Infineon Technologies Ag · XETR:IFX
Infineon Technologies — Q4 FY2023 Earnings Presentation
18 slides from Infineon Technologies's earnings presentation, Nov 15, 2023
Slide 1: Fourth Quarter FY 2023 Analyst Call
Fourth Quarter FY 2023 Analyst Call Infineon Technologies AG Investor Relations 1
Slide 2: Group financial performance
Group financial performance Revenues and Segment Result USD exchange rate [EUR m] Average revenue exchange rate Q4 Q3 Q4 FY22 FY23 FY23 ø USD/EUR 1.01 1.09 1.09 Order backlog1 [EUR bn] 25.5% 28.0% 28.6% 26.1% 25.2% 1 See notes for definition 2023-11-15 Copyright © Infineon Technologies AG 2023. All
Slide 3: Automotive (ATV)
Automotive (ATV) Revenues Segment Result [EUR m] [EUR m] 28.4% 31.1% 27.4% 28.5% 26.2% ‒ Further revenue increase driven by broad-based demand and market share gains in microcontrollers ‒ Incremental margin increase due to continuous growth trajectory, positive mix effects and stable pricing ‒ For F
Slide 4: A very broad portfolio with >300 product families backing market leadership in Automotive
A very broad portfolio with >300 product families is backing the market leadership of Infineon in Automotive Infineon ATV division revenue by product families: Major categories1: AURIX™ families, CoolSiC™, IGBT 750V, IGBT 1200V, MOSFETs, PROFET™, Radar, TRAVEO™ – none more than ~10% Unmatched custom
Slide 5: Green Industrial Power (GIP)
Green Industrial Power (GIP) Revenues Segment Result [EUR m] [EUR m] 28.8% 32.4% 30.3% 28.5% 25.1% ‒ Revenue growth driven by renewable energy, power infrastructure, automation and drives ‒ Continued strong demand for applications related to decarbonization, energy storage systems, grid and charging
Slide 6: Power & Sensor Systems (PSS)
Power & Sensor Systems (PSS) Revenues Segment Result [EUR m] [EUR m] 28.9% 28.9% 21.3% 20.8% 18.9% ‒ Revenue development reflecting a downswing in consumer, computing and communications markets ‒ Marco environment for end market applications remains weak – we do not expect sales volumes to pick up b
Slide 7: Connected Secure Systems (CSS)
Connected Secure Systems (CSS) Revenues Segment Result [EUR m] [EUR m] 28.2% 25.1% 23.5% 17.5% 18.4% ‒ Robust demand for security solutions offsetting a weaker development of connectivity components and general purpose microcontrollers for IoT applications ‒ Segment result margin step-down due to ne
Slide 8: Gross margin and Opex
Gross margin and Opex Gross profit R&D SG&A [EUR m] [EUR m] [EUR m] 44.4% 47.2% 46.6% 44.5% 43.6% 11.7% 12.3% 11.8% 12.1% 12.5% 10.9% 10.4% 9.6% 9.7% 9.6% Gross margin as reported Gross profit as reported R&D expenses as % of revenue R&D expenses SG&A expenses as % of revenue SG&A expenses Therein n
Slide 9: Investments, Depreciation & Amortization and Free Cash Flow
Investments, Depreciation & Amortization and Free Cash Flow Investments Depreciation & Amortization Free Cash Flow [EUR m] [EUR m] [EUR m] 2023-11-15 Copyright © Infineon Technologies AG 2023. All rights reserved. 9
Slide 10: Working Capital, in particular trade working capital components
Working Capital, in particular trade working capital components Working capital1 Inventories [EUR m] [EUR m] [days] 140 143 149 153 120 Trade receivables Trade payables [EUR m] [days] [EUR m] [days] 66 70 69 66 75 31 29 31 31 32 1 See notes for definition 2023-11-15 Copyright © Infineon Technologies
Slide 11: Liquidity development
Liquidity development Historical liquidity development [EUR m] 3,708 3,717 3,590 3,446 2,986 -4,733 -1,143 -4,679 -1,693 -5,467 Q4 Q1 -1,759 Q2 Q3 Q4 -5,662 -1,945 -5,428 -1,982 FY22 FY23 FY23 FY23 FY23 Gross Cash Gross Debt Net Cash/Debt 2023-11-15 Copyright © Infineon Technologies AG 2023. All rig
Slide 12: Earnings-per-share and total cash return
Earnings-per-share and total cash return Development of earnings-per-share (EPS) from continuing operations [EUR cent] 63 64 63 69 63 68 65 56 55 57 EPS basic EPS adjusted Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Total cash return to shareholders via dividends [EUR m] 417 456 ‒ Proposed dividend for
Slide 13: Outlook for Q1 FY24 and FY24
Outlook for Q1 FY24 and FY24 Outlook Outlook Q1 FY241 FY241 Revenue ~ €3.8bn €17bn +/-500m Adj. Gross Margin ~45% Segment Result Margin ~22% ~24%2 FCF/adj. FCF ~€400m/~€2.2bn Investments ~€3.3bn D&A ~€2.1bn3 1 Based on an assumed average exchange rate of $1.05 for €1.00 2 At the mid-point of revenue
Slide 14: Key points
Key points Another successful quarter and a record fiscal year Q4 FY23 – €4.15bn revenue, 25.2% Segment Result Margin FY23 – €16.3bn revenue, 27.0% Segment Result Margin Further growth expected in FY24 − Near-term market dynamics continue to be mixed − Continued unabated structural demand in e-mobil
Slide 15: Questions & Answers
Questions & Answers 2023-11-15 Copyright © Infineon Technologies AG 2023. All rights reserved. 15
Slide 16: Cinfineon
Cinfineon
Slide 17: Disclaimer
Disclaimer Disclaimer This presentation contains forward-looking statements and/or assessments about the business, financial condition performance and strategy of the Infineon Group. These statements and/or assessments are based on assumptions and management expectation resting upon currently availa
Slide 18: Notes
Notes Order backlog = The total amount of orders received regardless of their current status 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 maturiti
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