Full version of news release (incl. financial data) Jan 29, 2014 | PDF | 232 kb

Infineon reports better than expected earnings for Q1 FY2014



Q1 FY2014: Revenue €984 million; Segment Result €116 million; Segment
Result Margin 11.8 percent
Capital returns program started: parts of the convertible bond repurchased,
put options issued
Outlook for Q2 FY2014: revenue expected to increase by a mid single digit
percentage compared to previous quarter; Segment Result Margin between
10 and 13 percent
Neubiberg, Germany – January 30, 2014 – Infineon Technologies AG today reports
results for the first quarter of the 2014 fiscal year ended December 31, 2013.
€ in million
Revenue
Segment Result
Segment Result M argin [in %]
Inco me fro m co ntinuing o peratio 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
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
3 mo nt hs
end ed
sequential
D ec 3 1, 13
+/- in %
984
116
11.8%
85
(7)
(22)
(39)
3 mo nt hs
end ed
Sep 3 0 , 13
year-onyear
3 mo nt hs
end ed
+/- in %
D ec 3 1, 12
1,053
148
14.1%
139
16
+++
+++
851
44
5.2%
26
2
(33)
3
+++
(7)
87
(39)
142
+++
19
0.08
0.08
(38)
(38)
0.13
0.13
+++
+++
0.02
0.02
0.08
0.08
(38)
(38)
0.13
0.13
+++
+++
0.02
0.02
The calculatio n fo r earnings per share is based o n unro unded figures.
“Infineon has made a good start into the new fiscal year. Revenue has developed in line
with forecast during the first quarter. Earnings were better than expected, benefitting
from the efficiency measures undertaken at our manufacturing facilities", stated
Dr. Reinhard Ploss, CEO of Infineon Technologies AG. "Good order intake and positive
forecasts for the global economy underpin our outlook: Infineon is poised to profitably
grow in 2014."
For the Finance and Business Press: INFXX201301-024e
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 2014 fiscal year
First-quarter revenue for the Infineon Group totaled €984 million, 7 percent down on the
€1,053 million recorded in the fourth quarter of the preceding fiscal year. Turnover was
in line with the forecast made at the beginning of the quarter.
As a consequence of the lower level of revenue, the Segment Result declined by
22 percent from €148 million in the previous quarter to €116 million in the first quarter of
the 2014 fiscal year. The corresponding Segment Result Margin decreased from
14.1 percent to 11.8 percent. However, thanks to earlier-than-anticipated improvements
in manufacturing productivity, the Segment Result Margin came in above the originally
expected range of between 8 and 10 percent.
Income from continuing operations in the first quarter of the 2014 fiscal year amounted
to €85 million, compared with €139 million in the previous quarter. At €2 million, income
from discontinued operations was almost unchanged from the €3 million recorded in the
fourth quarter of the 2013 fiscal year.
Net income for the first quarter of the current fiscal year totaled €87 million, compared
with €142 million in the preceding quarter. Earnings per share (basic and diluted)
decreased quarter-on-quarter from €0.13 to €0.08.
Investments – which Infineon defines as the sum of purchases of property, plant and
equipment, purchases of intangible assets and capitalized development cost – were
reduced to €129 million, compared with €155 million in the fourth quarter of the 2013
fiscal year. Depreciation and amortization increased marginally from €119 million in the
fourth quarter to €120 million in the first quarter of the 2014 fiscal year.
As a result of the reduction in net cash provided by operating activities from continuing
operations, free cash flow1 from continuing operations decreased quarter-on-quarter
from €156 million to €30 million.
The gross cash position at the end of the first quarter of the 2014 fiscal year, at
€2,279 million, was almost unchanged from the €2,286 million recorded at the end of
September 2013. The net cash position improved by €65 million from €1,983 million at
the end of the previous fiscal year to €2,048 million at the end of the first quarter of the
current fiscal year, mainly resulting from the conversion of portions of the convertible
bond due 2014.
Capital returns, redemption of convertible bond
On November 19, 2013 the Supervisory Board authorized a new capital returns program
for an amount of up to €300 million, which can be used until September 30, 2015 to
1
For definitions and the calculation of free cash flow and of gross and net cash position, please see page 10.
For the Finance and Business Press: INFXX201301-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
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EU/APAC/USA/CAN
Phone:
+49 89 234 28481
+49 89 234 26655
Email:
[email protected]
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-3-
acquire shares or parts of the convertible bond due 2014. The Company began
implementing the program in December 2013. Since then, it has repurchased portions of
the convertible bond due 2014 and written put options on own shares. In total,
convertible bonds with a nominal value of €11 million have been repurchased for
€35 million and put options sold for 6 million shares. Details of repurchases and the
current status of put options sold can be found on Infineon's website at
"About Infineon/Investor/Capital Returns/Program 2013”.
The repurchases of convertible bonds with a nominal value of €11 million and the
conversion of bonds with a nominal value of €64 million led to a nominal value of
remaining bonds outstanding of below 20 percent of the nominal amount at issuance.
This in turn, in accordance with the bond’s Terms and Conditions, triggered an option for
Infineon to call the convertible bond prior to its maturity. On December 23, 2013,
Infineon announced the redemption of all outstanding convertible bonds at their principal
amount plus accrued interest on February 7, 2014. The period for converting the
convertible bond into shares prior to this redemption ends on January 31, 2014. In the
meantime, all bonds have been converted into shares.
Outlook for the second quarter of the 2014 fiscal year
Second-quarter revenue is forecast to rise by a mid single digit percentage, primarily as
a result of higher revenue in the Automotive (ATV) und Chip Card & Security (CCS)
segments. The Segment Result Margin is expected to come in at between 10 and
13 percent.
Unchanged outlook for 2014 fiscal year
For the 2014 fiscal year, based on an assumed exchange rate of the US dollar against
the euro of 1.35, Infineon continues to forecast an increase in revenue of between 7 and
11 percent compared to the previous year and a Segment Result Margin of between
11 and 14 percent.
The expected increase in revenue for the Industrial Power Control (IPC) segment should
be well above the average for the Group. The growth rates forecast for the Power
Management & Multimarket (PMM) and CCS segments are forecast to be roughly in line
with the expected Group average. The ATV segment is likely to grow at a rate slightly
lower than the Group average. Revenue generated by Other Operating Segments has
decreased continiously in each of the last two fiscal years and only amounted to
€26 million in the 2013 fiscal year. The figure for the 2014 fiscal year is expected to be
unchanged or slightly lower.
For the Finance and Business Press: INFXX201301-024e
Worldwide Headquarters:
Media Relations
Investor Relations
Name:
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EU/APAC/USA/CAN
Phone:
+49 89 234 28481
+49 89 234 26655
Email:
[email protected]
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-4-
Planned investments for the 2014 fiscal year continue to be expected in the region of
€650 million, with depreciation and amortization expected at €500 million or slightly
above.
Segment earnings in the first quarter of the 2014 fiscal year
in %
of total
revenue
€ in million
3 mo nt hs
end ed
D ec 3 1, 13
sequential
+/- in %
3 mo nt hs
end ed
Sep 3 0 , 13
year-onyear
+/- in %
3 mo nt hs
end ed
D ec 3 1, 12
Inf ine o n
Revenue
Segment Result
100
984
116
11.8%
(7)
(22)
1,053
148
14.1%
16
+++
851
44
5.2%
46
452
55
12.2%
(1)
(4)
455
57
12.5%
20
+++
377
20
5.3%
18
179
27
15.1%
(9)
(18)
197
33
16.8%
30
+++
138
(5)
(3.6%)
24
238
29
12.2%
(12)
(41)
271
49
18.1%
7
32
222
22
9.9%
11
108
6
5.6%
(16)
(50)
129
12
9.3%
(40)
108
10
9.3%
1
6
-
20
+++
5
(1)
(33)
+++
9
(2)
0
1
(1)
+++
(50)
(4)
(2)
+++
-
(3)
(1)
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 amounted to €452 million in the first quarter of the current fiscal
year, compared with €455 million in the final quarter of the 2013 fiscal year. Due to the
number of public holidays, there is usually a more pronounced decrease in revenue in
the three-month period from October to December. Strong demand, however
– particularly from German car manufacturers – meant that revenue only declined by
1 percent in the first quarter of the 2014 fiscal year. Segment Result decreased slightly
from €57 million in the last quarter to €55 million in the first quarter of the current fiscal
year, yielding a first-quarter Segment Result Margin of 12.2 percent, compared with the
previous quarter's 12.5 percent.
IPC segment revenue was 9 percent down due to seasonal factors, declining from
€197 million in the preceding quarter to €179 million in the first quarter of the current
fiscal year. Healthy demand from Asia resulted in stable revenues for traction, major
home appliances and wind power applications, but did not compensate for decreases
recorded in other application areas. Segment Result declined quarter-on-quarter from
For the Finance and Business Press: INFXX201301-024e
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Phone:
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-5-
€33 million to €27 million, giving a Segment Result Margin of 15.1 percent, compared
with the previous quarter's 16.8 percent.
PMM segment revenue amounted to €238 million in the first quarter of the 2014 fiscal
year. This represented a decrease of 12 percent against the €271 million recorded one
quarter earlier and was due to seasonal factors. Weakness in demand for the
applications mobile devices, network infrastructure and games consoles was more
pronounced. Segment Result declined from €49 million in the fourth quarter of the 2013
fiscal year to €29 million in the first quarter of the current fiscal year, with the
corresponding Segment Result Margin decreasing from 18.1 percent to 12.2 percent.
First-quarter CCS segment revenue totaled €108 million, compared with €129 million
one quarter earlier. Here too, the decrease of 16 percent was due to seasonally lower
demand. Segment Result decreased to €6 million, compared with €12 million in the
preceding quarter. The Segment Result Margin in the first quarter of the current year
was 5.6 percent, compared with 9.3 percent in the preceding quarter.
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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 conference
Infineon will host a telephone conference call for analysts and investors (in English only)
on January 30, 2014 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 2014
fiscal year. In addition, the Management Board will host a live 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 only) at:
http://www.infineon.com/cms/en/corporate/investor/reporting/index.html
Infineon Financial Calendar (*preliminary)
 Feb 13, 2014
 Apr 29, 2014*





Jun 11, 2014
Jun 17, 2014
Jul 30, 2014*
Sep 9, 2014
Nov 18, 2014*
 Nov 19-20, 2014
 Dec 2-3, 2014
Annual General Meeting 2014, Munich
Earnings Release for the Second Quarter of the 2014 Fiscal
Year
Deutsche Bank German, Swiss & Austrian Conference, Berlin
JPMorgan Technology CEO Conference, London
Earnings Release for the Third Quarter of the 2014 Fiscal Year
Commerzbank Sector Week, Frankfurt
Earnings Release for the Fourth Quarter and Full 2014 Fiscal
Year
Morgan Stanley TMT Conference, Barcelona
Credit Suisse TMT Conference, Scottsdale/Arizona
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 2013 fiscal year (ending September 30), the Company
reported sales of €3.84 billion with around 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: INFXX201301-024e
Worldwide Headquarters:
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Name:
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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
Reference: With effect from October 1st, 2013, in order to improve clarity, some individual items of the Consolidated
Statement of Financial Position and the Consolidated Statements of Cash Flows have been reassigned.
Consolidated Statements of Operations
3 m o nt hs e nde d
€ in million; except for the per share data
D ec 3 1, 13
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
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 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 (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 , 13
D ec 3 1, 12
984
(623)
361
(133)
(114)
5
(11)
108
2
(9)
1
102
(17)
85
2
87
1,053
(657)
396
(140)
(115)
7
(1)
147
7
(13)
2
143
(4)
139
3
142
851
(579)
272
(123)
(108)
4
(10)
35
8
(12)
31
(5)
26
(7)
19
87
142
19
1,083
0.08
0.08
1,075
0.13
0.13
1,077
0.02
0.02
1,126
0.08
0.08
1,127
0.13
0.13
1,078
0.02
0.02
The calculatio n fo r earnings per share is based o n unro unded figures.
For the Finance and Business Press: INFXX201301-024e
Worldwide Headquarters:
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Name:
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Phone:
+49 89 234 28481
+49 89 234 26655
Email:
[email protected]
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-8-
Segment Revenue 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 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 million
Segment Result
P lus/M inus
Impairment o n assets including asstes 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 lo sses
Gains (lo sses) o n sales o f assets, businesses, o r interests in subsidiaries, net
Other inco me (expenses)
O pe ra t ing inc o m e
D e c 3 1, 13
S e p 3 0 , 13
D e c 3 1, 12
116
148
44
-
(1)
-
(4)
(2)
-
(11)
(1)
-
(2)
(1)
(1)
-
-
1
(2)
108
12
147
(6)
35
Revenue and Segment Result
for the three months ended December 31, 2013 and 2012 and September 30, 2013
3 m o nt hs e nde d
Revenue € in million
3 m o nt hs e nde d
D e c 3 1, 13
D e c 3 1, 12
+/ - in %
D e c 3 1, 13
S e p 3 0 , 13
+/ - in %
452
179
238
108
6
1
984
377
138
222
108
9
(3)
851
20
30
7
(33)
+++
16
452
179
238
108
6
1
984
455
197
271
129
5
(4)
1,053
(1)
(9)
(12)
(16)
20
+++
(7)
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
Segment Result € in million
3 m o nt hs e nde d
D e c 3 1, 13
D e c 3 1, 12
+/ - in %
D e c 3 1, 13
S e p 3 0 , 13
+/ - in %
55
27
29
6
(1)
116
20
(5)
22
10
(2)
(1)
44
+++
+++
32
(40)
+++
+++
55
27
29
6
(1)
116
57
33
49
12
(1)
(2)
148
(4)
(18)
(41)
(50)
+++
(50)
(22)
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
Employees
Infineon
1
1
D ec 31, 13
Sep 30, 13
D ec 31, 12
27,583
26,725
26,458
As of December 31, 2013, September 30, 2013 and December 31, 2012, 4,543, 4,472 and 4,375 Infineon employees, respectively, were engaged in research
and development.
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Phone:
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Email:
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-9-
Consolidated Statement of Financial Position
€ in million
D e c 3 1, 13
S e p 3 0 , 13
472
1,807
452
654
5
183
3,573
1,596
182
34
323
151
2,286
5,859
527
1,759
518
609
12
198
3,623
1,600
170
34
325
153
2,282
5,905
64
515
603
57
211
1,450
167
248
4
56
67
542
1,992
134
569
675
62
154
1,594
169
246
4
46
70
535
2,129
2,220
5,534
(3,820)
6
(37)
(36)
3,867
5,859
2,162
5,549
(3,907)
9
(37)
3,776
5,905
A SSET S:
Cash and cash equivalents
Financial investments
Trade receivables
Invento ries
Inco me tax receivable
Other current assets
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
Current 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
T o t a l lia bilit ie s a nd e quit y
For the Finance and Business Press: INFXX201301-024e
Worldwide Headquarters:
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Investor Relations
Name:
Kay Laudien
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Phone:
+49 89 234 28481
+49 89 234 26655
Email:
[email protected]
[email protected]
- 10 -
Regional Sales Development
3 m o nt hs e nde d
in %
D e c 3 1, 13
S e p 3 0 , 13
D e c 3 1, 12
37%
40%
40%
19%
21%
20%
44%
42%
42%
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
22%
20%
20%
7%
12%
100%
6%
12%
100%
6%
12%
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 million
Cash and cash equivalents
Financial investments
G ro s s c a s h po s it io n
D e c 3 1, 13
S e p 3 0 , 13
D e c 3 1, 12
472
1,807
2,279
527
1,759
2,286
387
1,694
2,081
64
134
38
167
2,048
169
1,983
275
1,768
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 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 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
P urchases (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
D e c 3 1, 13
S e p 3 0 , 13
D e c 3 1, 12
158
(176)
48
30
309
(213)
60
156
(41)
28
(115)
(128)
For the Finance and Business Press: INFXX201301-024e
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 million
D ec 3 1, 13
N e t inc o m e
P lus/M inus: lo ss (inco me) fro m disco ntinued o peratio ns, net o f inco me taxes
Sep 3 0 , 13
D ec 3 1, 12
87
(2)
142
(3)
19
7
120
18
6
64
(45)
(54)
(67)
47
2
(5)
(13)
158
2
160
(273)
225
(19)
(110)
1
(176)
(1)
(177)
1
(3)
(35)
1
(36)
(36)
(53)
(2)
527
472
119
4
6
(1)
1
(2)
(13)
(22)
113
8
(36)
2
(2)
(7)
309
309
(185)
125
(16)
(139)
2
(213)
(213)
8
(12)
(4)
(4)
92
(2)
437
527
116
5
4
(1)
(2)
87
(19)
(184)
(79)
48
5
(5)
(42)
(41)
(1)
(42)
(485)
600
(13)
(75)
1
28
28
(1)
42
(25)
(38)
(22)
(22)
(36)
(2)
425
387
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
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 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 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 co nvertible subo rdinated bo nds
P urchases 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 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 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: INFXX201301-024e
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: INFXX201301-024e
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]