元器件交易网讯 5月7日消息，据外媒报道，英飞凌打算将资本支出对营收的比例从15%削减到13%。然而，保持这个比例不变，英飞凌将支付股东更高股息。
减少投资比例主要由下列因素驱动：
第一，英飞凌300纳米薄晶圆技术已有成果，与200毫米晶圆技术相比，它实现了低投资高增长，那么实现目标增长率所需的投资水平因此减少。
第二，英飞凌在产品制造曲线增长的初级阶段 使用65纳米标准CMOS技术和低工艺结构。英飞凌打算外包相关产品，因此，未来不需要投资内部工厂生产晶圆。
另外，公司打算将后端制造业更大份额转向外包商，同样,与内部生产不同，这不会涉及任何投资。
第四，在2014财年已经取得了巨大的成就，通过一系列措施，会改善当前和未来的生产力。这使得同样数目的资本投资可获得更高的产量。
详细分析这些中长期影响因素，在未来财政年，投资对营收的目标比例可以减少2%达到13%。
（元器件交易网董蕾 译）
外媒原文如下：
Despite Neelie Kroes’ 10/100/20 plan to increase European semiconductor output to 20% of the world market, Infineon is intending to reduce its ratio of capex to sales from 15% to 13%. Instead, of maintaining the ratio, Infineon will pay shareholders a bigger dividend.
“Infineon is determined to ensure excellent product availability and to grow faster than its competitors. The fact that we will need to employ less capital in future to achieve this, clearly demonstrates that we are on the right track with our manufacturing strategy”, says Infineon CEO Dr. Reinhard Ploss. “it is justified that shareholders should also now benefit from the progress made. Therefore it is our intention to raise the dividend significantly for the current fiscal year.”
“Even with the reduced capital intensity, it will still be possible to achieve the targeted average revenue growth rate of approximately 8% p.a,” says Infineon.
The reduction of the target ratio for investments as a percentage of revenue is being driven primarily by the following factors:
. Infineon is beginning to reap the fruits of 300-millimeter thin-wafer technology for power semiconductors, enabling it to achieve growth with a substantially lower level of capital employed compared with 200-millimeter wafers. The level of investments required to increase manufacturing capacities for power semiconductors in order to achieve the targeted growth rate is therefore decreasing.
. Infineon is also in the early stages of a growth curve for products manufactured using standard-CMOS-based technologies with 65-nanometer and lower process structures. Unlike with power semiconductors, these technologies do not entail any major differentiating features from a manufacturing perspective and, as a result, Infineon intends to outsource the relevant production volumes to contract manufacturers, thus obviating the need in future to invest in in-house facilities to process these wafers.
. The Company intends to allocate a greater share of backend manufacturing to subcontractors for those package types that offer no meaningful differentiation. Similarly, unlike in-house production, this will not involve any investment.
. Great strides have been made over the course of the 2014 fiscal year to date to improve both current and future productivity by means of a whole raft of measures implemented in conjunction with a dedicated productivity improvement program. This enables higher production volumes for a given amount of capital investment.
A detailed analysis of the medium- to long-term impact of these factors, undertaken as part of the annual planning process, showed that the target ratio for investments to revenue can be reduced in future fiscal years by 2 percentage points to an average of about 13%..
In view of the expected sustainable improvement in free cash flow, it is planned to increase the dividend significantly from as early as the current financial year. Subject to there being an appropriate level of unappropriated profit available for distribution and the corresponding resolutions being taken by Infineon’s representative bodies, the aim is to increase the dividend by between four and six cents.