意法半導體 (STM) 2016 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 full-year 2016 earnings results conference call and live webcast.

歡迎參加義法半導體 2016 年第四季和全年收益電話會議和網路直播。

I am Selena, the Chorus Call operator.

我是合唱呼叫操作員賽琳娜。

(Operator Instructions).

（操作員說明）。

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.

現在，我很高興將工作交給集團投資者關係副總裁 Tait Sorensen 先生。

Please go ahead, sir.

請繼續，先生。

Thank you everyone for joining our fourth-quarter and full-year 2016 financial results conference call.

感謝大家參加我們的 2016 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.

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，首席策略長。

The slide webcast and presentation materials can be accessed from ST's website.

幻燈片網路廣播和簡報資料可從 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 risk 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 最新的監管文件中的安全港聲明，以獲取對這些風險因素的完整描述。

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.

另外，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。

So today Carlo Bozotti will begin with a summary overview of 2016 and then Carlo Ferro will review our financial results in detail.

今天，卡洛·博佐蒂 (Carlo Bozotti) 將首先對 2016 年進行概述，然後卡洛·費羅 (Carlo Ferro) 將詳細回顧我們的財務業績。

Jean-Marc Chery will then discuss the strategy and key programs driving our technology, R&D and manufacturing initiatives.

Jean-Marc Chery 隨後將討論推動我們技術、研發和製造計劃的策略和關鍵計劃。

From there, Georges Penalver will bring together how our application strategy supports our growth ambitions.

從那時起，Georges Penalver 將匯集我們的應用策略如何支持我們的成長雄心。

Finally Carlo Bozotti will summarize our priorities for 2017.

最後，Carlo Bozotti 將總結我們 2017 年的優先事項。

So 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？

Thank you, Tait, and welcome and good morning to everyone.

謝謝泰特，歡迎大家，早安。

One year ago we shared with you our focus for 2016.

一年前，我們與您分享了 2016 年的重點。

First, sales growth; leveraging our strategy centered around Smart Driving and Internet of Things.

第一，銷售成長；利用我們以智慧駕駛和物聯網為中心的策略。

And, second improvement of our operating profitability through the combination of revenue growth, gross margin expansion and operating expense control.

其次，透過收入成長、毛利率擴張和營運費用控制相結合，提高我們的營運獲利能力。

The start to the year was challenging, reflecting both a soft market and the specific product transitions.

今年年初充滿挑戰，反映出疲軟的市場和特定的產品轉型。

However, in May 2016 at our Capital Markets Day we announced our objective to restart year-over-year revenue growth in the second half of 2016.

然而，在 2016 年 5 月的資本市場日上，我們宣布了在 2016 年下半年恢復收入年增率的目標。

We met our goal, with the third quarter making initial progress with year-over-year revenue growth of 1.3% and then, more significantly, in the fourth quarter where revenues increased 3.5% sequentially and 11.5% year over year.

我們實現了我們的目標，第三季取得了初步進展，營收年增 1.3%，更顯著的是，第四季營收環比成長 3.5%，年增 11.5%。

The key word to describe our performance in the fourth quarter is synchronization.

描述我們第四季業績的關鍵字是同步。

First, year-over-year growth was broad based; all product groups except discontinued businesses contributed.

首先，同比增長基礎廣泛；除停產業務外的所有產品組均做出了貢獻。

Second, looking at our fourth-quarter sales performance by region over region, we saw a synchronization in the growth for Asia Pacific, EMEA and the Americas with all growing at similar double-digit rates.

其次，從各地區的第四季銷售業績來看，我們發現亞太地區、歐洲、中東和非洲和美洲的成長同步，均以類似的兩位數成長率成長。

Finally, our sales performance was also well balanced both with key accounts and in the mass market.

最後，我們的銷售業績在大客戶和大眾市場上也取得了很好的平衡。

Point of sales performance at our distributors was particularly strong in the fourth quarter.

我們經銷商的銷售業績在第四季尤其強勁。

This synchronization across products, regions and customers is what we were strongly aiming for.

這種跨產品、地區和客戶的同步是我們的強烈目標。

Growth in the latter part of 2016 did not come just from more favorable market dynamics.

2016 年下半年的成長不僅來自更有利的市場動態。

Execution on our application focus and on our product strategy were key to this revenue turnaround.

執行我們的應用重點和產品策略是實現收入扭虧為盈的關鍵。

In automotive revenues year over year increased about 12% for the fourth quarter and about 5% for 2016.

第四季汽車營收年增約 12%，2016 年年增約 5%。

The average ST content in a car has definitely increased.

汽車中的平均 ST 含量肯定有所增加。

To give you one example, today in some of the latest and more advanced car models in the premium segment, like the E-Class from Mercedes, there are over 800 components from ST.

舉個例子，如今，在一些最新、更先進的高階車型中，例如梅賽德斯的 E-Class 轎車，有 800 多種來自 ST 的零件。

In our focus on safer driving we had a number of achievements for ADAS-related components.

在專注於安全駕駛的過程中，我們在 ADAS 相關組件方面取得了多項成就。

These include a next generation ADAS processor, in co-operation with Mobileye, featuring [Level 5] autonomous driving capability and based on 7 nanometer technology from Foundry, and several design wins with our new 77 giga radar solutions.

其中包括與 Mobileye 合作的下一代 ADAS 處理器，具有 [5 級] 自動駕駛功能並基於 Foundry 的 7 奈米技術，以及我們新的 77 GB 雷達解決方案贏得的多項設計。

Using our technology to make driving greener, we had multiple design wins for our silicon carbide products for onboard and external charging systems, as well as for traction applications.

利用我們的技術讓駕駛變得更加環保，我們的碳化矽產品在車載和外部充電系統以及牽引應用方面贏得了許多設計勝利。

We also had many awards with our latest generation of smart power technology, both in Japan and in Europe.

我們也憑藉最新一代的智慧電力技術在日本和歐洲獲得了許多獎項。

ST is also bringing personalized entertainment and connected experience into the car in an easy-to-use manner, while enabling secure communications between vehicles and the infrastructure.

ST還以易於使用的方式為汽車帶來個人化娛樂和互聯體驗，同時實現車輛與基礎設施之間的安全通訊。

In audio and entertainment, our recently launched Accordo 5 multimedia processor is already achieving market traction in Europe, Japan and China.

在音訊和娛樂領域，我們最近推出的 Accordo 5 多媒體處理器已經在歐洲、日本和中國獲得市場關注。

This new product enables superior image, audio and video processing for all classes of cars.

這款新產品可為所有級別的汽車提供卓越的影像、音訊和視訊處理能力。

We also signed a strategic agreement with the market leader for audio amplifier products, targeting the high-end premium sound market.

我們也與音訊放大器產品的市場領導者簽署了策略協議，瞄準高端優質音響市場。

Finally, we landed important wins in vehicle-to-vehicle communication with multiple car makers in Europe, Japan and America.

最終，我們在與歐洲、日本和美國多家汽車製造商的車對車通訊方面取得了重要勝利。

Our discrete results in 2016 were affected by the weak peripheral and PC market, with full-year sales decreasing 1%.

2016年我們的離散業績受到外圍設備和PC市場疲軟的影響，全年銷售額下降了1%。

Recovery was, however, visible in the second half of the year, particularly in the fourth quarter, with sales increasing about 14% year over year.

然而，下半年尤其是第四季度，復甦明顯，銷售額年增約14%。

On top of silicon carbide for auto market and non-auto market applications, among the many discrete products introduced with which we had success during the year, I would like to highlight our protection devices for smartphones; sold in very high volume.

除了用於汽車市場和非汽車市場應用的碳化矽之外，在我們今年成功推出的眾多分立產品中，我想重點介紹一下我們針對智慧型手機的保護裝置；銷量非常大。

Moving to microcontrollers.

轉向微控制器。

During 2016 we'd a year-on-year growth of 2.3%, with consecutive sequential growth throughout the year after Q1.

2016 年，我們年增 2.3%，第一季後全年連續成長。

This growth was driven, once again, by our general purpose STM32 family, where we recently shipped the 2 billionth product.

這一增長再次受到我們的通用 STM32 系列的推動，我們最近在該系列中出貨了第 20 億個產品。

This market traction was enabled by our long-term designing activities; our introduction of innovative products, now totaling over 700 STM32 part numbers; as well as our ever-broadening ecosystem.

這種市場吸引力是由我們長期的設計活動促成的；我們推出的創新產品，目前總計超過 700 個 STM32 零件號碼；以及我們不斷擴大的生態系統。

We introduced a new high-performance STM32 series, which delivers record performance and advanced secure services for the Internet of Things.

我們推出了全新高效能 STM32 系列，為物聯網提供創紀錄的效能和先進的安全服務。

We extended our ecosystem offering, with new development tools, including (inaudible), a USB-powered delivery middleware stack, and many new boards.

我們透過新的開發工具擴展了我們的生態系統產品，包括（聽不清楚）USB 供電的交付中間件堆疊和許多新板。

Here, I would like to mention that we recently passed the milestone of 1 million STM32 development kits shipped to the market.

在這裡，我想提一下，我們最近突破了向市場出貨 100 萬個 STM32 開發套件的里程碑。

This is a key indicator that we are on the right track to expand our customer base moving forward.

這是一個關鍵指標，顯示我們正走在擴大客戶群的正確軌道上。

We also made an important acquisition to strengthen our secure microcontroller solutions, which embeds near-field communication connectivity, while complementing our NFC/RFID [square PROM] tech offering with RFID readers.

我們還進行了一項重要收購，以增強我們的安全微控制器解決方案，該解決方案嵌入了近場通訊連接，同時透過 RFID 讀取器補充了我們的 NFC/RFID [方形 PROM] 技術產品。

Our complete portfolio of secure solutions helps our customers meet the increasing need for security in mobile and other IOT applications and includes authentication solutions, like our STSAFE secure element family, which we introduced during the year.

我們完整的安全解決方案組合可協助客戶滿足行動和其他物聯網應用日益增長的安全需求，其中包括身分驗證解決方案，例如我們在今年推出的 STSAFE 安全元件系列。

In our MEMS sensor business revenue progression was significant in the fourth quarter of 2016; increasing over 30% compared to the year-ago period.

在我們的 MEMS 感測器業務中，2016 年第四季營收成長顯著；較去年同期成長30%以上。

Alongside our success with long-time smartphone customers, both in their devices and accessories, we continued to diversify our customer base, with strong sales of our 6-axis gyroscope to Android-based players, especially in China.

除了在設備和配件方面與長期智慧型手機客戶取得成功外，我們還繼續實現客戶群多元化，我們的 6 軸陀螺儀向 Android 玩家（尤其是在中國）的銷售強勁。

Our sensor and actuator technologies for automotive and industrial applications were also successful, with growing sales and multiple wins with global automotive suppliers and a variety of industrial customers.

我們用於汽車和工業應用的傳感器和執行器技術也取得了成功，銷售額不斷增長，並與全球汽車供應商和各種工業客戶取得了許多勝利。

In analog the rebound started in the second half, driving 9.7% year-over-year growth in Q4.

類似地，反彈從下半年開始，推動第四季年增 9.7%。

During 2016 we introduced new products for Bluetooth Low Energy and Sub GHz RF for the Smart Things and the Smart Home and Things applications.

2016 年，我們推出了適用於智慧事物以及智慧家庭和物聯網應用的低功耗藍牙和 Sub GHz RF 新產品。

In smart metering we ramped up volume shipments for a major European program with [NL], confirming our position as a leader in this area.

在智慧計量方面，我們增加了與 [NL] 合作的歐洲主要項目的出貨量，證實了我們在該領域的領導者地位。

We announced a number of partnerships that leverage our technology into innovative applications, such as the one with HMicro, for a disposable wearable wireless biosensor platform, and with WiTricity for resonant wireless power transfer products.

我們宣布了一系列合作夥伴關係，將我們的技術應用於創新應用，例如與 HMicro 合作開發一次性穿戴式無線生物感測器平台，以及與 WiTricity 合作開發諧振無線功率傳輸產品。

For smart industry we introduced an intelligent motion-controlled device in our STSPIN family and a number of analog products for industrial applications.

對於智慧工業，我們在 STSPIN 系列中推出了智慧運動控制設備以及許多用於工業應用的類比產品。

We are an important partner to support the transition to industry 4.0 and we are actively engaged with a number of customers worldwide, especially in Europe and in Asia.

我們是支持向工業 4.0 轉型的重要合作夥伴，我們積極與全球眾多客戶合作，特別是在歐洲和亞洲。

In our imaging business 2016 was a year of success for our proprietary Time-of-Flight technology.

在我們的影像業務中，2016 年是我們專有的飛行時間技術成功的一年。

Our FlightSense technology for ranging and auto-focus applications is now being integrated in over 70 smartphones.

我們用於測距和自動對焦應用的 FlightSense 技術現已整合到 70 多款智慧型手機中。

This is all about growth.

這都是關於成長的。

Now let me turn the presentation to Carlo Ferro to discuss in detail our business and financial performance.

現在讓我向 Carlo Ferro 介紹我們的業務和財務表現。

Carlo?

卡洛？

Thank you, Carlo, and good morning to everyone.

謝謝你，卡洛，祝大家早安。

Indeed, the full year 2016 marks a year of important progress for ST, exiting the year with 8.2% operating margin before impairment and restructuring on $1.86 billion of revenues in the fourth quarter.

事實上，2016 年全年對 ST 來說是取得重要進展的一年，第四季營收為 18.6 億美元，減損和重組前營業利潤率為 8.2%。

The [implementation] of growth across all product families resulted into a return to revenues growth in the second half of 2016, as we have anticipated in May.

正如我們在 5 月所預期的那樣，所有產品系列的成長[實施]導致 2016 年下半年收入恢復成長。

And in the fourth quarter all the key financial metrics improved, with the revenues and gross margin better than in this point of the guidance we gave you in October.

第四季所有關鍵財務指標均有所改善，收入和毛利率優於我們 10 月向您提供的指導中的這一點。

In summary, in the fourth quarter revenues were up 3.5% sequentially and 11.5% year over year; gross margin was 37.5%, or 4 points higher than Q4 2015; operating income before impairment and restructuring was $153 million, or $124 million higher than Q4 2015; 8.2% operating margin and accelerated asset turns translated into a 15% return on net assets; and free cash flow was positive $135 million.

總而言之，第四季營收季增 3.5%，年增 11.5%；毛利率為37.5%，較2015年第四季高出4個百分點；減損和重組前營業收入為 1.53 億美元，比 2015 年第四季增加 1.24 億美元； 8.2% 的營業利潤率和加速的資產週轉轉化為 15% 的淨資產回報率；自由現金流為正 1.35 億美元。

We are clearly turning ST's financial performance towards growth and shareholder value.

我們顯然正在將ST的財務表現轉向成長和股東價值。

Looking now at the full year 2016, our financial performance has progressively improved across all of our key financial metrics.

現在來看 2016 年全年，我們所有的關鍵財務指標的財務表現都在逐步改善。

This progress confirms the soundness of our application-focused strategy; the result of our product innovations; and the initial payback of our restructuring effort, now substantially behind us.

這項進展證實了我們以應用為中心的策略的合理性；我們產品創新的結果；我們重組努力的最初回報現在基本上已經過去了。

Looking at our key performance metrics in 2016, three points.

回顧我們2016年的關鍵績效指標，有三點。

First, we saw a return to year-over-year revenues growth.

首先，我們看到收入恢復年增。

The start of the year was affected by a soft market as well as by product transitions.

今年年初受到市場疲軟以及產品轉型的影響。

However, thanks to the strength of our portfolio, new product momentum and [safe churn], revenues for 2016 increased 1.1%; even higher, at a positive 2.4%, when excluding our discontinued businesses.

然而，由於我們的產品組合實力、新產品動能和[安全流失]，2016 年收入成長了 1.1%；如果不包括我們已終止的業務，成長率甚至更高，為 2.4%。

Second, through the combination of revenues growth, manufacturing efficiencies and operating expense control, together, we should say, with a euro/dollar effective rate at $1.11 average for the year, we improved significantly our profitability with operating income before impairment and restructuring up 76% to $307 million and net income up 58% to $155 million (sic - see slide 11, "$165 million").

其次，透過收入成長、製造效率和營運費用控制的結合，我們應該說，在歐元/美元全年平均有效匯率為1.11 美元的情況下，我們的獲利能力顯著提高，減損和重組前的運營營收成長了76 % 達到 3.07 億美元，淨利潤成長 58% 達到 1.55 億美元（原文如此 - 參見投影片 11，「1.65 億美元」）。

Third, we made progress in improving our operating margin before impairment and restructuring for the full year at 4.4% and, importantly, we exited the year at 8.2%.

第三，我們在提高全年減損和重組前的營業利潤率方面取得了進展，達到 4.4%，重要的是，我們在年底時達到了 8.2%。

We also saw a strong increase in the net cash from operations.

我們也看到營運淨現金的強勁成長。

Free cash flow before acquisitions was $390 million for the year.

本年度收購前自由現金流為 3.9 億美元。

And in 2016 we invested $78 million in acquisitions, small in size, but very important for NIC-complementarity point of view to strengthen our product portfolio in secure microcontrollers.

2016 年，我們投資了 7,800 萬美元進行收購，規模雖小，但從 NIC 互補的角度來看非常重要，可以加強我們在安全微控制器方面的產品組合。

Again, a key point in 2016 was the return to year-over-year revenues growth.

同樣，2016 年的一個關鍵點是營收恢復年增。

As Carlo said, new strategic products, like those in Time-of-Flight technologies, and product innovation with an expanded customer base across all of the product [NVs], are fueling that result.

正如卡洛所說，新的策略產品（例如飛行時間技術中的產品）以及所有產品 [NV] 中擴大的客戶群的產品創新正在推動這一結果。

We started to make progress in the quarter and more so in the third quarter and more so we did in Q4, with a 3.5% sequential growth; better than seasonal and above the midpoint of our guidance.

我們在本季開始取得進展，在第三季和第四季取得了更大進展，季增了 3.5%；好於季節性且高於我們指導的中點。

Distribution represented about 33% of our revenue in 2016.

2016 年，分銷約占我們營收的 33%。

Here we saw a significant destocking as we progressed [today].

隨著我們的進展，我們[今天]看到庫存大幅減少。

Point of sales at our distributors or our distributor sales were up double digit year over year.

我們的經銷商的銷售點或經銷商的銷售額比去年同期成長了兩位數。

Point of sales largely exceeded our sales to distributors so we exited 2016 with a lean and a healthy inventory situation.

銷售點很大程度上超過了我們對經銷商的銷售量，因此我們在 2016 年結束時保持了精簡且健康的庫存狀況。

Looking to the first quarter of 2017, revenues are expected to decrease sequentially about 2.4% at the mid-point; better than our normal seasonality of down about 5%.

展望2017年第一季，預計營收中位數將較上季下降約2.4%；比我們正常的季節性下降5%左右要好。

Our current visibility, our positive-looking trends and the strong point of sales at our distributors give us the confidence that the positive momentum of the semiconductor industry started in the second half of 2016 will continue and [into] 2017.

我們目前的知名度、積極的趨勢以及分銷商的強勁銷售點使我們相信，2016 年下半年開始的半導體行業的積極勢頭將持續到 2017 年。

Additionally, for the coming quarter we see opportunities for another quarter of sequential growth in automotive and microcontrollers.

此外，在下一季度，我們看到汽車和微控制器領域還有機會實現另一個季度的連續成長。

We also see power discrete, MEMS and analog performing better than seasonal.

我們也發現功率分立元件、MEMS 和類比元件的表現優於季節性。

That guidance is translating to a year-over-year revenue growth of about 12.5% at the mid-point.

該指引意味著中點營收年增約 12.5%。

In the second half of 2016 we slowly started to grow with the [debt] synchronized across all the product groups excluding the discontinued business.

2016 年下半年，我們開始慢慢成長，除已終止的業務外，所有產品組的[債務]同步。

Our second-half revenues grew 10.3% over the first half and 6.5% over the same period of the year earlier.

我們下半年的營收比上半年成長10.3%，比去年同期成長6.5%。

In the second half of 2016 versus the second half of 2015 imaging posted a triple-digit growth and MEMS, benefiting from a strong recovery, posted a double-digit growth.

與 2015 年下半年相比，2016 年下半年成像業務實現了三位數成長，而 MEMS 則受益於強勁復甦，實現了兩位數成長。

Automotive and microcontroller revenues continued on their growth trajectory and only digital decreased, due to discontinued set-top box business and legacy (inaudible) business.

汽車和微控制器收入持續保持成長軌跡，只有數位收入下降，原因是機上盒業務和遺留（聽不清楚）業務的終止。

In gross margins we saw a significant improvement in our gross margin over the course of 2016, thanks to the combined positive effect of manufacturing efficiency, lower unused capacity charges, better product mix and favorable currency effect net of hedging.

在毛利率方面，我們看到 2016 年毛利率顯著改善，這要歸功於製造效率、較低的未使用產能費用、更好的產品組合以及扣除對沖後的有利貨幣效應的綜合積極影響。

Increasing revenues translated, among other advantages, into better loading today.

除其他優勢外，收入的增加還轉化為今天更好的裝載。

Nevertheless, we incurred $33 million of unused capacity charges in FY16 due to weak loading in the first nine months.

儘管如此，由於前 9 個月的負荷疲弱，我們在 2016 財年產生了 3,300 萬美元的未使用容量費用。

Fab loading has recently improved, with fourth quarter unused capacity charges below $4 million and, based on the current visibility, we are expecting a substantially full loading in 2017.

晶圓廠負荷最近有所改善，第四季未使用產能費用低於 400 萬美元，根據目前的情況，我們預計 2017 年將基本滿載。

Looking to our first quarter guidance, based upon our sales expectation we anticipate a gross margin of about 37% at the mid-point, which would represent an improvement of about 350 basis points compared to one year ago, consistent with the 4 points of year-over-year improvement delivered last quarter.

展望我們的第一季指引，根據我們的銷售預期，我們預計毛利率中位數約為 37%，這意味著比一年前提高約 350 個基點，與去年 4 點一致-上季度實現的同比改善。

(Inaudible) cost reduction will be a key priority in 2017, leveraging our investment to scale up production into a [range] and on technology evolution and Jean-Marc will mention shortly.

（聽不清楚）降低成本將是 2017 年的首要任務，利用我們的投資將生產擴大到一定範圍，並推動技術發展，Jean-Marc 很快就會提到。

We have been very focused on operating expenses discipline over the last year.

去年我們非常重視營運費用紀律。

In 2016 we averaged $538 million per quarter in net operating expenses.

2016 年，我們平均每季的淨營運費用為 5.38 億美元。

This level is well within our anticipated range of $500 million to $550 million per quarter throughout 2016.

這一水準完全在我們 2016 年每季 5 億至 5.5 億美元的預期範圍內。

We have been also progressing with our set-top box savings plan.

我們的機上盒節省計劃也一直在取得進展。

We actually mainly are ahead of our original expectation, achieving $110 million of annualized savings out of the total $170 million per year targeted upon completion.

實際上，我們主要超出了最初的預期，在完成後的每年 1.7 億美元的目標總額中實現了 1.1 億美元的年度節省。

In 2017 we expect our total net operating expenses, assuming current currency rates, to be in average about $550 million per quarter including a lower level of [tax].

假設當前匯率，2017 年我們預計每季的總淨營運支出平均約為 5.5 億美元，其中包括較低水準的[稅收]。

While we remark on the improvement of our financial performance, we have to realistically recognize that these are benefiting from the upturn of the industry cycle and a milder euro/dollar rate.

雖然我們談論財務表現的改善，但我們必須現實地認識到，這些都受益於產業週期的改善和歐元/美元匯率的溫和。

Thus we remain committed with sense of urgency to further improve.

因此，我們仍然充滿緊迫感，致力於進一步改進。

On the other side, if we look at the analysis of the operating income improving from $29 million to $153 million in the fourth quarter of 2016 versus the prior year's quarter, this shows both structural changes and consistent improvement across all the product groups.

另一方面，如果我們對 2016 年第四季營業收入與去年同期相比從 2,900 萬美元增加到 1.53 億美元的分析進行分析，就會發現所有產品組都出現了結構性變化和持續改善。

As we see in the chart, the currency effect was marginal and there is a very significant and roughly equal-sized contribution from manufacturing efficiencies, including better loading, and the combination of volume mix net of price effect.

正如我們在圖表中看到的，貨幣效應是邊際的，製造效率的貢獻非常顯著且大小大致相等，包括更好的裝載以及扣除價格效應的銷售組合的組合。

And there is also the positive and initial contribution from the set-top box restructuring.

還有機上盒重組帶來的正面和初步貢獻。

All of the product groups have positively contributed to these improvements.

所有產品組都對這些改進做出了積極貢獻。

Automotive and discrete group, the operating margin in the fourth quarter was 7.5%.

汽車和分立元件集團第四季的營業利潤率為7.5%。

Still room here to improve toward the over-10% margin mid-term target.

仍有提升空間以實現超過 10% 的中期目標利潤率。

Microcontrollers and digital IC group operating margin the first quarter improved to 9.7% compared to the over-10% target level.

第一季微控制器和數位 IC 部門的營業利潤率從超過 10% 的目標水準提高至 9.7%。

Excluding digital, our microcontrollers and memory's operating margin was double digit and consistent with our expectations for this business.

不包括數位業務，我們的微控制器和記憶體的營業利潤率為兩位數，符合我們對該業務的預期。

In digital we have to complete the set-top box restructuring plan.

在數字方面我們要完成機上盒重組計劃。

Analog and MEMS operating margin in the fourth quarter significantly improved to 9.4%; within the range we anticipated of mid- to high-single digit.

第四季模擬及MEMS營運利潤率大幅提升至9.4%；在我們預期的中高個位數範圍內。

In Others operating margin in the fourth quarter was 0.6%, so it's a slight profit.

在其他方面，第四季的營業利潤率為 0.6%，因此略有獲利。

It includes imaging delivering a profit and a negative balance from the combination of unused capacity charges, non-allocated R&D and other non-allocated items.

它包括透過未使用的產能費用、未分配的研發和其他未分配項目的組合來實現利潤和負餘額的成像。

Growth in imaging is the principal reason for the significant improvement; in line with our expectation to turn this area to profit.

成像技術的進步是顯著改善的主要原因；符合我們將該領域轉虧為盈的預期。

Overall, we still have more work to do.

總體而言，我們還有更多工作要做。

Going forward, we see opportunities for revenues growth to contribute to margin expansion and we are working hard to pull through opportunities to further improve along four drivers.

展望未來，我們看到收入成長的機會有助於利潤率的擴張，並且我們正在努力抓住機遇，進一步改善四個驅動因素。

Operating leverage revenues growth to translate into a reduced back to two-stage ratio from our [52.3%] level in 2016.

營運槓桿收入成長轉化為從 2016 年 [52.3%] 水準降低迴兩階段比率。

Fab loading in FY16 our gross margin was negatively impacted by about 50 basis points of unused capacity charge.

2016 財政年度的晶圓廠裝載量使我們的毛利率受到約 50 個基點的未使用產能費用的負面影響。

We expect these charges to substantially disappear starting in Q1.

我們預計這些費用將從第一季開始大幅消失。

Manufacturing scale & technology evolution reducing fab cost, especially through to big products; the expansion of our 12-inch capacity in the (inaudible), as well as the 6-inch to 8-inch conversion in our (inaudible).

製造規模和技術進步降低了工廠成本，尤其是大型產品；擴大我們的 12 吋產能（聽不清楚），以及將 6 吋轉換為 8 吋（聽不清楚）。

And growth fueled by innovation will boost the product mix improvement.

創新推動的成長將促進產品結構的改善。

In fact, the new products are significantly accelerating and we except a revenue contribution in 2017 growing faster than the average.

事實上，新產品的推出速度顯著加快，除了 2017 年的營收貢獻成長速度快於平均值之外。

ST's financial position is solid and in 2016 we further improved our financial flexibility.

ST的財務狀況穩健，2016年我們進一步提升了財務彈性。

In 2016 we generated a free cash flow of $390 million before M&A and also in the year we paid a cash dividend to shareholders of $251 million.

2016 年，我們在併購前產生了 3.9 億美元的自由現金流，同年我們向股東支付了 2.51 億美元的現金股利。

Capital expenditure in 2016 were $607 million; at the low end of our expectations from one year ago.

2016年資本支出為6.07億美元；處於我們一年前預期的低端。

2016 saw an important introduction of new products, including some of them relying on key proprietary technologies.

2016 年推出了重要的新產品，其中包括一些依賴關鍵專有技術的新產品。

The investments we're considering for 2017 are aligned to the substantial revenue opportunity we see this year, particularly in the second half and beyond, and will result in a temporary increase in CapEx spending to $1.1 billion for 2017.

我們正在考慮的 2017 年投資與我們今年看到的大量收入機會一致，特別是在下半年及以後，並將導致 2017 年資本支出暫時增加至 11 億美元。

With this, 2017 will give the (inaudible) of special dividend.

這樣，2017 年將會發放（聽不清楚）特別股利。

After several years we see growth and with the unique new product opportunities, which requires internal manufacturing due to the technologies [specialization], we anticipate a return from 2018 onwards to our strategic capital spending model with CapEx at or below 10% of sales through the cycle.

幾年後，我們看到了成長和獨特的新產品機會，由於技術[專業化]，這需要內部製造，我們預計從2018 年開始，我們將回歸到我們的策略資本支出模式，資本支出將達到或低於銷售額的10%。

To describe our technology and manufacturing strategy and the related CapEx, I will now turn the stage to Jean-Marc.

為了描述我們的技術和製造策略以及相關的資本支出，我現在將舞台轉向讓馬克。

Before doing this, knowing you are understandably interested in our cash flow, I wanted to reassure you that, despite the increase in spending and considering the visibility we have today, free cash flow in 2017 is expected to be higher than the dividend that we pay at the current level.

在這樣做之前，我知道您對我們的現金流感興趣，這是可以理解的，我想向您保證，儘管支出增加並考慮到我們今天的知名度，2017 年的自由現金流預計將高於我們支付的股息在目前的水平。

I will now hand over to Jean-Marc Chery, our Chief Operating Officer.

現在我將把工作交給我們的營運長 Jean-Marc Chery。

Thank you, Carlo, and good morning to everyone.

謝謝你，卡洛，祝大家早安。

Building on what Carlo Ferro has shared, let me highlight the strategy and key programs guiding our technology R&D and manufacturing investment.

在卡洛費羅分享的基礎上，讓我專注於指導我們技術研發和製造投資的策略和關鍵計劃。

In technology R&D ST's strategy to invest selectively in the core group of proprietary technology and different (inaudible) that presents us with competitive advantage we can leverage for sustainable growth in our strategic areas of Smart Driving and Internet of Things.

在技​​術研發方面，意法半導體的策略是選擇性地投資於專有技術和不同（聽不清楚）的核心技術，這為我們提供了競爭優勢，我們可以利用這些技術在智慧駕駛和物聯網策略領域實現永續成長。

In manufacturing our strategy relies on the smart combination of our internal (inaudible), focusing more on specialized and proprietary technologies, providing a competitive advantage and the offering of the best-in-class foundries to mitigate our technology and capital effort, especially in digital technology at or below 10 nanometers.

在製造方面，我們的策略依賴於我們內部（聽不清楚）的巧妙結合，更專注於專業和專有技術，提供競爭優勢並提供一流的代工廠，以減輕我們的技術和資本投入，特別是在數位領域10奈米或以下的技術。

Following extensive work, our internal manufacturing footprint is improving and in the course of 2017 we expect it to reach higher production at lower [workshop costs].

經過大量工作，我們的內部製造足跡正在改善，我們預計 2017 年將以更低的[車間成本]實現更高的產量。

In particular, our cost driving chart is now reaching a better balance and loading, which resulted in a significant prediction of unused capacity cost by the fourth quarter of last year.

特別是，我們的成本驅動圖現在達到了更好的平衡和負載，這導致去年第四季未使用容量成本的顯著預測。

In [core] (inaudible) we are also moving to extend equipment capacity scale within the current and existing infrastructure, which will allow us to significantly reduce workshop costs.

在[核心]（聽不清楚）中，我們也致力於擴大目前和現有基礎設施內的設備產能規模，這將使我們能夠大幅降低車間成本。

Our 2016 capital spending of $607 million came in at the low end of the $600 million-$670 million budget advance.

我們 2016 年的資本支出為 6.07 億美元，處於 6 億至 6.7 億美元預算預付款的低端。

Investments made support our strategic focus areas and specific key new product trends.

所做的投資支持我們的策略重點領域和具體的關鍵新產品趨勢。

During 2016 we began to selectively add internal capacity, in line with expected demand.

2016 年，我們開始根據預期需求選擇性地增加內部產能。

More specifically, the main programs in 2016 included new technology in Crolles on 12 inch, a mix evolution towards advanced BCD and new MEMS actuators in Agrate, improving our cost structure for more mature technologies, with measures such as the expansion of our 8-inch capacities as part of the program of conversion from 6 inch, and selected investments in probing, (inaudible) and testing in back-end manufacturing.

更具體地說，2016 年的主要計劃包括 Crolles 12 英寸新技術、先進 BCD 的混合演進和 Agrate 新型 MEMS 執行器，透過擴大 8 英寸等措施，改善我們的成本結構以實現更成熟的技術作為6 英寸轉換計畫的一部分，以及在後端製造的探測、（聽不清楚）和測試方面的選擇性投資。

Moving to 2017, our focus is on advancing and, in some instances, accelerating our capabilities; mainly in four key technologies: first, embedded non-volatile and phased change memories and FD-SOI, which are strategic technologies for our microcontrollers; second, advanced BCD technology, which is used for Smart Power devices; third, imaging and Time-of-Flight sensors, serving a variety of end markets; fourth, silicon carbide and emerging and (inaudible) technology gaining strategic importance for MOSFETs and diodes; both for the automotive and industrial markets.

進入 2017 年，我們的重點是提升並在某些情況下加速我們的能力；主要有四個關鍵技術：一是嵌入式非揮發性相變記憶體和FD-SOI，這是我們微控制器的策略技術；第二，先進的BCD技術，用於Smart Power元件；第三，成像和飛行時間感測器，服務各種終端市場；第四，碳化矽和新興（聽不清楚）技術對 MOSFET 和二極體具有戰略重要性；適用於汽車和工業市場。

Our embedded non-volatile memory technology is a key enabler to advanced micro controllers and listing a wide range of applications.

我們的嵌入式非揮發性記憶體技術是先進微控制器和廣泛應用的關鍵推動因素。

We are extending our capacity in 40 nanometer and are now in production in core on 12-inch wafers for all of the flavors of 32-bit microcontrollers.

我們正在擴大 40 奈米的產能，目前正在 12 吋晶圓上進行核心生產，適用於所有類型的 32 位元微控制器。

Embedded non-volatile memory is important in our 28 FD-SOI offering, allowing us to embed sales change memory to deliver a competitive low-power high-performance technology platform to address automotive and IoT applications.

嵌入式非揮發性記憶體在我們的28 FD-SOI 產品中非常重要，它使我們能夠嵌入銷售變更記憶體，以提供具有競爭力的低功耗高效能技術平台，以滿足汽車和物聯網應用的需求。

Another key technology for ST of longstanding strength is BCD, where we are a leader.

ST的另一個長期實力雄厚的關鍵技術是BCD，我們在這方面處於領先地位。

Key application areas include automotive and industrial.

主要應用領域包括汽車和工業。

While we are low in production with our 110 nanometer called BCD9, we continue to work towards our 10th generation, including the integration of a system on a single piece of silicon.

雖然我們稱為 BCD9 的 110 奈米技術產量較低，但我們仍在繼續努力開發第 10 代技術，包括在單晶片上整合系統。

And, as we have mentioned in the past, we have a clear BCD Technology segmentation addressing high-voltage BCD, SOI-BCD and advanced BCD.

而且，正如我們過去提到的，我們有一個明確的 BCD 技術細分，涉及高壓 BCD、SOI-BCD 和高級 BCD。

This technology allows us to integrate digital design, (inaudible) and power and high-voltage elements in a single system on chip.

這項技術使我們能夠將數位設計、（聽不清楚）以及電源和高壓元件整合到單一系統單晶片中。

Going forward we are progressing into the new generation of products, including integration of phase change memory in BCD.

展望未來，我們正在開發新一代產品，包括在 BCD 中整合相變記憶體。

A new cloud technology which we developed and presented is FlightSense, our Time-of-Flight technology, enabling true distance measurement and targeting a wide range of applications.

我們開發並推出的一項新雲端技術是 FlightSense，我們的飛行時間技術，可實現真正的距離測量並針對廣泛的應用。

We have been vocal about this technology for quite some time.

我們對這項技術的宣傳已經有一段時間了。

During 2016 the initial business for this technology was in smartphones.

2016 年，該技術的最初業務是智慧型手機。

As Carlo Bozotti mentioned, we are seeing now a strong momentum globally as the new Time-of-Flight sensors were present in 70 smartphones, including a new product in flat chip phones launched on the market during the second half of 2016.

正如 Carlo Bozotti 所提到的，我們現在看到全球範圍內的強勁勢頭，因為新型飛行時間感測器出現在 70 款智慧型手機中，其中包括 2016 年下半年在市場上推出的平板晶片手機新產品。

The expansion we enjoyed with [Asian] customers is particularly remarkable.

我們與[亞洲]客戶的擴張尤其引人注目。

We are now working on our next generation of Time-of-Flight technology, featuring longer distance ranging, as well as multi-target and multi-zone ranging capabilities.

我們現在正在研究下一代飛行時間技術，該技術具有更遠的距離測距以及多目標和多區域測距功能。

This will improve the performance in current application areas, as well as expanding it for use well beyond smartphones.

這將提高當前應用領域的效能，並將其擴展到智慧型手機以外的用途。

Finally, I would like to highlight silicon carbide.

最後，我想強調一下碳化矽。

ST has been investing in this technology organically for a number of years.

ST 多年來一直有機投資這項技術。

As a result, today we are one of the few semiconductor companies able to provide it.

因此，今天我們是少數能夠提供這種服務的半導體公司。

In simple terms, our silicon carbide technology is more efficient than the other technologies available on the market today.

簡而言之，我們的碳化矽技術比當今市場上的其他技術更有效率。

And we have seen a dramatic increase in the interest from current and potential customers.

我們發現現有和潛在客戶的興趣急劇增加。

For example, in the electrification of the car silicon carbide can bring up to 20% more autonomy for a significant reduction in the cost of the batteries.

例如，在汽車電氣化方面，碳化矽可以將自主性提高 20%，從而顯著降低電池成本。

During 2016 we received a number of design wins and we are now working to bring this technology to market and accelerate the development of the ecosystem to support its adoption.

2016 年，我們贏得了許多設計勝利，現在我們正在努力將該技術推向市場，並加速生態系統的發展以支持其採用。

In regard to the important design wins with our silicon carbide MOSFETs, we are on track to grow production in the second half of 2017.

鑑於我們在碳化矽 MOSFET 方面取得的重要設計勝利，我們預計在 2017 年下半年實現產量成長。

Let me now share our current view on our strategy which translates into capital spending in 2017.

現在讓我分享我們目前對策略的看法，該策略將轉化為 2017 年的資本支出。

For 2017 we are increasing our CapEx to about $1 billion to $1.1 billion.

2017 年，我們將資本支出增加至約 10 億至 11 億美元。

Much of this will be in the first half of 2017 as we prepare for major product ramp.

其中大部分將在 2017 年上半年進行，因為我們正在為主要產品的提升做準備。

We have already started some of this investment during 2016.

我們已於 2016 年啟動了部分投資。

Specifically, the Company is investing in 12-inch front-end manufacturing and in back-end assembly and test to support new products.

具體來說，該公司正在投資12英寸前端製造以及後端組裝和測試，以支援新產品。

In particular, we anticipate a newly-won program to work with [Touchstone's] revenue in the second half of 2017.

特別是，我們預計新贏得的項目將在 2017 年下半年與 [Touchstone] 的收入相結合。

To summarize.

總結一下。

In 2016 our technology and manufacturing strategies started to pay back and demonstrate visible results.

2016 年，我們的技術和製造策略開始得到回報並展現出明顯的成果。

These strategies are helping us move forward, accelerating growth and contributing to the improvement of our product mix and operating profitability.

這些策略正在幫助我們前進，加速成長，並有助於改善我們的產品組合和營運獲利能力。

Our key proprietary technologies, which I described, are translating into leading competitive positions; both in established areas, like BCD and MCUs, and promising areas, such as Time-of-Flight and silicon carbide.

我所描述的我們的關鍵專有技術正在轉化為領先的競爭地位；既包括 BCD 和 MCU 等成熟領域，也包括飛行時間和碳化矽等有前景的領域。

In addition, our lean manufacturing footprint is now bringing opportunities to leverage growth and reduce (inaudible).

此外，我們的精益製造足跡現在帶來了利用成長和減少成本的機會（聽不清楚）。

With the progress we have made and the progress we expect to make, we are confident in our technology and manufacturing investment.

憑藉我們已經取得的進步和我們預期的進步，我們對我們的技術和製造投資充滿信心。

I would now to hand over to my colleague, Georges Penalver.

現在我將把任務交給我的同事喬治‧佩納爾弗 (Georges Penalver)。

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

謝謝你，讓-馬克，大家早安。

Now I would like to describe the expected development for our focus areas in 2017 and beyond, presenting some examples of the specific applications we are targeting and where we already had important success in 2016.

現在，我想描述一下 2017 年及以後我們重點領域的預期發展，並介紹一些我們所針對的具體應用以及我們在 2016 年已經取得的重要成功的示例。

Smart Driving.

智能駕駛。

Our Smart Driving focus is about making driving safer, greener and more connected.

我們的智慧駕駛重點是讓駕駛更安全、更環保、更互聯。

This fits well with the development of the automotive market, which is forecast to have healthy growth in all areas over the next three years.

這與汽車市場的發展契合，預計未來三年汽車市場各領域都將健康成長。

We consider the highest areas of growth are firstly in safety, driven by the trend of ADAS (inaudible), where ST offers products such as vision processing and radar; and secondly, in powertrain, driven by car electrification.

我們認為，成長最快的領域首先是安全領域，這是由 ADAS（聽不清楚）趨勢推動的，ST 提供視覺處理和雷達等產品；其次是動力總成，由汽車電氣化驅動。

If we look into the area of car electrification and the longer term forecast, we see that the various types of hybrid and electric vehicles are set to grow from 5% of total car production last year to 16% in 2023.

如果我們研究汽車電氣化領域和長期預測，我們會發現各種類型的混合動力和電動車將從去年佔汽車總產量的 5% 成長到 2023 年的 16%。

This is a great opportunity for ST with our broad offering of power and Smart Power products, automotive microcontrollers, [EEPROM] and protection devices.

對於 ST 來說，這是一個絕佳的機會，我們提供廣泛的電源和智慧電源產品、汽車微控制器、[EEPROM] 和保護裝置。

The electrification of car is accompanied by a significant increase in silicon content.

汽車的電動化伴隨著矽含量的顯著增加。

As carmakers add battery management, power conversion, inversion and charging functionality, the silicon content of the average car is forecast to increase by over $500.

隨著汽車製造商增加電池管理、電源轉換、逆變和充電功能，平均每輛汽車的矽含量預計將增加 500 美元以上。

This is also driven by the need for higher value silicon devices that can meet the higher power and voltage requirements for full electric traction cars.

這也是因為需要更高價值的矽元件來滿足全電動牽引車更高的功率和電壓要求。

Our silicon carbide technology, as mentioned by Jean-Marc, brings significant benefit for car electrification compared to the solutions available today.

正如 Jean-Marc 所提到的，與當今可用的解決方案相比，我們的碳化矽技術為汽車電氣化帶來了顯著的好處。

This allows carmakers to deliver vehicles with greater range and faster charging capacity.

這使得汽車製造商能夠提供具有更大續航里程和更快充電能力的車輛。

This will lead to a rapidly growing market for silicon carbide devices.

這將導致碳化矽元件市場快速成長。

Moving to the first of three areas of focus in the Internet of Things, Smart Industry, for ST is driven by the evolution of manufacturing and other industrial sectors through the application of smart technologies to achieve better efficiency, flexibility and safety.

轉向物聯網三個重點領域中的第一個——智慧工業，意法半導體透過應用智慧技術來推動製造業和其他工業部門的發展，以實現更高的效率、靈活性和安全性。

This [regroups] a number of application areas, including medical, aerospace and defense, and factory automation; all of which are forecast to grow in the coming years.

這[重新組合]了許多應用領域，包括醫療、航空航太和國防以及工廠自動化；預計所有這些都將在未來幾年內增長。

If we look at industrial automation, the largest market here, we can see that the number of industrial robots shipped is set to increase significantly in the next three years, particularly in Asia.

如果我們看看這裡最大的市場工業自動化，我們可以看到工業機器人的出貨量將在未來三年內大幅增加，特別是在亞洲。

This provides opportunity for healthy growth of our portfolio of products for this application area into the actuation and motor control, power conversion, data communication, sensors and inputs; [also] devices.

這為我們在驅動和馬達控制、功率轉換、數據通訊、感測器和輸入等應用領域的產品組合的健康發展提供了機會； [還有]設備。

Moving now to the second area in our priority focus, the Smart Home and the Smart City, here there are a number of vertical applications, such as home & building automation, security & surveillance and metering, which require tailored semiconductor solutions.

現在轉到我們優先關注的第二個領域，即智慧家庭和智慧城市，這裡有許多垂直應用，例如家庭和建築自動化、安全和監控以及計量，它們需要客製化的半導體解決方案。

ST's portfolio and system solutions approach is well adapted to offer solutions involving multiple ST products that make our customers' design easier.

ST 的產品組合和系統解決方案方法非常適合提供涉及多種 ST 產品的解決方案，使客戶的設計變得更加容易。

Smart Metering.

智能計量。

An example is Smart Meters, where ST has been developing solutions for over 20 years in partnership with key Smart Grid players.

智慧電錶就是一個例子，20多年來，意法半導體一直與主要智慧電網廠商合作開發智慧電錶解決方案。

We are shipping now the new generation of Smart Meters that represents significant business for ST moving forwards.

我們現在正在出貨新一代智慧電錶，這代表著意法半導體向前發展的重要業務。

Our third area of priority focus is what we call Smart Things.

我們的第三個優先關注領域是我們所謂的智慧事物。

Here, on top of the established markets like smartphones and wearables, we see a renewed opportunity for new types of smart, connected devices and equipment need for the same core electronic building blocks which ST offers.

在這裡，除了智慧型手機和穿戴式裝置等成熟市場之外，我們還看到了新型智慧互聯設備和設備的新機遇，它們需要與 ST 提供的相同核心電子建構模組。

On top of these building blocks, there is a need for fast and easy-to-use development tools that are well integrated with cloud ecosystems.

除了這些建置模組之外，還需要與雲端生態系統良好整合的快速且易於使用的開發工具。

Indeed, ST plays an important role as an enabler for connectivity by developers.

事實上，ST 作為開發人員連接的推動者發揮著重要作用。

In addition to the hardware solutions, we provide middleware that enables key application functionality, such as local or cloud connectivity or sensor capabilities.

除了硬體解決方案之外，我們還提供支援關鍵應用程式功能的中間件，例如本地或雲端連接或感測器功能。

We also provide development ecosystems that allow fast and easy prototyping and support for developers to get their designs rapidly into production.

我們還提供開發生態系統，讓快速、輕鬆地進行原型設計，並支援開發人員將其設計快速投入生產。

Worth repeating, we recently shipped our 1 millionth development board for the STM32, which includes our most complete ecosystem; the STM32 ODE: open development environment.

值得重複的是，我們最近發貨了第 100 萬塊 STM32 開發板，其中包括我們最完整的生態系統； STM32 ODE：開放的開發環境。

And, finally, I would like to mention the smartphone market, which remains an important focus for ST.

最後，我想提一下智慧型手機市場，這仍然是意法半導體的重要關注點。

Here we have a number of product opportunities, including motion sensors, gyroscopes for optical image stabilization, Time-of-Flight ranging solutions, NFC and secure element solutions, environmental sensors, micro-actuators for autofocus, wireless charging, protection devices, display-related components and, of course, our general purpose microcontrollers.

在這裡，我們有許多產品機會，包括運動感測器、用於光學影像穩定的陀螺儀、飛行時間測距解決方案、NFC和安全元件解決方案、環境感測器、用於自動對焦的微型執行器、無線充電、保護裝置、顯示-相關元件，當然還有我們的通用微控制器。

So, to summarize, the market, as read by our key application-focused areas, are forecast to undergo a period of sustained growth and we are well positioned to take advantage of the opportunities this offers.

因此，總而言之，從我們以關鍵應用為重點的領域來看，市場預計將經歷一段持續成長的時期，我們已做好充分準備，充分利用這個機會。

Carlo?

卡洛？

Thank you, Georges.

謝謝你，喬治。

After a long presentation, I will be very sympathetic in my final remarks.

經過很長的演講後，我將在最後的演講中表示非常同情。

So, building on the results of 2016 and on the opportunities that we are targeting in terms of our technology, products and application focus, I would like to highlight the priority for 2017.

因此，基於 2016 年的成果以及我們在技術、產品和應用重點方面瞄準的機遇，我想強調 2017 年的優先事項。

And it's basically one key priority for all of us.

這基本上是我們所有人的首要任務之一。

And the priority is delivering sustainable profitable growth.

首要任務是實現可持續的獲利成長。

And this means delivering year-over-year sales growth across all of our main product families, of course excluding discontinued businesses, and regions; both with our OEMs but also with our distributors in the mass market.

這意味著我們所有主要產品系列的銷售額均實現同比增長，當然不包括已停產的業務和地區；既與我們的 OEM 廠商合作，也與大眾市場的經銷商合作。

Continue to lead innovation, supporting our customers through product leadership and optimize the application-oriented solutions.

持續引領創新，透過產品領先地位支持我們的客戶並優化面向應用的解決方案。

Investment growth, maximizing innovation with our R&D spend and turning our manufacturing investment into timely ramp-up of our major programs.

投資成長，透過研發支出最大化創新，並將製造投資轉化為主要項目的及時推進。

Continue to be disciplined on operating expenses.

繼續遵守營運費用紀律。

And, finally, as a result, continue to improve our operating profitability.

最後，我們的營運獲利能力將持續提高。

My colleagues and I would now be happy to take your questions.

我和我的同事現在很樂意回答您的問題。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Andrew Gardiner, Barclays.

安德魯·加德納，巴克萊銀行。

I just had a few around the heightened capital intensity that you're planning for 2017.

我剛剛了解了一些關於你們計劃在 2017 年提高資本密集度的資訊。

You've got a number of initiatives that seem to be coming together at literally the same time.

你們有許多舉措似乎幾乎同時出現。

If I can pick up on something I think you mentioned, Jean-Marc, is this a one-year spike in capital spending?

讓-馬克，如果我能了解您提到的一些事情，這是資本支出的一年高峰嗎？

And should we see it revert back to the type of intensity that we've seen in prior years?

我們是否應該看到它恢復到前幾年的強度類型？

Or, given the type of contracts you've got underway, are you anticipating a slightly heightened level of CapEx from here on out?

或者，考慮到您正在進行的合約類型，您是否預計從現在開始資本支出水準會略有提高？

And also, in particular, the comment you made regarding the newly-won program that's ramping in the back half of the year and that there is CapEx associated with that.

另外，特別是您對今年下半年新贏得的項目的評論，以及與之相關的資本支出。

Do you have long-term commitments from the customer to support such a big spike in spending for their own capacity?

客戶是否有長期承諾來支持其自身容量支出的如此大的成長？

What kind of visibility do you have into that business continuing for years to come?

您對未來幾年該業務的持續發展有何看法？

Thanks very much.

非常感謝。

I think maybe Carlo takes on the CapEx for us and then Jean-Marc will comment on the commitment.

我想也許卡洛會為我們承擔資本支出，然後讓-馬克會對這項承諾發表評論。

I see your point and really you are correct on both understandings that 2017 CapEx at $1 billion to $1.1 billion is a temporary spike.

我明白你的觀點，而且你確實對這兩種理解都是正確的，即 2017 年 10 億至 11 億美元的資本支出只是暫時的飆升。

I clearly said that the model and the strategic model of the Company from 2018 onwards is to go back to our model with CapEx-to-sales ratio at or below 10%.

我明確說過，從2018年開始，公司的模式和策略模式是回到我們的資本支出與銷售額比率在10%或以下的模式。

Indeed, this program itself is very intense; the [bolster] for diffusion and for specialized assembling and testing.

確實，這個節目本身就非常激烈；用於擴散和專門組裝和測試的[支撐物]。

I saw this morning some of you mentioning about a $500 million effort for investment on this new program and I have to say eventually this is a bit underestimated.

今天早上我看到你們中的一些人提到了這個新計劃的 5 億美元投資，我不得不說最終這有點被低估了。

And it is better to (inaudible) what this program requires when combining what we have already spent starting last year and this year's program.

當結合我們從去年開始和今年的計劃已經花費的費用時，最好（聽不清楚）這個計劃的要求。

Of course, the other point is the return to us from these important specialized programs, on which Jean-Marc addresses the second part of your question.

當然，另一點是這些重要的專業項目帶給我們的回報，讓-馬克回答了你問題的第二部分。

So we are investing both in wafer fab (inaudible) and assembly and test for this big program.

因此，我們正在為這個大項目投資晶圓廠（聽不清楚）以及組裝和測試。

And, of course, for the generation which will either provide new [favor] but also improvement of the figure of the merit of this current generation.

當然，對於這一代人來說，他們要么提供新的[恩惠]，要么提高當前這一代人的功績。

So, yes, we will invest up to 2017 and beyond, of course.

所以，是的，我們當然會投資到 2017 年及以後。

Thank you.

謝謝。

And I'd also like to underline that for us it's absolutely crucial to make sure that this is a long-lasting business.

我還想強調，對我們來說，確保這是一項持久的業務絕對至關重要。

And the second point I would like to underline is that there are a lot of positive implications to other businesses because, let's face it, it's not the first time we discuss it.

我想強調的第二點是，這對其他企業有很多正面的影響，因為，讓我們面對現實，這不是我們第一次討論它。

We have a certain infrastructure and even if today we are being able to significantly reduce the unloading charges, it is not yet optimized.

我們擁有一定的基礎設施，即使今天我們能夠大幅降低卸貨費用，但它還沒有優化。

So the existing infrastructure would require a little bit more in terms of equipment to significantly reduce wafer cost.

因此，現有的基礎設施需要更多的設備來顯著降低晶圓成本。

And this is a unique opportunity because I believe it's a great business and, on top, there is the associated, let's say, opportunity to significantly reduce that cost that, of course, would positively impact this business but also other businesses in ST.

這是一個獨特的機會，因為我相信這是一項偉大的業務，最重要的是，還有相關的機會，可以說，可以顯著降低成本，這當然會對這項業務以及ST 的其他業務產生正面影響。

David Mulholland, UBS.

大衛穆赫蘭，瑞銀集團。

One, if I may, and then I may come back with a follow up.

第一，如果可以的話，然後我可能會回來跟進。

But just on the new product win, I wonder if you could give us a bit of color on this.

但就新產品的勝利而言，我想知道你能否給我們一些關於這方面的資訊。

Possibly if you could confirm the end type of product.

如果您能確認產品的最終類型，也許可以。

Is this a smartphone or what type of product do you expect it to go into?

這是智慧型手機嗎？

And could you possibly help us with the ASP that you think it might be able to generate, just so we can try and put a bit more color to the potential revenue scope in the second half?

您能否幫助我們制定您認為可能產生的平均售價，以便我們可以嘗試為下半年的潛在收入範圍增添更多色彩？

No, we cannot give more color.

不，我們不能給予更多的顏色。

I think we have been already quite explicit on the fact that it is important, of course the fact is material, the implications, the fact that we need to move on for extended time and the positive impact on other businesses.

我認為我們已經非常明確地認識到這一事實：它很重要，當然，這個事實很重要，它的影響、我們需要繼續前進的事實以及對其他業務的積極影響。

But we cannot say more.

但我們不能說更多。

Okay.

好的。

And then just one quick one.

然後只是一個快速的。

I wonder if you could comment on what the book-to-bill was in Q4.

我想知道您是否可以評論一下第四季度的訂單出貨情況。

Sorry, what was that, David?

抱歉，那是什麼，大衛？

The book-to-bill level that you saw in Q4.

您在第四季看到的訂單出貨比水平。

The book-to-bill is positive.

訂單出貨比為正。

I would say it's materially above 1. There was a continuation, let's say, of the trend that we have been entertaining, with some further growth (inaudible) during the course of Q4.

我想說它實質上高於 1。

And, as I said, with internalization among the (inaudible) groups but also from a regional point of view.

而且，正如我所說，不僅在（聽不清楚）團體之間進行內部化，而且還從區域的角度進行內部化。

Now if I take our sales organization that is organized by customer region, now we have three regions: EMEA, America and Asia.

現在，如果我按照客戶區域組織我們的銷售組織，現在我們有三個區域：歐洲、中東和非洲、美洲和亞洲。

And if you look at their performance, I think the [growth] was material, about 11% each.

如果你看看他們的表現，我認為[成長]是實質的，每個人大約成長了 11%。

And also the booking trend was pretty good for all.

而且預訂趨勢對所有人來說都相當好。

It's not only for products, it's for regions and also it's for [new] customers but also distribution.

它不僅適用於產品，也適用於地區，也適用於[新]客戶，也適用於分銷。

For instance, our point of sales in distribution was pretty good in Q4.

例如，我們第四季的分銷銷售點非常好。

Inventories are certainly under control.

庫存肯定是受到控制的。

In fact, during the course of 2016 we managed to have an important destocking in our distribution channel.

事實上，2016 年我們成功地在分銷管道中進行了一次重要的庫存削減。

So, of course, we are encouraged.

因此，我們當然受到鼓勵。

We need to be careful.

我們需要小心。

We need to remain very disciplined.

我們需要保持非常自律。

We are not at the level we want to be but, of course, we want to keep going with this level of growth.

我們還沒有達到我們想要的水平，但當然，我們希望繼續保持這種成長水平。

Thank you very much.

非常感謝。

Sandeep Deshpande, JPMorgan.

桑迪普·德什潘德，摩根大通。

Can you comment on your -- you've talked in the past about your silicon carbide initiatives and can you comment on when that initiative is going to start ramping up at your customer?

您可以評論一下您過去談論過的碳化矽計劃嗎？

And, in terms of margin, how you see that -- is that positive or dilutive to margin at this point as such?

就利潤率而言，您如何看待這一點——目前這對利潤率是正面的還是稀釋的？

Thank you.

謝謝。

I think it is a major effort.

我認為這是一項重大努力。

As you know, it's something we've done organically and we expect the ramp in the second part of this year.

如您所知，這是我們有機完成的事情，我們預計在今年下半年成長。

This is an important program for us.

這對我們來說是一個重要的計劃。

So we are working, of course, on the R&D, on the industrial aspects, capital investment, of course.

當然，我們正在研發、工業方面、資本投資方面開展工作。

And I believe it's a new wave of products and we expect that, of course, with the opportunities that we see in terms of car electrification, this is the start of a new important business.

我相信這是新一波的產品浪潮，當然，我們預計，隨著我們在汽車電氣化方面看到的機遇，這是一項新的重要業務的開始。

I think the margins opportunities are there.

我認為利潤機會就在那裡。

Of course, there is all the stepped-up work.

當然，還有所有的加緊工作。

This is normal work when we stepped up a new line and then the new business and new technology, etc.

當我們加強一條新生產線，然後是新業務、新技術等時，這是正常的工作。

But certainly we believe there are good margin prospects here.

但我們當然相信這裡有良好的利潤前景。

Thank you.

謝謝。

Achal Sultania, Credit Suisse.

阿查爾蘇丹尼亞，瑞士信貸。

So the first one, just a follow up on the new design win that you're talking about second half.

所以第一個，只是你所說的下半年新設計勝利的後續。

I know you can't give a lot of details but can you maybe just comment on which part of the business you're talking about?

我知道您無法提供很多細節，但您能否只評論一下您正在談論的業務的哪一部分？

Is it automotive?

是汽車嗎？

Or is it sensors, microcontroller?

還是感測器、微控制器？

Any color that you can give -- if you can give around that that would be helpful.

你可以提供任何顏色——如果你能提供這種顏色，那將會很有幫助。

Thank you.

謝謝。

No, we cannot.

不，我們不能。

I think we already gave a lot of information concerning, of course, the capital investment required and the [fabs], (inaudible), the timing, the [implication], etc.

我認為我們已經提供了很多信息，當然涉及所需的資本投資和[晶圓廠]、（聽不清楚）、時間安排、[影響]等。

But we cannot give more information on the product and the application.

但我們無法提供有關產品和應用的更多資訊。

Okay, understand.

好的，明白了。

Maybe another question on your imaging sensor business.

也許是關於您的成像感測器業務的另一個問題。

So if I look at your revenues in the other segment, revenues were actually down sequentially from Q3 to Q4.

因此，如果我看看其他部門的收入，收入實際上從第三季到第四季連續下降。

And, at the same time, you're talking about Time-of-Flight sensors being used in about almost 70 smartphone models now, which I think is a significant increase.

同時，您談論的飛行時間感測器目前已用於大約 70 款智慧型手機型號中，我認為這是一個顯著的增長。

So I'm just trying to understand the revenue trajectory for this business.

所以我只是想了解這項業務的收入軌跡。

Are a lot of those models not shipping as yet?

其中很多型號還沒出貨嗎？

Or why is the revenue -- when should we start to see a meaningful ramp in that part of the business?

或者為什麼收入——我們什麼時候應該開始看到這部分業務的有意義的成長？

No, I think it's more a seasonal factor with Q4 and Q1 that are weaker and I believe it's a normal pattern that we expected.

不，我認為這更多是季節性因素，第四季和第一季較弱，我相信這是我們預期的正常模式。

And we are encouraged, of course, by the number of design wins here and the opportunities that we have in the future to move to a (inaudible) focus to new areas like the new (inaudible) that is opening up, I believe, other opportunities in terms of growth.

當然，我們對這裡的設計勝利數量以及我們未來有機會轉向（聽不清楚）關注新領域（例如正在開放的新（聽不清楚））的機會感到鼓舞，我相信，其他增長方面的機會。

So we are encouraged.

所以我們受到鼓舞。

I think it's part of the evolution of the sales that we have seen in Q4 and that we will be seeing in Q1 is more related to the normal seasonality at certain of these customers.

我認為這是我們在第四季度看到的銷售演變的一部分，我們將在第一季看到的銷售演變與某些客戶的正常季節性更為相關。

Okay.

好的。

Thanks a lot.

多謝。

That's helpful.

這很有幫助。

Kai Korschelt, Bank of America Merrill Lynch.

Kai Korschelt，美國銀行美林。

I had a couple.

我有一對。

The first one was, given your confidence on the second-half ramp, would it be feasible to assume you're going to hit your 10% operating margin target in the second half of this year?

第一個是，考慮到您對下半年成長的信心，假設您將在今年下半年達到 10% 的營業利潤率目標是否可行？

That's my first question.

這是我的第一個問題。

The second question was on OpEx.

第二個問題是關於營運支出的。

Clearly, you have expectations for growth.

顯然，您對成長抱有期望。

Certainly for this year CapEx is going up.

當然，今年的資本支出將會上升。

So I'm just wondering what OpEx run rates should we think about Q1?

所以我只是想知道我們應該考慮第一季的營運支出運行率是多少？

But maybe if you can give some color around the rest of the year as well because I think also in Q4 the OpEx was only slightly down year on year, despite the set-top box savings.

但也許你也可以在今年剩餘時間裡給出一些顏色，因為我認為在第四季度，儘管機上盒節省了開支，運營支出也僅同比略有下降。

Thank you.

謝謝。

Carlo will take them.

卡洛會帶走他們。

On the second half of the year, at the end, I guess we'll meet for the Capital Markets Day in May and this is the right time also to set this (inaudible) then.

在今年下半年，最後，我想我們將在五月的資本市場日見面，這也是確定這一點（聽不清楚）的合適時間。

Obviously, we see we start from 87% with $1.86 billion of revenues at yearend.

顯然，我們從 87% 開始，年底的收入為 18.6 億美元。

And certainly we have the opportunity with the new ramp to boost revenues towards further growth to leverage on the overall expenses.

當然，我們有機會透過新的坡道來提高收入，實現進一步成長，從而利用整體支出。

The expenses more than I've anticipated for the average in 2017 is very much in line.

2017 年的支出超出了我的平均預期，非常符合我的預期。

Indeed, we talked about (inaudible) expense in the actual of the fourth-quarter operating margin.

事實上，我們討論了第四季度實際營業利潤率的（聽不清楚）費用。

There is still room from the restructuring of the set-top box to also completion, which is about maybe south of 1 point of further improvement on the margin.

從機上盒的重組到完成還有空間，距離進一步改善的幅度大約是 1 個百分點。

There is a couple of (inaudible) points in Q4 from the annual capacity charges that will not be there one year from now and not be there at currency also in this coming quarter if currency stays at this level and there are contents of additional basis points from currency as well.

第四季的年容量費用有幾個（聽不清楚）點，一年後將不會出現，如果貨幣保持在這一水平，並且有額外基點的內容，那麼在下一個季度貨幣也不會出現也來自貨幣。

So I would say all the ingredients are there.

所以我想說所有的成分都在那裡。

Now it's up to us to cook and to deliver well on all these ingredients.

現在由我們來烹飪並提供所有這些原料。

On the operating expenses, on the quarterly projection at the end, we may have some seasonal effects as usual.

在營運費用方面，在年底的季度預測上，我們可能會像往常一樣受到一些季節性影響。

So this average $550 million net operating expenses per quarter may eventually see, as usual, lower seasonality, lower level seasonally, in the third quarter of the year.

因此，每季平均 5.5 億美元的淨營運支出最終可能會像往常一樣，在今年第三季出現較低的季節性、較低的季節性水平。

Normally fourth quarter is a bit higher and for the current quarter there is this level of a few million dollars higher.

通常第四季的價格會高一些，而本季的價格會高出幾百萬美元。

However, really we want, with lots of focus and discipline, to continue to keep the net operating expenses for the full year at that level of average $550 million per quarter.

然而，我們確實希望透過大量的關注和紀律，繼續將全年的淨營運支出保持在每季平均 5.5 億美元的水平。

Okay.

好的。

Thank you.

謝謝。

Amit Harchandani, Citigroup.

阿米特‧哈尚達尼 (Amit Harchandani)，花旗集團。

My first question is with regards to this dynamic we are seeing in the semiconductor industry between end-unit growth and the rising semi-content growth.

我的第一個問題是關於我們在半導體產業中看到的終端設備成長和半內容成長之間的動態。

Obviously, it's a lot of focus on it when it comes to automotive in terms of content growth versus unit growth driving the overall semiconductor revenue for that end market.

顯然，在汽車領域，人們非常關注內容成長與推動該終端市場整體半導體收入的單位成長。

But could you may be comment in a broader sense across the various end markets that you're looking at right now?

但您能否對您目前關注的各個終端市場進行更廣泛的評論？

To what extent is your confidence underpinned by content growth versus the unit growth?

內容成長與單位成長在多大程度上支撐了您的信心？

If you could please share your thoughts on that and I have a follow up.

如果可以的話，請分享您對此的想法，我會跟進。

Thank you.

謝謝。

End markets, how are you feeling about those in general.

終端市場，您對這些市場整體感覺如何。

Well, of course, we have good visibility from many important key customers on one side.

嗯，當然，一方面我們有很多重要的關鍵客戶的良好知名度。

And then we have, on the other side, also important indicators from our distribution channel.

另一方面，我們還有來自分銷管道的重要指標。

I think the automotive industry, it seems to me that the trend is robust.

我認為汽車產業的趨勢在我看來是強勁的。

We have, let's say, positive information coming from many, many automotive customers across the world for strong demand with the first half of 2017 that it is, of course, with the better visibility that we have materially higher than the second part of 2016.

比方說，我們從世界各地許多汽車客戶那裡獲得了積極的信息，他們對 2017 年上半年的強勁需求表示肯定，我們的能見度明顯高於 2016 年下半年。

So I think it's a positive input that we have from our automotive customers.

所以我認為這是我們從汽車客戶那裡得到的積極投入。

And discovering the new applications, the new digital applications, as we said, the microcontrollers, the safety, the advanced [BCD] products; but it's also covering the more traditional BCD products for the Smart Power applications in the car.

並發現新的應用、新的數位應用，正如我們所說的，微控制器、安全性、先進的 [BCD] 產品；但它也涵蓋了用於汽車智慧電源應用的更傳統的 BCD 產品。

So I think we have positive a input in general from our automotive customers across the various regions.

因此，我認為我們從各個地區的汽車客戶那裡得到了積極的回饋。

Another important indicator for us and, of course, what we want to keep going is from our distributors.

對我們來說另一個重要的指標，當然，我們想要繼續前進的指標來自我們的經銷商。

POS was good.

POS 很好。

We have very strong POS in Asia, pretty good POS in Europe, a little bit less in United States but, overall, pretty good POS.

我們在亞洲擁有非常強大的 POS，在歐洲擁有相當不錯的 POS，在美國則稍差一些，但總體而言，相當不錯的 POS。

And we managed 2016 also in a way to significantly increase our stock turn in distribution, which is, of course, a good start for 2017.

2016 年我們的分銷庫存週轉率也顯著提高，這當然是 2017 年的良好開端。

We are tracking point of sales everywhere we operate with all our distributors.

我們與所有經銷商一起追蹤我們營運的所有銷售點。

We are tracking the inventory.

我們正在追蹤庫存。

We are tracking the grouping of our distributors.

我們正在追蹤經銷商的分組情況。

So all the signs that we have so far are positive in this respect.

因此，到目前為止，我們在這方面得到的所有跡像都是積極的。

Of course, we need to remain vigilant.

當然，我們需要保持警惕。

We do not expect that this may go forever.

我們預計這種情況不會永遠持續下去。

However, I believe that the opportunities in terms of new product interactions, the opportunity in terms of the new technologies that are giving us the comfort that this positive trend will continue during the course of 2017.

然而，我相信新產品互動方面的機會、新技術方面的機會讓我們感到欣慰的是，這種積極的趨勢將在 2017 年持續下去。

Thank you, Carlo.

謝謝你，卡洛。

And just maybe on talking or mentioning that positive trend, you've obviously shown a lot of confidence today and you've made some commitments in terms of capital intensity and investment but, clearly, there is the element of competitive dynamics.

也許在談論或提到這種積極趨勢時，您今天顯然表現出了很大的信心，並且您在資本密集度和投資方面做出了一些承諾，但顯然，存在競爭動態的因素。

And we have seen consolidation amongst your peers within the industry.

我們已經看到業界同行之間的整合。

To what extent do you feel, in terms of R&D, are you in a position to compete with and sustain some of the design wins you have today going forward?

在研發方面，您認為您在多大程度上能夠與您今天所取得的一些設計勝利競爭並維持下去？

Is scale a challenge for you, you think, relative to your competitors, given how diversified you are?

您認為，考慮到您的多元化程度，相對於您的競爭對手，規模對您來說是一個挑戰嗎？

Or you think that's an advantage for you?

還是你認為這對你來說是個優勢？

Well, I think that our R&D effort is very important and certainly with the scale that is giving us the confidence that we can go on organically.

嗯，我認為我們的研發工作非常重要，而且其規模無疑讓我們有信心能夠有機地繼續下去。

You know we spent in R&D about $1.3 billion, which is a lot of money.

你知道我們在研發上花了大約13億美元，這是一筆很大的錢。

If we benchmark, and, of course, I do not describe the benchmark, with many of our competitors I think that we have the scale in R&D to compete.

如果我們進行基準測試，當然，我不會描述基準測試，我認為我們的研發規模足以與我們的許多競爭對手競爭。

I believe that our product portfolio is more focused.

我相信我們的產品組合更專注。

We want, of course, to work on automotive.

當然，我們希望從事汽車領域的工作。

We want to work on sensors.

我們想研究感測器。

We want to work on microcontrollers, on power.

我們想要研究微控制器和電源。

But we're certainly more focused than in the past and we believe that the $1.3 billion R&D effort is what we need to succeed with these product lines.

但我們肯定比過去更專注，我們相信 13 億美元的研發工作是我們在這些產品線上取得成功所需要的。

Having said that, ST is not yet at the level it should be, in terms of financial results.

話雖如此，從財務表現來看，ST還沒有達到應有的水準。

So the priority for us is to deliver.

因此，我們的首要任務是交付。

Growth will contribute a lot.

成長將做出很大貢獻。

It must contribute a lot.

一定貢獻很大。

So the priority is organic growth and better financial performance, but we also are willing to participate in M&A initiatives if the opportunity will come.

因此，首要任務是有機成長和更好的財務業績，但如果機會到來，我們也願意參與併購措施。

Thank you very much.

非常感謝。

Jerome Ramel, Exane BNP Paribas.

傑羅姆·拉梅爾 (Jerome Ramel)，法國巴黎銀行 Exane。

Carlo, one question.

卡洛，有一個問題。

In your press release you said that you anticipate significant revenue growth in 2017 and beyond.

您在新聞稿中表示，預計 2017 年及以後的營收將大幅成長。

I think in 16 years this is the first time I'm hearing STMicro giving a qualitative comment on the growth for the full year and even beyond than that.

我認為，16 年來，這是我第一次聽到 STMicro 對全年甚至更遠的成長做出定性評論。

So my question is, and I know you can't quantify the size of this program, but would it be fair that it's one the opportunities you have every -- maybe once in your life?

所以我的問題是，我知道你無法量化這個計劃的規模，但如果這是你一生中擁有的每一個機會——也許只有一次，公平嗎？

I'm just trying to get a sense of how can you be so confident to give a qualitative comment for 2017 and beyond?

我只是想了解一下，您怎麼能如此自信地對 2017 年及以後的情況做出定性評論？

Thank you.

謝謝。

As I said, Jerome, I cannot comment more on this program.

正如我所說，傑羅姆，我無法對這個計劃發表更多評論。

Of course, I believe there is a direct relation between the capital intensity that you have seen that -- we are talking about proprietary technologies.

當然，我相信您所看到的資本密集度之間存在直接關係——我們正在談論專有技術。

There are many technologies that we can buy from outside.

有很多技術我們可以從外部購買。

And when we can buy from outside, we buy a lot of microcontroller wafers from outside.

當我們可以從外部購買時，我們會從外部購買大量微控制器晶圓。

We are going to start buying BCD wafers from outside.

我們將開始從外部購買BCD晶圓。

We want to buy more power [MOSFETs] from outside.

我們想從外部購買更多的功率[MOSFET]。

But when we have some good advantage with our proprietary technologies we want to leverage on this advantage and, of course, making these things inside.

但是，當我們的專有技術具有一些良好的優勢時，我們希望利用這種優勢，當然，也可以在內部製造這些東西。

Now there is a similar relation between the intensity of the CapEx that we have described and the opportunity with these new programs but, Jerome, I cannot describe more.

現在，我們所描述的資本支出強度與這些新計劃的機會之間存在類似的關係，但傑羅姆，我無法描述更多。

I'm simply not in the position to do that.

我根本沒有能力這樣做。

Understood.

明白了。

Thank you.

謝謝。

Janardan Menon, Liberum.

賈納丹‧梅農，《自由》。

I have two questions.

我有兩個問題。

One is to Carlo Ferro on gross margin.

其中之一是關於毛利率的卡羅·費羅。

You've guided at 37% gross margin in the quarter and you're saying that underutilization charges have almost completely coming to zero.

您預計本季的毛利率為 37%，且未充分利用費用幾乎完全為零。

So if we were to look beyond the first quarter through the second, third, fourth quarters of this year, what are the levers that you have which can take gross margin to a higher level from this 37% now that utilization is no longer a factor?

因此，如果我們從第一季到今年第二、第三、第四季度，既然利用率不再是一個因素，那麼有哪些槓桿可以將毛利率從 37% 提高到更高水平？

Is there -- do you have much in the tank which can take it up further in terms of efficiencies, etc?

您是否有足夠的資源可以在效率等方面進一步提高？

And, in particular, when you expand capacity in the 300 millimeter fab you talked about lower wafer cost.

特別是，當您擴大 300 毫米晶圓廠的產能時，您談到了較低的晶圓成本。

Will that be a driver of gross margin?

這會成為毛利率的驅動因素嗎？

If you are able to fill that up, will that be a driver of gross margin into the second half because of the lower wafer cost?

如果您能夠填補這一空缺，由於晶圓成本較低，這是否會成為下半年毛利率的驅動因素？

And my second question is also, unfortunately, on your new ramp in the second half of this year, but let me try it in a slightly different way.

不幸的是，我的第二個問題也是關於今年下半年的新坡道，但讓我以稍微不同的方式嘗試。

Is this product something that is entirely STMicro IP and, therefore, you are at liberty to sell it to any other customer in the years ahead, outside of your initial ramp customer?

該產品是否完全屬於 STMicro IP，因此您可以在未來幾年內自由地將其出售給除最初的斜坡客戶之外的任何其他客戶？

Or does it have -- is it like an ASIC with some proprietary IP, which, therefore, gives you the visibility for many years but is for one customer alone?

或者它是否像具有某些專有 IP 的 ASIC 一樣，因此可以為您提供多年的可見性，但僅限於一個客戶？

The first question is certainly easier than the second one because, as Carlo already said, I guess that we have tried to really comprise all the comments and the indications on this program we can offer at this stage into the introduction and to the [initial answers] to the questions.

第一個問題肯定比第二個問題更容易，因為正如卡洛已經說過的那樣，我想我們已經嘗試真正將我們在這個階段可以提供的所有評論和指示包含在引言和[初始答案中] ] 的問題。

So I'm sorry not to be in a position to continue to comment and to say more on this new program.

因此，我很抱歉無法繼續對這個新計劃發表評論和說更多。

Then on the question of the gross margin evolution, clearly there is in the first quarter some effect on entering the new year with the new price for some of our applications.

然後關於毛利率演變的問題，很明顯，第一季我們的一些應用程式的新價格對進入新的一年產生了一些影響。

And this is something that, at the end, is somehow reabsorbed in the course of the year and the normal and average usual (inaudible) [endangers] on (inaudible).

最終，這種情況在這一年中以某種方式被重新吸收，並且正常和平均的（聽不清楚）[危及]（聽不清楚）。

On the other side, you are right.

另一方面，你是對的。

Certainly the most relevant opportunities we have for gross margin progression is based on the manufacturing efficiencies, on the wafer cost, on the assembling and testing costs in our back-end plants.

當然，我們對毛利率成長最相關的機會是基於製造效率、晶圓成本、後端工廠的組裝和測試成本。

And, in this respect, we are continuing the initiative of cost improvement that already is significantly to gross margin improvement in the second half of 2016 and the new strategic initiatives to scale up production, particularly in 12-inch, are very instrumental.

而且，在這方面，我們正在繼續實施成本改善舉措，這對 2016 年下半年的毛利率改善已經產生了顯著影響，而擴大生產規模（尤其是 12 英寸）生產的新戰略舉措非常有幫助。

At the end of the day, as you know, wafer cost is a function of the scale of the fab, particularly in these more advanced geometries.

歸根結底，如您所知，晶圓成本是晶圓廠規模的函數，特別是在這些更先進的幾何形狀中。

So, at the end, a short answer to your question, yes, Janardan, you are right, the highest -- there are opportunities of improving gross margin, particularly in the second half of the year, and those are very much driven by manufacturing efficiencies.

所以，最後，對你的問題做一個簡短的回答，是的，賈納丹，你是對的，最高的——毛利率有提高的機會，特別是在今年下半年，而這些很大程度上是由製造業驅動的效率。

Got it.

知道了。

Thank you very much.

非常感謝。

Francois Meunier, Morgan Stanley.

弗朗索瓦·莫尼耶，摩根士丹利。

Just going back to Jerome's question, please.

請回到傑羅姆的問題。

Of course, it's great to have this new project in line but I just wanted to remind myself of all the discussions we had more than 10 years ago with Philippe Geyres on camera modules.

當然，很高興能有這個新項目，但我只是想提醒自己十多年前我們與 Philippe Geyres 就相機模組進行的所有討論。

And it was good for a bit and then it was not so good.

有一段時間還不錯，然後就沒那麼好了。

So, in terms of the new CapEx you're spending, is it more on the front end?

那麼，就您支出的新資本支出而言，是否更多地花在前端？

Is it more on the back end?

是不是後端比較多？

Why is this new program potentially different from what it could have been in the past?

為什麼這個新計劃可能與過去有所不同？

That's the first question.

這是第一個問題。

The second question is really regarding the distributors' inventory pulling, I would say, Carlo.

我想說，卡洛，第二個問題實際上是關於經銷商的庫存拉動。

And, Carlo, you've been in the semiconductor industry for multiple decades.

而且，卡洛，您已經在半導體行業工作了幾十年。

How do you feel about this?

您對此有何感想？

Is it a one-quarter thing?

是四分之一的事嗎？

Is it a two-quarter thing?

是四分之二的事嗎？

When do you think we will have to pay for this?

您認為什麼時候需要為此付出代價？

Because, usually, when distributors are piling a bit of inventories, then there is always a bit of a period of correction after that.

因為，通常，當經銷商累積一些庫存時，之後總會有一段調整期。

So is it something for 2017 or more like for 2018?

那麼這是 2017 年的事情還是更像 2018 年的事情？

What is your best guess?

你最好的猜測是什麼？

Okay, Francois, you were breaking up a little bit there but the first question was on the CapEx and then the second was basically on the distribution and then the restocking and when do you think that will end?

好吧，弗朗索瓦，你在那裡有點分手，但第一個問題是關於資本支出，然後第二個問題基本上是關於分銷，然後是重新進貨，你認為這什麼時候會結束？

Is that correct?

這是正確的嗎？

Yes.

是的。

Well, on the CapEx in our chart we did in the presentation we give the split between front end and assembly and test.

好吧，在我們的圖表中的資本支出上，我們在演示中做了前端、組裝和測試之間的劃分。

So we can talk a little to that.

所以我們可以談談這一點。

We do not want to -- we gave some details.

我們不想——我們提供了一些細節。

These are the details that we can give, of course.

當然，這些都是我們可以提供的細節。

So you'll see that there is a little bit more in terms of front end if you compare with 2016.

所以如果你與 2016 年相比，你會發現前端方面有更多的變化。

So the weight is a little bit more on front end but not much more.

所以前端的重量稍微多一點，但不會多太多。

Now if we look at the distribution business, the distribution business, as I said, we are very encouraged by the point of sales evolution in this business and by the fact that 2016, for us, it was a year where destocking was material.

現在，如果我們看看分銷業務，分銷業務，正如我所說，我們對該業務的銷售點演變以及 2016 年對我們來說是實質性去庫存的一年這一事實感到非常鼓舞。

So our sales, our billing to the distributors was materially less than our point of sales.

因此，我們的銷售額，我們向分銷商收取的費用遠低於我們的銷售點。

And, of course, this is calling for a healthier situation in terms of inventory starting 2017 compared to what we had one year ago.

當然，這要求從 2017 年開始庫存狀況比一年前更健康。

So we want to keep going.

所以我們想繼續下去。

It's important to keep going the point of sales and, of course, it's important to remain disciplined in inventory management.

保持銷售點很重要，當然，保持庫存管理的紀律也很重要。

Gianmarco Bonacina, Equita.

吉安馬科·博納西納，Equita。

Just one question about cash flow generation.

只有一個關於現金流產生的問題。

I heard before Carlo said you expect the free cash flow to fully cover the dividend.

我之前聽說卡羅說你希望自由現金流能夠完全支付股息。

So it will be fair to assume that, considering the dividend is a little bit more than $200 million and you have to pay for this CapEx, so you are expecting an operating cash flow of $1.3 billion, which is about $300 million higher than in 2016.

因此，可以公平地假設，考慮到股息略高於 2 億美元，並且您必須支付這筆資本支出，因此您預計營運現金流為 13 億美元，比 2016 年高出約 3 億美元。

So this $300 million is, let's say, more or less what we should expect as your increase in EBIT or there are other items which will have a material impact on the cash flow in 2016.

因此，這 3 億美元或多或少是我們應該預期的，因為您的 EBIT 增加或有其他項目將對 2016 年的現金流量產生重大影響。

Thank you.

謝謝。

You are expert of modeling and certainly very good enough.

你是建模的專家，當然也夠優秀了。

However, at the end there are normally two ingredients: one is the EBIT and the EBITDA and the other one is the working capital management and the evolution of working capital.

然而，最終通常有兩個要素：一是 EBIT 和 EBITDA，二是營運資金管理和營運資金的演進。

I cannot work through the cash flow more for the year in all details.

我無法更詳細地了解今年的現金流量。

Be careful on making assumptions that there are ingredients of EBIT, ingredients of depreciation, ingredients to working capital management and, certainly, when highlighting free cash flow we cover the dividend.

在做出以下假設時要小心：息稅​​前利潤、折舊、營運資本管理等因素，當然，在強調自由現金流時，我們也涵蓋了股利。

This year we did not intend to give a guidance on the EBIT for the full year.

今年我們無意對全年息稅前利潤提供指導。

Okay.

好的。

Thank you.

謝謝。

Robert Sanders, Deutsche Bank.

羅伯特‧桑德斯，德意志銀行。

The first question would be on the Crolles fab.

第一個問題是關於克羅爾工廠的。

I'm just trying to understand what your capacity is today and where that will be in the next 18 months?

我只是想了解您現在的能力以及未來 18 個月的能力如何？

And I have a follow up, thanks.

我還有後續行動，謝謝。

The current capacity, equipment capacity, is about 3,000 wafers a week in the (inaudible) production mix.

目前的產能（設備產能）在（聽不清楚）生產組合中每週約 3,000 片晶圓。

And it will increase about 5,000 per week, okay, with the (inaudible) mix.

好吧，隨著（聽不清楚）混合，每週會增加約 5,000 個。

Okay, great.

好的，太好了。

So you said 6,000 today and it will increase by 5,000?

那你今天說6000，那就增加5000？

Just to clarify, sorry, I --

只是為了澄清，抱歉，我——

No.

不。

I will repeat.

我會重複一遍。

3,000 wafers per week capacity, moving up about 5,000 (multiple speakers) equivalent (multiple speakers) --

每週產能 3,000 片晶圓，相當於提升約 5,000 片（多個揚聲器）（多個揚聲器）—

From 3,000 to 5,000 (inaudible).

從 3,000 到 5,000（聽不清楚）。

Okay, great.

好的，太好了。

And that's over the next 18 months.

這是未來 18 個月的情況。

No, in the next -- quicker than that, much quicker.

不，接下來——比這更快，快得多。

Much quicker.

快得多。

Okay, great.

好的，太好了。

And just a follow up would just be on radar, on automotive radar.

後續行動只會涉及雷達、汽車雷達。

I was just wondering whether you could give us an idea of the -- what your radar shipments grew in 2016 and what you think they might do in 2017.

我只是想知道您是否可以向我們介紹一下您的雷達出貨量在 2016 年的增長情況以及您認為它們在 2017 年可能會做什麼。

Thank you.

謝謝。

Yes, I don't have it with me.

是的，我沒有帶它。

I think we have enjoyed (inaudible).

我想我們很享受（聽不清楚）。

Of course, we have a pretty high market share [from the 24 years].

當然，我們擁有相當高的市場佔有率（從 24 年開始）。

But also good progress on the 77 giga, as I described in the address before.

正如我在之前的演講中所描述的，77 GB 也取得了良好進展。

But I cannot quantify.

但我無法量化。

I'm sure that our automotive general manager can give you the information on the evolution of the sales on this specific line of our automotive business.

我相信我們的汽車總經理可以向您提供有關我們汽車業務這一特定產品線的銷售演變的資訊。

Okay.

好的。

Thanks a lot.

多謝。

Lee Simpson, Stifel.

李辛普森，斯蒂菲爾。

Maybe just two quick ones from me.

也許只是我的兩個快速的。

We knew at the CES presentation that MEMS were in full allocation in the second half of 2016.

我們在CES的演講中了解到，MEMS在2016年下半年就已全面配置。

And if we look at the AMG margin for 4Q at 9.4%, I guess the question we're asking here is can that stay in that high-single-digit/low-double-digit range through 2017?

如果我們看一下第四季度 9.4% 的 AMG 利潤率，我想我們在這裡要問的問題是，到 2017 年，這一利潤率能否保持在高個位數/低兩位數範圍內？

And maybe, just as a follow up, the win that you've got on -- for an ADAS SoC with the Japanese Tier 1 carmaker, can you tell me if that's partnered with the 77 gigahertz radar solution and whether that will ship in 2018 or beyond?

也許，作為後續行動，您所獲得的勝利 - 對於日本一級汽車製造商的 ADAS SoC，您能告訴我它是否與 77 GHz 雷達解決方案合作以及是否會在 2018 年發貨或者超越？

Thank you.

謝謝。

At the end, any opportunity certainly we will push any [good] opportunity to gross margin we have to improve the margins from the 8.2% level and any opportunity will be captured.

最後，任何機會我們當然都會將任何[好的]機會推向毛利率，我們必須將利潤率從 8.2% 的水平提高，並且任何機會都會被抓住。

At the end, what is great is that we have this level of activity [demand] has significantly improved the return on profitability than when we will see on another (inaudible) consideration on the strategy on the financial model.

最後，最棒的是，與我們在財務模型策略上看到的另一個（聽不清楚）考慮相比，我們的這種活動水平[需求]顯著提高了盈利回報。

At our Capital Markets Day we will update what is needed to get this.

在我們的資本市場日，我們將更新實現這一目標所需的資訊。

Lee, can you specify your specific question on the ADAS?

Lee，您能具體說明一下您對 ADAS 的具體問題嗎？

Yes, sorry.

是的，抱歉。

Do you want me to repeat it?

你想讓我重複一遍嗎？

It was really just on that ADAS SoC, the win with the Tier 1 Japanese.

實際上，正是在 ADAS SoC 上，日本一級廠商取得了勝利。

Just wondered if it was associated with a long-range radar win, 77 gigahertz; and whether or not this platform design could ship in the 2018 timeframe.

只是想知道這是否與遠程雷達獲勝（77 GHz）有關；以及該平台設計能否在 2018 年交付。

I am afraid I cannot comment on this.

恐怕我無法對此發表評論。

I effectively did not give the name of the customer because we cannot give the name of the customer.

我實際上沒有提供客戶的姓名，因為我們無法提供客戶的姓名。

So I am sorry for that but I cannot comment on this specific product.

所以我對此感到抱歉，但我無法對此特定產品發表評論。

I know it is certainly a complex solution from an engineering technical point of view but I cannot comment on the customer and the design win.

我知道從工程技術的角度來看這無疑是一個複雜的解決方案，但我無法對客戶和設計勝利發表評論。

Got you.

明白你了。

But maybe if I ask it a different way, then.

但也許如果我換個方式問的話。

Would this be a direct win with a carmaker, an OEM in Japan, for their own ADAS module?

對於汽車製造商（日本的 OEM）來說，他們自己的 ADAS 模組會直接獲勝嗎？

I think this I can respond.

我想這個我可以回應。

I think it's a more traditional Tier 1 approach.

我認為這是一種更傳統的第一層方法。

Okay.

好的。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Guenther Hollfelder, Baader Bank.

岡瑟‧霍爾菲爾德 (Guenther Hollfelder)，巴德爾銀行。

Just some housekeeping questions, I think, for Carlo Ferro left.

我想，卡洛費羅離開時只是一些家政問題。

Concerning D&A, I think it was slightly below $700 million in 2016.

關於 D&A，我認為 2016 年略低於 7 億美元。

Do you have any guidance here for 2017?

您對2017年有什麼指導嗎？

Guenther, can you repeat that?

岡瑟，你能再說一次嗎？

It's very hard to hear you.

很難聽到你的聲音。

Sorry.

對不起。

On D&A, I think it was slightly below $700 million in 2016.

在 D&A 方面，我認為 2016 年略低於 7 億美元。

What should we model in here for 2017 for depreciation/amortization?

我們應該為 2017 年折舊/攤提建立什麼模型？

Slightly down, Guenther.

有點低落，岡瑟。

You may want more than about $660 million, including depreciation and amortization [bond].

您可能需要超過 6.6 億美元，包括折舊和攤提 [債券]。

Okay, great.

好的，太好了。

And concerning R&D grants and restructuring, what are you expecting for 2017?

關於研發補助和重組，您對 2017 年有何期望？

We are not expecting since the several of this conversation (inaudible) some slowdown on the overall grants for 2017.

自本次談話（聽不清楚）以來，我們預期 2017 年的整體撥款不會有所放緩。

So for the full year you may want to consider something in the range of $50 million, plus or minus $10 million.

因此，對於全年，您可能需要考慮 5000 萬美元，正負 1000 萬美元的金額。

Okay.

好的。

And any restructuring charges left for the set-up box business for 2017.

2017 年機上盒業務的重組費用將全部保留。

In terms of execution of the plan, we are at about 55% of the reduction.

在計劃的執行方面，我們大約減少了55%。

In terms of cost, we are not yet at this level, considering those that have to come are eventually a little bit more expensive than the average.

就成本而言，我們還沒有達到這個水平，考慮到那些必須到來的成本最終會比平均水平貴一點。

So we may go and see that back out of the $170 million restructuring cost that we have anticipated with the set-top box plan one-half are already incurred, one-half have to come and most of what it has to come will be in 2017 but not all.

因此，我們可以去看看，我們預計機上盒計劃的 1.7 億美元重組成本中，一半已經發生，一半必須支付，其中大部分將用於支付。

Okay, great.

好的，太好了。

And two last ones.

還有最後兩個。

Concerning the CapEx, do you think already in 2018 we will be back at the 10% level or below?

關於資本支出，您認為 2018 年我們會回到 10% 的水平或更低嗎？

Can you repeat that, Guenther, again?

岡瑟，你能再說一次嗎？

Very hard to hear you.

很難聽到你的聲音。

I got it.

我得到了它。

The question is on the 2018 CapEx-to-sales ratio.

問題在於 2018 年資本支出與銷售額的比率。

What we said is that starting at 2018 we will go back at a CapEx-to-sales ratio at or below 10% through the cycle.

我們所說的是，從 2018 年開始，我們將在整個週期中將資本支出與銷售額比恢復到 10% 或以下。

Then the overall distribution, which here could be at a level and which one at another level, will very much depend on where we will position on the cycle.

然後，總體分佈（這裡可能處於一個水平，哪個處於另一個水平）將在很大程度上取決於我們在週期中的位置。

So I believe it's a bit early now to comment on 2018.

所以我認為現在評論 2018 年還為時過早。

It will depend on the overall demand evolution and where we are positioned on the cycle.

這將取決於整體需求的演變以及我們在周期中的位置。

Okay.

好的。

The last one is on the tax reform in Switzerland.

最後一個是關於瑞士的稅制改革。

Any relevance for STMicroelectronics?

與意法半導體有關係嗎？

Can you repeat again?

你能再說一次嗎？

Yes.

是的。

The tax referendum in Switzerland that's going on, the vote we have on February 12, is it any relevance for STMicroelectronics in terms of the tax rate?

瑞士正在進行的稅收公投，2月12日的投票，對義法半導體的稅率有什麼影響嗎？

No, it's not material.

不，這不是物質的。

At the end, what the benefit of all the federal tax regulation in Switzerland requires (inaudible) reach a stage to adopt a unique tax rate for all corporate tax payers.

最後，瑞士所有聯邦稅收法規的好處要求（聽不清楚）達到為所有企業納稅人採用獨特稅率的階段。

So this may challenge the differentiation between multinational headquarters and industrial players.

因此，這可能會挑戰跨國總部和產業參與者之間的差異化。

The good is that the cantons where we are established has elected a tax rate which is very close to the one already applied for the multinational and applied to us.

好處是，我們所在州所選擇的稅率非常接近跨國公司和我們所適用的稅率。

So this kind of ingredient of our overall very effective tax rate for the overall corporation will continue in the next year.

因此，我們對整個公司的整體非常有效的稅率的這種成分將在明年繼續存在。

Okay, great.

好的，太好了。

Many thanks.

非常感謝。

Stephane Houri, Natixis.

史蒂芬·胡里，Natixis。

So I'd like to discuss -- would have loved to discuss the margins by division evolution, because I was a little bit surprised to see the ADG margin going down while you're talking about double-digit growth in automotive.

所以我想討論一下——本來很想討論按部門演變劃分的利潤率，因為當你在談論汽車領域的兩位數增長時，我有點驚訝地看到平均總利潤率下降。

And, on the opposite way, MDG margin going up while you were a bit more cautious on the -- especially on the microcontroller side.

而且，相反，當您在尤其是微控制器方面更加謹慎時，MDG 利潤率會上升。

Can you bring some colors to us?

你能為我們帶來一些顏色嗎？

Thank you.

謝謝。

Well I think in automotive there are two things.

我認為汽車領域有兩件事。

One maybe in Q4 the evolution of the mix, on one side, did not help but, on the other side, also on the investment that we are taking in the car digitalization.

也許在第四季度，混合動力的演變一方面沒有幫助，但另一方面，我們在汽車數位化方面的投資也沒有幫助。

So all the new programs and this investment with microcontrollers, (inaudible) microcontrollers and also on a advanced safety features.

因此，所有新程式和微控制器的投資，（聽不清楚）微控制器以及先進的安全功能。

So I think it was the combination.

所以我認為這是組合。

Carlo clearly spelt that our objective is to go certainly above 10% but during the course of Q4, the need for -- I'm talking about ADG, the need was not what we expected.

卡洛明確表示，我們的目標肯定是超過 10%，但在第四季期間，我說的是 ADG，這種需求不是我們預期的。

And, on the other end, the effort on the R&D for the digitalization and the electrification of the car is continuing.

另一方面，汽車數位化和電氣化的研發工作仍在繼續。

Okay.

好的。

Thank you very much.

非常感謝。

So I believe that was our last question so we'd like to go ahead and close the conference call.

所以我相信這是我們的最後一個問題，所以我們想繼續結束電話會議。

Just as a reminder, STMicroelectronics will be at the Mobile World Congress in Barcelona.

提醒一下，義法半導體將參加在巴塞隆納舉行的世界行動通訊大會。

We will have our next investor event and media event on February 28.

我們將於 2 月 28 日舉辦下一次投資者活動和媒體活動。

Please contact Investor Relations if you have any interest or any additional information.

如果您有任何興趣或任何其他信息，請聯繫投資者關係部。

Thank you very much.

非常感謝。

Thank you all.

謝謝大家。

Bye.

再見。

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 lines.

現在您可以斷開線路。

Goodbye.

再見。