Infineon had calendar Q2 revenue of € 1,586 million – up 7% on calendar Q1 – for a profit of €245 million at a margin of 15.4%. Infineon expects a 1% revenue increase in calendar Q3 and a 34% increase for the full year.
Dr Reinhard Ploss, Infineon
“Revenue, earnings and margin rose significantly in the quarter, despite an increasingly difficult business environment,” says Infineon CEO Reinhard Ploss, “for the full fiscal year, we therefore continue to forecast revenue and a Segment Result Margin within the ranges previously predicted. The integration of International Rectifier is progressing according to plan.”
Between its four main operating units, revenues split: Automotive €621 million, Industrial Power Management €269 million, Power Management and Multimarket €517 million and ChipCard and Security €172 million.
Overall group operating income improved from €79 million in calendar Q1 to €119 million in calendar Q2 while net income for calendar Q2 came in at €109 million, well ahead of the previous quarter’s €65 million.
Payment of the purchase price for International Rectifier had given rise to a negative Free Cash Flow of €1,880 million in calendar Q1.
Net cash provided by operating activities from continuing operations rose from €135 million to €432 million. The gross cash position went up from €1,656 million on March 31, 2015 to €1,842 million at the end of calendar Q2.
The net cash position improved over the same period from a negative amount of €176 million to stand at a positive amount of €49 million at June 30, 2015.
With these figures, Infineon is now back within the target range for its three capital management objectives, namely gross cash of between 30 and 40% of revenue, a positive net cash position, and a moderate level of debt.
All four operating segments will contribute to revenue growth in 2015.
Investments during the 2015 fiscal year are expected to be in the region of €800 million. This figure includes investments in plant and equipment at existing factories and in intangible assets including capitalized development costs.
Specifically included in these investments are €60 to €70 million for readying the second shell in Kulim, Malaysia, for volume production and €21 million for the purchase of Qimonda patents in conjunction with the settlement reached with the insolvency administrator of Qimonda AG.
Depreciation and amortization will increase to around €750 million, mostly as a result of acquisition-related charges.
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