Full version of this press release (incl. financial data) Feb 01, 2016 | PDF | 251 kb

Solid start into 2016 fiscal year



Q1 FY 2016: Revenue of €1,556 million; Segment Result €220 million; Segment
Result Margin 14.1 percent
Outlook for Q2 FY 2016: Quarter-on-quarter revenue increase of 3 percent
(plus or minus 2 percentage points), with Segment Result Margin of 13 percent
at mid-point of revenue range
Outlook for Financial Year 2016 confirmed
Neubiberg, Germany, February 2, 2016 – Infineon Technologies AG today reported
results for the first quarter of the 2016 fiscal year (period ended December 31, 2015).
€ in millions
3 mo nt hs
end ed
D ec 3 1, 15
sequential
+/- in %
Sep 3 0 , 15
3 mo nt hs
end ed
+/- in %
D ec 3 1, 14
38
30
(53)
--(53)
17
--12
1,128
169
15.0%
130
6
136
0.14
0.14
(52)
(52)
0.29
0.29
17
17
0.12
0.12
D ilut e d e a rnings pe r s ha re ( in e uro )
0.14
0.14
(52)
(52)
0.29
0.29
17
17
0.12
0.12
A djus t e d e a rnings pe r s ha re ( in e uro ) – dilut e d 2
0.17
6
0.16
31
0.13
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
(3)
(23)
year-onyear
1,598
286
17.9%
322
3
325
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
1,556
220
14.1%
152
–
152
3 mo nt hs
end ed
1
The calculatio n fo r 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.
"Our business performed better than expected in the past quarter. Infineon's broad
diversification in terms of customers, markets and regions is paying off," stated Dr.
Reinhard Ploss, CEO of Infineon Technologies AG. "We are doing particularly well in the
automotive business, where Infineon's leading expertise is prevailing. Our solutions for
driver assistance systems continue to generate growth. Electromobility is gaining
momentum as well."
For the Business and Trade Press: INFXX201602-024e
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Phone:
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Email:
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-2-
Review of Group financials for the first quarter of the 2016 fiscal year
At €1,556 million, the Infineon Group's revenue totaled €42 million or 3 percent lower in
the first quarter of the current fiscal year due to seasonal factors, down from €1,598
million in the fourth quarter of the 2015 fiscal year. The Industrial Power Control (IPC),
Power Management & Multimarket (PMM) and Chip Card & Security (CCS) segments all
reported decreases, whereas the Automotive segment (ATV) recorded revenue
essentially flat compared to the previous quarter.
The revenue decrease caused the gross margin to decline from 39.0 percent to
35.9 percent quarter-on-quarter. Acquisition-related depreciation, amortization and other
with the acquisition of International Rectifier related expenses totaling €27 million were
recorded in the first quarter.
The first-quarter Segment Result amounted to €220 million, 23 percent down on the
€286 million reported for the preceding three-month period. The Segment Result Margin
came in at 14.1 percent, in line with guidance, compared with the previous quarter's
17.9 percent. The decreases in Segment Result and Segment Result Margin were
primarily attributable to the seasonal drop in revenue, a less favorable product mix and
currency effects on the cost side.
The negative non-segment result continued to improve, from negative €83 million in the
fourth quarter 2015 to negative €54 million in the first quarter of the current fiscal year.
Of the first-quarter figure, €29 million related to cost of goods sold, €4 million to research
and development expenses and €26 million to selling, general and administrative
expenses. Other operating income respectively expenses net amounted to positive €5
million. The non-segment result includes a balanced amount of €45 million of
depreciation and amortization arising in conjunction with the purchase price allocation
and other expenses related to the acquisition of International Rectifier.
Operating income decreased from €203 million in the fourth quarter to €166 million in
the first quarter of the 2016 fiscal year. Income from continuing operations fell to
€152 million, partly reflecting the fact that the fourth quarter figure of €322 million had
included a net income tax benefit of €131 million. Income from discontinued operations
amounted to €0 million, compared to €3 million in the preceding quarter. Net income
was €152 million, compared with €325 million in the fourth quarter.
Earnings per share (basic and diluted) fell from €0.29 to €0.14 quarter-on-quarter.
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-3-
Adjusted earnings per share1 (diluted) increased from €0.16 in the fourth quarter of the
2015 fiscal year to €0.17 in the first quarter of the current year. 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 costs – totaled
€167 million, compared to €279 million in the fourth quarter of the previous fiscal year.
At €211 million, depreciation and amortization remained unchanged compared to the
fourth quarter.
Free cash flow2 from continuing operations declined to break-even for the first quarter, in
line with forecast. The equivalent figure for the previous three-month period was
€177 million. Net cash provided by operating activities from continuing operations
amounted to €175 million, compared to the previous quarter's €429 million.
The gross cash position stood at €1,994 million at December 31, 2015, slightly down on
the €2,013 million reported at the end of the fourth quarter. Similarly, the net cash
position was also lower, falling from €220 million at September 30, 2015 to €204 million
at December 31, 2015.
Outlook for the second quarter of the 2016 fiscal year
In the second quarter of the 2016 fiscal year, Infineon expects a quarter-on-quarter
revenue increase of 3 percent (plus or minus 2 percentage points). This forecast is
based on an assumed exchange rate of US$1.10 to the euro. At the mid-point of the
revenue range, the Segment Result Margin is expected to come in at approximately
13 percent.
Outlook for the 2016 fiscal year
Based on an assumed average exchange rate of US$1.10 to the euro, Infineon expects
an unchanged year-on-year revenue growth of around 13 percent (plus or minus 2
percentage points) for the 2016 fiscal year and a Segment Result Margin of 16 percent
at the mid-point of the range for the forecast revenue growth.
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 12.
For the Business and Trade Press: INFXX201602-024e
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-4-
The Power Management & Multimarket segment is expected to grow faster than the
Group average. Revenue growth in the Industrial Power Control segment is forecast to
be roughly in line with the Group average. The Automotive and Chip Card & Security
segments are both expected to report growth below the Group average. The forecast
includes the financial figures of International Rectifier for the full fiscal year. The results
of operations for the 2015 fiscal year included figures for International Rectifier with
effect from the closing of the acquisition on January 13, 2015.
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. The
ratio for investments as a percentage of revenue (at the mid-point of the forecast range)
is forecast at 13 percent. Depreciation and amortization are also expected to be in the
region of €850 million.
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Email:
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-5-
Segment earnings in the first quarter of the 2016 fiscal year
€ in millions
in %
of total
revenue
3 mo nt hs
end ed
D ec 3 1, 15
sequential
+/- in %
3 mo nt hs
end ed
Sep 3 0 , 15
year-onyear
+/- in %
3 mo nt hs
end ed
D ec 3 1, 14
Inf ine o n
Revenue
Segment Result
100
1,556
220
14.1%
(3)
(23)
1,598
286
17.9%
38
30
1,128
169
15.0%
40
614
81
13.2%
0
(21)
613
102
16.6%
19
3
518
79
15.3%
16
249
23
9.2%
(8)
(41)
271
39
14.4%
31
(12)
190
26
13.7%
33
510
79
15.5%
(5)
(28)
535
110
20.6%
82
93
280
41
14.6%
11
173
35
20.2%
(4)
(8)
181
38
21.0%
31
75
132
20
15.2%
0
3
-
50
---
2
1
(25)
---
4
2
0
7
2
+++
+++
(4)
(4)
75
+++
4
1
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
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.
Contrary to the expected usual seasonal dip, at €614 million, ATV segment revenue
remained practically unchanged in the first quarter. Demand for vehicles in Europe and
North America remained high, while markets in China saw a sharp rise. Demand for
hybrid and electric vehicles in China was also buoyant in the first quarter, reflecting the
fact that China is gradually becoming the world's largest market for electromobility.
Segment Result decreased from €102 million in the fourth quarter of the previous fiscal
year to €81 million in the first quarter of the current fiscal year. The Segment Result
Margin of 13.2 percent was down compared with the previous quarter’s 16.6 percent.
IPC segment revenue declined by 8 percent from €271 million to €249 million quarteron-quarter, in line with lower demand in all fields of application due to seasonal factors.
Segment Result decreased from €39 million in the fourth quarter of the previous fiscal
year to €23 million in the first quarter of the current fiscal year. The Segment Result
Margin came in at 9.2 percent, compared to 14.4 percent one quarter earlier.
Resolutions taken at the UN Climate Conference in Paris are expected to have a
positive effect and should strengthen long-term growth prospects in the field of
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-6-
renewable energy as well as energy efficiency for industrial machines and consumer
appliances.
Seasonal factors also resulted in a quarter-on-quarter reduction in PMM segment
revenue from €535 million to €510 million. While revenue with mobile devices declined
at a more pronounced rate than expected, revenue from power management products
and in particular power amplifiers for base stations performed better than usual for this
time of the year. Segment Result for the first quarter totaled €79 million, compared with
€110 million in the preceding quarter, causing the Segment Result Margin to decline
from 20.6 percent to 15.5 percent.
CCS segment revenue decreased by only 4 percent quarter-on-quarter to €173 million,
and thus at a less pronounced rate than the normal seasonal trend. Revenue one
quarter earlier had amounted to €181 million. However compared to the previous year's
first-quarter figure of €132 million, revenue was up by 31 percent. While payment,
government ID and authentication recorded slight seasonal revenue declines, demand
for SIM cards and security for mobile devices went up slightly. Segment Result
decreased from €38 million in the fourth quarter to €35 million in the first quarter. The
Segment Result Margin came in at 20.2 percent, compared to the previous quarter’s
21.0 percent.
Analyst and press telephone conference
Infineon will host a telephone conference call for analysts and investors (in English only)
on February 2, 2016 at 9:30 am (CET), 3:30 am (EST). During the call, the Infineon
Management Board will present the Company’s results for the first quarter of the
2016 fiscal year. In addition, the Management Board will host a telephone conference
with the media at 11:00 am (CET), 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 Q1 Investor Presentation is available (in English only) at:
www.infineon.com/cms/en/about-infineon/investor/reporting/
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Email:
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-7-
Infineon Financial Calendar (*preliminary)





Feb 18, 2016
Feb 23, 2016
Mar 1 – 2, 2016
Mar 9, 2016
May 3, 2016*
 May 30, 2016
 Jun 8 – 9, 2016
 Jun 20, 2016
 Aug 2, 2016*
 Nov 30, 2016*
Annual General Meeting 2016, Munich
Meetings at Mobile World Congress, Barcelona
Morgan Stanley TMT Conference, San Francisco
UBS European Technology Conference, London
Earnings Release for the Second Quarter of the 2016 Fiscal
Year
Danske Bank German Corporate Day, Copenhagen
Deutsche Bank German, Suisse & Austrian Conference,
Berlin
JPMorgan CEO Conference, London
Earnings Release for the Third Quarter of the 2016 Fiscal
Year
Earnings Release for the Fourth Quarter and 2016 Fiscal
Year
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
Euro 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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Email:
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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 m o nt hs e nde d
D ec 3 1, 15
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
Sep 3 0 , 15
D ec 3 1, 14
1,556
(998)
558
(198)
(200)
4
2
166
1
(13)
154
(2)
152
152
1,598
(974)
624
(197)
(215)
14
(23)
203
2
(15)
1
191
131
322
3
325
1,128
(701)
427
(139)
(136)
6
(5)
153
6
(5)
154
(24)
130
6
136
(1)
153
325
136
1,124
0.14
0.14
1,123
0.29
0.29
1,122
0.12
0.12
1,129
0.14
0.14
1,126
0.29
0.29
1,123
0.12
0.12
The calculatio n fo r earnings per share is based o n unro unded figures.
For the Business and Trade Press: INFXX201602-024e
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Email:
[email protected]
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-9-
Segment Revenue 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
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
220
286
169
(4)
(17)
(2)
9
(2)
(56)
(1)
(2)
(62)
(2)
(8)
(1)
(2)
-
166
1
203
(4)
153
S e gm e nt R e s ult
P lus/minus:
Impairment o n assets including asstes 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
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
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
153
322
130
4
17
2
(9)
2
56
1
2
62
2
8
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
1
2
-
(6)
(1)
(11)
4
(2)
(7)
(209)
-
194
185
144
1,129
0.17
1,126
0.16
1,123
0.13
The calculation of the adjusted earnings per share is based on unrounded 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: INFXX201602-024e
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Email:
[email protected]
[email protected]
- 10 -
Revenue and Segment Result
for the three months ended December 31, 2015 and 2014 and September 30, 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
3 m o nt hs e nde d
D e c 3 1, 15
D e c 3 1, 14
+/ - in %
D e c 3 1, 15
S e p 3 0 , 15
+/ - in %
614
249
510
173
3
7
1,556
518
190
280
132
4
4
1,128
19
31
82
31
(25)
75
38
614
249
510
173
3
7
1,556
613
271
535
181
2
(4)
1,598
(8)
(5)
(4)
50
+++
(3)
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
3 m o nt hs e nde d
D e c 3 1, 15
D e c 3 1, 14
+/ - in %
D e c 3 1, 15
S e p 3 0 , 15
+/ - in %
81
23
79
35
2
220
79
26
41
20
2
1
169
3
(12)
93
75
--+++
30
81
23
79
35
2
220
102
39
110
38
1
(4)
286
(21)
(41)
(28)
(8)
--+++
(23)
Employees
Infineo n
Thereo f: Research and develo pment
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
35,565
5,867
35,424
5,778
30,493
4,978
For the Business and Trade Press: INFXX201602-024e
Worldwide Headquarters:
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Name:
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Phone:
+49 89 234 24123
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Email:
[email protected]
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- 11 -
Consolidated Statement of Financial Position
€ in millions
D e c 3 1, 15
S e p 3 0 , 15
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
11
759
220
124
274
1,388
1,779
432
133
73
86
2,503
3,891
33
802
402
123
225
1,585
1,760
426
147
72
86
2,491
4,076
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
A SSET S:
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: INFXX201602-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 24123
+49 89 234 26655
Email:
[email protected]
[email protected]
- 12 -
Regional Revenue Development
in %
3 m o nt hs e nde d
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
32%
33%
37%
15%
16%
18%
49%
47%
46%
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
25%
24%
23%
7%
12%
8%
12%
6%
11%
10%
10%
8%
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
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
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
651
1,343
1,994
673
1,340
2,013
1,393
714
2,107
11
1,779
204
33
1,760
220
35
155
1,917
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 million
3 m o nt hs e nde d
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
D e c 3 1, 15
S e p 3 0 , 15
D e c 3 1, 14
175
(178)
3
0
429
(450)
198
177
(39)
513
(645)
(171)
For the Business and Trade Press: INFXX201602-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 24123
+49 89 234 26655
Email:
[email protected]
[email protected]
- 13 -
Consolidated Statement of Cash Flows
€ in millions
3 mo nt hs end ed
D ec 3 1, 15
N e t inc o m e
M inus: inco me fro m disco ntinued o peratio ns, net o f inco me taxes
Sep 3 0 , 15
D ec 3 1, 14
152
-
325
(3)
136
(6)
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
211
(131)
13
(7)
17
1
(11)
(88)
55
35
36
2
(6)
(20)
429
(2)
427
(298)
100
(3)
(23)
(256)
30
(450)
(450)
1
3
(7)
1
(2)
(2)
(25)
(2)
700
673
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
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 (gains) o n dispo sals o f pro perty, plant and equipment
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 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 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 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
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
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 chang 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: INFXX201602-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 24123
+49 89 234 26655
Email:
[email protected]
[email protected]
- 14 -
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: INFXX201602-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
Bernd Hops
EU/APAC/USA/CAN
Phone:
+49 89 234 24123
+49 89 234 26655
Email:
[email protected]
[email protected]