SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
July 25, 2008
INFINEON TECHNOLOGIES AG
Am Campeon 1-12
D-85579 Neubiberg/Munich
Federal Republic of Germany
Tel: +49-89-234-0
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F
þ
Form 40-F
o
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
o
No
þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82-
.
This Report on Form 6-K dated July 25, 2008, contains a quarterly report of Infineon Technologies AG
for the Companys third quarter of the 2008 fiscal
year.
News Release / Presseinformation
KEY FIGURES FOR THE THIRD QUARTER OF THE 2008 FISCAL YEAR
|
|
For the third quarter of the 2008 fiscal year, Infineon reported revenues of Euro 1,029
million. Infineon EBIT was Euro 71 million, compared to Euro 36 million in the prior quarter.
Infineon EBIT included a net gain of Euro 41 million in the third quarter, mainly in
connection with the sale of its Hard Disk Drive business, and net charges of Euro 8 million in
the second quarter. For the third quarter, net income from continuing operations was Euro 45
million or Euro 0.06 per share (basic and diluted).
|
|
|
The net loss from discontinued operations was Euro 637 million for the third quarter. This
loss included Infineons share in Qimondas net loss, as well as charges of Euro 411 million
from the write-down of Qimonda to its estimated fair value less costs to sell. Basic and
diluted loss per share from discontinued operations was Euro 0.85.
|
|
|
For the third quarter, Infineon reported group net loss of Euro 592 million, and basic and
diluted loss per share of Euro 0.79.
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3 months
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3 months
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3 months
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ended
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year-on-year
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ended
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sequential
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ended
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in Euro million
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Jun 30, 07
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+/- in %
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Mar 31, 08
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+/- in %
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Jun 30, 08
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Revenues
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1,011
|
|
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2
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%
|
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1,049
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(2
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%)
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1,029
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Infineon EBIT
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13
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+++
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36
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97
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%
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71
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Income (loss) from continuing operations
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(10
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)
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+++
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19
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+++
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45
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Loss from discontinued operations, net of tax
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(187
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)
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- - -
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(1,390
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)
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54
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%
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(637
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)
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Net loss
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(197
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)
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- - -
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(1,371
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)
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57
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%
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(592
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)
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Basic and diluted earnings (loss) per share from continuing operations
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(0.01
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)
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+++
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0.03
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+++
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0.06
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Basic and diluted loss per share from discontinued operations
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(0.25
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)
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- - -
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(1.85
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)
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54
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%
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(0.85
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)
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Basic and diluted loss per share (in Euro)
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|
(0.26
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)
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- - -
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(1.82
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)
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57
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%
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|
(0.79
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)
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|
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|
With the reclassification of Qimondas assets and liabilities as held for disposal, effective
March 31, 2008, the individual line items in Infineons condensed consolidated statements of
operations, including Revenues, reflect Infineons continuing operations without Qimonda. All
results relating to Qimonda are reported in the line item Income (loss) from discontinued
operations, net of tax. The definition of EBIT excludes Qimonda, and is referred to as
Infineon EBIT.
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Infineon EBIT included a net gain of Euro 41 million in the third quarter, mainly in connection
with the sale of the Hard Disk Drive business to LSI, and net charges of Euro 8 million in the
second quarter, mainly in connection with restructuring.
|
OUTLOOK FOR FOURTH QUARTER OF THE 2008 FISCAL YEAR
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|
Infineon expects revenues for the fourth quarter to increase by a mid single-digit
percentage compared to the third quarter. Infineon EBIT excluding net gains or charges is
anticipated to remain stable or decline slightly compared to the prior quarter. In connection
with the companys IFX10+ cost-reduction program, net charges are expected to be significant
in the fourth quarter.
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|
Revenues for the fourth quarter in the Automotive, Industrial & Multimarket segment are
expected to increase by a mid single-digit percentage sequentially, with segment EBIT margin
of 9 to 10 percent excluding net gains or charges. Revenues in the Communication Solutions
segment are expected to increase and range between Euro 330 million and Euro 350 million. Segment
EBIT loss, excluding net gains or charges, is anticipated to improve driven by the revenue
increase.
|
- 1 -
News Release / Presseinformation
Infineon reports results for the third quarter of the 2008 fiscal year
Neubiberg, Germany July 25, 2008 Infineon Technologies AG (FSE/NYSE:IFX) today reported results
for the third quarter of the 2008 fiscal year, ended June 30, 2008.
Infineons revenues in the third quarter of the 2008 fiscal year were Euro 1,029 million, down two
percent sequentially and up two percent year-over-year. The sequential decline reflects a decrease
of revenues in the Automotive, Industrial & Multimarket segment. Excluding effects from currency
fluctuations, primarily between the U.S. dollar and the Euro, and acquisitions and divestitures,
revenues increased one percent sequentially and six percent year-over-year.
Infineon EBIT was Euro 71 million in the third quarter, up from Euro 36 million in the prior
quarter. Infineon EBIT in the third quarter included a net gain of Euro 41 million, mainly in
connection with the sale of the Hard Disk Drive (HDD) business to LSI. Infineon EBIT in the third
quarter also included Euro 7 million for the amortization of acquisition-related intangible assets
related mainly to the business acquired from LSI. Infineon EBIT in the second quarter included net
charges of Euro 8 million, and Euro 5 million in amortization of such acquired intangible assets.
For additional detail on net gains and charges included in Infineon EBIT, please see the table on
page 9 of this release.
Net income from continuing operations for the third quarter was Euro 45 million, resulting in basic
and diluted earnings per share of Euro 0.06. For the second quarter, net income from continuing
operations was Euro 19 million, and basic and diluted earnings per share were Euro 0.03.
The net loss from discontinued operations was Euro 637 million for the third quarter. This loss
included Infineons share in Qimondas net loss, as well as charges of Euro 411 million from the
write-down of Qimonda to its estimated fair value less costs to sell. Basic and diluted loss per
share from discontinued operations was Euro 0.85.
- 2 -
For the third quarter, Infineon reported group net loss of Euro 592 million, and basic and diluted
loss per share of Euro 0.79.
From March 31, 2008, the financial reports of Infineon focus on the ongoing operations of the
company. As a result, the assets and liabilities of Qimonda have been reclassified as held for
disposal in the condensed consolidated balance sheets, and the individual line items in the
condensed consolidated statements of operations reflect the results of Infineons segments
excluding Qimonda. The results of operations of Qimonda are reported in one line item titled
Income (loss) from discontinued operations, net of tax. In addition, earnings per share as well
as the statements of cash flows differentiate between continuing and discontinued operations.
Infineons outlook for the fourth quarter of the 2008 fiscal year
For the fourth quarter of the 2008 fiscal year, Infineon expects revenues to increase by a mid
single-digit percentage compared to the third quarter. However, the company notes that market risks
in general are likely to rise and that the persistent weakness of the U.S. dollar against the Euro
is adding to normal price declines in the companys markets. The company anticipates Infineon EBIT,
excluding net gains or charges, to remain stable or decline slightly. Infineon EBIT in the fourth
quarter will include temporarily increased costs, as shipments of DRAM wafers out of Infineons
200-millimeter wafer facility in Dresden, Germany, to Qimonda came to an end in the third quarter.
In connection with the companys IFX10+ cost-reduction program, the company expects to record
significant net charges in the fourth quarter.
Infineons cost-reduction program IFX 10+
Addressing rising risks in the current market environment, adverse currency trends as well as below
benchmark margins, Infineon has implemented its cost-reduction program IFX10+ in the third
quarter of the 2008 fiscal year. From the third quarter of the 2008 fiscal year to the fourth
quarter of the 2009 fiscal year, assuming a continuation of current market conditions and an
exchange rate of U.S. dollar 1.55 against the Euro, IFX10+ is expected to yield at least Euro 200
million of annualized savings.
To achieve those cost savings, measures have been defined in the following areas:
|
o
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Product portfolio management to eliminate unprofitable or insufficiently profitable
product families and to increase efficiency in Research & Development (R&D)
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o
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Reduction of manufacturing costs and optimization of the value chain
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o
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Improved efficiency of processes and tasks in the fields of G&A, R&D and
marketing & sales
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- 3 -
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o
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Re-organization of the companys structure along its target markets. Effective October
1, 2008, Infineon will be organized into five divisions: Automotive, Chipcard & Security,
Industrial & Multimarket, Wireline Communications and Wireless Solutions.
|
Taking into account the levels of risk in the current market conditions, the adverse foreign
exchange rate development and the requirements of the re-organization of the company, headcount
reductions will be inevitable. Infineon must adapt its size to todays market conditions. In the
course of the implementation of these measures, it will be necessary to reduce headcount by a gross
figure of approximately 3,000 employees. This figure refers to all sites, functions and levels
across the company.
Third quarter results illustrate that we are driving growth and margins in our core business. On a
year-over-year comparison, both revenues and Infineon EBIT improved, despite a 21 cent weakening of
the U.S. dollar against the Euro, said Peter Bauer, CEO of Infineon Technologies AG. As we seek
to continue on this path despite adverse exchange rate trends and increasing risks in the overall
economic environment, we have implemented our IFX10+ cost-reduction program and have accelerated
all activities of cost reduction and margin improvement. Within five quarters, we expect to realize
at least Euro 200 million in annualized savings that should pave the way for continued
profitability and EBIT margin improvement.
Additional details concerning the outlook can be found in the segments sections below.
Segments third quarter performance and outlook
Automotive, Industrial & Multimarket (AIM)
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Bars:
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Revenues in millions of Euro;
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Line:
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Reported EBIT margin in percent with
|
|
|
|
|
segment EBIT in millions of Euro.
|
- 4 -
In the third quarter of the 2008 fiscal year, the Automotive, Industrial & Multimarket segment
reported revenues of Euro 712 million, down 4 percent sequentially and 5 percent year-over-year.
The sequential decline was mostly due to the impact of the weakening U.S dollar, the weak U.S.
automotive business and the deconsolidation of the HDD business, effective April 25, 2008.
Excluding the effects of currency fluctuations, primarily between the U.S. dollar and the Euro, and
acquisitions and divestitures, segment revenues decreased one percent sequentially and rose five
percent year-over-year. Segment EBIT was Euro 106 million compared to Euro 69 million in the second
quarter. Included in the segments EBIT for the third quarter of the 2008 fiscal year was a net
gain of Euro 43 million, primarily resulting from the sale of the HDD business to LSI. Net gains
and charges included in the segment EBIT for the second quarter were negligible. In the third
quarter, Infineon has acquired Primarion, a digital power company headquartered in California.
Results in the Automotive business decreased compared to the prior quarter as ongoing weakness in
demand from U.S. car manufacturers could not be offset by continued solid demand in the European
and Asian markets. In the Industrial & Multimarket business, revenues were relatively flat compared
to the last quarter, despite a more moderate environment in the consumer, computing and telecom
markets. Demand for high-power products remained strong. The results of the Security & ASICs
business decreased compared to the second quarter, as anticipated, mostly due to the expected
normalization in demand for chip card ICs as well as the deconsolidation of the HDD business
following its sale to LSI.
Automotive, Industrial & Multimarkets outlook for the fourth quarter of 2008 fiscal year
In the fourth
quarter of the 2008 fiscal year, Infineon expects revenues of its Automotive,
Industrial & Multimarket segment to increase by a mid single-digit percentage compared to the third
quarter. The increase will be driven mostly by normal seasonality in the industrial & multimarket
business. Segment EBIT margin is expected to be in the range of 9 to 10 percent, excluding net
gains or charges.
Revenues in the segments Automotive business are expected to remain broadly unchanged compared to
the third quarter despite continued weakness in the U.S. automotive market. Revenues in the
Industrial & Multimarket business are anticipated to increase. Results in the Security & ASICs
business are anticipated to increase slightly compared to the prior quarter, driven by the chip
card IC business. The ASIC business is expected to remain flat sequentially.
]
- 5 -
Communication Solutions (COM)
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|
|
|
|
|
Bars:
|
|
Revenues in millions of Euro;
|
|
|
Line:
|
|
Reported EBIT margin in percent with
|
|
|
|
|
segment EBIT in millions of Euro.
|
In the third quarter of the 2008 fiscal year, revenues in the Communication Solutions segment were
Euro 313 million, up 4 percent compared to the prior quarter and up 21 percent year-over-year.
Excluding the effects of currency fluctuations, primarily between the U.S. dollar and the Euro, and
the contributions from the mobile phone business acquired from LSI and the DSL CPE activities
acquired from Texas Instruments, segment revenues increased eight percent sequentially and nine
percent year-over-year. Segment EBIT for the third quarter was negative Euro 30 million, compared
to negative Euro 29 million in the prior quarter. Despite the positive effect of the revenue
increase, segment EBIT was held back by customization expenses relating to the ramp of new mobile
phone platforms. Segment EBIT contained no significant net gains or charges in either quarter.
Included in the segment EBIT for the third quarter was amortization of acquired intangible assets
of Euro 7 million relating mainly to the mobile phone business acquired from LSI, compared to Euro
5 million for the second quarter.
In the wireless business, revenues increased compared to the second quarter, mainly due to the
ramp-up of the HSDPA mobile phone platform. Results in the broadband business increased slightly,
driven by the infrastructure business.
Communication Solutions outlook for the fourth quarter of the 2008 fiscal year
In the fourth quarter of the 2008 fiscal year, revenues in the Communication Solutions segment are
expected to increase to a range of Euro 330 million to Euro 350 million. This increase reflects
mainly the continued ramp-up of the companys HSDPA mobile platform solutions. The broadband
business is anticipated to remain broadly unchanged compared to the third quarter. Segment EBIT
loss, excluding net gain or charges, is expected to improve, driven by the revenue increase.
- 6 -
Other Operating Segments / Corporate and Eliminations
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
Revenues in Euro million
|
|
Jun 30, 07
|
|
Sep 30, 07
|
|
Dec 31, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
Other Operating Segments
|
|
|
54
|
|
|
|
45
|
|
|
|
38
|
|
|
|
39
|
|
|
|
15
|
|
Corporate and Eliminations
|
|
|
(54
|
)
|
|
|
(50
|
)
|
|
|
(47
|
)
|
|
|
(33
|
)
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
EBIT in Euro million
|
|
Jun 30, 07
|
|
Sep 30, 07
|
|
Dec 31, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
Other Operating Segments
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
|
|
|
|
1
|
|
Corporate and Eliminations
|
|
|
(25
|
)
|
|
|
(26
|
)
|
|
|
(13
|
)
|
|
|
(4
|
)
|
|
|
(6
|
)
|
EBIT in Other Operating Segments and Corporate and Eliminations in the third quarter did not
include any significant net gains or charges. In the second quarter, EBIT in these segments
included charges of Euro 8 million, mainly in connection with restructuring.
Other Operating Segments / Corporate and Eliminations outlook for the fourth quarter of the 2008
fiscal year
In the fourth quarter, Infineon expects revenues in Other Operating Segments to decline compared to
the third quarter as shipments of DRAM wafers out of Infineons 200-millimeter wafer facility in
Dresden to Qimonda came to an end in the third quarter. EBIT excluding net gains or charges for
Other Operating Segments and Corporate and Eliminations combined is anticipated to be approximately
negative Euro 20 million. Included in the combined EBIT will be temporarily increased costs in
connection with the 200-millimeter wafer facility in Dresden. In connection with the companys
IFX10+ cost-reduction program, net charges are expected to be significant in the fourth quarter.
Qimonda
In preparation for the ultimate disposal of Qimonda AG, Infineon has reclassified the assets and
liabilities of Qimonda as held for disposal in its condensed consolidated balance sheets beginning
on March 31, 2008. With this decision, the individual line items in the condensed consolidated
statements of operations on page 8 of this release reflect Infineons continuing operations without
Qimonda. All results relating to Qimonda are reported in the line item Income (loss) from
discontinued operations, net of tax.
For the third quarter, the net loss from discontinued operations was Euro 637 million. This loss
included Infineons share in Qimondas net loss, as well as charges of Euro 411 million from the
write-down of Qimonda to its estimated fair value less costs to sell. Basic and diluted loss per
share from discontinued operations was Euro 0.85 for the third quarter. Infineons beneficial
ownership interest in Qimonda as of June 30, 2008 was 77.5 percent.
- 7 -
Major business highlights of Infineons segments in the third quarter of the 2008 fiscal year can
be found in this document after the financial tables.
All figures are preliminary and unaudited.
Analyst and press telephone conferences
Infineon Technologies AG will conduct a telephone conference (in English only) with analysts and
investors on July 25, 2008, at 10:00 a.m. Central European Summer Time (CEST), 4:00 a.m. Eastern
Daylight Time (U.S. EDT), to discuss operating performance during the third quarter of the 2008
fiscal year. In addition, the Infineon Management Board will host a telephone conference with the
media at 11:30 a.m. (CEST), 5:30 a.m. (U.S. EDT). It can be followed in German and English over the
Internet. Both conferences will be available live and for download on the Infineon web site at
http://corporate.infineon.com
.
IFX financial calendar
(*preliminary date)
Ø
Dec 03, 2008* Earnings Release for the Fourth Quarter and Full 2008 Fiscal Year
Ø
Feb 12, 2009* Annual General Meeting of Shareholders
New in the IFX pod cast section at
www.infineon.com/podcast
Ø
Fixed Mobile Convergence
Ø
Exploring exposure: sophistication of the exposure process in the semiconductor industry
- 8 -
FINANCIAL INFORMATION
According to U.S. GAAP Preliminary and Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
|
Jun 30, 07
|
|
Jun 30, 08
|
|
|
|
|
Net sales
|
|
|
1,011
|
|
|
|
1,049
|
|
|
|
1,029
|
|
|
|
|
2,947
|
|
|
|
3,168
|
|
Cost of goods sold
|
|
|
(676
|
)
|
|
|
(681
|
)
|
|
|
(666
|
)
|
|
|
|
(1,981
|
)
|
|
|
(2,048
|
)
|
|
|
|
|
Gross profit
|
|
|
335
|
|
|
|
368
|
|
|
|
363
|
|
|
|
|
966
|
|
|
|
1,120
|
|
|
|
|
|
Research and development expenses
|
|
|
(196
|
)
|
|
|
(181
|
)
|
|
|
(181
|
)
|
|
|
|
(577
|
)
|
|
|
(568
|
)
|
Selling, general and administrative expenses
|
|
|
(124
|
)
|
|
|
(136
|
)
|
|
|
(145
|
)
|
|
|
|
(365
|
)
|
|
|
(418
|
)
|
Restructuring charges
|
|
|
(20
|
)
|
|
|
(6
|
)
|
|
|
(2
|
)
|
|
|
|
(42
|
)
|
|
|
(11
|
)
|
Other operating income, net
|
|
|
18
|
|
|
|
2
|
|
|
|
43
|
|
|
|
|
22
|
|
|
|
75
|
|
|
|
|
|
Operating income
|
|
|
13
|
|
|
|
47
|
|
|
|
78
|
|
|
|
|
4
|
|
|
|
198
|
|
|
|
|
|
Interest expense, net
|
|
|
(12
|
)
|
|
|
(10
|
)
|
|
|
(12
|
)
|
|
|
|
(33
|
)
|
|
|
(28
|
)
|
Equity in earnings of associated companies, net
|
|
|
|
|
|
|
2
|
|
|
|
1
|
|
|
|
|
|
|
|
|
3
|
|
Other non-operating income (expense), net
|
|
|
2
|
|
|
|
(6
|
)
|
|
|
(1
|
)
|
|
|
|
14
|
|
|
|
(5
|
)
|
Minority interests
|
|
|
(2
|
)
|
|
|
(7
|
)
|
|
|
(7
|
)
|
|
|
|
(6
|
)
|
|
|
(24
|
)
|
|
|
|
|
Income (loss) before income taxes , discontinued operations, and
extraordinary loss
|
|
|
1
|
|
|
|
26
|
|
|
|
59
|
|
|
|
|
(21
|
)
|
|
|
144
|
|
|
|
|
|
Income tax expense
|
|
|
(11
|
)
|
|
|
(7
|
)
|
|
|
(14
|
)
|
|
|
|
(44
|
)
|
|
|
(35
|
)
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
(10
|
)
|
|
|
19
|
|
|
|
45
|
|
|
|
|
(65
|
)
|
|
|
109
|
|
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
|
(187
|
)
|
|
|
(1,390
|
)
|
|
|
(637
|
)
|
|
|
|
12
|
|
|
|
(2,468
|
)
|
|
|
|
|
Loss before extraordinary loss
|
|
|
(197
|
)
|
|
|
(1,371
|
)
|
|
|
(592
|
)
|
|
|
|
(53
|
)
|
|
|
(2,359
|
)
|
|
|
|
|
Extraordinary loss, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35
|
)
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(197
|
)
|
|
|
(1,371
|
)
|
|
|
(592
|
)
|
|
|
|
(88
|
)
|
|
|
(2,359
|
)
|
|
|
|
|
|
|
|
|
Basic
and diluted earnings (loss) per share*:
|
|
|
|
Shares in millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding basic and diluted
|
|
|
749
|
|
|
|
750
|
|
|
|
750
|
|
|
|
|
748
|
|
|
|
750
|
|
|
|
|
|
Basic and diluted earnings (loss) per share from continuing operations
|
|
|
(0.01
|
)
|
|
|
0.03
|
|
|
|
0.06
|
|
|
|
|
(0.09
|
)
|
|
|
0.15
|
|
|
|
|
|
Basic and diluted earnings (loss) per share from discontinued operations
|
|
|
(0.25
|
)
|
|
|
(1.85
|
)
|
|
|
(0.85
|
)
|
|
|
|
0.01
|
|
|
|
(3.30
|
)
|
|
|
|
|
Basic and diluted loss per share from extraordinary loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share (in Euro)
|
|
|
(0.26
|
)
|
|
|
(1.82
|
)
|
|
|
(0.79
|
)
|
|
|
|
(0.12
|
)
|
|
|
(3.15
|
)
|
|
|
|
|
|
|
|
*
|
|
Quarterly earnings (loss) per share may not add up to year-to-date earnings (loss) per share due
to rounding.
|
Infineon EBIT
Infineon EBIT is defined as earnings (loss) before income (loss) from discontinued operations, net
of tax, and before interest and taxes. The Companys management uses Infineon EBIT, among other
measures, to establish budgets and operational goals, to manage the Companys business and to
evaluate its performance. The Company reports Infineon EBIT because it believes that it provides
investors with meaningful information about the operating performance of the Company and especially
about the performance of its separate operating segments. Because many operating decisions, such as
allocations of resources to individual projects, are made on a basis for which the effects of
financing the overall business and of taxation are of marginal relevance, management finds a metric
that excludes the effects of interest on financing and tax expense useful. In addition, in
measuring operating performance, particularly for the purpose of making internal decisions, such as
those relating to personnel matters, it is useful for management to consider a measure that
excludes items over which the individuals being evaluated have minimal control, such as
enterprise-level taxation and financing.
Infineon EBIT is determined as follows from the condensed consolidated statements of
operations, without adjustment to the US GAAP amounts presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
|
Jun 30, 07
|
|
Jun 30, 08
|
|
|
|
|
Net loss
|
|
(197)
|
|
(1,371)
|
|
(592)
|
|
|
(88)
|
|
(2,359)
|
- (Income) loss from discontinued operations, net of tax
|
|
|
187
|
|
|
|
1,390
|
|
|
|
637
|
|
|
|
|
(12
|
)
|
|
|
2,468
|
|
- Income tax expense
|
|
|
11
|
|
|
|
7
|
|
|
|
14
|
|
|
|
|
44
|
|
|
|
35
|
|
- Interest expense, net
|
|
|
12
|
|
|
|
10
|
|
|
|
12
|
|
|
|
|
33
|
|
|
|
28
|
|
|
|
|
|
Infineon EBIT
|
|
|
13
|
|
|
|
36
|
|
|
|
71
|
|
|
|
|
(23
|
)
|
|
|
172
|
|
|
|
|
|
- 9 -
Infineon Net Gains and Charges
Net gains and charges for Infineon generally include asset impairments, restructuring and other
related closure costs, in-process research and development write-offs, certain litigation
settlement costs, and gains (losses) on sales of assets, businesses, or interests in subsidiaries
as well as other expense or income positions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
|
Jun 30, 07
|
|
Jun 30, 08
|
|
|
|
|
Impairments, restructuring and other related closure costs
|
|
|
(20
|
)
|
|
|
(8
|
)
|
|
|
(2
|
)
|
|
|
|
(73
|
)
|
|
|
(13
|
)
|
In-process research and development write-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14
|
)
|
Net gains on sales of assets, businesses or interests in subsidiaries
|
|
|
17
|
|
|
|
|
|
|
|
43
|
|
|
|
|
18
|
|
|
|
71
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
|
|
|
|
Net gains (charges)
|
|
|
(3
|
)
|
|
|
(8
|
)
|
|
|
41
|
|
|
|
|
(34
|
)
|
|
|
44
|
|
|
|
|
|
Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
Net sales in Euro million
|
|
Jun 30, 07
|
|
|
Jun 30, 08
|
|
|
+/- in %
|
|
|
Jun 30, 07
|
|
|
Jun 30, 08
|
|
|
+/- in %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive, Industrial & Multimarket
|
|
|
752
|
|
|
|
|
712
|
|
|
|
|
(5
|
)
|
|
|
|
2,203
|
|
|
|
|
2,196
|
|
|
|
|
- - -
|
|
Communication Solutions
|
|
|
259
|
|
|
|
|
313
|
|
|
|
|
21
|
|
|
|
|
733
|
|
|
|
|
971
|
|
|
|
|
32
|
|
Other Operating Segments
(1)
|
|
|
54
|
|
|
|
|
15
|
|
|
|
|
(72
|
)
|
|
|
|
174
|
|
|
|
|
92
|
|
|
|
|
(47
|
)
|
Corporate and Eliminations
(2)
|
|
|
(54
|
)
|
|
|
|
(11
|
)
|
|
|
|
80
|
|
|
|
|
(163
|
)
|
|
|
|
(91
|
)
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,011
|
|
|
|
|
1,029
|
|
|
|
|
2
|
|
|
|
|
2,947
|
|
|
|
|
3,168
|
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
Infineon EBIT in Euro million
|
|
Jun 30, 07
|
|
|
Jun 30, 08
|
|
|
+/- in %
|
|
|
Jun 30, 07
|
|
|
Jun 30, 08
|
|
|
+/- in %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive, Industrial & Multimarket
|
|
|
77
|
|
|
|
|
106
|
|
|
|
|
38
|
|
|
|
|
189
|
|
|
|
|
268
|
|
|
|
|
42
|
|
Communication Solutions
|
|
|
(37
|
)
|
|
|
|
(30
|
)
|
|
|
|
19
|
|
|
|
|
(151
|
)
|
|
|
|
(70
|
)
|
|
|
|
54
|
|
Other Operating Segments
|
|
|
(2
|
)
|
|
|
|
1
|
|
|
|
|
+++
|
|
|
|
|
(10
|
)
|
|
|
|
(3
|
)
|
|
|
|
70
|
|
Corporate and Eliminations
|
|
|
(25
|
)
|
|
|
|
(6
|
)
|
|
|
|
76
|
|
|
|
|
(51
|
)
|
|
|
|
(23
|
)
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
13
|
|
|
|
|
71
|
|
|
|
|
+++
|
|
|
|
|
(23
|
)
|
|
|
|
172
|
|
|
|
|
+++
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes sales of
47 million and
8 million for the three months ended June
30, 2007 and 2008, respectively and of
146 million and
78 million for the nine months ended
June 30, 2007 and 2008, respectively, from sales of wafers from Infineons 200-millimeter facility
in Dresden to Qimonda under a foundry agreement.
|
|
(2)
|
|
Includes the elimination of sales of
57 million and
9 million for the three months
ended June 30, 2007 and 2008, respectively, and of
166 million and
87 million for the nine
months ended June 30, 2007 and 2008, respectively, primarily in connection with sales of wafers
from Infineons 200-millimeter facility in Dresden to Qimonda under a foundry agreement, since
these sales are not expected to be part of the Qimonda disposal plan.
|
- 10 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
Net sales in Euro million
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
+/- in %
|
|
Automotive, Industrial & Multimarket
|
|
|
741
|
|
|
|
712
|
|
|
|
(4
|
)
|
Communication Solutions
|
|
|
302
|
|
|
|
313
|
|
|
|
4
|
|
Other Operating Segments
(1)
|
|
|
39
|
|
|
|
15
|
|
|
|
(62
|
)
|
Corporate and Eliminations
(2)
|
|
|
(33
|
)
|
|
|
(11
|
)
|
|
|
67
|
|
|
Total
|
|
|
1,049
|
|
|
|
1,029
|
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
Infineon EBIT in Euro million
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
+/- in %
|
|
Automotive, Industrial & Multimarket
|
|
|
69
|
|
|
|
106
|
|
|
|
54
|
|
Communication Solutions
|
|
|
(29
|
)
|
|
|
(30
|
)
|
|
|
(3
|
)
|
Other Operating Segments
|
|
|
|
|
|
|
1
|
|
|
|
+++
|
|
Corporate and Eliminations
|
|
|
(4
|
)
|
|
|
(6
|
)
|
|
|
(50
|
)
|
|
Total
|
|
|
36
|
|
|
|
71
|
|
|
|
97
|
|
|
|
|
|
(1)
|
|
Includes sales of
34 million and
8 million for the three months ended March 31,
2008 and June 30, 2008, respectively, from sales of wafers from Infineons 200-millimeter facility
in Dresden to Qimonda under a foundry agreement.
|
|
(2)
|
|
Includes the elimination of sales of
35 million and
9 million for the three months ended
March 31, 2008 and June 30, 2008, respectively, primarily in connection with sales of wafers from
Infineons 200-millimeter facility in Dresden to Qimonda under a foundry agreement, since these
sales are not expected to be part of the Qimonda disposal plan.
|
Infineon Regional Sales Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
Regional sales in %
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
Germany
|
|
|
22
|
%
|
|
|
23
|
%
|
|
|
21
|
%
|
Other Europe
|
|
|
22
|
%
|
|
|
20
|
%
|
|
|
20
|
%
|
North America
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
12
|
%
|
Asia/Pacific
|
|
|
35
|
%
|
|
|
37
|
%
|
|
|
41
|
%
|
Japan
|
|
|
6
|
%
|
|
|
5
|
%
|
|
|
4
|
%
|
Other
|
|
|
1
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
Europe
|
|
|
44
|
%
|
|
|
43
|
%
|
|
|
41
|
%
|
|
Outside-Europe
|
|
|
56
|
%
|
|
|
57
|
%
|
|
|
59
|
%
|
|
- 11 -
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Sep 30, 07
|
|
Jun 30, 08
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
1,073
|
|
|
|
408
|
|
Marketable securities
|
|
|
210
|
|
|
|
452
|
|
Trade accounts receivable, net
|
|
|
620
|
|
|
|
546
|
|
Inventories
|
|
|
598
|
|
|
|
670
|
|
Deferred income taxes
|
|
|
34
|
|
|
|
25
|
|
Other current assets
|
|
|
303
|
|
|
|
323
|
|
Assets held for disposal
|
|
|
5,653
|
|
|
|
2,958
|
|
|
Total current assets
|
|
|
8,491
|
|
|
|
5,382
|
|
|
Property, plant and equipment, net
|
|
|
1,462
|
|
|
|
1,305
|
|
Intangible assets, net
|
|
|
89
|
|
|
|
367
|
|
Long-term investments
|
|
|
24
|
|
|
|
30
|
|
Restricted cash
|
|
|
77
|
|
|
|
77
|
|
Deferred income taxes
|
|
|
446
|
|
|
|
419
|
|
Pension assets
|
|
|
60
|
|
|
|
55
|
|
Other assets
|
|
|
160
|
|
|
|
108
|
|
|
Total assets
|
|
|
10,809
|
|
|
|
7,743
|
|
|
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Sep 30, 07
|
|
Jun 30, 08
|
|
Liabilities and shareholders equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term debt and current maturities
|
|
|
260
|
|
|
|
193
|
|
Trade accounts payable
|
|
|
596
|
|
|
|
465
|
|
Accrued liabilities
|
|
|
379
|
|
|
|
329
|
|
Deferred income taxes
|
|
|
10
|
|
|
|
9
|
|
Short-term pension liabilities
|
|
|
5
|
|
|
|
5
|
|
Other current liabilities
|
|
|
325
|
|
|
|
308
|
|
Liabilities held for disposal
|
|
|
1,898
|
|
|
|
2,049
|
|
|
Total current liabilities
|
|
|
3,473
|
|
|
|
3,358
|
|
|
Long-term debt
|
|
|
1,149
|
|
|
|
1,074
|
|
Pension liabilities
|
|
|
88
|
|
|
|
81
|
|
Deferred income taxes
|
|
|
23
|
|
|
|
10
|
|
Long-term accrued liabilities
|
|
|
22
|
|
|
|
21
|
|
Other liabilities
|
|
|
107
|
|
|
|
91
|
|
|
Total liabilities
|
|
|
4,862
|
|
|
|
4,635
|
|
|
Minority interests
|
|
|
1,033
|
|
|
|
649
|
|
|
Total shareholders equity
|
|
|
4,914
|
|
|
|
2,459
|
|
|
Total liabilities and shareholders equity
|
|
|
10,809
|
|
|
|
7,743
|
|
|
- 12 -
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
9 months ended
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun, 30, 08
|
|
|
Jun 30, 07
|
|
Jun 30, 08
|
|
|
|
|
Net cash provided by (used in) operating activities from continuing operations
|
|
|
50
|
|
|
|
16
|
|
|
|
146
|
|
|
|
|
(66
|
)
|
|
|
270
|
|
|
|
|
|
Net cash provided by (used in) operating activities from discontinued operations
|
|
|
46
|
|
|
|
(109
|
)
|
|
|
(154
|
)
|
|
|
|
769
|
|
|
|
(422
|
)
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
96
|
|
|
|
(93
|
)
|
|
|
(8
|
)
|
|
|
|
703
|
|
|
|
(152
|
)
|
|
|
|
|
Net cash provided by (used in) investing activities from continuing operations
|
|
|
(49
|
)
|
|
|
(167
|
)
|
|
|
146
|
|
|
|
|
(27
|
)
|
|
|
(722
|
)
|
|
|
|
|
Net cash provided by (used in) investing activities from discontinued operations
|
|
|
(238
|
)
|
|
|
(88
|
)
|
|
|
82
|
|
|
|
|
(724
|
)
|
|
|
(41
|
)
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(287
|
)
|
|
|
(255
|
)
|
|
|
228
|
|
|
|
|
(751
|
)
|
|
|
(763
|
)
|
|
|
|
|
Net cash provided by (used in) financing activities from continuing operations
|
|
|
50
|
|
|
|
(122
|
)
|
|
|
(114
|
)
|
|
|
|
(320
|
)
|
|
|
(211
|
)
|
|
|
|
|
Net cash provided by (used in) financing activities from discontinued operations
|
|
|
(49
|
)
|
|
|
232
|
|
|
|
47
|
|
|
|
|
(343
|
)
|
|
|
241
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
1
|
|
|
|
110
|
|
|
|
(67
|
)
|
|
|
|
(663
|
)
|
|
|
30
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(190
|
)
|
|
|
(238
|
)
|
|
|
153
|
|
|
|
|
(711
|
)
|
|
|
(885
|
)
|
|
|
|
|
Effect of foreign exchange rate changes
|
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
(3
|
)
|
|
|
|
(22
|
)
|
|
|
(17
|
)
|
|
|
|
|
Depreciation and amortization from continuing operations
|
|
|
150
|
|
|
|
135
|
|
|
|
134
|
|
|
|
|
464
|
|
|
|
410
|
|
|
|
|
|
Purchases of property, plant and equipment from continuing operations
|
|
|
(111
|
)
|
|
|
(70
|
)
|
|
|
(58
|
)
|
|
|
|
(331
|
)
|
|
|
(227
|
)
|
|
|
|
|
Gross and Net Cash Position*
Infineon defines gross cash position as cash and cash equivalents and marketable securities, and
net cash position as gross cash position less short and long-term debt. Since Infineon holds a
substantial portion of its available monetary resources in the form of readily marketable
securities, which for US GAAP purposes are not considered to be cash, it reports its gross and
net cash positions to provide investors with an understanding of the Companys overall liquidity.
The gross and net cash position is determined as follows from the condensed consolidated balance
sheets, without adjustment to the US GAAP amounts presented:
|
|
|
*
|
|
Includes only amounts from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
Cash and cash equivalents
|
|
|
678
|
|
|
|
227
|
|
|
|
408
|
|
Marketable securities
|
|
|
212
|
|
|
|
623
|
|
|
|
452
|
|
|
Gross Cash Position
|
|
|
890
|
|
|
|
850
|
|
|
|
860
|
|
|
Less: short-term debt
|
|
|
236
|
|
|
|
188
|
|
|
|
193
|
|
long-term debt
|
|
|
1,008
|
|
|
|
1,191
|
|
|
|
1,074
|
|
|
Net Cash Position
|
|
|
(354
|
)
|
|
|
(529
|
)
|
|
|
(407
|
)
|
|
Free Cash Flow*
Infineon defines free cash flow as cash from operating and investing activities excluding purchases
or sales of marketable securities. Since Infineon holds a substantial portion of its available
monetary resources in the form of readily marketable securities, and operates in a capital
intensive industry, it reports free cash flow to provide investors with a measure that can be used
to evaluate changes in liquidity after taking capital expenditures into account. Free cash flow is
not intended to represent the residual cash flow available for discretionary expenditures, since
debt service requirements or other non-discretionary expenditures are not deducted. The free cash
flow is determined as follows from the condensed consolidated cash flow statements, without
adjustment to the US GAAP amounts presented:
|
|
|
*
|
|
Includes only amounts from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
9 months ended
|
in Euro million
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
Jun 30, 08
|
|
Jun 30, 07
|
|
Jun 30, 08
|
|
Net cash provided by (used in) operating activities from continuing operations
|
|
|
50
|
|
|
|
16
|
|
|
|
146
|
|
|
|
(66
|
)
|
|
|
270
|
|
Net cash provided by (used in) investing activities from continuing operations
|
|
|
(49
|
)
|
|
|
(167
|
)
|
|
|
146
|
|
|
|
(27
|
)
|
|
|
(722
|
)
|
Thereof: Purchases (sales) of marketable securities, net
|
|
|
(30
|
)
|
|
|
93
|
|
|
|
(171
|
)
|
|
|
(265
|
)
|
|
|
246
|
|
|
Free cash flow
|
|
|
(29
|
)
|
|
|
(58
|
)
|
|
|
121
|
|
|
|
(358
|
)
|
|
|
(206
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee Data
|
|
Jun 30, 07
|
|
Mar 31, 08
|
|
June 30, 08
|
|
Infineon
(1)
|
|
|
29,555
|
|
|
|
29,539
|
|
|
|
29,356
|
|
Qimonda
(2)
|
|
|
12,974
|
|
|
|
13,298
|
|
|
|
12,806
|
|
|
Total
|
|
|
42,529
|
|
|
|
42,837
|
|
|
|
42,162
|
|
|
|
|
|
(1)
|
|
Of the Infineon workforce, 5,823, 6,313 and 6,311, employees as of June 30, 2007, March 31,
2008, and June 30, 2008, respectively, were engaged in research and development.
|
|
(2)
|
|
Of the Qimonda workforce, 2,345, 2,531 and 2,437, employees as of June 30, 2007, March 31,
2008, and June 30, 2008, respectively, were engaged in research and development.
|
- 13 -
Infineon business highlights for the third quarter of the 2008 fiscal year
|
|
AIM: Infineon achieved global market leadership in industrial semiconductors in the 2007
calendar year. According to the latest study by the market research firm Semicast, Infineon is
the worlds market leader in semiconductors for industrial applications, holding a 7.5 percent
share of a total market of U.S. dollar 20 billion. Semicast forecasts the industrial market
volume to grow to U.S. dollar 33 billion by 2013.
|
|
|
|
AIM: According to a recent market study conducted by the market research firm Strategy
Analytics, Infineon had a 9.4 percent share of the total U.S. dollar 19.3 billion automotive
semiconductor market in the 2007 calendar year, compared with the market leaders share of
10.3 percent.
|
|
|
|
AIM: Several global players recognized Infineons excellent quality and supply of products
and services. Continental AG, for example, the worlds fifth largest automotive supplier,
awarded its ,,Supplier Performance Award, the US-American automotive system supplier
Stoneridge its ,,Zero PPM Award, and Hitachi Cable its ,,Supplier Award.
|
Energy efficiency
|
|
AIM: In April 2008, Infineon acquired the digital power company Primarion, headquartered in
Torrance, California, to strengthen the companys activities in the field of power management
applications. Primarion is among the leaders in designing, manufacturing and marketing digital
power ICs for computing, graphics, and communication applications.
|
|
|
AIM: Infineon achieved a design win at a major European automotive system supplier for its
low-power MOSFET, the OptiMOS 40V, for use in cooling fans and water pump applications.
|
|
|
AIM: Infineon had design wins for its automotive power modules used to power hybrid
electric vehicles (HEV) at the fifth largest Chinese and at a major European car manufacturer.
Infineon supports this activity with its full range of competency comprising power
semiconductors (IGBTs), sensors and microcontrollers.
|
|
|
AIM: Infineon had a major design win for barometric air pressure sensors for Asian diesel
engine controllers with potential growth in Europe. In the future, semiconductor sensors will
play an important role in engine management, contributing to reducing fuel consumption and the
emission of pollutants.
|
- 14 -
Communications
|
|
COM: Infineon started volume shipments of the companys HSDPA mobile phone platform
XMM6080, and the worlds first EDGE single-chip platform XMM2060.
|
|
|
COM: Infineon introduced the XMM61xx product family, its new generation 3G platform. On
this platform, the company reduced the number of devices in the chipset from three to two and
the component count of a typical platform by 50 percent. The family includes a single-die, low
power 65 nanometer HSUPA/EDGE baseband and the Power Management Unit (PMU), the companys
single-die HSUPA/EDGE RF transceiver SMARTi UE, and the 3G protocol stack.
|
|
|
COM: Infineon introduced the VINETIC-SVIP, the industrys most integrated solution
developed for next-generation Voice over IP (VoIP) access applications. The VINETIC-SVIP
reduces the overall bill of material for VoIP systems by up to 40 percent and shrinks the line
interface unit footprint by up to 30 percent compared to current solutions in the market.
|
|
|
COM: By combining Texas Instruments cable modem Puma 5 DOCSIS 3.0 with Infineons modem
chipset DECT 6.0 / CAT-iq, the companies introduced a unified platform that supports both
next-generation DECT cordless telephones, as well as legacy analog phones. The platform
deploys VoIP services operating over DECT 6.0 cordless telephones and conforms to the latest
DECT 6.0 / CAT-iq cordless telephony standards.
|
Security
|
|
AIM: The German Federal Ministry of the Interior and Infineon intensified their technology
dialog in the field of identity documents. It is expected that the same security technology as
used in electronic passports will also be implemented in the EUs electronic ID cards.
Governments and interior ministries in Germany, the UK, Poland, Italy, Spain and France have
announced programs to this effect. The EUs member states have a total population of almost
500 million people; the number of National ID cards currently in circulation is estimated at
380 million.
|
|
|
AIM: Besides other ID markets, Infineon is well positioned in Indias growing ID segment,
having received its first purchase order for its smart health card project. Indias total
available market for the smart health segment is estimated to be up to 60 million pieces over
the next 5 years.
|
- 15 -
About Infineon
Infineon Technologies AG, Neubiberg, Germany, offers semiconductor and system solutions addressing
three central challenges to modern society: energy efficiency, communications, and security. In the
2007 fiscal year (ending September), the company reported sales of Euro 7.7 billion (including
Qimonda sales of Euro 3.6 billion) with approximately 43,000 employees worldwide (including
approximately 13,500 Qimonda employees). With a global presence, Infineon operates through its
subsidiaries in the U.S. from Milpitas, CA, in the Asia-Pacific region from Singapore, and in Japan
from Tokyo. Infineon is listed on the Frankfurt Stock Exchange and on the New York Stock Exchange
(ticker symbol: IFX). Infineon currently holds a 77.5 percent equity interest in Qimonda AG, a
leading supplier of DRAM memory products. Qimonda is separately listed on the New York Stock
Exchange under the ticker symbol QI.
D I S C L A I M E R
This discussion includes forward-looking statements about our future business. These
forward-looking statements include statements relating to future developments in the world
semiconductor market, including the market for memory products, Infineons future growth, the
benefits of research and development alliances and activities, our planned levels of future
investment in the expansion and modernization of our production capacity, the introduction of new
technology at our facilities, the continuing transitioning of our production processes to smaller
structure sizes, cost savings related to such transitioning and other initiatives, our successful
development of technology based on industry standards, our ability to offer commercially viable
products based on our technology, our ability to achieve our cost savings and growth targets, and
any potential disposal of our interest in Qimonda. These forward-looking statements are subject to
a number of uncertainties, including trends in demand and prices for semiconductors generally and
for our products in particular, the success of our development efforts, both alone and with our
partners, the success of our efforts to introduce new production processes at our facilities and
the actions of our competitors, the availability of funds for planned expansion efforts, the
outcome of antitrust investigations and litigation matters, the success of any corporate activities
we may undertake with respect to our interest in Qimonda, as well as the other factors mentioned
herein and those described in the Risk Factors section of the annual report of Infineon on Form
20-F filed with the U.S. Securities and Exchange Commission on December 7, 2007. As a result, our
actual results could differ materially from those contained in the forward-looking statements.
Infineon does not intend or assume any obligation to update or revise these forward-looking
statements in light of developments which differ from those anticipated.
For the Finance and Business Press:
INFXX200807.083e
|
|
|
|
|
|
|
Worldwide Headquarters:
|
|
Name:
|
|
Phone:
|
|
Email:
|
Media Relations
|
|
Günter Gaugler
|
|
+49 89 234 28481
|
|
guenter.gaugler@infineon.com
|
Investor Relations
|
|
EU/APAC/USA/CAN
|
|
+49 89 234 26655
|
|
investor.relations@infineon.com
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
INFINEON TECHNOLOGIES AG
|
|
Date: July 25, 2008
|
By:
|
/s/
Peter Bauer
|
|
|
|
Peter Bauer
|
|
|
|
Member of the Management Board
and Chief Executive Officer
|
|
|
|
|
|
|
By:
|
/s/ Dr. Marco Schroeter
|
|
|
|
Dr. Marco Schroeter
|
|
|
|
Member of the Management Board
and Chief Financial Officer
|
|
|
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