Press Release (pdf)

Pr e s s Re l e a s e
Big revenue jump on the back of strong demand and integration of International
Rectifier


Integration of International Rectifier well on track
Q2 FY 2015: Revenue up by €355 million from €1,128 million to €1,483 million
due to consolidation of International Rectifier, increased demand for Chip Card
& Security products and positive currency development; Segment Result up
from €169 million to €198 million; Segment Result Margin down quarter-onquarter from 15.0 percent to 13.4 percent



Net income and earnings per share lower as a result of acquisition-related
charges; adjusted earnings per share stable
Outlook for Q3 FY 2015: Quarter-on-quarter revenue growth of between 7 and
11 percent and Segment Result Margin of 15 percent at the mid-point of the
growth range
Outlook for FY 2015: Based on an assumed exchange rate of US$ 1.10 to the
euro, revenue growth of 36 percent, plus or minus 2 percentage points and
Segment Result Margin of 15 percent expected at the mid-point of the growth
range
Neubiberg, Germany, May 5, 2015 – Infineon Technologies AG today reports its results
for the second quarter of the 2015 fiscal year ended March 31, 2015.
”Infineon has recorded a big revenue jump in the second quarter. Business was running
very well, with additional tailwinds provided by the acquisition of International Rectifier
and the strong dollar”, stated Dr. Reinhard Ploss, CEO of Infineon Technologies AG.
”The signals we are receiving from our markets are generally positive. We are making
good progress with the integration of International Rectifier. Our strategy is paying off
and Infineon remains on a growth path.”
For the Business and Trade Press: INFXX201505-052e
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]
-2-
3 mo nt hs
end ed
€ in millions
M ar 3 1, 15
1,483
198
13.4%
69
Revenue
Segment Result
Segment Result M argin [in %]
Inco me fro m co ntinuing o peratio ns
–
sequential
3 mo nt hs
end ed
year-onyear
3 mo nt hs
end ed
+/- in %
D ec 3 1, 14
+/- in %
M ar 3 1, 14
31
17
(47)
---
1,128
169
15.0%
130
6
41
36
(39)
1,051
146
13.9%
114
---
10
69
(49)
136
(44)
124
0.06
–
0.06
(50)
–
(50)
0.12
–
0.12
(40)
--(45)
0.10
0.01
0.11
D ilut e d e a rnings pe r s ha re ( in e uro )
0.06
–
0.06
(50)
–
(50)
0.12
–
0.12
(40)
--(45)
0.10
0.01
0.11
A djus t e d e a rnings pe r s ha re ( in e uro ) - dilut e d 2
0.13
–
0.13
18
0.11
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
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 10.
Scope of reporting
Infineon's acquisition of 100 percent of the shares of (and related voting rights in)
International Rectifier Corporation ("International Rectifier"), based in El Segundo,
California (USA), announced on August 20, 2014, was closed on January 13, 2015. This
press release therefore includes the results, assets, liabilities and cash flows of
International Rectifier with effect from the acquisition date. International Rectifier's
various lines of business have been fully integrated with Infineon's existing Automotive,
Industrial Power Control and Power Management & Multimarket segments, whereby by
far the largest proportion has been allocated to the Power Management & Multimarket
segment. The figures presented for prior periods have not been adjusted.
Review of Group financials for the second quarter of the 2015 fiscal year
Second-quarter revenue of the Infineon Group grew by 31 percent to €1,483 million,
compared to the €1,128 million reported one quarter earlier. The €355 million jump in
revenue was attributable to the first-time consolidation of International Rectifier, strong
organic revenue growth in the Chip Card & Security segment and the continued
strengthening of the US dollar against the euro. Group revenue includes revenue of
€199 million generated by International Rectifier from closing of the acquisition on
January 13, 2015 up to the end of the quarter on March 31, 2015.
For the Business and Trade Press: INFXX201505-052e
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]
-3-
Segment Result improved by 17 percent from €169 million in the first quarter to
€198 million in the second quarter of the current fiscal year. The first-time consolidation
of International Rectifier as well as currency effects had a positive impact on Segment
Result, whereas the normal round of selling price reductions partly offset the positive
impact of the step-up in revenue. The previous quarter's Segment Result had also
benefitted from the one-time positive impact arising from reduction in future rental
expenses for the Group's Campeon headquarters. The Segment Result Margin came in
at 13.4 percent, down from the first quarter’s 15.0 percent. In addition to the factors
stated above, the decrease in Segment Result margin was also a consequence of the
first-time consolidation of International Rectifier.
Non-Segment Result decreased to a negative amount of €113 million due to additional
acquisition-related depreciation and amortization and other expenses totaling €102
million following the acquisition of International Rectifier. Therefore, operating income
declined quarter-on-quarter from €153 million to €85 million. Income from continuing
operations fell on a similar scale from €130 million to €69 million in the second quarter of
the 2015 fiscal year. Income from discontinued operations, after rounding, was €0
million, as a result of which second-quarter net income also amounted to €69 million. In
the first quarter, Infineon reported income from discontinued operations amounting to €6
million and net income of €136 million.
Earnings per share declined quarter-on-quarter from €0.12 to €0.06 (basic and diluted).
Second-quarter adjusted earnings per share1 (diluted) amounted to €0.13. Acquisitionrelated depreciation and amortization and other expenses, net of tax, were eliminated
for the purposes of calculating adjusted earnings per share (diluted).
Investments – which Infineon defines as the sum of purchases of property, plant and
equipment, purchases of intangible assets and capitalized development assets –
amounted to €150 million in the second quarter 2015, compared to the €141 million in
the preceding quarter. Depreciation and amortization rose quarter-on-quarter from
€141 million to €199 million, mainly due to the first-time inclusion of depreciation and
amortization arising from the consolidation of International Rectifier. This figure includes
an expense of €33 million recorded on assets recognized or revalued in conjunction with
the purchase price allocation.
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 calculation of earnings per share pursuant to IFRS is presented in detail on page 10.
For the Business and Trade Press: INFXX201505-052e
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]
-4-
Free cash flow2 from cash flow from continuing operations deteriorated to a negative
amount of €1,880 million in the second quarter, of which €1,864 million (after deduction
of cash acquired) are related to the acquisition of International Rectifier. The equivalent
figure for the free cash flow for the first quarter of the 2015 fiscal year was a negative
€171 million. Net cash provided by operating activities from continuing operations was
positive in the second quarter of the current fiscal year and amounted to €135 million.
As a result of the purchase price payment for International Rectifier and the distribution
of a dividend totaling €202 million in February, the gross cash position decreased from
€2,107 million at December 31, 2014 to €1,656 million at March 31, 2015. Since part of
the purchase price for International Rectifier has been financed with outside capital,
short-term debt and long-term debt increased during the three-month period to €1,832
million. Reflecting these changes, the net cash position at the end of the second quarter
was a negative €176 million, compared to a positive €1,917 million at December 31,
2014.
Integration of International Rectifier
The integration of International Rectifier into the Infineon Group is proceeding according
to plan. At the latest in fiscal year 2017, International Rectifier’s margin contribution is
expected to be at least in line with Infineon’s target of 15 percent Segment Result
margin over the cycle.
Sales has been integrated into one joint team since March. In addition, many key
organizational changes have already been completed. Infineon has also started the
optimization of the product portfolio. In March, the combined range of gallium nitride
products was presented at the US trade fair for power electronics - APEC 2015, for
example. Additionally, a comprehensive concept for the combined production network
has been drawn up. We will be discontinuing manufacturing operations at Techview in
Singapore by the end of the year. Production in Newport, Wales, will be running at full
capacity until the end of calendar year 2016 and will then be phased out in 2017. In
parallel, we are looking for a buyer to take over and continue to operate the factory.
Outlook for the third quarter of the 2015 fiscal year
Based on an assumed exchange rate of US$ 1.10 to the euro, Infineon expects quarteron-quarter revenue growth of between 7 and 11 percent in the third quarter of the 2015
fiscal year. All segments are forecast to make a contribution to the expected revenue
2
For definitions and the calculation of free cash flow and of the gross and net cash position, please see page 14.
For the Business and Trade Press: INFXX201505-052e
Worldwide Headquarters:
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Investor Relations
Name:
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EU/APAC/USA/CAN
Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
[email protected]
-5-
growth. At the mid-point of the growth range, the Segment Result Margin is expected to
be about 15 percent.
Outlook for the 2015 fiscal year
Based on an assumed exchange rate of US$ 1.10 (previously US$ 1.20) to the euro,
Infineon forecasts year-on-year growth in revenue of 36 percent, plus or minus
2 percentage points. At the mid-point of the growth range, the Segment Result Margin is
expected to be about 15 percent. All four operating segments will contribute to revenue
growth. This outlook also includes International Rectifier's expected contribution to
revenue in the period from January 13, 2015 to September 30, 2015.
Investments during the 2015 fiscal year are expected to be in the region of €800 million.
This figure includes investments in plant and equipment at existing factories and in
intangible assets including capitalized development assets. Specifically included in
these investments are €60 to €70 million for readying the second shell in Kulim,
Malaysia, for volume production and €21 million for the purchase of Qimonda patents in
conjunction with the settlement reached with the insolvency administrator of Qimonda
AG. Depreciation and amortization will increase to around €750 million, mostly as a
result of acquisition-related depreciation and amortization.
For the Business and Trade Press: INFXX201505-052e
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]
-6-
Segment earnings in the second quarter of the 2015 fiscal year
in %of total
revenue
€ in millions
3 mo nt hs
end ed
M ar 3 1, 15
sequential
+/- in %
3 mo nt hs
end ed
D ec 3 1, 14
year-onyear
+/- in %
3 mo nt hs
end ed
M ar 3 1, 14
Inf ine o n
Revenue
Segment Result
100
1,483
198
13.4%
31
17
1,128
169
15.0%
41
36
1,051
146
13.9%
41
598
64
10.7%
15
(11)
518
72
13.9%
24
(3)
484
66
13.6%
16
241
20
8.3%
27
(29)
190
28
14.7%
30
(39)
185
33
17.8%
31
464
82
17.7%
66
71
280
48
17.1%
84
+++
252
37
14.7%
12
182
32
17.6%
38
78
132
18
13.6%
50
+++
121
8
6.6%
0
4
2
-
4
2
(33)
-
6
2
0
(6)
(2)
-----
4
1
-----
3
-
Segment Result M argin [in %]
A ut o m o t iv e ( A T V )
Segment Revenues
Segment Result
Segment Result M argin [in %]
Indus t ria l P o we r C o nt ro l ( IP C )
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 )
Segment Revenues
Segment Result
Segment Result M argin [in %]
C hip C a rd & S e c urit y ( C C S )
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
ATV segment revenue climbed quarter-on-quarter from €518 million to €598 million,
partly due to the inclusion of International Rectifier and partly due to increasing seasonal
demand and favorable currency effects. Recovering demand for new vehicles in
Western Europe, adding to the already strong markets in China and North America, also
had a positive impact. Segment Result fell from €72 million to €64 million. The secondquarter Segment Result Margin of 10.7 percent compares with the previous quarter’s
13.9 percent.
The IPC segment recorded revenue of €241 million in the second quarter of the 2015
fiscal year, 27 percent higher than the €190 million achieved one quarter earlier.
Revenue increased in all fields of application, with renewable energy experiencing
particularly pronounced rises in demand. The substantial increase in revenue generated
with major home appliances was partly due to the consolidation of International Rectifier,
but also to some extent to increasing demand from customers. Segment Result fell from
€28 million in the first quarter to €20 million in the second quarter of the current fiscal
year. The Segment Result Margin amounted to 8.3 percent, compared with 14.7 percent
in the previous quarter.
For the Business and Trade Press: INFXX201505-052e
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]
-7-
PMM segment revenue increased quarter-on-quarter by 66 percent from €280 million to
€464 million, primarily as a result of the integration of International Rectifier. Demand for
power supply products also grew due to seasonal factors. Business with products for
mobile devices and cellular network infrastructure – which were not affected by the
addition of International Rectifier’s business – recorded good growth. The Segment
Result increased quarter-on-quarter from €48 million to €82 million. The Segment Result
Margin improved from 17.1 percent to 17.7 percent.
CCS segment revenue increased sharply from €132 million in the first quarter to €182
million in the second quarter of the 2015 fiscal year. The 38 percent increase was
achieved entirely through organic growth, including significantly higher demand for
payment cards on the one hand and good contributions from mobile communication,
government ID and mobile security fields of application on the other. Segment Result
rose in the second quarter to €32 million, compared to €18 million in the preceding
quarter, while the Segment Result Margin improved from 13.6 percent to 17.6 percent.
Analyst and press telephone conference
Infineon will host a telephone conference call for analysts and investors (in English only)
on May 5, 2015 at 9:30 am (CEST), 3:30 am (EST). During the call, the Infineon
Management Board will present the Company’s results for the second quarter of the
2015 fiscal year. In addition, the Management Board will host a live telephone
conference with the media at 11:00 am (CEST), 5:00 am (EST). 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
For the Business and Trade Press: INFXX201505-052e
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]
-8-
Infineon Financial Calendar (*preliminary)
 May 28, 2015
CCS Analyst Call by Stefan Hofschen, Division President
Chip Card & Security
 May 28, 2015
J.P. Morgan Cazenove Investor Forum, Amsterdam
 Jun 2, 2015
DZ Bank Sustainable Technologies Conference, Zurich
 Jun 3, 2015
Danske Bank German Corporate Day, Copenhagen
 Jun 17, 2015
Deutsche Bank German, Swiss & Austrian Conference, Berlin
 Jul 30, 2015*
Earnings Release for the Third Quarter of the 2015 Fiscal
Year
 Sep 16, 2015
ATV Analyst Call by Jochen Hanebeck, Division President





Automotive
Sep 22, 2015
Baader Investment Conference, Munich
Sep 23, 2015
Berenberg Bank and Goldman Sachs German Corporate
Conference, Munich
Nov 11 – 13, 2015
Morgan Stanley TMT Conference, Barcelona
Nov 26, 2015*
Earnings Release for the Fourth Quarter and Full 2015 Fiscal
Year
Nov 30 – Dec 3, 2015 Credit Suisse TMT Conference, Scottsdale/Arizona
About Infineon
Infineon Technologies AG is a world leader in semiconductors. Infineon offers products
and system solutions addressing three central challenges to modern society: energy
efficiency, mobility, and security. In the 2014 fiscal year (ending September 30), the
Company reported sales of euro 4.3 billion with about 29,800 employees worldwide. In
January 2015, Infineon acquired US-based International Rectifier Corporation, a leading
provider of power management technology, with revenues of US$1.1 billion (fiscal year
2014 ending June 29) and approximately 4,200 employees.
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
For the Business and Trade Press: INFXX201505-052e
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]
-9-
FINANCIAL INFORMATION
According to IFRS – Preliminary and Unaudited
Consolidated Statement of Operations
3 mo nt hs end ed
€ in millions; except for the per share data
M ar 3 1, 15
D ec 3 1, 14
6 mo nt hs end ed
M ar 3 1, 14
M ar 3 1, 15
M ar 3 1, 14
1,483
(1,003)
480
(180)
(214)
4
(5)
85
2
(18)
2
1,128
(701)
427
(139)
(136)
6
(5)
153
6
(5)
-
1,051
(653)
398
(136)
(121)
6
(12)
135
2
(4)
-
2,611
(1,704)
907
(319)
(350)
10
(10)
238
7
(22)
2
2,035
(1,276)
759
(268)
(236)
11
(23)
243
4
(13)
-
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
71
154
133
225
234
Inco me tax
(2)
69
(24)
130
(19)
114
(26)
199
(36)
198
-
6
10
6
13
69
136
124
205
211
1
68
136
124
1
204
211
B asic earnings per share (in euro ) attributable to shareho lders o f
Infineo n Techno lo gies A G1:
Weighted average shares o utstanding (in millio n) – basic
B asic earnings per share (in euro ) fro m co ntinuing o peratio ns
1,122
0.06
1,122
0.12
1,117
0.10
1,122
0.18
1,100
0.18
B asic earnings per share (in euro ) fro m disco ntinued o peratio ns
-
-
0.01
-
0.01
0.06
0.12
0.11
0.18
0.19
1,124
0.06
1,123
0.12
1,123
0.10
1,123
0.18
1,124
0.18
-
-
0.01
-
0.01
0.06
0.12
0.11
0.18
0.19
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 (lo ss) 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
Inco me (lo ss) 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 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:
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
The calculatio n fo r earnings per share is based o n unro unded figures.
For the Business and Trade Press: INFXX201505-052e
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]
- 10 -
Segment Revenues and Segment Results
Infineon defines Segment Result as operating income (loss) excluding asset impairments (net of reversals); impact on
earnings of restructuring measures and closures (net); share-based compensation expense; acquisition-related
depreciation/amortization and other expenses; gains (losses) on sales of assets, businesses, or interests in
subsidiaries, and other income (expense), including litigation settlement 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 measures and clo sures, net
Share-based co mpensatio n expenses
A cquisitio n-related depreciatio n/amo rtizatio n and o ther expenses
6 m o nt hs e nde d
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
M a r 3 1, 15
M a r 3 1, 14
198
169
146
366
262
-
(2)
-
(2)
-
(1)
(2)
(102)
(2)
(8)
(3)
(1)
-
(2)
(3)
(110)
(7)
(3)
-
-
-
2
-
2
(8)
85
(4)
153
(9)
135
(11)
238
(11)
243
Gains (lo sses) o n sales o f assets, businesses, o r interests in
subsidiaries, net
Other inco me and expenses, net
O pe ra t ing inc o m e
Reconciliation to adjusted earnings and adjusted earnings per share – diluted
Earnings per share in accordance with IFRS is influenced by amounts relating to purchase price allocations for
acquisitions (in particular International Rectifier) as well as by other exceptional items. In order 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)
6 m o nt hs e nde d
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
M a r 3 1, 15
M a r 3 1, 14
68
130
114
198
202
-
2
-
2
-
1
2
102
2
8
3
1
-
2
3
110
7
3
-
+ Lo sses o n sales o f assets, businesses, o r interests
in subsidiaries, net
-
-
(2)
-
(2)
+ Other inco me and expenses, net
8
4
9
11
11
- Tax effects o n adjustments
(32)
(2)
(1)
(34)
(2)
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
149
144
124
292
219
1,124
0.13
1,123
0.13
1,123
0.11
1,123
0.26
1,124
0.19
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 measures and clo sures, net
+ Share-based co mpensatio n expense
+ A cquisitio n-related depreciatio n/amo rtizatio n and o ther expenses
Weighted-average number o f shares o utstanding – diluted
A djus t e d e a rnings pe r s ha re ( in e uro ) – dilut e d
1
1
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 over and above the net income and earnings per share
(diluted) determined in accordance with IFRS.
For the Business and Trade Press: INFXX201505-052e
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- 11 -
Revenues and Segment Result
for the three and six months ended March 31, 2015 and 2014
3 m o nt hs e nde d
Revenue € in millions
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
6 m o nt hs e nde d
M a r 3 1, 15
M a r 3 1, 14
+/ - in %
M a r 3 1, 15
M a r 3 1, 14
+/ - in %
598
241
464
182
4
(6)
1,483
484
185
252
121
6
3
1,051
24
30
84
50
(33)
--41
1,116
431
743
314
9
(2)
2,611
936
364
490
229
11
5
2,035
19
18
52
37
(18)
--28
3 m o nt hs e nde d
Segment Result € in millions
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
6 m o nt hs e nde d
M a r 3 1, 15
M a r 3 1, 14
+/ - in %
M a r 3 1, 15
M a r 3 1, 14
+/ - in %
64
20
82
32
2
(2)
198
66
33
37
8
2
146
(3)
(39)
+++
+++
--36
136
49
129
50
4
(2)
366
121
60
66
14
3
(2)
262
12
(18)
95
+++
33
40
For the Business and Trade Press: INFXX201505-052e
Worldwide Headquarters:
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Name:
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Phone:
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Email:
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- 12 -
Revenues and Segment Result
for the three months ended March 31, 2015 and December 31, 2014
3 m o nt hs e nde d
Revenue € in millions
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
M a r 3 1, 15
D e c 3 1, 14
+/ - in %
598
241
464
182
4
(6)
1,483
518
190
280
132
4
4
1,128
15
27
66
38
--31
3 m o nt hs e nde d
Segment Result € in millions
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
M a r 3 1, 15
D e c 3 1, 14
+/ - in %
64
20
82
32
2
(2)
198
72
28
48
18
2
1
169
(11)
(29)
71
78
--17
Employees
Infineo n
Thereo f: Research and develo pment
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
34,928
5,652
30,493
4,978
28,096
4,653
For the Business and Trade Press: INFXX201505-052e
Worldwide Headquarters:
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Phone:
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Email:
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- 13 -
Consolidated Statement of Financial Position
€ in millions
M a r 3 1, 15
D e c 3 1, 14
S e p 3 0 , 14
738
918
739
1,013
10
228
21
3,667
2,028
1,827
36
395
165
4,451
8,118
1,393
714
486
755
9
337
21
3,715
1,653
277
35
378
136
2,479
6,194
1,058
1,360
581
707
7
221
3,934
1,700
250
35
378
141
2,504
6,438
39
35
35
677
315
60
187
1,278
1,793
537
167
75
84
2,656
3,934
572
259
68
198
1,132
155
383
5
69
58
670
1,802
648
590
69
261
1,603
151
379
5
70
72
677
2,280
2,258
5,222
(3,447)
182
(37)
4,178
6
4,184
8,118
2,255
5,415
(3,366)
129
(37)
(9)
4,387
5
4,392
6,194
2,255
5,414
(3,502)
64
(37)
(40)
4,154
4
4,158
6,438
A SSET S:
Cash and cash equivalents
Financial investments
Trade receivable
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
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
P ut o ptio ns o n o wn 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: INFXX201505-052e
Worldwide Headquarters:
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Phone:
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Email:
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- 14 -
Regional Sales Development
3 m o nt hs e nde d
in %
6 m o nt hs e nde d
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
M a r 3 1, 15
M a r 3 1, 14
36%
37%
42%
37%
40%
16%
18%
21%
17%
20%
45%
46%
40%
45%
42%
22%
23%
19%
22%
20%
6%
13%
100%
6%
11%
100%
7%
11%
100%
6%
12%
100%
6%
12%
100%
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
T o tal
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 position in order to provide investors with a better
understanding of its overall liquidity. The gross and net cash position is determined as follows from the Consolidated
Statement of Financial Position:
€ in millions
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
738
918
1,656
1,393
714
2,107
327
1,871
2,198
39
35
21
1,793
-176
155
1,917
167
2,010
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
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 or used in operating activities and net cash
used in or provided by investing activities – in both cases 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:
3 m o nt hs e nde d
€in millions
Net cash pro vided by (used in) o perating activities fro m co ntinuing
o peratio ns
Net cash pro vided by (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 f ro m c o nt inuing o pe ra t io ns
6 m o nt hs e nde d
M a r 3 1, 15
D e c 3 1, 14
M a r 3 1, 14
M a r 3 1, 15
M a r 3 1, 14
135
(39)
203
96
361
(2,220)
205
(1,880)
513
(645)
(171)
(216)
64
51
(1,707)
(440)
(2,051)
(392)
112
81
For the Business and Trade Press: INFXX201505-052e
Worldwide Headquarters:
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- 15 -
Consolidated Statement of Cash Flows
3 mo nt hs end ed
€ in millions
M ar 3 1, 15
N e t inc o m e
P lus/minus: lo ss (inco me) fro m disco ntinued o peratio ns, net o f inco me taxes
D ec 3 1, 14
M ar 3 1, 14
69
-
136
(6)
124
(10)
199
2
16
1
(147)
37
(4)
36
(36)
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
141
24
3
2
(3)
92
(46)
(74)
(191)
(95)
3
(1)
(24)
(39)
(140)
(179)
(135)
780
(7)
(60)
(81)
16
513
513
(1)
9
(5)
(1)
2
2
336
(1)
1,058
1,393
126
19
2
(2)
2
(78)
(21)
46
43
(39)
2
(1)
(10)
203
(6)
197
(535)
471
(24)
(130)
2
(216)
(216)
(1)
1
(6)
7
1
1
(129)
(126)
(126)
(145)
472
327
A djustments to reco ncile net inco me (lo ss) to net cash pro vided by (used in) o perating activities:
Depreciatio n and amo rtizatio n
Inco me tax
Net interest result
Lo sses (gains) 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 ( us e d in) 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 ( us e d in) 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 n 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 pro v ide d by ( 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 pro v ide d by ( us e d in) inv e s t ing a c t iv it ie s
Net change in sho rt-term debt
Net change in related party financial receivables and payables
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
P ro ceeds fro m the issuance o f put o ptio ns o n o wn 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 increase (decrease) 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: INFXX201505-052e
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]
- 16 -
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: INFXX201505-052e
Worldwide Headquarters:
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Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 23888
+49 89 234 26655
Email:
[email protected]
[email protected]