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SMIC Reports 2010 Fourth Quarter Results

SHANGHAI Feb. 17, 2011 December 31, 2010

Fourth Quarter 2010 Highlights:

  • $411.8 million $410.1 million
  • Gross margin was 23.9% in 4Q10 compared to 24.5% in 3Q10 primarily due to an increase in other manufacturing costs.
  • $248.6 million $125.2 million
  • Income attributable to holders of ordinary shares was US$ 68.6 US$30.4 million
  • $0.13

First Quarter 2011 Guidance:

The following statements are forward looking statements which are based on current expectation and which involve risks and uncertainties, some of which are set forth under "Safe Harbor Statements" below.

  • Revenue is expected to decline between 6% to 9%.
  • Gross margin is expected to range from 18% to 20%.
  • $82 million to $86 million
  • $1 billion

$1.55 billion

"In summary, we achieved a profitable 2010, successful 65-nanometer ramp up thus far, improved operations and overall customer relationships. We continue to focus on sustainable profitability for the long-term. In the near term we continue to ramp up 65/55-nanometer and to bring our 45/40-nanometer into production by the end of 2011. With our planned build up, we target to outgrow the foundry industry in 2011, and we look forward, with our strategy and execution to deliver sustainable value to our shareholders. "

Conference Call / Webcast Announcement

Date: Friday, February 18, 2011

Time: 8:30 a.m. Shanghai time

Dial-in numbers and pass code:

US

1-617-597-5342

(Pass code: SMIC)

HK

852-3002-1672

(Pass code: SMIC)  

http://www.smics.com http://phx.corporate-ir.net/playerlink.zhtml?c=176474&s=wm&e=3685341

An archived version of the webcast, along with an electronic copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.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

Shanghai, China Shanghai Beijing Tianjin Shenzhen Chengdu Europe Japan Hong Kong Wuhan

www.smics.com

Safe Harbor Statements

(Under the Private Securities Litigation Reform Act of 1995)

China China

June 29, 2010

Summary of Fourth Quarter 2010 Operating Results

Amounts in US$ thousands, except for EPS and operating data

4Q10

3Q10

QoQ

4Q09

YoY

Revenue

411,842

410,080

0.4%

333,090

23.6%

Cost of sales

313,248

309,440

1.2%

307,669

1.8%

Gross profit

98,594

100,640

-2.0%

25,421

287.8%

Operating expenses

57,260

79,952

-28.4%

622,244

-90.8%

Income (loss) from operations

41,334

20,688

99.8%

(596,823)

Other income (expense), net

27,445

13,358

105.5%

(29,178)

Income tax (expense) benefit

(388)

(3,634)

-89.3%

8,735

Net income (loss) after income taxes

68,391

30,412

124.9%

(617,266)

Gain (loss) from equity investment

304

295

3.1%

(114)

 

 

Net income (loss)

68,695

30,707

123.7%

(617,380)

 

 

Accretion of interest to noncontrolling interest

(265)

(265)

0.0%

(274)

-3.3%

 

 

Loss attributable to noncontrolling interest

140

 

 

 

Earnings (Loss) attributable to Semiconductor Manufacturing International Corporation

68,570

30,442

125.2%

(617,655)

 

 

Gross margin

23.9%

24.5%

7.6%

 

Operating margin

10.0%

5.0%

-179.2%

 

 

 

Earnings (loss) per ordinary share (basic)(1)

0.00

0.00

(0.03)

 

Earnings (loss) per ADS (basic)

0.13

0.06

(1.38)

 

Earnings (loss) per ordinary share (diluted)(1)

0.00

0.00

(0.03)

 

Net income (loss) per ADS (diluted)

0.13

0.06

(1.38)

 

 

 

Wafers shipped (in 8" wafers)(2)

517,404

516,792

0.1%

436,816

18.4%

 

 

Capacity utilization

96.8%

96.4%

91.5%

Note:

(1) Based on weighted average ordinary shares of 26,547 million (basic) and 26,749 million (diluted) in 4Q10, 25,567 million (basic) and 25,747  million (diluted) in 3Q10 and 22,370 million (basic) and 22,370 million (diluted) in 4Q09

(2) Including copper interconnects

  • $411.8 million $410.1 million
  • $313.2 million $309.4 million
  • $98.6 million $100.6 million $25.4 million
  • Gross margin was 23.9% in 4Q10 from 24.5% in 3Q10 primarily due to an increase in other manufacturing costs.
  • $57.3 million $80.0 million
  • $47.1 million $47.4 million
  • $(7.0) million $16.8 million $28.5 million
  • $8.7 million $7.8 million

Analysis of Revenues

Sales Analysis

 

 

 

By Application

4Q10

3Q10

4Q09

Computer

2.3%

3.6%

6.2%

Communications

50.5%

45.9%

49.0%

Consumer

39.7%

42.5%

38.3%

Others

7.5%

8.0%

6.5%

By Service Type

4Q10

3Q10

4Q09

Logic(1)

93.1%

90.2%

90.2%

Memory(2)

0.0%

1.1%

3.4%

Mask Making, testing, others

6.9%

8.7%

6.4%

By Customer Type

4Q10

3Q10

4Q09

Fabless semiconductor companies

79.6%

75.3%

64.4%

Integrated device manufacturers (IDM)

16.7%

15.2%

17.4%

System companies and others

3.7%

9.5%

18.2%

By Geography

4Q10

3Q10

4Q09

North America

56.4%

52.1%

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