·
|
Third quarter net revenues of $1.76 billion and gross margin of 34.8%
|
·
|
Third quarter net income of $90 million
|
·
|
Free cash flow of $85 million; $179 million for the first nine months*
|
U.S. GAAP
(Million US$)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Net Revenues
|
1,764
|
1,760
|
1,886
|
Gross Margin
|
34.8%
|
33.8%
|
34.3%
|
Operating Income, as reported
|
91
|
12
|
37
|
Net Income attributable to parent company
|
90
|
35
|
72
|
Non-U.S. GAAP*
Before impairment and restructuring charges (Million US$)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Operating Income
|
102
|
33
|
75
|
Operating Margin
|
5.8%
|
1.9%
|
4.0%
|
Net Revenues By Product Line and Segment
(Million US$)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Analog & MEMS (AMS)
|
233
|
273
|
268
|
Automotive (APG)
|
447
|
438
|
464
|
Industrial & Power Discrete (IPD)
|
437
|
448
|
486
|
Sense & Power and Automotive Products (SP&A)
|
1,117
|
1,159
|
1,218
|
Digital Product Group (DPG) (a)
|
230
|
207
|
286
|
Microcontroller, Memory & Secure MCU (MMS)
|
412
|
388
|
377
|
Other EPS
|
-
|
-
|
-
|
Embedded Processing Solutions (EPS)
|
642
|
595
|
663
|
Others
|
5
|
6
|
5
|
Total
|
1,764
|
1,760
|
1,886
|
Net Revenues By Market Channel (%)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Total OEM
|
67%
|
67%
|
68%
|
Distribution
|
33%
|
33%
|
32%
|
Operating Segment
(Million US$)
|
Q3 2015
Net
Revenues
|
Q3 2015
Operating
Income
(Loss)
|
Q2 2015
Net
Revenues
|
Q2 2015
Operating
Income
(Loss)
|
Q3 2014
Net
Revenues
|
Q3 2014
Operating
Income
(Loss)
|
Sense & Power and
Automotive Products
(SP&A)
|
1,117
|
102
|
1,159
|
76
|
1,218
|
111
|
Embedded Processing
Solutions
(EPS)
|
642
|
-
|
595
|
(42)
|
663
|
(38)
|
Others (a)
|
5
|
(11)
|
6
|
(22)
|
5
|
(36)
|
TOTAL
|
1,764
|
91
|
1,760
|
12
|
1,886
|
37
|
Operating Segment
(In Million US$)
|
Nine Months
2015 Net
Revenues
|
Nine Months
2015 Operating
Income (Loss)
|
Nine Months
2014 Net
Revenues
|
Nine Months
2014 Operating
Income (Loss)
|
Sense & Power and Automotive Products
(SP&A)
|
3,395
|
250
|
3,610
|
337
|
Embedded Processing Solutions (EPS)
|
1,818
|
(106)
|
1,947
|
(110)
|
Others (a)
|
16
|
(60)
|
18
|
(97)
|
TOTAL
|
5,229
|
84
|
5,575
|
130
|
·
|
On August 20, ST announced that it had posted its IFRS 2015 Semi Annual Accounts for the six-month period ended June 27, 2015, on its website and filed them with the Netherlands Authority for the Financial Markets.
|
|
·
|
Launched STM32L4 ultra-low-power MCU in the mass market and began production ramp for a wearable band at a major OEM;
|
|
·
|
Captured STM32F0 MCU design-in at a major Japanese consumer OEM;
|
|
·
|
Continued expanding the STM32 development environment with releases of STM32L4 Ecosystem, the STM32Cube Qualified HAL Firmware, and an STM32F3 Motor-Control Nucleo Pack;
|
|
·
|
Began production of STM32F0 and STM32F4 MCU for several consumer drones for a major Asian OEM;
|
|
·
|
Qualified and certified the ST31H320 contact secure MCU for banking, ID, and pay-TV smartcards;
|
|
·
|
Supported major pay-TV smartcard roll-out for China digital-TV market;
|
|
·
|
Joined Entrust Datacard’s Card Validation Program for STPay EMV smart-card solutions.
|
|
·
|
Continued to expand Time-of-Flight photonic sensor business in Asia, with now more than 20 phone models available from several leading Asian smart-phone manufacturers;
|
|
·
|
Unveiled DOCSIS 3.1 chipset solution;
|
|
·
|
Revealed new family of SoCs for broadcast and connected HD HEVC for entry set-top boxes;
|
|
·
|
Introduced world’s first set-top-box SoC with integrated Wi-Fi and support for High Dynamic Range.
|
|
·
|
Revealed that the flagship OnePlus 2 smartphone is using an ST gyroscope for optical image stabilization;
|
|
·
|
Continued to ship large volume of Fingertip, Pressure Sensor, and 6-axis ultra-low-power MEMS accelerometer and gyroscope for the latest flagship model of Samsung Galaxy smartphones;
|
|
·
|
Confirmed presence of low-noise Gyro in a market-leading tablet from a top maker;
|
|
·
|
Ramped additional shipments of MEMS micro-mirrors for Perceptual Computing Initiatives with multiple computer manufacturers;
|
|
·
|
Introduced industry’s lowest-power, smallest-packaged, dual-channel 6-axis gyro/accelerometer inertial measurement unit that is capable of handling both gesture sensing and image stabilization;
|
|
·
|
Launched a “medical-grade” ultra-low-power 3-axis accelerometer, available now in volume, specifically for medical applications, including implantable devices;
|
|
·
|
Captured a design-win from a major automotive tier one with a high-g accelerometer for airbag applications in China;
|
|
·
|
Completed airbag-electronics kit with the release of a pair of automotive central-airbag crash sensors suited for mounting in the airbag control unit to evaluate sensor data and trigger the appropriate restraint system;
|
|
·
|
Started volume shipment of BlueNRG-MS for the enablement of data connection/exchange for automotive telematics services in China and for wearable devices from a leading activity-monitoring company;
|
|
·
|
Captured socket for sub-GHz SPIRIT1 RF transceiver in a Smart-Home heat allocator/concentrator from a European-manufacturer;
|
|
·
|
Expanded our presence with a top global brand with the start of shipments of high-end microphones and analog ICs for a TV remote controller;
|
|
·
|
Enriched analog catalog offering with release to production of new 36V high-performance BiCMOS Op Amp.
|
|
·
|
Started shipments to the field of 32-bit Power Architecture technology microcontroller for the power-conversion unit in a hybrid vehicle;
|
|
·
|
Made progress in radar-based ADAS applications, winning the next-generation platform at 24GHz for a global leader;
|
|
·
|
Received award for chip set that includes smart-power actuators, analog signal processing, and a 32-bit microcontroller for an engine-management application that is compliant to the next-generation Chinese pollution regulation from a major Chinese tier 1;
|
|
·
|
Began ramping production of Accordo car-radio-processor family for OEM and aftermarket applications with leading Chinese and Japanese car infotainment makers and received a major additional award with a leading Korean infotainment manufacturer.
|
|
·
|
Awarded socket for SLLIMM™-nano modules in a new home appliance platform with a global market leader;
|
|
·
|
Captured design wins for on-board chargers in electric vehicles from leading manufacturers with our power rectifiers & SCR products;
|
|
·
|
Launched industry-first automotive high-side drivers that meet German car industry’s toughest test schedule, making them ideal for vehicles with stop-start technology;
|
|
·
|
Gained several design win for low-voltage MOSFETs for automotive door modules application with a European manufacturer;
|
|
·
|
Earned win with a display power-management solution for a tablet platform by a major US market leader;
|
|
·
|
Won socket for power-management IC from Kingston Technology in its enthusiast-class HyperX Savage solid-state drive (SSD);
|
|
·
|
Maintained growth of ESD Protected Common Mode Filters and high-speed ESD protection within the smartphones, laptops, tablets, and IoT applications of numerous industry leaders;
|
|
·
|
Gained design-wins for digital controllers for digital-power-supply applications from several Asian manufacturers;
|
|
·
|
Unveiled 650V IGBTs that increase the efficiency of HVAC motor drives, Uninterruptible Power Supplies, solar power converters, and all power-conversion applications working up to 20kHz in hard-switching circuit topologies;
|
|
·
|
Continued to gain traction in recently introduced power diodes housed in PowerFlat packages with a win from a European comms leader;
|
|
·
|
Secured sockets for AMOLED converters for Samsung Galaxy smartphones;
|
|
·
|
Brought to market electronically tunable capacitors for smartphones that optimize signal-power transfer between antenna and power amplifier to maximize mobile download speeds and call quality.
|
STMicroelectronics N.V.
|
||||||||
Consolidated Statements of Income
|
||||||||
(in millions of U.S. dollars, except per share data ($))
|
||||||||
Three Months Ended
|
||||||||
(Unaudited)
|
(Unaudited)
|
|||||||
September 26,
|
September 27,
|
|||||||
2015
|
2014
|
|||||||
Net sales
|
1,755 | 1,870 | ||||||
Other revenues
|
9 | 16 | ||||||
NET REVENUES
|
1,764 | 1,886 | ||||||
Cost of sales
|
(1,151 | ) | (1,240 | ) | ||||
GROSS PROFIT
|
613 | 646 | ||||||
Selling, general and administrative
|
(218 | ) | (226 | ) | ||||
Research and development
|
(331 | ) | (377 | ) | ||||
Other income and expenses, net
|
38 | 32 | ||||||
Impairment, restructuring charges and other related closure costs
|
(11 | ) | (38 | ) | ||||
Total Operating Expenses
|
(522 | ) | (609 | ) | ||||
OPERATING INCOME
|
91 | 37 | ||||||
Interest expense, net
|
(5 | ) | (7 | ) | ||||
Loss on equity-method investments
|
(1 | ) | - | |||||
INCOME BEFORE INCOME TAXES
|
85 | 30 | ||||||
AND NONCONTROLLING INTEREST
|
||||||||
Income tax benefit
|
8 | 42 | ||||||
NET INCOME
|
93 | 72 | ||||||
Net loss (income) attributable to noncontrolling interest
|
(3 | ) | - | |||||
NET INCOME ATTRIBUTABLE TO PARENT COMPANY
|
90 | 72 | ||||||
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS
|
0.10 | 0.08 | ||||||
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS
|
0.10 | 0.08 | ||||||
NUMBER OF WEIGHTED AVERAGE
|
||||||||
SHARES USED IN CALCULATING
|
||||||||
DILUTED EARNINGS PER SHARE
|
880.7 | 891.3 |
STMicroelectronics N.V.
|
||||||||
Consolidated Statements of Income
|
||||||||
(in millions of U.S. dollars, except per share data ($))
|
||||||||
Nine Months Ended
|
||||||||
(Unaudited)
|
(Unaudited)
|
|||||||
September 26,
|
September 27,
|
|||||||
2015
|
2014
|
|||||||
Net sales
|
5,202 | 5,529 | ||||||
Other revenues
|
27 | 46 | ||||||
NET REVENUES
|
5,229 | 5,575 | ||||||
Cost of sales
|
(3,455 | ) | (3,696 | ) | ||||
GROSS PROFIT
|
1,774 | 1,879 | ||||||
Selling, general and administrative
|
(666 | ) | (691 | ) | ||||
Research and development
|
(1,073 | ) | (1,144 | ) | ||||
Other income and expenses, net
|
110 | 157 | ||||||
Impairment, restructuring charges and other related closure costs
|
(61 | ) | (71 | ) | ||||
Total Operating Expenses
|
(1,690 | ) | (1,749 | ) | ||||
OPERATING INCOME
|
84 | 130 | ||||||
Interest expense, net
|
(16 | ) | (11 | ) | ||||
Income (loss) on equity-method investments
|
1 | (60 | ) | |||||
Gain on financial instruments, net
|
- | 1 | ||||||
INCOME BEFORE INCOME TAXES
|
69 | 60 | ||||||
AND NONCONTROLLING INTEREST
|
||||||||
Income tax benefit
|
38 | 26 | ||||||
NET INCOME
|
107 | 86 | ||||||
Net loss (income) attributable to noncontrolling interest
|
(5 | ) | (1 | ) | ||||
NET INCOME ATTRIBUTABLE TO PARENT COMPANY
|
102 | 85 | ||||||
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS
|
0.12 | 0.10 | ||||||
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS
|
0.12 | 0.10 | ||||||
NUMBER OF WEIGHTED AVERAGE
|
||||||||
SHARES USED IN CALCULATING
|
||||||||
EARNINGS PER SHARE
|
880.0 | 889.2 |
STMicroelectronics N.V.
|
||||||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||||||
As at
|
September 26,
|
June 27,
|
December 31,
|
|||||||||
In millions of U.S. dollars
|
2015
|
2015
|
2014
|
|||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
ASSETS
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
1,869 | 1,887 | 2,017 | |||||||||
Restricted cash
|
- | 20 | - | |||||||||
Marketable securities
|
338 | 334 | 334 | |||||||||
Trade accounts receivable, net
|
989 | 983 | 911 | |||||||||
Inventories
|
1,253 | 1,242 | 1,269 | |||||||||
Deferred tax assets
|
92 | 83 | 97 | |||||||||
Assets held for sale
|
14 | 33 | 33 | |||||||||
Other current assets
|
518 | 469 | 390 | |||||||||
Total current assets
|
5,073 | 5,051 | 5,051 | |||||||||
Goodwill
|
77 | 78 | 82 | |||||||||
Other intangible assets, net
|
162 | 179 | 193 | |||||||||
Property, plant and equipment, net
|
2,432 | 2,518 | 2,647 | |||||||||
Non-current deferred tax assets
|
441 | 452 | 386 | |||||||||
Long-term investments
|
56 | 57 | 69 | |||||||||
Other non-current assets
|
445 | 505 | 576 | |||||||||
3,613 | 3,789 | 3,953 | ||||||||||
Total assets
|
8,686 | 8,840 | 9,004 | |||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities:
|
||||||||||||
Short-term debt
|
191 | 201 | 202 | |||||||||
Trade accounts payable
|
701 | 785 | 597 | |||||||||
Other payables and accrued liabilities
|
739 | 791 | 841 | |||||||||
Dividends payable to stockholders
|
190 | 271 | 87 | |||||||||
Deferred tax liabilities
|
1 | - | - | |||||||||
Accrued income tax
|
52 | 26 | 39 | |||||||||
Total current liabilities
|
1,874 | 2,074 | 1,766 | |||||||||
Long-term debt
|
1,557 | 1,581 | 1,599 | |||||||||
Post-employment benefit obligations
|
373 | 376 | 392 | |||||||||
Long-term deferred tax liabilities
|
10 | 10 | 10 | |||||||||
Other long-term liabilities
|
139 | 187 | 182 | |||||||||
2,079 | 2,154 | 2,183 | ||||||||||
Total liabilities
|
3,953 | 4,228 | 3,949 | |||||||||
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, 910,949,920 shares issued, 878,506,477 shares outstanding)
|
1,157 | 1,157 | 1,157 | |||||||||
Capital surplus
|
2,768 | 2,760 | 2,741 | |||||||||
Retained earnings
|
523 | 435 | 817 | |||||||||
Accumulated other comprehensive income
|
508 | 486 | 613 | |||||||||
Treasury stock
|
(289 | ) | (289 | ) | (334 | ) | ||||||
Total parent company stockholders’ equity
|
4,667 | 4,549 | 4,994 | |||||||||
Noncontrolling interest
|
66 | 63 | 61 | |||||||||
Total equity
|
4,733 | 4,612 | 5,055 | |||||||||
Total liabilities and equity
|
8,686 | 8,840 | 9,004 |
STMicroelectronics N.V.
|
|||
SELECTED CASH FLOW DATA
|
|||
Cash Flow Data (in US$ millions)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Net Cash from operating activities
|
225
|
223
|
281
|
Net Cash used in investing activities
|
(120)
|
(190)
|
(424)
|
Net Cash from (used in) financing activities
|
(121)
|
(94)
|
776
|
Net Cash increase (decrease)
|
(18)
|
(62)
|
628
|
Selected Cash Flow Data (in US$ millions)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Depreciation & amortization
|
186
|
181
|
199
|
Net payment for Capital expenditures
|
(128)
|
(161)
|
(137)
|
Dividends paid to stockholders
|
(83)
|
(93)
|
(89)
|
Change in inventories, net
|
(14)
|
(32)
|
22
|
Q3 2015
(US$ millions and cents per share)
|
Gross Profit
|
Operating
Income
|
Net Earnings
|
Corresponding
EPS
|
U.S. GAAP
|
613
|
91
|
90
|
0.10
|
Impairment & Restructuring
|
11
|
11
|
||
Estimated Income Tax Effect
|
-
|
|||
Non-U.S GAAP
|
613
|
102
|
101
|
0.12
|
Q2 2015
(US$ millions and cents per share)
|
Gross Profit
|
Operating
Income
|
Net Earnings
|
Corresponding
EPS
|
U.S. GAAP
|
595
|
12
|
35
|
0.04
|
Impairment & Restructuring
|
21
|
21
|
||
Estimated Income Tax Effect
|
(1)
|
|||
Non-U.S GAAP
|
595
|
33
|
55
|
0.06
|
Q3 2014
(US$ millions and cents per share)
|
Gross Profit
|
Operating
Income
|
Net Earnings
|
Corresponding
EPS
|
U.S. GAAP
|
646
|
37
|
72
|
0.08
|
Impairment & Restructuring
|
38
|
38
|
||
Estimated Income Tax Effect
|
7
|
|||
Non-U.S GAAP
|
646
|
75
|
117
|
0.13
|
Net Financial Position (in US$ millions)
|
September 26, 2015
|
June 27, 2015
|
September 27, 2014
|
Cash and cash equivalents
|
1,869
|
1,887
|
2,130
|
Restricted cash
|
-
|
20
|
-
|
Marketable securities
|
338
|
334
|
330
|
Short-term deposits
|
-
|
-
|
-
|
Total financial resources
|
2,207
|
2,241
|
2,460
|
Short-term debt
|
(191)
|
(201)
|
(223)
|
Long-term debt
|
(1,557)
|
(1,581)
|
(1,743)
|
Total financial debt
|
(1,748)
|
(1,782)
|
(1,966)
|
Net financial position
|
459
|
459
|
494
|
Free cash flow (in US$ millions)
|
Q3 2015
|
Q2 2015
|
Q3 2014
|
Net cash from operating activities
|
225
|
223
|
281
|
Net cash used in investing activities
|
(120)
|
(190)
|
(424)
|
Payment for purchase and proceeds from sale of marketable securities, investment in short-term deposits, restricted cash and net cash variation for joint ventures deconsolidation
|
(20)
|
20
|
283
|
Free cash flow
|
85
|
53
|
140
|
STMicroelectronics N.V.
|
|||
Date:
|
October 30, 2015
|
By:
|
/s/ Carlo Ferro
|
Name:
|
Carlo Ferro
|
||
Title:
|
Chief Financial Officer
Executive Vice President
Finance, Legal, Infrastructure and Services
|
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