02.02.2017 Infineon Technologies AG  DE0006231004


DGAP-News: Infineon Technologies AG / Key word(s): Quarter Results/Forecast Infineon Technologies AG: STRUCTURAL GROWTH DRIVES EXCELLENT START TO THE NEW FISCAL YEAR 02.02.2017 / 07:30 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Q1 FY 2017: REVENUE EUR1,645 MILLION; SEGMENT RESULT EUR246 MILLION; SEGMENT RESULT MARGIN 15.0 PERCENT; EARNINGS PER SHARE EUR0.14 (BASIC AND DILUTED); ADJUSTED EARNINGS PER SHARE EUR0.17 (DILUTED) - OUTLOOK FOR Q2 FY 2017: QUARTER-ON-QUARTER REVENUE INCREASE OF 5 PERCENT, PLUS OR MINUS 2 PERCENTAGE POINTS, WITH SEGMENT RESULT MARGIN OF 15 PERCENT AT MID-POINT OF REVENUE GUIDANCE - OUTLOOK FOR FY 2017 UNCHANGED: BASED ON AN ASSUMED EXCHANGE RATE OF US $1.10 TO THE EURO, YEAR-ON-YEAR REVENUE GROWTH OF AROUND 6 PERCENT, PLUS OR MINUS 2 PERCENTAGE POINTS, AND SEGMENT RESULT MARGIN OF 16 PERCENT AT MID-POINT OF REVENUE GUIDANCE Neubiberg, Germany, February 2, 2017 - Infineon Technologies AG today reported results for the first quarter of the 2017 fiscal year (period ended December 31, 2016). "We had a good start into the new fiscal year," stated Dr. Reinhard Ploss, CEO of Infineon. "In the first quarter revenue and earnings were better than expected, driven in particular by strong demand for our components for automotive electronics and MOSFET power transistors. We expect to achieve further growth in our markets during the coming months and, based on the long-term trends, also remain optimistic about the future. We confirm our forecast for the current fiscal year: higher revenue, earnings and margin." REVIEW OF GROUP FINANCIALS FOR THE FIRST QUARTER OF THE 2017 FISCAL YEAR Compared with the preceeding three-month period, Infineon Group revenue fell by 2 percent from EUR1,675 million to EUR1,645 million in the first quarter of the 2017 fiscal year. Whereas revenue in the Power Management & Multimarket (PMM) and Industrial Power Control (IPC) segments decreased due to seasonal factors, revenue generated by the Automotive (ATV) segment continued to rise. Revenue reported by the Chip Card & Security (CCS) segment was unchanged compared with the previous quarter. The first-quarter gross margin finished at 36.0 percent, compared with 36.3 percent three months earlier. The first-quarter figures included acquisition-related depreciation and amortization as well as other expenses attributable to the International Rectifier acquisition totaling EUR25 million. The adjusted gross margin came in at 37.6 percent, slightly down from 37.7 percent for the preceding three-month period.
Euro in millions                 Q1 FY17          Q4 FY16  +/- in %

Revenue                            1,645            1,675             (2)
Segment Result                       246              280            (12)
Segment Result Margin              15.0%            16.7%
Income (loss) from                   165              228            (28)
continuing operations
Income (loss) from                   (4)              (3)            (33)
operations, net of
income taxes
Net income                           161              225            (28)

in Euro
Basic earnings (loss)               0.15             0.20            (25)
per share from
continuing operations1
Basic earnings (loss)             (0.01)                -             ---
per share from
Basic earnings per                  0.14             0.20            (30)

Diluted earnings                    0.15             0.20            (25)
(loss) per share from
continuing operations1
Diluted earnings                  (0.01)                -             ---
(loss) per share from
Diluted earnings per                0.14             0.20            (30)

Adjusted earnings per               0.17             0.21            (19)
share diluted2

Gross margin                       36.0%            36.3%
Adjusted gross margin2             37.6%            37.7%

1 The calculation for earnings per share and for adjusted earnings per share is based on unrounded figures. 2 The reconciliation of net income to adjusted net income and adjusted earnings per share as well as of cost of goods sold to adjusted cost of goods sold and adjusted gross margin can be found in the quarterly information at www.infineon.com. Segment Result was 12 percent lower quarter-on-quarter, decreasing from EUR280 million to EUR246 million. The Segment Result Margin for the first quarter was 15.0 percent, compared with 16.7 percent in the final quarter of the 2016 fiscal year. The non-segment result was a net loss of EUR62 million, compared with a net loss of EUR51 million in the previous quarter. Of the first-quarter figure, EUR26 million related to the cost of goods sold, EUR1 million to research and development expenses and EUR22 million to selling, general and administrative expenses. In addition, other operating income and other operating expenses amounted to a net expense of EUR13 million. The non-segment result includes EUR46 million of depreciation and amortization charges arising in conjunction with the purchase price allocation and other expenses for post-merger integration measures relating to the acquisition of International Rectifier. Operating income fell quarter-on-quarter from EUR229 million to EUR184 million. Income from continuing operations totaled EUR165 million, compared with EUR228 million one quarter earlier. The loss from discontinued operations amounted to EUR4 million, compared with the previous quarter's loss of EUR3 million. Net income decreased from EUR225 million to EUR161 million, whereby the fourth quarter of the 2016 fiscal year included a tax income of EUR15 million and the first quarter of the current fiscal year a tax expense of EUR2 million. Earnings per share for the first quarter amounted to EUR0.14, down from EUR0.20 one quarter earlier (in each case basic and diluted). Adjusted earnings per share3 (diluted) amounted to EUR0.17, compared with EUR0.21 in the previous quarter. For the purpose of calculating adjusted earnings per share (diluted), a number of items are eliminated, most notably acquisition-related depreciation/amortization and other expenses (net of tax) as well as changes in 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 assets - totaled EUR204 million in the first quarter of the current fiscal year, compared with EUR277 million in the fourth quarter of the 2016 fiscal year. Depreciation and amortization decreased slightly from EUR203 million to EUR200 million. First-quarter free cash flow from continuing operations was a negative amount of EUR39 million, compared with a positive amount of EUR169 million in the preceding quarter. Free cash flow for the first quarter of the 2016 fiscal year includes a net cash outflow of EUR112 million arising in conjunction with the acquisition of a 93 percent equity stake in MoTo Objekt Campeon GmbH & Co. KG (MoTo), the owner and lessor of the Campeon office complex, Infineon's headquarters. Net cash provided by operating activities from continuing operations amounted to EUR282 million, compared with the previous quarter's EUR447 million. Infineon's gross cash position stood at EUR2,209 million at December 31, 2016, compared with EUR2,240 million at September 30, 2016. The net cash position decreased over the three-month period from EUR471 million to EUR166 million, mainly reflecting the above-mentioned acquisition and consolidation of MoTo. Provisions and payables relating to Qimonda decreased slightly from EUR32 million at September 30, 2016 to EUR31 million at December 31, 2016. Provisions included in this amount were originally recognized for litigation costs in conjunction with claims made by the Qimonda insolvency administrator and for residual liabilities related to Qimonda Dresden GmbH & Co. OHG. OUTLOOK FOR THE SECOND QUARTER OF THE 2017 FISCAL YEAR In the second quarter of the 2017 fiscal year, Infineon expects a quarter- on-quarter revenue increase of 5 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 revenue guidance, the Segment Result Margin is expected to come in at 15 percent. OUTLOOK FOR THE 2017 FISCAL YEAR REAFFIRMED Based on an assumed exchange rate of US$1.10 to the euro, Infineon continues to forecast revenue growth for the 2017 fiscal year of around 6 percent, plus or minus 2 percentage points, and a Segment Result Margin of 16 percent at the mid-point of revenue guidance. The ATV segment is expected to grow at a substantially faster rate than the Group average. Growth in the IPC segment is forecast to be roughly in line with or slightly higher than the Group average. The PMM and CCS segments are both expected to report growth rates below the Group average. Investments in property, plant and equipment, intangible assets and capitalized development costs in the region of EUR950 million are planned for the 2017 fiscal year. The figure includes approximately EUR35 million for a new office building at Infineon's headquarters in Neubiberg near Munich. Excluding investments in the new office building, the ratio for investments as a percentage of revenue (at the mid-point of revenue guidance for the 2017 fiscal year) is forecast at approximately 13 percent. Depreciation and amortization are expected to be in the region of EUR830 million. 3 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. Infineon's segments' performance in the first quarter of the 2017 fiscal year can be found in the quarterly information at www.infineon.com. All figures in this quarterly information are preliminary and unaudited. ANALYST AND PRESS TELEPHONE CONFERENCE Infineon will host a telephone conference call for analysts and investors (in English only) on February 2, 2017 at 9:30 am (CET), 3:30 am (ET). During the call, the Infineon Management Board will present the Company's results for the first quarter of the 2017 fiscal year. In addition, the Management Board will host a telephone conference with the media at 11:00 am (CET), 5:00 am (ET). 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/ INFINEON FINANCIAL CALENDAR (* preliminary) - Feb 16, 2017 Annual General Meeting 2017, Munich - Feb 27 - Mar 2, 2017 Mobile World Congress, Barcelona - Mar 8 - 9, 2017 UBS Technology Conference, London - Mar 15, 2017 Bernstein Electric Vehicle & Battery Revolution Conference, London - May 4, 2017* Earnings Release for the Second Quarter of the 2017 Fiscal Year - May 30, 2017 German Corporate Day by Danske Bank Markets, Copenhagen - May 31 - Jun 1, 2017 Bernstein Strategic Decision Conference, New York - Jun 21 - 22, 2017 Deutsche Bank German, Swiss & Austrian Conference, Berlin - Aug 1, 2017* Earnings Release for the Third Quarter of the 2017 Fiscal Year - Aug 31, 2017 Commerzbank Sector Conference, Frankfurt - Sep 19, 2017 Berenberg Bank and Goldman Sachs German Corporate Conference, Munich - Sep 20, 2017 Baader Investment Conference, Munich - Nov 14, 2017* Earnings Release for the Fourth Quarter and the 2017 Fiscal Year - Nov 15 - 16, 2017 Morgan Stanley TMT Conference, Barcelona 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 2016 fiscal year (ending September 30), the Company reported sales of about EUR6.5 billion with some 36,300 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 D I S C L A I M E R 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 forward-looking 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. --------------------------------------------------------------------------- 02.02.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Infineon Technologies AG Am Campeon 1-12 85579 Neubiberg Germany Phone: +49 (0)89 234-26655 Fax: +49 (0)89 234-955 2987 E-mail: [email protected] Internet: www.infineon.com ISIN: DE0006231004 WKN: 623100 Indices: DAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 541021 02.02.2017

Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 5.795,00 6.473,00 7.063,00 7.599,00 8.000,00 8.567,00 0,00
EBITDA1,2 1.315,00 1.596,00 1.795,00 2.330,00 2.360,00 1.841,00 0,00
EBITDA-Marge3 22,69 24,66 25,41 30,66 29,50 21,49 0,00
EBIT1,4 555,00 763,00 983,00 1.469,00 1.380,00 581,00 0,00
EBIT-Marge5 9,58 11,79 13,92 19,33 17,25 6,78 0,00
Jahresüberschuss1 634,00 743,00 790,00 1.075,00 1.080,00 368,00 0,00
Netto-Marge6 10,94 11,48 11,19 14,15 13,50 4,30 0,00
Cashflow1,7 817,00 1.313,00 1.728,00 1.575,00 1.605,00 1.811,00 0,00
Ergebnis je Aktie8 0,56 0,66 0,70 0,95 0,75 0,26 1,02
Dividende8 0,20 0,22 0,25 0,27 0,27 0,22 0,26
Quelle: boersengefluester.de und Firmenangaben

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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

WKN Kurs in € Einschätzung Börsenwert in Mio. €
623100 36,800 Halten 48.057,90
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
28,53 25,37 1,12 62,91
5,51 26,54 5,61 28,57
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
0,27 0,22 0,60 25.02.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
04.02.2021 04.05.2021 03.08.2021 23.11.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
6,98% 9,23% 17,23% 53,88%
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Halbleiter , 623100 , IFX , XETR:IFX