Newsgroup: it.economia.borsa
Titolo: Risultati STM ahi ahi ahi.... pessimi

First Quarter 2003 Net Revenues and Operating Income By Product Group: 
Group Revenue % of Net Operating Income 
(Million US$) Revenue Q1 2003 
(Million US$) 
Telecommunications, 
Peripherals and 
Automotive (TPA) $785.5 48.5% $139.4 
Consumer and 
Microcontroller 
(CMG) 282.6 17.5% 12.1 
Memory Products 
(MPG) 262.1 16.2% -26.4 
Discrete and 
Standard ICs (DSG) 272.2 16.8% 23.0 
OTHER* 16.0 1.0% -24.5 
TOTAL $1,618.4 100.0% $123.6 
* The 'OTHER' category includes such items as start-up costs and other 
unallocated expenses including: strategic (or special) research and 
development programs, certain corporate level operating expenses, 
restructuring charges, and other costs that are not allocated to 
product groups, as well as the revenues and operating earnings or 
losses of the New Ventures Group and the Subsystems Products Group. 
Year-over-year revenue increases were posted by each product group, and
operating income improvement was achieved by each group with the exception
of MPG, which was penalized by a very difficult pricing environment. On a
sequential revenue basis, the bright spot was CMG, which recorded a top
line increase of 4.3% over the 2002 fourth quarter. The operating income
of all product groups reflected pricing pressures affecting virtually
every end-market. 
Q1 2003 Revenue Breakdown by Product Category 
Product Category Revenue % of Net Revenue 
(Million US$) 
Differentiated Products $1,132.3 70.0% 
Micro & Memories 199.4 12.3% 
Discretes 198.5 12.3% 
Standard & Commodities 88.2 5.4% 
Differentiated product revenues increased 18.9% year-over-year and
declined 7% sequentially. This product family represented 70% of Q1 2003's
net revenues compared to 70.3% in last year's first quarter and 68.2% in
the prior quarter. Micro & Memories posted a 16.7% year-over-year
increase, but declined 23.3% on a sequential basis as a result of pricing
pressures and a less favorable product mix. Discretes were up 29.4% from
Q1 2002 levels and down 5.2% sequentially, and Standard & Commodities
increased 12.6% year-over-year and declined 10.7% sequentially. 
Q1 2003 Revenue Breakdown By Market Segment 
The convergence of applications has made it increasingly difficult to
provide a precise breakdown of revenues by market segment. The following
exhibit estimates, within a variance of 5% - 10% in the absolute dollar
amount, the relative weighting per market segment in Q1 2003. 
Market Segment % of Net Revenue 
Automotive 15% 
Computer 20% 
Consumer 20% 
Industrial & Others 15% 
Telecom 30% 
Q1 2003 Geographic Revenue Breakdown 
By Customers' Region of Origin By Location of Order Shipment 
Revenue % of Net Revenue % of Net 
(Million US$) Revenue (Million US$) Revenue 
Europe $719.5 44.5% Europe $470.5 29.0% 
North America 492.8 30.4% North America 227.7 14.1% 
Asia/Pac 247.4 15.3% Asia/Pac 701.7 43.4% 
Japan 109.1 6.7% Japan 72.7 4.5% 
Emerging Markets 49.6 3.1% Emerging Markets 145.8 9.0% 
Summary and Outlook 
Mr. Pistorio commented, "Embedded in ST's 2003 first quarter performance
was the adherence to a long-term growth strategy which we believe will
enhance our competitive position as the market recovers. Within a business
climate characterized by intense price pressure and limited visibility, we
maintained our emphasis on cash generation and cost containment, while we
proceeded with key capital and core R&D investments. 
"From a short-term perspective, we are anticipating difficult market
conditions to persist in the 2003 second quarter, but demand for certain
applications should strengthen. Current backlog data leads us to expect
that ST's 2003 second quarter revenues will be within the range of $1.68
billion to $1.72 billion, which indicates a sequential increase of between
3.8% and 6.3% and a year-over-year increase of between 9.7% and 12.3%.
Gross margin for the period should post a sequential improvement to about
36%," Mr. Pistorio said. 
"Looking at a longer time horizon, we foresee an acceleration in the
recovery of our served market in the second half of 2003," Mr. Pistorio
added. "Within this environment, and without a material decrease in the
value of the U.S. dollar, we expect progressively higher profitability
levels for ST, driven by an increase in sales and improvement in the gross
margin, which should be within the 38% to 40% range by the 2003 fourth
quarter." 
Products, Technology and Design Wins 
* The Crolles2 Alliance, comprising ST, Philips, and Motorola, 
inaugurated its next-generation 300mm facility in Crolles, near 
Grenoble, France. The joint R&D center will pioneer CMOS technology 
from 90nm processes to 32nm over the next five years. 
* First details were announced of the 'Nomadik' family of multimedia 
application processors that will enable portable terminals to play 
music, take pictures, record and play video, and host two-way visual 
communication in real time. 
* Live tests using a Eutelsat satellite confirmed the advantages of ST's 
8PSK Turbo Code technology, which increases throughput for advanced 
satellite broadcast services up to 50% over existing commercial 
satellite links. 
* In the emerging field of VDSL, ST introduced a chipset based on its DMT 
technology that delivers an aggregate data rate in excess of 
100-Mbits/s over short loops. ST and Ikanos Communications also 
announced that they successfully demonstrated standards-compliant 
interoperability of their respective chipsets. 
* ST signed a new agreement with Alcatel to transfer an integrated 
platform and protocol stack for GPRS/GSM terminals to ST. This 
agreement includes the transfer of a team of 50 highly-skilled people 
from Alcatel to ST and gives ST access to proven, robust software to 
complement the chipset already transferred in a previous agreement. 
* ST and SRS Labs Inc. entered into a licensing and co-marketing 
agreement for SRS Labs' virtual surround-sound technologies by which ST 
has become a bundled chip provider of these technologies for digital 
STB applications worldwide. 
* An important agreement was signed with Datang Mobile Communications 
Equipment, China, by which ST has licensed key expertise and 
intellectual property rights that it will use to develop TD-SCDMA/GPRS 
SoC products. 
* ST introduced several additions to its range of application-specific 
Flash memory devices. These new products are optimized for use in 
particular applications such as mobile phones, set-top boxes, and PCs. 
* The world's first single-chip three-axis accelerometer sensor was 
introduced by ST. The device is aimed primarily at applications in 
handheld terminals implementing new, intuitive user interfaces based on 
movements. 
* ST began volume ramp-up of an automatic gearbox controller chipset for 
Magneti-Marelli and achieved design wins for digital car-radio receiver 
chips at European, US, and Japanese car radio makers as well as a 
design win for high-power, four-channel audio power amplifiers at a 
Japanese manufacturer. 
* In the HDD (Hard Disk Drive) market, ST sampled two new SoC devices 
built in 130nm technology. One includes a DSP, embedded Memory, and 
UDMA133 interface, while the other incorporates a Read Channel that 
delivers performance significantly greater than that of the previous 
read-channel generation. In the Preamplifier field, ST sampled a very 
low power BiCMOS device for mobile HDD applications with speed up to 
800Mb/s. Design wins in this area included a motor controller for a 
major Asian HDD supplier. 
* ST started production of an 180nm Digital Printer Engine with embedded 
DRAM and gained an important design win from a leading manufacturer for 
a device for use in mid- to high-end printers. A new digital printer 
engine SoC was taped out in 130nm technology, while two more products 
in the same technology are in development with dedicated IP needed for 
Multi-Function Peripheral applications. 
* A license agreement was signed with Aspects Software that will enable 
ST to provide a system solution for a Java Card(TM) SIM for the GSM 
mobile phone markets. 
* ST was qualified by a leading Japanese game-console manufacturer as the 
preferred supplier for Ethernet physical-layer products. 
* Alcatel Shanghai Bell awarded ST the redesign of next-generation, 
32-channel analog line cards. Also in China, production of line cards 
based on ST chips is now starting up at Huawei. 
* ST achieved multiple design-wins at leading PC motherboard 
manufacturers in the Asia/Pacific region for power-management chips for 
boards using the new Intel Prescot processor. 
* Independent market-analyst Dataquest ranked ST the number one overall 
supplier worldwide of Application Specific Devices, with ST number one 
in ASSP and number two in ASIC. 
All statements included in this release and in the related conference
call, other than statements which constitute historical facts are
forward-looking statements which are based on Management's current
expectations, views, beliefs and assumptions as of the date of this
release. 
Such statements, which inter alia describe the Company's business
strategy, relationships, outlook, plans, intentions or goals, are subject
to various risks and uncertainties, which may cause actual results and
performance of the Company's business to differ materially and adversely
from the forward-looking statements. 
Factors which may cause actual results or performance to differ materially
from the expectations of the Company or its Management include: 
* The demand for semiconductor products in the key application markets 
served by the Company's products; 
* The intensively competitive and cyclical nature of the semiconductor 
industry, and the ability of the Company to compete in products and 
prices in such an environment; 
* The timely implementation by the Company of new manufacturing 
technologies and the necessary installation of required productive 
equipment. 
* The ability of the Company to develop, manufacture and market 
innovative products in a rapidly changing technological environment; 
* International events which affect the economic, social, political and 
health conditions in the countries in which the Company and its key 
customers operate; 
* Fluctuations in the exchange rates between the US Dollar and the Euro, 
and the US Dollar and the currencies of the other major countries in 
which the Company operates; 
* Order cancellations or postponements from key customers; 
* The anticipated benefits of Research & Development alliances and 
cooperative activities; 
A more detailed discussion of these factors and the other "Risk Factors,"
which may from time to time materially and adversely affect the Company,
is contained in our Annual Report or Form 20-F of the year ended December
31, 2002, which was filed with the SEC on March 14, 2003. 
Conference Call Information 
The management of STMicroelectronics will conduct a conference call on
April 24, 2003 at 9:00 a.m. U.S. Eastern Time / 3:00 p.m. CET, to discuss
operating performance for the first quarter of 2003. 
The conference call will be available via the Internet by accessing the
following Web address: 
www.vcall.com
. Those accessing the webcast should
go to the Web site at least 15 minutes prior to the call, in order to
register, download and install any necessary audio software. The webcast
will be available through May 2, 2003. 
About STMicroelectronics 
STMicroelectronics is a global leader in developing and delivering
semiconductor solutions across the spectrum of microelectronics
applications. An unrivalled combination of silicon and system expertise,
manufacturing strength, Intellectual Property (IP) portfolio and strategic
partners positions the Company at the forefront of System-on-Chip (SoC)
technology and its products play a key role in enabling today's
convergence markets. The Company's shares are traded on the New York Stock
Exchange, on Euronext Paris and on the Milan Stock Exchange. In 2002, the
Company's net revenues were $6.32 billion and net earnings were $429.4
million. Further information on ST can be found at 
www.st.com
. 
STMicroelectronics N.V. 
Consolidated Statements of Income 
(in million of U.S. dollars, except per share data ($)) 
(Unaudited) 
Three Months Ended 
As Reported As Reported 
March 29 March 30 
2003 2002 
Net sales 1617.2 1346.0 
Other revenues 1.2 9.2 
NET REVENUES 1618.4 1355.2 
Cost of sales -1052.1 -903.2 
GROSS PROFIT 566.3 452.0 
Selling, general & administrative -174.2 -141.5 
Research & development -282.9 -223.7 
Other income and expenses, net 14.4 -16.9 
Impairment and restructuring charges 
and other related closure costs 0.0 -9.6 
Total Operating Expenses -442.7 -391.7 
OPERATING INCOME 123.6 60.3 
Interest expense, net -17.4 -15.4 
Equity in loss of joint ventures 0.0 -3.9 
Loss on extinguishment of convertible debt -8.4 0.0 
INCOME BEFORE INCOME TAXES 
AND MINORITY INTERESTS 97.8 41.0 
Income tax expense -17.6 -7.6 
INCOME BEFORE MINORITY INTERESTS 80.2 33.4 
Minority interests -1.2 -0.5 
NET INCOME 79.0 32.9 
EARNINGS PER SHARE (BASIC) 0.09 0.04 
EARNINGS PER SHARE (DILUTED) 0.09 0.04 
NUMBER OF WEIGHTED AVERAGE 
SHARES USED IN CALCULATING 
DILUTED EARNINGS PER SHARE 891.1 897.5 
STMicroelectronics N.V. 
CONSOLIDATED BALANCE SHEETS 
As at March 29, December 31, 
In million of U.S. dollars 2003 2002 
(Unaudited) (Audited) 
ASSETS 
Current assets: 
Cash and cash equivalents 1,259.4 2,561.8 
Marketable securities 1,102.3 2.0 
Trade accounts receivable 1,040.7 1,094.9 
Inventories 977.3 930.5 
Deferred tax assets 43.6 35.4 
Other receivables and assets 622.7 566.2 
Total current assets 5,046.0 5,190.8 
Goodwill, net 158.5 158.9 
Other intangible assets, net 303.5 311.6 
Property, plant and equipment, net 6,178.4 6,219.6 
Long-term deferred tax assets 30.2 28.4 
Investments and other non-current assets 88.3 94.6 
6,758.9 6,813.1 
Total assets 11,804.9 12,003.9 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Current liabilities: 
Bank overdrafts 26.1 18.5 
Current portion of long-term debt 177.1 146.0 
Trade accounts payable 861.6 912.4 
Other payables and accrued liabilities 579.9 605.5 
Deferred tax liabilities 6.3 6.2 
Accrued income tax 193.2 184.1 
Total current liabilities 1,844.2 1,872.7 
Long-term debt 2,432.2 2,796.9 
Reserves for pension and termination indemnities 187.0 173.5 
Long-term deferred tax liabilities 87.1 86.4 
Other non-current liabilities 35.0 38.7 
2,741.3 3,095.5 
Total liabilities 4,585.5 4,968.2 
Commitment and contingencies 
Minority interests 43.0 41.8 
Common Stock 1,144.3 1,144.3 
Capital surplus 1,863.8 1,863.5 
Accumulated result 4,671.4 4,592.4 
Accumulated other comprehensive loss -154.8 -258.0 
Treasury stock -348.3 -348.3 
Shareholders' equity 7,176.4 6,993.9 
Total liabilities and shareholders' equity 11,804.9 12,003.9 
STMicroelectronics N.V. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
Three Months Ended 
March 29, March 30, 
In million of U.S. dollars 2003 2002 
(Unaudited) (Unaudited) 
Cash flows from operating activities: 
Net income 79.0 32.9 
Add (deduct) non-cash items: 
Depreciation and amortization 370.2 319.6 
Amortization of discount on convertible debt 21.8 21.5 
Loss on extinguishment of convertible debt 8.4 0.0 
Gain on the sales of marketable securities 0.0 -1.3 
Other non-cash items -3.9 6.2 
Minority interest in net income of subsidiaries 1.2 0.5 
Deferred income tax -8.9 -4.5 
Equity in loss of joint ventures 0.0 3.9 
Changes in assets and liabilities: 
Trade receivables 50.1 -35.0 
Inventories -34.6 33.9 
Trade payables -8.9 -17.3 
Other assets and liabilities, net -50.9 -46.9 
Net cash from operating activities 423.5 313.5 
Cash flows from investing activities: 
Payment for purchases of tangible assets -255.7 -270.1 
Payment for purchase of marketable securities -1100.0 -1200.0 
Proceeds from the sale of marketable securities 0.0 1.3 
Investment in intangible and financial assets -13.3 -29.1 
Net cash used in investing activities -1369.0 -1497.9 
Cash flows from financing activities: 
Proceeds from issuance of long-term debt 0.0 18.5 
Repayment of long-term debt -364.4 -39.5 
Increase in short-term facilities 7.1 -0.3 
Capital increase 0.3 1.1 
Other financing activities -0.7 0.0 
Net cash used in financing activities -357.7 -20.2 
Effect of changes in exchange rates 0.8 0.1 
Net cash decrease -1302.4 -1204.5 
Cash and cash equivalents at beginning of the period 2561.8 2438.8 
Cash and cash equivalents at end of the period 1259.4 1234.3
-- 
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Merciadro ha scritto:
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Stardust®
"We are a peaceful nation."  George W. Bush, October 2001.
"We are a peaceful people." Tony Blair, October 2001.

 AH AH AH AH AH AH AH
EH EH EH EH EH EH EH
Che ti ridi stronzo


 
a parte questo (largamente atteso) non mi pare per nulla malaccio.
Ciao
P.S.
comunque vediamo doamni :-)

> comunque vediamo doamni :-)
IO Credo che i risultati, anche se positivi, siano gia' scontati nel prezzo,
quindi da domani - complici anche gli oscillatori molto alti (il fast
stocastitc ha gia' iniziato a girare) - stm correggera' ma forse stavolta
non andra' piu' giu' di 18 (precedente resistenza).

 First Quarter 2003 Net Revenues and Operating Income By Product Group: 
ST sui minimi, analisti poco entusiasti della trimestrale
Pessimo finale di seduta per StMicroelectronics. Complice la discesa del
Nasdaq, il ...
http://www.spystocks.com
Bravissimo!


rimasto incastrato coi put, senza A.H. per ricomprare e col NQ che sale? Si
vede.

elencami altre aziende con l'utile raddoppiato ed il MOL cresciuto del 35%
in questo trimestre, allora, ...forse CHL? Cretinetto filtrato!