Segment Result in line with expectations; cost savings taking effect Q1 FY 2013: Revenue €851 million; Segment Result €44 million Outlook Q2 FY 2013: revenue expected to increase by a mid single digit percentage and Segment Result to be slightly up in absolute terms compared to previous quarter Outlook FY 2013: revenue forecast to decrease by mid-to-high single digit percentage compared to previous fiscal year, with Segment Result Margin remaining at a mid-to-high single digit percentage of revenue despite headwinds from euro/US dollar exchange rate Neubiberg, Germany – January 31, 2013. Infineon Technologies AG today reported results for the first quarter of the 2013 fiscal year, ended December 31, 2012. in Euro million 3 mo nt hs end ed sequential D ec 3 1, 12 +/- in % 3 mo nt hs end ed Sep 3 0 , 12 851 44 5.2% 26 (13) (62) (80) 982 116 11.8% 129 Inco me (lo ss) fro m disco ntinued o peratio ns, net o f inco me taxes (7) (178) 9 N e t inc o m e 19 (86) 0.02 – 0.02 0.02 – 0.02 Revenue Segment Result Segment Result M argin [in %] Inco me fro m co ntinuing o peratio ns 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 (lo ss) 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 (lo ss) 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 year-onyear +/- in % (10) (69) (75) 3 mo nt hs end ed D ec 3 1, 11 946 141 14.9% 104 13 (8) 138 (80) 96 (83) (100) (85) 0.12 0.01 0.13 (80) 100 (78) 0.10 (0.01) 0.09 (83) (100) (85) 0.12 0.01 0.13 (80) 100 (78) 0.10 (0.01) 0.09 The calculatio n fo r earnings per share is based o n unro unded figures. “Revenue and earnings are in line with our expectations and cost saving measures are beginning to take effect. As long as the global economy does not stall, business should continue to pickup as expected", stated Dr. Reinhard Ploss, CEO of Infineon Technologies AG. "Our delivery capability at top quality levels will enable us to take advantage of the chances the market offers.” For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -2- Review of Group financials for the first quarter of the 2013 fiscal year Group revenue of Infineon Technologies AG in the first quarter of the 2013 fiscal year totalled €851 million, 13 percent down on the €982 million recorded in the previous quarter. This performance was in line with expectations. Segment Result fell from €116 million in the fourth quarter of the 2012 fiscal year to €44 million in the first quarter of the current fiscal year, causing the Segment Result Margin to decline from 11.8 percent to 5.2 percent. The decrease in Segment Result and Segment Result Margin in the first quarter was attributable to the sharp drop in revenue. Despite a negative impact of €6 million arising in connection with the euro/US dollar exchange rate, the scale of the decrease was in line with expectations. The measures aimed at stabilizing the margin announced in November in conjunction with the publication of the fourth quarter and 2012 fiscal year results are taking effect. Income from continuing operations in the first quarter of the 2013 fiscal year amounted to €26 million, compared with €129 million recorded in the final quarter of the previous fiscal year. The first quarter loss from discontinued operations was negative €7 million, marginally down from the positive €9 million reported in the fourth quarter. Overall, net income fell from €138 million in the fourth quarter to €19 million in the first quarter of the current fiscal year. Earnings per share declined quarter-on-quarter from €0.13 to €0.02 (basic and diluted). Investments – which the Company defines as the sum of purchases of property, plant and equipment, purchases of intangible assets and capitalized research and development assets – amounted to €88 million in the first quarter of the 2013 fiscal year, compared to investments of €246 million one quarter earlier. The depreciation and amortization expense increased marginally to €116 million, compared to a fourth-quarter expense of €115 million. Free cash flow1 from continuing operations deteriorated from positive €47 million in the previous quarter to negative €128 million in the first quarter. The principal reasons for the first quarter's negative free cash flow were the reduction in net income, significantly lower trade payables due to reduced investment levels and a cash-relevant decrease in current provisions. Infineon repurchased 6 million of its own shares during the first quarter of the 2013 fiscal year for a total of €38 million with put options at an average exercise price of €6.29 per share. The effective price paid per share, net of all premiums for options exercised or expired during the quarter, was €5.74. 1 For definitions and the calculation of free cash flow and of gross and net cash position, please see pages 10 and 11. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -3- These two factors – negative free cash flow and the repurchase of own shares via put options – resulted in a reduction in cash levels over the course of the quarter under report, with the gross cash position down from €2.235 billion at the end of September 2012 to €2.081 billion at December 31, 2012 and the net cash position down from €1.940 billion to €1.768 billion over the same period. Outlook for the second quarter of the 2013 fiscal year Revenue is forecast to rise by a mid single digit percentage in the second quarter of the 2013 fiscal year despite the weakness of the US dollar. The Industrial Power Control (IPC), Power Management & Multimarket (PMM), Chip Card & Security (CCS) and Other Operating (OOS) segments are all expected to report revenues at similar levels to the previous quarter, while the Automotive (ATV) segment is likely to see a distinct increase. The second quarter Segment Result is expected to be slightly up in absolute terms compared to the first quarter. Unchanged outlook for 2013 fiscal year For the purposes of the outlook for the remainder of the year, Infineon has adjusted its assumed exchange rate from US dollar 1.25 to US dollar 1.30 to the euro. Despite the negative impact of this adjustment, Infineon continues to forecast a mid-to-high single digit percentage decrease in revenue in the 2013 fiscal year compared to one year earlier. Revenues generated by the ATV, PMM and CCS segments are expected to fare better than the Group average whereas IPC is expected to fare significantly worse than the Group average. Revenue of the OOS segment will again fall sharply, as sales to the previously sold Wireline Communications and Wireless mobile phone businesses are further reduced. In margin terms, Infineon continues to forecast a mid-to-high single digit Segment Result Margin despite the unfavorable development of the euro/US dollar exchange rate. The measures aimed at stabilizing the margin announced in November in conjunction with fourth quarter and 2012 fiscal year reporting will continue to have a positive impact on Segment Result in the coming quarters. Investments – defined as the sum of purchases of property, plant and equipment, purchases of intangible assets and capitalized research and development expenditures – are likely to be in the region of €400 million for the full fiscal year, compared to depreciation and amortization of approximately €470 million. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -4- Segment earnings in the first quarter of the 2013 fiscal year in % of total revenue in Euro million 3 mo nt hs end ed D ec 3 1, 12 sequential +/- in % 3 mo nt hs end ed Sep 3 0 , 12 year-onyear +/- in % 3 mo nt hs end ed D ec 3 1, 11 Inf ine o n Revenue Segment Result 100 851 44 5.2% (13) (62) 982 116 11.8% (10) (69) 946 141 14.9% 44 377 20 5.3% (9) (57) 416 47 11.3% (4) (64) 391 55 14.1% 16 138 (5) (3.6%) (24) (119) 181 26 14.4% (30) (113) 196 39 19.9% 26 222 22 9.9% (10) (41) 247 37 15.0% - 222 40 18.0% 13 108 10 9.3% (14) (44) 126 18 14.3% 1 9 (2) (36) 67 14 (6) (79) (150) 43 4 0 (3) (1) (50) 83 (2) (6) 67 (3) (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 %] (45) C hip C a rd & S e c urit y ( C C S ) Segment Revenues Segment Result Segment Result M argin [in %] 11 67 97 6 6.2% 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 amounted to €377 million in the first quarter of the 2013 fiscal year, down from €416 million in the previous quarter. This 9 percent decrease was due to adjustments in stocking levels in the automotive supply chain towards the end of the calendar year. Lower revenue caused the Segment Result to drop to €20 million, giving a Segment Result Margin of 5.3 percent. The corresponding figures for the preceding quarter had been €47 million and 11.3 percent respectively. IPC segment revenue fell quarter-on-quarter by 24 percent from €181 million to €138 million, reflecting generally weak demand across all markets and particularly cautious buying by distributors in Asia. Lower first-quarter revenue gave rise to a negative Segment Result of €5 million and a negative Segment Result Margin of 3.6 percent, compared to positive figures of €26 million and 14.4 percent in the previous quarter. PMM segment revenue during the first quarter of the 2013 fiscal year totalled €222 million, 10 percent down on the €247 million recorded in the previous quarter. Sales of products for applications such as game consoles and computers, as well as sales of power supplies for televisions, were weak during the first quarter due to seasonal factors. Business with smartphone and cellular network infrastructure related products developed positively, but was unable to make up for the weaker performance in other product areas. Segment Result fell from €37 million to €22 million due to declining For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -5- revenue, causing the Segment Result Margin to decline from 15.0 percent to 9.9 percent. The CCS segment generated revenue of €108 million in the first quarter of the 2013 fiscal year, down 14 percent from the €126 million reported one quarter earlier and reflecting weaker demand for SIM cards and payment cards and in government ID. The Segment Result amounted to €10 million, compared to the previous quarter's €18 million, bringing the Segment Result Margin down from 14.3 percent to 9.3 percent. Revenue recorded by Other Operating Segments (OOS) went down as expected from €14 million to €9 million. These revenues relate primarily to goods and services sold relating to the previously divested Wireline Communications and Wireless mobile phone businesses. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -6- Analyst and press telephone conferences Infineon will host a telephone conference call for analysts and investors (in English only) on January 31, 2013 at 10:00 am (CET), 4:00 am (EST). During the call, the Infineon Management Board will present the Company’s results from the first quarter of the 2013 fiscal year. In addition, the Management Board will host a telephone conference with the media at 11:30 am (CET), 5:30 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 Q1 Investor Presentation is available (in English) at: http://www.infineon.com/cms/en/corporate/investor/reporting/index.html Infineon Financial Calendar (*preliminary) Feb 28, 2013 Mar 12 – 13, 2013 May 2, 2013* Annual General Meeting 2013, Munich (Start: 10:00 am CET) UBS European Technology Conference, London Earnings Release for the Second Quarter of the 2013 Fiscal Year Jul 30, 2013* Earnings Release for the Third Quarter of the 2013 Fiscal Year Nov 12, 2013* Earnings Release for the Fourth Quarter and Full 2013 Fiscal Year Nov 18 – 19, 2013 Company roadshow – including presentation by Andreas Urschitz, Division President, Power Management & Multimarket (PMM), London Nov 20 – 21, 2013 Morgan Stanley TMT Conference, Barcelona About Infineon Infineon Technologies AG, Neubiberg, Germany, offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiency, mobility, and security. In the 2012 fiscal year (ending September 30), the Company reported sales of Euro 3.9 billion with close to 26,700 employees worldwide. Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the overthe-counter market OTCQX International Premier (ticker symbol: IFNNY). For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -7- FINANCIAL INFORMATION According to IFRS – Preliminary and Unaudited Consolidated Statements of Operations 3 m o nt hs e nde d D ec 3 1, 12 in Euro million; except for the per share data 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 expense O pe ra t ing inc o m e Financial inco me Financial expense Inco me (lo sses) 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 benefit (expense) 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 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 (lo ss) 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: Weighted average shares o utstanding (in millio n) – diluted Diluted earnings per share (in Euro ) fro m co ntinuing o peratio ns Diluted earnings (lo ss) 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 Sep 3 0 , 12 D ec 3 1, 11 851 (579) 272 (123) (108) 4 (10) 35 8 (12) 31 (5) 26 (7) 19 982 (638) 344 (123) (121) 5 (18) 87 7 (16) (1) 77 52 129 9 138 946 (585) 361 (106) (118) 4 (12) 129 12 (18) 1 124 (20) 104 (8) 96 19 138 96 1,077 0.02 0.02 1,080 0.12 0.01 0.13 1,082 0.10 (0.01) 0.09 1,078 0.02 0.02 1,132 0.12 0.01 0.13 1,140 0.10 (0.01) 0.09 The calculatio n fo r earnings per share is based o n unro unded figures. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -8- Segment Revenue and Segment Result 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 gains (losses), 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 Euro million D e c 3 1, 12 S e p 3 0 , 12 44 116 141 - (10) - (2) (1) (1) (1) - (1) (1) 1 (1) - (6) 35 (17) 87 (10) 129 Segment Result plus/minus A sset impairment reversals/asset impairments and assets classified as held fo r sale, net Impact o n earnings o f restructuring measures and clo sures, net Share-based co mpensatio n expense A cquisitio n-related amo rtizatio n and lo sses Gains (lo sses) o n sales o f assets, businesses, o r interests in subsidiaries, net Other expenses O pe ra t ing inc o m e D e c 3 1, 11 Revenue and Segment Result for the three months ended December 31, 2012 and 2011 and September 30, 2012 3 m o nt hs e nde d Revenue in Euro million D e c 3 1, 12 377 138 222 108 9 (3) 851 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 3 m o nt hs e nde d D e c 3 1, 11 +/ - in % D e c 3 1, 12 S e p 3 0 , 12 +/ - in % (4) (30) 11 (79) (10) 377 138 222 108 9 (3) 851 416 181 247 126 14 (2) 982 (9) (24) (10) (14) (36) (50) (13) D e c 3 1, 11 +/ - in % D e c 3 1, 12 S e p 3 0 , 12 +/ - in % 20 (5) 22 10 (2) (1) 44 47 26 37 18 (6) (6) 116 (57) (119) (41) (44) 67 83 (62) 391 196 222 97 43 (3) 946 3 m o nt hs e nde d Segment Result in Euro million D e c 3 1, 12 20 (5) 22 10 (2) (1) 44 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 55 39 40 6 4 (3) 141 3 m o nt hs e nde d (64) (113) (45) 67 (150) 67 (69) Employees Infineo n 1 1 D e c 3 1, 12 Se p 3 0 , 12 26,458 26,658 D e c 3 1, 11 26,026 As of December 31, 2012, September 30, 2012 and December 31, 2011, 4,375, 4,289 and 4,014 Infineon employees, respectively, were engaged in research and development. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -9- Consolidated Statement of Financial Position in Euro million D e c 3 1, 12 S e p 3 0 , 12 387 1,694 442 385 585 13 5 152 4 3,282 1,694 153 32 312 123 42 2,356 5,638 425 1,810 539 474 567 6 9 149 5 3,510 1,731 146 32 315 124 40 2,388 5,898 38 440 430 629 37 43 165 1,352 275 292 4 38 7 66 682 2,034 55 622 615 710 69 100 122 1,678 240 293 4 30 8 70 645 2,323 2,161 5,675 (4,180) 19 (37) (34) 3,604 5,638 2,160 5,674 (4,199) 28 (88) 3,575 5,898 A SSET S: Current assets: Cash and cash equivalents Financial investments Trade and o ther receivables therin: Trade acco unts receivables Invento ries Inco me tax receivable Other current financial assets 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 financial assets Other 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 : Current liabilities: Sho rt-term debt and current maturities o f lo ng-term debt Trade and o ther payables therin: Trade acco unts payables Current pro visio ns Inco me tax payable Other current financial liabilities 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 financial liabilities Other 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 T o t a l lia bilit ie s a nd e quit y For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] - 10 - Infineon Regional Sales Development 3 m o nt hs e nde d in % D e c 3 1, 12 S e p 3 0 , 12 D e c 3 1, 11 40% 41% 46% 20% 21% 26% 42% 40% 37% 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 20% 19% 16% 6% 12% 100% 7% 12% 100% 6% 11% 100% Consolidated Statements of Cash Flows Gross and Net Cash Position Infineon defines gross cash position as cash and cash equivalents and financial investments, and net cash position as gross cash position less short-term debt and long-term debt. Since Infineon holds some of its liquid funds in the form of financial investments, which for IFRS purposes are not considered to be “cash”, it reports its gross and net cash positions to provide investors with an understanding of the Company’s liquidity. The gross and net cash position is derived as follows from the corresponding amounts in the consolidated statement of financial position: in Euro million Cash and cash equivalents Financial investments G ro s s C a s h P o s it io n D e c 3 1, 12 S e p 3 0 , 12 387 1,694 2,081 425 1,810 2,235 D e c 3 1, 11 392 1,945 2,337 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 P o s it io n 38 55 65 275 1,768 240 1,940 204 2,068 Free Cash Flow Infineon defines free cash flow as cash flow from operating and investing activities from continuing operations excluding purchases or sales of financial investments. The presentation of free cash flow provides useful information to investors because this measure gives an indication of the cash-generating ability of Infineon. Free cash flow is an additional measure, since Infineon holds a portion of its liquid resources in form of financial investments and it eliminates changes of financial investments from the cash generated from Infineon’s business. Free cash flow is not intended to represent the residual cash flow available for discretionary expenditures, since dividends, debt service requirements or other non-discretionary expenditures are not deducted. Free cash flow includes only amounts from continuing operations, and is determined as follows from the consolidated statement of cash flows: 3 m o nt hs e nde d in Euro million 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 A djusted fo r: Net purchases (net pro ceeds fro m sales) o f financial investments F re e C a s h F lo w f ro m c o nt inuing o pe ra t io ns D e c 3 1, 12 S e p 3 0 , 12 D e c 3 1, 11 (41) 28 291 (344) 59 (551) (115) 100 258 (128) 47 (234) For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] - 11 - Consolidated Statements of Cash Flows 3 mo nt hs end ed in Euro million D ec 3 1, 12 N e t inc o m e P lus/M inus: net inco me (lo ss) fro m disco ntinued o peratio ns, net o f inco me taxes Sep 3 0 , 12 D ec 3 1, 11 19 7 138 (9) 96 8 116 5 4 (3) (1) 1 97 (19) (181) (79) 41 (6) 5 (5) (42) (41) 115 (52) 10 1 1 10 39 (23) (8) 98 26 (61) 9 6 (2) (7) 291 97 20 6 (1) 37 (34) 5 (107) (67) 22 (20) 7 (7) (3) 59 (1) (1) (27) (42) (485) 600 (13) (75) 1 28 28 (1) 42 (25) (38) (22) (22) (36) (2) 425 387 290 (500) 400 (12) (234) 2 (344) (2) (346) 60 (6) (12) 1 43 43 (13) (2) 440 425 32 (569) 311 (16) (278) 1 (551) (8) (559) 2 (25) (50) (20) 3 (90) (90) (617) 2 1,007 392 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 benefit (expense) Net interest result Reco very o f do ubtful acco unts Lo sses (gains) o n dispo sals o f pro perty, plant and equipment Expenses (inco me) fro m investments acco unted fo r using the equity metho d Impairment charges Share-based co mpensatio n Change in trade and o ther receivables Change in invento ries Change in o ther current assets Change in trade and o ther payables Change in pro visio ns Change in o ther current liabilities 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 us e d 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 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 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 Repurchase o f subo rdinated co nvertible bo nds P ro ceeds fro m issuance o f o rdinary shares P urchase o f o wn shares P ro ceeds fro m the issuance o f put o ptio ns o n o wn shares 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 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 Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] - 12 - 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. For the Finance and Business Press: INFXX201301-24e Worldwide Headquarters: Media Relations Investor Relations Name: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected]