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    Breaking News

    Osram Reports Increased Savings Through Performance Programs in Q3 2019

    Revenue on a comparable basis fell by 14.9% year-on-year to €850 million.

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    08.01.19
    The third quarter of fiscal year 2019 showed no signs of business revival for Osram. The automobile markets in particular continued to exhibit weak development. As a result, revenue on a comparable basis fell by 14.9% year-on-year to €850 million. The adjusted EBITDA margin was impacted by reduced profitability in automotive business and reached 6.8%. The performance programs that Osram initiated in the Opto Semiconductor business segment have had a positive effect. 
     
    “We are not seeing any significant short-term recovery of the markets,” said Olaf Berlien, CEO of OSRAM Licht AG. “However, we took countermeasures early and are now seeing the first positive results of our actions.”
     
    EBITDA adjusted for special items was €58 million, 58% below previous year’s figure; net income amounted to minus €35 million and also was impacted by transformation costs.
     
    In the Opto Semiconductors business segment, comparable revenue within the year fell by around 21% to €361 million. Compared to the second quarter, revenue was stable, while the adjusted EBITDA margin reached 16.8% due to the performance programs, and therefore recovered from the previous quarter. 
     
    In the Automotive business segment, revenue fell by 12.5% to €431 million. The adjusted EBITDA margin decreased to 5.1% and was marked by very weak vehicle production in China, as well as declining sales volumes in traditional automotive lamps. In addition, start-up costs for the OSRAM Continental joint venture were booked. 
     
    Due to the weakness of the market for traditional control gear, business with digital applications recorded a 12.5% decline in revenue to €227 million euros. The adjusted EBITDA margin was minus 3%. 
     
    In the joint reasoned response, the Supervisory Board and the Managing Board recommend that Osram shareholders should accept the takeover offer from the US investors Bain and Carlyle. In the opinion of the governing bodies, the offer price of €35 per share in cash represents an appropriate and fair valuation of the company. 
     
    “The offer is attractive for the company, its employees and its shareholders. With their financial strength, Bain and Carlyle will support the ongoing transformation and enable strategically important decisions to be made,” Berlien said. Osram shareholders have until September 5, 2019, to accept the offer. The reasoned response can be found by clicking on the following link: https://www.osram-group.de/de-DE/investors/takeover-offer 
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