SMIC Reports 2009 Second Quarter Results

Please visit SMIC's website at http://www.smics.com/website/enVersion/Press_Center/pressRelease.jsp for further details regarding the recent announcements.



              Semiconductor Manufacturing International Corporation
                          CONSOLIDATED BALANCE SHEET
                                (In US dollars)

                                                      As of the end of
                                                June 30, 2009  March 31, 2009
                                                 (Unaudited)    (Unaudited)
    ASSETS
    Current assets:
      Cash and cash equivalents                  435,613,297     502,015,857
      Restricted Cash                             22,579,630      11,227,741
      Short-term investments                       3,312,592      20,731,562
      Accounts receivable, net of allowances
       of $5,637,336 and $5,870,986 at June 30
       and March 31, 2009, respectively          236,412,588     156,177,160
      Inventories                                183,011,768     154,783,494
      Prepaid expense and other current assets    53,276,615      57,287,558
      Receivable for sale of manufacturing
       equipment                                  21,440,494      21,440,494
    Total current assets                         955,646,984     923,663,866

    Prepaid land use rights                       78,860,359      79,234,650
    Plant and equipment, net                   2,625,371,271   2,792,875,058
    Acquired intangible assets, net              184,845,479     191,028,492
    Deferred cost, net                            35,318,637      41,205,077
    Equity investment                             10,275,172      10,756,777
    Other long-term prepayments                      825,389       1,486,807
    Deferred tax assets                           57,250,700      51,969,380
    TOTAL ASSETS                               3,948,393,991   4,092,220,107

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Accounts payable                           166,698,508     135,351,888
      Accrued expenses and other current
       liabilities                               117,632,973     114,185,387
      Short-term borrowings                      273,678,075     270,078,251
      Current portion of promissory note          29,242,001      29,492,873
      Current portion of long-term debt          205,343,559     359,079,883
      Income tax payable                             851,539         467,869
    Total current liabilities                    793,446,655     908,656,151

    Long-term liabilities:
      Promissory notes                             9,500,358      23,792,341
      Long-term debt                             615,998,747     533,090,173
      Long-term payables relating to
       license agreements                         16,488,420      18,375,736
      Deferred tax liabilities                       335,577         373,727
    Total long-term liabilities                  642,323,102     575,631,977

    Total liabilities                          1,435,769,757   1,484,288,128

     Non-Controlling interest                     34,302,529      34,040,748

    Commitments

    Stockholders' equity:
      Ordinary shares, $0.0004 par value,
       50,000,000,000 shares authorized, shares
       issued and outstanding 22,353,411,672
       and 22,350,521,609 at June 30 and
       March 31, 2009, respectively                8,941,365           8,940,209
            Additional  paid-in  capital                              3,494,327,734      3,491,661,468
            Accumulated  other  comprehensive
            (loss)  income                                                                      98,945                  169,290
            Accumulated  deficit                                          (1,025,046,339)      (926,879,736)
        Total  stockholders'  equity                                  2,478,321,705      2,573,891,231

        TOTAL  LIABILITIES  AND  STOCKHOLDERS'
          EQUITY                                                                        3,948,393,991      4,092,220,107



                          Semiconductor  Manufacturing  International  Corporation
                                          CONSOLIDATED  STATEMENT  OF  OPERATIONS
                                                              (In  US  dollars)

                                                                                                  For  the  three  months  ended
                                                                                                June  30,  2009      March  31,  2009
                                                                                                    (Unaudited)          (Unaudited)
        Sales                                                                                  267,422,419        146,518,884
        Cost  of  sales                                                                  280,318,656        275,899,824
        Gross  loss                                                                        (12,896,237)    (129,380,940)

        Operating  expenses:
        Research  and  development                                              48,450,248          18,494,784
        General  and  administrative                                          17,195,574          14,927,735
        Selling  and  marketing                                                      6,904,892            4,207,593
        Amortization  of  acquired  intangible  assets            8,858,012            9,030,614
        Loss  from  sale  of  equipment  and  other
          fixed  assets                                                                          196,980                  20,484
        Total  operating  expenses,  net                                    81,605,706          46,681,210

        Loss  from  operations                                                    (94,501,943)    (176,062,150)

        Other  income  (expense):
        Interest  income                                                                      634,737                436,294
        Interest  expense                                                              (8,386,025)        (5,498,154)
        Foreign  currency  exchange  gain  (loss)                          219,319              (357,034)
        Others,  net                                                                          1,730,404                938,969
        Total  other  expense,  net                                              (5,801,565)        (4,479,925)

        Loss  before  income  tax                                              (100,303,508)    (180,542,075)

        Income  tax  benefit                                                            2,880,291            3,304,513
        Loss  from  equity  investment                                            (481,605)            (873,513)
        Net  loss                                                                            (97,904,822)    (178,111,075)

        Accretion  of  interest  to  non-controlling
          interest  holder                                                                  (261,781)            (258,904)

        Loss  attributable  to  holders  of  ordinary
          shares                                                                              (98,166,603)    (178,369,979)

        Net  loss  per  share,  basic                                                  (0.0044)              (0.0080)
        Net  loss  per  ADS,  basic                                                      (0.2196)              (0.3992)
        Net  loss  per  share,  diluted                                              (0.0044)              (0.0080)
        Net  loss  per  ADS,  diluted                                                  (0.2196)              (0.3992)

        Shares  used  in  calculating  basic
          loss  per  share                                                        22,352,477,317  22,343,640,476

        Shares  used  in  calculating  diluted  loss
          per  share                                                                  22,352,477,317  22,343,640,476



                          Semiconductor  Manufacturing  International  Corporation
                                            CONSOLIDATED  STATEMENT  OF  CASH  FLOWS
                                                              (In  US  dollars)

                                                                                                  For  the  three  months  ended
                                                                                              June  30,  2009      March  31,  2009
                                                                                                  (Unaudited)          (Unaudited)
        Operating  activities:

        Net  Loss                                                                        (97,904,822)        (178,111,075)

        Adjustments  to  reconcile  net  loss  to  net
          cash  provided  by  operating  activities:

        Deferred  taxes                                                              (5,319,471)            (6,321,059)
        Loss  from  sale  of  equipment  and  other
          fixed  assets                                                                      196,980                      20,484
        Depreciation  and  amortization                              191,368,626            196,535,950
        Non-cash  interest  expense  on  promissory
          note  and  long-term  payable  relating  to
          license  agreements                                                          992,974                1,046,426
        Amortization  of  acquired  intangible  assets        8,858,012                9,030,614
        Share-based  compensation                                            2,630,178                2,272,359
        Loss  from  equity  investment                                          481,605                    873,513
        Changes  in  operating  assets  and  liabilities:
        Accounts  receivable,  net                                        (80,235,429)            43,194,535
        Inventories                                                                  (28,228,273)            16,853,373
        Prepaid  expense  and  other  current  assets            4,672,361                  (579,942)
        Accounts  payable                                                          39,046,117              (6,456,221)
        Accrued  expenses  and  other  current
          liabilities                                                                    6,255,592                  (158,281)
        Income  tax  payable                                                            383,671                    (84,138)

        Net  cash  provided  by  operating
          activities                                                                    43,198,121              78,116,538

        Investing  activities:

        Purchase  of  plant  and  equipment                          (44,759,433)          (72,018,394)
        Proceeds  from  government  grant  to
          purchase  plant  and
        equipment                                                                        14,544,928                6,437,831
        Proceeds  from  sale  of  equipment                                (191,827)              1,700,577
        Proceeds  received  from  sale  of  assets
          held  for  sale                                                                    (26,201)                  770,931
        Purchase  of  acquired  intangible  assets              (2,987,788)          (12,621,260)
        Purchase  of  short-term  investments                      (5,648,618)          (31,496,963)
        Sale  of  short-term  investments                              23,067,587              30,693,690
        Change  in  restricted  cash                                      (11,351,889)            (4,972,928)
        Purchase  of  equity  investment                                                --                  (278,103)

        Net  cash  used  in  investing  activities              (27,353,241)          (81,784,619)

        Financing  activities:

        Proceeds  from  short-term  borrowings                  215,404,493            182,644,921
        Repayment  of  short-term  borrowings                  (211,804,669)        (113,824,443)
        Repayment  of  long-term  debt                                  (70,827,750)            (4,977,014)
        Repayment  of  promissory  note                                (15,000,000)                            --
        Proceeds  from  exercise  of  employee  stock
          options                                                                                  37,245                      15,937
        Redemption  of  non-controlling  interest                              --              (9,013,444)

        Net  cash  provided  by  (used  in)  financing
          activities                                                                  (82,190,681)            54,845,957

        Effect  of  exchange  rate  changes                                  (56,759)                  608,412

        NET  (DECREASE)  INCREASE  IN  CASH  AND  CASH
          EQUIVALENTS                                                                (66,402,560)            51,786,288

        CASH  AND  CASH  EQUIVALENTS,  beginning  of
          period                                                                          502,015,857            450,229,569

        CASH  AND  CASH  EQUIVALENTS,  end  of  period        435,613,297            502,015,857


        For  more  information,  please  contact:

        Investor  Contacts:

        En-Ling  Feng
        Tel:      +86-21-3861-0000  x16275
        Email:  Enling_Feng@smics.com

        Anne  Wong  Chen
        Tel:      +86-21-3861-0000  x12804
        Email:  Anne_CAYW@smics.com

        Edith  Kwan
        Tel:      +852-2116-2624
        Email:  Edith_Kwan@smics.com
 


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