www.osram.com
Strong first quarter thanks to favorable business momentum and continued performance management
Q1 FY21 Earnings Release (unaudited figures)
OSRAM Licht AG | February 09, 2021
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
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Mastering the threefold challenge: High semiconductor demand, driving performance improvements, OSRAM/ams integration project
Statement from the CEO
Q1 FY21 summary:
- Revenue at €840m, comparable sequential increase of 14% / flat YoY
- Adj. EBITDA at €162m (19.3% margin)
- FCF at €50m
"OSRAM had a remarkable start to the fiscal year. The quick rebound in automotive and other industries has led to full order books and we are doing our best to maximize production. These signals from major end markets, in conjunction with an overall stabilized macroeconomic forecast, encouraged us to revisit the outlook for fiscal year 2021.
I am especially pleased with the first quarter profit and cash performance. At a comparable revenue level to the prior year period, we made excellent progress in terms of gross profit improvement and simultaneous cost reduction. This is again a clear result from the long-term performance programs as well as the COVID-related SHIELD measures.
As part of our ongoing portfolio evaluation, we have decided to start the search process for a new best owner for the DI lighting components business.
Meanwhile, OSRAM and ams are working together to complete the business
combination, pending court procedures regarding DPLTA registration."
3 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Favorable development in profitability and free cash flow
Revenue (€m) / Comp. Growth
-0.1% | |
873 | 840 |
Q1/20 | Q1/21 |
Overall stable revenue on a comparable basis, DI posts decline due to entertainment business
Adj. EBITDA Margin
+6.3%p | Significant |
profitability increase |
19.3% | thanks to ongoing | ||||
13.0% | performance | ||||
€162m | programs and high | ||||
€114m | |||||
factory loading | |||||
Q1/20 | Q1/21 |
Free Cash Flow (€m)
+43 | ||||||
50 | All business units | |||||
cash-positive | ||||||
7 | ||||||
Q1/20 | Q1/21 |
Comments:
- Most businesses on a very positive trajectory, notable exception remains entertainment & cinema lighting
- Very strong numbers at OS - operational challenges posed by high order volume and maximum factory utilization under pandemic conditions
- Adj. EBITDA improvement driven by OS and AM
- High profitability leads to positive FCF
4 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Continued upward trend in macroeconomic indicators - supply chain pressure rising across key industries
OECD Leading Indicator1) | |||||||
Global | 101 | OECD Composite Leading Indicator | |||||
Economics | |||||||
100 | Calendar months | ||||||
99 | |||||||
98 | |||||||
97 | |||||||
96 | |||||||
95 | |||||||
94 | |||||||
93 | |||||||
01/18 | 07/18 | 01/19 | 07/19 | 01/20 | 07/20 | 01/21 |
Global Manufacturing PMI2)
56 | J.P. Morgan Purchasing Manager Index | |||||
54 | Calendar months | |||||
52 | ||||||
50 | ||||||
48 | ||||||
46 | ||||||
44 | ||||||
42 | ||||||
40 | ||||||
38 | ||||||
01/18 | 07/18 | 01/19 | 07/19 | 01/20 | 07/20 | 01/21 |
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 and IFPSM
5 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Global car production now predicted to reach 86m units in FY21, still short of pre-crisis levels but steadily improving
Global light vehicle production by quarter | Light vehicle production by region (YoY, %) | |
Automotive | Units (million) | Y/Y |
Market | FY21 | |
World
Europe
74m | 86m | ||
68% |
100%
15.9
16.6
-4% | -4% | 3% | 15% | 1% | |||||||||||||||||||||
30 | |||||||||||||||||||||||||
-22% | |||||||||||||||||||||||||
25 | -43% | 23.4 | |||||||||||||||||||||||
20.5 | 21.2 | 20.6 | |||||||||||||||||||||||
20 | |||||||||||||||||||||||||
15 | |||||||||||||||||||||||||
10 | |||||||||||||||||||||||||
5 | |||||||||||||||||||||||||
0 | |||||||||||||||||||||||||
Oct- | Jan- Apr- Jul- Oct- Jan- | Apr- Jul- | |||||||||||||||||||||||
Dec'19 Mar'20 Jun'20 Sep'20 Dec'21 Mar'21 | Jun'21 Sep'21 |
50%-18.2
0% | FY20 | FY21 |
-50%
NAFTA
24.3
-21.9
FY20FY21
-23.3
FY20FY21
China
10.2
-5.3
FY20FY21
Source: Light vehicle production forecast based on monthly IHS Data, fiscal year based. As of: January 19, 2021
6 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Performance programs near target achievement, ahead of schedule
Overhead
productivity
global
Transformation
of plants
Savings total
1) Gross savings compared to prior year baseline
FY18-201) | Q1 FY211) | Comments |
€142m | €15m | ▪ | Continued performance push despite COVID | |
and supply chain challenges | ||||
▪ | All programs executed according to plan | |||
▪ Total program target of €300m till FY22 will
already be achieved in the course of FY21
€113m€10m
€255m | €25m | Σ €280m since program launch | ||
7 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Process started to identify new best owner for DI components business
- Intended sale is part of wider, continuous portfolio evaluation (e.g. previous Siteco divestment) to sharpen the profile as Photonics Champion and concentrate on high-margin businesses
- The DI components business with ballasts, drivers and modules holds a strong market position in Europe and North America
- After successful restructuring, the business is now ready to unlock further growth prospects under new ownership
OSRAM
Opto Semiconductors (OS)
Automotive (AM)
Digital (DI)
Entertainment & | Industry/ | |
Cinema Lighting | Horticulture | |
Connected Building | Dynamic Lighting | |
Applications | ||
Lighting Components
8 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Revenue on a stable level compared to prior year
Revenue (€m) / Comp. growth (%)1)
OSRAM Group: Revenue bridge Q1 FY21 YoY | OS Revenue Development (comp. growth) | ||||||||||||||||||||||||||
873 | -5.5% | 1.8% | -0.1% | 840 | +4.7% | 11.7% | |||||||||||||||||||||
359 | 362 | 356 | |||||||||||||||||||||||||
297 | 320 | ||||||||||||||||||||||||||
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 | |||||||||||||||||||||||
AM Revenue Development (comp. growth) | |||||||||||||||||||||||||||
Revenue | FX | Portfolio | Comparable | Revenue | |||||||||||||||||||||||
Q1/20 | growth | Q1/21 | |||||||||||||||||||||||||
+1.4% | 20.4% | ||||||||||||||||||||||||||
OSRAM Group: Revenue by Region Q1 FY21 | |||||||||||||||||||||||||||
480 | 474 | ||||||||||||||||||||||||||
431 | 395 | ||||||||||||||||||||||||||
282 | |||||||||||||||||||||||||||
Comp. growth | |||
29.4% 32.2% | EMEA | -4.0% | |
APAC+5.7%
AMERICAS-2.9%
38.4%
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
DI Revenue Development (comp. growth)
-12.6% | ||||
217 | 200 | 8.0% | ||
159 | 165 | 178 | ||
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
9 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Adj. EBITDA Margin clearly above prior year
Adjusted EBITDA (€m) / Adjusted EBITDA Margin (%)
Adjusted EBITDA1) Q1 FY21 YoY | OS adjusted EBITDA |
19.3% | ||
-4 | 15 | |
13.0% | 37 | |
162 | ||
114 |
Adj. EBITDA | Volume/ | Price & Inflation | Mix/ | Adj. EBITDA |
Q1/20 | Degression | vs. Productivity2) | Q1/21 | |
Other | ||||
Comments
- Adj. EBITDA in Corporate Items: €-14m
- EBITDA Special Items: €-31m (incl. €-8m personnel restructuring)
- Net Income: €+6m from continuing operations, including €-20m impairment related to DI portfolio
- Adj. EBITDA improvement driven by higher GP, lower OPEX as well as positive one-offs, mainly at OS
- Productivity almost offsets price erosion and inflation
- OPEX significantly below prior year due to performance program savings and COVID-19 related cancellations of events as well as reduced travelling
24.5% | 31.7% | |||||
21.0% | 21.3% | |||||
88 | 76 | 12.2% | 68 | 113 | ||
36 | ||||||
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
AM adjusted EBITDA
9.7% | 13.6% | |||||||||||||
6.9% | 5.5% | |||||||||||||
65 | ||||||||||||||
47 | ||||||||||||||
30 | ||||||||||||||
22 | ||||||||||||||
-23 | ||||||||||||||
-8.0% | ||||||||||||||
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 | ||||||||||
DI adjusted EBITDA | ||||||||||||||
0.8% | ||||||||||||||
2 | ||||||||||||||
-1 | -1 | |||||||||||||
-7 | ||||||||||||||
-0.3% | -23 | -0.8% | ||||||||||||
-4.2% | ||||||||||||||
-14.2% | ||||||||||||||
Q1/20 | Q2/20 | Q3/20 | Q4/20 | Q1/21 |
1) Adjustment for special items (S.I.) includes a.o. transformation costs, substantial legal and regulatory matters as well as share based compensations, and costs related to M&A activities including the sale of subsidiaries, investments and other businesses. | 2) Related to COGS. |
10 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Positive Free Cash Flow driven by profitability
Free Cash Flow / Net Debt / Liquidity (€m)
Free Cash Flow1) bridge Q1 FY21
EBITDA | ||||
131 | ||||
Trade Receivables | ||||
-54 | ||||
Inventories | -25 | |||
Trade Payables | 52 | |||
Income taxes paid | ||||
-3 | ||||
Capex | -21 | |||
Other | -30 | |||
FCF1) | ||||
50 | ||||
1) Defined as net cash provided by (used in) operating activities less capital expenditures | 2) LTM = last twelve months |
Net debt bridge Q1 FY21
3.45 | Leverage Ratio (Net Debt / EBITDA LTM2) as reported) 2.67 | ||||||||||||||||||||||||||
-541 | -507 | ||||||||||||||||||||||||||
-5 | |||||||||||||||||||||||||||
-9 | -3 | ||||||||||||||||||||||||||
50 | |||||||||||||||||||||||||||
Net Debt, | FCF | Acquisition of | Investments in | Reclassification | Net Debt, | ||||||||||||||||||||||
Sep 30, 2020 | companies | financial assets | of net financial | Dec 31, 2020 | |||||||||||||||||||||||
less acquired | and other | debt of OSRAM | |||||||||||||||||||||||||
cash and cash | investing & | Continental as | |||||||||||||||||||||||||
equivalents | financing activities | assets held for | |||||||||||||||||||||||||
sale | |||||||||||||||||||||||||||
Cash and cash equivalents plus unused lines of credit | |||||||||||||||||||||||||||
696 | 723 | ||||||||||||||||||||||||||
375 | 450 | Undrawn, central | |||||||||||||||||||||||||
credit facilities | |||||||||||||||||||||||||||
Cash & Cash | |||||||||||||||||||||||||||
321 | Equivalents | ||||||||||||||||||||||||||
273 | |||||||||||||||||||||||||||
Sep 30, 2020 | Dec 31, 2020 |
11 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Outlook for FY211) 2)
Revenue | Adj. EBITDA margin | Free Cash Flow | |
Comparable revenue | Adjusted EBITDA | Free Cash Flow ranging | |
growth between | margin | from 70 million Euro to | |
10% and 14% | of 12% to 15% | 130 million Euro3) | |
- Assumptions: No material negative effects from further COVID-19 lockdowns or considerable disturbances in the supply chain; Outlook does not assume any effects from the takeover by ams AG. Outlook is based on currently prevailing FX rates (esp. €, US$, CN¥, M$) at the release date of FY21 updated outlook (Jan 26, 2021).
- Outlook as communicated in ad hoc announcement on January 26, 2021
- Incl. cash outflow from transformation and M&A-related costs; excl. proceeds from possible divestments.
12 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Appendix
Financial calendar and IR contact information
Upcoming events
-
February 23, 2021
Annual General Meeting, Munich, Germany
Investor Relations contact
Telephone | + 49 89 6213 4259 |
Internet | http://www.osram-group.de/en/investors |
ir@osram.com | |
14 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Key financial metrics (continuing operations)1) (unaudited)
Group (€m) | Q1 FY21 | Q1 FY20 | Change (YoY) | |
nom. | -3.8 % | |||
Revenue | 840 | 873 | comp. | -0.1 % |
Gross margin | 29.2% | 29.3% | -10 bps | |
R&D | -82 | -88 | -7.2 % | |
SG&A | -144 | -163 | -11.7 % | |
EBITDA | 131 | 98 | 33.5 % | |
EBITDA margin | 15.6% | 11.3% | 440 bps | |
Adj. EBITDA | 162 | 114 | 42.1 % | |
Adj. EBITDA margin | 19.3% | 13.0% | 620 bps | |
Financial result, including at-equity result (continuing operations) | -15 | -10 | 61.5 % | |
Income (loss) before income taxes (continuing operations) | 15 | 1 | 955.4 % | |
Taxes | -9 | 0 | n.a. | |
Net income (loss) (continuing operations) | 6 | 1 | 369.6 % | |
Diluted EPS in € (continuing operations) | 0.16 | 0.12 | 35.6 % | |
Free cash flow (continuing operations) | 50 | 7 | 636.1 % | |
CAPEX | -21 | -28 | -26.0 % | |
Net debt | -507 | -585 | -13.3 % | |
Equity ratio | 43.7% | 48.8% | -510 bps | |
Employees (in thousands) | 21.2 | 22.8 | -7.3 % |
15 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Segment overview (continuing operations)1) (unaudited)
Q1 FY21 (€m) | OS | AM | DI | CIE | OSRAM |
Licht Group | |||||
Revenue | 356 | 474 | 178 | -169 | 840 |
Change % vs. PY reported | -0.7% | -1.1% | -17.9% | -3.8% | |
Change % vs. PY comparable | 4.7% | 1.4% | -12.6% | -0.1% | |
EBITDA | 111 | 58 | -6 | -31 | 131 |
EBITDA margin | 31.1% | 12.3% | -3.5% | 15.6% | |
Special items EBITDA | -2 | -6 | -5 | -17 | -31 |
therein transformations costs | -2 | -6 | -4 | -1 | -13 |
EBITDA before special items | 113 | 65 | -1 | -14 | 162 |
EBITDA margin before special items | 31.7% | 13.6% | -0.8% | 19.3% | |
Assets1) | 1,167 | 638 | 295 | 1,852 | 3,953 |
Free cash flow | 44 | 8 | 1 | -3 | 50 |
Additions to intangible assets and property, plant | |||||
and equipment | 12 | 7 | 1 | 0 | 21 |
Amortization2) | 2 | 1 | 3 | 1 | 6 |
Depreciation PP&E | 51 | 8 | 5 | 0 | 63 |
Depreciation right of use assets | 4 | 3 | 2 | 2 | 11 |
- Net assets on segment level; total assets on group level; CIE includes reconciling items
- Without goodwill impairment DI portfolio
16 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Consolidated statement of income (continuing operations)1) (unaudited)
Three months ended | Three months ended | |||
Dec 31 | Dec 31 | |||
in (€m) | 2020 | 2019 | ||
Revenue | 840 | 873 | ||
Cost of goods sold and services rendered | -595 | -617 | ||
Gross profit | 245 | 256 | ||
Research and development expenses | -82 | -88 | ||
Marketing, selling and general administrative expenses | -144 | -163 | ||
Other operating income | 34 | 7 | ||
Other operating expense | -22 | -1 | ||
Income (loss) from investments accounted for using the equity method, net | 0 | -1 | ||
Interest income | 1 | 1 | ||
Interest expense | -13 | -5 | ||
Other financial income (expense), net | -3 | -3 | ||
Income (loss) before income taxes OSRAM (continuing operations) | 15 | 1 | ||
Income taxes | -9 | 0 | ||
Income (loss) OSRAM (continuing operations) | 6 | 1 | ||
Income (loss) from discontinued operation, net of tax | 0 | -4 | ||
Net income (loss) | 7 | -2 | ||
Attributable to: | ||||
Non-controlling interests | -9 | -10 | ||
Shareholders of OSRAM Licht AG | 16 | 7 | ||
Basic earnings per share (in €) | 0.17 | 0.08 | ||
Diluted earning per share (in €) | 0.17 | 0.08 | ||
Basic earnings per share (in €) OSRAM (continuing operations) | 0.16 | 0.12 | ||
Diluted earning per share (in €) OSRAM (continuing operations) | 0.16 | 0.12 | ||
17 | OSRAM Licht AG | |||
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021 |
Consolidated Statement of Comprehensive Income (continuing operations) (unaudited)
Three months ended | Three months ended | |
Dec 31 | Dec 31 | |
in (€m) | 2020 | 2019 |
Net income (loss) | 7 | -2 |
Remeasurements of defined benefit plans | 10 | 24 |
thereof: income tax | 1 | -9 |
Measurements of equity instruments at fair value | 0 | 0 |
thereof: income tax | 0 | 0 |
Items that will not be reclassified to profit or loss | 10 | 24 |
Currency translation differences | -28 | -22 |
Derivative financial instruments | 6 | 5 |
thereof: income tax | -3 | -2 |
Items that may be reclassified subsequently to profit or loss | -23 | -18 |
Other comprehensive income (loss), net of tax | -12 | 6 |
Total comprehensive income (loss) | -5 | 4 |
Attributable to: | ||
Non-controlling interests | -10 | -10 |
Shareholders of OSRAM Licht AG | 4 | 14 |
18 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Consolidated statement of financial position (continuing operations) (unaudited)
As of | As of | |
Dec 31 | Sep 30 | |
in (€m) | 2020 | 2020 |
Assets | ||
Current Assets | ||
Cash and cash equivalents | 273 | 321 |
Trade receivables | 465 | 440 |
Other current financial assets | 62 | 32 |
Contract assets | 5 | 5 |
Inventories | 656 | 641 |
Income tax receivables | 14 | 21 |
Other current assets | 86 | 93 |
Assets held for sale | 138 | 117 |
Total current assets | 1,699 | 1,669 |
Goodwill | 150 | 176 |
Other intangible assets | 113 | 120 |
Property, plant and equipment | 1,178 | 1,224 |
Right of use assets | 180 | 190 |
Investments accounted for using the equity method | 52 | 51 |
Other financial assets | 29 | 29 |
Deferred tax assets | 489 | 486 |
Other assets | 63 | 43 |
Total assets | 3,953 | 3,987 |
1) As of December 10, 2020 OSRAM held 2,664,388 treasury shares (September 30, 2020: 2,664,388 shares).
As of | As of | |
Dec 31 | Sep 30 | |
in (€m) | 2020 | 2020 |
Liabilities and equity | ||
Current liabilities | ||
Short-term debt and current maturities of long-term debt | 643 | 714 |
Trade payables | 407 | 372 |
Other current financial liabilities | 100 | 109 |
Current contract liabilities | 8 | 9 |
Current provisions | 70 | 56 |
Income tax payables | 91 | 85 |
Other current liabilities | 343 | 352 |
Liabilities associated with assets held for sale | 127 | 111 |
Total current liabilities | 1,789 | 1,808 |
Long-term debt | 138 | 148 |
Pension plans and similar commitments | 145 | 144 |
Deferred tax liabilities | 15 | 16 |
Provisions | 33 | 33 |
Other financial liabilities | 0 | 0 |
Contract liabilities | 1 | 1 |
Other liabilities | 105 | 100 |
Total liabilities | 2,227 | 2,250 |
Equity | ||
Common stock, no par value | 97 | 97 |
Additional paid-in capital | 1,657 | 1,662 |
Retained earnings | 114 | 89 |
Other components of equity | -29 | -7 |
Treasury shares, at cost 1) | -94 | -94 |
Total equity attributable to shareholders of OSRAM Licht AG | 1,745 | 1,747 |
Non-controlling interests | -20 | -10 |
Total equity | 1,726 | 1,737 |
Total liabilities and equity | 3,953 | 3,987 |
19 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Consolidated statement of cash flows (continuing operations) | 1/2 | ||
(unaudited) | |||
Three months ended | Three months ended | ||
Dec 31 | Dec 31 | ||
in (€m) | |||
2020 | 2019 | ||
Cash flows from operating activities | |||
Net income (loss) | 7 | -2 | |
Adjustments to reconcile net income (loss) to cash provided
Income (loss) from discontinued operation, net of tax Amortization, depreciation, and impairments
Income taxes
Interest (income) expense, net
(Gains) losses on sales and disposals of businesses, intangible assets, and property, plant and equipment, net (Income) loss from investments
Other non-cash (income) expenses Change in current assets and liabilities
(Increase) decrease in inventories
(Increase) decrease in trade receivables
(Increase) decrease in other current assets Increase (decrease) in trade payables Increase (decrease) in current provisions Increase (decrease) in other current liabilities
Change in other assets and liabilities Income taxes paid
Interest received
0 | 4 |
100 | 87 |
9 | 0 |
12 | 5 |
-1 | 0 |
0 | 3 |
-4 | 1 |
-25 | -32 |
-54 | 14 |
-21 | 8 |
52 | -29 |
14 | 1 |
-15 | -21 |
-2 | 3 |
-3 | -7 |
1 | 0 |
Net cash provided by (used in) operating activities - OSRAM (continuing operations) | 71 | 35 |
Net cash provided by (used in) operating activities discontinued operation | - | - |
Net cash provided by (used in) - OSRAM Licht Group (total) | 71 | 35 |
20 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
Consolidated statement of cash flows (continuing operations) | 2/2 | ||
(unaudited) | |||
Three months ended | Three months ended | ||
Dec 31 | Dec 31 | ||
in (€m) | 2020 | 2019 | |
Cash flows from investing activities | |||
Additions to intangible assets and property, plant and equipment | -21 | -28 | |
Acquisitions, net of cash and cash equivalents acquired | -5 | -4 | |
Purchases of investments | -2 | -2 | |
Proceeds and payments from sales of investments, intangible assets, and property, plant and equipment | 1 | 2 | |
Proceeds and payments from the sale of business activities, net cash disposed of | - | -10 | |
Net cash provided by (used in) investing activities - OSRAM (continuing operations) | -27 | -42 | |
Net cash provided by (used in) investing activities discontinued operation | - | - | |
Net cash provided by (used in) investing activities - OSRAM Licht Group (total) | -27 | -42 | |
Cash flows from financing activities | |||
Proceeds from capital increases at subsidiaries with minority interests | 4 | - | |
Repayment of long-term debt | - | -8 | |
Change in short-term debt and other financing activities | -13 | -106 | |
Interest paid and upfront fees for the shareholder loan from ams | -3 | -4 | |
Dividends paid to non-controlling interests | - | -3 | |
Financing with the ams group | -75 | - | |
Net cash provided by (used in) financing activities - OSRAM (continuing operations) | -87 | -121 | |
Net cash provided by (used in) financing activities discontinued operation | - | - | |
Net cash provided by (used in) financing activities - OSRAM Licht Group (total) | -87 | -121 | |
Effect of exchange rates on cash and cash equivalents | -2 | -1 | |
Net increase (decrease) in cash and cash equivalents | -45 | -128 | |
Cash and cash equivalents at beginning of period | 330 | 327 | |
Cash and cash equivalents at the end of period | 285 | 198 | |
Less: Cash and cash equivalents of discontinued operation and assets held for sale at end of the reporting period | 12 | - | |
Cash and cash equivalents at end of period (consolidated statement of financial position) | 273 | 198 |
21 OSRAM Licht AG
Q1 FY21 Earnings Release (unaudited figures) | February 09, 2021
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OSRAM Licht AG published this content on 09 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2021 08:24:03 UTC.