La joint venture ST-Ericsson della STMicroelectronics presenta i risultati finanziari del secondo trimestre 2012
La STMicroelectronics ha annunciato oggi che la ST-Ericsson, joint venture della stessa STMicroelectronics e Ericsson, ha presentato oggi i risultati del secondo trimestre 2012 conclusisi il 30 giugno 2012. Il testo completo del comunicato stampa è allegato sotto e disponibile anche presso http://www.stericsson.com/press_releases/Q22012.jsp
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ST-Ericsson reports second quarter 2012 financial results
- Net sales $344 million; 19 percent sequential increase
- Adjusted operating loss1) $235 million; $62 million improvement over prior quarter
- Transfer of application processor development organization finalized on July 1
Geneva, Switzerland, July 17, 2012 - ST-Ericsson, a jointventure of STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC), reported financial results for the second fiscal quarter ending June 30, 2012.
Sales in the second quarter increased 19 percent over the prior quarter reflecting a significant ramp of volumes of NovaThor™ platforms shipping to our major customers. Adjusted operating loss decreased sequentially by $62 million to $235 million, as the result of volume and margin improvements due to new platforms and the first steps of the ongoing actions to reduce operating expenses.
Didier Lamouche, President and CEO of ST-Ericsson said: “This has been a quarter of progress across the board. We ramped our NovaThor ModAp platform with Samsung and Sony Mobile Communications and also added several new Chinese key players. We are executing in a timely manner our new strategic plan to reposition our whole business model and we finalized on July 1, as anticipated, the transfer of the application processors development team to STMicroelectronics to build a world class partnership.
We are advancing towards our objective to reduce our breakeven point and to reach sustainable profitability. During the quarter, all profit and loss metrics showed a sequential improvement: from revenue growth to gross margin expansion and from expense reduction to the decrease of our operating loss. While these indicators are encouraging, we recognize that further improvements in the execution of our critical programs are needed. Moreover, we operate in a very dynamic, fast-changing market and a highly competitive environment. In this context our primary focus is on delivering improvements of operating results and cash flow.”
2012 second quarter financial summary (unaudited)
OPERATING INCOME/(LOSS) ADJUSTED 1) for:
- amortization of acquisition-related intangibles
- restructuring charges
|OPERATING INCOME / (LOSS) as reported|
NET INCOME / (LOSS)
Additional financial data
Net financial position²)
Cash, cash equivalents & short-term deposits/debt, net
Parent companies short-term debt
Net financial position
|Net operating cash flow 3)|
Additional financial information
The net financial position2) at the end of the second quarter was negative $1205 million.
Inventory decreased by $38 million reaching $171 million at the end of the second quarter.
Given, on one hand, the very substantial revenue growth during the second quarter and, on the other hand, the macro-economic and industry environment, ST-Ericsson expects net sales to be approximately flat sequentially for the third quarter 2012.
Highlights - products, technology and wins announced in the second quarter 2012
- Samsung continues to incorporate the ST-Ericsson NovaThor ModAp platforms into their award-winning Samsung GALAXY smartphone line with the announcement of the Samsung GALAXY Beam and Samsung GALAXY Ace 2.
- China Unicom and Yulong are now customers of the NovaThor platform. The NovaThor U8500 ModAp platform powers the new Coolpad Cheer CP7728.
- The Xperia™ go smartphone became the fourth phone this year from Sony Mobile Communications to leverage the ST-Ericsson NovaThor platform.
- The Shanda Bambook smartphone – the first from the China-based company – is powered by the ST-Ericsson NovaThor U8500 ModAp solution. It is the first of several smartphones planned by Shanda to use the ST-Ericsson NovaThor platform.
- Two new Panasonic ELUGA devices for the Japanese market are powered by the compact yet power efficient Thor M5780 thin modem.
- A new Sharp AQUOS smartphone is based on the power efficient ST-Ericsson Thor M5730 and available now in Japan.
- STMicroelectronics secured additional sourcing for 28nm and 20nm FD-SOI Technology with GLOBALFOUNDRIES. ST-Ericsson selected ST FD-SOI technology for use in its future mobile platforms, which will enable enhanced performance from the ST-Ericsson NovaThor platform with much less battery usage.
Financial results appendix (unaudited)
Consolidated Balance sheet
|In $ million|
|Cash and cash equivalents|
|Trade accounts receivable, net|
|Deferred tax assets|
|Other receivables and assets|
|Total current assets|
Other intangible assets, net
Property, plant and equipment, net
Long-term deferred tax assets
Other investments and other non-current assets
|LIABILITIES AND SHAREHOLDERS' EQUITY|
Short-term borrowings and current portion of long-term debt
Trade accounts payable
Other payables and accrued liabilities
Deferred tax liabilities
Accrued income tax
Total current liabilities
Reserve for pension and termination indemnities
Long-term deferred tax liabilities
Other non-current liabilities
Total liabilities and equity
1) The adjusted operating income/(loss) is defined as the operating income/(loss) reported before amortization of acquisition-related intangibles and restructuring charges and is used by management to help enhance the understanding of ongoing operations and to communicate the impact of the items on the operating loss as reported.
2) Net financial position represents the balance between financial assets, which comprise cash, cash equivalents and short-term deposits, and financial debt which includes bank overdrafts and parent companies short-term bridge credit facilities.
3) Net operating cash flow is defined as net cash from operating activities, less capital expenditure and less restructuring charges.
Notes to editors
ST-Ericsson invites journalists, analysts and investors to a conference call scheduled on July 18 at 12:00 pm (CET). Call-in numbers, a live webcast of the conference call, as well as supporting slides, will be available at www.stericsson.com/investors/investors.jsp.
ST-Ericsson is a world leader in developing and delivering a complete portfolio of innovative mobile platforms and cutting-edge wireless semiconductor solutions across the broad spectrum of mobile technologies. The company is a leading supplier to the top handset manufacturers and generated sales of $1.7 billion in 2011. ST-Ericsson was established as a 50/50 joint venture by STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC) in February 2009, with headquarters in Geneva, Switzerland.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Global Communications & Media Relations
Claudia Levo, Geneva, Switzerland
Investor & Analyst Relations
Pamela McCracken, Santa Clara, U.S.A.
Ericsson Investor Relations
STMicroelectronics Investor Relations
The ST-Ericsson results reported in this press release do not reflect in their entirety the results of the Wireless Segment of STMicroelectronics, which include other activities that are not part of ST-Ericsson.
This press release contains forward-looking statements that involve inherent risks and uncertainties. We have identified certain important factors that may cause actual results to differ materially from those contained in such forward-looking statements. For a detailed description of risk factors see STMicroelectronics’ (NYSE:STM) and Ericsson's (NASDAQ:ERIC) filings with the US Securities and Exchange Commission, particularly each company's latest published Annual Report on Form 20-F.