2007'04.28.Sat
China CITIC Bank Makes Fast-track Entry to Xinhua FTSE Index Series
April 27, 2007
BEIJING, April 27 /Xinhua-PRNewswire/ -- Xinhua FTSE
Index (FXI), the leading China index provider, today
announced the inclusion of China CITIC Bank within the
Xinhua FTSE Index Series, following its IPO on both Hong
Kong and Shanghai stock exchanges.
Applying the fast-track entry rules, the company will
become a constituent of the Xinhua FTSE Hong Kong Index on
April 30, 2007 and its A share will be included within
FTSE/Xinhua China A50 Index, and 200, 400, 600, and All
Share indices, as well as the Xinhua FTSE Insurance
Investment Index as of May 11, 2007. For further details
regarding rebalancing, please refer to the technical notice
on
http://www.ftse.com/xinhua/Indices/International_Investors/Index_Changes.jsp
.
China CITIC Bank is the seventh biggest commercial bank
in China and the second Chinese corporation with dual
initial public offering of stock in both Hong Kong and
Shanghai markets.
The fast-track entry rules are of real benefit to
investors as it ensures that the index remains an
up-to-date and accurate reflection of the market it
measures, and it allows investors to use the index as a
tracking and analysis tool with confidence and precision.
Xinhua FTSE index series is widely regarded as the
leading measure of the China market by domestic and
international investors and is used as the basis of a set
of Exchange Traded Funds (ETFs), and derivative products on
exchanges around the world. At year-end 2006, the total
assets tracking and benchmarking the index series exceeded
USD 41 billion worldwide.
More information about the Xinhua FTSE Index Series is
available at http://www.ftsexinhua.com .
Notes to Editors
About Xinhua FTSE Index
Established in late 2000, Xinhua FTSE Index (XFI), a
joint venture between Xinhua Finance Limited and FTSE, came
into being to facilitate the creation of real-time indices
for the Chinese market. The indices can be used as a basis
for the trading of derivatives, index-tracking funds,
Exchange Traded Funds and as performance benchmarks. The
combination of FTSE's expertise in international indexing
with Xinhua Finance's strong presence and capabilities in
China creates a level of expertise in the Chinese market
that is unprecedented. Providing the combined coverage for
the Shanghai and Shenzhen exchanges, all of the Xinhua FTSE
indices are designed according to internationally proven
index methodology to ensure products are transparent, clear
and consistent. For daily data and further information,
please visit http://www.ftsexinhua.com .
About FTSE Group
FTSE Group is a world-leader in the creation and
management of indices. With offices in London, Frankfurt,
Hong Kong, Madrid, Paris, New York, San Francisco, and
Tokyo, FTSE Group services clients in 77 countries
worldwide. It calculates and manages the FTSE Global
Equity Index series, which includes world-recognised
indices ranging from the FTSE All-World Index, the
FTSE4Good series and the FTSEurofirst Index series, as well
as domestic indices such as the prestigious FTSE 100. The
company has collaborative arrangements with the Athens,
AMEX, Cyprus, Euronext, Johannesburg London, Madrid, NASDAQ
and Taiwan exchanges, as well as Nomura Securities, Hang
Seng and Xinhua Finance of China, FTSE recently signed an
agreement with Dow Jones Indexes to develop a single sector
classification system for global investors.
FTSE indices are used extensively by investors
world-wide for investment analysis, performance
measurement, asset allocation, portfolio hedging and for
creating a wide range of index tracking funds. Independent
committees of senior fund managers, derivatives experts,
actuaries and other experienced practitioners review all
changes to the indices to ensure that they are made
objectively and without bias. Real-time FTSE indices are
calculated on systems managed by Reuters. Prices and FX
rates used are supplied by Reuters.
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe. For more information, please visit
http://www.xinhuafinance.com .
For more information, please contact:
Beijing
Xinhua FTSE Beijing office
Jean LI
Tel: +86-10-5864-5276
Email: jean.li@xinhuaftse.com
Shanghai
Xinhua Finance
Joy Tsang
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Hong Kong
FTSE HK
Meredith Blakemore
Tel: +852-2230-5801
Email: meredith.blakemore@ftse.com
PR
2007'04.28.Sat
Corning CEO: 'Innovation Key to Corning's Growth'
April 27, 2007
Weeks Elected Chairman; Houghton Steps Down
CORNING, N.Y., April 27 /Xinhua-PRNewswire/ --
"The key to the company's strategic framework" is
to grow through global innovation," Wendell P. Weeks,
president and chief executive officer, told more than 500
shareholders attending Corning Incorporated's (NYSE: GLW)
annual meeting on April 26th morning. Acknowledging that
there are risks in any strategy, Weeks said that Corning
has been successful at leveraging its distinctive
innovation culture to create significant growth
opportunities over the company's 156-year history.
(Logo: http://www.xprn.com/xprn/sa/200612081746.jpg )
Weeks reminded shareholders that Corning is often faced
with the reality that it not only invents the materials for
business success, but also the manufacturing processes
necessary to create "keystone components that enable
high technology systems," which drive customer
solutions. He pointed out to shareholders that as the
company went through a "life-changing experience"
in 2002, the leadership team and the Board of Directors
thought carefully about the kind of company Corning would
be in the future. "It's at times like this that many
companies decide to fundamentally change who they are and
what they do. We made a different choice. We embraced the
core of our identity... Our choice was not to change the
fundamental nature of Corning, but rather to make Corning a
better version of itself," he said.
Financial Strength
Weeks reviewed the continued strengthening of the
company's financial position, noting that since 2001,
Corning has reduced its outstanding debt by two-thirds and
increased cash by over 40 percent to $3.2 billion. The
company has generated operating cash flow in excess of the
significant investments it has made for the last three
years. He also said that while Corning regained its
investment grade credit rating in 2005, "Our continued
strong performance resulted in further credit rating
improvement last year."
Business Performance
"Our second priority is to improve profitability
and once again, we've made excellent progress," Weeks
said. Sales reached $5.2 billion in 2006 and net income,
before special items, reached $1.8 billion, an increase of
35 percent over 2005 and an all-time record for the
company. This is a non-GAAP financial measure and it is
reconciled on the company's investor relations Web site and
in an attachment to this news release.
Weeks said that this strong business performance was
the result of continued success in Display Technologies,
where overall sales volume improved by 35 percent, driven
largely by the doubling of liquid crystal display (LCD)
television sales in 2006. Last year, LCD TVs accounted for
23 percent of the global television market.
Weeks said that the company's Telecommunications
segment also performed well in 2006. He said the company
maintained its global lead in the fiber-to-the-premises
market. "The telecommunications market is growing
again, and as the leader in fiber optics we are well
positioned to capture this growth," he said.
Future Investments
Weeks told shareholders that the investments the
company has been making in its diesel filters for heavy-
and light-duty vehicles will start to pay-off in 2007. New
U.S. heavy-duty emissions regulations took effect on
January 1 of this year. He also noted that last year
Corning launched its Epic System, the world's first
high-throughput label-free drug screening system, and the
early industry response has been positive.
Corning's strategic growth portfolio is also advancing,
with the company making significant progress in the area of
synthetic green lasers, which could enable small mobile
devices, like cell phones to project larger images;
microreactors, which have the potential to deliver
significant process innovation and cost reduction for the
chemical processing industry; and silicon on glass, which
could enable significant innovation and potential longer
battery life for handheld consumer electronic devices.
"We feel very good about the promise of our innovation
portfolio," he said.
Looking Forward
Weeks said the company will continue to work on
bringing about a more balanced business portfolio to
protect against downturns in any particular business
segment. "We won't achieve balance over night, but we
are taking deliberate steps to improve balance over
time," he said.
He also said that the company's 2007 priorities remain
the same as the previous year and he is looking for the
company to execute a new pricing strategy in its Display
business, deliver sales volume from its new diesel
products, capture the returning growth in the
Telecommunications arena, and improve its financial
performance in Life Sciences.
In closing, Weeks paid tribute to James R. Houghton,
who retired for the second time as the company's CEO in
2005 and today stepped down as chairman of the board. Weeks
said that when Houghton returned to head the company in
2002, "we faced the most challenging time in our
history... but we held strong and then moved on to achieve
last year's record financial performance.
"Jamie put his reputation at risk for us by
returning to the CEO role in May 2002," Weeks said.
"We all owe him a great deal of gratitude."
Reflecting on the past five years, Houghton told
shareholders that the company's Management Committee
followed a path back to prosperity that it had crafted
before Houghton returned. "The path was clear, but not
easy. It was tough on our people and on our communities. But
we kept the beacon of hope alive because we knew it was far,
far too soon for this remarkable company to even think of
calling it quits."
Houghton reminded shareholders that, "Moving from
more than $5 billion in losses to nearly $2 billion in
profits over a five-year span is true testimony to the grit
and skill of this management team -- especially in this
risky, globally competitive technology game."
Concluding, Houghton said he has "the utmost
confidence in Wendell (Weeks) and Peter (Volanakis) as they
continue to lead the company. They have earned the
confidence of our people around the world and they are
passionate stewards of our treasured values."
Weeks Elected Chairman
Corning's Board of Directors elected Weeks its
chairman. He will retain the position of chief executive
officer. Volanakis was elected president and will continue
as chief operating officer. Houghton was named chairman
emeritus of the board and will continue as a board member.
Jeremy R. Knowles, 70, a distinguished faculty member at
Harvard University, has retired from Corning's board. He
was first elected a director in 2002. Knowles was named
board member emeritus.
Other Business
In other business during the annual meeting,
shareholders elected the following directors to three-year
terms: Eugene C. Sit, 68, chairman, chief executive officer
and chief investment officer, Sit Investment Associates,
Inc.; William D. Smithburg, 68, retired chairman, president
and chief executive officer, The Quaker Oats Company; Hansel
E. Tookes II, 59, retired chairman and chief executive
officer, Raytheon Aircraft Company; Wendell P. Weeks, 47,
president and chief executive officer, Corning
Incorporated. Shareholders also elected Robert F. Cummings,
Jr., 58, senior managing director, GSC Group, Inc., to a
two-year term.
Shareholders approved the ratification of
PricewaterhouseCoopers LLP as the independent auditors for
the 2007 fiscal year.
A shareholder proposal seeking annual election of all
directors passed. The non-binding proposal requests the
Board of Directors to take necessary steps, in the most
expeditious manner possible, to adopt annual election of
each director. The Board agreed to review this matter
following the vote. Since 1985, Corning's certificate of
incorporation and bylaws has specified classified Board
elections, putting about one-third of the Board up for
election each year.
Specialty Materials Presentation
In an address to shareholders immediately following the
formal business meeting, James R. Steiner, senior vice
president and general manager, Specialty Materials,
outlined a number of growth opportunities for this $400
million division. Steiner told shareholders that the
division has been focusing on leveraging existing
technologies and capabilities into several new market
opportunities.
He noted that over the years Corning has repurposed
several technologies into new products. Borosilicate glass,
first used to manufacture PYREX(R) more than 80 years ago,
is now the basis for optical windows used in digital light
processors such as business projectors and projection
television. The fundamental process used to make fiber
optics, known as vapor deposition, is being leveraged to
produce a number of specialty optical products, including
space shuttle windows, large mirror blanks for telescopes
and highly complex lenses for optical equipment.
Finally, he said that his division is using an original
glass composition created in the 1960s for automotive
windshields to develop a highly protective glass for cell
phones and other handheld smaller devices. This glass would
withstand scratching and surface marring.
Webcast Information
The company hosted a live audio webcast of the 2007
annual meeting of shareholders in Corning, N.Y., from 11
a.m. to 12:15 p.m. EDT, April 26, 2007. To access the
webcast archive, please go to
http://www.corning.com/investor_relations and click on the
webcast archive link. No password or registration is
required. The audio webcast will be archived on the Web
site for one year following the broadcast.
Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with,
or an alternative to, GAAP. Corning's non-GAAP net income
and EPS measure excludes restructuring, impairment and
other charges and adjustments to prior estimates for such
charges. Additionally, the company's non-GAAP measure
excludes adjustments to asbestos settlement reserves
required by movements in Corning's common stock price,
gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method
investments, or adjustments to deferred tax assets, and
gains or losses recognized in equity earnings from
restructuring, impairment or other charges or credits taken
by equity method companies. Corning's free cash flow
financial measures are also non-GAAP measures. The company
believes presenting non-GAAP free cash flow; net income and
EPS measures are helpful to analyze financial performance
without the impact of unusual items that may obscure trends
in the company's underlying performance. These non-GAAP
measures are reconciled on the company's Web site at
http://www.corning.com/investor_relations and accompany
this news release.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is the
world leader in specialty glass and ceramics. Drawing on
more than 150 years of materials science and process
engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications
and life sciences. Our products include glass substrates
for LCD televisions, computer monitors and laptops; ceramic
substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug
discovery; and other advanced optics and specialty glass
solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and
metrology.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes in global economic and political
conditions; currency fluctuations; product demand and
industry capacity; competition; manufacturing efficiencies;
cost reductions; availability of critical components and
materials; new product commercialization; changes in the
mix of sales between premium and non-premium products; new
plant start-up costs; possible disruption in commercial
activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues;
stock price fluctuations; and adverse litigation or
regulatory developments. Additional risk factors are
identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.
Attached File: CORNING INCORPORATED AND SUBSIDIARY
COMPANIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO
GAAP FINANCIAL MEASURE
(
http://corning.com/media_center/press_releases/2007/2007042602.pdf
)
For more information, please contact:
Media Relations Contact: Investor Relations
Contact:
Daniel F. Collins Kenneth C. Sofio
Tel: +1-607-974-4197 Tel:
+1-607-974-7705
Email: collinsdf@corning.com Email:
sofiokc@corning.com
2007'04.28.Sat
Government of Vietnam Extends MoU with SICPA for Deployment of 'VIETRACE(TM) ANTI SMUGGLING & TAX ENHANCEMENT' Program in 2007
April 27, 2007
LAUSANNE, Switzerland, April 27 /Xinhua-PRNewswire/ --
Inter-ministerial body, Central Committee 127 (CC127), of
the Government of Vietnam has extended its Memorandum of
Understanding (MoU) with SICPA Product Security SA (SICPA)
to research and deploy solutions against counterfeiting and
illicit trade in Vietnam.
The new agreement is the result of a detailed research
and consultation process between SICPA and the Government
of Vietnam which was defined in the initial MoU signed
between the parties last year on February 20, 2006. Since
that time, plans are at an advanced stage to install a
state-of-the-art banderol printing plant under the
authority of the Ministry of Finance. Banderols are a key
component of what will be a nationwide infrastructure
program to track and trace products that are vulnerable to
illicit trade.
The VIETRACE(TM) Program provides counterfeiting and
illicit trade solutions for products which are
manufactured, imported, and distributed in Vietnam, as well
as any other downstream activities affecting tax collection.
This development follows the recent award to SICPA by
the Government of Turkey of a contract for the installation
of a nationwide track and trace infrastructure programme
covering all tobacco and alcohol products. This contract
is part of a growing list of complementary projects being
deployed by SICPA for governments worldwide, highlighting
the company's global leadership in the field of integrated
security solutions.
Mr. Maurice A. Amon, Executive Co-Chairman of SICPA
Holding said, "To date, co-operation in research and
deployment of the "VIETRACE(TM) ANTI SMUGGLING &
TAX ENHANCEMENT" program has been efficient and
productive. We look forward to finalising our joint-venture
negotiations with the Ministry of Finance Printing Company
shortly and intend to have the deployment plan and
architecture in place for implementation by year
end."
Vietnam's remarkable economic development over recent
years, together with its geographical position bordering
various countries, explains the growth in illicit trade.
Research carried out by international organisations such as
the WHO, cite figures ranging from 15% to 40% of tobacco and
alcohol products in Vietnam being subject to counterfeiting
and smuggling.
Note to Editors:
Founded in 1927, SICPA is the leader in the field of
security inks and integrated security solutions. SICPA is
the world's leading manufacturer of banknote and value
document security inks present on most currencies of the
world.
The globalisation of brands has triggered an
unprecedented parallel market for illicit trade and
counterfeiting. Recognising a growing need to protect
governments against tax evasion and brand owners against
brand erosion, SICPA Product Security SA is the provider of
authentication solutions and integrated systems to monitor
products and secure their supply chain in order to protect
the interests of governments and brand owners.
Today, SICPA is established in 19 countries on five
continents, has more than 1000 employees and products sold
to more than 190 countries.
For more information, please contact:
Mr Frank Barker, Managing Director
SICPA Product Security S.A.
Tel: +41-21-627-59-55
Fax: +41-21-620-06-21
Email: Frank.Barker@Sicpa.com
2007'04.28.Sat
Elcoteq Wins Electronics Manufacturing Asia 2007 Innovation Award
April 27, 2007
HONG KONG, April 27 /Xinhua-PRNewswire/ -- Elcoteq
Asia-Pacific (APAC) has been recognized as winner of the
Electronics Manufacturing (EM) Asia Innovation Award 2007
in the category of Contract Services. EM Asia is a key
trade publication in APAC. The awards ceremony was held in
Shanghai during NEPCON China on April 25, 2007.
Elcoteq won the award in the Contract Services
category, and was chosen as the winner among the ten
competing companies. All contestants are providers of
electronics manufacturing services to original equipment
manufacturers (OEMs). Elcoteq was awarded for its global
end-to-end solutions concept that includes product
development, sourcing, new product introduction, supply
chain management, global manufacturing, and after-sales
services.
The EM Asia Innovation Awards program strives to
recognize and celebrate excellence in the Asian electronics
industry, inspiring companies to achieve the highest
standards and push the industry forward. Winners were
selected by an independent panel of judges who are experts
and leaders in their fields. Entrants were judged on the
following criteria: innovation and achievement, quality,
cost efficiency, setting challenging objectives and
outstanding achievements.
The award was received by Mr. Bobby Wang, Elcoteq's
Sourcing Director, Personal Communications, and Acting
Sourcing Director, Home Communications. "This award is
a result of a dedicated Elcoteq team that has worked
together for many years and has successfully supported our
strategic customers to achieve their targets through
electronics manufacturing services in Asia," said Mr.
Wang. "Competition is intensifying in the
communications technology market and most manufacturers are
seeking solutions to cope with constantly shorter product
lifecycles and declining product prices. It's imperative
for us to understand our customers' needs in the longer
term to maintain their competitive positions."
About Elcoteq
Elcoteq SE is a leading electronics manufacturing
services (EMS) company with original design manufacturing
(ODM) capabilities in the communications technology field.
Elcoteq provides global end-to-end solutions consisting of
design, NPI, manufacturing, supply chain management, and
after-sales services for the whole lifecycle of its
customers' products. These products include terminal
products such as mobile phones and set-top boxes as well as
communications network equipment such as base-stations,
tower-top amplifiers, and microwave systems. The company
operates in 16 countries on four continents and employs
some 23,000 people. Elcoteq's consolidated net sales for
2006 totaled 4.3 billion euros. Elcoteq SE is listed on the
Helsinki Stock Exchange. For more information visit the
Elcoteq website at http://www.elcoteq.com
For more information, please contact:
Judy Tsang
Elcoteq
Tel: +852-2486-7770
Email: judy.tsang@elcoteq.com
2007'04.28.Sat
Stora Enso Interim Review January-March 2007
April 27, 2007
Strong Operating Profit Improvement Driven by Fine Paper
and Wood Products; Challenging Quarters Ahead
HELSINKI, Finland, April 27 /Xinhua-PRNewswire/ --
Summary of First Quarter Results (compared with
Q1/2006)
-- Sales were EUR 3 855.4 (EUR 3 607.7) million.
-- Operating profit was EUR 307.3 (EUR 247.0) million
excluding non-
recurring items. Operating profit was EUR 339.3
(EUR 223.8) million
including non-recurring items.
-- Profit before tax was EUR 274.8 (EUR 210.9) million
excluding non-
recurring items. Profit before tax was EUR 306.8
(EUR 317.7) million
including non-recurring items.
-- Net profit excluding non-recurring items was EUR
207.2 (EUR 158.3)
million. Net profit including non-recurring items
was EUR 222.5 (EUR
226.4) million.
-- Earnings per share were EUR 0.26 (EUR 0.20)
excluding non-recurring
items. Cash earnings per share were EUR 0.59 (EUR
0.54) excluding non-
recurring items. Earnings per share including
non-recurring items were
EUR 0.28 (EUR 0.29).
-- ROCE excluding non-recurring items was 10.8%
(8.5%).
Key Figures
Change %
Q1/07- 1/07-
EUR million 2005 2006 Q4/06 Q1/06
Q1/07 Q1/06 Q4/06
Sales 13 187.5 14 593.9 3 731.8 3 607.7 3
855.4 6.9 3.3
EBITDA
excluding
non-recurring
items 1 501.1 1 872.8 472.4 516.2
568.9 10.2 20.4
Operating
profit
excluding
non-
recurring
items 371.2 782.1 187.6 247.0
307.3 24.4 63.8
Non-recurring
(operational) -417.3 -133.7 60.0 -23.2
32.0 n/a -46.7
Operating
margin
excluding
non-
recurring
items, % 2.8 5.4 5.0 6.8
8.0 17.6 60.0
Operating
profit -46.1 648.4 247.6 223.8
339.3 51.6 37.0
Net
financial
items(1) -165.3 -104.0 -38.6 62.3
-56.7 n/a -46.9
Profit
before tax
and
minority
interests
excluding
non-
recurring
items 273.1 602.5 141.4 210.9
274.8 30.3 94.3
Profit
before tax
and
minority
interests -144.2 631.8 234.4 317.7
306.8 -3.4 30.9
Net profit
for the
period
excluding
non-
recurring
items 230.3 439.4 101.4 158.3
207.2 30.9 104.3
Net profit
for the
period -107.4 589.2 264.8 226.4
222.5 -1.7 -16.0
EPS
excluding
non-
recurring
items,
Basic,
EUR 0.28 0.55 0.13 0.20
0.26 30.0 100.0
EPS, Basic,
EUR -0.14 0.74 0.33 0.29
0.28 -3.4 -15.2
CEPS
excluding
non-
recurring
items, EUR 1.70 1.94 0.49 0.54
0.59 9.3 20.4
ROCE
excluding
non-
recurring
items, % 3.4 6.8 6.7 8.5
10.8 27.1 61.2
1) Includes capital gains of EUR 130.0 million (sale
of Sampo shares)
in Q1/2006, EUR 33.0 million (sale of Finnlines
shares) in Q4/2006
totalling to EUR 163.0 million in 2006.
CEPS = (Net profit for the period + depreciation
and
amortisation)/average number of shares
Non-recurring items are exceptional transactions
that are not
related to normal business operations. The most
common non-
recurring items are capital gains, additional
write-downs,
restructuring provisions and penalties.
Non-recurring items are
normally specified individually if they exceed one
cent per share.
January-March 2007 Results (compared with Q1/2006)
Sales at EUR 3 855.4 million were 6.9% higher than in
the first quarter of 2006, mainly due to higher average
prices for fine paper and wood products, and increased
deliveries of publication paper, packaging boards and wood
products. The net impact on sales of the acquisition of
Arapoti Mill in Brazil together with the divestment of
Pankakoski, Celbi and Grycksbo mills was EUR -42.7
million.
Operating profit excluding non-recurring items
increased by EUR 60.3 million to EUR 307.3 million, which
is 8.0% of sales. Profitability was higher in all segments
except Publication Paper. Prices rose in wood products and
uncoated fine paper. In Publication Paper, operating profit
decreased as higher newsprint prices only partly offset
lower magazine paper prices. Wood and energy costs were
materially higher in the first quarter of 2007 than a year
earlier.
Profit before taxes and minority interests excluding
non-recurring items increased by EUR 63.9 million to EUR
274.8 million and profit before tax amounted to EUR 306.8
(EUR 317.7) million including non-recurring items.
There were two non-recurring items with a net positive
impact of EUR 32.0 million (negative EUR 23.2 million) on
operating profit: the new labour agreements in North
America had a positive impact of EUR 44.0 (USD 57.7
million) million and closure of Sauga Sawmill in Estonia
had a negative impact of EUR 12.0 million.
Net financial items were EUR -56.7 million (positive
EUR 62.3 million). Net interest expenses increased to EUR
60.7 (EUR 52.8) million and net foreign exchange gains on
borrowings, currency derivatives and bank accounts were EUR
3.6 (losses of EUR 7.0) million. Other financial items
totalled positive EUR 0.4 (positive EUR 122.1) million, the
decrease being mainly due to a non-recurring capital gain of
EUR 130.0 million from the sale of shares in Sampo Oyj
during the first quarter of 2006.
Earnings per share excluding non-recurring items
increased by EUR 0.06 to EUR 0.26. Earnings per share
including non-recurring items were EUR 0.28 (EUR 0.29).
Cash earnings per share were EUR 0.59 (EUR 0.54) excluding
non-recurring items.
The return on capital employed was 10.8% (8.5%)
excluding non-recurring items. Capital employed was EUR 11
478.5 million on 31 March 2007, approximately the same as a
year earlier.
First Quarter Results (compared with Q4/2006)
Sales at EUR 3 855.4 million were 3.3% higher than the
previous quarter's EUR 3 731.8 million. Deliveries
increased in fine paper and packaging boards and decreased
in publication paper. Prices increased in newsprint,
uncoated fine paper, wood products and somewhat in
packaging boards, but decreased in magazine paper.
Operating profit excluding non-recurring items
increased by EUR 119.7 million to EUR 307.3 (EUR 187.6)
million, which is 8.0% of sales. Operating profit increased
in all product segments except Publication Paper. Strong
demand and higher prices increased operating profit in Fine
Paper and Wood Products. Operating profit in Packaging
Boards increased mainly due to seasonally higher production
and delivery volumes. Publication Paper operating profit
decreased, mainly because decreases in magazine paper
prices were only partly offset by increases in newsprint
prices. Wood costs were higher than in the previous
quarter.
Profit before tax amounted to EUR 274.8 (EUR 141.4)
million excluding non-recurring items and EUR 306.8 (EUR
234.4) million including non-recurring items.
Earnings per share were EUR 0.26 (EUR 0.13) excluding
non-recurring items. Earnings per share including
non-recurring items were EUR 0.28 (EUR 0.33). Cash earnings
per share were EUR 0.59 (EUR 0.49) excluding non-recurring
items.
The return on capital employed was 10.8% (6.7%)
excluding non-recurring items. Capital employed was EUR 11
478.5 million on 31 March 2007, a net increase of EUR 146.7
million due to increased working capital partly offset by
low capital expenditure.
Message from CEO Jouko Karvinen:
Group earnings strongly improved, but challenging
quarters ahead
"We are delighted to report strong earnings
improvements in Fine Paper and Wood Products, and a good
performance by Packaging Boards. There was a slight decline
in Publication Paper's profitability in very challenging
market conditions for magazine paper. However, in the next
few months we will have to curtail production at some of
our Nordic pulp mills owing to wood supply constraints
resulting from an unusually short winter harvesting season
and a reduction in wood exports from Russia. These
stoppages, together with clearly increased wood costs and a
higher level of seasonal holiday and maintenance stoppages
will negatively impact earnings in the second quarter,
although earnings should remain higher than a year earlier.
We are working rigorously to increase wood supply around the
Baltic Sea basin and to solve the issues concerning Russian
wood supply in good co-operation with our stakeholders.
Overall market situation is relatively good, with a few
exceptions
"The overall market situation and outlook are
relatively healthy. Conditions do vary, however, between
customer segments and regions. Currently, two of the
biggest challenges in our industry are weak magazine paper
prices worldwide and the uncertain trend in demand for
printing and writing papers and newsprint in North America.
On a positive note, prospects for our Fine Paper, Newsprint
and Wood Products divisions in Europe are good, and
Packaging Boards continues to perform well"
"Cost inflation remains a real issue for our
industry, particularly for wood. The additional export
duties on roundwood announced by Russia, the European
Union's drive to increase the utilisation of wood fibre as
biofuel and the pressure from Non-Governmental
Organisations with environmental concerns about wood
harvesting in certain areas are all contributing to
concerns over wood supply. We are convinced that all
stakeholders, not least in Finland and Russia, understand
the seriousness of the situation and will work with us to
find positive solutions to these challenges acceptable to
all parties concerned in the coming months and years.
Group's ROCE target of 13% over the cycle remains
"As we stated at our Annual General Meeting, we
remain committed to our target of achieving a ROCE of 13%
over the cycle. Our business and geographical portfolio
review is progressing well. As stated before, we do not
intend to announce a single multi-year plan or lists of
businesses under scrutiny. Rather we will announce key
decisions and actions when appropriate. The result will be
a more focused Group, with businesses that all contribute
to our financial improvement and strategic goals.
"Another imperative is continual cost improvement
to be realised primarily through structural simplification
and choices. We will also be building upon our successful
strategy in new growth markets, such as further development
of our Latin American operations.
"We will also emphasise our customer-driven
product innovations, such as media packaging solutions and
the positive results from the never-ending drive for
operational excellence evidenced by the world speed record
in production at our Kvarnsveden SC Paper Machine 12 in the
first quarter.
"Even with some short-term challenges and lots of
decisions and choices to make, we are convinced that we
will find our way to long-term, sustainable value creation.
Based on track record of 2006 and the first quarter of 2007,
even in a challenging environment, our goal in the future is
to stay on the year-on-year improvement path.
Near-term market outlook
"In Europe the positive economic outlook is
expected to support the consumption of advertising-driven
paper grades. Stable prices for newsprint are anticipated
but in magazine paper price pressure persists in
non-contractual business. The outlook for fine paper
remains healthy and prices are forecast to rise. Demand for
packaging boards is expected to remain firm with prices
rising in some business segments. Good, stable demand for
wood products should keep the outlook for prices relatively
steady.
"In North America the demand outlook for
publication paper grades and coated fine paper is
uncertain. Prices may remain under pressure.
"In Latin America demand for coated magazine paper
is predicted to strengthen, but competition is expected to
remain intense. In China a slight improvement in demand for
coated fine paper is anticipated, keeping prices
stable."
The full-length version of the Stora Enso interim
review is available on the Stora Enso website at
http://www.storaenso.com/investors .
Stora Enso's second quarter results for 2007 will be
published on 26 July 2007.
It should be noted that certain statements herein which
are not historical facts, including, without limitation
those regarding expectations for market growth and
developments; expectations for growth and profitability;
and statements preceded by "believes",
"expects", "anticipates",
"foresees", or similar expressions, are
forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995.
Since these statements are based on current plans,
estimates and projections, they involve risks and
uncertainties, which may cause actual results to materially
differ from those expressed in such forward-looking
statements. Such factors include, but are not limited to:
(1) operating factors such as continued success of
manufacturing activities and the achievement of
efficiencies therein, continued success of product
development, acceptance of new products or services by the
Group's targeted customers, success of the existing and
future collaboration arrangements, changes in business
strategy or development plans or targets, changes in the
degree of protection created by the Group's patents and
other intellectual property rights, the availability of
capital on acceptable terms; (2) industry conditions, such
as strength of product demand, intensity of competition,
prevailing and future global market prices for the Group's
products and the pricing pressures thereto, price
fluctuations in raw materials, financial condition of the
customers and the competitors of the Group, the potential
introduction of competing products and technologies by
competitors; and (3) general economic conditions, such as
rates of economic growth in the Group's principal
geographic markets or fluctuations in exchange and interest
rates.
About Stora Enso
Stora Enso is an integrated paper, packaging and forest
products company producing publication and fine paper,
packaging board and wood products - all areas in which the
Group is a global market leader. Stora Enso's sales
totalled EUR 14.6 billion in 2006. The Group has some 44
000 employees in more than 40 countries on five continents.
Stora Enso has an annual production capacity of 16.5 million
tonnes of paper and board and 7.4 million cubic metres of
sawn wood products, including 3.2 million cubic metres of
value-added products. Stora Enso's shares are listed in
Helsinki, Stockholm and New York.
For more information, please contact:
Jouko Karvinen, CEO,
Tel: +358-2046-21404
Hannu Ryopponen, CFO
Tel: +358-2046-21450
Kari Vainio, EVP, Corporate Communications
Tel: +44-7799-348-197
Keith B Russell, SVP, Investor Relations
Tel: +44-7775-788-659
Ulla Paajanen-Sainio, VP,
Investor Relations and Financial Communications
Tel: +358-40-763-8767
2007'04.28.Sat
Corning Announces First-Quarter Results
April 27, 2007
-- EPS exceeds guidance
-- LCD market estimates increased
CORNING, N.Y., April 27 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) on April 25th 2007 announced
first-quarter sales of $1.31 billion and net income of $327
million, or $0.20 per share.
(Logo: http://www.xprn.com/xprn/sa/200612081746.jpg )
Corning's first-quarter results include special charges
totaling $125 million, or $0.08 per share. Excluding these
charges, Corning's first-quarter net income would have been
$452 million, or $0.28 per share. The company's
first-quarter results exceeded its guidance for earnings
per share of $0.24 to $0.27. These are non-GAAP financial
measures. These and all non-GAAP financial measures are
reconciled on the company's investor relations Web site and
in attachments to this news release.
Reflecting on the first-quarter performance, Wendell P.
Weeks, president and chief executive officer, said, "We
are off to an excellent start this year. We are encouraged
that Display Technologies performed as expected and that
our new pricing strategy appears to be working. We
continue to see progress in our Telecommunications segment
and momentum is building for our diesel products."
Corning's first-quarter results included the following
items: a $110 million non-cash, pretax and after-tax charge
primarily reflecting the increase in market value of Corning
common stock to be contributed to settle the asbestos
litigation related to the Pittsburgh Corning Corporation;
and a $15 million pretax and after-tax charge related to
the retirement of long-term debt.
First-Quarter Operating Results
Corning's first-quarter sales of $1.31 billion
increased 4 percent over last year's first-quarter sales of
$1.26 billion. Sales declined 5 percent when compared to
fourth-quarter 2006 sales of $1.37 billion. Gross margin
of 45 percent for the first quarter was even with the first
quarter of 2006, and was slightly higher than the 44 percent
in the fourth quarter of last year.
Equity earnings for the first quarter were $216
million, compared to $272 million in the fourth quarter of
2006, which included $28 million of net nonrecurring gains
at Samsung Corning Company, Ltd. Samsung Corning is
Corning's 50-percent owned equity venture in Korea; which
manufactures glass panels and funnels for cathode ray tubes
for televisions and computer monitors. First-quarter equity
earnings include $92 million from Dow Corning Corporation, a
10-percent sequential increase, and lower earnings from
Samsung Corning Precision Glass Co., Ltd. (SCP).
First-quarter sales for Corning's Display Technologies
segment were $524 million, down 4 percent from the first
quarter of 2006, when Corning's sales of $547 million were
impacted by the panel makers' inventory buildup.
First-quarter sales declined 15 percent from the seasonally
high 2006 fourth-quarter sales of $619 million as volume
declined 12 percent. Sequential price declines were
consistent with the company's guidance of 1 percent to 2
percent.
Equity earnings from Samsung Corning Precision were
$113 million in the first quarter, compared to $147 million
in the fourth quarter last year. Samsung Corning
Precision's results reflect sequential volume declines of 5
percent and price reductions in the upper single digits.
Samsung Corning Precision is Corning's 50-percent owned
equity venture in Korea, which manufactures liquid crystal
display (LCD) glass substrates.
First-quarter Telecommunications segment sales were
$439 million, an increase of 11 percent over first-quarter
sales of $397 million last year and 9 percent over
fourth-quarter sales of $404 million. Corning experienced
higher demand than anticipated in the first quarter across
most of its telecommunications product lines, including
optical fiber, cable and hardware and equipment.
Separately, Corning announced that it would begin the
partial reopening of its Concord, N.C., optical fiber plant
in response to improvements in market demand.
The Environmental Technologies segment had sales of
$179 million, a 15-percent increase on both a
year-over-year and sequential basis as both automotive and
diesel product sales increased.
Weeks noted that diesel sales in the first quarter of
this year increased 65 percent over the same period last
year. "We are beginning to see the ramp-up of sales
in the diesel products business due to the new U.S. 2007
emissions regulations for heavy-duty engines," Weeks
said, adding that this trend should continue into the
second half of this year. Last week Corning announced that
it would begin equipping select European-market diesel
passenger cars for Hyundai-Kia Motors with the company's
DuraTrap(R) AT filters.
Corning's Life Sciences segment had first-quarter sales
of $76 million, a 6-percent increase over $72 million for
the same period a year ago.
Cash Flow/Liquidity Update
Corning ended the first quarter with $2.9 billion in
cash and short-term investments, down from $3.2 billion at
the end of the fourth quarter last year. The company used
$246 million to repay debt during the first quarter,
reducing its overall debt level to $1.5 billion.
James B. Flaws, vice chairman and chief financial
officer, said that the company was encouraged by Moody's
Investor Services' recent announcement that it is
considering a possible upgrade to Corning's debt ratings,
currently at Baa2 with a stable outlook. As is normal for
the first quarter, Corning's free cash flow was slightly
negative, "but we expect to achieve our goal of more
than $400 million of positive free cash flow for the
year," Flaws said. Free cash flow is a non-GAAP
financial measure.
Second-Quarter Outlook
Flaws said that the company expects second-quarter
sales to be in the range of $1.40 billion to $1.45 billion
and EPS in the range of $0.30 to $0.33 before special
items. This EPS estimate is a non-GAAP financial measure
and excludes special items. The gross margin percentage
for the second quarter is expected to be in the range of 45
percent to 47 percent. Corning expects that its
second-quarter corporate tax rate will be between 15
percent and 18 percent.
Corning anticipates that its second-quarter sequential
LCD volume growth will be in the range of 8 percent to 12
percent for its wholly owned business and SCP, both
individually and in the aggregate. Corning said it is
continuing its new pricing strategy in the second quarter.
As a result, the company's price decline guidance for its
wholly owned business is unchanged from its first quarter
guidance. Corning anticipates that SCP's price declines
will be similar to its wholly owned business.
Flaws said, "We believe that the second-quarter
volume growth will be driven by the consumer electronics
industry's seasonal buildup in anticipation of the
traditionally stronger second half of the year."
Flaws also noted that Corning is continuing to transition
its customers to its environmentally friendly EAGLE XG(TM)
glass.
"We now believe that this year's worldwide LCD TV
penetration rate will increase from our original estimate
of 33 percent to 36 percent of the color television market.
In total, we expect approximately 73 million LCD
televisions to be sold in 2007," Flaws said.
Corning's previous estimate was 68 million LCD
televisions.
Flaws said that Corning has also increased its estimate
for worldwide glass volume in 2007. "The increase in
expected LCD television penetration and average screen size
has prompted us to raise our expectation of LCD glass volume
growth for 2007. We now expect that total glass volume will
grow in a range of 35 percent to 40 percent over last
year," Flaws said. The company estimates that the
Taiwan and Japan markets will grow at the upper end of this
range, while Korea will likely grow at a rate lower than the
range. Corning's previous estimate was market growth in the
"mid-30 percent" range.
Corning's Telecommunications segment second-quarter
sequential sales growth is expected to be in the range of
10 percent to 15 percent, driven primarily by continued
growth in fiber and cable and hardware and equipment
products.
Second-quarter sales in the company's Environmental
Technologies segment are expected to increase about 5
percent sequentially due primarily to expected increases in
the company's diesel products sales. Sales for the Life
Sciences segment should be up about 5 percent
sequentially.
Equity earnings for the second quarter are expected to
increase about 5 percent compared to the first quarter.
"We are pleased with the company's first quarter
performance and believe we are well positioned for the
remainder of 2007. The growing penetration rate of LCD
televisions and consumers' desire for larger screen sizes
should be favorable for our Display Technologies segment.
We are also delighted to see more consistent growth in the
telecommunications industry. Finally, global regulations
to improve emissions standards have provided us with
tremendous opportunities in the heavy-duty and light-duty
vehicle markets. Together, these factors give us strong
reason to be optimistic about our performance in the second
quarter," Flaws concluded.
Upcoming Investor Meetings
Corning Incorporated Vice Chairman and Chief Financial
Officer James B. Flaws and Chief Operating Officer Peter F.
Volanakis will be meeting with investors at the Merrill
Lynch Tech Gathering in New York on May 1.
Annual Shareholders Meeting
Corning will hold its annual meeting of shareholders on
Thursday, April 26 beginning at 11 a.m. EDT in the Corning
Museum of Glass auditorium in Corning, N.Y.
First-Quarter Conference Call Information
The company will host a first-quarter conference call
on April 25 at 8:30 a.m. EDT. To access the call, dial
(210) 234-0000 approximately 10-15 minutes prior to the
start of the call. The password is QUARTER ONE. The
leader is SOFIO. To listen to a live audio webcast of the
call, go to Corning's Web site at
http://www.corning.com/investor_relations and follow the
instructions. A replay of the call will begin at
approximately 10:30 a.m. EDT, and will run through 5 p.m.
EDT, Wednesday, May 9. To listen, dial (402) 998-1237. No
pass code is required. The audio webcast will be archived
for one year following the call.
Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with,
or an alternative to, GAAP. Corning's non-GAAP net income
and EPS measure excludes restructuring, impairment and
other charges and adjustments to prior estimates for such
charges. Additionally, the company's non-GAAP measure
excludes adjustments to asbestos settlement reserves
required by movements in Corning's common stock price,
gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method
investments, or adjustments to deferred tax assets, and
gains or losses recognized in equity earnings from
restructuring, impairment or other charges or credits taken
by equity method companies. Corning's free cash flow
financial measures are also non-GAAP measures. The company
believes presenting non-GAAP free cash flow; net income and
EPS measures are helpful to analyze financial performance
without the impact of unusual items that may obscure trends
in the company's underlying performance. These non-GAAP
measures are reconciled on the company's Web site at
http://www.corning.com/investor_relations and accompany
this news release.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is the
world leader in specialty glass and ceramics. Drawing on
more than 150 years of materials science and process
engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications
and life sciences. Our products include glass substrates
for LCD televisions, computer monitors and laptops; ceramic
substrates and filters for mobile emission control systems;
optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug
discovery; and other advanced optics and specialty glass
solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and
metrology.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes in global economic and political
conditions; currency fluctuations; product demand and
industry capacity; competition; manufacturing efficiencies;
cost reductions; availability of critical components and
materials; new product commercialization; changes in the
mix of sales between premium and non-premium products; new
plant start-up costs; possible disruption in commercial
activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues;
stock price fluctuations; and adverse litigation or
regulatory developments. Additional risk factors are
identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.
For more information, please contact:
Media Relations Contact: Investor Relations
Contact:
Daniel F. Collins Kenneth C. Sofio
Tel: +1-607-974-4197 Tel:
+1-607-974-7705
Email: collinsdf@corning.com Email:
sofiokc@corning.com
2007'04.28.Sat
USA for Innovation to Release Video Message to People of Thailand Via Google YouTube Service
April 27, 2007
Military Regime Continues to Censor Free Speech in
Thailand
WASHINGTON, April 27 /Xinhua-PRNewswire/ -- USA for
Innovation's Executive Director Ken Adelman will today
release a message to the people of Thailand regarding the
importance of innovation and concerns about the Thai
Government's recent endorsement of theft of American
intellectual property.
This message will be available via Google's YouTube
service this afternoon beginning at 3:00pm PT at the USA
for Innovation YouTube website:
http://www.youtube.com/usaforinnovation
USA for Innovation will also release a transcript of
the video via press release to the more than 65 million
people who access the Internet in Thailand. In early
April, Thailand's government censored all speech from
YouTube, blocking access to Google's video service through
controls imposed by the government's Ministry of
Information and Technology.
Background on Thai government blocking access to
YouTube
On September 19, 2006 a new government came to power in
Thailand by military coup. Earlier this month, the
government took steps to block access to YouTube because it
viewed videos presenting content related to the Thai
government as offensive.
Links to a sample collection of media coverage on the
Thai government's censorship of YouTube are available
below:
- "YouTube Blackout Raises Concern Over Expanding
Censorship in
Thailand," World Politics Watch, April 17,
2007
http://worldpoliticswatch.com/article.aspx?id=706
- "When YouTube is a Threat," International
Herald Tribune,
April 22, 2007
http://www.iht.com/articles/2007/04/22/news/youtube.php
- "Thailand Persistent on Removal of YouTube
Clips," The Economic Times
[India], April 12, 2007
http://economictimes.indiatimes.com/articleshow/1899600.cms
About USA for Innovation
USA for Innovation is a non-profit organization
dedicated to the protection of intellectual property and
continued innovation around the globe. USA for Innovation
educates decision makers, the media and general public
about threats to innovation. For additional information,
please contact us at 866-646-8668 or
maura@usaforinnovation.org.
Google is a registered trademark of Google Inc. All
other company and product names may be trademarks of the
respective companies with which they are associated.
For more information, please contact:
USA for Innovation
Tel: +1-866-646-8668
Email: maura@usaforinnovation.org
2007'04.28.Sat
Xinhua Finance/MNI China Business Survey: New Record
April 27, 2007
SHANGHAI, China, April 27 /Xinhua-PRNewswire/ -- Xinhua
Finance (TSE Mothers: 9399) and Market News International
(MNI), a part of the news service line of Xinhua Finance,
today announced the April Xinhua Finance/MNI China business
sentiment survey. The results of the survey suggest that
Chinese companies are continuing to see booming growth
conditions and, despite warnings of more government
tightening measures, they remain confident strong growth
will continue.
(Logo: http://www.xprn.com/xprn/sa/200611140926.gif )
Indexes measuring sentiment for current and future
business conditions hit record highs in the April survey,
while the indexes on employment, production, inventories
and prices received were also all at or near record highs.
The monthly survey, which was conducted April 9-24,
builds on an upswing in sentiment seen towards the end of
last year and, more strikingly, at the start of 2007.
April's is the fourth straight month of generally improved
survey findings and comes amid a broad reacceleration in
economic activity in China following a moderate slowdown in
the second half of last year.
Since its inception in January, 2005, the survey has
accurately tracked and predicted overall Chinese economic
conditions, providing important intelligence ahead of
government data. The survey has been especially important
in indicating turnarounds in the economy, such as last
summer's slowdown or the pickup in activity seen since last
fall.
To receive a full version of the survey, or to find out
more about Xinhua Finance and Market News International,
please contact Amy Pang, Managing Director of Xinhua
Finance News Division, via amy.pang@xinhuafinance.com .
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
About Market News International
Market News International (MNI), a Xinhua Finance
company ( http://www.xinhuafinance.com ), is a financial
news and information company dedicated to the global fixed
income and foreign exchange markets. MNI joined the Xinhua
Finance family in March 2004, bringing its niche expertise
and extensive distribution network. Headquartered in New
York, MNI has news bureaus and offices throughout the US,
Europe and Asia.
With more than twenty years of history, MNI is a fully
accredited news agency providing focused, timely, relevant
and critical intelligence for market professionals. Its
press credentials are accepted by all operations of the
U.S. Government, including the White House, the Federal
Reserve, both houses of Congress, all major agencies and
cabinet departments, all similar government operations in
the G-7 countries, as well as by supranational
organizations such as the World Bank and the International
Monetary Fund.
For more information, please contact:
Xinhua Finance
Hong Kong/Shanghai
Ms. Joy Tsang
Tel: +852-3196-3983
+852-9486-4364
+86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Mr. Scott Zhang
Tel: +86-21-6113-5996
Email: scott.zhang@xinhuafinance.com
Japan
Mr. Sun Jiong
Tel: +81-3-3221-9500
Email: jsun@xinhuafinance.com
Taylor Rafferty (Media/IR Contact)
Japan
Mr. James Hawrylak
Tel: +81-3-5733-2621
Email: James.hawrylak@taylor-rafferty.com
United States
Mr. John Dudzinsky
Tel: +1-212-889-4350
Email: John.Dudzinsky@taylor-rafferty.com
Europe
Faisal Kanth
Tel: +44-20-7614-2900
Email: Faisal.Kanth@taylor-rafferty.co.uk
2007'04.28.Sat
First Controlled Large-Scale Intervention Angiotensin Receptor Blocker (ARB) Trial in a Japanese Population, JIKEI HEART Study Demonstrates Significant Reduction in Blood Pressure and Protection of Organs with Valsartan
April 27, 2007
Unprecedented Evidence for the Effectiveness of
Hypertension Treatment Valsartan in Preventing
Cardiovascular Events in Japanese Patients
TOKYO, April 27 /Xinhua-PRNewswire/ -- The clinical
outcomes of the JIKEI HEART Study, the large-scale clinical
trial headed by the Jikei University School of Medicine, was
today published in the internationally renowned medical
journal The Lancet. The study, involving more than 3,000
patients, is one of the largest cardiovascular intervention
trials conducted in a Japanese population under realistic
clinical settings. It also is the first large-scale study
evaluating the benefits of the ARB, valsartan, in Japanese
patients.
In the study, valsartan was added to conventional
therapy to control blood pressure and protect against
cardiovascular events and stroke. The results showed
significant benefit with the use of valsartan, including a
39% decrease in cardiovascular events and a 40% decrease in
stroke compared to conventional non-ARB therapy. Initiated
in 2001, the JIKEI HEART Study was terminated earlier than
anticipated at the request of the Data and Safety
Monitoring Board due to superior outcomes for the valsartan
group over the control group.
"Treatment of hypertension needs to account for
blood pressure control but also should take into account
the prevention of cardiovascular diseases over an extended
period," said Seibu Mochizuki, M.D., PhD, formerly of
Jikei University School of Medicine, chief investigator of
the JIKEI HEART Study. "In the JIKEI HEART Study we
accomplished both -- we achieved the lowest blood pressure
value ever set in a morbidity/mortality outcomes trial and
saw tremendous benefit for the valsartan arm in reducing
the risk of cardiovascular events as well as stroke.
Because of this, valsartan will play an important role in
treating hypertension as it has been shown to lower blood
pressure while being highly protective of end
organs."
In the JIKEI HEART Study, treatment was initiated in a
population with an average starting blood pressure of
139/81 mmHg -- already below the national guideline level
for hypertension without comorbidities. The blood pressure
target was set at 130/80 mmHg. The non-ARB group achieved
132/78 mmHg and the valsartan group achieved 131/77 mmHg.
The valsartan group also showed a significant drop in
composite cardiovascular events: the primary endpoint
cardiovascular events were compared between the groups with
the valsartan-added group exhibiting significant relative
reductions, including a 65% reduction in angina pectoris,
46% in heart failure and 81% in aortic dissection. These
benefits cannot be entirely explained by differences in
blood pressure control.
"We are very proud that the University has led yet
another landmark, large-scale clinical study. We are
equally proud that the important findings of the JIKEI
HEART Study were published in the prestigious general
medical journal The Lancet, which also marks the 120-year
anniversary of our first large-scale trial on beriberi
published in the same medical journal," said Satoshi
Kurihara, President, Jikei University School of Medicine.
"In accordance with our mission of patient-centered
medical care, the JIKEI HEART Study provides invaluable
clinical insight into current and future treatments for the
benefit of patients. We are grateful to the patients for
their cooperation, and the physicians who ensured a high
level of accuracy with a patient follow-up rate of 99%.
The design of the physician-lead study provides a direction
for future clinical investigations while attaining a high
level of international commendation."
About the large-scale clinical JIKEI HEART Study
The JIKEI HEART Study was a multi-center comparative
study with a prospective randomized open-label blinded
endpoint (PROBE) design conducted by physicians. The study
involved 3,081 Japanese patients aged 20 to 79 with
hypertension, ischemic heart disease or congestive heart
failure. The primary endpoint was the onset of new or
recurrent stroke, new or transient ischemic attack,
hospitalization for congestive heart failure or angina
pectoris, heart attack, aortic dissection, lower limb
arterial obstruction, doubling of serum creatinine, or
transition to dialysis. At the start of the clinical
study, as well as during the course of the study, blood
pressure and heart rate did not differ between the
valsartan regime and the control regime.
The chief investigator was Seibu Mochizuki, M.D., PhD,
Division of Cardiology, Department of Internal Medicine,
Jikei University School of Medicine, and the joint chief
investigator was Bjorn Dahlof, Associate Professor,
Department of Medicine, University of Goteborg Sahlgrenska
University Hospital, Sweden.
The Jikei University School of Medicine
The Jikei University School of Medicine has its origins
in the Sei-I-Kwai Koshujo (Medical Training School), the
precursor to the University, which was founded in 1881 by
Kenehiro Takaki. It is the oldest medical school in Japan.
The Jikei University School of Medicine is currently
positioned as one of the four educational institutions
operated by the University, consisting of the Faculty of
Medicine, the Medical Research department of the graduate
school, four University hospitals, a clinic and the
Research Center for Medical Sciences. At the four
University hospitals there are approximately 2,600 beds and
approximately 7,500 outpatients visit daily, making them the
largest university hospitals in Japan.
In education, research and medical care, the Jikei
University School of Medicine always adopts the founding
spirit of Kanehiro Takaki of treating patients as human
beings suffering from an illness, rather than examining
them as research material. The University also devotes
itself to the promotion of clinical research, of which
Takaki is said to be the originator.
Media contact:
Elissa Campbell
Cosmo Public Relations
Tel: +81-90-9821-5654
Email: campbelle@cosmopr.co.jp
2007'04.28.Sat
Future Waves Secures Strategic Design-Win with Pure Digital
April 27, 2007
TAIPEI, Taiwan, April 27 /Xinhua-PRNewswire/ -- Future
Waves, a leading supplier of RF solutions for the digital
broadcasting market, has secured an important design win,
for its CMOS RF device, with PURE Digital, a division of
Imagination Technologies and market leading manufacturer of
DAB digital radios.
Glenn Vandevoorde, CEO of Future Waves says:
"Securing PURE Digital as a customer has always been
of strategic significance to Future Waves as it positions
us in the leading DAB digital radio product range. Along
with our design wins in the mobile digital TV markets, this
demonstrates the quality and cost effectiveness of our RF
technology."
"The relationship with Future Waves is part of
PURE Digital's overall strategy to broaden its component
supplier base as the market for DAB digital radio continues
to mature," says Paul Smith, GM of PURE Digital.
"Future Waves' strength in multi-standard CMOS RF
solutions and technical performance of its solution makes
it a valuable strategic supplier to PURE. The alignment of
Future Waves' roadmap with the product roadmap of PURE also
enables a long term relationship which will allow PURE to
maintain its leadership position in the digital radio
market."
Professor Chris Toumazou from Imperial College London
and Executive Chairman of Future Waves says: "I am
delighted to see a core semiconductor technology from
Imperial College London being commercialized in such a
successful way. The design win with PURE Digital is a
significant milestone for this company."
Notes to Editors
About Future Waves
Future Waves is a fabless design house focusing on RF
and mixed-signal chips for next generation communication
and broadcast technologies. Future Waves targets digital
tuners for portable applications and provides the most
flexible RF solution in addition to industry leading
performance regarding power consumption, cost effectiveness
and ease of use. Additional information about Future Waves
is available at http://www.f-waves.com .
For more information, please contact:
Marketing Manager, Kelly Wang
Tel: +886-2-2799-8108
Email: contact@f-waves.com
2007'04.28.Sat
Simpson Thacher Opens Beijing Office
April 27, 2007
Douglas Markel To Join
NEW YORK, BEIJING and HONG KONG, April 27
/Xinhua-PRNewswire/ -- Simpson Thacher & Bartlett LLP
announced today that it has opened an office in Beijing to
focus on mergers and acquisitions, private equity and
capital markets transactions for Chinese companies and for
international companies and financial investors interested
in China. Simpson Thacher also announced that Douglas
Markel, a leading M&A practitioner based in China, will
join the Firm to head the Firm's China practice in the
Beijing office. The Beijing office augments Simpson
Thacher's leadership in Asia, with established offices in
Hong Kong and Tokyo.
Pete Ruegger, Chairman of Simpson Thacher's Executive
Committee, said, "We are very excited about the launch
of our Beijing office, and are equally delighted to have
Doug join our talented team in Asia. His experience will
significantly enhance our ability to offer sophisticated
M&A advice to our clients in China and throughout the
region."
Doug Markel commented, "I am looking forward to
the opportunity to help Simpson Thacher further grow its
China practice and deliver outstanding legal services to
the Firm's clients in this dynamic market."
Simpson Thacher has advised on some of China's most
sophisticated transactions, including the representation of
China Life Insurance Company, China's largest insurer, in a
consortium to acquire Guangdong Development Bank Co., Ltd.
for US$3.1 billion. This transaction is the largest
acquisition to date of a majority stake in a Chinese
financial institution and the outcome of one of the largest
takeover battles in China's history. The Firm also
represented the underwriters in connection with the US$3.3
billion IPO and Hong Kong listing of H shares of Shenhua
Energy Company Limited, China's largest coal producer; and
advised Suntech Power Holdings Co., Ltd., a leading solar
energy company headquartered in China, in connection with
its Rule 144A offering of US$500 million convertible notes,
the largest ever convertible offering of a non-State owned
company out of China. The Firm has also worked on several
share offerings of Focus Media, a leading Chinese media
company based in Shanghai.
Chris Lin, one of Simpson Thacher's senior partners in
the region with more than 15 years experience working on
China-related transactions, will be the Firm's resident
partner in Beijing. Douglas Markel will head the Beijing
office shortly after he joins the Firm. The China practice
team also includes, among others, Leiming Chen, recognized
as one of the leading capital markets lawyers in China, and
Shaolin Luo, an experienced M&A counsel resident in
Beijing.
Mr. Markel was previously a mergers and acquisitions
partner at Freshfields Bruckhaus Deringer. He has been
practicing in Beijing for 16 years and is fluent in
Mandarin Chinese. Mr. Markel received his law degree from
Harvard Law School in 1990 and his Bachelor of Arts from
Yale College in 1984.
Simpson Thacher has 45 lawyers practicing throughout
Asia.
About Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP
(www.simpsonthacher.com) is a leading global law firm, with
offices in Beijing, Hong Kong, London, Tokyo, Los Angeles,
New York, Palo Alto and Washington, D.C. The Firm is
widely recognized throughout Asia for its successful
representations in complex capital markets, mergers and
acquisitions, fund formation and asset management,
structured and project finance, banking and general
corporate matters. On a world-wide basis, the Firm provides
coordinated legal advice on the largest and most complex
corporate transactions and litigation matters.
BEIJING OFFICE:
29/F, China Merchants Tower
No. 118, Jianguo Road
Chaoyang District, Beijing 100022, China
Tel: +86-10-6566-8086
MEDIA INQUIRIES:
Jean Cleary
Simpson Thacher & Bartlett LLP
New York, New York
Tel: +1-212-455-2180
Email: jcleary@stblaw.com
2007'04.28.Sat
AIAG to Collaborate with AIM of China on Automatic Identification Technologies
April 27, 2007
SHANGHAI, China, April 27 /Xinhua-PRNewswire/ -- In a
continuing effort to promote communication and
collaboration between the North American and Chinese
automotive industries, the Automotive Industry Action Group
(AIAG) and the Automatic Identification Manufacturer
Association of China (AIM of China) have agreed to work
together on automatic identification (auto ID)
technologies, according to a memorandum of understanding
signed today in Beijing.
Under the agreement, both organizations will make a
united effort to meet their respective members' needs for
industry standards and guidelines, common business
practices and supply chain technology in auto ID. The
agreement will initially focus on the exchange of
information on auto ID initiatives currently underway by
the two organizations.
"Entering into this agreement with AIM China, a
leading technical association on auto ID, comes at a time
when Chinese automotive OEMs and suppliers are eager to
improve competitiveness and export capabilities," said
J. Scot Sharland, AIAG executive director.
"Additionally, companies are seeking more unified and
global standardization in auto ID -- specifically in RFID
-- to ensure systems interoperability. We believe this
agreement lays the foundation for enhanced development and
collective value for both the North American and Chinese
automotive industries."
"We are pleased to share our efforts and work with
AIAG," said Ms Xie Ying AIM China. "Our
relationship with an organization known as a leader in
streamlining automotive business practices in North America
represents an important step in developing a robust China
automotive supply chain. We look forward to supporting our
members leverage industry standards and best practices for
the benefit of their organizations and their
customers."
About AIAG
Founded in 1982, AIAG is a globally recognized
organization where OEMs and suppliers unite to address and
resolve issues affecting the worldwide automotive supply
chain. AIAG's goals are to reduce cost and complexity
through collaboration; improve product quality, health,
safety and the environment; and optimize speed to market
throughout the supply chain. Headquartered in the metro
Detroit area, its more than 1,500 member companies include
North American, European and Asia-Pacific OEMs and
suppliers to the automotive industry. Additional
information is available on the Internet at
http://www.aiag.org .
About AIM of China
The Automatic Identification Manufacturer Association
of China (AIM China) is a state-level association, being
responsible for State General Administration of People's
Republic of China for Quality Supervision and Inspection
and Quarantine, and Supervised by the Ministry of Civil
Administration of China. With the status of a self-governed
legal entity, AIM China is a member of International
Automatic Identification Manufacturer Association (AIM
Global) Directorate. AIM China focuses on various auto ID
technologies such as bar code; smart card ID; optical
character, voice, visual and biological feature
recognition; and RFID. AIM China steers the development of
industry through researching and drafting relevant industry
standards, national standards; promoting domestic and
international academic and technological exchanges; and
extending the application of automatic identification to
broad area. Additional information is available on the
Internet at http://www.aimchina.org.cn
For more information, please contact:
Leslie Santos-Cotham
Automotive Industry Action Group
Tel: +1-248-358-9794
Email: lsantos-cotham@aiag.org
2007'04.28.Sat
Steve McCann Visits China Cycle Show
April 27, 2007
SHANGHAI, China, April 27 /Xinhua-PRNewswire/ --
Professional dirt, street and vert BMX rider, Steve McCann,
will visit the China Cycle Show (May 4-7, 2007, Shanghai New
International Expo Center) on Saturday, May 5. Steve will
sign autographs at the Mongoose booth # E1-0116 from 1:30
until 2:30.
Steve is competing this year at Shanghai's X Games Asia
in the street and vert competitions.
Born in 1983, the Australian-born rider turned pro in
1999 and has been dominating contests ever since. 2007
marks the first year McCann will compete in the vert
category professionally, making him a triple threat. McCann
travels the world riding for Mongoose and now lives at
Woodward Camp, Pennsylvania (USA) where he trains with some
of the world's best riders.
Steve McCann was just in Joplin, Missouri (USA) to
compete in the Jomopro BMX Street Jam. Out of 41 riders
Stevie placed 2nd.
Stevie also got the title of "RideBMX Best Trick
Winner" by running a 720 no-hander-to-turndown.
Come see one of the biggest stars in BMX at the
Mongoose booth. Also, stop by the Mongoose booth on Friday,
May 4 at 2:00 to meet athletes from the China National BMX
Race team, which will compete in the 2008 Olympic Games in
Beijing. Mongoose is the official bike sponsor of the
National team, and athletes will be at the show signing
autographs.
For more information, please contact:
Kevin Zhou
Project Manager, CHINA CYCLE
Shanghai International Exhibition Co., Ltd.
Tel: +86-21-6279-2828 x248
Fax: +86-21-6545-5124
Email: zhoucy@siec-ccpit.com
2007'04.28.Sat
Dynamic Growth for ZF
April 27, 2007
- Sales in 2006 Increase by 8 Percent to EUR11.7
Billion
- Stronger Competitive Position in All Market Segments
- Innovative Products Increase Benefit to Customers and
Improve
Environmental Compatibility
ZF Friedrichshafen AG continued to grow in 2006. Sales
increased by 8 percent to EUR11.659 billion. The average
number of ZF employees increased by 2 percent this year to
total 55,050. Net profit after taxes totaled EUR296
million.
FRIEDRICHSHAFEN, Germany, and STUTTGART, Germany, April
27 /Xinhua-PRNewswire/ -- Speaking at the annual press
conference in Stuttgart, ZF Friedrichshafen AG CEO
Hans-Georg Harter reported that the ZF Group continued to
strengthen its international market position in 2006. ZF
divisions and business units gained substantially from
strong sales in the commercial vehicle and construction
machinery segments. The success of European vehicle
manufacturers on export markets had a positive impact on ZF
performance. According to Mr. Harter, "This enabled ZF
to take an important step to toward securing the
future."
Technology Leadership Through Innovations
Included among the most successful products for
passenger cars are the ZF 6-speed automatic transmissions.
The second generation of these products was launched on the
market in 2006. This advanced version of the
first-generation 6-speed automatics produced since 2001
features significantly shorter shift response times and a
further improvement in fuel economy. ZF produced more than
one million automatic transmissions for passenger cars in
last year. Other products on the company's list of top
sellers include electronic steering systems, of which ZF
produced 1.6million units in 2006. Last year's market
response was also very positive for ZF passenger car axle
transmissions (800,000 units), commercial vehicle
transmissions (400,000 units), complete axle systems (1.6
million units) and electronic damping systems (800,000
units).
ZF products play a significant role in reducing
vehicle/fleet fuel consumption and emissions. The
second-generation 6-speed automatic transmissions for
passenger cars improves fuel economy by 3% with gasoline
engines and up to 6% with diesel power. The hybrid systems
currently being developed by ZF in cooperation with
Continental Automotive Systems reduce fuel consumption even
further. In the chassis area, electronic steering systems
and lightweight components make it possible to achieve
additional reductions in fuel consumption.
Regional Developments
ZF development in the different regions around the
world was varied in 2006. Sales in Western Europe increased
by 4 percent to EUR7.841 billion. In Eastern Europe, the
company reported growth of around 70 percent with sales
totaling EUR547 million. The share of ZF Group sales in
Western and Eastern Europe was quoted at 72 percent. The
strongest growth was reported in the Asia-Pacific region
with a 48-percent increase in sales to EUR1.115 billion.
The is equivalent to a nearly 10-percent share of ZF Group
sales. The NAFTA region accounted for 14 percent of ZF
sales, a 9-percent decline compared to the previous year's
figures.
Along with optimizing processes and structures, the
future focus for ZF in North America is on increasing
engineering and sales activities. This applies to existing
ZF customers as well as to the transplants of Japanese and
South Korean manufacturers. In South America, where ZF
generated 3 percent of its totals sales, EUR369 million,
the company reported a positive growth rate of 4 percent.
Germany, where the number of ZF employees remains at a
consistently high level, is a top priority for ZF. In 2006,
the average ZF Group workforce numbered 55,050 employees.
Around 60 percent of these people work in Germany. The
total number of ZF employees increased by around 2 percent
in 2006 compared to the previous year's figure.
Potential in the Emerging Markets
A further increase in global activities is necessary
for ZF to maintain and expand its long-term position on
world markets. Along these lines, the product strategy will
focus more intensively on a design-to-market approach to
meet the different customer expectations in the various
regions. The rapidly growing demand for vehicles in the
emerging markets offer interesting potential in this
respect. ZF is striving for a balanced regional
distribution of sales between Europe, North America and
Asia. Europe will remain as the largest long-term market
region. In terms of customers and markets, higher growth
rates are expected in North America and especially Asia.
According to Mr. Harter, the rate of growth in ZF sales for
2007 will be somewhat lower compared to 2006.
ZF is one of the world's leading automotive industry
suppliers specializing in driveline and chassis systems.
With around 55,000 employees, the company operates 120
plants in 25 countries. The ZF Group generated sales of
EUR11.7 billion in 2006. ZF ranks among the 15 largest
automotive suppliers worldwide.
Photos and additional press releases are available on
the Internet: http://www.zf.com/presscenter
Press contact:
Matthias Lenz
Corporate Public Relations
Tel: +49-7541-77-2705
Fax: +49-7541-77-2764
E-mail: matthias.lenz@zf.com
Martin Demel
Business Press and PR
Mobile tel: +49-171-381-0216
Fax: +49-7541-7790-2528
E-mail: martin.demel@zf.com
2007'04.28.Sat
SMIC Reports 2007 First Quarter Results
April 27, 2007
-- All currency figures stated in this report are in US
Dollars unless
stated otherwise.
-- The financial statement amounts in this report are
determined in
accordance with US GAAP.
Overview:
* Sales increased to $388.3 million in 1Q07, up 10.6%
from 1Q06 and up
1.2% sequentially.
* Gross margins of 9.5% in 1Q07 from 5.1% in 4Q06.
* Net income of $8.8 million in 1Q07, compared to a net
loss of $9.6
million in 1Q06 and net income of $0.1 million in the
previous quarter.
SHANGHAI, China, April 27 /Xinhua-PRNewswire-FirstCall/
-- Semiconductor Manufacturing International Corporation
(NYSE: SMI; SEHK: 981) ("SMIC" or the
"Company"), one of the leading semiconductor
foundries in the world, today announced its consolidated
results of operations for the three months ended March 31,
2007. Sales increased 1.2% in the first quarter of 2007 to
$388.3 million from $383.8 million in the fourth quarter of
2006. The Company reported a decrease in capacity to
177,150 8-inch equivalent wafers per month and a
utilization rate of 86.2% in the first quarter of 2007.
Gross margins were 9.5% in the first quarter of 2007
compared to 5.1% in the fourth quarter of 2006. Net income
of $8.8 million in the first quarter of 2007, compared to a
net loss of $9.6 million in the first quarter of 2006 and a
net income of $0.1 million in the fourth quarter of 2006.
"SMIC posted quarterly revenues of $388.3 million
dollars during the first quarter of 2007," said Dr.
Richard Chang, Chief Executive Officer of SMIC.
"Gross profit increased to $36.9 million in 1Q07 up
89.2% QoQ from $19.5 million in 4Q06. Management fees from
the Wuhan and Chengdu managed projects contributed to the
revenue while demonstrating our ability to continue to grow
our business".
Despite operating in a difficult business environment,
SMIC was able to grow its revenues through several channels
this quarter. We have seen several orders come back from
major customers. During the quarter, we have seen
significant growth in orders from the Chinese local design
companies, which accounts for 12.8% of the revenue in 1Q07
as compared to 8.8% in 4Q06. We expect continued growth in
the business from the Chinese local design companies for the
rest of this year.
We will continue to focus on sustainable profitability
and strategically identify opportunities to enhance
shareholder value in the company. We are currently on track
with our technology roadmap with 65nm technology development
making good progress.
In the second quarter of 2007, we believe the steady
development of advanced technology nodes for leading
customers along with additional logic orders and revenue
from our peripheral businesses positions SMIC for continual
growth in 2007."
Conference Call / Webcast Announcement
Date: April 27, 2007
Time: 10:00 a.m. Shanghai time
Dial-in numbers and pass code: U.S. 1-617-597-5342 or
HK 852-3002-1672
(Pass code: SMIC).
A live webcast of the 2007 first quarter announcement
will be available at http://www.smics.com under the
"Investor Relations" section. An archived
version of the webcast, along with a soft copy of this news
release will be available on the SMIC website for a period
of 12 months following the webcast.
About SMIC
SMIC (NYSE: SMI; SEHK: 981) is one of the leading
semiconductor foundries in the world and the largest and
most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35mm to
90nm and finer line technologies. Headquartered in
Shanghai, China, SMIC operates three 200mm fabs in Shanghai
and one in Tianjin, and one 300mm fab in Beijing, the first
of its kind in Mainland China. SMIC has customer service
and marketing offices in the U.S., Italy, and Japan as well
as a representative office in Hong Kong. For additional
information, please visit http://www.smics.com .
Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of
1995)
This press release may contain, 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 concerning SMIC's plans to
develop its capabilities, build its China customer base and
expand its capacity, anticipated decreases in depreciation
expenses, the percentage of total wafer revenue expected to
come from 90nm sales, SMIC's ability to grow and improve
profitability in 2007, and statements under "Capex
Summary" and "Second Quarter 2007 Guidance"
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 are necessarily
estimates reflecting the best 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, 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 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, as
amended, filed with the SEC on June 29, 2006, especially in
the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results
of Operations" sections, and its registration
statement on Form A-1 as filed with the Stock Exchange of
Hong Kong (SEHK) on March 8, 2004, and such other documents
that SMIC may file with the SEC or SEHK from time to time,
including 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 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.
Material Litigation
Overview of TSMC Litigation:
Beginning in December 2003 through August 2004, the
Company became subject to several lawsuits brought by
Taiwan Semiconductor Manufacturing Company, Limited
("TSMC") relating to alleged infringement of
certain patents and misappropriation of alleged trade
secrets relating to methods for conducting semiconductor
fab operations and manufacturing integrated circuits.
On January 31, 2005, the Company entered into a
settlement agreement, without admission of liability, which
provided for the dismissal of all pending legal actions
without prejudice between the two companies (the
"Settlement Agreement"). The terms of the
Settlement Agreement also included:
-- The Company and TSMC agreed to cross-license each
other's patent
portfolio for all semiconductor device products,
effective from
January 2005 through December 2010.
-- TSMC covenanted not to sue the Company for trade
secret
misappropriation as alleged in TSMC's legal actions
as it related to
.15um and larger processes subject to certain
conditions ("TSMC
Covenant"). The TSMC Covenant did not cover
.13um and smaller
technologies after 6 months following execution of
the Settlement
Agreement (July, 31, 2005). Excluding the .13um and
smaller
technologies, the TSMC Covenant remains in effect
indefinitely,
terminable upon a breach by the Company.
-- The Company is required to deposit certain Company
materials relating
to .13um and smaller technologies into an escrow
account until December
31, 2006 or under certain circumstances for a longer
period of time.
-- The Company agreed to pay TSMC an aggregate of $175
million in
installments of $30 million for each of the first
five years and $25
million in the sixth year.
Accounting under the Settlement Agreement:
Current Accounting
In accounting for the Settlement Agreement, the Company
determined that there were several components of the
Settlement Agreement -- settlement of litigation, TSMC
Covenant, patents licensed by us to TSMC and the use of
TSMC's patent license portfolio both prior and subsequent
to the settlement date.
The Company does not believe that the settlement of
litigation, TSMC Covenant or patents licensed by us to TSMC
qualify as accounting elements. In regard to the settlement
of litigation, the Company cites the following:
-- The Settlement Agreement expressly stated that there
was no admission
of liability by either party;
-- The Settlement Agreement required all parties to
bear their own legal
costs;
-- There were no damages recited in, or associated
with, the Settlement
Agreement;
-- There was a provision in the Settlement Agreement
for a grace period to
resolve any misappropriation issues had they
existed;
-- Albeit a complaint had been filed by TSMC on trade
secret infringement,
TSMC has never identified which trade secrets it
claimed were being
infringed upon by the Company;
-- The Settlement Agreement was concluded when the
litigation process was
still at a relatively early stage and the outcome of
the litigation
was therefore highly uncertain.
The TSMC Covenant does not qualify as a separable asset
in accordance with either SFAS 141 of SFAS 142 as TSMC had
never specified or identified which trade secrets it
claimed were misappropriated, the Company's belief that
TSMC's alleged trade secrets may be obtained within the
marketplace by other legal means and the Company never
obtained the legal right to use TSMC's trade secrets.
In addition, the Company did not attribute any value to
the patents licensed to TSMC under the Settlement Agreement
due to the limited number of patents held by the Company at
the time of the Settlement Agreement.
As a result, the Company determined that only the use
of TSMC's patent license portfolio prior and subsequent to
the settlement date were considered elements of an
arrangement for accounting purposes. In attributing value
to these two elements, the Company first discounted the
payment terms of the $175 million settlement amount using
an annual 3.4464% interest rate to arrive at a net present
value of $158 million. This amount was then allocated to
the pre- and post-settlement periods based on relative fair
value, as further described below.
Based on this approach, $16.7 million was allocated to
the pre-settlement period, reflecting the amount that the
Company would have paid for use of the patent license
portfolio prior to the date of the Settlement Agreement.
The remaining $141.3 million, representing the relative
fair value of the licensed patent license portfolio, was
recorded on the Company's consolidated balance sheets as a
deferred cost and is being amortized over a six-year
period, which represents the life of the licensed patent
license portfolio. The amortization of the deferred cost
is included as a component of cost of sales in the
consolidated statements of operations.
Valuation of Deferred Cost:
The fair value of the patent license portfolio was
calculated by applying the estimated royalty rate to the
specific revenue generated and expected to be generated
from the specific products associated with the patent
license portfolio.
-- The selected royalty rate was based on the review of
median and mean
royalty rates for the following categories of
licensing arrangements:
-- Existing third-party license agreements with
SMIC;
-- The analysis of comparable industry royalty
rates related to
semiconductor chip/integrated circuit
("IC") related technology;
and
-- The analysis of comparable industry royalty
rates related to
semiconductor fabrication.
On an annualized basis, the amounts allocated to past
periods was lower than that allocated to future periods as
the Company assumed increases in revenues relating to the
specific products associated with the patent license
portfolio.
As the total estimated fair value of the patent license
portfolio exceeded the present value of the settlement
amount, the Company allocated the present value of the
settlement amount based on the relative fair value of the
amounts calculated prior and subsequent to the settlement
date.
Recent TSMC Legal Developments:
On August 25, 2006, TSMC filed a lawsuit against the
Company and certain subsidiaries (SMIC (Shanghai), SMIC
(Beijing) and SMIC (Americas) in the Superior Court of the
State of California, County of Alameda for alleged breach
of the Settlement Agreement, alleged breach of promissory
notes and alleged trade secret misappropriation by the
Company. TSMC seeks, among other things, damages,
injunctive relief, attorneys' fees, and the acceleration of
the remaining payments outstanding under the Settlement
Agreement.
In the present litigation, TSMC alleges that the
Company has incorporated TSMC trade secrets in the
manufacture of the Company's 0.13 micron or smaller process
products. TSMC further alleges that as a result of this
claimed breach, TSMC's patent license is terminated and the
covenant not to sue is no longer in effect with respect to
the Company's larger process products.
The Company has vigorously denied all allegations of
misappropriation. Moreover, TSMC has not yet proven, nor
produced evidence of, any trade secret misappropriation by
the Company. At present, the claims rest as unproven
allegations, denied by the Company. The Court has made no
finding that TSMC's claims are valid, nor has it set a
trial date.
On September 13, 2006, the Company announced that in
addition to filing a response strongly denying the
allegations of TSMC in the United States lawsuit, it filed
on September 12, 2006, a cross-complaint against TSMC
seeking, among other things, damages for TSMC's breach of
contract and breach of implied covenant of good faith and
fair dealing.
On November 16, 2006, the High Court in Beijing, the
People's Republic of China, accepted the filing of a
complaint by the Company and its wholly-owned subsidiaries,
SMIC (Shanghai) and SMIC (Beijing), regarding the unfair
competition arising from the breach of bona fide (i.e.
integrity, good faith) principle and commercial defamation
by TSMC ("PRC Complaint"). In the PRC Complaint,
the Company is seeking, among other things, an injunction to
stop TSMC's infringing acts, public apology from TSMC to the
Company and compensation from TSMC to the Company, including
profits gained by TSMC from their infringing acts.
In March 2007, the California Court denied TSMC's
motion to enjoin the PRC action. TSMC has appealed this
ruling to the California Court of Appeal.
Under the provisions of SFAS 144, the Company is
required to make a determination as to whether or not this
pending litigation represents an event that requires a
further analysis of whether the patent license portfolio
has been impaired. We believe that the lawsuit is at a
very early stage and we are still evaluating whether or not
the litigation represents such an event. The Company expects
further information to become available to us, which will
aid us in making a determination. The outcome of any
impairment analysis performed under SFAS 144 might result
in a material impact to our financial position and results
of operations.
Change of Accounting Estimate
With effect from the first quarter of 2007, the Company
has changed the estimated useful life of fab-related
machinery and equipment in the computation of annual
depreciation. This change has an effect on the Company's
gross profit and gross margin. Previously, we used a
five-year straight-line depreciation method. We consider
the previous useful life estimate overly conservative in
light of the expected economic life of the equipment. We
have changed the useful life estimate to a five to seven
year range, which is consistent with industry practice and
more accurately reflect the economics associated with the
ownership of the equipment.
Summary of First Quarter 2007 Operating Results
Amounts in US$ thousands, except for EPS and operating
data
1Q07 4Q06 QoQ
1Q06 YoY
Sales 388,284 383,813
1.2% 351,138 10.6%
Cost of sales 351,345 364,339
-3.6% 313,654 12.0%
Gross profit 36,940 19,474
89.7% 37,484 -1.5%
Operating expenses 21,722 5,762
277.0% 44,335 -51.0%
Income (Loss) from operations 15,218 13,712
11.0% (6,852) --
Other income (expenses)£¬net (12,187) (16,468)
-26.0% (7,806) 56.1%
Income tax credit (expense) 5,964 3,002
98.7% (14) --
Net income (loss) after
income taxes 8,995 246
3556.5% (14,671) --
Minority interest 977 941
3.8% 947 3.2%
Share of loss of affiliate
company (1,212) (1,044)
16.1% (1,059) 14.4%
Income (loss) attributable to
holders of ordinary shares
8,760 143
6025.9% (9,628) --
Operating margin 3.9% 3.6%
-2.0%
Net income (loss) per ordinary
share - basic(1) 0.0005 0.0000
(0.0005)
Net income (loss) per ADS -
basic 0.0237 0.0004
(0.0263)
Net income (loss) per ordinary
share - diluted(1) 0.0005 0.0000
(0.0005)
Net income (loss) per ADS -
diluted 0.0234 0.0004
(0.0263)
Wafers shipped (in 8"
wafers)(2) 450,592 424,395
6.2% 388,010 16.1%
ASP(3) $904
-4.6% $905 -4.8%
Capacity utilization 86.2% 86.6%
94.9%
Note:
(1) Based on weighted average ordinary shares of 18,451
million (basic)
and 18,706 million (diluted) in 1Q07, 18,398
million (basic) and
18,609 million (diluted) in 4Q06 and 18,278 million
in 1Q06
(2) Including copper interconnects
-- Sales increased slightly to $388.3 million in 1Q07,
up 1.2% QoQ from
$383.8 million in 4Q06 and up 10.6% YoY from $351.1
million in 1Q06.
-- Cost of sales decreased to $351.3 million in 1Q07,
down 3.6% QoQ from
$364.3 million in 4Q06, primarily due to lower
depreciation expense.
-- Amortization of deferred cost associated with TSMC
settlement has been
reclassified to a component of cost of sales from
operating expenses
for all periods presented. Such reclassification
has reduced the gross
margin by 1.5% for 1Q07 and 4Q06.
-- Gross profit increased to $36.9 million in 1Q07, up
89.7% QoQ from
$19.5 million in 4Q06 and down 1.5% YoY from $37.5
million in 1Q06.
-- Gross margin increased to 9.5% in 1Q07 from 5.1% in
4Q06 primarily due
to higher management service fees and lower
depreciation expense.
-- Total operating expenses increased to $21.7 million
in 1Q07 from $5.8
million, an increase of 277.0% QoQ, primarily due to
lower operating
income recorded in 1Q07 from the sale of
properties.
-- R&D expenses remained flat in 1Q07.
-- G&A expenses increased to $17.1 million in 1Q07
from $14.6 million in
4Q06 primarily due to an increase in general and
administrative costs
related to legal fees and tax increases.
-- Selling & marketing expenses decreased to $3.9
million in 1Q07, down
17.7% QoQ from $4.7 million in 4Q06, primarily due
to a decrease in
engineering material expenses associated with
selling activities.
Analysis of Revenues
Sales Analysis
By Application 1Q07 4Q06
3Q06 2Q06 1Q06
Computer 33.0% 36.3%
33.0% 30.6% 36.0%
Communications 41.3% 40.1%
37.1% 46.2% 45.8%
Consumer 18.3% 19.3%
25.2% 18.6% 13.3%
Others 7.4% 4.3%
4.7% 4.6% 4.9%
By Device 1Q07 4Q06
3Q06 2Q06 1Q06
Logic (including copper interconnect) 58.2% 57.4%
65.4% 66.6% 62.8%
DRAM 34.7% 38.6%
30.1% 28.8% 32.4%
Other (mask making & probing, etc.) 7.1%
4.0% 4.5% 4.6% 4.8%
By Customer Type 1Q07 4Q06
3Q06 2Q06 1Q06
Fabless semiconductor companies 47.1% 36.1%
36.9% 49.8% 41.8%
Integrated device manufacturers (IDM) 43.2% 55.8%
50.4% 41.9% 52.8%
System companies and others 9.7% 8.1%
12.7% 8.3% 5.4%
By Geography 1Q07 4Q06
3Q06 2Q06 1Q06
North America 40.6% 36.3%
38.6% 46.7% 43.5%
Asia Pacific (ex. Japan) 24.2% 20.0%
25.4% 20.9% 21.3%
Japan 9.9% 11.3%
7.5% 4.9% 3.3%
Europe 25.2% 32.4%
28.5% 27.5% 31.9%
Wafer Revenue Analysis
By Technology (logic, DRAM & copper
interconnect only) 1Q07 4Q06
3Q06 2Q06 1Q06
0.09um 14.4% 14.4%
4.9% 0.9% --
0.13um 38.1% 43.0%
41.2% 46.6% 46.6%
0.15um/0.18um 37.0% 35.7%
43.3% 42.7% 44.4%
0.25um 0.7% 1.6%
2.6% 2.0% 1.6%
0.35um 9.8% 5.3%
8.0% 7.8% 7.4%
By Logic Only(1) 1Q07 4Q06
3Q06 2Q06 1Q06
0.09um 10.0% 14.7%
4.6% 0.2% --
0.13um(2) 17.6% 14.0%
11.1% 22.3% 13.3%
0.15um/0.18um 54.8% 59.0%
67.1% 63.0% 72.2%
Note:
(1) Excluding 0.13um copper interconnects
(2) Represents revenues generated from manufacturing
full flow wafers
Capacity
Fab / (Wafer Size) 1Q07* 4Q06*
Shanghai Mega Fab (8")(1) 98,000 106,000
Beijing Mega Fab (12")(2) 57,150 56,250
Tianjin Fab (8") 22,000 20,000
Total monthly wafer
fabrication capacity 177,150 182,250
Note:
* Wafers per month at the end of the period in
8" wafers
(1) Shanghai Mega Fab is now comprised of Fab 1, Fab 2,
and Fab 3
(2) Beijing Mega Fab is now comprised of Fab 4, Fab 5,
and Fab 6
-- As of the end of 1Q07, monthly capacity decreased to
177,150 8-inch
equivalent wafers due to the asset disposal from
SMIC to Chengdu
Cension.
Shipment and Utilization
8" equivalent wafers 1Q07 4Q06
3Q06 2Q06 1Q06
Wafer shipments including
copper interconnects 450,592 424,395
413,985 388,498 388,010
Utilization rate(1) 86.2% 86.6%
84.3% 93.5 % 94.9%
Note:
(1) Capacity utilization based on total wafer out
divided by estimated
capacity
-- Wafer shipments increased to 450,592 units of 8-inch
equivalent wafers
in 1Q07 up 6.2% QoQ from 424,395 units of 8-inch
equivalent wafers in
4Q06, and up 16.1% YoY from 388,010 8-inch
equivalent wafers in 1Q06.
Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands 1Q07 4Q06 QoQ
1Q06 YoY
Cost of sales 351,345 364,339
-3.6% 313,654 12.0%
Depreciation 185,707 210,045
-11.6% 189,054 -1.8%
Other manufacturing costs 159,752 148,407
7.6% 118,714 34.6%
Deferred Cost Amortization 5,886 5,886 --
5,886 --
Gross Profit 36,940 19,474
89.7% 37,484 -1.5%
Gross Margin 9.5 % 5.1 % --
10.7% --
-- Cost of sales decreased to $351.3 million in 1Q07,
down 3.6 % QoQ from
$364.3 million in 4Q06, primarily due to lower
depreciation expense.
-- Amortization of deferred cost associated with TSMC
settlement has been
reclassified to a component of cost of sales from
operating expenses
for all periods presented. Such reclassification
has reduced the gross
margin by 1.5% for 1Q07 and 4Q06.
-- Gross profit increased to $36.9 million in 1Q07, up
89.7% QoQ from
$19.5 million in 4Q06 and down 1.5% YoY from $37.5
million in 1Q06.
-- Gross margin increased to 9.5% in 1Q07 from 5.1% in
4Q06. This was
primarily due to higher management service fees and
lower depreciation
expense.
Operating Expense Analysis
Amounts in US$ thousands 1Q07 4Q06
QoQ 1Q06 YoY
Total operating expenses 21,722 5,762
277.0% 44,335 -51.0%
Research and development 21,733 21,913
-0.8% 20,593 5.5%
General and administrative 17,087 14,563
17.3% 11,749 45.4%
Selling and marketing 3,893 4,729
-17.7% 5,970 -34.8%
Amortization of intangible
assets 6,229 6,291
-1.0% 6,023 3.4%
Income from disposal of
properties (27,221) (41,734)
-34.8% 1 0.0%
-- Total operating expenses increased to $21.7 million
in 1Q07 from $5.8
million, an increase of 277.0% QoQ primarily due to
lower operating
income from the disposal of properties in 1Q07.
-- R&D expenses remained flat in 1Q07.
-- G&A expenses increased to $17.1 million in 1Q07
from $14.6 million in
4Q06, primarily due to an increase in general and
administrative costs
related to legal fees and tax increases.
-- Selling & marketing expenses decreased to $3.9
million in 1Q07, down
17.7% QoQ from $4.7 million in 4Q06, primarily due
to a decrease in
engineering material expenses associated with
selling activities.
Other Income (Expenses)
Amounts in US$ thousands 1Q07 4Q06 QoQ
1Q06 YoY
Other income (expenses) (12,187) (16,468)
-26.0% (7,806) 56.1%
Interest income 1,972 3,311
-40.4% 4,595 -57.1%
Interest expense (15,003) (14,263)
5.2%(12,201) 23.0%
Other, net 844 (5,516) --
(200) --
-- Other non-operating loss of $12.2 million in 1Q07 as
compared to a loss
of $16.5 million in 4Q06, primarily to foreign
exchange gain associated
with non-operating activities during the quarter
relative a loss
recorded in the previous quarter.
-- Interest income fell to $2.0 million in 1Q07 from
$3.3 million in 4Q06
due to lower average cash balance held during the
quarter.
-- Interest expenses of $15.0 million in 1Q07, up 5.2%
QoQ from $14.3
million in 4Q06.
Liquidity
Amounts in US$ thousands 1Q07
4Q06
Cash and cash equivalents 341,704
363,620
Short term investments 79,830
57,950
Accounts receivable 288,027
252,185
Inventory 237,619
275,179
Others 128,080
100,732
Total current assets 1,075,260
1,049,666
Accounts payable 237,135
309,129
Short-term borrowings 43,000
71,000
Current portion of long-term debt 170,839
170,797
Others 138,758
126,436
Total current liabilities 589,732
677,362
Cash Ratio 0.6x
0.5x
Quick Ratio 1.2x
1.0x
Current Ratio 1.8x
1.5x
Capital Structure
Amounts in US$ thousands 1Q07
4Q06
Cash and cash equivalents 341,704
363,620
Short-term investment 79,830
57,951
Current portion of promissory note 29,493
29,242
Promissory note 78,267
77,602
Short-term borrowings 43,000
71,000
Current portion of long-term debt 170,839
170,797
Long-term debt 719,697
719,571
Total debt 933,536
961,368
Net cash (619,762)
(646,641)
Shareholders' equity 3,022,697
3,007,420
Total debt to equity ratio 30.9%
32.0%
Cash Flow
Amounts in US$ thousands 1Q07
4Q06
Net income (loss) 8,760
143
Depreciation & amortization 173,370
245,365
Amortization of acquired intangible assets 6,229
6,291
Net change in cash (21,916)
(191,706)
Capex Summary
-- Capital expenditures for 1Q07 was $90.9 million.
-- Total planned capital expenditures for 2007 will be
approximately $720
million and will be adjusted based on market
conditions.
Second Quarter 2007 Guidance
The following statements are forward looking statements
which are based on current expectation and which involve
risks and uncertainties, some of which are set forth under
"Safe Harbor Statements" above.
-- Revenues expected to remain flat from the first
quarter.
-- Depreciation and amortization expected to be
approximately $185 million
to $190 million.
-- Capital expenditures expected to be approximately
$450 million to $510
million.
-- Operating expense as a percentage of sales expected
to be in the mid-
teens.
Recent Highlights and Announcements
-- Announcement of 2006 annual results (2007-4-24)
-- Postponement of meeting of Board of Directors
(2007-3-29)
-- SMIC Participates in SEMICON China 2007 (2007-3-21)
-- SMIC and Cascade Microtech Partner to Establish New
Mixed-signal RFIC
Design Service Lab in Shanghai (2007-3-15)
-- SMIC and Agilent Technologies Joint Establish RFIC
Test Lab Shanghai
(2007-03-14)
-- SMIC reports results for the Three Months Ended Dec
31th, 2006
(2007-1-31)
-- SMIC(BJ) Passes QC 080000 System Audit (2007-1-9)
-- SMIC Announcement on "Unusual Moment in Trading
Volume" (2007-1-3)
Please visit SMIC's website at
http://www.smics.com/website/enVersion/Press_Center/pressRelease.jsp
for further details regarding the recent announcements.
Semiconductor Manufacturing International Corporation
CONSOLIDATED BALANCE SHEET
(In US dollars)
As of the end
of
March 31, 2007
December 31, 2006
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $341,703,889
$363,619,731
Short term investments 79,829,802
57,950,603
Accounts receivable, net of
allowances of $3,924,775 and
$4,048,845 at March 31, 2007
and at Dec31, 2006, respectively 288,026,530
252,184,975
Inventories 237,619,469
275,178,952
Prepaid expense and other
current assets 17,161,431
20,766,945
Receivable for sale of
manufacturing equipments 110,136,499
70,544,560
Assets held for sale 781,985
9,420,729
Total current assets 1,075,259,605
1,049,666,495
Land use rights, net 38,005,628
38,323,333
Plant and equipment, net 3,149,255,434
3,244,400,822
Acquired intangible assets, net 65,866,883
71,692,498
Deferred cost, net 88,296,594
94,183,034
Equity investment 12,408,090
13,619,643
Other long-term prepayments 3,748,557
4,119,433
Deferred tax assets 31,356,917
25,286,900
TOTAL ASSETS $4,464,197,708
$4,541,292,158
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $237,134,879
$309,129,198
Accrued expenses and other
current liabilities 109,059,238
97,121,231
Short-term borrowings 43,000,000
71,000,000
Current portion of promissory
note 29,492,873
29,242,001
Current portion of long-term debt 170,839,010
170,796,968
Income tax payable 206,071
72,417
Total current liabilities 589,732,071
677,361,815
Long-term liabilities:
Promissory note 78,267,417
77,601,657
Long-term debt 719,697,029
719,570,905
Long-term payables relating to
license agreements 15,733,116
20,326,283
Other long-term payables --
--
Deferred tax liabilities 246,695
210,913
Total long-term liabilities 813,944,257
817,709,758
Total liabilities $1,403,676,328
$1,495,071,573
Minority interest 37,824,139
38,800,666
Stockholders' equity:
Ordinary shares£¬$0.0004 par
value, 50,000,000,000
shares authorized, shares
issued and outstanding
18,470,365,166 and
18,432,756,463 at 2007Q1
and 2006 respectively 7,388,146
7,373,103
Warrants 32,387
32,387
Additional paid-in capital 3,295,215,798
3,288,733,078
Accumulated other comprehensive
income 111,027
91,841
Accumulated deficit (280,050,117)
(288,810,490)
Total stockholders' equity 3,022,697,241
3,007,419,919
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $4,464,197,708
$4,541,292,158
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
March 31, 2007
December 31, 2006
(unaudited)
(unaudited)
Sales $388,284,436
$383,812,708
Cost of sales
351,344,670 364,338,733
Gross profit 36,939,766
19,473,975
Operating expenses:
Research and development 21,733,055
21,913,465
General and administrative 17,087,309
14,562,807
Selling and marketing 3,893,369
4,728,691
Litigation settlement --
--
Amortization of acquired
intangible assets
6,228,616 6,290,991
Income from sale of plant and
equipment and other fixed
assets (27,220,665)
(41,733,713)
Total operating expenses 21,721,684
5,762,241
Income from operations 15,218,082
13,711,734
Other income (expenses):
Interest income 1,971,672
3,311,293
Interest expense (15,003,379)
(14,263,257)
Foreign currency exchange gain
(loss) 428,279
(7,091,494)
Other income (expenses), net 416,621
1,575,094
Total other income (expenses), net (12,186,807)
(16,468,364)
Net income (loss) before income tax 3,031,275
(2,756,630)
Income tax credit (expense) 5,964,124.00
3,002,499
Minority interest 976,527.00
940,520
Loss from equity investment (1,211,553.00)
(1,043,727)
Net income attributable to holders
of ordinary shares $8,760,373
$142,662
Net income per share, basic 0.0005
0.0000
Net income per ADS, basic 0.0237
0.0004
Net income per share, diluted 0.0005
0.0000
Net income per ADS, Diluted 0.0234
0.0004
Ordinary shares used in calculating
basic income per ordinary share (in
millions) 18,451
18,398
Ordinary shares used in calculating
diluted income per ordinary share
(in millions) 18,706
18,609
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
(In US dollars)
For the
three months ended
March 31, 2007
December 31, 2006
(Unaudited)
(Unaudited)
Operating activities
Net income 8,760,373
142,662
Adjustments to reconcile net income
to net cash provided
by (used in) operating activities:
Minority interest (976,527)
(940,520)
Gain on disposal of plant and
equipment (27,220,665)
(41,733,713)
Depreciation and amortization 173,370,422
245,364,902
Amortization of acquired intangible
assets 6,228,615
6,290,991
Share-based compensation 4,996,846
5,632,158
Non cash interest expense on
promissory notes 1,207,020
1,365,080
Loss from equity investment 1,211,553
1,043,728
Changes in operating assets and
liabilities:
Accounts receivable, net (35,841,556)
13,337,566
Inventories 37,559,483
(31,222,108)
Prepaid expense and other current
assets 8,328,368
(2,753,096)
Accounts payable (6,657,095)
27,419,295
Accrued expenses and other current
liabilities 18,951,309
(17,425,744)
Other long term liabilities (3,333,333)
(3,333,334)
Income tax payable 133,654
32,542
Deferred tax assets (6,070,017)
(3,272,506)
Deferred tax liabilities 35,782
210,913
Net cash provided by operating
activities 180,684,232
200,158,816
Investing activities:
Purchase of plant and equipment (157,728,647)
(278,677,400)
Proceeds from government grant to
purchase plant and equipment --
2,208,758
Proceeds from disposal of plant and
equipment 1,823,994
532,214
Proceeds received from sale of
assets held for sale 3,963,708
1,609,274
Purchases of acquired intangible
assets (2,468,200)
(4,327,949)
Purchase of short-term investments (48,838,238)
(60,729,572)
Sale of short-term investments 26,959,039
55,208,572
Net cash used in investing
activities (176,288,344)
(284,176,103)
Financing activities:
Proceeds from short-term borrowing 2,000,000
31,000,000
Proceeds from long-term debt 168,165
Repayment of promissory notes
(15,000,000)
Repayment of long-term debt --
(119,931,070)
Repayment of short-term debt (30,000,000)
(5,000,000)
Payment of loan initiation fee
Proceeds from exercise of employee
stock options 1,500,918
1,296,973
Repurchase of restricted ordinary
shares
14,589
Net cash provided by (used in)
financing activities (26,330,917)
(107,619,508)
Effect of exchange rate changes 19,187
(69,110)
NET DECREASE IN CASH AND CASH
EQUIVALENTS (21,915,842)
(191,705,905)
CASH AND CASH EQUIVALENTS,
beginning of period 363,619,731
555,325,636
CASH AND CASH EQUIVALENTS, end of
period 341,703,889
363,619,731
For more information, please contact:
Peter Yu
Tel: +86-21-5080-2000 x11319
Mobile: +86-139-1894-0553
Email: peter_yu@smics.com
Douglas Hsiung
Tel: +86-21-5080-2000 x 12804
Mobile: +86-137-9527-2240
Email: douglas_hsiung@smics.com
Deborah Hom
Tel: +86-21-5080-2000 x11967
Mobile: +86-139-1775-4411
Email: deborah_hom@smics.com
2007'04.28.Sat
Spirit AeroSystems Announces Secondary Public Offering
April 26, 2007
WICHITA, Kan., April 26 /Xinhua-PRNewswire/ -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) announced today
that, by mid-May 2007, it plans to file with the Securities
and Exchange Commission a registration statement for an
offering of shares of its Class A common stock by certain
stockholders and management in an underwritten secondary
public offering. Spirit AeroSystems Holdings, Inc. will not
receive any proceeds from the sale of the shares.
The offering is expected to commence during the second
quarter of 2007, subject to the SEC declaring the
registration statement effective and the receipt of all
necessary approvals.
This announcement shall not constitute an offer to sell
or the solicitation of an offer to buy any securities
described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful. This announcement is
being issued pursuant to and in accordance with Rule 135
under the Securities Act of 1933.
About Spirit AeroSystems: Spirit AeroSystems is the
largest independent non-OEM designer and manufacturer of
commercial aerostructures in the world. Based in Wichita,
Kan., it began operations in June 2005. In addition to its
Kansas facility, Spirit has facilities in Oklahoma and the
U.K.
This press release contains "forward looking
statements." These statements relate to future events
or our future financial performance, and involve known and
unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance
or achievements, to be materially different from those
contemplated by the forward looking statements. We
undertake no ongoing obligation, other than that imposed by
law, to update these statements. Factors that could affect
our results, levels of activity, performance or
achievements and cause them to materially differ from those
contained in the forward looking statements can be found in
our filings with the Securities and Exchange Commission,
including our current reports on Form 8-K and Annual Report
on Form 10-K.
On the web: http://www.spiritaero.com
For more information, please contact:
Philip Anderson,
Investor Relations
Tel: +1-316-523-1797
Sam Marnick
Corporate Communications
Tel: +1-316-526-3153
2007'04.28.Sat
Video: Winged Man Makes History - Soars Within Two Meters Of Christ The Redeemer
April 26, 2007
Historic Flying Man Footage Captured as Brazilian
Professional Athlete Luigi Cani Narrowly Escapes Tragedy
over Corcovado Mountain
RIO DE JANEIRO, Brazil, April 26 /Xinhua-PRNewswire/ --
Earlier today, residents of and visitors to Rio de
Janeiro witnessed something never seen before, when
Brazilian native and Go Fast! Sports and Beverage
Company-sponsored athlete Luigi Cani soared under his own
wings within two meters of Christ the Redeemer, atop
Corcovado Mountain. Further etching this amazing spectacle
into the minds of onlookers, Cani freefell at terminal
velocity, skimmed the earth, and continued flight,
uninjured.
To view the Multimedia News Release, go to:
http://www.prnewswire.com/mnr/gofast/27915/
"This was the most exhilarating flight I've ever
experienced," explained Cani, who skimmed the bushes
after flying past Christ the Redeemer. In spite of
skimming, Cani maintained flight long enough to get to a
location high enough above the ground to open his
parachute. "It was almost miraculous," Cani said,
"I truly felt a greater power was watching over
me."
"I am hoping that the imagery captured during this
flight will convey the sense of freedom, emotion and
awareness of everything around you; especially when you
only have control over certain elements in life," Cani
continued.
It was Cani's calm, clear-headed and fast response that
allowed him to continue flying and avoid fatal disaster
after scraping the mountain.
This momentous flight took place less than two weeks
after Brazil launched a campaign for Rio de Janeiro's
iconic Christ the Redeemer statue to be named one of seven
new wonders of the world, Cani hopes with his legendary
flight to embody his country's vision, which believes that
the outstretched arms of the statue represent a feeling of
national pride.
After more than a year of planning this event, and with
the help of his frequent BASE Jumping friend, Jeb Corliss,
Cani was able to freefall past the statue, which stands 38
meters (125 feet) atop the 710 meter (2,330-foot) tall
Corcovado Mountain in the Tijuca Forest National Park
overlooking the city and its world renown beaches.
MEDIA INTERVIEW OPPORTUNITIES WITH LUIGI CANI AVAILABLE
For more information, please contact:
Chad Forte
Tel: +1-303-907-0901
2007'04.27.Fri
ソーテック、インテル製クアッドコアＣＰＵなど選べるフラッグシップミドルタワーＰＣを発売
ソーテックダイレクト専用ＢＴＯデスクトップ『ＰＣ ＳＴＡＴＩＯＮ ＤＴ９０１０』
最新クアッドコアＣＰＵ：インテル(Ｒ) Ｃｏｒｅ（ＴＭ）２ Ｅｘｔｒｅｍｅ プロセッサ、
及びブルーレイディスクドライブが選択可能に
～来年１月には、ブルーレイディスクドライブを搭載したノートＰＣも発売予定～
株式会社ソーテック（本社：東京都中央区、代表取締役社長：山田健介）は、本年８月よりソーテックダイレクトにて発売を開始したＢＴＯ対応フラッグシップミドルタワー『ＰＣ ＳＴＡＴＩＯＮ ＤＴ９０１０』に、最新クアッドコアＣＰＵ：インテル(Ｒ) Ｃｏｒｅ（ＴＭ）２ Ｅｘｔｒｅｍｅ プロセッサＱＸ６７００、及び次世代ディスクドライブ：ブルーレイディスクドライブの選択が、１２月１日（金）より可能となります。
尚、インテル(Ｒ) Ｃｏｒｅ（ＴＭ）２ Ｅｘｔｒｅｍｅ プロセッサＱＸ６７００搭載製品の出荷は１２月下旬より、ブルーレイディスクドライブ搭載製品の出荷は１２月中旬より開始します。
更に、来年１月には、２５万円（税込）を切るブルーレイディスクドライブ搭載ノートＰＣも発売する予定です。
■製品名・価格・受注・出荷について
製品の受注・販売はソーテックダイレクトのみで開始いたします。詳しくは下記の表をご覧ください。
※ＨＰでは２００６年１２月１日に公開予定です。
※記載の価格は全てソーテックダイレクトプライス・税込です。
【ソーテックダイレクト専用ＢＴＯデスクトップパソコン】
※添付資料を参照
※以下、添付資料を参照
● 関連リンク
2007'04.27.Fri
共同印刷、西日本の生産拠点「京都工場」が竣工
共同印刷、「京都工場」を竣工
共同印刷株式会社（本社：東京都文京区）が、平成１８年４月より西の生産拠点として建設を進めていた「京都工場」が、明日１１月１７日（金）、竣工いたします。
新工場の事業運営は、大阪府枚方市より移転した当社グループの近畿共同印刷（株）が行います。
新工場は、京都府久世郡久御山町に新しく整備された工業団地「京都フェニックス・パーク」内に位置し、地上鉄筋３階建て、延べ床面積約５，６００ｍ２を有します。セキュリティに特化した工場としてプライバシーマークを取得しているほか、情報セキュリティマネジメントシステム（ＩＳＭＳ）の認証取得も目指しています。
今後は、情報の保護・管理を徹底する体制を生かし、データプリント事業を中心とした高品質な製品・サービスを提供してまいります。また、需要を見極めながら商業印刷設備などを導入し、段階的な第二期工事を実施する予定です。
以 上
※新工場外観と概要は添付資料を参照
● 関連リンク
2007'04.27.Fri
サークルＫサンクス、東京・八重洲店で洋菓子店「シリアルマミー」のデザートを販売
サークルＫサンクスによるニューコンセプトストア「Ｆｏｒｋ（フォーク） Ｔａｌｋ（トーク）」
『シリアルマミー』のデザート 販売開始
１１月２０日（月）よりオリジナル商品を含む１９アイテムを販売
株式会社サークルＫサンクス（本部：東京都江東区、代表取締役社長：土方 清）は、２００６年９月に東京・八重洲に開店したニューコンセプトストア「Ｆｏｒｋ Ｔａｌｋ 八重洲通り店」において、人気の創作洋菓子店『シリアルマミー』のデザートの取り扱いを１１月２０日（月）より開始いたします。
『シリアルマミー』は東京の「プランタン銀座」をはじめ、東京・名古屋・神戸に５店舗を構えるほか、複数のインターネットショップを展開し、全国区で顧客を持つ人気の高いスイーツの専門店です。多くのメディアを通じて紹介され、同店の知名度を一躍、高めることとなった「アニマルケーキ」シリーズや、ナスやガリ、梅干しなど意外な食材をスイーツに仕立てた商品が話題となるなど、独創的な商品を次々と発信しています。 （『シリアルマミー』ホームページＵＲＬ： http://www.sirimami.com ）
フォークトークでは１１月２０日（月）よりこの『シリアルマミー』のデザート１９アイテムを、専用のコーナーを設けて販売開始いたします。
発表当時、大きな話題を呼んだ「アニマルケーキ」（４種）や'スイーツでキレイになる'というコンセプトに基づいて開発された新商品「ビューティーシフォンシリーズ」（６種）、そして同店の元祖とも言えるロングセラー商品「パンペルデュ」（５種）等々、いずれも人気の高い商品を選んで品揃えいたします。
さらに、フォークトーク店舗だけの限定商品として『Ｆｏｒｋ Ｔａｌｋバーガー』（１５０円）を販売いたします。こちらはシリアルマミーが展開する新業態店舗「マミドバーガー」で人気の、ファーストフードのハンバーガーをモチーフにしたユニークなスイーツをフォークトーク用に手軽なサイズ・価格にアレンジした商品です。
ニューコンセプトストア「フォークトーク」は開店以来、オフィス街を生活圏とするキャリア女性をメインターゲットとした店作りを進めてまいりました。主力商品である店内調理のパスタやベーカリーについてもお客様からの人気や、季節に応じて適宜、新商品・新メニューを投入しております。
今回、『シリアルマミー』の商品を導入することにより、女性客層の関心や購入頻度が特に高いデザート売場の大きな差別化と集客力のアップを見込んでいます。「Ｆｏｒｋ Ｔａｌｋ 八重洲通り店」では今後もニューコンセプトストア第一号店として随時、売場・品揃えの積極的なブラッシュアップを進め、先進的なお客様ニーズへの対応を模索してまいります。
● 関連リンク
2007'04.27.Fri
大日本スクリーン、滋賀県のＦＰＤ製造装置生産拠点「ＣＳ－１（シーエスワン）」が竣工
フラットパネルディスプレー製造装置の新たな生産拠点が完成
～第８世代以降のパネル製造装置の品質検証・生産を担う～
大日本スクリーン製造株式会社（本社：京都市上京区）のＦＰＤ機器カンパニー（社長：矢追 善也）は、当社彦根地区事業所（滋賀県彦根市高宮町４８０－１）の敷地内で２００６年５月から進めていたフラットパネルディスプレー（以下、ＦＰＤ）製造装置の新たな生産拠点「ＣＳ－１（シーエスワン）」の建設をこのほど終え、明日しゅん工します。
ＦＰＤ業界では、薄型テレビの本格的な普及を受け、さらなる大画面化や激化する価格競争に対応するため、今後、４０インチや５０インチクラスの大型パネルの生産に向けた設備投資が活発化すると予想されています。そのためＦＰＤ製造装置メーカーでは、第８世代のパネルサイズに対応する製造装置の開発・生産体制の強化が急務となっています。
当社は、このような業界の動向を背景に、ＦＰＤ製造装置の生産拠点として５棟目となる「ＣＳ－１」を建設。
主に第８世代対応ＴＦＴ液晶ディスプレーに対応する塗布現像装置の、品質検証、デモンストレーション、および生産に活用します。幅５０メートル、奥行き８５メートル、天井高６メートルという規模を持つ広大なクリーンルームには、１ライン当たり２，０００平方メートルの生産スペースを必要とする第８世代の製造装置を２ライン同時に設置できるほか、フレキシブルなレイアウトを可能にする中央部無柱構造により、将来予想される第９世代対応の超大型パネル用製造装置の生産にも柔軟に対応できます。「ＣＳ－１」の稼働後は、当社のＦＰＤ製造装置の生産スペースは約１．６倍に増強され、豊富な製品ラインアップの増産により、パネルメーカーへのタイムリーな装置供給を実現します。また、純水の回収・再生システムを採用するなど、環境保護にも配慮した施設となっています。
当社は、今回の新生産拠点「ＣＳ－１」の建設により、ＦＰＤ業界における競争力の強化を図り、業界トップシェアを誇る塗布現像装置をはじめとする多彩な製品群において、さらなるシェアの拡大を目指します。
＜新工場の概要＞
名 称 ： 彦根地区事業所「ＣＳ－１（シーエスワン）」
「ＣＳ」は、Ｃｒｙｓｔａｌ Ｓｑｕａｒｅの頭文字。また、お客さまにご満足（Ｃｕｓｔｏｍｅｒ Ｓａｔｉｓｆａｃｔｉｏｎ）いただける製品を提供する工場で在り続けたいという思いを込めています
所 在 地 ： 滋賀県彦根市高宮町４８０－１
敷地面積 ： 約８，１００平方メートル
（彦根地区事業所の総敷地面積は約１４万４，３００平方メートル）
建築面積 ： 約６，４００平方メートル
延床面積 ： 約６，８００平方メートル
構 造 ： 鉄骨造平屋建（一部２階建）
総 工 費 ： 約１５億円
操業開始 ： ２００６年１１月
主な業務 ： ＦＰＤ製造装置の品質検証、生産など
● 関連リンク
2007'04.27.Fri
ＮＫＢ、横浜高速鉄道のみなとみらい駅に超大型映像デジタルハイビジョンメディアを設置
日本初、地下の鉄道駅ホーム上で最新ニュースが見られる
音声付超大型映像デジタルハイビジョンメディア登場
サインボード（電照式看板）を超える本格的な新媒体と
その「民活安全案内装置」の実現の可能性を求めて
１１月２０日（月）より運用実験を開始
株式会社ＮＫＢ（本社：東京都千代田区、社長：滝 久雄、以下「ＮＫＢ」）は、横浜高速鉄道株式会社（本社：神奈川県横浜市、社長：岸田 道則、以下「横浜高速鉄道」）の協力を得て、地下の鉄道みなとみらい線みなとみらい駅のホーム上に、世界最大の１０３Ｖ型フルハイビジョンプラズマディスプレイ（※１）を採用した音声付超大型映像デジタルハイビジョンメディア「Ｍｅｔｒｏ Ｍｅｇａ Ｗｉｄｅ Ｖｉｓｉｏｎ（メトロ メガ ワイド ビジョン）」（以下「メトロ メガ ワイド ビジョン」）を２面設置し、サインボード（電照式看板）を超える本格的な新媒体とその「民活（※２）安全案内装置」としての実現の可能性を求め、１１月２０日（月）より運用実験を開始します。
このたび設置する「メトロ メガ ワイド ビジョン」は、公衆回線を活用したデジタルハイビジョン対応の超大型映像メディアで、ハイビジョン映像のリアルタイム伝送システムや超指向性音響システムの採用により、「最新ニュース」や「広告」といった情報を「映像」と「音声」（※３）で提供できるのが特徴です。緊急時には災害情報案内として機能します。配信するコンテンツは、「最新ニュース」として１分程度のニュースをリアルタイムに配信、その後１分程度の「広告」枠を挿入、それを交互に繰り返し配信していきます。地下の鉄道駅に、このような多機能な音声付超大型映像デジタルハイビジョンメディアが設置されるのは、日本で初めてです。
「メトロ メガ ワイド ビジョン」は、大画面、特定スペースでの可聴、リアルタイムニュースの配信等により地下のホーム上で大いに注目されることが予想されます。弊社では、当メディアを高い広告効果が見込めるメディアと捉え、既存の電照式看板を超える本格的な新媒体となることを期待しています。
このメディアの登場により、地下の鉄道駅利用者は「最新ニュース」や「広告」を音声付で視聴することができ、電車の待ち時間をより楽しく、より有益に、より安全に過ごすことができます。
（※１）．２００６年７月１９日現在。業務用プラズマディスプレイとして、松下電器調べ。 （※２）．本来国により整備・提供されてきたインフラ分野に民間事業者を導入し、合理的かつ効率的にインフラを整備・提供すること。 （※３）．音声は、特定のエリアで聴くことができます。
● 関連リンク
2007'04.27.Fri
知的財産教育協会、公認セミナー実施機関に日経出版社を起用
知的財産教育協会が公認セミナー実施機関として日本経済新聞出版社を起用
「知的財産人材」の育成に向け新プログラム開始
―第一弾として、２００７年６月に知的財産検定２級対策セミナーを実施―
中間法人 知的財産教育協会（東京都港区、代表理事：棚橋祐治）は、このたび株式会社 日本経済新聞出版社（東京都千代田区、代表取締役社長：羽土力）を公認セミナー実施機関に起用することとしました。また、日本経済新聞出版社は、知的財産教育協会の協力のもと「知的財産人材」の育成を目的とした教育プログラム『「知財スキル」強化プログラム』を開始することを決定し、２００７年６月に第一弾として知的財産検定２級対策セミナーを実施します。
■公認セミナーの拡充について
２００６年１月に政府の知的財産戦略本部がとりまとめた「知的財産人材育成総合戦略」にもあるように、知的財産立国の実現に向けて、現在、幅広い知的財産人材の質・量の充実が求められています。また、「知的財産の実務能力を測れるツール」として知的財産人材の育成に広く活用されている「知的財産検定」の受検者数が年々増加していることから、知的財産に関する学習ニーズの拡大も明らかです。今回、日本経済新聞出版社を起用し、教育プログラムを開始することで、より多くの知的財産に関する学習機会の提供を行っていけるものと考えています。
知的財産教育協会が日本経済新聞出版社を公認セミナー実施機関に起用した主な理由は、
・「知的財産人材」の育成の重要性についての認識が一致すること
・書籍を中心としたクロスメディアによる日本経済新聞出版社の新規事業モデルでのセミナー実施は、知的財産に関する知識の普及・啓蒙の面でシナジー効果が期待できること
・日本経済新聞出版社が持つ既存販売チャネルおよび顧客と知的財産に関するコンテンツに高い親和性があること
が挙げられます。知的財産教育協会と日本経済新聞出版社は、今後、両機関の強みを最大限に活かし、知的財産人材の育成に取り組んでいきます。
■「知財スキル」強化プログラムとは
このプログラムは、知的財産検定をはじめとする「知的財産に関する検定の対策セミナー」と「知的財産に関するビジネススキルを学べるビジネスセミナー」から構成されます。
弁理士や企業の知財部門担当者といった知的財産の専門家、研究者やクリエイターといった知的財産を生み出す方、経営者やマネジャーといった知的財産をビジネスで活用している方など、さまざまな業種・職種の「知的財産人材」を対象に、＜専門性の拡張・深化＞、＜知的財産から隣接領域への拡張＞、＜他の専門性を知的財産スキルで強化＞といった「知的財産」をコアにしたコンセプトの学習プログラムです。まず、第一弾として、２００７年７月８日（日）実施の２００７年第２回知的財産検定試験対策を目的とした「知的財産検定２級対策セミナー」を２００７年６月に実施し、以降、順次、セミナーを追加していきます。
※ここでいう「知的財産人材」とは、知的財産に関する高いスキルを活かす人材のみならず、ビジネスを行ううえで欠かせない「知的財産」の確かな知識を身につけた幅広い人材を示す、広義の「知的財産人材」です。
※以下は添付資料を参照
● 関連リンク
2007'04.27.Fri
協和発酵、抗パーキンソン剤「ＫＷ－６００２」をＦＤＡに承認申請
抗パーキンソン剤ＫＷ－６００２の米国における承認申請について
協和発酵工業株式会社（東京都千代田区代表取締役社長：松田譲）は、１００％子会社であるＫＹＯＷＡ ＰＨＡＲＭＡＣＥＵＴＩＣＡＬ， Ｉｎｃ．（米国ニュージャージー州代表取締役社長：小林茂）を通じて４月２５日（現地時間）、抗パーキンソン剤ＫＷ－６００２（一般名：Ｉｓｔｒａｄｅｆｙｌｌｉｎｅ（イストラデフィリン））について、米国食品医薬品局（ＦＤＡ）に承認申請を行いましたので、お知らせいたします。
パーキンソン病は、脳内の神経伝達物質の一種であるドパミンが減少した結果、神経系にアンバランスが生じて起こる病気です。治療は、この減少したドパミンを補充するためのレボドパ（Ｌ－ＤＯＰＡ）製剤が主流ですが、長期の治療によりウェアリング・オフ現象と呼ばれる薬効時間の短縮による症状の日内変動や不随意運動などの運動合併症が生じます。
本剤は、海外で実施した臨床第ＩＩ相、および第ＩＩＩ相試験において、レボドパ製剤またはレボドパ製剤と他の抗パーキンソン剤を併用して治療中で、運動合併症の一つであるウェアリング・オフ現象を有するパーキンソン病患者を対象に有効性および安全性について評価・検証をしてまいりました。
そしてこの度、「レボドパ製剤との併用療法によるパーキンソン病患者の運動機能の改善」を効能・効果として、米国で承認申請を行いました。
ＫＷ－６００２は、脳内でアデノシンＡ２Ａ受容体の働きに特異的に拮抗するという新規な作用機序を有する薬剤であり、多くのパーキンソン病の患者様が抱えている諸症状の改善に貢献できる新しいタイプの抗パーキンソン剤になるものと期待しております。
以上
● 関連リンク
2007'04.27.Fri
バンダイナムコゲームス、保有の「モノリスソフト」株式を任天堂に譲渡
株式会社バンダイナムコゲームス保有の株式会社モノリスソフト株式譲渡に関するお知らせ
株式会社バンダイナムコホールディングスの子会社である株式会社バンダイナムコゲームスは保有する株式会社モノリスソフトの株式１９２０株（同社発行済株式総数の８０％）を任天堂株式会社に譲渡することとなりましたので、下記の通りお知らせいたします。
記
１．株式譲渡の理由
株式会社モノリスソフトは、株式会社ナムコ（※同社は平成１８年に施設事業部門を新生・ナムコとして新設分割し、同社と株式会社バンダイのゲーム部門を統合し株式会社バンダイナムコゲームスに名称変更しています）の出資により、平成１１年１０月に同社の子会社である開発会社として設立されました。以来、家庭用ゲームソフトにおいて「ゼノサーガ」シリーズや「バテンカイトス」シリーズなど、バンダイナムコゲームスが発売する数々のヒットタイトルの企画開発業を行っています。
バンダイナムコグループでは平成１８年４月からの３ヵ年中期経営計画において、国内外のパートナー企業との関係強化によりコンテンツ戦略・ドメイン戦略・チャネル戦略の強化をはかる「エンターテインメント・ハブ構想の推進」を掲げています。
バンダイナムコゲームスでは、企画開発会社としてのモノリスソフトの今後の成長と、家庭用ゲームソフト事業における任天堂との協業関係を強化することを目的に、株式譲渡を行うこととしました。今後もバンダイナムコゲームスとモノリスソフトは企画開発業務を通じ、これまで同様にビジネスパートナーとして密接な関係を継続していく予定です。
＊以下、詳細は添付資料をご参照ください。
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