SMIC Reports Unaudited Results for the Three Months Ended June 30, 2013

For more information, please visit www.smics.com.

Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of 1995)

This press release contains, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements under "Third Quarter 2013 Guidance" and  the statement regarding our looking into various opportunities to expand our 8-inch capacity, are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with the global economic slowdown, orders or judgments from pending litigation and financial stability in end markets.

Investors should consider the information contained in SMIC's filings with the U.S. Securities and Exchange Commission (SEC), including its annual report on 20-F filed with the SEC on April 15, 2013, especially the consolidated financial statements, and such other documents that SMIC may file with the SEC or The Hong Kong Stock Exchange Limited ("SEHK") from time to time, including current reports on Form 6-K. Other unknown or unpredictable factors also could have material adverse effects on SMIC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as may be required by law, SMIC undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Summary of Second Quarter 2013 Operating Results

Amounts in US$ thousands, except for EPS and operating data


2Q13

1Q13

QoQ

2Q12

YoY

Revenue

541,302

501,609

7.9%

421,825

28.3%

Cost of sales(3)

(406,075)

(403,321)

0.7%

(320,110)

26.9%

Gross profit

135,227

98,288

37.6%

101,715

32.9%

Operating expenses(3)

(56,095)

(46,967)

19.4%

(87,973)

-36.2%

Profit from operation

79,132

51,321

54.2%

13,742

475.8%

Other expense, net

(3,292)

(8,273)

-60.2%

(8,188)

-59.8%

Profit before tax

75,840

43,048

76.2%

5,554

1265.5%

Income tax (expenses) benefit

(510)

(2,536)

-79.9%

1,461

-

Profit for the period

75,330

40,512

85.9%

7,015

973.8%

Other comprehensive income:






Exchange differences on
  translating foreign operations

278

43

546.5%

(230)

-

Total comprehensive income  
  for the period

75,608

40,555

86.4%

6,785

1014.3%







Profit attributable to SMIC

75,401

40,604

85.7%

7,060

968.0%







Gross margin

25.0%

19.6%

-

24.1%

-







Earnings per ordinary share
(basic and diluted) ( 1 )

0.00

0.00

-

0.00

-

Earnings per ADS (basic and
diluted)

0.12

0.06

-

0.01

-







Wafers shipped (in 8"
equivalent wafers)

687,651

631,776

8.8%

557,683

23.3%







Capacity utilization ( 2 )

98.5%

89.0%

-

95.2%

-


Note:

(1) Based on weighted average ordinary shares of 32,051 million (basic) and 32,312 million (diluted) in 2 Q1 3 , 32,014 million (basic) and 32,182 million (diluted) in 1 Q1 3 , and 28,789 million (basic) and 28,830 million (diluted) in 2 Q1 2 .

(2) B ased on total equivalent wafers out divided by estimated total quarterly capacity .

(3) The Company made reclassifications in 1Q13 to allocate employee bonuses among cost of sales and operating expenses, which were previously all included in operating expense.

  • Revenue increased to $541.3 million in 2Q13, up 7.9% QoQ from $501.6 million in 1Q13, mainly due to an increase in wafer shipments.
  • Revenue generated by shipments from Wuhan Xinxin was $39.5 million in 2Q13 compared to $29.2 million in 1Q13. This portion of revenue will gradually be phased out starting in 3Q13.
  • Cost of sales in 2Q13 was $406.1 million , comparable to $403.3 million in 1Q13 despite an increase in shipments primarily due to significantly higher fab utilization. As a result, depreciation expense was distributed to a larger number of wafers produced.
  • Gross profit was $135.2 million in 2Q13, an increase of 37.6% QoQ from $98.3 million in 1Q13.
  • Gross margin was 25.0% in 2Q13, up from 19.6% in 1Q13 primarily due to significantly higher fab utilization in 2Q13.
  • Operating expenses increased to $56.1 million in 2Q13, an increase of 19.4% QoQ from $47.0 million in 1Q13, mainly due to the reasons stated in Operating Expenses (Income) Analysis .
  • Income tax expenses was $0.5 million in 2Q13, a decrease of 79.9% QoQ from $2.5 million in 1Q13, due to the effect of the decrease in the number of living quarter units disposed in 2Q13 compared to 1Q13, which also resulted in decreased income tax.

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