意法半導體 (STM) 2008 Q3 法說會逐字稿

Hello.

你好。

This is the Chorus Call operator.

這是 Chorus Call 接線員。

Welcome to the STMicroelectronics third quarter 2008 conference call.

歡迎參加 STMicroelectronics 2008 年第三季度電話會議。

As a reminder, all participants will be in listen-only mode.

提醒一下，所有參與者都將處於只聽模式。

There will be an opportunity for you to ask questions at the end of today's presentation.

在今天的演講結束時，您將有機會提問。

(Operator Instructions).

（操作員說明）。

The conference is being recorded.

會議正在錄製中。

At this time, I would like to turn the conference over to Mr.

這個時候，我想把會議轉交給先生。

Tait Sorensen, Director Investor Relations for STMicroelectronics.

意法半導體投資者關係總監 Tait Sorensen。

Please go ahead, Mr.

請繼續，先生。

Sorensen.

索倫森。

(Technical difficulty) third quarter 2008 conference call.

（技術難度）2008年第三季度電話會議。

Hosting the call today is Carlo Bozotti, ST's President and Chief Executive Officer.

ST 總裁兼首席執行官 Carlo Bozotti 主持了今天的電話會議。

Also joining him on the call today are Alain Dutheil, ST's Chief Operating Officer and CEO of ST-NXP Wireless.

ST 的首席運營官兼 ST-NXP Wireless 首席執行官 Alain Dutheil 也加入了今天的電話會議。

We have Carlo Ferro, Chief Financial Officer, Tommi Uhari, Executive Vice President of ST-NXP Wireless, Philippe Lambinet, our General Manager of Home Entertainment & Displays Group, and also Carmelo Papa, General Manager of the Industrial & Multisegment Sector.

我們有首席財務官 Carlo Ferro、ST-NXP Wireless 執行副總裁 Tommi Uhari、家庭娛樂和顯示器集團總經理 Philippe Lambinet，以及工業和多部門部門總經理 Carmelo Papa。

This call is being broadcast live over the web and can be accessed through ST's website.

此電話會議通過網絡直播，可通過 ST 網站訪問。

A replay will be available shortly after the conclusion of this call.

本次通話結束後不久將提供重播。

This call will include forward-looking statements that involve risk factors that could cause ST's results to differ materially from management's expectations and plans.

此電話會議將包括前瞻性陳述，其中涉及可能導致 ST 的結果與管理層的預期和計劃產生重大差異的風險因素。

We encourage you to review the Safe Harbor statement contained in the press release that was issued with the results last night and also in ST's most recent regulatory filings for a full description of these risk factors.

我們鼓勵您查看昨晚隨結果發布的新聞稿中包含的安全港聲明，以及 ST 最近的監管文件中的安全港聲明，以全面了解這些風險因素。

As a reminder, please limit yourself to one question and a brief follow-up.

提醒一下，請將自己限制在一個問題和簡短的跟進中。

I'd now like to turn the call over to Carlo Bozotti, ST's President and CEO.

我現在想把電話轉給 ST 的總裁兼首席執行官 Carlo Bozotti。

Carlo?

卡羅？

Thank you, Tait.

謝謝你，泰特。

Good morning and good afternoon to everybody and I thank all of you for joining us on today's conference call.

大家早上好，下午好，感謝大家參加今天的電話會議。

ST continues to focus and make solid progress on operating and strategic initiatives, but I must say that the market today is quite challenging.

ST 繼續專注於運營和戰略計劃並取得穩步進展，但我必須說，今天的市場非常具有挑戰性。

Let's review some of the highlights of the third quarter and then I will take your questions.

讓我們回顧一下第三季度的一些亮點，然後我會回答你的問題。

ST's third quarter revenue and gross margin performance were well within the outlook we gave at the end of the second quarter, despite the more difficult economic environment in September.

儘管 9 月份的經濟環境更為艱難，但 ST 第三季度的收入和毛利率表現完全符合我們在第二季度末給出的展望。

Since then, the outlook for the semiconductor industry for 2008 has declined from mid single digit growth to low single digit growth, due to the turmoil in the world's financial markets.

從那時起，由於全球金融市場的動盪，2008 年半導體行業的前景從中個位數增長下降到低個位數增長。

On a positive note, the uncertainty in the market should benefit ST, as the dollar has significantly strengthened vis-a-vis the euro.

從積極的方面來看，市場的不確定性應該會使 ST 受益，因為美元兌歐元已顯著走強。

Looking at our financial performance in the third quarter, we continued to advance and strengthen our market position, in particular with multimedia convergence applications and power solutions.

縱觀我們第三季度的財務表現，我們繼續推進和加強我們的市場地位，尤其是在多媒體融合應用和電源解決方案方面。

In comparison to the year-ago quarter, ST, excluding NXP Wireless and the former Flash Memory Group, which is now part of Numonyx, grew 10.9% sequentially and 12.4% on a year-to-date basis.

與去年同期相比，ST（不包括 NXP Wireless 和現在屬於 Numonyx 的前閃存集團）環比增長 10.9%，年初至今增長 12.4%。

We believe our performance is superior to that of the market for the similar periods.

我們相信我們的表現優於同期市場。

We are also making progress in advancing the value of our portfolio.

我們也在提升我們投資組合的價值方面取得了進展。

ST is not just growing faster than the market.

ST 不僅增長速度快於市場。

We are strengthening our product portfolio as well.

我們也在加強我們的產品組合。

A key element of this progress was the completion of the deconsolidation of our former flash memory business earlier this year.

這一進展的一個關鍵因素是今年早些時候完成了對我們以前的閃存業務的拆分。

Additionally, our desire to develop important products such as MEMS, digital-baseband ICs and advanced analog ICs, to name a few, have enabled us to organically grow our revenues and improve our margins.

此外，我們希望開發 MEMS、數字基帶 IC 和高級模擬 IC 等重要產品，這使我們能夠有機地增加收入並提高利潤率。

Evidence of our success is our sales to new target key accounts, which in the third quarter increased sequentially by 16% and 47% year over year.

我們成功的證據是我們對新目標大客戶的銷售額，該客戶在第三季度同比分別增長了 16% 和 47%。

Further evidence is our clean third quarter revenue growth, in comparison to the year-ago period, was principally driven by a significant improvement in ASP due to a richer product mix, which more than offset increasing price pressure.

進一步的證據表明，與去年同期相比，我們第三季度收入的干淨增長主要是由於產品組合更豐富導致平均售價顯著提高，這大大抵消了不斷增加的價格壓力。

Unit volume growth was important, but it was not the principal driver.

單位銷量增長很重要，但不是主要驅動力。

Now, we have several important points to highlight in our third quarter results.

現在，我們在第三季度業績中有幾個要點需要強調。

First, on August 2, 2008 we completed the creation of ST-NXP Wireless, a joint venture owned 80% by ST.

首先，2008 年 8 月 2 日，我們完成了 ST-NXP Wireless 的創建，這是一家由 ST 擁有 80% 股權的合資企業。

I am happy to report that the integration has progressed very smoothly.

我很高興地報告，整合進展非常順利。

In particular, the two management teams have come together to form one cohesive team.

特別是，兩個管理團隊走到了一起，形成了一個有凝聚力的團隊。

In addition, relationships with customers and the alignment of the product roadmaps are on track.

此外，與客戶的關係和產品路線圖的調整都在進行中。

Related to the creation of ST-NXP Wireless, we booked $133m of non-recurring in-process R&D and inventory step-up charges in the third quarter.

與 ST-NXP Wireless 的創建相關，我們在第三季度計入了 1.33 億美元的非經常性在製品研發和庫存提升費用。

Second, ST completed the deconsolidation of FMG and retained a minority equity interest in Numonyx on March 30, 2008.

其次，ST於2008年3月30日完成了對FMG的拆分，保留了Numonyx的少數股權。

Due to a one-quarter lag in reporting, we book a non-cash charge of $44m of equity loss on Numonyx Q2 2008 results, mostly reflecting stand-up cost and purchase accounting items at Numonyx.

由於報告滯後四分之一，我們在 Numonyx 2008 年第二季度的業績中計入了 4400 萬美元的非現金費用，主要反映了 Numonyx 的站立成本和採購會計項目。

A further $300m impairment charge reflected the significant deterioration in both the equity market multiples for comparable companies and the memory industry.

另外 3 億美元的減值費用反映了可比公司和內存行業的股票市場倍數的顯著惡化。

To be very clear, Numonyx has a solid capital structure with available cash of about $490m and we have no plans to inject additional capital into Numonyx.

需要明確的是，Numonyx 擁有穩固的資本結構，可用現金約為 4.9 億美元，我們沒有計劃向 Numonyx 注入額外資金。

Finally, we reported an operating income of $55m and a net loss of $289m.

最後，我們報告營業收入為 5500 萬美元，淨虧損為 2.89 億美元。

Upon further examination of the figures at the business operation level, ST registered an estimated $210m operating profit or operating margin of 7.8%, net earnings of $178m and diluted earnings per share of $0.19.

在進一步檢查業務運營層面的數據後，ST 的營業利潤估計為 2.1 億美元或營業利潤率為 7.8%，淨收益為 1.78 億美元，攤薄後每股收益為 0.19 美元。

Additionally, return on invested capital improved to 10.5% during the third quarter.

此外，第三季度投資資本回報率提高至 10.5%。

Turning to our third quarter operations, net revenue before the NXP Wireless contribution increased by 2.7% sequentially to $2.46b, compared to our revenue outlook range between minus 1% and plus 6%, so we are slightly ahead of the midpoint.

談到我們第三季度的運營，恩智浦無線貢獻前的淨收入環比增長 2.7% 至 2.46 美元，而我們的收入預期範圍在負 1% 和正 6% 之間，因此我們略高於中點。

NXP Wireless sales for the period starting August 2 were $241m.

從 8 月 2 日開始的這一期間，NXP Wireless 的銷售額為 2.41 億美元。

Our gross margin result also tracked to our objective.

我們的毛利率結果也符合我們的目標。

Specifically, our gross margin before the addition of NXP Wireless increased to 37.2%, compared to our range of 36.8% plus or minus 1 percentage point.

具體而言，我們在加入 NXP Wireless 之前的毛利率增至 37.2%，而我們的毛利率範圍為 36.8% 正負 1 個百分點。

Currency impact was minimal on a sequential basis, as our effective dollar rate -- dollar to euro rate was $1.54 in the third quarter, similar to the $1.55 rate in Q2.

貨幣影響連續最小，因為我們的有效美元匯率——第三季度美元兌歐元匯率為 1.54 美元，類似於第二季度的 1.55 美元匯率。

Here, I would like to make two key points about our gross margin progression.

在這裡，我想就我們的毛利率進展提出兩個要點。

First, NXP Wireless was a positive contributor to our gross margin by about 50 basis points in the quarter.

首先，NXP Wireless 在本季度為我們的毛利率做出了約 50 個基點的積極貢獻。

And including it in our result for the period brings our gross margin from 37.2% to 37.7% before non-recurring purchase accounting adjustments.

並將其計入我們的當期業績，使我們在非經常性採購會計調整前的毛利率從 37.2% 升至 37.7%。

So, operating improvements, including a richer product mix and manufacturing efficiency, combined with a benefit from the ST-NXP joint venture, led to a sequential improvement in our gross margin of 90 basis points in total, from 36.8% gross margin in Q2.

因此，運營改進，包括更豐富的產品組合和製造效率，再加上 ST-NXP 合資企業的好處，導致我們的毛利率從第二季度的 36.8% 連續提高 90 個基點。

Second, on a year-over-year basis, our underlying gross margin improvement is also significant.

其次，與去年同期相比，我們的基礎毛利率改善也很顯著。

In the year-ago quarter, our gross margin was 35.2%.

去年同期，我們的毛利率為 35.2%。

Since that timeframe, the euro has strengthened by about 13%, with an estimated impact of 250 basis points on our margin.

自那段時間以來，歐元已升值約 13%，估計對我們的利潤率產生 250 個基點的影響。

So, clearly, we have been creating underlying value, as our gross margin progress is coming from a number of enhancements in our product portfolio mix, to include our divestment of FMG and addition of NXP Wireless, and continuing improvements in manufacturing performance.

因此，很明顯，我們一直在創造潛在價值，因為我們的毛利率增長來自我們產品組合組合的一系列改進，包括我們剝離 FMG 和添加 NXP Wireless，以及製造性能的持續改進。

Operating expenses have remained under control.

經營費用一直在控制之中。

Excluding non-recurring in-process R&D of $76m, operating expenses as a percentage of sales were 30.5%, flat with the prior quarter.

不包括 7600 萬美元的非經常性在製品研發，運營費用佔銷售額的百分比為 30.5%，與上一季度持平。

As a result, operating income excluding NXP Wireless purchase accounting adjustment and other one-time charges was 7.8%, up from 6.7% in the prior quarter.

因此，不包括恩智浦無線採購會計調整和其他一次性費用的營業收入為 7.8%，高於上一季度的 6.7%。

From the year-ago quarter, we estimate currency had a negative impact on our operating expenses to sales ratio of about 220 basis points.

從去年同期開始，我們估計貨幣對我們的營業費用與銷售額的比率產生了約 220 個基點的負面影響。

Turning to our product segments, we are now reporting under three product segments - Industrial & Multisegment, IMS, the same as before; the newly created Wireless Products Sector, WPS; and Automotive, Consumer, Computer & Telecom Infrastructure, ACCI, which is comprised of our former ASG Group excluding ST's wireless business.

談到我們的產品領域，我們現在在三個產品領域進行報告——工業和多領域，IMS，與以前相同；新成立的無線產品部門，WPS；汽車、消費品、計算機和電信基礎設施 (ACCI)，它由我們之前的 ASG 集團組成，不包括 ST 的無線業務。

ACCI's revenues were in line with our expectations and reflected very tough automotive market conditions, while Consumer & Computer increased sequentially.

ACCI 的收入符合我們的預期，反映了非常艱難的汽車市場狀況，而消費者和計算機業務則環比增長。

Year-over-year growth of 9.6% was led by strong growth of both automotive and digital consumer products.

汽車和數字消費產品的強勁增長帶動了 9.6% 的同比增長。

IMS continued its strong performance, led by MEMS, IPAD, Smartcards and microcontrollers.

在 MEMS、IPAD、智能卡和微控制器的帶動下，IMS 繼續表現強勁。

In addition, we continued to enrich our product mix in IMS with IS -- with integrated circuits representing 64% of IMS sales in the third quarter, compared to 59% in the year-ago timeframe.

此外，我們繼續通過 IS 豐富我們在 IMS 中的產品組合——第三季度集成電路佔 IMS 銷售額的 64%，而去年同期為 59%。

Sales of ICs were up 8% sequentially and an impressive 21% year over year.

IC 銷售額環比增長 8%，同比增長 21%，令人印象深刻。

Our portfolio improvements are clearly evidenced in the operating returns for this business.

我們的投資組合改進清楚地體現在該業務的運營回報中。

Specifically, IMS operating profit was $152m, improving both sequentially and year over year.

具體而言，IMS 營業利潤為 1.52 億美元，環比和同比均有所提高。

Our focus on new product innovation is delivering results, in particular in analog -- advanced analog ICs, MEMS and microcontrollers.

我們對新產品創新的關注正在取得成果，特別是在模擬方面——高級模擬 IC、MEMS 和微控制器。

The total Wireless Products Sector sales, including NXP Wireless, were $696m.

包括恩智浦無線在內的無線產品部門的總銷售額為 6.96 億美元。

And operating profit was $22m, net of $12m of recurring amortization of the acquisition-related intangibles.

營業利潤為 2200 萬美元，扣除與收購相關的無形資產的經常性攤銷 1200 萬美元。

We had indicated in our communications about the joint venture that we anticipated achieving cost savings of approximately $250m over a three-year period.

我們在關於合資企業的溝通中曾表示，我們預計在三年內實現約 2.5 億美元的成本節約。

With the integration having gone well and in light of the wireless industry being under pressure due to the current environment, the JV is working to accelerate the saving initiatives.

由於整合進展順利，鑑於無線行業因當前環境而面臨壓力，合資企業正在努力加快節約舉措。

Consequently, we expect to start to see some benefit from these actions starting next quarter.

因此，我們希望從下個季度開始看到這些行動帶來的一些好處。

For the first nine months, net cash flow from operating activities was $1.33b and net operating cash flow was $487m, excluding the $1.69b paid for the M&A transactions.

前九個月，經營活動產生的現金流淨額為 1.33b 美元，淨經營現金流為 4.87 億美元，不包括為併購交易支付的 1.69b 美元。

Both our cash generation ability and our conservative approach to managing our capital structure have enabled ST to make sizeable moves to improve and enhance our market opportunities and future cash generating activities.

我們的現金生成能力和我們管理資本結構的保守方法都使 ST 能夠採取相當大的舉措來改善和增強我們的市場機會和未來的現金生成活動。

We were able to self-fund $1.7b for acquisition while increasing our cash dividend to among the highest in the semiconductor universe and undertaking a share buyback program.

我們能夠自籌 1.7b 美元用於收購，同時將我們的現金股息提高到半導體領域中最高的水平，並實施了股票回購計劃。

Let me also add a comment on our net financial position, which was a net debt of $409m in the third quarter.

我還要對我們的淨財務狀況發表評論，即第三季度的淨債務為 4.09 億美元。

Up until this quarter, we had a net positive cash position 11 quarters in a row.

截至本季度，我們連續 11 個季度擁有淨正現金頭寸。

We firmly anticipate returning to a net positive cash position following the completion of the ST and Ericsson joint venture.

我們堅信，在 ST 和愛立信合資企業完成後，我們將恢復淨正現金頭寸。

Going into the third quarter, we have spoken of a mixed macroeconomic environment and it was clear that we would see weaker results in our automotive business, which we did.

進入第三季度，我們談到了混合的宏觀經濟環境，很明顯我們的汽車業務會出現較弱的結果，而我們確實做到了。

The narrow financial challenge has now turned into more of a broad economic crisis, resulting in most of the semiconductor industry looking at a much different Q3 to Q4 dynamic.

狹義的金融挑戰現在已經變成了更廣泛的經濟危機，導致大多數半導體行業看待第三季度和第四季度截然不同的動態。

Instead of the typical seasonal growth we normally see in the fourth quarter, we are now expecting a seasonal decrease.

我們現在預計第四季度會出現季節性下降，而不是我們通常在第四季度看到的典型季節性增長。

We expect sales to range between flat and minus 8% sequentially.

我們預計銷售額環比持平至負 8% 之間。

This would lead to a fiscal year growth of between 6.2% and 8.6%, excluding both FMG and NXP Wireless.

這將導致本財年增長 6.2% 至 8.6%，不包括 FMG 和 NXP Wireless。

Despite the sequential decrease in revenue, we expect that our gross margin will show significant sequential improvements to 38.8%, plus or minus 1 percentage point.

儘管收入環比下降，但我們預計我們的毛利率將顯著環比改善至 38.8%，上下浮動 1 個百分點。

Our outlook is based upon improved operational factors and a more favorable currency rate, partially offset by reduced fab loadings during this timeframe.

我們的展望基於改善的運營因素和更有利的匯率，部分被這段時間內晶圓廠負荷的減少所抵消。

Our fourth quarter outlook is based on an assumed effective exchange rate of about $1.40 to EUR1.

我們第四季度的展望基於假設有效匯率約為 1.40 美元兌 1 歐元。

In addition, this outlook includes the results of the ST-NXP Wireless for the full quarter, but excludes an estimated $30m cost in the fourth quarter due to an inventory step-up purchase accounting adjustment related to the former NXP Wireless business.

此外，該展望包括 ST-NXP Wireless 整個季度的業績，但不包括由於與前 NXP Wireless 業務相關的庫存遞增採購會計調整而導致的第四季度估計 3000 萬美元的成本。

In August, we announced plans to combine our ST-NXP Wireless activity into a joint venture with Ericsson Mobile Platforms.

8 月，我們宣布計劃將我們的 ST-NXP 無線業務與愛立信移動平台合併為一家合資企業。

In combination, the fabless JV will be a leading player and will offer the industry's strongest product offering in semiconductors and platforms for mobile applications.

結合起來，無晶圓廠合資企業將成為領先者，並將提供業界最強大的半導體和移動應用平台產品。

Once approved and started, we believe this new leader will be well positioned to continue and extend customer relationships with the most innovative players in the wireless industry.

一旦獲得批准並啟動，我們相信這位新的領導者將能夠很好地繼續和擴展與無線行業中最具創新性的參與者的客戶關係。

To conclude, we have four key priorities at ST.

總而言之，我們在 ST 有四個關鍵優先事項。

First, the market environment has changed quickly, so we will continue to take the appropriate actions to navigate through this downturn.

首先，市場環境變化很快，因此我們將繼續採取適當的行動來度過這次低迷時期。

Importantly, we have the financial strength and resources needed to both manage through and emerge as a strong industry player.

重要的是，我們擁有管理並成為強大的行業參與者所需的財務實力和資源。

Second, even though we are benefiting from a stronger dollar, we will continue to optimize our cost structure, improving our manufacturing efficiencies and advance our asset-lighter structure.

第二，雖然我們受益於美元走強，但我們將繼續優化成本結構，提高製造效率，推進輕資產結構。

Our plans to rationalize our manufacturing operations are well underway, but we have not yet reached an agreement to sell our Phoenix fab.

我們的製造業務合理化計劃正在順利進行，但我們尚未就出售鳳凰城工廠達成協議。

Our priority is to sell the fab as an ongoing concern, but under the current difficult market conditions we will move forward with our original plan while attempting to find other potential solutions.

我們的首要任務是將晶圓廠作為一個持續關注的問題出售，但在當前困難的市場條件下，我們將繼續執行最初的計劃，同時嘗試尋找其他可能的解決方案。

Third, with respect to our wireless business, as I indicated earlier, we are moving forward on an accelerated timeline to capture the identified synergies.

第三，關於我們的無線業務，正如我之前指出的那樣，我們正在加快推進時間表，以捕捉已確定的協同效應。

At the same time, our goal is to complete the ST/Ericsson joint venture as soon as feasible and to have a clear roadmap to drive success upon closing of the JV.

同時，我們的目標是盡快完成 ST/Ericsson 合資企業，並製定明確的路線圖以在合資企業關閉後取得成功。

Four, we want to continue to leverage vital assets, in particular our strong base in power solutions.

第四，我們希望繼續利用重要資產，尤其是我們在電力解決方案方面的強大基礎。

Our presence in MEMS, IPAD, advanced analog and microcontrollers, to name just a few of our many products, are important contributors to our performance.

我們在 MEMS、IPAD、高級模擬和微控制器中的存在，僅舉我們眾多產品中的一小部分，是我們業績的重要貢獻者。

Our new products have enabled us to increase our position in our new key target customers.

我們的新產品使我們能夠提高我們在新的主要目標客戶中的地位。

In summary, I would like to conclude on our strong financial position.

總之，我想總結一下我們強大的財務狀況。

Thanks to our systematically -- systematic ability to generate operating cash flow and our solid capital structure, we have been able to advance our strategic initiatives independent of the uncertainties in the financial markets.

得益於我們系統地產生經營現金流的系統能力和穩固的資本結構，我們能夠獨立於金融市場的不確定性推進我們的戰略計劃。

We are very proud of our accomplishment in the first nine months of 2008 and we are well positioned to face the downturn in the market.

我們為我們在 2008 年前九個月取得的成就感到非常自豪，我們已做好準備迎接市場低迷。

Now, let me stop to take your questions.

現在，讓我停下來回答你的問題。

Thank you.

謝謝。

Excuse me.

打擾一下。

This is the operator.

這是運營商。

(Operator Instructions).

（操作員說明）。

The first question is from Mr.

第一個問題來自於先生。

Sandeep Deshpande, JP Morgan.

桑迪普德什潘德，摩根大通。

Please go ahead, sir.

請繼續，先生。

Good afternoon.

下午好。

Thanks for taking my question.

感謝您提出我的問題。

Firstly, Carlo, I have a question regarding Numonyx.

首先，Carlo，我有一個關於 Numonyx 的問題。

How far have you written down the value of Numonyx already, given that the peer group is virtually being valued at nothing at all?

考慮到同業群體幾乎毫無價值，您已經將 Numonyx 的價值減記到什麼程度？

Secondly, regarding your own revenues itself, how do we look at utilization into the fourth quarter and how are you preparing your fabs looking into the fourth -- first quarter of next year?

其次，關於你們自己的收入本身，我們如何看待第四季度的利用率以及你們如何準備你們的晶圓廠展望第四季度——明年第一季度？

Sorry, I --

對不起 -

Operator, we've got some disturbance on the line.

接線員，我們的線路有一些干擾。

All lines are fine, sir.

所有線路都很好，先生。

Mr.

先生。

Deshpande, please go ahead.

Deshpande，請繼續。

Your line is open.

你的線路是開放的。

Okay, so -- I think I missed the second portion of the question.

好的，所以——我想我錯過了問題的第二部分。

I'm sorry.

對不起。

Yes, the second question was what do you think your utilization -- I don't know where the noise -- utilization will be in the fourth quarter and the first quarter?

是的，第二個問題是您認為第四季度和第一季度的利用率如何——我不知道噪音在哪裡？

Sorry, how are you setting up for the first quarter of next year?

抱歉，明年第一季度的準備情況如何？

In terms of fab loading, right?

就晶圓廠裝載而言，對嗎？

Fab loading, yes.

很棒的加載，是的。

Yes.

是的。

So I would say that Carlo will take the first question on the multiples of comparable companies in the memory field.

所以我想說 Carlo 將回答第一個關於內存領域可比公司倍數的問題。

And then, Alain will comment on the fab loading utilization and the actions that we are taking, particularly in the fourth quarter, to reduce the loading.

然後，Alain 將評論晶圓廠負荷利用率和我們正在採取的行動，特別是在第四季度，以減少負荷。

Carlo?

卡羅？

Yes.

是的。

Sandeep, I appreciate your colorful comments.

Sandeep，我很欣賞你豐富多彩的評論。

However, as you may expect, GAAP required for a little bit more detailed analysis.

但是，正如您所料，GAAP 需要進行更詳細的分析。

The $300m impairment is a result of technical methodology based on discounted (technical difficulty) valuation on the company and the comparable market multiple valuation.

3 億美元的減值是基於公司貼現（技術難度）估值和可比市場倍數估值的技術方法的結果。

And as you can expect, the comparable peer companies include the key memory players that are listed on the stock market.

正如您所料，可比較的同行公司包括在股票市場上市的主要內存公司。

So, on this basis, we have realigned the equity investment in our book in Numonyx to a value for the ST equity which is today in the range of $600m before the ST notes to Numonyx.

因此，在此基礎上，我們已將我們在 Numonyx 賬簿中的股權投資重新調整為 ST 股權的價值，在 ST 向 Numonyx 發出票據之前，該價值目前在 6 億美元的範圍內。

And we believe, and also our independent accountants believe, that this is an appropriate and fair valuation.

我們相信，我們的獨立會計師也相信，這是一個適當和公平的估值。

Okay.

好的。

Alain?

阿蘭？

Yes.

是的。

Regarding -- good afternoon and good morning to all of you.

關於——大家下午好，早上好。

Yes, regarding the utilization of our plant and of our wafer fab, of course the demand in Q4 is decreasing.

是的，關於我們工廠和晶圓廠的利用率，第四季度的需求當然在減少。

At the same time, we want to control our inventory.

同時，我們要控制庫存。

Therefore, the demand placed on our wafer fab is leading to a utilization rate of about 75%.

因此，對我們晶圓廠的需求導致利用率約為 75%。

By the way, it's a bit more on six-inch and a bit less on the eight-inch wafer fab, but overall it's 75%.

對了，六寸多一點，八寸晶圓廠少一點，但總體是75%。

If you compare to what we had in Q3 and Q2, it was around about 85%.

如果與我們在第三季度和第二季度的情況相比，它大約是 85%。

So we have to take some action.

所以我們必須採取一些行動。

And what we are going to do at the end of the quarter is to close most of our fabs between one week and two weeks, depending on the fab.

我們將在本季度末做的是在一到兩週內關閉大部分晶圓廠，具體取決於晶圓廠。

And you were asking about Q1.

你問的是 Q1。

It's a bit early to discuss about the Q1 fab loading, but of course we will also take advantage of Chinese New Year and probably also at the beginning of the year to have some additional closure.

現在討論第一季度晶圓廠裝貨還為時過早，但我們當然也會利用農曆新年，可能還會在年初進行一些額外的關閉。

Sandeep, did you have a follow-up?

桑迪普，你有跟進嗎？

Yes.

是的。

My follow-up again was on this fab loading.

我的後續行動再次關注這個晶圓廠裝載。

So, do you see this fab loading continuing to -- based on what you're loading the fab -- you have probably started put -- loading wafers into the fab which will actually be coming out in January.

那麼，你是否看到這個晶圓廠繼續加載 - 根據你加載晶圓廠的內容 - 你可能已經開始 - 將晶圓加載到晶圓廠中，實際上將在 1 月份推出。

Do you think that this is going to go down and will that impact margins going forward again?

你認為這會下降嗎？這會再次影響利潤率嗎？

Well, I think in Q4 the -- let's say the effect of the fab loading is -- or the fab unloading is particularly significant.

好吧，我認為在第四季度 - 假設晶圓廠加載的影響是 - 或者晶圓廠卸載特別重要。

And I think, despite the big hit that is indeed material, we have given an outlook of a gross margin in the range of 38% to -- 38.8%.

而且我認為，儘管確實受到了重大打擊，但我們給出了 38% 至 38.8% 的毛利率前景。

I think that the measures that we are taking in Q4 are significant.

我認為我們在第四季度採取的措施意義重大。

Of course, we will exploit, as Alain said, other opportunities in the course of Q1 if needed, like the Chinese New Year.

當然，正如 Alain 所說，如果需要，我們會在第一季度利用其他機會，比如中國新年。

In general, fab loading has a negative impact.

一般來說，晶圓廠裝載有負面影響。

But as you have seen in Q4, we have been able to manage this, taking vigorous actions to reduce the loading, but despite that increasing the gross margin.

但正如您在第四季度所看到的那樣，我們已經能夠解決這個問題，採取積極行動減少裝載量，但儘管如此增加了毛利率。

Thank you.

謝謝。

Thank you for your question, Sandeep.

謝謝你的問題，桑迪普。

We'll move on.

我們會繼續前進。

Operator?

操作員？

Yes.

是的。

The next question is from Mr.

下一個問題來自於先生。

Gerra Tristan, Robert Baird.

杰拉·特里斯坦，羅伯特·貝爾德。

Please go ahead, sir.

請繼續，先生。

Hi.

你好。

Good afternoon.

下午好。

Given the decline in revenues in Q4, how should we look at R&D expenses going forward?

鑑於第四季度收入下降，我們應該如何看待未來的研發費用？

And specifically, are you going to take specific action so that the dollar amount could decline quarter on quarter, so we don't get above 20% of revenues?

具體來說，您是否會採取具體行動，使美元金額可能逐季下降，這樣我們的收入就不會超過 20%？

And if you could explain whether the $150m in cost savings could have some impact on that line item going forward.

如果你能解釋 1.5 億美元的成本節省是否會對未來的項目產生一些影響。

Yes.

是的。

I think that of course we have important actions in place, and then Carlo will comment more specifically on the fourth quarter.

我認為我們當然有重要的行動，然後 Carlo 將對第四季度進行更具體的評論。

But I just want to give a sense of the actions that we had anticipated.

但我只想介紹一下我們預期的行動。

In fact, these actions have started -- were started very much at the beginning of this year, with the dramatic weakening of the US dollars.

事實上，這些行動早在今年年初就開始了，當時美元大幅走軟。

So we have the -- an initiative that is to minimize and optimize our overall SG&A in ST and this is very much related to the separation of Numonyx and also to the integration of Genesis.

因此，我們有一項計劃，旨在最小化和優化我們在 ST 的整體 SG&A，這與 Numonyx 的分離以及 Genesis 的整合密切相關。

So this initiative is going on.

所以這個倡議正在進行中。

We are making progresses and we will have more progresses in the future.

我們正在取得進步，未來我們將取得更大的進步。

The second is of course the very significant cost synergies that we expect from the wireless joint venture and we are accelerating those measures.

第二個當然是我們期望從無線合資企業獲得非常顯著的成本協同效應，我們正在加快這些措施。

And as I said before, we will, as much as possible, anticipate and enjoy the synergies in the course of 2009.

正如我之前所說，我們將盡可能地期待並享受 2009 年的協同效應。

Then, we have an important program that is not yet finalized and is not yet in the financial performance in 2008.

然後，我們有一個重要的計劃還沒有最終確定，也沒有在 2008 年的財務業績中。

And this is very much to improve our competitiveness in R&D overall and is related to the initiative that we have with the French government to improve the competitiveness in the R&D through a support program related to the hub that we have in Grenoble and in Crolles.

這在很大程度上提高了我們在研發方面的整體競爭力，並且與我們與法國政府的倡議有關，該倡議旨在通過與我們在格勒諾布爾和克羅爾的中心相關的支持計劃來提高研發方面的競爭力。

And another important action - of course, this is not for expenses, but is for manufacturing - is the manufacturing infrastructure rationalization with the closure of the three fabs that we have announced, in Ain Sebaa in Maroc, in Carrollton in the United States and in Phoenix.

另一個重要的行動——當然，這不是為了開支，而是為了製造——是製造基礎設施的合理化，我們已經宣布關閉三座晶圓廠，分別位於摩洛哥的 Ain Sebaa、美國的 Carrollton 和鳳凰。

So we have -- on top of the major impact of the dollar rate that will be positive for us, we have four important initiatives to overall improve our competitiveness.

因此，除了美元匯率對我們有利的重大影響之外，我們還有四項重要舉措來全面提高我們的競爭力。

And now I will leave to Carlo commenting more specifically on the fourth quarter.

現在我將讓卡洛更具體地評論第四季度。

Yes, Carlo.

是的，卡羅。

I will try to add some number to the various initiatives that you have mentioned, as they do fall in the current quarter.

我將嘗試為您提到的各種舉措添加一些數字，因為它們確實屬於當前季度。

And I also appreciate Tristan having asked the question on discussing expenses in terms of absolute dollar as opposed as a percentage of sales, since, given the current dynamic of the industry and of sales, of course, we are in a very special situation.

我也很感激特里斯坦提出了以絕對美元而不是銷售額的百分比來討論費用的問題，因為考慮到行業和銷售的當前動態，當然，我們處於非常特殊的情況。

We are -- for your understanding in respect to our OpEx to sales target ratio, the midpoint of sales for Q4 we currently see is more than 12%, lower than what we were expecting six months ago for the current quarter.

我們 - 就我們的運營支出與銷售目標比率而言，我們目前看到的第四季度銷售中點超過 12%，低於我們六個月前對本季度的預期。

So in absolute -- let's look at piece by piece.

所以絕對 - 讓我們一塊一塊地看。

In absolute dollar, we expect the Q4 operating expenses -- and I talk about R&D and SG&A altogether, as we usually do.

以絕對美元計算，我們預計第四季度的運營費用——我會像往常一樣一起談論研發和 SG&A。

Before the former NXP Wireless addition, we expect them to remain substantially flat on the level of the prior quarter.

在加入前 NXP Wireless 之前，我們預計它們將與上一季度的水平基本持平。

On one side, we will see some benefit from currency, but also there will be less vacation and a normally higher Q4 in expenses that we historically experience.

一方面，我們會看到貨幣帶來的一些好處，但假期也會減少，而且我們歷史上經歷過的第四季度支出通常會更高。

Then, there is the portion that we have had.

然後，就是我們所擁有的部分。

And in this respect, on the NXP Wireless additions, in third quarter we have taken two months.

在這方面，在第三季度增加 NXP Wireless 時，我們花了兩個月的時間。

In the third quarter, we would take the three -- the full three months' period, so we have one more month.

在第三季度，我們將採用整整三個月的時間，所以我們還有一個月。

That's including the amortization of the acquisition-related intangibles, who'll give some $50m to $60m increase in expenses from Q3 to Q4.

這包括與收購相關的無形資產的攤銷，從第三季度到第四季度，這些無形資產將使支出增加約 5000 萬至 6000 萬美元。

Carlo's mentioned the plan of savings from the wireless cost synergies that will be a substantial, a very substantial, reduction, absolutely in line with our plan when launching the joint venture.

Carlo's 提到了無線成本協同效應的節省計劃，這將是一個實質性的、非常實質性的減少，這完全符合我們啟動合資企業時的計劃。

And this will materialize through the year 2009, starting from Q1 2009, also thanks to the accelerated action plan that the joint venture is currently adopting to reply to the market.

而這將在 2009 年實現，從 2009 年第一季度開始，這也要歸功於合資企業目前為應對市場而採取的加速行動計劃。

And finally, I think Carlo referred also to the opportunity from the competitiveness support for the R&D activity in Grenoble and Crolles.

最後，我認為卡洛還提到了格勒諾布爾和克羅爾研發活動的競爭力支持帶來的機會。

I have to mention that, so far, the R&D expenses incurred in our P&L have not been yet balanced by the expected grants.

我不得不提的是，到目前為止，我們損益表中產生的研發費用還沒有被預期的補助金所平衡。

As you know, we are finalizing an important R&D contract.

如您所知，我們正在敲定一項重要的研發合同。

We can reasonably expect it to be signed and cleared by the European regulator before the year end.

我們可以合理地預期它會在年底前獲得歐洲監管機構的簽署和批准。

Those two are the two conditions necessary to recognize the grants in our income statement.

這兩個是在我們的損益表中確認贈款所必需的兩個條件。

And under these assumptions, if these assumptions will occur, expenses in Q4 will be possibly offset by an about $55m to $65m positive balance in other income.

在這些假設下，如果這些假設發生，第四季度的支出可能會被其他收入中約 5500 萬至 6500 萬美元的正餘額所抵消。

Very helpful.

很有幫助。

One follow-up, more strategically on the wireless JV.

一項後續行動，更具戰略意義的是無線合資企業。

My understanding is now that you have several engineer teams working on baseband architectures and -- one from the Nokia side, one from the NXP side and also a baseband platform from EMP.

我現在的理解是，你有幾個工程師團隊致力於基帶架構——一個來自諾基亞，一個來自恩智浦，還有一個來自 EMP 的基帶平台。

Do you plan on reducing the number of engineers at the wireless JV?

您是否計劃減少無線合資企業的工程師人數？

And also, should we look at this from different teams serving different customers or instead one baseband architecture going forward and just one team working on that?

而且，我們是否應該從服務於不同客戶的不同團隊來看待這個問題，或者取而代之的是一種基帶架構向前發展，而只有一個團隊致力於此？

Okay.

好的。

This is Alain Dutheil speaking.

我是 Alain Dutheil。

In fact, for the time being, we have two.

事實上，目前我們有兩個。

We don't have three yet.

我們還沒有三個。

So we have, as you said, the NXP and we have the Nokia.

所以，正如您所說，我們擁有恩智浦和諾基亞。

But of course, we'll have to work, when the EMP deal is finished or is -- day one, we'll have to work actively in working on reducing some of them.

但是，當然，我們必須工作，當 EMP 交易完成或者是 - 第一天，我們將必須積極努力減少其中的一些。

It may take some time.

這可能需要一些時間。

So, for the time being, what we are working on is really to reduce the service agreement that we have with NXP, and this will have probably an immediate impact.

因此，就目前而言，我們正在做的實際上是減少我們與恩智浦的服務協議，這可能會產生立竿見影的影響。

I would say in the next few months we'll see a decrease on our expenses, before working actively on reducing the different 3G model.

我想說，在接下來的幾個月裡，我們會看到我們的開支有所減少，然後才會積極致力於減少不同的 3G 模型。

Thanks for the question, Tristan.

謝謝你的問題，特里斯坦。

We'll move on.

我們會繼續前進。

Operator?

操作員？

Yes.

是的。

The next question is from Mr.

下一個問題來自於先生。

John Dryden, Charter Equity.

John Dryden，Charter Equity。

Please go ahead, sir.

請繼續，先生。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

First, for Carlo, can you walk us through the $1.3b uptick to goodwill and other intangibles?

首先，對於 Carlo，您能否向我們介紹商譽和其他無形資產的 $1.3b 上漲？

And can you clarify, did you say $15m or $50m increased amortization expense for 4Q and into 2009?

你能澄清一下嗎，你是說 4Q 和 2009 年的攤銷費用增加了 1500 萬美元還是 5000 萬美元？

I think it's a question for Carlo Ferro.

我認為這是 Carlo Ferro 的問題。

Yes.

是的。

I -- no, what I've mentioned for Q4 2008 is an overall increase in the former NXP Wireless perimeter for expenses, which includes the amortization, but also of course includes the additional month, since in Q3 we only -- we closed the deal in early August, in the range between $50m to $60m.

我——不，我在 2008 年第四季度提到的是前 NXP Wireless 支出的整體增長，其中包括攤銷，當然也包括額外的月份，因為在第三季度我們只——我們關閉了8 月初的交易，金額在 5000 萬美元到 6000 萬美元之間。

But this is not only the amortization.

但這不僅僅是攤銷。

It's also including the additional month.

它還包括額外的月份。

Then, your second question is about the goodwill in our balance sheet.

然後，你的第二個問題是關於我們資產負債表中的商譽。

And this goodwill, at this stage, includes a significant impact of the purchase accounting from the wireless acquisition.

在現階段，這種商譽包括來自無線收購的採購會計的重大影響。

And more in particular, we have some -- about - I will tell you exactly the number - $735m resulting from the NXP acquisition.

更具體地說，我們有一些——大約——我會告訴你確切的數字——收購 NXP 產生的 7.35 億美元。

And as my follow-up, for Tommi, Wireless was up double-digits excluding NXP on the expanded customer base and the favorable mix.

作為我的後續行動，對於 Tommi，Wireless 在擴大的客戶群和有利的組合方面增長了兩位數（不包括 NXP）。

Can you provide some further insight on both the favorable mix and your expanded customer base outside of NXP?

您能否就恩智浦以外的有利組合和您擴大的客戶群提供一些進一步的見解？

So what you've seen over the time is that we've expanded our customer base in Wireless in the digital baseband area, together with EMC.

因此，隨著時間的推移，您所看到的是，我們與 EMC 一起擴大了數字基帶領域的無線客戶群。

So this has clearly grown our share of the EMP customers.

因此，這顯然增加了我們在 EMP 客戶中的份額。

And then, also, on the imaging business we have, let's say, a customer base outside our traditional ones, but we are not disclosing the customer names in that area.

然後，在成像業務方面，比方說，我們擁有傳統客戶群之外的客戶群，但我們沒有透露該領域的客戶名稱。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks, John.

謝謝，約翰。

Operator, we'll move on.

接線員，我們繼續。

The next question is from Mr.

下一個問題來自於先生。

Simon Schafer, Goldman Sachs.

西蒙謝弗，高盛。

Please go ahead, sir.

請繼續，先生。

Yes, hi there.

是的，你好。

I had just a question on the gross margin guidance again.

我再次對毛利率指導有疑問。

When I look at that on an underlying basis, just over 100 basis points expected increase.

當我從根本上看時，預計增長將超過 100 個基點。

I was wondering whether you could just walk us through how much of that -- of an increase is coming from FX versus how much of a decline we would have to incorporate, just on your expectation that the fab loading is falling.

我想知道你是否可以告訴我們其中有多少 - 增加來自外匯，而我們必須納入多少下降，只是根據你對晶圓廠負荷下降的預期。

Well, I think qualitatively -- Carlo will comment and I think will give some color also in terms of numbers, but I think there is -- unfortunately, there is an important contribution of the fab loading that is a negative contribution.

好吧，我認為定性 - Carlo 會發表評論，我認為也會在數字方面給出一些顏色，但我認為有 - 不幸的是，晶圓廠裝載的重要貢獻是負面貢獻。

And there is also an important contribution that is coming from -- this time from the dollar rate.

還有一個重要的貢獻來自——這次來自美元匯率。

And I would say there is also a significant contribution that is coming from operational improvements, particularly in manufacturing.

我要說的是，運營改進也做出了重大貢獻，尤其是在製造業方面。

So, Carlo.

那麼，卡羅。

Yes, Carlo.

是的，卡羅。

The two effects you have mentioned are quite similar, with of course different sign of the impact.

你提到的兩種影響非常相似，當然影響的跡像不同。

The currency from $1.54 to $1.40 per euro will benefit the gross margin by about 1.5 percentage points.

貨幣從每歐元 1.54 美元升至 1.40 美元將使毛利率受益約 1.5 個百分點。

The expected under-loading of the fabs, the related [unsaturation] charges, are anticipated to negatively hit the margin in a range between 120, 140 basis points.

晶圓廠的預期負荷不足，相關的[不飽和]費用，預計將對利潤率產生負面影響，範圍在 120 至 140 個基點之間。

So, substantially, the two wash each other.

因此，實質上，兩者相互洗滌。

Here, the opportunity is that the under-loading is transitional.

在這裡，機會是欠載是過渡性的。

I cannot say about the exchange rate, but we can hope that will eventually last longer.

我不能說匯率，但我們希望這種情況最終會持續更長時間。

So, apart from the currency and the under-loading, the manufacturing efficiency that we have achieved in the third quarter and a continued positive contribution from the product mix improved the margin.

因此，除了貨幣和負載不足之外，我們在第三季度實現的製造效率以及產品組合的持續積極貢獻提高了利潤率。

And this is basically the driver of the about 1 point net improvement, despite and after a pure price pressure that this quarter is expected to be even heavier than in the prior period.

這基本上是約 1 點淨改善的驅動力，儘管在純粹的價格壓力之後，本季度預計比上一時期更重。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

And my second question would be just a bigger picture question in terms of M&A strategy.

我的第二個問題只是關於併購戰略的一個更大的問題。

You comment on the net debt position now.

您現在對淨債務頭寸發表評論。

Does that mean we're mostly done in terms of complementing the businesses that you have?

這是否意味著我們在補充您的業務方面已基本完成？

Absolutely, yes.

絕對沒錯。

I think we have been very busy.

我想我們一直很忙。

Of course, some tuning may happen.

當然，可能會發生一些調整。

I think you know there is some smaller product line under scrutiny.

我想你知道有一些較小的產品線正在接受審查。

We are still working on -- scrutiny in the sense that they are not good enough.

我們仍在努力——從某種意義上說它們還不夠好。

And I believe that at this level maybe something more will happen, but I think we are mostly done.

我相信在這個層面上可能會發生更多事情，但我認為我們已經基本完成了。

I think it has been very intensive.

我認為這是非常密集的。

We now need to focus on the four key programs that I have mentioned at the beginning.

我們現在需要關注我在開頭提到的四個關鍵項目。

They are all very, very important for the Company, very material.

他們對公司來說都非常非常重要，非常重要。

There is -- of course, this is mostly execution.

有——當然，這主要是執行。

The cost synergies in the wireless, the optimization of the SG&A infrastructure of the Company, the rationalization of the manufacturing with the closing of the three fabs.

無線領域的成本協同效應、公司 SG&A 基礎設施的優化、製造的合理化以及三個工廠的關閉。

We are also working another three fabs.

我們還在與另外三個晶圓廠合作。

For instance, we are not mentioning what we are doing in Singapore.

例如，我們沒有提及我們在新加坡所做的事情。

In Singapore, we are transforming what was previously a decaying center in a major, major broadcasting area.

在新加坡，我們正在改造一個主要、主要廣播區的一個破舊中心。

In this area in Singapore we will have 1,000 products, which is a very, very important size, and of course with reduced testing cost.

在新加坡的這個區域，我們將擁有 1,000 種產品，這是一個非常非常重要的規模，當然測試成本也會降低。

And the finalization with the French government undergoing.

並與法國政府進行最終確定。

So, these are very important, let's say, programs for the Company and all of this will make the Company more competitive.

因此，這些對公司來說非常重要，比方說，所有這些計劃都會使公司更具競爭力。

I think M&A will be reduced and we'll focus on the execution.

我認為併購將減少，我們將專注於執行。

I think at the end we will have a better product portfolio and I believe that we are almost done.

我認為最終我們將擁有更好的產品組合，我相信我們幾乎完成了。

Thank you, Simon.

謝謝你，西蒙。

We'll move on to the next question.

我們將繼續下一個問題。

The next question is from Mr.

下一個問題來自於先生。

Glen Young, Citigroup.

格倫楊，花旗集團。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

In listening to your comments, I think I heard you say that automotive would be one of the weaker areas in the fourth quarter.

在聽取您的評論時，我想我聽到您說汽車將是第四季度較弱的領域之一。

So, one, I just wanted to clarify that I'm reading that correctly.

所以，第一，我只是想澄清一下我沒看錯。

And then secondly, with respect to that, when I think about Wireless as a division, automotive as a subset of a division, how are those businesses best able to weather the weakness in revenues?

其次，關於這一點，當我將無線視為一個部門，將汽車視為一個部門的一個子集時，這些業務如何才能最好地度過收入疲軟的時期？

Is one more, for example, able to preserve their margins than the other?

例如，是否有更多的人能夠比另一個人保持利潤？

Well, I think from the point of view of the most recent quarters, I'd say that automotive was particularly positive, particularly strong, in the course of the second quarter, for instance.

好吧，我認為從最近幾個季度的角度來看，我會說汽車業在第二季度特別積極，特別強勁。

We had a fantastic quarter in Q2 on automotive and unfortunately the only sector that did indeed experience a strong slowdown in the third quarter was automotive, but starting from a very high level in Q2.

我們在第二季度的汽車行業表現出色，不幸的是，唯一在第三季度確實經歷了強勁放緩的行業是汽車行業，但從第二季度的非常高的水平開始。

And despite this slowdown, I think automotive year over year in Q3 grew significantly, so contributing to the overall -- ST, without NXP, grew 10.9% and the automotive group significantly contributed to this growth.

儘管出現了這種放緩，但我認為第三季度汽車行業同比增長顯著，因此對整體的貢獻——ST，沒有恩智浦，增長了 10.9%，而汽車集團對這一增長做出了重大貢獻。

Now, moving on to Q4, I would say that is more across -- I think is more across the board, I think is more across the various segments.

現在，轉到第四季度，我想說的是更全面——我認為更全面，我認為更跨越各個領域。

It's not only automotive.

不僅僅是汽車。

I think it's -- the decline in demand is more a broader range.

我認為這是 - 需求下降的範圍更廣。

And I believe that rather than looking at -- in terms of price pressure, rather than looking at the various -- the difference between the various application sectors, I would like to mention two things.

而且我相信，與其著眼於價格壓力，而不是著眼於各種應用領域之間的差異，我想提兩件事。

Number one, we will not have Memory any longer in Q4 and this is going to help, because our portfolio without Memory is less sensitive to this kind of downturn.

第一，我們將在第四季度不再擁有內存，這將有所幫助，因為我們沒有內存的投資組合對這種低迷不那麼敏感。

And number two, I think on the rest, rather than looking at the market segments, of course, we have two blocks of products in the Company.

第二，我認為在其他方面，而不是看細分市場，當然，我們公司有兩個產品塊。

We have some products that are more standard products and some products that are more dedicated products.

我們有一些產品是更標準的產品，有些產品是更專用的產品。

So, in this phase of downturn, we expect some more pressure on the portion that is more standard.

因此，在這個低迷階段，我們預計更標準的部分會承受更多壓力。

But I think, if you compare with one year ago, we believe that we are less sensitive from the price pressure point of view because we do not have any longer the $350m that we had per quarter on memory products.

但我認為，如果與一年前相比，我們認為從價格壓力的角度來看，我們不那麼敏感了，因為我們不再有每季度 3.5 億美元的內存產品。

Glen, do you have a follow-up?

格倫，你有後續行動嗎？

Yes.

是的。

The second question is you made the comment that you're going to bring down fab loadings to account for the weakness in the end markets.

第二個問題是你發表評論說你將降低晶圓廠負荷以應對終端市場的疲軟。

But I wanted to understand, just to clarify, do you therefore anticipate that inventories will actually fall quarter on quarter?

但我想了解，只是為了澄清一下，您是否因此預計庫存實際上會逐季下降？

I just want to clarify that.

我只想澄清一下。

And then, just as a subset of that, what's your view on where channel inventories are today?

然後，作為其中的一個子集，您對今天的渠道庫存有何看法？

On the channel inventory, I believe that what we are experiencing today is a drop in demand.

在渠道庫存上，我相信我們今天遇到的是需求下降。

On the other hand, both with what we're doing with our customers, major customers, but also with our distributors, we do not see an increase in the channel inventory.

另一方面，無論是我們與客戶、主要客戶以及我們的分銷商所做的事情，我們都沒有看到渠道庫存增加。

I would say, for instance, I was visiting Asia two weeks ago and I had dinner with the CEOs of all our distribution in Asia that are some major distributors there.

我會說，例如，我兩週前訪問了亞洲，我與我們在亞洲的所有分銷商的首席執行官共進晚餐，他們是那裡的一些主要分銷商。

And overall, the inventory position is not bad at all.

總體而言，庫存狀況一點也不差。

I have to say that the inventory that they have on our products during the last few months has decreased, right.

我不得不說，他們在過去幾個月中對我們產品的庫存減少了，對吧。

So, overall, I do not believe that there is a problem of inventory with our customers.

因此，總的來說，我不認為我們的客戶存在庫存問題。

With the major customers, we have a supply chain system that is relatively sophisticated in the sense that we can monitor and track continuously every week.

對於大客戶，我們有一個相對成熟的供應鏈系統，我們可以每週持續監控和跟踪。

It's really the demand that has dropped.

確實是需求下降了。

So, of course, we are more concerned about the overall demand rather than the adjustment of at least inventory on the products that our customers have on our business.

因此，當然，我們更關心整體需求，而不是至少調整客戶對我們業務的產品庫存。

Carlo, did you want to comment about the sequential inventory?

Carlo，你想評論順序庫存嗎？

Overall, for ST, we expect that the initiatives Alain has described on the manufacturing operations in the fourth quarter will result in keeping the level of inventory under control in absolute dollar terms.

總體而言，對於 ST，我們預計 Alain 在第四季度描述的有關製造業務的舉措將導致以絕對美元計算的庫存水平得到控制。

We have, as you have noticed, made some improvement this quarter in terms of inventory turns that accelerated from 3.8 to 4 times.

正如您所注意到的，本季度我們在庫存周轉率方面取得了一些進步，從 3.8 倍加速到 4 倍。

And now the objective for the fourth quarter is to control the inventory in absolute dollar terms.

現在第四季度的目標是控制以絕對美元計算的庫存。

Thank you, Glen.

謝謝你，格倫。

We'll move on to the next question, please.

請繼續下一個問題。

The next question is from Mr.

下一個問題來自於先生。

Martino De Ambroggi, Euromobiliare.

Martino De Ambroggi，Euromobiliare。

Please go ahead, sir.

請繼續，先生。

Yes.

是的。

Good morning, good afternoon, everybody.

大家早上好，下午好。

Two questions on a couple of issues already mentioned.

關於已經提到的幾個問題的兩個問題。

You mentioned price pressure heavier than in the past, but if I'm not wrong you didn't quantify it.

你提到價格壓力比過去更大，但如果我沒記錯的話你沒有量化它。

So, if you can elaborate a bit more.

所以，如果你能詳細說明一下。

And on NXP consolidation, if I'm not wrong, in Q3 the gross margin net of non-recurrent items was in excess of 42%.

在恩智浦合併方面，如果我沒記錯的話，第三季度扣除非經常性項目的毛利率超過 42%。

I'd like to understand which is the assumption in your guidance for Q4.

我想了解您對 Q4 的指導中的假設。

Obviously, net or including the $30m additional non-recurring item.

顯然，淨額或包括 3000 萬美元的額外非經常性項目。

Thank you.

謝謝。

Okay.

好的。

Maybe I'll take the question, Martino.

也許我會回答這個問題，馬蒂諾。

The first one is about the price pressure.

第一個是關於價格壓力。

Yes, I've mentioned that the impact to gross margin of pure price in the Q4 will continue to be a negative contributor and this somehow should accelerate in respect to what we have experienced in the prior quarter.

是的，我已經提到第四季度純價格對毛利率的影響將繼續是一個負面因素，並且相對於我們在上一季度所經歷的情況，這應該會以某種方式加速。

Talking about price, it's also important to combine all the ingredients on the average selling price.

談到價格，將所有成分結合到平均售價上也很重要。

On one side, we have the pure price.

一方面，我們有純價格。

What we call the pure price is the dynamic of a selling price for a single specific device.

我們所說的純價格是單個特定設備的售價動態。

And the other one is the impact of the mix, so the change of the devices that we do sell.

另一個是組合的影響，即我們銷售的設備的變化。

Interesting to note that in our third quarter revenues dynamic, the 10.9% year-over-year growth or the 2.7% sequential growth, this quarter ASP increased and even contributed more than the increase in units.

有趣的是，在我們第三季度的收入動態中，10.9% 的同比增長或 2.7% 的環比增長，本季度 ASP 的增長甚至超過單位增長的貢獻。

And as you can imagine, this ASP increase is a balance between pure price pressure, which continues to be a negative, and a very substantial improvement in mix.

正如您可以想像的那樣，這種平均售價的增長是純粹的價格壓力（繼續是負面的）與組合的顯著改善之間的平衡。

The second of your questions is a clarification.

你的第二個問題是澄清。

And, yes, I do confirm the 38.8% gross margin guidance for the fourth quarter includes the NXP.

而且，是的，我確認第四季度 38.8% 的毛利率指引包括 NXP。

Ex-NXP, Wireless business does not include this tail of about $30m of purchase accounting, inventory step-up that has been $88m.

前恩智浦無線業務不包括這尾約 3000 萬美元的採購會計和 8800 萬美元的庫存增量。

$57m have affected the third quarter and $31m, based on the turn of the inventory, will affect the current quarter.

5700 萬美元影響了第三季度，根據庫存周轉情況，3100 萬美元將影響當前季度。

If I may, Carlo, just a further clarification, because the gross margin for the NXP newly consolidated asset seems to be in excess of 42% in Q3.

如果可以的話，卡洛，我想進一步澄清一下，因為恩智浦新合併資產的毛利率在第三季度似乎超過了 42%。

Just to understand, in your assumption of 38.8%, what is the expected contribution of these newly consolidated assets?

只是要了解，在您 38.8% 的假設中，這些新合併資產的預期貢獻是多少？

I would say that you have done some math on all the various ingredients.

我會說你已經對所有不同的成分做了一些計算。

I believe your math is not uncorrect.

我相信你的數學沒有錯。

However, then, of course, we do not track a gross margin by specific division.

但是，當然，我們不會按特定部門跟踪毛利率。

Even less we will track, quarter after quarter, gross margin by pieces of sources into a specific division.

更不用說我們會逐個季度跟踪按來源劃分到特定部門的毛利率。

So, if you don't mind, I believe your math in respect to the third quarter gross margin is substantially correct.

所以，如果你不介意的話，我相信你對第三季度毛利率的計算基本上是正確的。

This is not a surprise.

這並不奇怪。

When we acquired this business, we were expecting a good contribution from this business to the gross margin.

當我們收購這項業務時，我們期望這項業務對毛利率有良好的貢獻。

And then, when we will acquire the Ericsson mobile platform piece, this will be a further and even more substantial increase in gross margin.

然後，當我們收購愛立信移動平台時，毛利率將進一步大幅增長。

Okay.

好的。

Thank you.

謝謝。

I don't mind.

我不介意。

I don't mind.

我不介意。

Thank you, Martino.

謝謝你，馬蒂諾。

We'll take the next question, please.

我們將回答下一個問題。

The next question is from Mr.

下一個問題來自於先生。

Gunnar Plagge, Nomura.

Gunnar Plagge，野村證券。

Please go ahead, sir.

請繼續，先生。

Yes, hello.

是的你好。

Good afternoon.

下午好。

Does the macro situation impact your satellite strategy?

宏觀形勢是否影響您的衛星戰略？

I guess you were at 7% in the first and second quarter for outsourcing.

我猜你在第一季度和第二季度的外包率為 7%。

You were supposed to be, I think, at 9% now and you were, I think, reaching for 20% by year end.

我認為你現在應該是 9%，而我認為到年底你會達到 20%。

So, does that change?

那麼，這會改變嗎？

Yes.

是的。

In fact, yes, last quarter we were a little bit more than 8%.

事實上，是的，上個季度我們略高於 8%。

It was 8.8%.

這是8.8%。

This quarter, of course, with the situation I was describing before, we are not going to go to more subcontractors so we'll stay at about 8%, 8.5%.

當然，這個季度，根據我之前描述的情況，我們不會去找更多的分包商，所以我們將保持在 8%、8.5% 左右。

And frankly, for next year it's very difficult to say.

坦率地說，明年很難說。

The only thing I can say is that we are not going to increase our capacity.

我唯一能說的是，我們不會增加容量。

In fact, we are going to decrease our capacity because at the end of the year, as mentioned, we will close two of our fab.

事實上，我們將減少產能，因為如前所述，我們將在年底關閉我們的兩個工廠。

And then, what is going to be the demand?

然後，需求是什麼？

This is the big question mark.

這是一個大問號。

So, our goal is still to be about 20%, but everything is going to be depending on the demand.

所以，我們的目標仍然是 20% 左右，但一切都將取決於需求。

Again, the only thing I can tell you is that we are not going to increase the capacity.

同樣，我唯一可以告訴你的是我們不會增加容量。

Okay.

好的。

Thank you.

謝謝。

On the IMS side, the IC side grew quite strongly but we had another quarter of weakness in discrete.

在 IMS 方面，IC 方面增長相當強勁，但我們在離散方面還有四分之一的疲軟。

Was there any area specific that you mentioned?

您提到過任何特定領域嗎？

I think IPADS were even strong.

我認為 IPADS 甚至更強大。

Well, the composition of the portfolio -- this is Carmelo Papa speaking.

那麼，投資組合的構成——我是 Carmelo Papa。

Thank you for your question.

謝謝你的問題。

The portfolio is so wide that you find many things.

投資組合非常廣泛，您可以找到很多東西。

Overall, I could say that there has been a weakness this quarter for the pure traditional discretes, largely compensated by the more advanced products, specifically MEMS and advanced analog.

總的來說，我可以說本季度純傳統分立器件存在弱點，主要由更先進的產品彌補，特別是 MEMS 和高級模擬器件。

Of course, this is -- we have big volumes on discrete, so each time there is a glitch on the market.

當然，這是——我們的離散量很大，所以每次市場上都會出現故障。

In this case, there was specifically for some overstocking in what we call the e-bike in China, which caused us some little turmoil in some product sales.

在這種情況下，我們在中國所謂的電動自行車存在一些積壓問題，這導致我們在某些產品銷售方面出現了一些小動盪。

But it's a momentary situation that we will recover in the coming quarters.

但這是暫時的情況，我們將在未來幾個季度恢復。

Yes.

是的。

It's very much related to this electronic bicycle in China and I think we will -- we'll hopefully have the opportunity to do better in the future also in discrete.

這與中國的這款電動自行車非常相關，我認為我們會 - 我們希望將來有機會在離散方面做得更好。

But let me underline once more, 21% growth year over year on this block of IC that this year was, in Q3, $574m is an impressive growth.

但讓我再次強調，今年第三季度，這個 IC 塊同比增長 21%，達到 5.74 億美元，這是一個令人印象深刻的增長。

But nothing unusual in Power MOSFET, for example?

但是，例如，功率 MOSFET 並沒有什麼異常？

No, no.

不，不。

Power MOFSET is what I said.

Power MOFSET 就是我說的。

I think there was this bubble on the e-bike in China.

我認為中國的電動自行車存在泡沫。

Okay.

好的。

Thank you.

謝謝。

Thank you for your question, Gunnar.

謝謝你的問題，Gunnar。

Next question, please.

請下一個問題。

The next question is from Mr.

下一個問題來自於先生。

Jonathan Crossfield, Merrill Lynch.

喬納森·克羅斯菲爾德，美林證券。

Please go ahead, sir.

請繼續，先生。

Yes, thank you for taking the questions.

是的，謝謝你提出問題。

I guess, looking into 2009, as we look at things deteriorating quite sharply, do you think the IMS business, which is clearly the much higher margin business for ST at the moment, can be more resilient in such a strong downturn?

我猜想，展望 2009 年，當我們看到情況急劇惡化時，您認為 IMS 業務（目前顯然是 ST 的利潤率更高的業務）在如此強勁的低迷時期能否更具彈性？

Yes, of course.

是的當然。

There are two things.

有兩件事。

First of all, we are in the market, so if there is any major drop in the market we'll suffer but we can always do better than our competitors.

首先，我們在市場上，所以如果市場出現任何大幅下跌，我們會受到影響，但我們總能比競爭對手做得更好。

And second, there is a strong product portfolio that we are continuously renewing, which has been in the last three years giving a tremendous visibility within the Company.

其次，我們不斷更新強大的產品組合，這在過去三年中在公司內獲得了巨大的知名度。

I mean the new products, what we consider new products, the things which have been born in the last two years, have been doubled, percentage wise, in the last three years.

我的意思是新產品，我們認為的新產品，在過去兩年中誕生的東西，在過去三年中以百分比的形式翻了一番。

So, this is a combination that makes me feel comfortable that next year, irrespective of what the market will be, we will outperform our competitors in the same range of products.

因此，這種組合讓我感到放心，明年，無論市場如何，我們都將在同一系列產品中超越我們的競爭對手。

There are many new things coming.

有許多新事物即將到來。

For instance, microcontrollers I think is very good new products.

比如微控制器，我認為是非常好的新產品。

We have Smartcards.

我們有智能卡。

That is another area.

那是另一個領域。

We have more of the MEMS, the gyroscope, for instance, (multiple speakers) in the family.

我們有更多的 MEMS，例如陀螺儀（多個揚聲器）。

Yes, microphones.

是的，麥克風。

I mean the silicone microphones.

我的意思是矽膠麥克風。

Many advanced analog products.

許多先進的模擬產品。

So, we are really trying to push a lot of ICs very much and introduce more new products.

所以，我們真的很努力地推出很多 IC 並推出更多新產品。

Jonathan, did you have a follow-up?

喬納森，你有跟進嗎？

Yes, please.

是的，請。

This is probably one for Carlo Ferro.

這可能是 Carlo Ferro 的作品。

But have you changed your hedging policy in any way, because I understood that you were hedging on a rolling six-month basis and the Q4 FX rate of $1.4 looks pretty good if you're still doing that.

但是你有沒有以任何方式改變你的對沖政策，因為我知道你在滾動六個月的基礎上進行對沖，如果你仍然這樣做的話，1.4 美元的第四季度外匯匯率看起來相當不錯。

No.

不。

Jonathan, we have not changed so far.

喬納森，到目前為止我們沒有改變。

So, the second quarter 2009 is substantially clean from any hedging at this stage.

因此，2009 年第二季度現階段基本上沒有任何對沖。

It has a very, very minimal amount.

它的數量非常非常少。

So, in this respect, we have not changed.

所以，在這方面，我們沒有改變。

I have to admit that in these days and with the euro/dollar moving towards the $1.20, as it seems, last week we are eventually contemplating some possible adoption of hedging through options for extending to a certain limited percentage of exposure the hedging from the six to the 12-month window.

我不得不承認，在這些天裡，隨著歐元/美元朝著 1.20 美元的方向移動，上週我們最終正在考慮通過期權將對沖擴大到一定的有限比例的對沖來進行對沖。到 12 個月的窗口。

However, at this stage, based on the usual systematic hedging occurred so far, the second quarter 2009 is substantially clean from hedging.

然而，在現階段，基於迄今為止發生的通常的系統性套期保值，2009 年第二季度基本上沒有套期保值。

Having asked a question to me, let me take the opportunity to add one more economic ingredient answering your prior question, which is at the end -- the profitability to the top line of a product line very much depends on the R&D intensity.

在問了我一個問題之後，讓我藉此機會再補充一個經濟成分來回答你之前的問題，最後是——產品線的盈利能力在很大程度上取決於研發強度。

And IMS also still benefits of running at an R&D to sales ratio that is substantially lower than the Company average.

IMS 還受益於研發與銷售的比率大大低於公司平均水平。

And this is something that, when modeling for 2009, based on market environment and top line, you may want to consider for IMS, and to a certain extent also for the automotive sector.

在為 2009 年建模時，基於市場環境和頂線，您可能需要考慮 IMS，並且在一定程度上也考慮汽車行業。

Thank you very much.

非常感謝。

Thank you, Jonathan.

謝謝你，喬納森。

I think at this point we'll take one more question, please.

我想現在我們再回答一個問題。

The next question is from Mr.

下一個問題來自於先生。

Didier Scemama, RBS.

Didier Scemama，蘇格蘭皇家銀行。

Please go ahead, sir.

請繼續，先生。

Good afternoon, gentlemen.

下午好，先生們。

Many thanks for taking my question.

非常感謝您提出我的問題。

A lot of good questions have been asked already, so I'll try to do my best.

已經問了很多很好的問題，所以我會盡力而為。

So, first of all, can you just maybe, Tommi, give us a bit of color on what you see on the wireless space, maybe what you see in terms of apps processor, imaging, connectivity, mixing only in baseband the peak rate?

所以，首先，Tommi，你能不能給我們一些關於你在無線領域看到的東西的顏色，也許你在應用程序處理器、成像、連接性、僅在基帶中混合峰值速率方面看到了什麼？

And I have a follow-up, if I may.

如果可以的話，我有後續行動。

Tommi?

湯米？

I would say that, let's say, what we have announced earlier in the year about the nomadic applications processor being driven by two major areas, so one the automotive and application of that, and then second one the [black seat] product at one of our customers.

我想說的是，我們在今年早些時候宣布的關於游牧應用處理器由兩個主要領域驅動的內容，一個是汽車及其應用，另一個是[黑座]產品之一我們的顧客。

Those are both kind of moving substantially forward.

這些都在實質上向前發展。

And then, on imaging, I'd just, let's say, make the comment that we've been successful at diversifying the customer base and let's say the results were visible now already in Q3.

然後，在成像方面，我只想說，我們已經成功地使客戶群多樣化，並且可以說結果現在已經在第三季度可見。

Okay.

好的。

Could I just go back to the gross margin guidance for the fourth quarter?

我可以回到第四季度的毛利率指導嗎？

The 1 point improvement coming from manufacturing and mix and more than offsetting the price pressure, I'd just like to get back to that because it seems like quite an amazing achievement in such a short period of time.

製造和混合帶來的 1 點改進不僅抵消了價格壓力，我只想回到這一點，因為它在如此短的時間內似乎取得了相當驚人的成就。

So, can you maybe be a bit more specific as to effectively what has been the price pressure sequentially and maybe where -- specifically where you improved the manufacturing to get such a massive leverage on gross margins?

那麼，您能否更具體地說明價格壓力的順序以及可能在哪裡 - 特別是您改進製造以獲得如此巨大的毛利率槓桿的地方？

Yes.

是的。

Overall, we said there are three contributors here, right.

總的來說，我們說這裡有三個貢獻者，對吧。

One is negative and then unfortunately this [asks the] question the charge that is very material and we have quantified that before.

一個是負面的，然後不幸的是，這 [問] 一個非常重要的問題，我們之前已經對其進行了量化。

The second one is positive, is the exchange rate variation.

第二個是積極的，就是匯率變動。

And the third one is also positive, is the manufacturing efficiency, so (inaudible).

第三個也是積極的，是製造效率，所以（聽不清）。

And of course the product mix.

當然還有產品組合。

The product mix is playing a role in Q3 already.

產品組合已經在第三季度發揮作用。

It was a good mix, a better mix.

這是一個很好的組合，一個更好的組合。

Our manufacturing efficiency, at the end this, I have to admit, is one of the easiest piece to anticipate and to forecast for us, since given the inventory cycle at the end we are substantially reflecting on the fourth quarter the manufacturing performance, the actual manufacturing performance, of the third quarter.

最後，我不得不承認，我們的製造效率是我們最容易預測和預測的部分之一，因為考慮到最後的庫存週期，我們在很大程度上反映了第四季度的製造績效，實際第三季度的製造業表現。

The third quarter has been a quarter where the fab have been able to run at, as Alain said, a quite decent level of loading, moving through the learning curve.

正如 Alain 所說，第三季度是晶圓廠能夠以相當不錯的負載水平運行的季度，通過學習曲線移動。

You can imagine that in our 300 millimeter production we are still under significant opportunities on reducing wafer cost through the learning curve.

你可以想像，在我們的 300 毫米生產中，我們仍然面臨著通過學習曲線降低晶圓成本的重大機會。

And the third quarter is also a quarter where we have some summer vacation and managing the shift, the productivity, has improved.

第三季度也是我們放暑假的一個季度，管理轉變，生產力有所提高。

So, overall, I have to reconfirm that this manufacturing efficiency is not something we do predict.

因此，總的來說，我必須再次確認這種製造效率不是我們預測的。

It's something that has been incurred, actually.

實際上，這是已經發生的事情。

We remain comfortable on these forecasts.

我們對這些預測仍然感到滿意。

In addition, in the first half of 2008 our manufacturing costs, especially in assembly, have been significantly hit by material cost.

此外，在 2008 年上半年，我們的製造成本，尤其是裝配成本，受到材料成本的顯著影響。

I refer to copper, to gold.

我指的是銅，金。

And as you see, the market trend of the raw silicon, as you see, the market trend, the market price, for this material is somehow turning more in the favor of the customers.

正如你所看到的，原料矽的市場趨勢，正如你所看到的，這種材料的市場趨勢、市場價格正在以某種方式變得更有利於客戶。

Great.

偉大的。

That's very helpful.

這很有幫助。

Thank you very much.

非常感謝。

Thanks, Didier.

謝謝，迪迪埃。

I think at this point we'll take a couple more questions.

我認為此時我們將再回答幾個問題。

Management's given me the sign that we've got just a little bit more time.

管理層給我的信號是我們還有一點時間。

So, operator, if we could take two more questions, please.

那麼，接線員，請問我們再回答兩個問題。

The next question is from Mr.

下一個問題來自於先生。

Jerome Ramel, BNP Paribas.

杰羅姆·拉梅爾，法國巴黎銀行。

Please go ahead, sir.

請繼續，先生。

Yes, good afternoon.

是的，下午好。

Two quick questions.

兩個快速問題。

One, the first one, concerning the guidance you gave.

第一，關於你給的指導。

Could you give us a little bit more color per division and what was the dynamics over the last few weeks?

你能給我們每個部門更多的顏色嗎？過去幾週的動態是什麼？

And second point.

第二點。

Is it fair to assume that NXP Wireless for the EBIT was breakeven or slightly negative?

假設 NXP Wireless 的息稅前利潤達到盈虧平衡或略微負增長是否公平？

Well, I think let's start from the second, Carlo.

好吧，我想讓我們從第二個開始，Carlo。

Yes, I think it was basically breakeven.

是的，我認為這基本上是收支平衡的。

No (multiple speakers).

否（多個揚聲器）。

No, this is more.

不，這是更多。

A small profit, I believe.

微薄的利潤，我相信。

It's publicly reported.

這是公開報導的。

At the end, yes, there could be some tuning in the numbers between the JV result on the ST consolidated and the JV result standalone.

最後，是的，ST 合併的 JV 結果和獨立的 JV 結果之間的數字可能會有一些調整。

For instance, the impact of the purchase accounting on the standalone is 100%.

例如，採購會計對個體的影響是 100%。

The impact of the purchase accounting for the ST portion is the 80% of the ST ownership.

本次購買佔ST部分的影響為80%的ST所有權。

But I'm sure it would not be helpful to enter into this level of detail.

但我敢肯定，進入這種詳細程度不會有幫助。

At the end, the press release reports the result of the Wireless Product Sector, which includes the two months of the joint venture and the month of July for the ST business standalone.

最後，新聞稿報告了無線產品部門的結果，其中包括合資企業的兩個月和 ST 業務獨立的 7 月份。

This is a $22m operating profit after $12m of amortization of intangible related to the acquisition.

這是在與收購相關的 1200 萬美元無形資產攤銷後的 2200 萬美元營業利潤。

Before this impact, the Wireless business, the JV ran the quarter at about a 4.8% operating margin, which under the current business conditions seems to us quite reasonable, terrifically far from what was the result of the ST and the NXP Wireless business 12 months ago, in prior period before the combination.

在受到這種影響之前，合資企業的無線業務本季度的營業利潤率約為 4.8%，在我們看來，在當前的業務條件下，這似乎相當合理，與 ST 和恩智浦無線業務 12 個月的結果相去甚遠之前，在組合之前的前期。

Yes.

是的。

I think we had anticipated that the contribution of NXP Wireless this year would have been substantially neutral, and I think we reconfirm that.

我認為我們曾預計今年 NXP Wireless 的貢獻基本上是中性的，我認為我們再次確認了這一點。

Okay.

好的。

Thank you, Jerome.

謝謝你，杰羅姆。

Next question, please.

請下一個問題。

The next question is from Mr.

下一個問題來自於先生。

Dick Gaudois, UBS.

迪克·高杜瓦，瑞銀。

Please go ahead, sir.

請繼續，先生。

I guess a metamorphose from Nic to another name there.

我猜是從 Nic 到另一個名字的變形。

Hi there.

你好呀。

Just a quick question on the margins for IMS, for Carmelo, I guess.

我想只是一個關於 IMS 利潤率的快速問題，對於 Carmelo。

16.9% is pretty strong.

16.9% 相當強勁。

How much of that was related to mix, as you said, basically?

正如你所說，其中有多少與混音有關？

But your analog has done quite well vis-a-vis discrete.

但是您的模擬產品相對於離散產品做得很好。

Do we see this mix as being sustainable basically into next year?

我們是否認為這種組合基本上可持續到明年？

I have got also a follow-up on the wireless side.

我在無線方面也有跟進。

Thank you.

謝謝。

If I understood well, you want to know how much MEMS were among the analog?

如果我理解的很好，你想知道模擬中有多少MEMS？

No, how much of the margin improvement, year over year, 16.9% versus 16%, was due to mix, i.e.

不，16.9% 和 16% 的利潤率同比增長有多少是由於混合，即

in particular analog effectively being stronger than discretes overall.

特別是模擬有效地整體上強於離散。

It brings a strong contribution, yes, indeed.

它帶來了很大的貢獻，是的，確實如此。

Yes, it's significant, of course, is driven.

是的，它的意義重大，當然是驅動。

It's not -- but, of course, this is a family now with a return, what we like to define as RONA, the return on net asset.

不是——但是，當然，這是一個現在有回報的家庭，我們喜歡將其定義為 RONA，即淨資產回報率。

It's a family that is at this point well above 20%.

這是一個在這一點上遠高於 20% 的家庭。

So, I think -- and I have to say there is a difference, but also the portion that is less glamorous in terms of RONA is not bad at all.

所以，我認為 - 我不得不說是有區別的，但就 RONA 而言，不那麼迷人的部分一點也不差。

It's well above Company average.

遠高於公司平均水平。

It allows me to finance the more advanced activities.

它使我能夠資助更高級的活動。

So, indeed the mix is helping, but also the portion that is less glamorous, like the discrete, is above Company average in terms of capital employed.

因此，這種組合確實有所幫助，但就所用資本而言，不那麼迷人的部分（如離散部分）也高於公司平均水平。

Okay, great.

好的，太好了。

And a follow-up on the margin side still, with Wireless.

Wireless 在保證金方面進行跟進。

So, basically, we had 0.8% ST plus NXP operating margin for the first nine months of the year.

因此，基本上，今年前九個月我們的 ST 加上 NXP 的營業利潤率為 0.8%。

Last year, you told us you were running at 6.7% combined.

去年，您告訴我們您的綜合運行率為 6.7%。

So, quite a drop.

所以，相當大的下降。

I understand part of that is currency.

我知道其中一部分是貨幣。

But how should I look at this into next year, in a market which is potentially going to be really tricky?

但是我應該如何看待明年，在一個可能非常棘手的市場中？

Prior to cost synergies.

在成本協同效應之前。

And then, on top of that, maybe Carlo could lay on the cost synergies impact for next year.

然後，除此之外，Carlo 可能會考慮明年的成本協同效應。

Yes.

是的。

I think what we have announced for the Wireless for the sector is, let's say, $22m of operating profit after the $12m of amortization of intangibles.

我認為我們為無線行業宣布的是，比方說，在 1200 萬美元的無形資產攤銷後的營業利潤為 2200 萬美元。

So, before this is $34m operational profit, let's say, out of revenues of $696m.

因此，在此之前，營業利潤為 3400 萬美元，比方說，營業利潤為 6.96 億美元。

So, this is what we have announced for the third quarter and this would correspond to about 4.9% what we call G&L, gain and loss, from operation positive.

所以，這就是我們宣布的第三季度的情況，這相當於我們所說的 G&L、收益和損失的 4.9%，來自積極的運營。

Right?

正確的？

So, moving on, of course, there is good news and there is bad news.

所以，繼續前進，當然，有好消息也有壞消息。

The good news, I would say, in this area there are two good news and there is a bad news.

好消息，我想說，在這個領域有兩個好消息和一個壞消息。

The bad news, of course, is the market trend.

壞消息當然是市場趨勢。

But there are two good news.

但有兩個好消息。

One is the opportunity that we have to exploit the cost synergies and the other one -- which is material, is important, is a lot of money.

一個是我們必須利用成本協同效應的機會，另一個是重要的，重要的，是很多錢。

And the other one is, of course, the dollar rate, because big chunks of this activity, particularly in R&D, is in Europe.

另一個當然是美元匯率，因為這項活動的很大一部分，尤其是研發活動，都在歐洲進行。

Right?

正確的？

So, I think there is a lot of work to do.

所以，我認為還有很多工作要做。

It's a lot of execution.

這是很多執行。

But I think we reconfirm that the opportunities are there, not only in terms of winning new customers and exploiting the technology and the leadership on products, but also from a financial and economic point of view in terms of cost control and cost reduction.

但我認為我們再次確認，機會是存在的，不僅在贏得新客戶、利用技術和產品領先地位方面，而且從財務和經濟的角度來看，在成本控制和成本降低方面也是如此。

If I may add something, you remember that you know we have identified synergy, cost synergy, of about $250m and due to the market -- and this was in three years.

如果我可以添加一些東西，你記得你知道我們已經確定了約 2.5 億美元的協同效應，成本協同效應，並且由於市場 - 這是在三年內。

And due to the market condition, of course, we need to accelerate these synergies.

當然，由於市場狀況，我們需要加速這些協同效應。

And this is exactly what we are working on today.

而這正是我們今天正在做的事情。

We won't wait three years to get it to [$93m].

我們不會等三年才能達到 [9300 萬美元]。

Thanks, Alain, that's good news.

謝謝，阿蘭，這是個好消息。

But I guess, taking into account since August, a) currency moved in your favor, b) the wireless market is probably moving against you, maybe if you could take this into consideration, could you again put a timeline on when ST plus NXP plus EMP could be earnings accretive that would be great.

但我想，考慮到自 8 月以來，a) 貨幣走勢對你有利，b) 無線市場可能對你不利，如果你能考慮到這一點，你能否再次確定 ST 加 NXP 加的時間表EMP 可能會增加收入，這會很棒。

Well, when NXP will be -- oh, EMP.

那麼，恩智浦什麼時候會——哦，EMP。

If you allow me this, we'll discuss when we close, but at this point we reconfirm.

如果你允許我這樣做，我們將在結束時進行討論，但此時我們再次確認。

So, I think it's very simple.

所以，我覺得很簡單。

I think the NXP contribution -- the NXP Wireless portion contribution in this year is [growth] more than neutral.

我認為恩智浦的貢獻——今年恩智浦無線部分的貢獻 [增長] 超過了中性。

It's neutral to the P&L of the Company.

它對公司的 P&L 是中性的。

And we expect that next year, despite the market uncertainties, and more than uncertainties at this point, and thanks to the cost synergies opportunity that is very important, and also some dollar effect that is much less whether than the cost synergies opportunity here, I think that overall next year we expect a contribution that will be the NXP Wireless will be accretive.

我們預計明年，儘管市場存在不確定性，而且目前的不確定性還不止於此，而且由於非常重要的成本協同效應機會，以及一些美元效應遠小於這裡的成本協同效應機會，我認為明年總體而言，我們預計 NXP Wireless 的貢獻將會增加。

And what about EMP, so the new company?

那麼新公司 EMP 呢？

If you allow me, we cannot comment at this point on EMP.

如果你允許的話，我們現在不能對 EMP 發表評論。

Of course, I think during the meeting that we had in London at the moment of the announcement there was a clear statement that the EMP activity was basically neutral, and so this is what we said.

當然，我認為在發佈公告時我們在倫敦舉行的會議上有一個明確的聲明，即 EMP 活動基本上是中性的，所以這就是我們所說的。

But of course, we will know more the details after closing.

但當然，我們會在關閉後了解更多細節。

Great.

偉大的。

And the very last maintenance question.

最後一個維護問題。

What was the operating margin of Numonyx, if you may provide this color, in Q2?

如果您可以提供這種顏色，Numonyx 在第二季度的營業利潤率是多少？

Well, in Q2, I think I can say in fact there was a very significant impact on non-recurrent items.

好吧，在第二季度，我想我可以說實際上對非經常性項目產生了非常重大的影響。

There were two, in fact.

事實上，有兩個。

One is the stand-up which is of course the IT cost, the cost to establish a new company, to run the new company independently.

一是站起來，當然是IT成本，建立新公司的成本，獨立運營新公司的成本。

This has been a major contribution to the loss.

這是造成虧損的主要因素。

And the other one that was also very significant was the -- again, was similar, was the stand-up of the inventory.

另一個也非常重要的是 - 再次類似，是庫存的站立。

Right?

正確的？

So, as part of the separation, which is a non-cash item.

因此，作為分離的一部分，這是一個非現金項目。

The first one is the stand-up of the company, of course, and the IT cost is a cash item.

第一個當然是公司的立項，IT成本是現金項目。

So, overall, this is the big portion of -- the major portion of the loss.

所以，總的來說，這是損失的主要部分。

Without these two elements, the company was relatively close to breakeven.

沒有這兩個要素，公司相對接近收支平衡。

Okay, that's great.

好的，那太好了。

That's helpful.

這很有幫助。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

I think at this time, Carlo, do you have any closing comments?

我想此時，Carlo，你有什麼結束語嗎？

Otherwise, we'll --

否則，我們將——

No, I think we have commented and gone through many times on the priorities and the execution.

不，我想我們已經對優先事項和執行進行了多次評論和討論。

And I would like to thank everybody for the questions and we will focus on these four major execution lines.

我要感謝大家提出的問題，我們將重點關注這四個主要執行線。

Okay.

好的。

With that, thank you everybody for attending.

至此，感謝大家的出席。

At this time we'll go ahead and sign off.

此時我們將繼續並簽字。

Ladies and gentlemen, the conference is now concluded and you may disconnect your telephones.

女士們，先生們，會議到此結束，你們可以掛斷你們的電話了。

Thank you for joining and have a pleasant day.

感謝您的加入，祝您度過愉快的一天。

Goodbye.

再見。