-inch Wafer Fabrication Equipment (2007/10/09)
l		TSMC Joins SOI Industry Consortium (2007/10/08)
l		U.S. District Court Issues Verdict on TSMC-UniRAM Case (2007/09/26)
l		California Court Issues Order on TSMC Motion for Preliminary Injunction Against SMIC (2007/09/14)
l		TSMC Increases Stake in Vanguard (2007/08/27)
l		TSMC Starts Production of 0.13-micron Embedded Flash Process (2007/08/21)
l		Microsoft Embraces TSMC 90nm Embedded DRAM Process for Xbox 360 (2007/08/15)

     

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) ⁽¹⁾

		September 30, 2007 (unaudited)												June 30, 2007 (audited)								September 30, 2006 (unaudited)								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
ASSETS
Current Assets
Cash and Cash Equivalents		$	3,010			$	98,328				16.8			$	163,391				25.6			$	92,903				16.5			$	(65,063	)			-39.8			$	5,425				5.8
Investments in Marketable Financial Instruments			2,390				78,064				13.3				69,685				10.9				71,192				12.6				8,379				12.0				6,872				9.7
Accounts Receivable — Trade			1,297				42,357				7.2				37,054				5.8				37,726				6.7				5,303				14.3				4,631				12.3
Inventories, Net			751				24,532				4.2				24,045				3.8				20,338				3.6				487				2.0				4,194				20.6
Other Current Assets			207				6,775				1.2				10,464				1.7				6,149				1.1				(3,689	)			-35.3				626				10.1
Total Current Assets			7,655				250,056				42.7				304,639				47.8				228,308				40.5				(54,583	)			-17.9				21,748				9.5
Long-Term Investments			1,408				45,991				7.8				45,153				7.1				51,060				9.1				838				1.9				(5,069	)			-9.9
Property, Plant and Equipment			24,087				786,850				134.2				767,100				120.3				706,191				125.4				19,750				2.6				80,659				11.4
Less: Accumulated Depreciation			(15,968	)			(521,614	)			-89.0				(502,495	)			-78.8				(445,525	)			-79.1				(19,119	)			3.8				(76,089	)			17.1
Property, Plant and Equipment, Net			8,119				265,236				45.2				264,605				41.5				260,666				46.3				631				0.2				4,570				1.8
Other Assets			769				25,124				4.3				23,037				3.6				23,314				4.1				2,087				9.1				1,810				7.8
Total Assets		$	17,951			$	586,407				100.0			$	637,434				100.0			$	563,348				100.0			$	(51,027	)			-8.0			$	23,059				4.1
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-Term Bank Loans		$	3			$	98				—			$	99				—			$	—				—				($1	)			-0.7			$	98				—
Accounts Payables (2)			382				12,492				2.1				11,064				1.8				10,587				1.9				1,428				12.9				1,905				18.0
Payables to Contractors and Equipment Suppliers (2)			360				11,745				2.0				17,103				2.7				15,589				2.8				(5,358	)			-31.3				(3,844	)			-24.7
Accrued Expenses and Other Current Liabilities			667				21,776				3.8				99,365				15.5				16,885				3.0				(77,589	)			-78.1				4,891				29.0
Current Portion of Bonds Payable and Long-Term liabilities			146				4,782				0.8				4,782				0.8				2,505				0.4				—				0.0				2,277				90.9
Total Current Liabilities			1,558				50,893				8.7				132,413				20.8				45,566				8.1				(81,520	)			-61.6				5,327				11.7
Bonds Payable			383				12,500				2.1				12,500				2.0				17,000				3.0				—				0.0				(4,500	)			-26.5
Other Long-Term Liabilities			563				18,395				3.1				18,649				2.9				18,919				3.4				(254	)			-1.4				(524	)			-2.8
Total Liabilities			2,504				81,788				13.9				163,562				25.7				81,485				14.5				(81,774	)			-50.0				303				0.4
Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock			8,090				264,262				45.1				264,235				41.5				258,258				45.8				27				—				6,004				2.3
Capital Surplus			1,644				53,713				9.2				53,726				8.4				53,858				9.6				(13	)			—				(145	)			-0.3
Retained Earnings			5,644				184,380				31.4				154,010				24.2				169,213				30.0				30,370				19.7				15,167				9.0
Treasury Stock			(28	)			(918	)			-0.2				(918	)			-0.1				(918	)			-0.2				—				0.0				—				—
Others			(5	)			(162	)			0.0				(167	)			-0.1				725				0.2				5				-2.5				(887	)			-122.3
Total Equity Attributable to Shareholders of the Parent			15,345				501,275				85.5				470,886				73.9				481,136				85.4				30,389				6.5				20,139				4.2
Minority Interest			102				3,344				0.6				2,986				0.4				727				0.1				358				12.0				2,617				359.7
Total Shareholders’ Equity			15,447				504,619				86.1				473,872				74.3				481,863				85.5				30,747				6.5				22,756				4.7
Total Liabilities & Shareholders’ Equity		$	17,951			$	586,407				100.0			$	637,434				100.0			$	563,348				100.0			$	(51,027	)			-8.0			$	23,059				4.1

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Consolidated Condensed Income Statements
For the Three Months Ended September 30, 2007, June 30, 2007, and September 30, 2006
(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) ⁽¹⁾
Except for Per Share Amounts and Shares Outstanding)

		Q3 2007												Q2 2007								Q3 2006								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Net Sales		$	2,700			$	88,955				100.0			$	74,918				100.0			$	82,476				100.0			$	14,037				18.7			$	6,479				7.9
Cost of Sales			(1,464	)			(48,231	)			-54.2				(42,738	)			-57.0				(41,344	)			-50.1				(5,493	)			12.9				(6,887	)			16.7
Gross Profit			1,236				40,724				45.8				32,180				43.0				41,132				49.9				8,544				26.6				(408	)			-1.0
Operating Expenses
Research and Development Expenses (4)			(142	)			(4,691	)			-5.3				(4,301	)			-5.7				(4,309	)			-5.2				(390	)			9.1				(382	)			8.9
General and Administrative Expenses (4)			(87	)			(2,872	)			-3.2				(2,151	)			-2.9				(2,346	)			-2.8				(721	)			33.5				(526	)			22.4
Sales and Marketing Expenses (4)			(25	)			(808	)			-0.9				(994	)			-1.4				(845	)			-1.1				186				-18.6				37				-4.3
Total Operating Expenses			(254	)			(8,371	)			-9.4				(7,446	)			-10.0				(7,500	)			-9.1				(925	)			12.4				(871	)			11.6
Income from Operations			982				32,353				36.4				24,734				33.0				33,632				40.8				7,619				30.8				(1,279	)			-3.8
Non-Operating Income, Net			33				1,083				1.2				2,802				3.7				322				0.3				(1,719	)			-61.3				761				236.1
Investment Gains			24				782				0.9				488				0.7				709				0.9				294				60.1				73				10.3
Income before Income Tax			1,039				34,218				38.5				28,024				37.4				34,663				42.0				6,194				22.1				(445	)			-1.3
Income Tax (Expenses) Benefits			(109	)			(3,600	)			-4.1				(2,394	)			-3.2				(2,144	)			-2.6				(1,206	)			50.4				(1,456	)			67.9
Net Income			930				30,618				34.4				25,630				34.2				32,519				39.4				4,988				19.5				(1,901	)			-5.8
Minority Interest			(8	)			(248	)			-0.3				(146	)			-0.2				(30	)			0.0				(102	)			69.5				(218	)			738.0
Net Income Attributable to Shareholders of the Parent			922				30,370				34.1				25,484				34.0				32,489				39.4				4,886				19.2				(2,119	)			-6.5
Earnings per Share — Diluted		$	0.03			$	1.15							$	0.96							$	1.23							$	0.19				19.2			-$	0.08				-6.6
Earnings per ADR — Diluted (2)		$	0.17			$	5.75							$	4.82							$	6.15							$	0.93				19.2			-$	0.40				-6.6
Weighted Average Outstanding Shares — Diluted (‘M)(3)							26,410								26,409								26,395

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
		Unaudited Consolidated Condensed Income Statements
		For the Nine Months End September 30, 2007 and 2006
		(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) (1)
		Except for Per Share Amounts and Shares Outstanding)

		For The Nine Months Ended September 30
		2007												2006								YoY
		USD				NTD				%				NTD				%				Amount				%
Net Sales		$	6,934			$	228,771				100.0			$	242,444				100.0			$	(13,673	)			-5.6
Cost of Sales			(3,978	)			(131,256	)			-57.4				(121,087	)			-49.9				(10,169	)			8.4
Gross Profit			2,956				97,515				42.6				121,357				50.1				(23,842	)			-19.6
Operating Expenses
Research and Development Expenses (4)			(392	)			(12,934	)			-5.7				(12,245	)			-5.1				(689	)			5.6
General and Administrative Expenses (4)			(210	)			(6,926	)			-3.0				(6,297	)			-2.6				(629	)			10.0
Sales and Marketing Expenses			(81	)			(2,691	)			-1.1				(2,958	)			-1.2				267				-9.0
Total Operating Expenses			(683	)			(22,551	)			-9.8				(21,500	)			-8.9				(1,051	)			4.9
Income from Operations			2,273				74,964				32.8				99,857				41.2				(24,893	)			-24.9
Non-Operating Income, Net			173				5,715				2.5				2,038				0.8				3,677				180.4
Investment Gains			49				1,631				0.7				1,959				0.8				(328	)			-16.7
Income before Income Tax			2,495				82,310				36.0				103,854				42.8				(21,544	)			-20.7
Income Tax (Expenses) Benefits			(215	)			(7,102	)			-3.1				(6,280	)			-2.6				(822	)			13.1
Net Income before Cumulative Effect of Changes in Accounting Principles			2,280				75,208				32.9				97,574				40.2				(22,366	)			-22.9
Cumulative Effect of Changes in Accounting Principles (Net of Tax)			0				0				0.0				1,607				0.7				(1,607	)			-100.0
Net Income			2,280				75,208				32.9				99,181				40.9				(23,973	)			-24.2
Minority Interest			(16	)			(516	)			-0.2				(83	)			0.0				(433	)			523.2
Net Income Attributable to Shareholders of the Parent			2,264				74,692				32.7				99,098				40.9				(24,406	)			-24.6
Earnings per Share — Diluted		$	0.09			$	2.83							$	3.75							-$	0.93				-24.7
Earnings per ADR — Diluted (2)		$	0.43			$	14.14							$	18.77							-$	4.63				-24.7
Weighted Average Outstanding Shares — Diluted (‘M) (3)							26,410								26,395