INFINEON TECHNOLOGIES AG
DGAP-News: Infineon Technologies AG
/ Key word(s): Quarter Results/Forecast
- Q2 FY 2022: REVENUE ?3.298 BILLION, UP 4 PERCENT ON PRECEDING QUARTER AND 22 PERCENT YEAR ON YEAR; SEGMENT RESULT ?761 MILLION; SEGMENT RESULT MARGIN 23.1 PERCENT; FREE CASH FLOW ?120 MILLION - OUTLOOK FOR Q3 FY 2022: BASED ON AN ASSUMED EXCHANGE RATE OF US$1.10 TO THE EURO, REVENUE OF AROUND ?3.4 BILLION PREDICTED. ON THIS BASIS, SEGMENT RESULT MARGIN EXPECTED AT AROUND 21 PERCENT - OUTLOOK FOR FY 2022: BASED ON AN ASSUMED EXCHANGE RATE OF US$1.10 TO THE EURO (PREVIOUSLY US$1.15), REVENUE OF ?13.5 BILLION PLUS OR MINUS ?500 MILLION (PREVIOUSLY ?13.0 BILLION) NOW FORECAST FOR 2022 FISCAL YEAR. AT MID-POINT OF GUIDED REVENUE RANGE, SEGMENT RESULT MARGIN ABOVE 22 PERCENT PREDICTED (PREVIOUSLY ABOUT 22 PERCENT). INVESTMENTS AT AROUND ?2.4 BILLION STILL PLANNED. FREE CASH FLOW EXPECTED TO REACH ABOUT ?1.1 BILLION (PREVIOUSLY ABOUT ?1.0 BILLION) Neubiberg, Germany ? 9 May 2022 ? Today, Infineon Technologies AG is reporting results for the second quarter of its 2022 fiscal year (period ended 31 March 2022). "Infineon continues to perform well within an increasingly challenging environment. Revenue and Segment Result both went up again in the second quarter. Global uncertainties, in particular the war in Ukraine and the further course of the coronavirus pandemic, are placing stress on supply chains. At the same time, demand for our products and solutions continues to exceed supply significantly," said Jochen Hanebeck, CEO of Infineon. "Decarbonization and digitalization will profoundly change the world we live in over the next decade. We are actively driving this change, while at the same time seizing these opportunities to generate profitable growth. We are closely monitoring short- and medium-term market and supply conditions in order to be able to respond in case of need."
1 The calculation for earnings per share and for adjusted earnings per share is based on unrounded figures. 2 The reconciliation of net income to adjusted net income and adjusted earnings per share as well as of cost of goods sold to adjusted cost of goods sold and adjusted gross margin can be found in the quarterly information at www.infineon.com. The gross margin improved from 41.5 percent to 42.9 percent and the adjusted gross margin from 43.9 percent to 45.4 percent quarter on quarter. The Segment Result increased to ?761 million, compared with ?717 million in the previous three-month period, with the Segment Result Margin improving slightly from 22.7 percent to 23.1 percent. The second-quarter non-segment result was a net loss of ?143 million, compared to a net loss of ?100 million in the first quarter. The non-segment result for the quarter included ?82 million of cost of goods sold, ?50 million of selling, general and administrative expenses and ?6 million of research and development expenses. In addition, net other operating expenses amounted to ?5 million in the second quarter. Operating profit for the second quarter of the 2022 fiscal year amounted to ?618 million, compared with ?617 million in the previous three-month period. The financial result amounted to minus ?43 million, compared with minus ?45 million one quarter earlier. The tax expense went up slightly from ?117 million to ?121 million quarter on quarter. Profit from continuing operations for the second quarter of the 2022 fiscal year improved to ?469 million, compared with ?461 million in the previous three-month period. The second-quarter result from discontinued operations came in at ?0 million, following a loss of ?4 million reported for the first quarter. The profit for the period amounted to ?469 million, up from ?457 million one year earlier. Basic earnings per share from continuing operations edged up from ?0.35 to ?0.36 quarter on quarter, while diluted earnings per share from continuing operations were unchanged at ?0.35. Adjusted earnings per share3 (diluted) rose from ?0.41 to ?0.44 quarter on quarter. Investments ? which Infineon defines as the sum of purchases of property, plant and equipment, purchases of other intangible assets and capitalized development costs ? rose to ?494 million in the second quarter of the current fiscal year, compared with ?408 million in the preceding three-month period. Depreciation and amortization increased from ?393 million to ?405 million quarter on quarter. Free Cash Flow totaled ?120 million in the second quarter, down from ?378 million in the previous three-month period. Net cash provided by operating activities from continuing operations amounted to ?615 million, compared with ?796 million one quarter earlier. The gross cash position at the end of the second quarter stood at ?3,205 million, down from ?4,284 million at the end of December 2021. This was mainly due to the dividend payout in February amounting to ?351 million as well as repayments of a convertible bond issued by Cypress amounting to US$382 million and a term loan amounting to US$555 million borrowed from banks in conjunction with the Cypress acquisition. The positive Free Cash Flow had an offsetting effect on the gross cash position. The debt repayments caused financial debt to decrease to ?5,881 million as of 31 March 2022, compared with ?6,657 million at the end of the first quarter. Net financial debt went up from ?2,373 million to ?2,676 million quarter on quarter. OUTLOOK FOR THE THIRD QUARTER OF THE 2022 FISCAL YEAR OUTLOOK FOR THE 2022 FISCAL YEAR Investments ? which Infineon defines as the sum of investments in property, plant and equipment, investments in other intangible assets and capitalized development costs ? are planned at around ?2.4 billion for the 2022 fiscal year as a whole. The main focus is on expanding frontend manufacturing capacities with a view to enabling Infineon to continue meeting the expected growth in customer demand in the medium term. Depreciation and amortization are predicted to be between ?1.6 billion and ?1.7 billion in the 2022 fiscal year, of which approximately ?400 million is attributable to depreciation and amortization from purchase price allocations arising mainly in conjunction with the acquisition of Cypress and to a lesser extent with the acquisition of International Rectifier. Free Cash Flow is now forecast at about ?1.1 billion (previously about ?1.0 billion). Predictability of revenue and earnings is currently strongly limited by various geopolitical and macroeconomic factors, including the war in Ukraine and its potential effects e.g on energy supply as well as current and future measures deployed to contain the spread of the coronavirus pandemic, particularly in Asia. 3 Adjusted net income and adjusted earnings per share (diluted) should not be seen as a replacement or superior performance indicator, but rather as additional information to the net income and earnings per share (diluted) determined in accordance with IFRS. Infineon?s segments? performance in the second quarter of the 2022 fiscal year can be found in the quarterly information at www.infineon.com. All figures in this quarterly information are preliminary and unaudited. ANALYST TELEPHONE CONFERENCE AND TELEPHONE PRESS CONFERENCE
The Q2 Investor Presentation is available (in English only) at: INFINEON FINANCIAL CALENDAR (* preliminary) - 11 May 2022 IPC Call along with PCIM trade show - 16 May 2022 Equita 17th European Conference (virtual) - 17 May 2022 J.P. Morgan European Technology, Media and Telecoms Conference, London - 23 May 2022 J.P. Morgan Global Technology, Media and Communications Conference, Boston - 24 May 2022 Berenberg Conference USA 2022, Tarrytown - 25 May 2022 Deutsche Bank dbAccess German Corporate Conference, Frankfurt - 25 May 2022 Erste Bank Erste CEE Technology & Innovation Conference 2022 (virtual) - 31 May 2022 Kepler One Stop Shop Conference, Madrid - 14-15 Jun 2022 Exane BNP CEO Conference, Paris - 21 Jun 2022 BofA TMT Conference, London
- 3 Aug 2022* Earnings Release for the Third Quarter of the 2022
- 15 Nov 2022* Earnings Release for the Fourth Quarter and the 2022 ABOUT INFINEON
Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY). Further information is available at www.infineon.com Follow us:Twitter - Facebook - LinkedIn D I S C L A I M E R These statements are based on assumptions and projections resting upon currently available information and present estimates. They are subject to a multitude of uncertainties and risks. Actual business development may therefore differ materially from what has been expected. Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forward-looking statements. Due to rounding, numbers presented throughout this press release and other reports may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. All figures mentioned in this press release are preliminary and unaudited. Contact: Bernd Hops, Media Relations, phone: +49 89 234 23888
09.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Infineon Technologies AG |
| Am Campeon 1-15 | |
| 85579 Neubiberg | |
| Germany | |
| Phone: | +49 (0)89 234-26655 |
| Fax: | +49 (0)89 234-955 2987 |
| E-mail: | investor.relations@infineon.com |
| Internet: | www.infineon.com |
| ISIN: | DE0006231004 |
| WKN: | 623100 |
| Indices: | DAX, TecDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1346343 |
| End of News | DGAP News Service |
1346343 09.05.2022
