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Report of the month

February 2012
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Infineon

Neubiberg, Germany



Report Facts

Company name: Infineon Technologies AG
Fiscal year end: September 30, 2011
Report title: We’re making progress
Chief executive officer: Peter Bauer
Number of books: 1
Report length: 260 pages
Auditors: KPMG AG
Web: http://www.infineon.com/cms/en/corporate/investor/
E-mail: Investor.Relations@infineon.com
Design: HGB & Co, Hamburg

Report Rating

4/5

(Rating scale below)

Profile-Business

Infineon Technologies… offers semiconductor and system solutions addressing three central challenges to modern society: energy efficiency, mobility, and security.
Applications range from engine and transmission control to battery management, from light management systems to computer power supplies, from payment systems to electronic passports, and many other uses.
(Source: Annual Report) (Italics are own company’s words)

Key Figures

Revenue: € 3,997 million
Operating income: € 736 million
Net income: € 1,119 million
Earnings per share (basic): € 1.03
Dividend per share: € 0.12
Return on equity: 33%
Return on assets: 19%
Debt-to-equity: 9%
Employees: 25,720
(2011 figures sourced from the annual report)

Peers - Competitors

  • STMicroelectronics
  • FAIRCHILD
  • TOSHIBA
  • NXP
  • ANALOG Devices
  • SAMSUNG Electronics
  • TEXAS INSTRUMENTS
  • VISHAY
  • ON Semiconductor
  • ...
 

Triple A

> Whatever the business conditions -and the company has gone through turbulent times since its spin-off from Siemens- the German semiconductor leader has always come up with reporting consistency and clarity unmatched in its industry and up to best practice. E.g. with a number of sustained strengths: At a glance intro showing Key customers and Main competitors -a tiny percentage of annuals do this-; comprehensive, well-structured and intelligible review of businesses; solid financial performance and position analysis.
> Product ranges and applications, market trends, year-on-year changes, growth drivers put most clearly.
> Key performance indicators (Selected Page) well defined, compared, and forecast for the next year.
> Excellent management report, regarding performance as well as a Review of liquidity and Treasury and capital requirements.
> Thorough Outlook section (almost ten pages long).
 

Double A

> Straightforward Letter to Shareholders, explaining why and how the company has been making progress (e.g. on operating margin), and looking forward in a strategic perspective (growth trajectory).
> Useful Financial and Technology glossaries.
 

Simple A

> The front cover title is maybe a bit understated but pleasantly departs from buzzwords and other fables. That said, the cover is far from most appealing.
 

B Sides

> Annual report not really highlighted on the investor web pages. No added value online, to say the least, which is odd for a company that operates in such an industry. And why is copying content from the PDF not allowed?
> Designed in Deutsches pedestrian style, i.e. klar und sauber but also looking like hundreds of German reports, from the letter to shareholders and board portraits (these really look all the same) to layout until the last page.
> Why pushing a short overview of year events to p 82?
 

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item.
Contact e.com@reportwatch.net

 

Selected Page

(P 93 of Infineon Technologies Annual Report 2011)
P 93 of Infineon Technologies Annual Report 2011
Rating Scale
5
First-Rate
4.5
Excellent
4
Very good
3.5
Sound
3
Average
2.5
Uneven
2
Common
1.5
Substandard
1
Poor
0.5
Uncompetitive
The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.