SMIC Reports 2010 Third Quarter Results

Depreciation and Amortization

  • Total depreciation and amortization decreased to $148.4 million in 3Q10 from $164.9 million in 2Q10 due to depreciated 8-inch production equipment.



Liquidity

Amounts in US$ thousands

3Q10

2Q10

Cash and cash equivalents

472,247

506,547

Restricted cash

95,958

37,099

Accounts receivable

210,491

208,856

Inventories

225,454

203,901

Others

89,253

53,410

Total current assets

1,093,403

1,009,813

 

 

 

Accounts payable

407,747

254,967

Short-term borrowings

402,248

357,387

Current portion of long-term debt

215,671

275,294

Others

160,680

328,668

Total current liabilities

1,186,346

1,216,316

 

 

 

Cash Ratio

0.4x

0.4x

Quick Ratio

0.5x

0.6x

Current Ratio

0.9x

0.8x








Capital Structure

Amounts in US$ thousands

3Q10

2Q10

Cash and cash equivalents

472,247

506,547

Restricted cash

95,958

37,099

 

 

 

Current portion of promissory note

34,547

54,164

Non-current portion of promissory note

70,414

69,921

 

 

 

Short-term borrowings

402,248

357,387

Current portion of long-term debt

215,671

275,294

Long-term debt

307,459

365,027

Total debt

925,378

997,708

 

 

 

Equity

1,995,798

1,717,011

 

 

 

Total debt to equity ratio

46.4%

58.1%






  • Equity in 3Q10 was $2.0 billion compared to $1.7 billion in 2Q10 primarily due to new shares issuance and the reclassification from liability to equity of litigation settlement related expenses.


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