SMIC Reports 2013 Fourth Quarter Results

Operating Expenses (Income) Analysis

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Operating expenses

84,840

63,447

33.7%

45,079

88.2%

Research and development

46,256

37,564

23.1%

26,676

73.4%

General and administrative

36,610

24,718

48.1%

29,437

24.4%

Selling and marketing

8,385

9,324

-10.1%

8,629

-2.8%

Other operating income

(6,411)

(8,159)

-21.4%

(19,663)

-67.4%

  • R&D expenses increased to $46.3 million in 4Q13, compared to $37.6 million in 3Q13. The increase was primarily due to an increase in R&D expenses associated with higher R&D activities from quarter to quarter and a decrease in funding of R&D contracts from the government in 4Q13 of $4.3 million compared to 3Q13.
  • General and administrative expenses increased to $36.6 million in 4Q13, up 48.1 % QoQ from $24.7 million in 3Q13, mainly due to 1) increased bad debt expense recognized in 4Q13 and 2) a bonus accrual relating to an increase in employee productivity in 4Q13.
  • Other operating income was $6.4 million in 4Q13, compared to $8.2 million in 3Q13. The change was mainly due to 1) a decrease of gain arising from the disposal of part of the Company-owned living quarters in Shanghai, and 2) gain arising from the deconsolidation of Brite Semiconductor Corporation and its subsidiaries due to loss of control.

Other Income (expense), Net

Amounts in US$ thousands

4Q13

3Q13

QoQ

4Q12

YoY

Other income (expense), net

7,756

(4,681)

-

(2,591)

-

Interest income

2,206

1,394

58.2%

1,276

72.9%

Finance costs

(5,789)

(8,673)

-33.3%

(10,449)

-44.6%

Foreign exchange gains or losses

6,228

2,404

159.1%

4,434

40.5%

Other gains or losses

4,607

(357)

-

2,044

125.4%

Share of profits of associates

504

551

-8.5%

104

384.6%

  • The change of other gains or losses was mainly due to 1) lower revenue from our schools as a result of summer vacation in 3Q13 and 2) a reversal of impairment loss from an available-for-sale investment which was recognized in 3Q13 due to subsequent recovery of the cost.

Depreciation and Amortization

Amounts in US$ thousands

4 Q1 3

3 Q1 3

QoQ

4 Q1 2

YoY

Depreciation and amortization

138,721

136,725

1.5%

140,021

-0.9%


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