UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Semiconductor Manufacturing International Corporation |
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(Translation of registrants name into English) | ||||
18 Zhangjiang Road Pudong New Area, Shanghai 201203 People's Republic of China |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [x] Form 20-F [ ] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Semiconductor Manufacturing International Corporation | ||
Date: 11 May 2012 | By: |
Dr. Tzu-Yin Chiu |
Name: | Dr. Tzu-Yin Chiu | |
Title: | Chief Executive Officer and Executive Director | |
Exhibit No. | Description | |
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99.1 | Announcement dated 10 May 2012, "SMIC REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2012" | |
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document.
SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION
(Incorporated in the Cayman Islands with limited liability)
(STOCK CODE: 0981)
SMIC REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2012
| Revenue up by 14.9% to $332.7 million in 1Q12 from $289.6 million in 4Q11 and down by 10.2% compared to 1Q11. |
| Gross margin was 12.0% in 1Q12 compared to -7.4% in 4Q11 primarily due to higher utilization and cost saving actions in 1Q12. |
| Net cash flow from operations decreased to $35.8 million in 1Q12 from $84.7 million in 4Q11 mainly due to VAT refund in 2011 Q4. |
| Loss attributable to Semiconductor Manufacturing International Corporation was $ 42.8 million in 1Q12, compared to loss of $165.2 million in 4Q11. |
| Diluted EPS was $(0.08) per ADS. |
Set out below is a copy of the full text of the press release by the Company on May 10, 2012, in relation to its results for the three months ended March 31, 2012.
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, China May 10, 2012. 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 March 31, 2012.
Second Quarter 2012 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 increase between 19% and 21%. |
| Gross margin is expected to range from 19% to 22%. |
| Operating expenses excluding foreign exchange differences are expected to range from |
$101 million to $104 million.
Dr. Tzu-Yin Chiu, Chief Executive Officer, commented, In the first quarter of 2012, our revenue grew 15% sequentially; in the second quarter of 2012, our revenue is guided to increase between 19% and 21%; and into the second half of this year, we target continued growth. This ongoing momentum is primarily due to various new product ramp-ups for connectivity chips, mobile phones and set-top boxes, and is also attributable to increased demand for some of our existing products. Apart from macro reasons, the increase in demand and utilization is also driven by performance improvements.
Our China revenue continues to grow along with Chinas semiconductor market. In the first quarter of 2012, our China revenue grew 9.5% quarter over quarter, equivalent to about 32.5% of our total revenue in the first quarter of 2012.
We have successfully obtained two major loans in the first quarter of 2012. First, we obtained a $268 million loan facility in February, and second, a $600 million syndicated loan in March. These credit arrangements have helped us achieve a healthier capital structure, and show that both policy and commercial banks recognize our potential.
We are excited about the growth prospects of the coming quarters and are expecting continued order momentum for both new and existing products, across various applications, from our leading global and Chinese customers.
Conference Call / Webcast Announcement
Date: May 11, 2012
Time: 8:30 a.m. Shanghai time
Dial-in numbers and pass code:
United States 1-866-519-4004 (Pass code: SMIC) |
China, Domestic 40-0620-8038 (Pass code: SMIC) |
Hong Kong 852-2475-0994 (Pass code: SMIC) |
Taiwan, Taipei886-2-2650-7825(Pass code: SMIC) |
The call will be webcast live with audio at http://www.smics.com/eng/investors/irpresentations.php, or at http://www.media-server.com/m/p/mmjw93d2
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 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, Japan, and Taiwan, 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 Second Quarter 2012 Guidance are based on SMICs 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 SMICs senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMICs 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 Chinas economy, intense competition, timely wafer acceptance by SMICs customers, timely introduction of new technologies, SMICs 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 SMICs filings with the U.S. Securities and Exchange Commission (SEC), including its annual report on 20-F filed with the SEC on April 27, 2012, especially in the Risk Factors and Managements 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 SMICs 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.
Summary of First Quarter 2012 Operating Results
Amounts in US$ thousands, except for EPS and operating data
1Q12 | 4Q11 | QoQ | 1Q11 | YoY | ||||||||||||||||
Sales, net |
332,711 | 289,628 | 14.9 | % | 370,559 | -10.2 | % | |||||||||||||
Cost of sales |
292,867 | 310,959 | -5.8 | % | 301,782 | -3.0 | % | |||||||||||||
Gross profit (loss) |
39,844 | (21,331 | ) | | 68,777 | -42.1 | % | |||||||||||||
Operating expenses |
90,128 | 85,667 | 5.2 | % | 76,623 | 17.6 | % | |||||||||||||
Loss from operations |
(50,284 | ) | (106,998 | ) | -53.0 | % | (7,846 | ) | 540.9 | % | ||||||||||
Other income (expense), net |
(4,069 | ) | 5,430 | | 2,702 | | ||||||||||||||
Income tax benefit (expenses) |
11,418 | (65,040 | ) | | 128 | 8820.3 | % | |||||||||||||
Net loss after income taxes |
(42,935 | ) | (166,608 | ) | -74.2 | % | (5,016 | ) | 756.0 | % | ||||||||||
Gain from equity method investments |
373 | 1,784 | -79.1 | % | 1,016 | -63.3 | % | |||||||||||||
Income from discontinued operations net of tax
effect(1) |
- | | | 14,742 | | |||||||||||||||
Net income (loss) |
(42,562 | ) | (164,824 | ) | -74.2 | % | 10,742 | | ||||||||||||
Accretion of interest to noncontrolling interest |
(263 | ) | (381 | ) | -31.0 | % | (508 | ) | -48.2 | % | ||||||||||
Income (loss) attributable to Semiconductor
Manufacturing International Corporation |
(42,825 | ) | (165,205 | ) | -74.1 | % | 10,234 | | ||||||||||||
Gross margin |
12.0 | % | -7.4 | % | | 18.6 | % | | ||||||||||||
Operating margin |
-15.1 | % | -36.9 | % | | -2.1 | % | | ||||||||||||
Earnings (loss) per ordinary share (basic and
diluted)(2) |
(0.00 | ) | (0.01 | ) | | 0.00 | | |||||||||||||
Earnings (loss) per ADS (basic and diluted) |
(0.08 | ) | (0.30 | ) | | 0.02 | | |||||||||||||
Wafers shipped (in 8 wafers)(3) |
445,689 | 374,116 | 19.1 | % | 471,231 | -5.3 | % | |||||||||||||
Capacity utilization(4) |
74.1 | % | 65.6 | % | 8.5 | % | 76.3 | % | -2.2 | % | ||||||||||
Note:
(1) | 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. |
(2) | Based on weighted average ordinary shares of 27,504million (basic) and 27,504 million (diluted) in 1Q12, 27,483 million (basic) and 27,483 million (diluted) in 4Q11, and 27,371million (basic) and 27,371 million (diluted) in 1Q11. |
(3) | Including copper interconnects |
(4) | Effective 3Q 2011, capacity utilization rate is reported based on actual equipment usage in manufacturing processes. Utilization rate for previous quarters have been updated accordingly for comparison purpose. In prior quarters utilization had been reported based on total wafers out divided by estimated capacity. |
| Revenue increased to $332.7million in 1Q12, up 14.9% QoQ from $289.6 million in 4Q11 due to a 19.1% increase in wafer shipments. |
| Cost of sales decreased to $292.9 million in 1Q12, a decrease of 5.8% QoQ from $311.0 million in 4Q11 due to cost saving actions in 1Q12 and $11.4 million legal accruals for Elpida in 4Q11. |
| Gross profit of $39.8 million in 1Q12, compared to a gross loss of $21.3 million in 4Q11 and gross profit of $68.8 million in 1Q11. |
| Gross margin was 12.0% in 1Q12, up from -7.4% in 4Q11 primarily due to higher utilization and cost saving actions in 1Q12. |
| Operating expense increased to $90.1 million in 1Q12, an increase of 5.2% QoQ from $85.7 million in 4Q11, mainly due to government grants decrease. |
Analysis of Revenues
Sales Analysis | ||||||||||||
By Application | 1Q12 | 4Q11 | 1Q11 | |||||||||
Computer |
3.2 | % | 3.3 | % | 3.3 | % | ||||||
Communications |
48.3 | % | 44.1 | % | 44.5 | % | ||||||
Consumer |
40.2 | % | 42.5 | % | 42.5 | % | ||||||
Others |
8.3 | % | 10.1 | % | 9.7 | % | ||||||
By Service Type |
1Q12 | 4Q11 | 1Q11 | |||||||||
Wafers(1) |
94.4 | % | 92.2 | % | 91.3 | % | ||||||
Mask Making, testing, others |
5.6 | % | 7.8 | % | 8.7 | % | ||||||
By Customer Type |
1Q12 | 4Q11 | 1Q11 | |||||||||
Fabless semiconductor companies |
91.4 | % | 88.5 | % | 80.4 | % | ||||||
Integrated device manufacturers (IDM) |
5.0 | % | 8.2 | % | 13.5 | % | ||||||
System companies and others |
3.6 | % | 3.3 | % | 6.1 | % | ||||||
By Geography |
1Q12 | 4Q11 | 1Q11 | |||||||||
North America |
55.2 | % | 55.9 | % | 51.3 | % | ||||||
China(2) |
32.5 | % | 34.1 | % | 35.6 | % | ||||||
Eurasia(3) |
12.3 | % | 10.0 | % | 13.1 | % | ||||||
Wafer Revenue Analysis |
¡¡ | ¡¡ | ||||||||||
By Technology (logic, memory & copper interconnect only) |
1Q12 | 4Q11 | 1Q11 | |||||||||
40/45nm |
0.3 | % | 0.3 | % | 0.0 | % | ||||||
55/65nm |
22.3 | % | 21.0 | % | 13.3 | % | ||||||
90nm |
8.6 | % | 9.2 | % | 12.3 | % | ||||||
0.13mm |
22.7 | % | 22.3 | % | 24.1 | % | ||||||
0.15/0.18mm |
39.4 | % | 37.2 | % | 32.9 | % | ||||||
0.25/0.35mm |
6.7 | % | 10.0 | % | 17.4 | % |
Note:
(1) Including 0.13mm copper interconnects
(2) Including Hong Kong
(3) Excluding China
Capacity*
Fab / (Wafer Size) | 1Q12 | 4Q11 | ||||||
Shanghai Mega Fab (8) |
79,210 | 90,000 | ||||||
Beijing Mega Fab (12) |
67,500 | 65,540 | ||||||
Tianjin Fab (8) |
37,839 | 37,750 | ||||||
Total monthly wafer fabrication capacity |
184,549 | 193,290 | ||||||
Note:
Wafers per month at the end of the period in 8 equivalent wafers, calculated on a 30-days basis for comparison purposes.
| Capacity of Shanghai Mega Fab (8) decreases to 79,210 in 1Q12 from 90,000 in 4Q11. The decrease is mainly due to product mix change. |
Shipment and Utilization
8 equivalent wafers | 1Q12 | 4Q11 | QoQ | 1Q11 | YoY | |||||||||||||||
Wafer shipments including copper interconnects |
445,689 | 374,116 | 19.1 | % | 471,231 | -5.3 | % | |||||||||||||
Utilization rate(1) |
74.1 | % | 65.6 | % | 8.5 | % | 76.3 | % | -2.2 | % | ||||||||||
Note:
(1) | Effective 3Q 2011, capacity utilization rate is reported based on actual equipment usage in manufacturing processes. Utilization rate for previous quarters have been updated accordingly for comparison purpose. In prior quarters utilization had been reported based on total wafers out divided by estimated capacity. |
Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands | 1Q12 | 4Q11 | QoQ | 1Q11 | YoY | |||||||||||||||
Cost of sales |
292,867 | 310,959 | -5.8 | % | 301,782 | -3.0 | % | |||||||||||||
Depreciation |
106,317 | 106,150 | 0.2 | % | 104,449 | 1.8 | % | |||||||||||||
Other manufacturing costs |
186,254 | 204,546 | -8.9 | % | 196,727 | -5.3 | % | |||||||||||||
Share-based compensation |
296 | 263 | 12.5 | % | 606 | -51.2 | % | |||||||||||||
Gross profit (loss) |
39,844 | (21,331 | ) | | 68,777 | -42.1 | % | |||||||||||||
Gross margin |
12.0 | % | -7.4 | % | | 18.6 | % | | ||||||||||||
| Cost of sales decreased to $292.9 million in 1Q12, a decrease of 5.8% QoQ from $311.0 million in 4Q11 primarily due to cost saving actions in 1Q12 and $11.4 million legal accruals for Elpida in 4Q11. |
| Gross profit of $39.8 million in 1Q12, compared to a gross loss of $21.3 million in 4Q11 and gross profit of $68.8 million in 1Q11 due to a 19.1% QoQ increase in wafer shipments and a 5.8% QoQ decrease in cost of sales. |
| Gross margin was 12.0% in 1Q12 up from -7.4% in 4Q11. |
Operating Expense (Income) Analysis
Amounts in US$ thousands | 1Q12 | 4Q11 | QoQ | 1Q11 | YoY | |||||||||||||||
Total operating expenses |
90,128 | 85,667 | 5.2 | % | 76,623 | 17.6 | % | |||||||||||||
Research and development |
59,311 | 38,921 | 52.4 | % | 49,573 | 19.6 | % | |||||||||||||
General and administrative |
23,924 | 25,038 | -4.4 | % | 19,427 | 23.1 | % | |||||||||||||
Selling and marketing |
6,892 | 9,283 | -25.8 | % | 7,738 | -10.9 | % | |||||||||||||
Others operating expense (income) |
1 | 12,425 | | (115 | ) | | ||||||||||||||
| R&D expenses increased to $59.3 million in 1Q12, up 52.4% QoQ from $38.9 million in 4Q11 mainly due to a decrease of government R&D subsidies in 1Q12 compared to the prior quarter. |
| G&A expense was $23.9 million in 1Q12. Comparing with $25.0 million in 4Q11, the fluctuation was mainly due to a decrease of personnel related expenses and legal fees. |
| Selling & marketing expenses decreased to $6.9 million in 1Q12, down 25.8% QoQ from $9.3 million in 4Q11was mainly due to a decrease in selling activities. |
| Other operating expense was $1 thousand in 1Q12. Compared to other operating expense of $12.4 million in 4Q11, the fluctuation was mainly due to impairment loss of long-lived assets in 4Q11. |
Other Income (Expenses)
Amounts in US$ thousands | 1Q12 | 4Q11 | QoQ | 1Q11 | YoY | |||||||||||||||
Other income (expenses)
|
(4,069 | ) | 5,430 | - | 2,702 | | ||||||||||||||
Interest income
|
1,199 | 1,342 | -10.7 | % | 1,191 | 0.7 | % | |||||||||||||
Interest expense
|
(7,424 | ) | (5,345 | ) | 38.9 | % | (4,248 | ) | 74.8 | % | ||||||||||
Foreign currency exchange gain
|
393 | 6,776 | -94.2 | % | 4,007 | -90.2 | % | |||||||||||||
Other, net
|
1,763 | 2,657 | -33.6 | % | 1,752 | 0.6 | % | |||||||||||||
Depreciation and Amortization
| Depreciation and amortization in 1Q12 was $142.5 million compared to $145.2 million in 4Q11. |
Liquidity
Amounts in US$ thousands | 1Q12 | 4Q11 | ||||||
Cash and cash equivalents |
300,641 | 261,615 | ||||||
Restricted cash |
194,352 | 136,907 | ||||||
Accounts receivable |
196,749 | 165,234 | ||||||
Inventories |
211,353 | 207,309 | ||||||
Others |
118,023 | 93,722 | ||||||
Total current assets |
1,021,118 | 864,787 | ||||||
Accounts payable |
307,206 | 280,691 | ||||||
Short-term borrowings |
467,069 | 607,427 | ||||||
Current portion of long-term debt |
191,619 | 191,355 | ||||||
Others |
171,938 | 171,853 | ||||||
Total current liabilities |
1,137,832 | 1,251,326 | ||||||
Cash Ratio |
0.3x | 0.2x | ||||||
Quick Ratio |
0.7x | 0.5x | ||||||
Current Ratio |
0.9x | 0.7x | ||||||
Capital Structure
Amounts in US$ thousands |
1Q12 | 4Q11 | ||||||
Cash and cash equivalents |
300,641 | 261,615 | ||||||
Restricted cash |
194,352 | 136,907 | ||||||
Current portion of promissory notes |
29,582 | 29,374 | ||||||
Non-current portion of promissory notes |
28,761 | 28,560 | ||||||
Short-term borrowings |
467,069 | 607,427 | ||||||
Current portion of long-term debt |
191,619 | 191,355 | ||||||
Long-term debt |
427,293 | 72,361 | ||||||
Total debt |
1,085,981 | 871,143 | ||||||
Equity(1) |
2,204,738 | 2,245,997 | ||||||
Total debt to equity ratio |
49.3 | % | 38.8 | % | ||||
Note:
(1) Including portion of noncontrolling interest.
Cash Flow
Amounts in US$ thousands | 1Q12 | 4Q11 | ||||||
Net cash from operating activities |
35,808 | 84,659 | ||||||
Net cash from (used in) investing activities |
(205,805 | ) | 25,403 | |||||
Net cash from (used in) financing activities |
208,978 | (164,824 | ) | |||||
Effect of exchange rate changes |
44 | 687 | ||||||
Net change in cash |
39,025 | (54,075 | ) | |||||
Capex Summary | ||
n | Capital expenditures for 1Q12 were $183.2 million. |
nRecent Highlights and Announcements
Announcement of 2011 Annual Results (2012-03-29) |
Discloseable Transaction SMIC and IBM Sign Collaboration Agreement (2012-03-29) |
SMIC @ SEMICON China 2012 (2012-03-26) |
List of Directors and Their Roles and Functions (2012-03-26) |
SMIC CEO Dr. Tzu-Yin Chiu Delivers Keynote at SEMICON China 2012 (2012-03-20) |
SMIC Secures USD 600 Million Syndicated Loan (2012-03-16) |
Notification of Approval of the Publication of 2011 Annual Results by the Board
(2012-03-16) |
SMICs Vice President of Technology Development Dr. Shiuh-Wuu Lee Speaks at IC Market
China 2012 (2012-03-15) |
SMIC, Brite, and Zhejiang University Found Joint IC Research Program (2012-03-14) |
SMIC Announces Ultra High Density IP Library for 0.11um Cu-BEoL Process (2012-03-08) |
SMIC and Brite Semiconductor Tape Out Low Leakage 40nm Test Chip Based on a Dual-Core ARM
Cortex-A9 Processor (2012-02-27) |
SMIC Reports Results for the Three Months Ended December 31, 2011 (2012-02-08) |
Notification of Board Meeting (2012-01-18) |
Please visit SMICs website at http://www.smics.com/eng/press/media_press.php and
http://www.smics.com/eng/investors/ir_filings.php
for further details regarding the recent announcements.
For the three months ended | ||||||||
March 31, 2012 | December 31, 2011 | |||||||
(Unaudited) | (Unaudited) | |||||||
Sales, net |
332,711 | 289,628 | ||||||
Cost of sales |
292,867 | 310,959 | ||||||
Gross profit (loss) |
39,844 | (21,331 | ) | |||||
Operating expenses: |
||||||||
Research and development |
59,311 | 38,921 | ||||||
General and administrative |
23,924 | 25,038 | ||||||
Selling and marketing |
6,892 | 9,283 | ||||||
Other operating expense |
1 | 12,425 | ||||||
Total operating expenses, net |
90,128 | 85,667 | ||||||
Loss from operations |
(50,284 | ) | (106,998 | ) | ||||
Total other income (loss), net |
(4,069 | ) | 5,430 | |||||
Loss before income tax and equity investment |
(54,353 | ) | (101,568 | ) | ||||
Income tax benefit (expense) |
11,418 | (65,040 | ) | |||||
Gain from equity method investments |
373 | 1,784 | ||||||
Net loss |
(42,562 | ) | (164,824 | ) | ||||
Accretion of interest to noncontrolling interest |
(263 | ) | (381 | ) | ||||
Loss attributable to Semiconductor Manufacturing International Corporation |
(42,825 | ) | (165,205 | ) | ||||
Net loss |
(42,562 | ) | (164,824 | ) | ||||
Other comprehensive income: |
||||||||
Foreign currency translation adjustment |
44 | 4,399 | ||||||
Comprehensive loss |
(42,518 | ) | (160,425 | ) | ||||
Comprehensive loss attributable to noncontrolling interest |
(263 | ) | (381 | ) | ||||
Comprehensive loss attributable to Semiconductor Manufacturing
International Corporation |
(42,781 | ) | (160,806 | ) | ||||
Loss per share attributable to Semiconductor Manufacturing
International Corporation ordinary shareholders, basic and diluted |
(0.00 | ) | (0.01 | ) | ||||
Loss per ADS attributable to Semiconductor Manufacturing
International Corporation ordinary ADS holders, basic and diluted |
(0.08 | ) | (0.30 | ) | ||||
Shares used in calculating basic and diluted loss per share |
27,504,337,503 | 27,482,924,722 | ||||||
As of | ||||||||||||
March 31, 2012 | December 31, 2011 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||
ASSETS |
||||||||||||
Current assets: |
||||||||||||
Cash and cash equivalents |
300,641 | 261,615 | ||||||||||
Restricted cash |
194,352 | 136,907 | ||||||||||
Accounts receivable, net of allowances of $45,500
and $42,821 at March 31, 2012 and December 31,
2011, respectively |
196,749 | 165,234 | ||||||||||
Inventories |
211,353 | 207,309 | ||||||||||
Prepaid expense and other current assets |
118,023 | 93,722 | ||||||||||
Total current assets |
1,021,118 | 864,787 | ||||||||||
Prepaid land use rights |
76,846 | 77,231 | ||||||||||
Plant and equipment, net |
2,493,732 | 2,516,578 | ||||||||||
Acquired intangible assets, net |
242,886 | 179,279 | ||||||||||
Other long-term assets |
103,619 | 90,054 | ||||||||||
TOTAL ASSETS |
3,938,201 | 3,727,929 | ||||||||||
LIABILITIES, NONCONTROLLING INTEREST AND EQUITY |
||||||||||||
Current liabilities: |
||||||||||||
Accounts payable |
307,206 | 280,691 | ||||||||||
Accrued expenses and other current liabilities |
142,356 | 142,479 | ||||||||||
Short-term borrowings |
467,069 | 607,427 | ||||||||||
Current portion of promissory notes |
29,582 | 29,374 | ||||||||||
Current portion of long-term debt |
191,619 | 191,355 | ||||||||||
Total current liabilities |
1,137,832 | 1,251,326 | ||||||||||
Long-term liabilities: |
||||||||||||
Promissory notes |
28,761 | 28,560 | ||||||||||
Long-term debt |
427,293 | 72,361 | ||||||||||
Other long-term liabilities |
136,296 | 126,668 | ||||||||||
Total long-term liabilities |
592,350 | 227,589 | ||||||||||
Total liabilities |
1,730,182 | ¡¡ | 1,478,915 | |||||||||
Noncontrolling interest |
4,463 | 4,200 | ||||||||||
Ordinary shares, $0.0004 par value, 50,000,000,000
shares authorized, 27,509,521,180
and 27,487,676,065 shares issued and outstanding
at March 31, 2012 and December 31, 2011,
respectively |
11,004 | 10,995 | ||||||||||
Convertible preferred shares, $0.0004 par value,
5,000,000,000 shares authorized, 445,545,911 shares
issued and outstanding at both March 31, 2012 and
December 31, 2011 |
178 | 178 | ||||||||||
Additional paid-in capital |
4,242,043 | 4,240,529 | ||||||||||
Accumulated other comprehensive loss |
3,889 | 3,845 | ||||||||||
Accumulated deficit |
(2,053,558 | ) | (2,010,733 | ) | ||||||||
Total equity |
2,203,556 | 2,244,814 | ||||||||||
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND EQUITY |
3,938,201 | 3,727,929 | ||||||||||
For the three months ended | ||||||||
March 31, 2012 | December 31, 2011 | |||||||
(Unaudited) | (Unaudited) | |||||||
Cash flow from operating activities |
||||||||
Net loss |
(42,562 | ) | (164,824 | ) | ||||
Depreciation and amortization |
142,503 | 145,216 | ||||||
Gain from equity investment |
(373 | ) | (1,783 | ) | ||||
Changes in working capital and others |
(63,760 | ) | 106,050 | |||||
Net cash provided by operating activities |
35,808 | 84,659 | ||||||
Cash flow from Investing activities: |
||||||||
Acquisitions of: |
||||||||
Property, plant and equipment |
(116,366 | ) | (89,120 | ) | ||||
Intangible assets |
(29,317 | ) | (5,568 | ) | ||||
Short-term investments |
(4,167 | ) | 35,403 | |||||
Changes in restricted cash relating to investing activities |
(55,954 | ) | 88,428 | |||||
Others |
(1 | ) | (3,740 | ) | ||||
Net cash provided by (used in) investing activities |
(205,805 | ) | 25,403 | |||||
Financing activities: |
||||||||
Increase (Decrease) in short-term borrowings |
(140,358 | ) | 36,961 | |||||
Increase (Decrease) in long-term debt |
355,197 | (186,880 | ) | |||||
Repayment of promissory notes |
| (15,000 | ) | |||||
Others |
(5,861 | ) | 95 | |||||
Net cash provided by (used in) financing activities |
208,978 | (164,824 | ) | |||||
Effect of exchange rate changes |
44 | 687 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH |
||||||||
EQUIVALENTS |
39,025 | (54,075 | ) | |||||
CASH AND CASH EQUIVALENTS, beginning of period |
261,615 | 315,690 | ||||||
CASH AND CASH EQUIVALENTS, end of period |
300,641 | 261,615 | ||||||
As at the date of this announcement, the Directors are Zhang Wenyi as Chairman of the Board of Directors and Executive Director of the Company; Tzu-Yin Chiu as Chief Executive Officer and Executive Director; Chen Shanzhi, Gao Yonggang, Lawrence Juen-Yee Lau (Datong Chen as his Alternate) and Zhou Jie as Non-Executive Directors of the Company; and Tsuyoshi Kawanishi, Frank Meng and Lip-Bu Tan as Independent Non-Executive Directors of the Company.
By order of the Board
Semiconductor Manufacturing International Corporation
Dr. Tzu-Yin Chiu
Chief Executive Officer
Executive Director
Shanghai, PRC
May 10 2012
For identification only