SMIC Reports 2015 Third Quarter Results

 

Liquidity


Amounts in US$ thousands

3Q15

2Q15

Cash and cash equivalent

741,576

766,165

Restricted cash

88,685

105,791

Other financial assets(1)

462,280

568,886

Trade and other receivables

466,130

489,675

Prepayment and prepaid operating expenses

47,518

37,507

Inventories

398,987

365,332

Assets classified as held-for-sale

111,374

-

Total current assets

2,316,550

2,333,356




Current tax liabilities

694

412

Accrued liabilities

146,844

132,714

Deferred government funding

67,190

62,368

Short-term Borrowings

57,499

119,727

Trade and other payables

786,961

863,210

Total current liabilities

1,059,188

1,178,431




Cash Ratio(2)

0.7x

0.7x

Quick Ratio(3)

1.8x

1.7x

Current Ratio(4)

2.2x

2.0x


Note:

(1) Other financial assets contain financial products sold by bank and bank deposits over 3 months.

(2) Cash and cash equivalent divided by total current liabilities.

(3) Current assets excluding inventories divided by total current liabilities

(4) Total current assets divided by total current liabilities.

As of September 30, 2015, the assets classified as held-for-sale balance of $111.4 million were living quarter units, which the Group has committed to sell to its employees in the future.

Capital Structure


Amounts in US$ thousands

3Q15

2Q15

Cash and cash equivalent

741,576

766,165

Restricted cash

88,685

105,791

Other financial assets(1)

462,280

568,886




Short-term borrowings

57,499

119,727

Long-term borrowings

108,557

85,484

Convertible bonds

389,268

385,947

Corporate bonds

492,790

492,383

Total debt

1,048,114

1,083,541




Net debt ( 2 )

(155,742)

(251,510)

Equity

3,942,898

3,846,024

Total debt to equity ratio ( 3 )

26.6%

28.2%

Net debt to equity ratio ( 4 )

N/A

N/A


Note:

(1) Other financial assets contain financial products sold by bank and bank deposits over 3 months.

(2) Net debt is total debt minus cash and cash equivalent, and other financial assets.

(3) Total debt divided by equity.

(4) Net debt divided by equity. The ratio was not applicable due to the negative net debt in 3Q15 and 2Q15.


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