Infineon Technologies AG

Legal Proceedings Report • Feb 14, 2012

News Details

Ad-hoc | 14 February 2012 17:02

Qimonda insolvency administrator quantifies claims against Infineon for the first time

Infineon Technologies AG / Key word(s): Legal Matter

14.02.2012 17:02

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Neubiberg, February 14, 2010 - The insolvency administrator of Qimonda AG
has filed an alternative request for payment in the lawsuit pending in
Munich District Court I over the alleged economic re-establishment of
Qimonda AG (cf. our ad hoc announcement of 2 December 2010). This request
is in addition to his action for a declaratory judgment in an unspecified
amount.

In his request for payment on the grounds of economic re-establishment the
insolvency administrator is seeking payment of at least EUR 1.71 billion,
plus interest.

The insolvency administrator is also basing a substantial part of his
alleged payment claims on so-called liability for impairment of capital
(Differenzhaftung). In this regard, the insolvency administrator claims
that the value of the memory business contributed to Qimonda AG as a
non-cash contribution in connection with two capital increases in the
spring of 2006 was not only not equivalent to the price of the new shares
issued in return, namely EUR 600 million in total, but was actually
negative.

The company's 2011 annual report (p. 235) already mentioned that in August
2011 the insolvency administrator had lodged claims out of court for an
unspecified amount based on liability for impairment of capital.

As already indicated in the ad hoc notification of 2 December 2010,
Infineon is of the opinion that the claims for alleged economic
re-establishment are unjustified. The insolvency administrator's assertions
about alleged liability for impairment of capital run contrary to two
valuations made in preparation for the capital increases by two independent
auditing companies - one by auditors commissioned by Infineon and the other
by auditors appointed by the court to audit the non-cash contributions and
perform a post-formation audit. The auditor commissioned by Infineon
concludes in its valuation that the value of the memory business is many
times the amount for which the shares were issued. The court-appointed
auditor confirmed to the court that the minimum issue price of the shares
was covered by the value of the non-cash contributions, whereupon the
capital increases were entered in the company register by the register
court.

Together with independent auditors, Infineon has once again made a detailed
examination of the value of the non-cash contribution, will continue to
vigorously defend itself against the claims, and remains confident about
the outcome of this lawsuit.

About Infineon

Infineon Technologies AG, Neubiberg, Germany, offers semiconductor and
system solutions addressing three central challenges to modern society:
energy efficiency, mobility, and security. In the 2011 fiscal year (ending
September 30), the Company reported sales of Euro 4.0 billion with close to
26,000 employees worldwide. Infineon is listed on the Frankfurt Stock
Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market
OTCQX International Premier (ticker symbol: IFNNY).

D I S C L A I M E R
This ad hoc release includes forward-looking statements about our business
and the industry in which we operate as well as our expected results.

These forward-looking statements as well as the underlying assumptions are
subject to a number of uncertainties, including e.g. broader economic
developments; trends in demand and prices for semiconductors generally and
for our products in particular as well as for the end-products that
incorporate our products; the success of our development efforts, both
alone and with partners; the capability to introduce new production
processes at our facilities; the actions of competitors; the continued
availability of funds; the outcome of antitrust investigations and
litigation matters and the outcome of Qimonda's insolvency proceedings, as
well as the other factors mentioned in this ad hoc release and in our
financial reports.

As a result, our actual results could differ materially from those
contained in these forward-looking statements. You are therefore cautioned
not to place undue reliance on them. Unless bound by law Infineon does not
undertake any obligation to publicly update any forward-looking statements
or revise them in light of developments which differ from those
anticipated.

14.02.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Infineon Technologies AG
Am Campeon 1-12
85579 Neubiberg
Germany
Phone: +49 (0)89 234-26655
Fax: +49 (0)89 234-955 2987
E-mail: investor.relations@infineon.com
Internet: www.infineon.com
ISIN: DE0006231004
WKN: 623100
Indices: DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX

End of Announcement DGAP News-Service

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