SMIC Reports 2013 Fourth Quarter Results - MSNewsNow.com - Jackson, MS

SMIC Reports 2013 Fourth Quarter Results

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SOURCE Semiconductor Manufacturing International Corporation

All currency figures stated in this report are in US Dollars unless stated otherwise.

The consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

SHANGHAI, Feb. 17, 2014 /PRNewswire/ -- 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 December 31, 2013.

Fourth Quarter 2013 Highlights:

  • Revenue including wafer shipments from Wuhan Xinxin was $491.8 million in 4Q13, an increase of 1.2 % year over year, and down 7.9% quarter over quarter.
  • Non-GAAP revenue excluding wafer shipments from Wuhan Xinxin was $483.6 million in 4Q13, an increase of 10.6 % year over year, and down 4.0 % quarter over quarter.
  • Gross margin including wafer shipments from Wuhan Xinxin was 18.9% in 4Q13, compared to 19.9% in 4Q12 and 21.0% in 3Q13.
  • Non-GAAP gross margin excluding wafer shipments from Wuhan Xinxin was 19.2% in 4Q13, compared to 21.9% in 4Q12 and 22.1% in 3Q13.

First Quarter 2014 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 be down 5% to down 9% quarter over quarter [$440 million to $460 million]. This revenue guidance is given in relation to the revenue without wafer shipments from Wuhan Xinxin in 4Q13. There will not be any wafer shipments from Wuhan Xinxin from 1Q14 onwards.
  • Gross margin is expected to range from 16% to 19%.
  • Non-GAAP operating expenses excluding the effect of foreign exchange, employee bonus accrual, funding of R&D contracts from the government and gain from the disposal of living quarters are expected to range from $88 million to $92 million.

Dr. Tzu-Yin Chiu, SMIC's Chief Executive Officer and Executive Director, commented, "2013 was another record-breaking year for SMIC. Based on our unaudited financial statements for the full year of 2013, revenue in 2013 reached a record high, of $2.07B, an annual growth of 21.6% when compared to 2012. If we remove the Wuhan Xinxin revenue contribution, SMIC revenue growth rate was a robust 27%. Our net profit attributable to owners of the Company also reached a historical high of $173.2 million compared to $22.8 million in 2012, an increase of 6.6 times. Our monthly capacity at year-end grew 6.7% year over year, to 234 thousand wafers per month compared to the end of 2012.

"I'm happy to announce that our 28nm High-K Metal Gate (HKMG) and PolySiON processes are both process frozen successfully, and are in Multi Project Wafer stage. We target modest revenue from 28nm process technology at the end of 2014 and more significant ramp up in 2015.

"China continues to be a leading source of high growth for SMIC. In 2013, China revenue accounted for 40.4% of our revenues, with a noteworthy growth rate of 44.9% compared to 2012.

"In the long-run, we have confidence in our strategy and capability to capture growth opportunities, especially those in the China IC market. And we continue to work with our new and existing customers to capture opportunities in 2014 and onward."

Conference Call / Webcast Announcement

Date: February 18, 2014

Time: 8:30 a.m. Shanghai time

Dial-in numbers and pass code:


China   

400-620-8038    

(Pass code: SMIC)

Hong Kong  

852-2475-0994 

(Pass code: SMIC)

Taiwan 

886-2-2650-7825 

(Pass code: SMIC)

United States, New York  

1-845-675-0437 

(Pass code: SMIC)

The call will be webcast live with audio at http://www.smics.com/eng/investors/ir_presentations.php or http://www.media-server.com/m/p/8n4tcoc7.

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 40-nanometer. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm mega-fab in Shanghai, a 300mm mega-fab in Beijing, a 200mm fab in Tianjin, and a 200mm fab project under development in Shenzhen. SMIC also has customer service and marketing offices in the U.S., Europe, Japan, and Taiwan, and a representative office in Hong Kong.

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 "First Quarter 2014 Guidance" and the statements regarding future revenue from 28nm process technology in the end of 2014 and more significant ramp up in 2015, our confidence in our strategy and capability to capture growth opportunities, especially those in the China IC market, and our expectation to capture opportunities in 2014 and onward, as well as the statements regarding future 2014 capital expenditures are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project," "target" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements 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 the global economic slowdown, orders or judgments from pending litigation 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 April 15, 2013, as amended on December 19, 2013, especially the consolidated financial statements, and such other documents that SMIC may file with the SEC or The Hong Kong Stock Exchange Limited ("SEHK") from time to time, including current reports 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 may be 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.

About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures

To supplement SMIC's consolidated financial results presented in accordance with IFRS, SMIC uses in this press release measures of operating results that are adjusted to exclude wafer shipments from Wuhan Xinxin Semiconductor Manufacturing Corporation ("Wuhan Xinxin"), which SMIC began gradually phasing out in 3Q13. This earnings release includes non-GAAP revenue, non-GAAP cost of sales and non-GAAP gross margin. It also includes first quarter 2014 guidance for non-GAAP operating expenses, which is adjusted to exclude the effect of foreign exchange, employee bonus accrual, funding of R&D contracts from the government and gain from the disposal of living quarters. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS.

SMIC believes that use of these non-GAAP financial measures facilitates investors' and management's comparisons to SMIC's historical performance. The Company's management regularly uses these non-GAAP financial measures to understand, manage and evaluate the Company's business and make financial and operational decisions.

The accompanying table has more information and reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.

Contact:

Investor Relations
+86-21-3861-0000 ext. 12804
ir@smics.com

Summary of Fourth Quarter 2013 Operating Results

Amounts in US$ thousands, except for EPS and operating data


4Q13

3Q13

QoQ

4Q12

YoY

Revenue

491,797

534,256

-7.9%

485,894

1.2%

Cost of sales

(398,858)

(422,274)

-5.5%

(389,127)

2.5%

Gross profit

92,939

111,982

-17.0%

96,767

-4.0%

Operating expenses

(84,840)

(63,447)

33.7%

(45,079)

88.2%

Profit from operations

8,099

48,535

-83.3%

51,688

-84.3%

Other income (expense), net

7,756

(4,681)

-

(2,591)

-

Profit before tax

15,855

43,854

-63.8%

49,097

-67.7%

Income tax expenses

(170)

(914)

-81.4%

(2,665)

-93.6%

Profit for the period

15,685

42,940

-63.5%

46,432

-66.2%

Other comprehensive income:






Exchange differences on translating foreign operations

333

77

332.5%

(2)

-

Total comprehensive income  for the period

16,018

43,017

-62.8%

46,430

-65.5%







Profit attributable to SMIC

14,681

42,491

-65.4%

46,570

-68.5%







Gross margin

18.9%

21.0%

-

19.9%

-







Earnings per ordinary share (basic and diluted)(1)

0.00

0.00

-

0.00

-

Earnings per ADS (basic and diluted)

0.02

0.07

-

0.07

-







Wafers shipped (in 8" equivalent wafers)

601,602

653,090

-7.9%

608,372

-1.1%







Capacity utilization(2)

87.4%

88.2%

-

90.5%

-


Note:

(1) Based on weighted average ordinary shares of 32,102 million (basic) and 33,693 million (diluted) in 4Q13, 32,084 million (basic) and 32,355 million (diluted) in 3Q13, and 31,997 million (basic) and 32,044 million (diluted) in 4Q12.

(2) Based on total equivalent wafers out divided by estimated total quarterly capacity.

  • Revenue decreased to $491.8 million in 4Q13, down 7.9% QoQ from $534.3 million in 3Q13, mainly due to a decrease of wafer shipments in 4Q13.
  • Non-GAAP revenue excluding wafer shipments from Wuhan Xinxin was $483.6 million in 4Q13, compared to $503.7 million in 3Q13.
  • Cost of sales decreased to $398.9 million in 4Q13, down 5.5% QoQ from $422.3 million in 3Q13, mainly due to the same reason mentioned in the change of revenue.
  • Gross profit was $92.9 million in 4Q13, a decrease of 17.0 % QoQ from $112.0 million in 3Q13.
  • Gross margin was 18.9 % in 4Q13, down from 21.0% in 3Q13 primarily due to product mix change, lower utilization and a provision for customer claim in 4Q13.
  • Non-GAAP gross margin excluding wafer shipments from Wuhan Xinxin was 19.2% in 4Q13, down from 22.1% in 3Q13.
  • Operating expenses increased to $84.8 million in 4Q13, an increase of 33.7% QoQ from $63.4 million in 3Q13, mainly due to the reasons stated in Operating Expenses (Income) Analysis below.

Analysis of Revenue

Revenue Analysis




By Application

4Q13

3Q13

4Q12

Computer

1.9%

1.8%

1.0%

Communications

39.8%

44.4%

47.4%

Consumer

48.3%

43.9%

42.6%

Others

10.0%

9.9%

9.0%

By Service Type

4Q13

3Q13

4Q12

Wafers

93.2%

93.8%

94.0%

Mask making, testing, others

6.8%

6.2%

6.0%

By Customer Type

4Q13

3Q13

4Q12

Fabless semiconductor companies

86.7%

87.7%

86.6%

Integrated device manufacturers (IDM)

6.0%

5.5%

9.3%

System companies and others

7.3%

6.8%

4.1%

By Geography

4Q13

3Q13

4Q12

North America

48.3%

46.0%

54.4%

China(1)

40.0%

42.1%

34.8%

Eurasia(2)

11.7%

11.9%

10.8%

Wafer Revenue Analysis




By Technology (logic, memory only)

4Q13

3Q13

4Q12

40/45 nm

16.3%

15.7%

2.6%

55/65 nm

21.1%

27.1%

35.3%

90 nm

3.5%

4.7%

8.0%

0.13 micrometers

12.2%

10.1%

10.2%

0.15/0.18 micrometers

41.5%

38.4%

39.9%

0.25/0.35 micrometers

5.4%

4.0%

4.0%


Note:

(1) Including Hong Kong, but excluding Taiwan

(2) Excluding China

Capacity*

Fab / (Wafer Size)

4Q13

3Q13

Shanghai Mega Fab (8")

90,000

90,000

Shanghai 12-inch Fab (12")

27,000

24,750

Beijing Mega Fab (12")

81,000

81,000

Tianjin Fab (8")

36,000

36,000

Total monthly wafer fabrication capacity

234,000

231,750

Note:

*  

Wafers per month at the end of the period in 8" equivalent wafers, calculated on a 30-day basis for comparison purposes

  • Monthly capacity increased to 234,000 8-inch equivalent wafers in 4Q13 from 231,750 8-inch equivalent wafers in 3Q13, primarily due to the expansion of capacity in our Shanghai 12-inch fab.

Shipment and Utilization

8" equivalent wafers

4Q13

3Q13

QoQ

4Q12

YoY

Wafer shipments

601,602

653,090

-7.9%

608,372

-1.1%

Utilization rate(1)

87.4%

88.2%

-

90.5%

-


Note:

(1) Based on total equivalent wafers out divided by estimated total quarterly capacity.

Detailed Financial Analysis

Gross Profit Analysis

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Cost of sales

398,858

422,274

-5.5%

389,127

2.5%

Depreciation

113,289

126,433

-10.4%

112,290

0.9%

Other manufacturing costs

284,327

294,374

-3.4%

276,367

2.9%

Share-based compensation

1,242

1,467

-15.3%

470

164.3%

Gross profit

92,939

111,982

-17.0%

96,767

-4.0%

Gross margin

18.9%

21.0%

-

19.9%

-

  • Cost of sales was $398.9 million in 4Q13, down 5.5 % QoQ from $422.3 million in 3Q13.
  • Depreciation within the cost of sales decreased to $113.3 million in 4Q13, compared to $126.4 million in 3Q13 mainly due to a decrease of wafer shipments in 4Q13.
  • Other manufacturing costs within the cost of sales decreased to $284.3 million in 4Q13, compared to $294.4 million in 3Q13.
  • Gross profit was $92.9 million in 4Q13, a decrease of 17.0 % QoQ from $112.0 million in 3Q13.
  • Gross margin was 18.9% in 4Q13, down from 21.0% in 3Q13 primarily due to product mix change, lower utilization and higher provision for customer claim in 4Q13.

Operating Expenses (Income) Analysis

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Operating expenses

84,840

63,447

33.7%

45,079

88.2%

Research and development

46,256

37,564

23.1%

26,676

73.4%

General and administrative

36,610

24,718

48.1%

29,437

24.4%

Selling and marketing

8,385

9,324

-10.1%

8,629

-2.8%

Other operating income

(6,411)

(8,159)

-21.4%

(19,663)

-67.4%

  • R&D expenses increased to $46.3 million in 4Q13, compared to $37.6 million in 3Q13. The increase was primarily due to an increase in R&D expenses associated with higher R&D activities from quarter to quarter and a decrease in funding of R&D contracts from the government in 4Q13 of $4.3 million compared to 3Q13.
  • General and administrative expenses increased to $36.6 million in 4Q13, up 48.1 % QoQ from $24.7 million in 3Q13, mainly due to 1) increased bad debt expense recognized in 4Q13 and 2) a bonus accrual relating to an increase in employee productivity in 4Q13.
  • Other operating income was $6.4 million in 4Q13, compared to $8.2 million in 3Q13. The change was mainly due to 1) a decrease of gain arising from the disposal of part of the Company-owned living quarters in Shanghai, and 2) gain arising from the deconsolidation of Brite Semiconductor Corporation and its subsidiaries due to loss of control.

Other Income (expense), Net

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Other income (expense), net

7,756

(4,681)

-

(2,591)

-

Interest income

2,206

1,394

58.2%

1,276

72.9%

Finance costs

(5,789)

(8,673)

-33.3%

(10,449)

-44.6%

Foreign exchange gains or losses

6,228

2,404

159.1%

4,434

40.5%

Other gains or losses

4,607

(357)

-

2,044

125.4%

Share of profits of associates

504

551

-8.5%

104

384.6%

  • The change of other gains or losses was mainly due to 1) lower revenue from our schools as a result of summer vacation in 3Q13 and 2) a reversal of impairment loss from an available-for-sale investment which was recognized in 3Q13 due to subsequent recovery of the cost.

Depreciation and Amortization

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Depreciation and amortization

138,721

136,725

1.5%

140,021

-0.9%

Liquidity

Amounts in US$ thousands

4Q13

3Q13

Cash and bank balances

462,483

473,507

Restricted cash

147,625

195,813

Other financial assets

240,311

2,574

Trade and other receivables

379,361

396,108

Prepaid operating expenses

43,945

48,383

Inventories

286,251

289,954

Assets classified as held-for-sale

3,265

210

Total current assets

1,563,241

1,406,549




Current tax liabilities

158

85

Other financial liabilities

-

10

Promissory notes

-

14,895

Accrued liabilities

127,593

105,497

Deferred government funding

26,349

17,833

Borrowings

390,547

548,385

Trade and other payables

393,890

402,827

Total current liabilities

938,537

1,089,532




Cash Ratio

0.5x

0.4x

Quick Ratio

1.4x

1.0x

Current Ratio

1.7x

1.3x

Capital Structure

Amounts in US$ thousands

4Q13

3Q13

Cash and bank balances

462,483

473,507

Restricted cash

147,625

195,813




Current portion of promissory notes

-

14,895




Short-term borrowings

390,547

548,385

Long-term borrowings

600,975

553,435

Convertible bonds

180,563

-

Total debt

1,172,085

1,101,820




Equity

2,593,182

2,559,381




Total debt to equity ratio(1)

45.2%

43.1%


Note:

(1) Total debt divided by equity, total debt including short-term and long-term borrowings and convertible bonds.

Other financial assets increased to $240.3 million in 4Q13 from $2.6 million in 3Q13, primarily because the Company issued US$200.0 million zero coupon convertible bonds in 4Q13 and temporarily invested them in short-term investments carried at fair value through profit or loss.

Cash Flow

Amounts in US$ thousands

4Q13

3Q13

Net cash from operating activities

205,437

269,581

Net cash used in investing activities

(269,147)

(213,133)

Net cash from financing activities

52,749

154,045

Effect of exchange rate changes

(63)

59

Net change in cash

(11,024)

210,552

Capex Summary

  • Capital expenditures for 4Q13 were $114.3 million.
  • Capital expenditures for foundry operations in 2013 were $651 million. Capital expenditures for non-foundry operations were $119 million, which were mainly for the construction of living quarters for employees as part of the Company's employee retention program.
  • The planned 2014 capital expenditure for our foundry operation is approximately $880 million of which around $570 million is for our new Beijing project, which is 55% funded by SMIC and 45% funded by the other shareholders of the project.
  • In addition, we have budgeted 2014 capital expenditures for non-foundry operations of approximately $110 million mainly for the construction of living quarters.

Recent Highlights and Announcements

Please visit SMIC's website at http://www.smics.com/eng/press/press_releases.php and http://www.smics.com/eng/investors/ir_filings.php for further details regarding the recent announcements.



Semiconductor Manufacturing International Corporation

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

(In US$ thousands except share data)










For the three months ended





December 31, 2013


September 30, 2013





(Unaudited)


(Unaudited)








Revenue




491,797


534,256

Cost of sales




(398,858)


(422,274)

Gross profit




92,939


111,982

Research and development expenses




(46,256)


(37,564)

General and administration expenses




(36,610)


(24,718)

Sales and marketing expenses




(8,385)


(9,324)

Other operating income




6,411


8,159

Profit from operation




8,099


48,535

Other income (expense), net




7,756


(4,681)

Profit before tax




15,855


43,854

Income tax expense




(170)


(914)

Profit for the period




15,685


42,940

Other comprehensive income







Item that may be reclassified subsequently to profit or loss







  Exchange differences on translating foreign operations




333


77

Total comprehensive income for the period




16,018


43,017

Profit for the period attributable to:







Owners of the Company




14,681


42,491

Non-controlling interests




1,004


449





15,685


42,940

Total comprehensive income for the period attributable to:







Owners of the Company




15,014


42,568

Non-controlling interests




1,004


449





16,018


43,017








Earnings per share attributable to Semiconductor Manufacturing

  International Corporation ordinary shareholders, basic and diluted




0.00


0.00

Earnings per ADS attributable to Semiconductor Manufacturing

  International Corporation ordinary ADS holders, basic and diluted




0.02


0.07








Shares used in calculating basic earnings per share




32,102,304,565


32,083,651,959

Shares used in calculating diluted earnings per share




33,692,855,386


32,354,552,218








Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Measures(1)







Non-GAAP revenue




483,597


503,669

Non-GAAP cost of sales




(390,879)


(392,407)

Non-GAAP gross margin




19.2%


22.1%


Note:

(1)

SMIC defines non-GAAP revenue, non-GAAP cost of sales and non-GAAP gross margin, which are non-GAAP financial measures, as revenue, cost of sales and gross margin, in each case excluding wafer shipments from Wuhan Xinxin. SMIC reviews non-GAAP financial measures together with revenue, cost of sales and gross margin to understand, manage and evaluate its business and make financial and operational decisions. The Company also believes it is useful supplemental information for investors and analysts to assess its operating performance without the effect of wafer shipments from Wuhan Xinxin, which were not output through its production capacity. SMIC announced in March 2013 that it had ceased to manage and operate the 300mm wafer fab in Wuhan owned by Wuhan Xinxin, and began gradually phasing out wafer shipments from Wuhan Xinxin in 3Q13. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact our net profit for the period. In addition, because non-GAAP financial measures are not calculated in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to revenue, cost of sales and gross margin prepared in accordance with IFRS.

 

The following table sets forth the reconciliation of each of non-GAAP revenue, non-GAAP cost of sales and non-GAAP gross margin to its most directly comparable financial measure presented in accordance with IFRS, for the periods indicated.








For the three months ended




December 31, 2013


September 30, 2013


December 31, 2012




(Unaudited)


(Unaudited)


(Unaudited)


Revenue


491,797


534,256


485,894


Revenue from Wuhan Xinxin


(8,200)


(30,587)


(48,510)


Non-GAAP revenue


483,597


503,669


437,384










Cost of sales


(398,858)


(422,274)


(389,127)


Cost of sales of Wuhan Xinxin


7,979


29,867


47,370


Non-GAAP cost of sales


(390,879)


(392,407)


(341,757)










Gross margin


18.9%


21.0%


19.9%


Non-GAAP gross margin


19.2%


22.1%


21.9%

 

 


Semiconductor Manufacturing International Corporation

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In US$ thousands)






As of



December 312013


September 302013



(Unaudited)


(Unaudited)

ASSETS





Non-current assets





Property, plant and equipment


2,528,834


2,558,563

Prepaid land use right


136,725


123,974

Intangible assets


215,265


227,380

Investments in associates


29,200


23,758

Deferred tax assets


43,890


43,889

Other assets


6,237


36,969

Total non-current assets


2,960,151


3,014,533

Current assets





Inventories


286,251


289,954

Prepaid operating expenses


43,945


48,383

Trade and other receivables


379,361


396,108

Other financial assets


240,311


2,574

Restricted cash


147,625


195,813

Cash and bank balances


462,483


473,507



1,559,976


1,406,339

Assets classified as held-for-sale


3,265


210

Total current assets


1,563,241


1,406,549

TOTAL ASSETS


4,523,392


4,421,082






EQUITY AND LIABILITIES





Capital and reserves





Ordinary shares, $0.0004 par value, 50,000,000,000 shares

  authorized, 32,112,307,101 and 32,088,989,727 shares issued and

  outstanding at December 31, 2013 and  September 30, 2013,

  respectively


12,845


12,836

Share premium


4,089,846


4,088,854

Reserves


74,940


56,993

Accumulated deficit


(1,693,859)


(1,708,540)

Equity attributable to owners of the Company


2,483,772


2,450,143

Non-controlling interests


109,410


109,238

Total equity


2,593,182


2,559,381

Non-current liabilities





Borrowings


600,975


553,435

Convertible bonds


180,563


-

Deferred tax liabilities


167


207

Deferred government funding


209,968


213,098

Long-term financial liabilities


-


5,429

Total non-current liabilities


991,673


772,169

Current liabilities





Trade and other payables


393,890


402,827

Borrowings


390,547


548,385

Deferred government funding


26,349


17,833

Accrued liabilities


127,593


105,497

Promissory notes


-


14,895

Other financial liabilities


-


10

Current tax liabilities


158


85

Total current liabilities


938,537


1,089,532

Total liabilities


1,930,210


1,861,701

TOTAL EQUITY AND LIABILITIES


4,523,392


4,421,082

 


Semiconductor Manufacturing International Corporation

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(In $US thousands)






For the three months ended



December 31, 2013


September 30, 2013



(Unaudited)


(Unaudited)

Cash flow from operating activities





Profit for the period


15,685


42,940

Depreciation and amortization


138,721


136,725

Share of profits of associates


(504)


(551)

Changes in working capital and others


51,535


90,467

Net cash from operating activities


205,437


269,581






Cash flow from investing activities:





Payments for property, plant and equipment


(83,459)


(255,561)

Payments for intangible assets


(6,517)


(9,414)

Payments for land use right


(14,641)


-

Proceeds from disposal of property, plant and equipment and intangible

  assets


46,822


15,140

Changes in restricted cash relating to investing activities


30,961


7,305

Payments to acquire financial assets


(248,498)


(5,225)

Proceeds on sale of financial assets


13,546


5,518

Proceeds from disposal of subsidiaries


-


29,104

Changes in cash relating to deconsolidation of subsidiaries due to loss of

  control


(6,799)


-

Others


(562)


-

Net cash used in investing activities


(269,147)


(213,133)






Cash flow from financing activities:





Proceeds from borrowings


108,343


434,170

Repayment of borrowings


(236,959)


(388,671)

Proceeds from convertible bonds


195,800


-

Repayment of promissory notes


(15,000)


-

Proceeds from exercise of employee stock options


565


546

Proceeds from non-controlling interests


-


108,000

Net cash from financing activities


52,749


154,045






Effects of exchange rate changes on the balance of cash held in foreign

currencies


(63)


59






Net (decrease) increase in cash and bank balances


(11,024)


210,552

Cash and bank balances, beginning of period


473,507


262,955






Cash and bank balances, end of period


462,483


473,507

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