SMIC Reports 2011 First Quarter Results

Depreciation and Amortization

  • Depreciation and amortization in 1Q11 was $130.9 million compared to $130.0 million in 4Q10.

Liquidity


Amounts in US$ thousands

1Q11

4Q10

Cash and cash equivalents

394,062

515,808

Restricted cash

128,135

161,350

Accounts receivable

231,015

206,623

Inventories

190,414

213,404

Others

141,220

81,917

Total current assets

1,084,846

1,179,102

 

 

 

Accounts payable

434,558

515,577

Short-term borrowings

628,182

372,055

Current portion of long-term debt              

281,608

333,459

Others

175,004

178,254

Total current liabilities

1,519,352

1,399,345

 

 

 

Cash Ratio

0.3x

0.4x

Quick Ratio

0.4x

0.5x

Current Ratio

0.7x

0.8x



Capital Structure


Amounts in US$ thousands

1Q11

4Q10

Cash and cash equivalents

394,062

515,808

Restricted cash

128,135

161,350

 

 

 

Current portion of promissory notes

29,582

29,374

Non-current portion of promissory notes      

56,728

56,327

 

 

 

Short-term borrowings

628,182

372,055

Current portion of long-term debt

281,608

333,459

Long-term debt

179,132

178,596

Total debt

1,088,922

884,110

 

 

 

Equity (1)

2,183,850

2,170,608

 

 

 

Total debt to equity ratio

49.9%

40.7%


Note:

(1) Including portion of noncontrolling interest.



Cash Flow


Amounts in US$ thousands

1Q11

4Q10

Net cash from operating activities

73,439

248,632

Net cash from investing activities

(400,942)

(246,458)

Net cash from financing activities              

205,422

41,119

Effect of exchange rate changes

336

268

Net change in cash

(121,746)

43,561




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