SEAGATE TECHNOLOGY PUBLIE LES RÉSULTATS DU QUATRIÈME TRIMESTRE

Contacts onechocolate communications :

01 41 31 75 00

Edouard Fleuriau-Chateau

edouardfc@onechocolatecomms.fr

Xavier Delhôme

Contact Seagate:

Valérie Labrune 01 41 86 10 48

SEAGATE TECHNOLOGY PUBLIE LES RÉSULTATS DU QUATRIÈME

TRIMESTRE ET DE L'ENSEMBLE DE SON EXERCICE COMPTABLE 2013

PARIS, France - 24 juillet 2013 - Seagate Technology plc (NASDAQ : STX) vient de publier ses résultats financiers pour le trimestre et l'exercice comptable arrêtés le 28 juin 2013. Pour ce quatrième trimestre fiscal, la société annonce un chiffre d'affaires d'environ 3,4 Md$, une marge brute de 27,4 %, un résultat net de 348 M$ et un bénéfice par action après dilution de 0,94 $. Hors GAAP, ce qui exclut l'impact net de certains éléments, Seagate annonce une marge brute de 28 %, un résultat net de 447 M$ et un bénéfice par action après dilution de 1,20 $.

Au cours de ce trimestre, Seagate a généré environ 394 M$ de trésorerie, payé 137 M$ de dividendes et racheté 1 million d'actions ordinaires pour un montant d'environ 42 M$. La société a contracté une dette à long terme d'environ 1 Md$ et racheté pour environ 700 M$ de ses obligations 2016 et 2018 en valeur nominale totale.

Pour l'ensemble de son exercice comptable arrêté le 28 juin 2013, Seagate annonce, sur la base des normes comptables en vigueur (GAAP), un chiffre d'affaires de 14,4 Md$, une marge brute de 27,5 %, un résultat net de 1,8 Md$ et un bénéfice par action après dilution de 4,81 $. Hors GAAP, la société annonce une marge brute de 28 % et un bénéfice par action après dilution de 5,31 $. Au cours de l'exercice comptable 2013, Seagate a distribué à ses actionnaires 71 % de sa trésorerie, soit 96 % des liquidités disponibles, en dividendes et rachats d'actions. Les liquidités faisant l'objet de restrictions et placements à court terme se chiffraient à environ 2,3 Md$ à la fin de l'exercice comptable.

« Nos résultats financiers reflètent nos solides performances au cours d'une période de changement, d'incertitude et d'opportunités », déclare Steve Luczo, président et CEO de Seagate. « En ce qui concerne l'avenir, nous pensons que l'augmentation des volumes de données stimulée par le développement des technologies de Cloud computing, mobiles et open source nous offrira de nouvelles opportunités non négligeables. Nous continuerons à équilibrer nos performances financières à court terme avec le développement stratégique à long terme tout en optimisant la valeur actionnariale », ajoute-t-il.

Dividende trimestriel en espèces

Le conseil d'administration a approuvé un dividende trimestriel en espèces de 0,38 $ par action qui sera payable le 21 août 2013 aux actionnaires inscrits à la fermeture des bureaux le 7 août 2013. Le paiement des éventuels dividendes trimestriels futurs sera à la discrétion du conseil d'administration et dépendra de la situation financière, des résultats d'exploitation, de la trésorerie disponible, de la capacité d'autofinancement et des besoins en capital de Seagate, ainsi que d'autres facteurs jugés pertinents par le conseil.

Plan de rachat d'actions de juillet 2013

Le conseil d'administration de Seagate a autorisé le rachat d'actions ordinaires Seagate en circulation à hauteur de 2,5 Md$ (« Autorisation de juillet 2013 »). Compte tenu de l'Autorisation de juillet 2013 et des autres autorisations de rachat en cours, Seagate dispose d'une capacité de rachat totale inutilisée autorisée d'environ 3,3 Md$.

Avis aux investisseurs

La direction de Seagate a présenté les résultats du quatrième trimestre fiscal et de l'ensemble de l'exercice comptable 2013 de la société le 24 juillet dans un webcast accessible sur www.seagate.com/investors. Lors de ce webcast, Seagate a présenté ses prévisions pour les premiers trimestres fiscaux 2014, y compris ses principaux postulats sous-jacents. Seagate a prévu une réunion pour les investisseurs et analystes le 10 septembre 2013, afin de présenter son plan stratégique à long terme.

À propos de Seagate

Seagate est un leader mondial des disques durs et des solutions de stockage. Pour en savoir plus, rendez-vous sur www.seagate.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including, in particular, statements about our plans, strategies and prospects and estimates of industry growth for the fiscal quarter ending September 27, 2013 and beyond. These statements identify prospective information and include words such as "expects," "plans," "anticipates," "believes," "estimates," "predicts," "projects" and similar expressions. These forward-looking statements are based on information available to the Company as of the date of this press release and are based on management's current views and assumptions. These forward-looking statements are conditioned upon and also involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance or events to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company's control and may pose a risk to the Company's operating and financial condition. Such risks and uncertainties include, but are not limited to:  the uncertainty in global economic conditions, as consumers and businesses may defer purchases in response to tighter credit and financial news; the impact of the variable demand and adverse pricing environment for disk drives, particularly in view of current business and economic conditions; dependence on the Company's ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality, particularly the new disk drive products with lower cost structures; the impact of competitive product announcements; possible excess industry supply with respect to particular disk drive products; and the Company's ability to achieve projected cost savings in connection with restructuring plans. Information concerning risks, uncertainties and other factors that could cause results to differ materially from those projected in the forward-looking statements is contained in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on August 8, 2012, which statements are incorporated into this press release by reference. These forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

# # #

SEAGATE TECHNOLOGY PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

	June 28, 2013				June 29, 2012 (a)
ASSETS
Current assets:
Cash and cash equivalents	$	1,708			$	1,707
Short-term investments	480				411
Restricted cash and investments	101				93
Accounts receivable, net	1,670				2,319
Inventories	854				909
Deferred income taxes	115				104
Other current assets	484				767
Total current assets	5,412				6,310
Property, equipment and leasehold improvements, net	2,269				2,284
Goodwill	476				463
Other intangible assets	405				506
Deferred income taxes	456				396
Other assets, net	225				147
Total Assets	$	9,243			$	10,106
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,690			$	2,286
Accrued employee compensation	335				344
Accrued warranty	176				235
Accrued expenses	407				531
Current portion of long-term debt	3				???
Total current liabilities	2,611				3,396
Long-term accrued warranty	144				128
Long-term accrued income taxes	87				84
Other non-current liabilities	121				138
Long-term debt, less current portion	2,774				2,863
Total Liabilities	5,737				6,609
Equity:
Total Equity	3,506				3,497
Total Liabilities and Equity	$	9,243			$	10,106

(a) The information in this column was derived from the Company's audited Consolidated Balance Sheet as of June 29, 2012.

SEAGATE TECHNOLOGY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

	For the Three Months Ended								For the Fiscal Years Ended
	June 28, 2013				June 29, 2012				June 28, 2013				June 29, 2012(a)
Revenue	$	3,425			$	4,482			$	14,351			$	14,939
Cost of revenue	2,486				2,998				10,411				10,255
Product development	294				269				1,133				1,006
Marketing and administrative	176				140				635				528
Amortization of intangibles	20				18				79				38
Restructuring and other, net	1				???				2				4
Total operating expenses	2,977				3,425				12,260				11,831
Income from operations	448				1,057				2,091				3,108
Interest income	2				2				8				8
Interest expense	(50		)		(55		)		(214		)		(241		)
Other, net	(97		)		9				(54		)		7
Other expense, net	(145		)		(44		)		(260		)		(226		)
Income before income taxes	303				1,013				1,831				2,882
Provision for (benefit from) income taxes	(45		)		???				(7		)		20
Net income attributable to Seagate Technology plc	$	348			$	1,013			$	1,838			$	2,862
Net income per share attributable to Seagate Technology plc ordinary shareholders:
Basic	$	0.97			$	2.46			$	4.97			$	6.72
Diluted	0.94				2.37				4.81				6.49
Number of shares used in per share calculations:
Basic	359				411				370				426
Diluted	371				427				382				441
Cash dividends declared per Seagate Technology plc ordinary share	$	0.38			$	0.25			$	1.40			$	0.86

(a) The information in this column was derived from the Company's audited Consolidated Statement of Operations for the year ended June 29, 2012.

SEAGATE TECHNOLOGY PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	For the Fiscal Years Ended
	June 28, 2013				June 29, 2012(a)
OPERATING ACTIVITIES
Net income	$	1,838			$	2,862
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	873				814
Share-based compensation	76				51
Loss on redemption of debt	141				17
Gain on sale of investments	(61		)		(12		)
Gain on sale of property and equipment	(36		)		(25		)
Deferred income taxes	(70		)		(28		)
Other non-cash operating activities, net	12				7
Changes in operating assets and liabilities:
Accounts receivable, net	661				(824		)
Inventories	102				99
Accounts payable	(538		)		157
Accrued employee compensation	(14		)		145
Accrued expenses, income taxes and warranty	(170		)		54
Vendor Receivables	272				(82		)
Other assets and liabilities	(39		)		27
Net cash provided by operating activities	3,047				3,262
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements	(786		)		(636		)
Proceeds from the sale of property and equipment	29				20
Purchases of short-term investments	(351		)		(454		)
Sales of short-term investments	296				397
Maturities of short-term investments	38				119
Cash used in acquisition of LaCie S.A., net of cash acquired	(36		)		???
Cash used in acquisition of Samsung HDD assets and liabilities	???				(561		)
Other investing activities, net	(15		)		1
Net cash used in investing activities	(825		)		(1,114		)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt	986				???
Repayments of long-term debt and capital lease obligations	(1,224		)		(670		)
Proceeds from issuance of ordinary shares under employee stock plans	259				344
Dividends to shareholders	(518		)		(372		)
Repurchases of ordinary shares	(1,654		)		(2,426		)
Escrow deposit for acquisition of noncontrolling shares of LaCie S.A.	(72		)		???
Other financing activities, net	1				6
Net cash (used in) provided by financing activities	(2,222		)		(3,118		)
Effects of foreign currency exchange rate changes on cash and cash equivalents	1				???
(Decrease) increase in cash and cash equivalents	1				(970		)
Cash and cash equivalents at the beginning of the year	1,707				2,677
Cash and cash equivalents at the end of the year	$	1,708			$	1,707

(a) The information in this column was derived from the Company's audited Consolidated Statement of Cash Flows for the year ended June 29, 2012.

Use of non-GAAP financial information

To supplement the preliminary financial information presented in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP measures of gross margin which are adjusted from results based on GAAP to exclude certain expenses. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses that the Company believes are not indicative of its core operating results and because it is consistent with the financial models and estimates published by financial analysts who follow the Company.

These non-GAAP results are some of the primary measurements management uses to assess the Company's performance, allocate resources and plan for future periods. Reported non-GAAP results should only be considered as supplemental to results prepared in accordance with GAAP, and not considered as a substitute for, or superior to, GAAP results. These non-GAAP measures may differ from the non-GAAP measures reported by other companies in the Company's industry.

SEAGATE TECHNOLOGY PLC

ADJUSTMENTS TO GAAP NET INCOME, DILUTED NET INCOME PER SHARE AND FREE CASH FLOW

(In millions, except per share amounts)

(Unaudited)

		For the Three Months Ended June 28, 2013				For the Fiscal Year Ended June 28, 2013
Reconciliation of GAAP Net Income:
GAAP Net Income		$	348			$	1,838
Non-GAAP adjustments:
Cost of revenue	A	19				82
Product development	B	2				20
Marketing and administrative	C	4				(4		)
Amortization of intangibles	D	20				79
Restructuring and other, net	D	1				3
Other expense, net	E	106				63
Provision for (benefit from) income taxes	F	(53		)		(53		)
Non-GAAP net income		$	447			$	2,028
Reconciliation of GAAP Diluted Net Income Per Share:
GAAP		$	0.94			$	4.81
Non-GAAP		$	1.20			$	5.31
Shares used in diluted net income per share calculation		371				382
Reconciliation of Free Cash Flow:
GAAP operating cash flow		$	394			$	3,047
Less: acquisition of property, equipment and leasehold improvements		(128		)		(786		)
Free cash flow		$	266			$	2,261

A For the three months ended June 28, 2013, Cost of revenue on a GAAP basis totaled $2,486 million, while non-GAAP Cost of revenue, which excludes the impact of certain adjustments, was $2,467 million.  These non-GAAP adjustments include amortization of intangibles and other acquisition related expenses associated with the December 2011 acquisition of Samsung Electronics Co., Ltd's hard disk drive business (the "Samsung HDD business").

    For the fiscal year ended June 28, 2013, Cost of revenue on a GAAP basis totaled $10,411 million, while non-GAAP Cost of revenue, which excludes the impact of certain adjustments, was $10,329 million. These non-GAAP adjustments include amortization of intangibles, other acquisition related expenses associated with the Samsung HDD business and the August 2012 acquisition of LaCie S.A. ("LaCie") as well as the impact of the 2013 voluntary early retirement program ("2013 VERP") offered by the Company to certain of its employees in the U.S. in January 2013.

B For the three months and fiscal year ended June 28, 2013, Product development expense has been adjusted on a non-GAAP basis to exclude the impact of acquisition and integration costs associated with the Samsung HDD business. For the fiscal year ended June 28, 2013, Product development expense has also been adjusted on a non-GAAP basis to exclude the impact of the 2013 VERP.

C For the three months and fiscal year ended June 28, 2013, Marketing and administrative expense has been adjusted on a non-GAAP basis to exclude the  impact of acquisition and integration costs associated with the Samsung HDD business and LaCie. For the fiscal year ended June 28, 2013, Marketing and administrative expense has also been adjusted on a non-GAAP basis to exclude the net impact of legal cost reimbursements and the 2013 VERP.

D For the three months and fiscal year ended June 28, 2013, Amortization of intangibles related to our Samsung HDD business and LaCie acquisitions and Restructuring and other, net, primarily related to prior year restructuring plans, have been excluded on a non-GAAP basis.

E For the three months and fiscal year ended June 28, 2013, Other expense has been adjusted on a non-GAAP basis primarily to exclude the net impact of losses recognized on the early redemption and repurchase of debt, partially offset by gains recognized upon sales of investments. For the fiscal year ended June 28, 2013, Other expense has also been adjusted on a non-GAAP basis primarily to exclude a gain recognized from an insurance reimbursement related to the severe flooding in Thailand.

F For the three months and fiscal year ended June 28, 2013, non-GAAP net income excludes tax items related to the release of valuation allowance on U.S. deferred tax assets associated with increases in the Company's forecasted U.S. taxable income.