SMIC Reports 2015 Third Quarter Results

All currency figures stated in this report are in US Dollars unless stated otherwise.

(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

  • Revenue was a record high of $569.9 million in 3Q15, increased 4.3% QoQ from $546.6 million in 2Q15 and increased 9.2% YoY from $521.6 million in 3Q14.
  • Gross profit was a record high of $182.4 million in 3Q15, increased 3.4% QoQ from $176.4 million in 2Q15 and increased 35.1% YoY from $134.9 million in 3Q14.
  • Gross margin was 32.0% in 3Q15, compared to 32.3% in 2Q15 and 25.9% in 3Q14.
  • Net profit for the period attributable to SMIC was $82.6 million in 3Q15, as compared to $76.7 million in 2Q15 and $47.5 million in 3Q14. Excluding the gain of commitment to grant shares and warrants in 2Q10, profit for the period attributable to SMIC was a record high in 3Q15.

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:

  • Revenue to increase by 3% to 6% quarter over quarter.
  • Gross margin to range from 28% to 30%.
  • Non-GAAP operating expenses excluding the effect of employee bonus accrual, government funding and gain from the disposal of living quarters to range from $142 million to $147 million.
  • Non-controlling interests of our majority-owned subsidiaries to range from positive $33 million to positive $36 million (losses to be borne by non-controlling interests).

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 .

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