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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Chartered Semiconductor Manufacturing Ltd. (MM) | NASDAQ:CHRT | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 19.01 | 0 | 00:00:00 |
From Dec 2019 to Dec 2024
Chartered Semiconductor Manufacturing Ltd. (Nasdaq:CHRT)(SGX-ST:CHARTEREDSC), one of the world’s top dedicated semiconductor foundries, today announced its results for third quarter 2009.
“Chartered revenues and revenues including our share of SMP were up approximately 19 percent in third quarter 2009 compared to the previous quarter. Revenues from 65-nanometer (nm) and below technologies, including those from 45nm, grew around 27 percent and accounted for approximately 31 percent of our total business base revenues. We ended the quarter with a net loss attributable to Chartered of $4.7 million, including transaction costs of $8.4 million relating to the proposed acquisition of Chartered by Advanced Technology Investment Company (ATIC) of Abu Dhabi, which is a substantial improvement of approximately $35 million over the prior quarter,” said George Thomas, senior vice president and CFO of Chartered.
Summary of Third Quarter 2009 Performance
Wafer Shipments and Average Selling Prices (eight-inch equivalent)
Capacity and Utilization
Capacity utilization in third quarter 2009 was 75 percent compared to 85 percent in the year-ago quarter, and 60 percent in second quarter 2009. Capacity utilization is based on total shipments and total capacity, both of which include Chartered’s share of SMP.
Utilization Table
Data including Chartered’s share of SMP
Thousand 8” equivalent wafers 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Total wafers shipped 544.5 377.7 241.9 385.1 482.4 Total capacity 638.9 645.2 633.1 639.9 641.4 Utilization 85 % 59 % 38 % 60 % 75 %Capacity by Fab
Thousand 8” equivalent wafers 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Fab 2 155.5 155.5 152.2 153.8 155.5 Fab 3 83.1 83.1 81.3 82.2 83.1 Fab 3E 75.1 75.1 73.5 74.3 75.1 Fab 5 (Chartered’s share) 35.9 35.9 33.7 34.0 34.4 Fab 6 127.4 130.2 130.5 131.9 111.9 Fab 7 161.9 165.4 161.9 163.7 181.4 Total 638.9 645.2 633.1 639.9 641.4Market Dynamics
The following business statistics tables provide information on revenues including Chartered’s share of SMP by market sector, region and technology.
Breakdown by Market Sector
Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Communications 52 % 48 % 49 % 51 % 54 % Computer 13 % 12 % 8 % 9 % 11 % Consumer 31 % 33 % 37 % 37 % 29 % Other 4 % 7 % 6 % 3 % 6 % Total 100 % 100 % 100 % 100 % 100 %Breakdown by Region
Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Americas 60 % 63 % 53 % 56 % 53 % Europe 10 % 10 % 8 % 8 % 10 % Asia-Pacific 21 % 15 % 24 % 30 % 32 % Japan 9 % 12 % 15 % 6 % 5 % Total 100 % 100 % 100 % 100 % 100 %Breakdown by Technology (micron)
Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 0.045 and below - - 3 % 2 % 1 % Up to 0.065 19 % 23 % 21 % 27 % 30 % Up to 0.09 3 % 1 % 1 % 1 % 1 % Up to 0.13 34 % 34 % 38 % 35 % 34 % Up to 0.15 - 1 % 1 % 1 % 1 % Up to 0.18 18 % 17 % 20 % 15 % 13 % Up to 0.25 10 % 9 % 5 % 9 % 6 % Up to 0.35 9 % 8 % 5 % 6 % 8 % Above 0.35 7 % 7 % 6 % 4 % 6 % Total 100 % 100 % 100 % 100 % 100 %Outlook
In light of the proposed acquisition by ATIC, Chartered will not be providing guidance for its fourth quarter ending December 31, 2009 and will not host a conference call or web cast. Considering that Chartered is in the midst of the acquisition, in order to be able to provide fourth quarter guidance, it would need to make several assumptions and estimates which are dependent on whether and when the acquisition will be completed. This can result in significant uncertainty while forecasting its results for the fourth quarter ending December 31, 2009.
APPENDIX A
US GAAP Reconciliation Table
In order to provide investors additional information regarding the company’s financial results as determined in accordance with US GAAP, in this report Chartered also provides information on its total business base revenues, which include the Company’s share of Silicon Manufacturing Partners (“Revenues including Chartered’s share of SMP”). SMP is a minority-owned joint-venture company and under US GAAP reporting, SMP revenues are not consolidated into Chartered’s revenues (“Revenues”). References to revenues including Chartered’s share of SMP in this report are therefore not in accordance with US GAAP. To ensure clarity, the tables below provide a reconciliation.
3Q 2008Actual
2Q 2009Actual
3Q 2009Actual
Revenues (a) $ 463.7M $ 349.0M $ 415.2M Chartered’s share of SMP revenues$
23.5M $ 19.8M $ 24.6M Revenues including Chartered’s share of SMP $ 487.2M $ 368.8M $ 439.8M ASP (b) $ 878 $ 921 $ 879 ASP of Chartered’s share of SMP revenues (b) $ 780 $ 755 $ 744 ASP including Chartered’s share of SMP (b) $ 873 $ 910 $ 870(a) Determined in accordance with US GAAP.
(b) Eight-inch equivalent wafers.
Breakdown by Market Sector
Revenues (US GAAP) (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Communications 52 % 48 % 48 % 51 % 55 % Computer 13 % 12 % 8 % 8 % 10 % Consumer 31 % 33 % 37 % 38 % 30 % Other 4 % 7 % 7 % 3 % 5 % Total 100 % 100 % 100 % 100 % 100 %Chartered’s share of SMP revenues (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Communications 50% 51% 65% 38% 39% Computer 28% 16% 16% 35% 37% Consumer 20% 28% 16% 26% 11% Other 2% 5% 3% 1% 13% Total 100% 100% 100% 100% 100%Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Communications 52% 48% 49% 51% 54% Computer 13% 12% 8% 9% 11% Consumer 31% 33% 37% 37% 29% Other 4% 7% 6% 3% 6% Total 100% 100% 100% 100% 100%Breakdown by Region
Revenues (US GAAP) (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Americas 62 % 64 % 54 % 57 % 55 % Europe 10 % 10 % 8 % 8 % 10 % Asia-Pacific 19 % 14 % 23 % 28 % 30 % Japan 9 % 12 % 15 % 7 % 5 % Total 100 % 100 % 100 % 100 % 100 %Chartered’s share of SMP Revenues (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Americas 20% 40% 36% 32% 30% Europe 12% 11% 7% 12% 14% Asia-Pacific 64% 42% 54% 55% 54% Japan 4% 7% 3% 1% 2% Total 100% 100% 100% 100% 100%Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 Americas 60 % 63 % 53 % 56 % 53 % Europe 10 % 10 % 8 % 8 % 10 % Asia-Pacific 21 % 15 % 24 % 30 % 32 % Japan 9 % 12 % 15 % 6 % 5 % Total 100 % 100 % 100 % 100 % 100 %Breakdown by Technology (micron)
Revenues (US GAAP) (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 0.045 and below - - 3 % 2 % 1 % Up to 0.065 19 % 23 % 22 % 29 % 32 % Up to 0.09 3 % 1 % 1 % 1 % 1 % Up to 0.13 36 % 35 % 39 % 37 % 36 % Up to 0.15 - 1 % 1 % 1 % 1 % Up to 0.18 14 % 15 % 17 % 10 % 8 % Up to 0.25 11 % 9 % 5 % 9 % 7 % Up to 0.35 10 % 8 % 6 % 7 % 8 % Above 0.35 7 % 8 % 6 % 4 % 6 % Total 100 % 100 % 100 % 100 % 100 %Chartered’s share of SMP Revenues (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 0.045 and below - - - - - Up to 0.065 - - - - - Up to 0.09 - - - - - Up to 0.13 - - - - - Up to 0.15 - - - - - Up to 0.18 95% 100% 100% 99% 99% Up to 0.25 3% - - 1% 1% Up to 0.35 2% - - - - Above 0.35 - - - - - Total 100% 100% 100% 100% 100%Revenues including Chartered’s share of SMP (Percentage of Total)
3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 0.045 and below - - 3 % 2 % 1 % Up to 0.065 19 % 23 % 21 % 27 % 30 % Up to 0.09 3 % 1 % 1 % 1 % 1 % Up to 0.13 34 % 34 % 38 % 35 % 34 % Up to 0.15 - 1 % 1 % 1 % 1 % Up to 0.18 18 % 17 % 20 % 15 % 13 % Up to 0.25 10 % 9 % 5 % 9 % 6 % Up to 0.35 9 % 8 % 5 % 6 % 8 % Above 0.35 7 % 7 % 6 % 4 % 6 % Total 100 % 100 % 100 % 100 % 100 %About Chartered
Chartered Semiconductor Manufacturing Ltd. (Nasdaq: CHRT, SGX-ST: CHARTEREDSC), one of the world’s top dedicated semiconductor foundries, offers leading-edge technologies down to 40/45 nanometer (nm), enabling today’s system-on-chip designs. The company further serves its customers’ needs through a collaborative, joint development approach on a technology roadmap that extends to 22nm. Chartered’s strategy is based on open and comprehensive design enablement solutions, manufacturing enhancement strategies, and a commitment to flexible sourcing. In Singapore, the company owns or has an interest in six fabrication facilities, including a 300mm fabrication facility and five 200mm facilities. Information about Chartered can be found at www.charteredsemi.com.
Safe Harbor Statement under the provisions of the United States Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated. Among the factors that could cause actual results to differ materially are decreased consumer confidence, credit crisis, financial market turmoil and the deteriorating global economic conditions; changes in the demands from our customers; demand and supply outlook in the semiconductor market; competition from existing foundries and new foundry companies resulting in pricing pressures; excess inventory, life cycle, market outlook and trends for specific products; products mix; unforeseen delays, interruptions, performance level of our fabrication facilities; our progress on leading-edge products; changes in capacity plans, allocation and process technology mix; unavailability of materials, equipment, manpower and expertise; access to or delays in technological advances or our development of process technologies; the successful implementation of our partnership, technology and supply alliances (including our joint development agreements with IBM and the other joint development partners); the growth rate of fabless companies, the outsourcing strategy of integrated device manufacturers (“IDM”) and our expectation that IDMs will utilize foundry capacity more extensively. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained. In addition to the foregoing factors, a description of certain other risks and uncertainties which cause actual results to differ materially can be found in "Item 3. Key Information — D. Risk Factors" in our 2008 annual report on Form 20-F filed with the US SEC. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management's current analysis of future events. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
All currency figures stated in this report are in US dollars.
The financial statement amounts in this report are determined in accordance with US GAAP.
In order to provide investors additional information regarding the Company’s financial results as determined in accordance with US GAAP, in this report Chartered also provides information on its total business base revenues, which include the Company’s share of Silicon Manufacturing Partners (“Revenues including Chartered’s share of SMP”). Silicon Manufacturing Partners (SMP or Fab 5) is a minority-owned joint-venture company and under US GAAP reporting, SMP revenues are not consolidated into Chartered’s revenues (“Revenues”). References to revenues including Chartered’s share of SMP in this report are therefore not in accordance with US GAAP. To ensure clarity, in Appendix A of this report we have included a reconciliation table which provides comparable data based on revenues determined in accordance with US GAAP, which do not include the Company’s share of SMP.
CHARTERED SEMICONDUCTOR MANUFACTURING LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of US Dollars, except share and per share data)Determined in accordance with US GAAP
Three Months Ended Nine Months Ended September 30, September 30,2008
2009
2008
2009
Net revenue $ 463,648 $ 415,228 $ 1,309,440 $ 1,008,175 Cost of revenue 398,068 327,254 1,109,407 916,747 Gross profit 65,580 87,974 200,033 91,428 Other revenue 2,654 2,312 10,974 6,169 Operating expenses: Research and development 44,184 43,878 132,474 137,672 Sales and marketing 19,493 14,914 54,921 41,390 General and administrative 11,196 18,486 33,154 39,571 Other operating expenses, net 1,364 6,480 5,116 15,013 Total operating expenses, net 76,237 83,758 225,665 233,646 Equity in income of associated companies, net 8,941 8,827 28,192 13,306 Other income (loss), net (941 ) 476 8,782 747 Interest expense, net (13,561 ) (13,229 ) (38,382 ) (41,129 ) Income (loss) before income tax (13,564 ) 2,602 (16,066 ) (163,125 ) Income tax (benefit) expense 10,813 (58 ) (37,497 ) (10,050 ) Net income (loss) (24,377 ) 2,660 21,431 (153,075 )Less: Net income (loss) attributable to the noncontrolling interest in CSP
- 7,356 - (10,222 ) Net income (loss) attributable to Chartered (24,377 ) (4,696 ) 21,431 (142,853 )Less: Accretion to redemption value of convertible redeemable preference shares
2,522 2,622 7,495 7,790Net income (loss) available to ordinary shareholders of Chartered
$ (26,899 ) $ (7,318 ) $ 13,936 $ (150,643 ) Net earnings (loss) per ordinary share and ADS Basic net earnings (loss) per ordinary share* $ (0.07 ) $ (0.01 ) $ 0.04 $ (0.22 ) Diluted net earnings (loss) per ordinary share* $ (0.07 ) $ (0.01 ) $ 0.04 $ (0.22 ) Basic net earnings (loss) per ADS* $ (0.70 ) $ (0.08 ) $ 0.36 $ (2.22 ) Diluted net earnings (loss) per ADS* $ (0.70 ) $ (0.08 ) $ 0.36 $ (2.22 ) Number of ordinary shares (in millions) used in computing*: Basic net earnings (loss) per ordinary share 383.2 941.9 383.1 679.9 Effect of dilutive securities - - 0.2 - Diluted net earnings (loss) per ordinary share 383.2 941.9 383.3 679.9 Number of ADS (in millions) used in computing*: Basic net earnings (loss) per ADS 38.3 94.2 38.3 68.0 Effect of dilutive securities - - - - Diluted net earnings (loss) per ADS 38.3 94.2 38.3 68.0 *As adjusted retroactively for the 27-for-10 rights offering and the 10-into-1 share consolidation which were completed during second quarter 2009. CHARTERED SEMICONDUCTOR MANUFACTURING LTD. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of US Dollars)Determined in accordance with US GAAP
As of
December 31,
September 30,
20082009
ASSETS Cash and cash equivalents$
524,501
$
805,726
Restricted cash 69,560 66,301 Marketable securities 950 1,175 Receivables, net 224,428 297,893 Inventories 189,498 154,895 Other investments 19,634 3,274 Other current assets 19,840 36,267 Total current assets 1,048,411 1,365,531 Investment in associated companies 28,924 34,662 Technology licenses and other intangible assets, net 48,178 35,376 Property, plant and equipment, net 2,845,668 2,768,222 Other non-current assets 53,992 34,466 Total assets$
4,025,173
$
4,238,257
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERENCE SHARES AND EQUITY
Payables$
311,264
337,913 Current installments of long-term debt and capital lease obligations 163,232 565,745 Other current liabilities 102,355 86,571 Total current liabilities 576,851 990,229Long-term debt and capital lease obligations, excluding current installments
1,677,228 1,318,644 Other non-current liabilities 61,801 60,309 Total liabilities 2,315,880 2,369,182 Convertible redeemable preference shares 265,879 273,669 Total shareholders’ equity of Chartered 1,443,414 1,605,569 Noncontrolling interest in CSP-
(10,163 ) Total equity 1,443,414 1,595,406Total liabilities, convertible redeemable preference shares and total equity
$
4,025,173
$
4,238,257
CHARTERED SEMICONDUCTOR MANUFACTURING LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US Dollars)Determined in accordance with US GAAP
For The Nine Months Ended
September 30,
September 30,
20082009
CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss)$
21,431
$
(153,075
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in income of associated companies, net (28,192 ) (13,306 ) Cash dividends received from associated companies 28,457 7,689 Depreciation and amortization 433,698 380,142 Foreign exchange loss, net 1,366 2,071 Loss (gain) on disposal of property, plant and equipment, net8
(691 ) Others, net (10,627 ) 5,500Changes in assets and liabilities, net of effects from purchase of a subsidiary in 2008:
Receivables (6,666 ) (68,489 ) Inventories 19,838 34,603 Other assets (18,993 ) (3,666 ) Payables and other liabilities (11,623 ) 35,202 Net cash provided by operating activities 428,697 225,980 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (443,556 ) (280,234 ) Payments for technology licenses (11,014 ) (4,381 ) Purchase of a subsidiary, net of cash acquired of $6,523 (237,072 )-
Refund of deposits placed with a vendor 1,278 841 Proceeds from sale of property, plant and equipment 10,482 5,251 Proceeds from redemption of other investments 55,841 16,150 Investment in associated companies (8,041 )-
Others, net (433 ) 675 Net cash used in investing activities (632,515 ) (261,698 ) CASH FLOWS FROM FINANCING ACTIVITIES Debt Borrowings 389,072 167,905 Repayments (433,631 ) (157,512 ) Capital lease payments (3,972 ) (4,488 ) Receipts (refunds) of customer deposits (5,609 ) 15 Issuance of ordinary shares, net of direct issuance costs 989 306,817 (Increase) decrease in cash restricted for debt repayments (24,468 ) 3,259 Net cash provided by (used in) financing activities (77,619 ) 315,996 Effect of exchange rate changes on cash and cash equivalents 189 947 Net increase (decrease) in cash and cash equivalents (281,248 ) 281,225 Cash and cash equivalents at the beginning of the period 743,173 524,501 Cash and cash equivalents at the end of the period$
461,925
$
805,726
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