Feb 2, 2016 | Quarterly Report
• Q1 FY 2016: Revenue of €1,556 million; Segment Result €220 million; Segment Result Margin 14.1 percent
• Outlook for Q2 FY 2016: Quarter-on-quarter revenue increase of 3 percent (plus or minus 2 percentage points), with Segment Result Margin of 13 percent at mid-point of revenue range
• Outlook for Financial Year 2016 confirmed

Neubiberg, Germany, February 2, 2016 – Infineon Technologies AG today reported results for the first quarter of the 2016 fiscal year (period ended December 31, 2015).

"Our business performed better than expected in the past quarter. Infineon's broad diversification in terms of customers, markets and regions is paying off," stated Dr. Reinhard Ploss, CEO of Infineon Technologies AG. "We are doing particularly well in the automotive business, where Infineon's leading expertise is prevailing. Our solutions for driver assistance systems continue to generate growth. Electromobility is gaining momentum as well."

Neubiberg, Germany, February 2, 2016 – Infineon Technologies AG today reported
results for the first quarter of the 2016 fiscal year (period ended December 31, 2015).
€ in millions 3 mont hs
ended sequent ial
3 mont hs
ended
year-onyear
3 mont hs
ended
Dec 3 1, 15 +/ - in % Sep 3 0 , 15 +/ - in % Dec 3 1, 14
Revenue 1,556 (3) 1,598 38 1,128
Segment Result 220 (23) 286 30 169
Segment Result Margin [in %] 14.1% 17.9% 15.0%
Income from continuing operations 152 (53) 322 17 130
Income from discontinued operations, net of income taxes – --- 3 --- 6
Net income 152 (53) 325 12 136
Basic earnings per share (in euro) attributable to shareholders
of Infineon Technolo gies AG1:
Basic earnings per share (in euro) from continuing operations 0.14 (52) 0.29 17 0.12
Basic earnings per share (in euro) from discontinued operations - - - - -
Basic earnings per share ( in euro ) 0.14 (52) 0.29 17 0.12
Diluted earnings per share (in euro) attributable to shareholders
of Infineon Technolo gies AG1:
Diluted earnings per share (in euro) from continuing operations 0.14 (52) 0.29 17 0.12
Diluted earnings per share (in euro) from discontinued operations - - - - -
Diluted earnings per share ( in euro ) 0.14 (52) 0.29 17 0.12
A djus t e d e a rnings pe r s ha re ( in e uro ) – dilut e d 2 0.17 6 0.16 31 0.13
1 The calculatio n for earnings per share is based on unrounded figures.
2 The reconciliatio n of net income to adjusted net income and adjusted earnings per share is presented on page 9.

Review of Group financials for the first quarter of the 2016 fiscal year
At €1,556 million, the Infineon Group's revenue totaled €42 million or 3 percent lower in the first quarter of the current fiscal year due to seasonal factors, down from €1,598 million in the fourth quarter of the 2015 fiscal year. The Industrial Power Control (IPC), Power Management & Multimarket (PMM) and Chip Card & Security (CCS) segments all reported decreases, whereas the Automotive segment (ATV) recorded revenue essentially flat compared to the previous quarter.
The revenue decrease caused the gross margin to decline from 39.0 percent to 35.9 percent quarter-on-quarter. Acquisition-related depreciation, amortization and other with the acquisition of International Rectifier related expenses totaling €27 million were recorded in the first quarter.
The first-quarter Segment Result amounted to €220 million, 23 percent down on the €286 million reported for the preceding three-month period. The Segment Result Margin came in at 14.1 percent, in line with guidance, compared with the previous quarter's 17.9 percent. The decreases in Segment Result and Segment Result Margin were primarily attributable to the seasonal drop in revenue, a less favorable product mix and currency effects on the cost side.
The negative non-segment result continued to improve, from negative €83 million in the fourth quarter 2015 to negative €54 million in the first quarter of the current fiscal year. Of the first-quarter figure, €29 million related to cost of goods sold, €4 million to research and development expenses and €26 million to selling, general and administrative expenses. Other operating income respectively expenses net amounted to positive €5 million. The non-segment result includes a balanced amount of €45 million of depreciation and amortization arising in conjunction with the purchase price allocation and other expenses related to the acquisition of International Rectifier.
Operating income decreased from €203 million in the fourth quarter to €166 million in the first quarter of the 2016 fiscal year. Income from continuing operations fell to €152 million, partly reflecting the fact that the fourth quarter figure of €322 million had included a net income tax benefit of €131 million. Income from discontinued operations amounted to €0 million, compared to €3 million in the preceding quarter. Net income was €152 million, compared with €325 million in the fourth quarter.
Earnings per share (basic and diluted) fell from €0.29 to €0.14 quarter-on-quarter.

Adjusted earnings per share1 (diluted) increased from €0.16 in the fourth quarter of the 2015 fiscal year to €0.17 in the first quarter of the current year. For the purpose of calculating adjusted earnings per share (diluted), a number of items were eliminated, most notably acquisition-related depreciation/amortization and other expenses (net of tax) as well as reversals of valuation allowances on deferred tax assets.
Investments – which Infineon defines as the sum of purchases of property, plant and equipment, purchases of intangible assets and capitalized development costs – totaled €167 million, compared to €279 million in the fourth quarter of the previous fiscal year. At €211 million, depreciation and amortization remained unchanged compared to the fourth quarter.
Free cash flow2 from continuing operations declined to break-even for the first quarter, in line with forecast. The equivalent figure for the previous three-month period was €177 million. Net cash provided by operating activities from continuing operations amounted to €175 million, compared to the previous quarter's €429 million.
The gross cash position stood at €1,994 million at December 31, 2015, slightly down on the €2,013 million reported at the end of the fourth quarter. Similarly, the net cash position was also lower, falling from €220 million at September 30, 2015 to €204 million at December 31, 2015.
Outlook for the second quarter of the 2016 fiscal year
In the second quarter of the 2016 fiscal year, Infineon expects a quarter-on-quarter revenue increase of 3 percent (plus or minus 2 percentage points). This forecast is based on an assumed exchange rate of US$1.10 to the euro. At the mid-point of the revenue range, the Segment Result Margin is expected to come in at approximately 13 percent.
Outlook for the 2016 fiscal year
Based on an assumed average exchange rate of US$1.10 to the euro, Infineon expects an unchanged year-on-year revenue growth of around 13 percent (plus or minus 2 percentage points) for the 2016 fiscal year and a Segment Result Margin of 16 percent at the mid-point of the range for the forecast revenue growth.

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http://www.infineon.com/dgdl/INFXX201602-024e.pdf?fileId=5546d461525db95201529e7b98c103b0

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