Q3 Results of 2016 Fiscal Year, Presentation Aug 02

Transcription

Third Quarter FY 2016
Quarterly Update
Infineon Technologies AG
Investor Relations
Table of Contents
1
Infineon at a Glance
2
Planned acquisition of Wolfspeed
3
Growth Drivers
4
Results and Outlook
2016-08-02
Copyright © Infineon Technologies AG 2016. All rights reserved.
2
Infineon at a glance
Power represents ~60% of revenue
Business Segments
Automotive
(ATV)
Industrial Power
Control (IPC)
17%
509
280
Power Management & Multimarket (PMM)
31%
41%
[EUR m]
676
ATV
11%
Chip Card &
Security (CCS)
revenue in Q3 FY16:
€1,632m incl. OOS & C&E of -€5m
3,904
13.5%
527
FY12
Revenue
2016-08-02
CCS
Non-Power*
*embedded control, sensors, RF
Automotive
Power
Smart card ICs
#2
#1
#2
Strategy Analytics,
April 2016
IHS Markit,
July 2016
IHS Markit,
July 2016
4,320
14.4%
15.5%
377
620
897
FY13
FY14
FY15
9.8%
PMM
Market Position
5,795
3,843
IPC
Power
Financials
[EUR m]
172
Segment Result
Margin
3
Technology leadership and system
understanding fosters growth and profitability
Competitive advantages
Power
#1, system and technology
leader
RF
broadest technology
portfolio;#1 in SiGe; become
#1 in base stations by 2020
Security
Auto
system leader in
automotive
Leader in
security solutions
2016-08-02
Average-cycle financial targets
Revenue Growth:
~8%
Segment Result Margin:
~15%
Investment-to-Sales:
~13%
(Capex*: ~11%; capital. R&D*: ~2%)
* Infineon reports under IRFS
4
Infineon‘s Revenue Development (excl.
IRF) Outperformed Total Semi Market
[EUR m]
CAGR(99-15): ~9%
6000
CAGR(99-15): +5.4%
1999
2001
2003
2005
2007
2009
2011
2013
5,100 (excl. IRF)
296,383
4,303
3,815
3,774
3,780
3,103
2,128
2,916
2,906
2,701
2,366
2,289
1,995
1,821
0
2,045
300,000
1,681
1500
1,200**
3000
126,895***
4500
200,000
100,000
2015
Revenue Infineon* [lhs]
Semiconductor World Market (adjusted for the Infineon fiscal year ending Sep 30) [rhs]
*
Based on Infineon’s portfolio (excl. Other Operating Segments and Corporate & Eliminations) per end of 2015 fiscal year.
**
Based on market development assumptions FY99’s revenue figures for some smaller product categories have been derived
from the FY00’s revenue figures.
***
Scale indexed to the Infineon FY99 revenue.
Source: Infineon; WSTS (World Semiconductor Trade Statistics), November 2015
2016-08-02
5
Our promise to investors:
Continued value creation through growth (I)
Q3 FY16 revenue y-y growth ~3%, despite shrinking market
[EUR m]
1500
1,598
1,586
76.6
75.9
1000
80
1,632
1,611
1,556
14%
14%
16%
71.0
70.0
70
Total
semiconductor
market *
500
245
286
220
228
254
Q3 FY15
Q4
Q1 FY16
Q2
Q3
0
Revenue
Segment
Result
75.7
18%
15%
[EUR bn]
+3%
-8%
60
* Source: WSTS Monthly
Bluebook, June 2016
Earnings-per-share growth
[EUR cent]
EPS basic
+6%
+60%
30
EPS adjusted
29
20
18
10
16
17
14
18
16
19
16
10
0
Q3 FY15
2016-08-02
Q4
Q1 FY16
Q2
Q3
6
Our promise to investors:
Continued value creation through growth (II)
RoCE as key value metric
RoCE impacted by acquisition of International Rectifier
WACC: low teens %
30%
FY14: 20%
20%
FY15: 13%
10%
17%
21%
24%
24%
18%
6%
9%
26%
12%
15%
15%
Q1 FY14
Q2
Q3
Q4
Q1 FY15
Q2
Q3
Q4
Q1 FY16
Q2
Q3
0%
Q4
Total cash return to shareholders
[EUR m]
1,278
308
109
26
173
FY11
212
164
129
129
38
35
FY13
FY14
130
20
62
FY12
convertible bond buyback
2016-08-02
167
202
Policy of
sustainable
dividend payout.
›
Increase of
dividend from
€0.18 to €0.20.
›
Payout of €225m
on 19 Feb 2016.
225
202
225
FY15
FY16
share buyback (via put options)
›
dividends
7
Infineon increased relative market share in
power and outperformed chip card market
Automotive
semiconductors
Power discretes and
modules
total market in 2015: $27.4bn
Infineon
NXP
14.2%
Infineon
10.4%
Mitsubishi 6.2%
Renesas
10.3%
Fairchild 6.1%
STMicro
7.7%
STMicro 5.7%
Texas
Instr.
7.0%
Vishay 5.0%
Source: Strategy Analytics, April 2016
2016-08-02
Smart Card ICs
NXP
18.6%
30.5%
Infineon
relative
market
share up
vs CY14
Source: IHS Markit, July 2016
Samsung
STMicro
others
24.8%
16.2%
15.1%
+1.1%point vs
CY14
13.3%
8
Tight customer relationships are based on
system know-how and app understanding
ATV
EMS partners
2016-08-02
IPC
PMM
CCS
Distribution partners
9
Table of Contents
1
2
3
Growth Drivers
4
Results and Outlook
2016-08-02
10
Key facts of the deal
› Transaction perimeter:
´s
SiC wafer substrate business
(excluding LED)
› Revenues of US$173m in LTM* ending 27 March 2016
› Purchase price:
US$ 850m
› Transaction type:
cash and debt free
› Financing:
US$ 720m bank loans
US$ 130m cash-on-hand
› Expected closing date:
~ end of calendar year 2016
* LTM = last twelve months
2016-08-02
11
Deal rationale at a glance
› Become #1 in RF power amplifier market by ~2020 with
most complete technology portfolio by capitalizing on
technology disruption in cellular infrastructure
› #1 in silicon carbide for power, strengthen automotive
and industrial and accelerate market introduction with
cutting-edge products as cost-performance leader and
create thereby a higher addressable market for Infineon
› Deal is margin and adjusted EPS accretive from day 1
GM 55%*
with expected 55% incremental gross margin* and 20%
CAGR 20%
incremental revenue growth of the acquired businesses
›
For detailed information on the deal rational please refer to the web call and
the corresponding investor presentation at
http://www.infineon.com/poweringthefuture
* According to US GAAP, excluding effects from purchase price accounting
2016-08-02
12
Table of Contents
1
2
3
Growth Drivers
4
Results and Outlook
2016-08-02
13
Infineon benefits from industrial, auto and
security, the by far fastest growing segments
CAGR 2015 – 2020 by Semiconductor Industry Segment
Industrial
7.8%
Automotive
5.7%
Chip Card ICs**
Total Semi Market
Data Processing
Consumer
Communications
4.8%
1.9%
1.1%
$29bn*
$3.7bn*
$347bn*
$45bn*
0.7%
-0.2%
$42bn*
$108bn*
$123bn*
Source: IHS Markit, Worldwide Semiconductor Shipment Forecast, June 2016
* In calendar year 2015
** source: ABI Research, “Secure Smart Card & Embedded Security IC Technologies”, January 2016; microcontroller ICs
2016-08-02
14
Infineon is system leader in automotive;
making cars clean, safe and smart
#2 with market share gains in power and sensors:
› #1 in power semiconductors*
› #2 in sensors*
› #3 in microcontrollers* (#1 in powertrain**)
Most balanced portfolio with sensors, microcontrollers and power for system approach
Leader in electric drivetrain and CO2 reduction
- making cars clean
Leader in ADAS
- making autonomous driving safe and reliable
Leading product portfolio of sensors and security
ICs for individual convenience and connectivity
- making cars smart
Focus on sustainable high-bill-of-material areas:
powertrain, safety/ADAS/autonomous cars, body
* Source: Strategy Analytics, April 2016
2016-08-02
Infineon is ideally
positioned to
benefit from
megatrends and
to gain further
market share in
Automotive
for more information
see presentation at:
www.infineon.com/autoslides
** own estimate.
15
Infineon is system leader with most balanced
portfolio in the market
Infineon covers the entire control loop
in powertrain, safety/ADAS, and comfort/body
sensors
microcontrollers
power
Bosch
Infineon
NXP
Allegro
Melexis
18.1%
11.9%
8.9%
7.6%
7.0%
Renesas
32.7%
NXP
26.6%
Infineon
STMicro
25.2%
14.5%
Infineon
8.6%
NXP
9.1%
Toshiba
8.5%
Bosch
8.6%
Microchip
5.4%
Texas Instr.
7.4%
Source: Strategy Analytics, “Automotive Semiconductor Vendor Market Shares”, April 2016
2016-08-02
16
Four megatrends are shaping the automotive market,
significantly increasing the semi content per vehicle
ADAS/Autonomous driving
› From ADAS to semi-automated
and finally autonomous driving
› Every world region is striving for
“0-accident”
› Advanced connectivity is
driven by making the car
part of the Internet
› The car will be fully connected
(V2I, V2V, in-vehicle)
Connectivity
2016-08-02
xEV/eMobility
› Mandated CO2 reductions make
electrification of powertrain
inevitable
› Increased connectivity
and software content
increase risk exposure to
hackers
› Internal/external connectivity
must be secured
Advanced security
17
ADAS system chipset coverage by Infineon
Sense
Compute
Camera
Inside
LIDAR
Graphics
Processor
Powertrain
Domain
Controller
Sensor
Fusion
µC
Safety
Domain
Controller
Actuate
Radar
Camera
Ultrasonic
Outside
Partially
covered by
Infineon
2016-08-02
Fully covered by Infineon
18
Infineon market leader in radar; 20m sensor chips
sold; ~50% CAGR16-21 based on design wins*
2015 radar sensor market share**
NXP
Infineon
21%
Vision Zero
+ Autonomous Driving
36%
STM
Innovation for cost
Innovation for performance
43%
mid-range radar
ACC radar
1st radar product
eWLB package
mid- & longrange radar
Dual Chip System
solution +
power supply
1st SiGe 77 GHz
transceiver
next gen. of
mid- and longrange radar
AURIX™ 3rd gen.,
power supply
SiGe
short- to
mid-range radar
Blind Spot
Detection
CMOS solution
(24 GHz)
2009
CMOS
Today
Tomorrow
* Refers to 77 GHz radar sensor chip market
** Source: IHS Markit, “Advanced Driver Assistance Applications Sensor Market Database – H2 2015”, February 2016
2016-08-02
19
ADAS semi growth driven by radar and
camera sensor modules
Average ADAS semiconductor content per level of automation
Level 2
Level 3
Level 4
$550
$400
10%
8%
35%
0%
30%
5%
20%
60%
0%
0% $100
Radar
Lidar
Sensor
Fusion
12%
45%
35%
Market take-off:
2015-2020
(up to 30m vehicles p.a.)
›
Market take-off:
2020-2025
›
Key market driver:
NCAP, Automatic Emergency
Brake, Blindspot Detection
›
Key market driver:
›
Automated Driving in specific
situations (e.g. parking, highway)
2016-08-02
›
Actuators
Sensor
Fusion
Lidar
Market take-off:
2025-2030
Total BoM
›
Radar
Camera
Total BoM
Actuators
Sensor
Fusion
Lidar
Radar
Camera
Total BoM
Camera
40%
Key market driver:
Autonomous Driving
20
xEV growth driven by power semis
Average xEV semiconductor content by degree of electrification
48 V
HEV / PHEV
Adder for DC-DC and starter/generator
Adder for DC-DC, inverter, onboard
charger
$709
µC
Power
$338
ICE
$47
$15
Others
$704
$190
$60
Others
µC
Power
$49
$77
$372
$29
Others
$15
Sensors
$414
Power
EV
Sensors
$282
$76
$387
$338
ICE
total
2020: 1.6m*
› high growth for 48 V (not even
including 48 V auxiliaries nor
mild hybrid)
total
2020: 3.5m HEVs*
1.9m PEHs*
› PHEV to overtake HEV after
2020, especially in Europe
total
2020: 1.4m EVs*
› strong growth driven by
Chinese OEMs and Tesla
*Source: IHS Markit, “Alternative Propulsion Forecast”, January 2016, expected number of vehicles
2016-08-02
21
Infineon is well positioned globally to benefit
disproportionally from xEV boom
1 Premium
OEM
Bolt
Kangoo
Model S & X
A3 e-tron
V60,
Q5 A6 S60, XC90
Soul EV
FCEV
Passat, Golf
Jetta
Focus
Zoe
E-Class
S-Class
e-Golf
e-up
1 Premium OEM
1 Mass Market
OEM
LaCrosse, Regal,
Malibu
Ray EV
ix35
Ampera-e
B-Class
335i - 535i – x5
2 series - x3
Pacifica
PHEV
Optima/Sonata
Grandeur
EV160
Bluecar
M1
Tong Yue
Panamera
Cayenne
1 Mass Market
OEM
ROWE 550
China
508RHX
3008
i3
i8
Qin / Tang
Chery EQ
EV50
EJ02
1 Mass Market
OEM
Hybrid Bus
Voleex
C20R-EV
DS5
500EV
EV in
production
EV
future
SOP
HEV
future
SOP
HEV in
production
Fuel Cell
in
production
SOP = Start of production
2016-08-02
22
Infineon is ideally positioned to benefit most
from megatrends ADAS, xEV, and security
ADAS/autonomous
driving semi market
[$m]
xEV/e-mobility
semi market
[$m]
Security semi market
[$m]
6,700
4,740
3,827
3,050
1,801
~45%
~30%
2015
~40%
2020
~80%
700
~80%
2025
Higher market coverage driven
by radar penetration, AURIX™
penetration and actuators
2015
200
15
2020
2025
High market coverage already in
2015 will be kept with ramp-up
of new power products
Source: IHS Markit, Strategy Analytics, Infineon estimations
2016-08-02
~80%
1,380
Addressed by Infineon
2015
2020
100%
2025
Key enabler for secure
connectivity
Not addressed by Infineon
23
ADAS, CO2 reduction and adoption of premium
features drive Infineon growth
Vehicle production
Drivers for semiconductor content per car
CO2 reduction
Courtesy: BMW
› ~2% growth p.a.
› Driven by legislation
› Further growth in
Western Europe, US,
Korea and China
› Improvements of ICE
(e.g. electric steering,
electric pumps and
motors)
› Electro-mobility gaining
momentum, especially
in China
› Adoption of EV/HEV
Advanced safety
Comfort, premium
Courtesy: Audi
› Current:
crash avoidance
› Next:
assisted Driving
› Future:
autonomous driving
› Premium cars are
early adopters of
high-end comfort and
safety features
› Trickling down to midrange
~8% p.a. through-cycle growth
2016-08-02
24
Infineon is #1 and technology leader in power
semiconductors
#1 in the market*
Broadest product and technology portfolio
Addressing broadest range of applications
300 mm thin-wafer manufacturing for power
semiconductors
System leader with digitalization of the control
loop and functional integration
Infineon is ideally
positioned to gain
further market
share and earn
superior margins
in power
semiconductors
Leader in next-generation power
semiconductor materials GaN and SiC
* Source: IHS Markit, “Power Semiconductor Discretes & Modules Report – 2016”, July 2016
2016-08-02
25
As system leader in power, Infineon has
broadest application and technology reach
Covering the entire power chain
Generation
Transmission
Consumption
Main IPC markets
Main PMM power markets
System competence for highest reliability and highest efficiency
Stacks
2016-08-02
Modules
MOSFETs/IGBTs
Drivers
Controllers
26
Infineon further strengthened its market
positions
IGBT components*
(discretes and modules)
Stronger #1 position
Infineon
Mitsubishi
Fuji Electric
Semikron
Fairchild
27.6%
20.2%
12.5%
7.6%
4.9%
therein: IPMs
New #4 position
Mitsubishi
44.9%
Discrete standard
MOSFETs
rms** unchanged
Infineon
26.4%
Semikron
11.2%
Fairchild
9.5%
Fuji
Electric
10.1%
Renesas
8.9%
Infineon
9.1%
STMicro
8.0%
On Semi
8.6%
Toshiba
7.3%
*
The market for IGBT components ($3,944m) includes discrete IGBTs ($853m), Standard IGBT modules ($1,692m), CIB/PIM
($299m), and IPMs ($1,101m).
** relative market share
Source: IHS Markit, “Power Semiconductor Discretes & Modules Report”, July 2016
2016-08-02
27
Infineon continuously improved relative
market share in power
Relative market share* of 3 in the total power semiconductor market
19.2%
20%
18.6%
3.00
15%
2
Mitsubishi
Mitsubishi
Mitsubishi
1.69
Toshiba
1.65
Toshiba
Toshiba
Vishay
1.50
1.49
11.9% 11.8% 12.3%
Mitsubishi
10.7% 11.2%
10.2%
9.7%
STMicro
8.5%
Int. Rectifier
0%
9.4%
Fairchild
5%
8.4%
Int. Rectifier
8.1%
Int. Rectifier
10%
3
2.74
1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
market share Infineon [lhs]
*
market share competitor [lhs]
relative market share [rhs]
The relative market share is defined as the proportion of the market share held by the market leader (in all years presented for
Infineon) compared to the market share of the second largest competitor in the relevant year.
Source: IHS Markit, several reports from 2004 through 2016
2016-08-02
28
Strong #1 position in power allows driving of
key areas of differentiation and innovation
Unique 300 mm
thin wafer power
semiconductor
manufacturing
Compound
semiconductors
GaN and SiC
Digitalization of
the power control
loop
Functional
integration of
IGBT modules
2016-08-02
29
Efficiency and digitalization are main market
drivers for power applications
IPC
Drives
› Energy
efficiency
› Automation
› Productivity
increase
Renewables
› Legislation
› Growing
share of
renewable
energies as
part of the
energy
generation
mix
PMM
Traction
› Growing
population in
metropolitan
areas
› Fast and
efficient mass
transport
system
MHA
AC-DC
DC-DC
› Energy
efficiency
› Energy
efficiency
› Energy
efficiency
› Growing VSD
penetration
› Charging
time
› Compactness (power
density)
› Compactness (power
density)
› DPM
› DPM
› Brushless DC
motors
DPM = Digital Power Management
MHA = Major Home Appliances
VSD = Variable Speed Drive
2016-08-02
30
Sensors drive multimarket segment in PMM:
60 GHz radar transceiver for gesture sensing
4 receive
antennas
Presented at “Google I/O 2016”*
RF frontend,
baseband,
ADC, state
machine,
memory
Courtesy: Google ATAP
2 transmit
antennas
›
›
›
1.8 V for the complete chip set
54 mW power consumption in sensing mode
supports > 1,000 frames per second
Courtesy: Harman
Courtesy: LG
* See YouTube: https://www.youtube.com/watch?v=8LO59eN9om4
2016-08-02
31
Infineon REAL3™ image sensor is first to meet
Google Tango specification
Lenovo PHAB2 Pro first smartphone based on Google Tango
› depth perception of the surrounding in real-time
› motion tracking which responds to physical movements
› area learning capability which enables the device to recall
the data recorded from previously visited locations
REAL3™
Courtesy: Lenovo
REAL3™ will drive multiple new applications
› automotive: driver monitoring
› consumer: indoor navigation, education
› gaming: Pokémon Go is a remarkable AR
technology demonstrator; leading game developers will incorporate AR technology in new games
› AR seems to have scored over VR by ease of
accessibility: AR games can be used on mobile
phones, whereas VR needs rather expensive
headsets and tremendous computing power
2016-08-02
32
Infineon is the leader in security solutions for
the connected world
#2 in microcontroller-based smart card ICs*
#1 in embedded digital security**
Complete portfolio of hardware, software,
services and turn-key solutions
Leading in growth segments payment,
government ID, connected car security, IoT,
and Information and Communications
Technology security
*
**
Infineon is ideally
positioned to
benefit from the
growth trends in
the security
controller market
Source: IHS Markit, December 2015
2016-08-02
33
CCS is enabling security for the connected
world
Smart card applications
Embedded security applications
Infineon holds leading positions in
security solutions markets
#2
market size:
$2.72bn
#1*
market size: $698m
microcontroller-based
smart card ICs
›
›
›
›
Smart card payment
Electronic passports and ID documents
Mobile communication
Transport ticketing
Embedded secure
microcontrollers
›
›
Mobile device security and payment
›
›
Industrial and automotive security
Information and Communications
Technology security
IoT connected device security
Source: IHS Markit, Dec 2015, July 2016; * based on units; USD-ranking not provided
2016-08-02
34
Recent design-wins underline Infineon‘s
#1 position* in embedded digital security
Recent design-wins for OPTIGA™ family products
› Servers and gateways
› Notebooks,
e.g. Lenovo ThinkPad
Courtesy: Lenovo
› Industry PCs
› Tablets,
e.g. Microsoft Surface Pro 4
› Smart home hub,
e.g. Google OnHub
Courtesy: Google
* Infineon is market leader in embedded secure microcontrollers with 31% market share (ranking based on units).
Source: IHS Markit, „Embedded Digital Security Report“, January 2016
2016-08-02
35
Infineon‘s long-term growth is based on
sustainable growth drivers
ATV
IPC
PMM
CCS
Courtesy: BMW Group
› CO2 reduction
› Energy efficiency
› Energy efficiency
› Security as a
function
› Advanced Driver
Assistance
Systems
› Automation
› Power density
› Productivity
increase
› BLDC motors
› Mobile payments
› Mobile device and
LTE growth
› Internet of Things
› Authentication
~8% p.a. through-cycle growth
2016-08-02
36
Table of Contents
1
2
3
Growth Drivers
4
Results and Outlook
2016-08-02
37
Strong growth in ATV due to ADAS and
electro-mobility
ATV*
IPC*
[EUR m]
PMM*
[EUR m]
[EUR m]
+9%
621
CCS*
[EUR m]
-2%
670 676
613 614
517 535 510 496 509
+4%
0%
269 271 249 265 280
13% 17% 13% 14% 15%
19% 21% 15% 15% 16%
11% 14% 9% 10% 15%
172 181 173 180 172
20% 21% 20% 20% 19%
79 102 81
94 104
Q3 Q4 Q1 Q2
FY15
FY16
Q3
30
26
42
Q3 Q4 Q1 Q2
FY15
FY16
Q3
Revenue
39
23
74
79
Q3 Q4 Q1 Q2
FY15
FY16
Q3
98 110 79
Segment Result
35
38 35
36
32
Q3 Q4 Q1 Q2
FY15
FY16
Q3
Segment Result Margin
* The business with XMC industrial microcontrollers developed by ATV and CCS was transferred to PMM and IPC with effect from
1 October 2015. The previous year’s figures have been adjusted accordingly.
2016-08-02
38
Guidance for Q4 FY16 and total FY16
Revenue
Segment
Result
Margin
Outlook Q4 FY16*
Outlook FY16
(compared to Q3 FY16)
(compared to FY15)
Increase of 3%
+/- 2%-points
At the mid-point of the
revenue guidance:
17%
Based on the outlook for
Q4 FY16, revenue growth
and Segment Result Margin
for FY16 are expected to
finish within the range
forecast in the preceding
quarters**.
Investments in FY16
About €850m
D&A in FY16
About €850m***
*
**
Based on an assumed average exchange rate of $1.10 for €1.00.
On 02 February 2016 based on an exchange rate of $1.10 for €1.00: “Revenue to increase by 13% +/- 2%-points; SR margin
to come in at 16% at the mid-point of the revenue guidance”.
On 03 May 2016 based on an exchange rate of $1.15 for €1.00: “Revenue to increase by 12% +/- 2%-points; SR margin to
come in between 15% and 16% at the mid-point of the revenue guidance”.
*** Including D&A on tangible and intangible assets from purchase price allocation of International Rectifier.
2016-08-02
39
Solid Investment Grade rating assigned by S&P in
connection with revised capital structure targets
Revised capital structure targets announced by Infineon in February 2016:
a.) Gross Cash
› “€1bn plus 10% to 20% of revenue”
b.) Gross Debt
› “less than 2.0x EBITDA”
Infineon‘s revised capital
structure targets are reflected in
the Corporate Credit Rating of
BBB (outlook: „stable“) assigned
by S&P in February 2016.
› Rating not changed after announcement of
planned Wolfspeed acquisition
2016-08-02
41
Infineon has a well balanced maturity profile
Maturity profile
[EUR m; US$ m]
new debt in case of closing of
the Wolfspeed acquisition
€500
$350
$350
€300
$250
€200
$250
$235
2018
2019
2020
2021
2022
Eurobond
Sep 2018
3-year
$-term
loan
4-year
€-term
loan
5-year
$-term
loan
Eurobond
Mar 2022
2019
2020
2021
2023
2024
2025
8-year
USPP
Notes
Apr 2024
2026
10-year
USPP
Notes
Apr 2026
2027
2028
12-year
USPP
Notes
Apr 2028
Note: Other debt with maturities between 2017 and 2023 totaling €149m.
2016-08-02
42
SG&A still includes noticeable acquisitionrelated costs that are incrementaly declining
S and G&A*
[EUR m]
220
210
R&D**
215
200
200
195
201
200
197
198
195
197
15%
180
160
14%
140
120
13%
100
80
12%
60
40
11%
20
0
10%
Q3
FY15
Q4
Q1
FY16
Q2
General & Administration
*
**
Q3
Q3
FY15
Selling
Q4
R&D
Q1
FY16
Q2
Q3
% of sales [rhs]
Target range for SG&A: „Low teens percentage of sales“.
Target range for R&D: „Low to mid teens percentage of sales“.
2016-08-02
43
Improved working capital due to increased
payables
Working capital
Inventories
[EUR m]
[EUR m]
1000
800
600
400
200
0
911
761
631
791
550
Q3 FY15
Q4
Q1 FY16
Q2
1,040
1000
800
600
400
200
0
Q3 FY15
Q3
729
800
742
669
757
1,190
1,165
1,198
Q4
Q1 FY16
Q2
Q3
Inventories
Trade receivables
[EUR m]
1,129
[days]
125
100
75
50
25
0
DOI*
Trade payables
741
600
[days]
100
75
[EUR m]
800
802
747
759
690
815
[days]
100
600
75
400
50
400
50
200
25
200
25
0
0
Q3 FY15
Q4
Q1 FY16
Trade receivables
Q2
Q3 FY15
DSO*
0
0
Q3 FY15
Q4
Q1 FY16
Trade payables
Q2
Q3
DPO*
* For definition please see page 48.
2016-08-02
44
Investments on target of ~13% of sales;
D&A stable at ~13% of sales
Investments*
D&A
[EUR m]
1000
30%
887
890
~850
785
22.8%
800
~850
760
668
22.2%
600
20%
15.5%
378
400
220
200
428
364
13.5% 13.1%
9.8%
466
163
9.1%
11.0%
514
12.1% 11.9%
206
13.1% 13.1%
10%
213
211
167
0
0%
FY11
FY12
FY13
FY14
Q1
FY15 FY16e
Q2
Q3
FY11
Guidance
FY12
FY13
FY14
FY15 FY16e
% of revenue [rhs]
2016-08-02
45
Net cash increased due to €277m Free Cash
Flow
Liquidity development
Q3
FY15
Q4
Gross Cash
Q1
FY16
Debt
Q2
299
1,784
2,083
27
1,776
1,803
204
1,790
1,994
220
1,793
2,013
49
1,842
1,793
[EUR m]
Q3
Net Cash
› Free Cash Flow from continuing operations was €277m, significantly up from
€45m in Q2. This is basically a timing effect in terms of certain trade payables
2016-08-02
46
RoCE expected to increase in FY16 vs FY15
RoCE* history
RoCE impacted by acquisition of International Rectifier
30%
20%
WACC: low teens %
FY14: 20%
FY15: 13%
10%
0%
17%
21%
24%
24%
18%
6%
9%
26%
12%
15%
15%
Q1 FY14
Q2
Q3
Q4
Q1 FY15
Q2
Q3
Q4
Q1 FY16
Q2
Q3
Q4
Capital Employed* history
6000
[EUR m]
4000
2194
2232
2327
Q1 FY14
Q2
Q3
2452
Q4
5207
5009
5176
5377
5411
5323
Q2
Q3
Q4
Q1 FY16
Q2
Q3
2969
2000
0
Q1 FY15
Q4
2016-08-02
47
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
2016-08-02
48
Infineon is a long-standing member of
Europe's leading sustainability indices
Infineon’s most recent achievements
›
›
Jan 2016: Infineon is listed in the
Sustainability Yearbook for the
sixth consecutive year and,
according to RobecoSAM, among
the top 15% most sustainable
companies worldwide.
Sep 2015: Infineon was listed in
the Dow Jones Sustainability
Index for the sixth consecutive
year. Additionally, Infineon was
accepted into the World Index for
the first time and as the only
European semiconductor
company.
2016-08-02
› Sep 2015: 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.
› Jul 2016: Most recent review.
› Dec 2015: In the Carbon Disclosure Project (CDP)
climate change report, Infineon
achieved a placing among the
best companies in the
Information Technology sector.
49
Financial calendar
Date
Location
Event
01 Sep 2016
Frankfurt
Commerzbank Sector Week
06 – 07 Sep 2016
New York
Citi Global Technology Conference
08 – 09 Sep 2016
London
Deutsche Bank European TMT Conference
19 Sep 2016
Munich
Berenberg Bank and Goldman Sachs German
Corporate Conference
21 Sep 2016
Munich
Baader Investment Conference
16 – 17 Nov 2016
Barcelona
Morgan Stanley TMT Conference
23 Nov 2016*
29 – 30 Nov 2016
Q4 FY16 and FY 2016 Results
Scottsdale, AZ
02 Feb 2017*
16 Feb 2017
Credit Suisse TMT Conference
Q1 FY17 Results
Munich
Annual General Meeting
04 May 2017*
Q2 FY17 Results
01 Aug 2017*
Q3 FY17 Results
30 Nov 2017*
Q4 FY17 and FY 2017 Results
* preliminary
2016-08-02
50
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
[email protected]
Holger Schmidt
Manager
Investor Relations
+49 89 234-22332
[email protected]
Tillmann Geneuss
Manager
Investor Relations
2016-08-02
+49 89 234-83346
[email protected]
51

Q3 Results of 2016 Fiscal Year, Presentation Aug 02

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