First Quarter FY 2015 Quarterly Update

Transcription

First Quarter FY 2015
Quarterly Update
Infineon Technologies AG
Investor Relations
Table of Contents
 Infineon at a Glance
 Growth Drivers
 Results and Outlook
Disclaimer:
This presentation contains forward-looking statements about the business, financial condition and earnings
performance of the Infineon Group (excluding International Rectifier).
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.
2015-01-29
Copyright © Infineon Technologies AG 2015. All rights reserved.
Page 2
Average Cycle Financial Targets
Going forward
Historical
CAGR(99-14) = ~9%
FY99
FY02
FY04
FY06
Revenue Growth:
FY08
20%
FY10
FY12
FY14
Segment Result Margin:
14.4%
15%
10%
5%
0%
FY10
FY11
FY12
FY13
25%
20%
15%
10%
5%
0%
2015-01-29
FY14
FY10
FY11
FY12
FY13
~15%
Investment-to-Sales:
15.1%
FY09
~8%
FY14
~13%
Page 3
Revenue Split by Segment
Q1 FY15 revenue: EUR 1,128m
IPC
€190m
ATV
€518m
Courtesy: BMW Group
CCS
€132m
PMM
€280m
OOS+C&E*
€8m
* Other Operating Segments;
Corporate and Eliminations.
2015-01-29
Page 4
Tight Customer Relationships are Based on
System Know-how and App Understanding
ATV
EMS partners
2015-01-29
IPC
PMM
CCS
Distribution partners
Page 5
Infineon Holds Top Positions in All Major
Product Categories
Automotive
semiconductors
Power
semiconductors
total market in 2013:
$25.1bn
$15.4bn
Renesas
13.3%
Infineon
STMicro
Freescale
NXP
9.6%
7.9%
7.4%
6.5%
Infineon
Mitsubishi
Smart card ICs
$2.48bn
12.3%
NXP
32.3%
Infineon
7.2%
Toshiba
6.0%
STMicro
STMicro
5.8%
Samsung
Fairchild
5.5%
SHHIC
21.7%
17.9%
16.5%
6.4%
Automotive semiconductors incl.
semiconductor sensors.
Discrete power semiconductors and
power modules.
Microcontroller-based smart
card ICs.
Source: Strategy Analytics,
April 2014
Source: IHS Inc., September 2014
Source: IHS Inc., July 2014
2015-01-29
Page 6
Table of Contents
 Growth Drivers
2015-01-29
Page 7
Growth in Car Production and
Content-per-Car Continues Unabated
Global car production (cars ≤ 6t)
[units m]
Semiconductor value per car
[USD]
CAGR(13-17) = 3.2%
CAGR
+2.4%
369
327
World
+3.8%
+2.3%
87.4
5.7
9.2
89.4
5.7
8.8
12.7
13.3
22.6
92.8
96.1
99.2
6.2
8.2
6.6
8.1
14.0
14.6
15.3
China
24.2
25.9
27.4
28.5
North
America
487
429
CAGR
+2.6%
17.0
17.4
17.9
18.3
18.6
Europe
20.1
20.0
20.5
21.3
22.1
492
419
CAGR
+3.3%
2014
2015
2016
2017
2018
Europe
APAC ex China
6.0
8.5
North America
Japan
China
RoW
Source: IHS Inc., “Annual Light Vehicle Production and Sales
2007 – 2020”, January 2015 update
2015-01-29
CAGR
+5.2%
281
218
513
455
Japan
2018
CAGR
+2.4%
2013
Source: Strategy Analytics, "Automotive Semiconductor
Demand Forecast 2012 – 2021", incl. semiconductor
sensors, October 2014 update
Page 8
LITIX™ Automotive LED Drivers Are
Gaining Broad Traction in Exterior Lighting
LITIX™: Infineon Automotive LED drivers
LED rear lighting
LED front lighting
 High level of integration reduces system
complexity
 Highly efficient DC/DC controller and
converter
 Increased reliability by precise current
control and diagnostics
 Broadest flexibility for DC/DC topologies
in the market
Design-Wins
 Several premium and volume OEMs
 Ramping now to an annual run-rate of > 100m pieces over five years
2015-01-29
Page 9
Wide Adoption of Premium Features, ADAS
and CO2 Reduction Drive ATV‘s Growth
Vehicle
production
Semiconductor content per car
CO2 reduction
Courtesy: BMW Group
~4% p.a.
ATV:
ADAS*
Courtesy: Bosch
Comfort, Premium
Courtesy: Bosch
2 – 4% p.a.
~8% p.a.
* ADAS: Advanced Driver Assistance Systems.
Sources: IHS Inc., Strategy Analytics, Infineon. All figures refer to mid-term compound annual growth rate of the respective market.
2015-01-29
Page 10
Drives, Home Appliances and Others Show
Strongest Growth Rates
Drives
Renewables
Traction
Home
Appliances
Others
Expected growth of market segments
~10% p.a.
IPC:
> 5% p.a.
~5% p.a.
> 10% p.a.
> 10% p.a.
~10% p.a.
Sources: IHS Inc., Infineon. All figures refer to mid-term compound annual growth rate of the respective market.
2015-01-29
Page 11
PMM Aims to Outgrow Its Core Markets
Power Management
Computing
Mobile Communications
Lighting
Charger
Mobile devices
Cell. infrastructure
> 7% p.a.
PMM:
> 7% p.a.
~10% p.a.
Sources: IHS Inc., ABI Research, Infineon. All figures refer to mid-term compound annual growth rate of the respective market.
2015-01-29
Page 12
CCS is Well Positioned to Grow Faster Than
the Market
High-end Mobile
Communications
Payment
Government
Identification
IoT Security
~0% p.a.
CCS:
~5% p.a.
~10% p.a.
~20 - 25% p.a.
6 – 9% p.a.
All figures refer to security microcontrollers.
Sources: IHS Inc., Infineon. All figures refer to mid-term compound annual growth rate of the respective market.
2015-01-29
Page 13
Expected Growth Broadly In Line With
Historical Averages
ATV
Courtesy: BMW Group
~8% p.a.
Infineon:
IPC
PMM
CCS
~10% p.a.
6-9% p.a.
Courtesy: Siemens AG
~10% p.a.
~8% p.a.
Sources: IHS Inc., Strategy Analytics, ABI Research, Infineon.
All figures refer to mid-term compound annual growth rate of the respective market.
2015-01-29
Page 14
Table of Contents
 Growth Drivers
2015-01-29
Page 15
Q1 FY15 Was Seventh Consecutive Quarter
of Year-On-Year Growth
Revenue and Segment Result
[EUR m]
+15%
1.175
1.051
1.110
FY14 revenue split
by product category
1.128
984
12%
14%
15%
16%
15%
116
146
170
188
169
Q1 FY14
Q2
Q3
Q4 FY14
Q1 FY15
Revenue
2015-01-29
Segment Result
Power
embed. Control
RF
others
Segment Result Margin
Page 16
Strong Y-Y-Growth in ATV, PMM and CCS;
IPC Lagging Due to Global Economy
ATV
IPC
[EUR m]
PMM
[EUR m]
CCS
[EUR m]
[EUR m]
+15%
484
510 518 518
452
+18%
+6%
179 185
200
219
238
15% 18% 20% 20% 15%
66
70
69
72
Q1 Q2 Q3 Q4 Q1
FY14
FY15
Revenue
2015-01-29
27
33
40
44
28
Q1 Q2 Q3 Q4 Q1
FY14
FY15
Segment Result
300
20%
190
12% 14% 14% 13% 14%
55
252
271
17%
12%
29
280
+22%
17%
15%
108
37
46
60
48
Q1 Q2 Q3 Q4 Q1
FY14
FY15
121 123
6%
7%
6
8
142 132
8% 14% 14%
10
20
18
Q1 Q2 Q3 Q4 Q1
FY14
FY15
Segment Result Margin
Page 17
Guidance for Q2 FY15 and Total FY15
Revenue
Outlook Q2 FY15
Outlook FY15
(compared to Q1 FY15)
(compared to FY14)
Increase between
5% and 9%
Increase of 12%
+/- 2%-points
(prev.: „Increase of 8% +/- 2%-points“)
Segment
Result
Margin
Between
12% and 13%
Investments in FY15
D&A in FY15
At the mid-point of the revenue guidance:
Between 14% and 15%
(previously: „About 14%“)
About €750m*
(previously: „About €700m*“)
About €600m
* Including €60m to €70m for Kulim 2 and €21m for Qimonda IP.
2015-01-29
Page 18
G&A Increased Due to Non-Segment Result
Expenses Related to Acquistion of IRF
S, G&A1)
R&D2)
[EUR m]
138
140
120
114
121
136
133
136
141
140
139
15%
122
14%
100
13%
80
60
12%
40
11%
20
0
10%
Q1
FY14
Q2
Q3
Q4
General & Administration
Q1
FY15
Q1
FY14
Selling
Q2
R&D
Q3
Q4
Q1
FY15
% of sales [rhs]
1) Target range for SG&A: „Low teens percentage of sales“.
2) Target range for R&D: „Low to mid teens percentage of sales“.
2015-01-29
Page 20
Working Capital Increased Due to Qimonda
Partial Settlement and EU Antitrust Payment
Working capital*
[EUR m]
Inventories
[EUR m]
Q1 FY14
Q2
Q3
Q4
Q1 FY15
490
500
674
680
707
Q1 FY14
Q2
Q3
Q4
0
-92
-16
-75
-52
Inventories
Trade receivables
[days]
452
529
553
100
486
80
60
400
40
200
20
0
0
Q1 FY14
Q2
Q3
Trade receivables
Q4
Q1 FY15
DOI*
Trade payables
[EUR m]
581
[days]
100
80
60
40
20
0
600
200
100
600
755
400
300
-100
654
Q1 FY15
DSO*
[days]
[EUR m]
600
560
515
648
531
572
100
80
60
400
40
200
20
0
0
Q1 FY14
Q2
Q3
Trade payables
Q4
Q1 FY15
DPO*
* For definition please see page 26.
2015-01-29
Page 21
FY15 Investments Ratio excl. Kulim 2 and
Qimonda IP Would Be Down to ~13%
Investments*
D&A
[EUR m]
1000
30%
887
890
800
~750**
668
600
~600
15.1%
325
115
453
11.9% 364
336
378
400
200
15.5%
141
428
466
514
12.4%
10%
141
0
0%
FY09 FY10 FY11 FY12 FY13 FY14 FY15e
Q1
20%
Q2
Q3
Fiscal Year
Guidance
FY09 FY10 FY11 FY12 FY13 FY14 FY15e
6Y-avg % of sales [rhs]
% of FY15 revenue guidance [rhs]
** Including €60m to €70m for Kulim 2 and €21m for Qimonda IP.
2015-01-29
Page 22
Proposal of Dividend of €0.18 Will Increase
Capital Returns by €202m in February 2015
Total gross capital returns history
[EUR m]
1,053
350
300
250
 In November 2013, a
new €300m capital
returns program with a
maturity until Sep 2015
was started.
308
109
212
200
26
150
100
202
167
130
173
50
62
FY11
129
129
38
35
FY13
FY14
202
20
0
FY12
convertible bond buyback
2015-01-29
164
 Per 31 Dec 2014, put
options for buyback of
1.5m shares outstanding.
 After acquisition of
International Rectifier,
currently no intention to
issue new options or to
buyback shares.
FY15e
share buyback (via put options)
dividends
Page 23
Gross Cash and Net Cash
Excluding International Rectifier
Liquidity Development
Q1
FY14
Net Cash
186
Q3
Q4
FY14
1917
2107
190
2418
2263
2010
2198
Q2
Equity-linked
190
188
2048
2279
38*
193
Debt
2232
Gross Cash
2073
[EUR m]
Q1
FY15
* The remaining outstanding convertible bonds were converted by the end of January 2014.
 Gross cash and Net cash negatively affected in the amount of EUR 343m
in Q1 FY15 by:
a) payment of EUR 83m due to the EU antitrust fine, and
b) EUR 260m for the partial settlement with the Qimonda insolvency administrator
2015-01-29
Page 24
Target: 'RoCE Above WACC' Over the Cycle
RoCE* history
WACC: low teens %
30%
FY14: 20%
20%
FY13: 14%
10%
0%
5%
7%
16%
27%
17%
21%
24%
24%
18%
Q1 FY13
Q2
Q3
Q4
Q1 FY14
Q2
Q3
Q4
Q1 FY15
Capital Employed* history
3000
[EUR m]
2969
2239
2274
2216
2159
2194
2232
2327
2452
Q1 FY13
Q2
Q3
Q4
Q1 FY14
Q2
Q3
Q4
2000
1000
0
Q1 FY15
2015-01-29
Page 25
Notes
Investments =
'Purchase of property, plant and equipment'
+ 'Purchase of intangible assets and other assets' incl. capitalization of R&D expenses
Capital Employed =
'Total assets'
– 'Cash and cash equivalents'
– 'Financial investments'
– 'Assets classified as held for sale'
– ('Total Current liabilities'
– 'Short-term debt and current maturities of long-term debt'
– 'Liabilities classified as held for sale')
RoCE =
NOPAT / Capital Employed =
('Income from continuing operations'
– 'financial income'
– 'financial expense')
/ Capital Employed
DOI (days of inventory; quarter-to-date) =
('Net Inventories' / 'Cost of goods sold') * 90
Please note:
All positions in ' ' refer to the
respective accounting position and
therefore should be applied with the
positive or negative sign used in the
relevant accounting table.
Working Capital =
('Total current assets'
– 'Cash and cash equivalents'
– 'Financial investment'
– 'Assets classified as held for sale')
– ('Total current liabilities'
– 'Short term debt and current maturities of long-term debt'
– 'Liabilities classified as held for sale')
DSO (days sales outstanding; quarter-to-date) =
('Trade receivables' / 'revenue') * 90
DPO (days payables outstanding; quarter-to-date) =
('Trade payables' / ['Cost of goods sold' + 'Purchase of property, plant and equipment']) * 90
2015-01-29
Page 26
Infineon is a Long-standing Member of
Europe's Leading Sustainability Indices
Infineon’s most recent achievements
 January 2015: Infineon is
listed in the Sustainability
Yearbook for the fifth
consecutive year and,
according to RobecoSAM,
among the top 15% most
sustainable companies
worldwide.
 11 September 2014:
Infineon was listed in the
Dow Jones Sustainability
Index for the fifth
consecutive year.
2015-01-29
 September 2014:
Infineon was listed in
the STOXX® Global
ESG Leaders Indices,
which serves as an
indicator of the quality of Infineon’s
performance in the governance, social and
environmental areas (ESG).
 Infineon was added to the
FTSE4Good Index Series
in 2001 and has been
confirmed as a member
since then.
Page 27
Financial Calendar
Date
Location
Event
12 Feb 2015
Munich
Annual General Meeting
05 May 2015*
02 Jun 2015
Q2 FY15 Results
Zurich
30 Jul 2015*
DZ Bank Sustainability Conference
Q3 FY15 Results
22 Sep 2015
Munich
Baader Investment Conference
23 Sep 2015
Munich
Berenberg Bank and Goldman Sachs German
Corporate Conference
11 – 13 Nov 2015
Barcelona
Morgan Stanley TMT Conference
26 Nov 2015*
30 Nov – 03 Dec 2015
Q4 FY15 and FY 2015 Results
Scottsdale, AZ
Credit Suisse TMT Conference
* preliminary
2015-01-29
Page 28
Institutional Investor Relations Contacts
Dr. Jürgen Rebel
Corporate Vice President
Investor Relations
 +49 89 234-21626
 [email protected]
Joachim Binder
Senior Director
Investor Relations
 +49 89 234-25649
Holger Schmidt
Manager
Investor Relations
2015-01-29
 +49 89 234-22332
Page 29

First Quarter FY 2015 Quarterly Update

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