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

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 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 in the second quarter growth rate nearly doubled, the photoelectric semiconductor and special lighting the fastest growth. The company strategy is to play effect, at the same time to achieve the ambitious goal of continuous efforts in 2020."

The second quarter of fiscal year 2017, 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%. Continued strong sustained growth and the automobile industry growth mainly benefited from photoelectric semiconductor demand.

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). The second quarter of fiscal year 2017 consecutive business net income of 79 million euros and 95 million euros for the same period last year. In the first half of fiscal year 2017 performance and current market outlook, OSRAM raised the overall business is expected in 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 (Opto Semiconductors, OS) second quarter to achieve substantial growth, revenue growth of 24% over the previous year. The infrared products business revenue growth was particularly strong, these products are mainly used in iris scanning or fitness wristbands and smart watches. EBITDA rate once again came to the 29% (for the same period last year 31.7%) high level. In response to strong demand for the various market segments, 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 automotive industry demand, special lighting (SP) business (including automotive lighting and professional and industrial applications) second quarter revenue over the same period last year than the growth of more than 8%. The adjusted EBITDA growth rate to 16.2% (year 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.

The medium-term plan, OSRAM expects 2020 operating income of 5 billion to 5 billion 500 million euros, adjusted EBITDA 900 million -10 billion, earnings per share of about 5 euros.

Note: unless otherwise specified, all figures are continuous operations (i.e. not including general lighting business department). (compiled: LEDinside Nicole)

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