SHANGHAI, Nov. 10, 2015 /PRNewswire/ -- November 10, 2015. 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 September 30, 2015.
Third Quarter 2015 Highlights
Fourth Quarter 2015 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. The Company expects:
Dr. Tzu-Yin Chiu, SMIC's Chief Executive Officer and Executive Director, commented, "SMIC has achieved another quarter of record-high revenue and earnings in Q3; undeterred by the industry correction, our utilizations remain high as we guide an additional growth quarter in Q4. We have successfully diversified our products as well as our customer base and have shown resilience in the face of seasonally weaker market trends.
We have started to book small 28nm revenue contributions in Q3 this year. We continue to expand our differentiated portfolio; and I am pleased to announce our 95ULL SPOCULL technology (SMIC Poly Contact for Ultra Low Leakage); when comparing to conventional 0.13LL technology this 8-inch SPOCULL technology can pack 2 times the logic density and three times the SRAM density. We believe this new technology will be very suitable for applications such as ultra-low power MCU, high performance analog, RF, and other IOT related applications.
I am also pleased to announce that we newly received an investment-grade credit rating from Moody's, in addition to an investment-grade credit rating from S&P. Domestically, we have received a triple A rating from a Chinese rating agency, China Chengxin International Credit Rating Co. These signify the recognition and acknowledgement of SMIC's credible and improving financial health.
We have achieved a strong 2015 so far, our best historically in terms of revenue, profitability and utilization. We expect growth again in the fourth quarter, which would represent 4 consecutive quarters of growth in 2015. With our Q4 guidance, our 2015 revenue is expected to grow more than 10% year over year."
Conference Call / Webcast Announcement
Date: November 11, 2015
Time: 8:30 a.m. Shanghai time
Dial-in numbers and pass code:
China |
+86 400-620-8038 |
(Pass code: SMIC) |
Hong Kong |
+852 3018-6771 |
(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://edge.media-server.com/m/p/m8ujveyy.
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. SMIC provides integrated circuit (IC) foundry and technology services at 0.35-micron to 28-nanometer. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm mega-fab in Shanghai; a 300mm mega-fab and a second majority owned 300mm fab under development for advance nodes in Beijing; and 200mm fabs in Tianjin and Shenzhen. SMIC also has marketing and customer service 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 "Fourth Quarter 2015 Guidance", "CapEx Summary" and the statements contained in the quotes of our CEO regarding our fourth quarter guidance 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 cyclical nature of the semiconductor industry, changes in demand for our products, competition in our markets, our reliance on a small number of customers, orders or judgments from pending litigation, intensive intellectual property lawsuits in semiconductor industry and financial stability in end markets, general economic conditions and fluctuations in currency exchange rates.
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 28, 2015, 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 non-GAAP operating expenses which consist of total operating expenses as adjusted to exclude the effect of employee bonus accrual, government funding and gain from the disposal of living quarters. This earnings release also includes fourth quarter 2015 guidance for non-GAAP operating expenses. 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 Group's management regularly uses these non-GAAP financial measures to understand, manage and evaluate the Group'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.
Summary of Third Quarter 2015 Operating Results |
|||||
Amounts in US$ thousands, except for EPS and operating data |
|||||
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
|
Revenue |
569,854 |
546,615 |
4.3% |
521,646 |
9.2% |
Cost of sales |
(387,503) |
(370,210) |
4.7% |
(386,704) |
0.2% |
Gross profit |
182,351 |
176,405 |
3.4% |
134,942 |
35.1% |
Operating expenses |
(108,125) |
(115,728) |
-6.6% |
(94,122) |
14.9% |
Profit from operations |
74,226 |
60,677 |
22.3% |
40,820 |
81.8% |
Other income (expense), net |
(3,459) |
11,943 |
- |
7,840 |
- |
Profit before tax |
70,767 |
72,620 |
-2.6% |
48,660 |
45.4% |
Income tax (expense) benefit |
(1,793) |
(924) |
94.0% |
18 |
- |
Profit for the period |
68,974 |
71,696 |
-3.8% |
48,678 |
41.7% |
Other comprehensive income: |
|||||
Exchange differences on |
(4,735) |
397 |
- |
1,320 |
- |
Change in value of available- |
(23) |
(1,006) |
-97.7% |
- |
- |
Others |
130 |
- |
- |
- |
- |
Total comprehensive income |
64,346 |
71,087 |
-9.5% |
49,998 |
28.7% |
Profit for the period attributable |
|||||
SMIC |
82,626 |
76,704 |
7.7% |
47,520 |
73.9% |
Non-controlling interests |
(13,652) |
(5,008) |
172.6% |
1,158 |
- |
Profit for the period |
68,974 |
71,696 |
-3.8% |
48,678 |
41.7% |
Gross margin |
32.0% |
32.3% |
- |
25.9% |
- |
Earnings per ordinary share(1) |
0.00 |
0.00 |
0.00 |
||
Diluted |
0.00 |
0.00 |
0.00 |
||
Earnings per ADS(2) Basic |
0.10 |
0.10 |
0.07 |
||
Diluted |
0.10 |
0.10 |
0.07 |
||
Wafers shipped (in 8" |
771,201 |
731,730 |
5.4% |
668,811 |
15.3% |
Capacity utilization(3) |
100.5% |
102.1% |
- |
91.9% |
- |
Note: (1) Based on weighted average ordinary shares of 40,771 million (basic) and 45,020 million (diluted) in 3Q15, 37,192 million (basic) and 41,572 million (diluted) in 2Q15, and 34,846 million (basic) and 38,904 million (diluted) in 3Q14. (2) Each ADS represents 50 ordinary shares. (3) Based on total equivalent wafers out divided by estimated total quarterly capacity. |
Analysis of Revenue |
|||
Revenue Analysis |
|||
By Application |
3Q15 |
2Q15 |
3Q14 |
Computer |
4.4% |
4.5% |
2.3% |
Communications |
55.1% |
49.4% |
44.6% |
Consumer |
31.9% |
37.7% |
44.3% |
Others |
8.6% |
8.4% |
8.8% |
By Service Type |
3Q15 |
2Q15 |
3Q14 |
Wafers |
94.9% |
95.4% |
94.6% |
Mask making, testing, others |
5.1% |
4.6% |
5.4% |
By Geography |
3Q15 |
2Q15 |
3Q14 |
North America |
33.9% |
32.0% |
43.7% |
China(1) |
47.9% |
51.1% |
42.2% |
Eurasia(2) |
18.2% |
16.9% |
14.1% |
Wafer Revenue Analysis |
|||
By Technology |
3Q15 |
2Q15 |
3Q14 |
45 nm and below |
15.6% |
15.3% |
10.4% |
55/65 nm |
22.2% |
25.2% |
24.3% |
90 nm |
4.4% |
4.8% |
3.5% |
0.13 µm |
11.1% |
10.9% |
11.5% |
0.15/0.18 µm |
43.1% |
39.9% |
45.7% |
0.25/0.35 µm |
3.6% |
3.9% |
4.6% |
Note: (1) Including Hong Kong, but excluding Taiwan (2) Excluding China and Hong Kong |
Capacity* |
||
Fab / (Wafer Size) |
3Q15 |
2Q15 |
Shanghai Mega Fab (8") |
100,000 |
99,000 |
Shanghai 12-inch Fab (12") |
31,500 |
31,500 |
Beijing Mega Fab (12") |
83,250 |
83,250 |
Tianjin Fab (8") |
43,000 |
42,000 |
Shenzhen Fab (8") |
11,000 |
- |
Total monthly wafer fabrication capacity** |
268,750 |
255,750 |
Note: * Wafers per month at the end of the period in 8" equivalent wafers, calculated on a 30-day basis for comparison purposes **Our new 12-inch fab in Beijing have reached an installed capacity of 3,000 wafers per month but not entered into mass production at the end of 3Q15. |
Shipment and Utilization |
|||||
8" equivalent wafers |
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
Wafer shipments |
771,201 |
731,730 |
5.4% |
668,811 |
15.3% |
Utilization rate(1) |
100.5% |
102.1% |
- |
91.9% |
- |
Note: (1) Based on total equivalent wafers out divided by estimated total quarterly capacity. |
Detailed Financial Analysis
Gross Profit Analysis |
|||||
Amounts in US$ thousands |
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
Cost of sales |
387,503 |
370,210 |
4.7% |
386,704 |
0.2% |
Depreciation |
94,294 |
95,942 |
-1.7% |
108,623 |
-13.2% |
Other manufacturing costs |
291,425 |
272,552 |
6.9% |
277,278 |
5.1% |
Share-based compensation |
1,784 |
1,716 |
4.0% |
803 |
122.2% |
Gross profit |
182,351 |
176,405 |
3.4% |
134,942 |
35.1% |
Gross margin |
32.0% |
32.3% |
- |
25.9% |
- |
Operating Expenses (Income) Analysis |
|||||
Amounts in US$ thousands |
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
Operating expenses |
108,125 |
115,728 |
-6.6% |
94,122 |
14.9% |
Research and development, net |
62,381 |
55,202 |
13.0% |
54,887 |
13.7% |
General and administrative |
51,387 |
52,051 |
-1.3% |
34,668 |
48.2% |
Selling and marketing |
11,154 |
9,159 |
21.8% |
10,090 |
10.5% |
Other operating income |
(16,797) |
(684) |
2355.7% |
(5,523) |
204.1% |
Other Income (expense), Net |
|||||
Amounts in US$ thousands |
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
Other income (expense), net |
(3,459) |
11,943 |
- |
7,840 |
- |
Interest income |
1,378 |
956 |
44.1% |
2,968 |
-53.6% |
Finance costs |
(2,009) |
(2,416) |
-16.8% |
(2,539) |
-20.9% |
Foreign exchange gains or losses |
(25,963) |
4,960 |
- |
6,838 |
- |
Other gains or losses, net |
3,072 |
8,592 |
-64.2% |
264 |
1063.6% |
Fair value change |
25,455 |
- |
- |
- |
- |
Share of profit (loss) of investment using equity method |
(5,392) |
(149) |
3518.8% |
309 |
- |
Depreciation and Amortization |
|||||
Amounts in US$ thousands |
3Q15 |
2Q15 |
QoQ |
3Q14 |
YoY |
Depreciation and amortization |
130,460 |
124,911 |
4.4% |
138,889 |
-6.1% |
Liquidity |
||
Amounts in US$ thousands |
3Q15 |
2Q15 |
Cash and cash equivalent |
741,576 |
766,165 |
Restricted cash |
88,685 |
105,791 |
Other financial assets(1) |
462,280 |
568,886 |
Trade and other receivables |
466,130 |
489,675 |
Prepayment and prepaid operating expenses |
47,518 |
37,507 |
Inventories |
398,987 |
365,332 |
Assets classified as held-for-sale |
111,374 |
- |
Total current assets |
2,316,550 |
2,333,356 |
Current tax liabilities |
694 |
412 |
Accrued liabilities |
146,844 |
132,714 |
Deferred government funding |
67,190 |
62,368 |
Short-term Borrowings |
57,499 |
119,727 |
Trade and other payables |
786,961 |
863,210 |
Total current liabilities |
1,059,188 |
1,178,431 |
Cash Ratio(2) |
0.7x |
0.7x |
Quick Ratio(3) |
1.8x |
1.7x |
Current Ratio(4) |
2.2x |
2.0x |
Note: (1) Other financial assets contain financial products sold by bank and bank deposits over 3 months. (2) Cash and cash equivalent divided by total current liabilities. (3) Current assets excluding inventories divided by total current liabilities (4) Total current assets divided by total current liabilities. |
As of September 30, 2015, the assets classified as held-for-sale balance of $111.4 million were living quarter units, which the Group has committed to sell to its employees in the future.
Capital Structure |
||
Amounts in US$ thousands |
3Q15 |
2Q15 |
Cash and cash equivalent |
741,576 |
766,165 |
Restricted cash |
88,685 |
105,791 |
Other financial assets(1) |
462,280 |
568,886 |
Short-term borrowings |
57,499 |
119,727 |
Long-term borrowings |
108,557 |
85,484 |
Convertible bonds |
389,268 |
385,947 |
Corporate bonds |
492,790 |
492,383 |
Total debt |
1,048,114 |
1,083,541 |
Net debt(2) |
(155,742) |
(251,510) |
Equity |
3,942,898 |
3,846,024 |
Total debt to equity ratio(3) |
26.6% |
28.2% |
Net debt to equity ratio(4) |
N/A |
N/A |
Note: (1) Other financial assets contain financial products sold by bank and bank deposits over 3 months. (2) Net debt is total debt minus cash and cash equivalent, and other financial assets. (3) Total debt divided by equity. (4) Net debt divided by equity. The ratio was not applicable due to the negative net debt in 3Q15 and 2Q15. |
Cash Flow |
||
Amounts in US$ thousands |
3Q15 |
2Q15 |
Net cash from operating activities |
180,172 |
154,577 |
Net cash used in investing activities |
(187,920) |
(170,372) |
Net cash (used in) from financing activities |
(8,908) |
379,423 |
Effect of exchange rate changes |
(7,933) |
159 |
Net change in cash and cash equivalent |
(24,589) |
363,787 |
Capex Summary
|
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 OTHER COMPREHENSIVE INCOME (In US$ thousands except share data) |
||||
For the three months ended |
||||
September 30, 2015 |
June 30, 2015 |
|||
(Unaudited) |
(Unaudited) |
|||
Revenue |
569,854 |
546,615 |
||
Cost of sales |
(387,503) |
(370,210) |
||
Gross profit |
182,351 |
176,405 |
||
Research and development expenses, net |
(62,381) |
(55,202) |
||
General and administration expenses |
(51,387) |
(52,051) |
||
Sales and marketing expenses |
(11,154) |
(9,159) |
||
Other operating income |
16,797 |
684 |
||
Operating expenses |
(108,125) |
(115,728) |
||
Profit from operation |
74,226 |
60,677 |
||
Other income, net |
(3,459) |
11,943 |
||
Profit before tax |
70,767 |
72,620 |
||
Income tax expense |
(1,793) |
(924) |
||
Profit for the period |
68,974 |
71,696 |
||
Other comprehensive income |
||||
Item that may be reclassified subsequently to profit or loss |
||||
Exchange differences on translating foreign operations |
(4,735) |
397 |
||
Change in value of available-for-sale financial assets |
(23) |
(1,006) |
||
Others |
130 |
- |
||
Total comprehensive income for the period |
64,346 |
71,087 |
||
Profit for the period attributable to: |
||||
Owners of the Company |
82,626 |
76,704 |
||
Non-controlling interests |
(13,652) |
(5,008) |
||
68,974 |
71,696 |
|||
Total comprehensive income for the period attributable to: |
||||
Owners of the Company |
77,998 |
76,090 |
||
Non-controlling interests |
(13,652) |
(5,003) |
||
64,346 |
71,087 |
|||
Earnings per share attributable to Semiconductor Manufacturing |
||||
Basic |
0.00 |
0.00 |
||
Diluted |
0.00 |
0.00 |
||
Earnings per ADS attributable to Semiconductor Manufacturing |
||||
Basic |
0.10 |
0.10 |
||
Diluted |
0.10 |
0.10 |
||
Shares used in calculating basic earnings per share |
40,770,627,643 |
37,191,800,114 |
||
Shares used in calculating diluted earnings per share |
45,020,233,609 |
41,571,630,732 |
||
Reconciliations of Non-GAAP Financial Measures to |
||||
Non-GAAP operating expenses |
(121,365) |
(110,901) |
Note:
(1) Non-GAAP operating expenses are defined as operating expenses adjusted to exclude the effect of employee bonus accrual, government funding and gain from the disposal of living quarters. SMIC reviews non-GAAP operating expenses together with operating expenses to understand, manage and evaluate its business and make financial and operational decisions. The Group also believes it is useful supplemental information for investors and analysts to assess its operating performance. 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 similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP operating expenses in isolation from or as an alternative to operating expenses prepared in accordance with IFRS.
The following table sets forth the reconciliation of the non-GAAP operating expenses to its most directly comparable financial measure presented in accordance with IFRS, for the periods indicated.
For the three months ended |
||||||
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||
Operating expenses |
(108,125) |
(115,728) |
(94,122) |
|||
Employee bonus accrual |
13,619 |
16,035 |
7,336 |
|||
Government funding |
(9,836) |
(11,208) |
(6,608) |
|||
Gain from the disposal of living quarters |
(17,023) |
- |
(4,872) |
|||
Non-GAAP operating expenses |
(121,365) |
(110,901) |
(98,266) |
Semiconductor Manufacturing International Corporation CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In US$ thousands) |
||||
As of |
||||
September 30, 2015 |
June 30, 2015 |
|||
(Unaudited) |
(Unaudited) |
|||
ASSETS |
||||
Non-current assets |
||||
Property, plant and equipment |
3,289,217 |
3,252,963 |
||
Prepaid land use right |
91,647 |
143,220 |
||
Intangible assets |
232,415 |
202,488 |
||
Investments in associates |
161,605 |
160,744 |
||
Investments in joint ventures |
16,908 |
14,594 |
||
Deferred tax assets |
44,908 |
44,701 |
||
Derivative financial instrument |
25,455 |
- |
||
Other assets |
28,109 |
12,957 |
||
Total non-current assets |
3,890,264 |
3,831,667 |
||
Current assets |
||||
Inventories |
398,987 |
365,332 |
||
Prepayment and prepaid operating expenses |
47,518 |
37,507 |
||
Trade and other receivables |
466,130 |
489,675 |
||
Other financial assets |
462,280 |
568,886 |
||
Restricted cash |
88,685 |
105,791 |
||
Cash and cash equivalent |
741,576 |
766,165 |
||
2,205,176 |
2,333,356 |
|||
Assets classified as held-for-sale |
111,374 |
- |
||
Total current assets |
2,316,550 |
2,333,356 |
||
TOTAL ASSETS |
6,206,814 |
6,165,023 |
||
EQUITY AND LIABILITIES |
||||
Capital and reserves |
||||
Ordinary shares, $0.0004 par value, 50,000,000,000 shares authorized, |
16,432 |
16,300 |
||
Share premium |
4,819,921 |
4,792,011 |
||
Reserves |
96,027 |
96,168 |
||
Accumulated deficit |
(1,326,083) |
(1,408,709) |
||
Equity attributable to owners of the Company |
3,606,297 |
3,495,770 |
||
Non-controlling interests |
336,601 |
350,254 |
||
Total equity |
3,942,898 |
3,846,024 |
||
Non-current liabilities |
||||
Borrowings |
108,557 |
85,484 |
||
Convertible bonds |
389,268 |
385,947 |
||
Bonds payable |
492,790 |
492,383 |
||
Deferred tax liabilities |
2,048 |
1,383 |
||
Deferred government funding |
189,706 |
173,291 |
||
Other liabilities |
22,359 |
2,080 |
||
Total non-current liabilities |
1,204,728 |
1,140,568 |
||
Current liabilities |
||||
Trade and other payables |
786,961 |
863,210 |
||
Borrowings |
57,499 |
119,727 |
||
Deferred government funding |
67,190 |
62,368 |
||
Accrued liabilities |
146,844 |
132,714 |
||
Current tax liabilities |
694 |
412 |
||
Total current liabilities |
1,059,188 |
1,178,431 |
||
Total liabilities |
2,263,916 |
2,318,999 |
||
TOTAL EQUITY AND LIABILITIES |
6,206,814 |
6,165,023 |
Semiconductor Manufacturing International Corporation (In US$ thousands) |
||||
For the three months ended |
||||
September 30, 2015 |
June 30, 2015 |
|||
(Unaudited) |
(Unaudited) |
|||
Cash flow from operating activities |
||||
Profit for the period |
68,974 |
71,696 |
||
Depreciation and amortization |
130,460 |
124,911 |
||
Share of loss of investment using equity method |
5,392 |
149 |
||
Changes in working capital and others |
(24,654) |
(42,179) |
||
Net cash from operating activities |
180,172 |
154,577 |
||
Cash flow from investing activities: |
||||
Payments for property, plant and equipment |
(289,049) |
(235,515) |
||
Payments for intangible assets |
(10,088) |
(6,633) |
||
Payments for land use rights |
- |
(9,265) |
||
Net proceeds after netting off land appreciation tax from disposal of |
10,351 |
41,656 |
||
Changes in restricted cash relating to investing activities |
28,246 |
122,557 |
||
Payments to acquire financial assets |
(545,714) |
(551,419) |
||
Proceeds on sale of financial assets |
642,266 |
575,380 |
||
Net cash outflow from deconsolidation of subsidiaries |
(49) |
(248) |
||
Payment to acquire long-term investment |
(23,883) |
(106,885) |
||
Net cash used in investing activities |
(187,920) |
(170,372) |
||
Cash flow from financing activities: |
||||
Proceeds from borrowings |
26,904 |
79,256 |
||
Repayment of borrowings |
(63,658) |
(105,907) |
||
Proceeds from issuance of ordinary shares |
27,522 |
399,460 |
||
Proceeds from exercise of employee stock options |
324 |
6,614 |
||
Net cash (used in) from financing activities |
(8,908) |
379,423 |
||
Effects of exchange rate changes on the balance of cash held in foreign |
(7,933) |
159 |
||
Net (decrease) increase in cash and cash equivalent |
(24,589) |
363,787 |
||
Cash and cash equivalent, beginning of period |
766,165 |
402,378 |
||
Cash and cash equivalent, end of period |
741,576 |
766,165 |
As at the date of this announcement, the directors of the Company are:
Executive Directors
Zhou Zixue (Chairman)
Tzu-Yin Chiu (Chief Executive Officer)
Gao Yonggang (Chief Financial Officer)
Non-executive Directors
Chen Shanzhi (Li Yong Hua as his Alternate)
Zhou Jie
Ren Kai
Independent Non-executive Directors
William Tudor Brown
Sean Maloney
Lip-Bu Tan
Carmen I-Hua Chang
By order of the Board
Semiconductor Manufacturing International Corporation
Dr. Tzu-Yin Chiu
Chief Executive Officer
Executive Director
Shanghai, PRC
November 10, 2015
* For identification purposes only
Contact:
Investor Relations
+86-21-3861-0000 ext. 12804
ir@smics.com