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                              SMIC Reports 2019 Fourth Quarter Results

                              All currency figures stated in this report are in US Dollars unless stated otherwise.
                              The consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

                              SHANGHAI, Feb. 13, 2020 /PRNewswire/ -- February 13, 2019. Semiconductor Manufacturing International Corporation (SEHK: 981; OTCQX: SMICY) ("SMIC", the "Company" or "our"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended December 31, 2019.

                              2019 Fourth Quarter Highlights

                              • Revenue was $839.4 million in 4Q19, an increase of 2.8% QoQ from $816.5 million in 3Q19, compared to $787.6 million in 4Q18. Excluding the contribution from the Avezzano 200mm fab in 3Q19 and 4Q18, revenue in 4Q19 was increased by 4.6% QoQ from $802.8 million in 3Q19 and 13.8% YoY from $737.6 million in 4Q18.
                              • Gross profit was $199.4 million in 4Q19, an increase of 17.4% QoQ from $169.8 million in 3Q19 and 48.7% YoY from $134.1 million in 4Q18.
                              • Gross margin was 23.8% in 4Q19, compared to 20.8% in 3Q19, 17.0% in 4Q18.

                              2020 First Quarter Guidance

                              The following statements are forward looking statements based on current expectations and involved risks and uncertainties, some of which are set forth under "Forward-Looking Statements" below. The Company expects:

                              • Revenue to increase by 0% to 2% QoQ.
                              • Gross margin to range from 21% to 23%.
                              • Non-IFRS operating expenses, excluding the effect of employee bonus accrual, government funding, impairment loss of tangible and intangible assets, gain or loss on the disposal of machinery and equipment, and gain from the disposal of living quarters, to range from $294 million to $300 million.
                              • Non-controlling interests of our majority-owned subsidiaries to range from $17 million net profit to $19 million net profit.

                              Dr. Zhao Haijun and Dr. Liang Mong Song, SMIC's Co-Chief Executive Officers commented, "Although there were many uncertain external factors in 2019, with the efforts and support of colleagues and customers, the company's operations have gradually improved, and our annual goals have been achieved. Among them, revenue from our China region accounted for 65% of our total revenue in the fourth quarter of 2019, representing a sequential increase of 11% and a year-on-year increase of 21%. In addition, our first generation of FinFET, 14nm, entered mass production, contributing 1% of wafer revenue for the quarter.

                              In 2020, SMIC will resume a period of growth. At present, the first quarter revenue is better than seasonal. In response to customers' market demand, a new round of capital expenditure plans will be deployed, and capacity will gradually expand. In terms of business strategy, we will continue to expand mature process offerings and maintain our leadership in certain segments. In particular, demand for CMOS image sensors, power management, etc. remains strong. We are solidifying our fundamental capabilities on advanced technology, diversifying our customer engagement, and transitioning technology development into income generation. We also expect our first generation of FinFET to steadily ramp up, and our second generation of FinFET to continue customer engagement.

                              As a fundamental part of the Chinese semiconductor industry, we focus on expanding and improving our product portfolio offerings, expanding our target markets, and serving our increasingly mature customers in seizing the growing market opportunities."

                              To see the complete results including financial tables, please click here: 
                              http://www.smics.com/uploads/2019 Q4 Earnings Release_ENG_Final.pdf

                              Conference Call / Webcast Announcement

                              Date: February 14, 2020

                              Time: 8:30 a.m. Beijing time

                              Dial-in numbers:

                              Mainland China +86 400-620-8038 (Pass code: SMIC)

                              Hong Kong, China +852 3018-6771 (Pass code: SMIC)

                              Taiwan, China +886 2-5572-3895 (Pass code: SMIC)

                              United States +1 845-675-0437 (Pass code: SMIC)

                              The call will be webcast live with audio at: 

                              http://www.smics.com/en/site/company_activity or https://edge.media-server.com/mmc/p/ookahtor.

                              An archived version of the webcast, along with an electronic copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.

                              About SMIC

                              Semiconductor Manufacturing International Corporation ("SMIC"; SEHK: 981; OTCQX: SMICY), one of the leading foundries in the world, is Mainland China's most advanced and largest foundry, broadest in technology coverage, and most comprehensive in semiconductor manufacturing services. SMIC provides integrated circuit (IC) foundry and technology services on process nodes from 0.35 micron to 14 nanometer. Headquartered in Shanghai, China, SMIC has an international manufacturing and service base. In China, SMIC has a 300mm wafer fabrication facility (fab), a 200mm fab and a majority-owned joint-venture 300mm fab for advanced nodes (under construction) in Shanghai; a 300mm fab and a majority-owned 300mm fab for advanced nodes in Beijing; 200mm fabs in Tianjin and Shenzhen; and a majority-owned joint-venture 300mm bumping facility in Jiangyin. SMIC also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan China, and a representative office in Hong Kong China.

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

                              Forward-Looking Statements

                              This press release contains, in addition to historical information, forward-looking statements. These forward-looking statements, including statements under "First Quarter 2020 Guidance", "Capex Summary" and the statements contained in the quotes of our Co-Chief Executive Officers are based on SMIC's current assumptions, expectations, beliefs, plans, objectives, and projections about future events or performance. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project," "target, "going forward", "continue", "ought to", "may", "seek", "should", "plan", "could", "vision", "goals", "aim", "aspire", "objective", "schedules", "outlook" and similar expressions to identify forward looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessary estimates reflecting judgment of SMIC's senior management and 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 cyclicality and market conditions in the semiconductor industry, intense competition in the semiconductor industry, SMIC's reliance on a small number of customers, timely wafer acceptance by SMIC's customers, timely introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, availability of manufacturing capacity, financial stability in end markets, orders or judgments from pending litigation, intensive intellectual property litigation in the semiconductor industry, general economic conditions and fluctuations in currency exchange rates.

                              In addition to the information contained in this press release, you should also consider the information contained in our other filings with The Hong Kong Stock Exchange Limited ("SEHK") from time to time. Other unknown or unpredictable factors also could have material adverse effects on our 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 required by applicable laws, SMIC undertakes no obligation and does not intend to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events after the date on which such statement is made or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or otherwise.

                              About Non-International Financial Reporting Standards ("non-IFRS") Financial Measures

                              To supplement SMIC's consolidated financial results presented in accordance with IFRS, SMIC uses in this press release non-IFRS measures of operating results that are adjusted to exclude finance cost, depreciation and amortization, income tax benefits and expenses, the effect of employee bonus accrual, government funding, impairment loss of tangible and intangible assets, gain or loss on the disposal of machinery and equipment and gain from the disposal of living quarters. This earnings release also includes first quarter 2020 guidance for non-IFRS operating expenses. The presentation of non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. This earnings release includes EBITDA, EBITDA margin and non-IFRS operating expenses which consist of total operating expenses as adjusted to exclude the effect of employee bonus accrual, government funding, impairment loss of tangible and intangible assets, gain or loss on the disposal of machinery and equipment and gain from the disposal of living quarters. These non-IFRS financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for financial measures prepared in accordance with IFRS, and should be read only in conjunction with the Group's financial measures prepared in accordance with IFRS. The Group's non-IFRS financial measures may be different from similarly-titled non-IFRS financial measures used by other companies.

                              SMIC believes that use of these non-IFRS financial measures facilitates investors' and management's comparisons to SMIC's historical performance. The Group's management regularly uses these non-IFRS financial measures to understand, manage and evaluate the Group's business and make financial and operational decisions.

                              The accompanying table has more information and reconciliations of each non-IFRS financial measure to its most directly comparable IFRS financial measure. A reconciliation of non-IFRS guidance measures to corresponding IFRS measures is not available on a forward-looking basis because the effect of these adjustment items excluded for the purpose of non-IFRS operating expenses guidance are subject to some unpredictable conditions that cannot be estimated with reasonable certainty. 

                              CONTACT:

                              Investor Relations

                              +86 21-2081-2804

                              IR@smics.com

                              Source: Semiconductor Manufacturing International Corporation
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