Some of these risk factors are set forth and are discussed in more detail in "Item 3. Key Information - Risk Factors" included in our Annual Report on Form 20-F for the year ended December 31, 2015, as filed with the SEC on March 16, 2016. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
STMicroelectronics Conference Call and Webcast Information
On July 27, 2016, the management of STMicroelectronics will conduct a conference call to discuss the Company's operating performance for the second quarter of 2016.
The conference call will be held at 9:30 a.m. CET / 8:30 a.m. BST / 3:30 a.m. U.S. Eastern Time (ET) / 12:30 a.m. U.S. Pacific Time (PT). The conference call will be available live via the Internet by accessing http://investors.st.com. Those accessing the webcast should go to the Web site at least 15 minutes prior to the call, in order to register, download and install any necessary audio software. The webcast replay will be available until August 12, 2016.
About STMicroelectronics
ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST's products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices. By getting more from technology to get more from life, ST stands for life.augmented.
In 2015, the Company's net revenues were $6.90 billion, serving more than 100,000 customers worldwide. Further information can be found at www.st.com
For further information, please contact:
INVESTOR RELATIONS:
Tait Sorensen
Group VP, Investor Relations
STMicroelectronics
Tel: +1 602 485 2064
tait.sorensen@st.com
MEDIA RELATIONS:
Nelly Dimey
Director, Corporate Media and Public Relations
Tel: + 33 1 58 07 77 85
nelly.dimey@st.com
| STMicroelectronics N.V. | ||
| Consolidated Statements of Income | ||
| (in millions of U.S. dollars, except per share data ($)) | ||
| Three Months Ended | ||
| (Unaudited) | (Unaudited) | |
| July 02, | June 27, | |
| 2016 | 2015 | |
| Net sales | 1,698 | 1,754 |
| Other revenues | 5 | 6 |
| NET REVENUES | 1,703 | 1,760 |
| Cost of sales | (1,126) | (1,165) |
| GROSS PROFIT | 577 | 595 |
| Selling, general and administrative | (229) | (226) |
| Research and development | (336) | (373) |
| Other income and expenses, net | 28 | 37 |
| Impairment, restructuring charges and other related closure costs | (12) | (21) |
| Total Operating Expenses | (549) | (583) |
| OPERATING INCOME | 28 | 12 |
| Interest expense, net | (6) | (6) |
| Income (loss) on equity-method investments | 9 | (1) |
| INCOME BEFORE INCOME TAXES | 31 | 5 |
| AND NONCONTROLLING INTEREST | ||
| Income tax benefit (expense) | (6) | 31 |
| NET INCOME | 25 | 36 |
| Net loss (income) attributable to noncontrolling interest | (2) | (1) |
| NET INCOME ATTRIBUTABLE TO PARENT COMPANY | 23 | 35 |
| EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | 0.03 | 0.04 |
| EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | 0.03 | 0.04 |
| NUMBER OF WEIGHTED AVERAGE | ||
| SHARES USED IN CALCULATING | ||
| DILUTED EARNINGS PER SHARE | 885.5 | 880.2 |
| STMicroelectronics N.V. | ||
| Consolidated Statements of Income | ||
| (in millions of U.S. dollars, except per share data ($)) | ||
| Six Months Ended | ||
| (Unaudited) | (Unaudited) | |
| July 02, | June 27, | |
| 2016 | 2015 | |
| Net sales | 3,303 | 3,447 |
| Other revenues | 13 | 18 |
| NET REVENUES | 3,316 | 3,465 |
| Cost of sales | (2,201) | (2,305) |
| GROSS PROFIT | 1,115 | 1,160 |
| Selling, general and administrative | (457) | (448) |
| Research and development | (678) | (742) |
| Other income and expenses, net | 55 | 73 |
| Impairment, restructuring charges and other related closure costs | (40) | (50) |
| Total Operating Expenses | (1,120) | (1,167) |
| OPERATING LOSS | (5) | (7) |
| Interest expense, net | (11) | (11) |
| Income (loss) on equity-method investments | 9 | 3 |
| LOSS BEFORE INCOME TAXES | (7) | (15) |
| AND NONCONTROLLING INTEREST | ||
| Income tax benefit (expense) | (8) | 30 |
| NET INCOME (LOSS) | (15) | 15 |
| Net loss (income) attributable to noncontrolling interest | (3) | (3) |
| NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY | (18) | 12 |
| EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | (0.02) | 0.01 |
| EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS | (0.02) | 0.01 |
| NUMBER OF WEIGHTED AVERAGE | ||
| SHARES USED IN CALCULATING | ||
| EARNINGS PER SHARE | 879.2 | 879.6 |
| STMicroelectronics N.V. | |||
| CONSOLIDATED BALANCE SHEETS | |||
| As at | July 02, | April 02, | December 31, |
| In millions of U.S. dollars | 2016 | 2016 | 2015 |
| (Unaudited) | (Unaudited) | (Audited) | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 1,682 | 1,697 | 1,771 |
| Restricted cash | - | - | 4 |
| Marketable securities | 345 | 343 | 335 |
| Trade accounts receivable, net | 886 | 891 | 820 |
| Inventories | 1,266 | 1,302 | 1,251 |
| Deferred tax assets | 78 | 99 | 91 |
| Assets held for sale | - | - | 1 |
| Other current assets | 424 | 468 | 407 |
| Total current assets | 4,681 | 4,800 | 4,680 |
| Goodwill | 77 | 79 | 76 |
| Other intangible assets, net | 153 | 162 | 166 |
| Property, plant and equipment, net | 2,290 | 2,333 | 2,321 |
| Non-current deferred tax assets | 465 | 458 | 436 |
| Long-term investments | 57 | 57 | 57 |
| Other non-current assets | 394 | 492 | 459 |
| 3,436 | 3,581 | 3,515 | |
| Total assets | 8,117 | 8,381 | 8,195 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Short-term debt | 171 | 173 | 191 |
| Trade accounts payable | 597 | 666 | 525 |
| Other payables and accrued liabilities | 654 | 692 | 703 |
| Dividends payable to stockholders | 165 | 10 | 97 |
| Deferred tax liabilities | 1 | 4 | 2 |
| Accrued income tax | 29 | 52 | 42 |
| Total current liabilities | 1,617 | 1,597 | 1,560 |
| Long-term debt | 1,430 | 1,428 | 1,421 |
| Post-employment benefit obligations | 359 | 367 | 351 |
| Long-term deferred tax liabilities | 13 | 11 | 12 |
| Other long-term liabilities | 139 | 161 | 158 |
| 1,941 | 1,967 | 1,942 | |
| Total liabilities | 3,558 | 3,564 | 3,502 |
| 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, 910,970,920 shares issued, 883,268,414 shares outstanding) | 1,157 | 1,157 | 1,157 |
| Capital surplus | 2,798 | 2,790 | 2,779 |
| Retained earnings | 249 | 483 | 525 |
| Accumulated other comprehensive income | 534 | 612 | 460 |
| Treasury stock | (243) | (288) | (289) |
| Total parent company stockholders' equity | 4,495 | 4,754 | 4,632 |
| Noncontrolling interest | 64 | 63 | 61 |
| Total equity | 4,559 | 4,817 | 4,693 |
| Total liabilities and equity | 8,117 | 8,381 | 8,195 |
| STMicroelectronics N.V. | |||
| SELECTED CASH FLOW DATA | |||
| Cash Flow Data (in US$ millions) | Q2 2016 | Q1 2016 | Q2 2015 |
| Net Cash from operating activities | 191 | 141 | 223 |
| Net Cash used in investing activities | (144) | (110) | (190) |
| Net Cash used in financing activities | (60) | (107) | (94) |
| Net Cash decrease | (15) | (74) | (62) |
| Selected Cash Flow Data (in US$ millions) | Q2 2016 | Q1 2016 | Q2 2015 |
| Depreciation & amortization | 179 | 184 | 181 |
| Net payment for Capital expenditures | (136) | (100) | (161) |
| Dividends paid to stockholders | (57) | (88) | (93) |
| Change in inventories, net | 20 | (22) | (32) |
Appendix
