Q2 Results of 2016 Fiscal Year, Press Release including financial data May 03, 2016 | PDF | 256 kb

Pr e s s Re l e a s e
Revenue and earnings slightly better than expected



Q2 FY 2016: Revenue of €1,611 million; Segment Result €228 million; Segment
Result Margin 14.2 percent
Outlook for Q3 FY 2016: Quarter-on-quarter revenue increase of 2 percent
(plus or minus 2 percentage points), Segment Result Margin 16 percent at midpoint of the revenue guidance
Outlook for FY 2016: In spite of a now assumed exchange rate of US$ 1.15 to
the euro, year-on-year revenue growth of around 12 percent (plus or minus
2 percentage points) and Segment Result Margin between 15 and 16 percent at
mid-point of the revenue guidance
Neubiberg, Germany, May 3, 2016 – Infineon Technologies AG today reported results
for the second quarter of its 2016 fiscal year (period ended March 31, 2016).
€ in millions
3 mo nt hs
end ed
M ar 3 1, 16
Revenue
Segment Result
Segment Result M argin [in %]
Inco me fro m co ntinuing o peratio ns
Inco me fro m disco ntinued o peratio ns, net o f inco me taxes
N e t inc o m e
B asic earnings per share (in euro ) attributable to shareho lders
o f Infineo n Techno lo gies A G1:
B asic earnings per share (in euro ) fro m co ntinuing o peratio ns
B asic earnings per share (in euro ) fro m disco ntinued o peratio ns
1,611
228
14.2%
177
3
180
sequential
+/- in %
3 mo nt hs
end ed
D ec 3 1, 15
4
4
16
+++
18
year-onyear
+/- in %
9
15
3 mo nt hs
end ed
M ar 3 1, 15
1,556
220
14.1%
152
–
152
+++
+++
+++
1,483
198
13.4%
65
–
65
0.16
–
0.16
14
–
14
0.14
–
0.14
+++
–
+++
0.06
–
0.06
D ilut e d e a rnings pe r s ha re ( in e uro )
0.16
–
0.16
14
–
14
0.14
–
0.14
+++
–
+++
0.06
–
0.06
A djus t e d e a rnings pe r s ha re ( in e uro ) - dilut e d 2
0.18
6
0.17
38
0.13
B a s ic e a rnings pe r s ha re ( in e uro )
Diluted earnings per share (in euro ) attributable to shareho lders
o f Infineo n Techno lo gies A G1:
Diluted earnings per share (in euro ) fro m co ntinuing o peratio ns
Diluted earnings per share (in euro ) fro m disco ntinued o peratio ns
1
The calculatio n fo r earnings per share and fo r adjusted earnings per share is based o n unro unded figures.
2
The reco nciliatio n o f net inco me to adjusted net inco me and adjusted earnings per share is presented o n page 9.
“We have come through a difficult quarter quite well. Revenue and earnings were both
slightly better than expected,” stated Dr. Reinhard Ploss, CEO of Infineon Technologies
AG. “Infineon is performing very well in next-generation technology areas with high
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-2-
growth rates: electromobility, advanced driver assistance systems and renewable
energy. In spite of a weaker US dollar and a rather flat semiconductor market we are
going to show double-digit growth in revenues in the current fiscal year.”
Review of Group financials for the second quarter of the 2016 fiscal year
Revenue of the Infineon Group increased from €1,556 million to €1,611 million quarteron-quarter. The 4 percent increase was driven in particular by good revenue figures
posted by the Automotive (ATV) segment. The Industrial Power Control (IPC) and Chip
Card & Security (CCS) segments also recorded revenue growth, whereas Power
Management & Multimarket (PMM) segment revenue was slightly down on the
preceding quarter.
The gross margin for the three-month period came in at 35.1 percent, compared with
35.9 percent in the previous quarter. The second-quarter figures include acquisitionrelated depreciation and amortization and other expenses attributable to the acquisition
of International Rectifier amounting to €22 million.
Segment Result increased slightly by 4 percent from €220 million to €228 million
quarter-on-quarter, while the Segment Result Margin was 14.2 percent after
14.1 percent in the previous quarter.
The negative non-segment result for the second quarter amounted to €54 million,
unchanged from the preceding quarter. Of this result, €24 million related to the cost of
goods sold, €3 million to research and development expenses and €24 million to selling,
general and administrative expenses. Other operating income and other operating
expenses amounted to a net expense of €3 million. The non-segment result includes
€49 million of depreciation and amortization arising in conjunction with the purchase
price allocation and other expenses for post-merger integration measures in conjunction
with the acquisition of International Rectifier.
Operating income improved from €166 million in the first quarter to €174 million in the
second quarter of the current fiscal year. Income from continuing operations increased
to €177 million, compared with €152 million in the first quarter. Income from
discontinued operations amounted to €3 million, compared with a break-even amount of
€0 million in the preceding quarter. Net income rose from €152 million in the first quarter
to €180 million in the second quarter, largely as a result of the positive impact of tax
income amounting to €21 million, resulting primarily from the reduction of deferred tax
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-3-
liabilities relating to the acquisition of International Rectifier and from the reversal of
allowances on deferred tax assets relating to German and foreign entities.
Earnings per share (basic and diluted) increased from €0.14 to €0.16 quarter-on-quarter.
Adjusted earnings per share1 (diluted) improved from €0.17 in the first quarter of the
current fiscal year to €0.18 in the second. For the purpose of calculating adjusted
earnings per share (diluted), a number of items were eliminated, most notably
acquisition-related depreciation/amortization and other expenses (net of tax) as well as
reversals of valuation allowances on deferred tax assets.
Investments – which Infineon defines as the sum of purchases of property, plant and
equipment, purchases of intangible assets and capitalized development assets – totaled
€163 million, compared to €167 million in the first quarter of the current fiscal year.
Depreciation and amortization were practically unchanged in the second quarter at
€213 million, compared to the €211 million reported for the first quarter.
Free cash flow2 from continuing operations increased to €45 million in the second
quarter of the 2016 fiscal year, compared to the break-even figure reported for the
previous three-month period. Net cash provided by operating activities from continuing
operations increased quarter-on-quarter from €175 million to €195 million.
As a result of the dividend payment amounting to €225 million in February, the gross
cash position decreased to €1,803 million at March 31, 2016, compared with
€1,994 million at the end of the first quarter. The net cash position declined accordingly
over the three-month period from €204 million to €27 million.
Outlook for the third quarter of the 2016 fiscal year
In the third quarter of the 2016 fiscal year, Infineon expects a quarter-on-quarter
revenue increase of 2 percent (plus or minus 2 percentage points). This forecast is now
based on an assumed exchange rate of US$1.15 to the euro for the second half of the
2016 fiscal year. At the mid-point of the forecast revenue range, the Segment Result
Margin is expected to come in at about 16 percent.
1
Adjusted net income and adjusted earnings per share (diluted) should not be seen as a replacement or superior performance
indicator, but rather as additional information to the net income and earnings per share (diluted) determined in accordance with
IFRS. The detailed calculation of adjusted earnings per share is presented on page 9.
2
For definitions and the calculation of free cash flow and of the gross and net cash position, please see page 13.
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Outlook for the 2016 fiscal year
Based again on an assumed exchange rate of US$1.15 to the euro, Infineon expects
year-on-year revenue growth of around 12 percent (plus or minus 2 percentage points)
and a Segment Result Margin of between 15 and 16 percent at the mid-point of the
forecast revenue range.
The Power Management & Multimarket segment is expected to grow faster than the
Group average. Revenue growth in the Industrial Power Control segment, and now also
in the Automotive segment, is forecast to be roughly in line with the Group average. The
Chip Card & Security segment is expected to report growth at a somewhat lower rate
than the Group average.
Investments in property, plant and equipment, intangible assets and capitalized
development costs in the region of €850 million are planned for the 2016 fiscal year.
Consequently, the ratio for investments as a percentage of revenue (at the mid-point of
the forecast range) comes in at 13 percent. Depreciation and amortization are expected
to be in the region of €850 million.
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-5-
Segment earnings in the second quarter of the 2016 fiscal year
€ in millions
in %of total
revenue
3 mo nt hs
end ed
M ar 3 1, 16
sequential
+/- in %
3 mo nt hs
end ed
D ec 3 1, 15
year-onyear
+/- in %
3 mo nt hs
end ed
M ar 3 1, 15
Inf ine o n
Revenue
Segment Result
100
1,611
228
14.2%
4
4
1,556
220
14.1%
9
15
1,483
198
13.4%
42
670
94
14.0%
9
16
614
81
13.2%
12
31
598
72
12.0%
16
265
26
9.8%
6
13
249
23
9.2%
10
44
241
18
7.5%
31
496
74
14.9%
(3)
(6)
510
79
15.5%
7
(1)
464
75
16.2%
11
180
36
20.0%
4
3
173
35
20.2%
(1)
9
182
33
18.1%
0
2
-
(33)
-
3
-
(50)
---
4
2
0
(2)
(2)
-----
7
2
67
Segment Result M argin [in %]
A ut o m o t iv e ( A T V ) 1
Segment Revenues
Segment Result
Segment Result M argin [in %]
Indus t ria l P o we r C o nt ro l ( IP C ) 1
Segment Revenues
Segment Result
Segment Result M argin [in %]
P o we r M a na ge m e nt & M ult im a rk e t ( P M M ) 1
Segment Revenues
Segment Result
Segment Result M argin [in %]
C hip C a rd & S e c urit y ( C C S ) 1
Segment Revenues
Segment Result
Segment Result M argin [in %]
O t he r O pe ra t ing S e gm e nt s ( O O S )
Segment Revenues
Segment Result
C o rpo ra t e a nd E lim ina t io ns ( C &E )
Segment Revenues
Segment Result
1
-
(6)
(2)
The business with XM C industrial micro co ntro llers develo ped by A uto mo tive and Chip Card & Security was transferred to P o wer M anagement &
M ultimarket and Industrial P o wer Co ntro l with effect fro m Octo ber 1, 2015. The previo us year’ s figures have been adjusted acco rdingly.
ATV segment revenue increased by 9 percent to €670 million in the second quarter of
the 2016 fiscal year, driven by strong demand. The equivalent figure for the preceding
quarter was €614 million. Vehicle sales in Europe, North America and China – key
markets for Infineon – grew at above-average rates compared to other regions.
Segment Result improved from €81 million in the first quarter to €94 million in the
second quarter of the current fiscal year. The Segment Result Margin came in at
14.0 percent, compared with 13.2 percent in the preceding three-month period.
IPC segment revenue increased by 6 percent from €249 million in the first quarter to
€265 million in the second quarter of the 2016 fiscal year, driven by stronger demand in
traction, major home appliances and renewable energy. Revenue from products for
electric drives remained flat. Segment Result improved from €23 million to €26 million
quarter-on-quarter. The Segment Result Margin finished at 9.8 percent, compared with
9.2 percent one quarter earlier.
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Email:
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-6-
PMM segment revenue declined by 3 percent to €496 million in the second quarter. The
equivalent figure for the preceding quarter was €510 million, driven by strong demand
for products for DC-DC conversion. In the second quarter, this demand softened.
Likewise, the demand for components for mobile devices was lower due to seasonal
factors. A sharp increase in revenue from cellular network infrastructure and a modest
improvement in AC-DC conversion driven by the installation of charging stations for
electromobility in China could not fully compensate this decline. Segment Result
amounted to €74 million in the second quarter compared to €79 million in the previous
quarter. The Segment Result Margin decreased from 15.5 percent to 14.9 percent.
CCS segment revenue grew by 4 percent to €180 million, compared to €173 million in
the preceding quarter. Lower revenue from authentication business due to seasonal
factors contrasted with increased demand in payment, government ID and security for
mobile devices. Segment Result increased from €35 million in the first quarter to
€36 million in the second quarter of the current fiscal year. The Segment Result Margin
amounted to 20.0 percent, compared with 20.2 percent in the first quarter.
Analyst and press telephone conference
Infineon will host a telephone conference call for analysts and investors (in English only)
on May 3, 2016 at 9:30 am (CEST), 3:30 am (EDT). During the call, the Infineon
Management Board will present the Company’s results for the second quarter of the
2016 fiscal year. In addition, the Management Board will host a live telephone
conference with the media at 11:00 am (CEST), 5:00 am (EDT). It can be followed over
the Internet in both English and German. Both conferences will also be available live
and for download on Infineon’s website at www.infineon.com/investor.
The Q2 Investor Presentation is available (in English only) at:
http://www.infineon.com/cms/en/corporate/investor/reporting/index.html
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-7-
Infineon Financial Calendar (* preliminary)
 May 23 – 24, 2016
JPMorgan Global TMT Conference, Boston
 May 25, 2016
Berenberg European Conference USA, Tarrytown (NY)
 May 26, 2016
Equita European Conference, Milan
 May 30, 2016
Danske Bank German Corporate Day, Copenhagen
 Jun 1, 2016
Berenberg TMT Conference, Zurich
 Jun 8 – 9, 2016
Deutsche Bank German, Suisse & Austrian Conference,
Berlin
 Jun 15 – 16, 2016
Exane European CEO Conference, Paris
 Jun 20, 2016
JPMorgan CEO Conference, London
 Aug 2, 2016*




Sep 1, 2016
Sep 21, 2016
Nov 16 – 17, 2016
Nov 23, 2016*
 Nov 29 – 30, 2016
Earnings Release for the Third Quarter of the 2016 Fiscal
Year
Commerzbank Sector Week, Frankfurt
Baader Investment Conference, Munich
Morgan Stanley TMT Conference, Barcelona
Earnings Release for the Fourth Quarter and 2016 Fiscal
Year
Credit Suisse TMT Conference Scottsdale (AZ)
About Infineon
Infineon Technologies AG is a world leader in semiconductor solutions that make life
easier, safer and greener. Microelectronics from Infineon is the key to a better future. In
the 2015 fiscal year (ending September 30), the Company reported sales of about
€5.8 billion with some 35,400 employees worldwide. Infineon is listed on the Frankfurt
Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market
OTCQX International Premier (ticker symbol: IFNNY).
Further information is available at www.infineon.com
This press release is available online at www.infineon.com/press
Follow us:
twitter.com/Infineon - facebook.com/Infineon - plus.google.com/+Infineon
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-8-
FINANCIAL INFORMATION
According to IFRS – Preliminary and Unaudited
Consolidated Statement of Operations
€ in millions; except for the per share data
3 mo nt hs end ed
M ar 3 1, 16
Revenue
Co st o f go o ds so ld
G ro s s pro f it
Research and develo pment expenses
Selling, general and administrative expenses
Other o perating inco me
Other o perating expenses
O pe ra t ing inc o m e
Financial inco me
Financial expenses
Gain fro m investments acco unted fo r using the equity metho d
Inc o m e f ro m c o nt inuing o pe ra t io ns be f o re inc o m e t a xe s
Inco me tax
Inc o m e f ro m c o nt inuing o pe ra t io ns
Inco me fro m disco ntinued o peratio ns, net o f inco me taxes
N e t inc o m e
A ttributable to :
No n-co ntro lling interests
Shareho lders o f Infineo n Techno lo gies A G
B asic earnings per share (in euro ) attributable to shareho lders o f
Infineo n Techno lo gies A G:1
Weighted average shares o utstanding (in millio n) – basic
B asic earnings per share (in euro ) fro m co ntinuing o peratio ns
B asic earnings per share (in euro ) fro m disco ntinued o peratio ns
B a s ic e a rnings pe r s ha re ( in e uro )
Diluted earnings per share (in euro ) attributable to shareho lders o f
Infineo n Techno lo gies A G:1
Weighted average shares o utstanding (in millio n) – diluted
Diluted earnings per share (in euro ) fro m co ntinuing o peratio ns
Diluted earnings per share (in euro ) fro m disco ntinued o peratio ns
D ilut e d e a rnings pe r s ha re ( in e uro )
1
D ec 3 1, 15
6 mo nt hs end ed
M ar 3 1, 15
M ar 3 1, 16
M ar 3 1, 15
1,611
(1,045)
566
(195)
(195)
4
(6)
174
1
(20)
1
156
21
177
3
180
1,556
(998)
558
(198)
(200)
4
2
166
1
(13)
154
(2)
152
152
1,483
(1,005)
478
(180)
(218)
4
(5)
79
2
(18)
2
65
65
65
3,166
(2,042)
1,124
(393)
(395)
8
(4)
340
2
(33)
1
310
19
329
3
332
2,611
(1,706)
905
(319)
(354)
10
(10)
232
7
(22)
2
219
(24)
195
6
201
180
(1)
153
1
64
(1)
333
1
200
1,125
0.16
0.16
1,124
0.14
0.14
1,122
0.06
0.06
1,124
0.30
0.30
1,122
0.18
0.18
1,130
0.16
0.16
1,129
0.14
0.14
1,124
0.06
0.06
1,129
0.30
0.30
1,123
0.18
0.18
The calculatio n o f earnings per share is based o n unro unded figures.
For the Business and Trade Press: INFXX201605-052e
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Phone:
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+49 89 234 26655
Email:
[email protected]
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-9-
Segment Revenues and Segment Results
Infineon defines Segment Result as operating income (loss) excluding the following: the net amount of asset
impairments and reversals thereof; impact on earnings of restructuring and closures; share-based compensation
expense; acquisition-related depreciation/amortization and other expenses; gains (losses) on sales of assets,
businesses, or interests in subsidiaries as well as other income (expense), including litigation costs.
Reconciliation of Total Segment Result to Operating Income
3 m o nt hs e nde d
€ in millions
Segment Result
P lus/minus:
Impairment o n assets including assets classified as held fo r sale, net
o f reversals
Impact o n earnings o f restructuring and clo sures, net
Share-based co mpensatio n expense
A cquisitio n-related depreciatio n/amo rtizatio n and o ther expenses
Gains (lo sses) o n sales o f assets, businesses, o r interests in
subsidiaries, net
Other inco me and expense, net
O pe ra t ing inc o m e
6 m o nt hs e nde d
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
M a r 3 1, 16
M a r 3 1, 15
228
220
198
448
366
(3)
(4)
-
(8)
(2)
(1)
(2)
(47)
9
(2)
(56)
(1)
(2)
(108)
9
(4)
(103)
(2)
(3)
(116)
-
(1)
-
(1)
-
(1)
174
166
(8)
79
(1)
340
(11)
232
Reconciliation to adjusted earnings and adjusted earnings per share – diluted
Earnings per share in accordance with IFRS are influenced by amounts relating to purchase price allocations for
acquisitions (in particular International Rectifier) as well as by other exceptional items. To enable better comparability
of operating performance over time, Infineon computes adjusted earnings per share (diluted) as follows:
3 m o nt hs e nde d
€ in millions (unless otherwise stated)
E a rnings f ro m c o nt inuing o pe ra t io ns a t t ribut a ble t o
s ha re ho lde rs o f Inf ine o n T e c hno lo gie s A G – dilut e d
P lus/minus:
Impairments o n assets including assets classified as held fo r sale,
net o f reversals
Impact o n earnings o f restructuring and clo sures, net
Share-based co mpensatio n expense
A cquisitio n-related depreciatio n/amo rtizatio n and o ther expenses
Lo sses (gains) o n sales o f assets, businesses, o r interests
in subsidiaries, net
Other inco me and expense, net
Tax effects o n adjustments
Revaluatio n o f deferred tax assets resulting fro m the earnings
fo recast
A djus t e d e a rnings f ro m c o nt inuing o pe ra t io ns
a t t ribut a ble t o s ha re ho lde rs o f Inf ine o n T e c hno lo gie s
A G – dilut e d
Weighted-average number o f shares o utstanding – diluted
A djusted earnings per share (in euro ) – diluted
1
1
6 m o nt hs e nde d
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
M a r 3 1, 16
M a r 3 1, 15
177
153
64
330
194
3
4
-
8
2
1
2
47
(9)
2
56
1
2
108
(9)
4
103
2
3
116
-
1
-
1
-
1
(14)
(6)
8
(33)
1
(20)
11
(35)
(10)
(7)
-
(17)
-
207
194
150
401
293
1,130
0.18
1,129
0.17
1,124
0.13
1,129
0.36
1,123
0.26
The calculatio n o f the adjusted earnings per share is based o n unro unded figures.
Adjusted net income and adjusted earnings per share (diluted) should not be seen as a replacement or superior
performance indicator, but rather as additional information to the net income and earnings per share (diluted)
determined in accordance with IFRS.
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
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Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
[email protected]
- 10 -
Revenues and Segment Result
for the three and six months ended March 31, 2016 and 2015
The business with XMC industrial microcontrollers developed by Automotive and Chip Card & Security was
transferred to Power Management & Multimarket and Industrial Power Control with effect from October 1, 2015. The
previous year’s figures have been adjusted accordingly.
Revenue € in millions
3 m o nt hs e nde d
A uto mo tive
Industrial P o wer Co ntro l
P o wer M anagement & M ultimarket
Chip Card & Security
Other Operating Segments
Co rpo rate and Eliminatio ns
T o tal
Segment Result € in millions
6 m o nt hs e nde d
M a r 3 1, 16
M a r 3 1, 15
+/ - in %
M a r 3 1, 16
M a r 3 1, 15
+/ - in %
670
265
496
180
2
(2)
1,611
598
241
464
182
4
(6)
1,483
12
10
7
(1)
(50)
67
9
1,285
513
1,006
353
4
5
3,166
1,115
431
744
314
9
(2)
2,611
15
19
35
12
(56)
+++
21
3 m o nt hs e nde d
A uto mo tive
Industrial P o wer Co ntro l
P o wer M anagement & M ultimarket
Chip Card & Security
Other Operating Segments
Co rpo rate and Eliminatio ns
T o tal
Segment Result M argin [in %]
6 m o nt hs e nde d
M a r 3 1, 16
M a r 3 1, 15
+/ - in %
M a r 3 1, 16
M a r 3 1, 15
+/ - in %
94
26
74
36
(2)
228
14.2%
72
18
75
33
2
(2)
198
13.4%
31
44
(1)
9
--15
174
48
153
70
1
2
448
14.2%
151
45
115
53
4
(2)
366
14.0%
15
7
33
32
(75)
+++
22
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
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Name:
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Phone:
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Email:
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- 11 -
Revenues and Segment Result
for the three months ended March 31, 2016 and December 31, 2015
The business with XMC industrial microcontrollers developed by Automotive and Chip Card & Security was
transferred to Power Management & Multimarket and Industrial Power Control with effect from October 1, 2015. The
previous year’s figures have been adjusted accordingly.
Revenue € in millions
3 m o nt hs e nde d
A uto mo tive
Industrial P o wer Co ntro l
P o wer M anagement & M ultimarket
Chip Card & Security
Other Operating Segments
Co rpo rate and Eliminatio ns
T o tal
Segment Result € in millions
M a r 3 1, 16
D e c 3 1, 15
+/ - in %
670
265
496
180
2
(2)
1,611
614
249
510
173
3
7
1,556
9
6
(3)
4
(33)
--4
3 m o nt hs e nde d
A uto mo tive
Industrial P o wer Co ntro l
P o wer M anagement & M ultimarket
Chip Card & Security
Other Operating Segments
Co rpo rate and Eliminatio ns
T o tal
Segment Result M argin [in %]
M a r 3 1, 16
D e c 3 1, 15
+/ - in %
94
26
74
36
(2)
228
14.2%
81
23
79
35
2
220
14.1%
16
13
(6)
3
--4
Employees
Infineo n
Thereo f: Research and develo pment
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
35,978
5,993
35,565
5,867
34,928
5,652
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
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Investor Relations
Name:
Bernd Hops
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Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
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- 12 -
Consolidated Statement of Financial Position
€ in millions
M a r 3 1, 16
D e c 3 1, 15
S e p 3 0 , 15
A SSET S:
606
1,197
757
1,165
2
243
3,970
2,014
1,694
34
3
600
155
4,500
8,470
651
1,343
669
1,190
2
277
3
4,135
2,063
1,750
33
3
610
157
4,616
8,751
673
1,340
742
1,129
2
229
4,115
2,093
1,738
33
3
604
155
4,626
8,741
848
11
33
690
269
131
166
2,104
928
433
70
73
81
1,585
3,689
759
220
124
274
1,388
1,779
432
133
73
86
2,503
3,891
802
402
123
225
1,585
1,760
426
147
72
86
2,491
4,076
2,263
5,004
(2,563)
114
(37)
4,781
4,781
8,470
2,262
5,225
(2,743)
153
(37)
4,860
4,860
8,751
2,259
5,213
(2,897)
126
(37)
4,664
1
4,665
8,741
Cash and cash equivalents
Financial investments
Trade receivables
Invento ries
Inco me tax receivable
Other current assets
A ssets classified as held fo r sale
T o t a l c urre nt a s s e t s
P ro perty, plant and equipment
Go o dwill and o ther intangible assets
Investments acco unted fo r using the equity metho d
No n-current inco me tax receivable
Deferred tax assets
Other no n-current assets
T o t a l no n- c urre nt a s s e t s
T o tal assets
LIA B ILIT IE S A N D E Q UIT Y :
Sho rt-term debt and
current maturities o f lo ng-term debt
Trade payables
Sho rt-term pro visio ns
Inco me tax payable
Other current liabilities
T o t a l c urre nt lia bilit ie s
Lo ng-term debt
P ensio n plans and similar co mmitments
Deferred tax liabilities
Lo ng-term pro visio ns
Other no n-current liabilities
T o t a l no n- c urre nt lia bilit ie s
T o t a l lia bilit ie s
Shareho lders' equity:
Ordinary share capital
A dditio nal paid-in capital
A ccumulated deficit
Other reserves
Own shares
E quit y a t t ribut a ble t o s ha re ho lde rs o f Inf ine o n T e c hno lo gie s A G
No n-co ntro lling interests
T o t a l e quit y
T o t a l lia bilit ie s a nd e quit y
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
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Investor Relations
Name:
Bernd Hops
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Phone:
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Email:
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- 13 -
Regional Revenue Development
in %
6 m o nt hs e nde d
3 m o nt hs e nde d
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
M a r 3 1, 16
M a r 3 1, 15
35%
32%
36%
33%
37%
16%
15%
16%
16%
17%
46%
49%
45%
48%
45%
23%
25%
22%
24%
22%
6%
13%
7%
12%
6%
13%
6%
13%
6%
12%
R e v e nue :
Euro pe, M iddle East, A frica
Therein: Germany
A sia-P acific (w/o Japan)
Therein: China
Japan
A mericas
Therein: USA
T o tal
10%
10%
11%
10%
10%
100%
100%
100%
100%
100%
Consolidated Statement of Cash Flows
Gross and Net Cash Position
The following table reconciles the gross cash position and net cash position (i.e. after deduction of debt). Since some
liquid funds are held in the form of financial investments, which, for IFRS purposes, are not considered to be “cash
and cash equivalents”, Infineon reports on its gross and net cash positions in order to provide investors with a better
understanding of Infineon’s overall liquidity. The gross and net cash positions are determined as follows from the
Consolidated Statement of Financial Position:
€ in millions
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
606
1,197
1,803
651
1,343
1,994
738
918
1,656
848
928
1,776
27
11
1,779
1,790
204
39
1,793
1,832
(176)
Cash and cash equivalents
Financial investments
G ro s s c a s h po s it io n
Less:
Sho rt-term debt and current maturities o f lo ng-term debt
Lo ng-term debt
T o t a l de bt
N e t c a s h po s it io n
Free Cash Flow
Infineon reports the free cash flow figure defined as net cash provided by and/or used in operating activities and net
cash provided by and/or used in investing activities, both from continuing operations, after adjusting for cash flows
related to the purchase and sale of financial investments. Free cash flow serves as an additional performance
indicator, since Infineon holds part of its liquidity in the form of financial investments. This does not mean that the free
cash flow calculated in this way is available to cover other disbursements, since dividend, debt-servicing obligations
and other fixed disbursements are not deducted. Free cash flow should not be seen as a replacement or superior
performance indicator, but rather as an additional useful piece of information over and above the disclosure of the
cash flow reported in the Consolidated Statement of Cash Flows, and as a supplementary disclosure to other liquidity
performance indicators and other performance indicators derived from the IFRS figures. Free cash flow includes only
amounts from continuing operations, and is derived as follows from the Consolidated Statement of Cash Flows:
€in millions
3 mo nt hs e nde d
Net cash pro vided by o perating activities fro m co ntinuing o peratio ns
Net cash used in investing activities fro m co ntinuing o peratio ns
P urchases o f (pro ceeds fro m sales o f) financial investments, net
F re e C a s h F lo w
6 mo nt hs e nde d
M a r 3 1, 16
D e c 3 1, 15
M a r 3 1, 15
M a r 3 1, 16
M a r 3 1, 15
195
(5)
(145)
45
175
(178)
3
0
135
(2,220)
205
(1,880)
370
(183)
(142)
45
96
(1,707)
(440)
(2,051)
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
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Name:
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Phone:
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Email:
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- 14 -
Consolidated Statement of Cash Flows
€ in millions
3 mo nt hs end ed
M ar 3 1, 16
N e t inc o m e
M inus: inco me fro m disco ntinued o peratio ns, net o f inco me taxes
D ec 3 1, 15
M ar 3 1, 15
180
(3)
152
-
65
-
213
(21)
19
3
2
(90)
17
(66)
54
(76)
1
(13)
(25)
195
(1)
194
(1,011)
1,156
(28)
(135)
13
(5)
(5)
1
(5)
1
3
(225)
(225)
(225)
(36)
(9)
651
606
211
2
11
1
4
1
77
(56)
(45)
(182)
26
1
(5)
(23)
175
(15)
160
(894)
891
(8)
(29)
(138)
(178)
(178)
(8)
3
(16)
12
(9)
(9)
(27)
5
673
651
203
16
1
(147)
38
(4)
36
(35)
2
(2)
(38)
135
4
139
(495)
290
(7)
(1,864)
(24)
(126)
6
(2,220)
(2,220)
2
2,385
(807)
8
(202)
1,386
1,386
(695)
40
1,393
738
A djustments to reco ncile net inco me to net cash pro vided by o perating activities:
Depreciatio n and amo rtizatio n
Inco me tax
Net interest result
Lo sses o n dispo sals o f pro perty, plant and equipment
Dividends received fro m asso ciated co mpanies
Impairment charges
Other no n-cash result
Change in trade receivables
Change in invento ries
Change in trade payables
Change in pro visio ns
Change in o ther assets and liabilities
Interest received
Interest paid
Inco me tax paid
N e t c a s h pro v ide d by o pe ra t ing a c t iv it ie s f ro m c o nt inuing o pe ra t io ns
N e t c a s h pro v ide d by ( us e d in) in o pe ra t ing a c t iv it ie s f ro m dis c o nt inue d o pe ra t io ns
N e t c a s h pro v ide d by o pe ra t ing a c t iv it ie s
P urchases o f financial investments
P ro ceeds fro m sales o f financial investments
P urchases o f o ther equity investments
A cquisitio ns o f businesses, net o f cash acquired
P urchases o f intangible assets and o ther assets
P urchases o f pro perty, plant and equipment
P ro ceeds fro m sales o f pro perty, plant and equipment and o ther assets
N e t c a s h us e d in inv e s t ing a c t iv it ie s f ro m c o nt inuing o pe ra t io ns
N e t c a s h us e d in inv e s t ing a c t iv it ie s f ro m dis c o nt inue d o pe ra t io ns
N e t c a s h us e d in inv e s t ing a c t iv it ie s
Net change in sho rt-term debt
P ro ceeds fro m issuance o f lo ng-term debt
Repayments o f lo ng-term debt
Change in cash depo sited as co llateral
P ro ceeds fro m issuance o f o rdinary shares
Dividend payments
N e t c a s h pro v ide d by ( us e d in) f ina nc ing a c t iv it ie s f ro m c o nt inuing o pe ra t io ns
N e t c a s h us e d in f ina nc ing a c t iv it ie s f ro m dis c o nt inue d o pe ra t io ns
N e t c a s h pro v ide d by ( us e d in) f ina nc ing a c t iv it ie s
Net change in cash and cash equivalents
Effect o f fo reign exchange rate changes o n cash and cash equivalents
Cash and cash equivalents at beginning o f perio d
C a s h a nd c a s h e quiv a le nt s a t e nd o f pe rio d
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
[email protected]
- 15 -
DISCLAIMER
This press release contains forward-looking statements about the business, financial condition and earnings
performance of the Infineon Group.
These statements are based on assumptions and projections resting upon currently available information and present
estimates. They are subject to a multitude of uncertainties and risks. Actual business development may therefore
differ materially from what has been expected.
Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forwardlooking statements.
Due to rounding, numbers presented throughout this press release and other reports may not add up precisely to the
totals provided and percentages may not precisely reflect the absolute figures.
For the Business and Trade Press: INFXX201605-052e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
[email protected]