SMIC Reports 2013 Fourth Quarter Results

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 3 0, 201 3





(Unaudited)


( Un audited)








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  3 1,  201 3


September  3 0,  201 3


December  3 1,  201 2




(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%

 

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