----------------------------------------------------------------------------
Free cash flow (in US$ millions) Q3 2012 Q2 2012 Q3 2011
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Net cash from (used in) operating activities 148 (37) 276
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Net cash used in investing activities (203) (199) (413)
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Payment for purchases of (proceeds from sale
of) marketable securities, short-term
deposits and restricted cash, net (25) 107 1
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Free cash flow (80) (129) (136)
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STMicroelectronics N.V.
Consolidated Statements of Income
(in millions of U.S. dollars, except per share data ($))
Three Months Ended
-----------------------------
(Unaudited) (Unaudited)
-----------------------------
September 29, October 1st,
2012 2011
-----------------------------
Net sales 2,119 2,392
Other revenues 47 50
-----------------------------
NET REVENUES 2,166 2,442
Cost of sales (1,413) (1,569)
-----------------------------
GROSS PROFIT 753 873
Selling, general and administrative (274) (302)
Research and development (578) (596)
Other income and expenses, net 20 12
Impairment, restructuring charges and other
related closure costs (713) (10)
-----------------------------
Total Operating Expenses (1,545) (896)
-----------------------------
OPERATING LOSS (792) (23)
Interest expense, net (8) (3)
Earnings (loss) on equity-method investments (4) (7)
Gain on financial instruments, net - 1
LOSS BEFORE INCOME TAXES (804) (32)
AND NONCONTROLLING INTEREST
Income tax benefit (expense) (25) 3
-----------------------------
NET LOSS (829) (29)
Net loss (income) attributable to
noncontrolling interest 351 100
-----------------------------
NET INCOME (LOSS) ATTRIBUTABLE TO PARENT
COMPANY (478) 71
=============================
EARNINGS (LOSS) PER SHARE (BASIC)
ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.54) 0.08
EARNINGS (LOSS) PER SHARE (DILUTED)
ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.54) 0.08
NUMBER OF WEIGHTED AVERAGE
SHARES USED IN CALCULATING
DILUTED EARNINGS (LOSS) PER SHARE 887.8 905.6
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STMicroelectronics N.V.
Consolidated Statements of Income
(in millions of U.S. dollars, except per share data ($))
Nine Months Ended
-----------------------------
(Unaudited) (Unaudited)
-----------------------------
September 29, October 1st,
2012 2011
-----------------------------
Net sales 6,269 7,460
Other revenues 62 83
-----------------------------
NET REVENUES 6,331 7,543
Cost of sales (4,246) (4,702)
-----------------------------
GROSS PROFIT 2,085 2,841
Selling, general and administrative (876) (930)
Research and development (1,828) (1,738)
Other income and expenses, net 55 70
Impairment, restructuring charges and other
related closure costs (788) (65)
-----------------------------
Total Operating Expenses (3,437) (2,663)
-----------------------------
OPERATING INCOME (LOSS) (1,352) 178
Other-than-temporary impairment charge and
realized gain on financial assets - 318
Interest expense, net (26) (20)
Loss on equity-method investments (13) (22)
Gain on financial instruments, net 3 22
INCOME (LOSS) BEFORE INCOME TAXES (1,388) 476
AND NONCONTROLLING INTEREST
Income tax expense (11) (111)
-----------------------------
NET INCOME (LOSS) (1,399) 365
Net loss (income) attributable to
noncontrolling interest 669 296
-----------------------------
NET INCOME (LOSS) ATTRIBUTABLE TO PARENT
COMPANY (730) 661
=============================
EARNINGS (LOSS) PER SHARE (BASIC)
ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.82) 0.75
EARNINGS (LOSS) PER SHARE (DILUTED)
ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.82) 0.73
NUMBER OF WEIGHTED AVERAGE
SHARES USED IN CALCULATING
DILUTED EARNINGS (LOSS) PER SHARE 886.3 906.7
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STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at September 29, June 30, December 31,
In millions of U.S. dollars 2012 2012 2011
-----------------------------------------
(Unaudited) (Unaudited) (Audited)
----------------------------------------------------------------------------
ASSETS
-----------------------------------
Current assets:
Cash and cash equivalents 1,686 1,806 1,912
Restricted cash - - 3
Marketable securities 237 259 413
Trade accounts receivable, net 1,040 1,072 1,046
Inventories, net 1,484 1,489 1,531
Deferred tax assets 155 175 141
Assets held for sale - 20 28
Other current assets 612 578 506
-----------------------------------------
Total current assets 5,214 5,399 5,580
Goodwill 370 1,054 1,059
Other intangible assets, net 554 577 645
Property, plant and equipment, net 3,611 3,606 3,920
Non-current deferred tax assets 365 366 332
Restricted cash 4 4 5
Long-term investments 114 109 121
Other non-current assets 480 432 432
-----------------------------------------
5,498 6,148 6,514
Total assets 10,712 11,547 12,094
-----------------------------------------
LIABILITIES AND EQUITY
-----------------------------------
Current liabilities:
Bank overdrafts - - 7
Short-term debt 1,260 1,173 733
Trade accounts payable 864 965 656
Other payables and accrued
liabilities 934 958 976
Dividends payable to stockholders 178 265 88
Deferred tax liabilities 1 1 14
Accrued income tax 84 94 95
-----------------------------------------
Total current liabilities 3,321 3,456 2,569
Long-term debt 298 362 826
Post-retirement benefit
obligations 426 414 409
Long-term deferred tax liabilities 23 23 21
Other long-term liabilities 315 282 273
-----------------------------------------
1,062 1,081 1,529
Total liabilities 4,383 4,537 4,098
Commitment and contingencies
Equity
Parent company stockholders'
equity
Common stock (preferred stock:
540,000,000 shares authorized,
not issued; common stock: Euro
1.04 nominal value, 1,200,000,000
shares authorized, 910,559,805
shares issued, 887,928,104 shares
outstanding) 1,156 1,156 1,156
Capital surplus 2,549 2,547 2,544
Retained earnings 2,388 2,874 3,504
Accumulated other comprehensive
income 743 606 670
Treasury stock (240) (247) (271)
-----------------------------------------
Total parent company stockholders'
equity 6,596 6,936 7,603
Noncontrolling interest (267) 74 393
-----------------------------------------
Total equity 6,329 7,010 7,996
Total liabilities and equity 10,712 11,547 12,094
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STMicroelectronics N.V.
SELECTED CASH FLOW DATA
----------------------------------------------------------------------------
Cash Flow Data (in US$ millions) Q3 2012 Q2 2012 Q3 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Cash from (used in) operating
activities 148 (37) 276
----------------------------------------------------------------------------
Net Cash used in investing
activities (203) (199) (413)
----------------------------------------------------------------------------
Net Cash from (used in) financing
activities (80) 33 (218)
----------------------------------------------------------------------------
Net Cash decrease (120) (253) (382)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Selected Cash Flow Data (in US$
millions) Q3 2012 Q2 2012 Q3 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Depreciation & amortization 266 281 325
----------------------------------------------------------------------------
Net payment for Capital
expenditures (203) (70) (384)
----------------------------------------------------------------------------
Dividends paid to stockholders (89) (89) (88)
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Change in inventories, net 24 (21) 1
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