聯華電子 (UMC) 2005 Q4 法說會逐字稿

I would like to welcome everyone to UMC's fourth-quarter 2005 earnings conference call.

我謹歡迎大家參加聯華電子 2005 年第四季財報電話會議。

All lines have been placed on mute to prevent background noise.

所有線路均已靜音，以防止背景噪音。

After the presentation there will be a question-and-answer period; please follow the instructions given at that time if you would like to ask a question.

演講結束後將有問答環節；如果您想提問，請按照當時給出的說明進行操作。

This conference call is also being broadcast live over the Internet.

本次電話會議也透過網路進行現場直播。

A replay of the call will be available at www.UMC.com under the Investor Relations/Investor Events section.

電話會議的重播可在 www.UMC.com 的投資者關係/投資者活動部分查看。

A telephone replay of the call will be available at 10 AM New York time and will run until midnight February 15, 2006.

該電話會議的電話重播將於紐約時間上午 10 點提供，並持續到 2006 年 2 月 15 日午夜。

To access the replay please call 888-286-8010 or 1-617-801-6888 if you are calling from outside of the U.S.

若要觀看重播，請致電 888-286-8010 或 1-617-801-6888（如果您從美國境外致電）。

The access code will be 563-47764.

訪問代碼為 563-47764。

I would like to introduce Mr. Chitung Liu, CFO of UMC.

我想介紹一下聯華電子財務長劉啟東先生。

Mr. Liu, you may begin.

劉先生，您可以開始了。

Welcome, everybody.

歡迎大家。

Thank you for your continuing interest in UMC.

感謝您對聯華電子的持續關注。

This is Chitung.

這是吉東。

Hopefully you have had a chance to look over the earnings announcement that we put out earlier talking about the Q4 and an overview of 2005 performance.

希望您有機會閱讀我們先前發布的關於第四季度的收益公告以及對 2005 年業績的概述。

In today's call we will discuss the following topics -- operating results for the fourth quarter last year; an update on our business; guidance on Q1 2006; and we will follow with a Q&A session.

在今天的電話會議中，我們將討論以下主題：去年第四季的經營業績；我們業務的最新情況； 2006 年第一季指引；接下來我們將進行問答環節。

Before we conduct the call I need to go over the standard Safe Harbor policy.

在我們進行通話之前，我需要回顧一下標準的安全港政策。

Certain statements made during the course of our discussion today may constitute forward-looking statements that are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including risks that may be beyond the Company's control.

我們今天討論過程中所做的某些陳述可能構成前瞻性陳述，這些陳述基於管理層當前的預期和信念，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致實際結果出現重大差異，包括可能超出預期的風險和不確定性。公司控制。

For this reason please refer to UMC's filings with the SEC in the U.S. and the SFC in the ROC.

因此，請參閱聯華電子向美國證券交易委員會 (SEC) 和中華民國證監會 (SFC) 提交的文件。

With that let me turn the call over to UMC's CEO, Dr. Jackson Hu, and then we will give you a chance to ask your questions.

接下來，讓我將電話轉給 UMC 執行長 Jackson Hu 博士，然後我們將給您一個提問的機會。

Thank you, Chitung, and thanks to all of you who are joining our call today.

謝謝 Chitung，也謝謝今天加入我們電話會議的所有人。

First of all I would like to start by wishing everyone a happy 2006.

首先我謹祝大家2006年快樂。

Next is the summary of Q4 2005.

接下來是 2005 年第四季的總結。

In our last conference call we noted that we were expecting tremendous strength in the communications segment of the business.

在上次電話會議中，我們注意到我們預計該業務的通訊領域將擁有巨大的實力。

Increased demand for wireless communications, PC chipsets and LCD drivers in the computer segments were the key drivers for the sequential growth in the fourth quarter.

電腦領域對無線通訊、PC 晶片組和 LCD 驅動器的需求增加是第四季度連續成長的主要驅動力。

Higher shipments of leading-edge technologies were also a primary reason for the 2% sequential increase in blended ASP.

領先技術的出貨量增加也是混合平均售價季增 2% 的主要原因。

As a result our Q4 revenue grew 16.5% and gross profit increased 68.3% sequentially.

因此，我們第四季的營收季增 16.5%，毛利較上季成長 68.3%。

Revenue increased to 16.5% quarter-to-quarter to NT$27.47 billion from NT$23.58 billion in the third quarter of 2005, a decrease of 2.7% year-to-year from NT$28.23 billion in 4Q 2004.

營收從2005年第三季的新台幣235.8億元增至274.7億元，季增16.5%，比2004年第四季的282.3億元新台幣減少2.7%。

Gross profit was NT$4.97 billion or 18.1% of revenue compared to NT$2.95 billion or 12.5% of 3Q 2005 revenue.

毛利為新台幣 49.7 億元，佔營收的 18.1%，而 2005 年第三季毛利為新台幣 29.5 億元，佔營收的 12.5%。

Operating profit for the quarter was NT$928 million or 3.4% of revenue.

本季營業利潤為新台幣 9.28 億元，佔營收的 3.4%。

Revenue growth was the key driver for the higher profit and the margin during the fourth quarter.

收入成長是第四季度利潤和利潤率上升的主要驅動力。

Net income in 4Q 2005 was NT$3.04 billion, an increase of 40.6% compared to NT$2.17 billion in 3Q 2005.

2005年第四季淨利為新台幣30.4億元，較2005年第三季的新台幣21.7億元成長40.6%。

Earnings per ordinary share, or EPS, for the quarter were NT$0.16.

該季度每股普通股盈餘 (EPS) 為新台幣 0.16 元。

Earnings per ADS were US$0.024.

每份美國存託股收益為 0.024 美元。

This compares with 3Q 2005 earnings per ordinary share of NT$0.12 and earnings per ADS of US$0.018.

相比之下，2005 年第三季每股普通股收益為新台幣 0.12 元，每股美國存託股收益為 0.018 美元。

Due to seasonal adjustments that started in December, our 90 nm shipments accounted for 14% of revenue, from 2 to 3% short of our earlier expectations.

由於12月開始的季節性調整，我們的90奈米出貨量佔營收的14%，比我們先前預期的低2%到3%。

Overall speaking, however, we have had some great success in 2005 with customers’ engagements with 90 nm technology.

但總體而言，2005 年我們在客戶與 90 奈米技術的合作方面取得了一些巨大的成功。

In Q1 2006 three additional customers have started small volume production.

2006 年第一季度，另外三個客戶已開始小批量生產。

In fact, in revenue generation and utilization improvements will become more significant in Q2 and Q3 of this year.

事實上，今年第二季和第三季度，收入和利用率的改善將變得更加顯著。

As we enter 2006 the big areas of focus are better understanding and meeting the needs of our customers in advanced process technology.

進入 2006 年，我們的重點關注領域是更好地了解和滿足客戶對先進製程技術的需求。

In mid-January, jointly with our partner Xilinx, we have achieved the first silicon success for a 65 nm FPGA product.

一月中旬，我們與合作夥伴 Xilinx 共同實現了 65 nm FPGA 產品的首次流片成功。

This product uses 3 gate oxide and 11 layers of copper interconnect.

本產品採用 3 柵極氧化物和 11 層銅互連。

We will continue to focus on improving yield, quality and the customer satisfaction in the 90 nm and the 65 nm business.

我們將繼續專注於提高90奈米和65奈米業務的良率、品質和客戶滿意度。

We believe this will be essential for us to improve the fab utilization.

我們相信這對我們提高晶圓廠利用率至關重要。

Heading into the first quarter we are expecting wafer shipments to decrease by 7 to 8 percentage points with our ASP in U.S. dollars to decrease by 1 to 2 percentage points.

進入第一季度，我們預計晶圓出貨量將下降 7 至 8 個百分點，美元平均售價將下降 1 至 2 個百分點。

Due to the NT appreciation the impact to revenue is estimated to be 5 percentage points.

由於新台幣升值，預計對收入的影響為 5 個百分點。

Capacity utilization rates will be approximately 75% and we expect to have approximately breakeven into the operating level.

產能利用率約為 75%，我們預期營運水準將達到損益兩平。

Percentage of .18 micron and below revenues is around 55% of the revenue where 90 nm is expected to be in the midteens percentage.

0.18 微米及以下的收入比例約為收入的 55%，而 90 奈米的收入比例預計在 15%左右。

The consumer segment is expected to be the strongest followed by the computer segment and the communication segment.

預計消費者細分市場將最為強勁，其次是電腦細分市場和通訊細分市場。

In 2006 CapEx budget is US$1 billion.

2006 年資本支出預算為 10 億美元。

The single biggest factor affecting our performance in the quarter is likely to be the seasonal slowdown in the communication segment of the business.

影響我們本季業績的最大因素可能是通訊業務的季節性放緩。

Since this is the first quarterly conference after I took the chairman responsibilities I would also like to provide you my vision and directions of UMC.

由於這是我擔任主席後的第一個季度會議，我也想向大家介紹我對聯華電子的願景和方向。

Moving forward UMC will think and act like a startup company.

展望未來，聯華電子將像一家新創公司一樣思考和行動。

What are the attributes that characterize a startup company?

新創公司的特徵是什麼？

Just to name a few -- solid execution, low-profile attitude, minimum interest in superficial appearance, a strong focus on customer satisfaction and the ability to quickly deliver the technology and the service that customers require.

僅舉幾例：紮實的執行力、低調的態度、對錶面現象的最低限度興趣、對客戶滿意度的強烈關注以及快速提供客戶所需的技術和服務的能力。

Startup companies usually have high-pressure and a constraint in financial resources.

新創公司通常壓力較大，資金緊張。

Fortunately UMC has accumulated a considerable amount of financial strength over the years.

慶幸的是聯電多年來累積了相當的資金實力。

We will use this strength wisely for aggressive research and development programs, capacity expansion and the retaining and recruiting of talented people.

我們將明智地利用這一優勢進行積極的研發計劃、產能擴張以及人才的保留和招聘。

We will focus on our core operations, making a complete effort to maintain and further strengthen our technology leadership and continue to improve our foundry service model.

我們將專注於我們的核心業務，全力維持並進一步加強我們的技術領先地位，並持續改善我們的代工服務模式。

UMC has an excellent team.

聯華電子擁有一支優秀的團隊。

Over the last two years we have seen great improvement in many areas including the development of advanced process technologies, the enhancement of production efficiency, the expansion of our customer base and the development of intellectual property.

過去兩年來，我們在先進製程技術的開發、生產效率的提高、客戶群的擴大以及智慧財產權的發展等許多方面都取得了很大的進步。

I'm extremely proud of the achievements of UMC's world-class team.

我對聯華電子世界級團隊所取得的成就感到非常自豪。

And you can expect to see a positive impact on our operating results in the near future.

您可以期望在不久的將來看到對我們經營業績的正面影響。

With respect to the regulatory issues mentioned in the press releases lately, we don't anticipate any material impact to the operating or financial performance of the Company arising out of these issues.

對於最近新聞稿中提到的監管問題，我們預計這些問題不會對公司的經營或財務業績產生任何重大影響。

We believe that we are moving in the right direction and are quite pleased that we were able to keep our focus in customer satisfaction.

我們相信我們正在朝著正確的方向前進，並且很高興我們能夠繼續專注於客戶滿意度。

So I think we are ready for questions.

所以我認為我們已經準備好接受提問了。

Operator, we are ready for Q&A.

接線員，我們已準備好進行問答。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Andrew Biggs, Susquehanna International Group.

安德魯·比格斯，薩斯奎哈納國際集團。

Good evening.

晚安.

Can you tell us how you expect depreciation to trend in 2006 either as a percentage of revs or in absolute terms versus 2005?

您能否告訴我們，與 2005 年相比，您預計 2006 年折舊趨勢如何，無論是按轉速百分比還是以絕對值計算？

In absolute terms versus 2005 it's going to be about a 7% decline year-over-year based on the current CapEx budget.

根據目前資本支出預算，與 2005 年相比，絕對值將年減 7% 左右。

Okay, great.

好的，太好了。

And then one follow-up.

然後是一個後續行動。

Given your communications exposure can you describe various components of that business in Q1 and maybe tell us what's stronger and what's weaker?

鑑於您的溝通經驗，您能否描述第一季該業務的各個組成部分，並告訴我們哪些是更強的，哪些是較弱的？

I don't really understand your question.

我不太明白你的問題。

Can you elaborate a little?

能詳細說明一下嗎？

Certainly.

當然。

Just looking for an overall description of your communications business in Q1.

只是尋找第一季通訊業務的總體描述。

How is wireless versus wireline trending, etc.?

無線與有線的趨勢如何等？

We see a seasonal adjustment in both areas.

我們看到這兩個地區都出現了季節性調整。

Thank you very much.

非常感謝。

Sunil Gupta, Morgan Stanley.

蘇尼爾古普塔，摩根士丹利。

I want to get a better understanding of your revenue from leading-edge processes; if you could help me understand how much was 90 nm and 0.13 micron accounted for in Q1.

我想更了解您從領先流程中獲得的收入；您能否幫助我了解 90 奈米和 0.13 微米在第一季佔了多少。

And what do you anticipate the trend to be as we go into Q2 and beyond?

您預計進入第二季及以後的趨勢是什麼？

As we mentioned earlier, the guidance for 90 nm will be around the midteen percentage points and the 0.13 micron I think will stay the same as Q4.

正如我們之前提到的，90 奈米的指導將在 15 個百分點左右，我認為 0.13 微米將與第四季度保持相同。

So on 0.13 and below it will be very similar to Q4 in total?

那麼在 0.13 及以下，它總共會與 Q4 非常相似嗎？

There should be a couple of percentage decline in 90, but still in the midteens range.

90 應該會有幾個百分比的下降，但仍在十幾歲的範圍內。

Okay.

好的。

And what would you expect 0.13 micron and below to look like Q2 and Q3?

您認為 0.13 微米及以下的 Q2 和 Q3 會是什麼樣子？

And what kind of trends do you anticipate?

您預計會出現什麼樣的趨勢？

It's our estimate or expectation that by the end of this year the combined 90 nm and 0.13 micron percentage will be 50% plus.

我們估計或預期，到今年年底，90 奈米和 0.13 微米的總百分比將達到 50% 以上。

And this is by Q4 of the current year?

這是今年第四季的情況嗎？

Yes.

是的。

Good.

好的。

And I have a follow-up question on your capacity plan.

我還有一個關於你們容量計劃的後續問題。

With the CapEx guidance that you have provided what kind of capacity do you anticipate by Q4 of the current year?

根據您提供的資本支出指導，您預計今年第四季將達到什麼樣的產能？

The guidance that we have is 1 billion and we expect to start -- we stand in Q2 and Q3 to anticipate for the demand in the second half of the year.

我們的指引是 10 億，我們預計將在第二季和第三季開始預測下半年的需求。

I think that's the best situation that I can describe.

我認為這是我能描述的最好的情況。

You can tell that 83% will go into improvement for capacity, that's roughly 830 million and that will give us roughly 10K also of 12 inch worth of capacity.

您可以看出，83% 將用於容量改進，約為 8.3 億，這將為我們提供約 10K 的 12 吋容量。

Okay, thank you.

好的謝謝。

Robert Maire, Needham.

羅伯特‧梅爾，李約瑟。

Can you give us an idea of what you see as inventories that are out there in die bank or in finished devices?

您能否告訴我們您認為模具庫或成品設備中的庫存有哪些？

And what areas might have higher inventory and what might have lower inventory?

哪些地區的庫存可能較高，哪些地區的庫存可能較低？

Except a couple of customers we don't see an inventory issue across the board.

除了少數客戶外，我們沒有看到全面的庫存問題。

Okay.

好的。

And the guidance for Q1 being down, is that just customers being conservative, not trying to build inventory or just more conservatism in their build plans going forward?

第一季的指引下降，是因為客戶比較保守，而不是試圖建立庫存，還是只是在未來的建設計畫中更保守？

I think it's a seasonal adjustment mainly.

我認為主要是季節性調整。

So you would consider that to be within the normal seasonal range of downtick for Q1?

那麼您認為這在第一季正常的季節性下降範圍內嗎？

Yes, I would think so.

是的，我會這麼認為。

Okay, thank you.

好的謝謝。

Mr. Jaitly, Nomura Securities.

Jaitly 先生，野村證券。

I wanted to understand as to the reason as to why you undershot the CapEx plan -- budgeted CapEx in 2005?

我想了解你們為何低於 2005 年資本支出預算？

What is the reason that you under spent in 4Q as compared to where your plans were?

與您的計劃相比，您第四季度的支出不足的原因是什麼？

As the year went on in 2005 we gauged the customer progress in advanced technology products.

2005 年，我們評估了客戶在先進技術產品的進展。

And some of them started to show a delay and therefore we adjusted our spending accordingly.

其中一些開始出現延遲，因此我們相應地調整了支出。

Particularly on the 90 nm, do you still have some customers who are upward sizing or across the board it has moved now to (indiscernible)?

特別是在 90 nm 上，您是否還有一些客戶正在擴大尺寸或現在已全面轉向（難以辨別）？

It would be both.

兩者都會。

So could that be one of the contributory reasons that you're seeing are not yet up there where you (indiscernible) expense?

那麼，這可能是您所看到的尚未達到您（難以辨認的）費用的促成原因之一嗎？

No, that's not the reason.

不，不是這個原因。

It's just that we have several new customers, high-volume customers, that we engaged a year ago or a year and a half ago.

只是我們有一些新客戶，大批量客戶，是我們一年前或一年半前接觸的。

And we have to wait until their products get ready.

我們必須等到他們的產品準備好。

So as we started to see comfortable signs for that then that triggers our spending.

因此，當我們開始看到令人舒服的跡象時，就會觸發我們的支出。

Okay.

好的。

And in 4Q what was your single largest customer exposure, how big was it in magnitude?

在第四季度，您最大的單一客戶曝光量是多少？其規模有多大？

I think it's totally -- the single largest customer that contributed 15% of the revenue in Q4.

我認為這完全是——最大的單一客戶貢獻了第四季度 15% 的收入。

15%.

15%。

And when you guide the decline, once you are just trying to understand the reasons that are compared with all your peers, the guidance has been flat to mid single digit growth.

當你指導下降時，一旦你只是想了解與所有同行相比的原因，指導就會一直持平到中等個位數成長。

So this decline -- is it largely because of one or two customers or is it customer specific rather than across the board?

那麼，這種下降主要是因為一兩個客戶還是特定客戶而不是全面造成的？

It's hard for us to comment on the individual customers.

我們很難對個別客戶發表評論。

Basically the area we see weakness is mainly in the communications area led by a few customers who started inventory correction in late Q4.

基本上，我們看到的疲軟領域主要是由一些客戶主導的通訊領域，他們在第四季末開始進行庫存調整。

We won't be able to comment on the individual customers related information.

我們無法對個別客戶的相關資訊發表評論。

But having said that, our legacy capacity utilization rate will stay relatively high nearly fully utilized in the first quarter of 2006.

但話雖如此，我們的遺留產能利用率仍將保持在較高水平，在 2006 年第一季幾乎完全利用。

Okay.

好的。

And how big were the LCD drivers of the (indiscernible) shipments in 4Q?

第四季（難以辨識）出貨量的 LCD 驅動器有多大？

About 15% on the driver IC.

大約15%在驅動IC上。

Okay.

好的。

One final question on your 0.65 micron [gram] as to how you expect and if you could give some guidance as to where you expect to see your 0.65 micron capacity by mid-year.

關於 0.65 微米[克]的最後一個問題是，您的預期如何，以及您是否可以就您預計到年中看到 0.65 微米產能的情況提供一些指導。

I think that we are in the qualification phase with the first customer and I just reported that our second customer, Xilinx, has been working MOs.

我認為我們正處於與第一個客戶的資格認證階段，我剛剛報告說我們的第二個客戶 Xilinx 一直在工作 MO。

And so far this year we basically will be in the preparation stage for 65 nm ramp.

今年到目前為止，我們基本上處於 65 奈米坡道的準備階段。

So the total revenue contribution in 2006 will not be very significant and we expect the ramp to happen in 2007.

因此，2006 年的總營收貢獻不會很大，我們預期 2007 年會出現成長。

However, the equipment preparation will happen in the second half of this year.

不過，設備準備工作將在今年下半年進行。

Okay.

好的。

So wouldn't you like to assume that by mid '06 you won't have any volume going into 0.65 micron and it is only by the end of the year that you would have certain capacity move into 0.65?

那麼，您是否願意假設，到 06 年中期，您將不會有任何進入 0.65 微米的產能，只有到年底，您才會有一定的產能進入 0.65 微米？

That is a correct statement.

這是一個正確的說法。

Thank you.

謝謝。

Bhavin Shah, JPMorgan.

巴文·沙阿，摩根大通。

Just a couple of questions.

只是幾個問題。

One was, Jackson, you mentioned that 50% of revenues for 90 nm (indiscernible) up '06.

一是，傑克遜，您提到 06 年 90 納米（音頻不清）的收入佔 50%。

Did I head that correctly?

我的想法正確嗎？

Q4, 15%.

第四季度，15%。

50%.

50%。

Oh, by the end of 2006 50% of 0.13 and 90 nm.

哦，2006年底50%是0.13和90奈米。

Okay, 0.13 and 90 nm.

好的，0.13 和 90 nm。

I have more of a long-term question and it pertains to the Fab 14 or UMCi.

我有一個更長期的問題，它與 Fab 14 或 UMCi 有關。

I'm just wondering if you have considered any other alternatives for Fab 14 given it seems to be one of the key reasons for the drag in profitability.

我只是想知道您是否考慮過 Fab 14 的任何其他替代方案，因為它似乎是盈利能力下降的關鍵原因之一。

In other words, if you exclude Fab 14 you'll have a much better operating model.

換句話說，如果排除 Fab 14，您將擁有更好的營運模式。

So I'm just wondering -- I would like to hear your thoughts on --.

所以我只是想知道——我想聽聽你的想法——。

Based on customer demand and based on the number of products in advanced nodes including both 0.13 micron and 90 nm, we expect to fill the capacity by the end of this year.

根據客戶需求以及包括0.13微米和90奈米在內的先進節點的產品數量，我們預計今年年底產能將滿。

So that -- the concern that you have hopefully will be resolved before the end of this year.

因此，您所擔心的問題預計將在今年年底前解決。

Great, that's good.

太好了，那就好。

I guess is there any strategic -- I would argue that there is probably no strategic advantage to having a separate fab in Singapore.

我想這有什麼戰略意義嗎——我認為在新加坡擁有一個單獨的晶圓廠可能沒有戰略優勢。

If you have that capacity --?

如果你有這個能力──？

On the contrary, the geographic location for a 12i in Singapore is preferred by many American and European customers.

相反，新加坡12i的地理位置受到許多美國和歐洲客戶的青睞。

They can see there is a neutral place.

他們可以看到有一個中立的地方。

It has no (indiscernible), no typhoon and they can communicate effectively when they go there and many of them have established operations in Singapore.

它沒有（聽不清楚）、沒有颱風，他們去那裡可以有效地溝通，而且他們中的許多人已經在新加坡建立了業務。

I guess I just wonder how profitability would look if that business you were doing out of Taiwan instead of Singapore.

我想我只是想知道如果您在台灣而不是新加坡開展這項業務，盈利能力會如何。

Thank you anyway.

不管怎樣，謝謝你。

Thanks.

謝謝。

Hello?

你好？

Are we ready for the next question?

我們準備好回答下一個問題了嗎？

If he doesn't have a follow-up question, yes, we are ready for the next one.

如果他沒有後續問題，是的，我們準備好下一個問題。

Mark Bachman, Pacific Crest Securities.

馬克‧巴赫曼 (Mark Ba​​llman)，太平冠證券 (Pacific Crest Securities)。

Good evening, gentlemen.

晚上好，先生們。

Your CapEx numbers for 2005 and 2006 is for your operations in Taiwan and Singapore but excludes your operations in Japan.

2005 年和 2006 年的資本支出資料適用於您在台灣和新加坡的業務，但不包括您在日本的業務。

Is this correct?

它是否正確？

Yes, but Japan had very tiny CapEx last year and this year.

是的，但日本去年和今年的資本支出非常小。

Can you tell us what they spent in 2005 and what you expect them to spend in 2006?

您能否告訴我們他們 2005 年的支出以及您預計他們 2006 年的支出是多少？

Last year they spent about only US$22 million.

去年他們只花了大約2200萬美元。

This year it should be similar, there probably won't be any major spending in Japan going on in 2006.

今年應該類似，2006 年日本可能不會有任何重大支出。

Probably mainly for maintenance purposes.

可能主要是為了維護目的。

Okay.

好的。

Then on your expected utilization rate of 75% for Q1, can you explain how you derived this estimate?

那麼，您預計第一季的利用率為 75%，您能解釋一下您是如何得出這項估計的嗎？

If I'm taking a look at your capacity it looks pretty flat quarter-over-quarter and I'm just wondering how you get to 75%?

如果我看一下你們的產能，季度環比看起來相當持平，我只是想知道你們是如何達到 75% 的？

This 7 to 8% increase in capacity, 982 in Q1 over 973.

產能增加了 7% 至 8%，第一季為 982 輛，超過 973 輛。

That's probably a few percentage increase.

這可能會增加幾個百分點。

And wafer shipments -- wafer outs has declined by 7 -- wafer shipments were declined by 7 to 8% and there will be a similar range of numbers for wafer outs.

晶圓出貨量——晶圓出貨量下降了 7%——晶圓出貨量下降了 7% 至 8%，晶圓出貨量也將出現類似的數字範圍。

So wafer outs and wafer shipments aren't the same thing then?

那麼晶圓出貨量和晶圓出貨量不是一回事嗎？

Sometimes you will have 1 to 2 or 3% difference.

有時會有 1% 到 2% 或 3% 的差異。

Excellent.

出色的。

Are there any maintenance adjustments that we need to be aware of for your Q1 capacity?

對於你們的第一季產能，我們需要注意哪些維護調整？

That 75% does not factor in the maintenance, but if you want to use maintenance on an adjusted basis, that will take away about 5% of our available capacity.

這 75% 不包括維護費用，但如果您想在調整後的基礎上使用維護費用，這將佔用我們約 5% 的可用容量。

Okay.

好的。

Which will actually raise that utilization number then?

那麼這實際上會提高利用率嗎？

Yes, to roughly 80%.

是的，大約80%。

Excellent.

出色的。

And then just finally, on your CapEx how do you see that loading throughout the year?

最後，在您的資本支出方面，您如何看待全年的負載？

Do you expect it to be more front half loaded versus back half loaded?

您認為前半負載比後半負載更多嗎？

Probably it was a start in Q2 and Q3 to [view] the capacity for the second half.

可能是第二季和第三季的開始，以[查看]下半年的容量。

Okay, so if you started in Q2 or Q3 do you expect to spend at least 50% of the budget then by Q3?

好的，如果您從第二季或第三季開始，您預計到第三季至少花費 50% 的預算嗎？

It's possible.

這是可能的。

Thank you very much.

非常感謝。

Sunil Gupta, Morgan Stanley.

蘇尼爾古普塔，摩根士丹利。

Thank you.

謝謝。

I have a follow-up question on your 90 nm mix particularly in Q4.

我有一個關於你們的 90 nm 組合的後續問題，特別是在第四季。

You mentioned earlier that this did come in lower than what you were earlier anticipating.

您之前提到，這確實低於您先前的預期。

Could you help me understand exactly what happened -- why did it come in lower?

你能幫助我準確地理解發生了什麼事嗎——為什麼它的排名較低？

And I'm trying to understand what it means going forward?

我試圖理解這對未來意味著什麼？

We know there are customers who started the seasonal adjustment in December and that's probably the best description of what happened.

我們知道有些客戶在 12 月開始進行季節性調整，這可能是對所發生情況的最佳描述。

And would you be able to talk about what end application this customer was in?

您能否談談該客戶使用的最終應用程式是什麼？

It includes communications, mainly in communications.

它包括通訊，主要是通訊。

And based on your understanding of -- or based on your conversations with this customer, is (indiscernible) a correction of inventory dilution of year-on-year (indiscernible)?

根據您的理解，或根據您與該客戶的對話，（聽不清楚）是否對同比庫存稀釋進行了修正（聽不清楚）？

Is that over or does it have a long way to go?

一切已經結束了還是還有很長的路要走？

We consider the seasonal adjustment in Q1 2006 is normal compared with previous years and therefore we expect in Q2 it will start to increase again -- the demand.

我們認為 2006 年第一季的季節性調整與往年相比是正常的，因此我們預計第二季需求將再次開始增加。

Okay.

好的。

And you also mentioned that you've started production for three new customers at 90 nm.

您也提到您已經開始為三個新客戶生產 90 奈米製程。

Could you help us understand what kind of end market applications are you focusing on?

您能否幫助我們了解您關注什麼樣的終端市場應用？

Communications and the computer.

通訊和計算機。

These new customers are in communications and computer?

這些新客戶是在通訊和電腦領域嗎？

Correct.

正確的。

And all three of them will have wafer outs in Q2?

他們三者都將在第二季推出晶圓？

I think so.

我想是這樣。

Great, thank you.

太好了謝謝。

Mehdi Hosseini, FBR.

邁赫迪·侯賽尼，FBR。

I have a couple of follow-up questions.

我有幾個後續問題。

You mentioned that a couple of your customers have inventory issues; if you could elaborate on which end markets those customers would belong to.

您提到您的部分客戶有庫存問題；您能否詳細說明這些客戶屬於哪些終端市場？

And then regarding the capacity mix of 90 nm as a follow-up to the previous question, I want to dig in more and figure out what area of communications you're seeing a slower ramp for 90 nm.

然後，將 90 nm 的容量組合作為上一個問題的後續問題，我想深入研究並找出哪些通訊領域的 90 nm 速率較慢。

If you go back to what Texas Instruments -- I assume one of your largest customers -- had to say they've been constrained in capacity.

如果你回顧一下德州儀器（我想你最大的客戶之一）不得不說他們的產能受到限制。

So would that imply that it's not the wireless that is coming in below prior expectations?

那麼這是否意味著無線設備的表現沒有低於先前的預期？

And I have some other follow-up questions.

我還有其他一些後續問題。

Technically we cannot comment on the exact customer situations.

從技術上講，我們無法評論確切的客戶情況。

And when we said that there were a couple of our customers we didn't name, we didn't imply that that is the communications or wireless communications.

當我們說有一些我們沒有透露姓名的客戶時，我們並不是暗示那是通訊或無線通訊。

And if you follow the industry report; look at the end user claims you can probably figure that out.

如果您關注行業報告；看看最終用戶的聲明，您可能會明白這一點。

And it's not proper for us to mention customers names or end customers names.

我們提及客戶姓名或最終客戶姓名是不合適的。

That's fair.

這還算公平。

You mentioned preparing equipment for a 65 nm ramp in 2007 and you're going to prepay (indiscernible) in the second half of this year.

您提到在 2007 年為 65 海浬坡道準備設備，並將在今年下半年預付款（音訊不清楚）。

I don't see that part of the (indiscernible) included in CapEx.

我沒有看到資本支出中包含的部分（難以辨認）。

Does that mean that you're going to place orders for 65 nm equipment in the second half and that will be included in 2007 CapEx?

這是否意味著您將在下半年訂購 65 nm 設備並將其納入 2007 年資本支出？

Those orders could have been earlier and the spending will be in the second half, the CapEx number always refers to the spending that we actually paid.

這些訂單可能會更早，支出將在下半年，資本支出數字始終指我們實際支付的支出。

Right, right.

是的是的。

But you could start planning for 65 nm over the next one or two quarters, correct?

但您可以在接下來的一兩個季度開始規劃 65 nm，對嗎？

That is a good guess.

這是一個很好的猜測。

Okay.

好的。

And then I joined the conference call a little bit late.

然後我參加電話會議的時間有點晚了。

Did you mention utilization rates at your Singapore plant?

您是否提到新加坡工廠的使用率？

No, we don't describe the individual fabs utilization.

不，我們不會描述各晶圓廠的利用率。

Would be fair to assume that it's well below average?

可以公平地假設它遠低於平均水平嗎？

Currently it is below average.

目前它低於平均水平。

Thank you.

謝謝。

Timothy Arcuri, Citigroup.

提摩西‧阿庫裡，花旗集團。

The question has been answered.

問題已經得到解答。

Donald Lu, Goldman Sachs.

唐納德·盧，高盛。

One question I have is at the 3Q investor conference I remember you had commented that your 12 inch strategy is to build up scale first and from that then you can talk about price and margins.

我有一個問題，在第三季的投資者大會上，我記得您曾評論說，您的12吋策略是先擴大規模，然後再談價格和利潤率。

And in light of your reduced CapEx, and that sounds like a good thing for your P&L, I was wondering whether that philosophy has changed in the last three months?

鑑於您的資本支出減少，這聽起來對您的損益表來說是件好事，我想知道這種理念在過去三個月中是否發生了變化？

I remember also in the previous quarterly conference I stated that our strategy moving forward for CapEx budget would be depending on two factors.

我還記得在上一季會議上我曾說過，我們的資本支出預算策略將取決於兩個因素。

Number one is our technology readiness and the second one is the customer's product readiness.

第一個是我們的技術準備狀況，第二個是客戶的產品準備。

So we will gauge both factors and the trigger, the timing and the pace for spending.

因此，我們將衡量這兩個因素以及支出的觸發因素、時機和節奏。

Okay.

好的。

So this strategy continues to be your focus right now?

那麼這個策略還是您現在的重點？

That is correct.

那是對的。

Can you tell us the -- I think in Q3 or Q2 you had talked about the loss from UMCi.

你能告訴我們嗎——我想你在第三季或第二季談到了 UMCi 的損失。

Can you give that figure again to us for Q4 and Q1?

您能否再次向我們提供第四季和第一季的數據？

That's no longer UMCi exists.

那不再是 UMCi 的存在了。

It has been merged into the operation of UMC since April 1st of 2005.

自2005年4月1日起併入聯華電子營運。

So there's no separate financial data for so-called UMCi any more; it's been renamed to 12i, one of the 12 inch wafer fabs UMC has.

因此，所謂的 UMCi 不再有單獨的財務數據；它已更名為 12i，是聯華電子擁有的 12 吋晶圓廠之一。

Okay, thanks.

好的謝謝。

Pranab Sarmah, Daiwa Securities.

Pranab Sarmah，大和證券。

Thank you.

謝謝。

A couple of questions.

有幾個問題。

Firstly, I guess could you give us your focus for the non operating income for the first quarter of '06?

首先，我想您能否向我們介紹一下您對 06 年第一季營業外收入的關注重點？

First quarter '06, due to that we sold two-thirds of our investment in (indiscernible) company (indiscernible) in January.

06 年第一季度，由於我們在一月份出售了對（音頻不清晰）公司（音頻不清晰）的三分之二的投資。

We booked about NT$15.7 billion profit as non operating income.

我們將約新台幣157億元的利潤計入營業外收入。

And that's likely to be roughly the ballpark figure for Q1 for non operating income.

這可能是第一季非營業收入的大致數字。

The others will offset each other to be around even.

其他的將相互抵消以保持平衡。

Okay.

好的。

And do you need to pay taxes on this NT$15 billion or is it tax-free?

還有這150億新台幣要繳稅還是免稅？

It's quite complicated.

這相當複雜。

It will be partially taxed.

它將被部分徵稅。

And to answer your question, due to the minimum tax implementation in Taiwan, for 2006 UMC has decided to pay about 5 to 8% of tax for 2006 including this NT$15.8 billion in operating income.

回答你的問題，由於台灣實施最低稅制，2006年聯電決定繳納2006年約5%至8%的稅款，其中包括這新台幣158億元的營業收入。

Thank you.

謝謝。

And now -- secondly, on NT$ appreciation, you have taken off charges of about 5%.

現在——第二，新台幣升值，你們減掉了大約5%的費用。

So what is your NT$ exemptions?

那什麼是新台幣免稅額呢？

I see your fourth-quarter NT$ is already NT$32.8, I think even if I take 5% off that you are taking NT$31.2?

我看你們第四季的新台幣已經是新台幣32.8元了，我想即使我打折5%你們也拿新台幣31.2元吧？

The number you quote is the quarter-end number for translation.

您引用的數字是翻譯的季度末數字。

The weighted average number we used in Q4 last year was around 33.5, and the basic assumption for Q1 on a weighted basis is 32.

去年第四季我們使用的加權平均數約為33.5，第一季加權的基本假設是32。

Okay.

好的。

Now the next one is on -- are you holding some inventory for your customers as well under your balance sheet now?

現在下一個問題是——您現在是否也在資產負債表下為您的客戶保留了一些庫存？

Very little.

很少。

It's immaterial.

這無關緊要。

Could you give us a little bit of an idea what the progress on half mode 90 nm, whether you are (indiscernible) any tip out activities out there?

您能否向我們介紹一下半模 90 nm 的進展情況，您是否（聽不清楚）是否有任何提示活動？

Yes, we do and we have customers working on half node of 90 nm or 80 nm.

是的，我們有，我們有客戶在 90 nm 或 80 nm 的半節點上工作。

And when do you think that you'll be able to do some productions at 80 nm -- commercial production?

您認為什麼時候能夠進行一些 80 nm 的生產—商業生產？

A conservative estimate would be probably Q3 or Q4 this year.

保守估計今年可能是第三季或第四季。

And could you also give us some idea about when you see non communication related customers will account to your 90 nm technology?

您能否告訴我們一些關於您何時看到非通訊相關客戶會採用您的 90 奈米技術的資訊？

I mentioned earlier that we have three new customers that have started the RISC production this quarter and that includes communication and the computer applications.

我之前提到，我們有三個新客戶已在本季度開始 RISC 生產，其中包括通訊和電腦應用程式。

So that will reflect probably at second quarter '06?

那麼這可能會在 06 年第二季反映出來？

It will start to show in Q2.

它將在第二季度開始顯現。

Okay, thank you very much.

好的，非常感謝。

Mr. Jaitly, Nomura Securities.

Jaitly 先生，野村證券。

I had a follow-up question on the CapEx.

我有一個關於資本支出的後續問題。

CapEx of 830 million (technical difficulty) I would like to understand to what proportion of that is going to go towards 65 nm versus the 90 nano?

資本支出為 8.3 億（技術難度） 我想了解 65 奈米與 90 奈米相比，其中的比例是多少？

We don't have the details of breakdown.

我們沒有詳細的故障情況。

But would it be fair to assume that (multiple speakers)?

但這樣假設（多個發言者）公平嗎？

Hello, your voice is breaking up.

你好，你的聲音已經破了。

Can you repeat, please?

您能重複一遍嗎？

Yes.

是的。

Would it be fair to assume that in the second half the majority of CapEx would be towards 65 nano?

假設下半年大部分資本支出將轉向 65 nm 是否公平？

In the second half that is a reasonable assumption.

在下半年，這是一個合理的假設。

Okay.

好的。

Also one question -- looking at your fabless versus IDM mix, if you look at the past six months, UMC along with the whole industry has grown nicely quarter-over-quarter and your utilization have expanded.

還有一個問題 - 看看您的無晶圓廠與 IDM 組合，如果您看看過去六個月，UMC 以及整個行業都實現了季度環比的良好增長，並且您的利用率也有所擴大。

But fabless growth has been a little bit lackluster.

但無晶圓廠的成長有點乏善可陳。

You are 9.9% this quarter versus 33% in IDM.

本季您的比例為 9.9%，而 IDM 為 33%。

Given in the previous quarter you had your IDM jumping by 46%?

鑑於上一季您的 IDM 成長了 46%？

So I am just trying to understand what is happening in the fabless space post the inventory correction.

所以我只是想了解庫存調整後無晶圓廠領域正在發生什麼。

Those orders don’t have to come back (indiscernible) as in the case of IDM so is there any market share shift?

這些訂單不必像 IDM 那樣返回（難以辨別），那麼市場份額是否會發生變化？

Are you seeing any customer losses there?

您發現那裡有任何客戶流失嗎？

No, I wouldn't say so.

不，我不會這麼說。

As a matter-of-fact, in a (indiscernible) study the market share of the major players in the communications segment, you can tell and you cannot reach to a conclusion from the quarterly variation of fabless versus IDM and draw any conclusion there.

事實上，在對通訊領域主要參與者的市場份額進行（難以辨別的）研究中，您可以看出，但無法從無晶圓廠與 IDM 的季度變化中得出結論並從中得出任何結論。

Isn't the fabless segment -- if you could characterize the kind of segment where you're seeing weakness versus strength going forward in 1Q?

難道不是無晶圓廠細分市場——如果你能描述一下你在第一季看到的弱勢與強勢的細分市場嗎？

Can you please repeat that again?

您能再重複一遍嗎？

Yes.

是的。

I was wondering if you could help understand -- explain as to within the fabless segment, which sub segment are you seeing related trends as you get into 1Q versus where you're seeing the weakness?

我想知道您是否可以幫助理解 - 解釋一下在無晶圓廠細分市場中，當您進入第一季時，您看到了哪些子細分市場的相關趨勢，而不是您看到的弱點？

Well, in first quarter the consumer segment is considered the strongest.

嗯，在第一季度，消費者細分市場被認為是最強勁的。

For example LCD driver and followed by computer and then followed by communications.

例如LCD驅動器，然後是計算機，然後是通訊。

We are talking just about the fabless here, right?

我們這裡討論的只是無晶圓廠，對嗎？

Fabless sector, yes.

無晶圓廠產業，是的。

Thank you.

謝謝。

That's all for me.

這就是我的全部。

Dan Heyler, Merrill Lynch.

丹·海勒，美林證券。

I had a question on your compute potential customer.

我有一個關於您的計算潛在客戶的問題。

There was quite a bit of optimism about the possibility for an advanced customer in the fourth quarter and that has been pushed out.

人們對第四季度獲得高級客戶的可能性抱持相當樂觀的態度，但這種樂觀情緒已被推遲。

I was wondering what was causing that delay in the ramp of that particular product and what leads you to the confidence now, what's changed that in fact you can ramp 90 nm for a compute-related customer?

我想知道是什麼導致了該特定產品的升級延遲，是什麼讓您現在充滿信心，實際上發生了什麼變化，您可以為計算相關的客戶升級 90 奈米？

What I can say is that actually the computer customer's progress was quite normal actually, the result was quite good.

我能說的是，實際上電腦客戶的進展其實很正常，結果也很好。

So that was a question more of their demand or need of the product not necessarily your execution?

所以這比較是他們對產品的需求或需求的問題，不一定是你的執行？

I can't comment on that.

我無法對此發表評論。

Okay.

好的。

And then on the communications space, given your pretty high concentration there with some IDMs, is there an opportunity to expand within that given customer?

然後在通訊領域，鑑於您對一些 IDM 的關注度相當高，是否有機會在該特定客戶中擴展？

Do you think there are market share opportunities?

您認為有市佔率機會嗎？

Or do you feel comfortable with your current percentage share of that -- of TI for instance, so do you think there's more opportunity to gain share there?

或者您對目前在 TI 的份額感到滿意嗎？例如，您認為那裡有更多機會獲得份額嗎？

Again, I cannot comment on any specific customer.

再次強調，我無法對任何特定客戶發表評論。

But I can tell you it is our goal to expand our customer basis so that we have more high-volume customers in each application area.

但我可以告訴你，我們的目標是擴大我們的客戶基礎，以便我們在每個應用領域擁有更多大量的客戶。

That way we become less vulnerable due to the market share shift among the customers.

這樣，我們就不會因為客戶之間的市佔率轉移而受到影響。

So as you try to broaden out your customer base at for instance 90 and now 65 nm, what are you guys doing a little bit differently at 65 nm and what types of investments do you think you need to make to ensure that you do have greater diversity at 65 versus 90?

因此，當您嘗試擴大您的客戶群（例如90 奈米和現在的65 奈米）時，您在65 奈米方面採取了哪些不同的做法，以及您認為需要進行哪些類型的投資才能確保您擁有更大的優勢65 歲與 90 歲的多元性？

That is a good question.

這是一個好問題。

Actually the investment has been made in the last two years.

事實上，這筆投資是在過去兩年內進行的。

It is reflected in the people's talent and also in methodology that we have improved in the Company.

這體現在員工的才能上，也反映在我們公司改進的方法上。

And all those contributed to the significant enhancement in new process technology development.

這些都促進了新製程技術開發的顯著增強。

So time to market is the reason that we must offer the advanced process technology, the quickest in the industry, so that those high-volume customers can embrace them.

因此，為了加快上市時間，我們必須提供業界最快的先進製程技術，以便那些大量客戶能夠接受它們。

So for instance, do you think that you'll have more IP qualified at 65 than 90 or could you give a few more specifics there?

例如，您認為 65 級的 IP 資格是否比 90 級的多，或者您能否提供更多細節？

Yes.

是的。

As soon as the technology -- advanced technology is available then you can engage with customers, you can develop IP or customers can develop IP.

一旦技術—先進技術可用，你就可以與客戶互動，你可以開發智慧財產權，或者客戶可以開發智慧財產權。

And then that will affect the -- that will help customers to become ready for their new generation products.

然後這將影響——這將幫助客戶為他們的新一代產品做好準備。

I think the answer is yes.

我認為答案是肯定的。

Okay.

好的。

So at this stage what you're saying right now is your process is ready and people are developing -- you're in handsets now for instance and you’re in for instance low-power.

因此，在這個階段，您現在所說的是您的流程已準備就緒，人們正在開發 - 例如，您現在處於手機中，例如處於低功耗狀態。

So how much IP -- how ready are you from an IP standpoint to get into three or four applications from your standpoint and how far are you on -- how much more do you have to go?

那麼，有多少智慧財產權——從智慧財產權的角度來看，您是否準備好進入三到四個應用程式？從您的角度來看，您已經走了多遠——您還需要走多少路？

It's hard to quantify how much IP.

很難量化有多少IP。

IP includes from standard cell library to memory compilers to IOs and the analog IP.

IP 包括從標準單元庫到記憶體編譯器，再到 IO 和模擬 IP。

And also in the last two years we have significantly improved our capability for developing IP internally and also for working with other IP vendors.

而且在過去兩年中，我們顯著提高了內部開發 IP 以及與其他 IP 供應商合作的能力。

So that has become almost a non issue for us at this stage.

因此，現階段這對我們來說幾乎不是問題。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Ivan Goh.

伊凡高.

I have one question.

我有一個問題。

It's regarding your business as a new tenant of UMC and you talked about UMC having to reinvent itself in the spirit of a startup company.

這是將您的業務視為聯華電子的新租戶，您談到聯華電子必須以新創公司的精神重塑自己。

I just wanted to find out if you have set your employees or your staff any quantitative targets over the next one to three years that the Company would work towards and that would help us to analyze whether the Company is meeting those targets or not.

我只是想知道您是否為您的員工或您的員工設定了公司未來一到三年努力實現的量化目標，這將有助於我們分析公司是否實現了這些目標。

Very good question and our new direction has been fully communicated internally and each department -- or each project, each program has its significant goal and we are tracking -- or we will be tracking them on a monthly and a quarterly basis.

非常好的問題，我們的新方向已經在內部得到充分溝通，每個部門——或者每個項目、每個計劃都有其重要的目標，我們正在跟踪——或者我們將每月和每季度跟踪它們。

So it's just like a startup company, if you miss a major milestone you will lose your customers and they will impact the existence of the startup company.

所以這就像一家新創公司，如果你錯過了一個重要的里程碑，你就會失去你的客戶，他們將影響新創公司的存在。

It's a life-and-death situation and that's the kind of mentality that we are establishing.

這是生死攸關的情況，這就是我們正在建立的心態。

Is there any quantitative target that you can share or maybe (multiple speakers)?

您是否可以分享或可能有任何定量目標（多個發言者）？

We have internally and it's not proper to mention any numbers.

我們內部有，不宜提及任何數字。

And also there are so many quantitative numbers that it could be reported in different manners.

而且數量如此之多，以至於可以用不同的方式來報告。

So it's not proper to -- and difficult to answer that.

所以這是不合適的——而且很難回答這個問題。

Thank you very much.

非常感謝。

Pranab Sarmah.

普拉納布·薩爾瑪。

Hello?

你好？

I guess this is more of a strategy question.

我想這更多的是一個策略問題。

If we see on the 90 nm side you have started ahead of other foundry companies, but if we see today like you are probably slightly behind with the number of customers or even the percentage of revenue coming out from that particular technology.

如果我們看到在 90 奈米方面，您已經領先其他代工公司，但如果我們今天看到，您可能在客戶數量甚至來自該特定技術的收入百分比方面稍微落後。

And going forward in 65 nm, if there is a customer who isn't willing to use your 65 nm, how are you going to convince them that you will be able to deliver a good process yield or capacity support so that they can come to you and use your new process more smoothly?

展望 65 nm，如果有客戶不願意使用您的 65 nm，您將如何說服他們您將能夠提供良好的工藝良率或產能支持，以便他們能夠來您是否可以更順利地使用新流程？

That is I think a big question to customer probably at this point.

我認為這對客戶來說可能是一個大問題。

That is a fair question.

這是一個公平的問題。

And in the case of 90 nm, many people didn't notice that we have to do 90 nm twice, first to start at an eight inch fab because at that time our 12 inch fab was not established and we didn't have the equipment to move it in.

而在90奈米的情況下，很多人沒有註意到我們要做兩次90奈米，首先是從八英寸晶圓廠開始，因為當時我們的12英寸晶圓廠還沒有建立，我們沒有設備將其移入。

So we had to do that twice.

所以我們必須這樣做兩次。

And it gives the equipment a difference as doing it in 12 inch is like a totally new effort.

它為設備帶來了不同，因為在 12 英寸上做這件事就像是一次全新的努力。

So that was the reason for what you have just described.

這就是您剛才描述的原因。

And in the case of 65 nm, all the R&D or the development effort is in the 12 inch fab where the manufacturing will happen.

就 65 nm 而言，所有研發或開發工作都在 12 吋晶圓廠進行製造。

So therefore it will be a much more smooth transition.

因此，這將是一個更平穩的過渡。

And the quite probably if you could go for a final design DSM will come into the picture.

如果您能進行最終設計，DSM 很可能會出現在您的視野中。

And if you do not have your own mask shop, do you think that you will have some bottleneck out there?

如果你沒有自己的口罩店，你認為你會遇到一些瓶頸嗎？

Even if you get the data from customers you are not able to do the mask in-house?

即使您從客戶那裡獲得數據，您也無法在內部製作掩模？

The mask house is not an issue.

面具屋不是問題。

We are working with the industry-leading mask house which has full control of their investor mask making and that is not an issue at all.

我們正在與業界領先的掩模公司合作，該公司完全控制其投資者的掩模製造，這根本不是問題。

But at least on that DSM, your mask house, will it also be incorporated to your model?

但至少在 DSM 上，你的面具屋，它也會被納入你的模型中嗎？

Yes, we have been working with the mask house and also EDA tool vendors to address the DSM issues and we have full control of DSM.

是的，我們一直在與掩膜廠和 EDA 工具供應商合作來解決 DSM 問題，我們完全控制 DSM。

Okay, thank you very much.

好的，非常感謝。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Matt Gable, [George Rice] Associates.

馬特蓋博，[喬治賴斯]合夥人。

Did you do give any guidance or any outlook on what you see semi demand as in 2006 versus '05?

您是否對 2006 年與 05 年的半成品需求給出了任何指導或展望？

And also could you give some color on the current wafer start environment?

您能否對目前晶圓啟動環境進行一些說明？

Thank you.

謝謝。

Currently we don't see any negative factors that would affect the 2006 demand.

目前我們沒有看到任何會影響2006 年需求的負面因素。

As a matter of fact, many customers are very bullish about the demand in the second half of this year.

事實上，很多客戶都非常看好今年下半年的需求。

As far as the total demand, according to some of the market research organizations, they expect to see 10 to 15% growth this year.

就總需求而言，根據一些市場研究機構預計，今年的需求量將增加10%至15%。

I think last year it was around 10%.

我認為去年大約是 10%。

Okay.

好的。

And what about the current wafer start environment, were you seeing anything abnormal, anything surprising one way or the other?

那麼目前的晶圓啟動環境怎麼樣，您是否發現任何異常或令人驚訝的情況？

Nothing abnormal.

沒有任何異常。

Okay.

好的。

That's it.

就是這樣。

Thank you.

謝謝。

Thank you.

謝謝。

Gentlemen, you have no further questions at this time.

先生們，目前你們沒有其他問題了。

I would like to turn the call over to Mr. Liu for closing remarks.

我想請劉先生做總結發言。

That concludes our call today.

我們今天的電話會議到此結束。

We thank you for dialing in for this conference and we want to draw your attention to a few more items.

我們感謝您撥打電話參加本次會議，我們希望提請您注意其他幾個項目。

The listening of the replay of this call will be available until the end of Tuesday, April 11, 2006 on the Investor Relations section of our website and a dial-in version of the replay can be heard at 888-286-8010 if you are in the U.S., or at 1-617-801-6888 for international callers.

您可以在 2006 年 4 月 11 日星期二結束前在我們網站的投資者關係部分收聽本次電話會議的重播，如果您願意，也可以撥打 888-286-8010 收聽電話會議的重播版本。美國境內請撥打，國際用戶請撥打1-617-801-6888。

The dial-in replay will be available until midnight on February 15, 2006.

撥入重播將持續到 2006 年 2 月 15 日午夜。

The access code will be 563-47764.

訪問代碼為 563-47764。

If you have any additional questions please feel free to contact us directly.

如果您有任何其他問題，請隨時直接與我們聯絡。

Thank you again and have a good day.

再次感謝您，祝您有美好的一天。

Thanks to everyone.

謝謝大家。

That concludes our call.

我們的通話到此結束。

We want to draw your attention to a few more items.

我們想提請您注意更多項目。

A link to the replay of this call will be available until the end of Tuesday, April 11, 2006 on the Investor Relations section of our website.

本次電話會議重播的連結將於 2006 年 4 月 11 日星期二結束前在我們網站的投資者關係部分提供。

A dial-in version of the replay can be heard at 888-286-8010 if you are in the U.S., or at 1-617-801-6888 for international callers.

如果您在美國，可以撥打 888-286-8010 收聽撥入版本的重播；如果您是國際長途用戶，請撥打 1-617-801-6888。

The dial-in replay will be available until midnight on February 15, 2006.

撥入重播將持續到 2006 年 2 月 15 日午夜。

The access code will be 563-47764.

訪問代碼為 563-47764。

If you have any additional questions please feel free to contact us directly.

如果您有任何其他問題，請隨時直接與我們聯絡。

Thank you again and have a good day.

再次感謝您，祝您有美好的一天。