Washington, D.C. 20549
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or 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:
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
SIGNATURES
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: May 9, 2019
|
|
By:
|
/s/ Dr. Gao Yonggang
|
|
|
|
|
Name:
|
Dr. Gao Yonggang
|
|
|
|
|
Title:
|
Executive Director, Chief Financial Officer and Joint Company Secretary
|
- 2
-
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
中 芯 國 際 集 成 電 路 製 造 有 限 公 司*
(Incorporated in the Cayman Islands with limited liability)
(STOCK CODE: 0981)
SMIC REPORTS UNAUDITED RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2019
|
|
|
▪
Revenue was $668.9 million in 1Q19, compared to $787.6 million in 4Q18 and $831.0 million in 1Q18. Excluding the recognition of the technology licensing revenue (the “Licensing Revenue”), revenue was $668.9 million in 1Q19, compared to $787.6 million in 4Q18 and $723.4 million in 1Q18.
▪
Gross profit was $122.1 million in 1Q19, compared to $134.1 million in 4Q18 and $220.2 million in 1Q18. Excluding the recognition of the Licensing Revenue, gross profit was $122.1 million in 1Q19, compared to $134.1 million in 4Q18 and $112.6 million in 1Q18.
▪
Gross margin was 18.2% in 1Q19, compared to 17.0% in 4Q18 and 26.5% in 1Q18. Excluding the recognition of the Licensing Revenue, gross margin was 18.2% in 1Q19, compared to 17.0% in 4Q18 and 15.6% in 1Q18.
|
Set out below is a copy of the full text of the press release by the Company and its subsidiaries (the “Group”) on May 8, 2019, in relation to its unaudited results for the three months ended March 31, 2019.
All currency figures stated in this report are in US Dollars unless stated otherwise.
The consolidated financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”) and is presented in accordance with IFRS unless otherwise stated below.
Shanghai, China – May 8, 2019. Semiconductor Manufacturing International Corporation (NYSE: SMI; SEHK: 981) (“SMIC”, the “Company” or “our”), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended March 31, 2019.
- 3 -
Second
Quarter
201
9
Guidance:
The following statements are forward looking statements based on current expectations and involved risks and uncertainties, some of which are set forth under “Safe Harbor Statements” below. The Company expects:
|
|
▪
|
Revenue to increase by 17% to 19% QoQ.
|
|
|
▪
|
Gross margin to range from 18% to 20%.
|
|
|
▪
|
Non-GAAP operating expenses, excluding the effect of employee bonus accrual,
government funding, impairment loss of tangible and intangible assets, gain or loss on the disposal of machinery and equipment
and gain from the disposal of living quarters, to range from $269 million to $273 million.
|
|
|
▪
|
Non-controlling interests of our majority-owned subsidiaries to range from positive $34 million to positive $36 million (losses to be borne by non-controlling interests).
|
Dr. Zhao Haijun and Dr. Liang Mong Song, SMIC’s Co-Chief Executive Officers commented, “For the past two years, SMIC was in a period of transition. Through optimization and reformation, we enhanced our capability and accelerated R&D significantly. We have been building up competency and competitiveness to accelerate our pace and catch up with the new trends in the industry, meet the needs of the upcoming market opportunities, emerge from the transitional period and accelerate our growth.”
Dr. Zhao said, “Looking at 2019, the first quarter seems to be the bottom for us, as the inventory adjustment cycle is coming to an end and new mature technology platforms that SMIC worked hard to prepare are also ready. New applications such as analog power management, and CMOS RF for Internet of Things will drive revenue growth. Revenue in the second quarter is expected to increase by 17% to 19% quarter over quarter.”
Dr. Liang said, “Our FinFET technology R&D is progressing smoothly, as our 12nm is entering customer engagement, and the research and development of our next generation of FinFET is progressing well based on our accumulated technology development. The construction of SMIC South FinFET Fab was completed successfully, and we have begun capacity deployment. We will prepare ourselves to be ready for rapid transitions in customer technology migration to face the ever-changing industry environment.”
- 4 -
Conference Call / Webcast Announcement
Date: May 9, 2019
Time: 8:30 a.m. Beijing time
Dial-in numbers:
|
|
|
|
|
China
|
+86 400-620-8038
|
(Pass code: SMIC)
|
|
Hong Kong
|
+852 3018-6771
|
(Pass code: SMIC)
|
|
Taiwan
|
+886 2-5572-3895
|
(Pass code: SMIC)
|
|
United States
|
+1 845-675-0437
|
(Pass code: SMIC)
|
The call will be webcast live with audio at:
http://www.smics.com/en/site/company_activity
or
https://edge.media-server.com/m6/p/mawu377c
.
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), one of the leading foundries in the world, is Mainland China’s largest foundry in scale, broadest in technology coverage, and most comprehensive in semiconductor manufacturing services. SMIC provides integrated circuit (IC) foundry and technology services on process nodes from 0.35 micron to 28 nanometer. Headquartered in Shanghai, China, SMIC has an international manufacturing and service base. In China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm fab in Shanghai; a 300mm fab and a majority-owned 300mm fab for advanced nodes in Beijing; 200mm fabs in Tianjin and Shenzhen; and a majority-owned joint-venture 300mm bumping facility in Jiangyin; additionally, in Italy SMIC has a majority-owned 200mm fab. 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
and Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements,
including statements under “Second Quarter 2019 Guidance”, “Capex Summary” and the statements contained in the quotes of our Co-Chief Executive Officers 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 are necessarily estimates reflecting judgment of SMIC's senior management and 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 cyclicality and market conditions in the semiconductor industry, intense competition, timely wafer acceptance by SMIC's customers, bad debt risk, timely introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, availability of manufacturing capacity and financial stability in end markets.
- 5 -
In addition to the
information contained in this
press release, you should also consider the informatio
n contained in our other filings with the SEC, including our annual report on Form 20-F filed with the SEC o
n
April
30
, 201
9
, esp
ecially in the "Risk Factors" section and such other documents that we 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 our future results, performance or achievements. In light of these risks, uncertainties, assumptio
ns 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
.
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 measures of operating results that are adjusted to exclude finance cost, depreciation and amortization, income tax benefits and expenses, the effect of employee bonus accrual, government funding, impairment loss of
tangible and intangible assets
, gain or loss on the disposal of machinery and equipment and gain from the disposal of living quarters. This earnings release also includes second quarter 2019 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. This earnings release includes EBITDA, EBITDA margin and non-GAAP operating expenses which consist of total operating expenses as adjusted to exclude the effect of employee bonus accrual, government funding, impairment loss of
tangible and intangible assets
, gain or loss on the disposal of machinery and equipment and gain from the disposal of living quarters. These non-GAAP financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for financial measures prepared in accordance with IFRS, and should be read only in conjunction with the Group's financial measures prepared in accordance with IFRS. The Group's non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies.
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 because the effect of these adjustment items excluded for the purpose of non-GAAP operating expenses guidance are subject to some unpredictable conditions that cannot be estimated with reasonable certainty.
- 6 -
Summary
of
First
Quarter
201
9
Operating Resul
t
s
Amounts in US$ thousands, except for EPS and operating data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
|
Revenue
|
668,899
|
787,565
|
-15.1%
|
831,044
|
-19.5%
|
|
|
Cost of sales
|
(546,829)
|
(653,440)
|
-16.3%
|
(610,868)
|
-10.5%
|
|
|
Gross profit
|
122,070
|
134,125
|
-9.0%
|
220,176
|
-44.6%
|
|
|
Operating expenses
|
(97,625)
|
(175,055)
|
-44.2%
|
(177,914)
|
-45.1%
|
|
|
Profit (loss)
from operations
|
24,445
|
(40,930)
|
-
|
42,262
|
-42.2%
|
|
|
Other income, net
|
6,055
|
43,473
|
-86.1%
|
776
|
680.3%
|
|
|
Profit before tax
|
30,500
|
2,543
|
1099.4%
|
43,038
|
-29.1%
|
|
|
Income tax (expense) benefit
|
(6,123)
|
8,332
|
-
|
(15,958)
|
-61.6%
|
|
|
Profit for the period
|
24,377
|
10,875
|
124.2%
|
27,080
|
-10.0%
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
Exchange differences on
translating
foreign operations
|
10,378
|
(7,601
)
|
-
|
18,384
|
-43.5%
|
|
|
Cash flow hedges
|
(12,572
)
|
461
|
-
|
17,881
|
-
|
|
|
Actuarial gains and losses on defined
benefit plans
|
(757
)
|
(758)
|
-0.1%
|
(39)
|
1841.0%
|
|
|
Total
comprehensive income
for the period
|
21,426
|
2,977
|
619.7
%
|
63,306
|
-66.2
%
|
|
|
|
|
|
|
|
|
|
|
Profit (
loss) for the period attributable to:
|
|
|
|
|
|
|
|
SMIC
|
12,272
|
26,520
|
-53.7
%
|
29,377
|
-58.2
%
|
|
|
Non-controlling interests
|
12,105
|
(
15,645)
|
-
|
(
2,297)
|
-
|
|
|
Profit
for the period
|
24,377
|
10,875
|
124.2
%
|
27,080
|
-10.0
%
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
18.2%
|
17.0
%
|
|
26.5
%
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ordinary share
(1)
|
|
|
|
|
|
|
|
Basic
|
$0.00
|
$
0.00
|
|
$
0.01
|
|
|
|
Diluted
|
$0.00
|
$
0.00
|
|
$
0.01
|
|
|
|
Earnings per
ADS
(2)
|
|
|
|
|
|
|
|
Basic
|
$0.01
|
$0.02
|
|
$0.03
|
|
|
|
Diluted
|
$0.01
|
$
0.02
|
|
$
0.03
|
|
|
|
|
|
|
|
|
|
|
|
Wafers shipped
(in
8” equivalent wafers)
|
1,089,502
|
1,217,690
|
-10.5
%
|
1,083,630
|
0.5
%
|
|
|
Capacity
utilization
(3)
|
89.2
%
|
89.9
%
|
|
88.3
%
|
|
|
|
|
|
|
|
|
|
Note:
|
(1)
|
Based on weighted average ordinary shares of 5,041 million (basic) and 5,060 million (diluted) in 1Q19, 5,039 million (basic) and 5,058 million (diluted) in 4Q18, and 4,918 million (basic) and 4,962 million (diluted) in 1Q18.
|
Earnings per share were $0.0019(basic) and $0.0019 (diluted) in 1Q19 and $0.0045 (basic) and $0.0045 (diluted) in 4Q18.
|
(2)
|
Each ADS represents 5 ordinary shares.
|
|
(3)
|
Based on total equivalent wafers out divided by estimated total quarterly capacity.
|
- 7
-
|
|
▪
|
Revenue
was
$
668.9
million in
1
Q1
9
, compared to
$787.6 million in 4Q18
. Revenue decreased in 1Q19
mainly due to a
de
crease of wafer shipment
and
product-mix change
in
1
Q1
9
.
|
|
|
▪
|
Cost of sales was $546.8 million in 1Q19, compared to $653.4 million in 4Q18. Cost of sales decreased in 1Q19 mainly due to the decrease in wafer shipment and product-mix change in 1Q19.
|
|
|
▪
|
Gross profit was $122.1 million in 1Q19, compared to $134.1 million in 4Q18.
|
|
|
▪
|
Gross margin was 18.2% in 1Q19, compared to 17.0% in 4Q18.
|
|
|
▪
|
Operating expenses were $97.6 million in 1Q19, a decrease of 44.2% QoQ from $175.1 million in 4Q18, mainly due to the reasons stated in
Operating Expenses (Income) Analysis
below.
|
|
|
▪
|
Other income (expense), net was $6.1 million gain in 1Q19, as compared to $43.5 million gain in 4Q18. The change was mainly due to the reasons stated in
Other Income (Expense), Net
below.
|
|
|
▪
|
Income tax expense was $6.1 million in 1Q19, as compared to income tax benefit of $8.3 million in 4Q18. The change was mainly due to that some subsidiaries were levied income tax in 1Q19 and recognized expected income tax refund in 4Q18.
|
|
|
▪
|
Exchange differences on translating foreign operations were $10.4 million gain in 1Q19 and $7.6 million loss in 4Q18. The change was mainly due to the translation difference from the subsidiaries and associates using RMB as the functional currency caused by the appreciation of RMB against USD in 1Q19.
|
- 8 -
Analysis of Revenue
|
|
|
|
|
|
Revenue Analysis
|
|
|
|
|
By Application
|
1Q19
|
4Q18
|
1Q18
|
|
Computer
|
5.1%
|
6.4%
|
6.8%
|
|
Communications
|
43.0%
|
44.7%
|
33.6%
|
|
Consumer
|
32.5%
|
32.1%
|
35.6%
|
|
Auto/Industrial
|
9.8%
|
8.0%
|
8.5%
|
|
Others
(
4
)
|
9.6%
|
8.8%
|
15.5%
|
|
By Service Type
|
1Q19
|
4Q18
|
1Q18
|
|
Wafers
|
94.2%
|
93.2%
|
83.5%
|
|
Mask making, testing, others
(
4
)
|
5.8%
|
6.8%
|
16.5%
|
|
By Geography
|
1Q19
|
4Q18
|
1Q18
|
|
North America
(
1
)
|
32.3%
|
31.7%
|
28.6%
|
|
China
(
2
)
|
53.9%
|
57.5%
|
62.4%
|
|
Eurasia
(
3
)
|
13.8%
|
10.8%
|
9.0%
|
|
Wafer Revenue Analysis
|
|
|
|
|
By Technology
|
1Q19
|
4Q18
|
1Q18
|
|
28 nm
|
3.0%
|
5.4%
|
3.2%
|
|
40/45 nm
|
15.3%
|
20.3%
|
21.7%
|
|
55/65 nm
|
21.8%
|
23.0%
|
20.9%
|
|
90 nm
|
2.2%
|
1.7%
|
3.8%
|
|
0.11/0.13
µ
m
|
7.4%
|
7.3%
|
7.6%
|
|
0.15/0.18
µ
m
|
46.0%
|
38.7%
|
38.9%
|
|
0.25/0.35
µ
m
|
4.3%
|
3.6%
|
3.9%
|
Note:
(1) Presenting the revenue to those companies whose headquarters are in the United States, but ultimately selling and shipping the products to their global customers.
(2) Including Hong Kong, but excluding Taiwan.
(3) Excluding China and Hong Kong.
(4) Recognized technology licensing revenue of $107.6 million, 12.9% of total revenue in 1Q18.
- 9 -
Capacity
*
|
|
|
|
|
Fab
|
1Q19
|
4Q18
|
|
Shanghai 200mm fab
|
112,000
|
109,000
|
|
Shanghai 300mm fab
|
22,500
|
22,500
|
|
Beijing 300mm fab
|
105,750
|
94,500
|
|
Tianjin 200mm fab
|
58,000
|
60,000
|
|
Shenzhen 200mm fab
|
45,000
|
42,000
|
|
Shenzhen 300mm fab
|
6,750
|
6,750
|
|
Majority-owned Beijing 300mm fab
|
74,250
|
74,250
|
|
Majority-owned Avezzano 200mm fab
|
42,325
|
42,325
|
|
Total monthly wafer fabrication capacity
|
466,575
|
451,325
|
Note:
* Wafers per month at the end of the period in 8” equivalent wafers, calculated on a 30-day basis for comparison purposes.
|
▪
|
Monthly capacity was 466,575 8-inch equivalent wafers in 1Q19 from 451,325 8-inch equivalent wafers in 4Q18, primarily because of
the capacity expansion Beijing 300mm fab in 1Q1
9.
|
Shipment and Utilization
|
|
|
|
|
|
|
|
8” equivalent wafers
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
Wafer shipments
|
1,089,502
|
1,217,690
|
-10.5%
|
1,083,630
|
0.5%
|
|
Utilization rate
(1)
|
89.2%
|
89.9%
|
-
|
88.3%
|
-
|
Note:
|
(1)
|
Based on total equivalent wafers out divided by estimated total quarterly capacity.
|
Detailed Financial Analysis
Gross Profit Analysis
|
|
|
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
Cost of sales
|
546,829
|
653,440
|
-16.3%
|
610,868
|
-10.5%
|
|
Depreciation and amortization
|
161,750
|
216,588
|
-25.3%
|
195,171
|
-17.1%
|
|
Other manufacturing costs
|
384,705
|
436,152
|
-11.8%
|
414,874
|
-7.3%
|
|
Share-based compensation
|
374
|
700
|
-46.6%
|
823
|
-54.6%
|
|
Gross profit
|
122,070
|
134,125
|
-9.0%
|
220,176
|
-44.6%
|
|
Gross margin
|
18.2%
|
17.0%
|
-
|
26.5%
|
-
|
|
▪
|
Depreciation and amortization in the cost of sales was $161.8 million in 1Q19, compared to $216.6 million in 4Q18, mainly due to the decrease in wafer shipment and product-mix change in 1Q19.
|
|
▪
|
Other manufacturing costs within the cost of sales were $384.7 million in 1Q19, compared to $436.2 million in 4Q18, mainly due to the decrease in wafer shipment in 1Q19.
|
|
▪
|
Gross profit was $122.1 million in 1Q19, compared to $134.1 million in 4Q18.
|
|
▪
|
Gross margin was 18.2% in 1Q19, compared to 17.0% in 4Q18.
|
- 10 -
Operating Expenses
(Income)
Analysis
|
|
|
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
Operating expenses
|
97,625
|
175,055
|
-44.2%
|
177,914
|
-45.1%
|
|
Research and development, net
|
77,175
|
134,970
|
-42.8%
|
122,995
|
-37.3%
|
|
General and administrative
|
43,148
|
50,003
|
-13.7%
|
51,022
|
-15.4%
|
|
Selling and marketing
|
6,811
|
7,701
|
-11.6%
|
8,513
|
-20.0%
|
|
Net impairment losses recognized
(reversal) on financial assets
|
1,078
|
(90
)
|
-
|
484
|
122.7%
|
|
Other operating income
|
(30,587
)
|
(17,529
)
|
74.5%
|
(5,100
)
|
499.7%
|
|
▪
|
R&D expenses, net decreased by $57.8 million QoQ to $77.2 million in 1Q19, compared to $135.0 million in 4Q18. Excluding the funding of R&D contracts from the government, R&D expenses decreased by $34.8 million QoQ to $150.3 million in 1Q19. The change was mainly due to less R&D activities in 1Q19. Funding of R&D contracts from the government was $73.1 million in 1Q19, compared to $50.1 million in 4Q18.
|
|
▪
|
The change in other operating income was mainly due to more government funding as other operating income received in 1Q19.
|
Other Income (Expense), Net
|
|
|
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
Other income, net
|
6,055
|
43,473
|
-86.1%
|
776
|
680.3%
|
|
Interest income
|
29,699
|
20,155
|
47.4%
|
12,855
|
131.0%
|
|
Finance costs
|
(14,819
)
|
(8,320
)
|
78.1%
|
(13,525
)
|
9.6%
|
|
Foreign exchange gains (losses)
|
11,112
|
(5,545
)
|
-
|
(4,221
)
|
-
|
|
Other gains, net
|
6,222
|
15,802
|
-60.6%
|
2,324
|
167.7%
|
|
Share of (loss) gain of investment
accounted for using equity method
|
(26,159
)
|
21,381
|
-
|
3,343
|
-
|
|
▪
|
The increase in interest income was mainly due to more financial assets at amortized cost acquired in 1Q19.
|
|
▪
|
The increase in finance costs was mainly due to 1) new financial liabilities and related finance costs recognized as IFRS 16
—
Lease adopted in 1Q19 and 2) new medium-term notes issued in 1Q19.
|
|
▪
|
Foreign exchange gains or losses were mainly due to the net impact of cash flow hedging and the appreciation of RMB against USD in 1Q19. Foreign monetary assets mainly consist of cash and cash equivalent and trade and other receivables in RMB. Foreign monetary liabilities mainly consist of borrowings, medium-term notes and trade and other payables in RMB.
|
|
▪
|
The decrease in other gains or losses, net was mainly caused by less gain on fair value change of financial assets at fair value through profit or loss in 1Q19.
|
|
▪
|
The change in share of (loss) gain of investment accounted for using equity method was due to the loss of investments in joint ventures and associates in 1Q19.
|
- 11 -
Depreciation and Amortization
|
|
|
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
QoQ
|
1Q18
|
YoY
|
|
Depreciation and amortization
|
277,773
|
253,290
|
9.7%
|
268,516
|
3.4%
|
|
▪
|
As the adoption of IFRS 16
—
Lease since January 1, 2019, the Group recognized $24.4 million depreciation of right-of-use assets (the right to use the leased item) in 1Q19.
|
Liquidity
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
|
Cash and cash equivalent
|
1,370,041
|
1,786,420
|
|
Restricted cash
|
685,598
|
592,290
|
|
Derivative financial instruments
|
10,362
|
2,583
|
|
Financial asset at fair value
through profit or loss
|
46,951
|
41,685
|
|
Financial assets at amortized cost
|
2,510,503
|
1,996,808
|
|
Trade and other receivables
|
739,882
|
837,828
|
|
Prepayment and prepaid operating
expenses
|
56,614
|
28,161
|
|
Inventories
|
661,633
|
593,009
|
|
Assets classified as held-for-sale
|
267,264
|
270,807
|
|
Total current assets
|
6,348,848
|
6,149,591
|
|
|
|
|
|
Current tax liabilities
|
5,653
|
2,607
|
|
Derivative financial instruments
|
18,285
|
15,806
|
|
Accrued liabilities
|
118,307
|
164,604
|
|
Deferred government funding
|
239,909
|
244,708
|
|
Bonds payable
|
499,027
|
498,551
|
|
Medium-term notes
|
222,640
|
218,247
|
|
Short-term borrowings
|
416,311
|
530,005
|
|
Contract liabilities
|
56,367
|
44,130
|
|
Trade and other payables
|
1,126,129
|
964,860
|
|
Other liabilities
|
110,573
|
32,263
|
|
Liabilities directly associated with assets
classified as held for sale
|
143,903
|
143,447
|
|
Total current liabilities
|
2,957,104
|
2,859,228
|
|
|
|
|
|
Cash ratio
(1)
|
0.5x
|
0.6x
|
|
Quick ratio
(2)
|
1.9x
|
1.9x
|
|
Current ratio
(3)
|
2.1x
|
2.2x
|
Note:
|
(1)
|
Cash and cash equivalent divided by total current liabilities.
|
|
(2)
|
Current assets excluding inventories divided by total current liabilities.
|
|
(3)
|
Total current assets divided by total current liabilities.
|
- 12 -
Capital Structure
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
|
Cash and cash equivalent
|
1,370,041
|
1,786,420
|
|
Financial asset at fair value
through profit or loss - current
(1)
|
46,951
|
41,685
|
|
Financial assets at amortized cost
(2)
|
2,510,503
|
1,996,808
|
|
|
|
|
|
Short-term borrowings
|
416,311
|
530,005
|
|
Long-term borrowings
|
1,907,211
|
1,760,763
|
|
Medium-term notes
|
444,454
|
218,247
|
|
Convertible bonds
|
422,479
|
418,592
|
|
Corporate bonds
|
499,027
|
498,551
|
|
Total debt
|
3,689,482
|
3,426,158
|
|
|
|
|
|
Net debt
(3)
|
(238,013)
|
(398,755)
|
|
Equity
|
8,947,675
|
8,923,580
|
|
Total debt to equity ratio
(4)
|
41.2%
|
38.4%
|
|
Net debt to equity ratio
(5)
|
-2.7%
|
-4.5%
|
Note:
|
(1)
|
Mainly contain financial products sold by bank.
|
|
(2)
|
Mainly contain bank deposits over 3 months.
|
|
(3)
|
Total debt minus cash and cash equivalent, financial assets at fair value through profit or loss – current and
financial assets at amortized cost.
|
|
(4)
|
Total debt divided by equity.
|
|
(5)
|
Net debt divided by equity.
|
Cash Flow
|
|
|
|
|
Amounts in US$ thousands
|
1Q19
|
4Q18
|
|
Net cash from operating activities
|
166,103
|
377,486
|
|
Net cash used in investing activities
|
(816,708)
|
(499,552)
|
|
Net cash from financing activities
|
216,590
|
1,100,194
|
|
Effect of exchange rate changes
|
18,645
|
227
|
|
Cash and cash equivalent of
disposal group held for sale
|
(1,009)
|
(14,554)
|
|
Net change in cash and cash equivalent
|
(416,379)
|
963,801
|
Capex Summary
|
|
|
n
Capital expenditures were $439.6 million in 1Q19, compared to $404.8 million in 4Q18.
n
The planned 2019 capital expenditures for foundry operations are approximately $2.1 billion, which are mainly for the equipment and facility in our majority-owned Shanghai 300mm fab and FinFET R&D line. The planned 2019 capital expenditures for non-foundry operations are approximately $105.8 million, mainly for the construction of employee’s living quarters.
|
|
|
- 13 -
Recent Highlights and Announcements
|
●
|
Notification Letter and Request Form for Non-registered Shareholders (2019-4-29)
|
|
●
|
Notification Letter for Registered Shareholders (2019-4-29)
|
|
●
|
Notification Letter and Change Request Form to registered holders (2019-4-29)
|
|
●
|
Letter and Reply Form to New Registered Shareholders - Election of Means of Receipt and Language of Corporate Communication (2019-4-29)
|
|
●
|
2018 Annual Report (2019-4-29)
|
|
●
|
Notification of Board Meeting (2019-4-10)
|
|
●
|
Discloseable Transaction Disposal of Subsidiary (2019-3-31)
|
|
●
|
Announcement of 2018 Annual Results (2019-3-29)
|
|
●
|
Continuing Connected Transactions - Revision of Existing Internal Deposit Services Annual Caps of Centralised Fund Management Agreements of SMSC and SMNC (2019-3-19)
|
|
●
|
Notification of Approval of the Publication of 2018 Annual Results by the Board (2019-3-11)
|
|
●
|
SMIC Reports Unaudited Results for the Three Months Ended December 31, 2018 (2019-2-14)
|
|
●
|
Continuing Connected Transactions in relation to Framework Agreement (2019-1-23)
|
|
●
|
Poll Results of Extraordinary General Meeting Held on 11 January 2019 (2019-1-11)
|
|
●
|
Notification of Board Meeting (2019-1-11)
|
Please visit SMIC’s website at
http://www.smics.com/en/site/news
and
http://www.smics.com/en/site/comapny_statutoryDocuments
for further details regarding the recent announcements.
- 14
-
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In US$ thousands
except share data
)
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Revenue
|
|
668,899
|
|
787,565
|
|
Cost of sales
|
|
(546,829)
|
|
(653,440)
|
|
Gross profit
|
|
122,070
|
|
134,125
|
|
Research and development expenses, net
|
|
(77,175)
|
|
(134,970)
|
|
General and administration expenses
|
|
(43,148)
|
|
(50,003)
|
|
Sales and marketing expenses
|
|
(6,811)
|
|
(7,701)
|
|
Net impairment losses (recognized) reversal on financial assets
|
|
(1,078)
|
|
90
|
|
Other operating income, net
|
|
30,587
|
|
17,529
|
|
Operating expenses
|
|
(97,625)
|
|
(175,055)
|
|
Loss from operations
|
|
24,445
|
|
(40,930)
|
|
Other income, net
|
|
6,055
|
|
43,473
|
|
Profit before tax
|
|
30,500
|
|
2,543
|
|
Income tax (expense) benefit
|
|
(6,123)
|
|
8,332
|
|
Profit for the period
|
|
24,377
|
|
10,875
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
Item that may be reclassified subsequently to profit or loss
|
|
|
|
|
|
Exchange differences on
translating foreign operations
|
|
10,378
|
|
(7,601)
|
|
Cash flow hedges
|
|
(12,572)
|
|
461
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
Actuarial gains and losses on defined benefit plans
|
|
(757)
|
|
(758)
|
|
Total comprehensive income for the period
|
|
21,426
|
|
2,977
|
|
|
|
|
|
|
|
Profit (loss) for the period attributable to:
|
|
|
|
|
|
Owners of the Company
|
|
12,272
|
|
26,520
|
|
Non-controlling interests
|
|
12,105
|
|
(15,645)
|
|
|
|
24,377
|
|
10,875
|
|
Total comprehensive income (loss) for the period
attributable to:
|
|
|
|
|
|
Owners of the Company
|
|
9,195
|
|
18,609
|
|
Non-controlling interests
|
|
12,231
|
|
(15,632)
|
|
|
|
21,426
|
|
2,977
|
|
|
|
|
|
|
|
Earnings per ordinary share
|
|
|
|
|
|
Basic
|
|
$0.00*
|
|
$0.00*
|
|
Diluted
|
|
$0.00*
|
|
$0.00*
|
|
Earnings per ADS
|
|
|
|
|
|
Basic
|
|
$0.01
|
|
$0.02
|
|
Diluted
|
|
$0.01
|
|
$0.02
|
|
|
|
|
|
|
|
Shares used in calculating basic earnings per share
|
|
5,040,946,334
|
|
5,038,852,986
|
|
Shares used in calculating diluted earnings per share
|
|
5,059,764,787
|
|
5,058,243,650
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP Financial Measures to
Comparable GAAP Measures
|
|
|
|
|
|
Non-GAAP operating expenses
(1)
|
|
(201,601)
|
|
(242,912)
|
|
EBITDA
(2)
|
|
323,092
|
|
264,153
|
|
EBITDA margin
(2)
|
|
48.3%
|
|
33.5%
|
|
|
*
|
Earnings per share were $0.0019 (basic) and $0.0019 (diluted) in 1Q19, and $0.0045 (basic) and $0.0045 (diluted) in 4Q18
|
- 15 -
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In US$ thousands except share data)
Note
:
|
|
(1)
|
Non-GAAP operating expenses are defined as operating expenses adjusted to exclude the effect of employee bonus accrual, government funding, impairment loss of tangible and intangible assets, gain or loss on the disposal of machinery and equipment 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
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Operating expenses
|
|
(97,625)
|
|
(175,055)
|
|
(177,914)
|
|
Employee bonus accrued
|
|
-
|
|
720
|
|
4,665
|
|
Government funding
|
|
(
101,554)
|
|
(57,469)
|
|
(21,561)
|
|
Impairment loss of tangible and
intangible assets
|
|
-
|
|
8,789
|
|
-
|
|
(Gain) loss on the disposal of
machinery
and equipment
|
|
(1,530)
|
|
(19,150)
|
|
497
|
|
Gain on the disposal of
living quarters
|
|
(892)
|
|
(747)
|
|
(1,680)
|
|
Non-GAAP operating expenses
|
|
(201,601
)
|
|
(242,912)
|
|
(195,993)
|
- 16 -
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(In US$ thousands except share data)
|
|
|
EBITDA
is defined as
p
rofit for the period
excluding the impact of the
finance cost
, depreciation and amortization, and income tax
benefit and
expense. EBITDA margin is defined as
EBITDA
divided by
revenue
.
SMIC uses EBITDA
margin
as a measure of operating performance; for planning purposes, including the preparation of the Group’s annua
l operating budget; to allocate resources to enhance the financial performance of the Group’s business; to evaluate the effectiveness of the Group’s business strategies; and in communications with SMIC’s board of directors concerning the
Group’s financial
performance.
Although EBITDA is
widely used by investors to measure a company’s operating performance without regard to items, such as net
finance cost
, income tax benefit and expense and depreciation and amortization that can vary substantially from company to company depending upon their respective financing structures and accounting policies, the book values of their assets, their capital structures a
nd the methods by which their assets were acquired, EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Group’s results of operations as reported under IFRS. Some of these limitat
ions are: it does not reflect the Group’s capital expenditures or future requirements for capital expenditures or other contractual commitments; it does not reflect changes in, or cash requirements for, the Group’s working capital needs; it does not reflec
t
finance cost
; it does not reflect cash requirements for income taxes; that, although depreciation and amortization are non-cash charges, the assets being depreciated or amortized will often have to be replaced in the future, and these measures do not ref
lect any cash requirements for these replacements; and that other companies in SMIC’s industry may calculate these measures differently than SMIC does, limiting their usefulness as comparative measures
.
|
|
The following table sets forth the reconciliation of EBITDA and EBITDA margin to their most directly comparable financial measures presented in accordance with IFRS, for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Profit for the period
|
|
24,377
|
|
10,875
|
|
27,080
|
|
Finance costs
|
|
14,819
|
|
8,320
|
|
13,525
|
|
Depreciation and amortization
|
|
277,773
|
|
253,290
|
|
268,516
|
|
Income tax expense (benefit)
|
|
6,123
|
|
(8,332)
|
|
15,958
|
|
EBITDA
|
|
323,092
|
|
264,153
|
|
325,079
|
|
Profit margin
|
|
3.6%
|
|
1.4%
|
|
3.3%
|
|
EBITDA margin
|
|
48.3%
|
|
33.5%
|
|
39.1%
|
- 17
-
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In US$ thousands)
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Property, plant and equipment
(1)
|
|
7,260,531
|
|
6,777,970
|
|
Land use right
|
|
129,970
|
|
105,436
|
|
Intangible assets
|
|
115,285
|
|
122,854
|
|
Investments in associates
|
|
1,114,668
|
|
1,135,442
|
|
Investments in joint ventures
|
|
15,914
|
|
15,687
|
|
Deferred tax assets
|
|
46,102
|
|
45,426
|
|
Financial assets at fair value through profit or loss
|
|
56,514
|
|
55,472
|
|
Derivative financial instruments
|
|
5,708
|
|
5,266
|
|
Other assets
|
|
7,325
|
|
11,176
|
|
Total non-current assets
|
|
8,752,017
|
|
8,274,729
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Inventories
|
|
661,633
|
|
593,009
|
|
Prepayment and prepaid operating expenses
|
|
56,614
|
|
28,161
|
|
Trade and other receivables
|
|
739,882
|
|
837,828
|
|
Financial assets at fair value through profit or loss
|
|
46,951
|
|
41,685
|
|
Financial assets at amortized cost
|
|
2,510,503
|
|
1,996,808
|
|
Derivative financial instruments
|
|
10,362
|
|
2,583
|
|
Restricted cash
|
|
685,598
|
|
592,290
|
|
Cash and cash equivalent
|
|
1,370,041
|
|
1,786,420
|
|
|
|
6,081,584
|
|
5,878,784
|
|
Assets classified as held-for-sale
|
|
267,264
|
|
270,807
|
|
Total current assets
|
|
6,348,848
|
|
6,149,591
|
|
TOTAL ASSETS
|
|
15,100,865
|
|
14,424,320
|
- 18
-
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In US$ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
EQUITY AND LIABILITIES
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
Ordinary shares
|
|
|
|
|
|
$0.004 par value, 10,000,000,000 shares authorized, 5,046,671,661 and 5,039,819,199 shares outstanding at March 31, 2019 and December 31, 2018, respectively
|
|
20,187
|
|
20,159
|
|
Share premium
|
|
5,000,280
|
|
4,993,163
|
|
Reserves
|
|
101,375
|
|
109,346
|
|
Retained earnings
|
|
343,570
|
|
331,298
|
|
Equity attributable to owners of the Company
|
|
5,465,412
|
|
5,453,966
|
|
Perpetual subordinated convertible securities
|
|
563,848
|
|
563,848
|
|
Non-controlling interests
|
|
2,918,415
|
|
2,905,766
|
|
Total equity
|
|
8,947,675
|
|
8,923,580
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Borrowings
|
|
1,907,211
|
|
1,760,763
|
|
Convertible bonds
|
|
422,479
|
|
418,592
|
|
Medium-term notes
|
|
221,814
|
|
-
|
|
Deferred tax liabilities
|
|
2,694
|
|
1,639
|
|
Deferred government funding
|
|
372,232
|
|
393,902
|
|
Derivative financial instruments
|
|
14,144
|
|
15,540
|
|
Other financial liabilities
|
|
12,178
|
|
11,948
|
|
Other liabilities
(
1)
|
|
243,334
|
|
39,128
|
|
Total non-current liabilities
|
|
3,196,086
|
|
2,641,512
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
|
1,126,129
|
|
964,860
|
|
Contract liabilities
|
|
56,367
|
|
44,130
|
|
Borrowings
|
|
416,311
|
|
530,005
|
|
Bonds payable
|
|
499,027
|
|
498,551
|
|
Medium-term notes
|
|
222,640
|
|
218,247
|
|
Deferred government funding
|
|
239,909
|
|
244,708
|
|
Accrued liabilities
|
|
118,307
|
|
164,604
|
|
Derivative financial instruments
|
|
18,285
|
|
15,806
|
|
Current tax liabilities
|
|
5,653
|
|
2,607
|
|
Other liabilities
(
1)
|
|
110,573
|
|
32,263
|
|
|
|
2,813,201
|
|
2,715,781
|
|
Liabilities directly associated with assets
classified as held for sale
|
|
143,903
|
|
143,447
|
|
Total current liabilities
|
|
2,957,104
|
|
2,859,228
|
|
Total liabilities
|
|
6,153,190
|
|
5,500,740
|
|
TOTAL EQUITY AND LIABILITIES
|
|
15,100,865
|
|
14,424,320
|
- 19
-
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In US$ thousands)
Note
:
|
|
(1)
|
The new IFRS 16 standard resulted in almost all leases being recognized on the balance sheet by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases.
|
As the adoption of IFRS 16 since January 1, 2019, the Group recognized $279.7 million right-of-use assets and $279.7 million leased liabilities in
p
roperty, plant and equipment and other liabilities, respectively.
- 20
-
Semiconductor Manufacturing International Corporation
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In US$ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Cash flow from operating activities:
|
|
|
|
|
Profit for the period
|
24,377
|
|
10,875
|
|
Depreciation and amortization
|
277,773
|
|
253,290
|
|
Share of loss (gain) of investment accounted for using
equity method
|
26,160
|
|
(21,381)
|
|
Changes in working capital and others
|
(162,207)
|
|
134,702
|
|
Net cash from operating activities
|
166,103
|
|
377,486
|
|
|
|
|
|
|
Cash flow from investing activities:
|
|
|
|
|
Payments to acquire financial assets at fair value through
profit or loss
|
(8,176)
|
|
(237,702)
|
|
Proceeds from sale of financial assets at fair value through
profit or loss
|
6,419
|
|
326,249
|
|
Payments to acquire financial assets at amortized cost
|
(1,561,888)
|
|
(540,552)
|
|
Proceeds from maturity of financial assets at amortized cost
|
1,001,787
|
|
532,254
|
|
Payments for property, plant and equipment
|
(328,961)
|
|
(425,093)
|
|
Net proceeds after netting off land appreciation tax from disposal
of property, plant and equipment and assets classified as held for sale
|
3,290
|
|
60,992
|
|
Payments for intangible assets
|
(254)
|
|
-
|
|
Payments for land use right
|
(1,402)
|
|
(14,425)
|
|
Deposit paid for investing activities
|
-
|
|
(45,503)
|
|
Deposit received from disposal of subsidiaries
|
72,324
|
|
-
|
|
Proceeds from release of restricted cash relating to investing
activities
|
-
|
|
49,941
|
|
Payments to acquire joint ventures and associates
|
-
|
|
(209,869)
|
|
Distributions received from joint ventures and associates
|
153
|
|
4,156
|
|
Net cash used in investing activities
|
(816,708)
|
|
(499,552)
|
|
|
|
|
|
|
Cash flow from financing activities:
|
|
|
|
|
Proceeds from borrowings
|
255,393
|
|
326,969
|
|
Repayment of borrowings
|
(263,760)
|
|
(188,725)
|
|
Payments for issuance of shares
|
-
|
|
(31)
|
|
Payments for issuance of perpetual subordinated convertible securities
|
-
|
|
(225)
|
|
Distribution paid to perpetual subordinated convertible securities holders
|
-
|
|
(5,650)
|
|
Proceeds from exercise of employee stock options
|
933
|
|
2,923
|
|
Proceeds from issuance of medium-term notes
|
224,024
|
|
-
|
|
Proceeds from non-controlling interest – capital contribution
|
-
|
|
964,950
|
|
Payments to acquire treasury shares
|
-
|
|
(17)
|
|
Net cash from financing activities
|
216,590
|
|
1,100,194
|
|
|
|
|
|
|
Effects of exchange rate changes on the balance of cash held in
foreign currencies
|
18,645
|
|
227
|
|
Cash and cash equivalent of disposal group held for sale
|
(1,009)
|
|
(14,554)
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalent
|
(416,379)
|
|
963,801
|
|
Cash and cash equivalent, beginning of period
|
1,786,420
|
|
822,619
|
|
Cash and cash equivalent, end of period
|
1,370,041
|
|
1,786,420
|
- 21
-
By order of the Board
Semiconductor Manufacturing International Corporation
Dr. Gao Yonggang
Executive Director, Chief Financial Officer and Joint Company Secretary
Shanghai, May 8, 2019
As at the date of this announcement, the directors of the Company are:
Executive Directors
ZHOU Zixue (Chairman)
ZHAO Haijun (Co-Chief Executive Officer)
LIANG Mong Song (Co-Chief Executive Officer)
GAO Yonggang (Chief Financial Officer and Joint Company Secretary)
Non-executive Directors
CHEN Shanzhi
ZHOU Jie
REN Kai
LU Jun
TONG Guohua
Independent Non-executive Directors
William Tudor BROWN
CHIANG Shang-Yi
CONG Jingsheng Jason
LAU Lawrence Juen-Yee
FAN Ren Da Anthony
* For identification purposes only
- 22
-