Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "may," "will," "should,", "would be" or "anticipates" or similar expressions or the negative thereof or other variations thereof, or by discussions of strategy, plans or intentions. Some of the risk factors we face 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, 2007, as filed with the SEC on March 3, 2008. 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 information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
Unfavorable changes in the above or other factors listed under "Risk Factors" from time to time in our SEC filings, including our Form 20-F, could have a material adverse effect on our results of operations or financial condition.
Conference Call Information
The management of STMicroelectronics will conduct a conference call on January 28, 2009 at 9:00 a.m. U.S. Eastern Time / 3:00 p.m. CET, to discuss operating performance for the fourth quarter and full year of 2008.
The conference call will be available via the Internet by accessing the following Web address: 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 will be available until February 6, 2009.
About STMicroelectronics
STMicroelectronics is a global leader in developing and delivering semiconductor solutions across the spectrum of microelectronics applications. An unrivalled combination of silicon and system expertise, manufacturing strength, Intellectual Property (IP) portfolio and strategic partners positions the Company at the forefront of System-on-Chip (SoC) technology and its products play a key role in enabling today's convergence markets. The Company's shares are traded on the New York Stock Exchange, on Euronext Paris and on the Milan Stock Exchange. Further information on ST can be found at www.st.com.
STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at December 31, September 27, December 31,
In million of U.S. dollars 2008 2008 2007
---- ---- ----
(Unaudited) (Unaudited) (Audited)
----------- ----------- ---------
ASSETS
======
Current assets:
Cash and cash equivalents 1,009 868 1,855
Marketable securities 651 726 1,014
Trade accounts receivable, net 1,064 1,520 1,605
Inventories, net 1,840 1,787 1,354
Deferred tax assets 233 252 205
Assets held for sale 0 0 1,017
Receivables for transactions
performed on behalf, net 0 72
Other receivables and assets 685 694 612
--- --- ---
Total current assets 5,482 5,919 7,662
Goodwill 958 1,030 290
Other intangible assets, net 863 904 238
Property, plant and
equipment, net 4,739 5,065 5,044
Long-term deferred tax assets 373 370 237
Equity investments 510 691 0
Restricted cash 250 250 250
Non-current marketable securities 242 297 369
Other investments and
other non-current assets 477 458 182
--- --- ---
8,412 9,065 6,610
Total assets 13,894 14,984 14,272
------ ------ ------
LIABILITIES AND SHAREHOLDERS' EQUITY
====================================
Current liabilities:
Bank overdrafts 20
Current portion of long-term debt 123 63 103
Trade accounts payable 847 1,156 1,065
Other payables and accrued
liabilities 996 1,165 744
Dividends payable to
shareholders 79 163 0
Deferred tax liabilities 28 19 11
Accrued income tax 106 142 154
--- --- ---
Total current liabilities 2,199 2,708 2,077
Long-term debt 2,554 2,487 2,117
Reserve for pension and
termination indemnities 332 301 323
Long-term deferred tax
liabilities 27 109 14
Other non-current liabilities 350 323 115
--- --- ---
3,263 3,220 2,569
Total liabilities 5,462 5,928 4,646
Commitment and contingencies
Minority interests 276 290 53
Common stock (preferred stock:
540,000,000 shares authorized,
not issued; common stock: Euro 1.04
nominal value, 1,200,000,000
shares authorized, 910,307,305
shares issued, 874,276,833 shares
outstanding) 1,156 1,156 1,156
Capital surplus 2,324 2,311 2,097
Accumulated result 4,064 4,444 5,274
Accumulated other
comprehensive income 1,094 1,276 1,320
Treasury stock -482 -421 -274
---- ---- ----
Shareholders' equity 8,156 8,766 9,573
----- ----- -----
Total liabilities and
shareholders' equity 13,894 14,984 14,272
------ ------ ------
STMicroelectronics N.V.
Consolidated Statements of Income
(in million of U.S. dollars, except per share data ($))
Three Months Ended
------------------
(Unaudited) (Unaudited)
----------- -----------
December 31, December 31,
2008 2007
---- ----
Net sales 2,264 2,733
Other revenues 12 9
-- -
NET REVENUES 2,276 2,742
Cost of sales -1,454 -1,731
------ ------
GROSS PROFIT 822 1,011
Selling, general and administrative -304 -295
Research and development -572 -480
Other income and expenses, net 6 28
Impairment, restructuring charges and other
related closure costs -91 -279
--- ----
Total Operating Expenses -961 -1,026
---- ------
OPERATING LOSS -139 -15
Other-than-temporary impairment charge on
financial assets -55 -46
Interest income, net 3 25
Earnings (loss) on equity investments -204 2
Gain on financial assets 15 0
-- -
LOSS BEFORE INCOME TAXES
AND MINORITY INTERESTS -380 -34
Income tax benefit 9 55
- --
INCOME (LOSS) BEFORE MINORITY INTERESTS -371 21
Minority interests 5 -1
- --
NET INCOME (LOSS) -366 20
==== ==
EARNINGS (LOSS) PER SHARE (BASIC) -0.42 0.02
EARNINGS (LOSS) PER SHARE (DILUTED) -0.42 0.02
NUMBER OF WEIGHTED AVERAGE
SHARES USED IN CALCULATING
DILUTED INCOME (LOSS) PER SHARE 878.1 904.2
STMicroelectronics N.V.
Consolidated Statements of Income
(in million of U.S. dollars, except per share data ($))
Twelve Months Ended
-------------------
(Unaudited) (Audited)
----------- ---------
December 31, December 31,
2008 2007
---- ----
Net sales 9,792 9,966
Other revenues 50 35
-- --
NET REVENUES 9,842 10,001
Cost of sales -6,282 -6,465
------ ------
GROSS PROFIT 3,560 3,536
Selling, general and administrative -1,187 -1,099
Research and development -2,152 -1,802
Other income and expenses, net 62 48
Impairment, restructuring charges and other
related closure costs -481 -1,228
---- ------
Total Operating Expenses -3,758 -4,081
------ ------
OPERATING LOSS -198 -545
Other-than-temporary impairment charge on
financial assets -138 -46
Interest income, net 51 83
Earnings (loss) on equity investments -553 14
Gain on financial assets 15 0
-- -
LOSS BEFORE INCOME TAXES
AND MINORITY INTERESTS -823 -494
Income tax benefit 43 23
-- --
LOSS BEFORE MINORITY INTERESTS -780 -471
Minority interests -6 -6
-- --
NET LOSS -786 -477
==== ====
LOSS PER SHARE (BASIC) -0.88 -0.53
LOSS PER SHARE (DILUTED) -0.88 -0.53
NUMBER OF WEIGHTED AVERAGE
SHARES USED IN CALCULATING
DILUTED LOSS PER SHARE 892.0 898.7
Web site: http://www.st.com/
