STMicroelectronics Reports 2011 Second Quarter and First Half Financial Results

(a) Excludes Micron shares received in connection with the sale of Numonyx in Q210.

Free cash flow is defined as net cash from operating activities minus net cash used in investing activities, excluding payment for purchases of and proceeds from the sale of marketable securities (both current and non-current), short-term deposits and restricted cash. We believe free cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Free cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of free cash flow may differ from definitions used by other companies.


Free cash flow (in US$ millions)

 Q2 2011

Q1 2011

Q2 2010

Net cash from operating activities

117

350

361

Net cash from (used in) investing activities

289

(206)

(300)

Payment for purchases of (proceeds from sale of) current and non-current marketable securities, investment in (proceeds from) short-term deposits and restricted cash, net

(656)

(93)

151

Free cash flow

(250)

51

212




STMicroelectronics N.V.



Consolidated Statements of Income



(in million of U.S. dollars, except per share data ($))






Three Months Ended


(Unaudited)

(Unaudited)


July 2,

June 26,


2011

2010




Net sales

2,545

2,507

Other revenues

22

24

 NET REVENUES

2,567

2,531

Cost of sales

(1,590)

(1,563)

 GROSS PROFIT

977

968

Selling, general and administrative

(316)

(302)

Research and development

(579)

(593)

Other income and expenses, net

32

30

Impairment, restructuring charges and other related closure costs

(31)

(12)

 Total Operating Expenses

(894)

(877)

 OPERATING INCOME

83

91

Realized gain on financial assets

323

-

Interest income (expense), net

(3)

1

Loss on equity investments and gain on investment divestiture

(9)

264

Loss on financial instruments, net

-

(8)

 INCOME BEFORE INCOME TAXES

394

348

  AND NONCONTROLLING INTEREST



Income tax expense

(83)

(66)

 INCOME BEFORE NONCONTROLLING INTEREST

311

282

Net loss attributable to noncontrolling interest

109

74

 NET INCOME ATTRIBUTABLE TO PARENT COMPANY

420

356




 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS

0.48

0.40

 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS

0.46

0.39




 NUMBER OF WEIGHTED AVERAGE



 SHARES USED IN CALCULATING



 DILUTED EARNINGS PER SHARE

907.0

912.1



STMicroelectronics N.V.



Consolidated Statements of Income



(in million of U.S. dollars, except per share data ($))






Six Months Ended


(Unaudited)

(Unaudited)


July 2,

June 26,


2011

2010




Net sales

5,068

4,818

Other revenues

33

38

 NET REVENUES

5,101

4,856

Cost of sales

(3,134)

(3,011)

 GROSS PROFIT

1,967

1,845

Selling, general and administrative

(628)

(583)

Research and development

(1,141)

(1,189)

Other income and expenses, net

58

43

Impairment, restructuring charges and other related closure costs

(55)

(45)

 Total Operating Expenses

(1,766)

(1,774)

 OPERATING INCOME

201

71

Other-than-temporary impairment charge and realized gain on financial assets

318

-

Interest income (expense), net

(18)

4

Loss on equity investments and gain on investment divestiture

(15)

259

Gain (loss) on financial instruments, net

22

(11)

 INCOME BEFORE INCOME TAXES

508

323

  AND NONCONTROLLING INTEREST



Income tax expense

(114)

(55)

 INCOME BEFORE NONCONTROLLING INTEREST

394

268

Net loss attributable to noncontrolling interest

196

145

 NET INCOME ATTRIBUTABLE TO PARENT COMPANY

590

413




 EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS

0.67

0.47

 EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS

0.65

0.46




 NUMBER OF WEIGHTED AVERAGE



 SHARES USED IN CALCULATING



 DILUTED EARNINGS PER SHARE

907.2

913.2





STMicroelectronics N.V.






CONSOLIDATED BALANCE SHEETS


















As at

July 2,

April 2,

December 31,



In million of U.S. dollars

2011

2011

2010




(Unaudited)

(Unaudited)

(Audited)









ASSETS






Current assets:






Cash and cash equivalents

2,355

1,928

1,892



Restricted cash

3

92

7



Short-term deposits

151

71

67



Marketable securities

426

719

1,052



Trade accounts receivable, net

1,302

1,239

1,230



Inventories, net

1,755

1,671

1,497



Deferred tax assets

171

191

218



Assets held for sale

28

31

28



Other receivables and assets

749

675

609



Total current assets

6,940

6,617

6,600









Goodwill

1,079

1,064

1,054



Other intangible assets, net

715

715

731



Property, plant and equipment, net

4,508

4,350

4,046



Long-term deferred tax assets

378

358

329



Equity investments

116

131

133



Restricted cash

5

-

-



Non-current marketable securities

-

77

72



Other investments and other non-current assets

429

370

384




7,230

7,065

6,749



Total assets

14,170

13,682

13,349









LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities:






Short-term borrowings and current portion of long-term debt

825

717

720



Trade accounts payable

1,310

1,277

1,233



Other payables and accrued liabilities

1,030

995

1,004



Dividends payable to shareholders

265

-

62



Deferred tax liabilities

18

14

7



Accrued income tax

122

120

96



Total current liabilities

3,570

3,123

3,122









Long-term debt

1,045

1,032

1,050



Reserve for pension and termination indemnities

351

340

326



Long-term deferred tax liabilities

28

33

59



Other non-current liabilities

337

313

295




1,761

1,718

1,730



Total liabilities

5,331

4,841

4,852



Commitment and contingencies






Equity






Parent company shareholders' equity






Common stock (preferred stock: 540,000,000 shares authorized, not issued;

1,156

1,156

1,156



common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 910,544,805 shares






issued, 884,345,239 shares outstanding)






Capital surplus

2,531

2,523

2,515



Accumulated result

3,451

3,411

3,241



Accumulated other comprehensive income

1,245

1,222

979



Treasury stock

(277)

(304)

(304)



Total parent company shareholders' equity

8,106

8,008

7,587



Noncontrolling interest

733

833

910



Total equity

8,839

8,841

8,497



Total liabilities and equity

14,170

13,682

13,349




STMicroelectronics N.V.










SELECTED CASH FLOW DATA







Cash Flow Data (in US$ millions)

Q2 2011

Q1 2011

Q2 2010







Net Cash from operating activities

117

350

361


Net Cash from (used in) investing activities

289

(206)

(300)


Net Cash from (used in) financing activities

18

(116)

(167)


Net Cash increase (decrease)

427

36

(155)







Selected Cash Flow Data (in US$ millions)

Q2 2011

Q1 2011

Q2 2010







Depreciation & amortization

322

317

309


Payment for Capital expenditures

(332)

(466)

(134)


Dividends paid to shareholders

(89)

(62)

(62)


Change in inventories, net

(64)

(135)

(75)




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