29.01.2015 Infineon Technologies AG  DE0006231004

DGAP-News: Infineon Technologies AG: SOLID START INTO THE NEW FINANCIAL YEAR


 
DGAP-News: Infineon Technologies AG / Key word(s): Quarter Results/Forecast Infineon Technologies AG: SOLID START INTO THE NEW FINANCIAL YEAR 29.01.2015 / 07:30 --------------------------------------------------------------------- - Q1 FY 2015: REVENUE OF EUR1,128 MILLION UP 15 PERCENT YEAR-ON-YEAR; SEGMENT RESULT OF EUR169 MILLION; SEGMENT RESULT MARGIN OF 15.0 PERCENT; SEGMENT RESULT MARGIN POSITIVELY INFLUENCED BY EXCHANGE RATE AND ONE-TIME EFFECT OF ADJUSTMENT TO RENTAL PAYMENTS FOR GROUP HEADQUARTERS. EXCLUDING THESE FACTORS, SEGMENT RESULT MARGIN AT UPPER END OF FORECASTED RANGE - OUTLOOK Q2 FY 2015 (EXCLUDING INTERNATIONAL RECTIFIER): REVENUE INCREASE COMPARED WITH THE PREVIOUS QUARTER OF BETWEEN 5 AND 9 PERCENT AND SEGMENT RESULT MARGIN OF BETWEEN 12 AND 13 PERCENT EXPECTED - OUTLOOK FY 2015 (EXCLUDING INTERNATIONAL RECTIFIER): BASED ON AN ASSUMED EXCHANGE RATE OF US$ 1.20 TO THE EURO, REVENUE GROWTH COMPARED WITH THE PREVIOUS YEAR OF 12 PERCENT, PLUS OR MINUS 2 PERCENTAGE POINTS, AND AT THE MID-POINT OF THAT RANGE SEGMENT RESULT MARGIN OF BETWEEN 14 AND 15 PERCENT EXPECTED - ACQUISITION OF INTERNATIONAL RECTIFIER SUCCESSFULLY COMPLETED ON JANUARY 13, 2015. INFINEON IS STRENGTHENING POSITION AS LARGEST SUPPLIER OF POWER SEMICONDUCTORS, OFFERING THE BROADEST PORTFOLIO OF PRODUCTS AND TECHNOLOGIES FOR USE IN ENERGY-EFFICIENCY APPLICATIONS Neubiberg, Germany, January 29, 2015 - Infineon Technologies AG today reports its results for the first quarter of the 2015 fiscal year ended December 31, 2014. "We had a good start into the new fiscal year. Revenue and margin have developed better than expected during the three-month period, in particular due to the strength of the dollar. Even adjusted for the tailwind from the dollar and one-time effects, reported figures would have been at the upper end of the forecasted range, reflecting Infineon's ability to perform well, even in times of uncertainty. Compared in each case to the equivalent quarter of the previous year, our business has now grown for seven quarters in succession", stated Dr. Reinhard Ploss, CEO of Infineon Technologies AG. "Market conditions remain challenging. We are nevertheless confident that Infineon will continue to grow. The successful acquisition of International Rectifier will provide an additional boost."

in Euro million                                 Q1 FY15   Q4 FY14  +/- in %

Revenue                                           1,128     1,175        -4
Segment Result                                      169       188       -10
Segment Result Margin [in %]                       15.0      16.0
Income (loss) from continuing operations            130       148       -12
Income (loss) from discontinued operations,           6        33       -82
net of income taxes
Net income                                          136       181       -25

in Euro
Basic earnings (loss) per share from               0.12      0.13        -8
continuing operations1
Basic earnings (loss) per share from                  -      0.03         -
discontinued operations1
Basic earnings per share1                          0.12      0.16       -25

Diluted earnings (loss) per share from             0.12      0.13        -8
continuing operations1
Diluted earnings (loss) per share from                -      0.03         -
discontinued operations1
Diluted earnings per share1                        0.12      0.16       -25



1 The calculation for earnings per share is based on unrounded figures. REVIEW OF GROUP FINANCIALS FOR THE FIRST QUARTER OF THE 2015 FISCAL YEAR Revenue of the Infineon Group decreased by 4 percent quarter-on-quarter in the first quarter of the 2015 fiscal year to EUR1,128 million due to seasonality, compared with EUR1,175 million in the fourth quarter of the previous fiscal year. On a year-on-year basis it increased by 15 percent from EUR984 million in the first quarter of the 2014 fiscal year. The lower-than-expected sequentially decrease in revenue partly reflected the fact that the US dollar was stronger than expected against the euro during the reporting period, adding some EUR20 million to Infineon's revenue compared to the the assumptions underlying our previous guidance. Excluding this effect, the quarter-on-quarter decrease in revenue would have been at the more favorable end of the originally forecasted range of between minus 5 and minus 9 percent. Segment Result fell quarter-on-quarter by 10 percent from EUR188 million to EUR169 million. The Segment Result Margin for the three-month period came in at 15.0 percent, compared to 16.0 percent in the fourth quarter of the 2014 fiscal year. As with revenue, the strength of the US dollar against the euro also impacted Segment Result positively. The reduction in the rental liability for the Group's Campeon headquarters - recognized on a linear basis following a change in future expected rental payments - also had an additional positive one-time effect. Excluding these two factors, the Segment Result Margin would have amounted to approximately 13 percent and - similar to revenue - would therefore also have been at the upper end of the original forecast of a Segment Result Margin of between 10 and 13 percent. Operating income for the first quarter of the current fiscal year totaled EUR153 million, compared with EUR118 million in the preceding quarter. The figure for the previous quarter included an exceptional expense of EUR83 million relating to a fine imposed by the European Commission in conjunction with antitrust proceedings against several manufacturers of semiconductors used in chip card applications. Income from continuing operations decreased from EUR148 million in the preceding quarter to EUR130 million in the first quarter of the 2015 fiscal year. A tax expense of EUR24 million arose in the first quarter of the new fiscal year, corresponding to an effective tax rate of 16 percent. In comparison, Infineon reported a tax benefit of EUR29 million in the fourth quarter of the 2014 fiscal year, reflecting the fact that the current tax expense for that period was more than offset by the revaluation of deferred tax assets. Income from discontinued operations decreased quarter-on-quarter to EUR6 million. The equivalent figure for the fourth quarter of the 2014 fiscal year was EUR33 million, reflecting the partial reversal of provisions in conjunction with the partial settlement reached with the Qimonda insolvency administrator. Net income for the first quarter of the current fiscal year totaled EUR136 million, compared with EUR181 million in the preceding quarter. First-quarter earnings per share (basic and diluted) amounted to EUR0.12, compared with EUR0.16 one quarter earlier. Investments - which Infineon defines as the sum of purchases of property, plant and equipment, purchases of intangible assets and capitalized development assets -amounted to EUR141 million in the first quarter of the 2015 fiscal year. This figure includes EUR21 million relating to patents acquired in conjunction with the settlement reached with the Qimonda insolvency administrator which are reported as "available for sale". Investments in the fourth quarter of the preceding fiscal year totaled EUR242 million. Depreciation and amortization increased from EUR137 million in the preceding quarter to EUR141 million in the first quarter of the new fiscal year. Free cash flow from continuing operations in the fourth quarter of the 2014 fiscal year was a positive amount of EUR158 million. In the first quarter, the equivalent figure was a negative amount of EUR171 million, with a lower net income and changes in working capital contributing to the deterioration. More significant, however, was the impact of the payments made during the period relating to a fine arising in conjunction with EU-antitrust proceedings against the Chip Card & Security segment (EUR83 million) and to the purchase of Qimonda patents and the settlement of disputes relating to patent usage rights following an extra-judicial agreement reached with the Qimonda insolvency administrator (EUR125 million). Excluding these two exceptional cash outflows, free cash flow from continuing operations would have been a positive amount of EUR37 million. The payment of a further EUR135 million for the portion of the settlement reached with the insolvency administrator that does not relate to the Qimonda patents contributed to a negative free cash flow of EUR140 million from discontinued operations. As a result of the negative free cash flow, Infineon's gross cash position fell from EUR2,418 million at September 30, 2014 to EUR2,107 million at December 31, 2014. Correspondingly, the net cash position decreased from EUR2,232 million at September 30, 2014 to EUR1,917 million at the end of the first quarter. ACQUISITION OF INTERNATIONAL RECTIFIER Infineon successfully completed the acquisition of International Rectifier on January 13, 2015. Due to the short period of time between the completion of the acquisition and the date of reporting the figures for the first quarter, Infineon has not yet reported on the acquisition in accordance with IFRS requirements and has not yet presented an outlook for the International Rectifier sub-group. Infineon is planning to report financials and an outlook for the entire Group (including the business acquired from International Rectifier) when reporting the figures for the six-month period on May 5, 2015. For the quarter ended December 31, 2014, International Rectifier achieved revenue of US$275 million and an adjusted operating income-margin (adjusted by amortization on intangible assets, restructuring and merger-related costs) of 7.0 percent in accordance with US GAAP (unaudited figures). Net cash stood at US$658 million as of December 31, 2014. OUTLOOK FOR THE SECOND QUARTER OF THE 2015 FISCAL YEAR (excluding International Rectifier) Based on an assumed exchange rate of US$1.20 to the euro, Infineon expects quarter-on-quarter revenue growth of between 5 and 9 percent in the second quarter of the 2015 fiscal year. All segments are forecast to contribute to the expected revenue growth. A Segment Result Margin of between 12 and 13 percent is forecast. OUTLOOK FOR THE 2015 FISCAL YEAR (excluding International Rectifier) Based on an assumed exchange rate of US$1.20 (previously US$1.30) to the euro, Infineon forecasts a year-on-year growth in revenue of 12 percent, plus or minus 2 percentage points. So far, Infineon had expected sales growth of 8 percent, plus or minus 2 percentage points. At the mid-point of the planned range for revenue growth, the Segment Result Margin is expected to come in at between 14 and 15 percent. Previously, Infineon had predicted a Segment Result Margin of about 14 percent. The Power Management & Multimarket (PMM) and Chip Card & Security (CCS) segments are expected to record faster revenue growth than the average for the Group as a whole. The growth rate for the Automotive (ATV) segment should be roughly in line with the Group average. Revenue growth in the Industrial Power Control (IPC) segment is likely to be below the Group average. Expected investments for the 2015 fiscal year are around EUR750 million containing an amount of about 13 to 14 percent of sales for investments for equipment within our operating facilities and for intangibles as one part. In addition between EUR60-70 million will be spent for readying the second shell in Kulim, Malaysia, for volume production and payments of EUR21 million are included for the purchase of Qimonda patents in conjunction with the settlement reached with the insolvency administrator of Qimonda AG. Depreciation and amortization is expected to amount to approximately EUR600 million. Infineon segments' performance in the first quarter of the 2015 fiscal year can be found in the quarterly information at http://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 January 29, 2015 at 9:30 am (CET), 3:30 am (EST). During the call, the Infineon Management Board will present the Company's results from the first quarter of the 2015 fiscal year. In addition, the Management Board will host a live 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: http://www.infineon.com/cms/en/corporate/investor/reporting/index.html INFINEON FINANCIAL CALENDAR (*preliminary) - Feb 12, 2015 Annual General Meeting 2015, Munich - May 5, 2015* Earnings Release for the Second Quarter of the 2015 Fiscal Year - Jun 2, 2015 DZ Bank Sustainability Conference, Zurich - Jul 30, 2015* Earnings Release for the Third Quarter of the 2015 Fiscal Year - Sep 22, 2015 Baader Investment Conference, Munich - Sep 23, 2015 Berenberg Bank and Goldman Sachs German Corporate Conference, Munich - Nov 11-13, 2015 Morgan Stanley TMT Conference, Barcelona - Nov 26, 2015* Earnings Release for the Fourth Quarter and Full 2015 Fiscal Year - Nov 30-Dec 3, 2015 Credit Suisse TMT Conference, Scottsdale/Arizona ABOUT INFINEON Infineon Technologies AG is a world leader in semiconductors. Infineon offers products and system solutions addressing three central challenges to modern society: energy efficiency, mobility, and security. In the 2014 fiscal year (ending September 30), the company reported sales of euro 4.3 billion with about 29,800 employees worldwide. In January 2015, Infineon acquired US-based International Rectifier Corporation, a leading provider of power management technology, with revenues of US$1.1 billion (fiscal year 2014 ending June 29) and approximately 4,200 employees. 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 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. --------------------------------------------------------------------- 29.01.2015 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. Media archive at www.dgap-medientreff.de and 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: investor.relations@infineon.com Internet: www.infineon.com ISIN: DE0006231004 WKN: 623100 Indices: DAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart; Terminbörse EUREX End of News DGAP News-Service --------------------------------------------------------------------- 317221 29.01.2015


Die wichtigsten Finanzdaten auf einen Blick
  2012 2013 2014 2015 2016 2017 2018 2019e
Umsatzerlöse1 3.904,00 3.843,00 4.320,00 5.795,00 6.473,00 7.063,00 7.599,00 8.000,00
EBITDA1,2 881,00 793,00 1.042,00 1.315,00 1.596,00 1.795,00 2.330,00 2.360,00
EBITDA-Marge3 22,57 20,63 24,12 22,69 24,66 25,41 30,66 29,50
EBIT1,4 455,00 325,00 528,00 555,00 763,00 983,00 1.469,00 1.380,00
EBIT-Marge5 11,65 8,46 12,22 9,58 11,79 13,92 19,33 17,25
Jahresüberschuss1 427,00 272,00 535,00 634,00 743,00 790,00 1.075,00 1.080,00
Netto-Marge6 10,94 7,08 12,38 10,94 11,48 11,19 14,15 13,50
Cashflow1,7 667,00 601,00 981,00 817,00 1.313,00 1.728,00 1.575,00 1.605,00
Ergebnis je Aktie8 0,39 0,25 0,48 0.56 0,66 0,70 0,95 0,93
Dividende8 0,12 0,12 0,18 0,20 0,22 0,25 0,27 0,28
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 17,974 Halten 20.443,87
KGV 2020e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
17,12 21,71 0,788 28,81
KBV KCV KUV EV/EBITDA
3,22 12,98 2,69 8,903
Dividende '17 in € Dividende '18 in € Div.-Rendite '18
in %
Hauptversammlung
0,25 0,27 1,50 21.02.2019
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
05.02.2019 07.05.2019 01.08.2019 12.11.2019
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-8,28% -6,78% 3,51% -25,11%
    
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Halbleiter , 623100 , IFX , XETR:IFX