意法半導體 (STM) 2015 Q4 法說會逐字稿

Ladies and gentlemen, good morning.

女士們、先生們，早安。

Welcome to the STMicroelectronics fourth quarter and yearend 2015 earnings results conference call and live webcast.

歡迎參加意法半導體 2015 年第四季和年底收益電話會議和網路直播。

I'm Moira, the ChorusCall operator.

我是 ChorusCall 接線員 Moira。

(Operator Instructions).

（操作員說明）。

The conference is being recorded.

會議正在錄製中。

The conference must not be recorded for publication or broadcast.

不得錄音會議以供出版或廣播。

At this time, it's my pleasure to hand over to Mr. Tait Sorensen, Group Vice President, Investor Relations.

此時此刻，我很高興將工作交給負責投資人關係的集團副總裁 Tait Sorensen 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Moira.

謝謝你，莫伊拉。

Thank you, to everyone, for joining our fourth quarter and full-year 2015 financial results conference call.

感謝大家參加我們的 2015 年第四季和全年財務業績電話會議。

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

今天主持電話會議的是 ST 總裁兼執行長 Carlo Bozotti。

Joining Carlo on the call today are Jean-Marc Chery, Chief Operating Officer; Carlo Ferro, Chief Financial Officer; Georges Penalver, Chief Strategy Officer; and Carmelo Papa, the General Manager of the Industrial & Power Discrete Group.

今天與 Carlo 一起參加電話會議的還有營運長 Jean-Marc Chery；卡洛費羅，財務長；喬治‧佩納爾弗 (Georges Penalver)，首席策略長；以及工業和電力分立器件事業部總經理 Carmelo Papa。

This live webcast and presentation materials can be accessed through ST's website.

此現場網路廣播和演示資料可透過 ST 網站存取。

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

本次電話會議結束後不久將進行重播。

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.

這次電話會議將包括前瞻性陳述，這些陳述涉及可能導致 ST 的業績與管理層的預期和計劃存在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 this morning, and also in ST's most recent regulatory filings, for a full description of these factors.

我們鼓勵您查看今天早上發布的結果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，以獲取這些因素的完整描述。

Also, to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up.

此外，為了確保所有參與者都有機會在問答環節提問，請限制自己提出一個問題並進行簡短的後續。

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

現在，我想將電話轉給 ST 總裁兼執行長 Carlo Bozotti。

Carlo?

卡洛？

Today I will begin with a summary of review and then Carlo Ferro will review our financial results in details.

今天我將從回顧總結開始，然後卡洛費羅將詳細回顧我們的財務表現。

Jean-Marc Chery will then cover today's announcement related to our set-top box business and, importantly, our continued focus on the business derived from digital technologies.

Jean-Marc Chery 隨後將介紹今天與我們的機上盒業務相關的公告，更重要的是，我們將繼續專注於數位科技衍生的業務。

Georges Penalver will then discuss the market opportunities related to the application areas of our focus.

然後 Georges Penalver 將討論與我們重點關注的應用領域相關的市場機會。

Finally, I will conclude with our 2016 priorities.

最後，我將總結 2016 年的優先事項。

Let's begin.

讓我們開始吧。

2015 was a year where we made important steps, both from a strategic as well as a financial point of view.

2015 年是我們從策略和財務角度都邁出了重要一步的一年。

First, we focused our product portfolio and application strategy on key investment areas.

首先，我們將產品組合和應用策略聚焦在重點投資領域。

We also conducted an extensive review of our digital products.

我們也對我們的數位產品進行了廣泛的審查。

Today, digital ICs from general purpose and secure microcontrollers to digital ASICs, digital automotive ICs, specialized image sensors represent more than $2.8 billion of our revenues.

如今，從通用和安全微控制器到數位 ASIC、數位汽車 IC、專用影像感測器的數位 IC 占我們收入的 28 億美元以上。

They are at the core of our strategy, and they are also a major growth opportunity for us in the year to come.

它們是我們策略的核心，也是我們未來一年的主要成長機會。

However, within this digital, we acknowledge the need to reconsider our set-top box business declining in revenues and loss making.

然而，在這個數位領域，我們承認有必要重新考慮我們的機上盒業務收入下降和虧損。

Second, we made progress in a number of financial metrics, even if overall we did not achieve the level of progress we were expecting at the beginning of the year.

其次，我們在一些財務指標上取得了進展，儘管總體而言我們沒有達到年初預期的進展水準。

To a large extent, our performance was limited due to a weak semiconductor market, particularly in the second half of the year.

在很大程度上，我們的業績受到半導體市場疲軟的限制，特別是在下半年。

But also changes in customer plans, as we already outlined a few quarters ago, did not allow us to grow revenues as we had expected.

但正如我們在幾個季度前概述的那樣，客戶計劃的變化也不允許我們按預期增加收入。

However, from a financial perspective, we consistently delivered results overall in line with our quarterly outlooks, and we well-managed expenses and capital investment.

然而，從財務角度來看，我們的整體業績始終符合我們的季度前景，並且我們管理良好的費用和資本投資。

We saw an improvement in operating and net income, excluding the catch-up of the R&D funding in 2014, and made very visible progress in terms of free cash flow, as Carlo Ferro will detail.

我們看到了營業收入和淨利潤的改善（不包括 2014 年研發資金的追趕），並且在自由現金流方面取得了非常明顯的進步，正如 Carlo Ferro 將詳細介紹的那樣。

Most importantly, with the work accomplished, we entered 2016 with a sharper strategic focus.

最重要的是，隨著工作的完成，我們進入了2016年，策略重點更加明確。

In fact, during 2015 we increasingly focused our R&D and sales and marketing efforts on two areas: the smart driving, enabled by digitalization and electrification; and the Internet of Things, including portable and wearable systems, as well as smart homes, city and industry applications.

事實上，2015年我們的研發和銷售行銷工作越來越集中在兩個領域：數位化和電氣化帶來的智慧駕駛；物聯網，包括便攜式和可穿戴系統，以及智慧家庭、城市和行業應用。

Our products, technologies and system application capabilities are optimized for these areas, which we address with the digital ICs I have already mentioned, and with our analog products, power discrete and MEMS.

我們的產品、技術和系統應用能力針對這些領域進行了最佳化，我們透過我已經提到的數位 IC 以及我們的類比產品、功率分立元件和 MEMS 來解決這些問題。

Looking at our revenues, our performance was mixed during 2015.

從我們的收入來看，2015 年我們的業績好壞參半。

We had businesses that perform well during the past year, despite the unfavorable market dynamics, particularly in the second half.

儘管市場動態不利，特別是在下半年，但我們的業務在過去一年中表現良好。

Other businesses were instead more affected by the market.

其他業務反而受到市場的影響更大。

We also had businesses that were affected by specific transitions.

我們的業務也受到特定轉型的影響。

Starting with our microcontrollers, during 2015 we delivered year-on-year growth of over 7%, driven by our general purpose STM32 family.

從我們的微控制器開始，在通用 STM32 系列的推動下，2015 年我們的年成長超過 7%。

This growth was possible thanks to a combination of new innovative products now totaling over 600 part numbers, as well as a strong customer base expansion.

這一成長之所以能夠實現，要歸功於目前總計超過 600 個零件號碼的創新產品組合以及強大的客戶群擴張。

We broadened our product range with the new ultra-low power STM32L4 series and the very high-performance STM32L7 series, while strengthening the surrounding ecosystem with the extension of STM32Cube software tool to the complete product portfolio.

我們透過新的超低功耗 STM32L4 系列和高效能 STM32L7 系列擴大了我們的產品範圍，同時透過將 STM32Cube 軟體工具擴展到完整的產品組合來加強週邊生態系統。

We had success across a broad customer base, including important wins in many wearable applications.

我們在廣泛的客戶群中取得了成功，包括在許多可穿戴應用中取得了重大勝利。

Our STM32 series are at the heart of many Internet of Things applications, and they now serve over 40,000 customers worldwide.

我們的 STM32 系列是許多物聯網應用的核心，目前為全球 40,000 多家客戶提供服務。

Another area of solid performance was our automotive product group which, after having growth by 8% in 2014, was stable year on year in 2015 when excluding currency effects.

另一個表現穩健的領域是我們的汽車產品集團，在 2014 年成長 8% 後，排除貨幣影響後，2015 年年比維持穩定。

Based upon preliminary data we believe this performance is better than the automotive semiconductor market overall.

根據初步數據，我們認為此表現優於汽車半導體市場的整體表現。

Key to our results was the strong progress with our individual products, as well as with our complete system solutions.

我們取得成果的關鍵是我們各個產品以及完整系統解決方案的強勁進步。

For example, to help make driving safer we had multiple ADAS, including vision processing and new 24 gigahertz and 77 gigahertz radar-based products.

例如，為了讓駕駛更安全，我們擁有多種 ADAS，包括視覺處理和新的 24 GHz 和 77 GHz 雷達產品。

During 2015 seven out of the 10 ADAS-equipped cars on the road had our system on board.

2015 年，路上行駛的 10 輛配備 ADAS 的汽車中有 7 輛配備了我們的系統。

Our third-generation ADAS vision processor for Mobileye went into full production and we saw the first design wins with the fourth generation, which is being developed with our FDSOI technology.

我們為 Mobileye 設計的第三代 ADAS 視覺處理器已全面投入生產，並且我們看到第四代處理器首次獲得設計勝利，該處理器是採用我們的 FDSOI 技術開發的。

In 32-bit microcontrollers for our automotive we recorded strong growth, materializing business from our impressive design win pipeline that covers body, power train and engine management applications, also for hybrid vehicles such as the new Toyota Preus.

在汽車用32 位元微控制器方面，我們實現了強勁的成長，從我們令人印象深刻的設計贏得管道中實現了業務，這些管道涵蓋車身、動力傳動系統和引擎管理應用，也適用於混合動力汽車，例如新款豐田普魯斯。

And in smart power, we enjoyed strong market momentum based on our important BCD9s and vertical intelligent power technologies.

在智慧電力方面，基於重要的BCD9和垂直智慧電力技術，我們享有強勁的市場動力。

Moving to IPD, our industrial and power discrete product group was the one most affected by the market slowdown, driven by an industry correction in the channel leading to a sales decrease of 6% in 2015 when excluding currency effects.

轉向 IPD，我們的工業和功率分離產品組是受市場放緩影響最嚴重的產品組，這是由於通路行業調整導致 2015 年（排除匯率影響）銷售額下降 6%。

At the same time, we move forward during the year [sealing] our future growth with a strong pipeline of new products well focused on the fastest growing applications.

同時，我們在這一年中透過專注於成長最快的應用程式的強大新產品系列來推進我們的未來成長。

In automation for smart factories and homes we broadened our offering of smart power ACs and transistors, and we further developed our ecosystem to make the design-in of the complete ST portfolio for motion control, including MCU sensors and connectivity even easier.

在智慧工廠和家庭的自動化領域，我們擴大了智慧功率交流電和晶體管的產品範圍，並進一步開發了我們的生態系統，使完整的意法半導體運動控制產品組合（包括MCU 感測器和連接）的設計變得更加容易。

For power conversion we launched new solutions for digital power and LED lighting and server power supply, including silicon carbide-based products.

對於電源轉換，我們推出了數位電源、LED 照明和伺服器電源的新解決方案，包括基於碳化矽的產品。

In the area of energy management, we secured wins in automotive in various electric and hybrid vehicle applications, while continuing to develop innovative solutions for energy harvesting and energy management.

在能源管理領域，我們在各種電動和混合動力汽車應用中取得了勝利，同時繼續開發能量收集和能源管理的創新解決方案。

And finally, in portable we grew our business of protection devices and introduced innovative antenna tuning solutions.

最後，在便攜式領域，我們發展了保護設備業務，並推出了創新的天線調諧解決方案。

Our analog MEMS and the sensor business continue to go through a difficult revenue transition in 2015.

2015 年，我們的模擬 MEMS 和感測器業務持續經歷艱難的營收轉型。

However, during the year we made progress building a more diversified portfolio and broader customer base that should ultimately allow a gradual return to growth.

然而，在這一年裡，我們在建立更多元化的投資組合和更廣泛的客戶群方面取得了進展，最終應該能夠逐步恢復成長。

In analog our low power connectivity solutions were well received by the market, with volume sales of our Bluetooth low energy solutions for a top tier wearable manufacturer and wins with our sub-gigahertz RF transceiver for smart home applications.

在模擬方面，我們的低功耗連接解決方案受到了市場的好評，我們的藍牙低功耗解決方案已為頂級可穿戴設備製造商批量銷售，並憑藉我們用於智慧家庭應用的亞千兆赫射頻收發器而獲勝。

In MEMS and sensors, we grew on [our] automotive MEMS business with sensors for in-car navigation and telematics applications, and with first shipments for airbag applications.

在 MEMS 和感測器領域，我們的汽車 MEMS 業務不斷發展，包括用於車內導航和遠端資訊處理應用的感測器，以及用於安全氣囊應用的首批出貨量。

We also had motion MEMS wins in active safety for vehicle dynamic control applications.

我們還在車輛動態控制應用的主動安全方面取得了運動 MEMS 的勝利。

This led us to be identified by IHS as the fastest growing automotive sensor supplier.

這使我們被 IHS 評為成長最快的汽車感測器供應商。

We grew revenues for our micro-mirror business for intel perceptual computing initiatives, as well as for our touch screen controllers, while our Piezoelectric MEMS technology helped poLight to develop a fast-focus smartphone camera lens.

我們的英特爾感知計算計劃的微鏡業務以及觸控螢幕控制器的收入有所增長，而我們的壓電 MEMS 技術幫助 poLight 開發了快速對焦的智慧型手機相機鏡頭。

Our diversification also included new environmental sensors brought onto the market such as the smallest, most accurate pressure sensor in the industry.

我們的多元化還包括推出市場的新型環境感測器，例如業界最小、最準確的壓力感測器。

Of course, smartphones continue to remain a focus for us and we are confident that products, such as our smallest -- the latest six-axis device and our gyroscopes for optical image stabilization will soon be found in flagship devices.

當然，智慧型手機仍然是我們關注的焦點，我們相信我們的產品，例如我們最小的最新六軸設備和我們用於光學影像穩定的陀螺儀很快就會出現在旗艦設備中。

In digital ASICs a remarkable result was our strengthened position in the network at market, with record dealings in optical modules and a strong ramp of ASICs in leading-edge CMOS technologies, while in our imaging business we started to demonstrate success with our refocused strategy of specialized image and photonic sensors.

在數位ASIC 領域，一個顯著的成果是我們在網路市場中的地位得到了加強，在光學模組方面的交易創紀錄，並且在領先的CMOS 技術中ASIC 的銷量大幅增長，而在我們的成像業務中，我們開始透過重新調整策略重點來展示成功。

In fact, our FlightSense technology was integrated in over 20 phones during 2015 and we passed the milestones of 50 million units shipped.

事實上，2015 年，我們的 FlightSense 技術已整合到 20 多款手機中，並且我們的出貨量達到了 5,000 萬部的里程碑。

These are some of the key product achievement in 2015 supporting our focus on smart driving and Internet of Things.

這些是2015年支持我們專注於智慧駕駛和物聯網的一些關鍵產品成果。

And, just recently, we took two further steps in aligning our organization with our focus.

就在最近，我們又採取了兩項措施，使我們的組織與我們的重點保持一致。

First, we took the difficult decision on our set-top box and home gateway business that Jean-Marc will explain in more detail later.

首先，我們對機上盒和家庭網關業務做出了艱難的決定，Jean-Marc 稍後將對此進行更詳細的解釋。

And second, we have today announced the reorganization of our business into three product groups, and we will align our financial report in Q1 accordingly.

其次，我們今天宣布將業務重組為三個產品組，我們將相應調整第一季的財務報告。

The first group, automotive and discrete, is led by Marco Monti, and includes all our automotive ICs, both digital and analog, and our discrete products.

第一組是汽車和分立元件，由 Marco Monti 領導，包括我們所有的汽車 IC（數位和類比）以及我們的分立產品。

As you know, power discretes are increasingly important in the growing segment of car electrification.

如您所知，功率分立元件在不斷增長的汽車電氣化領域中變得越來越重要。

The second group, microcontrollers and digital ICs, is led by Claude Dardanne, and includes our general purpose and secure microcontrollers; our [EEPROM] memories; and all of our digital ICs outside of the automotive ICs.

第二組是微控制器和數位 IC，由 Claude Dardanne 領導，包括我們的通用和安全微控制器；我們的[EEPROM]記憶；以及汽車 IC 以外的所有數位 IC。

Clearly, technical synergies between microcontrollers and the other digital ICs will benefit ST in terms of technology leadership and time to market.

顯然，微控制器和其他數位 IC 之間的技術協同效應將使 ST 在技術領先地位和上市時間方面受益。

The third group, analog and MEMS, is led by Benedetto Vigna, and includes our low-power analog ICs; smart power products for industrial and power conversion; and all of our MEMS activity.

第三組是類比和 MEMS，由 Benedetto Vigna 領導，包括我們的低功耗類比 IC；用於工業和電力轉換的智慧電力產品；以及我們所有的 MEMS 活動。

The technology and the manufacturing reorganization is now under the leadership of Jean-Marc Chery, our Chief Operating Officer.

技術和製造重組現在由我們的營運長 Jean-Marc Chery 領導。

I would like to conclude this organizational update by deeply thanking a colleague who is here with us today, and whom of you all know very well: Carmelo Papa.

在結束本次組織更新時，我要深深感謝今天與我們在一起的一位同事，大家都很熟悉他：卡梅洛·帕帕 (Carmelo Papa)。

He's going to retire after a long and successful career.

在經歷了漫長而成功的職業生涯後，他即將退休。

We will miss his business drive and dedication.

我們會懷念他的事業動力和奉獻精神。

We warmly thank him for the great business foundation he has established with his management team and colleagues, that will drive our business towards future successes.

我們熱烈感謝他與他的管理團隊和同事建立的良好業務基礎，這將推動我們的業務走向未來的成功。

So thank you, Carmelo.

謝謝你，卡梅隆。

We have now to move forward and turn our strong application product focus into revenue growth; I will come back to that.

我們現在必須向前邁進，將我們強大的應用產品重點轉變為收入成長；我會回到這一點。

But, in the meantime, let me hand over to Carlo Ferro for the financial review.

但同時，讓我將財務審查交給卡洛費羅。

Carlo.

卡洛.

Thank you, Carlo.

謝謝你，卡洛。

Good morning, everyone.

大家早安。

As Carlo said, 2015 has been a year of progress across most of our financial metrics, in line with the journey towards higher profitability that we are taking in what we call the post-merger phase of our Company.

正如 Carlo 所說，2015 年是我們大部分財務指標取得進展的一年，這與我們在公司合併後階段邁向更高盈利能力的歷程是一致的。

Despite missing revenue expansion in a market much weaker than expected, particularly in the second half of the year, we managed to slightly improve operating income to consolidate a net profit, and to expand a free cash flow generation.

儘管市場遠弱於預期，尤其是下半年，收入擴張未能實現，但我們仍設法略微提高營業收入，以鞏固淨利潤，並擴大自由現金流的產生。

Our operating income before impairment and restructuring charges totaled $174 million.

我們扣除減損和重組費用之前的營業收入總計 1.74 億美元。

This represents a year-over-year improvement of $13 million, excluding the $97 million of [MB] funding included in 2014 operating income that related to the prior year.

這意味著同比增長 1,300 萬美元，不包括 2014 年營業收入中包含的與上一年相關的 9,700 萬美元 [MB] 資金。

Moreover, we turned from $173 million operating losses in 2013 to a sustainable profit.

此外，我們從 2013 年 1.73 億美元的營運虧損轉為永續獲利。

Also, the P&L bottom line turned into a sustainable profit from the severe losses incurred two years ago; and we posted $104 million of net earnings.

此外，盈虧底線從兩年前的嚴重虧損中轉為可持續盈利；我們公佈了 1.04 億美元的淨利潤。

Importantly, on an annual basis, free cash flow again increased significantly.

重要的是，以年度計算，自由現金流再次大幅增加。

In 2015, in fact, we generated $327 million of free cash flow, reaching the highest level we have recorded in the past five years.

事實上，2015 年我們產生了 3.27 億美元的自由現金流，達到了過去五年來的最高水準。

As a result, we ended 2015 with a solid capital structure, with a net financial position positive by $494 million; and total liquidity of $2.21 million.

因此，我們在 2015 年結束時擁有穩健的資本結構，淨財務狀況達 4.94 億美元；流動資金總額為221萬美元。

However, the revenues line is not progressing yet, due to a combination of market conditions, particularly the overall semiconductor market correction in the second half of the year; and, the few specific products and customer circumstances, in addition to the progressive wind-down of legacy products.

然而，由於市場狀況的綜合影響，特別是下半年整體半導體市場的調整，營收線尚未取得進展；此外，除了逐步淘汰遺留產品外，還有少數特定產品和客戶狀況。

For the fourth quarter revenues were $1.67 billion, sequentially down by 5.5%.

第四季營收為 16.7 億美元，季減 5.5%。

This is slightly better than midpoint of our outlook.

這略好於我們前景的中點。

But for the full year the $6.9 billion of revenues was below the initial expectation.

但全年 69 億美元的收入低於最初預期。

Year over year, revenues were down 6.8% as reported.

據報道，營收年減 6.8%。

I would rather say that 3.3% as a meaningful reference when excluding unfavorable currency effects and mobile legacy products.

我寧願說 3.3% 在排除不利的貨幣影響和移動遺留產品時是一個有意義的參考。

By group:

按組別：

MMS recorded a remarkable performance, increasing 7.2% year over year, or 9.4% excluding the currency effects.

MMS 表現出色，年成長 7.2%，排除匯率影響則成長 9.4%。

MMS represented 23% of our total sales for 2015, and is a very strong and healthy portion of our portfolio.

MMS 占我們 2015 年總銷售額的 23%，是我們產品組合中非常強大且健康的部分。

Similarly, we are well position in automotives, which represent 25% of our total revenues.

同樣，我們在汽車領域也處於有利地位，占我們總收入的 25%。

APG was stable, excluding the currency effect, and reflected market uncertainties, particularly in China and in Japan, and particularly in the second half of the year; uncertainties that now look to be behind us.

在扣除貨幣影響後，APG 保持穩定，反映了市場的不確定性，特別是在中國和日本，特別是在今年下半年；現在看來，不確定性已經成為過去。

Turning to industrial power and discrete.

轉向工業電源和離散。

ST has a stronger portfolio of products; they represent 25% of net revenues during 2015.

ST擁有更強大的產品組合；它們佔 2015 年淨收入的 25%。

IPD sales decrease in the year, closely linked to the market with conditions, especially in China and in the computer and in the [lively] market.

今年IPD銷量的下降，與市場條件密切相關，尤其是在中國和電腦市場的[活躍]。

AMS saw a continuation of this additional experience in 2014 with MEMS, I would say temporarily aggravated by specific issue with a supplier delaying our ability to ramp microphones at the major customers.

2014 年，AMS 在 MEMS 方面延續了這種額外的經驗，我想說的是，由於供應商延遲了我們向主要客戶提供麥克風的能力的特定問題，暫時加劇了這種情況。

Revenues for AMS in total were just under $1 billion.

AMS 的總收入略低於 10 億美元。

DPG was clearly reflecting different reflecting different trends, with networking ASICs growing and set-top box and imaging decline.

DPG 明顯反映了不同的趨勢，網路 ASIC 不斷成長，而機上盒和影像則不斷下降。

Looking forward to the coming quarter, we anticipate a sequential revenue decline by about 3% at the midpoint, reflecting the further impact of the ongoing industry corrections.

展望下個季度，我們預計中點收入將環比下降約 3%，反映了正在進行的行業調整的進一步影響。

However, we are happy to see APG expected to return to growth, with a pretty healthy sequential increase.

然而，我們很高興看到 APG 預計將恢復成長，並實現相當健康的環比成長。

Turning to our customer base.

轉向我們的客戶群。

Our 10 largest customer were distributed geographically and by end market, accounted for approximately 34% of our total revenues in 2015, with no-one exceeding 10% individually.

我們的 10 大客戶按地理和終端市場分佈，約占我們 2015 年總收入的 34%，沒有一個客戶單獨超過 10%。

Our customer base continue to evolve; and as a testimony of our customer expansion efforts we saw now Huawei enter our top 10 customers for the first time.

我們的客戶群不斷發展；作為我們客戶拓展努力的見證，我們現在看到華為首次進入我們的十大客戶。

We continue to make progress in terms of our mix of OEMs and distributions.

我們在原始設備製造商和分銷商的組合方面繼續取得進展。

Revenues from distribution were 32% of net revenues in 2015, compared to 31% the year before.

2015 年，分銷收入佔淨收入的 32%，而上年度為 31%。

We are encouraged that this trend will continue as we advance on our strategy to strengthen our mass-market programs.

我們感到鼓舞的是，隨著我們推動加強大眾市場計畫的策略，這種趨勢將持續下去。

Moving now to our gross margin.

現在轉向我們的毛利率。

We delivered Q4 at the midpoint of our quarterly [gap].

我們在季度[差距]的中點交付了第四季。

2015 gross margin of 33.8% was 10 basis points higher than the prior year, and this is not so much.

2015年毛利率為33.8%，比前一年高出10個基點，而且這個數字並不算高。

It reflected manufacturing efficiencies as well as favorable currency effect.

它反映了製造效率以及有利的貨幣效應。

Also, we still have the opportunity to capture an additional 80 basis point of gross margin from the current currency rate not having as yet, due to the hedging.

此外，由於對沖，我們仍有機會在當前匯率的基礎上獲得額外 80 個基點的毛利率。

Gross margin is moving in the right direction, but not fast enough, particularly due to the drag of unused capacity charges.

毛利率正在朝著正確的方向發展，但速度不夠快，特別是由於未使用產能費用的拖累。

In 2015, we lost 90 basis point of gross margin, due to unused capacity charges affecting both of our segments, SP&A and EPS, particularly in the first quarter.

2015 年，由於未使用產能費用影響了我們的 SP&A 和 EPS 兩個部門，特別是在第一季度，我們的毛利率損失了 90 個基點。

So we continue to take action to improve the loading of our fabs, particularly for our 12-inch fab.

因此，我們繼續採取行動改善晶圓廠的負載，特別是我們的 12 吋晶圓廠。

Looking at our first quarter 2016 gross margin.

看看我們 2016 年第一季的毛利率。

We are estimating a midpoint of about 33%, mainly reflecting both unused capacity charges in the range of 70 basis points, and less-efficient manufacturing performance we have experienced during the last quarter.

我們估計中點約為 33%，主要反映了 70 個基點範圍內的未使用產能費用，以及我們在上季度經歷的效率較低的製造績效。

The expenses.

費用。

Net operating expenses in 2015 remain well on track with our objectives.

2015 年的淨營運支出仍符合我們的目標。

Net of grants, operating expenses in the year average about $545 million on a quarterly basis, while we kept an R&D effort of about 21% of sales to boost future growth.

扣除補助金後，全年營運費用平均每季約為 5.45 億美元，同時我們將研發工作保持在銷售額的 21% 左右，以促進未來的成長。

Currency played an important role in 2015, despite some unfavorable effect on the top line.

儘管對營收產生了一些不利影響，但貨幣在 2015 年發揮了重要作用。

Due to our denominated -- euro-denominated contracts, we began to progressively benefit through the year from the stronger US dollar, as our existing hedges are rolling off.

由於我們以歐元計價的合約，我們開始從美元走強中逐步受益，因為我們現有的對沖措施正在逐步退出。

We estimate the further operating margin improvement from currency, assuming the euro/dollar rate to stay around EUR1.08/$1, in the range of 1 percentage point.

假設歐元兌美元匯率維持在 1.08 歐元/1 美元左右，我們預期營業利潤率將進一步改善，幅度在 1 個百分點的範圍內。

Turning to the balance sheet.

轉向資產負債表。

ST again maintained a solid net financial position.

ST再次維持穩健的淨財務狀況。

As anticipated, today we adjusted our capital expenditure, net of proceeds of sales of assets, to $467 million, to ensure we spent the appropriate level of investment.

正如預期的那樣，今天我們將扣除資產出售收益後的資本支出調整為 4.67 億美元，以確保我們的投資水準適當。

In the year we reported $174 million in operating income before restructuring and impairment, or 2.5% as a percentage sale.

今年，我們在重組和減損之前報告了 1.74 億美元的營業收入，佔銷售額的 2.5%。

Sense and power and automotive margin at 6.5% was compressed by lower revenues, and also hit by unused capacity charges.

感測、電力和汽車業務的利潤率為 6.5%，該利潤率因收入下降而受到壓縮，而且還受到未使用產能費用的打擊。

Only IPD operating margin has been resilient compare to the prior year, thanks to the manufacturing initiatives in 6 and 8 inches, and in the backend, as well as, thanks to the turnaround of the power discrete division.

與前一年相比，只有 IPD 營業利潤率保持了彈性，這要歸功於 6 英寸和 8 英寸以及後端的製造計劃，以及功率分立裝置部門的扭虧為盈。

In EPS, we saw MMS well progressing into the high-teens' operating margin.

在每股收益方面，我們看到 MMS 的營業利潤率正在穩步邁向十幾歲左右。

DPG is still posting substantial losses, lower than the previous year.

DPG 仍出現大幅虧損，虧損幅度低於去年。

This result reflected the lack of profitability of the set-top box businesses, we generated about $250 million losses in 2015; and the ongoing investment for the transition of imaging, from the camera modules to the specialized images sensors.

此結果反映出機上盒業務獲利能力不足，2015年我們虧損約2.5億美元；以及從相機模組到專用影像感測器的成像轉型的持續投資。

As Carlo said, we have entered 2016 with a renewed focus on our product portfolio, and with a revised organization, targeting growth in smart driving and the Internet of Things obligations.

正如卡洛所說，進入 2016 年，我們重新關注我們的產品組合，並對組織進行了修訂，目標是智慧駕駛和物聯網業務的成長。

To start to introduce the new product groups, will be more detail and more specific with the Q1 earnings release, here you have an initial picture of the pro forma revenues in 2015, and their relative ways on the ST sales.

首先介紹新的產品組，將透過第一季收益發布進行更詳細和更具體的介紹，在這裡您可以初步了解 2015 年預計收入以及它們對 ST 銷售的相對方式。

Automotive and discrete, $2.73 billion revenues, this is 40% of the total Company sales.

汽車和離散裝置收入為 27.3 億美元，占公司總銷售額的 40%。

Microcontrollers and digital ICs, $2.02 billion revenues is 29% of the total ST sales.

微控制器和數位IC收入為20.2億美元，佔ST總銷售額的29%。

Analog and MEMS $1.67 billion revenues is 24% of the total ST sales.

模擬和 MEMS 營收為 16.7 億美元，佔 ST 總銷售額的 24%。

You see this not match to 100%.

您會看到這不是 100% 匹配。

Indeed, the remaining balance on ST total sales is related to the discontinued businesses, like the former wireless legacy product, camera modules, and now the set-top box.

事實上，意法半導體總銷售額的剩餘餘額與已停產的業務有關，例如以前的無線傳統產品、相機模組和現在的機上盒。

It also included initial sales in the new field of specialized image sensors.

它還包括專用影像感測器新領域的初始銷售。

More importantly, you see in the chart the strong synergies among the new product groups, and the comprehensive breadth to serve smart driving, smart homes, smart cities, smart industry and smart things.

更重要的是，從圖表中您可以看到新產品組之間的強大協同效應，以及服務智慧駕駛、智慧家庭、智慧城市、智慧工業和智慧事物的全面廣度。

To conclude, we are encouraged by the profitability of each of the three new reporting segments, as a starting point for future improvement in operating income.

總而言之，我們對三個新報告分部各自的獲利能力感到鼓舞，這是未來營業收入改善的起點。

All three groups in 2015 are profitable.

2015年這三個集團均獲利。

Before unused capacity charges, the microcontroller in digital ICs group, excluded set-top box, had a double-digit operating margin, and the other two were mid to high single digit, while we continue to invest in the specialized imaging business.

在未使用容量費用之前，數位IC組中的微控制器（不包括機上盒）具有兩位數的營業利潤，其他兩個為中高個位數，而我們繼續投資於專業成像業務。

All in all, ST made important steps during 2015.

總而言之，ST在2015年邁出了重要的一步。

Our potential to generate operating income is much stronger than our bottom line indicated in 2015; and we are focusing on creating growth and creating shareholders' value.

我們產生營業收入的潛力比 2015 年所示的底線強得多；我們專注於創造成長和創造股東價值。

At this point, allow me to hand over to Jean-Marc to share with you the details of today's announcement.

現在，請允許讓-馬克與大家分享今天宣布的細節。

Thank you, Carlo; good morning, everybody.

謝謝你，卡羅；大家早安。

So today's announcement, to discontinue the development of new platforms and standard products for set-top box and home gateway is a result of an extensive review of [value assumptions] that started in May last year, with the objective to fix a loss-making situation for DPG in a sustainable way.

因此，今天宣布停止開發機上盒和家庭網關的新平台和標準產品，是對去年 5 月開始的[價值假設]進行廣泛審查的結果，目的是解決虧損問題。

You may recall that in 2013 we put in place a turnaround plan for our set-top box and home gateway business.

您可能還記得，2013 年我們為機上盒和家庭閘道業務制定了周轉計畫。

The plan was based on a combination of the first market adoption of our new product and high success rate with those products through on-time execution.

該計劃基於我們新產品的首次市場採用以及透過按時執行這些產品的高成功率。

However, the turnaround could not be completed for a number of reasons, including a much slower than expected market takeoff; M&A at the operator and box manufacturer of delaying rollout; increasing competition on low-end boxes; and high level of R&D costs.

然而，由於多種原因，扭虧為盈未能完成，其中包括市場起飛速度遠慢於預期；延遲推出的營運商和盒子製造商的併購；低端盒子的競爭加劇；以及高昂的研發成本。

Then, losses are unsustainable; about $500,000 million collectively in the last two years.

那麼，損失是不可持續的；過去兩年總計約 5,000 億美元。

So as a result of this plan, we have announced a global workforce review, including the redeployment of about 600 employees, currently associated with the set-top box business, to support, principally, ST growth ambition in digital, automotive and microcontrollers.

因此，根據該計劃，我們宣布了一項全球勞動力審查，包括重新部署目前與機上盒業務相關的約 600 名員工，以主要支援 ST 在數位、汽車和微控制器領域的成長雄心。

A global workforce realignment that may affect approximately 1,400 employees worldwide, of which about 430 in France, through a voluntary departure plan; about 670 in Asia; and about 120 in the US.

全球勞動力重組可能會透過自願離職計畫影響全球約 1,400 名員工，其中法國約 430 名員工；亞洲約 670 個；美國約有 120 個。

Deployment of the plan by country or site will be subject to applicable legislation and will depend on local negotiations.

按國家或地點部署計劃將遵守適用的立法，並取決於當地的談判。

In 2016, the workforce realignment is anticipated to affect about 1,000 employees, out of which about 150 in France.

2016年，勞動力調整預計將影響約1,000名員工，其中法國約150名員工。

Annualized saving at completion are estimated at $170 million per year.

預計完工後每年可省 1.7 億美元。

Restructuring costs are anticipated to be about $170 million.

重組成本預計約 1.7 億美元。

We expect to recognize savings positively forward 2016 and by the end of 2017.

我們預計到 2016 年和 2017 年底將積極實現節省。

We should have completed over 85% of the estimated savings.

我們應該已經完成了預計節約的 85% 以上。

The remaining 15% of savings will depend on the lifespan of the residual products.

剩餘 15% 的節省將取決於剩餘產品的使用壽命。

But now, let me recap for you our digital business.

但現在，讓我為您回顧一下我們的數位業務。

Digital, analog, mixed signal and power technologies are clearly all instrumental to the strategy and the future of ST.

數位、類比、混合訊號和電源技術顯然對意法半導體的策略和未來都至關重要。

Therefore, our commitment to digital is very material.

因此，我們對數位化的承諾非常重要。

Digital ICs, including our microcontrollers, are at the core of the car digitization trend, and of all Internet of Things applications.

包括我們的微控制器在內的數位 IC 是汽車數位化趨勢以及所有物聯網應用的核心。

As Carlo mentioned, in 2015 our digital ICs revenue were about $2.5 billion of total revenues.

正如 Carlo 所提到的，2015 年我們的數位 IC 收入佔總收入約 25 億美元。

Our general purpose and secure MCUs; our memories; our digital ASICs; our specialized imaging sensors; our digital automotive IC; our digital technologies that are increasingly integrated with traditional analog and power products, to provide smart solutions.

我們的通用和安全 MCU；我們的記憶；我們的數位 ASIC；我們的專業成像感測器；我們的數位汽車 IC；我們的數位技術越來越多地與傳統類比和電源產品集成，以提供智慧解決方案。

All of that is a proof of the value of the business for ST today, and in the future.

所有這些都證明了 ST 的業務在今天和未來的價值。

You will see some example of the digitalization opportunities in our next section, with Georges Panalver.

您將在下一節中與 Georges Panalver 一起看到數位化機會的一些範例。

Thank you, Jean-Marc, and good morning, everyone.

謝謝你，讓-馬克，大家早安。

As Carlo mentioned we are firmly focused on two areas, smart driving and Internet of Things, addressing a serviceable market of about $150 billion.

正如卡洛所提到的，我們堅定地專注於智慧駕駛和物聯網兩個領域，解決約 1500 億美元的可用市場。

As ST is already a leading provider of products, systems and solutions for these areas, we are starting from a very good foundation.

由於意法半導體已經是這些領域的產品、系統和解決方案的領導供應商，因此我們的起點非常好。

The next few years are expected to be a period of growth for many application areas, served by the semiconductor industry, and ST is focused on those that are expected to grow the fastest, as you can see in the chart.

預計未來幾年將是半導體產業服務的許多應用領域的成長期，而 ST 則專注於預期成長最快的領域，如圖所示。

So how are we going to address them?

那我們該如何解決這些問題呢？

Let's start with smart driving.

我們先從智慧駕駛開始。

Smart driving is about making driving safer, green and more connected.

智慧駕駛就是讓駕駛更安全、更綠、更互聯。

This is very much in line with the forecast development of the automotive market in the coming years, with areas such as safety and infotainment, showing above average growth.

這非常符合未來幾年汽車市場的預測發展，安全和資訊娛樂等領域的成長高於平均水準。

Both mixed signal and digital technologies here are key.

混合訊號和數位技術都是關鍵。

A key example are the [add] applications that are fully digital, and we are addressing a very large portion of them.

一個關鍵的例子是完全數位化的[add]應用程序，我們正在解決其中的很大一部分。

Smart driver covers all of the key application areas in the car: active and passive safety systems; electric and hybrid vehicle electrification; infotainment and telematics; and all the body, chassis and powertrain-related subsystems.

智慧駕駛涵蓋汽車內所有關鍵應用領域：主動和被動安全系統；電動和混合動力汽車電氣化；資訊娛樂和遠端資訊處理；以及所有車身、底盤和動力總成相關子系統。

ST is very well positioned here with the right portfolio to be an ideal partner for established and new car makers, and for all their suppliers.

ST 在​​這方面處於有利地位，擁有合適的產品組合，成為老牌汽車製造商和新汽車製造商及其所有供應商的理想合作夥伴。

Our broad range of technologies allows us to build every kind of part; and, our deep system knowhow enables us to offer complete optimized subsystems.

我們廣泛的技術使我們能夠製造各種零件；而且，我們深厚的系統專業知識使我們能夠提供完整的最佳化子系統。

Moving now to Internet of Things.

現在轉向物聯網。

As you know the Internet of Things is an umbrella covering a number of application areas.

如您所知，物聯網是一個涵蓋多個應用領域的保護傘。

For example, the smart industry is about the evolution of manufacturing and our industrial sectors, through the application of a range of smart technologies, to achieve better efficiency, flexibility and safety.

例如，智慧工業是關於製造業和我們的工業部門的演變，透過一系列智慧技術的應用，以實現更好的效率、靈活性和安全性。

Factory automation is an example of an area where Internet of Things is bringing ST new opportunities to add sensors, intelligence and connectivity, while continuing to lead in power and motor controls.

工廠自動化是物聯網領域的一個例子，意法半導體為意法半導體帶來了增加感測器、智慧和連接性的新機會，同時繼續在電源和馬達控制領域保持領先地位。

Moving to the smart home and the smart city, STs portfolio is very well adapted, and our ability to offer solutions involving multiple ST products tailored to specific vertical applications positions us well to address this area of the Internet of Things.

轉向智慧家庭和智慧城市，ST的產品組合非常適合，我們有能力提供針對特定垂直應用客製化的多種ST產品的解決方案，這使我們能夠很好地解決物聯網的這一領域。

And with our own sales channel and customers we will benefit from the above average growth forecast for home and building control, LED lighting and metering, and this is among the many principal opportunities.

憑藉我們自己的銷售管道和客戶，我們將受益於家庭和建築控制、LED 照明和計量領域高於平均水平的成長預測，這是眾多主要機會之一。

And finally, the connected devices in the Internet of Things, that we call smart things, alongside the existing well-identified markets, like smartphone and (inaudible), we see a huge opportunity for new connected devices.

最後，物聯網中的連接設備，我們稱之為智慧型設備，以及現有的明確市場，如智慧型手機和（聽不清楚），我們看到了新連接設備的巨大機會。

Some will be products we already know that become smart and connected; and others will be completely new categories of devices.

有些是我們已經知道的、變得聰明、互聯的產品；還有一些將是全新的設備類別。

What they all have in common is a need for the same core electronics building blocks, which ST offers, as well as the need for fast and easy development tools, such as our STM32 open development environment.

它們的共同點是需要 ST 提供的相同核心電子建置模組，以及需要快速、簡單的開發工具，例如我們的 STM32 開放開發環境。

Thank you for your attention.

感謝您的關注。

Well, thank you, Georges.

好吧，謝謝你，喬治。

This is our market-driven focus based on our system application capabilities, our products and our analog and digital technologies.

這是我們以市場為導向的重點，基於我們的系統應用能力、我們的產品以及我們的類比和數位技術。

So let me now close with our three main priorities for 2016.

現在讓我以 2016 年的三個主要優先事項作為結束語。

First, of course, sales growth.

首先，當然是銷售成長。

Here, we have set a number of objectives and we are targeting growth both with major OEMs, including smartphones and automotive customers; and in the mass market, especially in Asia.

在這裡，我們設定了許多目標，我們的目標是與主要原始設備製造商（包括智慧型手機和汽車客戶）成長；以及大眾市場，尤其是亞洲。

We believe that our stronger system and application approach on top of our leading-edge products allows us to have much more opportunities than in the past.

我們相信，在我們領先的產品之上，我們更強大的系統和應用方法使我們能夠比過去擁有更多的機會。

In the mass market, across all the regions and particularly in Asia, we have recently strengthened our local marketing applications and the sales teams, and we plan to grow this set of competencies even more during this year.

在大眾市場，在所有地區，特別是在亞洲，我們最近加強了本地行銷應用程式和銷售團隊，我們計劃在今年進一步增強這組能力。

With sales growth, our manufacturing efficiencies can and will significantly improve and unused capacity charges can and will be significantly reduced, benefiting our financial performance.

隨著銷售的成長，我們的製造效率可以並且將會顯著提高，未使用的產能費用可以並且將會顯著降低，從而有利於我們的財務業績。

Second, with our anticipated capital expenditures, of about $600 million in 2016, combined with our product roadmaps in R&D, we will make sure that we benefit from the resources devoted there and from the about 600 talents moving to our strategic focus areas of digital automotive and microcontrollers.

其次，根據我們預計 2016 年約 6 億美元的資本支出，結合我們在研發方面的產品路線圖，我們將確保我們從投入的資源以及轉向數位汽車戰略重點領域的約 600 名人才中受益。控制器。

Third, we need to flawlessly execute on our decision to discontinue platforms and standard products for the set-top box and home gateway.

第三，我們需要完美地執行我們停止機上盒和家庭網關平台和標準產品的決定。

We expect a meaningful portion of the plan to be well underway during 2016, which will benefit our cost structure.

我們預計該計劃的重要部分將在 2016 年順利進行，這將有利於我們的成本結構。

There is lots of work ahead of us, but we are moving forward with a clear strategy and plan, and a sharp and deep focus on execution.

我們前面還有很多工作要做，但我們正在以明確的策略和計劃以及對執行的高度和深入的關注向前推進。

Now, my colleagues and I would be happy to take your questions.

現在，我和我的同事很樂意回答你們的問題。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Jerome Ramel, Exane BNP Paribas.

傑羅姆·拉梅爾 (Jerome Ramel)，法國巴黎銀行 Exane。

Carlo, with the restructuring plan you are implementing, what could be the mid/long-term target of the business model of STMicro?

Carlo，根據您正在實施的重組計劃，意法半導體商業模式的中長期目標是什麼？

You have been saving the 10% EBIT margin for a while.

您已經省下 10% 的息稅前利潤一段時間了。

Do you think the implementation of the restructuring plan you announce today will be enough to get back to 10% EBIT margin eventually?

您認為今天宣布的重組計畫的實施足以最終使息稅前利潤率恢復到10%嗎？

Or is it also a question of the top line?

還是說這也是頂線的問題？

And what kind of a revenues level do you need now to get back to the 10% EBIT margin with the new perimeter of STMicroelectronics?

您現在需要什麼樣的收入水平才能透過意法半導體的新業務恢復 10% 的息稅前利潤？

Jerome, Carlo Ferro speaking; perhaps I take the question.

傑羅姆，卡洛費羅發言；也許我會回答這個問題。

I believe that certainly, the strategic review on the product portfolio will move in the direction of expanding margin and, certainly, the model we have cited, targeting a 10% operating margin is within the potential of the Company.

我相信，產品組合的策略審查肯定會朝著擴大利潤率的方向發展，當然，我們引用的模型，目標是 10% 的營業利潤率，也符合公司的潛力。

There are many ingredients on top of the mechanical one on the currency, on the unused capacity.

除了貨幣、未使用容量等機械因素之外，還有許多因素。

The contribution of this plan that, as you see, is quite significant.

正如您所看到的，這個計劃的貢獻是相當重大的。

We consider the impact, the combination of low expenses at completions and improved average gross margin of the Company to be in the range of about 3 points.

我們認為，竣工費用較低和公司平均毛利率提高的綜合影響約為 3 個百分點。

The various initiatives we have in manufacturing all moving in the right direction.

我們在製造業中採取的各種措施都在朝著正確的方向發展。

Of course, we need more in terms of volume, of growth.

當然，我們需要更多的數量和成長。

At the end of the day, I believe that we need at least $1.8 billion of revenues per quarter, not only to, I would say, leverage on the revenues growth, but really to give our manufacturing machine all the comfort to smoothly run.

歸根結底，我相信我們每季至少需要 18 億美元的收入，我想說，這不僅是為了利用收入成長，而且是為了真正讓我們的製造機器順利運作。

It's not only a matter of the unused capacity; it's also a matter of the overall efficiency of the fabs and their performance, and their scale that very much affect the wafer cost.

這不僅是未使用容量的問題，也是未使用容量的問題。這也是晶圓廠的整體效率及其性能和規模的問題，這對晶圓成本有很大影響。

Overall, we remain comfortable on this model.

總的來說，我們對這個模型仍然感到滿意。

We have a lot now of ingredients to work on.

我們現在有很多成分需要研究。

We have also some detail to be finalized, including the end -- the modality and the timing of the deployment of the revised plan for set-top box.

我們還有一些細節需要最終確定，包括機上盒修訂計畫的部署方式和時間安排。

That is subject to a consultation process that is not final yet.

這需要經過諮詢過程，但尚未最終確定。

So give us a little bit more of time.

所以請給我們多一點時間。

I believe that we have already good data in the month of May for our Capital Market Day and we'll be happy to take back the question at that time.

我相信我們在五月的資本市場日已經有了很好的數據，屆時我們很樂意收回這個問題。

Well, certainly, growth is our most important priority.

當然，成長是我們最重要的優先事項。

I think we are targeting, as we said, a market that is about one-half of the semiconductor market, it's about $150 billion, on two areas that are growing.

我認為，正如我們所說，我們的目標是一個約佔半導體市場一半的市場，價值約 1500 億美元，涉及兩個正在成長的領域。

The digitalization trend in the automotive is very, very important to ST.

汽車數位化趨勢對 ST 來說非常非常重要。

It is our major effort, particularly in the area of safety, advanced safety and, in the future, nearly autonomous driving on one side.

這是我們的主要努力，特別是在安全、先進安全以及未來近乎自動駕駛方面。

But also, the electrification of the car, we have all the products.

而且，對於汽車的電氣化，我們擁有所有的產品。

For instance, we will exploit better the synergies between our specific ICs for automotive applications and our power discrete that are certainly instrumental to the electrification of the car, including very promising not silicon technology, like silicon carbide.

例如，我們將更好地利用我們用於汽車應用的特定 IC 和我們的功率分立裝置之間的協同作用，這對汽車的電氣化肯定有幫助，包括非常有前途的非矽技術，如碳化矽。

On the rest of the Company, it's very much centered around our microcontrollers.

在公司的其他方面，它主要以我們的微控制器為中心。

Our microcontrollers are successful.

我們的微控制器取得了成功。

We are now moving many more resources.

我們現在正在轉移更多的資源。

So we will have more products; we will have more peripherals; we will have more application boards, the [reference] designs for our customers.

所以我們會有更多的產品；我們將擁有更多的周邊設備；我們將為我們的客戶提供更多的應用板、[參考]設計。

So we will try more and more to provide solutions to our customers centered around our microcontrollers and complementing the microcontrollers with our sensors, with our power products and with our analog and connectivity devices.

因此，我們將越來越多地嘗試為客戶提供以我們的微控制器為中心的解決方案，並用我們的感測器、我們的電源產品以及我們的類比和連接設備來補充微控制器。

So, I think it's a little bit more focused, but broad and a portfolio pretty much optimized to serve these two major blocks in the electronic field, where we expect growth will be significant.

因此，我認為它更加專注，但範圍更廣，並且產品組合經過優化，可以為電子領域的這兩個主要領域提供服務，我們預計電子領域的成長將非常顯著。

We certainly want to participate to this and starting growing again.

我們當然希望參與其中並再次開始成長。

Thank you.

謝謝。

And maybe just a quick follow-up.

也許只是快速跟進。

Any update on the dividend, following the announcement of today?

今天宣布股息後，有任何更新嗎？

Are you going to address it or how should we think about the dividend going forward?

您打算解決這個問題嗎？

Well, this is premature.

好吧，這還為時過早。

I think we will start working on this, in fact, at the end of March and the process is always the same.

我想我們會在三月底開始研究這個問題，而且過程總是一樣的。

Based on our results, the projected capital requirements, the business conditions, the prospects the Management Board will make a proposal to the Supervisory Board of ST for a dividend distribution.

根據我們的結果、預期的資本要求、業務狀況、前景，管理委員會將向 ST 監事會提出股利分配建議。

Then our Supervisory Board would decide and propose to the Annual General Meeting.

然後我們的監事會將做出決定並向年度股東大會提出建議。

So, the process for us will start as normal, later on and towards the end of the month of March of this year.

因此，我們的流程將在今年三月底的稍後正常開始。

Thank you.

謝謝。

Thank you, Jerome.

謝謝你，傑羅姆。

Next question, please.

請下一個問題。

David Mulholland, UBS.

大衛穆赫蘭，瑞銀集團。

A couple of questions, if I could.

如果可以的話，有幾個問題。

Just, firstly, on the cost savings, I wonder if you could give us some breakdown as to how much of that should be expected through the cost of sales line and how much is coming through from OpEx savings.

首先，關於成本節約，我想知道您是否可以給我們一些詳細信息，說明其中有多少是透過銷售成本節省的，有多少是透過營運支出節省來實現的。

Also, just on that, if you can give us a new expected OpEx run rate for the business once you've completed those savings, and then I'll come back for the follow-up, if it's okay.

另外，就這一點而言，如果您在完成這些節省後能給我們一個新的預期業務運營支出運行率，那麼如果可以的話，我會回來進行後續跟進。

Yes, I'll take your question, David.

是的，我會回答你的問題，大衛。

Indeed, the detail of the cost savings, resulting from the set-top box plan that Jean-Marc has presented, refers to the operating expenses only.

事實上，Jean-Marc 提出的機上盒計畫所節省的成本細節僅指營運費用。

You are right to ask, thank you for asking the question, as, of course, there is another ingredient, which is the fact that the set-top box gross margin is below company average that will contribute to the Company profitability progressively towards the execution of the plan and the wind-down of the residual lifespan of this product in the next years.

你問得對，謝謝你提出這個問題，因為當然還有另一個因素，那就是機頂盒毛利率低於公司平均水平，這將逐步有助於公司盈利能力的執行該計劃的進展以及該產品在未來幾年的剩餘壽命的逐步結束。

In general, at the end of the day, I have to say that for our operating expenses we are quite comfortable that we have executed our target of -- for expenses net of grants at the low level of the range of $550 million/$600 million.

總的來說，歸根結底，我必須說，對於我們的營運支出，我們很滿意我們已經執行了我們的目標——扣除贈款後的支出處於 5.5 億美元/6 億美元的低水平。

Indeed, that was the result of the prior quarter; that was the result of the average for 2015.

事實上，這是上一季的結果；這是2015年的平均結果。

This additional contribution, of course, will move expenses down and perhaps below the low level of that range progressively and, again, is a matter of now working on the detail of the deployment and eventually reverting to you at our Capital Market Day about some more specific indication on this respect.

當然，這一額外的貢獻將使費用下降，甚至可能逐步低於該範圍的低水平，而且，現在的問題是現在正在研究部署的細節，並最終在我們的資本市場日向您回復更多內容對此作出具體說明。

Meanwhile, we remain, at the end, confident that, for the current year, at the end we can run expenses at the low level or below the low level of our range, below the $550 million in each of the quarters of 2016; of course, talking about operating expenses net of tax.

同時，我們仍然有信心，今年年底我們的支出能夠保持在較低水平或低於我們範圍的低水平，低於 2016 年每個季度的 5.5 億美元；當然，談論的是扣除稅後的營運費用。

That's great, thanks.

太好了，謝謝。

And then just on the revenue run rate within DPG, you mentioned in the comments that it might improve sequentially in Q1.

然後就 DPG 的收入運行率而言，您在評論中提到它可能會在第一季連續改善。

Can you just clarify if that is within the set-top box business, given the Sky Q launch that you have coming up?

鑑於您即將推出 Sky Q，您能否澄清一下這是否屬於機上盒業務？

And also, if you can just then give us some color on how you expect the revenue ramp down within the set-top box business to progress from the $220 million level you had -- or $209 million you had last year over the next two/three years?

另外，如果您能告訴我們您預計機上盒業務的收入將如何從 2.2 億美元的水平（或去年的 2.09 億美元）在接下來的兩年內逐步下降/三年？

Okay.

好的。

First of all, a clarification.

首先，澄清一下。

If you refer to my introduction on the first quarter 2016 outlook when talking about the Group coming back to -- in a healthy sequential dynamic, I was talking about APG, the automotive product group.

如果您在談論集團恢復健康的連續動態時參考我對 2016 年第一季前景的介紹，我指的是汽車產品集團 APG。

This is very much welcome and it is also very much related to the overall situation of the industry which is clearly improving after some correction in the second half of last year.

這是非常可喜的，也與行業整體情況經過去年下半年的一些調整後明顯好轉有很大關係。

Going to your second question -- to your question about the revenues' dynamic for the set-top box business.

回到你的第二個問題——關於機上盒業務收入動態的問題。

Of course, those products are at the end very much established on the final devices, so we see, frankly, a phasing out which is very, very progressive.

當然，這些產品最終在最終設備上非常成熟，所以坦白說，我們看到逐步淘汰，這是非常非常進步的。

Should I say the estimate of revenues lost this year we expect to be about $210 million of the prior year, I would say between $60 million to $70 million under Jean-Marc's control.

如果我說今年的收入損失預計約為前一年的 2.1 億美元，我會說在 Jean-Marc 的控制下在 6,000 萬至 7,000 萬美元之間。

That's great.

那太棒了。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Thank you, David.

謝謝你，大衛。

Next question, please.

請下一個問題。

Andrew Gardiner, Barclays.

安德魯·加德納，巴克萊銀行。

I was interested in some of your comments around the first quarter.

我對您對第一季的一些評論感興趣。

Carlo, you just mentioned the improvement in the automotive segment.

卡洛，您剛才提到了汽車領域的進步。

Is that the main source of strength or relative strength within first quarter or can you talk us through some of the moving parts around some of the other end markets that you see and perhaps, from a regional standpoint, what you guys are seeing?

這是第一季實力或相對實力的主要來源嗎？什麼？

There are certainly some comments out there, particularly overnight from one of your bigger customers talking about China and showing more recent signs of economic softness.

肯定會有一些評論，特別是隔夜，您的一位大客戶談論中國並顯示出最近經濟疲軟的跡象。

So, anything you can talk about what you're seeing within the food chain in the last few weeks as we started 2016.

所以，您可以談論 2016 年過去幾週您在食物鏈中所看到的一切。

Thank you.

謝謝。

Yes.

是的。

Well, of course, it's not that simple to interpret.

當然，解釋起來並不是那麼簡單。

Let's be, as much as we can, factual here.

讓我們盡可能以事實為依據。

The point of sales of our distributors during the fourth quarter was not bad.

第四季我們經銷商的銷售點還不錯。

We had some, let's say, decent performance with a moderate sequential growth quarter over quarter, including a pretty good performance in China on the POS, in what we define Greater China and South Asia as a region.

可以說，我們有一些不錯的表現，季度環比溫和增長，包括在中國的 POS 上表現相當不錯，在我們定義的大中華區和南亞地區。

On the other hand, inventory adjustment was pretty important.

另一方面，庫存調整也相當重要。

Of course, POS is an important indicator.

當然，POS是一個重要指標。

Another important indicator is the formation of the backlog.

另一個重要指標是積壓的形成。

In terms of formation of the backlog, what we saw is an important recovery but more driven by Europe in our automotive business.

就積壓的形成而言，我們看到了重要的復甦，但更多的是由歐洲汽車業務推動的。

Therefore, this is driving us to be more positive and confident on a significant sequential growth of our automotive business overall, but driven by major European customers.

因此，這促使我們對我們的汽車業務整體上顯著的連續成長更加積極和充滿信心，但這是由歐洲主要客戶推動的。

I think, to go through -- well, of course, there are also, on top of the Chinese question mark, as you mentioned, at a macroeconomic level, there are also some concerns coming from certain major smartphone manufacturing on their volume that clearly remains a concern.

我認為，當然，正如您所提到的，除了中國的問號之外，在宏觀經濟層面上，某些主要智慧型手機製造商也對其產量提出了一些擔憂，這顯然仍然是一個令人擔憂的問題。

I think to comment and go to the product group on top of automotive, certainly we do not see, during the course of Q1, the opportunity to maintain the same very, very strong level that we had in our microcontrollers.

我認為，要評論並轉到汽車領域的產品組，我們當然沒有看到在第一季期間有機會保持與我們的微控制器相同的非常非常強勁的水平。

So we expect some decline of our microcontroller business after a fantastic rate that we have done in the second half with two quarters in line of record billing -- historical record billing in our MMS.

因此，我們預計，在下半年我們的微控制器業務取得了驚人的成長速度之後，我們預計我們的微控制器業務將出現一些下滑，其中兩個季度的帳單記錄達到了創紀錄的水平——我們的MMS 的歷史記錄帳單。

And on the other hand, a certain degree of stability both for our, let's say, IPDs, the industrial and power discrete products and AMS products, starting, however, from a pretty low base of Q4.

另一方面，我們的 IPD、工業和功率分立產品以及 AMS 產品都具有一定程度的穩定性，但從第四季度的相當低的基數開始。

Please consider that one other effect in Q1 is, of course, the Chinese New Year.

請考慮第一季的另一個影響當然是中國新年。

Traditionally, our IPD and AMS businesses are declining in Q1.

傳統上，我們的 IPD 和 AMS 業務在第一季都在下降。

This year, as I said, starting from a low Q4 base, we see more stability.

今年，正如我所說，從第四季度的較低基數開始，我們看到了更多的穩定性。

I hope this is giving an overall view of the market trends and the way that we see our products in moving from Q4 to Q1.

我希望這能夠全面了解市場趨勢以及我們看待我們的產品從第四季度轉向第一季的方式。

It does thanks, Carlo.

確實謝謝，卡洛。

Thank you.

謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Next question please.

請下一個問題。

Sandeep Deshpande, JPMorgan.

桑迪普·德什潘德，摩根大通。

My question is, again, similar to what an earlier question was, but on the numbers itself, Carlo.

我的問題再次與之前的問題類似，但關於數字本身，卡洛。

If you look at your gross margin, your gross margin is at around 33%.

如果你看一下你的毛利率，你的毛利率在33%左右。

It has been depressed by 100 basis points, you say because of the lower utilization but then it would be possibly 34%.

你說是因為利用率較低，所以它已經下降了 100 個基點，但可能會是 34%。

You are doing 21% R&D to sales, which along with the SG&A gives you a very small margin, so that 10% is not achievable.

您將 21% 的研發投入到銷售中，這與 SG&A 一起為您提供的利潤非常小，因此 10% 是無法實現的。

Historically, you used to be at around 40% gross margin.

從歷史上看，毛利率曾經在 40% 左右。

So what has happened with the mix in the product, which causes this 34% gross margin at the current time?

那麼，產品組合到底發生了什麼，導致了目前 34% 的毛利率呢？

And how will that shift over time towards a much higher gross margin, such that you can have more sustainable double-digit margin?

隨著時間的推移，這種情況將如何轉向更高的毛利率，從而實現更可持續的兩位數利潤率？

Yes, I see your questions, Sandeep.

是的，我看到你的問題，桑迪普。

Frankly, I'm not sure I could follow all the pieces of your math, so I don't want to imply a number on my answer.

坦白說，我不確定我能否理解你的所有數學知識，所以我不想在我的答案中暗示一個數字。

Qualitatively, at the end it's obvious that our gross margin is not yet where we want to see it.

從定性來看，很明顯我們的毛利率還沒有達到我們想要的水平。

Again, when you have and you run fabs that are not enough loaded, you have at the end three major implications.

同樣，當您擁有並運行負載不足的晶圓廠時，最終會產生三個主要影響。

Implication number one is the unused and you will capture it, I guess, in your analysis.

第一個含義是未使用的，我想，您將在分析中捕獲它。

Implication number two is that the overall efficiency of the fab is affected.

第二個影響是晶圓廠的整體效率受到影響。

And implication number three is that, firstly, you have to load and then you have the opportunity of growing in scale.

第三個意思是，首先，你必須加載，然後你就有機會擴大規模。

Growing in scale is one of the key factors in the semiconductor manufacturing model to reduce the wafer costs.

規模化是半導體製造模式降低晶圓成本的關鍵因素之一。

Wafer cost reduction, at the end in the model of this industry, has somehow also to be shared with customers over the time and the life of the product.

在這個產業的模式中，晶圓成本的降低最終也必須隨著時間和產品的生命週期與客戶分享。

So what I believe at the end has happened in the recent quarters to our gross margin is that we lack enough growth in the revenues in order to take advantage of these virtual processes of growing in scale, get wafer cost improvement and improving margin.

因此，我認為最近幾季我們的毛利率最終發生的情況是，我們的收入缺乏足夠的成長，無法利用這些規模成長的虛擬流程，改善晶圓成本並提高利潤率。

Overall, at the end there is some ingredient, as you said, of the product mix.

總的來說，正如您所說，最後有一些產品組合的成分。

Today, the most dilutive division to our gross margin is the set-top box division.

如今，對我們毛利率影響最大的部門是機上盒部門。

This is something that, as I said, we are tackling.

正如我所說，這是我們正在解決的問題。

Finally, once all of these will be solved, the benefit from the currency could be, of course, and must be more visible in our gross margin evolution.

最後，一旦所有這些問題得到解決，貨幣帶來的好處當然可以並且必須在我們的毛利率演變中更加明顯。

Carlo, there's actually one follow-up question to you.

卡洛，實際上有一個後續問題要問你。

You've probably seen that there has been an M&A deal, which will displace you in your top three position in the microcontroller market.

您可能已經看到了併購交易，這將取代您在微控制器市場的前三名位置。

Do you see that as a problem?

您認為這是一個問題嗎？

Or do you see that you will continue to gain share overall in the microcontroller business?

或者您認為您將繼續獲得微控制器業務的整體份額？

No, we believe that we will continue to gain share.

不，我們相信我們將繼續獲得份額。

Now, we have this additional opportunity that, of course, is very, very important for our microcontrollers is the employment of, I would say, a significant part of the 600 engineers.

現在，我們有了這個額外的機會，當然，這對我們的微控制器來說非常非常重要，我想說的是，600 名工程師中很大一部分都得到了僱用。

So we are working on new ARM conversions.

因此我們正在致力於新的 ARM 轉換。

We are working on many new peripherals; major effort in everything that is radio frequency for microcontrollers; and a huge effort in building up more reference boards and application systems for our customers.

我們正在開發許多新的周邊設備；微控制器射頻領域的主要工作；並付出巨大努力為我們的客戶建立更多的參考板和應用系統。

Also, secure microcontrollers is an area where we will certainly do more in the future.

此外，安全微控制器是我們未來肯定會做更多工作的領域。

I think we are very committed.

我認為我們非常堅定。

We have been able to anticipate the market by introducing first into the marketplace the ARM for the mass market, for the general purpose applications.

透過首先將大眾市場和通用應用的 ARM 引入市場，我們能夠預測市場。

We have built up a strong ecosystem.

我們已經建立了強大的生態系統。

As we said before, we have 40,000 customers.

正如我們之前所說，我們有 40,000 名客戶。

I mentioned the proliferation of the peripherals and the technologies, but I'd also like to mention the major effort that we have in terms of expansion of the customer base.

我提到了外圍設備和技術的激增，但我還想提到我們在擴大客戶群方面所做的主要努力。

That is a very important priority.

這是一個非常重要的優先事項。

So I am convinced that we will keep going.

所以我堅信我們會繼續前進。

The additional resources, of course, will give another boost to our capability to enlarge the reach and cover more applications and expand the base of customers.

當然，額外的資源將進一步增強我們擴大覆蓋範圍、涵蓋更多應用以及擴大客戶群的能力。

Thank you.

謝謝。

Thank you, Sandeep.

謝謝你，桑迪普。

Next question please.

請下一個問題。

Guenther Hollfelder, Baader.

岡瑟·霍爾菲爾德，巴德爾。

The distribution channel situation you described, so do you expect in the first quarter, also in the non-automotive areas in the distribution channel, that the sell-through is pretty much in line with what you will ship in the first quarter?

您所描述的分銷管道情況，那麼您預計第一季度，以及分銷管道中的非汽車領域，銷量與您第一季的出貨量基本一致嗎？

So is this correction, basically, completed?

那麼這次修正基本上完成了嗎？

No.

不。

I think that we expect in Q1 to keep going with the good point of sales.

我認為我們預計第一季將繼續保持良好的銷售點。

And, we expect that the correction in the area of IPD and AMS will be completed by the end of the first quarter.

並且，我們預計 IPD 和 AMS 領域的修正將在第一季末完成。

This is, in fact, the same position that we had three months ago.

事實上，這與我們三個月前的立場是一樣的。

The difference that we have seen is more in the automotive, where the backlog already built up pretty strong in Q1.

我們看到的差異更體現在汽車領域，第一季的積壓訂單已經相當多。

But for both IPD and AMS, while we expect to keep going with a good point of sales performance, I think it will take another three months to complete the inventory adjustment.

但對於IPD和AMS來說，雖然我們預計將繼續保持良好的銷售業績，但我認為還需要三個月的時間才能完成庫存調整。

Okay.

好的。

And concerning the car market, you talked about a recovery, especially in Europe.

關於汽車市場，您談到了復甦，特別是在歐洲。

I assume also you were affected with your infotainment business, car radio business aftermarket in China over the past months.

我想過去幾個月您在中國的資訊娛樂業務、汽車收音機業務售後市場也受到了影響。

Could you tell us what you see in this car radio aftermarket in China right now?

您能告訴我們您目前對中國汽車收音機售後市場的看法嗎？

Yes.

是的。

I confirm this is still one area of relative weakness even if we see, in China, opportunities for recovery in the automotive during the first six months of this year, certainly.

我確認，即使我們在中國看到汽車產業在今年前六個月出現復甦的機會，這仍然是一個相對薄弱的領域。

While we do not see this yet in Japan, that is another area of weakness for the automotive.

雖然我們在日本還沒有看到這一點，但這是汽車產業的另一個弱點。

Maybe one more question on --

也許還有一個問題——

For the first six months, just to make sure.

在前六個月，只是為了確定。

Okay.

好的。

You mentioned CapEx for 2016, I was just wondering, will you get some tailwinds coming from D&A in 2016.

您提到了 2016 年的資本支出，我只是想知道，您是否會從 2016 年的 D&A 中獲得一些順風車。

So what should we model in for D&A, to further decrease?

那麼我們應該為 D&A 建立什麼樣的模型才能進一步減少呢？

Depreciation and amortization.

折舊和攤銷。

Yes.

是的。

I will say that there should be something in the range of $750 million for the full year.

我想說，全年應該要有 7.5 億美元左右的資金。

Okay, many thanks.

好的，非常感謝。

And all the best for Carmelo.

祝卡梅隆一切順利。

Goodbye.

再見。

Thank you, Guenther.

謝謝你，岡瑟。

Next question, please.

請下一個問題。

Achal Sultania, Credit Suisse.

阿查爾蘇丹尼亞，瑞士信貸。

The first one is on the restructuring plan.

第一個是關於重組計劃。

Obviously, you said that there's $250-odd million of loss in the business and you're planning to achieve $170 million of savings.

顯然，您說業務損失了 2.5 億多美元，而您計劃節省 1.7 億美元。

So there is clearly some reinvestment going back into the auto and the microcontroller business.

因此，顯然有一些再投資回到了汽車和微控制器業務。

And then at the same point, I think Carlo Ferro, you mentioned that ideally you want to get to $1.8 billion of sales per quarter, which would be $7.2 billion of sales per annum.

然後在同一點上，我想 Carlo Ferro，您提到理想情況下您希望每季實現 18 億美元的銷售額，即每年 72 億美元的銷售額。

When I look at the three core businesses that you have, you're basically doing about $6.4 billion of sales per annum.

當我查看你們擁有的三項核心業務時，你們基本上每年的銷售額約為 64 億美元。

So I'm just trying to get a sense, is there a chance that at some point, if you think that the $7.2 billion revenue number it looks difficult to get to, is there a chance that we probably can get some more savings at some point in time?

所以我只是想了解一下，是否有可能在某個時候，如果你認為 72 億美元的收入數字看起來很難實現，那麼我們是否有可能在某個時候獲得更多節省？

Or what gives you confidence that we can see that kind of revenue growth in a market where, clearly, the macro environment isn't supportive.

或者是什麼讓您相信我們可以在宏觀環境顯然不支持的市場中看到這種收入成長。

I think Jean-Marc will take the first question on the plan of redeployment, but more importantly, on the opportunities.

我認為讓-馬克將回答關於重新部署計劃的第一個問題，但更重要的是關於機會的問題。

But I want to respond immediately to the second one.

但我想立即回應第二個問題。

No, I think this is what we need now.

不，我想這就是我們現在需要的。

Certainly, I think what we need is this form of portfolio with the right balance between digital, mixed signal and -- digital analog and power to serve these two macro applications blocks that, as I said, is everything that is in the car with the exception of very, very few products in the car in fact; and the Internet of Things covering a variety of applications, as we said.

當然，我認為我們需要的是這種形式的產品組合，在數位、混合訊號和數位、類比和電源之間取得適當的平衡，以服務這兩個宏觀應用塊，正如我所說，這就是汽車中的一切事實上，車內只有非常非常少的產品除外；正如我們所說，物聯網涵蓋了各種應用。

So I think the structure of the products, the structure of guarantee, is what we need and we will stick on it.

所以我認為產品結構、保證結構是我們所需要的，我們會堅持下去。

Maybe Jean-Marc, you want to comment on the plan and the redeployment, and the opportunity to leverage these additional R&D resources?

也許讓-馬克，您想對規劃和重新部署以及利用這些額外研發資源的機會發表評論？

Yes.

是的。

For the redeployment plan, in fact, we have been driven by 2 points.

對於重新部署計劃，其實我們是受到2點的推動。

Point number one is, we would like, really, to continue to proliferate our microcontroller product portfolio really to address the widest scope of application, from ultralow power microcontroller to the most performing microcontroller.

第一點是，我們真的希望繼續豐富我們的微控制器產品組合，真正滿足最廣泛的應用範圍，從超低功耗微控制器到性能最強的微控制器。

We would like also to complete the product portfolio with some products which are a little bit above the high-performance MCU.

我們也希望透過一些略高於高性能 MCU 的產品來完善產品組合。

So this is point number one.

所以這是第一點。

The part number two, as explained by Carlo during the speech, this is clear that in smart driving the digitalization of the car is one of the key elements where we are fully committed.

第二部分，正如卡洛在演講中所解釋的那樣，很明顯，在智慧駕駛領域，汽車的數位化是我們全力投入的關鍵要素之一。

We have exactly the people and the skill within the set-box division to support this important ambition to continue to have a leading position, as an example in ADAS system.

我們機上盒部門擁有足夠的人才和技能來支持這一重要目標，以繼續保持領先地位，例如在 ADAS 系統中。

The main part of the almost 600 people will be redeployed in these two businesses, microcontroller and automotive digital ICs.

近600人的主要部分將被重新部署到微控制器和汽車數位IC這兩個業務。

Right, okay.

對了，好吧。

Thank you.

謝謝。

And maybe just one clarification.

也許只是一項澄清。

What was the loading charge in this quarter?

本季的裝貨費用是多少？

Was it 70 basis points that you said, or --?

你說的是70個基點，還是──？

Yes.

是的。

Carlo Ferro is taking your question.

卡洛費羅正在回答你的問題。

Yes, indeed, we anticipate that it will be in Q4 at --

是的，確實，我們預計它將在第四季度——

He's talking the unused charge.

他說的是未使用的費用。

The unused charges.

未使用的費用。

They've been about $30 million for Q4.

第四季的銷售額約為 3000 萬美元。

And the guidance for Q1; did you give a guidance for Q1 also?

以及第一季的指導；您也為 Q1 提供了指導嗎？

No.

不。

For Q1 at the end we can anticipate that unused capacity charges will be at or south of 1-point impact to the gross margin.

對於第一季末，我們可以預期未使用容量費用對毛利率的影響將達到或低於 1 個百分點。

All right.

好的。

Okay, thank you.

好的，謝謝。

Thank you, Achal.

謝謝你，阿查爾。

Next question, please.

請下一個問題。

Francois Meunier, Morgan Stanley.

弗朗索瓦·莫尼耶，摩根士丹利。

Drew Humphrey here for Francois.

德魯漢弗萊 (Drew Humphrey) 是為弗朗索瓦 (Francois) 而來。

Just a follow-up on those -- on the cost to utilization issue, please.

只是關於這些問題的後續——關於使用成本問題。

Can you tell us how digital in particular impacts capacity utilization in the Crolles fab?

您能否告訴我們數位化如何影響克羅爾斯工廠的產能利用率？

I.e., what would capacity utilization in Crolles be if you assume the run rate today excluded the businesses that you're exiting over the next few quarters?

也就是說，如果您假設今天的運行率不包括您在未來幾季退出的業務，那麼克羅爾斯的產能利用率是多少？

Yes, maybe Jean-Marc, you comment on these and --?

是的，也許讓-馬克，你對這些發表評論，然後——？

Jean-Marc?

讓-馬克？

Yes.

是的。

Basically, what I would like to recall is that we have engaged now, since a few years, a strategic diversification of our Crolles 300 in order to move this fab, which was basically a wireless, pure digital fab, to become a specialty [furnished] fab, in order to support automotive microcontroller, infotainment and active (inaudible), and specifically with the 28 (inaudible), as mentioned during the speech of Carlo; so automotive.

基本上，我想回顧的是，幾年來，我們已經開始對 Crolles 300 進行戰略多元化，以便將這家基本上是無線、純數字的工廠轉變為專業的工廠[配備家具]。支援汽車微控制器、資訊娛樂和主動（聽不清楚），特別是28（聽不清楚），正如Carlo 演講中提到的；所以汽車。

Second, microcontroller.

第二，單晶片。

First with some IT nanometer technology and now moving very fast in the 40-nanometer technology and later on in the 28.

首先是一些 IT 奈米技術，現在 40 奈米技術發展很快，後來是 28 奈米技術。

Third, our specialty imaging sensor.

第三，我們的專業成像感測器。

As Carlo said, so we have just seen in Q4 an important move with our new strategy, because we have moved above the 50 billion -- million units sold.

正如 Carlo 所說，我們剛剛在第四季度看到了新策略的重要舉措，因為我們的銷售量已突破 500 億台。

The last but not the least, it's the analog mixing kind of BiCMOS photonics technology to address the communication network infrastructure.

最後但並非最不重要的一點是，它是解決通訊網路基礎設施問題的模擬混合 BiCMOS 光子技術。

So this year we have still struggle with the unused charge and, let's say, a poor loading.

因此，今年我們仍然面臨未使用的電量以及負載不佳的問題。

We anticipate that starting the second half of this year, we will come back okay to an adequate loading of Crolles and we could envisage the saturation of the full build-out capacity by end of next year.

我們預計，從今年下半年開始，克羅爾斯的裝載量將恢復正常，並且我們可以預見到明年年底，全部擴建產能將達到飽和。

And can you give me a number for what that loading would be today, excluding the businesses that you are exiting, or not?

您能否給我一個數字，說明今天的負載情況（不包括您正在退出的業務）？

Today we have allowed a loading in the range of 2,000/2,500 wafer per week for this fab.

今天，我們允許該晶圓廠每週裝載 2,000/2,500 片晶圓。

We will go close to the saturation in second half to the year to 3,300/3,500, depending to the mix.

我們將在下半年接近飽和，達到 3,300/3,500，具體取決於組合。

Okay.

好的。

Thank you.

謝謝。

Next question please.

請下一個問題。

Janardan Menon, Liberum.

賈納丹‧梅農，《自由》。

Just as a follow-up to the previous question.

就像上一個問題的後續。

So as you lose the $60 million to $70 million of set-top box revenue during the course of this year, are you saying that some of the new product areas that you are expecting will grow at an even faster rate, which will take you to a much higher loading in the second half of the year than your 2,000 to 2,500 wafers right now?

因此，當您今年損失了 6000 萬至 7000 萬美元的機上盒收入時，您是否認為您預期的某些新產品領域將以更快的速度增長，這將帶您下半年的負載量會比現在的2,000 到2,500 片晶圓高很多嗎？

Is that the way we should understand it, that you are going to lose this but something else, the other product that you are targeting are going to come up at an even faster rate, which will get you to a higher loading in the second half?

我們應該這樣理解嗎，你會失去這個，但你瞄準的其他產品將以更快的速度出現，這將使你在下半年獲得更高的負載？

Yes, absolutely, and I think it's coming, of course, from microcontrollers; secure microcontrollers; advanced [EEPROM] products; also, the growth in the digital ICs, for instance, the vision-based products for radars.

是的，絕對如此，我認為它當然來自微控制器；安全微控制器；先進的[EEPROM]產品；此外，數位積體電路的成長，例如基於視覺的雷達產品。

Another area is our digital ASIC products.

另一個領域是我們的數位 ASIC 產品。

And, finally, this new effort on imaging that of course is completely different compared to what we had in the past.

最後，這種在成像方面的新努力當然與我們過去的嘗試完全不同。

Now it is basically absorbed, the commodity camera module.

現在基本上被吸收了，商品相機模組。

So these are completely new products and new technologies that will also contribute to the fab in this facility.

因此，這些都是全新的產品和新技術，也將為工廠的晶圓廠做出貢獻。

So this is an effort that started, in fact, three years ago and is a major effort.

事實上，這是三年前開始的努力，也是一項重大努力。

We want to make sure that this is becoming much more sustainable compared to what we had in the past that was very much focused on wireless and now is covering a wider range of technologies and more importantly, a wider range of applications and markets.

我們希望確保與過去非常專注於無線的技術相比，這種技術變得更加永續，現在涵蓋了更廣泛的技術，更重要的是，涵蓋了更廣泛的應用和市場。

Then Carlo if I can complement as a data point to understand the implication.

那麼卡洛如果我可以補充作為數據點來理解其含義。

At the end the set-top box is the division in ST taking the largest portion of the wafer needs from [foundry].

最後，機上盒是 ST 的一個部門，從[代工廠]獲得了最大部分的晶圓需求。

There is a clear at the end diversification resourcing for set-top boxes.

機上盒最終的資源多元化是很明顯的。

Technologies for instance like 80 nanometers are [full-let] foundries; technology, like the 40-nanometer, is a combination of the two sources.

例如 80 奈米等技術是[完全]代工廠；與 40 奈米技術一樣，技術是這兩種來源的結合。

Technology like the 28 FDSOI or the 28 [bulk] at the end the new products have been mostly qualified at the foundry.

28 FDSOI 或 28 [bulk] 等技術最終新產品大部分已在代工廠合格。

So at the end of the day, please do not translate the $60 million -- $60 million/$70 million revenues impact to the loading of Crolles 300.

因此，歸根結底，請不要將 6000 萬美元至 6000 萬美元/7000 萬美元的收入影響轉化為 Crolles 300 的裝載量。

It's not at all the case.

事實並非如此。

So can we understand from that since your newer products are in-house and your more lagging-edge products are foundry the initial drops in revenue will probably be more on the foundry side and less on the Crawl side?

那麼我們是否可以從中理解，由於您的新產品是內部的，而您的更落後的產品是代工的，因此最初的收入下降可能會更多地出現在代工方面，而較少出現在爬行方面？

No, I just said that the set-top box the newest product, for instance 28, is mostly at foundry, while we have in Crolles 300 the 28, for instance, for the ASIC ICs or the digital automotive.

不，我只是說機上盒最新的產品，例如28，大部分是在代工的，而我們在Crolles 300中的28，例如，用於ASIC IC或數位汽車。

Understood.

明白了。

Just on another topic, you said that, there was a comment that in the automotive digitalization you're moving the manpower over from set-top box there and you're looking at products which are more powerful than 32 bit microcontrollers.

就另一個主題而言，您提到，有評論稱，在汽車數位化領域，您正在將人力從機上盒轉移到那裡，並且您正在尋找比 32 位元微控制器更強大的產品。

Can I assume that that is a reference that you are going to be attacking the automotive apps processor market?

我是否可以假設這是您將進攻汽車應用處理器市場的參考？

And if so, what is the kind of time line for you to get a product out?

如果是這樣，你們推出產品的時間表是怎麼樣的？

No, I didn't say that.

不，我沒那麼說。

I said that in the automotive we have a very, very good coverage of almost all the products that you can find in a car.

我說過，在汽車領域，我們對汽車中幾乎所有的產品都有非常非常好的覆蓋範圍。

There are two exceptions.

有兩個例外。

One exception is, of course, we will not have the modem and the second exception is the very high-end application processor that you can find in a car.

當然，一個例外是我們不會有調製解調器，第二個例外是您可以在汽車中找到的非常高端的應用程式處理器。

All the rest we cover.

其餘的我們都會介紹。

That is a very broad offer from microcontrollers to advanced safety with very, very complex solutions for advanced safety, but we do not have a very high-end application processor for car infotainment.

這是從微控制器到高級安全性的非常廣泛的產品，具有非常非常複雜的高級安全性解決方案，但我們沒有用於汽車資訊娛樂的非常高端的應用處理器。

So the two products that we do not cover is the modem and is the very high end car infotainment processor.

因此，我們不涉及的兩種產品是調變解調器和非常高階的汽車資訊娛樂處理器。

All the rest we cover, including electrification with our power discrete, the (inaudible); we cover all microcontrollers; we cover all areas.

我們涵蓋的所有其他內容，包括我們的功率離散的電氣化，（聽不清楚）；我們涵蓋所有微控制器；我們涵蓋所有領域。

We cover the very large part of car infotainment and, of course, all the body, all the powertrain with our smart power technologies.

我們的智慧動力技術涵蓋了汽車資訊娛樂系統的很大一部分，當然還有整個車身、所有動力系統。

Got it.

知道了。

A very small last question the 80 basis points of additional margin from currency, which you mentioned, Carlo Ferro.

最後一個非常小的問題是貨幣額外保證金的 80 個基點，卡洛·費羅（Carlo Ferro）您提到了這一點。

What is the timeline if the currency stays at this level for you to realize that?

如果貨幣保持在這個水平，您需要多長時間才能意識到這一點？

These will came through the next couple of quarters, so say between Q1 and Q2.

這些將在接下來的幾個季度中完成，也就是說在第一季和第二季之間。

Thank you very much.

非常感謝。

Perhaps if Tait allows me, I would like to go back to Guenther questions about depreciation and amortization, to be more precise.

也許如果泰特允許的話，我想回到岡瑟關於折舊和攤提的問題，更準確地說。

Indeed $750 million rate is how we do begin the year and, basically, this is a good reference for the first two quarters of 2016.

事實上，7.5 億美元的利率是我們今年的開局，基本上，這對 2016 年前兩個季度來說是一個很好的參考。

Then we will have some substantial roll-out of certain investment in the second half of the year.

然後我們將在下半年大量推出某些投資。

So for the full year I would guide to model between $710 million and $720 million.

因此，我預計全年的模型預算為 7.1 億至 7.2 億美元。

Sorry for the inaccuracy of the prior answer.

對於先前的回答不準確，深表歉意。

Thank you, Carlo.

謝謝你，卡洛。

Thank you, Jenardan.

謝謝你，詹納丹。

The next question please.

請下一個問題。

Francesco Previtera, Akros.

弗朗西斯科·普雷維特拉，阿克羅斯。

First of all congratulations to Carmelo Papa on his retirement; best wishes.

首先祝賀卡梅隆·帕帕 (Carmelo Papa) 退休；最好的祝愿。

Thank you.

謝謝。

My question is in your reporting the exit of the set-top box operation will be an occasion for a restatement of the figure?

我的問題是，在您的報告中，機上盒業務的退出是否會成為重述數字的機會？

Or we will see a set of the collage of revenues and we will not have the segregation of revenues into a discontinued operation and in evidence of the restructuring cost?

或者我們會看到一組收入拼貼，但我們不會將收入分為已終止的業務和重組成本的證據？

Today we announced also the new organization of the Company based on the three product groups.

今天我們也宣布了基於三個產品組的公司新組織結構。

Obviously, when we will set together also with the individual accountants the way of reporting the segment reporting on these three reportable segments, we would, at the end, accordingly realign for competitive purpose the result of the prior year.

顯然，當我們與個別會計師共同製定這三個可報告分部的分部報告方式時，我們最終將出於競爭目的相應地重新調整上一年的結果。

I intend today to give you really a very preliminary and not necessary final indication of the revenue size and the operating margin of these new three product groups.

今天我打算向您提供關於這三個新產品組的收入規模和營業利潤率的非常初步的、不必要的最終指示。

For this pro forma purpose I have reported the microcontroller and the digital ICs group, excluding the set-top box business in 2015.

為此，我報告了 2015 年的微控制器和數位 IC 業務，不包括機上盒業務。

Then how actually will fall in the reportable segment in the accounting for each quarter from first quarter 2016 we'll present when reviewing the earnings in April.

那麼，從 2016 年第一季開始，我們將在回顧 4 月份的收益時介紹每個季度會計中可報告部分的實際情況。

Of course what we'll do, as we have done in the past, is talk with you the full comparability April to April to the prior periods.

當然，正如我們過去所做的那樣，我們會做的是與您討論 4 月至 4 月與之前時期的完整可比性。

So the current guidance for first quarter is on the same reporting basis we used to have?

那麼當前第一季的指導與我們過去的報告基礎相同嗎？

Absolutely, the current -- the guidance has not changed in the perimeter of revenues and gross margin for the Company.

當然，目前的指導對公司的收入和毛利率沒有改變。

Okay, thank you.

好的，謝謝。

Okay, and at this point I think we'll move on to our last question please.

好的，現在我想我們將繼續討論最後一個問題。

Adithya Metuku, BofA.

Adithya Metuku，美國銀行。

I had a few, firstly on the revenues in the set-top box business in Q4.

我有一些，首先是第四季機上盒業務的收入。

Can you give us some color on what the revenues were and over what timeframe do you expect these revenues to roll off?

您能否向我們介紹一下收入是多少以及您預計這些收入會在什麼時間範圍內減少？

Secondly, on the phasing of the cost savings and restructuring charges, how should we think about these?

其次，對於分階段的成本節約和重組費用，我們該如何看待？

Also, if you could comment a bit on the contribution margins from the set-top box business, i.e., excluding depreciation in the fourth quarter that would be really helpful?

另外，如果您能評論一下機上盒業務的邊際貢獻，即排除第四季度的折舊，這真的會有幫助嗎？

Thank you.

謝謝。

Okay, I'll try to take your questions.

好的，我會盡力回答你的問題。

On revenues we have already indicated that in year 2015 the revenue for set-top box has been about $210 million.

關於收入，我們已經證明，2015年機上盒的收入約為2.1億美元。

We expect a very progressive phase out and for 2016 we anticipate between a $60 million to $70 million revenue erosion than perhaps would have been about $100 million in 2017 and even going forward.

我們預計將逐步淘汰，預計 2016 年收入將減少 6,000 萬至 7,000 萬美元，而 2017 年乃至未來的收入可能會減少約 1 億美元。

But we still expect the revenues from this product based on the product lifespan in 2018 as well.

但我們仍根據 2018 年的產品壽命來預期該產品的收入。

It will be very progressive as we have also experienced with prior cases in the past year.

這將是非常進步的，因為我們在過去的一年中也經歷過先前的案例。

Second question is the restructuring charges.

第二個問題是重組費用。

Out of the overall $170 million expected over the completion of the program we may consider about $100 million -- between $90 million to $100 million to be posted in the P&L of fiscal year 2016.

在該計劃完成後預計的 1.7 億美元總額中，我們可能會考慮將約 1 億美元（9,000 萬至 1 億美元）計入 2016 財年的損益表中。

Of course, this also very much depend and is contingent to the discussion around -- and the consultation around the execution of the plan and the largest part of that will be in the first quarter.

當然，這在很大程度上取決於圍繞該計劃執行的討論和磋商，其中大部分將在第一季進行。

So largest part will be -- so about $100 million will be in the first quarter?

那麼最大的部分將是——那麼第一季將有大約 1 億美元？

In the first quarter, correct, yes.

在第一季度，正確，是的。

Okay.

好的。

And the second question on the gross margin excluding depreciation?

第二個問題是關於不計折舊的毛利率？

Sorry, yes; you're right.

抱歉，是的；你說得對。

This I believe I have already mentioned, at the end the gross margin of set-top box is well below Company average.

這一點我相信我已經提到過，最終機上盒的毛利率遠低於公司平均值。

It's substantially below the Company average even without considering unused capacity charges as really a reference point, not a [detail] indication.

即使不將未使用的容量費用視為真正的參考點，而不是[詳細]指示，它也大大低於公司的平均水平。

I would say that it's about half of the average gross margin of the Company.

我想說，這大約是公司平均毛利率的一半。

So was it around 22% or [it's depreciation]?

那麼是 22% 左右還是[貶值]？

It's even less, it's south of 20%.

甚至更少，還不到 20%。

That's excluding depreciation?

不包括折舊嗎？

No, excluding unused capacity charges.

否，不包括未使用的容量費用。

Okay.

好的。

But you know there is a lot of waivers for set-top box coming from foundry.

但您知道代工廠生產的機上盒有很多豁免。

Yes, what would the gross margin be if you exclude the unused capacity charges, because at the end of the day those charges are not going to go away when (inaudible)?

是的，如果排除未使用的容量費用，毛利率是多少，因為這些費用最終不會消失（聽不清楚）？

In the range of half of the Company average, so south of 20%.

在公司平均的一半範圍內，即 20% 以下。

Okay, thanks.

好的，謝謝。

You're welcome.

不客氣。

Thank you, Adi.

謝謝你，阿迪。

At this point, we'll go ahead and close our fourth quarter and 2015-year conference call.

至此，我們將繼續結束第四季和 2015 年電話會議。

We appreciate your participation.

我們感謝您的參與。

As a final note, STMicroelectronics will be in Barcelona for the Mobile World Congress.

最後一點，義法半導體將前往巴塞隆納參加世界行動通訊大會。

We will host an investor event on February 23, of which we'll send out the details shortly.

我們將於 2 月 23 日舉辦投資者活動，我們將很快發布詳細資訊。

Again, thank you for your participation.

再次感謝您的參與。

Thank you all.

謝謝大家。

Thank you.

謝謝。

Ladies and gentlemen the conference is now over.

女士們、先生們，會議現在結束了。

Thank you for choosing Chorus Call and thank you for participating in the conference.

感謝您選擇 Chorus Call 並感謝您參加本次會議。

You may now disconnect your line.

現在您可以斷開線路。

Goodbye.

再見。