Fourth quarter operating revenues declined 3.7% sequentially to NT$54.96 billion. Revenue contribution from 40nm and below technologies represented 50% of wafer revenue, propelled by the revenue growth from 22/28nm in 4Q23. Gross profit decreased 13.0% QoQ to NT$17.81 billion, or 32.4% of revenue. Operating expenses increased 16.0% to NT$6.64 billion. Net other operating income increased to NT$1.25 billion. Net non-operating income totaled NT$2.23 billion. Net income attributable to shareholders of the parent amounted to NT$13.20 billion.

Earnings per ordinary share for the quarter was NT$1.06. Earnings per ADS was US$0.173. The basic weighted average number of shares outstanding in 4Q23 was 12,414,087,724, compared with 12,371,129,866 shares in 3Q23 and 12,348,880,384 shares in 4Q22. The diluted weighted average number of shares outstanding was 12,589,138,701 in 4Q23, compared with 12,566,773,628 shares in 3Q23 and 12,684,106,050 shares in 4Q22. The fully diluted shares counted on December 31, 2023 were approximately 12,589,139,000.

Detailed Financials Section

Operating revenues decreased to NT$54.96 billion. COGS grew 1.5% to NT$37.15 billion, which included 6.1% sequential increase in depreciation. Gross profit fell 13.0% QoQ to NT$17.81 billion. Operating expenses increased to NT$6.64 billion, as R&D grew 21.2% sequentially to NT$3.95 billion or 7.2% of revenue, while Sales & Marketing increased 12.0% to NT$0.82 billion and G&A was up 11.6% QoQ to NT$1.93 billion. Net other operating income was NT$1.25 billion. In 4Q23, operating income declined 18.9% QoQ to NT$12.42 billion.

COGS & Expenses
(Amount: NT$ million)		4Q23			3Q23			QoQ % change			4Q22			YoY % change
Operating Revenues		54,958			57,069			(3.7	)		67,836			(19.0	)
COGS		(37,152	)		(36,608	)		1.5			(38,712	)		(4.0	)
Depreciation		(9,006	)		(8,485	)		6.1			(8,898	)		1.2
Other Mfg. Costs		(28,146	)		(28,123	)		0.1			(29,814	)		(5.6	)
Gross Profit		17,806			20,461			(13.0	)		29,124			(38.9	)
Gross Margin (%)		32.4	%		35.9	%					42.9	%
Operating Expenses		(6,635	)		(5,722	)		16.0			(6,798	)		(2.4	)
Sales & Marketing		(823	)		(735	)		12.0			(953	)		(13.6	)
G&A		(1,930	)		(1,731	)		11.6			(2,438	)		(20.8	)
R&D		(3,945	)		(3,255	)		21.2			(3,407	)		15.8
Expected Credit Impairment gain (loss)		63			(1	)		-			(0	)		-
Net Other Operating Income & Expenses		1,252			573			118.7			1,311			(4.5	)
Operating Income		12,423			15,312			(18.9	)		23,637			(47.4	)

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