Obligation Infineon Tech 1% ( XS1191115366 ) en EUR

Infineon Tech

100 % ▼

Allemagne

XS1191115366 ( en EUR )

1% par an ( paiement annuel )

10/09/2018 - Obligation échue

Prospectus brochure de l'obligation Infineon Technologies XS1191115366 en EUR 1%, échue

1 000 EUR

300 000 000 EUR

Infineon Technologies est un fabricant allemand de semi-conducteurs spécialisé dans les systèmes de puissance, les capteurs, les contrôleurs et les solutions de sécurité.

L'Obligation émise par Infineon Tech ( Allemagne ) , en EUR, avec le code ISIN XS1191115366, paye un coupon de 1% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/09/2018

This Prospectus is dated February 20, 2015

Infineon Technologies AG
(Neubiberg, Federal Republic of Germany)

EUR [] [] percent fixed rate notes due 2018
EUR [] [] percent fixed rate notes due 2022

Infineon Technologies AG, Am Campeon 1-12, 85579 Neubiberg, Germany (the "Issuer" or "Infineon"), will issue on or about March 10, 2015
(the "Issue Date") EUR [] [] percent fixed rate notes in bearer form due 2018 with a denomination of EUR 1,000 (the "Tranche 1 Notes")
and EUR [] [] percent fixed rate notes in bearer form due 2022 with a denomination of EUR 1,000 (the "Tranche 2 Notes", each tranche
also referred to as a "Tranche" and the Tranche 1 Notes together with the Tranche 2 Notes, the "Notes"). The Notes will be governed by the
laws of the Federal Republic of Germany ("Germany").
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive 2003/71/EC of the European
Parliament and of the Council of November 4, 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive"). This
Prospectus will be published in electronic form together with all documents incorporated by reference herein on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the
"CSSF") in its capacity as competent authority under the Luxembourg law relating to prospectuses for securities (Loi du 10 juillet 2005 relative
aux prospectus pour valeurs mobilières), as amended, (the "Luxembourg Prospectus Law"), which implements the Prospectus Directive into
Luxembourg law. Pursuant to Article 7(7) of the Luxembourg Prospectus Law, by approving this Prospectus, the CSSF gives no undertaking
as to the economic and financial soundness of the transaction and the quality or solvency of the Issuer. The Issuer has requested the CSSF to
provide the competent authorities in Germany, the Republic of Austria ("Austria") and The Netherlands and may request to provide competent
authorities in additional host Member States within the European Economic Area with a certificate of approval attesting that the Prospectus
has been drawn up in accordance with the Luxembourg Prospectus Law (the "Notification").
Application has been made to the Luxembourg Stock Exchange for the Notes to be admitted to trading on the Luxembourg Stock Exchange's
regulated market and to be listed on the official list of the Luxembourg Stock Exchange (the "Official List"). The Luxembourg Stock
Exchange's regulated market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of
April 21, 2004 on markets in financial instruments, as amended.
The final issue price, the aggregate principal amount of each Tranche of Notes to be issued, the interest rate, the issue proceeds and the yield
for each Tranche of Notes will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES" below)
which will be filed with the CSSF and published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue
Date of the Notes.
The Tranche 1 Notes have been assigned the following securities codes:
ISIN XS1191115366, Common Code 119111536, WKN A13SAN.
The Tranche 2 Notes have been assigned the following securities codes:
ISIN XS1191116174, Common Code 119111617, WKN A13SAP.
The Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")
and the Notes are in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be
offered, sold or delivered within the United States of America ("United States") or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the U.S. Securities Act ("Regulation S")).
Investing in the Notes involves certain risks. See "RISK FACTORS" beginning on page 38.
Joint Lead Managers
BofA Merrill Lynch
Citigroup
Bayerische Landesbank
BNP PARIBAS
Commerzbank
Credit Suisse
DZ BANK AG
Erste Group Bank AG
Goldman Sachs International
Helaba
Raiffeisen Bank International
The Royal Bank of Scotland
UniCredit Bank

1

RESPONSIBILITY STATEMENT
Infineon Technologies AG (the "Issuer" or "Infineon" and together with its consolidated subsidiaries
the "Group" or the "Infineon Group") accepts responsibility for the information contained in this
Prospectus and hereby declares that, having taken all reasonable care to ensure that such is the
case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with
the facts and does not omit anything likely to affect its import.
The Issuer further confirms that (i) this Prospectus contains all information with respect to the Issuer,
Infineon Group and the Notes which is material in the context of the issue and offering of the Notes,
including all information which, according to the particular nature of the Issuer and of the Notes is
necessary to enable investors and their investment advisers to make an informed assessment of the
assets and liabilities, financial position, profits and losses, and prospects of the Issuer and Infineon
Group and of the rights attached to the Notes; (ii) the information contained in this Prospectus relating
to the Issuer, Infineon Group and the Notes is accurate and complete in all material respects and not
misleading; (iii) that any opinions and intentions expressed herein are honestly held and based on
reasonable assumptions; (iv) there are no other facts in relation to the Issuer, Infineon Group or the
Notes the omission of which would, in the context of the issue and offering of the Notes, make this
Prospectus as a whole or any of such information or the expression of any such opinions or intentions
misleading; and (v) reasonable enquiries have been made by the Issuer to ascertain all such facts for
the purposes aforesaid.
NOTICE
No person is authorized to give any information or to make any representations other than those
contained in this Prospectus and, if given or made, such information or representations must not be
relied upon as having been authorized by or on behalf of the Issuer or the Joint Lead Managers (as
defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES"). Neither the delivery of this
Prospectus nor any offering, sale or delivery of any Notes made hereunder shall, under any
circumstances, create any implication (i) that the information in this Prospectus is correct as of any
time subsequent to the date hereof or, as the case may be, subsequent to the date on which this
Prospectus has been most recently supplemented, or (ii) that there has been no adverse change in
the financial situation of the Issuer which is material in the context of the issue and sale of the Notes
since the date of this Prospectus or, as the case may be, the date on which this Prospectus has been
most recently supplemented, or the balance sheet date of the most recent financial statements which
are deemed to be incorporated into this Prospectus by reference or (iii) that any other information
supplied in connection with the issue of the Notes is correct at any time subsequent to the date on
which it is supplied or, if different, the date indicated in the document containing the same.
This Prospectus contains certain forward-looking statements, including statements using the words
"believes", "anticipates" "intends", "expects" or other similar terms. This applies in particular to
statements under the caption "DESCRIPTION OF THE ISSUER Business Overview" and
statements elsewhere in this Prospectus relating to, among other things, the future financial
performance, plans and expectations regarding developments in the business of the Issuer. These
forward-looking statements are subject to a number of risks, uncertainties, assumptions and other
factors that may cause the actual results, including the financial position and profitability of the Issuer,
to be materially different from or worse than those expressed or implied by these forward-looking
statements. The Issuer does not assume any obligation to update such forward-looking statements
and to adapt them to future events or developments.
Certain numerical figures set out in this Prospectus, including financial data presented in millions or
thousands and percentages, have been subject to rounding adjustments and, as a result, the totals of
the data in this Prospectus may vary slightly from the actual arithmetic totals of such information.
Furthermore, this Prospectus contains industry related data taken or derived from industry and market
research reports published by third parties ("External Data"). Commercial publications generally state
that the information they contain originated from sources assumed to be reliable, but that the
2

accuracy and completeness of such information is not guaranteed and that the calculations contained
therein are based on a series of assumptions. The External Data have not been independently
verified by the Issuer.
The External Data was reproduced accurately by the Issuer in the Prospectus, and as far as the
Issuer is aware and is able to ascertain from information published by that third party, no facts have
been omitted that would render the reproduced External Data inaccurate or misleading. The Issuer
does not have access to the underlying facts and assumptions of numerical and market data and
other information contained in publicly available sources. Consequently, such numerical and market
data or other information cannot be verified by the Issuer.
This Prospectus should be read and understood in conjunction with any supplement hereto and with
any documents incorporated herein by reference. The final issue price, the aggregate principal
amount of each Tranche of Notes to be issued, the interest rate, the issue proceeds and the yield of
the issue for each Tranche of Notes will be included in the Pricing Notice (as defined in
"SUBSCRIPTION, SALE AND OFFER OF THE NOTES" below) which will be filed with the CSSF and
published on the website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue
Date of the Notes.
Neither the Joint Lead Managers nor any other person mentioned in this Prospectus, except for the
Issuer, is responsible for the information contained in this Prospectus or any other document
incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any
relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and
completeness of the information contained in any of these documents.
Each investor contemplating purchasing any Notes should make its own independent investigation of
the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This
Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the
Joint Lead Managers to purchase any Notes. Neither this Prospectus nor any other information
supplied in connection with the Notes should be considered as a recommendation by the Issuer or the
Joint Lead Managers to a recipient hereof and thereof that such recipient should purchase any Notes.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions
is restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer
and the Joint Lead Managers to inform themselves about and to observe any such restrictions. In
particular, the Notes have not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the "Securities Act"), and are subject to special U.S. tax law requirements
where held by U.S. persons (TEFRA D rules). Subject to certain limited exceptions, the Notes may
not be offered, sold or delivered within the United States of America ("United States") or to U.S.
persons.
For a further description of certain restrictions on offerings and sales of the Notes and distribution of
this Prospectus (or of any part thereof) see "SUBSCRIPTION, SALE AND OFFER OF THE NOTES 
Selling Restrictions."
The legally binding language of this Prospectus is English. Any part of the Prospectus in German
language constitutes a translation, except for the terms and conditions of the Notes (the "Terms and
Conditions") in respect of which German is the legally binding language.
In this Prospectus, unless otherwise specified, all references to "", "EUR" or "Euro" are to the
currency introduced at the start of the third stage of the European economic and monetary union, and
as defined in Article 2 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the
Euro, as amended, and references to "USD" or "US dollar" refer to the legal currency of the United
States.
IN CONNECTION WITH THE ISSUE OF THE NOTES, MERRILL LYNCH INTERNATIONAL (OR
PERSONS ACTING ON ITS BEHALF) MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS
WITH A VIEW TO SUPPORTING THE PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT
3

WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT MERRILL
LYNCH INTERNATIONAL (OR PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE
STABILIZATION ACTION. ANY STABILIZATION ACTION MAY BEGIN AT ANY TIME AFTER THE
ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES AND, IF
BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF
30 CALENDAR DAYS AFTER THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE
BY THE ISSUER AND 60 CALENDAR DAYS AFTER THE DATE OF THE ALLOTMENT OF THE
NOTES. SUCH STABILIZING SHALL BE IN COMPLIANCE WITH ALL LAWS, DIRECTIVES,
REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus does not constitute, and may not be used for the purpose of an offer or
solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or
to any person to whom it is unlawful to make such an offer or solicitation.

4

TABLE OF CONTENTS

SUMMARY ........................................................................................................................... 6
GERMAN TRANSLATION OF THE SUMMARY (ZUSAMMENFASSUNG) ......................... 21
RISK FACTORS ................................................................................................................. 38
USE OF PROCEEDS ......................................................................................................... 57
INFORMATION ABOUT INFINEON .................................................................................... 58
TERMS AND CONDITIONS OF THE NOTES ..................................................................... 87
TAXATION ....................................................................................................................... 118
SUBSCRIPTION, SALE AND OFFER OF THE NOTES .................................................... 127
GENERAL INFORMATION ............................................................................................... 133
INCORPORATION BY REFERENCE ............................................................................... 135
NAMES AND ADDRESSES.............................................................................................. 137
5

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are
numbered in Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities
and Issuer. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities and Issuer, it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element is included in the summary with the mention of "not
applicable".
Section A Introduction and warnings
Element
Description
Disclosure requirement
of Element
A.1
Warnings
This summary should be read as an introduction to this Prospectus.
Any decision to invest in the Notes should be based on consideration of
this Prospectus as a whole by the investor.
Where a claim relating to the information contained in this Prospectus is
brought before a court, the plaintiff investor might, under the national
legislation of its member state to the Agreement on the European
Economic Area, have to bear the costs of translating this Prospectus
before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled this summary
including any translation thereof, but only if this summary is misleading,
inaccurate or inconsistent when read together with the other parts of this
Prospectus or it does not provide, when read together with the other parts
of this Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent to
Each of Merrill Lynch International, Citigroup Global Markets Limited,
the use of the
Bayerische Landesbank, BNP Paribas, Commerzbank Aktiengesellschaft,
Prospectus
Credit Suisse Securities (Europe) Limited, DZ BANK AG Deutsche
Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG,
Goldman
Sachs
International,
Landesbank
Hessen-Thüringen
Girozentrale, Raiffeisen Bank International AG, The Royal Bank of
Scotland plc and UniCredit Bank AG (each a "Joint Lead Manager" and
together, the "Joint Lead Managers") and each further financial
intermediary subsequently reselling or finally placing the Notes is entitled
to use the Prospectus in Austria, Germany, Luxembourg and The
Netherlands for the subsequent resale or final placement of the Notes
during the period from and including February 23, 2015 to and including
March 24, 2015, provided however, that the Prospectus is still valid in
accordance with Article 11 of the Luxembourg law relating to
prospectuses for securities (Loi du 10 juillet 2005 relative aux prospectus
pour valeurs mobilières), as amended, which implements Directive
2003/71/EC of the European Parliament and of the Council of
November 4, 2003 (as amended, inter alia, by Directive 2010/73/EU of
the European Parliament and of the Council of November 24, 2010) (the
6

"Luxembourg Prospectus Law").
The Prospectus may only be delivered to potential investors together with
all supplements in accordance with Article 13 of the Luxembourg
Prospectus Law published before such delivery. Any supplement to the
Prospectus in accordance with Article 13 of the Luxembourg Prospectus
Law will be available for viewing in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each financial intermediary must make
certain that it complies with all applicable laws and regulations in force in
the respective jurisdictions.
In the event of an offer being made by a financial intermediary, such
financial intermediary shall provide information to investors on the
terms and conditions of the offer at the time of that offer.

Section B Issuer
Element
Description
Disclosure requirement
of Element
B.1
Legal and
Infineon Technologies Aktiengesellschaft is the legal and Infineon is the
commercial
commercial name of the Issuer.
name
B.2
Domicile,
Infineon Technologies Aktiengesellschaft ("Infineon") is a German stock
legal form,
corporation (Aktiengesellschaft) incorporated and operating under the
legislation,
laws of Germany and domiciled in Germany.
country of
incorporation
B.4b
Known trends In offering semiconductor and system solutions Infineon is addressing
affecting the
three central challenges to modern society: energy efficiency, mobility and
Issuer and
security, which in Infineon's view are the source for the continued
the industries increase in demand for Infineon Group's products.
in which it
With respect to the market segments in which the Group operates,
operates
Infineon further identified the following trends:
·
In the Automotive segment Infineon Group identified three major
trends which are expected to determine the development of
automotive technology: low-emission vehicles including hybrid and
electric vehicles, safe vehicles with particular focus on ADAS
(Advanced Driver Assistance Systems) and security in increasingly
connected vehicles.
·
With respect to the Industrial Power Control segment, IGBT
(Insulated-Gate Bipolar Transistor) power components are found in
an increasing number of applications: a) electrification of high-power
vehicles such as agricultural, construction and mining vehicles is
constantly growing, b) railways run almost exclusively on electrified
lines, c) power generation via renewable energies is gaining
importance, and d) the penetration rate of electronically controlled
motors, so-called "variable speed drives", is steadily increasing.
Infineon Group is striving to develop new products for this broad
7

range of applications, for example by introducing new IGBT modules
and driver ICs (Integrated Circuits) for electric motors including
variable speed drives.
·
In the Power Management & Multimarket segment, with regard to
power supplies two trends are observed by Infineon: first, their
efficiency is expected to increase due to regulatory targets, and
second, especially in the case of chargers for smartphones and
tablets, their size and weight is becoming increasingly important as
well as improving the ability to charge at fast rates. Consequently,
power density, i.e. the electrical power converted within a certain
space, is becoming a decisive parameter. In addition, penetration of
smartphones is growing with an increasing content of chips that are
offered by Infineon Group. Furthermore, the continually more
advanced transmission standards (for example the world-wide roll-
out of LTE networks) are also expected to result in demand for
Infineon Group products.
·
In the Chip Card & Security segment, Infineon Group intends to
focus on applications in which the security aspect is of increasing
importance, including mobile payments with NFC (Near Field
Communication) technology, the security of electronic devices in
connected systems and several applications of authentication.
B.5
Description
Infineon is the parent company of Infineon Group, with 97 subsidiaries
of the Group
and affiliated companies (including minority holdings but excluding
and the
Qimonda AG i.L. and its affiliates) incorporated in jurisdictions throughout
Issuer's
Europe and Asia, as well as the Americas and Australia (as of
position
February 18, 2015).
within the
Infineon Group designs, develops, manufactures and markets a broad
Group
range of semiconductors and systems solutions.
B.9
Profit
Not applicable. No profit forecasts or estimates are made.
forecast or
estimate
B.10
Nature of any
Not applicable. The auditor has issued unqualified audit opinions on the
qualifications
IFRS consolidated financial statements of Infineon Group for the fiscal
in the audit
years ended September 30, 2013 and September 30, 2014.
report on
historical
financial
information
B.12
Selected
The following table sets out selected financial information relating to
historical key
Infineon Group. The information has been extracted from the audited
financial
IFRS consolidated financial statements of Infineon Group for the fiscal
information
year ended September 30, 2013 and for the fiscal year ended
September 30, 2014, respectively, as well as from the unaudited interim
consolidated financial statements for the three-month period ended
December 31, 2014, unless otherwise stated.

8

As of and for the
As of and for the three-
fiscal year ended
month period ended
September 30
December 31

2014
2013
2014
2013

(audited)
(audited)
(unaudited)
(unaudited)

in millions (unless indicated otherwise)
Revenue
4,320
3,843
1,128
984
by region:

Europe, Middle East, Africa
1,707
1,567
412
368

Therein: Germany
859
795
201
190
Asia-Pacific (w/o Japan)
1,845
1,560
522
431

Therein: China
868
710
254
213
Japan
284
227
71
69
Americas
484
489
123
116
by Segment:

Automotive
1,965
1,714
518
452
Industrial Power Control
783
651
190
179
Power Management &
1,061
987
280
238
Multimarket
Chip Card & Security
494
463
132
108
Other Operating Segments
22
26
4
6
Corporate and Eliminations
(5)
2
4
1

Gross profit
1,647
1,323
427
361
Gross margin
38.1%
34.4%
37.9%
36.7%
Research and development
(550)
(525)
(139)
(133)
expenses
Selling, general and administrative
(496)
(440)
(136)
(114)
expenses
Operating income
525
325
153
108
Income from continuing operations
488
283
130
85
Gain (loss) from discontinued
47
(11)
6
2
operations, net of income taxes
Net income
535
272
136
87
EBIT1
528
327
157
108
EBITDA2
1,042
793
298
228
Segment Result3
620
377
169
116
Segment Result Margin4
14.4%
9.8%
15.0%
11.8%
Property, plant and equipment
1,700
1,600
1,653
1,596
Total assets
6,438
5,905
6,194
5,859

1
EBIT is defined as earnings from continued operations before interest and tax. EBIT is not defined by IFRS.
Potential investors should take into consideration that this figure is not applied in a consistent manner or
standardized, that its calculation can vary and that this figure by itself is not a basis to compare different
companies. Furthermore, it does not substitute the key financial figures of the consolidated statement of income
and the consolidated statement of cash flows that were recognized in accordance with IFRS.
2
EBITDA is defined as EBIT plus scheduled depreciation and amortization. EBITDA is not defined by IFRS.
Potential investors should take into consideration that this figure is not applied in a consistent manner or
standardized, that its calculation can vary and that this figure by itself is not a basis to compare different
companies. Furthermore, it does not substitute the key financial figures of the consolidated statement of income
and the consolidated statement of cash flows that were recognized in accordance with IFRS.
3
Segment Result is defined as operating income (loss) excluding: asset impairments (net of reversals); the
impact on earnings of restructuring and closures; share-based compensation expense; acquisition-related
depreciation/amortization and other expenses; gains (losses) on sales of assets, businesses, or interests in
subsidiaries as well as other income (expense), including litigation costs. Segment Result is the indicator that
Infineon uses to evaluate the operating performance of its segments.
4
Segment Result Margin is calculated as the percentage of Segment Result in relation to revenue.
9

Total equity
4,158
3,776
4,392
3,867
Net cash provided by (used in)
988
610
(39)
158
operating activities from continuing
operations
Net cash provided by (used in)
(272)
(328)
513
(176)
investing activities from continuing
operations
Net cash provided by (used in)
(179)
(165)
2
(36)
financing activities from continuing
operations
Free cash flow5
317
235
(171)
30
Depreciation and amortization
514
466
141
120
Capital expenditure
668
378
141
129
Gross cash position6
2,418
2,286
2,107
2,2797
Net cash position8
2,232
1,983
1,917
2,0487
Debt (long-term and short-term)
186
303
190
2317
Basic earnings per share in
0.48
0.25
0.12
0.08
Diluted earnings per share in
0.48
0.25
0.12
0.08
Dividend per share in
0.18
0.12
-
-
Equity ratio
64.6%
63.9%
70.9%
66.0%7
Return on equity9
12.9%
7.2%
-
-
Return on assets10
8.3%
4.6%
-
-
Inventory intensity11
11.0%
10.3%
-
-
Debt-to-equity ratio12
4.5%
8.0%
-
-
Debt-to-total-capital ratio13
2.9%
5.1%
-
-
Return on Capital Employed
20.3%
14.1%
-
-
(RoCE)14
Employees Infineon Group as of the
29,807
26,725
30,493
27,5837
end of the period

Material
There has been no material adverse change in the prospects of Infineon
adverse
since September 30, 2014.
change in
the
prospects of
the Issuer

Significant
Other than the acquisition of International Rectifier, there have been no
change in
significant changes in the financial or trading position of Infineon Group
the financial
since December 31, 2014.
or trading
position

5
Free cash flow: Cash flow provided by/used in operating and investing activities from continuing operations
excluding cash flows related to the purchase or sale of financial investments.
6
Gross cash position: Total of cash and cash equivalents plus financial investments.
7
Extracted from the unaudited interim consolidated financial statements of Infineon Group for the three-month
period ended December 31, 2013.
8
Net cash position: Gross cash position less short-term and long-term debt.
9
Return on equity = net income divided by total equity.
10 Return on assets = net income divided by total assets.
11 Inventory intensity = inventories (net) divided by total assets.
12 Debt-to-equity ratio = long-term and short-term debt divided by total equity.
13 Debt-to-total-capital-ratio = long-term and short-term debt divided by total assets.
14 Return on Capital Employed (RoCE): Operating result after tax from continuing operations divided by capital
employed. RoCE shows the correlation between profitability and the capital resources required to operate the
business.
10