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Annual Report Annual Report Semiconductor Manufacturing International Corporation (Incorporated in the Cayman Islands with limited liability) Stock Code: 0981 2017 Annual Report Semiconductor Manufacturing International Corporation No.18 Zhangjiang Road, Pudong New Area, Shanghai 201203, The People’s Republic of China Tel : + 86 (21) 3861 0000 Fax : + 86 (21) 5080 2868 Website : www.smics.com Shanghai . Beijing . Tianjin . Jiangyin . Shenzhen . Hong Kong . Taiwan . Japan . Americas . Europe Annual Report 2017 SMIC GLOBAL NETWORK TIANJIN SAN JOSE, CA, USA BEIJING MILAN, TOKYO, ITALY JAPAN JIANGYIN, JIANGSU SHANGHAI AVEZZANO, (Headquarters) ITALY SHENZHEN, GUANGDONG HSINCHU, TAIWAN HONG KONG (Representative) SMIC FAB SMIC MARKETING OFFICE SMIC REPRESENTATIVE OFFICE SMIC BUMPING FAB THE LARGEST AND MOST ADVANCED FOUNDRY IN MAINLAND CHINA EMPOWERED TECHNOLOGY ENRICHED SERVICES, ENHANCED COMPETITIVENESS 04 CONTENTS 5 Additional Information 7 Corporate Information 9 Financial Highlights 11 Letter to Shareholders 14 Business Review 19 Management’s Discussion and Analysis of Financial Condition and Results of Operation 31 Directors and Senior Management 43 Report of the Directors 117 Corporate Governance Report 139 Social Responsibility 142 Independent Auditor’s Report 147 Consolidated Statement of Profit or Loss and Other Comprehensive Income 148 Consolidated Statement of Financial Position 150 Consolidated Statement of Changes in Equity 152 Consolidated Statement of Cash Flows 154 Notes to the Consolidated Financial Statements CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This annual report 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 and Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements 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 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, bad debt risk, 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. 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. ABOUT NON-GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (“NON-GAAP”) FINANCIAL MEASURE This annual report includes EBITDA, which is a non-GAAP financial measure. Such non-GAAP financial measure is not calculated or presented in accordance with, and are not alternatives or substitutes for financial measures prepared in accordance with IFRS, and should be read only in conjunction with the Group’s financial measures prepared in accordance with IFRS. The Group’s non-GAAP financial measures may be different from similarly-titled non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. SMIC believes that use of these non-GAAP financial measures facilitates investors’ and management’s comparisons to SMIC’s historical performance. The Group’s management regularly uses these non-GAAP financial measures to understand, manage and evaluate the Group’s business and make financial and operational decisions. For more information and reconciliations of the non-GAAP financial measure to its most directly comparable GAAP financial measure, please see the disclosure on page 13. SMIC 2017 Annual Report 05 ADDITIONAL INFORMATION References in this annual report to: • “2018 AGM” are to the Company’s annual general meeting scheduled held on or around June 22, 2018; • “BGN” are to Bulgarian Lev; • “Board” are to the board of Directors; • “China” or the “PRC” are to the People’s Republic of China, excluding for the purpose of this annual report, Hong Kong, Macau and Taiwan; • “Company” or “SMIC” are to Semiconductor Manufacturing International Corporation; • “Director(s)” are to the director(s) of the Company; • “EUR” are to Euros; • “Group” are to the Company and its subsidiaries; • “HK$” are to Hong Kong dollars; • “Hong Kong Stock Exchange Listing Rules”, “Listing Rules” or “Hong Kong Listing Rules” are to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended from time to time; • “IFRS” are to International Financial Reporting Standards as issued by the International Accounting Standards Board; • “JPY” are to Japanese Yen; • “NYSE” or “New York Stock Exchange” are to the New York Stock Exchange, Inc.; • “Ordinary Share(s)” are to the ordinary share(s), in the share capital of the Company, of US$0.0004 each before December 7, 2016 and to the ordinary share(s) of US$0.004 each upon the Share Consolidation becoming effective on December 7, 2016; • “RMB” are to Renminbi; • “SEC” are to the U.S. Securities and Exchange Commission; • “SEHK”, “HKSE” or “Hong Kong Stock Exchange” are to the Stock Exchange of Hong Kong Limited; • “Share Consolidation” are to the consolidation of every ten (10) issued and unissued ordinary shares of US$0.0004 each in the existing share capital of the Company into one ordinary share of US$0.004 each with effect from December 7, 2016; • “US$” or “USD” are to U.S. dollars; and • “U.S. GAAP” are to the generally accepted accounting principles in the United States. All references in this annual report to silicon wafer quantities are to 8-inch wafer equivalents, unless otherwise specified. Conversion of quantities of 12-inch wafers to 8-inch wafer equivalents is achieved by multiplying the number of 12-inch wafers by 2.25. When we refer to the capacity of wafer fabrication facilities, we are referring to the installed capacity based on specifications established by the manufacturers of the equipment used in those facilities. References to key process technology nodes, such as 0.35 micron, 0.25 micron, 0.18 micron, 0.15 micron, 0.13 micron, 90 nanometer, 65 nanometer, 45 nanometer and 28 nanometer include the stated resolution of the process technology, as well as intermediate resolutions down to but not including the next key process technology node of finer resolution. For example, when we state “0.25 micron process technology,” that also includes 0.22 micron, 0.21 micron, 0.20 micron and 0.19 micron technologies and “0.18 micron process technology” also includes 0.17 micron and 0.16 micron technologies. The financial information presented in this annual report has been prepared in accordance with IFRS. SMIC 2017 Annual Report BEING TRUSTWORTHY AND RELIABLE FOR OUR CUSTOMERS 07 CORPORATE INFORMATION Registered name Semiconductor Manufacturing International Corporation Chinese name (for identification purposes only) 中芯國際集成電路製造有限公司 Registered office PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Head office and place of business in PRC 18 Zhangjiang Road Pudong New Area Shanghai 201203 PRC Place of business in Hong Kong Suite 3003 30th Floor 9 Queen’s Road Central Hong Kong Website address http://www.smics.com Joint Company Secretaries* Gao Yonggang (appointed with effect from July 3, 2017) Liu Wei (appointed with effect from July 3, 2017) Authorized representatives* Zhou Zixue Gao Yonggang (appointed with effect from July 3, 2017) Places of listing The Stock Exchange of Hong Kong Limited (“HKSE”) New York Stock Exchange (“NYSE”) Stock code 981 (HKSE) SMI (NYSE) Financial Calendar Announcement of 2017 annual results March 29, 2018 2018 Annual General Meeting June 22, 2018 Book closure period for 2018 Annual General Meeting June 19, 2018 to June 22, 2018, both days inclusive Financial year end December 31 * Mr. Gareth Kung resigned as the Company Secretary and ceased to act as one of the authorized representatives of the Company with effect from July 3, 2017. SMIC 2017 Annual Report STRIVING FOR RETURNS ON BEHALF OF SHAREHOLDERS 09 FINANCIAL HIGHLIGHTS Total Revenue Revenue (US$ million) 2012 2013 2014 2015 2016 2017 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Sales by Region 13% 21% 2016 50% 2017 47% China (incl. Hong Kong) 29% 40% USA Eurasia Sales by Application 6% 4% 4% 6% 4% 8% 38% 37% 2016 2017 Computing Consumer 48% 44% Communication Auto/Industrial Others Wafer Sales by Technology 8% 2% 3% 22% 21% 3% 0.35μm 38% 35% 0.18μm 0.13μm 21% 20% 2016 2017 90nm 55/65nm 40/45nm 28nm 12% 2% 2% 11% SMIC 2017 Annual Report LETTER TO SHAREHOLDERS 11 LETTER TO SHAREHOLDERS Dear Shareholders, In the past year of 2017, the Company recorded total revenue of US$3.1 billion, representing a year-on- year increase of 6.4%. Earnings before interest, tax, depreciation, and amortization (EBITDA)* amounted to approximately US$1.12 billion, representing a year-on-year increase of 5.2%, reaching its all-time high. As a result of a weaker smartphone market and the process migration of certain products, the growth for last year had slowed down as compared with that for the previous year. Meanwhile, the increase in depreciation expenses resulting from the expansion of our capacity and the increase in the investment in R&D activities also imposed pressure on the earnings growth.
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