Endeavour Mining to Announce its Q2 Results on Thursday July 28, 2016


George Town, Grand Cayman, United Kingdom, July 26, 2016 (GLOBE NEWSWIRE) —

Endeavour Mining to Announce its Q2 Results on Thursday July 28, 2016

View News Release in PDF Format

George Town, July 26, 2016 – Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) provides notice that it will release its financial results for the second quarter 2016 on Thursday, July 28 after TSX market close. Management invites you to participate in a conference call and live webcast on Friday, July 29 at 8:30am (EST) to discuss the Company’s financial and operational results.  

The conference call and live webcast are scheduled on Friday July 29, 2016, at:
5:30am in Vancouver
8:30am in Toronto and New York
1:30pm in London
8:30pm in Hong Kong and Perth

The live webcast can be accessed through the following link:
http://edge.media-server.com/m/p/5bazb3w2

Analysts and interested investors are also invited to participate and ask questions using the dial-in numbers below:
International:                                     +1646 254 3362
North American toll-free:                   1 877 280 2296
UK toll-free:                                       0 800 279 5004
Australian toll-free:                            1 800 027 830

Confirmation code:                            5157374

The conference call and webcast will be available for playback on Endeavour’s website.


Contact Information                

Vincent Benoit

EVP – Strategy & Business Development
+33 (0)1 70 38 36 96
vbenoit@endeavourmining.com

 

Martino De Ciccio

VP – Strategy & Investor Relations
+33 (0)1 70 38 36 95
mdeciccio@endeavourmining.com

DFH Public Affairs in Toronto

John Vincic
(416) 206-0118 x.224
jvincic@dfhpublicaffairs.com

 

Brunswick Group LLP in London

Carole Cable, Partner
+44 7974 982 458
ccable@brunswickgroup.com

Endeavour Mining |  Executive Office | Bureau 76, 7 Boulevard des Moulins, Monaco 98000

This news release contains “forward-looking statements” including but not limited to, statements with respect to Endeavour’s plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts”, and “anticipates”. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements.  Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour’s most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business

View News Release in PDF Format http://hugin.info/171882/R/2030801/755448.pdf

HUG#2030801

Source: http://globenewswire.com/news-release/2016/07/26/859015/10164265/en/Endeavour-Mining-to-Announce-its-Q2-Results-on-Thursday-July-28-2016.html?f=22&fvtc=2&fvtv=1

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Owens Realty Mortgage, Inc. Schedules Second Quarter 2016 Earnings Conference Call


WALNUT CREEK, Calif., July 26, 2016 (GLOBE NEWSWIRE) — via PRWEB – Owens Realty Mortgage, Inc. (NYSE MKT: ORM) announced today that it will release its second quarter 2016 financial results after the market closes on Monday, August 8, 2016 and will host a conference call to discuss the results on Tuesday, August 9, 2016 at 10:00 a.m. PT / 1:00 p.m. ET.

To participate in the call, please dial (877) 407-0784 (United States) or (201) 689-8560 (International) and request the Owens Realty Mortgage call or provide confirmation code: 13642179. A live webcast of the call will also be available on the Investor Relations section of the Company’s website at http://www.owensmortgage.com. Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software.

An archive of the webcast will be available to those interested approximately one hour after completion of the live event and will be accessible on the Investor Relations section of the Company’s website at http://www.owensmortgage.com until September 7th. To access the replay, dial (877) 870-5176 (United States) or (858) 384-5517 (International) and enter code: 13642179.

About Owens Realty Mortgage, Inc.

Owens Realty Mortgage, Inc., a Maryland corporation, is a specialty finance mortgage company organized to qualify as a real estate investment trust (“REIT”) that focuses on the origination, investment, and management of commercial real estate mortgage loans. We provide customized, short-term acquisition and transition capital to small balance and middle-market investors that require speed and flexibility. Our primary objective is to provide investors with attractive current income and long-term shareholder value. Owens Realty Mortgage, Inc., is headquartered in Walnut Creek, California, and is externally managed and advised by Owens Financial Group, Inc.

Additional information can be found on the Company’s website at http://www.owensmortgage.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements about Owens Realty Mortgage Inc.’s plans, strategies, and prospects are based on current information, estimates, and projections; they are subject to risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. The forward looking statements made in this release include, but may not be limited to, expectations around the company’s plans to distribute current and accumulated earnings in 2016, tax treatment and characterization of distributions made by the company in 2016 and timing and content of any announcements made with respect thereto.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in the Company’s most recent filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements concerning the Company or matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

SOURCE: Owens Realty Mortgage, Inc.

This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2016/07/prweb13576919.htm

Owens Realty Mortgage, Inc.
Investor Relations

+1 (925) 239-7001

Source: http://globenewswire.com/news-release/2016/07/26/859072/10164271/en/Owens-Realty-Mortgage-Inc-Schedules-Second-Quarter-2016-Earnings-Conference-Call.html?f=22&fvtc=2&fvtv=1

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Statoil ASA: 2016 second quarter results


STAVANGER, Norway, July 27, 2016 (GLOBE NEWSWIRE) — Statoil (OSE:STL, NYSE:STO) reports net operating income of USD 180 million and adjusted earnings of USD 913 million in the second quarter of 2016.

The second quarter was characterised by

  • Solid operational performance – while financial results are affected by low prices
  • Maintaining production guiding – lowering 2016 capex and exploration guidance
  • Continued focus on strict capital discipline

“We delivered solid operational performance with strong production growth and progress on project development and execution. Our financial results were affected by low oil and gas prices in the quarter,” says Eldar Sætre, President and CEO of Statoil ASA.

“We maintain our production guidance, expecting annual organic production growth of around 1% from 2014 to 2017. Strict prioritisation, good results from our improvement programme and more effective drilling operations allow us to lower our 2016 capex and exploration guidance”, says Sætre.

“We see continued progress on our plan to improve efficiency and make faster and deeper cost reductions. As an additional tool to strengthen the company’s financial flexibility, we have successfully introduced a scrip dividend”, says Sætre.

Net operating income was USD 180 million in the second quarter compared to USD 3,635 million in the same period of 2015. The reduction was primarily due to the drop in prices for oil and gas and lower refinery margins. Cost reductions contributed positively to the results. Net operating income for the second quarter in 2015 was impacted by a significant sales transaction.

Adjusted earnings were USD 913 million in the second quarter compared to USD 2,883 million in the same period in 2015. In addition to the continued low prices, the result reflects reduced overall operating costs mainly as a result of the on-going cost improvement initiatives. Adjusted earnings after tax were negative USD 28 million in the second quarter, down from USD 929 million in the same period last year.

Statoil delivered equity production of 1,959 mboe per day in the second quarter. The underlying production growth in the quarter, after adjusting for divestments, was 6% compared to the second quarter of last year. In the second quarter Statoil made two discoveries on the Norwegian continental shelf (NCS) and one in Canada. As of 30 June 2016, Statoil had completed 15 wells. Adjusted exploration expenses in the quarter were USD 423 million, down from USD 524 million in the second quarter of 2015.

Cash flow from operations amounted to USD 3,349 million in the first half of 2016 compared to USD 6,278 million in the same period last year. Organic capital expenditure was USD 5.3 billion in the first six months of 2016, and net debt to capital employed at the end of the quarter was 31.2%.

Statoil is lowering its capex guidance for 2016 from USD 13 billion to USD 12 billion and its exploration guidance for 2016 from USD 2 billion to USD 1.8 billion. Production guidance remains unchanged, and expected annual organic production growth is 1% from 2014 to 2017.

The board of directors has decided to pay a dividend of USD 0.2201 per ordinary share for the second quarter. Pursuant to the scrip dividend programme approved at the annual general meeting on 11 May 2016, shareholders will have the option to receive the dividend for the second quarter in cash or newly issued shares in Statoil at a 5% discount.

In the second quarter, Statoil experienced two fatal accidents. On 29 April, a helicopter returning from Gullfaks B crashed at Turøy outside Bergen and 13 people lost their lives. The accident at Turøy is being investigated by the Investigation Board Norway (Havarikommisjonen). On 21 April, a contractor was fatally injured in a grinding accident in a yard in Korea.

The twelve month average Serious incident frequency (SIF) was 0.8 per 30 June 2016, compared to 0.6 in the same period last year.

Key events since first quarter 2016:

  • Following the helicopter accident on 29 April, Statoil initiated an investigation to identify measures to improve Statoil’s work on helicopter safety on the NCS. The report is expected to be ready by the end of September 2016
  • Statoil entered into an agreement with Lundin Petroleum to divest its entire 15% interest in the Edvard Grieg field for an increased shareholding in Lundin Petroleum AB, increasing the ownership to 20.1%
  • In May Statoil introduced the scrip dividend programme, and at the end of the subscription period 43% had selected shares with a 5% discount
  • The Ministry of Petroleum and Energy awarded Statoil five licences in the 23rd licensing round, four operatorships and one partnership
  • Statoil agreed to acquire JX Nippon’s 45% equity share in, and operatorship of, the UK licence for the Utgard field
  • The Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2 field

Further information from:

Investor relations
Peter Hutton, Senior vice president Investor relations,
+44 7881 918 792 (mobile)

Morten Sven Johannessen, vice president Investor relations US,
+1 203 570 2524 (mobile)

Press
Bård Glad Pedersen, vice president Media relations,
+47 918 01 791 (mobile)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Financial statements and review 2nd quarter 2016 http://hugin.info/132799/R/2030902/755542.pdf
Press release 2nd quarter results 2016 http://hugin.info/132799/R/2030902/755543.pdf
Presentation 2nd quarter 2016 Hans Jakob Hegge CFO http://hugin.info/132799/R/2030902/755544.pdf

HUG#2030902

Source: http://globenewswire.com/news-release/2016/07/27/859132/10164272/en/Statoil-ASA-2016-second-quarter-results.html?f=22&fvtc=2&fvtv=1

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Statoil ASA: Information relating to the dividend issue for first quarter 2016


STAVANGER, Norway, July 27, 2016 (GLOBE NEWSWIRE) — Key information relating to the dividend issue (scrip dividend programme) to be carried out by Statoil ASA (OSE:STL, NYSE:STO) in relation to payment of dividend for first quarter 2016.

Date on which the terms and conditions of the dividend issue were announced: 27 July 2016

Last day including right: 9 August 2016

Ex-date: 10 August 2016

Record Date: 11 August 2016

Date of approval:  26 July 2016

Maximum number of new shares: 160,000,000

Subscription price: For shareholders on Oslo Stock Exchange (Oslo Børs) the subscription price shall be set to the volume-weighted average share price on Oslo Stock Exchange of the last two trading days of the subscription period for the dividend issue, with a deduction for a discount of 5%. The subscription price may not be lower than NOK 50 or higher than NOK 500 per share. For ADR-holders under the ADR program in the US, the subscription price shall be equal to the subscription price for the shareholders on Oslo Stock Exchange converted into USD based on an average of the Central Bank of Norway’s USD exchange rate over the last two trading days of the subscription period. The subscription price may not be lower than USD 5 or higher than USD 50 per share.

Will the rights be listed: No

Other information:
The subscription period shall commence on or about 29 August 2016. The subscription period shall be at least 10 business days.

This information is published in accordance with the requirements of the Continuing Obligations.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

HUG#2030872

Peter Hutton, SVP Investor Relations,
mbl: +44 7881 918 792

Morten Sven Johannessen, VP Investor Relations USA,
mbl +1 203 570 2524

Source: http://globenewswire.com/news-release/2016/07/27/859134/10164273/en/Statoil-ASA-Information-relating-to-the-dividend-issue-for-first-quarter-2016.html?f=22&fvtc=2&fvtv=1

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Statoil ASA: Information relating to the dividend for second quarter 2016


STAVANGER, Norway, July 27, 2016 (GLOBE NEWSWIRE) — Key information relating to the cash dividend to be paid by Statoil (OSE:STL, NYSE:STO) for second quarter 2016.

Dividend amount: 0.2201
Declared currency: USD
Last day including right: 31 October at New York Stock Exchange, 1 November 2016 at Oslo Børs
Ex-date: 1 November 2016 at New York Stock Exchange, 2 November at Oslo Børs
Record date:  3 November 2016
Payment date: On or around 16 December 2016
Date of approval: 26 July 2016

Other information:

Dividend per share in NOK will be communicated 9 November 2016.

With reference to the scrip dividend programme approved by the annual general meeting (AGM) 11 May 2016, shareholders will get the option to receive the dividend in newly issued shares at a discount. For the dividend issue for second quarter 2016, the board has set the discount to 5%. Further information on the scrip programme for second quarter 2016 will be published in due course.

This information is published in accordance with the requirements of the Continuing Obligations.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).

HUG#2030868

Peter Hutton, SVP Investor Relations,
mbl: +44 7881 918 792

Morten Sven Johannessen, VP Investor Relations USA,
mbl +1 203 570 2524

Source: http://globenewswire.com/news-release/2016/07/27/859136/10164274/en/Statoil-ASA-Information-relating-to-the-dividend-for-second-quarter-2016.html?f=22&fvtc=2&fvtv=1

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Statoil ASA: Share capital increase for issue of dividend shares in connection with payment of dividend for first quarter 2016


STAVANGER, Norway, July 27, 2016 (GLOBE NEWSWIRE) — NOT FOR RELEASE IN OR INTO CANADA, JAPAN, AUSTRIA, POLAND, ESTONIA, ICELAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE WOULD BE UNLAWFUL

Based on the authorisation granted by the annual general meeting 11 May 2016, the board of directors of Statoil ASA (OSE:STL, NYSE:STO) has on 26 July 2016 resolved to increase the share capital in connection with the payment of dividend for the first quarter 2016 on the following terms and conditions:

  1. The share capital is increased with an amount of minimum NOK 2.50 and maximum NOK 400,000,000. The new shares shall have a nominal value of NOK 2.50.
     
  2. Subscription price:

    a) For shareholders on Oslo Stock Exchange (Oslo Børs) the subscription price is equal to the volume-weighted average share price on Oslo Stock Exchange of the last two trading days of the subscription period for the dividend issue, with a deduction for a discount of 5%. The subscription price may not be lower than NOK 50 or higher than NOK 500 per share.

    b) For ADR-holders under the ADR program in the US, the subscription price is equal to the subscription price for the shareholders on Oslo Stock Exchange converted into USD based on an average of the Central Bank of Norway’s USD exchange rate over the last two trading days of the subscription period. The subscription price may not be lower than USD 5 or higher than USD 50 per share.
     

  3. Only shareholders of Statoil as of the expiry of 9 August 2016, as registered in Statoil’s shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 11 August 2016, are entitled to subscribe for shares.
     
  4. The new shares may not be subscribed for by shareholders in jurisdictions in which an offer to subscribe would be unlawful for the relevant shareholder.
     
  5. Subscription of the new shares shall be carried out in accordance with the following:

    a) Each of these shareholders can choose to receive their dividend wholly or partially in cash or newly issued shares and therefore are entitled to use in whole or in part the net dividends that the relevant shareholder is entitled to for the first quarter of 2016, to subscribe for shares in the company. The contribution will be settled by way of set-off against the subscribers’ entitlement to net dividend from the company. Dividend in USD which shall be used as contribution shall be converted into NOK by using the same exchange rate between USD and NOK as set out under item 2 b) above. All subscriptions will be rounded down to the nearest whole number of shares. Any part of the net dividend not used to settle the subscribed shares, shall be paid in cash.

    b) The Norwegian State has undertaken to participate in the dividend offer by using the part of its quarterly dividend to subscribe for the number of shares that is required to maintain its ownership interest of 67% in Statoil.
     

  6. Each shareholder will be allocated the number of shares equal to the amount each shareholder has subscribed for during the subscription period, cf. item 5 above, divided by the subscription price, cf. item 2 above. No fractional shares will be allocated.
     
  7. The subscription period shall commence at the latest on or about 29 August 2016. The subscription period shall be at least 10 business days. Subscription of shares shall take place electronically or on a designated subscription form within the expiry of the subscription period.
     
  8. ADR-holders under the ADR program in the US may make their election through Deutsche Bank as the depositary and receiving agent for the ADR program.
     
  9. The new shares give shareholders rights in the company, including the right to dividends, from the registration of the share capital increase in the Norwegian Register of Business Enterprises. At the same time, section 3 of the Articles of Association shall be amended to reflect the new share capital.
     
  10. The estimated costs for the share capital increase are NOK 5 million.

KPMG has prepared a statement according to the Norwegian Public Limited Liability Companies Act section 2-6 first and second paragraph, cf. section 10-2 third paragraph.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

This announcement and the information contained herein does not constitute or form a part of, and should not be construed as, an offer for sale or subscription for or solicitation or invitation of any offer to subscribe for or purchase of dividend shares or any other securities of the Company and cannot be relied on for any investment contract or decision.

It may be unlawful to distribute this announcement in certain jurisdictions. This announcement is not for distribution in any jurisdiction in which prior registration or approval is required for that purpose. No steps have been taken or will be taken in any jurisdiction outside of Norway in which such steps would be required. No competent authority or any other regulatory body has passed upon the adequacy of this document or approved or disapproved the distribution of dividend shares outside of Norway. Any representation to the contrary may be a criminal offense.

HUG#2030877

Peter Hutton, SVP Investor Relations,
mbl: +44 7881 918 792

Morten Sven Johannessen, VP Investor Relations USA,
mbl +1 203 570 2524

Source: http://globenewswire.com/news-release/2016/07/27/859137/10164275/en/Statoil-ASA-Share-capital-increase-for-issue-of-dividend-shares-in-connection-with-payment-of-dividend-for-first-quarter-2016.html?f=22&fvtc=2&fvtv=1

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Half-Year 2016 results – SCOR records net income of EUR 275 million for the first six months of 2016, confirming the strength of its business model


PARIS, July 27, 2016 (GLOBE NEWSWIRE) —

Half-Year 2016 results

SCOR records net income of EUR 275 million for the first
six months of 2016 , confirming the strength
of its business model

 

 

In the first half of 2016, SCOR continues to deliver strong results. The technical profitability and net income generation recorded by the Group demonstrate SCOR’s capacity to absorb various shocks, such as a high number of natural catastrophe events, the UK referendum results leading to the announcement of Brexit, low and prolonged interest rates and a long-lasting P&C soft cycle.
             

  • Gross written premiums reach EUR 6,735 million at the end of the first six months of 2016, up 5.9% at constant exchange rates compared to 2015 (+3.7% at current exchange rates), with:
     

    • a strong contribution from SCOR Global Life, with gross written premiums reaching EUR 3,934 million over the semester (+10.2% at constant exchange rates and +8.3% at current exchange rates);
    • a 0.6% increase in SCOR Global P&C gross written premiums at constant exchange rates (-2.0% at current exchange rates), which stand at EUR 2,801 million in H1 2016, and excellent renewals in June and July 2016.
       
  • SCOR Global P&C records strong technical profitability with a robust net combined ratio of 93.8% in the first half of 2016, despite a high number of events in all perils and regions in the second quarter of 2016 and with reserve releases of EUR 40 million accounting for 1.6 pts of the H1 2016 combined ratio.
     
  • SCOR Global Life records a robust technical margin of 7.1% in the first half of 2016, continuing to deliver above the “Optimal Dynamics” assumption of 7.0%.
     
  • SCOR Global Investments achieves a solid 3.1% return on invested assets, above the “Optimal Dynamics” assumption, in an extremely low yield and uncertain environment, while maintaining its prudent portfolio positioning to face the current headwinds and high level of market volatility.
     
  • Group net income reaches EUR 275 million in H1 2016, down 15.9% compared to H1 2015 due to a high number of natural catastrophes and a challenging macroeconomic environment. The annualized return on equity (ROE) stands at 8.9% over the period, or 881 basis points above the risk-free rate[1].
     
  • Shareholders’ equity stands at EUR 6,282 million at 30 June 2016, compared to EUR 6,363 million at 31 December 2015 after the payment of EUR 278 million of dividends for the year 2015. This translates into a book value per share of EUR 33.79 at 30 June 2016.
  • SCOR’s financial leverage stands at 31.8% as at 30 June 2016, temporarily above the range indicated in “Optimal Dynamics”, and will stand at 25.5%[2] after the redemption of the two debts callable in Q3 2016. This ratio also reflects the successful placement of a dated subordinated notes issue on the Euro market in the amount of EUR 500 million with a coupon set at 3.625% in May 2016.
     
  • SCOR’s estimated solvency ratio at 30 June 2016, adjusted for the redemption of the two debts callable in Q3 2016, stands at 210%[3], within the optimal solvency range of 185%-220% as defined in the “Optimal Dynamics” plan.

SCOR group H1 and Q2 2016 key financial details:

  YTD QTD
In EUR millions (unaudited, rounded, at current exchange rates) H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
Gross written premiums 6,735 6,493 3.7% 3,452 3,369 2.5%
Group Cost Ratio 5.1% 5.1% 0.0 pts 4.9% 5.1% -0.2 pts
Return on invested assets 3.1% 3.4% -0.3 pts 3.0% 3.4% -0.4 pts
 Annualized ROE 8.9% 11.1% -2.2 pts 6.9% 10.3% -3.4 pts
 Net income* 275 327 -15.9%  105  152 -30.9%
 Shareholders’ equity 6,282 6,026 4.3% 6,282 6,026 4.3%
 P&C Combined ratio 93.8% 90.9% 2.9 pts 97.5% 92.6% 4.9 pts
 Life technical margin 7.1% 7.2% -0.1 pts 7.0% 7.2% -0.2 pts

 (*) Consolidated net income, Group share.

Denis Kessler, Chairman & CEO of SCOR, comments: “In the first half of 2016, SCOR has proved its capacity to absorb shocks thanks to its high level of diversification. Despite numerous natural catastrophe events and the political uncertainty following the UK referendum, SCOR continues to post strong results. SCOR keeps on expanding its footprint in the first half of 2016, with both the Life and P&C divisions delivering strong technical profitability. SCOR Global Investments records a solid return on invested assets over the semester in a record low yield environment. With these half-year results, SCOR fully achieves the targets set out in “Optimal Dynamics”. The Group is currently preparing to unveil its new strategic plan at SCOR’s next Investor Day on 7 September”.

Impact of Brexit

Concerning the consequences of the UK referendum, SCOR does not foresee any negative impact on its strategy. SCOR is a reinsurer with a global reach, whose strategy is based on the diversification of both its assets and activities. SCOR’s global entity structure ensures that the Group will navigate any uncertainties that Brexit may present.

SCOR considers the financial risk to be very limited:

  • SCOR’s hedging and capital management policies ensure strict IFRS congruency between its asset portfolio and its underwriting commitments totalling GBP 1.7 billion (i.e. 9% of total invested assets). Hence, any devaluation in the pound will not have a significant negative currency effect on the Group, with only 6% of its shareholders’ equity denominated in GBP (i.e. GBP 300 million). The Group’s only UK-based real estate is in a prime location and is occupied by SCOR[4].
  • On the asset side, the portion of assets denominated in pounds sterling has been positioned in a particularly prudent manner in preparation for the referendum on Brexit, being mostly invested in cash and cash equivalents and bonds with an immaterial exposure to UK equities[5], and with a very short duration (2.7 years).

SCOR expects the operational risks to be minimal as the Group’s platform is global and multi-centred, and will continue to efficiently serve clients worldwide, including in the United Kingdom. Moreover, SCOR is headquartered in Europe, which facilitates cross-border transactions, and its strong capital management framework will enable it to deal efficiently with any potential future regulatory changes.

The Group also foresees minimal business risks as pressures from Brexit will be focused on cross-border direct business, which is marginal for SCOR.

SCOR Global P&C H1 2016 technical results bring “Optimal Dynamics” to a successful close

SCOR Global P&C key figures:

In EUR millions (unaudited, rounded, at current exchange rates) YTD QTD
H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
Gross written premiums 2,801 2,859 -2.0% 1,425 1,461 -2.5%
Combined ratio 93.8% 90.9% 2.9 pts 97.5% 92.6% 4.9 pts

In the first half of 2016, SCOR Global P&C gross written premiums stand at EUR 2,801. At constant exchange rates, gross written premiums increase by 0.6% (-2.0% at current exchange rates). SCOR Global P&C expects full-year 2016 gross written premium growth to reach between 3% and 4% at constant exchange rates.

In the first six months of 2016, SCOR Global P&C records strong technical profitability with a net combined ratio of 93.8%, including:

  • A high level of natural catastrophe events across various perils and regions, with a 12-pt impact on the Q2 2016 combined ratio, leading to a net natural catastrophe ratio of 6.9 pts in H1 2016. Preliminary net pre-tax estimates for these events include, in particular, the Fort McMurray fires in Canada for EUR 65 million, earthquakes in Japan, Ecuador and Taiwan, storms in Germany and floods in Sri Lanka, as well as a late June hailstorm in the Netherlands;
     
  • A net attritional and commission ratio of 79.9% for the first six months of 2016, compared to 82.4% in the first half of 2015, benefitting from the 1.6-pt positive impact of Q2 reserve releases of EUR 40 million in long-tail lines of business, which have mitigated the significant impact of Q2 2016 natural catastrophe activity on a year-to-date basis.

The normalized net combined ratio (with a natural catastrophe budget of 6% and without the 1.6 pts of reserve releases) stands at 94.5% in H1 2016, in line with the latest assumptions communicated at the beginning of the year[6].

June/July 2016 renewals

SCOR Global P&C achieved strong renewals in June and July 2016. Renewal premiums increased by 14.2% at constant exchange rates and pricing was quasi-stable.

Roughly 11% of annual renewable premiums, or EUR 491 million, were up for renewal. In SCOR’s book, the renewals consist mostly of P&C Treaties and proportional business, with the main geographic areas being the US, Australia, the Middle East and Latin America.

Rising pricing in proportional business, which benefitted from positive primary market trends in some markets, was offset by weaker pricing in non-proportional business. However, many markets noted a slowing pace of decline, particularly in the US.

The main business line developments in the June-July 2016 renewals are as follows:

  • P&C Treaty gross premiums increase by 15% to EUR 453 million at constant exchange rates, mainly driven by the US. EMEA premiums slightly decline due to South Africa. 
     
  • Specialty Treaty gross premiums increase by 12% to EUR 107 million at constant exchange rates, benefitting from the positive development of Alternative Solutions. 

SCOR Global Life delivers a robust technical margin of 7.1% in H1 2016, above the assumptions set out in “Optimal Dynamics”

SCOR Global Life key figures:

In EUR millions (unaudited, rounded, at current exchange rates) YTD QTD
H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
Gross written premiums 3,934 3,634 8.3% 2,027 1,908 6.2%
Life technical margin 7.1% 7.2% -0.1 pts 7.0% 7.2% -0.2 pts

SCOR Global Life gross written premiums stand at EUR 3,934 million in the first half of 2016, up 10.2% at constant exchange rates compared to the same period last year (+8.3% at current exchange rates), thanks to the successful execution of SCOR Global Life’s strategy in Asia-Pacific, which has led to a flow of new business in Protection and Financial Solutions.

Full-year 2016 premium growth is expected to normalize at approximately +5% versus 2015, in line with the “Optimal Dynamics” assumption of average gross written premium growth of 6% between 2013 and 2016.

The new business pipeline continues to be healthy across all regions and products, with new business margins expected to meet the Group’s profitability target.

SCOR Global Life records a robust technical margin of 7.1%, above the “Optimal Dynamics” assumption, thanks to the profitable new business conducted over the period – with Longevity representing an increased proportion of SCOR Global Life’s product mix – and to the in-force portfolio results in line with expectations.

SCOR Global Investments delivers a return on invested assets of 3.1% in the first half of 2016, ahead of “Optimal Dynamics” assumptions

SCOR Global Investments key figures:

In EUR millions
(unaudited, rounded, at current exchange rates)
YTD QTD
H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
  Total investments 27,603 26,120 5.7% 27,603 26,120 5.7%
of which total invested assets 18,775 17,303 8.5% 18,775 17,303 8.5%
of which total funds withheld by cedants 8,828 8,817 0.1% 8,828 8,817 0.1%
  Return on investments* 2.6% 2.9% -0.3 pts 2.5% 2.9% -0.4 pts
  Return on invested assets** 3.1% 3.4% -0.3 pts 3.0% 3.4% -0.4 pts

(*) Annualized, including interest on deposits (i.e. interest on funds withheld).
(**) Annualized, excluding interest on deposits (i.e. interest on funds withheld).

In the first half of 2016, SCOR Global Investments has maintained its prudent investment strategy to face the high level of market volatility.

Ahead of the Brexit referendum, a defensive positioning of the GBP-denominated portfolio has been maintained, which represents 9% of total invested assets and is mostly invested in cash and high grade fixed income securities, with an average rating of AA-, a short duration of 2.7 years and an immaterial exposure to UK equities[7] as at 30 June 2016.

During the period, SCOR Global Investments has proactively decreased its exposure to the financial sector and has no remaining exposure to UK, Italian or Spanish bank debt.

The stable average rating of AA- bears witness to the quality of the fixed income portfolio. Its duration is broadly stable at 4.0 years at 30 June 2016, compared to 3.9 years at 31 March 2016. Moreover, SCOR Global Investments continues to exclude any exposure to sovereign debt from the GIIPS countries[8].

As at 30 June 2016, the expected financial cash flow over the next 24 months stands at EUR 7.3 billion (including cash, coupons and redemptions), which represents 39% of the invested assets.

In the first half of 2016, invested assets generate a financial contribution of EUR 285 million. The active asset management policy executed by SCOR Global Investments has enabled the Group to record capital gains of EUR 128 million over the period, coming mainly from the real estate and fixed income portfolios.

The return on invested assets stands at 3.1% for the first half of 2016, in an extremely low yield and uncertain environment, compared to 3.4% in the first half of 2016. On average, throughout “Optimal Dynamics”, SCOR Global Investments has delivered a 3.0% return on invested assets. Taking account of funds withheld by cedants, the net rate of return on investments stands at 2.6% in the first half of 2016. The reinvestment yield stands at 1.8%[9] at 30 June 2016.

Invested assets (excluding funds withheld by cedants) stand at EUR 18,775 million as at 30 June 2016, and are composed as follows: 11% cash, 76% fixed income (of which 3% are short-term investments), 4% loans, 2% equities, 4% real estate and 3% other investments. Total investments, including EUR 8,828 million of funds withheld, stand at EUR 27,603 million at 30 June 2016, compared to EUR 27,552 million at 31 December 2015.

*

*         *

APPENDIX

1 – P&L key figures H1 and Q2 2016

In EUR millions (unaudited, rounded, at current exchange rates) YTD QTD
H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
Gross written premiums 6,735 6,493 3.7% 3,452 3,369 2.5%
P&C gross written premiums 2,801 2,859 -2.0% 1,425 1,461 -2.5%
Life gross written premiums 3,934 3,634 8.3% 2,027 1,908 6.2%
Investment income 345 365 -5.5% 169 185 -8.6%
Operating results 466 540 -13.7% 183 253 -27.7%
Net income1 275 327 -15.9% 105 152 -30.9%
Earnings per share (EUR) 1.49 1.77 -15.8% 0.57 0.82 -30.7%
Operating cash flow 450 130 246.2%  133  68 95.6%

1: Consolidated net income, Group share.

2 – P&L key ratios H1 and Q2 2016

(Unaudited) YTD QTD
  H1 2016 H1 2015 Variation Q2 2016 Q2 2015 Variation
Return on investments 1 2.6% 2.9% -0.3 pts 2.5% 2.9% -0.4 pts
Return on invested assets 1,2 3.1% 3.4% -0.3 pts 3.0% 3.4% -0.4 pts
P&C net combined ratio 3 93.8% 90.9% 2.9 pts 97.5% 92.6% 4.9 pts
Life technical margin 4 7.1% 7.2% -0.1 pts 7.0% 7.2% -0.2 pts
Group cost ratio 5 5.1% 5.1% 0.0 pts 4.9% 5.1% -0.2 pts
Return on equity (ROE) 8.9% 11.1% -2.2 pts 6.9% 10.3% -3.4 pts

1: Annualized; 2: Excluding funds withheld by cedants; 3: The combined ratio is the sum of the total claims, the total commissions and the total P&C management expenses, divided by the net earned premiums of SCOR Global P&C; 4: The technical margin for SCOR Global Life is the technical result divided by the net earned premiums of SCOR Global Life; 5: The cost ratio is the total management expenses divided by the gross written premiums.

3 – Balance sheet key figures as at 30 June 2016 (in EUR millions, at current exchange rates)

  As at 30 June 2016 As at 31 December 2015 Variation
 
Total investments 1,2 27,603 27,552 0.2%
Technical reserves (gross) 27,178 27,839 -2.4%
Shareholders’ equity 6,282 6,363 -1.3%
Book value per share (EUR) 33.79 34.03 -0.7%
Financial leverage ratio 3 31.8% 27.5% 4.2 pts
Total liquidity4 2,782 2,034 36.8%

1: Total investment portfolio includes both invested assets and funds withheld by cedants, accrued interest, cat bonds, mortality bonds and FX derivatives; 2: Excluding 3rd party net insurance business investments. 3: Adjusted financial leverage ratio will stand at 25.5% after the redemption of the CHF 650 million and EUR 257 million subordinated debts callable in Q3 2016; 4: Total liquidity of EUR 2.8 billion, substantially increased compared to the first half of 2015, due to the temporary pause of the rebalancing of the investment portfolio and to the pending debt redemption of ~EUR 850 million due to take place in July and August 2016.

*

*         *

Contact details

Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 76 10
mbouchon@scor.com

Bertrand Bougon
Head of Investor Relations
& Rating Agencies
+33 (0)1 58 44 71 68
bbougon@scor.com

http://www.scor.com/

SCOR photo gallery

Twitter: @SCOR_SE

Forward-looking statements

Certain statements contained in this communication are forward-looking statements, considered provisional. They are not historical facts and are based on a certain number of data and assumptions (both general and specific), risks and uncertainties that could cause actual results, performance or events to differ materially from those in such statements.
Forward-looking statements are typically identified by words or phrases such as, without limitation, “anticipate”, “assume”, “believe”, “continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase” and “may fluctuate” and similar expressions or by future or conditional verbs such as, without limitations, “will”, “should”, “would” and “could.” Undue reliance should not be placed on such statements, as due to their nature, they are subject to known and unknown risks and uncertainties.
As a result of the extreme and unprecedented volatility and disruption related to the financial crisis, SCOR is exposed to significant financial, capital market and other risks, including variations in interest rates, credit spreads, equity prices, currency movements, changes in government or regulatory practices, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings. Forward-looking statements were developed in a given economic, competitive and regulatory environment and the Group may be unable to anticipate all the risks and uncertainties and/or other factors that may affect its business and to estimate their potential consequences.
Additional information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2015 reference document filed on 4 March 2016 under number D.16-0108 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com (the “Document de Référence”). SCOR undertakes no obligation to publicly update or revise any of these forward-looking statements and information, whether to reflect new information, future events or circumstances or otherwise, other than to the extent required by applicable law. This communication only reflects SCOR’s view as of the date of this communication.
Without limiting the generality of the foregoing, the Group’s financial information contained in this communication is prepared on the basis of IFRS and interpretations issued and approved by the European Union. The quarterly financial information contained in this communication constitutes a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” which may not be indicative of full year financial results. The first half 2016 financial information included in this communication have been subject to the completion of a limited review by SCOR’s independent auditors.
Numbers presented throughout this report may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore this communication might contain immaterial differences in sums and percentages due to rounding.
Unless otherwise specified, the sources for the business ranking and market positions are internal.

[1] Three-month risk-free rates.

[2] Adjusted financial leverage ratio will stand at 25.5% after the redemption of the CHF 650 million and EUR 257 million subordinated debts callable in Q3 2016.

[3] The H1 2016 estimated solvency ratio has been adjusted to 210% to take into account the early redemption of the two debts to be called in Q3 2016, as previously announced (the 6.154% undated deeply subordinated EUR 257 million notes callable in
July 2016 and the 5.375% fixed to floating rate undated subordinated CHF 650 million notes callable in August 2016). The estimated solvency ratio based on Solvency II requirements is 230% at 30 June 2016.

[4] Indirect exposure to UK real estate through European diversified real estate funds of EUR 7 million; EUR 2 million exposure to convertible bonds issued by UK REITS as of 11/07/2016.

[5] EUR 4 million as at 30 June 2016.

[6] See Press Release distributed on 9 February 2016.

[7] EUR 4 million as at 30 June 2016.

[8] Greece, Ireland, Italy, Portugal, Spain.

[9] Corresponds to marginal reinvestment yields based on Q2 2016 asset allocation of yielding asset classes (i.e. fixed income, loans and real estate), according to current reinvestment duration assumptions and spreads. Yield curves as at 30/06/2016.

SCOR Press Release http://hugin.info/143549/R/2030364/755551.pdf

HUG#2030364

Source: http://globenewswire.com/news-release/2016/07/27/859138/10164277/en/Half-Year-2016-results-SCOR-records-net-income-of-EUR-275-million-for-the-first-six-months-of-2016-confirming-the-strength-of-its-business-model.html?f=22&fvtc=2&fvtv=1

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STMicroelectronics Reports 2016 Second Quarter and First Half Financial Results


  • Net revenues of $1.70 billion and gross margin of 33.9% in the second quarter
  • Continued strength in automotive and microcontroller revenues; growing about 6% and 4% year-over-year, respectively
  • Free cash flow(1) of $47 million in the second quarter; $78 million in the first half of 2016

GENEVA, July 27, 2016 (GLOBE NEWSWIRE) — STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported financial results for the second quarter and first half ended July 2, 2016.

Second quarter net revenues totaled $1.70 billion, gross margin was 33.9%, and net earnings were $0.03 per share.

“In the second quarter, we made another step towards our goal to return to year-over-year sales growth in the second half of 2016. Sequentially, revenues increased 5.6% and gross margin improved 50 basis points. We also made progress in our set-top box restructuring program and well managed our cash flow,” commented Carlo Bozotti, STMicroelectronics President and Chief Executive Officer.

“Sequential revenue growth came from the progress we are making on our areas of strategic focus, Smart Driving and Internet of Things. Our automotive business enjoyed another strong quarter across all applications; our general purpose microcontroller business had another record billing performance, driven by STM32; our Time-of-Flight specialized image sensors entered multiple smartphone models and our power discretes started a broad-based recovery.”

U.S. GAAP

(Million US$)

Q2 2016 Q1 2016 Q2 2015
Net Revenues 1,703 1,613 1,760
Gross Margin 33.9% 33.4% 33.8%
Operating Income (Loss) 28 (33) 12
Net Income (Loss) attributable to parent company 23 (41) 35
Non-U.S. GAAP(1)

(Million US$)

Operating Income (Loss) before impairment and restructuring charges 40 (5) 33
Free cash flow 47 31 53
Net financial position 426 439 459

 (1) Non-U.S. GAAP measure. See Appendix for reconciliation to U.S. GAAP and additional information explaining why the Company believes these measures are important.

Quarterly Financial Summary by Product Group

Product Group Data
(Million US$)
Q2 2016
Revenues
Q1 2016
Revenues
Q2 2015
Revenues
Automotive and Discrete Group (ADG) 721 671 714
Analog and MEMS Group (AMG) 376 369 445
Microcontrollers and Digital ICs Group (MDG) 556 532 558
Others (a) 50 41 43
Total 1,703 1,613 1,760
  1. Net revenues of “Others” includes revenues from sales of Imaging Product Division, Subsystems, assembly services, and other revenue.

Second Quarter Review

Second quarter net revenues increased 5.6% sequentially, above the midpoint of the Company’s guidance. Automotive and Discrete Group (ADG) revenues, representing the largest product group of ST, increased 7.5% on a sequential basis driven by a strong recovery in demand for power discrete products and continued and broad-based strength in automotive products. Microcontrollers and Digital ICs Group (MDG) increased 4.6% on a sequential basis driven by general purpose microcontrollers and digital ASICs for networking applications. Analog and MEMS Group (AMG) revenues increased sequentially 1.8% driven by analog products partially offset by lower sales of MEMS products. Specialized image sensors, reported in Others, registered a strong sequential revenue growth.

On a year-over-year basis, second quarter net revenues decreased 3.2%, or 1.7% excluding businesses undergoing a phase-out (mobile legacy products, camera modules and set-top box). As anticipated, automotive, including ADAS solutions, and microcontrollers, led by general purpose, continued to be strong, growing revenues about 6% and 4%, respectively, compared to the year-ago quarter. In the second quarter, specialized image sensors posted year-over-year growth. Power discretes, still impacted by weaker market conditions compared to the year-ago period, decreased as did digital reflecting the discontinued product lines. AMG revenues decreased 15.4% compared to the year-ago period mainly due to lower wireless and computer peripheral applications sales.

All regions grew revenues sequentially, led by the Americas up by 9.6%, Asia Pacific up by 5.1% and EMEA up by 4.6%. On a year-over-year basis, EMEA grew 4.6% while the Americas and Asia Pacific decreased by 3.6% and 6.7%, respectively.

Second quarter gross profit was $577 million. The gross margin was 33.9%, and included about 45 basis points of unused capacity charges. On a sequential basis, gross margin increased 50 basis points on manufacturing efficiencies and improved product mix partially offset principally by price pressure.

Combined R&D and SG&A expenses were $565 million, decreasing by $6 million on a sequential basis, benefiting from fewer calendar days and the initial benefits of the set-top box restructuring plan, partially offset by unfavorable currency effects, net of hedging, in the second quarter.

Second quarter other income and expenses, net, registered income of $28 million mainly due to R&D funding.

Second quarter operating income before impairment and restructuring charges(1) improved sequentially to $40 million from a loss of $5 million, mainly due to higher revenues and higher gross profit. On a year-over-year basis, operating income improved by $7 million reflecting favorable currency effects, net of hedging, improved product mix, manufacturing efficiencies and lower operating expenses partially offset by lower revenues and lower R&D grants.

Impairment and restructuring charges in the second quarter were $12 million related to the set-top box restructuring plan.

Earnings on equity investments reflected a one-time net income of $9 million in the second quarter. Second quarter net profit was $23 million, equivalent to $0.03 per share, compared to a net loss of $41 million in the prior quarter and a net income of $35 million in the year-ago quarter, which included a one-time income tax benefit.

First Half Financial Summary by Product Group

Product Group Data
(Million US$)
H1 2016
Revenues
H1 2015
Revenues
Automotive and Discrete Group (ADG) 1,392 1,388
Analog and MEMS Group (AMG) 745 890
Microcontrollers and Digital ICs Group (MDG) 1,089 1,088
Others 90 99
Total 3,316 3,465

First Half 2016 Review

In total, net revenues in the first half 2016 decreased 4.3% to $3.32 billion from $3.47 billion in the 2015 first half, or 2.5% excluding businesses undergoing a phase-out (mobile legacy products, camera modules and set-top box). By product group, ADG was higher by 0.3% on solid growth in automotive products offset to a large measure by lower discrete sales; MDG revenues were flat compared to the year-ago period and AMG decreased 16.2%, principally due to lower sales of MEMS.

Gross margin in the first half 2016 improved to 33.6% from 33.5% in the year-ago period despite lower revenues. Specifically, the 2016 first half gross margin benefited from favorable currency effects, net of hedging, manufacturing efficiencies and lower unused capacity charges substantially offset by price pressure.

First half 2016 operating income before impairment and restructuring charges(1) was $35 million, compared to $43 million in the year-ago period on mixed performances by group and product families. ADG operating performance improved due to both higher revenues and mix improvements in comparison to the year-ago period. MDG operating margin turned positive due to lower sales of low margin set-top box products and the initial savings from the set-top box restructuring plan. However, AMG operating results decreased mainly due to lower sales.

Combined R&D and SG&A expenses were $1.14 billion compared to $1.19 billion in the year-ago period mainly reflecting lower R&D costs due to favorable currency effects, net of hedging, and the benefits of the set-top box restructuring plan and savings plan completed in 2015.

Other income and expenses, net, registered income of $55 million compared to $73 million in the year-ago period mainly due to lower R&D funding.

First half impairment and restructuring charges were $40 million and principally related to the initial phase of the set-top box restructuring plan, compared to $50 million in the year-ago period.

First half of 2016 net loss, as reported, was $18 million, equivalent to negative $0.02 per share, compared to a net income of $12 million, or $0.01 per share in the first half of 2015.

(1) Non-U.S. GAAP measure. See Appendix for additional information and reconciliation to U.S. GAAP.

Cash Flow and Balance Sheet Highlights

Capital expenditure payments, net of proceeds from sales, were $136 million and $236 million during the second quarter and first half of 2016, respectively. First half 2015 capital expenditures were $250 million.

Inventory was $1.27 billion at quarter end, down 3% from the prior quarter. Inventory in the second quarter of 2016 was at 3.6 turns or 100 days.

The Company paid cash dividends totaling $57 million and $145 million for the second quarter and first half of 2016, respectively.

ST’s net financial position(1) was $426 million at July 2, 2016 compared to $439 million at April 2, 2016. ST’s total financial resources equaled $2.03 billion and total financial debt was $1.60 billion at July 2, 2016.

Total equity, including non-controlling interest, was $4.56 billion at July 2, 2016.

(1) Non-U.S. GAAP measure. See Appendix for additional information and reconciliation to U.S. GAAP.

Third Quarter 2016 Business Outlook

Mr. Bozotti commented, “The strategic choices we have made position us for a strong third quarter. Our backlog is currently underpinned by a healthy demand in the markets we serve. This makes us confident we can grow revenues sequentially and, in H2 2016, year-over-year. We expect that in the second half of 2016, power discretes and AMG (Analog and MEMS Group) will restart year-over-year growth and that automotive, microcontrollers and imaging will continue their positive revenue momentum. At the same time we remain vigilant due to the macro-economic uncertainties, especially in Europe, which could impact overall GDP and semiconductor demand”.

“Based on these factors, we anticipate a sequential increase in net revenues by about 5.5% at the mid-point, and the gross margin to be about 35.5% at the mid-point” .

The Company expects third quarter 2016 revenues to increase about 5.5% on a sequential basis, plus or minus 3.5 percentage points. Gross margin in the third quarter is expected to be about 35.5% plus or minus 2.0 percentage points and reflects unsaturation charges negatively impacting gross margin by about 65 basis points.

This outlook is based on an assumed effective currency exchange rate of approximately $1.12 = €1.00 for the 2016 third quarter and includes the impact of existing hedging contracts. The third quarter will close on October 1, 2016.

Recent Corporate Developments 

  • On May 25, ST announced that all of the resolutions were approved at the Company’s Annual General Meeting of Shareholders (AGM). The main resolutions, approved by the shareholders, were:
  • The adoption of the Company’s Statutory Annual Accounts for the year ended December 31, 2015, prepared in accordance with International Financial Reporting Standards (IFRS);
     
  • The distribution of a cash dividend of US$0.24 per outstanding share of the Company’s common stock, to be distributed in quarterly installments of US$0.06 in each of the second, third and fourth quarters of 2016 and first quarter of 2017 to shareholders of record in the month of each quarterly payment;
     
  • The appointment of Mr. Salvatore Manzi as a member of the Supervisory Board, for a three-year term expiring at the 2019 AGM, in replacement of Mr. Alessandro Ovi whose mandate expired as of the 2016 AGM;
     
  • The reappointment of Ms. Janet Davidson as a member of the Supervisory Board for a three-year term, expiring at the 2019 AGM;
     
  • The delegation to the Supervisory Board of the authority to issue new common and preference shares, to grant rights to subscribe for such shares and to limit and/or exclude existing shareholders’ pre-emptive rights on common shares for a period of eighteen months; and
     
  • Authorization to our Managing Board, for eighteen months following the AGM, to repurchase our shares, subject to the approval of our Supervisory Board.
     
  • On May 26, ST announced the publication of the Company’s 2015 Sustainability Report.  The Company’s nineteenth annual report contains details of ST’s sustainability strategy and its 2015 performance.

Q2 2016 – Product and Technology Highlights

Automotive and Discrete Group (ADG)

  • Awarded a complete anti-lock brake chipset, including a 32-bit microcontroller, for a motorbike application from a major Japanese tier1;
  • Continued expansion of 32-bit automotive microcontroller business with a major award from a Japanese tier 1 for a networking gateway with embedded security;
  • Landed a win for a next-generation airbag smart-power chipset from two major Japanese tier 1 players for a leading Japanese carmaker;
  • Earned awards for class AB amplifiers from major tier 1s for multiple infotainment head-unit applications for a leading American carmaker;
  • Recorded important design-wins for ESD protection devices from smartphone and wearable market leaders in the US and Asia;
  • Collected multiple design wins for common-mode filters and high-speed HDMI protection devices with tablet and PC market leaders;
  • Won multiple designs from several players for super-junction and SiC MOSFET product families across a range of applications including servers, solar, gaming systems, and dc/dc converters;
  • Started a collaboration with a major Japanese tier 1 for a surround-view camera system;
  • Announced the development of the 5th generation system-on-chip for Mobileye in sub-10nm technology.

Analog and MEMS Group (AMG)

       MEMS & Sensors

  • Ramped production of 6-axis ultra-low-power MEMS accelerometer and gyroscope, optical-image-stabilization gyroscope, and barometric sensor for latest Samsung Galaxy smartphones, including Samsung Galaxy S7 and S7 edge;
  • Booked multiple Automotive design wins for custom MEMS accelerometer in Japan and for 3-axis automotive gyroscope from a top tier-1 supplier for an American manufacturer;
  • Landed multiple design wins for 6-axis single- and dual-core inertial measurement units for user interface and optical image stabilization from numerous Chinese manufacturers and for applications like sportwatches from wearable players;
  • Increased presence in optical image stabilization with our latest low-noise gyroscope;
  • Announced collaboration with Qualcomm on sensors for smart mobile devices;
  • Awarded socket for ultra-low-power, high performance 3-axis accelerometer for anti-tampering protection in smart meters;
  • Ramped production of newest pressure sensor for wearable and smartphone applications for leading Asia-Pacific suppliers;
  • Launched production of ultra-low-power smart accelerometer with embedded pedometer for a Chinese manufacturer and for a children’s watch application.

       Analog

  • Initiated volume production of next-generation smart meters for Enel;
  • Introduced latest-generation single-chip Bluetooth Low Energy Chip (SoC) that delivers a performance edge at a cost-effective price;
  • Ramped shipments of latest motion-control chip (STSPIN) for a new high-performance drone from a well-known Chinese manufacturer;
  • Began production of wireless-charger IC for an edgy, youth-targeted smart watch;
  • Continued proliferation of latest-generation touchscreen sensor with multiple design wins for mobile applications in China and Asia Pacific.

Microcontrollers and Digital ICs Group (MDG)

  • Made significant progress in the drone market with STM32 family design-ins from several major drone manufacturers for in-flight and motor control;
  • Captured design-in for STM32F0 at a major European lighting manufacturer;
  • Won an FD-SOI ASIC design from a major Japanese player;
  • Recorded several 55nm BiCMOS design wins, including a trans-impedance amplifier at a major Chinese ASIC house and two ASICs from a leading network optical module supplier;
  • Began production ramp of dynamic NFC tags along with high-density EEPROMs for a major European smart-meter program;
  • Ramped production of ST’s first silicon photonic transceiver for a networking module manufacturer to upgrade a leading datacenter operator to 100Gbit/sec;
  • Started H9 RF-SOI volume production for a smartphone Front-End Module (FEM) ASIC for a Chinese customer;
  • Achieved milestone two billionth STM8 units shipped, less than two years after passing the one billion unit mark in May 2014;
  • Launched cooperation with Arduino to expand maker-community access to STM32 MCUs;
  • Revealed a cooperation with Securitag Assembly Group (SAG) to deliver high-performance, tiny NFC tags for IoT applications;
  • Unveiled USB Type-C 1.2 and USB Power Delivery 2.0 middleware stack for the STM32;
  • Announced free development tools to enable STM32 developers access from all desktops environments (Linux and OS-X, in addition to Windows);
  • Qualified and certified to Common Criteria the ST31G480 dual-interface secure microcontroller;
  • Introduced the STSAFE-A100 secure element to protect connected devices in the Internet of Things (IoT) and certified STSAFE-TPM (Trusted Platform Module) to Common Criteria and TCG 1.2 & 2.

Imaging Product Division (IMD)

  • Recorded multiple design-wins for the just-announced VL53L0 Time-of-Flight ranging sensor for auto-focus applications in the flagship smartphones of Huawei and other leading Asian manufacturers.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information, including operating income (loss) before impairment and restructuring charges, operating margin before impairment and restructuring charges, adjusted net earnings per share, free cash flow and net financial position.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information by other companies.

See the Appendix of this press release for a reconciliation of the Company’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with the Company’s consolidated financial statements prepared in accordance with U.S. GAAP.

Forward-looking information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated by such statements, due to, among other factors:

  • Uncertain macro-economic and industry trends, which may impact end-market demand for our products;
  • Customer demand that differs from projections;
  • The ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
  • Unanticipated events or circumstances, which may impact our ability to execute the planned reductions in our net operating expenses and / or meet the objectives of our R&D Programs, which benefit from public funding;
  • Changes in economic, social, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, military conflicts, social unrest, labor actions, or terrorist activities;
  • The Brexit vote and the perceptions as to the impact of the withdrawal of the U.K. may adversely affect business activity, political stability and economic conditions in the U.K., the Eurozone, the EU and elsewhere. While we do not have material operations in the U.K. and have not experienced any material impact from Brexit on our underlying business to date, we cannot predict its future implications;
  • Financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
  • The loading, product mix, and manufacturing performance of our production facilities;
  • The functionalities and performance of our IT systems, which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers or suppliers;
  • Variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
  • The impact of intellectual property (“IP”) claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
  • The ability to successfully restructure underperforming business lines and associated restructuring charges and cost savings that differ in amount or timing from our estimates;
  • Changes in our overall tax position as a result of changes in tax laws, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
  • The outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
  • Product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products,  or recalls by our customers for products containing our parts;
  • Natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, health risks and epidemics in locations where we, our customers or our suppliers operate;
  • Availability and costs of raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward looking terminology, such as “believes,” “expects,” “may,” “are expected to,” “should,” “would be,” “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information – Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2015, as filed with the SEC on March 16, 2016. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

STMicroelectronics Conference Call and Webcast Information

On July 27, 2016, the management of STMicroelectronics will conduct a conference call to discuss the Company’s operating performance for the second quarter of 2016.

The conference call will be held at 9:30 a.m. CET / 8:30 a.m. BST / 3:30 a.m. U.S. Eastern Time (ET) / 12:30 a.m. U.S. Pacific Time (PT). The conference call will be available live via the Internet by accessing http://investors.st.com. Those accessing the webcast should go to the Web site at least 15 minutes prior to the call, in order to register, download and install any necessary audio software. The webcast replay will be available until August 12, 2016.

About STMicroelectronics
ST is a global semiconductor leader delivering intelligent and energy-efficient products and solutions that power the electronics at the heart of everyday life. ST’s products are found everywhere today, and together with our customers, we are enabling smarter driving and smarter factories, cities and homes, along with the next generation of mobile and Internet of Things devices. By getting more from technology to get more from life, ST stands for life.augmented.

In 2015, the Company’s net revenues were $6.90 billion, serving more than 100,000 customers worldwide. Further information can be found at www.st.com

For further information, please contact:

INVESTOR RELATIONS:
Tait Sorensen                                       
Group VP, Investor Relations
STMicroelectronics
Tel: +1 602 485 2064
tait.sorensen@st.com

MEDIA RELATIONS:
Nelly Dimey                                         
Director, Corporate Media and Public Relations
Tel: + 33 1 58 07 77 85
nelly.dimey@st.com

STMicroelectronics N.V.    
Consolidated Statements of Income    
(in millions of U.S. dollars, except per share data ($))    
     
  Three Months Ended
  (Unaudited) (Unaudited)
  July 02, June 27,
  2016 2015
     
Net sales   1,698   1,754
Other revenues   5   6
  NET REVENUES   1,703   1,760
Cost of sales   (1,126)   (1,165)
  GROSS PROFIT   577   595
Selling, general and administrative   (229)   (226)
Research and development   (336)   (373)
Other income and expenses, net   28   37
Impairment, restructuring charges and other related closure costs   (12)   (21)
  Total Operating Expenses   (549)   (583)
  OPERATING INCOME   28   12
Interest expense, net   (6)   (6)
Income (loss) on equity-method investments   9   (1)
INCOME BEFORE INCOME TAXES   31   5
  AND NONCONTROLLING INTEREST    
Income tax benefit (expense)   (6)   31
  NET INCOME   25   36
Net loss (income) attributable to noncontrolling interest   (2)   (1)
  NET INCOME ATTRIBUTABLE TO PARENT COMPANY   23   35
     
  EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.03   0.04
  EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   0.03   0.04
     
  NUMBER OF WEIGHTED AVERAGE    
  SHARES USED IN CALCULATING    
  DILUTED EARNINGS PER SHARE 885.5 880.2
STMicroelectronics N.V.    
Consolidated Statements of Income    
(in millions of U.S. dollars, except per share data ($))    
     
  Six Months Ended
  (Unaudited) (Unaudited)
  July 02, June 27,
  2016 2015
     
Net sales   3,303   3,447
Other revenues   13   18
  NET REVENUES   3,316   3,465
Cost of sales   (2,201)   (2,305)
  GROSS PROFIT   1,115   1,160
Selling, general and administrative   (457)   (448)
Research and development   (678)   (742)
Other income and expenses, net   55   73
Impairment, restructuring charges and other related closure costs   (40)   (50)
  Total Operating Expenses   (1,120)   (1,167)
  OPERATING LOSS   (5)   (7)
Interest expense, net   (11)   (11)
Income (loss) on equity-method investments   9   3
 LOSS BEFORE INCOME TAXES   (7)   (15)
  AND NONCONTROLLING INTEREST    
Income tax benefit (expense)   (8)   30
  NET INCOME (LOSS)   (15)   15
Net loss (income) attributable to noncontrolling interest   (3)   (3)
  NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY   (18)   12
     
  EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   (0.02)   0.01
  EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS   (0.02)   0.01
     
  NUMBER OF WEIGHTED AVERAGE    
  SHARES USED IN CALCULATING    
  EARNINGS PER SHARE 879.2 879.6
STMicroelectronics N.V.      
CONSOLIDATED BALANCE SHEETS      
As at July 02, April 02, December 31,
In millions of U.S. dollars 2016 2016 2015
  (Unaudited) (Unaudited) (Audited)
ASSETS      
Current assets:      
Cash and cash equivalents 1,682 1,697 1,771
Restricted cash 4
Marketable securities 345 343 335
Trade accounts receivable, net 886 891 820
Inventories 1,266 1,302 1,251
Deferred tax assets 78 99 91
Assets held for sale   – 1
Other current assets 424 468 407
Total current assets 4,681 4,800 4,680
Goodwill 77 79 76
Other intangible assets, net 153 162 166
Property, plant and equipment, net 2,290 2,333 2,321
Non-current deferred tax assets 465 458 436
Long-term investments 57 57 57
Other non-current assets 394 492 459
  3,436 3,581 3,515
Total assets 8,117 8,381 8,195
       
LIABILITIES AND EQUITY      
Current liabilities:      
Short-term debt 171 173 191
Trade accounts payable 597 666 525
Other payables and accrued liabilities 654 692 703
Dividends payable to stockholders 165 10 97
Deferred tax liabilities 1 4 2
Accrued income tax 29 52 42
Total current liabilities 1,617 1,597 1,560
Long-term debt 1,430 1,428 1,421
Post-employment benefit obligations 359 367 351
Long-term deferred tax liabilities 13 11 12
Other long-term liabilities 139 161 158
  1,941 1,967 1,942
Total liabilities 3,558 3,564 3,502
Commitment and contingencies      
Equity      
Parent company stockholders’ equity      
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 nominal value, 1,200,000,000 shares authorized, 910,970,920 shares issued, 883,268,414 shares outstanding) 1,157 1,157 1,157
Capital surplus 2,798 2,790 2,779
Retained earnings 249 483 525
Accumulated other comprehensive income 534 612 460
Treasury stock (243) (288) (289)
Total parent company stockholders’ equity 4,495 4,754 4,632
Noncontrolling interest 64 63 61
Total equity 4,559 4,817 4,693
Total liabilities and equity 8,117 8,381 8,195
STMicroelectronics N.V.      
       
SELECTED CASH FLOW DATA      
       
Cash Flow Data (in US$ millions) Q2 2016 Q1 2016 Q2 2015
       
Net Cash from operating activities   191   141   223
Net Cash used in investing activities   (144)   (110)   (190)
Net Cash used in financing activities   (60)   (107)   (94)
Net Cash decrease   (15)   (74)   (62)
       
Selected Cash Flow Data (in US$ millions) Q2 2016 Q1 2016 Q2 2015
       
Depreciation & amortization   179 184 181
Net payment for Capital expenditures   (136)   (100)   (161)
Dividends paid to stockholders   (57)   (88)   (93)
Change in inventories, net   20   (22)   (32)

Appendix
STMicroelectronics
Supplemental Financial Information

In the first quarter of 2016, ST realigned its product families into three product groups to better leverage the product synergies around its strategic focus on Smart Driving and Internet of Things applications: Automotive and Discrete Group (ADG); Analog and MEMS Group (AMG) and Microcontrollers and Digital ICs Group (MDG). MDG includes ST’s set-top-box business which is currently undergoing a restructuring targeting annualized savings of $170 million upon completion. All prior-period amounts have been retrospectively aligned to the 2016 reporting segments.

Product Group Data

(Million US$)

Q2

2016

Q1 2016 H1 2016 Q2 2015 Q1 2015 H1

2015

Automotive and Discrete Group (ADG)            
 - Net Revenues 721 671 1,392 714 674 1,388
 - Operating Income (Loss) 61 39 100 46 36 82
Analog and MEMS Group (AMG)            
 - Net Revenues 376 369 745 445 445 890
 - Operating Income (Loss) 1 2 3 30 37 68
Microcontrollers and Digital ICs Group (MDG)            
 - Net Revenues 556 532 1,089 558 530 1,088
 - Operating Income (Loss) 9 (3) 5 (1) (28) (29)
Others (a)            
 – Net Revenues 50 41 90 43 56 99
 – Operating Income (Loss) (43) (71) (113) (63) (64) (128)
Total            
 – Net Revenues 1,703 1,613 3,316 1,760 1,705 3,465
 – Operating Income (Loss) 28 (33) (5) 12 (19) (7)

(a(a(a)  Net revenues of “Others” includes revenues from sales of Imaging Product Division, Subsystems, assembly services, and other revenue. Operating income (loss) of “Others” includes items such as unused capacity charges, impairment, restructuring charges and other related closure costs, phase out and start-up costs, and other unallocated expenses such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to product groups, as well as operating earnings of the Imaging Product Division, Subsystems and other products. “Others” includes $8 million, $10 million, $9 million and $19 million of unused capacity charges in the second and first quarters of 2016 and 2015, respectively; and $12 million, $28 million, $21 million and $29 million of impairment, restructuring charges, and other related closure costs in the second and first quarters of 2016 and 2015, respectively.

  Q2 2016 Q1 2016 H1

2016

Q2 2015 Q1

2015

H1 2015
€/$ Effective Rate 1.12 1.10 1.11 1.17 1.23 1.20
Net Revenues By Market Channel(%) Q2 2016 Q1 2016 H1 2016 Q2 2015 Q1 2015 H1 2015
Total OEM 66% 67% 67% 67% 70% 68%
Distribution 34% 33% 33% 33% 30% 32%

(Appendix – continued)
STMicroelectronics
Supplemental Non-U.S. GAAP Financial Information
U. S. GAAP – Non-U.S. GAAP Reconciliation
In Million US$ Except Per Share Data

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

Operating income (loss) before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related closure costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related closure costs attributable to ST and other one-time items, net of the relevant tax impact.

The Company believes that these non-GAAP financial measures provide useful information for investors and management because they measure the Company’s capacity to generate profits from its business operations, excluding the effect of acquisitions and expenses related to the rationalizing of its activities and sites that it does not consider to be part of its on-going operating results, thereby offering, when read in conjunction with the Company’s GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results, (ii) the ability to better identify trends in the Company’s business and perform related trend analysis, and (iii) an easier way to compare the Company’s results of operations against investor and analyst financial models and valuations, which usually exclude these items.

Q2 2016

(US$ millions and cents per share)

Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 577 28 23 0.03
Impairment & Restructuring   12 12  
Estimated Income Tax Effect     (2)
Non-U.S GAAP 577 40 33 0.04
Q1 2016

(US$ millions and cents per share)

Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 538 (33) (41) (0.05)
Impairment & Restructuring   28 28  
Estimated Income Tax Effect     (3)
Non-U.S GAAP 538 (5) (16) (0.02)
Q2 2015

(US$ millions and cents per share)

Gross Profit Operating Income (loss) Net Earnings Corresponding EPS
U.S. GAAP 595 12 35 0.04
Impairment & Restructuring   21 21  
Estimated Income Tax Effect     (1)
Non-U.S GAAP 595 33 55 0.06

(continued)
(Appendix – continued)

Net financial position: resources (debt), represents the balance between our total financial resources and our total financial debt. Our total financial resources include cash and cash equivalents, marketable securities, short-term deposits and restricted cash, and our total financial debt includes short-term borrowings, current portion of long-term debt and long-term debt, all as reported in our consolidated balance sheet. We believe our net financial position provides useful information for investors because it gives evidence of our global position either in terms of net indebtedness or net cash position by measuring our capital resources based on cash, cash equivalents and marketable securities and the total level of our financial indebtedness. Net financial position is not a U.S. GAAP measure.

Net Financial Position (in US$ millions) July 2, 2016 April 2, 2016 June 27, 2015
Cash and cash equivalents 1,682 1,697 1,887
Restricted cash 20
Marketable securities 345 343 334
Total financial resources 2,027 2,040 2,241
Short-term debt (171) (173) (201)
Long-term debt (1,430) (1,428) (1,581)
Total financial debt (1,601) (1,601) (1,782)
Net financial position – Non-U.S. GAAP 426 439 459

Free cash flow is defined as net cash from operating activities minus net cash from (used in) investing activities, excluding payment for purchases (proceeds from the sale of) marketable securities and short-term deposits, restricted cash and net cash variation for joint ventures deconsolidation. We believe free cash flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operating activities. Free cash flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of free cash flow may differ from definitions used by other companies.

Free cash flow (in US$ millions) Q2 2016 Q1 2016 H1 2016 Q2 2015 Q1 2015 H1 2015
Net cash from operating activities 191 141 332 223 149 372
Net cash used in investing activities (144) (110) (254) (190) (108) (298)
Payment for purchase and proceeds from sale of marketable securities, investment in short-term deposits, restricted cash and net cash variation for joint ventures deconsolidation 20 20
Free cash flow – Non-U.S. GAAP 47 31 78 53 41 94

–end–

ST Q2 & H1 2016 earnings http://hugin.info/152740/R/2030860/755519.pdf

HUG#2030860

Source: http://globenewswire.com/news-release/2016/07/27/859145/10164278/en/STMicroelectronics-Reports-2016-Second-Quarter-and-First-Half-Financial-Results.html?f=22&fvtc=2&fvtv=1

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Mariana Resources Ltd : Issue of Equity- Warrant Exercise


GUERNSEY, UK, July 27, 2016 (GLOBE NEWSWIRE) —

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

 

Issue of Equity- Warrant Exercise

Mariana Resources Ltd (“Mariana” or the “Company”), the AIM and TSXV listed exploration and development company with projects in Turkey and South America, announces that 25,000 warrants, relating to the October 2015 Private placement, exercisable into ordinary shares at the consolidated figure of 30p each have been exercised and funds have been received.

The Company will issue and allot 25,000 new ordinary shares.

Admission to AIM

Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. Dealings are expected to commence on or about 1 August 2016 (“Admission”). 

Following Admission, there will be a total of 119,956,827 ordinary shares on issue.

**ENDS**

For further information please visit website at www.marianaresources.com or contact the following.

In Australia:    
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041
Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050
In U.K.    
Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061
Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016
Camilla Horsfall Blytheweigh (Financial PR) +44 20 7138 3224
Megan Ray Blytheweigh (Financial PR) +44 20 7138 3203

About Mariana Resources
Mariana Resources Ltd is an AIM quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in South America and Turkey.
Mariana’s most advanced asset is the Hot Maden gold-copper project in north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya). A maiden mineral resource estimate of 2.03 Moz gold Equivalent (Indicated Category) and 0.97 Moz gold Equivalent (Inferred Category) (100% basis) was reported for Hot Maden on August 18, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.  
In Suriname, Mariana has a direct holding of 10.2% of the Nassau Gold project.) The Nassau Gold Project is a 28,000 Ha exploration concession located approximately 125 km south east of the capital Paramaribo and immediately adjacent to Newmont Mining’s 4.2Moz gold Merian project.
In southern Argentina, the Company’s core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%). These projects are part of a 160,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province. Mariana acquired 100% interests in the Doña Ines gold-silver and Exploradora East copper prospects in northern Chile through the Aegean Metals Group transaction which closed in January, 2015, with Mariana exploration now being funded by Asset Chile through the provision of $1.65m for a total 50% interest.
In Peru, Mariana is focusing on acquiring new opportunities which complement its current portfolio.

Safe Harbour
This press release contains certain statements which may be deemed to be forward-looking statements.  These forward-looking statements are made as at the date of this press release and include, without limitation, statements regarding discussions of future plans, the realization, cost, timing and extent of mineral resource estimates, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, and requirements for additional capital.  The words “plans”, “expects”, “budget”, “scheduled”, “estimate”, “forecasts”, “intend”, “anticipate”, “believe”, “may”, “will”, or similar expressions or variations of such words are intended to identify forward-looking statements.  Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to vary materially from those expressed or implied by such forward-looking statements, including, but not limited to: the effects of general economic conditions; the price of gold, silver and copper; misjudgements in the course of preparing forward-looking statements; risks associated with international operations; the need for additional financing; risks inherent in exploration results; conclusions of economic evaluations; changes in project parameters; currency and commodity price fluctuations; title matters; environmental liability claims; unanticipated operational risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or in the completion of development or construction activities; political risk; and other risks and uncertainties described in the Company’s annual financial statements for the most recently completed financial year which is available on the Company’s website at www.marianaresources.com .  Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements.  Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.  We do not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

HUG#2030904

Source: http://globenewswire.com/news-release/2016/07/27/859163/10164280/en/Mariana-Resources-Ltd-Issue-of-Equity-Warrant-Exercise.html?f=22&fvtc=2&fvtv=1

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Northrop Grumman Releases Second Quarter 2016 Financial Results


FALLS CHURCH, Va., July 27, 2016 (GLOBE NEWSWIRE) — Northrop Grumman Corporation (NYSE:NOC) has released its second quarter 2016 financial results. A copy of the earnings release has been furnished in the company’s Form 8-K filing and is also available on the company’s investor relations website at http://investor.northropgrumman.com.

As previously announced, Northrop Grumman will webcast its earnings conference call at noon Eastern time today. A live audio broadcast of the conference call will be available on http://investor.northropgrumman.com. To listen to the call, go to the website at least 15 minutes before the call to register, download and install any needed audio software.

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, strike, and logistics and modernization to customers worldwide. Please visit www.northropgrumman.com for more information.

Randy Belote (Media)
703-280-2720 (office)
443-994-1489 (mobile)


Steve Movius (Investors)
703-280-4575

Source: http://globenewswire.com/news-release/2016/07/27/859225/10164282/en/Northrop-Grumman-Releases-Second-Quarter-2016-Financial-Results.html?f=22&fvtc=2&fvtv=1

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