Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht AG    OSR   DE000LED4000

OSRAM LICHT AG

(OSR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

OSRAM Licht : Earnings Release Q320

share with twitter share with LinkedIn share with facebook
07/29/2020 | 02:05am EDT

www.osram.com

Third quarter dominated by active crisis management

Q3 FY20 Earnings Release (unaudited figures)

OSRAM Licht AG | July 29, 2020

Light is OSRAM

Disclaimer

This presentation as well as other reports, presentations, materials delivered to shareholders and press releases may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. In addition, our representatives may from time to time make oral forward-looking statements. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. OSRAM Licht AG has based these forward-looking statements on its current views and expectations and on certain assumptions of which many are beyond OSRAM Licht AG's control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the sub-chapter Risks in the Annual Report. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and OSRAM Licht AG does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

This presentation includes references to non-IFRS financial measures, including, but not limited to: FCF, EBITDA, EBITDA margin, capital expenditure, capital expenditure as percentage of revenue, net financial debt and net working capital. We have provided these measures and other information in this presentation because we believe they provide investors with additional useful information to assess our performance. Our use of these supplemental financial measures may vary from others in our industry and should not be considered in isolation or as an alternative to our results as reported under IFRS.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

2 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Safeguarding profit and cash flow

Statement from the CEO

Q3 FY20 summary:

  • Revenue of €606m
    (€-244m /-29.4% comp. vs. prior year)
  • EBITDA (adj.) of €-27m /-4.5%
  • FCF at €-7m thanks to active working capital management

"Thanks to the early and determined reaction, we were able to contain the impact of COVID-19 on profit and cash flow. I am especially pleased that the operating cash burn was negligible - despite a sequential revenue decline of more than 200 million euros. This is a true testimony to OSRAM's vigor and resilience.

Fiscal Q3 marked the low point in terms of revenue development. We will continue our strong crisis management while being on the lookout for business opportunities in the coming upswing.

On July 9, ams completed the acquisition of a majority share of OSRAM Licht AG following successful antitrust reviews. This is an important cornerstone on our way to creating a global leader in optical solutions."

3 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Good cash protection despite 30% revenue decline

Revenue (€m) / comp. growth

-29.4%

Demand drop

across all business

850

606

units, low point

predominantly in

April/May

Q3/19

Q3/20

Free cash flow (€m)

-98

Limited cash burn

91

thanks to NWC

management and

CapEx discipline

-7

Q3/19

Q3/20

EBITDA adj. (€m) / margin

-85

Profit impact

58

mitigated by

6.8%

COVID-19

measures

-4.5%

-27

Q3/19

Q3/20

Comments:

  • 20 to 35% comp. revenue decline across business units
  • Toughest impact in cinema/entertainment; industrial and general illumination businesses with lowest effect
  • Only modest profit drop-through, supported by performance measures
  • Early focus on cash management is paying off

4 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Economic impact from COVID-19 possibly deeper than 2008/2009 - cautious optimism for continued recovery

OECD Leading Indicator1)

Global

101

OECD Composite Leading Indicator

Economics

100

Calendar months

99

98

97

96

Low point

February 2009:

95

95.8

94

93

01/18 04/18

07/18

10/18

01/19 04/19

07/19

10/19

01/20

04/20

07/20

Global Manufacturing PMI2)

56

J.P. Morgan Purchasing Manager Index

54

Calendar months

52

50

48

46

44

42

40

38

01/18 04/18

07/18

10/18

01/19

04/19

07/19

10/19

01/20

04/20

07/20

Sources: 1) OECD Composite Leading Indicator (CLI) as published on data.oecd.org

2) JP Morgan Purchasing Manager Index, J.P. Morgan and IHS Markit in cooperation with ISM und IFPSM

5 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Car production forecast stabilizing at ~20% YoY decline for FY20

Global light vehicle production by quarter

Light vehicle production by region (YoY, %)

Automotive

Market

Units (million)

Y/Y

30

FY20

10%

90m

72m

5%

-4%

0%

25

-11%

-5%

-10%

22.8

-15%

-22%

-20%

20

18.7

-25%

17.8

-30%

-35%

15

-45%

-40%

-45%

12.3

-50%

-55%

10

-60%

Oct-

Jan-

Apr-

Jul-

Oct-

Jan-

Apr-

Jul-

Dec'18 Mar'19 Jun'19 Sep'19 Dec'19 Mar'20

Jun'20 Sep'20

World

-5.9

-20.3

FY19 FY20

NAFTA

-1.3

-23.0

FY19 FY20

Europe

-3.8

-24.2

FY19 FY20

China

-13.3-9.0

FY19 FY20

Source: Light vehicle production forecast based on monthly IHS Data, fiscal year based. As of: July 16, 2020

6 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

COVID-19 (SHIELD) savings status:

Implemented FCF measures at ~ €60m in Q3

(€m)

HR measures (€m)

Main elements:

~160

Reduction of time/holiday accounts

Status Q3:

~20

Short-time work

Foreign governmental programs

Hiring freeze

Operations measures (€m)

~45

Main elements:

~60

Investment cuts/postponements

~30

Travel ban

Implemented

External spending e.g. consulting

Financing measures (€m)

EBITDA

FCF

Liquidity

~100

Main elements:

FY20

Drawing of credit facilities

~50'

~100'

~220'

Target

Tax deferrals

Procurement activities

Figures shown are cash and/or profit effective latest by June 30

7 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Established performance programs already above full year ambition

Gross savings

Gross savings

Q3 FY201)

YTD FY201)

Comments

Overhead

• Performance program savings gained further

€16m

€48m

productivity

momentum; full year ambition level already

global

reached after three quarters

Transformation

€19m

€44m

of plants

Total

€35m

€92m

  1. Gross savings compared to FY19 baseline
  • Major contribution in Q3 FY20 from corporate overhead adjustments (Lean HQ)
  • Consolidation of traditional specialty lamp production in Germany successfully negotiated

8 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

COVID-19 with substantial impact on revenue development

Revenue (€m) / Comp. growth (%)1)

OSRAM Group: Revenue bridge Q3 FY20 YoY

850 0.1% 0.6% -29.4%

606

Revenue

FX

Portfolio

Comparable

Revenue

Q3/19

growth

Q3/20

OSRAM Group: Revenue by Region Q3 FY20

OS Revenue Development (comp. growth)

-19.0%

363

385

359

362

-17.8%

297

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

AM Revenue Development (comp. growth)

-35.7%

457

480

432

431

-34.0%

282

Comp. growth

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

25%

DI Revenue Development (comp. growth)

30%

EMEA

-38.9%

APAC

-12.5%

-31.3%

AMERICAS

-39.3%

232

268

217

-19.9%

45%

200

159

1) On October 1, 2019, OSRAM made minor organizational changes involving reclassification between the reportable segments (OS, AM, DI, CIE)

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

9 OSRAM Licht AG

Q3 FY20 Earnings Release (unaudited figures) | July 29, 2020

Disclaimer

OSRAM Licht AG published this content on 29 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2020 05:05:19 UTC


share with twitter share with LinkedIn share with facebook
All news about OSRAM LICHT AG
10/21OSRAM LICHT AG : Release according to Article 40, Section 1 of the WpHG [the Ger..
EQ
10/21OSRAM LICHT AG : Release according to Article 40, Section 1 of the WpHG [the Ger..
EQ
10/14OSRAM LICHT : scores major win in patent dispute against Lighting Science Group
PU
10/08OSRAM LICHT : AMS reports 13% drop in revenue, plans new bond, bridge loan
RE
10/01CONTINENTAL : Enhancing Competitiveness, Safeguarding Viability Supervisory Boar..
AQ
10/01ENHANCING COMPETITIVENESS, SAFEGUARD : Supervisory Board Approves Reorganization..
AQ
09/29EUROPE : European stocks slip after recent surge, all eyes on Trump-Biden debate
RE
09/25OSRAM LICHT : Further information on the candidates proposed for the by-election..
PU
09/25OSRAM LICHT : Domination and Profit and Loss Transfer Agreement between the OSRA..
PU
09/25OSRAM LICHT : The joint contract report by the managing board of OSRAM Licht AG ..
PU
More news
Financials
Sales 2020 3 052 M 3 608 M 3 608 M
Net income 2020 -170 M -201 M -201 M
Net Debt 2020 441 M 521 M 521 M
P/E ratio 2020 -28,7x
Yield 2020 -
Capitalization 4 785 M 5 655 M 5 657 M
EV / Sales 2020 1,71x
EV / Sales 2021 1,58x
Nbr of Employees 21 800
Free-Float 22,3%
Chart OSRAM LICHT AG
Duration : Period :
OSRAM Licht AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OSRAM LICHT AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 44,06 €
Last Close Price 50,88 €
Spread / Highest target 57,2%
Spread / Average Target -13,4%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Kathrin Dahnke Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
OSRAM LICHT AG15.24%5 689
KEYENCE CORPORATION25.82%112 794
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED119.13%78 383
SCHNEIDER ELECTRIC SE20.44%69 837
NIDEC CORPORATION41.95%59 257
DAIKIN INDUSTRIES,LTD.25.95%55 138