SMIC Reports 2011 Second Quarter Results
All currency figures stated in this report are in US Dollars unless stated otherwise.
The financial statement amounts in this report are determined in accordance with US GAAP.
SHANGHAI, Aug. 10, 2011 /PRNewswire-Asia/ -- Semiconductor Manufacturing International Corporation (NYSE: SMI; SEHK: 981) ("SMIC" or the "Company"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended June 30, 2011.
Second Quarter 2011 Highlights:
- Revenue down by 4.9% to $352.4 million in 2Q11 from $370.6 million in 1Q11 and down by 5.9% compared to 2Q10.
- Gross margin was 14.3% in 2Q11 compared to 18.6% in 1Q11 primarily due to decreased wafer starts from weakened demand in the third quarter.
- Net cash flow from operations increased to $79.4 million in 2Q11 from $73.4 million in 1Q11.
- Loss attributable to holders of ordinary shares was $3.8 million in 2Q11, compared to income of $10.2 million in 1Q11.
- Diluted EPS was $(0.0066) per ADS.
Third Quarter 2011 Guidance:
The following statements are forward looking statements which are based on current expectations and which involve risks and uncertainties, some of which are set forth under "Safe Harbor Statements" below.
- Revenue is expected to decline between -14% to -17%.
- Gross margin is expected to range from 0% to 3%.
- Operating expenses excluding foreign exchange differences are expected to range from $86 million to $89 million.
Gary Tseng, Chief Financial Officer commented, "Highlighting our second quarter performance, revenue decreased 4.9% quarter-over-quarter to $352 million. This decline was in part due to our customer transition to 65nm and 45nm and largely due to unexpected changes in some of our customers' programs—including some customers skipping 65nm to work on 45nm and one customer abandoning their lower-end baseband business. Despite these changes, we continue to have new tape outs for 65nm and customers committed to working with us on their 45/40nm products, which will likely contribute meaningful revenue next year.
"Looking into the third quarter, the overall demand from both international and domestic customers is weaker than expected due to relatively soft end-market consumption and high inventory, in addition to sudden customer product changes. The combination of these factors will pose adverse impacts to our revenue for the third quarter of 2011. Our visibility into fourth quarter demand is currently limited, and the overall global economic outlook also contributes to uncertainty. We currently do not see any particular strengths from customer demand for back-to-school and holiday seasons, so we currently remain cautious on our overall second half 2011 outlook."
Conference Call / Webcast Announcement
Date: Thursday, August 11, 2011
Time: 8:30 a.m. Shanghai time
Dial-in numbers and pass code:
Dial in |
1-800-510-0219 |
(Pass code: SMIC) |
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International |
1-617-614-3451 |
(Pass code: SMIC) |
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HK |
852-3002-1672 |
(Pass code: SMIC) |
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A live webcast of the 2011 second quarter announcement will be available at http://www.smics.com under the "Investor Relations" section, or at URL: http://phx.corporate-ir.net/playerlink.zhtml?c=176474&s=wm&e=4153540
An archived version of the webcast, along with an electronic copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.
About SMIC
Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit (IC) foundry and technology services at 0.35-micron to 45/40-nanometer. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and three 200mm wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab, a 200mm wafer fab in Tianjin, and a 200mm fab under construction in Shenzhen. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 300mm wafer fab in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation.
For more information, please visit www.smics.com
Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of 1995)
This press release contains, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements under "Third Quarter 2011 Guidance" are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of SMIC's senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, the downturn in the global economy and the impact on China's economy, intense competition, timely wafer acceptance by SMIC's customers, timely introduction of new technologies, SMIC's ability to capture growth opportunities in China, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, orders or judgments from pending litigation, availability of manufacturing capacity and financial stability in end markets.
Investors should consider the information contained in SMIC's filings with the U.S. Securities and Exchange Commission (SEC), including its annual report on 20-F filed with the SEC on June 28, 2011, especially in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, and such other documents that SMIC may file with the SEC or The Hong Kong Stock Exchange Limited ("SEHK") from time to time, including on Form 6-K. Other unknown or unpredictable factors also could have material adverse effects on SMIC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as required by law, SMIC undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: |
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Investor Relations |
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+86-21-3861-0000 ext. 12804 |
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Summary of Second Quarter 2011 Operating Result
Amounts in US$ thousands, except for EPS and operating data |
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|
2Q11 |
1Q11 |
QoQ |
2Q10 |
YoY |
|
Sales, net |
352,389 |
370,559 |
-4.9% |
374,423 |
-5.9% |
|
Cost of sales |
302,116 |
301,782 |
0.1% |
314,547 |
-4.0% |
|
Gross profit |
50,273 |
68,777 |
-26.9% |
59,876 |
-16.1% |
|
Operating expenses |
50,382 |
76,623 |
-34.2% |
70,363 |
-28.4% |
|
Loss from operations |
(109) |
(7,846) |
-98.6% |
(10,487) |
-99.0% |
|
Other income, net |
531 |
2,702 |
-80.4% |
101,779 |
-99.5% |
|
Income tax (expenses) benefit |
(5,121) |
128 |
- |
6,466 |
- - |
|
Net income (loss) after income taxes |
(4,699) |
(5,016) |
-6.3% |
97,758 |
- |
|
Gain from equity investment |
1,078 |
1,016 |
6.1% |
141 |
664.5% |
|
Income (loss) from discontinued operations net of tax effect(3) |
- |
14,742 |
- |
(1,600) |
- |
|
|
|
|
||||
Net income (loss) |
(3,621) |
10,742 |
- |
96,299 |
- |
|
|
|
|
||||
Accretion of interest to noncontrolling interest |
(151) |
(508) |
-70.3% |
(262) |
-42.4% |
|
|
|
|
||||
Income (loss) attributable to Semiconductor Manufacturing |
(3,772) |
10,234 |
96,037 |
- |
||
|
|
|
||||
Gross margin |
14.3% |
18.6% |
16.0% |
|
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Operating margin |
-0.03% |
-2.1% |
-2.8% |
|
||
|
|
|
||||
Earnings (loss) per ordinary share (basic)(1) |
(0.00) |
0.00 |
0.00 |
|
||
Earnings (loss) per ADS (basic) |
(0.01) |
0.02 |
0.21 |
|
||
Earnings (loss) per ordinary share (diluted)(1) |
(0.00) |
0.00 |
0.00 |
|
||
Earnings (loss) per ADS (diluted) |
(0.01) |
0.02 |
0.20 |
|
||
|
|
|
||||
Wafers shipped (in 8" wafers)(2) |
451,552 |
471,231 |
-4.2% |
496,766 |
-9.1% |
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|
|
|
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Capacity utilization |
74.7% |
72.2% |
|
94.3% |
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Note: |
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(1) Based on weighted average ordinary shares of 28.501 million (basic) and 28.501 million (diluted) in 2Q11, 27,371 million (basic) and 27,371 million (diluted) in 1Q11 and 22,480 million (basic) and 24,534 million (diluted) in 2Q10. |
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(2) Including copper interconnects |
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(3) On March 1, 2011, the Company deconsolidated Semiconductor Manufacturing International (AT) Corporation ("AT") as its majority ownership interest was reduced to 10%. Both the results of operations of AT prior to deconsolidation and a gain on deconsolidation were reported as income (loss) from discontinued operations. |
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- Revenue decreased to $352.4 million in 2Q11, down 4.9% QoQ from $370.6 million in 1Q11 due to a 4.2% decrease in wafer shipments.
- Cost of sales increased to $302.1 million in 2Q11, increase 0.1% QoQ from $301.8 million in 1Q11 primarily due to increase in other manufacturing costs.
- Gross profit of $50.3 million in 2Q11, compared to a gross profit of $68.8 million in 1Q11 and gross profit of $59.9 million in 2Q10.
- Gross margin was 14.3% in 2Q11 down from 18.6% in 1Q11 primarily due to decreased wafer starts from weakened demand in the third quarter.
- R&D expenses increased to $51.5 million in 2Q11, up 3.9% QoQ from $49.6 million in 1Q11 due to an increase in engineering experiment expenses.
- G&A expense was -$8.9 million in 2Q11. Comparing with $19.4 million in 1Q11, the fluctuation was mainly due to a recovery from bad debt and decrease in personnel related expense.
- Selling & marketing expenses increased to $8.1 million in 2Q11, up 5.2% QoQ from $7.7 million in 1Q11 primarily due to an increase in selling activities.
Analysis of Revenues |
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Sales Analysis |
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By Application |
2Q11 |
1Q11 |
2Q10 |
|
Computer |
4.0% |
3.3% |
3.4% |
|
Communications |
37.7% |
44.5% |
47.8% |
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Consumer |
49.4% |
42.5% |
41.3% |
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Others |
8.9% |
9.7% |
7.5% |
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By Service Type |
2Q11 |
1Q11 |
2Q10 |
|
Logic(1) |
92.6% |
91.3% |
92.2% |
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Memory |
0.0% |
0.0% |
1.4% |
|
Mask Making, testing, others |
7.4% |
8.7% |
6.4% |
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By Customer Type |
2Q11 |
1Q11 |
2Q10 |
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Fabless semiconductor companies |
77.9% |
80.4% |
66.5% |
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Integrated device manufacturers (IDM) |
16.8% |
13.5% |
16.1% |
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System companies and others |
5.3% |
6.1% |
17.4% |
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By Geography |
2Q11 |
1Q11 |
2Q10 |
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North America |
57.6% |
51.3% |
52.8% |
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China(2) |
30.1% |
35.6% |
28.1% |
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Eurasia(3) |
12.3% |
13.1% |
19.1% |
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Wafer Revenue Analysis |
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By Technology (logic, memory & copper interconnect only) |
2Q11 |
1Q11 |
2Q10 |
|
0.065um |
20.7% |
13.3% |
3.7% |
|
0.09um |
7.7% |
12.3% |
19.9% |
|
0.13um |
22.8% |
24.1% |
31.9% |
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0.15um |
2.5% |
1.3% |
1.8% |
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0.18um |
31.5% |
31.6% |
26.9% |
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0.25um |
0.4% |
0.4% |
0.6% |
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0.35um |
14.4% |
17.0% |
15.2% |
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Note: |
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(1) Including 0.13um copper interconnects |
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(2) Including Hong Kong |
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(3) Excluding China |
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Capacity* |
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Fab / (Wafer Size) |
2Q11 |
1Q11 |
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Shanghai Mega Fab (8") |
90,000 |
90,000 |
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Beijing Mega Fab (12") |
65,540 |
62,550 |
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Tianjin Fab (8") |
34,250 |
33,200 |
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Total monthly wafer fabrication capacity |
189,790 |
185,750 |
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Note: |
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* Wafers per month at the end of the period in 8" equivalent wafers |
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Shipment and Utilization |
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8" equivalent wafers |
2Q11 |
1Q11 |
2Q10 |
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Wafer shipments including copper interconnects |
451,552 |
471,231 |
496,766 |
|
|
|
|
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Utilization rate(1) |
74.7% |
72.2% |
94.3% |
|
Note: |
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(1) Capacity utilization based on total wafer out divided by estimated capacity |
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- Wafer shipments decreased 4.2% QoQ to 451,552 units of 8-inch equivalent wafers in 2Q11 from 471,231 units of 8-inch equivalent wafers in 1Q11, and decreased 9.1% YoY from 496,766 8-inch equivalent wafers in 2Q10.
Detailed Financial Analysis
Gross Profit Analysis |
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Amounts in US$ thousands |
2Q11 |
1Q11 |
QoQ |
2Q10 |
YoY |
|
Cost of sales |
302,116 |
301,782 |
0.11% |
314,547 |
-3.95% |
|
Depreciation |
101,593 |
104,449 |
-2.73% |
129,506 |
-21.55% |
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Other manufacturing costs |
199,887 |
196,727 |
1.61% |
184,094 |
8.58% |
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Share-based compensation |
636 |
606 |
4.95% |
947 |
-32.84% |
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Gross profit |
50,273 |
68,777 |
-26.90% |
59,876 |
-16.04% |
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Gross margin |
14.30% |
18.60% |
|
16.00% |
|
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- Cost of sales increased to $302.1 million in 2Q11, an increase of 0.1% QoQ from $301.8 million in 1Q11 primarily due to an increase in other manufacturing costs.
- Gross profit of $50.3 million in 2Q11, compared to a gross profit of $68.8 million in 1Q11 and gross profit of $59.9 million in 2Q10.
- Gross margin was 14.3% in 2Q11 down from 18.6% in 1Q11 primarily due to decreased wafer starts from weakened demand in the third quarter.
Operating Expense (income) Analysis |
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Amounts in US$ thousands |
2Q11 |
1Q11 |
QoQ |
2Q10 |
YoY |
|
Total operating expenses |
50,382 |
76,623 |
-34.2% |
70,363 |
-28.4% |
|
Research and development |
51,501 |
49,573 |
3.9% |
43,031 |
19.7% |
|
General and administrative |
(8,933) |
19,427 |
- |
14,283 |
- |
|
Selling and marketing |
8,139 |
7,738 |
5.2% |
6,869 |
18.5% |
|
Others operating expense (income) |
(325) |
(115) |
- |
6,180 |
- |
|
- R&D expenses increased to $51.5 million in 2Q11, up 3.9% QoQ from $49.6 million in 1Q11 due to an increase in engineering experiment expenses.
- G&A expense was -$8.9 million in 2Q11. Comparing with $19.4 million in 1Q11, the fluctuation was mainly due to a recovery from bad debt and decrease in personnel related expense.
- Selling & marketing expenses increased to $8.1 million in 2Q11, up 5.2% QoQ from $7.7 million in 1Q11 primarily due to an increase in selling activities.
Other Income (Expenses) |
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Amounts in US$ thousands |
2Q11 |
1Q11 |
QoQ |
2Q10 |
YoY |
|
Other income (expenses) |
531 |
2,702 |
- |
101,779 |
- |
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Interest income |
1,152 |
1,191 |
-3.3% |
863 |
33.5% |
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Interest expense |
(5,884) |
(4,248) |
38.5% |
(6,265) |
-6.1% |
|
Change in the fair value of commitment to issue shares and warrants |
- |
105,952 |
- |
|||
Foreign currency exchange (loss) gain |
3,828 |
4,007 |
-4.5% |
(3,170) |
- |
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Other, net |
1,435 |
1,752 |
-18.1% |
4,399 |
-67.4% |
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Depreciation and Amortization
- Depreciation and amortization in 2Q11 was $133.5 million compared to $130.9 million in 1Q11.
Liquidity |
|||
Amounts in US$ thousands |
2Q11 |
1Q11 |
|
Cash and cash equivalents |
410,912 |
394,062 |
|
Restricted cash |
184,808 |
128,135 |
|
Accounts receivable |
236,738 |
231,015 |
|
Inventories |
196,876 |
190,414 |
|
Others |
212,447 |
141,220 |
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Total current assets |
1,241,781 |
1,084,846 |
|
|
|
|
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Accounts payable |
448,321 |
434,558 |
|
Short-term borrowings |
712,423 |
628,182 |
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Current portion of long-term debt |
251,486 |
281,608 |
|
Others |
168,815 |
175,004 |
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Total current liabilities |
1,581,045 |
1,519,352 |
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|
|
|
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Cash Ratio |
0.3x |
0.3x |
|
Quick Ratio |
0.5x |
0.4x |
|
Current Ratio |
0.8x |
0.7x |
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Capital Structure |
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Amounts in US$ thousands |
2Q11 |
1Q11 |
|
Cash and cash equivalents |
410,912 |
394,062 |
|
Restricted cash |
184,808 |
128,135 |
|
|
|
|
|
Current portion of promissory notes |
29,375 |
29,582 |
|
Non-current portion of promissory notes |
42,541 |
56,728 |
|
|
|
|
|
Short-term borrowings |
712,423 |
628,182 |
|
Current portion of long-term debt |
251,486 |
281,608 |
|
Long-term debt |
182,122 |
179,132 |
|
Total debt |
1,146,031 |
1,088,922 |
|
|
|
|
|
Equity(1) |
2,434,598 |
2,183,850 |
|
|
|
|
|
Total debt to equity ratio |
47.1% |
49.9% |
|
Note: |
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(1) Including portion of noncontrolling interest. |
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Cash Flow |
|||
Amounts in US$ thousands |
2Q11 |
1Q11 |
|
Net cash from operating activities |
79,371 |
73,439 |
|
Net cash from investing activities |
(356,711) |
(400,943) |
|
Net cash from financing activities |
294,125 |
205,422 |
|
Effect of exchange rate changes |
65 |
336 |
|
Net change in cash |
16,850 |
(121,746) |
|
Capex Summary
- Capital expenditures for 2Q11 were $284.2 million.
Recent Highlights and Announcements
- SMIC Appoints Dr. Tzu-Yin Chiu as CEO and Executive Director Shanghai [2011-08-08]
- Zhang Wenyi Appointed SMIC's Chairman, Executive Director, and Acting CEO (2011-07-18)
- Appointment of Chairman, Redesignation of Director and Independent Non-Executive Director, Resignation of Chief Executive Officer, Appointment of Acting Chief Executive Officer and Authorised Representative, Clarification Announcement, Resumption of Trading (2011-07-15)
- Clarification Announcement (2011-06-30)
- Suspension of Trading (2011-06-30)
- Annual General Meeting Held on 29 June, 2011 Poll Results (2011-06-30)
- Passing away of the Chairman of the Board and INED and Member of the Audit Committee and Authorised Representative (2011-06-29)
- Change in Directorate (2011-06-23)
- Brite Semiconductor Achieves First-Pass Silicon Success with SMIC's 40nm Process (2011-06-21)
- SMIC Appoints Former Chartered Executive Mike Rekuc as President of SMIC Americas (2011-06-15)
- Closure of Register of Members (2011-06-10)
- Announcement Regarding Delay in Despatch of Circular - Major Transaction Establishment of a Joint Venture with Hubei Science & Technology Investment Group Co., Ltd (2011-06-02)
- Grant of Options (2011-05-31)
- Form of Proxy for Use at the Annual General Meeting to be Held on 29 June 2011 (2011-05-29)
- Circulars - (1) Notice of Annual General Meeting; (2) Re-election of Directors and (3) Proposed General Mandates to Issue and Repurchase Shares (2011-05-29)
- Notice of Annual General Meeting (2011-05-29)
- Notification Letter and Request Form to Non-registered Holders (2011-05-29)
- Notification Letter to Registered Shareholders (2011-05-29)
- Extraordinary General Meeting Held on 27 May 2011 Poll Results (2011-05-27)
- SMIC Earns "2010 Excellent Supplier Award" from GalaxyCore (2011-05-24)
- SMIC Reports Results for the Three Months Ended March 31, 2011 (2011-05-19)
- Spansion and SMIC Expand Foundry Agreement (2011-05-16)
- Further Information on Major Transaction Establishment of a Joint Venture with Hubei Science & Technology Investment Group Co., Ltd (2011-05-12)
- Announcement Major Transaction Establishment of a Joint Venture with Hubei Science & Technology Investment Group Co., Ltd (2011-05-12)
- SMIC and Hubei Science & Technology Investment Group Sign Joint Venture Agreement in Wuhan (2011-05-12)
- Notice of Extraordinary General Meeting (2011-05-10)
- (1) Subscription of Convertible Preferred Shares and Warrants by Country Hill Limited, A Wholly-owned Subsidiary of China Investment Corporation (2) Pre-emptive Subscription of Convertible Preferred Shares and Warrants by Datang Holdings (hongkong) Investment Company Limited (3) Proposed Special Mandate and Further Special Mandate to Issue Convertible Preferred Shares, Warrants and Ordinary Shares on Conversion of the Convertible Preferred Shares (4) Notice of Extraordinary General Meeting (2011-05-10)
- Notification Letter and Request Form to Non-registered Holders (2011-05-10)
- Notification Letter (2011-05-10)
- Form of Proxy for Use at the Extraordinary General Meeting to be Held on 27 May, 2011 (2011-05-10)
- Closure of Register of Members (2011-05-09)
- Connected Transaction Pre-emptive Subscription of Convertible Preferred Shares and Warrants by Datang Holdings (Hong Kong) Investment Company Limited (2011-05-06)
- SMIC's Major Shareholder, Datang, Wishes to Subscribe for Pre-emptive Securities (2011-05-06)
- Notification of Board Meeting (2011-04-29)
- Letter and Reply Form to New Registered Shareholder - Election of Means of Receipt of Corporate Communication (2011-04-28)
- Notification Letter and Request Form to Non-registered Holders (2011-04-28)
- Notification Letter and Change Request Form to Registered Holders (2011-04-28)
- Clarification Announcement (2011-04-21)
- SMIC to Receive Investment from CIC (2011-04-19)
- (1) Proposed Issue of Convertible Preferred Shares, Warrants and Warrant Preferred Shares to Country Hill Limited, a Wholly-Owned Subsidiary of China Investment Corporation under Special Mandate (2) Pre-emptive Right of Datang and (3) Pre-emptive Right of TSMC (2011-04-18)
- SMIC Earns Texas Instruments' Supplier Excellence Award for 2010 (2011-04-07)
Please visit SMIC's website at http://www.smics.com/website/enVersion/Press_Center/newsRelease.ftl for further details regarding the recent announcements.
Semiconductor Manufacturing International Corporation CONDENSED CONSOLIDATED STATEMENT OF INCOME (In US$ thousands, except share data) |
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For the three months ended |
||||||
June 30,2011 |
March 31, 2011 |
|||||
(Unaudited) |
(Unaudited) |
|||||
Sales , net |
352,389 |
370,559 |
||||
Cost of sales |
302,116 |
301,782 |
||||
Gross profit |
50,273 |
68,777 |
||||
Operating expenses (income): |
||||||
Research and development |
51,501 |
49,573 |
||||
General and administrative |
(8,933) |
19,427 |
||||
Selling and marketing |
8,139 |
7,738 |
||||
Other operating income |
(325) |
(115) |
||||
Total operating expenses, net |
50,382 |
76,623 |
||||
Loss from operations |
(109) |
(7,846) |
||||
Total other income, net |
531 |
2,702 |
||||
Income (loss) from continuing operations before income tax and equity investment |
422 |
(5,144) |
||||
Income tax (expense) benefit |
(5,121) |
128 |
||||
Gain from equity investment |
1,078 |
1,016 |
||||
Loss from continuing operations |
(3,621) |
(4,000) |
||||
Income from discontinued operations |
- |
14,742 |
||||
Net income (loss) |
(3,621) |
10,742 |
||||
Accretion of interest to noncontrolling interest |
(151) |
(508) |
||||
Income (loss) attributable to Semiconductor Manufacturing International Corporation |
(3,772) |
10,234 |
||||
Loss per share from continuing operations, basic and diluted |
(0.00) |
(0.00) |
||||
Earnings per share from discontinued operations, basic and diluted |
- |
0.00 |
||||
Earnings (loss) per share attributable to Semiconductor Manufacturing |
(0.00) |
0.00 |
||||
Loss per ADS from continuing operations, basic and diluted |
(0.01) |
(0.01) |
||||
Earnings per ADS from discontinued operations, basic and diluted |
- |
0.03 |
||||
Earnings (loss) per ADS attributable to Semiconductor Manufacturing |
(0.01) |
0.02 |
||||
Shares used in calculating basic earnings (loss) per share |
28,501,285,957 |
27,370,653,849 |
||||
Shares used in calculating diluted earnings (loss) per share |
28,501,285,957 |
27,370,653,849 |
||||
Semiconductor Manufacturing International Corporation CONDENSED CONSOLIDATED STATEMENT OF BALANCE SHEET (In US$ thousands) |
|||||
As of |
|||||
June 30, 2011 |
March 31, 2011 |
||||
(Unaudited) |
(Unaudited) |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
410,912 |
394,062 |
|||
Restricted cash |
184,808 |
128,135 |
|||
Accounts receivable, net of allowances of $43,194,154 and $50,200,060 at |
236,738 |
231,015 |
|||
Inventories |
196,876 |
190,414 |
|||
Prepaid expense and other current assets |
212,447 |
141,220 |
|||
Total current assets |
1,241,781 |
1,084,846 |
|||
Prepaid land use rights |
78,002 |
78,387 |
|||
Plant and equipment, net |
2,665,092 |
2,518,710 |
|||
Acquired intangible assets, net |
187,826 |
184,786 |
|||
Other long-term assets |
132,093 |
136,914 |
|||
TOTAL ASSETS |
4,304,794 |
4,003,643 |
|||
LIABILITIES AND EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
448,321 |
434,558 |
|||
Accrued expenses and other current liabilities |
139,440 |
145,422 |
|||
Short-term borrowings |
712,423 |
628,182 |
|||
Current portion of promissory notes |
29,375 |
29,582 |
|||
Current portion of long-term debt |
251,486 |
281,608 |
|||
Total current liabilities |
1,581,045 |
1,519,352 |
|||
Long-term liabilities: |
|||||
Promissory notes |
42,541 |
56,728 |
|||
Long-term debt |
182,122 |
179,131 |
|||
Other long-term liabilities |
61,940 |
62,238 |
|||
Total long-term liabilities |
286,603 |
298,097 |
|||
Total liabilities |
1,867,648 |
|
1,817,449 |
||
Noncontrolling interest |
3,602 |
3,451 |
|||
Ordinary shares, $0.0004 par value, 50,000,000,000 shares authorized, 27,454,995,825 |
10,982 |
10,959 |
|||
Convertible preferred shares, $0.0004 par value, 5.000.000.000 shares |
144 |
- |
|||
Additional paid-in capital |
4,115,595 |
3,861,254 |
|||
Accumulated other comprehensive loss |
(692) |
(757) |
|||
Accumulated deficit |
(1,692,485) |
(1,688,713) |
|||
Total equity |
2,433,544 |
2,182,743 |
|||
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY |
4,309,794 |
4,003,643 |
|||
Semiconductor Manufacturing International Corporation CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In US$ thousands) |
|||||
For the three months ended |
|||||
June 30, 2011 |
March 31, 2011 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash flow from operating activities |
|||||
Net (loss) income |
(3,621) |
10,742 |
|||
Depreciation and amortization |
133,499 |
130,929 |
|||
Gain from equity investment |
(1,078) |
(1,016) |
|||
Gain on deconsolidation of a subsidiary |
- |
(20,617) |
|||
Changes in working capital and others |
(49,429) |
(46,600) |
|||
Net cash provided by operating activities |
79,371 |
|
73,439 |
||
Cash flow from Investing activities: |
|||||
Acquisitions of: |
|||||
Property, plant and equipment |
(284,925) |
(392,576) |
|||
Intangible assets |
(10,830) |
(7,023) |
|||
Short-term investments |
(6,558) |
(22,433) |
|||
Changes in restricted cash relating to investing activities |
(57,915) |
17,180 |
|||
Others |
3,517 |
3,909 |
|||
Net cash used in investing activities |
(356,711) |
|
(400,943) |
||
Financing activities: |
|||||
Increase in short-term borrowings |
84,241 |
256,127 |
|||
Decrease in long-term debt |
(27,132) |
(51,315) |
|||
Repayment of promissory notes |
(15,000) |
- |
|||
Proceeds from issuance of convertible preferred shares |
249,396 |
- |
|||
Others |
2,620 |
610 |
|||
Net cash provided by financing activities |
294,125 |
|
205,422 |
||
Effect of exchange rate changes |
65 |
336 |
|||
NET INCREASE (DECREASE) IN CASH AND CASH |
|||||
EQUIVALENTS |
16,850 |
(121,746) |
|||
CASH AND CASH EQUIVALENTS, beginning of period |
394,062 |
515,808 |
|||
CASH AND CASH EQUIVALENTS, end of period |
410,912 |
|
394,062 |
||
SOURCE Semiconductor Manufacturing International Corporation
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