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,
Hsinchu Science Park,
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 þ               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 þ

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

 

 

TSMC
January 31, 2008		Page 2

I. Revenue Analysis

   I. Wafer Sales Analysis

By Application		4Q07				3Q07				4Q06
Computer			35	%			32	%			32	%
Communication			42	%			42	%			42	%
Consumer			15	%			17	%			16	%
Industrial/Others			5	%			5	%			7	%
Memory			3	%			4	%			3	%

By Technology		4Q07				3Q07				4Q06
65nm and below			10	%			7	%			—
90nm			29	%			27	%			23	%
0.11/0.13um			20	%			22	%			25	%
0.15/0.18um			27	%			28	%			33	%
0.25/0.35um			10	%			11	%			14	%
0.50um+			4	%			5	%			5	%

By Customer Type		4Q07				3Q07				4Q06
Fabless/System			68	%			66	%			72	%
IDM			32	%			34	%			28	%

By Geography		4Q07				3Q07				4Q06
North America			79	%			74	%			78	%
Asia Pacific			11	%			13	%			11	%
Europe			8	%			10	%			7	%
Japan			2	%			3	%			4	%

Revenue Analysis:

Fourth quarter 2007 revenue came in at the high end of our guidance to reach NT$93.9 billion. Demand from computer related applications grew the strongest during the quarter, followed by communication applications. On a sequential basis, revenue from computer and communication applications increased by 15% and 5%, respectively. On the other hand, demand for consumer applications declined by 7% quarter-over-quarter, reflecting their seasonal pattern.

As a result of continued strong ramp for our 65nm technology, revenue from 65nm reached 10% of total wafer sales during the quarter, up from 7% in the previous quarter. Meanwhile, revenue from 90nm also increased during the quarter and accounted for 29% of total wafer sales. Overall, revenues from advanced technologies (0.13-micron and below) accounted for 59% of total wafer sales, up three percentage points from the third quarter of 2007.

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

From a geographic perspective, revenues from customers headquartered in North America accounted for 79% of total wafer sales, up 5 percentage points from the previous quarter. Meanwhile, as a percentage of wafer sales, sales from customers in Asia Pacific, Europe and Japan all declined during the quarter and accounted for 11%, 8% and 2% of wafer sales, respectively.

II. Profit & Expense Analysis

   II — 1. Gross Profit Analysis

(In NT billions)		4Q07				3Q07				4Q06				2007				2006
COGS			49.0				48.2				40.5				180.3				161.6
Depreciation			18.5				18.2				18.2				73.1				67.7
Other MFG Cost			30.5				30.0				22.3				107.2				93.9
Gross Profit			44.8				40.7				34.5				142.4				155.8
Gross Margin			47.8	%			45.8	%			46.0	%			44.1	%			49.1	%

Gross Profit Analysis:

Gross margin for the fourth quarter 2007 was 47.8%, up 2 percentage points from the previous quarter, reflecting a higher level of capacity utilization and our continued efforts in cost improvements, offset in part by a depreciation in U.S. dollar.

Gross margin for full year 2007 was 44.1%, down 5 percentage points from the 2006 level, mostly due to lower overall utilization and price decline, offset partially by cost improvements.

TSMC
January 31, 2008		Page 3

II — 2. Operating Expenses *

(In NT billions)		4Q07				3Q07				4Q06				2007				2006
Total Operating Exp.			8.08				8.37				7.05				30.63				28.55
SG&A			3.07				3.68				3.22				12.68				12.47
Research & Development			5.01				4.69				3.83				17.95				16.08
Total Operating Exp. as a % of Sales			8.6	%			9.4	%			9.4	%			9.5	%			9.0	%

Operating Expenses:

Total operating expenses for the fourth quarter 2007 declined by 3.5% sequentially to reach NT$8.1 billion, or 8.6% of net sales, compared with 9.4% of net sales in the previous quarter.

Research and development expenditures increased by NT$321 million quarter-over-quarter, driven by increased R&D spending on 45nm and 32nm related projects.

SG&A expenses declined by NT$614 million sequentially, mostly due to lower legal fees.

On a full year basis, total operating expenses accounted for 9.5% of net sales in 2007, compared with 9% of net sales in 2006, reflecting our continued investments in R&D.

II — 3. Non-Operating Items

(In NT billions)		4Q07				3Q07				4Q06				2007				2006
Non-Operating Inc./(Exp.)			1.7				1.1				1.7				7.4				3.8
Net Interest Income/(Exp.)			1.2				1.1				1.0				4.8				3.7
Other Non-Operating			0.5				(0.0	)			0.7				2.6				0.1
L-T Investments			0.9				0.8				0.4				2.5				2.3
SSMC			0.5				0.4				0.1				1.2				1.4
Others			0.4				0.4				0.3				1.3				0.9
Total Non-Operating Items			2.6				1.9				2.1				9.9				6.1

Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$2.6 billion for fourth quarter 2007.

Non-operating income was NT$1.7 billion, up from NT$1.1 billion in the previous quarter, primarily due to an accrual of litigation contingency in the previous quarter, lawsuit settlement received from SMIC during the fourth quarter, offset in part by lower gains on disposal of investments and lower mark-to-market gains as a result of the decline in the market value of certain marketable securities held through TSMC venture capital funds.

Net investment income increased by NT$95 million in the quarter to reach NT$877 million.

For full year 2007, non-operating income increased by 98% to reach NT$7.4 billion, mostly due to an increase in mark-to-market adjustment for unrealized gains on certain marketable securities, higher interest income, and lower hedging cost, offset partially by an accrual of litigation contingency in 2007. As a result, combined results from non-operating income and long-term investments were a gain of NT$9.9 billion, compared with a gain of NT$6.1 billion in 2006.

TSMC January 31, 2008		Page 4

III. Financial Condition Review

III — 1. Liquidity Analysis

(Selected Balance Sheet Items)

(In NT billions)		4Q07				3Q07				4Q06
Cash & Marketable Securities			174.8				176.4				195.1
Accounts Receivable — Trade			42.4				42.4				31.6
Inventory			23.9				24.5				21.4
Total Current Assets			249.8				250.1				260.3
Accounts Payable			19.3				24.2				20.6
Current Portion of Bonds Payable			0.0				4.5				7.0
Accrued Liabilities and Others			29.4				22.2				19.3
Total Current Liabilities			48.7				50.9				46.9
Current Ratio (x)			5.1				4.9				5.6
Net Working Capital			201.1				199.2				213.5

Liquidity Analysis:

At the end of fourth quarter 2007, total cash and marketable securities and total current assets were NT$174.8 billion and NT$249.8 billion, respectively, essentially flat from the previous quarter.

Total current liabilities declined by NT$2.2 billion in fourth quarter 2007, primarily as a result of the repayment of corporate bonds, a decline in payables to contractors and equipment suppliers, offset partially by an increase in income tax payables and an accrual for treasury share purchases executed in 2007 but settled in 2008.

Net working capital stood at NT$201.1 billion at the end of the quarter, current ratio improved slightly to reach 5.1.

III — 2. Receivable/Inventory Days

(In Number of Days)		4Q07				3Q07				4Q06
Days of Receivable			42				42				43
Days of Inventory			48				48				50

Receivable and Inventory Days:

Both days of receivable and days of inventory were essentially unchanged from the levels in the previous quarter.

III — 3. Debt Service

(In NT billions)		4Q07				3Q07				4Q06
Cash & Marketable Securities			174.8				176.4				195.1
Interest-Bearing Debt			23.1				26.7				27.6
Net Cash Reserves			151.7				149.7				167.5

Debt Service:

As a result of the repayment of corporate bonds during the quarter, net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt — increased slightly to reach NT$151.7 billion at the end of the fourth quarter.

TSMC January 31, 2008		Page 5

IV. Cash Flow

IV — 1. Cash Flow Analysis

(In NT billions)		4Q07				3Q07				4Q06
Net Income			34.5				30.4				27.9
Depreciation & Amortization			20.3				19.9				19.7
Other Operating Sources/(Uses)			5.0				0.8				5.4
Total Operating Sources/(Uses)			59.8				51.1				53.0
Capital Expenditure			(19.8	)			(24.9	)			(17.6	)
Marketable Financial Instruments			8.2				(2.8	)			(6.7	)
Other Investing Sources/(Uses)			(1.1	)			(6.8	)			(4.1	)
Net Investing Sources/(Uses)			(12.7	)			(34.5	)			(28.4	)
Cash Dividends			0.0				(77.4	)			0.0
Employee Profit Sharing			0.0				(4.6	)			0.0
Repayment of Bonds Payable			(4.5	)			0.0				0.0
Repurchase of Treasury Stock			(45.4	)			0.0				0.0
Other Financing Sources/(Uses)			(0.2	)			(0.0	)			0.8
Net Financing Sources/(Uses)			(50.1	)			(82.0	)			0.8
Net Cash Position Changes			(3.0	)			(65.4	)			25.4
Exchange Rate Changes & Others			(0.3	)			0.3				(0.5	)
Ending Cash Balance			95.0				98.3				117.8

IV — 2. Cash Flow Analysis

(In NT billions)		2007				2006
Net Income			109.2				127.0
Depreciation & Amortization			80.0				73.7
Other Operating Sources/(Uses)			(5.4	)			4.3
Total Operating Sources/(Uses)			183.8				205.0
Capital Expenditure			(84.0	)			(78.7	)
Marketable Financial Instruments			24.7				(35.8	)
Other Investing Sources/(Uses)			(11.4	)			(5.2	)
Net Investing Sources/(Uses)			(70.7	)			(119.7	)
Cash Dividends			(77.4	)			(61.7	)
Employee Profit Sharing			(4.6	)			(3.4	)
Repayment of Bonds Payable			(7.0	)			0.0
Repurchase of Treasury Stock			(45.4	)			0.0
Other Financing Sources/(Uses)			(1.0	)			1.3
Net Financing Sources/(Uses)			(135.4	)			(63.8	)
Net Cash Position Changes			(22.3	)			21.5
Exchange Rate Changes & Others			(0.5	)			(0.1	)
Ending Cash Balance			95.0				117.8

Summary of Cash Flow:

Cash generated from operating activities totaled NT$59.8 billion during the quarter, up from NT$51.1 billion in the third quarter 2007.

TSMC spent NT$19.8 billion in capital expenditures in 4Q07, bringing 2007 total capital expenditures to NT$84 billion or US$2.6 billion.

Net cash used in financing activities was NT$50.1 billion during the quarter, as we spent NT$45.4 billion in share buybacks and NT$4.5 billion in repayment of corporate bonds.

As a result, TSMC ended the quarter with a cash balance of NT$95 billion.

On a full year basis, cash generated from operating activities declined by NT$21.2 billion in 2007, meanwhile, capital expenditures increased by NT$5.3 billion. Cash dividends per share was raised from NT$2.5 in 2006 to NT$3 in 2007, as a result, total cash dividends paid during 2007 increased by NT$15.6 billion. TSMC also spent NT$45.4 billion in share buybacks.

TSMC
January 31, 2008		Page 6

   IV — 3. Operating and Free Cash Flows

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$59.8 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$40 billion in 4Q07, bringing total free cash flow generated in 2007 to NT$99.8 billion.

V. CapEx & Capacity

   V — 1. Capital Expenditures

(In US millions)		1Q07				2Q07				3Q07				4Q07				2007				2006
TSMC			419				747				732				577				2,475				2,410
XinTec and GUC			3				13				15				16				47				3
TSMC Shanghai & WaferTech			2				4				8				17				31				42
Other TSMC Subsidiaries			0				2				1				1				4				2
Total TSMC			424				766				756				611				2,557				2,457

Capital Expenditures:

Capital expenditures for TSMC consolidated group totaled US$611 million during the quarter.

For year 2007, total capital expenditures for TSMC consolidated group came in at US$2.6 billion, compared with US$2.5 billion spent in 2006.

   V — 2. Capacity

Fab / (Wafer size)		1Q07 (A)				2Q07 (A)				3Q07 (A)				4Q07 (A)				2007 (A)				1Q08 (F)
Fab-2 (6")1			257				257				273				273				1,060				248
Fab-3 (8")			259				262				267				269				1,057				277
Fab-5 (8")			144				155				163				166				627				165
Fab-6 (8")			245				255				274				279				1,053				265
Fab-8 (8")			239				239				260				265				1,004				262
Fab-12 (12")2			169				180				198				212				759				197
Fab-14 (12")2			103				113				154				176				546				167
WaferTech (8")			104				105				106				106				419				105
TSMC (Shanghai) (8")			90				94				99				92				375				88
TSMC total capacity (8" equiv. Kpcs)			1,836				1,913				2,113				2,202				8,064				2,120
SSMC (8")			53				55				56				61				226				63
Total managed capacity (8" equiv. Kpcs)			1,890				1,967				2,169				2,263				8,290				2,182

Capacity:

In line with our guidance, total TSMC managed capacity was 2,263K 8-inch equivalent wafers in the fourth quarter, 4% higher than 3Q07. TSMC managed capacity in 1Q08 is expected to decrease by 4% sequentially to reach 2,182K 8-inch equivalent wafers, mostly due to scheduled maintenance and certain adjustment of capacity due to change in technology mix.

Total managed capacity for 2007 reached 8,290K 8-inch equivalent wafers, representing an increase of 17% from 7,062K 8-inch equivalent wafers in 2006.

TSMC
January 31, 2008		Page 7

VI. Recap of Recent Important Events & Announcements

l		TSMC Completes Share Buyback Plan (2007/12/31)
l		TSMC Announces Multi-layer Mask Service (2007/12/27)
l		TSMC Ships One-Millionth 12-Inch 90NM Wafer (2007/12/03)
l		TSMC Unveils New 65-Nanometer Mixed-Signal and RF Tool Qualification Program (2007/12/13)
l		TSMC and NXP Unveil Seven Innovations at IEDM Conference (2007/12/12)
l		TSMC Reports Foundry’s First 32-Nanometer Technology with Functional SRAM (2007/12/11)
l		NetLogic Microsystems and TSMC Collaborate on Industry-Leading 55nm Technology for Advanced Low-Power Knowledge-based Processors (2007/11/27)
l		TSMC Appoints Maria Marced President of TSMC Europe (2007/11/16)
l		Qualcomm Makes First Call with Chips Using TSMC’s 45nm Technology (2007/11/14)
l		TSMC Board of Directors Approves Plan to Buy Back Shares from Open Market (2007/11/13)
l		TSMC Recognizes Outstanding Suppliers at Supply Chain Management Forum (2007/11/02)

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

		December 31, 2007 (audited)												September 30, 2007 (unaudited)								December 31, 2006 (audited)								QoQ								YoY
ASSETS		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Current Assets
Cash and Cash Equivalents		$	2,928			$	94,986				16.6			$	98,328				16.8			$	117,837				20.1				($3,342	)			-3.4				($22,851	)			(19.4	)
Investments in Marketable Financial Instruments			2,461				79,848				14.0				78,064				13.3				77,242				13.1				1,784				2.3				2,606				3.4
Accounts Receivable — Trade			1,308				42,424				7.4				42,357				7.2				31,589				5.4				67				0.2				10,835				34.3
Inventories, Net			735				23,862				4.2				24,532				4.2				21,431				3.6				(670	)			(2.7	)			2,431				11.3
Other Current Assets			268				8,702				1.5				6,775				1.2				12,218				2.1				1,927				28.4				(3,516	)			(28.8	)
Total Current Assets			7,700				249,822				43.7				250,056				42.7				260,317				44.3				(234	)			-0.1				(10,495	)			(4.0	)
Long-Term Investments			1,124				36,461				6.4				45,991				7.8				53,895				9.2				(9,530	)			-20.7				(17,434	)			-32.3
Property, Plant and Equipment			24,670				800,352				140.2				786,850				134.2				717,132				122.1				13,502				1.7				83,220				11.6
Less: Accumulated Depreciation			(16,648	)			(540,100	)			-94.6				(521,614	)			-89.0				(463,038	)			-78.8				(18,486	)			3.5				(77,062	)			16.6
Property, Plant and Equipment, Net			8,022				260,252				45.6				265,236				45.2				254,094				43.3				(4,984	)			-1.9				6,158				2.4
Other Assets			750				24,330				4.3				25,124				4.3				19,179				3.2				(794	)			-3.2				5,151				26.9
Total Assets		$	17,596			$	570,865				100.0			$	586,407				100.0			$	587,485				100.0				($15,542	)			-2.7				($16,620	)			(2.8	)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities Short-Term Bank Loans		$	—			$	—				—			$	98				—			$	—				—				($98	)			-100.0			$	—
Accounts Payables			403				13,078				2.3				12,492				2.1				9,802				1.7				586				4.7				3,276				33.4
Payables to Contractors and Equipment Suppliers			193				6,257				1.1				11,745				2.0				10,769				1.8				(5,488	)			-46.7				(4,512	)			-41.9
Accrued Expenses and Other Current Liabilities			896				29,090				5.1				21,776				3.8				19,286				3.3				7,314				33.6				9,804				50.8
Current Portion of Bonds Payable and Long-Term liabilities			9				281				—				4,782				0.8				7,004				1.2				(4,501	)			-94.1				(6,723	)			(96.0	)
Total Current Liabilities			1,501				48,706				8.5				50,893				8.7				46,861				8.0				(2,187	)			-4.3				1,845				3.9
Bonds Payable			385				12,500				2.2				12,500				2.1				12,500				2.1				—				0.0				—				0.0
Other Long-Term Liabilities			585				18,973				3.3				18,395				3.1				18,986				3.2				578				3.1				(13	)			-0.1
Total Liabilities			2,471				80,179				14.0				81,788				13.9				78,347				13.3				(1,609	)			-2.0				1,832				2.3
Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock			8,146				264,271				46.3				264,262				45.1				258,297				44.0				9				0.0				5,974				2.3
Capital Surplus			1,656				53,733				9.4				53,713				9.2				54,107				9.2				20				0.0				(374	)			-0.7
Retained Earnings			6,746				218,864				38.3				184,380				31.4				197,125				33.6				34,485				18.7				21,740				11.0
Treasury Stock			(1,522	)			(49,385	)			-8.7				(918	)			-0.2				(918	)			-0.2				(48,467	)			5,279.6				(48,467	)			5279.6
Others			(12	)			(391	)			0.0				(162	)			0.0				(630	)			-0.1				(230	)			142.0				238				-37.8
Total Equity Attributable to Shareholders of the Parent			15,014				487,092				85.3				501,275				85.5				507,981				86.5				(14,183	)			(2.8	)			(20,889	)			(4.1	)
Minority Interest			111				3,594				0.7				3,344				0.6				1,157				0.2				250				7.5				2,437				210.6
Total Shareholders’ Equity			15,125				490,686				86.0				504,619				86.1				509,138				86.7				(13,933	)			(2.8	)			(18,452	)			(3.6	)
Total Liabilities & Shareholders’ Equity		$	17,596			$	570,865				100.0			$	586,407				100.0			$	587,485				100.0				($15,542	)			-2.7				($16,620	)			(2.8	)

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
Unaudited Consolidated Condensed Income Statements
For the Three Months Ended December 31, 2007, September 30, 2007, and December 31, 2006
(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) ⁽¹⁾
Except for Per Share Amounts and Shares Outstanding)

		Q4 2007												Q3 2007								Q4 2006								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Net Sales		$	2,894			$	93,860				100.0			$	88,955				100.0			$	74,963				100.0			$	4,905				5.5			$	18,897				25.2
Cost of Sales			(1,512	)			(49,024	)			-52.2				(48,231	)			-54.2				(40,510	)			-54.0				(793	)			1.6				(8,514	)			21.0
Gross Profit			1,382				44,836				47.8				40,724				45.8				34,453				46.0				4,112				10.1				10,383				30.1
Operating Expenses
Research and Development Expenses (4)			(154	)			(5,012	)			-5.3				(4,691	)			-5.3				(3,831	)			-5.1				(321	)			6.9				(1,181	)			30.8
General and Administrative Expenses (4)			(63	)			(2,039	)			-2.2				(2,872	)			-3.2				(2,421	)			-3.2				833				-29.0				382				-15.8
Sales and Marketing Expenses			(32	)			(1,027	)			-1.1				(808	)			-0.9				(794	)			-1.1				(219	)			27.1				(233	)			29.3
Total Operating Expenses			(249	)			(8,078	)			-8.6				(8,371	)			-9.4				(7,046	)			-9.4				293				-3.5				(1,032	)			14.7
Income from Operations			1,133				36,758				39.2				32,353				36.4				27,407				36.6				4,405				13.6				9,351				34.1
Non-Operating Income, Net			52				1,697				1.8				1,083				1.2				1,713				2.3				614				56.7				(16	)			-0.9
Investment Gains			27				877				0.9				782				0.9				388				0.5				95				12.1				489				125.9
Income before Income Tax			1,212				39,332				41.9				34,218				38.5				29,508				39.4				5,114				14.9				9,824				33.3
Income Tax (Expenses) Benefits			(142	)			(4,608	)			-4.9				(3,600	)			-4.1				(1,494	)			-2.0				(1,008	)			28.0				(3,114	)			208.4
Net Income			1,070				34,724				37.0				30,618				34.4				28,014				37.4				4,106				13.4				6,710				23.9
Minority Interest			(7	)			(239	)			-0.3				(248	)			-0.3				(102	)			-0.2				9				-3.7				(137	)			132.7
Net Income Attributable to Shareholders of the Parent			1,063				34,485				36.7				30,370				34.1				27,912				37.2				4,115				13.5				6,573				23.5
Earnings per Share — Diluted		$	0.04			$	1.31							$	1.15							$	1.06							$	0.16				14.3			$	0.26				24.3
Earnings per ADR — Diluted (2)		$	0.20			$	6.57							$	5.75							$	5.29							$	0.82				14.3			$	1.28				24.3
Weighted Average Outstanding Shares — Diluted (‘M) (3)							26,243								26,410								26,401

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES
		Audited Consolidated Condensed Income Statements
		For the Year Ended December 31, 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 Year Ended December 31
		2007												2006								YoY
		USD				NTD				%				NTD				%				Amount				%
Net Sales		$	9,820			$	322,630				100.0			$	317,407				100.0			$	5,224				1.6
Cost of Sales			(5,487	)			(180,280	)			-55.9				(161,597	)			-50.9				(18,684	)			11.6
Gross Profit			4,333				142,350				44.1				155,810				49.1				(13,460	)			-8.6
Operating Expenses
Research and Development Expenses			(546	)			(17,946	)			-5.5				(16,076	)			-5.1				(1,870	)			11.6
General and Administrative Expenses			(273	)			(8,964	)			-2.8				(8,717	)			-2.7				(247	)			2.8
Sales and Marketing Expenses			(113	)			(3,718	)			-1.2				(3,752	)			-1.2				34				-0.9
Total Operating Expenses			(932	)			(30,628	)			-9.5				(28,545	)			-9.0				(2,083	)			7.3
Income from Operations			3,401				111,722				34.6				127,265				40.1				(15,543	)			-12.2
Non-Operating Income, Net			226				7,412				2.3				3,750				1.2				3,662				97.6
Investment Gains			76				2,508				0.8				2,347				0.7				161				6.8
Income before Income Tax			3,703				121,642				37.7				133,362				42.0				(11,720	)			-8.8
Income Tax (Expenses) Benefits			(357	)			(11,710	)			-3.6				(7,774	)			-2.4				(3,936	)			50.6
Net Income before Cumulative Effect of Changes in Accounting Principles			3,346				109,932				34.1				125,588				39.6				(15,656	)			-12.5
Cumulative Effect of Changes in Accounting Principles (Net of Tax)			0				0				0.0				1,607				0.5				(1,607	)			-100.0
Net Income			3,346				109,932				34.1				127,195				40.1				(17,263	)			-13.6
Minority Interest			(23	)			(755	)			-0.3				(185	)			-0.1				(570	)			307.1
Net Income Attributable to Shareholders of the Parent			3,323				109,177				33.8				127,010				40.0				(17,833	)			-14.0
Earnings per Share — Diluted		$	0.13			$	4.14							$	4.81								-$0.67				-13.9
Earnings per ADR — Diluted (2)		$	0.63			$	20.70							$	24.06								-$3.35				-13.9
Weighted Average Outstanding Shares — Diluted (‘M) (3)							26,368								26,399