SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

April 22, 2003

 

INFINEON TECHNOLOGIES AG

 

St.-Martin-Strasse 53

D-81541 Munich

Federal Republic of Germany

Tel:  +49-89-234-0

 (Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  ý        Form 40-F   o

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes   o               No  ý

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-o.

 

 



 

This Report on Form 6-K contains a press release of Infineon Technologies AG dated April 22, 2003 announcing Infineon Technologies AG’s second quarter results for the 2003 financial year.

 



 

 

 

 

 

Infineon reports Second Quarter and 1st Half Year Results for Fiscal Year 2003

 

•       Second quarter revenues were Euro 1.48 billion — up 3 percent sequentially and 13 percent year-on-year - mainly driven by increased sales for memory products, record performance in automotive & industrial segment, and strong year-on-year improvement in secure mobile solutions

 

•       Continued gain of market share in key segments despite ongoing difficult market environment

 

•       Quarterly net loss of Euro 328 million; quarterly EBIT loss of Euro 223 million - primarily due to a strong price decline and write-down of inventories for memory products - the net loss includes exceptional effects of Euro 157 million

 

•       Continued solid cash position and significantly improved free cash flow

 

Munich, Germany — April 22, 2003 — Infineon Technologies AG (FSE/NYSE: IFX), one of the world’s leading semiconductor manufacturers, today announced results for its second quarter and first half of fiscal year 2003, ended March 31, 2003. The company had revenues from continuing operations of Euro 1.48 billion, an increase of 3 percent sequentially and 13 percent year-on-year.

 

Dr. Ulrich Schumacher, President and CEO of Infineon Technologies AG commented: “We achieved a very good revenue growth and gained further market share in a continued difficult market environment mainly driven by increased sales for memory products and repeated record performance of the automotive & industrial segment. We increased our productivity significantly, however could not compensate for the dramatic price decline for memory products.”

 

Net loss amounted to Euro 328 million compared to a net loss of Euro 40 million in the previous quarter and Euro 108 million in the second quarter of last fiscal year. The quarterly net loss reflects the strong price decline for DDR memory chips as well as continued pricing pressure in most segments. The second quarter tax expense includes a valuation allowance for tax losses incurred of Euro 103 million in accor-

 

For the financial and business press

Infineon Technologies AG

 

INFXX200304.064 e

 

Corporate Media Relations:

Katja Schlendorf

Phone: ++49 89 234-26555, Fax: —28482

katja.schlendorf @infineon.com

Corporate Investor Relations:

Matthias Poth

Phone: ++49 89 234-26655, Fax: —26155 investor.relations@infineon.com

 



 

dance with US GAAP and as announced in the previous two quarters. In addition, net loss included exceptional effects of Euro 54 million related to inventory write downs, non-recurring license income, restructuring charges and acquisition-related expenditures. Without these effects net loss would have been Euro 171 million.

 

Basic and diluted loss per share for the second quarter of fiscal year 2003 was Euro 0.45, compared to a loss per share of Euro 0.06 in the previous quarter and Euro 0.16 year-on-year.

 

Quarterly EBIT (earnings before interest, minority interest and taxes) amounted to a loss of Euro 223 million, compared to a loss of Euro 31 million in the previous quarter, and to a loss of Euro 176 million in the second quarter of the last fiscal year. The quarterly EBIT loss includes exceptional effects of Euro 82 million.

 

Expenditures for Research and Development in the second quarter totaled Euro 254 million, or 17 percent of sales, slightly down from Euro 265 million sequentially. SG&A expenses totaled Euro 164 million or 11 percent of total revenues, down from Euro 172 million or 12 percent of total revenues in the previous quarter. The decrease in these expenditures was mainly due to Infineon’s ongoing cost reduction measures.

 

Infineon’s gross cash position, representing cash and cash equivalents, marketable securities and restricted cash amounted to Euro 1.5 billion, down sequentially from Euro 1.6 billion. The decrease in gross cash was mainly due to investing activities exceeding cash flow from operations during the quarter.  Free cash flow, representing cash from operating and investing activities excluding purchases or sales of marketable securities, significantly improved to negative Euro 90 million, up sequentially from negative Euro 362 million. This improvement mainly stems from higher operating cash flow and lower capital expenditures compared to the previous quarter.

 

Revenues outside Europe constituted 56 percent of total revenues, up from 55 percent in the previous quarter, reflecting Infineon’s increased sales in Asia, including Japan.

 

As of March 31, 2003, Infineon had approximately 31,200 employees worldwide, including about 5,500 engaged in research and development.

 

2



 

Pursuant to an agreement reached with Osram GmbH, the Company transferred all its opto-electronic activities to Osram as of March 31, 2003. Accordingly, the results of the opto-electronics business (previously in other operating segments) are reflected as a discontinued operation, and the operating results (e.g. sales, cost of sales and operating expenses) through March 31, 2003 have been reclassified to ensure comparability with the results of Infineon’s continuing operations.

 

Results for First Half of Fiscal Year 2003

Total revenues for the first half of fiscal year 2003 were Euro 2.93 billion, up 28 percent from Euro 2.28 billion in the same period last year. Net loss amounted to Euro 368 million, compared to a net loss of Euro 439 million year-on-year. The first half of fiscal year 2003 tax expense includes a valuation allowance for tax losses of Euro 125 million incurred in accordance with US GAAP. EBIT for the first half of this fiscal year was a loss of Euro 254 million, a significant improvement from an EBIT loss of Euro 735 million in the first half of the last fiscal year.

 

Business Group Performance

The Automotive & Industrial group’s second quarter revenues reached another all-time high of Euro 354 million, an increase of 6 percent sequentially and of 18 percent year-on-year. The increase resulted mainly from higher sales volumes in automotive power as well as power management & supply products. EBIT improved sequentially to Euro 49 million compared to Euro 44 million in the previous quarter and to Euro 24 million in the first quarter of fiscal year 2002. The sequential EBIT improvement was mainly due to improved productivity, including further conversion of production to 200mm wafers.

 

Infineon has further increased its market share for power management & supply applications (CoolMOS and OptiMOS technology mainly for computing), with particular strength in Asia. The company also improved its market position in automotive power applications, especially for powertrain and convenience.

 

Wireline Communications revenues improved to Euro 112 million in the second quarter, up 6 percent from the previous quarter, and up 17 percent year-on-year. The sequential revenue increase was principally due to higher sales in the Asian markets of Ethernet over VDSL access technology and next generation ADSL technology for central office applications. This reflects the successful alignment of

 

3



 

Infineon’s portfolio of leading edge broadband access products to current market needs. EBIT improved to a loss of Euro 39 million from a loss of Euro 42 million in the previous quarter, and improved significantly from a loss of Euro 66 million during the second quarter of fiscal year 2002. The EBIT improvement resulted primarily from cost reductions.

 

Infineon improved its leading position in the Asian markets for next generation high-speed VDSL broadband access technology. The company also introduced a new family of intelligent fiber optics transceivers and shipped first samples of 10G XPAK transceivers to leading customers in the fiber optics market.

 

Secure Mobile Solutions’ second quarter revenues were Euro 376 million, down 9 percent from the previous quarter but up 27 percent compared to the second quarter of last year. The sequential quarterly revenue decline reflects an anticipated seasonal weakening of demand for mobile phones following the Christmas season. The quarterly EBIT loss of Euro 23 million improved from an EBIT loss of Euro 28 million during the previous quarter and from a loss of Euro 37 million for the second quarter of fiscal 2002. The loss was mainly due to lower sales volumes in cellular handsets and wireless infrastructure. Also price pressure was very strong in the market for silicon discretes as well as for security controllers. At the same time Infineon maintained a high level of forward investments into research and development for software and complete reference designs. However, the sequential improvement was due to increased productivity.

 

Infineon introduced a complete UMTS/EDGE solution at the 3GSM World Congress. In addition, the comprehensive alliance with Agere Systems for the development of fast wireless network solutions has announced the introduction of the most highly integrated dual-band multimode solution for WLAN systems and is expected to ship samples to customers in the third quarter. Infineon has now shipped more than 20 million Bluetooth chips since 2000.

 

The Memory Products group’s second quarter revenues were Euro 609 million, a significant increase of 12 percent sequentially and 4 percent year-on-year, based on strongly increased volumes offsetting sharply lower prices, and previously deferred license income of Euro 60 million. EBIT amounted to a loss of Euro 138 million compared to a positive EBIT of Euro 29 million in the first quarter and a loss of Euro 33

 

4



 

million during the second quarter of fiscal year 2002. The quarterly loss also included the effect of Euro 128 million of write-down of memory products inventories.

 

“Infineon significantly improved productivity, particularly for memory products, and is well ahead of schedule in ramping-up its 300mm facility in Dresden which has reached more than 6,000 wafer starts per week,” said Dr. Schumacher, “However, these achievements could not compensate for the strong price decline for memory products.” From the beginning of January the spot market price for the major volume product 256M DDR dropped by about 50 percent from US $ 6 to a minimum below US $ 3 by the end of February and improved slightly above US $ 3 at the end of the second quarter, according to DRAM Exchange.

 

Infineon has further expanded its manufacturing partnership-network by extending the foundry agreement with Semiconductor Manufacturing International Corporation (SMIC) in China. Under the terms of this agreement, Infineon will license its 0.11 micron DRAM trench technology and its 300mm production know how to SMIC. When production at SMIC is fully ramped up (expected in 2005), it is expected to increase Infineon’s overall capacity by around 58,000 wafer starts per month. Another highlight is Infineon’s complete DDR-I 400 module platform (128MB, 256MB and 512MB), which has been validated by Intel.

 

Revenues in the Other operating segment were Euro 26 million, down 30 percent sequentially and up 13 percent year-on-year. EBIT was a loss of Euro 15 million compared to earnings of Euro 6 million in the previous quarter and a loss of Euro 7 million in the second quarter of fiscal year 2002.

 

In Corporate and Reconciliation, EBIT in the second quarter was a loss of Euro 57 million, down from a loss of Euro 40 million in the prior quarter and unchanged from a year ago, principally reflecting unallocated idle capacity costs and corporate restructuring charges.

 

Outlook for the second half of fiscal year 2003

“The current tough global economic environment and the international uncertainties do not allow for much market visibility. Over the last three months we have seen a further positive development of demand in most of our segments. Looking forward we expect a further positive development of demand in all target applications. To compensate for the ongoing pricing pressure we will continue to focus on improving productivity,

 

5



 

further reducing costs and implementing Infineon’s restructuring programs, as well as our Agenda 5-to-1,” commented Dr. Schumacher.

 

For its Secure Mobile Solutions segment, Infineon expects a further moderate increase of demand for GSM/GPRS mobile handsets which is likely to have a positive effect on the demand for Bluetooth products as well. The company expects an ongoing difficult market environment with continued strong pricing pressure for silicon discretes.

 

Industry analysts are predicting a 5 percent reduction of capital expenditures in the global wireline telecom infrastructure market in 2003, but with regional differences, including moderate growth in Europe. Infineon expects continuing pricing pressure in its fiber optics business, but improved demand for broadband access technology (ADSL, VDSL), particularly in Asia and Japan.

 

In the automotive electronics and automotive semiconductor markets, Infineon expects the pricing pressure to continue. However, the company anticipates that further productivity increases combined with its strong portfolio for automotive power and power management and supply products will lead to additional market share gains.

 

At the beginning of the current third quarter Infineon has seen strong demand from OEMs for memory products. However, visibility for the DRAM market remains poor.  A positive development of demand and a sustained improvement in prices still depend on the beginning of the corporate replacement cycle, increased infrastructure investments, and higher MB per box sales.

 

6



 

FINANCIAL INFORMATION

According to US GAAP — Unaudited

Consolidated statements of operations

 

 

 

3 months ended

 

6 months ended

 

in Euro million

 

03/31/2002

 

12/31/2002

 

03/31/2003

 

03/31/2002

 

03/31/2003

 

Net sales

 

1,312

 

1,441

 

1,484

 

2,284

 

2,925

 

Cost of goods sold

 

(1,013

)

(1,039

)

(1,283

)

(2,078

)

(2,322

)

Gross profit

 

299

 

402

 

201

 

206

 

603

 

Research and development expenses

 

(264

)

(265

)

(254

)

(531

)

(519

)

Selling, general and administrative expenses

 

(165

)

(172

)

(164

)

(329

)

(336

)

Restructuring charges

 

5

 

(1

)

(10

)

(8

)

(11

)

Other operating income (expense), net

 

9

 

(7

)

 

42

 

(7

)

Operating loss

 

(116

)

(43

)

(227

)

(620

)

(270

)

Interest (expense) income, net

 

(6

)

1

 

(11

)

(8

)

(10

)

Equity in (losses) earnings of associated companies

 

(13

)

16

 

7

 

(45

)

23

 

Other expense, net

 

(47

)

(4

)

(3

)

(70

)

(7

)

Minority interests

 

3

 

2

 

2

 

4

 

4

 

Loss before income taxes

 

(179

)

(28

)

(232

)

(739

)

(260

)

Income tax benefit (expense)

 

72

 

(12

)

(96

)

304

 

(108

)

Net loss from discontinued operation

 

(1

)

 

 

(4

)

 

Net loss

 

(108

)

(40

)

(328

)

(439

)

(368

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average of outstanding shares — basic and diluted

 

692

 

721

 

721

 

692

 

721

 

Loss per share — basic and diluted

 

(0.16

)

(0.06

)

(0.45

)

(0.63

)

(0.51

)

 

Regional Sales Development

 

 

 

3 months ended

 

Regional sales in%

 

03/31/2002

 

12/31/2002

 

03/31/2003

 

Germany

 

24

%

26

%

24

%

Other Europe

 

21

%

19

%

20

%

America (NAFTA)

 

27

%

22

%

22

%

Asia / Pacific

 

28

%

33

%

34

%

Total

 

100

%

100

%

100

%

 

 

 

 

 

 

 

 

Europe

 

45

%

45

%

44

%

Non-Europe

 

55

%

55

%

56

%

 

7



 

Segment results

 

 

 

3 months ended

 

6 months ended

 

Net sales in Euro million

 

03/31/2002*

 

03/31/2003

 

+/— in%

 

03/31/2002 *

 

03/31/2003

 

+/— in%

 

Wireline Communications

 

96

 

112

 

17

 

179

 

217

 

21

 

Secure Mobile Solutions

 

295

 

376

 

27

 

580

 

788

 

36

 

Automotive and Industrial

 

299

 

354

 

18

 

573

 

688

 

20

 

Memory Products

 

588

 

609

 

4

 

875

 

1,151

 

32

 

Other

 

23

 

26

 

13

 

56

 

64

 

14

 

Corporate and Reconciliation

 

11

 

7

 

(36

)

21

 

17

 

(19

)

Infineon consolidated

 

1,312

 

1,484

 

13

 

2,284

 

2,925

 

28

 

 

 

 

3 months ended

 

6 months ended

 

EBIT in Euro million

 

03/31/2002 *

 

03/31/2003

 

+/— in%

 

03/31/2002 *

 

03/31/2003

 

+/— in%

 

Wireline Communications

 

(66

)

(39

)

41

 

(151

)

(82

)

46

 

Secure Mobile Solutions

 

(37

)

(23

)

38

 

(97

)

(51

)

47

 

Automotive and Industrial

 

24

 

49

 

104

 

43

 

93

 

116

 

Memory Products

 

(33

)

(138

)

 

(408

)

(110

)

73

 

Other

 

(7

)

(15

)

(114

)

14

 

(8

)

 

Corporate and Reconciliation

 

(57

)

(57

)

 

(136

)

(96

)

29

 

Infineon consolidated**

 

(176

)

(223

)

(27

)

(735

)

(254

)

65

 

 


*      Prior period segment results are reclassified to be consistent with the current period presentation and organizational structure for continuing operations.

**   Includes acquisition related expenses (amortization of acquired intangible assets, goodwill, deferred compensation and in-process R&D) of Euro 11 million and Euro 9 million for the three months ended 03/31/2002 and 03/31/2003, respectively as well as Euro 25 million and Euro 19 million for the six months ended 03/31/2002 and 03/31/2003, respectively.

 

 

 

3 months ended

 

Net sales in Euro million

 

12/31/2002

 

03/31/2003

 

+/— in%

 

Wireline Communications

 

106

 

112

 

6

 

Secure Mobile Solutions

 

412

 

376

 

(9

)

Automotive and Industrial

 

334

 

354

 

6

 

Memory Products

 

542

 

609

 

12

 

Other

 

37

 

26

 

(30

)

Corporate and Reconciliation

 

10

 

7

 

(30

)

Infineon consolidated

 

1,441

 

1,484

 

3

 

 

 

 

3 months ended

 

EBIT in Euro million

 

12/31/2002

 

03/31/2003

 

+/— in%

 

Wireline Communications

 

(42

)

(39

)

7

 

Secure Mobile Solutions

 

(28

)

(23

)

18

 

Automotive and Industrial

 

44

 

49

 

11

 

Memory Products

 

29

 

(138

)

 

Other

 

6

 

(15

)

 

Corporate and Reconciliation

 

(40

)

(57

)

(43

)

Infineon consolidated*

 

(31

)

(223

)

 

 


*      Includes acquisition related expenses of Euro 10 million and Euro 9 million for the three months ended 12/31/2002 and 03/31/2003, respectively.

 

8



 

 

EBIT

 

Infineon defines EBIT as earnings (loss) before interest, minority interest and taxes.

Infineon management uses EBIT as a measure to establish budgets and operational goals, to manage the company’s business and to evaluate its performance.

Infineon reports EBIT information because it believes that it provides investors with meaningful information about the operating performance of the company and especially about the performance of its separate business segments.

EBIT is determined as follows from the statement of operations, without adjustment to the US GAAP amounts presented:

 

 

 

3 months ended

 

6 months ended

 

in Euro million

 

03/31/2002

 

12/31/2002

 

03/31/2003

 

03/31/2002

 

03/31/2003

 

Loss before income taxes

 

(179

)

(28

)

(232

)

(739

)

(260

)

— Minority interests

 

(3

)

(2

)

(2

)

(4

)

(4

)

— Interest (expense) income, net

 

6

 

(1

)

11

 

8

 

10

 

EBIT

 

(176

)

(31

)

(223

)

(735

)

(254

)

 

Consolidated balance sheets

 

in Euro million

 

09/30/2002

 

03/31/2003

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

1,199

 

633

 

Marketable securities

 

738

 

842

 

Trade accounts receivable, net

 

758

 

735

 

Inventories

 

891

 

957

 

Deferred income taxes

 

82

 

110

 

Other current assets

 

523

 

586

 

Total current assets

 

4,191

 

3,863

 

Property, plant and equipment, net

 

4,491

 

4,248

 

Long-term investments, net

 

708

 

773

 

Restricted cash

 

70

 

66

 

Deferred income taxes

 

787

 

686

 

Other assets

 

671

 

591

 

Total assets

 

10,918

 

10,227

 

 

in Euro million

 

09/30/2002

 

03/31/2003

 

Liabilities and shareholders’ equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Short-term debt and current maturities

 

120

 

109

 

Trade accounts payable

 

1,197

 

858

 

Accrued liabilities

 

508

 

536

 

Deferred income taxes

 

21

 

28

 

Other current liabilities

 

537

 

589

 

Total current liabilities

 

2,383

 

2,120

 

Long-term debt

 

1,710

 

1,698

 

Deferred income taxes

 

58

 

55

 

Other liabilities

 

609

 

653

 

Total liabilities

 

4,760

 

4,526

 

Total shareholders’ equity

 

6,158

 

5,701

 

Total liabilities and shareholders’ equity

 

10,918

 

10,227

 

 

9



 

 

Condensed consolidated cash flow information

 

 

 

3 months ended

 

6 months ended

 

in Euro million

 

03/31/2002

 

12/31/2002

 

03/31/2003

 

03/31/2002

 

03/31/2003

 

Net cash (used in) provided by operating activities

 

(120

)

4

 

101

 

(235

)

105

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

(389

)

(340

)

(323

)

(583

)

(663

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

988

 

(12

)

4

 

1,502

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

479

 

(348

)

(218

)

684

 

(566

)

Depreciation and amortization

 

347

 

353

 

359

 

684

 

712

 

Purchases of property, plant and equipment

 

145

 

309

 

230

 

366

 

539

 

 

Gross Cash Position

Infineon defines gross cash position as cash and cash equivalents, marketable securities and restricted cash.

Since Infineon holds a substantial portion of its available monetary resources in the form of readily marketable securities, which for US GAAP purposes are not considered to be “cash”, it reports its gross cash position to provide investors with an understanding of the company’s overall liquidity.

The gross cash position is determined as follows from the balance sheet, without adjustment to the US GAAP amounts presented:

 

in Euro million

 

09/30/2002

 

12/31/2003

 

03/31/2003

 

Cash and cash equivalents

 

1,199

 

851

 

633

 

Marketable securities

 

738

 

712

 

842

 

Restricted cash

 

70

 

70

 

66

 

Gross Cash Position

 

2,007

 

1,633

 

1,541

 

 

Free Cash Flow

Infineon defines free cash flow as cash from operating and investing activities excluding purchases or sales of marketable securities.

Since Infineon holds a substantial portion of its available monetary resources in the form of readily marketable securities, and operates in a capital intensive industry, it reports free cash flow to provide investors with a measure to evaluate changes in liquidity after taking capital expenditures into account, which ultimately requires financing.

The free cash flow is determined as follows from the cash flow statement, without adjustment to the US GAAP amounts presented:

 

 

 

3 months ended

 

6 months ended

 

in Euro million

 

03/31/2002

 

12/31/2002

 

03/31/2003

 

03/31/2002

 

03/31/2003

 

Net cash (used in) provided by operating activities

 

(120

)

4

 

101

 

(235

)

105

 

Net cash used in investing activities

 

(389

)

(340

)

(323

)

(583

)

(663

)

Purchase (sale) of marketable securities

 

184

 

(26

)

132

 

184

 

106

 

Free cash flow

 

(325

)

(362

)

(90

)

(634

)

(452

)

 

Telephone Conference Information

The Management Board of Infineon Technologies will conduct a telephone conference with analysts and institutional investors on April 22, 2003 at 3:30 a.m. Eastern Standard Time (U.S. EST), 9:30 a.m. Central Europe Time (CET), to discuss operating performance of the second quarter fiscal year 2003. A broadcast of the telephone conference will be available live and for download on Infineon’s web site at: http://www.infineon.com

 

10



 

D I S C L A I M E R

 

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.

 

Infineon, the stylized Infineon Technologies design are trademarks and servicemarks of Infineon Technologies AG. All other trademarks are the property of their respective owners.

 

11



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

INFINEON TECHNOLOGIES AG

 

 

 

 

 

 

 

 

 

 

Date:  April 22, 2003

 

By:

/s/ Ulrich Schumacher

 

 

 

 

Dr. Ulrich Schumacher

 

 

 

 

Chairman, President and

 

 

 

 

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Peter J. Fischl

 

 

 

 

Peter J. Fischl

 

 

 

 

Chief Financial Officer

 

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