03.05.2018 Infineon Technologies AG  DE0006231004

DGAP-News: Infineon Technologies AG: STRONG EARNINGS IN SECOND QUARTER. CONTINUED HIGH ORDER INTAKE DRIVING FASTER CAPACITY EXPANSION


 
DGAP-News: Infineon Technologies AG / Key word(s): Quarterly / Interim Statement/Forecast Infineon Technologies AG: STRONG EARNINGS IN SECOND QUARTER. CONTINUED HIGH ORDER INTAKE DRIVING FASTER CAPACITY EXPANSION 03.05.2018 / 07:30 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Q2 FY 2018: REVENUE EUR 1,836 MILLION; SEGMENT RESULT EUR 314 MILLION; SEGMENT RESULT MARGIN 17.1 PERCENT; EARNINGS PER SHARE EUR 0.40 (BASIC AND DILUTED); ADJUSTED EARNINGS PER SHARE EUR 0.26 (DILUTED); GROSS MARGIN 37.1 PERCENT; ADJUSTED GROSS MARGIN 38.0 PERCENT - OUTLOOK FOR FY 2018: BASED ON AN ASSUMED EXCHANGE RATE OF US$ 1.25 TO THE EURO, YEAR-ON-YEAR REVENUE GROWTH OF ABOUT 4 TO 7 PERCENT AND SEGMENT RESULT MARGIN OF 17 PERCENT AT MID-POINT OF REVENUE GUIDANCE. GROUP NET INCOME LIKELY EXCEEDING EUR 1 BILLION DUE TO THE SALE OF THE RF POWER BUSINESS - OUTLOOK FOR Q3 FY 2018: BASED ON AN ASSUMED EXCHANGE RATE OF US$ 1.25 TO THE EURO, QUARTER-ON-QUARTER REVENUE GROWTH OF 3 PERCENT (PLUS OR MINUS 2 PERCENTAGE POINTS) AND SEGMENT RESULT MARGIN OF 17 PERCENT AT MID-POINT OF REVENUE GUIDANCE - INVESTMENTS OF ABOUT EUR 1.2 BILLION IN THE CURRENT FISCAL YEAR DUE TO ACCELERATED CAPACITY EXPANSION Neubiberg, Germany - 3 May 2018 - Infineon Technologies AG today reported results for the second quarter of the 2018 fiscal year (period ended 31 March 2018). "Infineon continues to grow profitably," stated Dr. Reinhard Ploss, CEO of Infineon. "Our growth is broadly based: Solutions for the entire range of drivetrain systems for all types of electric vehicles, including 48-volt systems, high-speed trains and renewable power generation. In addition, we are seeing growing demand for data center power supplies for artificial intelligence. Our order books are bulging. We therefore are very confident that we will achieve our revenue targets for the 2018 fiscal year. Compared to the previous year's March quarter, the average US dollar exchange rate against the euro fell by around 16 percent in the three-month period to 31 March 2018. Despite headwinds from the US dollar and rising material prices, we expect to achieve our targeted Segment Result Margin of 17 percent again in the 2018 fiscal year. This demonstrates the robustness of our business model," continued Dr. Reinhard Ploss. Euro in millions Q2 Q1 +/- in FY18 FY18 % Revenue 1,836 1,775 3 Segment Result 314 283 11 Segment Result Margin 17.1% 15.9% Income (loss) from continuing operations 457 206 +++ Income (loss) from discontinued operations, net of - (1) +++ income taxes Net income 457 205 +++ in Euro Basic earnings (loss) per share from continuing 0.40 0.18 +++ operations1 Basic earnings (loss) per share from discontinued - - - operations1 Basic earnings per share1 0.40 0.18 +++ Diluted earnings (loss) per share from continuing 0.40 0.18 +++ operations1 Diluted earnings (loss) per share from - - - discontinued operations1 Diluted earnings per share1 0.40 0.18 +++ Adjusted earnings per share diluted2 0.26 0.20 30% Gross margin 37.1% 36.4% Adjusted gross margin2 38.0% 37.4% 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. REVIEW OF GROUP FINANCIALS FOR THE SECOND QUARTER OF THE 2018 FISCAL YEAR Quarter-on-quarter, revenue grew by 3 percent to EUR 1,836 million in the second three-month period of the 2018 fiscal year. Revenue in the first quarter amounted to EUR 1,775 million. The Automotive (ATV) and Industrial Power Control (IPC) segments reported significant growth, while the Power Management & Multimarket (PMM) and Chip Card & Security (CCS) segments remained almost unchanged compared to the preceding quarter. The gross margin for the three-month period under report came in at 37.1 percent, compared to 36.4 percent in the first quarter. These figures include acquisition-related depreciation and amortization and other expenses totaling EUR 16 million, mainly relating to the International Rectifier acquisition. The adjusted gross margin amounted to 38.0 percent, up from the 37.4 percent recorded in the first quarter of the 2018 fiscal year. The second-quarter Segment Result rose to EUR 314 million, up from EUR 283 million in the previous quarter. The Segment Result Margin improved from 15.9 percent to 17.1 percent. The non-segment result in the second quarter was a net profit of EUR 218 million, compared to the net loss of EUR 35 million reported one quarter earlier. The second-quarter figure includes a pre-tax gain of EUR 268 million, which arose on the sale of the major part of Infineon's RF power business to Cree Inc., USA. The gain, along with impairment losses of EUR 11 million, is included in other operating income. The non-segment result includes EUR 16 million of cost of goods sold, EUR 21 million selling, general and administrative expenses and EUR 2 million research and development expenses. The non-segment result includes EUR 28 million of depreciation and amortization arising in conjunction with the purchase price allocation as well as other expenses for post-merger integration measures relating to International Rectifier. Operating income for the second quarter increased to EUR 532 million compared to EUR 248 million one quarter earlier and includes the above-mentioned sale of the major part of Infineon's RF power components business. Income from continuing operations for the three-month period improved accordingly to EUR 457 million. The corresponding figure for the previous quarter was EUR 206 million. A break-even result is reported for discontinued operations, compared to the preceding quarter's loss of EUR 1 million. Net income improved from EUR 205 million in the first quarter to EUR 457 million in the second quarter. The second-quarter income tax expense amounted EUR 62 million, also influenced by the sale of the major part of Infineon's RF power business. The equivalent figure for the first quarter was EUR 28 million. Earnings per share improved from EUR 0.18 to EUR 0.40 (in each case basic and diluted) quarter-on-quarter. Adjusted earnings per share3 (diluted) amounted to EUR 0.26, compared to EUR 0.20 in the first quarter. For the purpose of calculating adjusted earnings per share (diluted), a number of items were eliminated, most notably the gain arising on the sale of the major part of Infineon's RF power business, acquisition-related depreciation/amortization and other expenses (net of tax) as well as 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 - amounted to EUR 263 million in the second quarter of the 2018 fiscal year, compared to the EUR 293 million in the preceding three-month period. The depreciation and amortization expense increased to EUR 211 million, compared to the previous quarter's EUR 204 million. Free cash flow from continuing operations improved to EUR 334 million. This figure includes the effects of the sale of the major part of Infineon's RF power business, the acquisition of the Danish company Merus Audio and the foundation of the SIAPM joint venture (SAIC Infineon Automotive Power Modules (Shanghai) Co. Ltd.), together with the Chinese automobile manufacturer SAIC Motor Corporation Limited. Free cash flow in the first quarter of the 2018 fiscal year was a negative amount of EUR 135 million. Net cash provided by operating activities from continuing operations increased from EUR 158 million to EUR 310 million quarter-on-quarter. The gross cash position at the end of the second quarter of the 2018 fiscal year improved to EUR 2,438 million, up from EUR 2,312 million at 31 December 2017. The net cash position improved from EUR 503 million to EUR 649 million during the three-month period from January to March 2018. In February 2018, Infineon declared a dividend of EUR 0.25 per share, resulting in a total distribution of EUR 283 million. Provisions relating to Qimonda decreased from EUR 32 million at 31 December 2017 to EUR 30 million at 31 March 2018. These provisions are recognized for legal costs in conjunction with the defense against claims made by the Qimonda insolvency administrator and for residual liabilities related to Qimonda Dresden GmbH & Co. OHG. OUTLOOK FOR THE THIRD QUARTER OF THE 2018 FISCAL YEAR Based on an assumed exchange rate of US$ 1.25 to the euro, Infineon forecasts third-quarter revenue growth of 3 percent (plus or minus 2 percentage points). At the mid-point of the revenue guidance, the Segment Result Margin is expected to come in at about 17 percent. OUTLOOK FOR 2018 FISCAL YEAR Based on an assumed exchange rate of US$ 1.25 to the euro, Infineon now expects year-on-year revenue growth of between 4 and 7 percent for the 2018 fiscal year. Previously, an increase of approximately 5 percent (plus or minus 2 percentage points) had been expected. The average EUR/USD exchange rate during the 2017 fiscal year was 1.11 and thus more favorable for Infineon's revenue and earnings performance than the exchange rate of 1.25 now assumed. At an unchanged exchange rate of 1.11, expected year-on-year growth would be significantly higher and within the double-digit percentage range. The Segment Result Margin is predicted to be in the region of 17 percent at the mid-point of revenue guidance. Previously, a segment profit margin of 16.5 percent had been expected at the mid-point of revenue guidance. Due to the higher forecast for the Segment Result and the gain arising on the sale of the major part of Infineon's RF power business, net income for the year is expected to be well in excess of EUR 1 billion. ATV segment revenue is expected to grow significantly faster than the Group average. Revenue of the IPC segment is likely to grow at a similar rate to the Group's revenue growth. In the PMM segment revenue growth is expected to be below the Group average, but still sufficient to fully offset the decrease in revenue caused by the sale of the major part of Infineon's RF power components business. Given the difficult market situation and the sharp loss in value of the US dollar, CCS segment revenue is expected to decline. Due to the accelerated expansion of production capacities, the previous forecast for investments of between EUR 1.1 and EUR 1.2 billion has been raised. Investments in property, plant and equipment, intangible assets and capitalized development costs for the 2018 fiscal year are now expected to be in the region of EUR 1.2 billion. The ratio of investment to revenue at the mid-point of revenue guidance for the 2018 fiscal year would then be about 16 percent. The development reflects sizeable investments in additional manufacturing capacities, especially for electric mobility products. Depreciation and amortization is likely to be in the region of EUR 850 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 second quarter of the 2018 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 3 May 2018 at 9:30 am (CEST), 3:30 am (EDT). During the call, the Infineon Management Board will present the Company's results for the second quarter of the 2018 fiscal year. In addition, the Management Board will host a telephone conference with the media at 11:00 am (CEST), 5:00 am (EDT). 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 Q2 Investor Presentation is available (in English only) at: http://www.infineon.com/cms/en/corporate/investor/reporting/ INFINEON FINANCIAL CALENDAR (* preliminary) - 12 Jun 2018 Capital Markets Day "IFX Day 2018", London - 13 - 14 Jun 2018 Exane BNP Paribas European CEO Conference, Paris - 22 Jun 2018 Deutsche Bank AutoTech Conference, London - 1 Aug 2018* Earnings Release for the Third Quarter of the 2018 Fiscal Year - 30 Aug 2018 Commerzbank Sector Conference, Frankfurt - 24 Sept 2018 Berenberg and Goldman Sachs 7th German Corporate Conference, Unterschleißheim nearby Munich - 25 Sept 2018 Baader Investment Conference, Munich - 2 Oct 2018 ATV Presentation by Peter Schiefer, Division President, London - 12 Nov 2018* Earnings Release for the Fourth Quarter and the 2018 Fiscal Year - 14 - 15 Nov 2018 Morgan Stanley TMT Conference, Barcelona - 27 - 28 Nov 2018 Credit Suisse TMT Conference, Scottsdale, Arizona - 28 Nov 2018 Equita European Conference, Milan - 28 Nov 2018 UBS German Senior Investor Day, Munich 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 2017 fiscal year (ending 30 September), the Company reported sales of around EUR7.1 billion with about 37,500 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 - Facebook - LinkedIn 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. Contact: Bernd Hops, Media Relations, phone: +49 89 234-24123 [IMAGE], fax: +49 89 234-154123 [IMAGE] --------------------------------------------------------------------------- 03.05.2018 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 1-15 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 --------------------------------------------------------------------------- 681611 03.05.2018


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

INVESTOR-INFORMATIONEN
©boersengefluester.de
Infineon
WKN Kurs in € Einschätzung Börsenwert in Mio. €
623100 37,580 Halten 49.076,52
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
29,13 25,45 1,14 64,24
KBV KCV KUV EV/EBITDA
5,62 27,10 5,73 29,13
Dividende '19 in € Dividende '20e in € Div.-Rendite '20e
in %
Hauptversammlung
0,27 0,22 0,59 17.02.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
04.02.2021 04.05.2021 03.08.2021 10.11.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
8,41% 10,95% 19,72% 63,60%
    
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Halbleiter , 623100 , IFX , XETR:IFX