The
table below sets forth selected consolidated financial data
for STMicroelectronics N.V. (the "Company") for each
of the years in the five-year period ended December 31, 2000.
Such data have been derived from the consolidated financial
statements of the Company. Consolidated audited financial statements
for each of the years in the three-year period ended December
31, 2000, including the Notes thereto (collectively, the "Consolidated
Financial Statements"), are included elsewhere in this
annual report.
The following information should be read in conjunction with
"Operating and Financial Review and Prospects" and
the Consolidated Financial Statements and the related notes
thereto included elsewhere in this annual report. |
 |
Year
Ended December 31,
(in millions, except per share and ratio data) |
1996 |
1997 |
1998(1) |
1999(1) |
2000(1) |
|
|
| Consolidated
Statement of Income Data: |
| Net
sales |
$4,078.3 |
$3,969.8 |
$4,210.6 |
$5,023.1 |
$7,764.4 |
| Other
revenues |
44.1 |
49.4 |
37.2 |
33.2 |
48.8 |
|
Net revenues |
$4,122.4 |
$4,019.2 |
$4,247.8 |
$5,056.3 |
$7,813.2 |
| Cost
of sales |
(2,414.7) |
(2,457.4) |
(2,623.0) |
(3,054.5) |
(4,216.9) |
|
| Gross
profit |
1,707.7 |
1,561.8 |
1,624.8 |
2,001.8 |
3,596.3 |
| Operating
expenses: |
|
|
|
|
|
| Selling,
general and administrative |
(421.1) |
(454.3) |
(488.1) |
(534.2) |
(703.7) |
| Research
and development(2) |
(532.3) |
(610.9) |
(689.8) |
(836.0) |
(1,026.3) |
| Other
income and expenses(2) |
45.1 |
23.2 |
76.5 |
39.9 |
(83.6) |
|
| Total
operating expenses |
(908.3) |
(1,042.0) |
(1,101.4) |
(1,330.3) |
(1,813.6) |
|
| Operating
income |
799.4 |
519.8 |
523.4 |
671.5 |
1,782.7 |
| Net
interest income (expense) |
(11.2) |
(2.6) |
8.7 |
35.6 |
46.7 |
| Gain
on disposal of investment |
7.3 |
--- |
--- |
--- |
--- |
|
| Income
before income taxes and minority interests |
795.5 |
517.2 |
532.1 |
707.1 |
1,829.4 |
| Income
tax expense |
(171.6) |
(113.0) |
(120.4) |
(157.2) |
(375.1) |
|
| Income
before minority interests |
623.9 |
404.2 |
411.7 |
549.9 |
$1,454.3 |
| Minority
interests |
1.6 |
2.4 |
(0.6) |
(2.6) |
(2.2) |
|
| Net
income |
$625.5 |
$406.6 |
$411.1 |
$547.3 |
$1,452.1 |
|
| Earnings
per share (basic)(3) |
$0.75 |
$0.49 |
$0.49 |
$0.64 |
$1.64 |
|
| Earnings
per share (diluted)(3) |
$0.75 |
$0.48 |
$0.48 |
$0.62 |
$1.58 |
|
| Number
of shares used in calculating earnings per share (basic) |
832.2 |
834.6 |
845.1 |
859.1 |
885.7 |
|
| Number
of shares used in calculating earnings per share (diluted) |
835.2 |
839.1 |
864.3 |
901.2 |
936.1 |
|
| Ratio
of earnings to fixed charges(4) |
18.6 |
13.4 |
12.7 |
16.3 |
29.3 |
| Dividends
per share(3) |
--- |
--- |
--- |
$0.027 |
$0.03 |
|
| Consolidated
Balance Sheet Data (end of period): |
| Cash,
cash equivalents and marketable securities(1) |
$556.4 |
$702.2 |
$1,100.7 |
$1,823.1 |
$2,330.9 |
| Working
capital(5) |
611.8 |
443.5 |
855.1 |
398.5 |
372.5 |
| Total
assets |
5,005.5 |
5,445.7 |
6,434.0 |
7,930.3 |
11,880.5 |
| Short-term
debt (including current portion of long-term debt) |
428.2 |
424.6 |
191.2 |
123.2 |
141.6 |
| Long-term
debt (excluding current portion)(1) |
194.9 |
356.4 |
755.8 |
1,348.5 |
2,700.5 |
| Shareholders'
equity(1) |
3,260.0 |
3,307.4 |
4,083.3 |
4,563.9 |
6,124.6 |
| Capital
Stock(6) |
2,003.3 |
2,004.9 |
2,232.3 |
2,508.0 |
2,823.6 |
|
| Consolidated
Operating Data: |
| Capital
expenditures(7) |
$1,125.2 |
$1,035.4 |
$947.3 |
$1,347.5 |
$3,317.6 |
| Net
cash provided by operating activities |
980.7 |
983.8 |
1,012.5 |
1,469.3 |
2,431.8 |
| Depreciation
and amortization(7) |
535.9 |
608.1 |
704.0 |
806.8 |
1,108.2 |
|
|
|
| (1)
On November 16, 2000, the Company issued $1,480.0 million initial
aggregate principal amount of zero-coupon unsubordinated convertible
notes, due 2010, for net proceeds of $1,457.8 million. On September
22, 1999, the Company completed an equity offering of 8,970,000
shares of capital stock at $24.88 (adjusted for the 3-for-1
stock split) for net proceeds of $216.8 million. On September
22, 1999, the Company also completed a debt offering of $720.9
million initial aggregate principal amount of zero-coupon convertible
Liquid Yield Option™ Notes, due 2009, for net proceeds
of $708.3 million. On June 10, 1998, the Company completed an
equity offering of 18,000,000 shares of capital stock at $12.03
(adjusted for the 2-for-1 and 3-for-1 stock splits) for net
proceeds of $208.8 million. On June 10, 1998, the Company also
completed a debt offering of $431.7 million initial aggregate
principal amount of zero-coupon convertible Liquid Yield Option™
Notes, due 2008, for net proceeds of $421.8 million. |
| (2)
Other income and expenses include, among other things, funds
received through government agencies for research and development
expenses, and the cost of new plant start-ups, as well as foreign
currency gains and losses, the costs of certain activities relating
to intellectual property and goodwill amortization. The Company's
reported research and development expenses do not include design
center, process engineering, pre-production or industrialization
costs. |
| (3)
All share information has been adjusted to reflect the 2-for-1
stock split effected in June 1999 and the 3-for-1 stock split
effected in May 2000. See Note 2.19 to the Consolidated Financial
Statements. Earnings per share have been restated to reflect
the adoption in 1997 of Statement of Financial Accounting Standards
No. 128 "Earnings per Share." See Note 2.10 and Note
12 to the Consolidated Financial Statements. |
| (4)
For purposes of calculating the ratio of earnings to fixed charges,
earnings consist of income before income taxes and minority
interests, plus fixed charges. Fixed charges consist of interest
expenses. |
| (5)
Working capital is calculated as current assets (excluding cash,
cash equivalents and marketable securities) less current liabilities
(excluding bank overdrafts, short-term debt and current portion
of long-term debt). |
| (6)
Capital stock consists of common stock and capital surplus.
|
| (7)
Capital expenditures are net of certain funds received through
government agencies, the effect of which is to decrease depreciation.
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