Key word I: Change in forecast guidance
Munich
,
April 24, 2018
OSRAM Licht AG
:
OSRAM
adjusts outlook for fiscal year 2018
The Managing Board of
OSRAM Licht AG
decided today to adjust the forecast for fiscal year 2018 (continuing operations). The reasons for this are the uncertain macroeconomic conditions, particularly the weakness of the US dollar against the euro, and the slower business development in the first half of fiscal year 2018. Based on current exchange rates, a comparable revenue increase of 3.0-5.0 percent (previously: 5.5-7.5 percent) and adjusted EBITDA of ~
EUR640 million
(previously: ~
EUR700 million
) are now forecast. Furthermore,
OSRAM
expects earnings per share (diluted) of
EUR1.90-EUR2.10
(previously:
EUR2.40-EUR2.60
) and a negative free cash flow of
EUR50 million
to
EUR150 million
(unchanged) for fiscal year 2018.
In the second quarter of fiscal year 2018, based on preliminary results,
OSRAM
achieved revenue of
EUR1.01 billion
in its continuing operations (growth of 1.8 percent on a comparable basis), an adjusted EBITDA margin of 15.1 percent, and earnings per share (diluted) of
EUR0.46
. As expected, negative free cash flow amounted to
EUR132 million
owing to planned capital expenditure in the Opto Semiconductors business unit.
The '
OSRAM
future concept' agreed upon with the employee representatives in summer 2017 is entering the next phase as planned. This future concept is designed to facilitate the orderly transformation of the employment structure at the German locations and in non-production functions. This should safeguard the company's competitiveness and profitability over the long term. The Managing Board will now enter into further talks with the employee representatives on implementation of the necessary measures. According to preliminary estimates, these measures may result in an extraordinary expense before tax of
EUR60-70 million
. It is not currently possible to predict precisely how long the negotiations with the employee representatives will take. The adjusted outlook for earnings per share (diluted) for the current fiscal year 2018 therefore does not reflect this extraordinary expense.
OSRAM
will publish its preliminary results for the second quarter on
May 3, 2018
and the final results for both the second quarter and the first half of fiscal year 2018 on
May 8, 2018
.
This notification contains particular forward-looking statements that are based on the current assumptions and forecasts of the Managing Board of
OSRAM
. These are subject to various known and unknown risks, uncertainties, and other factors. Should any of these risks, uncertainties, or other factors materialize, actual results, the financial position, performance, or development of
OSRAM
may vary materially from the estimates included in this notification.
OSRAM
assumes no obligation to update or revise these forward-looking statements in light of future events or developments. Explanations and a reconciliation to the financial indicators used can be found in the 2017 Annual Report of
OSRAM Licht AG
, available at Link, in particular in section A.2.6.
Person making the notification and point of contact:
Andreas Spitzauer
Head of Investor Relations
OSRAM Licht AG
Investor Relations
Marcel-Breuer-Strasse 6
80807
Munich, Germany
Tel: +49 (0)89 6213 3030![img]()
mailto:a.spitzauer@osram.com
www.osram.com
Contact:
Andreas Spitzauer
Head of Investor Relations
OSRAM Licht AG
Investor Relations
Marcel-Breuer-Straße 6
80807 München, Deutschland
Tel. +49 89 6213-3030
![img]()
mailto:
a.spitzauer@osram.com
www.osram.com