verstehe ich die presse nicht. dann haben sie schon die interne mail vom vorstand, und sind nichtmal in der lage die zusammenhänge und situation darin korrekt wieder zu geben. dann wird noch die IG metall mitreingemischt damit noch ein nettes drama draus wird und fertig ist die top news. sehr spannend, aber leider nicht mehr ganz richtig.
also als hausaufgabe für alle interessierten. bitte nochmal die IG metall forderung (hab ich heute schon 2x gepostet) selbst lesen, und weil ich grade dran gekommen bin: hier ist die original mail (leider englisch) von bauer an belegschaft, bitte selber meinung bilden: ==================================================
Dear Colleagues,
We've seen promising signs for Infineon over the last weeks: following the successful refinancing, we re-entered Germany’s DAX stock index in record time and we’re beginning to feel the long-awaited tailwind from the market. Business is picking up again, order intake is increasing, and our factories are almost full again. In the crisis-stricken Automotive Division we have even seen a seamless transition from under-utilization to a supply crisis, due to a precipitous rise in demand. Here and in other areas we are to some extent engaged in allocation once again. Given this scenario, some may be taken aback by the announcement we made (see board mail of September 2, 2009) of countering the sales level – still down from last year - by practicing rigorous cost management, and of re-addressing our target of at least 10% Segment Result margin as quickly as possible. Couldn't we rest content with a smaller margin and avoid further cutbacks as a result?
Let me remind you: the 10% target is not an arbitrarily defined form of profit maximization. It is about proofing our future. This can be ensured only if we swiftly and resolutely join ranks with the world elite as regards financial performance and become a true “high performance company”. We always had the qualities to achieve this goal, we merely failed to pursue the implementation vigorously enough.
Why a Segment Result margin of over 10%?
Only from the threshold of about 10% Segment Result margin do we advance into territory in which we can meet our stakeholders’ - and particularly our investors’ - expectations, and future-proof the company:
* Investors expect to see a reasonable appreciation on their investment and a dividend. Since the semiconductor industry is highly cyclical and capital intensive with a higher investment risk, our investors expect a comparatively high return – currently at the rate of about 12%. In no way whatsoever did we fulfill these expectations in past years. Many of our competitors scored significantly better. The capital increase has reinforced our duty to reward our investors’ confidence with sustainably good business results.
* Our customers, business partners and you, the employee, prefer to work for or together with a company which enjoys financial success. They prefer a partner who can proactively shape the future instead of reacting to it. Robust, sustainable business results pave the way to achieving precisely this: they strengthen business relationships, they demonstrate investment and innovative strength to our customers, display market leadership, reward joint effort and promise a successful future.
* Profits in conjunction with a healthy cash flow generate future growth and future earnings by providing adequate resources for investment. We have resolved to make normal business investments solely from the so-called “operating cash flow”. That means: only what we earn can we re-invest – an important principle of sound corporate management.
* Good business results are also important for possible acquisitions and takeovers: The proceeds can be invested directly or used in the form of higher valued shares for acquisition. This enables us to take on a leading role in our industry’s consolidation moves that loom on the horizon. On the other side of the coin, a high valuation on the capital market protects against outside takeover.
* A Segment Result margin on the other side of the 10% mark makes us less vulnerable to future market downturns and crises: If we succeed in delivering sustainable profit across market cycles, we will be better able to cushion the impact of cyclical declines in sales. I’m emphasizing this, bearing in mind that we still cannot say for certain whether the present sales growth is stable and whether the current crisis is actually abating. It does mean though that our aim has to be to generate considerably more than 10% margin in good times, while in a downturn there may be times when the results are weaker - although always cash-flow positive.
Only when we embrace and implement these arguments will our good qualities – for instance, our excellent customer relations or our pronounced innovativeness – come to full fruition. And, however earnest the matter may be, the fact is that success is fun. The time has now come to turn from “fear of the crisis” to “zest for success” and to attune ourselves to this next, important phase.
What form does the implementation process take?
As reported, planning of the next IFX10+ steps is only in the initial stages. However, we have already traced the first outlines: IFX10+ will no longer bear the stamp of a central program, but will be steered by targets and implemented with decentralized responsibility. The division management and the heads of the central functions have already received their targets for the new financial year: the earnings targets for the divisions, the cost targets for the central functions – both at a tight level. Now they are called upon to plan measures. Measures for increasing sales, raising the efficiency of processes and further cost savings will play a role in closing the gap still existing between the current earnings forecast and the targets. Cost reduction remains important, but will not suffice alone for the next phase of increasing productivity and achieving profitable growth.
Over and above the targets, we will work closely with the management to ensure that we have comparable framework conditions in the company and the same basic understanding. A workshop of the Executive Committee (Management Board, division heads, selected corporate function heads) was held recently for this purpose. Further coordination meetings, including sessions in the larger Executive Management Group (EMG), will follow. What will be of paramount importance in the coming months is that our leaders – and, as a consequence, naturally you, all our employees – pull together and forge the path to the “high performance company”.
Only if the company is propelled to sustained profitability and joins the “world elite” – and by “over 10% Segment Result margin” we mean nothing else – will it have the room for maneuver and the development opportunities it needs to be attractive for all its stakeholders and particularly for you, Infineon’s employees. By building on our strengths, taking a strict, disciplined approach to cost and implementation, and, hopefully, by capitalizing on growing momentum in our target markets, we will make it.
Kind regards,
Peter Bauer
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