Earnings Release • Apr 23, 2012
Earnings Release
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GENEVA, April 23, 2012 -- STMicroelectronics (NYSE: STM) reported financial results for the first quarter ended March 31, 2012.
First quarter net revenues decreased 8% to \$2.02 billion on a sequential basis, while gross margin was 29.6%, absorbing anticipated unsaturation charges related to fab loading and a one-time unexpected charge resulting from an arbitration award.
President and CEO Carlo Bozotti commented, "ST's wholly-owned businesses in the first quarter posted a sequential decrease of 3%, better than historical seasonality, benefiting from growth in the Automotive segment and the Analog, MEMS and Microcontrollers sector.
"Our Wireless segment losses weighed heavily on our quarterly results again. However, ST-Ericsson has announced today its new strategic direction and renewed business model with a key objective to significantly reduce its operating losses throughout 2012 as it moves towards leadership and improved financial returns.
"In total, first quarter activity levels across ST's product portfolio tracked closely to our expectations, with net revenues near the mid-point of our business outlook. Similarly, gross margin evolution was consistent with our continued focus on inventory management and in the first quarter gross margin absorbed approximately 600 basis points of unsaturation charges and a one-time unexpected charge resulting from an arbitration award. The effort on inventory reduction and prudent capital management led to a quarter on quarter increase in free cash flow and a further improvement in ST's financial position which stood at \$1.27 billion."*
(*)Free cash flow and ST financial position are non-U.S. GAAP measures. Please refer to Attachment A for additional information explaining why the Company believes these measures are important and for reconciliation to U.S. GAAP.
| U.S. GAAP (In Million US\$) |
Q1 2012 | Q4 2011 | Q1 2011 |
|---|---|---|---|
| Net Revenues (a) | 2,017 | 2,191 | 2,535 |
| Gross Margin | 29.6% | 33.4% | 39.1% |
| Operating Income (Loss), as reported | (352) | (132) | 118 |
| Net Income (Loss) | (176) | (11) | 170 |
(a) Net revenues include sales recorded by ST-Ericsson as consolidated by ST
| Non-U.S. GAAP* Before impairment, restructuring and one-time items (In Million US\$) |
Q1 2012 | Q4 2011 | Q1 2011 |
|---|---|---|---|
| Operating Income (Loss) | (280) | (123) | 142 |
| Operating Margin | (13.9%) | (5.6%) | 5.6% |
| Operating Margin – Attributable to ST | (6.5%) | (0.2%) | 9.9% |
ST's first quarter net revenues decreased 8.0% on a sequential basis, within our guidance, with ST's wholly-owned businesses posting a sequential decrease of 3%, better than historical seasonality, while the Wireless product segment was lower by 29%. EMEA led all regions with 8.9% sequential growth while the Americas decreased by 4.5%, Japan & Korea down by 8.8% and Greater China & South Asia down by 16.7%.
Gross margin in the first quarter was 32.2%, excluding a one-time 260 basis point impact due to the charge on ST's cost of sales following an award from an arbitration tribunal ordering ST to pay approximately \$59 million to NXP Semiconductors as announced on April 9, 2012. The first quarter gross margin was negatively impacted by an unsaturation charge of \$71 million driven by inventory reduction and a severe deterioration of manufacturing performance due to a low level of loading and less favorable than expected product mix.
Combined SG&A and R&D expenses were \$943 million compared to \$894 million in the prior quarter mainly due to seasonality and
reduced activity in the prior quarter. Combined operating expenses, as a percentage of sales, were 46.8% in the 2012 first quarter compared to 40.8% in the prior quarter.
Mainly due to increased losses at ST-Ericsson and excluding the one-time impact of the arbitration award, operating margin before impairment, restructuring and one-time items attributable to ST was negative 6.5% in the 2012 first quarter compared to about breakeven in the prior quarter.*
In the first quarter of 2012, ST booked \$159 million as a result attributable to non-controlling interests, which mainly included the 50% owned by Ericsson in the ST-Ericsson joint venture, as consolidated by ST. In the fourth quarter of 2011, the corresponding amount was \$199 million.
First quarter net loss was \$176 million or \$(0.20) per share, compared to net loss of \$(0.01) and net income of \$0.19 per diluted share in the prior and year-ago quarters, respectively. On an adjusted basis, net of related taxes, ST reported non-U.S. GAAP net loss per share of \$(0.14), excluding impairment and restructuring charges and the one-time impact of the arbitration award, in the first quarter, compared to net loss of \$(0.01) and net income of \$0.20 per diluted share in the prior and year-ago quarters, respectively.*
(*)Operating income before impairment, restructuring and one-time items, operating margin before impairment, restructuring and onetime items, operating margin before impairment, restructuring and one-time items attributable to ST and adjusted net earnings (loss) per share are non-U.S. GAAP measures. For additional information and a reconciliation to U.S. GAAP, please refer to Attachment A.
For the first quarter of 2012, the effective average exchange rate for the Company was approximately \$1.33 to euro1.00 compared to \$1.36 to euro1.00 for the fourth quarter of 2011 and \$1.33 to euro1.00 for the first quarter of 2011.
| Net Revenues By Market Segment / Channel (*) (Estimated and In %) |
Q1 2012 | Q4 2011 | Q1 2011 |
|---|---|---|---|
| Market Segment / Channel: | |||
| Automotive | 20% | 18% | 17% |
| Computer | 14% | 13% | 14% |
| Consumer | 11% | 10% | 11% |
| Industrial & Other | 10% | 9% | 8% |
| Telecom | 24% | 30% | 26% |
| Total OEM | 79% | 80% | 76% |
Distribution 21% 20% 24%
(*) Sales recorded by ST-Ericsson and consolidated by ST are included in Telecom and Distribution.
On a sequential basis, Computer and Automotive led all market segments with both growing 2%. Industrial & Other was flat while Consumer decreased by 4% and Telecom by 25%. Distribution decreased 1%.
Commencing January 1, 2012, the Company began reporting the former ACCI Product Segment (Automotive/Consumer/Computer/Communication Infrastructure) into the other segments. The new product segments are Automotive Segment ("APG") and Digital Sector ("Digital") comprised of the Digital Convergence Group ("DCG") and Imaging, BiCMOS ASIC and Silicon Photonics Group ("IBP").
| Operating Segment (In Million US\$) |
Q1 2012 Net Revenues |
Q1 2012 Operating Income (Loss) |
Q4 2011 Net Revenues |
Q4 2011 Operating Income (Loss) |
Q1 2011 Net Revenues |
Q1 2011 Operating Income (Loss) |
|---|---|---|---|---|---|---|
| Automotive (APG) | 391 | 37 | 383 | 41 | 433 | 60 |
| Analog, MEMS & Microcontrollers | 758 | 99 | 747 | 116 | 886 | 177 |
| Digital | 336 | (38) | 388 | 9 | 488 | 45 |
| Power Discrete | 233 | (6) | 253 | 16 | 333 | 50 |
| Wireless (a) | 290 | (293) | 409 | (211) | 384 | (180) |
| Others (b)(c) | 9 | (151) | 11 | (103) | 11 | (34) |
| TOTAL | 2,017 | (352) | 2,191 | (132) | 2,535 | 118 |
(a) Wireless includes the portion of sales and operating results of ST-Ericsson as consolidated in the Company's revenues and operating results, as well as other items affecting operating results related to the wireless business.
(b) Net revenues of "Others" includes revenues from sales of Subsystems, assembly services and other revenues.
(c) Operating income (loss) of "Others" includes items such as unused capacity charges, impairment, restructuring charges and other related closure costs, phase out and start-up costs, NXP arbitration award and other unallocated expenses such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to product groups, as well as operating earnings or losses of the Subsystems and Other Products Group. "Others"
includes \$71 million, \$99 million and \$2 million of unused capacity charges in the first quarter of 2012 and fourth and first quarters of 2011, respectively; and \$18 million, \$9 million and \$24 million of impairment, restructuring charges and other related closure costs in the first quarter of 2012 and fourth and first quarters of 2011, respectively.
Automotive (APG) first quarter net revenues increased 2% sequentially, mainly driven by market share gains and market improvement in the U.S. and Japan. APG operating margin was 9.4% compared to 10.5% in the prior quarter.
Analog, MEMS and Microcontrollers (AMM) first quarter net revenues increased 1.5% sequentially driven by a solid recovery of Microcontrollers and benefiting from an expanding product portfolio. AMM operating margin was 13.1% in the 2012 first quarter, compared to 15.5% in the prior quarter.
Digital first quarter net revenues decreased 13.2% sequentially principally due to a significant decrease in imaging revenues related to certain wireless customers and to a lesser extent seasonality. Digital operating margin was negative 11.2% in the 2012 first quarter, compared to positive 2.4% in the prior quarter.
Power Discrete (PDP) first quarter net revenues decreased 8.2% sequentially principally reflecting a wireless customer specific situation and still weak market conditions. PDP operating margin was negative 2.6% in the 2012 first quarter due to manufacturing inefficiencies resulting from low fab loading compared to positive 6.4% in the prior quarter.
Wireless net revenues in the first quarter decreased 29% compared to the prior quarter due to a drop in sales of new products at one of ST-Ericsson's largest customers, in addition to the usual seasonal effect and to the continued decline of ST-Ericsson's legacy products. Wireless operating loss was \$293 million in the first quarter, or \$135 million after considering non-controlling interest, compared to a loss of \$211 million, or \$93 million after considering non-controlling interest, in the prior quarter.
For additional information, see ST-Ericsson's Q1 2012 earnings results press release at http://www.stericsson.com/
Free cash flow was \$98 million in the first quarter compared to \$47 million in the prior quarter.*
Capital expenditure payments were \$125 million during the first quarter of 2012 compared to \$76 million in the prior quarter.
Inventory decreased by \$23 million to \$1.51 billion at quarter end.
In the first quarter, dividends paid to shareholders were \$88 million. In addition, the Company paid \$213 million to redeem nearly the entire residual outstanding 2016 convertible bonds.
ST continued to maintain a strong net financial position with a net cash position of \$1.27 billion, as adjusted, taking into account the 50% of ST-Ericsson's debt, at March 31, 2012 compared to \$1.17 billion at December 31, 2011. ST's cash and cash equivalents, marketable securities and restricted cash equaled \$2.2 billion and total debt was \$1.4 billion at March 31, 2012.*
Total equity, including non-controlling interest, was \$7.84 billion at quarter end.
In the 2012 first quarter the Company posted a return on net assets (RONA) attributable to ST of negative 11.2%.*
(*)Free cash flow, net financial position and RONA attributable to ST are non-U.S. GAAP measures. For additional information and a reconciliation to U.S. GAAP, please refer to Attachment A.
Mr. Bozotti stated, "While there are still macro-economic uncertainties, we believe billings have bottomed in the first quarter. Bookings have improved across the board during the course of the first quarter.
"Based on current visibility, we expect broad-based growth in all product segments during the second quarter leading to revenue growth of about 7.5 percent at the mid-point of our guidance. Looking further ahead we also anticipate broad-based revenue growth with a strong acceleration in MEMS and Analog in the second half of 2012 thanks to our new and innovative products and our expanding customer base."
The Company expects second quarter 2012 revenues to grow sequentially in the range of about +7.5%, plus or minus 3 percentage points. As a result, gross margin in the second quarter is expected to be about 34.4%, plus or minus 1.5 percentage points, and assumes an improvement from the first quarter amount from fab loading and manufacturing performance.
This outlook is based on an assumed effective currency exchange rate of approximately \$1.33 = euro 1.00 for the 2012 second quarter and includes the impact of existing hedging contracts. The second quarter will close on June 30, 2012.
The record date for all shareholders to participate at the Annual General Meeting will be May 2, 2012. The complete agenda and all relevant detailed information concerning the STMicroelectronics N.V. Annual General Meeting, as well as all related AGM materials, are available on the Company's web site (http://www.st.com/) and made available to shareholders in compliance with legal requirements.
The first payment date will be on June 7, 2012 for the European Stock Exchanges and on June 12, 2012 for the NYSE.
During the quarter, ST made solid progress with important new-product introductions and significant design wins in its key growth areas, including energy management & savings, trust & data security, healthcare & wellness and smart consumer devices.
Won a significant design-in of a MEMS gyroscope and accelerometer for a next-generation mobile phone by a leading US consumer manufacturer.
New ultra-compact accelerometer selected by a Korean market leader for feature- and low-end smartphones.
IPD, SLLIMM, Athena, Freeman,and Orly are trademarks of STMicroelectronics. Thor and NovaThor are trademarks of ST-Ericsson. All other trademarks are the property of their respective owners.
This press release contains supplemental non-U.S. GAAP financial information, including operating income (loss) before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items, operating margin before impairment, restructuring and one-time items attributable to ST, adjusted net earnings (loss), adjusted net earnings (loss) per share, free cash flow, RONA attributable to ST, net financial position and net financial position adjusted to account for 50% investment in ST-Ericsson.
Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information by other companies.
See Attachment A of this press release for a reconciliation of the Company's non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with the Company's consolidated financial statements prepared in accordance with U.S. GAAP.
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forwardlooking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management's current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements due to, among other factors:
the possible impact of an impairment charge on the carrying value of the ST-Ericsson investment in our books of approximately \$1.7 billion as well as on our consolidated results of the successful execution of ST-Ericsson's new strategic direction plan and
its related savings announced on April 23rd 2012;
Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "are expected to," "should," "would be," "seeks" or "anticipates" or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions. Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information — Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2011, as filed with the SEC on March 5, 2012. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
On April 24, 2012, the management of STMicroelectronics will conduct a conference call to discuss the Company's operating performance for the first quarter of 2012.
The conference call will be held at 9:00 a.m. U.S. Eastern Time / 3:00 p.m. CET. The conference call will be available live via the Internet by accessing http://investors.st.com/. Those accessing the webcast should go to the Web site at least 15 minutes prior to the call, in order to register, download, and install any necessary audio software. The webcast will be available until May 4, 2012.
ST is a global leader in the semiconductor market serving customers across the spectrum of sense and power technologies and multimedia convergence applications. From energy management and savings to trust and data security, from healthcare and wellness to smart consumer devices, in the home, car and office, at work and at play, ST is found everywhere microelectronics make a positive and innovative contribution to people's life. By getting more from technology to get more from life, ST stands for life.augmented.
In 2011, the Company's net revenues were \$9.73 billion. Further information on ST can be found at http://www.st.com/.
The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.
Operating income (loss) before, impairment, restructuring and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related closure costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related closure costs attributable to ST, the impact of the sale of Micron shares, other-than-temporary impairment (OTTI) charges on financial assets, NXP arbitration award, net of the relevant tax impact.
Return on net assets (RONA) is considered by management to be the key financial and economic metric to measure the return on invested capital. RONA is the ratio of operating income before impairment and restructuring charges divided by average net assets used during the period. ST defines average net assets as average total assets net of total liabilities as reported in our consolidated balance sheet excluding all items related to our financial position such as cash and cash equivalents, marketable securities, short-term deposits, bank overdrafts, current portion of long-term debt and long-term debt.
Operating income (loss) before impairment, restructuring and one-time items attributable to ST is calculated as operating income (loss) before impairment, restructuring and one-time items excluding 50% of ST-Ericsson operating income (loss) before impairment, restructuring and one-time items as consolidated by ST. Operating margin before impairment, restructuring and one-time items attributable to ST is calculated as operating income (loss) before restructuring attributable to ST divided by reported revenues excluding 50% of ST-Ericsson revenues as consolidated by ST. RONA attributable to ST is calculated as annualized operating income (loss) before restructuring attributable to ST divided by reported net assets excluding 50% of ST-Ericsson net assets as consolidated by ST.
The Company believes that these non-GAAP financial measures provide useful information for investors and management because they measure the Company's capacity to generate profits from its business operations, excluding the effect of acquisitions and expenses related to the rationalizing of its activities and sites that it does not consider to be part of its on-going operating results, thereby offering, when read in conjunction with the Company's GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results, (ii) the ability to better identify trends in the Company's business and perform related trend analysis, and (iii) an easier way to compare the Company's results of operations against investor and analyst financial models and valuations, which usually exclude these items.
| Q1 2012 | Operating | Net Earnings | Corresponding | |
|---|---|---|---|---|
| (US\$ millions and cents per share) | Gross Profit | Income (loss) | EPS (basic) | |
| U.S. GAAP | 596 | (352) | (176) | (0.20) |
| Impairment & Restructuring | 18 | 13 | ||
| NXP Arbitration Award | 54 | 56 | ||
| Estimated Income Tax Effect | (13) | |||
| Non-U.S GAAP | 596 | (280) | (120) | (0.14) |
| Corresponding | ||||
| Q4 2011 | Operating | Net Earnings | ||
| (US\$ millions and cents per share) | Gross Profit | Income (loss) | EPS (basic) | |
| U.S. GAAP | 732 | (132) | (11) | (0.01) |
| Impairment & Restructuring | 9 | 5 | ||
| Estimated Income Tax Effect | (2) | |||
| Non-U.S GAAP | 732 | (123) | (8) | (0.01) |
| Corresponding | ||||
| Q1 2011 | Operating | Net Earnings | ||
| (US\$ millions and cents per share) | Gross Profit | Income | EPS (diluted) | |
| U.S. GAAP | 991 | 118 | 170 | 0.19 |
| Impairment & Restructuring | 24 | 22 | ||
| Gain on sale of Micron shares | (21) | |||
| OTTI | 5 | |||
| Estimated Income Tax Effect | (1) | |||
| Non-U.S GAAP | 991 | 142 | 175 | 0.20 |
Net financial position: resources (debt), represents the balance between our total financial resources and our total financial debt. Our total financial resources include cash and cash equivalents, current and non-current marketable securities, short-term deposits and restricted cash, and our total financial debt includes bank overdrafts, if any, short-term borrowings, current portion of long-term debt and long-term debt, all as reported in our consolidated balance sheet. We believe our net financial position provides useful information for investors because it gives evidence of our global position either in terms of net indebtedness or net cash position by measuring our capital resources based on cash, cash equivalents and marketable securities and the total level of our financial indebtedness. Net financial position is not a U.S. GAAP measure.
| December 31, | |||
|---|---|---|---|
| Net Financial Position (in US\$ millions) | March 31, 2012 | 2011 | April 2, 2011 |
| Cash and cash equivalents | 2,059 | 1,912 | 1,928 |
|---|---|---|---|
| Marketable securities, current | 154 | 413 | 719 |
| Short-term deposits | - | - | 71 |
| Restricted cash | 3 | 3 | 92 |
| Non-current restricted cash | 4 | 5 | - |
| Marketable securities, non-current | - | - | 77 |
| Total financial resources | 2,220 | 2,333 | 2,887 |
| Bank overdrafts, short-term borrowings and current portion of long-term debt |
(1,076) | (740) | (717) |
| Long-term debt | (366) | (826) | (1,032) |
| Total financial debt | (1,442) | (1,566) | (1,749) |
| Net financial position | 778 | 767 | 1,138 |
| Net financial position, adjusted to account for 50% investment in ST-Ericsson |
1,267 | 1,167 | 1,255 |
Free cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe free cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Free cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of free cash flow may differ from definitions used by other companies.
| Free cash flow (in US\$ millions) | Q1 2012 | Q4 2011 | Q1 2011 |
|---|---|---|---|
| Net cash from operating activities | 250 | 137 | 350 |
| Net cash from (used in) investing activities | 113 | 43 | (206) |
| Payment for purchases of (proceeds from sale of) current and non-current marketable securities, short-term deposits |
|||
| and restricted cash, net | (265) | (133) | (93) |
| Free cash flow | 98 | 47 | 51 |
STMicroelectronics N.V.
Consolidated Statements of Income
(in millions of U.S. dollars, except per share data (\$))
| Three Months Ended | ||
|---|---|---|
| (Unaudited) | (Unaudited) | |
| March 31, | April 2, | |
| 2012 | 2011 | |
| Net sales | 2,010 | 2,523 |
| Other revenues | 7 | 12 |
| NET REVENUES | 2,017 | 2,535 |
| Cost of sales | (1,421) | (1,544) |
| GROSS PROFIT Selling, general and administrative |
596 (310) |
991 (312) |
| Research and development | (633) | (562) |
| Other income and expenses, net Impairment, restructuring charges and other related closure costs |
13 (18) |
25 (24) |
| Total Operating Expenses | (948) | (873) |
| OPERATING INCOME (LOSS) Other-than-temporary impairment charge on financial assets |
(352) - |
118 (5) |
| Interest expense, net Earnings (loss) on equity-method investments Gain on financial instruments, net |
(13) (7) 3 |
(15) (6) 22 |
| INCOME (LOSS) BEFORE INCOME TAXES | (369) | 114 |
| AND NONCONTROLLING INTEREST Income tax benefit (expense) |
34 | (31) |
| NET INCOME (LOSS) | (335) | 83 |
| Net loss (income) attributable to noncontrolling interest | 159 | 87 |
| NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY | (176) | 170 |
| EARNINGS (LOSS) PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS EARNINGS (LOSS) PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS |
(0.20) (0.20) |
0.19 0.19 |
| NUMBER OF WEIGHTED AVERAGE | ||
| SHARES USED IN CALCULATING DILUTED EARNINGS (LOSS) PER SHARE |
885.0 | 907.4 |
| SELECTED CASH FLOW DATA | ||||||
|---|---|---|---|---|---|---|
| Cash Flow Data (in US\$ millions) | Q1 2012 | Q4 2011 | Q1 2011 | |||
| Net Cash from operating activities | 250 | 137 | 350 | |||
| Net Cash from (used in) investing activities | 113 | 43 | (206) | |||
| Net Cash used in financing activities Net Cash increase (decrease) |
(225) 147 |
(213) (61) |
(116) 36 |
|||
| Selected Cash Flow Data (in US\$ millions) | Q1 2012 | Q4 2011 | Q1 2011 | |||
| Depreciation & amortization | 288 | 315 | 317 | |||
| Payment for Capital expenditures | (125) | (76) | (466) | |||
| Dividends paid to stockholders Change in inventories, net |
(88) 46 |
(89) 139 |
(62) (135) |
|||
| STMicroelectronics N.V. CONSOLIDATED BALANCE SHEETS |
||||||
| As at | March 31, | December 31, | April 2, | |||
| In millions of U.S. dollars | 2012 (Unaudited) |
2011 (Audited) |
2011 (Unaudited) |
|||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 2,059 | 1,912 | 1,928 | |||
| Restricted cash | 3 | 3 | 92 | |||
| Short-term deposits | - | - | 71 | |||
| Marketable securities | 154 | 413 | 719 | |||
| Trade accounts receivable, net | 971 | 1,046 | 1,239 | |||
| Inventories, net | 1,508 | 1,531 | 1,671 | |||
| Deferred tax assets | 170 | 141 | 191 | |||
| Assets held for sale | 22 | 28 | 31 | |||
| Other current assets | 589 | 506 | 675 | |||
| Total current assets | 5,476 | 5,580 | 6,617 | |||
| Goodwill | 1,064 | 1,059 | 1,064 | |||
| Other intangible assets, net | 608 | 645 | 715 | |||
| Property, plant and equipment, net | 3,826 | 3,920 | 4,350 | |||
| Non-current deferred tax assets | 371 | 332 | 358 | |||
| Restricted cash | 4 | 5 | 0 | |||
| Non-current marketable securities | - | - | 77 | |||
| Other long-term investments | 116 | 121 | 159 | |||
| Other non-current assets | 420 | 432 | 342 | |||
| 6,409 | 6,514 | 7,065 | ||||
| Total assets | 11,885 | 12,094 | 13,682 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Bank overdrafts | - | 7 | - | |||
| Short-term debt | 1,076 | 733 | 717 | |||
| Trade accounts payable | 781 | 656 | 1,277 | |||
| Other payables and accrued liabilities | 987 | 976 | 995 | |||
| Dividends payable to stockholders | - | 88 | - | |||
| Deferred tax liabilities | 15 | 14 | 14 |
Accrued income tax 94 95 120 Total current liabilities 2,953 2,569 3,123
| Long-term debt | 366 | 826 | 1,032 |
|---|---|---|---|
| Post-retirement benefit obligations | 425 | 409 | 340 |
| Long-term deferred tax liabilities | 22 | 21 | 33 |
| Other long-term liabilities | 275 | 273 | 313 |
| 1,088 | 1,529 | 1,718 | |
| Total liabilities | 4,041 | 4,098 | 4,841 |
| Commitment and contingencies | |||
| Equity | |||
| Parent company stockholders' equity | |||
| Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 910,559,805 shares |
1,156 | 1,156 | 1,156 |
| issued, 885,000,042 shares outstanding) | |||
| Capital surplus | 2,550 | 2,544 | 2,523 |
| Retained earnings | 3,328 | 3,504 | 3,411 |
| Accumulated other comprehensive income | 837 | 670 | 1,222 |
| Treasury stock | (271) | (271) | (304) |
| Total parent company stockholders' equity | 7,600 | 7,603 | 8,008 |
| Noncontrolling interest | 244 | 393 | 833 |
| Total equity | 7,844 | 7,996 | 8,841 |
| Total liabilities and equity | 11,885 | 12,094 | 13,682 |
CONTACT: INVESTOR RELATIONS, Tait Sorensen, Director, Investor Relations , +1-602-485-2064, [email protected], MEDIA RELATIONS, Maria Grazia Prestini, Group VP, Corporate Media and Public Relations, STMicroelectronics, + 41-22-929-6945
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