SMIC Reports 2013 Third Quarter Results

 

Cash Flow


Amounts in US$ thousands

3Q13

2Q13

Net cash from operating activities

269,581

108,360

Net cash used in investing activities

(213,133)

(242,559)

Net cash from financing activities

154,045

104,167

Effect of exchange rate changes

59

55

Net change in cash

210,552

(29,977)

 

Capex Summary

  • Capital expenditures for 3Q13 were $169.3 million.
  • The planned 2013 capital expenditure for our foundry operation is $675 million.
  • The 2013 planned capital expenditure does not account for additional expenditures for the joint venture company in Beijing, which was established in July 2013. The joint venture company will principally engage in, among other things, the testing, development, design, manufacturing, packaging and sale of integrated circuits.
  • In addition, we have budgeted capital expenditures of another $130 million in 2013 for the construction of living quarters for employees as part of the Company's employee retention program. We plan to either rent out or sell these living quarter units to employees in the future.

 

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



September 30, 2013


June 30, 2013



(Unaudited)


(Unaudited)






Revenue


534,256


541,302

Cost of sales


(422,274)


(406,075)

Gross profit


111,982


135,227

Research and development


(37,564)


(36,736)

General and administration expenses


(24,718)


(42,636)

Sales and marketing expenses


(9,324)


(9,775)

Other operating income


8,159


33,052

Profit from operation


48,535


79,132

Other expense, net


(4,681)


(3,292)

Profit before tax


43,854


75,840

Income tax expense


(914)


(510)

Profit for the period


42,940


75,330

Other comprehensive income





Item that may be reclassified subsequently to profit or loss





Exchange differences on translating foreign operations


77


278

Total comprehensive income for the period


43,017


75,608

Profit for the period attributable to:





Owners of the Company


42,491


75,401

Non-controlling interests


449


(71)



42,940


75,330

Total comprehensive income for the period attributable to:





Owners of the Company


42,568


75,679

Non-controlling interests


449


(71)



43,017


75,608






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


0.07


0.12






Shares used in calculating basic earnings per share


32,083,651,959


32,051,257,487

Shares used in calculating diluted earnings per share


32,354,552,218


32,311,620,628






Reconciliations of Non- GAAP Financial Measures to Comparable

GAAP Measures ( 1 )





Non-GAAP revenue


503,669


501,844

Non-GAAP cost of sales


(392,407)


(367,610)

Non-GAAP gross margin


22.1%


26.7%


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 believe 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 does 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.


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