Newsgroup: it.economia.borsa
Titolo: STMicroelectronics Reports 2004 Fourth Quarter and Full Year Revenues and Earnings

- Fourth quarter revenues up 4.3% sequentially to $2.33 billion; 2004 
revenues increase 21.0% to $8.76 billion.
- Fourth quarter gross profit equaled $852 million and gross margin was 
36.6%.
- Net income per diluted share was $0.20 and $0.65 for the fourth quarter 
and full year respectively.
GENEVA, Jan. 26 /PRNewswire-FirstCall/ -- STMicroelectronics (NYSE: STM - 
News) reported financial results for the fourth quarter and year ended 
December 31, 2004.
Fourth Quarter 2004 Financial Results
Net revenues for the fourth quarter were $2,328 million, up 4.3% 
sequentially from the $2,231 million reported in the prior quarter, and 
10.2% above the $2,113 million in last year's fourth quarter. Revenues from 
Application Specific Products were $1,217 million, or 52% of 2004 fourth 
quarter net revenues. Differentiated products revenues increased 8.8% 
sequentially to $1,578 million, representing 67.8% of net revenues in the 
fourth quarter.
Gross profit was $852 million, up about 1% sequentially from the prior 
quarter's $845 million and 12.1% above last year's fourth quarter gross 
profit of $760 million. Gross margin was 36.6%, below the prior quarter's 
37.9% and above the 36.0% reported for last year's fourth quarter.
Pasquale Pistorio, President and Chief Executive Officer, commented, "Within 
a challenging market environment, ST's fourth quarter sequential revenue 
growth was 4.3% - representing the high end of our initial guidance of flat 
to 5% growth sequentially. This performance was largely driven by seasonal 
as well as stronger end-market demand, notably within wireless, data storage 
and automotive applications, all areas where ST has traditionally been a 
market leader.
"Unfortunately, the sequential revenue growth did not translate into 
sequential gross margin improvement. Pricing pressure continued and, from an 
operational standpoint, manufacturing results were impacted by reduced 
utilization and the performance of certain fabs. Currency reduced gross 
margin in the quarter by approximately 120 basis points compared to the 
prior period."
Research and development expenses in the fourth quarter were $402 million, 
4.8% above the $384 million expensed in the prior quarter, and 13.6% higher 
than the $354 million reported in the comparable year-ago period. R&D costs 
represented 17.3% of net revenues in the 2004 fourth quarter compared to 
17.2% of net revenues in the prior quarter, and 16.7% of net revenues in the 
year- ago quarter.
Selling, general, and administrative expenses were $245 million for the 2004 
fourth quarter, 5.0% above the prior quarter's $233 million, and 7.4% above 
the $228 million incurred in the comparable year-ago period. SG&A costs 
represented 10.5% of net revenues, compared to 10.4% in the prior quarter, 
and 10.8% in last year's fourth quarter.
For ST, the sequential average increase in the value of the Euro versus the 
U.S. dollar in the 2004 fourth quarter was approximately 5%, resulting in an 
average exchange rate of $1.27 to 1 Euro from a third quarter average level 
of $1.21 to 1 Euro. The change in the exchange rate affects ST's cost of 
goods sold, operating costs and period end balance sheet items, including 
inventory. The Company noted that inventory at year-end totaled $1,344 
million, with changes in currency rates accounting for approximately $80 
million of the increase from $1,196 million at September 25, 2004.
Operating income was basically unchanged at $210 million on a sequential 
basis, or 9.0% of net revenues, in the 2004 fourth quarter. This included 
$18 million in impairment, restructuring charges and other related closure 
costs, as well as $23 million in other income. Operating income was $213 
million in the prior quarter and $153 million in last year's fourth quarter.
Net income equaled $187 million in the 2004 fourth quarter, essentially flat 
compared to the $189 million reported in the 2004 third quarter and up 
significantly in comparison to 2003 fourth quarter net income of $144 
million. Earnings per diluted share were $0.20 for the 2004 fourth quarter, 
the same as the $0.20 earned in the 2004 third quarter. In the 2003 fourth 
quarter, earnings per diluted share totaled $0.16.
Balance Sheet Highlights at December 31, 2004
At December 31, 2004, ST had cash and cash equivalents of $1.95 billion. 
Total debt was $1.958 billion; net financial debt was $8 million while 
shareholders' equity was $9.1 billion.
Net cash from operating activities equaled $2,342 million for the full year 
compared to $1,920 million in 2003. Capital expenditures were $423 million 
in the 2004 fourth quarter and $2,050 million for the full year. Net 
operating cash flow(*) was favorable by $208 million for the full year 2004.
     * Net operating cash flow is defined as net cash from operating
       activities ($2,342 million) minus net cash used in investing 
activities
       ($2,134 million) excluding payments for purchase of and proceeds from
       the sale of marketable securities ($0)
Additional Fourth Quarter 2004 Financial and Operating Data
The following tables and commentary provide a breakdown of revenues and 
operating income by product group and segment revenues by product category 
and targeted market.
    Fourth Quarter 2004 Net Revenues and Operating Income by Product Group:
    Group                   Revenues           % of Net      Operating 
Income
                            (Million US$)      Revenues      Q4 2004
                                                             (Million US$)
    Telecommunications,
     Peripherals and
     Automotive (TPA)       $938               40.3%          $135
    Discrete and Standard
     ICs (DSG)               417               17.9%            86
    Memory Products (MPG)    508               21.8%            16
    Consumer and
     Microcontroller (CMG)   446               19.2%            44
    Others(1)(2)              19                0.8%           -71
    TOTAL                 $2,328                100%          $210
     (1) Net revenues of "Others" include revenues from sales of Subsystems
         and other revenues.
     (2) Operating income of "Others" includes items such as impairment,
         restructuring charges, and other related closure costs, start-up
         costs, and other unallocated expenses such as: strategic or special
         research and development programs, certain corporate level 
operating
         expenses, patent claims and litigations, and other costs that are 
not
         allocated to the product groups, as well as operating earnings or
         losses of the Subsystems and Other Products Group.
TPA was the major contributor to sales growth and operating income 
performance in the fourth quarter, with nearly a 20% increase in operating 
income and sales growth of 8.5%. CMG's operating profit was basically flat 
with the prior quarter, while DSG's operating margin remained over 20%. MPG 
remained profitable.
    Q4 2004 Revenue Breakdown by Product Category
                                 Revenue            % of Net Revenue
                                 (Million US$)
    Differentiated Products       $1,578             67.8%
    Standard & Commodities        111                 4.8%
    Micro & Memories              319                13.7%
    Discretes                     320                13.7%
In the fourth quarter, Differentiated Products showed strong sequential 
growth posting an 8.8% increase in revenues. Discretes were up 1.5%, while 
Standard & Commodities and Micro & Memories declined 8.1% and 7.4% 
respectively.
Q4 2004 Revenue Breakdown by Market Segment
The following table estimates, within a variance of 5% - 10% in the absolute 
dollar amount, the relative weighting of each of the Company's target market 
segments in the fourth quarter of 2004.
                                            % of Net Revenue
                       Automotive           15%
                       Consumer             20%
                       Computer             16%
                       Telecom              34%
                       Industrial & Other   15%
Telecom, which showed a slight sequential improvement in the prior quarter, 
delivered the biggest sequential gain in the fourth quarter. Automotive and 
Computer also posted strong sequential increases in the fourth quarter. 
Consumer, which had the strongest sequential increase in the third quarter, 
posted, along with Industrial & Others, seasonal sequential declines in 
revenue of 12% and 5% respectively.
Full Year 2004 Results
Net revenues for the year ended December 31, 2004 were $8,760 million, an 
increase of 21.0% over the $7,238 million recorded in 2003. Gross profit was 
$3,228 million, or 36.8% of net revenues, compared to $2,566 million or 
35.5% in 2003. Operating income was $683 million, or 7.8% of net revenues, 
compared to $334 million or 4.6% of net revenues in 2003.
Mr. Pistorio said, "ST's 21% year over year sales growth was driven 
primarily by wireless, digital consumer and automotive applications, which 
all grew faster than the company average."
"During 2004, the Company continued to focus on driving key initiatives to 
improve our competitive positioning within the semiconductor industry. Our 
marketing objectives to broaden our customer base are delivering positive 
results, with 31% growth among customers outside our traditional top 50. Our 
manufacturing restructuring plan to enhance our cost structure and 
competitiveness is moving ahead and we expect it to be completed by mid 
2006, somewhat later than previously anticipated to accommodate 
qualification requirements of our customers. As previously announced, we 
have reorganized our product groups and enter 2005 better positioned to 
serve the various application requirements, and in particular the converging 
marketplace for communications and multimedia. And, most importantly, ST has 
added significant resources, over 1,000 engineers between December 2003 and 
December 2004, to the research and development staff in order to strengthen 
and enhance our product portfolio. While there is more work to be done, we 
made solid progress in 2004."
Net income for 2004 was $601 million, or $0.65 per diluted share. In the 
prior year, net income was $253 million, or $0.27 per diluted share. Before 
impairment, restructuring charges and other related closure costs and R&D in 
process, and a non-operating pre-tax charge of $39 million related to bond 
repurchases, net income was $435 million, or $0.46 per diluted share in the 
prior year.
Research and development costs for 2004 were $1,532 million, or 17.5% of net 
revenues, compared to $1,238 million, or 17.1% of net revenues in 2003. 
Selling, general and administrative expenses were $947 million, or 10.8% of 
net revenues in 2004, compared to $785 million, or 10.8% of net revenues in 
2003.
For ST, the average exchange rate of the Euro versus the U.S. dollar for the 
full year 2004 was approximately $1.236 to 1, compared to $1.125 to 1 in 
2003.
Outlook
Mr. Pistorio commented, "In addition to earlier-stated strategic 
initiatives, the Company is undertaking several near-term actions to improve 
financial performance. First, the Company plans to eliminate certain low 
volume, non-strategic product families whose return on net assets in the 
current environment does not meet internal targets. In particular, the 
Company will scale back the Access programs focused on Customer Premises 
Equipment (CPE) modem products. This effort will result in impairment 
charges of approximately $60 million in the first quarter. Second, the 
Company will accelerate cost reduction initiatives, including: a more 
selective process in dedicating capacity to new orders, with priority to 
higher margin products; optimization of the product and production mix in 
memory; consolidation of certain central function activities to control 
overhead; and launching an aggressive cost savings program focused on 
purchasing.
"With respect to the first quarter, we believe it is prudent to anticipate a 
decline in both revenues and gross margin due to seasonal dynamics, coupled 
with continued pricing pressures across many of ST's product families as a 
result of the industry-wide over-inventory situation, lower utilization 
rates, as well as the negative impact of the weaker U.S. dollar. 
Specifically, we expect first quarter revenues to decrease 4% to 12% in 
comparison to the 2004 fourth quarter and anticipate a gross margin of about 
34%, plus or minus 1 percentage point. Our outlook is based upon an exchange 
rate of $1.32 to 1 Euro. Currency impact represents approximately 140 basis 
points of the anticipated sequential gross margin decline."
Recent corporate developments
Upon the proposal of our Management Board, our Supervisory Board has decided 
to recommend to the 2005 annual shareholders meeting the distribution of a 
cash dividend of $0.12 a share, equal to last year's cash dividend 
distribution.
    Products, Technology and Design Wins
     -- ST and Hynix Semiconductor announced the signing of a joint-venture
        agreement to build a front-end memory-manufacturing facility in 
China.
        The joint venture is an extension of the successful NAND Flash
        process/product development and manufacturing relationship between 
the
        companies.
     -- ST announced the availability of the world's first 65-nm (0.065-
        micron) CMOS design platform, which allows its designers and 
customers
        to start developing next-generation system-on-chip products for low-
        power, wireless, networking, consumer, and high-speed applications. 
ST
        has already completed the layout of a 65-nm complex SoC device to
        fully demonstrate its advanced technology.
     -- In the consumer field, ST's Nomadik application processor was chosen
        by a leading manufacturer for a portable multimedia application.
     -- ST announced that it will incorporate the ARM1176JZF-S(TM)
        PrimeXsys(R) Platform with TrustZone(TM) technology into its
        Nomadik(TM) family of multimedia application processors. The
        development, based on ST's advanced low-power 65-nm technology, will
        give the Company's customers a head start in rolling out third-
        generation mobile multimedia terminals.
     -- In the important mobile image-sensing market, ST introduced the 
first
        mega-pixel mobile-camera chipset compliant with the Standard Mobile
        Imaging Architecture (SMIA) released by ST and Nokia in July 2004. 
The
        Company also announced availability of its latest two mega-pixel 
tri-
        mode USB camera kit, designed for use in webcams, digital still
        cameras, and camcorders.
     -- ST gained a 100% share for audio power devices with two major 
consumer
        manufacturers in Asia: one for plasma-display TVs and the second for
        DVD players.
     -- ST announced availability of a single-chip GPS (global positioning
        system) for active antenna systems. The GPS IC features the complete
        RF function, GPS base-band, processor and peripherals on a single
        piece of silicon. It is the first-ever device successfully embedding
        the radio section into a digital single-chip GPS receiver, requiring
        no external host CPU and memory to achieve both satellite tracking 
and
        position calculation.
     -- ST reinforced its leadership in smart power technologies with the
        introduction of a new technology employing a patented control 
strategy
        that allows chip and package sizes to be significantly reduced while
        delivering the same power level as currently available devices, and 
at
        the same time dramatically increasing robustness. The new technology
        is particularly suitable for automotive applications.
     -- The Company introduced a new set-top box silicon tuner complying 
with
        the stringent requirements of the new DVB-S2 specification for
        satellite broadcasts. DVB-S2 increases the capacity of satellite
        communications links by 30% compared to the original DVB-S standard,
        enabling the most effective deployment of high data-rate 
applications
        such as HDTV (High Definition TV) and broadband Internet. The new
        product also received the 'Product of the Year' award from the
        prestigious online publication AnalogZONE for dramatically reducing
        both the cost and complexity of satellite receivers.
     -- ST released details of a new COFDM (Coded Orthogonal Frequency-
        Division Multiplexing) demodulator chip that performs the front-end
        processing of terrestrial digital TV transmissions throughout 
Europe.
        The new device complies fully with all European standards for COFDM
        demodulation.
     -- ST and Scientific-Atlanta began full production of a jointly 
developed
        custom chip for cable set-top boxes. The new chip contains more than
        56 million transistors and provides high-definition, digital-video
        recording, and other video-processing functions in a 
state-of-the-art
        silicon chip with advanced packaging.
     -- ST announced volume production of the ball grid array (BGA) packaged
        version of its 256-Mbit 'Small Page' NAND Flash memory chip. The
        product will enable ST to address the growing embedded data storage
        market for portable consumer equipment such as mobile phones.
     -- ST reinforced its position as one of the world's largest suppliers 
of
        silicon devices for automotive, industrial, and consumer 
applications
        with volume production of an 8-bit microcontroller that integrates 
CAN
        (Controller Area Network) and LIN (Local Interconnect Network) bus
        interfaces, plus 60 kbytes of Flash memory.
     -- In the smart cards field, ST launched a new contactless 8-bit
        microcontroller, which has already received orders from customers,
        aimed at transport, financial, and related applications and a new
        device that combines ST's Java-accelerated 32-bit RISC architecture
        and 256 kbytes of EEPROM memory to support the latest 3G multimedia
        mobile phones.
     -- ST announced the release of a complete kit of semiconductor 
components
        for the advanced automated meter management (AMM) system developed 
by
        Enel, one of the world's major electricity companies and the main
        operator in Italy.
     -- In the computer peripherals arena, ST was awarded important combo
        motor driver business, for use in multi-function printer (MFP)
        products, by a leading manufacturer. The Company also introduced a 
low
        power preamplifier chip for mobile disk-drive applications, aimed at
        the next generation of 2.5-inch server drives.
     -- At the prestigious IEDM 2004 (International Electron Devices 
Meeting)
        Conference in San Francisco, California, ST participated as 
presenter
        or co-author of fifteen papers that covered developments in leading-
        edge CMOS technology and advances in Non-Volatile Memory technology,
        including Flash and phase-change memory.
Some of the statements contained in this release that are not historical 
facts are statements of future expectations and other forward-looking 
statements (within the meaning of Section 27A of the Securities Act of 1933 
or Section 21E of the Securities Exchange Act of 1934, each as amended) that 
are based on management's current views and assumptions and involve known 
and unknown risks and uncertainties that could cause actual results, 
performance or events to differ materially from those in such statements due 
to, among other factors:
     -- future developments of the world semiconductor market, in particular
        the actual demand for semiconductor products in the key application
        markets and from key customers served by our products;
     -- pricing pressures, losses or curtailments of purchases from key
        customers as well as inventory adjustments from distributors;
     -- further changes in the exchange rates between the US Dollar and the
        Euro, and between the US Dollar and the currencies of the other 
major
        countries in which we have our operating infrastructure;
     -- our ability to develop new products in time to meet market demand, 
for
        volume supplies;
     -- the financial impact of any measures we may decide, if we are unable
        to load our Front-End and/or Back-End fabs at satisfactory levels;
     -- the ramp-up of volume production in new manufacturing technologies 
at
        our fabs;
     -- the ability of our suppliers to meet our demands for products and
        competitive pricing;
     -- smooth transition pursuant to recently announced and future
        organizational changes in our top management and our product
        groups;
     -- the anticipated benefits of research & development alliances and
        cooperative activities;
     -- changes in the economic, social, or political environment, as well 
as
        natural events such as severe weather, health risks or earthquakes 
in
        the countries in which we and our key customers operate; and
     -- our ability to obtain required licenses on third party intellectual
        property.
Such forward-looking statements are subject to various risks and 
uncertainties, which may cause actual results and performance of our 
business to differ materially and adversely from the forward-looking 
statements. Certain such forward-looking statements can be identified by the 
use of forward-looking terminology such as "believes", "may", "will", 
"should", "would be" or "anticipates" or similar expressions or the negative 
thereof or other variations thereof or comparable terminology, or by 
discussions of strategy, plans or intentions. Some of these risk factors are 
set forth and are discussed in more detail in "Item 3. Key Information-Risk 
Factors" included in our Annual Report on Form 20-F for the year ended 
December 31, 2003, as filed with the SEC on May 4, 2004 and as updated from 
time to time in our SEC filings. Should one or more of these risks or 
uncertainties materialize, or should underlying assumptions prove incorrect, 
actual results may vary materially from those described in this release as 
anticipated, believed or expected. We do not intend, and do not assume any 
obligation, to update any industry information or forward-looking statements 
set forth in this release to reflect subsequent events or circumstances.
Unfavorable changes in the above or other factors listed under "Risk 
Factors" from time to time in our SEC filings, including in our Form 20-F, 
could have a material adverse effect on our business or financial condition.
Conference Call Information
The management of STMicroelectronics will conduct a conference call on 
January 27, 2005 at 9:00 a.m. U.S. Eastern Time / 3:00 p.m. CET, to discuss 
operating performance for the fourth quarter and full year of 2004.
The conference call will be available via the Internet by accessing the 
following Web address: 
http://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 until February 4, 2005.
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. Further information about ST 
can be found at 
http://www.st.com
.
    STMicroelectronics N.V.
    Consolidated Statements of Income
    (in million of U.S. dollars, except per share data ($))
                                                       Twelve Months Ended
                                               (Unaudited)        (Audited)
                                               December 31,       December 
31,
                                                      2004 
2003
    Net sales                                        8,756 
7,234
    Other revenues                                       4 
4
      NET REVENUES                                   8,760 
7,238
    Cost of 
                            -5,532             -4,672
      GROSS PROFIT                                   3,228 
2,566
    Selling, general and 
               -947               -785
    Research and 
                       -1,532             -1,238
    Other income and expenses, net 
     10                 -4
    Impairment, restructuring charges
     and other related closure 
          -76               -205
      Total Operating 
                  -2,545             -2,232
      OPERATING INCOME                                 683 
334
    Interest expense, 
                   -3                -52
    Loss on equity 
                     -4                 -1
    Loss on extinguishment of
     convertible 
                        -4                -39
      INCOME BEFORE INCOME TAXES
       AND MINORITY INTERESTS                          672 
242
    Income tax benefit (expense)                       -68 
14
      INCOME BEFORE MINORITY INTERESTS                 604 
256
    Minority 
                           -3                 -3
      NET INCOME                                       601 
253
      EARNINGS PER SHARE (BASIC)                      0.67 
0.29
      EARNINGS PER SHARE (DILUTED)                    0.65 
0.27
      NUMBER OF WEIGHTED AVERAGE
      SHARES USED IN CALCULATING                     935.1 
937.1
      DILUTED EARNINGS PER SHARE
    STMicroelectronics N.V.
    Consolidated Statements of Income
    (in million of U.S. dollars, except per share data ($))
                                                       Three Months Ended
                                               (Unaudited) 
(Unaudited)
                                               December 31,       December 
31,
                                                      2004 
2003
    Net sales                                        2,326 
2,112
    Other revenues                                       2 
1
      NET REVENUES                                   2,328 
2,113
    Cost of 
                            -1,476             -1,353
      GROSS PROFIT                                     852 
760
    Selling, general and 
               -245               -228
    Research and 
                       -402               -354
    Other income and expenses, net 
      23                -13
    Impairment, restructuring charges
     and other related closure 
         -18                -12
      Total Operating 
                  -642               -607
      OPERATING INCOME                                 210 
153
    Interest income (expense), net 
      5                 -7
    Loss on equity investments                          -2 
0
    Loss on extinguishment of
     convertible debt 
                   0                 -2
      INCOME BEFORE INCOME TAXES
       AND MINORITY INTERESTS                          213 
144
    Income tax expense                                 -26 
0
      INCOME BEFORE MINORITY INTERESTS                 187 
144
    Minority interests                                   0 
0
      NET INCOME                                       187 
144
      EARNINGS PER SHARE (BASIC)                      0.21 
0.16
      EARNINGS PER SHARE (DILUTED)                    0.20 
0.16
      NUMBER OF WEIGHTED AVERAGE
      SHARES USED IN CALCULATING                     935.1 
939.1
      DILUTED EARNINGS PER SHARE
       STMicroelectronics N.V.
       CONSOLIDATED BALANCE SHEETS
       As at                          December 31, September 25, December 
31,
       In million of U.S. dollars            2004          2004         2003
                                       (Unaudited)   (Unaudited) 
(Audited)
       ASSETS
       Current assets:
       Cash and cash equivalents            1,950           601        2,998
       Marketable securities                    0         1,030            0
       Trade accounts receivable            1,408         1,523        1,272
       Inventories                          1,344         1,196        1,129
       Deferred tax assets                    140           141          106
       Other receivables and assets           785           616          616
       Total current assets                 5,627         5,107        6,121
       Goodwill                               264           260          267
       Other intangible assets, net           291           306          325
       Property, plant and equipment, net   7,442         7,011        6,620
       Long-term deferred tax assets           59            59           45
       Investments and other non-current
        assets                                117           108           99
                                            8,173         7,744        7,356
       Total assets                        13,800        12,851       13,477
       LIABILITIES AND SHAREHOLDERS'
        EQUITY
       Current liabilities:
       Bank overdrafts                         58             8          45
       Current portion of long-term debt      133           111         106
       Trade accounts payable               1,352         1,432       1,044
       Other payables and accrued
        liabilities                           776           701         693
       Deferred tax liabilities                17            24          10
       Accrued income tax                     176           187         179
       Total current liabilities            2,512         2,463       2,077
       Long-term debt                       1,767         1,710       2,944
       Reserve for pension and termination
        indemnities                           285           259         236
       Long-term deferred tax liabilities      63            58          37
       Other non-current liabilities           15            15          38
                                            2,130         2,042       3,255
       Total liabilities                    4,642         4,505       5,332
       Commitment and contingencies
       Minority interests                      48            48          45
       Common stock (preferred stock:
        540,000,000 shares authorized, not
        issued;                             1,150         1,149       1,146
        common stock: Euro 1.04 nominal
        value, 1,200,000,000 shares
        authorized, 905,308,997 shares
        issued, 891,908,997 shares
        outstanding)
       Capital surplus                      1,924         1,919       1,905
       Accumulated result                   5,268         5,081       4,774
       Accumulated other comprehensive
        income                              1,116           497         623
       Treasury stock                        -348          -348        -348
       Shareholders' equity                 9,110         8,298       8,100
       Total liabilities and shareholders'
        equity                             13,800        12,851      13,477
       STMicroelectronics N.V.
       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                       Twelve Months Ended
                                              December 31,       December 
31,
       In million of U.S. dollars                    2004               2003
                                               (Unaudited) 
(Audited)
       Cash flows from operating
        activities:
         Net income                                   601                253
         Items to reconcile net income
          and cash from operating
          activities
           Depreciation and
            amortization                            1,837              1,608
           Amortization of discount on
            convertible debt                           28                 68
           Loss on extinguishment of
            convertible debt                            4                 39
           Gain on the sale of
            marketable securities                       0                 -4
           Other non-cash items                         5                -53
           Minority interest in net
            income of subsidiaries                      3                  3
           Deferred income tax                         -6               -131
           Loss on equity investments                   4                  1
           Impairment, restructuring
            charges and other related
            closure costs, net of cash
            payments                                    8                197
         Changes in assets and
          liabilities:
           Trade receivables                         -119               -109
           Inventories                               -144                -75
           Trade payables                             128                 -8
           Other assets and
            liabilities, net                           -7                131
       Net cash from operating
        activities                                  2,342              1,920
       Cash flows from investing
        activities:
         Payment for purchases of
          tangible assets                          -2,050             -1,221
         Proceeds from the sale of
          marketable securities                         0                  4
         Investment in intangible and
          financial assets                            -81                -34
         Payment for acquisitions, net
          of cash received                             -3               -188
       Net cash used in investing
        activities                                 -2,134             -1,439
       Cash flows from financing
        activities:
         Proceeds from issuance of
          long-term debt                               91              1,398
         Repayment of long-term debt               -1,288             -1,432
         Increase in short-term
          facilities                                   10                 25
         Capital increase                              23                 22
         Dividends paid                              -107                -71
         Other financing activities                     0                 -1
       Net cash used in financing
        activities                                 -1,271                -59
         Effect of changes in exchange
          rates                                        15                 14
       Net cash increase (decrease)                -1,048                436
       Cash and cash equivalents at
        beginning of the period                     2,998              2,562
       Cash and cash equivalents at end
        of the period                               1,950              2,998
--------------------------------------------------------------------------------
Source: STMicroelectronics 


scusate,ma non so l'inglese: è OK o KO????????

 scusate,ma non so l'inglese: è OK o KO????????
Non sono competente di trimestrali e fondamentali, ma mi pare sia una via di 
mezzo, niente di eccezionale, pero' essendo il titolo su una valutazione 
bassa (rispetto ai mesi precedenti) potrebbe anche risalire con questo dato-
ciao
fulvio