© Osram Business | February 07, 2020
Osram starts the year with a strong first quarter
After a challenging fiscal year 2019, Osram has made a robust start to fiscal 2020. On a comparable basis, revenue in the first quarter (ending December) grew slightly by 0.5% to EUR 873 million.
The adjusted EBITDA margin increased on a comparable basis by nearly two percentage points to 13.0%. The semiconductor business in particular showed a significant recovery in margins. Adjusted EBITDA climbed by more than 22% to EUR 114 million within a year. This development is due to the Osram performance programs, higher production volumes and positive effects from the change to IFRS 16 accounting standard. "The performance programs initiated at an early stage had a lasting effect in the first quarter," says Olaf Berlien, CEO of OSRAM Licht AG, in a press release. The important sales markets for Osram developed economically as expected from October to the end of December. It was therefore essential for Osram's management to take timely and consistent countermeasures. These steps are clearly reflected in the figures of the individual business segments. Revenue in the business segment Opto Semiconductors was roughly stable and amounted to EUR 359 million. The operating margin in the first quarter was in line with earlier figures. The segment achieved an adjusted EBITDA margin of 24.5%, compared with 19.5% in the prior-year quarter. In the segment Digital, revenues climbed by more than 2% to EUR 217 million within a one-year period. Adjusted EBITDA reached the break-even point following a loss of minus EUR 10 million in the previous year. In the segment Automotive, the economic situation remains uncertain. Revenue increased comparatively by 0.7% to EUR 480 million. Adjusted EBITDA was at the previous year's level of EUR 47 million. Considering the still uncertain economic outlook in the customer industries, the Osram Managing Board confirms its existing forecast for the current fiscal year: Revenue is expected to be between minus and plus 3% compared to the previous year. The adjusted EBITDA margin is estimated at 9% to 11%. Free cash flow is expected to be positive, potentially in the mid double-digit million range.
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