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
February 10, 2009
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 contains a press release of Infineon Technologies AG dated February 6,
2009, announcing the Companys results for the first quarter of the 2009 fiscal year.
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.
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INFINEON TECHNOLOGIES AG
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Date: February 10, 2009
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By:
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/s/
Peter Bauer
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Peter Bauer
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Member of the Management Board
and
Chief Executive Officer
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By:
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/s/ Dr.
Marco
Schröter
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Dr. Marco Schröter
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Member of the Management Board
and
Chief Financial Officer
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N e w s R e l e a s e / P r e s s e i n f o r m a t i o n
KEY FIGURES FOR THE FIRST QUARTER OF THE 2009 FISCAL YEAR
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For the first quarter of the 2009 fiscal year, Infineon reported revenues of Euro 830
million, down from Euro 1,153 million in the prior quarter, due to overall weakness in demand
as a result of the global economic slow-down, as well as inventory corrections throughout the
electronics supply chain.
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Infineons combined Segment Result* was negative Euro 102 million in the first quarter,
compared to positive Euro 59 million in the fourth quarter of the 2008 fiscal year. For the
first quarter, net loss from continuing operations was Euro 116 million, or Euro 0.16 per
share (basic and diluted).
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On January 23, 2009, Qimonda AG and its wholly owned subsidiary Qimonda Dresden oHG filed
an application at the Munich Local Court to open insolvency proceedings. As a result, Infineon
increased its provisions and allowances by Euro 195 million in the first quarter. This amount
covers those potential liabilities which management believes are likely to occur and can be
estimated with reasonable accuracy.
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Loss from discontinued operations, net of tax, was Euro 288 million for the first quarter.
This loss consisted of Euro 93 million of currency translation effects primarily related to
Qimondas sale of its interest in Inotera to Micron and of Euro 195 million for the provisions
and allowances described above. Basic and diluted loss per share from discontinued operations
was Euro 0.34.
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For the first quarter, Infineon reported group net loss of Euro 404 million, and basic and
diluted loss per share of Euro 0.50.
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3 months ended
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year-on-year
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3 months ended
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sequential
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3 months ended
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in Euro million
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Dec 31, 07
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+/- in %
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Sep 30, 08
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+/- in %
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Dec 31, 08
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Revenue
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1,090
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(24
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1,153
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(28
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830
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Organic growth on constant currency (in%)
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(26
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(32
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Segment Result
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80
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59
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(102
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Income (loss) from continuing operations
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48
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(297
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61
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(116
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Loss from discontinued operations, net of tax
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(577
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50
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(587
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51
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(288
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Net loss
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(529
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24
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(884
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54
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(404
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Basic and diluted earnings (loss) per share from continuing operations (in Euro)
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0.05
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(0.45
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)
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64
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(0.16
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Basic and diluted loss per share from discontinued operations
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(0.60
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43
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(0.50
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32
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(0.34
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Basic and diluted loss per share (in Euro)
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(0.55
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9
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(0.95
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47
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(0.50
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OUTLOOK FOR THE SECOND QUARTER OF THE 2009 FISCAL YEAR
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Due to the continued market slow-down, Infineon has relatively limited visibility with
respect to its revenue development. The company currently expects sales for the second quarter
to decrease by approximately 10 percent from the first quarter due to ongoing weak demand and
inventory corrections at customers.
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Infineon has implemented additional cost and cash savings measures over the course of the
first quarter and will continue to do so in the second quarter. Through the savings from such
measures, the company expects to limit to some extent the impact of lower sales and reduced
factory loading on the bottom-line. With visibility relatively limited, Infineon expects
combined Segment Result margin in the range of a negative mid-to-high teens percentage for the
second quarter.
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-2-
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*
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Please refer to page 1 of this news release for a discussion of the companys use of the financial measure Segment Result.
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-1-
N e w s R e l e a s e / P r e s s e i n f o r m a t i o n
Infineon reports results for the first quarter of the 2009 fiscal year
Neubiberg, Germany February 6, 2009 Infineon Technologies AG (FSE/NYSE: IFX) today reported
results for the first quarter of the 2009 fiscal year ended December 31, 2008. Infineon prepares
its result in accordance with International Financial Reporting Standards (IFRS).
Infineons revenues in the first quarter were Euro 830 million, down 28 percent sequentially and 24
percent year-over-year. The sequential decrease reflects a decline in revenues in all of the
companys operating segments due to significantly lower demand as a result of the global economic
slow-down and inventory corrections throughout the electronics supply-chain. The companys
Automotive and Wireless Solutions segments were most severely affected. Overall, the companys
revenues were slightly better than forecasted, largely due to the stronger U.S. dollar against the
Euro. Excluding effects of currency fluctuations, primarily between the U.S. dollar and the Euro,
and acquisitions and divestitures, revenues decreased 32 percent sequentially and 26 percent
year-over-year.
Beginning October 1, 2008, Infineons Management Board uses Segment Result to assess the operating
performance of the companys reportable segments and as a basis for allocating resources among the
segments. Infineons combined Segment Result was negative Euro 102 million in the first quarter,
compared to positive Euro 59 million in the fourth quarter of the 2008 fiscal year. First quarter
Segment Result was better than expected as a result of higher than forecasted revenues and very
good progress with cost reductions under the companys IFX10+ cost-reduction program. For
additional details, including a definition and a reconciliation of total Segment Result to
Operating Income (Loss) in the condensed consolidated statements of operations, please see the
table on page 7 of this release.
Net loss from continuing operations for the first quarter was Euro 116 million, resulting in basic
and diluted loss per share from continuing operations of Euro 0.16. For the prior quarter, net loss
from continuing operations was Euro 297 million, and basic and diluted loss per share from
continuing operations was Euro 0.45.
The loss from discontinued operations, net of tax, was Euro 288 million for the first quarter. This
loss consisted of Euro 93 million in connection with the recognition of
-2-
currency translation effects primarily related to Qimondas sale of its interest in Inotera to
Micron and of Euro 195 million in provisions and allowances following Qimondas filing of an
application to open insolvency proceedings. Basic and diluted loss per share from discontinued
operations was Euro 0.34.
For the first quarter, Infineon reported group net loss of Euro 404 million, and basic and diluted
loss per share of Euro 0.50.
In line with an overall effort to focus on liquidity management, the company reduced its investment
in property, plant and equipment and intangible assets, including capitalized development costs to
only Euro 40 million for the quarter. In addition, Infineon reduced net working capital by Euro 79
million. Hence, free cash outflow could be contained to negative Euro 22 million for the quarter
despite cash outflow in connection with the IFX10+ program of Euro 25 million. The company also repurchased a total nominal amount of Euro 117
million of its convertible and exchangeable bonds during the quarter.
Infineons IFX10+ cost-reduction program
In the first quarter of the 2009 fiscal year, Infineon made very good progress with cost reductions
under the IFX10+ program, mainly in operating expenses, where the company saved approximately Euro
45 million during the quarter compared to the expense run-rate of the prior quarter. In that
context, the company has also made progress with regards to headcount reductions. By the end of
December 2008, the company had reached agreements regarding or had already effected separation with
respect to approximately 85 percent of the announced workforce reduction.
In response to continuing weak demand worldwide in all of the companys target markets, Infineon
has identified additional savings potential from a combination of measures that have already been
implemented or will be implemented shortly. Amongst others, the company has introduced reduced work
hours in the companys German production sites Regensburg and Dresden, has changed its bonus
schemes for the 2009 fiscal year and has issued a new and very stringent travel policy. In
addition, Infineon exited the employers union in November 2008 in order to achieve more
flexibility in wage adjustments. Infineon does not expect to incur additional expenses or cash
outflows in relation to the additional measures mentioned above. Infineon originally announced
-3-
expected annualized savings of at least Euro 200 million, and then increased this target in
December to at least Euro 250 million. As a result of substantial additional cost reductions and
cash savings, including those mentioned above, the company now targets total annual savings of Euro
600 million. These savings include approximately Euro 200 million in operating expenses and Euro
400 million savings related to manufacturing operations. Of the savings in manufacturing
operations, Euro 300 million have been designed to offset at least in part the cost impact of lower
loading of the manufacturing sites caused by the downturn.
In addition to the savings mentioned above, the company is reducing its 2009 fiscal year budget for
investment in property, plant and equipment and intangible assets, including capitalized
development costs, to approximately Euro 200 million, compared to the Euro 250 million that was
originally budgeted.
Infineons outlook for the second quarter of the 2009 fiscal year
The drastic slow-down in world economic demand that started in the first quarter of the 2009 fiscal
year is expected to continue to have a severe impact on overall demand levels in the second
quarter. In addition, the company anticipates that inventory reductions throughout the entire
electronics supply chain will continue. As such, the company has relatively limited visibility with
respect to the revenue development, even in the second quarter. Within the limits of that low
visibility, the company currently expects revenues from continuing operations for the second
quarter to decrease by approximately 10 percent compared to the first quarter. After the
significant decrease in demand in the Automotive and Wireless Solutions segments in the first
quarter, the company expects these segments to be more resilient in the second quarter compared to
the first quarter. By contrast, the three other segments, Industrial & Multimarket, Chip Card &
Security and Wireline Communications, are expected to be more severely affected by the continuing
slow-down in the second quarter.
Additional savings measures implemented under the IFX10+ program are expected to result in
substantial additional cost and cash savings over and above the savings levels realized in the
prior quarter. As a consequence of continued sales declines and an aggressive reduction in factory
loading in order to reduce inventory, Infineon expects combined Segment Result margin in the second
quarter to be within the range of a negative mid-to-high teens percentage. Without the additional
measures described above, the impact of lower sales and factory loading on the bottom-line would
have been significantly more severe.
Following Qimondas insolvency filing, Infineon expects to deconsolidate Qimonda in the second
quarter. In this context, the company anticipates that it will recognize
-4-
accumulated losses related to unrecognized currency translation effects related to Qimonda. As of
December 31, 2008, the amount of such accumulated losses totalled approximately Euro 100 million.
The recognition of such accumulated losses will not have any impact on Infineons shareholders
equity.
Despite extremely challenging market conditions, our first quarter results held up reasonably
well, largely due to very good progress with our IFX10+ program. We successfully focused on
liquidity management, contained cash outflows and lowered our debt, said Peter Bauer, CEO of
Infineon Technologies AG. In the second quarter, market conditions will unfortunately worsen
further. Responding to this challenge, we are reducing our cost and CapEx levels further. We will
continue to focus on cash flows by reducing inventory levels and fab loading even further and by
managing working capital tightly.
Qimonda
On January 23, 2009, Qimonda AG and its wholly owned subsidiary Qimonda Dresden oHG filed an
application at the Munich Local Court to open insolvency proceedings. Infineons beneficial
ownership interest in Qimonda is 77.5 percent. Following Qimondas insolvency filing, Infineon may
be exposed to a number of significant liabilities relating to the Qimonda business, including
pending antitrust and securities law claims, potential claims for repayment of governmental
subsidies received, and employee-related contingencies. In the first quarter of the 2009 fiscal
year, Infineon has increased its provisions and allowances by Euro 195 million. This amount covers
those contingencies that management believes are likely to occur and can be estimated with
reasonable accuracy at this time. There can be no assurance that such provisions and allowances
recorded will be sufficient to cover all liabilities that may ultimately be incurred in relation to
these matters. Infineon anticipates that the majority of any potential cash obligations the company
may have in connection with these matters would be payable, if at all, in periods after the 2009
fiscal year.
Effective March 31, 2008, Infineon reclassified the assets and liabilities of Qimonda as held for
disposal in its condensed consolidated balance sheets. As a consequence, the individual line items
in the condensed consolidated statements of operations on page 7 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. The net book value of Infineons
interest in Qimonda in Infineons condensed consolidated balance sheet as of December 31, 2008 has
been recorded at the estimated fair value less costs to sell.
Segments performance for the first quarter of the 2009 fiscal year
-5-
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Revenue and Segment Result
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3 months ended
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year-on-year
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3 months ended
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sequential
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3 months ended
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in % of
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in Euro million
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Dec 31, 2007
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+/- in %
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Sep 30, 2008
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+/- in %
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Dec 31, 2008
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revenue
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Revenue
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1,090
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(24
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1,153
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(28
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830
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100
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Organic growth on constant currency basis
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(26
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(32
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Total Segment Result
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80
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59
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(102
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Automotive (ATV)
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310
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(34
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312
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(34
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)
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206
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25
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Organic growth on constant currency basis
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(36
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(36
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ATV Segment Result
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23
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21
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(56
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Industrial & Multimarket (IMM)
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291
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(20
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325
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(28
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234
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28
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Organic growth on constant currency basis
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(16
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(30
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IMM Segment Result
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26
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(92
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56
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(96
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2
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Chip Card & Security (CCS)
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116
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(22
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115
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(21
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91
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11
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Organic growth on constant currency basis
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(27
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(27
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CCS Segment Result
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17
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6
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(1
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Wireless Solutions (WLS)
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253
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(22
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286
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(31
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)
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197
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24
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Organic growth on constant currency basis
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(27
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(37
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WLS Segment Result
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18
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3
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(44
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Wireline Communications (WLC)
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103
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(15
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104
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(15
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)
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88
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11
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Organic growth on constant currency basis
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(20
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(22
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)
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WLC Segment Result
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4
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(50
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+++
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2
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Other Operating Segments (OOS)
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64
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(88
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)
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21
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(62
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)
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8
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|
1
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OOS Segment Result
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2
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|
|
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|
|
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(6
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)
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83
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(1
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)
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Corporate and Eliminations (C&E)
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(47
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)
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+++
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(10
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)
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+++
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6
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C&E Segment Result
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(10
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)
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60
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(21
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)
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81
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(4
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)
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In the first quarter, revenues in the
Automotive
segment decreased significantly compared to the
prior quarter due to the worsening global recession, significant production cuts in the automotive
markets worldwide and resulting inventory corrections at customers. Automotive Segment Result swung
to a loss, mainly due to the significant decline in revenues and the drop in factory loading, which
could only be partially offset by savings realized under the IFX10+ program.
Industrial & Multimarket
segments revenues in the first quarter also decreased significantly
sequentially due to the worsening global recession, a significant slow-down in worldwide demand in
the consumer, computing and telecom markets and resulting inventory corrections in the
supply-chain. Industrial & Multimarket Segment Result remained positive, but decreased
significantly compared to the prior quarter, mainly due to the decline in revenues and lower
production levels, which could only be partially offset by savings the segment has realized under
the IFX10+ cost-reduction program.
Revenues of the
Chip Card & Security
segment decreased quarter-over-quarter, mostly due to
inventory corrections at major customers and seasonal weakness amidst an overall weak demand
environment. Chip Card & Security recorded a slightly negative Segment Result compared to positive
Segment Result in the prior quarter, mainly due to the decline in revenues which could only be
partially offset by the IFX10+ measures.
In the first quarter, revenues in the
Wireless Solutions
segment decreased significantly on a
sequential basis, mainly due to the drastic market slow-down and inventory
corrections at
customers. In particular, one HSDPA customer reduced demand after its high level of demand in the
fourth quarter of the 2008 fiscal year. Wireless Solutions recorded a negative Segment Result,
mainly due the significant decline in revenues and
an increase in idle cost which could only be partially offset by the measures the segment has
implemented under the IFX10+ cost-reduction program.
The
Wireline Communications
segments revenues in the first quarter decreased compared to the prior
quarter, mostly due to the decrease in demand reflecting the economic slow-down and inventory
corrections in the supply chain. Wireline Communications Segment Result was positive. Compared to
the prior quarter, Segment Result increased despite lower revenues, mainly driven by the IFX10+
measures.
Major business highlights of Infineons segments in the first quarter of the 2009 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 February 6, 2009, at 10:00 a.m. Central European Time (CET), 4:00 a.m. Eastern
Standard Time (U.S. EST), to discuss operating performance during the first quarter of the 2009
fiscal year. In addition, the Infineon Management Board will host a press telephone conference with
the media at 11:30 a.m. (CET), 5:30 a.m. (U.S. EST). 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 and trade fair calendar
(*preliminary date)
Ø
|
|
Feb 12, 2009 2009 Annual General Meeting of Shareholders
|
Ø
|
|
Feb 17, 2009 Analyst Presentation at the Mobile World Congress in Barcelona
|
Ø
|
|
Apr 30, 2009* Earnings Release for the Second Quarter of the 2009 Fiscal Year
|
Ø
|
|
Jul 29, 2009* Earnings Release for the Third Quarter of the 2009 Fiscal Year
|
Ø
|
|
Nov 19, 2009* Earnings Release for the Fourth Quarter and Full 2009 Fiscal Year
|
New in the IFX pod cast section at
www.infineon.com/podcast
Ø
|
|
IP multimedia subsystem (IMS)
|
Ø
|
|
One chip 100 million mobile phones
|
-7-
FINANCIAL INFORMATION
According
to IFRS Preliminary and Unaudited
Condensed Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
in Euro million
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Revenue
|
|
|
1,090
|
|
|
|
1,153
|
|
|
|
830
|
|
Cost of goods sold
|
|
|
(705
|
)
|
|
|
(780
|
)
|
|
|
(678
|
)
|
|
Gross profit
|
|
|
385
|
|
|
|
373
|
|
|
|
152
|
|
|
Research and development expenses
|
|
|
(181
|
)
|
|
|
(174
|
)
|
|
|
(149
|
)
|
Selling, general and administrative expenses
|
|
|
(136
|
)
|
|
|
(150
|
)
|
|
|
(112
|
)
|
Other operating income
|
|
|
33
|
|
|
|
17
|
|
|
|
3
|
|
Other operating expense
|
|
|
(19
|
)
|
|
|
(315
|
)
|
|
|
(11
|
)
|
|
Operating income (loss)
|
|
|
82
|
|
|
|
(249
|
)
|
|
|
(117
|
)
|
|
Financial income
|
|
|
18
|
|
|
|
21
|
|
|
|
60
|
|
Financial expense
|
|
|
(40
|
)
|
|
|
(57
|
)
|
|
|
(56
|
)
|
Income from investments accounted for using the equity method, net
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
60
|
|
|
|
(284
|
)
|
|
|
(112
|
)
|
|
Income tax expense
|
|
|
(12
|
)
|
|
|
(13
|
)
|
|
|
(4
|
)
|
|
Income (loss) from continuing operations
|
|
|
48
|
|
|
|
(297
|
)
|
|
|
(116
|
)
|
|
Loss from discontinued operations, net of income taxes
|
|
|
(577
|
)
|
|
|
(587
|
)
|
|
|
(288
|
)
|
|
Net loss
|
|
|
(529
|
)
|
|
|
(884
|
)
|
|
|
(404
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests
|
|
|
(120
|
)
|
|
|
(173
|
)
|
|
|
(30
|
)
|
Shareholders of Infineon Technologies AG
|
|
|
(409
|
)
|
|
|
(711
|
)
|
|
|
(374
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings
(loss) per share attributable
to shareholders of
Infineon Technologies AG (in Euro)*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (in million) basic and diluted
|
|
|
750
|
|
|
|
750
|
|
|
|
750
|
|
|
Basic and diluted earnings (loss) per share from continuing operations
|
|
|
0.05
|
|
|
|
(0.45
|
)
|
|
|
(0.16
|
)
|
|
Basic and diluted loss per share from discontinued operations
|
|
|
(0.60
|
)
|
|
|
(0.50
|
)
|
|
|
(0.34
|
)
|
|
Basic and diluted loss per share
|
|
|
(0.55
|
)
|
|
|
(0.95
|
)
|
|
|
(0.50
|
)
|
|
|
|
|
*
|
|
Quarterly earnings (loss) per share may not add up to year-to-date earnings (loss) per share due
to rounding.
|
Segment Result
We define Segment Result as operating income (loss) excluding asset impairments, restructuring and
other related closure costs, share-based compensation expense, acquisition-related amortization and
gains (losses), gains (losses) on sales of assets, businesses, or interests in subsidiaries, and
other income (expense), including litigation settlement costs. Gains (losses) on sales of assets,
businesses, or interests in subsidiaries, include, among others, gains or losses that may be
realized from potential sales of Qimonda shares or other investments and activities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
in Euro million
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Operating Income (Loss)
|
|
|
82
|
|
|
|
(249
|
)
|
|
|
(117
|
)
|
Asset impairments
|
|
|
|
|
|
|
132
|
|
|
|
|
|
Restructuring and other related closure costs
|
|
|
3
|
|
|
|
176
|
|
|
|
3
|
|
Share-based compensation expense
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
Acquisition-related amortization and losses
|
|
|
9
|
|
|
|
6
|
|
|
|
6
|
|
(Gains) losses on sales of assets, businesses or interests in subsidiaries
|
|
|
(15
|
)
|
|
|
(11
|
)
|
|
|
1
|
|
Other expense (income), net
|
|
|
|
|
|
|
4
|
|
|
|
5
|
|
|
Total Segment Result
|
|
|
80
|
|
|
|
59
|
|
|
|
(102
|
)
|
|
-8-
Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
3 months ended
|
Revenue in Euro million
|
|
Dec 31, 07
|
|
|
Dec 31, 08
|
|
|
+/- in %
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
+/- in %
|
|
|
Automotive
|
|
|
310
|
|
|
|
206
|
|
|
|
(34
|
)
|
|
|
312
|
|
|
|
206
|
|
|
|
(34
|
)
|
Industrial & Multimarket
|
|
|
291
|
|
|
|
234
|
|
|
|
(20
|
)
|
|
|
325
|
|
|
|
234
|
|
|
|
(28
|
)
|
Chip Card & Security
|
|
|
116
|
|
|
|
91
|
|
|
|
(22
|
)
|
|
|
115
|
|
|
|
91
|
|
|
|
(21
|
)
|
Wireless Solutions
(1)
|
|
|
253
|
|
|
|
197
|
|
|
|
(22
|
)
|
|
|
286
|
|
|
|
197
|
|
|
|
(31
|
)
|
Wireline Communications
|
|
|
103
|
|
|
|
88
|
|
|
|
(15
|
)
|
|
|
104
|
|
|
|
88
|
|
|
|
(15
|
)
|
Other Operating Segments
(2)
|
|
|
64
|
|
|
|
8
|
|
|
|
(88
|
)
|
|
|
21
|
|
|
|
8
|
|
|
|
(62
|
)
|
Corporate and Eliminations
(3)
|
|
|
(47
|
)
|
|
|
6
|
|
|
|
+++
|
|
|
|
(10
|
)
|
|
|
6
|
|
|
|
+++
|
|
|
Total
|
|
|
1,090
|
|
|
|
830
|
|
|
|
(24
|
)
|
|
|
1,153
|
|
|
|
830
|
|
|
|
(28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
|
|
3 months ended
|
Segment Result in Euro million
|
|
Dec 31, 07
|
|
|
Dec 31, 08
|
|
|
+/- in %
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
+/- in %
|
|
|
Automotive
|
|
|
23
|
|
|
|
(56
|
)
|
|
|
|
|
|
|
21
|
|
|
|
(56
|
)
|
|
|
|
|
Industrial & Multimarket
|
|
|
26
|
|
|
|
2
|
|
|
|
(92
|
)
|
|
|
56
|
|
|
|
2
|
|
|
|
(96
|
)
|
Chip Card & Security
|
|
|
17
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
6
|
|
|
|
(1
|
)
|
|
|
|
|
Wireless Solutions
|
|
|
18
|
|
|
|
(44
|
)
|
|
|
|
|
|
|
3
|
|
|
|
(44
|
)
|
|
|
|
|
Wireline Communications
|
|
|
4
|
|
|
|
2
|
|
|
|
(50
|
)
|
|
|
-
|
|
|
|
2
|
|
|
|
+++
|
|
Other Operating Segments
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
(6
|
)
|
|
|
(1
|
)
|
|
|
83
|
|
Corporate and Eliminations
|
|
|
(10
|
)
|
|
|
(4
|
)
|
|
|
60
|
|
|
|
(21
|
)
|
|
|
(4
|
)
|
|
|
81
|
|
|
Total Segment Result
|
|
|
80
|
|
|
|
(102
|
)
|
|
|
|
|
|
|
59
|
|
|
|
(102
|
)
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes revenue of 7 million for the three months
ended December 31, 2007, 1 million for the three months
September 30, 2008 and 1 million for the three months
ended December 31, 2008, from sales of wireless
communication applications to Qimonda.
|
|
(2)
|
|
Includes revenue of 36 million for the three months
ended December 31, 2007 and 1 million for the three
months ended September 30, 2008, from sales of wafers from
Infineons 200-millimeter facility in Dresden to Qimonda
under a foundry agreement.
|
|
(3)
|
|
Includes the elimination of revenue of 43 million for
the three months ended December 31, 2007, 2 million for
the three months ended September 30, 2008, and 1
million for the three months ended December 31, 2008, since
these revenue are not expected to be part of the Qimonda
disposal plan.
|
Infineon Regional Sales Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
Regional sales in %
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Germany
|
|
|
20
|
%
|
|
|
21
|
%
|
|
|
20
|
%
|
Other Europe
|
|
|
18
|
%
|
|
|
18
|
%
|
|
|
17
|
%
|
North America
|
|
|
13
|
%
|
|
|
9
|
%
|
|
|
12
|
%
|
Asia/Pacific
|
|
|
42
|
%
|
|
|
46
|
%
|
|
|
44
|
%
|
Japan
|
|
|
5
|
%
|
|
|
4
|
%
|
|
|
6
|
%
|
Other
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
1
|
%
|
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
Europe
|
|
|
38
|
%
|
|
|
39
|
%
|
|
|
37
|
%
|
|
Outside Europe
|
|
|
62
|
%
|
|
|
61
|
%
|
|
|
63
|
%
|
|
Employees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Infineon
(1)
|
|
|
29,840
|
|
|
|
29,119
|
|
|
|
28,025
|
|
Qimonda
(2)
|
|
|
13,630
|
|
|
|
12,224
|
|
|
|
11,079
|
|
|
Total
|
|
|
43,470
|
|
|
|
41,343
|
|
|
|
39,104
|
|
|
|
|
|
(1)
|
|
As of December 31, 2007, September 30, 2008 and December 31, 2008, 6,426, 6,273, and
6,165 employees, respectively, were engaged in research and development.
|
|
(2)
|
|
As of December 31, 2007, September 30, 2008 and December 31, 2008, 2,563, 2,091 and
1,707 Qimonda employees, respectively, were engaged in research and development.
|
-9-
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
749
|
|
|
|
647
|
|
Available-for-sale financial assets
|
|
|
134
|
|
|
|
132
|
|
Trade and other receivables
|
|
|
799
|
|
|
|
521
|
|
Inventories
|
|
|
665
|
|
|
|
661
|
|
Income tax receivable
|
|
|
29
|
|
|
|
19
|
|
Other current financial assets
|
|
|
19
|
|
|
|
49
|
|
Other current assets
|
|
|
124
|
|
|
|
127
|
|
Assets classified as held for disposal
|
|
|
2,129
|
|
|
|
1,933
|
|
|
Total current assets
|
|
|
4,648
|
|
|
|
4,089
|
|
|
Property, plant and equipment
|
|
|
1,310
|
|
|
|
1,208
|
|
Goodwill and other intangible assets
|
|
|
443
|
|
|
|
428
|
|
Investments accounted for using the equity method
|
|
|
20
|
|
|
|
21
|
|
Deferred tax assets
|
|
|
400
|
|
|
|
411
|
|
Other financial assets
|
|
|
133
|
|
|
|
111
|
|
Other assets
|
|
|
28
|
|
|
|
21
|
|
|
Total assets
|
|
|
6,982
|
|
|
|
6,289
|
|
|
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Liabilities and shareholders equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term debt and current maturities of long-term debt
|
|
|
207
|
|
|
|
212
|
|
Trade and other payables
|
|
|
506
|
|
|
|
317
|
|
Current provisions
|
|
|
424
|
|
|
|
439
|
|
Income tax payable
|
|
|
87
|
|
|
|
99
|
|
Other current financial liabilities
|
|
|
63
|
|
|
|
77
|
|
Other current liabilities
|
|
|
263
|
|
|
|
231
|
|
Liabilities associated with assets classified as held for disposal
|
|
|
2,123
|
|
|
|
1,927
|
|
|
Total current liabilities
|
|
|
3,673
|
|
|
|
3,302
|
|
|
Long-term debt
|
|
|
963
|
|
|
|
860
|
|
Pension plans and similar commitments
|
|
|
43
|
|
|
|
42
|
|
Deferred tax liabilities
|
|
|
19
|
|
|
|
33
|
|
Long-term provisions
|
|
|
27
|
|
|
|
113
|
|
Other financial liabilities
|
|
|
20
|
|
|
|
3
|
|
Other liabilities
|
|
|
76
|
|
|
|
73
|
|
|
Total liabilities
|
|
|
4,821
|
|
|
|
4,426
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity:
|
|
|
|
|
|
|
|
|
Ordinary share capital
|
|
|
1,499
|
|
|
|
1,499
|
|
Additional paid-in capital
|
|
|
6,008
|
|
|
|
6,008
|
|
Accumulated deficit
|
|
|
(5,252
|
)
|
|
|
(5,626
|
)
|
Other components of equity
|
|
|
(164
|
)
|
|
|
(79
|
)
|
|
Total equity attributable to shareholders of Infineon Technologies AG
|
|
|
2,091
|
|
|
|
1,802
|
|
|
Minority interests
|
|
|
70
|
|
|
|
61
|
|
|
Total equity
|
|
|
2,161
|
|
|
|
1,863
|
|
|
Total liabilities and equity
|
|
|
6,982
|
|
|
|
6,289
|
|
|
-10-
Condensed Consolidated Statements of Cash Flows
Gross and Net Cash Position*
Infineon defines gross cash position as cash and cash equivalents and available-for-sale financial
assets, and net cash position as gross cash position less short-term debt and current maturities of
long-term debt, and long-term debt. Since Infineon holds a substantial portion of its available
monetary resources in the form of readily available-for-sale financial assets, which for IFRS
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
IFRS amounts presented:
* Includes only amounts from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
in Euro million
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Cash and cash equivalents
|
|
|
1,003
|
|
|
|
749
|
|
|
|
647
|
|
Available-for-sale financial assets
|
|
|
711
|
|
|
|
134
|
|
|
|
132
|
|
|
Gross Cash Position
|
|
|
1,714
|
|
|
|
883
|
|
|
|
779
|
|
|
Less: short-term debt and current maturities of long-term debt
|
|
|
329
|
|
|
|
207
|
|
|
|
212
|
|
long-term debt
|
|
|
1,405
|
|
|
|
963
|
|
|
|
860
|
|
|
Net Cash Position
|
|
|
(20
|
)
|
|
|
(287
|
)
|
|
|
(293
|
)
|
|
Free Cash Flow*
Infineon defines free cash flow as net cash from operating and investing activities excluding
purchases or sales of available-for-sale financial assets. Since Infineon holds a substantial
portion of its available monetary resources in the form of available-for-sale financial assets, 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:
* Includes only amounts from continuing operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months ended
|
in Euro million
|
|
Dec 31, 07
|
|
|
Sep 30, 08
|
|
|
Dec 31, 08
|
|
|
Net cash provided by operating activities from continuing operations
|
|
|
118
|
|
|
|
275
|
|
|
|
5
|
|
Net cash provided by (used in) investing activities from continuing operations
|
|
|
(712
|
)
|
|
|
92
|
|
|
|
(22
|
)
|
Thereof: Proceeds from (sales of) available-for-sale financial assets
|
|
|
324
|
|
|
|
(273
|
)
|
|
|
(5
|
)
|
|
Free Cash Flow
|
|
|
(270
|
)
|
|
|
94
|
|
|
|
(22
|
)
|
|
-11-
Condensed Consolidated Statements of Cash Flows (3 months ended)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2007
|
|
|
2008
|
|
|
|
(
millions)
|
|
|
(
millions)
|
|
|
Net loss
|
|
|
(529
|
)
|
|
|
(404
|
)
|
Less: net loss from discontinued operations
|
|
|
577
|
|
|
|
288
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
147
|
|
|
|
145
|
|
Provision for doubtful accounts
|
|
|
|
|
|
|
1
|
|
Gains on sales of businesses and interests in subsidiaries
|
|
|
(28
|
)
|
|
|
(1
|
)
|
Losses (gains) on disposals of property, plant, and equipment
|
|
|
13
|
|
|
|
|
|
Income from investments accounted for using the equity method
|
|
|
|
|
|
|
(1
|
)
|
Stock-based compensation
|
|
|
1
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
3
|
|
Trade and other receivables
|
|
|
70
|
|
|
|
250
|
|
Inventories
|
|
|
(28
|
)
|
|
|
5
|
|
Other current assets
|
|
|
(7
|
)
|
|
|
(46
|
)
|
Trade and other payables
|
|
|
(75
|
)
|
|
|
(179
|
)
|
Provisions
|
|
|
(29
|
)
|
|
|
(66
|
)
|
Other current liabilities
|
|
|
(16
|
)
|
|
|
(5
|
)
|
Other assets and liabilities
|
|
|
19
|
|
|
|
(8
|
)
|
Interest received
|
|
|
8
|
|
|
|
9
|
|
Interest paid
|
|
|
(9
|
)
|
|
|
(7
|
)
|
Income tax received (paid)
|
|
|
4
|
|
|
|
21
|
|
|
Net cash provided by operating activities from continuing operations
|
|
|
118
|
|
|
|
5
|
|
|
Net cash used in operating activities from discontinued operations
|
|
|
(127
|
)
|
|
|
(354
|
)
|
|
Net cash used in operating activities
|
|
|
(9
|
)
|
|
|
(349
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchases of available-for-sale financial assets
|
|
|
(324
|
)
|
|
|
|
|
Proceeds from sales of available-for-sale financial assets
|
|
|
|
|
|
|
5
|
|
Proceeds from sales of businesses and interests in subsidiaries
|
|
|
36
|
|
|
|
|
|
Business acquisitions, net of cash acquired
|
|
|
(316
|
)
|
|
|
13
|
|
Purchases of intangible assets, and other assets
|
|
|
(13
|
)
|
|
|
(11
|
)
|
Purchases of property, plant and equipment
|
|
|
(98
|
)
|
|
|
(29
|
)
|
Proceeds from sales of property, plant and equipment
|
|
|
3
|
|
|
|
|
|
|
Net cash used in investing activities from continuing operations
|
|
|
(712
|
)
|
|
|
(22
|
)
|
|
Net cash provided by (used in) investing activities from discontinued operations
|
|
|
(64
|
)
|
|
|
307
|
|
|
Net cash provided by (used in) investing activities
|
|
|
(776
|
)
|
|
|
285
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Net change in short-term debt
|
|
|
|
|
|
|
10
|
|
Net change in related party financial receivables and payables
|
|
|
(3
|
)
|
|
|
(2
|
)
|
Proceeds from issuance of long-term debt
|
|
|
102
|
|
|
|
1
|
|
Principal repayments of long-term debt
|
|
|
(9
|
)
|
|
|
(84
|
)
|
Change in restricted cash
|
|
|
|
|
|
|
(1
|
)
|
Dividend payments to minority interests
|
|
|
(65
|
)
|
|
|
|
|
Capital contribution
|
|
|
|
|
|
|
(5
|
)
|
|
Net cash provided by (used in) financing activities from continuing operations
|
|
|
25
|
|
|
|
(81
|
)
|
|
Net cash provided by (used in) financing activities from discontinued operations
|
|
|
(38
|
)
|
|
|
19
|
|
|
Net cash used in financing activities
|
|
|
(13
|
)
|
|
|
(62
|
)
|
|
Net decrease in cash and cash equivalents
|
|
|
(798
|
)
|
|
|
(126
|
)
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
(8
|
)
|
|
|
(9
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
1,809
|
|
|
|
1,171
|
|
Cash and cash equivalents at end of period
|
|
|
1,003
|
|
|
|
1,036
|
|
Less: Cash and cash equivalents at end of period from discontinued operations
|
|
|
502
|
|
|
|
389
|
|
|
Cash and cash equivalents at end of period from continuing operations
|
|
|
501
|
|
|
|
647
|
|
|
-12-
Infineon business highlights for the first quarter of the 2009 fiscal year
|
|
ATV: In the first quarter, Infineon was selected as a Preferred Supplier for its 32-bit
microcontroller family TriCore by one of the worlds leading automotive system suppliers. In
addition, Infineons TriCore products were chosen by a further major Tier 1 supplier for use
in powertrain applications. The company now holds an approximate market share of 25 percent of
the total available market for powertrain
applications. 32-bit microcontrollers help to reduce fuel consumption and emissions of cars.
|
|
|
|
ATV: Infineon was selected as supplier of automotive radar chips for the third-generation
long range radar system of Bosch, one of the worlds largest suppliers of components for the
automotive industry. Bosch intends to bring the radar systems into the midrange and compact
class, where it could soon be part of a cars standard equipment.
|
Energy Efficiency
|
|
IMM: Further expanding its leading role in fluorescent, high-intensity discharge (HID) and
solid-state lighting applications, Infineon launched its next-generation smart ballast
controller for use in compact fluorescent lamps, linear fluorescent T5 and T8 lamps, dimmable
fluorescent lamps and emergency lighting. Today, around one third of all energy consumption is
electrical energy and around 15 percent of this is consumed by lighting, creating a growing
demand for efficient lighting systems. The new lamp ballast controller has been selected by a
number of the worlds leading lighting manufacturers.
|
Communications
|
|
WLS: In January 2009, Infineon won the Innovation Award of German Industry for the best
technological innovation in the category of large-scale enterprises for its
X-GOLD101 mobile phone chip. This chip enables making a simple mobile phone from a single-chip,
cutting mobile phone manufacturers costs by over 30 percent. It is the second time Infineon has
received this prestigious award.
|
|
|
|
WLS: Infineon announced its third-generation ultra-low-cost (ULC) mobile phone chips. The
X-GOLD110 is the industrys most integrated and cost-effective one-chip solution for GSM/GPRS
ultra low-cost phones. The bill of material for mobile phone manufacturers is 20 percent lower
compared to existing GSM/GPRS solutions. The new platform supports color display, MP3
playback, FM Radio, and USB charging, and is prepared for Dual-SIM and camera solutions.
|
-13-
|
|
WLS: Infineon announced first samples of the second generation of Long-Term-Evolution (LTE)
RF transceiver. The SMARTi LU is a single-chip 65-nanometer CMOS RF transceiver providing
LTE/3G/2G functionality with digital baseband interface for data rates up to 150 Megabit per
second in LTE networks. In addition, the company announced the third generation of its 3G RF
transceiver family SMARTi UE. The SMARTi UEmicro is optimized for lowest cost 3G designs and
enables a 40 percent lower bill of material than available solutions on the market.
|
|
|
|
WLC: Infineon expects to benefit from the China 3G mobile license awards. As a leading
player in the Mobile Backhauling market, the company anticipates its products to be deployed
in the WCDMA, TD-SCDMA, and CDMA2000 networks.
|
|
|
|
IMM: Reaffirming its position as an innovative pioneer in ultra-low capacitance and
miniature transient voltage suppression (TVS) diodes, Infineon began offering in high volume
the worlds smallest TVS diode for the protection of antennas in the latest electronic
equipment. Applications include GPS, mobile TV, FM radio, and vehicles Remote Keyless Entry
(RKE) and Tire Pressure Monitoring Systems (TPMS).
|
Security
|
|
CCS: Infineon was again recognized as an innovator in the chip card industry and awarded
the Sesame Award 2008 in the category of Best Hardware for its latest 16-bit security
microcontroller family SLE 78, which incorporates brand new digital security features and was
recently launched. This is the fifth time Infineon has received the prestigious Sesame Award
for Best Hardware Innovation.
|
|
|
|
CCS: Infineon further expanded its position in the electronic ID market and will be one of
the chip suppliers for Turkeys new electronic citizen ID card. The company has already
delivered the first units for the pilot. Upon the completion of the pilot, nation-wide
implementation is expected to start in 2010 and last until 2013. The electronic ID card is
going to replace the current paper based identification document and is planned to cover about
80 percent of the 70 million citizens of Turkey.
|
-14-
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
2008 fiscal year (ending September), the company reported sales of Euro 4.3 billion with
approximately 29,100 employees worldwide in continuing operations. 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).
D I S C L A I M E R
This press release includes forward-looking statements about the future of Infineons business and
the industry in which we operate. These include statements relating to general economic conditions,
future developments in the world semiconductor market (including the market for memory products),
our ability to manage our costs and to achieve our savings and growth targets, the resolution of
Qimondas insolvency proceedings and the liabilities we may face as a result of Qimondas
insolvency, the benefits of research and development alliances and activities, our planned levels
of future investment, the introduction of new technology at our facilities, the continuing
transitioning of our production processes to smaller structure sizes, and our continuing ability to
offer commercially viable products.
These forward-looking statements are subject to a number of uncertainties, including broader
economic developments, trends in demand and prices for semiconductors generally and for our
products in particular, the success of our development efforts, both alone and with partners, the
success of our efforts to introduce new production processes at our facilities, the actions of
competitors, the availability of funds, the outcome of antitrust investigations and litigation
matters, and actions by Qimonda and its creditors and other interested parties, as well as the
other factors mentioned in this press release 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 29th, 2008.
As a result, Infineons actual results could differ materially from those contained in these
forward-looking statements. You are cautioned not to place undue reliance on these forward-looking
statements. Infineon does not undertake any obligation to publicly update or revise any
forward-looking statements in light of developments which differ from those anticipated.
For the Finance and Business Press:
INFXX200902.031e
|
|
|
|
|
|
|
Worldwide Headquarters:
|
|
Name:
|
|
Phone:
|
|
Email:
|
Media Relations
|
|
Kay Laudien
|
|
+49 89 234 28481
|
|
kay.laudien@infineon.com
|
Investor Relations
|
|
EU/APAC/USA/CAN
|
|
+49 89 234 26655
|
|
investor.relations@infineon.com
|
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