Revenue 7 billion 900 million! OSRAM 2017 fiscal year second quarter report released

Yesterday (3), German lighting Dachang OSRAM released fiscal 2017 second quarter results, achieved revenues of 1 billion 50 million euros in 2017 1-3 month (about 7 billion 897 million yuan), special project adjusted EBITDA of 183 million euros (about 1 billion 376 million yuan).

OSRAM 2017 fiscal year second quarter earnings focus:

By the second quarter revenue over the same period last year to about 10% increase;

* adjusted EBITDA rate was 17.4%;

The global LED capacity expansion is carried out smoothly.

OSRAM CEO Olaf Berlien said, OSRAM's second quarter growth rate nearly doubled, of which the largest increase in optoelectronic semiconductors and special lighting business. Corporate strategy is playing a role, and strive to achieve the ambitious goal of 2020."

2017 quarter of fiscal year second, OSRAM's growth rate increased significantly. Affected by the adjustment of the investment portfolio and money effect, the second quarter of fiscal year 2017 (2017 1-3 months) revenue year-on-year growth of about 10%, also higher than the same period last year nominal growth of about 12%, to 1 billion 50 million euros, 2016 fiscal year second quarter revenue growth rate of about 6%. This growth is mainly due to the continued growth in demand for optoelectronic semiconductors and the continued strong demand for the automotive industry.

Even if the continued investment for new products and growth plans, the special project adjusted EBITDA remained at 183 million euros (182 million euros for the same period last year), which is adjusted by income tax depreciation amortization rate is 17.4% (19.3% over the same period last year). 2017 fiscal year second quarter operating income of $79 million, compared with the same period last year was $95 million. Given the performance of the first half of fiscal year 2017 and the current market outlook, OSRAM raised its overall business expectations for fiscal year 2017.

The OSRAM 2016 fiscal second quarter and 2017 fiscal year second quarter revenue / adjusted EBITDA comparison

OSRAM second quarter specific business performance

LED business (Opto Semiconductors, OS) in the second quarter to achieve substantial growth in revenue over the same period last year, an increase of 24%. Among them, the infrared product business revenue growth is particularly strong, these products are mainly used for iris scanning or fitness wristbands and smart watches. Before interest and tax depreciation and amortization of profit margins again came to 29% (same period last year for the high level of 31.7%). In response to the strong demand for various segments of the market, capacity expansion work is being carried out smoothly. Regensburg base plant expansion has been started in March, in Wuxi to expand the production capacity of the Chinese back-end work will begin in August, Malaysia Kulimu new LED chip factory in May according to plan debugging equipment, this year is expected to begin production in November.

Benefit from the continued strong demand for the automotive industry, special lighting (SP) business (including automotive lighting and professional and industrial applications) second quarter revenue over the same period last year, an increase of more than 8%. Adjusted earnings before interest and tax depreciation and amortization increased to 16.2% (same period last year) of $15.8%.

The lighting solutions and systems (LSS) business, have a negative impact on the U.S. market revenue, essentially flat with a year earlier, the adjusted EBITDA rate of -4.4% (0.4% over the same period last year).

The OSRAM 2017 fiscal second quarter market performance

Fiscal year 2017 outlook

As the 2 day of a press release issued by the board of directors raised 2017 forecasts, current fiscal year 2017 is expected to be more than the income growth rate is 7%-9%, and the expected growth rate of 5% to 7%; adjusted EBITDA from the initial rate of not less than 16% of expected earnings per share up to 16.5% -17.5%; also from originally expected 2.35-2.65 euros increased to 2.70-2.90 euros, free cash flow is expected to remain in balance.

On the medium-term plan, OSRAM is expected to achieve operating income of 5 billion to $5 billion 500 million in 2020, after the adjustment of interest income tax depreciation and amortization of profit of -10 billion euros, earnings per share of about 5 euros.

Note: unless otherwise noted, all figures refer to the continuity of operations (excluding the general lighting business unit). (compile: LEDinside Nicole)

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