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: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -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: Kay Laudien EU/APAC/USA/CAN Phone: +49 89 234 28481 +49 89 234 26655 Email: [email protected] [email protected] -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 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- €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. 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] -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: 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 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: 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 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. 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] -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: 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 - 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]