DGAP-Ad hoc: Infineon Technologies AG
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Infineon Announces First Quarter 2002 Results
Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
Infineon Announces First Quarter 2002 Results
Infineon Technologies AG one of the world´s leading semiconductor manufacturers, today announced results for its first quarter of fiscal year 2002 ended December 31, 2001, with revenues of Euro 1.03 billion, a decrease of 5 percent from the previous quarter and a decrease of 38 percent from the first quarter of fiscal year 2001. Revenues decreased primarily as a result of a continued difficult market environment for the semiconductor industry, in particular for wireline communications and chip card ICs. However, the quarter also saw first positive signs in demand for mobile communication products and pricing for memory products as well as relatively stable demand in chips for automotive and industrial applications.
EBIT amounted to a loss of Euro 564 million, an improvement upon a loss of Euro 882 million in the previous quarter but down from earnings of Euro 446 million in the first quarter of fiscal year 2001. Earnings were negatively affected by further price erosion, especially for memory products through mid-November 2001 and increasing pricing pressure for chip card ICs. The previous quarter´s loss included one-time charges of Euro 307 million in connection with inventory write-downs, acquisition related expenses, restructuring and impairment charges, as well as net gains from the sale of non-core businesses.
Net loss amounted to Euro 331 million, a sequential improvement from a loss of Euro 523 million in the previous quarter but down from net income of Euro 280 million year-on-year. Loss per share for the first quarter was Euro 0.48 compared with a loss per share of Euro 0.76 in the previous quarter and with earnings per share of Euro 0.45 in the first quarter of the last fiscal year.
Infineon had cash of Euro 1,145 million and net cash of Euro 302 million at the end of the first fiscal quarter.
end of ad-hoc-announcement (c)DGAP 21.01.2002
Issuer´s information/explanatory remarks concerning this ad-hoc-announcement:
"Infineon´s revenue performance was driven by continued strong demand in memory products as well as a moderate recovery of demand in mobile communication. However these positive effects could not fully compensate the further deterioration in demand for ICs used in traditional telecom infrastructure products and reduced revenues in chip card ICs due to continuing weak demand and ongoing inventory reductions by customers in this industry sector," said Dr. Ulrich Schumacher, President and CEO of Infineon Technologies AG. "Despite this difficult market situation, with continued strong pricing pressure in most segments, we were able to maintain a solid net-cash position due to intensive cash management and the further swift implementation of our comprehensive "Impact" cost savings program."
Outlook for 2002 The market outlook in the next six months still remains uncertain and will be impacted by the extent and length of the slowdown of the world economy, particularly in Europe and the United States. However, there are first positive signs of increasing demand in certain segments but as yet no clear signals for a sustainable overall market recovery. Infineon expects a continuation of the competitive market environment with strong pricing pressure in most of the company´s business groups during the coming months.
Aggressive pricing behavior by leading DRAM manufacturers in 2001 has led to a consolidation process in the market for memory products. However, towards the end of the first quarter, Infineon experienced a reversal of the negative trend in DRAM pricing. The lowest average selling prices were recorded in November 2001. Since then the prices for memory products have recovered significantly but still remain below fully loaded costs. With increasing bit-demand having started in the last quarter Infineon expects a further normalization of inventory levels and increasing prices. Necessary prerequisites for any midterm improvement of prices are further consolidation among DRAM producers or improved customer demand within the PC and infrastructure segments.
Following the weakness of the mobile handsets market in 2001, Infineon is seeing the first signs of a moderate recovery in demand for mobile phones supported by the introduction of the next GSM/GPRS generation for mobile phones in the first half of 2002 as well as a stronger replacement business. The company also expects increasing revenues as products for the Bluetooth market gain greater acceptance.
Infineon´s Security & Chip Card IC business expects a moderately increasing demand based on the recovery of the mobile handset market, stronger demand for advanced security solutions, and stabilizing inventory levels at customers. However, in the long term Infineon believes that the markets for contactless security applications and biometric solutions will have significant growth potential.
Reduced investments in the market for telecom infrastructure will continue to negatively impact Infineon´s Wireline Communications business during the first half of 2002. Due to the ongoing economic slowdown, Infineon´s Automotive & Industrial business expects slower growth in demand combined with stronger pricing pressure in the automobile market, particularly in Germany and elsewhere in Europe.
At the beginning of January 2002, Infineon placed Euro 1 billion in convertible bonds with institutional investors in Europe. This placement will further strengthen the company´s current cash position. It was decided to issue the bonds at this time in order to take advantage of low interest rates and the favorable current conditions in the European convertibles market. When the transaction is completed in February 2002 with the listing of the bonds on the Luxembourg Stock Exchange, the proceeds are intended to support the long-term strategy of Infineon.
"With the effective implementation of our "Impact" cost savings and restructuring program in shortest time which will generate cash effective savings of more than Euro 1,5 billion in fiscal year 2002, we have secured our liquidity and maintained our financial flexibility during the current downturn. We believe that we have seen the worst of the most dramatic downturn in the semiconductor industry. After the first encouraging signs of increasing demand, we are hoping for a stronger market recovery," concluded Dr. Schumacher.
DISCLAIMER This discussion includes forward-looking statements about our future business. These forward-looking statements include statements relating to future developments of the world semiconductor market, especially the market for memory products, Infineon´s future growth, the benefits of research and development alliances and activities, our planned levels of future investment in the expansion and modernization of our production capacity, the introduction of new technology at our facilities, the transitioning of our production processes to smaller structures, cost savings related to such transitioning and other initiatives, our successful development of technology based on industry standards, our ability to offer commercially viable products based on our technology, our ability to achieve our cost savings and growth targets. These forward-looking statements are subject to a number of uncertainties, including trends in demand and prices for semiconductors generally and for our products in particular, the success of our development efforts, both alone and with our partners, the success of our efforts to introduce new production processes at our facilities and the actions of our competitors, the availability of funds for planned expansion efforts, as well as the other factors mentioned herein. As a result, our actual results could differ materially from those contained in the forward-looking statements. -------------------------------------------------------------------------------- WKN: 623100; ISIN: DE0006231004; Index: DAX Listed: Amtlicher Handel in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart; NYSE
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Autor: DGAP import (),08:09 21.01.2002
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