23.11.2016 Infineon Technologies AG  DE0006231004


DGAP-News: Infineon Technologies AG / Key word(s): Quarter Results/Forecast Infineon Technologies AG: AFTER A SUCCESSFUL FISCAL YEAR, INFINEON RAISES ITS THROUGH-CYCLE TARGET FOR THE SEGMENT RESULT MARGIN TO 17 PERCENT 23.11.2016 / 07:30 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Q4 FY 2016: REVENUE EUR1,675 MILLION; SEGMENT RESULT EUR280 MILLION; SEGMENT RESULT MARGIN 16.7 PERCENT; EARNINGS PER SHARE EUR0.20 (BASIC AND DILUTED); ADJUSTED EARNINGS PER SHARE EUR0.21 (DILUTED) - OUTLOOK FOR Q1 FY 2017: QUARTER-ON-QUARTER REVENUE DECREASE OF 4 PERCENT (PLUS OR MINUS 2 PERCENTAGE POINTS) DUE TO SEASONALITY, WITH SEGMENT RESULT MARGIN OF 14 PERCENT AT MID-POINT OF REVENUE GUIDANCE - OUTLOOK FOR FY 2017: 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, November 23, 2016 - Infineon Technologies AG today reported results for the fourth quarter and the 2016 fiscal year, both ended September 30, 2016. "Infineon has completed another successful fiscal year - with above-average revenue growth and a respectable improvement in earnings", stated Dr. Reinhard Ploss, CEO of Infineon. "We are strategically well positioned with our solutions for electro-mobility, autonomous driving, renewable energy generation and the efficient use of electric power. Infineon will again grow faster than the market in the current fiscal year." Infineon is the market leader in power semiconductors and benefiting particularly from the growing need for solutions that help reduce CO2 emissions. Dr. Reinhard Ploss: "Due to growing demand for power semiconductors, we will have reached a level of capacity utilization in our 300-millimeter manufacturing facilities by the end of 2017 that will allow us to begin to reap the benefits of our investment in this future-oriented technology. In light of improved productivity, efficiency benefits accruing from the integration of International Rectifier and a strong US dollar, we are raising our target for the Segment Result Margin to 17 percent over the economic cycle."
Euro in millions                  Q4 FY16           Q3 FY16  +/- in %

Revenue                             1,675             1,632               3
Segment Result                        280               254              10
Segment Result Margin               16.7%             15.6%
Income (loss) from                    228               184              24
continuing operations
Income (loss) from                    (3)                 2
operations, net of
income taxes
Net income                            225               186              21

in Euro
Basic earnings (loss)                0.20              0.16              25
per share from
continuing operations1
Basic earnings (loss)                   -                 -               -
per share from
Basic earnings per                   0.20              0.16              25

Diluted earnings (loss)              0.20              0.16              25
per share from
continuing operations1
Diluted earnings (loss)                 -                 -               -
per share from
Diluted earnings per                 0.20              0.16              25

Adjusted earnings per                0.21              0.19              11
share diluted2

Gross margin                        36.3%             36.6%
Adjusted gross margin2              37.7%             38.1%

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 FOURTH QUARTER OF THE 2016 FISCAL YEAR Infineon Group revenue grew from EUR1,632 million to EUR1,675 million quarter-on-quarter. Contributions to this 3 percent revenue growth were made by the Automotive (ATV) and Power Management & Multimarket (PMM) segments. Revenue recorded by the Industrial Power Control (IPC) and Chip Card & Security (CCS) segments was virtually unchanged. The gross margin in the fourth quarter was 36.3 percent, compared with 36.6 percent in the preceding quarter. The fourth-quarter figures include acquisition-related depreciation and amortization and other expenses attributable to the International Rectifier acquisition totaling EUR23 million. The adjusted gross margin came in at 37.7 percent, down from 38.1 percent one quarter earlier. Segment Result increased by 10 percent from EUR254 million to EUR280 million quarter-on-quarter, as a result of which the Segment Result Margin improved from 15.6 percent to 16.7 percent. The non-segment result for the three-month period was a net loss of EUR51 million, compared with a net loss of EUR61 million in the previous quarter. Of the fourth-quarter figure, EUR23 million related to the cost of goods sold, EUR2 million to research and development expenses and EUR22 million to selling, general and administrative expenses. Other operating income and other operating expenses amounted to a net expense of EUR4 million. The non-segment result includes EUR40 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 increased from EUR193 million in the third quarter of the 2016 fiscal year to EUR229 million in the fourth quarter. Income from continuing operations totaled EUR228 million, compared with EUR184 million in the previous three-month period. The loss from discontinued operations amounted to EUR3 million, compared with income of EUR2 million in the preceding quarter. Net income improved from EUR186 million to EUR225 million in the fourth quarter of the 2016 fiscal year. The figure for the fourth quarter includes EUR15 million of tax income, compared with EUR3 million of tax income recorded in the third quarter. Tax income primarily results from the reduction of deferred tax liabilities relating to the acquisition of International Rectifier and from the revaluation of deferred tax assets relating to German and foreign entities. Earnings per share improved quarter-on-quarter from EUR0.16 to EUR0.20 (basic and diluted). Adjusted earnings per share[1] (diluted) improved from EUR0.19 to EUR0.21. 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 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 - increased from EUR220 million in the third quarter to EUR277 million in the fourth quarter. Depreciation and amortization decreased marginally from EUR206 million in the third quarter to EUR203 million. Free cash flow from continuing operations totalled EUR169 million in the fourth quarter, down from EUR277 million one quarter earlier. Net cash provided by operating activities from continuing operations amounted to EUR447 million, compared with the previous quarter's EUR496 million. The gross cash position increased to EUR2,240 million at the end of the fourth quarter, up from EUR2,083 billion at June 30, 2016. The net cash position rose accordingly from EUR299 million to EUR471 million over the three-month period. Provisions and liabilities relating to Qimonda amounted to EUR32 million at September 30, 2016 and were therefore unchanged compared to the amount reported at June 30, 2016. Provisions included in this amount were recognized primarily for litigation costs in conjunction with claims made by the Qimonda insolvency administrator and for residual liabilities related to Qimonda Dresden GmbH & Co. OHG. THROUGH-CYCLE TARGET FOR THE SEGMENT RESULT MARGIN RAISED Infineon's Management Board has decided to raise the target for the Segment Result Margin throughout the cycle from 15 to 17 percent in light of the positive impact on future earnings expected to be generated by the further ramp and higher utilization of the 300-millimeter plant in Dresden as well as by cost benefits resulting from integrating International Rectifier's manufacturing landscape. Moreover, Infineon's revenue and earnings are positively impacted from the EUR/US$ exchange rate at the current level, compared to the exchange rate when the previous target was set. ACQUISITION OF 93 PERCENT OF THE SHARES OF MOTO OBJEKT CAMPEON GMBH & CO. KG On November 17, 2016, Infineon signed a purchase agreement to acquire 93 percent of the shares of MoTo Objekt Campeon GmbH & Co. KG (MoTo). MoTo is the owner and lessor of the existing Campeon office complex in Neubiberg, near Munich, the location of Infineon's headquarters. A lease agreement relating to the office complex, with a lease term of 20 years, has been in place with MoTo since October 2005. After a period of 15 years, Infineon has the right to acquire the property or lease it for an additional five- year period. The shares are being sold by Geneba RE 3 B.V. The purchase price amounts to EUR113 million and will be financed by Infineon out of cash on hand. The acquisition will earn a rate of return well above Infineon's borrowing cost and, as from the beginning of the 2017 fiscal year, is accretive to the Segment Result by a low-double digit million euro amount. Free cash flow for the 2017 fiscal year will decrease as a result of the payment of the EUR113 million purchase consideration. In subsequent years, the transaction will result in an increase in free cash flow of between EUR20 million and EUR30 million per year. The purchase requires the approval of the responsible regulatory authorities. DIVIDEND FOR THE 2016 FISCAL YEAR: EUR0.22 PER SHARE In alignment with the Supervisory Board, the Management Board resolved to propose to the shareholders at the Annual General Meeting on February 16, 2017 that the dividend be raised by EUR0.02 (10 percent) to EUR0.22. During the preceding fiscal years, the dividend had already been increased in two steps from EUR0.12 for the 2013 fiscal year to EUR0.20 for the 2015 fiscal year. Infineon's dividend policy is to let participate shareholders appropriately in growing earnings or, in times of flat or declining earnings, to at least keep the dividend at a constant level. OUTLOOK FOR FIRST QUARTER OF THE 2017 FISCAL YEAR In the first quarter of the 2017 fiscal year, Infineon expects a quarter- on-quarter revenue decrease of 4 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 the forecast revenue range, the Segment Result Margin is expected to be 14 percent. OUTLOOK FOR THE 2017 FISCAL YEAR Based on an assumed exchange rate of US$1.10 to the euro, Infineon expects revenue growth in 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 the forecast revenue range. The Automotive segment is expected to grow at a substantially faster rate than the Group average. Growth in the Industrial Power Control segment is forecast to be roughly in line with or slightly above the Group average. The Power Management & Multimarket and Chip Card & Security 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. This figure includes approximately EUR35 million for a new building at Infineon's headquarters in Neubiberg near Munich. The ratio for investments as a percentage of revenue (at the mid-point of the planned revenue range for the 2017 fiscal year) excluding expenditure on the new office building is approximately 13 percent. Depreciation and amortization are expected to be about EUR830 million. Infineon's segments' performance in the fourth quarter of the 2016 fiscal year can be found in the quarterly information at www.infineon.com. All figures in this quarterly information are preliminary and unaudited. ANALYST TELEPHONE CONFERENCE AND PRESS CONFERENCE Infineon will host a telephone conference call for analysts and investors (in English only) on November 23, 2016 at 9:30 am (CET), 3:30 am (ET). During the call, the Infineon Management Board will present the Company's results for the fourth quarter of the 2016 fiscal year. In addition, the Management Board will host a live press 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 Q4 Investor Presentation is available (in English only) at: http:// www.infineon.com/cms/en/corporate/investor/reporting/ INFINEON FINANCIAL CALENDAR (* preliminary) - Nov 29 - 30, 2016 Credit Suisse TMT Conference, Scottsdale (AZ) - Dec 8, 2016 Berenberg European Conference, Pennyhill Park, Surrey, London - Feb 2, 2017* Earnings Release for the First Quarter of the 2017 Fiscal Year - Feb 16, 2017 Annual General Meeting 2017, Munich - Feb 27 - Mar 2, 2017 Mobile World Congress, Barcelona - 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 - 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. [1] 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. --------------------------------------------------------------------------- 23.11.2016 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 --------------------------------------------------------------------------- 523355 23.11.2016

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