Ams OSRAM : Financial information full year results 2021

	Key figures			2021			2020			Q4 2021			Q4 2020			Q3 2021
	USD millions
	(except earnings per share)
Revenues		5,780			4,020			1,410			1,620		1,478
Gross margin in %		34%			33%			34%			35%		34%
(adjusted - see footnote 1)
Result from operations		576			531			135			270		153
(adjusted - see footnote 1)
EBIT margin in %		10%			13%			10%			17%		10%
(adjusted - see footnote 1)
Net result		313			273			136			173		12
(adjusted - see footnote 1)
Basic / diluted earnings per		1.14 / 1.14			1.13 / 0.98			0.49 / 0.48			0.59 / 0.46		0.02 / 0.02
share in CHF 2)
(adjusted - see footnote 1)
Basic / diluted earnings per		1.20 / 1.20			1.22 / 1.07			0.52 / 0.51			0.63 / 0.49		0.02 / 0.02
share in USD
(adjusted - see footnote 1)
Net debt		2,059			1,957			2,059			1,957		2,132

1. Excluding M&A-related, transformation and share-based compensation costs as well as results from investments in associates and sale of a business
2. Earnings per share in CHF were converted using the average currency exchange rate for the respective periods

Consolidated Income Statement

(unaudited)

	USD millions			2021		Q4 2021			2020			Q4 2020
	(except earnings per share)
Revenues		5,780		1,410			4,020		1,620
Cost of sales		-4,127		-971			-2,832		-1,101
Gross profit		1,652		439			1,188		519
Gross margin in %		29%		31%			30%		32%
Research and development		-737		-174			-485		-173
Selling, general and administrative		-854		-205			-605		-223
Other operating income		262		180			84		42
Other operating expense		-59		-23			-18	-16
Result from investments in associates		-38		-25			-6	-3
Result from operations		226		192			158		147
Net financing result		-227		-56			-250		-65
Result before tax (contin. operations)		-1		135			-92	83
Income tax result		-36		57			-11	-32
Net result (continuing operations)		-37		193			-103		50
Results from discontinued operations		0		0			3	0
Net result		-37		193			-100		50
Thereof non-controlling interests		-1		0			-86	10
Thereof ams-OSRAM AG shareholders		-36		193			-15	39
Basic earnings per share in CHF 1)		-0.13		0.69			-0.43	0.18
Diluted earnings per share in CHF 1)		-0.13		0.68			-0.50	0.10
Basic earnings per share in USD		-0.14		0.74			-0.47	0.20
Diluted earnings per share in USD		-0.14		0.72			-0.54	0.10
Basic earnings per share in CHF 1)		-0.13		0.69			-0.45	0.18
(continuing operations)
Diluted earnings per share in CHF 1)		-0.13		0.68			-0.52	0.10
(continuing operations)
Basic earnings per share in USD		-0.14		0.73			-0.48	0.20
(continuing operations)
Diluted earnings per share in USD		-0.14		0.72			-0.55	0.10
(continuing operations)
Number of shares basic (in million)		261.1		261.2			215.2		260.7
Number of shares diluted (in million)		261.6		266.2			227.0		294.1

1. Earnings per share in CHF were converted using the average currency exchange rate for the respective period.

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Consolidated Statement of Comprehensive Income

(unaudited)

	USD millions			2021		Q4 2021			2020			Q4 2020
Net result		-37		193			-100		50
Remeasurements of defined benefit liability		71		17			-1		-1
FVOCI equity instruments - net change in fair value		0		-5			-91		-2
Items that will never be reclassified to profit and		72		13			-89		-3
loss (after income taxes)
FVOCI debt instruments - net change in fair value		-1		0			0		0
Exchange differences on translating foreign operations		319		116			-252		-109
Derivative financial instruments for hedging purposes		-24		-3			8		0
Items that may be reclassified to profit and loss		295		112			-244		-109
(after income taxes)
Other comprehensive income		366		125			-334		-112
Total comprehensive income		329		318			-433		-62
Attributable to:
	Non-controlling interests		1		1			-140		-30
	Shareholders of ams-OSRAM AG		328		317			-294		-33

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Consolidated Balance Sheet

(unaudited)

	USD millions	December 31, 2021	December 31, 2020
	Assets
	Cash and cash equivalents	1,527	1,832
	Short-term Investments	7	22
	Trade receivables	789	712
	Inventories	1,076	984
	Other receivables and assets	212	194
	Assets held for sale	154	55
	Total current assets	3,765	3,799
	Property, plant and equipment	1,843	2,223
	Intangible assets	4,577	4,647
	Right of use assets	298	332
	Investments in associates	39	86
	Deferred tax assets	209	189
	Other long term assets	165	124
	Financial assets	168	29
	Total non-current assets	7,299	7,631
	Total assets	11,064	11,430
	Liabilities and Equity
	Current liabilities
	Short-terminterest-bearing loans and borrowings	551	272
	Trade payables	814	625
	Income tax payables	97	119
	Current Provisions	376	392
	Other current liabilities	1,559	1,946
	Liabilities associated with assets held for sale	46	146
	Total current liabilities	3,443	3,501
	Non-currentinterest-bearing loans and borrowings	3,035	3,517
	Employee benefits	207	250
	Deferred tax liabilities	236	260
	Non-current provisions	55	50
	Other non-current liabilities	474	376
	Total non-current liabilities	4,007	4,456
	Equity
	Issued capital	315	314
	Additional paid-in capital	2,291	2,496
	Treasury shares	-140	-146
	Retained earnings	1,006	1,061
	Other components of equity	132	-185
	Total equity attributable to shareholders of ams-OSRAM AG	3,604	3,543
	Non-controlling interests	9	-70
	Total equity	3,614	3,473
	Total liabilities and equity	11,064	11,430
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Consolidated Statement of Cash Flows

(unaudited)

USD millions		2021		Q4 2021		2020		Q4 2020
Operating activities
Net income (loss)		-37		193		-100		50
Adjustments to reconcile net income (loss) to cash provided/used
Income (loss) from discontinued operations, net of tax		1		0		-3		0
Amortization, depreciation, and impairment1		872		198		665		223
Expenses from stock option plans (acc. to IFRS 2)		48		11		77		19
Income taxes		36		-58		12		32
Net financial result		227		57		250		65
Other non-cash income/expenses		-111		-110		3		-9
(Gains) losses on sales and disposals of businesses, intangible		-80		-50		0		0
assets, and property, plant, and equipment, net
Gains/losses on sales of investments		3		4		0		0
Gains/losses on investments accounted for using the equity		8		0		6		3
method
Change in current assets and liabilities
(Increase) decrease in inventories		-153		-117		70		12
(Increase) decrease in trade receivables		-44		18		76		22
(Increase) decrease in other current assets		-26		13		-17		24
Increase (decrease) in trade payables		141		-4		-149		-39
Increase (decrease) in current provisions		-23		5		32		36
Increase (decrease) in other current liabilities		169		92		-45		-69
Change in other assets and liabilities		-31		-30		-51		10
Income taxes paid		-97		-18		-18		-9
Interest received		3		1		6		1
Cash flows from operating activities (continuing operations)		908		206		813		371
Cash flows from operating activities discontinued operations		0		0		-2		0
Cash flows from operating activities		908		206		811		371
Investing activities
Additions to intangible assets and property, plant, and equipment		-355		-108		-203		-62
Acquisitions, net of cash and cash equivalents acquired		-601		-84		-1,055		-5
Purchases of investments		-19		-8		-507		-2
Proceeds and payments from sales of investments, intangible		16		4		4		2
assets, and property, plant, and equipment
Proceeds and payments from sales of business activities, net of		318		186		48		0
cash and cash equivalents disposed of
Cash flows from investing activities (continuing operations)		-642		-9		-1,715		-68
Cash flows from investing activities discontinued operations		0		0		0		0
Cash flows from investing activities		-642		-9		-1,715		-68

1 FY 2021 / Q4 2021: USD 660m / USD 142m related to property, plant and equipment; USD 212m / USD 56m related to intangible assets

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