TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD.

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

For the month of April 2007

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: ___.)

FOR IMMEDIATE RELEASE


				1Q07 Quarterly Management Report April 26, 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$ billion except noted otherwise)*	1Q07			4Q06			1Q06			QoQ			YoY
EPS (NT$ per com. shr.)		0.73			1.08			1.26			(32.5	%)		(42.3	%)
(US$ per ADR unit)		0.11			0.16			0.20

Consolidated Net Sales		64.90			74.96			77.85			(13.4	%)		(16.6	%)
Gross Profit		24.61			34.45			37.73			(28.6	%)		(34.8	%)
Gross Margin		37.9	%		46.0	%		48.5	%
Operating Expense		(6.73	)		(7.05	)		(6.82	)		(4.4	%)		(1.3	%)
Non-Operating Items*		2.19			2.10			3.62			4.3	%		(39.5	%)
Net Income		18.84			27.91			32.61			(32.5	%)		(42.2	%)
Net Profit Margin		29.0	%		37.2	%		41.9	%

Wafer Shipment (kpcs 8 inch-equiv.)		1,566			1,718			1,738			(8.9	%)		(9.9	%)


*		*1Q06 non-operating items include cumulative effect of changes in accounting principle.*

Remarks:

The first quarter diluted earnings per share were NT$0.73, representing a 42.3% decrease over the same period last year and a 32.5% sequential decline from the previous quarter. The consolidated operating results of 1Q07 are summarized below:

First quarter net sales were NT$65 billion, down 16.6% from NT$78 billion in first quarter 2006 and down 13.4% from NT$75 billion in fourth quarter 2006.

Gross profit for 1Q07 was NT$24.6 billion, representing a year-over-year decrease of 34.8% and a quarter-over-quarter decline of 28.6%. Gross margin was 37.9% in the first quarter 2007, down from 46% in the previous quarter.

Operating expenses were NT$6.7 billion or 10.4% of the net sales. The combined result from non-operating income and long-term investments was a gain of NT$2.2 billion.

Consolidated net income attributable to shareholders of the parent company was NT$18.8 billion, down 42.2% over the same period last year and down 32.5% from the previous quarter. Net profit margin was 29% in first quarter 2007.


TSMC
April 26, 2007		Page 2

I. Revenue Analysis

I. Wafer Sales Analysis


By Application	1Q07			4Q06			1Q06
Computer		29	%		32	%		37	%
Communication		42	%		42	%		39	%
Consumer		16	%		16	%		18	%
Industrial/Others		9	%		7	%		5	%
Memory		4	%		3	%		1	%


By Technology	1Q07			4Q06			1Q06
N90-		23	%		23	%		20	%
0.11/0.13um		26	%		25	%		29	%
0.15/0.18um		30	%		33	%		32	%
0.25/0.35um		15	%		14	%		14	%
0.50um+		6	%		5	%		5	%


By Customer Type	1Q07			4Q06			1Q06
Fabless/System		70	%		72	%		74	%
IDM		30	%		28	%		26	%


By Geography	1Q07			4Q06			1Q06
North America		77	%		78	%		78	%
Asia Pacific		11	%		11	%		11	%
Europe		7	%		7	%		7	%
Japan		5	%		4	%		4	%

Revenue Analysis:

First quarter business was affected by inventory correction and seasonality, but consolidated net sales exceeded the high end of the guidance slightly to reach NT$64.9 billion, mainly due to better than expected exchange rates and an increase in revenues from our subsidiaries.

On a sequential basis, revenues from all three applications declined. Revenues from computer, communications and consumer applications declined by 21%, 15% and 12%, respectively.

Revenues from 65nm and 90nm accounted for about 23% of total wafer sales, flat from the fourth quarter 2006. Revenues from advanced technologies (0.13-micron and below) accounted for 49% of total wafer sales, up one percentage point from the previous quarter.

Revenues from IDM customers accounted for 30% of total wafer sales during the quarter, compared to 28% in the previous quarter.

Geographically, revenues from North America accounted for 77% of total wafer sales. Meanwhile, sales from Asia Pacific, Europe and Japan accounted for 11%, 7% and 5% of wafer sales, respectively.


TSMC
April 26, 2007		Page 3

II. Capacity


		1Q07		2Q07		3Q07		4Q07		2007
Fab / (Wafer size)		(A)		(F)		(F)		(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-7	(8")		0		0		0		0		0
Fab-8	(8")		239		239		260		265		1,004
Fab-12	(12")²		169		180		205		221		775
Fab-14	(12")²		103		113		154		176		546
WaferTech	(8")		104		105		106		106		419
TSMC (Shanghai)	(8")		90		94		98		101		383
TSMC total capacity (8" equiv. Kpcs)			1,836		1,913		2,128		2,232		8,109
SSMC	(8")		53		55		56		61		226
Total managed capacity (8" equiv. Kpcs)			1,890		1,968		2,184		2,293		8,335


Note:		1. Figues represent number of 6” wafers. Conversion to 8"-equivalent wafers is by dividing this number by 1.78

		2. Figues represent number of 12” wafers. Conversion to 8"-equivalent wafers is by multiplying this number by 2.25

Capacity :

Total TSMC managed capacity was 1,890K 8-inch equivalent wafers in 1Q07, 1% lower than the 1,912K 8-inch equivalent wafers in 4Q06, largely due to fewer working days and scheduled annual maintenance for some of the TSMC fabs.

TSMC managed capacity in 2Q07 will increase by 4% to reach 1,968K 8-inch equivalent wafers.

Total managed capacity for year 2007 is expected to be 8,335K 8-inch equivalent wafers, up 18% from 7,062K 8-inch equivalent wafers in year 2006.

III. Profit & Expense Analysis

III — 1. Gross Profit Analysis

(Amount: NT$ billion)

1Q07

4Q06

1Q06

COGS

40.3

40.5

40.1

Depreciation

18.5

18.2

16.2

Other MFG Cost

21.8

22.3

23.9

Gross Profit

24.6

34.5

37.7

Gross Margin

37.9

46.0

48.5

Gross Profit Analysis:

Consolidated gross profit for the first quarter 2007 was NT$24.6 billion, or 37.9% of net sales, down from a gross profit of NT$34.5 billion, or 46% of net sales, in the previous quarter. The gross margin declined by 8.1 percentage points largely due to lower capacity utilization, lower average selling price, an increase in depreciation expenses, and a lower provision for sales returns in 4Q06.


TSMC
April 26, 2007		Page 4

III — 2. Operating Expenses

(Amount: NT$ billion)

1Q07

4Q06

1Q06

Total Operating Exp.

6.73

7.05

6.82

SG&A

2.79

2.92

2.98

Research & Development

3.94

4.13

3.84


*		Certain prior period amounts have been reclassified to conform with the current period presentation.

Operating Expenses:

Total operating expenses for 1Q07 were NT$6.7 billion, compared to NT$7.1 billion in fourth quarter 2006. Total operating expenses represented 10.4% of net sales, compared to 9.4% for the previous quarter.

Research and development expenditures decreased by NT$193 million sequentially, mainly due to a reduction in 65nm related expenditures as we entered into volume production for 65nm process node.

SG&A expenses were NT$2.8 billion, compared to NT$2.9 billion in fourth quarter 2006.

III — 3. Non-Operating Items

(Amount: NT$ million)

1Q07

4Q06

1Q06

Non-Operating Income/(Exp.)

1,830

1,713

1,417

Net Interest Income/(Exp.)

1,162

1,030

775

Other Non-Operating

668

683

642

L-T Investments

361

388

600

SSMC

462

Others

291

329

138

Total Non-Operating Items

2,191

2,101

2,017

Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$2.2 billion for first quarter 2007.

Non-operating income totaled NT$1.8 billion during the first quarter 2007, compared to an income of NT$1.7 billion in the previous quarter. Higher non-operating income was mainly due to an increase in interest income.

Net investment income was NT$361 million in first quarter 2007, compared to an income of NT$388 million in 4Q06.


TSMC
April 26, 2007		Page 5

IV. Financial Condition Review

IV — 1. Liquidity Analysis
(Selected Balance Sheet Items)


(Amount: NT$ billion)	1Q07		4Q06		1Q06
Cash & Marketable Securities		217.4		195.1		192.3
Accounts Receivable — Trade		33.1		31.6		38.0
Inventory		22.3		21.4		18.4
Total Current Assets		286.1		260.3		259.3
Accounts Payable		19.2		20.6		22.4
Current Portion of Bonds Payable		4.5		7.0		2.5
Accrued Liabilities and Others		21.4		19.3		16.0
Total Current Liabilities		45.1		46.9		40.9
Current Ratio (x)		6.3		5.6		6.3
Net Working Capital		241.0		213.5		218.4

Liquidity Analysis:

Total cash and marketable securities increased by NT$22 billion in the first quarter 2007, mainly due to the free cash flows generated during the quarter. As a result, TSMC ended the quarter with NT$286.1 billion in total current assets, compared to NT$260.3 billion at the end of the previous quarter.

Total current liabilities were NT$45.1 billion at the end of the first quarter 2007, compared to NT$46.9 billion at the end of the previous quarter. The decrease was mainly due to the repayment of NT$2.5 billion in bonds payable.

As a result, net working capital increased to NT$241 billion and current ratio improved to 6.3.

IV — 2. Receivable/Inventory Days


	1Q07		4Q06		1Q06
Days of Receivable		47		43		46
Days of Inventory		52		50		44

Receivable/Inventory Days Trend:

Days of receivable were 47 days in 1Q07, compared to 43 days in the previous quarter.

Days of inventory increased by 2 days to reach 52 days.

IV — 3. Debt Service


(Amount: NT$ billion)	1Q07		4Q06		1Q06
Cash & Marketable Securities		217.4		195.1		192.3
Interest-Bearing Debt		26.2		27.6		27.2
Net Cash Reserves		191.2		167.5		165.1

Debt Service:

As a result of the 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 — increased by NT$23.7 billion to reach NT$191.2 billion in 1Q07.


TSMC
April 26, 2007		Page 6

V. Cash Flow & CapEx

V — 1. Consolidated Cash Flow Analysis


(Amount: NT$ billion)	1Q07			4Q06			1Q06
Net Income		18.8			27.9			32.6
Depreciation & Amortization		20.3			19.7			17.7
Other Op Sources/(Uses)		(1.0	)		5.4			(1.4	)
Total Op Sources/(Uses)		38.1			53.0			48.9


Capital Expenditure		(14.0	)		(17.6	)		(11.5	)
Marketable Financial Instruments		3.5			(6.7	)		(12.8	)
Other Investing Sources/(Uses)		(2.9	)		(4.1	)		0.2
Net Investing Sources/(Uses)		(13.4	)		(28.4	)		(24.1	)


Repayment of Bonds Payable		(2.5	)		0.0			0.0
Other Financing Sources/(Uses)		(0.3	)		0.8			0.1


Net Financing Sources/(Uses)		(2.8	)		0.8			0.1

Net Cash Position Changes		21.9			25.4			24.9

Exchange Rate Changes & Others		0.6			(0.5	)		(0.2	)

Ending Cash Balance		140.3			117.8			121.3

Summary of Consolidated Cash Flow:

During first quarter 2007, TSMC generated NT$38 billion in cash from operating activities, mainly from net income of NT$18.8 billion and depreciation & amortization of NT$20.3 billion.

Net cash used in investment activities totaled NT$13.4 billion, mainly due to capital expenditures of NT$14 billion.

Net cash used in financing activities was NT$2.8 billion during the quarter, mainly for the repayment of NT$2.5 billion in bonds payable.

As a result, TSMC ended the quarter with a cash balance of NT$140.3 billion, NT$22.4 billion higher than in 4Q06.

V — 2. Consolidated Operating and Free Cash Flows

Consolidated Operating and Free Cash Flows:

TSMC continues to generate strong operating cash flows and free cash flows. Cash flows generated from operating activities were NT$38 billion, down from NT$53 billion generated in 4Q06. Free cash flows, defined as the excess of operating cash flows over capital expenditures, totaled NT$24.2 billion in 1Q07, compared to NT$35.4 billion generated in the previous quarter, mainly due to lower operating cash flows in 1Q07.

V — 3. Capital Expenditures


(In US$ Million)	4Q06		1Q07
TSMC		561		419
TSMC Subsidiaries		10		5
Total TSMC		571		424

Capital Expenditures:

Capital expenditures for TSMC consolidated group totaled US$424 million during the quarter. Most of the spending was for the purchase of 12-inch production equipment.

For year 2007, total capital expenditures for TSMC consolidated group is expected to be in the range of US$2.6 billion to US$2.8 billion, unchanged from our previous guidance provided in January 2007.


TSMC
April 26, 2007		Page 7

VI. Recap of Recent Important Events & Announcements

•		TSMC 45nm Design Ecosystem In Place (2007/04/09)

•		TSMC Expects to Enter 45nm Production in September (2007/04/09)

•		TSMC Board Approves Conversion of Philips’ TSMC Common Shares to ADSs (2007/04/02)

•		TSMC Announces 55nm Process Technology Readiness (2007/03/27)

•		Philips and TSMC Announce Joint Plan to Facilitate Orderly Exit by Philips from TSMC Shareholding (2007/03/09)

•		TSMC Achieves 65 Nanometer Embedded DRAM Milestone (2007/03/06)

•		TSMC Board Proposes Distribution of NT$3.0 Cash and 0.5% Stock Per Share (2007/02/06)

•		TSMC Opens Office in India (2007/02/05)


*		Please visit TSMC’s Web site (http://www.tsmc.com) for details about these and other announcements.

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⁾


	March 31, 2007 (unaudited)								December 31, 2006 (Audited)					March 31, 2006 (unaudited)					QoQ					YoY
	USD			NTD			%		NTD			%		NTD			%		Amount			%		Amount			%
ASSETS
Current Assets
Cash and Cash Equivalents	$	4,239		$	140,274			23.0	$	117,837			20.1	$	121,251			21.8	$	22,437			19.0	$	19,023			15.7
Investments in Marketable Financial Instruments		2,330			77,096			12.7		77,242			13.1		71,006			12.8		(146	)		-0.2		6,090			8.6
Accounts Receivable — Trade		1,000			33,094			5.4		31,589			5.4		38,012			6.8		1,505			4.8		(4,918	)		-12.9
Inventories, Net		673			22,259			3.7		21,431			3.6		18,409			3.3		828			3.9		3,850			20.9
Other Current Assets		404			13,356			2.2		12,218			2.1		10,572			2.0		1,138			9.3		2,784			26.3

Total Current Assets		8,646			286,079			47.0		260,317			44.3		259,250			46.7		25,762			9.9		26,829			10.3


Long-Term Investments		1,577			52,185			8.6		53,895			9.2		34,726			6.3		(1,710	)		-3.2		17,459			50.3
Property, Plant and Equipment		22,188			734,182			120.6		717,132			122.1		655,396			118.0		17,050			2.4		78,786			12.0
Less: Accumulated Depreciation		(14,622	)		(483,834	)		-79.5		(463,038	)		-78.8		(413,852	)		-74.5		(20,796	)		4.5		(69,982	)		16.9

Property, Plant and Equipment, Net		7,566			250,348			41.1		254,094			43.3		241,544			43.5		(3,746	)		-1.5		8,804			3.6


Other Assets		609			20,159			3.3		19,179			3.2		19,772			3.5		980			5.1		387			2.0

Total Assets	$	18,398		$	608,771			100.0	$	587,485			100.0	$	555,292			100.0	$	21,286			3.6	$	53,479			9.6


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-Term Bank Loans	$	2		$	79			0.0	$	—			—	$	—			—	$	79			—	$	79			—
Accounts Payables		306			10,129			1.7		9,802			1.7		10,687			1.9		327			3.3		(558	)		-5.2
Payables to Contractors and Equipment Suppliers		275			9,094			1.5		10,769			1.8		11,680			2.1		(1,675	)		-15.6		(2,586	)		-22.1
Accrued Expenses and Other Current Liabilities		639			21,101			3.4		19,286			3.3		15,996			2.9		1,815			9.4		5,105			31.9
Current Portion of Bonds Payable and Long-Term liabilities		142			4,714			0.8		7,004			1.2		2,505			0.5		(2,290	)		-32.7		2,209			88.1

Total Current Liabilities		1,364			45,117			7.4		46,861			8.0		40,868			7.4		(1,744	)		-3.7		4,249			10.4

Bonds Payable		378			12,500			2.1		12,500			2.1		17,000			3.1		—			0.0		(4,500	)		-26.5
Other Long-Term Liabilities		586			19,415			3.2		18,986			3.2		18,813			3.3		429			2.3		602			3.2

Total Liabilities		2,328			77,032			12.7		78,347			13.3		76,681			13.8		(1,315	)		-1.7		351			0.5

Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock		7,807			258,330			42.4		258,297			44.0		247,331			44.5		33			0.0		10,999			4.4
Capital Surplus		1,639			54,231			8.9		54,107			9.2		57,208			10.3		124			0.2		(2,977	)		-5.2
Retained Earnings		6,527			215,963			35.5		197,125			33.6		175,378			31.6		18,838			9.6		40,585			23.1
Treasury Stock		(28	)		(918	)		-0.2		(918	)		-0.2		(918	)		-0.2		—			0.0		—			—
Others		31			1,020			0.2		(630	)		-0.1		(1,066	)		-0.1		1,650			-261.9		2,086			-195.7

Total Equity Attributable to Shareholders of the Parent		15,976			528,626			86.8		507,981			86.5		477,933			86.1		20,645			4.1		50,693			10.6
Minority Interest		94			3,113			0.5		1,157			0.2		678			0.1		1,956			169.1		2,435			359.4

Total Shareholders’ Equity		16,070			531,739			87.3		509,138			86.7		478,611			86.2		22,601			4.4		53,128			11.1

Total Liabilities & Shareholders’ Equity	$	18,398		$	608,771			100.0	$	587,485			100.0	$	555,292			100.0	$	21,286			3.6	$	53,479			9.6

Note : (1) Amounts in New Taiwan dollars have been translated into U.S. dollars at the rate of NT$33.089 as of March 31, 2007.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

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


	Q1 2007								Q4 2006					Q1 2006					QoQ						YoY
	USD			NTD			%		NTD			%		NTD			%			Amount			%		Amount			%
Net Sales	$	1,973		$	64,897			100.0	$	74,963			100.0	$	77,850			100.0		$	(10,066	)		-13.4	$	(12,953	)		-16.6
Cost of Sales		(1,225	)		(40,287	)		-62.1		(40,510	)		-54.0		(40,123	)		-51.5			223			-0.6		(164	)		0.4

Gross Profit		748			24,610			37.9		34,453			46.0		37,727			48.5			(9,843	)		-28.6		(13,117	)		-34.8

Operating Expenses
Research and Development Expenses ⁽⁴⁾		(120	)		(3,942	)		-6.1		(4,135	)		-5.5		(3,840	)		-4.9			193			-4.6		(102	)		2.7
General and Administrative Expenses ⁽⁴⁾		(58	)		(1,902	)		-2.9		(2,117	)		-2.8		(1,864	)		-2.4			215			-10.2		(38	)		2.0
Sales and Marketing Expenses ⁽⁴⁾		(26	)		(889	)		-1.4		(794	)		-1.1		(1,121	)		-1.4			(95	)		11.9		232			-20.7

Total Operating Expenses		(204	)		(6,733	)		-10.4		(7,046	)		-9.4		(6,825	)		-8.8			313			-4.4		92			-1.3


Income from Operations		544			17,877			27.5		27,407			36.6		30,902			39.7			(9,530	)		-34.8		(13,025	)		-42.1

Non-Operating Income, Net		55			1,830			2.8		1,713			2.3		1,417			1.8			117			6.9		413			29.2
Investment Gains		11			361			0.6		388			0.5		600			0.8			(27	)		-7.1		(239	)		-39.9

Income before Income Tax		610			20,068			30.9		29,508			39.4		32,919			42.3			(9,440	)		-32.0		(12,851	)		-39.0
Income Tax (Expenses) Benefits		(33	)		(1,107	)		-1.7		(1,494	)		-2.0		(1,855	)		-2.4			387			-25.9		748			-40.3

Net Income Before Cumulative Effect of Changes in Accounting Principles		577			18,961			29.2		28,014			37.4		31,064			39.9			(9,053	)		-32.3		(12,103	)		-39.0
Cumulative Effect of Changes in Accounting Principles (Net of Tax)		—			—			—		—			—		1,607			2.1			—			—		(1,607	)		-100.0

Net Income		577			18,961			29.2		28,014			37.4		32,671			42.0			(9,053	)		-32.3		(13,710	)		-42.0
Minority Interest		(4	)		(122	)		-0.2		(102	)		-0.2		(64	)		-0.1			(20	)		18.9		(58	)		91.1

Net Income Attributable to Shareholders of the Parent		573			18,839			29.0		27,912			37.2		32,607			41.9			(9,073	)		-32.5		(13,768	)		-42.2


Earnings per Share — Diluted	$	0.02		$	0.73				$	1.08				$	1.26					-$	0.35			-32.5	-$	0.53			-42.3

Earnings per ADR — Diluted ⁽²⁾	$	0.11		$	3.65				$	5.41				$	6.32					-$	1.76			-32.5	-$	2.67			-42.3


Weighted Average Outstanding Shares – Diluted (‘M) ⁽³⁾					25,820					25,815					25,805


		Note:

(1)		Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD32.888 for the first quarter of 2007.

(2)		1 ADR equals 5 ordinary shares.

(3)		Total diluted weighted average outstanding shares were 25,805M shares for 1Q06 after the retroactive adjustments for stock dividends and stock bonus.

(4)		Certain prior period balances have been reclassified to conform to the current period presentation.

TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flows

For the Three Months Ended March 31, 2007, December 31, 2006, and March 31, 2006

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


	1Q 2007						4Q 2006			1Q 2006
	(Unaudited)						(Unaudited)			(Unaudited)
	USD			NTD			NTD			NTD
Cash Flows from Operating Activities:
Net Income	$	573		$	18,839		$	27,912		$	32,607
Net Income Attributable to Minority Interest		4			122			103			64
Depreciation & Amortization		616			20,251			19,682			17,734
Deferred Income Tax		(30	)		(972	)		7			(609	)
Equity in Earnings of Equity Method Investees, Net		(11	)		(361	)		(388	)		(600	)
Changes in Working Capital & Others		8			265			5,698			(282	)

Net Cash Provided by Operating Activities		1,160			38,144			53,014			48,914

Cash Flows from Investing Activities:
Acquisitions:
Marketable Financial Instruments		(480	)		(15,796	)		(38,210	)		(32,731	)
Investments Accounted for Using Equity Method		—			—			(2,433	)		—
Property, Plant and Equipment		(424	)		(13,959	)		(17,580	)		(11,510	)
Financial Assets Carried at Cost		(6	)		(212	)		(16	)		(122	)
Proceeds from Disposal or maturity of:
Marketable Financial Instruments		586			19,259			31,539			19,931
Investments Accounted for Using Equity Method		—			—			—			—
Property, Plant and Equipment		—			1			54			462
Financial Assets Carried at Cost		—			14			21			—
Others		(84	)		(2,717	)		(1,750	)		(142	)

Net Cash Used In Investing Activities		(408	)		(13,410	)		(28,375	)		(24,112	)

Cash Flows from Financing Activities:
Increase (Decrease) in Guarantee Deposits		(12	)		(388	)		133			322
Proceeds from Exercise of Stock Options		4			122			152			117
Bonus Paid to Directors and Supervisors		—			—			—			—
Repayment of Long-Term Bonds Payable		(76	)		(2,500	)		—			—
Cash Dividends Paid for Common Stock		—			—			—			—
Cash Bonus Paid to Employees		—			—			—			—
Others		(1	)		(28	)		480			(323	)

Net Cash (Used in) Provided by Financing Activities		(85	)		(2,794	)		765			116


Net Increase in Cash and Cash Equivalents		667			21,940			25,404			24,918


Effect of Exchange Rate Changes and Others		15			497			(470	)		(151	)

Cash and Cash Equivalents at Beginning of Period		3,583			117,837			92,903			96,484


Cash and Cash Equivalents at End of Period	$	4,265		$	140,274		$	117,837		$	121,251


Note: (1)		Amounts in New Taiwan dollars have been translated into U.S. dollars at the weighted average rate of NTD32.888 for the three months ended March 31, 2007.

TSMC 2007 First Quarter Results Investor Conference April 26, 2007

Agenda Welcome 2007 1Q Consolidated Financial Results Q&A

Safe Harbor Notice TSMC's statements of its current expectations are forward- looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements. Information as to those factors that could cause actual results to vary can be found in TSMC's Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") on April 20, 2007 and such other documents as TSMC may file with, or submit to, the SEC from time to time. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Net Income attributable to shareholders of the parent company Annualized ROE for the quarter based on average equity attributable to shareholders of the parent 1Q'07 Result Highlights

Income Statements Net Income attributable to shareholders of the parent company

Balance Sheets & Key Indices

Cash Flows

Note: 1 Figures represent number of 6" wafers. Conversion to 8"-equivalent wafers is by dividing this number by 1.78. 2 Figures represent number of 12" wafers. Conversion to 8"-equivalent wafers is by multiplying this number by 2.25. Installed Capacity

Capital Expenditures 2007 CapEx to be in the range of US$2.6-2.8 billion

Sales Breakdown by Technology

Sales Breakdown by Application

Note: This chart does not reflect the actual shipment destination of sales. Sales Breakdown by Geography

Sales Breakdown by Customer

2Q'07 Guidance Revenue is expected to be between NT$73 billion and NT$75 billion Gross profit margin is expected to be between 42% and 44%; Operating profit margin is expected to be between 32% and 34%.

Recap of Recent Major Events TSMC 45nm Design Ecosystem In Place (2007/04/09) TSMC Expects to Enter 45nm Production in September (2007/04/09) TSMC Board Approves Conversion of Philips' TSMC Common Shares to ADSs (2007/04/02) TSMC Announces 55nm Process Technology Readiness (2007/03/27) Philips and TSMC Announce Joint Plan to Facilitate Orderly Exit by Philips from TSMC Shareholding (2007/03/09) TSMC Achieves 65 Nanometer Embedded DRAM Milestone (2007/03/06) TSMC Board Proposes Distribution of NT$3.0 Cash and 0.5% Stock Per Share (2007/02/06) TSMC Opens Office in India (2007/02/05) * Please visit TSMC's Web site (http://www.tsmc.com) for details and other announcements.

http://www.tsmc.com invest@tsmc.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Taiwan Semiconductor Manufacturing Company Ltd.

Date: April 26, 2007	By	/s/ Lora Ho

		Lora Ho
		Vice President & Chief Financial Officer