SMIC Reports 2013 Third Quarter Results

 

Depreciation and Amortization


Amounts in US$ thousands

3Q13

2Q13

QoQ

3Q12

YoY

Depreciation and amortization

136,725

135,712

0.7%

143,219

-4.5%

 

Liquidity


Amounts in US$ thousands

3Q13

2Q13

Cash and bank balances

473,507

262,955

Restricted cash

195,813

214,430

Other financial assets

2,574

2,881

Trade and other receivables

396,108

472,426

Prepaid operating expenses

48,383

57,231

Inventories

289,954

308,328

Assets classified as held-for-sale

210

922

Total current assets

1,406,549

1,319,173




Current tax liabilities

85

143

Other financial liabilities

10

107

Promissory notes

14,895

14,791

Accrued liabilities

105,497

104,678

Deferred government grant

17,833

26,924

Borrowings

548,385

586,425

Trade and other payables

402,827

537,003

Total current liabilities

1,089,532

1,270,071




Cash Ratio

0.4x

0.2x

Quick Ratio

1.0x

0.8x

Current Ratio

1.3x

1.0x

 


Capital Structure


Amounts in US$ thousands

3Q13

2Q13

Cash and bank balances

473,507

262,955

Restricted cash

195,813

214,430




Current portion of promissory notes

14,895

14,791




Short-term borrowings

548,385

586,425

Long-term borrowings

553,435

474,692

Total debt

1,101,820

1,061,117




Equity

2,559,381

2,403,738




Total debt to equity ratio ( 1 )

43.1%

44.1%


Note:

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

Cash and bank balances increased to $473.5 million in 3Q13, up 80.1% QoQ from $263.0 million in

2Q13 primarily because 1) of the receipt of $108.0 million in cash as partial capital contribution for the

joint venture company established in Beijing from the other shareholders of the joint venture and

2) the Company drew down some of the bank borrowings during 3Q13.


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