STMicroelectronics Reports 2016 Second Quarter and First Half Financial Results

STMicroelectronics
Supplemental Non-U.S. GAAP Financial Information
U. S. GAAP - Non-U.S. GAAP Reconciliation
In Million US$ Except Per Share Data

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 and restructuring charges 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 and other one-time items, net of the relevant tax impact.

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.

Q2 2016

(US$ millions and cents per share)
Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 577 28 23 0.03
Impairment & Restructuring   12 12  
Estimated Income Tax Effect     (2)
Non-U.S GAAP 577 40 33 0.04
Q1 2016

(US$ millions and cents per share)
Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 538 (33) (41) (0.05)
Impairment & Restructuring   28 28  
Estimated Income Tax Effect     (3)
Non-U.S GAAP 538 (5) (16) (0.02)
Q2 2015

(US$ millions and cents per share)
Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 595 12 35 0.04
Impairment & Restructuring   21 21  
Estimated Income Tax Effect     (1)
Non-U.S GAAP 595 33 55 0.06

(continued)
(Appendix - continued)

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, marketable securities, short-term deposits and restricted cash, and our total financial debt includes 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.

Net Financial Position (in US$ millions) July 2, 2016 April 2, 2016 June 27, 2015
Cash and cash equivalents 1,682 1,697 1,887
Restricted cash - - 20
Marketable securities 345 343 334
Total financial resources 2,027 2,040 2,241
Short-term debt (171) (173) (201)
Long-term debt (1,430) (1,428) (1,581)
Total financial debt (1,601) (1,601) (1,782)
Net financial position - Non-U.S. GAAP 426 439 459

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